Briefing.com: Hourly In Play (R) – 15:00 ET
Dec 10, 2009 (Briefing.com via COMTEX) -- Hourly In Play (R)Updated: 10-Dec-09 15:00 ET14:57UNH Healthcare Index -HMO- continues to run -Update- -Technical-Noted relative strength in the sector in early trade and the subsequent break to a new 52-wk high for the HMO Index. Further gains have been posted in recent trade with top performers led by WCG +6.3%, UNH +6.4%, CI +5.5%, AGP +2.7%, WLP +3.9%, CVH +4%, MOH +1.1%, HNT +4%, HUM +3%.14:57SBUX NASDAQ 100 (NDX) leaders & laggards moving into the final hour of trading -Technical-NDX Best % Performers:SBUX +5.25%, AMZN +3.5%, ORCL +3%, SHLD +3%, LINTA +3%, NIHD +2.75%, WCRX +2.75%, LBTYA +2.75%, NWSA +2.5%, RIMM +2.5%, URBN +2.5%NDX Worst % Performers:LOGI -2%, STLD -2%, GRMN -2%, NTAP -1.5%, NVDA -1.25%, ATVI -1.25%, FLEX -1%, FSLR -1%, JNPR -1%, JBHT -1%, WYNN -1%, ADSK -.75%NASDAQ TRIN @ +60NASDAQ A/D line @ -27014:54DIS Dow (INDU) leaders & laggards moving into the final hour of trading -Technical-INDU Best % Performers:DIS +3.5%, AA +3%, HD +1.5%, KO +1.5%, CAT +1.5%, MRK +1.25%, WMT +1%INDU Worst % Performers:BAC -1%, XOM -.5%, BA -.25%NYSE TRIN @ +.85NYSE A/D line @ +74014:53COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing PricesMarch corn closed higher by 9.5 cent to $3.93 per bushel, January soybeans closed higher by 1 cent to $10.295 per bushel, March wheat closed higher by 2.75 cents to $5.38 per bushel, February Ethanol closed lower by -0.010 cents to $1.849 , March world sugar futures closed higher by 1.11 cents at 23.26 cents per pound.14:52UNH UnitedHealth shares now approaching a retest of the YTD/52 week highs surrounding the 30.25 (30.21 +1.71) -Update- -Technical-See 14:03 alert/chart as price has climbed nearly .30 to challenge YTD weekly technical resistance.HoD now @ 30.2414:46COMDX NYMEX Energy Closing PricesCrude oil ended the day lower by 8 cents to $70.59, nat gas rallied for 40.2 cents to settle at $5.30, heating oil lost 0.57 cents to close at $1.9036 and RBOB gasoline finished down 2.33 cents to $1.834 (all Jan contracts).14:43AAPL Apple shares make an aggressive move to new session/afternoon lows as the top side of the 50 day SMA @ 196 is in play here (196.30 -1.50) -Technical-LoD now @ 196.2114:31SPPI Spectrum Pharma CEO sees product sales in excess of $100 mln in next 2-3 years - Reuters (4.75 +0.00) -Update-Also says not looking to partner Fusilev in NA.14:03UNH UnitedHealth shares continue to display relative strength versus the health care space in today's session (XLV, IHF) as price probes an area of daily resistance surrounding the 30.00 mark (29.85 +1.35) -Technical-HoD now @ 29.89 with the YTD/52 week highs in play just above @ 30.25. The weekly chart clearly shows the level in play just above.UNH Weekly Chart14:00PPG PPG Industries Board of Directors authorizes shares for repurchase of an additional 5 mln shares of common stock (58.98 -0.46)Co announces that its Board of Directors has authorized the repurchase of an additional 5 mln shares of outstanding common stock. The new authorization is effective immediately, does not expire and gives management discretion in determining the conditions under which shares may be purchased from time to time. In October 2005, PPG's board of directors authorized a repurchase program for 10 mln shares, of which approximately 1,150,000 shares are currently available for repurchase.13:57PEO Petroleum & Resource extends share repurchase program (22.89 +0.19)Co announces that the Board of Directors has voted to extend its share repurchase program and has authorized the repurchase of up to 5% of the outstanding shares of the Corporation's common stock through December 31, 2010. The repurchase program was initiated in 1999 and has been reauthorized by the Board each year since.13:46BONDX Hurt -13/32 3.482%The last of the auctions pulled through and it was sloppy and weighed hard on prices, if only briefly. The basic demand measures, the bid-to-cover ratio and the indirect bidders, were OK, but the yield concession was rich and the 30-yr was run to 4.51%, nearly 19 basis points beyond Tuesday's lowest yields. The long end got slammed on the auction, with the large gap on where the market was looking to see it hit stronger, if for year-end purposes alone, but the yield gap at 3.5 to 4 bps was pretty fat. The market has some support as the mid-cure was fairly well as players shift out the calendar a bit, getting into the 3-10-yr durations. The fact that this was the final run of longer dated maturities and year-end added to the overall disappointment (not to mention in the wake of that sloppy 10-yr). As has been noted a number of times, many large players (primary dealers excluded of course as they are required to trade the prestige of that title and must show up for the auctions) have closed their books early this year in an effort to preserve profits (when applicable). The curve has been swung hard with a run to the widest since June with the 2-10-yr yield spread 271.4 after tagging 272.5. According to Bloomberg data the 2-30-yr yield spread traded to the steepest since "at least" 1980 running 372.5. The dollar has been backing off quietly with the index back near 76.10 while the euro is seeing some short coverage helping to move it off the 1.47 figure and the yen remains in a tight range either side of the 88.25 point, while seeing a little unwind lower against the euro.13:40ADX Adams Express announces it has extend its share repurchase program and has authorized the repurchase of up to 5% of the outstanding shares of the Company's common stock through December 31, 2010 (9.95 +0.10)13:34COMDX COMEX Metals Closing PricesFeb gold ended higher by $5.50 to $1126.40, March silver finished up 2.5 cents to $17.205 while March copper shed 2.05 cents to close at $3.103.13:32AMGN Amgen announces Denosumab significantly reduced risk of developing multiple skeletal related events by 23% vs Zometa in advanced breast cancer patients (56.39 +0.30)Co announces further detailed results from a Phase 3, head-to-head trial of denosumab versus Zometa in the treatment of bone metastases in 2,046 patients with advanced breast cancer. In this trial denosumab met both primary and secondary endpoints and demonstrated superiority for both delaying the time to the first on-study skeletal related events (fracture, radiation to bone, surgery to bone, or spinal cord compression), and delaying the time to the first-and subsequent SREs. Both results were statistically significant. These results will be presented today at the 2009 CTRC-AACR San Antonio Breast Cancer Symposium. "Skeletal complications from bone metastases are a critical and painful health concern for patients with advanced breast cancer, and can increase the risk of mortality. Patients who have a first skeletal related event are twice as likely to experience a subsequent SRE, so it is imperative to treat these advanced breast cancer patients." Additional data from this study showed that denosumab significantly reduced the mean annual skeletal morbidity rate compared with Zometa.13:22PRGS Progress Software appoints John Bates as Chief Technology Officer (24.36 -0.25)13:08BONDX Auction Ouch -13/32 3.482%Auction Ouch!: The reopened $13B 30-yrs draw 4.520% with a 2.45 bid-to-cover and 40.2% to indirect bidders. The yield was well, well beyond the 4.475% trading "when issued" and the 4.480% to 4.485% the market was hoping for. Bonds were crushed with the 30-yr diving to send the yield up to 4.501% from 4.461%, puking as the market tried to choke down the supply. The market is trying to pull back from the front of the curve, while the 10-yr has swung back to 3.484% from 3.4517%13:03SPY Stock indices tick modestly lower after 30 yr results are announced -- Dow +59, S&P -6.4, Nasdaq +13 -Update- -Technical-Ranges that formed after the early run are still intact.13:01AKS AK Steel comments on preliminary ruling with ChinaRegarding Electric Steel Duties (20.22 -0.26)"AK Steel is very disappointed by MOFCOM's preliminary findings, which we believe lack any factual or legal basis. We will continue to participate in the on-going anti-dumping and anti-subsidy investigations and will urge MOFCOM to reach negative final determinations. We would expect to vigorously appeal any adverse final decisions... Notwithstanding the imposition of Chinese tariffs, AK Steel's electrical steel business serves customers in every part of the globe who appreciate the energy-efficiency, quality, delivery and service we provide. A substantial portion of our 2009 electrical steel shipments were outside of NAFTA, with sales to China representing a relatively small percentage of our total sales of electrical steel. Going forward, we will continue to assess growing global market opportunities for electrical steel sales, including China... Finally, with respect to the outlook for electrical steel, In light of the recovering economies around the world, AK Steel continues to expect a significantly higher electrical steel shipment level for the year 2010 as compared to 2009."12:57BONDX Auction Up -16/32 3.495%The upcoming $13B 30-yr reopened auction is helping to weigh on treasuries while the 7-yr continues to lag. The previous $16B 30-yr saw 4.469% with a 2.26 cover and 44% indirect take against a 2009, including reopenings is 2.41 and 42.8%. The market will likely see decent cover and indirects, but there may be further concession as, even with the yield near the best since mid-August, as that is quiet a long duration (the longest) even as year end window dressing adds support.12:55POM Pepco Hldgs awarded contract to green Camden Yards, Oriole Park and M&T Bank Stadium (17.01 +0.13)Pepco Energy Services, a subsidiary of Pepco Holdings (POM) announces it has been selected by the Maryland Stadium Authority to implement a $9 mln comprehensive energy efficiency contract at Camden Yards, Oriole Park and M&T Bank Stadium in Baltimore, Maryland.12:51HDNG Hardinge announces strategic alliance with U.S. distributors (4.89 +0.19)Co announces a new strategic alliance with three premier distributors; Gosiger, Inc., Hartwig, Inc., and Morris Group, Inc. These three groups will have exclusive sales and support responsibilities for Hardinge products in virtually all of the United States.12:45UNG Sector ETF strength & weakness here @ midday -Technical-Actively Traded Leading Sector ETFs:Nat gas- UNG +6.5%, India- INP +3.5%, US retailers- XRT +1.75%, RTH +1.5%, SPDRS cons disct- XLY +1.5%, Coal- KOL +1.5%, iShares healthcare providers- IHF +1.5%, Oil HLDRS- OIH +1%, SPDRS heatlchare- XLV +1%, SPDRS energy- XLE +1%, Ag commods- DBA +1%, SPDRS utilities- XLU +1%, Pharma HLDRS- PPH +1%Actively Traded Lagging Sector ETFs:RBOB gas futures- UGA -1.75%, Silver- SLV -1.5%, Heating oil futures- UHN -1%, Solar power- TAN -1%, Crude/WTI oil- USO -.75%, OIL -1%, US bonds- TLT -1%, Commods- DBC -.75%, Gold miners- GDX -.75%, iShares Japan- EWJ -.5%, iShares Brazil- EWZ -.5%, Gold- GLD -.5%, Livesotck commods- COW -.5%, Base metals- DBB -.25%, Commercial banks- KBE -.25%12:45FSYS Fuel Systems Solutions continues its trend day down lower as it comes into a test of its early Nov gap high near the modest 45.00 support level (45.62 -4.88) -Technical-12:21COMDX Crude oil trades below $70, putting in fresh lows at $69.81; now off 73 cents to $69.9512:20TRK Speedway Motorsp announces its Board increased the number of shares of the Company's common stock authorized for repurchase by one million shares (15.79 +0.01)12:16COMDX Crude oil ticks to fresh lows at $70.04, its lowest levels in two months; now off 60 cents to $70.0712:12GS Goldman Sachs announces changes to 2009 compensation program (165.47 -0.99)Co announces its Board of Directors has approved changes to compensation for 2009. They include the following: The firm's entire 30-person management committee, which comprises all global divisional and regional leadership, will receive 100% of their discretionary compensation in the form of Shares at Risk, which are subject to restrictions for five years. Discretionary compensation represents the vast majority of senior management's compensation and is directly tied to the firm's overall performance. Shares at Risk cannot be sold for five years, in addition to other restrictions. The five-year holding period on Shares at Risk includes an enhanced recapture provision that will permit the firm to recapture the shares in cases where the employee engaged in materially improper risk analysis or failed sufficiently to raise concerns about risks. Enhancing our recapture provision is intended to ensure that our employees are accountable for the future impact of their decisions, to reinforce the importance of risk controls to the firm and to make clear that our compensation practices do not reward taking excessive risk. The enhanced recapture rights build off an existing clawback mechanism which goes well beyond employee acts of fraud or malfeasance and includes any conduct that is detrimental to the firm, including conduct resulting in a material restatement of the financial statements or material financial harm to the firm or one of its business units. Shareholders will have an advisory vote on the firm's compensation principles and the compensation of its named executive officers at the firm's Annual Meeting of Shareholders in 2010.12:08SPY Stock indices still confined in upper end of morning range but seeing relative sector strength -- Dow +79, S&P +8, Nasdaq +14 -Update- -Technical-In recent trade have seen some strength develop in Finance XLF / RKH (GS), Retail XRT, Medical Supplies, Rail, Solar TAN, Casino.12:05European Markets Closing Prices: FTSE: 5244.4 +40.5 +0.8%, DAX: 5709.0 +61.2 +1.1%, CAC: 3798.4 +41.0 +1.1%12:04SPY NYSE & NASDAQ trading volume pacing nearly on track with yesterday's totals heading into midday-- See 30 min volume chart -Technical-Both primary exchanges are posting totals very similar to yesterday's as we move into midday. Yesterday we had totals that were lighter than the previous bearish distribution day, so for now we are seeing a bit of accumulation across the board, but nothing dramatic in the way of fund & institutional participation thus far today.NYSE A/D line much stronger than the flat NASDAQ with a reading of nearly +900 advancing issues.TRIN levels diverge slightly as NYSE hovers near the 1.0 neutral line while NASDAQ post a modest bullish reading near .70.NYSE Volume Chart (30 min)NASDAQ Volume Chart (30 min)12:01SBUX Starbucks sets new high of 21.97, approaching its Dec/Nov-52-wk highs (21.95 +0.65) -Technical-Noted strength in Discretionary (XLY) stocks in the 10:31 update with SBUX running to a fresh session high in recent trade. The top of its multi-wk range/Nov-Dec/52-wk peaks are slightly above at 22.04/22.1011:52EP El Paso drops to new session low of 8.96 in recent action to test its 200 day sma at 8.96 (8.96 -0.42) -Update- -Technical-11:50AXL American Axle announces pricing of $425 mln in senior secured notes (7.14 -0.27) -Update-Co announces its wholly owned subsidiary, American Axle & Manufacturing, has priced its previously announced offering of $425 mln in aggregate principal amount of 9.25% senior secured notes due 2017 at an issue price of 98.715% in an offering exempt from the registration requirements of the Securities Act of 1933.11:49LDK Solar issues seeing some relative weakness in recent action -- LDK, FSLR, YGE, SPWRA, STP, CSUN, JASO -Technical-11:47RIMM Research In Motion shares continue their relative strength leadership into fresh Dec. highs (65.90 +1.76) -Update- -Technical-Note the underside of the widely followed 200 day SMA @ 67 & EMA @ 68 are in play just above current levels.HoD now @ 65.9011:47PFE Pfizer announces updated trial results for AROMASIN in switch and upfront settings (18.43 +0.19)Co announces results from an exploratory analysis of the Intergroup Exemestane Study at a median follow-up of 91 months in estrogen-receptor positive or estrogen-receptor unknown women that looked at breast cancer free survival and censored deaths that occurred prior to breast cancer relapse. These data showed that women who switched to Aromasin after 2.5 years of tamoxifen experienced a 19% reduction in risk of breast cancer recurrence compared to women who continued on tamoxifen for a full five years of treatment. Separately, results from the Tamoxifen, Exemestane, Adjuvant, Multicenter study did not show a difference in disease free survival in women who took Aromasin for five years compared to those who switched from tamoxifen to Aromasin after two to three years.11:44ENZ Enzo Biochem Clinical Labs Division signs exclusive marketing agreement with Ikonisys for proprietary molecular-based cervical cancer test (5.59 +0.00)Co announces that its Enzo Clinical Lab division has entered into an exclusive marketing partnership covering the States of New York and New Jersey with privately-owned Ikonisys, Inc., of New Haven, CT, relating to Ikonisys' proprietary oncoFISH cervical test, a laboratory developed test for cervical cancer prevention. Under the agreement, Enzo Clinical Labs will market the assay to physicians requesting advanced analysis of specimens from liquid based Pap tests to assist them in evaluating cytologic reports. Ikonisys will conduct the evaluation of the specimen using its proprietary CellOptics platform on the Ikoniscope Digital Microscopy System for the interpretation of molecular signals.11:44Moody's downgrades three Dubai-based banksMoody's Investors Service has today downgraded the ratings of three Dubai-based banks -- Emirates NBD, Mashreqbank PSC and Dubai Islamic Bank PJSC. These ratings were placed under review in August 2009 in response to a weakening of economic conditions in Dubai. Today's rating actions reflect the ongoing deterioration in Dubai's economy, as exacerbated by the uncertainty created by the announced restructuring of Dubai World and its subsidiary Nakheel, the property development company.11:31TRA Terra Industries pushes to fresh morning highs as it lifts up into its recent gap up range/52-wk high of 42.70 (42.77 +1.06) -Technical-11:31TECD Tech Data to appoint John Tonnison Executive Vice President And Chief Information Officer (44.72 +0.73)11:31SCANX Today's biggest point gainers/losers -Technical-Biggest point gainers: GOOG (593.99 +4.97), ISRG (291.30 +4.14), AMZN (135.38 +4.07), CME (329.47 +3.71), PCLN (220.93 +3.19), ALX (276.00 +6.00), WPO (412.94 +4.44), IOC (69.70 +4.34), EDU (76.50 +4.06), OXM (24.19 +3.12), UPRO (146.19 +3.07)... Biggest point losers: RTP (201.27 -4.42), GEF (53.36 -4.10)11:22TECHX Sectors hovering near range tops / 52-wk highs -Update- -Technical-Sectors that have established 52-wk highs today include: Healthcare HMO, Media DJUSME, Utility UTIL, Medical Supplies DJUSMS. Sectors that are within a relatively short distance from their 52-wk peaks: Medical Equipment DJUSAM, Transports TRAN, Internet IIX, Defense DFI, Airline XAL, Paper DJUSFR, Telecom IYZ, Consumer Discretionary XLY, Industrial XLI, Consumer Staples XLP, Technology XLK, Semi SMH.11:09GFI Gold Fields still positive but has dropped 2.5% after early failure to work up through its 50 day sma at 14.30 -- session high 14.30 (13.93 +0.06) -Technical-Other gold names are already in the red: IAG -1.9%, AU -1.8%, ABX -1.7%, GG -1.4%, KGC -1.4%, AEM -1.1%, FCX -1%, NEM -1%, HMY -0.6%.11:05COMDX Gold, silver continue to pull back as the dollar moves higher, and both metals are now approaching the flat line; gold is now higher by $4.30 to $1125.20 and silver is currently up 8 cents to $17.2611:01ABT Abbott Labs announces has submitted a supplemental new drug applicationto the FDA for two new dosage strengths of SIMCOR (54.10 +0.49)Co announces has submitted a supplemental new drug application to the FDA for two new dosage strengths of SIMCOR, a cholesterol medication. SIMCOR is a fixed-dose combination of niacin extended-release and simvastatin.10:54TLT iShares 20+ yr Treasuries ETF shares move to lows as yields rise with a key technical level on the daily chart in play just below current levels here-- See TLT Chart (92.55 -.61) -Technical-Very key support carved out in Nov. surrounding the 92.45 level nearing a technical retest here as TLT moves to session lows @ 92.52. Look for support to potentially hold again, or a failure could trigger some technical selling.Note: 30Yr treasury auction of $13B due @ 13:00ETTLT Chart (Daily)10:44TECHX Medical Supplies sets new 52-wk high (383 +6.7) -Update- -Technical-Noted the improved relative strength in the sector last week with a target zone at 380/382. The top of the zone held on Monday but the solid performance this morning has led to a new 52-wk high -- Click for chart. Helping pace the way are: BAX +2.9%, BDX +1.9%, BCR +1.5%, XRAY +1.5%, EW +3%, HSIC +1%, HOLX +1.6%, IDXX +1.3%, IMA +1.4%, OMI +7.6%, PDCO +1.2%, WST +1.3%.10:43SHLM A. Schulman expects strong fiscal 2010 first-quarter operating performance (18.11 +0.46)Co held its 2009 Annual Meeting of Stockholders, where Joseph M. Gingo, Chairman, President and Chief Executive Officer, and Chief Financial Officer Paul DeSantis reviewed the Company's transformation over the past two years, its financial and operating performance in fiscal 2009, its outlook for the first quarter of fiscal 2010, and the recently announced proposed acquisition of ICO, Inc. Gingo, who assumed leadership of A. Schulman in January 2008, noted that the Company has made a great deal of progress with its aggressive actions to strengthen the business globally, and particularly in the United States. "With all the changes we made, we would have at least broken even in the United States if fiscal 2009 had been a normal year, So, we know our work is not finished. We will remain focused on serving profitable markets and improving our product mix. We will continue to make the necessary changes, not only to weather the current storm, but also to improve our position for future growth.... Based on preliminary projections, the Company expects its fiscal 2010 first quarter ended November 30, 2009, to be a strong quarter with North America breaking even and global operating earnings in excess of fiscal 2009 and 2008 levels, excluding any acquisition-related costs and including discontinued operations."10:36UNG Sector ETF strength & weakness through the first hour of trading -Technical-Actively Traded Leading Sector ETFs:Nat gas- UNG +6%, India- INP +4.25%, Oil HLDRS- OIH +1.5%, US retailers- XRT +1.5%, RTH +1.25% Coal- KOL +1.5%, Energy- XLE +1.25%, IYE +1%, SPDRS cons disct- XLY +1.25%, i Shares healthcare providers- IHF +1.25%, Base metals- DBB +1%, NDX 100- QQQQ +.75%, SPDRS healthcare- XLV +.75%, SPDRS cons stpls- XLP +.75%, SPDRS metals/mining- XME +.5%Actively Traded Lagging Sector ETYFs:Livestock commds- COW -1%, Heating oil futures- UHN -.75%, iShares Japan- EWJ -.75%, RBOB gas futures- UGA -.5%, US bonds- TLT -.5%, Silver- SLV -.5%, Commods- DBC -.25%10:34COMDX Natural gas' current highs, at $5.335, are its best levels since Jan 13; nat gas is currently up 33.5 cents to $5.23110:31XLY Consumer Dis Spdr vacillating near its early high, its Dec/Nov-52-wk highs are at 29.49/29.55 (29.43 +0.41) -Technical-Helping to underpin the XLY this morning are: DIS +2.9% (as noted earlier it is probing its 52-wk high), SBUX +2.3% (hovering modestly under its Dec/Nov-52-wk highs at 22.04/22.10), HD +1.5%, LOW +0.5% (tested/paused near its Dec peak in early trade), MCD +0.9%, TGT +0.8%, AMZN +2.6%, NWSA +1.8%, NKE +1.5%.10:31UNG Nat gas spikes sharply back above the $5 level, following inventory data, to notch highs at $5.247; now up 30.2 cents to $5.19910:29Rumor Round UpToday was another slow rumor morning. As the market opened it was rumored that Applied Materials (AMAT 13.56 +0.07) could be interested in Energy Conversion Devices (ENER 11.03 +0.51). ENER shares spiked ~$0.50 following the rumor, and we note that ENER is frequently the subject of takeover chatter. Paragon Shipping (PRGN 5.01 +0.08) saw some increased volatility as an industry newsletter report suggested Tidewater (TDW 44.05 -0.28) could be interested in acquiring the co. As mentioned before, while many rumors circulate during the day, and the validity of the source of these rumors can be questionable, the speculation may increase volatility in the near term.10:27SHLD NASADQ 100 (NDX) leaders & laggards moving through the first hour of trading -Technical-NDX Best % Performers:SHLD +3.25%, ORCL +2.75%, AMZN +2.5%, WCRX +2.5%, SBUX +2%, DISH +2.25%, QCOM +2%, LINTA +2%, NWSA +2%, HANS +2%, LBTYA +1.75%, URBN +2%NDX Worst % Performers:FLEX -2%, LOGI -2%, JNPR -1.75%, GRMN -1.25%, NVDA -1%, RYAAY -1%, JBHT -.75%, FSLR -.5%, FWLT -.5%, MICC -.5%NASDAQ TRIN @ +.65NASDAQ A/D line @ +10010:24DIS Dow (INDU) leaders & laggards moving through the first hour of trading -Technical-INDU Best % Performers:DIS +3%, AA +2.75%, UTX +1.5%, HD +1.5%, CAT +1.25%, MRK +1.25%INDU Worst % Performers:JPM -1%, BAC -.75%, BA -.5%, KFT -.5%NYSE TRIN @ +1.0NYSE A/D line @ +76010:15AMZN Amazon.com hovering near early session high and yesterday's peak at 134.59/134.71 (134.32 +3.01) -Technical-10:09IBM IBM probing its Nov/range top high at 128.94 -- session high 128.98 (128.97 +0.58) -Technical-10:07DIS Walt Disney range trading just under session high and Monday's 52-wk peak at 31.20/31.24 (31.16 +0.81) -Technical-10:05PNNW Pennichuck announces it sold 350,000 shares of common stock to the public on Dec 10, at $21.00/share and granted an over-allotment option to the underwriter to purchase an additional 52,500 shares at the same price per share (20.75 -2.60)10:04SPY Stock indices slip off early highs as Dollar Index ticks off lows -- Dow +71, S&P +6.9, Nasdaq +11.6 -Update- -Technical-10:03COMDX Crude oil pulls back from its best levels, at $71.39, over the past ~45 min to give back all of its gains; now off a penny to $70.6610:02KNSY Kensey Nash announces 400,000 share stock repurchase program (23.00 +0.15)09:50XLNX Xilinx shares move to early highs as price enters into a potential daily resistance zone just below the 24.50 mark (24.26 +.26) -Technical-Recent daily chart action shows some selling interest/supply surrounding the 24.50 price. HoD now up to 24.2809:48IRSN Irvine Sensors announces that it has received two purchase orders this week from a defense contractor for production quantities of Irvine's proprietary thermal imaging cores (0.45 +0.09)Co announces that it has received two purchase orders this week from a defense contractor for production quantities of Irvine's proprietary thermal imaging cores intended for use in a new military product. The two purchase orders are for deliveries in Irvine Sensor's current fiscal year and the two subsequent fiscal years thereafter. Pricing of the delivered units will be dependent upon product configurations required to meet end-user applications, but the aggregate value of the two purchase orders is expected to be at least approximately $7.7 mln. Initial configurations have been specified to allow Irvine Sensors to commence production in the immediate future.09:46LLY Eli Lilly - - 50 Day Alert (35.08 -1.48) -Update- -Technical-Price sinks lower this morning to challenge its 50-day simple moving average near the 35.00 level.09:46TECHX Sector Watch -Update- -Technical-Solid performance for the market this morning with the sectors that are pacing the way on a percentage basis led by: Coal +2%, Internet HHH +1.7%, Healthcare +1.6%, Mining +1.5%, Media +1.4%, Medical Supplies +1.4%, Retail XRT +1.4%, Energy XLE +1.3%, Consumer Discretionary XLY +1.3%, Oil Service OIH +1.2%, Gold Miners GDX +1.1%, Utility UTIL +1.1%.09:40SPY S&P 500 Index strong in early trade with it vacillating near resistance at 1105 (1105 +10) -Update- -Technical-The next short term zone of interest is in the 1110/1111 area. Intraday support is at 1101/1100 with a more important floor to maintaining the bullish structure at 1097.09:40ICE IntercontinentalExchange futures Europe sets daily volume record; over 1.2 mln contracts traded on Dec 9; record volume for Brent and WTI crude futures (105.25 -0.10) -Update-09:36Moody's outlook for Swiss banks is negativeThe fundamental credit outlook for the Swiss banking system is negative, reflecting the challenges faced by the largest international banks, pressure on banking secrecy rules and the difficult environment for private and domestic banks, says Moody's Investors Service in its new Banking System Outlook on Switzerland. Moody's negative outlook for the Swiss banking system expresses the rating agency's view on the likely future direction of fundamental credit conditions in the industry over the next 12 to 18 months. It does not represent a projection of rating upgrades versus downgrades. The outlook primarily reflects (i) the weakening of the domestic macroeconomic environment and (ii) the increasing international pressure on banking secrecy. Nevertheless, Moody's emphasises that domestic players continue to display consistent earnings due to their solid franchises and low levels of risk, although competition and cost efficiency remain challenges.09:36GD General Dynamics firmer in early trade, working up toward its Nov-Oct/52-wk highs at 68.84/68.74 -- session high 68.60 (68.55 +0.65) -Technical-09:33ITG Investment Tech restructures US Business to address market conditions (18.88 +0.20)Co annopunces a restructuring focused primarily on US operations to position the company for long-term profitable growth. ITG expects to realize annualized pre-tax cost savings of approximately $25 to $28 mln starting in 2010. The company will incur charges of approximately $24 to $27 mln on a pre-tax basis, or between $0.35 and $0.38 per diluted share after taxes in the fourth quarter of 2009. These charges include costs related to employee severance, charges related to the consolidation of leased facilities and write-offs of capitalized software and certain intangible assets primarily due to changes in product development priorities. The restructuring includes targeted staff reductions primarily in the US, strictly aligned with client and product profitability.09:32On The WiresThe US House of Representatives on Wednesday voted in the "Tax Extenders" Bill to extend the tax credit of 50 cents per gallon of compressed natural gas and 50 cents per liquid gallon of liquefied natural gas used for vehicle fuel to December 31, 2010, according to Clean Energy Fuels (CLNE)... AT&T (T) Government Solutions announces a $120-mln contract extension to support U. S. Postal Service facilities across the country under the Postal Advanced Telecommunications Network contract.09:31MO Altria triggering an early technical alert as price traded up to new 52 weeks highs above the 19.45~19.48 recent resistance band (19.46 +.09) -Technical-HoD @ 19.5009:23OPXA Opexa Therapeutics announces $5.1 mln securities offering (2.31 )09:23UTA Universal Travel entered into definitive subscription agreements to sell to institutional investors an aggregate of ~2.22 mln shares of its common stock at $9.00/share, for gross proceeds of approximately $20.0 mln (10.35 )09:09On The WiresTargacept (TRGT) announces that it has initiated a Phase 2 clinical proof of concept trial of TC-5619 in cognitive dysfunction in schizophrenia. TC-5619 is a novel small molecule that is highly selective for the alpha7 neuronal nicotinic receptor, or NNR, and was discovered by Targacept scientists using Targacept's proprietary drug discovery platform known as PentadTM... DRI Corporation (TBUS) announces that its Mobitec subsidiary in Sweden has strengthened its strategic relationship with VDL Bus & Coach... XOMA (XOMA) reports results demonstrating the advantages of its monoclonal antibody technologies in the rapid development of a first-in-class multiple antibody product candidate, XOMA 3B.09:08EW Edwards Lifesci reaffirms Q4 EPS guidance; issues FY10 EPS in-line, revs above consensus (83.08 )Co reaffirms guidance for Q4 (Dec), sees EPS of $0.82-0.86 vs. $0.85 First Call consensus. Co issues mixed guidance for FY10 (Dec), sees EPS of $3.50-3.60 vs. $3.53 consensus; sees FY10 (Dec) revs of $1.43-1.50 bln vs. $1.42 bln consensus.09:05SMED Sharps Compliance prices public offering of common stock at $9.75 per share (10.45 )09:05SMED Sharps Compliance prices its 3.22 mln share common stock offering at $9.75/share (10.45 )09:05STLD Steel Dynamics guides below consensus (18.39 ) -Update-Co sees Q4 EPS of $0.10-0.20 vs the $0.23 First Call consensus. In comparison, the company reported net losses of ($0.45) per diluted share in the fourth quarter of 2008 and net income of $0.30 per diluted share in the third quarter of 2009. In October, the company gave qualitative guidance concerning fourth quarter 2009 estimated results, and indicated an expectation for a slight easing in sheet-related operating rates, which would result in somewhat lower earnings than those achieved during the third quarter. The company also suggested other factors which could, and did, impact fourth quarter earnings, including lower shipments and margin compression at its metals recycling operations, caused by the sharp declines in transaction prices experienced early in the quarter. "Encouragingly, though, recent order entry activity has been robust at our flat rolled and SBQ bar operations, and pricing has begun to move in a positive direction... Yet, sustainability remains a question mark... As stated previously, our operations remain capable of responding quickly to meet renewed demand for our products, and we demonstrated this ability in the second half of 2009 at our sheet product locations and our metals recycling facilities."09:02AOL AOL: Time Warner completes spin-off of AOLTime Warner Inc. (TWX) confirmed that it has completed the previously announced spin-off of AOL. Effective 11:59 p.m. on December 9, 2009, one share of AOL common stock was distributed for every eleven shares of Time Warner common stock held as of 5:00 p.m. on the record date of November 27, 2009. Stockholders will receive a cash payment instead of any fractional AOL shares.09:01AB AllianceBernstein: Preliminary assets under management increased by approximately $9 billion, or 1.8%, to $496 billion at November 30, 2009 (25.90 )09:00FWLT Foster Wheeler wins two contracts for steam generation equipment in Saudi Arabia (28.42 )Co announces that a subsidiary of its Global Power Group has been awarded two separate contracts by Tecnicas Reunidas Power of Madrid, Spain. One contract award is for the design and supply of two heat recovery steam generators. The other contract award is for the design and supply of two package-type steam generators. The equipment will be installed at the Manifa Cogeneration and Main Substations Project in Saudi Arabia by Tecnicas Reunidas for Saudi Aramco.09:00CVX Chevron announces $21.6 bln capital and exploratory budget for 2010 (77.06 )Co announces $21.6 bln capital and exploratory spending program for 2010, a 5% decrease from projected 2009 expenditures. Included in the 2010 program are $1.6 bln of expenditures by affiliates, which do not require cash outlays by Chevron's consolidated companies. Spending of $17.3 bln is planned for exploration, production and natural gas-related projects. Major capital projects include development of the Gorgon natural gas project in Western Australia and opportunities in the deepwater U.S. Gulf of Mexico, offshore western Africa and the Gulf of Thailand. Funding is also planned for focused appraisal in core hydrocarbon basins. Capital spending of $3.4 bln in 2010 is budgeted for global downstream operations. Included in the budget is $1.6 bln for projects in the United States, primarily for refinery projects.08:45CVU CPI Aerostructures announces $1.03 mln order from Lockheed Martin (6.13 )08:36On The WiresSPX Corporation (SPW) announces that its Thermal Equipment and Services segment has been awarded a contract of ~ $36 mln to design and supply an indirect dry cooling tower system at the Huaneng Qinling Power Plant in China... PetroAlgae (PALG.OB) announces that it has signed a Memorandum of Understanding with Foster Wheeler AG's (FWLT) Global Engineering and Construction Group for engineering services to be performed in conjunction with PetroAlgae's micro-crop technology, which allows for the production of dry biomass at an unprecedented scale... Rovi Corp (ROVI) and Australia's Hills Industries Limited, through its DGTEC business, announces that Hills and Rovi have entered into a multi-year patent license agreement for interactive program guide patents owned by Rovi08:35DG Dollar General misses by $0.01, beats on revs (24.00 )Reports Q3 (Oct) earnings of $0.24 per share, $0.01 worse than the First Call consensus of $0.25; revenues rose 12.7% year/year to $2.93 bln vs the $2.88 bln consensus. Same-store sales increased 9.2 percent with customer traffic and average transaction amount contributing to the sales increase. For the 2009 quarter, gross profit, as a percentage of sales, was 30.8 percent, an increase of 112 bps from the prior year quarter. The co currently expects to pay down debt of approximately $300 million in January 2010 with a portion of its expected excess cash. As previously announced, Dollar General expects to end the 2009 fiscal year with approximately 500 new stores and a combined 450 remodels and relocations. The Company currently anticipates total capital expenditures for the 2009 fiscal year in a range of $275 to $300 million. In 2010, the co plans to open approximately 600 new stores and to remodel or relocate a total of approximately 500 stores.08:34EBIX Ebix forecasts its organic growth rate for 2010 and 2011 to be between 10 to 15% (50.19 )Co announces highlights from the Dec. 7 investor meeting at New York. Co forecasts its organic growth rate for 2010 and 2011 to be between 10 to 15%. The co expects primary growth to come from the area of Exchanges and BPO, especially from its life, annuity and certificate processing businesses. The Company also expects its risk exchanges, property & casualty exchanges, employee benefit and broker businesses internationally to keep growing organically. The Company announced that since 1st October 2009, it has won a number of key deals in the exchange area that are forecasted to help the Company's revenues to keep growing organically. Some of the new deals announced at the meeting were Fidelity Investments, Bank of America, Wells Fargo, US Bank, National Western Life Insurance Company, Genworth Financial, Principal Financial Group, AXA Equitable Life, American General Life insurance, Nationwide Mutual Insurance Company, Ameriprise, Clearview Correspondent Services and Consolidated Health Plans... The Company CFO announced at the conference that its consolidated cash balance at 11/30/2009 was approximately $15 million. The Company's short-term debt, net of cash balances was $9.2 million at 11/30/2009. The Company currently has available cash and accessible cash funds in the amount of $35.8 million using the expanded credit facility with the accordion feature to fund future business growth.08:33ICE IntercontinentalExchange reports record daily volume in its U.S. Dollar Index; futures contract of 74,562 (105.35 )Co announces it reported record daily volume in its U.S. Dollar Index futures contract of 74,562 contracts on Wednesday, Dec 9. Daily volume in the USDX exceeded by more than 35% the previous record of 54,625 contracts established on Friday, Dec 4, 2009. The notional value of USDX contracts traded on December 9 was more than $5.6 billion and included nearly 10,000 Trade at Settlement contracts, which is also a record.08:33CSTR Coinstar announced that it now has installed more than 22,210 DVD kiosks, exceeding the company's guidance for net installations in 2009 (23.74 )08:32SIGA SIGA Technologies raises $20 mln in a common stock offering (8.66 )Co announces that it has entered into definitive agreements with investors for the sale of 2,725,339 shares of common stock at a price of $7.35 per share. Estimated net proceeds to the Company after deducting estimated offering expenses are $18.6 mln.08:31SPY E~mini index futures hold the firm GLOBEX pre~market bid following weekly claims figures -Technical-ES +8NQ +9.25YM +6508:31OXPS OptionsXpress reports key monthly performance metrics for November 2009; reports DARTs of 30,600, down 15% YoY (13.99 )The co reports key monthly performance metrics for November. Highlights for the month included: Retail daily average revenue trades (DARTs) of 30,600 - 15% lower than November 2008, 6% lower than October 2009; Institutional daily average revenue trades (DARTs) of 13,100 - 18% lower than November 2008, 5% higher than October 2009; Net new customer accounts of 2,100. Ending customer accounts of 349,200 - 11% higher than November 2008, 1% higher than October 2009; Ending client assets of $6.5 billion - 39% higher than November 2008, 4% higher than October 2009; Ending margin balances of $141 million - 4% higher than November 2008, 10% higher than October 2009.08:30MF MF Global to repay $200 mln of revolving credit facility (6.01 )08:30FACT Facet Biotech Board of Directors unanimously rejects Biogen Idec's revised, unsolicited tender offer as inadequate (17.39 )The co announces that its board of directors has unanimously recommended that its stockholders not tender their shares into, and reject the unsolicited, revised, conditional tender offer from Biogen Idec (BIIB) to acquire all of the outstanding shares of Facet Biotech common stock for $17.50 per share in cash. The board, with the assistance of its financial and legal advisors, determined that the revised offer is inadequate and not in the best interests of Facet Biotech's stockholders. "We analyzed the unsolicited, revised tender offer of Biogen Idec and determined that $17.50 per share does not reflect the value of our company and its prospects. We believe Biogen Idec is materially undervaluing our assets while overstating our liabilities, and their offer demonstrates an incomplete understanding of our pipeline and technologies," said Facet Biotech president and chief executive officer Faheem Hasnain. "To enable Biogen Idec to determine whether it will materially increase its offer to reflect the true value of our company and prospects, our board has decided to provide Biogen Idec the opportunity to engage in due diligence discussions with Facet..."08:29CAE CAE Inc wins military contracts valued at more than CDN $100 mln (8.13 )Co announces a series of military contracts with the Netherlands, Germany, and other global defence forces. The contracts, valued at more than CDN $100 mln, include a major contract with the Royal Netherlands Air Force to expand CH-47 Chinook helicopter training at CAE's Medium Support Helicopter Aircrew Training Facility in the United Kingdom.08:27BONDX Fallen -07/32 3.459%...euro 1.4728...yen 88.2555Bonds continue to suffer in the wake of the sloppy auction that went off yesterday and has helped suppress expectations for today's record reopened $13B 30-yrs to go off today. The stock uptick has added some weight, while a poorly received 5-yr auction out of Japan helped ding prices. The day's data will take a backseat to the auction results (13), but the initial and continuing jobless claims will be given some deference and are expected to show improvement. Global bonds are generally lower under drag of supply and rallying stocks. The curve has been bent well flatter, but remains near the steepest levels on the week and year with the 2-10-yr yield spread running 266.5. The dollar has been has been able to work back to the 76 point, and looks as if it may stall either side of that handle. The euro is trapped at the 1.4730 level, while battling to hold more than 130 yen per. The day has the $13B 30-yr reopening, Geithner testifying on TARP (10), Fed gov Duke (13:45). Data due has initial jobless claims, and trade balance (8:30), then the Treasury budget (14)08:10HNSN Hansen Medical upgraded to Buy at Brean Murray; tgt $4.50 (2.67 )Brean Murray upgrades HNSN to Buy from Hold and sets target price at $4.50. The firm notes that their recent survey of 25 hospital finance administrators points to a modestly improved outlook for FY10. While the adoption of Hansen's Sensei platform has been substantially set back by hospital budget cuts in 2009, the firm believes that the co remains on track to sell 22-27 systems by year end. Additionally, an improving macro environment should lower adoptions hurdles in 2010 and beyond, in their view. Moreover, a lack of published data regarding the benefits of Hansen's platform is another reason that sales have been tepid. The firm believes that could change in 2010 when UK investigators release the results of a recently completed head-to-head study in 100 patients that compared robotic ablation to manual ablation.08:09APC Follow Up: Anadarko Petro announces the Lucius discovery (57.11 )As mentioned at 7:34, APC announced a discovery at the Lucius exploration well in Keathley Canyon block 875. The well encountered more than 200 feet of net pay in subsalt Pliocene and Miocene sands. The Lucius discovery was drilled to a total depth of about 20,000 feet in approximately 7,100 feet of water, using the new ultra-deepwater Ensco 8500 semi-submersible drilling rig. The up-dip sidetrack appraisal well will be drilled on the same block, approximately 3,200 feet due south of the discovery. APC operates the Lucius well with a 50% working interest. Co-owners in the discovery include Plains Exploration & Production Company (PXP) with a 33.33-percent working interest and Mariner Energy (ME) with 16.67-percent working interest.08:06On The WiresApollo Gold Corp (AGT) announces that it has entered into a replacement letter of intent with Elkhorn Goldfields pursuant to which Elkhorn has agreed to purchase all the outstanding capital stock in Montana Tunnels Mining, an indirect wholly owned subsidiary of Apollo, which includes the 50% interest held by Montana Tunnels in the joint venture agreement with Elkhorn Tunnels, the Diamond Hill mine and mill and any and all ancillary assets... Oncothyreon (ONTY) announces that Merck KGaA of Darmstadt, Germany, has initiated a Phase 3 trial of Stimuvax in Asian patients with advanced non-small cell lung cancer. The trial, named INSPIRE, is anticipated to enroll approximately 420 patients in China, Hong Kong, South Korea, Singapore and Taiwan... China Nepstar Chain Drugstore (NPD) announces that it has entered into a definitive agreement with Beijing Xiang Yun Kang Drugstore, to acquire all of its six drugstores in Beijing.08:04AES AES Corp downgraded to Hold at Argus (12.73 )Argus downgrades AES to Hold from Buy following the co's lackluster Q3 earnings results. The co notes that 16% decline in 3Q09 operating EPS was driven by unfavorable currency translation and lower kilowatt-hour sales at the company's North American operations. In short, the firm believes that these factors that were responsible for the shortfall in 3Q09 EPS will continue through 1H10. Thus, they see limited upside potential for AES over the next 12 months.08:02GEF Greif downgraded to Underperform at Barrington Research (57.46 )Barrington Research downgrades GEF to Underperform from Mkt Perform following the co's disappointing 4Q09 results. The firm believes that 2010 expectations will come down due to the weak Q4/09 operating performance. Moreover, the firm believes that management's 2010 EPS guidance of $4.00 to $4.25 will go under the microscope due to the surprise Q4/09 downside.08:01NPD China Nepstar Chain Drugstore makes second acquisition in Beijing (7.10 )The co announces that it has entered into a definitive agreement with Beijing Xiang Yun Kang Drugstore, to acquire all of its six drugstores in Beijing. This acquisition will be China Nepstar's second acquisition in Beijing. In the first ten months of 2009, the six drugstores being acquired generated unaudited revenues of approximately RMB6 million. These stores have an average store size of 140 square meters, and are located in densely populated residential areas in Beijing. Together with the five stores acquired in July 2009, all Nepstar's Beijing stores will be serviced by the Company's regional logistics center in Tianjin, where Nepstar has over 100 stores. Tianjin is approximately 120km to the southeast of Beijing.08:00S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +10.80.Stock futures are showing strength, despite a fractional gain by the greenback. The positive tone comes as an extension of the late, upward move in the previous session and with support from solid gains in Europe, where the Bank of England opted to keep its benchmark interest rate unchanged at 0.5%, as expected. There are several key announcements to be made today. At the bottom of the hour the latest batch of weekly jobless claims will be released. The consensus calls for initial claims to remain near the 450,000 level. The trade balance for October will also be released at 8:30 AM ET. Results from an auction of 30-year Bonds are due at 1:00 PM ET. Expectations for the results have been checked in the wake of a relatively disappointing turnout at yesterday's auction for 10-year Notes. At 2:00 PM ET the latest Treasury Budget will be released.08:00OSIS OSI Systems Optoelectronics Division Receives Contract Award for Approximately $6 mln (21.31 )Co announces that OSI Electronics, a business within its Optoelectronic and Manufacturing division, has received a contract award for ~ $6 mln from ITT Corporation for electronic sub-assemblies. The electronic sub-assemblies are to be used by the U.S. Department of Defense in their Mine Resistant Ambush Protected ("MRAP") armored vehicle program.08:00PLFE Presidential Life 'uncovers apparent self-dealing' by its largest shareholder (10.13 )Co announces that it has recently discovered several irregularities relating to the 2007 tax return filed by the Kurz Family Foundation as part of an application made by the Foundation to the New York State Insurance Department for approval of its acquisition of a controlling interest in the Company. Mr. Herbert Kurz, a director and stockholder of Presidential Life, is also an officer and director of the Foundation, which is a separate entity from Presidential Life. The Foundation is the beneficial owner of approximately 20.8% of Presidential Life's outstanding common stock. A special committee of the independent directors of Presidential Life has commenced an internal investigation into the circumstances surrounding the 2007 Foundation tax return. The special committee has retained independent counsel, Orrick, Herrington & Sutcliffe LLP, to lead the investigation... Upon discovery of these irregularities, Presidential Life immediately and voluntarily informed the New York State Insurance Department ("NYSID") of the investigation and is cooperating with an investigation instituted by the NYS Superintendent of Insurance into the affairs, conduct and practices of the Foundation. The NYSID has jurisdiction over the Company's operating subsidiary, Presidential Life Insurance Company and persons controlling the Subsidiary. The NYSID has issued a subpoena to the Foundation and to Mr. Snyder in connection with certain expenditures made by the Foundation. As a result of the investigation, the Board has removed Mr. Kurz as Chairman of Presidential Life. Mr. Kurz remains a director of Presidential Life. Under applicable Delaware law, the Board does not have the power to remove a director. In addition, the Board of Directors has removed Mr. Snyder as Chief Financial Officer of Presidential Life. Mr. Snyder will remain a non-executive employee of the Company, performing duties at the request of the Board and the Chief Executive Officer to facilitate the transition to the new CFO.07:41ECONX Trade Balance PreviewThe trade gap widened much more than expected last month -- $36.5 billion compared to $31.8 billion -- as demand for imports spiked as the US came out of the recession. The consensus expects the trade gap to continue to widen in October to $36.8 billion.The slight increase in the trade gap signals that consumer demand for imports was not affected by the precipitous drop in the value of the dollar over the last few months.So far the consumer has not felt the full effects of the drop in the dollar as the pass-through conduit to import prices has been minimal. However, we strongly feel that the variables that control import prices are set to become unhinged in the near future.Unless income rises in conjunction with the drop in the dollar, the trade deficit will narrow in the near future.07:40PROV Provident Fincl announces that it prices public offering of 4.5 mln shares of common stock at $2.50/share (2.94 )07:36QDHC QuadraMed announces that The Department of Veterans Affairs awards $24 mln contract for HIM and revenue cycle management technology (8.36 )Co announces that the Department of Veterans Affairs has renewed its annual Task Order contract under its existing Blanket Purchase Agreement, with a value of approximately $24 mln for the current option period. This renewal includes the term license for QuadraMed's Encoder Product Suite, and for related training services for all Veterans Affairs medical centers and existing Consolidated Patient Accounting Centers nationwide during the government's FY10.07:35ECONX Initial Claims PreviewAfter breaking through the 500,000 barrier on Nov. 14, initial claims maintained a steady decline and now hover around 450,000.The consensus does not expect claims to break through the 450,000 barrier this week as the forecast calls for a slight decline from 457,000 to 450,000 for the week ending December 5.Last week saw the first increase in the continuing claims data since the week ending Sept. 4.The jump in claims was due to the extension of the unemployment insurance that Congress passed on November 14.Economists failed to foresee the effects of the extension in last week's data and are possibly making the same mistake this week. The consensus expects continuing claims to fall from 5.465 million to 5.450 million claims for the week ending November 28.While the drop in November's unemployment rate signaled jobs are more plentiful, we have not changed our view that the continuing claims number underrepresents the total number of unemployed.The added benefits from the extension should add more workers to the continuing claims ranks. We forecast continuing claims to increase to 5.475 million.07:34On The WiresEMCOR Group (EME) announces that its EMCOR Government Services unit has received a facilities and maintenance contract from the Kirtland Air Force Base Medical Clinic in Albuquerque, New Mexico... Anadarko Petroleum (APC) announces a discovery at the Lucius exploration well in Keathley Canyon block 875. The well encountered more than 200 feet of net pay in subsalt Pliocene and Miocene sands... Sterling Construction (STRL) announces that Provo River Constructors, a joint venture in which its subsidiary, Ralph L. Wadsworth Construction Company is a 12.5% venture partner, was selected by the Utah Department of Transportation as the team with the best fixed-price, best-design proposal for the expansion of the I-15 Corridor Reconstruction project. The joint venture's design-build contract is expected to have a value of ~ $1.1 bln of which RLW's share will be approximately $137.5 mln.07:33UNFI Utd Nat Foods reports EPS in-line, revs in-line; guides FY10 revs in-line (26.96 )Reports Q1 (Oct) earnings of $0.36 per share, in-line with the First Call consensus of $0.36; revenues rose 2.4% year/year to $884.8 mln vs the $877.5 mln consensus. Co issues in-line guidance for FY10, sees FY10 revs of $3.54-3.63 bln vs. $3.55 bln consensus. Gross margin was 18.6% for the first quarter of fiscal 2010, which represents an 80 basis point decline from the gross margin of 19.4% for the first quarter of fiscal 2009. The lower gross margin compared to the prior year was largely due to a combination of lower fuel surcharge revenues resulting from the lower average diesel prices compared to the quarter ended November 1, 2008, and a change in the mix of sales by channel. "Fiscal 2010 began with another quarter of strong year over year improvement. During the quarter, we began to see some signs of improvement, with reduced weekly sales volatility, supplier price increases returning to historical levels and improving trends in sales growth towards the end of the quarter."07:31EPB El Paso Pipeline Partners expects continued growth for 2010 (24.05 )The co announces its financial and operational outlook for 2010. "We are pleased with the performance of our partnership, which has been delivering growth both through organic projects and though acquisitions," said Jim Yardley, president and chief executive officer of El Paso Pipeline Partners. "Since the partnership's initial public offering in 2007 we have placed in-service seven organic growth projects and completed nearly $1 billion in acquisitions. In turn, we have delivered consistent growth in quarterly distributions for our unitholders. The committed backlog of organic projects and our confidence in making future successful acquisitions provide a solid platform for continued growth." El Paso Pipeline Partners is targeting 2010 distributable cash flow of $240 million to $250 million. Total capital expenditures are expected to be $210 million to $240 million, including $175 million to $200 million of expansion capital. A significant amount of the construction and materials price risk of these projects has been mitigated. Maintenance capital is expected to be $35 million to $40 million. The partnership expects to deliver its remaining construction backlog of expansion projects on time and on budget.07:30AXA AXA announces a new organization to support a new stage of its development (23.11 )several measures to improve the speed and effectiveness of the organization's ability to produce and deliver the products and services that meet our customers' evolving needs. Integrating business competencies to accelerate the implementation of the strategy In order to facilitate coordination among the Group's different businesses and further leverage its size, AXA announces that Francois Pierson, Chief Executive Officer of AXA France and member of the Management Board of AXA, and Christopher Condron, Chief Executive Officer of AXA Financial (United States) and member of the Management Board of AXA, will assume group-wide responsibility on an international level for Property & Casualty insurance, and Life & Savings and Health businesses, respectively, in addition to their current operational responsibilities.07:28INP iPath MSCI India Index: Barclays suspends further sales and issuance of iPath MSCI India Index Exchange Traded Notes (62.26 )07:16ULBI Ultralife announces appointment of Philip Fain as Chief Financial Officer and Treasurer (3.95 )07:15FGP Ferrellgas Partners beats by $0.06, misses on revenue (21.65 )Reports Q1 (Nov) loss of $0.22 per share, excludes charges, $0.06 better than ($0.28) First Call consensus; revenues declined 26.8% year/year to $352.07 mln vs 437.63 mln consensus. Adjusted EBITDA was $33.3 mln vs $35.2 mln 1Q09.07:14EP El Paso issues in-line guidance for FY10, sees EPS of $0.75-$0.95 vs $0.88 First Call Consensus (9.39 )Co issues in-line guidance for FY10, sees EPS of $0.75-$0.95 vs. $0.88 First Call Consensus. The co's 2010 financial highlights assume commodity prices of $5.50 per MMBtu for natural gas and $60.00 per barrel for oil. El Paso's Pipeline Group is targeting 2010 adjusted EBITDA of approximately $2.0 billion to $2.1 billion, with a $2.9 billion capital budget. Approximately $0.5 billion of the budget is maintenance capital and $2.4 billion is allocated to growth projects, including $1.7 billion for 100 percent of Ruby. El Paso Exploration & Production expects to spend approximately $1.1 billion in 2010, with $0.9 billion allocated to domestic programs. Roughly half of domestic capital will be allocated to the Haynesville Shale, Eagle Ford Shale and Altamont oil programs. The company expects to produce between 720 and 760 million cubic feet equivalent per day (MMcfe/d) in 2010, including its proportionate interest in Four Star Oil & Gas Company. Per-unit cash costs and DD&A rates are expected to be $1.90 - $2.20 per Mcfe and $1.65 - $1.85 per Mcfe, respectively.07:13KONG KongZhong announces impact due to new telecommunications operator measures; sees Q4 revenue of $34-$35 mln. vs $36.66 mln consensus (10.85 )Co issues downside guidance, sees Q4 revenue of $34-$35 mln. vs $36.66 mln consensus, and vs. prior guidance of $37-$38 mln. Co states, "On Nov. 30, 2009, in order to support the Chinese government's efforts to maintain an orderly mobile Internet environment, China Mobile Communication Corp implemented a series of measures targeted at eliminating offensive or unauthorized content, including pornographic content, on Chinese-based wireless application protocol sites. As a result, China Mobile and other Chinese telecommunications operators have suspended billing their customers for all WAP and G+ mobile gaming platform services, including those services that do not contain offensive or unauthorized content, on behalf of third party service providers of such services. China Mobile and other operators have not yet indicated how long its new measures would last or whether it would expand its current measures."07:12AKNS Akeena Solar's Andalay AC solar panels now available at Lowe's Home Improvement Stores (0.99 )07:12WBC WABCO Holdings reports multi-year development and supply agreement with Yuchai (24.47 )The co announces that WABCO and Yuchai Machinery Company have completed an agreement for product development and the long-term supply of twin-cylinder compressors for diesel engines to be mounted on heavy duty trucks. Yuchai is China's largest manufacturer of diesel engines for commercial vehicles for the past eight consecutive years and one of China's leading exporters serving more than 50 countries.07:10EFJI EFJ announces that it has received a contract valued at $13.2 mln from the Wisconsin Dept of Transportation (1.45 )07:09BHB Bar Harbor Bankshares commences $20 mln common stock offering (32.50 )07:08TITN Titan Machinery reports EPS in-line, beats on revs; guides FY10 EPS in-line, revs above consensus (11.90 )Reports Q3 (Oct) earnings of $0.32 per share, in-line with the First Call consensus of $0.32; revenues rose 6.1% year/year to $227 mln vs the $208.7 mln consensus. Co is narrowing its expected EPS range to 0.92-0.98 vs. $0.96 consensus compared to its previous range of $0.92 - $1.04; Co raises its FY10 revenue guidance. It now expects to achieve a revenue in the range of $770 mln - $800 mln vs. $766.75 mln consensus. As compared to the previous range of $750 mln - $790 mln07:08SFD Smithfield Foods beats by $0.13, reports revs in-line (16.86 )Reports Q2 (Oct) loss of $0.26 per share, $0.13 better than the First Call consensus of ($0.39); revenues fell 14.5% year/year to $2.69 bln vs the $2.71 bln consensus. Co also says operating margins in fresh pork were strong on a historical basis, although slightly lower than last year. Number of head processed approximated last year's level, but heavier weights resulted in a 2% volume increase. Fresh pork results are benefitting from strong sales discipline and continued improving operating efficiencies. While fresh pork exports for the second quarter of fiscal 2010 declined compared to last year's record levels, overall export volumes remain robust in historical terms. Export shipments to China, which has been closed for all of this fiscal year, are expected to resume in the wake of last week's announcement by the Chinese government of their intent to re-open. This should help the overall pork complex. Co says "After a considerable and extended period of sizable losses in the hog production industry, the U.S. sow herd appears to be slowly contracting. As previously announced, Smithfield has reduced its exposure to commodity hog and grain markets through sow reductions and farm closings beginning in February 2008. Given current and near-term industry dynamics, we believe that further liquidation is needed to reach a balance in supply and demand, We are encouraged by the EPA's recent determination to delay its decision on the ethanol industry's petition to raise the allowable ethanol blend in gasoline by a full 50% - from 10% to 15%. The existing ethanol policies have already driven as much as 30% of the annual corn crop into ethanol production, directly and substantially driving up feed costs for livestock and jeopardizing the economic viability of hog producers across the country. We hope that the EPA, after further study and with greater deference to the science and practical consequences of increasing the ethanol blend, will abandon any notion of granting 'E15' in favor of more economically sensible alternatives. Everyone is in favor of developing alternative energy sources, but we should not be reluctant to abandon the flawed corn-based ethanol policy when it has the direct impact of causing higher food costs to the American consumer..."07:05MEI Methode Electronics beats by $0.12, beats on revs (7.95 )Reports Q2 (Oct) earnings of $0.10 per share, excluding non-recurring items, $0.12 better than the First Call consensus of ($0.02); revenues fell 18.8% year/year to $98.5 mln vs the $84.7 mln consensus. Consolidated gross margins as a percentage of sales increased to 22.1% in the fiscal 2010 second quarter from 20.2% in the comparable period of fiscal 2009 despite an 18.8% drop in sales, largely due to the restructuring actions previously taken to reduce the cost structure, in part as a result of the sustained change in the global economic environment. Excluding the $0.7 mln Delphi asset write-down and the $1.7 million reversal of one-time pricing contingencies included in net sales, consolidated gross margins as a percentage of sales was 21.5% for 2Q10.07:04CIEN Ciena misses by $0.05, beats on revs; sees 1Q10 rev increase of up to 5% (13.23 )Reports Q4 (Oct) loss of $0.12 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of ($0.07); revenues fell 1.9% year/year to $176.3 mln vs the $167.7 mln consensus. "We're excited about the prospect of our combination with the Nortel MEN business, and also about the market entry of significant new products like our CoreDirector FS and 5400 family. We believe the combined company will be well positioned to capture additional market share with a product portfolio and vision that is aligned with market direction." Until the Nortel transaction has closed, any guidance provided by Ciena will be specific to Ciena as a standalone entity and will not include pro-forma estimates for combined company expectations. "While cautious customer spending seems likely to continue as we enter 2010, our fourth quarter order flow gives us confidence in our ability to deliver sequential revenue growth in our fiscal first quarter 2010. We currently expect a sequential increase in our fiscal first quarter revenue of up to 5%." (consensus calls for a 2.4% QoQ sales increase).06:46UPI Uroplasty: OrBIT study long term results show sustained therapeutic effect of percutaneous tibial nerve stimulation at 12 months (1.13 )Co announces 12-month results of the OrBIT Trial of its Urgent PC Neuromodulation System that will be published in the January 2010 print edition of THE JOURNAL OF UROLOGY?. The long-term phase of the OrBIT Trial reported on 25 patients who had significant symptom improvement in the initial 12-week phase of the OrBIT Trial and continued PTNS therapy at increasing time intervals between treatments over a 12-month period. Highlights from the study include: 96% of PTNS patients considered their urinary symptoms cured or improved at 12 months; Investigators also considered 96% of PTNS patients cured or improved at 12 months; At 12 months statistically significant changes compared to baseline included: Decrease in voiding episodes by 2.8 voids/day, decrease in urge incontinence episodes by 1.6/day, decrease in nighttime voids by 0.8/night, increase in voided volume of 39 cc, PTNS patients also reported significant quality of life improvements, no serious adverse events were reported, from the 12-week visit through the 12-month visit, average interval between treatments was 21 days.06:44On The WiresGenpact (G) announces it has signed a five-year contract to provide global Finance & Accounting services to AstraZeneca (AZN)... Amtech Systems (ASYS) announces it solar subsidiary, Tempress Systems has received approxi $9 mln in solar orders for its diffusion processing systems from several new and existing customers in Asia. The orders are expected to ship within the next six to nine months... Dendreon (DNDN) announces that Hans Bishop has joined the Company as chief operating officer, effective January 4, 2010... Orion Energy Systems (OESX) on December 8 was awarded a patent from the U.S. Patent and Trademark office for the cooling properties incorporated in the power technology enterprise's Compact Modular high intensity fluorescent lighting platform... GLG Life Tech (GLGL) announces that its stevia seed propagation program has achieved a significant success that is expected to result in considerable savings for the Company into the future. The GLG Huinong One proprietary strain has shown commercial viability in the field as a direct seed plant and is expected to enable the Company, in 2010, to generate up to an estimated 40,000 metric tons of GLG proprietary stevia leaf grown directly from seeds without the use of greenhouses and seedlings as an intermediary step.06:41NKBP China Nuokang Bio-Pharma prices 5.0 mln share IPO at $9.00 per ADS; below the $10-12 expected rangeCo intends to use the net proceeds from this offering to fund the expansion of its sales and marketing platform, the acquisition and in-licensing of new technologies, products or cos, the research and development of its product candidates, the expansion and enhancement of its manufacturing facilities and for general corporate purposes.06:40GE General Electric receives $1.4 bln contract to supply turbines for largest wind farm ever built in the USCo announces that it has received a $1.4 bln contract from independent power producer Caithness Energy to supply wind turbines and provide services for an 845-megawatt wind farm project to be located in Oregon. The wind farm, called Shepherds Flat, has received the majority of the necessary government permits to operate and is ready to be built. When completed it will be larger than any wind farm currently in operation around the globe.06:39GIL Gildan Activewear beats by $0.09, reports revs in-line; projects FY10 revenue >$1.2 bln vs $1.22 bln consensus (20.04 )Reports Q4 (Sep) earnings of $0.42 per share, excluding inventory devaluation discount, $0.09 better than the First Call consensus of $0.33; revenues fell 7.1% year/year to $301.7 mln vs the $301.1 mln consensus. Assuming an approximate 5% decline in selling prices in FY10 compared to FY09, and the impact of a higher proportion of underwear in the co's product-mix, consolidated net sales in FY10 are projected to be slightly in excess of $1.2 bln (consensus $1.22 bln), up approx 17% from FY09. Although gross margins in 4Q09, before reflecting the impact of the devaluation charge, were 28.7%, and gross margins in 1Q10 are expected to be close to the same level, gross margins in the balance of FY10 are expected to be negatively impacted by further promotional discounting and by volatility in cotton, energy and other commodity costs. Co projects FY10 gross margins of approx 26%.06:33ROK Rockwell Automation reaffirms FY10 EPS and rev guidance at BofA Merrill Industrials Conference today (46.16 )Co reaffirms guidance for FY10 (Sep), sees EPS of $1.25-1.75 vs. $1.70 First Call consensus; sees FY10 (Sep) revs of $4.1-4.4 bln vs. $4.33 bln consensus.06:31LLY Eli Lilly issues in-line guidance for FY10 (Dec), sees EPS of $4.65-4.85 vs. $4.74 First Call consensus. (36.56 )Co issues in-line guidance for FY10 (Dec), sees EPS of $4.65-4.85 vs. $4.74 First Call consensus. The co also reafirms FY09 guidance of $4.30-4.40 vs $4.42 consensus. The co reaffirmed its commitment to deliver low double-digit compound annual earnings per share growth between 2007 and 2011, excluding the potential impact of health care reform in the U.S. Looking further out, the co also provided a general perspective on possible financial performance during the major patent expiry years of 2012 to 2014 and beyond. During this time, the co anticipates annual revenue of at least $20.0 bln. Gross margins as a percent of revenue could be between 75 and 80 percent. Operating expenses, the sum of selling, general and administrative expenses and research and development expenses, as a percent of revenue could be in the mid 50s. The tax rate could be higher than today, possibly 25 percent. Under this scenario, net income would exceed $3.0 bln and operating cash flow would exceed $4.0 bln. This level of operating cash flow would solidly position the co to fund research and development, capital expenditures and the dividend. As the co plans for this challenging time period, it believes it will generate sufficient operating cash flow to enable it to execute on its innovation-based strategy, reward shareholders and successfully and independently emerge from the major patent expiry years with bright prospects for future growth. The co also says it expects 10 Phase III molecules in 2011, plans to launch 2 new medicines per year beginning in 2013.06:22S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +7.00.06:21Asian MarketsNikkei...9862.82...-141.90...-1.40%. Hang Seng...21700.04...-41.70...-0.20%.06:21European MarketsFTSE...5229.65...+25.80...+0.50%. DAX...5684.78...+36.90...+0.70%.06:13On The WiresHydrogenics (HYGS) announces the co has been awarded a contract for one of its HySTAT-30 electrolyzers to be used at a fueling station in Los Angeles, California... Centene (CNC) announces it plans to release its 2010 financial guidance at approx 6:00 AM (Eastern Time) on Friday, January 8, 2010, and host a conference call afterwards at approximately 8:30 AM (Eastern Time) to discuss the details of its guidance.06:07LSCC Lattice Semi raises Q4 rev guidance (2.66 )Co announces Q4 revenue is now expected to increase by approx 10% to 13% sequentially. This upward revision compares to previous guidance that Q4 revenue would be up 6% to 10% sequentially. This calculates to ~$54.01-55.483 mln vs. $53.13 mln First Call consensus. The revision is based on stronger than expected turns business across most of our products. Co says "As the final planned step of our previously announced efforts to transition certain of our distributors from sell-in to a sell-through distribution model, in December 2009 we commenced the termination of two additional sell-in distributors in Asia. We estimate that this process will reduce revenue in the fourth quarter of 2009 by approximately an additional $1.0 mln. This is in addition to the previously announced approximate $1.0 mln revenue impact from the conversion of two other distributors from sell-in to sell-through. The guidance announced today includes the anticipated effect of these conversions. Gross margin percentage is expected to be approx 53% to 55% of revenue, unchanged from prior guidance. Total operating expenses are now expected to be approx $26.9 mln. The increase compared to prior guidance of $26.0 mln is due to $0.9 mln of restructuring charges related to our previously- announced July 2009 headcount reductions, the move of our warehouse to Singapore and the planned opening of an operations center in Singapore. Pursuant to a public tender offer, we have tendered $14.0 million par value of corporate bonds subject to credit default risk auction rate securities. The fair value of these securities as of the end of the third quarter 2009 was approx $6.6 mln. Should all of the tendered securities be accepted, we would realize a gain of approx $2.8 mln. However, we cannot guarantee that all or any of the securities will be accepted under the tender offer. We continue to expect to return to profitability for the fourth quarter of 2009..."05:43SSRI Silver Standard Resources provides Pirquitas silver mine production guidance for 2010 (23.86 )Co provides update on progress and expected production levels for 2010 at its wholly-owned Pirquitas Mine in Argentina which achieved commercial production effective December 1, 2009. The mine is operating as planned and the mill continues to process oxide and transitional ore until the sulphide ore currently being exposed from the open pit is processed starting in the first quarter of 2010. Due to the transition from oxide and transitional ore to sulphide ore in Q1, the co estimates full year production of silver to be 7 mln ounces, and tin production to be 2 mln pounds. Average operating costs for 2010 are expected to be approx $9.00 per ounce of silver net of tin credits. The co expects to achieve name plate production levels of approx 8-10 mln ounces of silver per year starting in 2011. Costs per ounce of silver are expected to decline as silver production increases.04:44IOC Government of Papua New Guinea approves InterOil's LNG project agreement (65.36 )Co announces that the National Executive Council of Papua New Guinea has approved the co's project agreement for the construction of a liquefied natural gas plant in Papua New Guinea. As previously announced, the proposed LNG project would be developed by InterOil and its joint venture partners, including foundation partner Pacific LNG Operations Ltd. The Government of Papua New Guinea, through its nominee Petromin PNG Holdings Limited, will have up to a 22.5% equity interest in the project.03:04COST Costco reports EPS in-line, revs in-line (58.66 )Reports Q1 (Nov) earnings of $0.60 per share, in-line with the First Call consensus of $0.60; revenues rose 5.5% year/year to $17.3 bln vs the $17.31 bln consensus. Comparable sales for 1Q10 increased 3%.01:29AXL American Axle prices 14.0 mln common share offering pursuant to effective shelf registration statement at $7.20/share (7.41 )01:28On The WiresCEMEX (CX) prices $1.25 bln aggregate principal amount of notes and EUR350 mln principal amount of notes... Cliffs Natural Resources (CLF) announces that it has further amended the terms of the definitive agreement disclosed on Nov. 23, 2009, to acquire Freewest Resources Canada by way of a plan of arrangement. The further amendment involves an increase in the price to a fixed value of C$1.00 in Cliffs shares per Freewest share... VocalTec Comm. (VOCL) announces that it has acquired substantially all of the assets of Outsmart, a provider of telecommunications convergence solutions.01:24PRICE China Nuokang Bio-Pharmaceutical prices 5.0 mln ADS IPO at $9.00/ADS18:39AINV Apollo Investment Corp prices public offering of common stock at $9.82 (9.82 -0.28) -Update-The co expects to use the net proceeds of this offering to fund new investments, repay outstanding indebtedness and for general corporate purposes.18:21TYG Tortoise Energy Infrastructure prices public offering of mandatory redeemable preferred shares (29.70 +0.58)Co announced that it has priced the sale of 6,500,000 shares of Mandatory Redeemable Preferred Shares at $10.00 per share. The co estimates that its net proceeds from this offering, after expenses, will be ~$63.1 mln. The co intends to use these net proceeds, along with funds borrowed from its credit facility, to redeem all $70 mln of its outstanding auction rate preferred shares.18:19FCEL FuelCell Energy misses by $0.02, misses on revs (3.39 -0.05)Reports Q4 (Oct) loss of $0.21 per share, $0.02 worse than the First Call consensus of ($0.19); revenues fell 22.1% year/year to $20.4 mln vs the $28.4 mln consensus. Net losses declined primarily due to sales of higher-margin products.18:09FAST Fastenal Company to acquire Holo-Krome Co (38.67 +0.23)Co announced that it has signed a definitive agreement to acquire certain assets of Holo-Krome, a leader in the production of domestic socket head screw products. The sales of this business for the year ended December 31, 2008 are less than 1% of the consolidated sales of the Fastenal organization for the same period. The transaction is anticipated to close on December 18, 2009.17:44BWY BWAY Holding beats by $0.08, reports revs in-line; reaffirms Q1 EPS in-line; reaffirms FY10 EPS in-line (17.69 +1.18)Reports Q4 (Sep) earnings of $0.47 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.39; revenues fell 12.2% year/year to $249.4 mln vs the $248.8 mln consensus. Co reaffirms in-line guidance for Q1, sees EPS of $0.05-0.13, excluding non-recurring items, vs. $0.08 consensus. Co reaffirms in-line guidance for FY10, sees EPS of $1.42-1.60 vs. $1.55 consensus.17:38NIHD NII Holdings announces pricing of senior note offering of 8.875% (30.86 +0.10)Co announced the pricing of the offering, through its wholly owned subsidiary NII Capital Corp., of $500 mln principal amount of 8.875% Senior Notes due 2019. The issue price is 99.187% of the principal amount of the notes. The sale of the notes is expected to close on or about December 15, 200917:19SD SandRidge Energy announced the pricing of its private placement of $450 mln of 8 3/4% Senior Notes due January 15, 2020; offering was increased from a previously announced offering size of $400 mln (8.21 -0.17)Co announced the notes were priced at 98.349% of par, resulting in a yield to maturity of 9.00%. The offering is expected to settle on December 16, 2009. The closing is subject to our obtaining the approval of the required lenders to a proposed amendment to our senior credit facility, as well as customary closing conditions. Net proceeds from this offering will be used to fund a portion of the purchase price of the co's previously announced acquisition of oil and gas properties in the Permian Basin from Forest Oil Corporation, but if such acquisition is not consummated, the net proceeds are expected to be used for general corporate purposes, including exploration, development and other capital expenditures.17:12PLL Pall Corp reports EPS in-line, misses on revs; guides FY10 EPS above consensus (31.39 -0.18)Reports Q1 (Oct) earnings of $0.40 per share, excluding non-recurring items, in-line with the First Call consensus of $0.40; revenues fell 5.4% year/year to $546.9 mln vs the $559 mln consensus. Co issues upside guidance for FY10, sees EPS of $2.02-2.19, excluding non-recurring items, vs. $1.90 consensus.17:03GEF Greif beats by $0.08, misses on revs; guides FY10 EPS in-line (57.46 +0.34)Reports Q4 (Oct) earnings of $1.53 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $1.45; revenues fell 22.5% year/year to $760.5 mln vs the $794.4 mln consensus. Co issues in-line guidance for FY10, sees EPS of $4.00-4.25 vs. $4.21 consensus.17:01HES Hess Corp announced that it has agreed to sell $750 mln of notes with a 6.0% coupon maturing on January 15, 2040 (54.63 -0.04) -Update-HES intends to use the net proceeds of the note offering primarily for the purchase of its 6.65% Notes due 2011 that are purchased pursuant to its cash tender offer announced earlier today, and for working capital and other general corporate purposes.16:37KBR KBR awarded contracted construction, maintenance and services agreement with DuPont (17.74 -0.19)Co announced that it has been awarded a Contracted Construction, Maintenance and Services Agreement by DuPont. The award covers a three year period. KBR will provide supplemental maintenance and small construction services to DuPont at 19 of its production facilities across the northeast United States and Gulf Coast regions.16:30KLIC Kulicke & Soffa CEO Scott Kulicke plans to retire in 2011 (5.16 +0.00)Co announces that Scott Kulicke plans to retire as Chairman and CEO of the Company in June of 2011. The company's Board of Directors will promptly begin a search for a new CEO, and expects to include both internal and external candidates.16:25ALOG Analogic misses by $0.09, beats on revs (37.26 +0.07)Reports Q1 (Oct) adjusted earnings of $0.10 per share, $0.09 worse than the First Call consensus of $0.19; revenues fell 2.9% year/year to $95.4 mln vs the $92.4 mln consensus. Co states, "As we have stated previously, one of our key financial goals is to achieve double-digit operating margins by FY2012. We are committed to achieving significant improvement in our operating margins, even at our current revenue run rate, through organic measures that are within our control..."16:23MSL Midsouth Bancorp commenced an offering of up to $30 million of its common stock (14.05 -0.53)16:22ALOG Analogic announces settlement agreement with Ramius (37.26 +0.07) -Update-The co announces that it has reached an agreement with Ramius Value and Opportunity Master Fund Ltd, an affiliate of RCG Starboard Advisors and Ramius, relating to the Company's 2010 Annual Meeting of Stockholders. Ramius beneficially owns approximately 4.9% of Analogic's outstanding shares. The Analogic 2010 Annual Meeting will be held on January 29, 2010, at the Company's world headquarters in Peabody, Massachusetts. Analogic will nominate Dr. Burton Drayer, Executive Vice President for Risk at The Mount Sinai Medical Center and Chairman and Director of Mount Sinai's Department of Radiology, to stand for election as a new independent director on the Analogic Board at the January 2010 Annual Meeting. Dr. Drayer, who was recommended by Ramius, will fill the vacancy resulting from the previously announced departure of Analogic founder and Chairman Emeritus from the Company's Board. It is expected that Dr. Drayer will also serve on the Nominating and Corporate Governance Committee.16:21WU Western Union announces dividend increase to $0.06 from $0.04 and new $1 bln share repurchase authorization (18.19 +0.14) -Update-16:18PNNW Pennichuck announces offering of 375K shares of common stock (23.35 -0.19)Co announced that it is offering to the public 375,000 shares of common stock, plus up to an additional 56,250 shares of common stock to cover over-allotments, if any, under its existing shelf registration statement. The Company intends to use the proceeds to repay outstanding indebtedness and for general corporate purposes.16:16TRCR Transcend Services announces that it and certain selling stockholders intend to offer to sell 1.5 mln shares and 720K shares, respectively, of common stock (18.95 -0.05)16:15BONDX Stop Making Sense -12/32 3.425%...euro 1.4727...yen 878.57Treasuries got another kick in the head, with the longer dated issues riding a whip as the 10-yr auction didn't go so hot, leaving the fate of the 30-yrs ($13B reopened) uncertain at best. The good news is that in the 10.2 basis point swing set it up for (perhaps) some heightened interest in the offering, with the yield running near the best levels in a month and near the highest since August. 4.45% isn't much, but its about the best of the safe instruments out there. So, it's got that going for it. The unlovely outing today was record reopened size (as will be tomorrow's, and the next and the next) and many had felt that it "should have been better" if only because of year end and these are the last 2 longer maturity offerings on the year (although late month will have, likely record, 2-5-and-7s). But as we have been mentioning since, like, September, many shops and dealers have been staying clear of "unnecessary roughness" in order to protect profits (and bonuses where applicable), so they have essentially closed their books for the year. The curve was swung hard in bear steepening, with an initial run to over 270 on the 2-10-yr yield spread, now 268. The dollar was ultimately sold off, unable to maintain its gains over 76, but making a solid effort, which may prove bullish heading into Thursday. The euro was hurt early as all its regional ills make headlines, but was able to get a post-auction boost from 1.4685 to 1.4740 and also saw some unwind of safety plays against the yen. The yen was held in a tight range for the majority of the day, hugging 87.80. The day ahead has the $13B 30-yr reopening, tough Tim Geithner testifying on TARP (great. 10), a late speech from fed gov Duke (13:45). Data due has initial jobless claims, and trade balance (8:30), with the treasury budget bringing up the rear.16:14TRR TRC Co was selected by the State of New Hampshire to issue and manage subgrants (2.97 -0.02)Co was selected by the State of New Hampshire to issue and manage subgrants to local communities for projects that increase energy efficiency, reduce greenhouse gas emissions and advance the development of renewable energy systems. The subgrants are funded through the Energy Efficiency and Conservation Block Grant Program (EECBG), which is supported by the American Recovery and Reinvestment Act.16:09AHT Ashford Hospitality Trust and special servicer mutually agreed to transfer the co's possession and control of hotel to a court-appointed receiver (5.00 +0.02) -Update-Co announced that it and the special servicer who is administering the $29.1 mln first mortgage on its Hyatt Regency Dearborn have mutually agreed to transfer the co's possession and control of the hotel to a court-appointed receiver, effective December 3, 2009. Co has been fully cooperating with the servicer for a consensual foreclosure or deed in lieu of foreclosure since June 2009. As a result of the transfer, co deconsolidated the hotel from its financial reporting, including the $28.9 mln hotel asset (previously impaired by $10.9 mln in the second quarter of 2009) and the hotel's $29.1 mln mortgage indebtedness, and will recognize a gain on the extinguishment of debt. Additionally, the Company will reclassify the hotel's results of operations through the effective date of the transfer to discontinued operations on its statement of operations. The transfer also eliminates the remaining 2010 debt maturity for the Company, leaving the Company with no debt maturities in 2010 and $229.0 mln maturing in 2011. The co's average current interest rate on its total indebtedness is 3.62%. As of September 30, 2009 co had $197.9 mln of unrestricted cash available.16:08ALOG Analogic Corp signs deal with Smiths Detection (37.15 -0.04)Co announced that it has signed an agreement with Smiths Detection to develop advanced imaging subsystems for use in a next-generation explosives detection system to be manufactured and marketed by Smiths. The agreement provides for Smiths Detection to fund the engineering development over a period of approximately two years.16:07NBIX Neurocrine Biosci announces top-line results from 703 Study of Elagolix for treatment of endometriosis pain; Primary efficacy and safety results consistent with previous studies (2.14 -0.05)Co announces top-line efficacy and safety results from the Tulip PETAL Study, its fifth Phase 2 clinical trial using its proprietary, orally-active nonpeptide Gonadotropin-Releasing Hormone receptor antagonist, elagolix, in patients with endometriosis. The preliminary data confirm that elagolix and leuprorelin are associated with reductions in Dysmenorrhea and Non-Menstrual Pelvic Pain daily scores when compared to placebo. As shown with all previous elagolix trials, symptoms of dysmenorrhea improved significantly in both elagolix treatment groups and with leuprorelin compared to placebo. Additionally, the percentage of dysmenorrhea pain-free days was markedly higher in the elagolix treatment groups when compared to placebo. Although statistical significance was achieved with the non-menstrual pelvic pain scale in this trial, the numeric changes are small, the dynamic range of the scale is small and, as previously stated, they do not intend to use this scale in subsequent trials.16:07LULU Lululemon Athletica beats by $0.01, beats on revs; guides Q4 EPS in-line, revs above consensus (27.67 +0.86)Reports Q3 (Oct) earnings of $0.20 per share, $0.01 better than the First Call consensus of $0.19; revenues rose 29.8% year/year to $112.9 mln vs the $111.2 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.26-0.28 vs. $0.27 consensus; sees Q4 revs of $140-145 mln, based on a comparable-store sales increase in the mid teens on a constant-dollar basis, vs. $133.73 mln consensus. Co reports Q3 gross margin as percentage of net revs of 49.9% vs 48% consensus (46.2% last qtr and 48.1% a year ago). Gross profit for the quarter increased by 34.4%. "Sales momentum continued to build in the third quarter as consumers responded to our distinctive product, community connections and in store guest experience... We also made significant progress in improving our gross margin with a return to the 50% level, and are very pleased to deliver these results in a challenging retail environment."16:06SGMS Scientific Games awarded Australia's Golden Casket instant ticket contract (13.99 -0.14)Co announces that its wholly-owned subsidiary, Scientific Games Products, has entered into an Instant Scratch-Its production agreement with Golden Casket Lottery Corporation Limited, a wholly-owned subsidiary of Tatts Group Limited, in Australia. The Agreement began in Nov. 2009, has an initial term of two years and includes three one-year extension options. This Agreement is to supply Golden Casket's Instant Scratch-Its tickets, which are available for sale in Queensland, Tasmania, ACT and the Northern Territory.16:05TRMK Trustmark completes repurchases of all preferred stock from U. S. Treasury (19.86 -0.13)16:04GLP Global Partners unitholders approve amendment to partnership agreement (23.31 -0.26)Co announces that they have received the required approvals from unitholders for the amendment to its partnership agreement described in its proxy statement dated November 5, 2009. The Partnership and its bank group also have recently signed an amendment that increases the working capital commitments available under Global Partners' Credit Agreement by $100 mln. With this increase, total bank commitments now equal $850 mln.16:04OXM Oxford Industries beats by $0.14, misses on revs; guides FY10 EPS above consensus, revs in-line (21.10 +0.04)Reports Q3 (Oct) adjusted earnings of $0.32 per share, ex-item, $0.14 better than the First Call consensus of $0.18; revenues fell 17.9% year/year to $200.5 mln vs the $205.4 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.20-$1.25 vs. $1.03 consensus and vs. prior guidance of $0.90-$1.05; sees FY09 revs of $790-$800 mln vs. $792.30 mln consensus and vs. prior guidance of $765-$780 mln.16:02FLR Fluor says the Utah Department of Transportation selected Provo River Constructors, a Fluor-led joint venture, as the team with the best fixed-price (40.66 -0.14)Co announces that the Utah Department of Transportation selected Provo River Constructors, a Fluor-led joint venture, as the team with the best fixed-price, best-design proposal for the expansion of the I-15 Corridor Reconstruction project. The design-build contract value is expected to be in the range of $1.1 billion. Fluor will book its 40% share of the project into backlog when the contract is signed and all material financing uncertainties have been resolved, which is expected to be no later than the first quarter of 2010. Utah's State Legislature previously authorized a revenue and bond package to support the project.16:01TOD Todd Shipyards announces award of ~$3.0 mln contract to overhaul USNS Henry J. Kaiser (T-AOE 187) (17.54 +0.40)16:01KPPC KapStone Paper and Packaging to move to the New York Stock Exchange; expects to begin trading on or about January 4, 2010 under ticker KS (8.02 +0.01)16:01AHT Ashford Hospitality Trust and Special Servicer mutually agree to transfer Hyatt Regency Dearborn to receivership (5.00 +0.02)Co announces that they and the special servicer who is administering the $29.1 mln first mortgage on the Co's Hyatt Regency Dearborn have mutually agreed to transfer the Company's possession and control of the hotel to a court-appointed receiver, effective December 3, 2009. As a result of the transfer, the Co deconsolidated the hotel from its financial reporting, including the $28.9 mln hotel asset and the hotel's $29.1 mln mortgage indebtedness, and will recognize a gain on the extinguishment of debt. Additionally, the Co will reclassify the hotel's results of operations through the effective date of the transfer to discontinued operations on its statement of operations. The transfer also eliminates the remaining 2010 debt maturity for the Company, leaving the Company with no debt maturities in 2010 and $229.0 mln maturing in 2011. The Company's average current interest rate on its total indebtedness is 3.62%. As of September 30, 2009 the Company had $197.9 million of unrestricted cash available.16:00CYTK Cytokinetics and GlaxoSmithKline agree to terminate collaboration and license agreement directed to oncology (3.13 +0.07)Co announced that it has agreed with GlaxoSmithKline (GSK) to terminate their collaboration and license agreement, effective February 28, 2010. As a result, all rights for GSK-923295, an inhibitor of centromere-associated protein E (CENP-E), will revert to Cytokinetics effective February 28, 2010. GSK remains responsible for all activities and costs associated with completing and reporting on the ongoing Phase I clinical trial of GSK-923295 in advanced, refractory solid tumor patients. The decision to terminate the collaboration agreement with GSK reinforces Cytokinetics' corporate commitment to focus its internal research and development to muscle function and related therapeutic applications. Previously, Cytokinetics had negotiated for the return of all rights to the kinesin spindle protein (KSP) inhibitors, SB-743921 and ispinesib (SB-715992), that had also been initially developed in collaboration with GSK. Each of these compounds has demonstrated favorable tolerability and clinical activity in one or more clinical trials. Cytokinetics is now seeking to license its portfolio of these three novel mechanism anti-mitotic drug candidates so that they can be advanced in further clinical trials.Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond and world FX market participants. 1-800-752-3013 or http://www.briefing.com
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