Briefing.com: Hourly In Play (R) – 15:00 ET
Apr 22, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 22-Apr-10 15:00 ET
14:58
CTXS Citrix Systems testing intraday rebound high after holding at its 50 day (47.70 -2.13) -Update- -Technical-
Noted support at its 50 day averages (46.51/46.45) in the 09:46 update (session low 46.48) with it rebounding as high as 47.65 this morning. In recent trade is has retested this bounce high.
14:58
SNDK NASDAQ 100 (NDX) leaders & laggards moving towards today's final hour of trading- Semis (memory) lead & semis (circuits/chips) also lag -Technical-
NDX 100 Best % Performers:
SNDK +11.50%, SBUX +7.25%, LRCX +4.50%, URBN +4.0%, SHLD +3.50%, ADSK +3.25%, SIAL +3.0%, WYNN +3.0%, CHRW +2.75%, ORLY +2.50%
NDX 100 Worst % Performers:
QCOM -8.25%, EBAY -6.75%, CTXS -4.25%, VRTX -2.75%, LOGI -2.50%, TEVA -2.0%, WCRX -2.0%, GENZ -1.75%, ATVI -1.75%, QGEN -1.75%
NASDAQ TRIN @ +0.90
NASDAQ A/D @ +160
14:55
IMAX IMAX and Larry H. Miller Megaplex Theatres expand partnership (19.69 +0.45)
The co and Larry H. Miller Megaplex Theatres, the commercial theatre operator in Utah, announced that they have reached an agreement to add two new digital IMAX theatres in the Salt Lake City, UT area and upgrade their existing film-based IMAX theatre system in Sandy, UT to IMAX digital. Under the terms of the agreement, the existing film-based IMAX system, which opened in 2005, will be upgraded with IMAX's digital projection system in time for the IMAX release of Iron Man 2 in May. The first new location will be retrofitted at an existing multiplex in the Salt Lake City area and is expected to open by the end of this year. The second new location will be a newly constructed multiplex with a purpose-built IMAX auditorium and is expected to be open by the end of 2011.
14:55
BA Dow 30 (INDU) leaders & laggards moving towards today's final hour of trading- Aerospace continue to lead & Big Pharma now lagging -Technical-
INDU 30 Best % Performers:
BA +1.75%, TRV +0.75%, HD +0.75%, AXP +0.75%, BAC +0.75%, MCD +0.50%
INDU 30 Worst % Performers:
MRK -2.50%, JPM -2.0%, VZ -1.25%, JNJ -1.25%, HPQ -1.0%, CVX -0.75%, UTX -0.75%
NYSE TRIN @ +1.25
NYSE A/D @ +355
14:52
ENER Energy Conversion unit United Solar Ovonic and ContourGlobal to co-develop rooftop solar installations for Coca-Cola Hellenic buildings in Italy (7.67 +0.44)
Co through its wholly owned subsidiary United Solar Ovonic, and ContourGlobal announced plans to co-develop rooftop solar systems for buildings in Italy owned and operated by Coca-Cola Hellenic Bottling Company S.A. (CCH). Under the arrangement, ContourGlobal will own and operate the systems, which will be built by ECD using its UNI-SOLAR brand photovoltaic laminates with development resources provided through ECD subsidiary Solar Integrated Technologies. The initial stage of the project, which is expected to be completed during calendar year 2010, will involve approximately 3.4 MW of UNI-SOLAR laminates at four CCH facilities in Italy. The parties intend to expand their collaboration to include an additional 4 MW on four CCH sites in the near future.
14:47
COMDX NYMEX Energy Closing Prices
June crude oil settled higher by 2 cents to $83.70, May nat gas rallied for 16.9 cents to close at $4.124. May RBOB gasoline ended up 2.01 cents to $2.3028 and May heating oil gained 0.98 cents to finish at $2.2156.
14:43
LYV Live Nation prices $250 mln senior notes, due 2018, yielding 8.125%, (16.18 +0.55)
14:37
COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices -Update-
July corn closed higher by 2.25 cents to $3.7125 per bushel, July soybeans closed higher by 7.5 cents at $10.135 per bushel, July wheat closed 10.25 cents higher at $5.10 per bushel, May ethanol closed higher by $0.01 cents at $1.594, July world sugar futures closed 0.55 cents lowerto 16.14 cents.
14:35
SPWRA SunPower Partners With Flextronics and announces Silicon Valley manufacturing facility (17.96 0.00) -Update-
Co announced that it has partnered with Flextronics (FLEX) to begin manufacturing solar panels in Milpitas, Calif. by the end of this year. The SunPower and Flextronics partnership is expected to create approximately 100 new jobs this year, and produce 75 megawatts of SunPower solar panels annually. The West Coast location will allow SunPower to quickly and cost-effectively supply SunPower panels to solar installations at homes, commercial and public facilities, and power plants throughout the Western U.S. Establishing a U.S. manufacturing facility is a direct result of SunPower's three-year agreement with the US Department of Energy under the Solar Energy Technologies Program. Under the agreement, which was initiated in 2007, SunPower may receive up to $24 mln of federal funding to implement improvements across the value chain.
14:23
RYL Ryland Group notches new session high of 24.84 working up toward its March/52-wk peak at 24.99 (24.81 +1.17) -Technical-
The stock has run aggressively higher today leaving it slightly under its April 2009 (24.92), Aug 2009 (24.94) and March 2010/52-wk (24.99) highs.
14:16
MSON Misonix announces new distribution agreement for Poland (2.24 +0.07)
Co entered into a new, geographically expanded, three year, exclusive distribution agreement with North Med, based near Prague in the Czech Republic, for the distribution of the SonaStar Ultrasonic Surgical Aspirator, the BoneScalpel Ultrasonic Bone Cutter, and the SonicOne Ultrasonic Wound Debrider. The agreement adds Poland to their previous sales and distribution responsibilities for the Czech and Slovak Republics, and includes minimum purchase requirements.
14:01
ZNT Zenith National Insurance announces that the Delaware Court of Chancery has denied the preliminary injunction related to the pending merger with Fairfax (38.38 0.00)
Co announced that the Delaware Court of Chancery, ruling from the bench after hearing arguments from plaintiffs who had filed actions in both Delaware and California, has denied the preliminary injunction that was filed to attempt to prevent the stockholder vote on the pending merger with Fairfax Financial Holdings, Ltd.
13:57
PVR Penn Virginia announces pricing of $300 mln, 8.25%, senior notes due 2018 (23.90 -0.03)
13:41
HRLY Herley Industries awarded a contract for $3.4 mln by the U.S. Navy (15.32 +0.01)
13:40
AAPL Apple climbs higher midday to probe yesterday's gap up high of 260.25 (260.46 +1.24) -Technical-
13:33
COMDX COMEX Metals Closing Prices
June gold finished lower by $8.80 to $1140.00, May silver ended off 6.8 cents to $18.01, and May copper closed down 4.85 to $3.4865.
13:27
DIS Walt Disney notches new session high of 36.68, nearing this week's high at 36.75 (36.66 +0.10) -Technical-
The March/52-wk high and two week range top comes into play slightly above at 36.88.
13:11
TZOO Travelzoo has surpassed the 20 million subscriber mark for its e-mail newsletters (15.66 -0.09)
Co announced that the Travelzoo brand has surpassed the 20 million subscriber mark for its e-mail newsletters. 2.4 million subscribers are in Asia Pacific, where Travelzoo is operated independently by Travelzoo (Asia) Limited and Travelzoo Japan K.K. under a license agreement.
13:05
SPY S&P 500 -5.4 and Nasdaq -9 break above morning/midday bounce highs -- Dow -59 -Update- -Technical-
Relative sector strength (outperforming the S&P) on this move has been noted in Semi SMH, Housing XHB, Finance XLF / KRE, Consumer Discretionary XLY, REITs IYR, Utility UTIL, Ag/Chem MOO, Coal KOL, Steel SLX, Solar TAN.
13:00
MDT Medtronic announces physio-control launches voluntary field correction to a limited number of LIFEPAK 15 monitor/defibrillators (43.87 -0.80)
Co announced the FDA has classified co's decision to perform a voluntary correction of LIFEPAK 15 monitor/defibrillators manufactured prior to December 16, 2009 as a Class I recall. Analysis conducted by Physio-Control verified the affected devices were manufactured with an internal component that could cause an electrical short that leads to the device turning off/on by itself or a power loss. A loss of power could delay or prevent delivery of defibrillation therapy. There have been no adverse patient events related to this potential issue.
13:00
BSDM BSD Medical reports clinical study using the BSD-2000 Hyperthermia System combined with chemotherapy to treat pediatric tumors shows promise (1.78 +0.15)
Co reported clinical study data showing that hyperthermia, using the BSD-2000 Hyperthermia System, combined with chemotherapy has the potential to improve control rate and long-term survival for the treatment of children with high-risk cancer who have a dismal prognosis. The treatment involves cisplatin-based chemotherapy combined with deep hyperthermia using the BSD-2000-3D/MR Hyperthermia System. The cancers treated were largely non-cranial germ cell and rhabdomyosarcomas. The study analyzed the ability of the BSD-2000-3D/MR to non-invasively measure the temperature changes during delivery of hyperthermia. The report involved 628 treatments delivered to 115 children (71 with tumor recurrence and 44 with tumors that could not be surgically removed or that had responded poorly to previous therapies).
12:51
GGP Gen Growth Prop: Fairholme issues letter to GGP; not willing to invest in GGP if equity ownership is concentrated in the hands of Simon Property Group (15.39 -0.03) -Update-
The letter confirms "There have been some rumors about our intentions, so please allow me to reiterate that Fairholme is not willing to invest in GGP if equity ownership is concentrated in the hands of Simon Property Group (SPG), passive or not. Our concern is not antitrust or execution risk. We are not experts in those areas. We simply find the value proposition for the public float unsupportable assuming successful execution of anything like the SPG proposal. We continue to support a stand-alone GGP and hope for a long-term relationship."
12:49
MDY Relative strength in the S&P 400 Mid-Cap continues, sets new session high of 833.74 to test last week's 52-wk high at 833.93 -Update- -Technical-
The Small-Cap Russell 2000 (IWM) has also set a new session high of 726.36, its 52-wk high from yesterday is at 726.81. See 11:00 for mid-cap relative strength chart.
12:45
VXX Midday global & sector ETF movers... VIX leads & Russia still lags @ midday -Technical-
The Actively Traded Leading Global & Sector ETFs:
VIX vol index- VXX +3.75%, natural gas- UNG +3.25%, regional banks- KRE +2.0%, homebuilders & home construction- XHB +1.75%, ITB +1.75%, SPDRS US retailers- XRT +1.0%, SPDRS oil & gas exploration & services- XES +0.50%, US Dollar index- UUP +0.50%, iShares REITS & real estate- ICF +0.50%, IYR +0.25%, Platinum- PGM +0.50%, PTM +0.50%, SPDRS cons disct- XLY +0.50%
The Actively Traded Lagging Global & Sector ETFs:
Russia- RSX -2.50%, iShares France- EWQ -2.0%, wind energy- FAN -2.0%, iShares Germany- EWG -1.75%, iShares Australia- EWA -1.75%, biotech- XBI -1.75%, IBB -1.50%, healthcare- XLV -1.50%, IYH -1.50%, pharma HLDRS- PPH -1.50%, iShares Japan- EWJ -1.50%, steel- SLX -1.25%, solar power- TAN -1.50%
12:44
TECHX Currency Chart Watch -- Euro Futures -Update- -Technical-
The Euro Futures contract is down for the sixth session in a row with this morning's downgrade of Greek debt by Moody's triggering a fractional penetration of its March low of 1.3266 (today's low 1.3259). It has been able to stabilize intraday but needs to clear the 1.3340/1.3350 area and more importantly short term 1.3417 on a sustained basis to begin to improve the very short term bias. The next technical target on a failure is at 1.3149 (127.2% Fib extension of March-April recovery). Bigger picture its April 2009 close low comes into play at 1.2917 (Click for chart).
12:39
SNDK Midday NASDAQ 100 (NDX) strength & weakness-- Semis (memory) lead & Semis (circuits/chips) lag -Technical-
Early Afternoon NDX 100 % Leaders:
SNDK, SBUX, SHLD, CHRW, FLEX, URBN, LRCX, FSLR, WYNN, ORLY, SIAL
Early Afternoon NDX 100 % Decliners:
QCOM, EBAY, CTXS, VRTX, LOGI, WCRX, RIMM, GENZ, APOL, TEVA, QGEN
12:36
BA Midday Dow 30 (INDU) strength & weakness-- Aerospace leads & Banks lags here @ midday -Technical-
INDU 30 Best % Gainers:
BA, TRV, HD, MCD
INDU 30 Worst % Decliners:
JPM, MRK, HPQ, VZ, GE, JNJ, CVX
12:29
HOT Starwood Hotels: S&P Revises Starwood 'BB' rating outlook to positive (53.38 +3.35)
Standard & Poor's Ratings Services today revised its rating outlook on Starwood Hotels & Resorts Worldwide to positive from stable. We affirmed all ratings on the company, including the 'BB' corporate credit rating. "The positive outlook revision reflects our expectation that Starwood could achieve and sustain credit measures appropriate for a one-notch higher rating over the intermediate term," said Standard & Poor's credit analyst Emile Courtney. "We expect hotel room demand in the U.S., and in many major global markets where Starwood's luxury and upscale brands have a presence, to achieve sustained levels of growth in 2010. As a result, revenue per available room (RevPAR) in the U.S. and at Starwood will likely turn positive for full-year 2010."
12:26
MEG Media General holds annual meeting of stockholders; expects digital revs to exceed $50 mln in 2010 (12.49 -0.26)
Co announces shareholders today re-elected 10 directors to one-year terms and elected one new director, Carl S. Thigpen. Mr. Thigpen is executive vice president and chief investment officer of Protective Life Corporation in Birmingham, Ala., a publicly traded, diversified life insurance and financial services company. Birmingham is an important market for Media General and is the home of its television station WVTM. Mr. Morton reported that Media General entered 2010 with strong momentum and is well positioned to benefit from the recovering economy. "A major contributor to our position of strength is the new financing structure that we put in place in February of this year. It greatly enhances our financial flexibility for the coming years. While the new finance structure increases interest expense in the near term, we're pleased with its overall parameters. Our lower operating cost structure and increased financial flexibility together place us in a strong position to capitalize on an improving economy, while continuing to focus on the development of new products and new revenue streams," Mr. Morton said. Mr. Morton said he expects the company's digital revenues to exceed $50 million in 2010, up 21 percent from last year. "The most significant contributor to our success in driving new revenues is the transformation we have inculculated in our sales culture. Today, all of our sellers are required to be proficient at selling all of our products and services to all of our customers, with a specific emphasis on digital products..."
12:24
TCK Teck Resources announces resumption of dividend at an annual rate of $0.40/share (41.88 +0.15)
11:59
SPY S&P slips slowly back off rebound high to intraday support near 1192 -Update- -Technical-
The index stabilized near support highlighted in The Technical Take at 1190/1189 in early trade (congestion, trendline off Feb/last wk low) but as noted in the 10:00 update it needed to work back through initial resistance at 1198 to improve the bias off yesterday's high. At 10:45 it reached 1198.57 with the last hour spent drifting back. Intraday watching 1193/1192.50 in front of the low (1190) to see if any buy side interest can develop and 1196 prior to the bounce high. Note that the 20-day exp, which held last week, comes into play at 1188 (Click for chart).
11:58
European Markets Closing Prices: FTSE: 5665.3 -58.1 -1.0%, DAX: 6168.7 -61.7 -1.0%, CAC: 3930.7 -47.0 -1.2%, Spain's IBEX: -2.3%, Portugal's PSI: -2.6%
11:41
SXT Sensient announces investment in Natural Colors (31.07 -0.09) -Update-
Co plans to add to its natural color capabilities by investing $16 million at its Color Group headquarters site in St. Louis, Missouri. Sensient will build an additional 25,000 sq. ft. facility dedicated wholly to natural colors production. The plant will be the largest and most advanced natural colors plant in North America. The building will include major new equipment for natural color emulsions, dispersions and liquid colors.
11:40
CTL Centurytel: Moody's changes CenturyTel's outlook to negative; reviews Qwest's (Q) ratings for upgrade (35.25 -0.95) -Update-
11:33
TXT Textron shows strong Relative Strength as price trends higher this morning for an "earnings breakout" over the January high of 23.46 (23.67 +2.07) -Update- -Technical-
11:26
EDAP EDAP TMS SA highlights Ablatherm-HIFU and Sonolith i-move at European Association of Urology Conference (3.44 +0.25)
Co reported that its Ablatherm-HIFU technology and new Sonolith i-move lithotripter were featured at European Association of Urology Conference. Co also highlighted the growing clinical results and physician experiences with Ablatherm-HIFU. Key opinion leaders and long-term Ablatherm users from Germany and France presented updated patient data from EDAP's Registry centralized database. The growing adoption of HIFU was further supported by recent updates to EAU guidelines that integrate the use of HIFU into a recommended treatment option for the management of prostate cancer in patients with recurrence of cancer after radiotherapy. This update is a significant endorsement for HIFU and a great step forward for the technology as 30% of patients treated with radiotherapy show a recurrence of their cancer and are unable to undergo additional radiotherapy sessions.
11:17
TECHX Transportation displays relative strength as Trucking -DJUSTK- and Rail -DJUSRR-, probe their 52-wk highs from last week -Update- -Technical-
Truckers -- CHRW +2.7%, YRCW +2.9%, SAIA +0.5%, HTLD +0.6%, ABFS +0.6%, JBHT +0.3%, ODFL +0.7%. Rail -- RAIL +1.3%, UNP +0.6%, CSX +0.3%, GWR +0.5%.
11:03
RKT Rock-Tenn will increase corrugated box prices by 10% and corrugated sheets by 12% (49.42 -0.16)
11:00
MDY S&P 400 Mid-Cap index continues to provide leadership, reaches back to flat line -Technical-
The S&P 400 Mid-Cap index has outperformed today (outperformed the S&P 500 since last Dec -- Click for chart) as it rebounded back to the flat line (831.78, session high 831.85) before pausing. Yesterday's high and the 52-wk peak from last week are at 832.52/833.93. Similar levels for the MDY are at 151.08/151.37 (session high 151.01).
11:00
ACI Arch Coal announces quarterly dividend increase to $0.10 from $0.09 (27.12 -0.22)
10:51
SXT Sensient announces quarterly dividend increase to $0.20/share from $0.19/share (31.08 -0.08)
10:50
CME CME Group breaks to fresh morning highs as it lifts modestly above its Mar-Apr range high of 325.69 (327.16 +4.66) -Technical-
10:45
LCC US Airways has discontinued recent discussions with UAL Corp (6.68 -0.08)
LCC announced that it has discontinued recent discussions with UAL Corporation (UAUA) regarding a potential merger between the two companies. "US Airways has long been a proponent for consolidation in our industry. As opportunities have arisen for our company to participate in consolidation, we have taken a close and careful look at our options, always with an eye on what is in the best interests of our shareholders, customers, employees and the communities we serve. We have recently held discussions with United Airlines regarding a possible combination between our two airlines. After an extensive review and careful consideration, our Board of Directors has decided to discontinue those discussions. While it is our policy not to comment on rumors concerning strategic transactions, because of the persistent rumors about a possible transaction with United Airlines we believe it is appropriate to clarify the status of those negotiations. In the future, we will continue to follow our policy of not commenting on potential strategic transactions until we have entered into a definitive agreement with respect to a specific transaction. It remains our belief that consolidation makes sense in an industry as fragmented as ours. Whether we participate or not, consolidation that leads to a more efficient industry better able to withstand economic volatility, global competition and the cyclical nature of our industry is a positive outcome."
10:44
SNN Smith & Nephew receives FDA 510k clearance for a 30-year knee (52.06 -0.70)
Co announces the results of unprecedented testing on its VERILAST technology for knee replacement implants. After simulating 30 years of physical activity on the company's LEGION knee replacement, VERILAST technology produced an 81-percent reduction* in wear, the leading cause of knee replacement failure. FDA has reviewed the results and Smith & Nephew received 510k clearance for claims related to VERILAST technology's ability to "provide wear performance sufficient for 30 years of actual use under typical conditions." The consensus of scientific literature is that knee implants are expected to last 10 to 15 years.
10:40
UNG 1st hour global & sector ETF movers... Nat Gas leads & Russia lags -Technical-
The Actively Traded Leading Global & Sector ETFs:
nat gas- UNG +3.50%, VIX vol index- VXX +2.50%, SPDRS US retailers- XRT +1.50%, homebuilders & home construction- XHB +1.25%, ITB +1.25%, regional banks- KRE +1.0%, US Dollar index- UUP +0.50%, SPDRS cons disct- XLY +0.50%, Aerospace & Defense- PPA +0.25%
The Actively Traded Lagging Global & Sector ETFs:
Russia- RSX -2.50%, wind energy- FAN -2.25%, iShares Germany- EWG -2.25%, iShares France- EWQ -2.0%, steel- SLX -1.75%, iShares Australia- EWA -1.75%, coal- KOL -1.75%, airlines- FAA -1.50%, solar power- TAN -1.50%, crude/WTI oil- USO -1.50%, OIL -1.75%, biotech- XBI -1.50%, IBB -1.25%
10:40
ODP Office Depot awarded national contract for school supplies through Fairfax county public schools (8.14 +0.03)
Co announced that it was awarded a national contract for school supplies from Fairfax County Public Schools (Virginia). The contract will be part of the U.S. Communities program and available to public agencies across the United States. The five-year contract, with two potential one-year extensions, allows Office Depot to deliver school, classroom, and educational supplies at significant discounts to thousands of eligible public agency customers. The contract took effect on April 13, 2010 after a competitively solicited bid process.
10:38
SPY Stock indices shake off Moody's call, Nasdaq -13 and S&P -7.7 extend to fresh recovery highs -- Dow -56 -Update- -Technical-
10:34
DMAN Demandtec announced that Schwan's unit has renewed its subscription to DemandTec's Trade Planning & Optimization software service (6.34 -0.13)
10:34
COMDX Dollar index to new highs following Moody's downgrade of Greece's sovereign ratings; sends gold, silver and crude oil back towards lows
10:34
SPY Stock indices reverse morning bounce after Moody's call -- Dow -81, S&P -11, Nasdaq -23 -Update- -Technical-
10:33
Moody's downgrades Greece's sovereign ratings to A3; on review for further possible downgrade
10:30
UNG Natural gas spikes sharply following release of inventory data; currently higher by 13.3 cents to $4.088
10:28
SPY Stock indices jump to fresh rebound high in recent trade -- Dow -55, S&P -8.3, Nasdaq -17 -Update- -Technical-
10:26
SNDK 1st hour NASDAQ 100 (NDX) leaders & laggards-- aSemis lead & Internet Commerce lags in the 1st hour -Technical-
NDX 100 Best % Performers:
SNDK +10.0%, SBUX +4.50%, FSLR +1.75%, CHRW +1.75%, ADBE +1.75%, GILD +1.25%, URBN +1.0%, ORLY +0.50%
NDX 100 Worst % Performers:
EBAY -8.25%, QCOM -6.25%, CTXS -525%, LOGI -3.0%, VRTX -2.50%, MRVL -2.25%, NIHD -2.25%, CELG -2.25%, XLNX -2.0%, MXIM -2.0%, NVDA -2.0%
NASDAQ TRIN @ +0.90
NASDAQ A/D @ -1220
10:23
BA 1st hour Dow 30 (INDU) leaders & laggards-- Aerospace leads & Telecom lags int he 1st hour -Technical-
INDU 30 Best % Performers:
BA +2.25%, BAC +0.50%
INDU 30 Worst % Performers:
VZ -2.0%, T -1.75%, CAT -1.75%, JNJ -1.50%, MRK -1.50%, HPQ -1.50%
NYSE TRIN @ +1.10
NYSE A/D @ -1395
10:23
XRT SPDR Retail pushes into the green and above last week's peak to set a minor new 52-wk high (43.98 +0.21) -Technical-
Helping to underpin this morning are: NFLX +14.5%, HSNI +2.3% (set new 52-wk high), DBRN +0.6% (retests its 52-wk high), SHLD +1% (high 109.65, this wk/last wk highs at 110.21/110.50), WFMI +2.1%, FL +0.8%, PLCE +1.1%, JCP +0.7%, JCG +0.5%, AMZN +0.6%, ARO +0.5%, FDO +0.8% (high 39.44, 52-wk peak 39.73).
10:16
XHB SPDR Homebuilders bounces 1.4% off early low to retest yesterday's 52-wk high of 18.73 (18.71 +0.10) -Technical-
LEN, MDC, MTH, PHM, SPF, TOL, RYL, DHI, KBH, NVR, LEG, AAN, HD, LOW, MHK, SHW.
10:09
NFLX Netflix shares surge further as price nears the 100.00 mark for the 1st time ever (99.77 ) -Update- -Technical-
HoD now @ 99.78
10:04
FXE Euro Currency Trust sinks lower intraday as it begins to probe its Mar-Apr range low of 132.37 (132.47 -1.18) -Technical-
10:00
SPY S&P 500 and Nasdaq stabilize near support -Update- -Technical-
A opening retreat for the stock indices that easily and quickly exceeded the premarket projections with the S&P and Nasdaq Comp probing support noted in The Technical Take at 1190/1189 and 2468/2460 before attempting to stabilize. The push off the low has been limited thus far with follow through back above 1198 and 2488/2490 needed to neutralize the action off the yesterday's high.
10:00
SUSQ Susquehanna Bank repays $200 million of tarp funds, declares dividend (11.02 -0.04)
Co announced that it has redeemed $200 million of the outstanding $300 million of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued to the U.S. Treasury pursuant to the Troubled Asset Relief Program Capital Purchase Program in December 2008. Co also announced that its board of directors has declared a second quarter dividend of $0.01 per common share, payable on May 20, 2010 to shareholders of record May 3, 2010.
10:00
PEP PepsiCo shares slide to fresh 1st hour lows as the rising 50-day EMA & SMA converge for possible support here near the LoD (65.17 -.61) -Update- -Technical-
50-day EMA @ 64.90 & 50-day SMA @ 64.80 in play here. LoD @ 64.90.
09:59
RAS RAIT Invtmt Trust sells collateral management rights on eight Taberna securitizations (2.69 +0.02)
Co announced that, as part of its ongoing strategy to focus its resources on its core commercial real estate platform, it has sold or delegated its collateral management rights and responsibilities relating to eight Taberna securitizations with ~$5.9 billion in total assets under management to an affiliate of certain funds managed by an affiliate of Fortress Investment Group LLC for $16.5 million. These securitizations were not consolidated by RAIT and were comprised of Taberna Preferred Funding II, Ltd. through Taberna Preferred Funding VII, Ltd., Taberna Europe CDO I, P.L.C., and Taberna Europe CDO II, P.L.C.
09:53
BAX Baxter pushes to modest gap down highs as it begins to probe the $50.00 "psychological" area (50.21 -8.74) -Update- -Technical-
09:48
TECHX Opening Point Gainers/Losers -Technical-
Point Gainers: CMG (+11.25), NFLX (+7.77), STR (+3.71), DCTH (+3.32), SNDK (+2.84), PNC (+2.36), GMCR (+2.28), FFIV (+1.96), WCC (+1.89), HSY (+1.84), TXT (+1.25)
Point Losers: BAX (-8.90), RTP (-6.69), EQIX (-5.15), DO (-4.61), HAE (-4.61), CCMP (-4.49), RS (-4.03), SI (-3.78), CS (-3.32), CTXS (-3.33), QCOM (-2.75), TLCR (-2.65)
09:46
CTXS Citrix Systems extending its gap down start back toward support at its 50 sma/ema and March lows (46.64 -3.19) -Technical-
Its 50 day ema/sma comes into play at 46.51/46.45 with the March lows at 46.35/46.33 (session low 46.60).
09:41
SPY Stock indices extend opening decline -- Dow -97, S&P -14, Nasdaq -34 -Technical-
Short term support for the S&P is in the 1190/1189 area in front of the 20 day exp now at 1188 -- session low 1190.
09:41
ECONX Reminder: Existing Home Sales and FHFA Home Price Index data due out in about 19 min at 10:00ET
09:40
FFIV F5 Networks edges above last week's peak of 67.77 to set a minor new 52-wk high of 67.95 (67.60 +0.64) -Update- -Technical-
09:39
COMDX New highs in dollar index sends gold, silver to fresh lows
Gold is now off $13.20 to $1135.60 and silver is lower by 24.8 cents to $17.83.
09:38
SNDK SanDisk pushes to fresh gap up highs as it begins to lift modestly above its Apr/52-wk high of 39.55 (39.94 +2.31) -Update- -Technical-
09:36
QCOM Qualcomm gaps aggressively lower, attempting to stabilize near support (39.82 -2.81) -Update- -Technical-
The stock pulled back near the 50% retracement of its March rally and the early March breakout point near 39.60/30.52 in opening action and has thus far stabilized (session low 39.50).
09:36
UAUA UAL shares start lower ion the session with price retesting 20-day EMA support @ 20.80 (20.70 -.74) -Technical-
Previous retest earlier this month 'undercut' support before a new rally to 52 week highs. LoD now @ 20.65
09:34
COMDX Crude ticks to fresh lows at $82.12; now off $1.52 to $82.16
09:33
RS Reliance Steel gaps down to probe potential support near its rising 50-day ema at 48.94 (48.58 -4.90) -Update- -Technical-
09:32
GGP Gen Growth Prop: Simon Properties confirms it made improved proposal for General Growth recapitalization (86.99 )
SPG announced that it has sent a letter to GGP outlining improvements and modifications to the terms of SPG's April 14th proposal to recapitalize GGP. As previously announced, SPG would invest $2.5 bln at the same per share price as the plan of reorganization sponsored by Brookfield Asset Management. To date, Paulson & Co., ING Clarion Real Estate Securities, Oak Hill Advisors, RREEF and Taconic Capital Advisors have committed to invest a combined $2.1 bln in GGP without receiving any of the highly dilutive and expensive warrants that GGP proposes to issue to Brookfield, Pershing Square and Fairholme Capital. Most notably: -- SPG has agreed to backstop a $1.5 bln credit facility necessary for GGP to close and emerge from bankruptcy, thus eliminating a great risk and uncertainty inherent in the Brookfield-led proposal; -- SPG would agree to limits on its governance rights, including a cap on its voting rights at 20%, the right to designate only 2 of 9 GGP board members (as opposed to the 3 of 9 that Brookfield has nominated). SPG's proposed nominees, Dale Anne Reiss and Peter Linneman, are both highly respected, have significant experience in the real estate industry and are not affiliated with SPG
09:31
GGS Global Geophysical priced $200 mln, 10 1/2%, senior notes due 2017
Co is expected to commence trading today.
09:23
FSTR L.B. Foster Company misses by $0.09, misses on revs (32.33 )
Reports Q1 (Mar) earnings of $0.17 per share, $0.09 worse than the Thomson Reuters consensus of $0.26; revenues fell 19.3% year/year to $82 mln vs the $93.4 mln consensus. "While sales were down across all segments in the first quarter of 2010, we were pleased with the business booked during the quarter and our backlog was substantially higher at the end of the first quarter than it was a year ago. Additionally, cost controls and pay for performance incentive plans helped mitigate the negative impact to income. While business activity continues to be inconsistent, especially in the industrial markets, we have seen a general strengthening in activity in most of our businesses." (stock is halted)
09:16
RCON Recon Technology announces new order for oil field burner management systems (6.06 )
Co announced it has received a new order from China Petroleum Pipeline Machinery Manufacturing Co. Ltd., a subsidiary of China National Petroleum Corporation (CNPC). The order, valued at RMB 5,276,000 (approximately $772,000 USD), is for 10 SAACKE heavy oil burner management systems and includes installation and initial start-up and trial runs of the systems as well as ongoing maintenance under a two-year agreement. Recon expects to make delivery by July 2010.
09:10
ORI Old Republic misses by $0.03, misses on revs (13.76 )
Reports Q1 (Mar) loss of $0.10 per share, excluding realized investment gains, $0.03 worse than the Thomson Reuters consensus of ($0.07); revenues rose 5.8% year/year to $929.6 mln vs the $944.8 mln consensus. Most of the gain vs last year stemmed from improved underwriting results in the co's mortgage guaranty line. The latter arose from the combination of lower claim provisions and the positive effects of largely non-recurring captive reinsurance commutations and terminations of certain pool insurance contracts. General insurance earnings were higher mostly as a result of lower claim costs. Title insurance operating earnings were basically flat quarter-over-quarter.
09:09
On The Wires
Mechel OAO (MTL) announces acquisition of Laminorul Braila metallurgical plant located in Romania. On February 25, 2010, Mechel acquired 100% of the shares of Donau Commodities SRL, which holds 87.9% of the shares of Laminorul SA, a steel plant located in Braila, Romania, for a consideration of 9.4 million Euros subject to a final price adjustment. The final price adjustment is expected to be agreed by the end of April, 2010... Constellation Energy (CEG) and McCormick & Company (MKC) announced an agreement to develop a new 1.8-megawatt solar photovoltaic power system at the McCormick distribution center in Belcamp, Md. This will be the largest single rooftop solar installation in Maryland, and is the second solar installation developed for McCormick by Constellation Energy... Enova Systems (ENA) expanded its all electric Zero Emissions drive system offerings to include a Ford F-150 utility truck and Chevrolet Express cargo van... Solutia (SOA) announced that it will exit the Primary Accelerators business and discontinue Primary Accelerators production at its facility at the Monsanto Antwerp site in Belgium. Production of Primary Accelerators is scheduled to stop in the second half of 2010.
09:06
TBUS DRI Corp announces U.S. order for Digital Recorders Engineered Systems (2.11 )
Co announces that its Digital Recorders, Inc. subsidiary in Durham, N.C., has received an order valued at more than $1.5 million from a U.S. transit authority located in the Southeast.
09:06
CBE Cooper Industries beats by $0.03, misses on revs; guides Q2 EPS in-line, revs in-line; guides FY10 EPS in-line, revs in-line (49.92 )
Reports Q1 (Mar) earnings of $0.72 per share, $0.03 better than the Thomson Reuters consensus of $0.69; revenues fell 2.2% year/year to $1.23 bln vs the $1.27 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.73-0.79 vs. $0.73 Thomson Reuters consensus; sees Q2 revs up 3-5% sequentially to ~$1.27-1.29 bln vs. $1.31 bln Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $2.92-3.07 vs. $2.99 Thomson Reuters consensus; sees FY10 revs up 2-5% y/y to ~$5.17-5.32 bln vs. $5.23 bln Thomson Reuters consensus. "For the last three quarters, we have delivered consistently strong earnings per share on a revenue base that has been essentially flat, demonstrating the permanent nature of our resizing efforts. During the first quarter, we saw revenues improve sequentially as the quarter progressed, with core growth turning positive in March. We are now forecasting positive core growth for the second quarter and the remainder of 2010. We are well positioned to capitalize on the improving market conditions with strong incremental earnings growth."
09:04
NCOC National Coal Corp. completes sale of assets (0.52 )
Co announces that it has finalized its agreement to sell a portion of its assets located on the New River Tract in Eastern Tennessee for $11.8 mln to Ranger Energy Investments, LLC, a company controlled by Jim Justice. National Coal received a portion of the purchase price in cash and the buyer assumed approximately $6.6 mln of accounts payable the co owed to an affiliate of Ranger Energy. In addition, Ranger Energy leased a portion of the co's coal reserves located on the New River Tract. The Company also received from Ranger Energy the return of approximately $1.9 mln in cash that was previously pledged to secure reclamation bonds and other liabilities associated with the New River Tract operation.
09:03
MNI McClatchy misses by $0.04, reports revs in-line (6.83 )
Reports Q1 (Mar) earnings of $0.06 per share, excluding items, $0.04 worse than the Thomson Reuters consensus of $0.10; revenues fell 8.2% year/year to $335.6 mln vs the $333.1 mln consensus. "We saw improving advertising revenue trends in the first quarter of 2010. Advertising revenues in Q1 declined y/y by 11.2%, compared to a 20.5% decline in the fourth quarter of 2009 and a 28.1% decline in the third quarter of 2009. In addition, we are continuing to see growth in the digital side of our business; digital advertising revenues were up 2.2% in the first quarter and continue to lead the company in advertising performance. "Even though we expect advertising revenues to be down in the second quarter, we believe the ad trend will continue to improve. We will remain vigilant on costs, but the savings run rate going forward will be lower than we experienced in the first quarter because we have cycled over the major restructuring initiatives implemented in early 2009. Even so, we expect cash expenses to be down in the high single-digit range in the second quarter. And we expect that continued favorable revenue trends and stringent cost controls will allow us to at least maintain if not grow cash flow from operations in 2010."
09:03
SRE Gazprom Group Inks Deal With Sempra LNG for Deliveries to U.S. (50.15 )
CGazprom Global and Sempra LNG, a subsidiary of SRE, signed an agreement that will allow GGLNG to supply liquefied natural gas to Sempra LNG's receipt terminal in Lake Charles, La. The agreement provides GGLNG with another route to supply the United States with LNG from its growing portfolio and provides the Cameron LNG terminal with natural gas for the U.S. Gulf Coast and East Coast. Under the terms of this multi-year agreement, GGLNG will pay Sempra LNG for the right to sell and deliver up to two LNG cargoes per month to the Cameron LNG terminal at a pre-determined price formula. The deal will commence in June 2010.
09:03
NUE Nucor beats by $0.04, beats on revs (45.11 )
Reports Q1 (Mar) earnings of $0.10 per share, $0.04 better than the Thomson Reuters consensus of $0.06; revenues rose 37.7% year/year to $3.65 bln vs the $3.60 bln consensus. Co says that Q1 results showed significant improvement in the operating rates at its sheet and plate mills, as well as its scrap business. Overall, operating performance improved from the beginning of the quarter to the end of the quarter, and co expects Q2 to be an improvement over Q1 results. The most challenging markets continue to be those associated with residential and non-residential construction, which continue to show little, if any, strength. This is particularly true for Nucor's downstream businesses.
09:02
APSG Applied Signal receives $24.6 mln contract award (19.32 )
Co announced that it has received a $24.6 mln modification to a previously awarded indefinite delivery, indefinite quantity contract to provide a wide range of advanced ISR capabilities and related services.
08:59
MPEL Melco divests its IT business in Macau (4.90 )
Co announced the disposal of its indirect wholly owned subsidiary, Elixir International Limited, which is engaged in sale of hardware and software in Macau and the provision of related maintenance and consultancy services. The disposal is in line with the group's strategy of divesting non-core business and sharpening the business focus on Gaming and Macau. According to the agreement, cowill sell the entire equity interest of Elixir International Limited at a consideration of HK$371,029. In addition, co will receive a HK$40 million loan repayment, which further enhances the group's liquidity and financial position.
08:57
SY Sybase beats by $0.04, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY10 EPS in-line, revs in-line (47.10 )
Reports Q1 (Mar) earnings of $0.60 per share, $0.04 better than the Thomson Reuters consensus of $0.56; revenues rose 9.7% year/year to $294 mln vs the $291.9 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.60-0.62 vs. $0.61 Thomson Reuters consensus; sees Q2 revs of $290-300 mln vs. $300.01 mln Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $2.63 vs. $2.63 Thomson Reuters consensus; sees FY10 revs of ~$1.23 bln vs. $1.24 bln Thomson Reuters consensus.
08:53
On The Wires
Reed's (REED) announced that it has expanded its product placement into Harris Teeter Food Markets, which operates 196 stores in high-income urban areas throughout the South. Harris Teeter will immediately begin carrying three SKUs of Reed's Ginger Brews and three SKUs of Virgil's branded products... Global Partners (GLP) announced that the Federal Trade Commission has closed its regulatory review of the Partnership's planned acquisition of three terminal facilities in Newburgh, NY from Warex Terminals Corporation and determined no further action is warranted by the Commission. The transaction is now expected to close by early in the third quarter. The Partnership expects to finance the $47.5 mln purchase price with borrowings from its bank group... Owens Corning (OC) announced it has become a member of the United Nations Global Compact.
08:47
TNC Tennant beats by $0.03, beats on revs; guides FY10 EPS in-line, revs in-line (34.34 )
Reports Q1 (Mar) earnings of $0.21 per share, $0.03 better than the Thomson Reuters consensus of $0.18; revenues rose 16.7% year/year to $150.1 mln vs the $147.3 mln consensus. Co issues in-line guidance for FY10, sees EPS of $0.90-1.20 vs. $1.13 Thomson Reuters consensus; sees FY10 revs of $630-660 mln vs. $648.07 mln Thomson Reuters consensus. These results are consistent with Tennant's April 12, 2010, news release that pre-announced the company's expectations, both for a strong first quarter and increased full year net sales and earnings guidance.
08:44
PFS Provident Finl beats by $0.05 (12.97 )
Reports Q1 (Mar) earnings of $0.20 per share, $0.05 better than the Thomson Reuters consensus of $0.15. First quarter 2010 results benefitted from a steeper yield curve and lower funding costs, with net interest income increasing $6.8 million compared with the same period in 2009. This improvement was partially offset by a $3.2 million increase in the provision for loan losses for the three months ended March 31, 2010, compared with the same period in 2009, due to the following: a year-over-year increase in non-performing loans; downgrades in credit risk ratings; an increase in commercial loans as a percentage of the total loan portfolio; and the impact of current macroeconomic conditions.
08:37
SHS Sauer Danfoss: Danfoss A/S and Danfoss Acquisition extend offer of $14.00/share of Sauer-Danfoss, offer will now expire on April 29th (15.40 )
08:37
SASR Sandy Spring Banc reports Q1 EPS of ($0.04) vs ($0.18) Thomson Reuters consensus (17.18 )
The first quarter of 2010 included a provision for loan and lease losses of $15.0 million. "The loan-loss provision declined for the second quarter in a row, largely due to a reduced level of net charge-offs and a stabilizing level of non-performing loans. These encouraging developments are mainly related to our residential real estate development portfolio, where the majority of problem loans are concentrated."
08:35
DLX Deluxe beats by $0.13, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY10 EPS above consensus, revs in-line (20.91 )
Reports Q1 (Mar) earnings of $0.73 per share, excluding non-recurring items, $0.13 better than the Thomson Reuters consensus of $0.60; revenues fell 1.3% year/year to $335.1 mln vs the $325.5 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.58-0.65, excluding non-recurring items, vs. $0.59 Thomson Reuters consensus; sees Q2 revs of $335.0-345.0 mln vs. $342.62 mln Thomson Reuters consensus. Co issues mixed guidance for FY10, sees EPS of $2.55-2.75, excluding non-recurring items, vs. $2.54 Thomson Reuters consensus; sees FY10 revs of $1.36-1.40 bln vs. $1.38 bln Thomson Reuters consensus. Co states that it expects operating cash flow to be $195.0-215.0 mln in 2010, including approx $15 mln from the operations of Custom Direct, and capital expenditures to be approx $40.0 mln.
08:34
SYNT Syntel reports EPS in-line, beats on revs; guides FY10 EPS in-line, revs in-line (41.03 )
Reports Q1 (Mar) earnings of $0.60 per share, in-line with the Thomson Reuters consensus of $0.60; revenues rose 20.3% year/year to $116 mln vs the $106.9 mln consensus. Co issues in-line guidance for FY10, sees EPS of $2.20-2.50 vs. $2.36 Thomson Reuters consensus; sees FY10 revs of $445-470 mln vs. $446.68 mln Thomson Reuters consensus. "As long as our clients remain confident in economic stability, we expect to see improving sentiment towards strategic technology and process investments... While the top-line outlook is improving, margin pressures are also increasing. Appreciation in the Indian rupee, offshore wage increases, and the possible outcomes from a large contract negotiation all remain margin headwinds for 2010. Despite these challenges, it is critical that we continue our strategic investment programs and remain focused on driving long-term sustainable business value."
08:34
BX Blackstone beats by $0.11, beats on revs (14.95 )
Reports Q1 (Mar) earnings of $0.32 per share, $0.11 better than the Thomson Reuters consensus of $0.21; revenues rose 1461.7% year/year to $701.2 mln vs the $631.9 mln consensus. As of March 31, 2010, Blackstone had $627.3 million in cash, $703.5 million invested in cash management strategies which included high grade liquid debt strategies and $422.1 million invested in liquid Blackstone funds, against $600 million in borrowings from the 2009 bond issuance. On March 23, 2010, an indirect, wholly-owned subsidiary of Blackstone entered into a $1.07 billion revolving credit facility with a final maturity date of March 23, 2013. Interest on the borrowing is based on an adjusted LIBOR rate or alternate base rate, in each case plus a margin, and undrawn commitments bear a commitment fee.
08:33
NYT New York Times beats by $0.06, beats on revs (12.74 )
Reports Q1 (Mar) earnings of $0.11 per share, $0.06 better than the Thomson Reuters consensus of $0.05; revenues fell 3.2% year/year to $587.9 mln vs the $578.3 mln consensus. "While we will remain diligent in managing our operating expenses, we expect that through the remainder of 2010 year-over-year cost savings will moderate, in part because we will be cycling past several major expense-reduction initiatives implemented in mid-2009, we reinstated many of the salary rollbacks implemented in the second quarter of 2009, and newsprint prices are currently rising. We do expect to manage our operating cost base such that we will adjust expense levels to offset any revenue declines through the remainder of the year. Given recent announcements of additional price increases by suppliers, we expect newsprint price comparisons to be slightly favorable in the second quarter and unfavorable in the third and fourth quarters of 2010."
08:31
IIIN InSteel Industries reports EPS in-line, beats on revs (11.18 )
Reports Q2 (Mar) earnings of $0.09 per share, in-line with the Thomson Reuters consensus of $0.09; revenues rose 3.8% year/year to $52.3 mln vs the $46.8 mln two analyst est. "Although our financial results for the second half of the fiscal year should benefit from the usual seasonal factors, we expect that end use consumption of our products will remain at depressed levels pending a sustained recovery in the construction sector. Private nonresidential construction has yet to show any signs of improvement due to the ongoing weakness in the economy and limited availability of project financing in the credit markets. The near-term outlook for public construction remains mixed as any favorable impact from federal stimulus funding is likely to be offset by the deteriorating fiscal positions of state and local governments."
08:31
LIOX Lionbridge Tech and IBM announce partnership to accelerate development and commercialization of real-time translation automation (4.53 )
Cos announced a partnership agreement to accelerate development and commercialization of automated translation technology by leveraging statistical algorithms that instantly translate content and communications such as Web pages, documents, customer support, user generated content, instant messages, blogs and e-mail, so people can communicate in their native languages.
08:31
BBX BankAtlantic announces status of and extends deadline for offers to purchase and consent solicitations for non-publicly traded trust preferred securities (2.48 )
Co reported that Hexagon Securities, the dealer manager and solicitation agent for the Offers, has notified the company that it has received consents from the holders of in excess of 66 2/3% of the most-senior classes of notes issued by Preferred Term Securities IX, Inc. The consents direct the trustee of PreTSL IX, The Bank of New York Mellon, to accept the offer for $25.2 million aggregate principal amount of the fixed/floating rate capital securities of BBC Capital Statutory Trust X held by PreTSL IX.
08:31
GMT GATX beats by $0.07, beats on revs (33.95 )
Reports Q1 (Mar) earnings of $0.40 per share, $0.07 better than the Thomson Reuters consensus of $0.33; revenues rose 0.3% year/year to $263.6 mln vs the $252.2 mln consensus. "First quarter operating results, and the generally slow pace of recovery in our markets, are consistent with our expectations. Therefore, our 2010 full-year earnings estimate remains unchanged at this time."
08:31
TECHX E~mini index futures see slight downtick following mostly in-line 8:30a.m. econ. data -Technical-
Price still above earlier GLOBEX/overnight lows
S&P 500 (ES) -6.25
INDU 30 (YM) -12.25
NDX 100 (NQ) -36
08:23
GRC Gorman-Rupp Company beats by $0.02, beats on revs (27.24 )
Reports Q1 (Mar) earnings of $0.27 per share, $0.02 better than the Thomson Reuters consensus of $0.25; revenues fell 8.1% year/year to $65.8 mln vs the $64.8 mln consensus. Net sales during the quarter continued to be negatively impacted by the global recession. The markets with the largest declines include fire protection, government and custom pump applications. Backlog of orders increased to $104.5 million at March 31, 2010 compared to $91.8 million a year ago and $93.7 million at December 31, 2009. The increase from March 31, 2009 was primarily due to orders arising from wastewater and international fire protection applications. Federal stimulus dollars had some favorable impact on orders received in the municipal market during the quarter.
08:20
On The Wires
Elbit Systems (ESLT) announced that on April 21, 2010 it was served with an application to approve a derivative action filed in the District Court of Petach Tikva, Israel, by certain minority shareholders of ImageSat International N.V... Novavax (NVAX) announced that the Department of Health and Human Services, Biomedical Advanced Research and Development Authority, has determined the Company's proposal to provide recombinant influenza vaccine products and manufacturing capabilities for pandemic preparedness is in the competitive range for award of an advanced development contract... SuccessFactors (SFSF) signed a reseller agreement with solutions specialist, New Frontier Group to resell SuccessFactors products and services in Central and Eastern Europe, including Austria and Russia. The agreement is part of SuccessFactors ongoing expansion and market penetration for delivering Business Execution solutions to enterprise customers globally... ChipMOS (IMOS) announced that Spansion and co have entered into a two-year wafer sort services agreement, utilizing the V5400 test platform, making ChipMOS Taiwan the exclusive wafer sort subcontractor of Spansion, except for any sort equipment operated by Spansion or currently located at Spansion Japan Limited... Alaska Air (ALK) announces that Alaska and Horizon will charge $20 for each of a passenger's first three checked bags. This represents a $5 increase for the first checked bag, a $5 decrease for the second, and a $30 decrease for the third. Passengers checking two bags will continue to pay the same amount as they do today, while passengers checking three bags will pay $30 less. In addition, the airlines will cut the cost of the fourth through 10th checked bag, from $100 per bag to $50.
08:14
NLTX Nile Therapeutics announces pricing of 6.5 mln shares of common stock at $0.70 (0.86 )
08:13
HDNG Hardinge: Romi sends letter to Hardinge board of directors, resulting in an $8 per share all-cash offer (9.68 )
Industrias Romi S.A. announced that it has sent to the Chairman of the Board of Directors of Hardinge Inc. the following letter in connection with its fully funded cash tender offer to acquire all of the outstanding shares of Hardinge. Romi states "Drawing on our deep, first-hand knowledge of the industry, Romi and its advisors carefully analyzed all available public information on Hardinge's business, market position, guidance and track record of financial and operational performance, as well as potential synergies. After much thoughtful consideration, this analysis resulted in our $8 per share all-cash, fully financed offer, which provides immediate liquidity to your shareholders. We continue to believe our offer represents a full and fair price for the Company."
08:12
NVAX Novavax notified by Department of Health and Human Services that its proposal for a contract award is in the competitive range (2.51 )
Co announced today that the Department of Health and Human Services, Biomedical Advanced Research and Development Authority, has determined the co's proposal to provide recombinant influenza vaccine products and manufacturing capabilities for pandemic preparedness is in the competitive range for award of an advanced development contract.
08:10
ECONX Reminder: Initial Claims, Continuing Claims, and PPI data due out in about 20 min at 8:30ET
08:10
UNP Union Pacific beats by $0.06, beats on revs (77.03 )
Reports Q1 (Mar) earnings of $1.01 per share, $0.06 better than the Thomson Reuters consensus of $0.95; revenues rose 16.6% year/year to $3.96 bln vs the $3.8 bln consensus. First quarter business volumes, as measured by total revenue carloads, grew 13 percent versus the prior year's recession-impacted levels. Five of Union Pacific's six business groups reported quarterly growth, with only Energy volumes declining versus first quarter 2009. Quarterly volume growth contributed to a 16 percent increase in first quarter 2010 operating revenues of $4.0 billion versus $3.4 billion in the first quarter 2009. "Although the strength and timing of a sustained economic recovery are still uncertain, we are feeling better about our 2010 growth opportunities... Our plan is to remain flexible and run a safe, efficient network that generates significant volume leverage. As customers continue to benefit from UP's strong value proposition, we expect to attract new business to the railroad while delivering higher shareholder returns."
08:10
NBS Neostem and ImmuneRegen BioSciences announce a collaborative agreement to advance stem cell technology (2.07 )
The co and China and ImmuneRegen BioSciences,a wholly owned subsidiary of IR BioSciences Holdings (Bulletin Board: IRBS), announced that they have entered into a Collaborative Research Agreement, focused on the development of an advanced, adult human stem cell product. Under the agreement, NeoStem will investigate the effects of Homspera(R), ImmuneRegen's lead drug candidate, which has been shown to enhance stem cell activity, in combination with NeoStem's VSEL technology.
08:09
VRNM Verenium Awarded U.S. Department of Energy Funding for Demonstration-Scale Facility (4.28 )
Co announces that it has been awarded an additional $4.9 million from the U.S. Department of Energy to fund ongoing activities at its demonstration-scale facility in Jennings, Louisiana.
08:08
SIAL Sigma-Aldrich beats by $0.05, reports revs in-line; raises FY10 guidance range by $0.05 (56.90 )
Reports Q1 (Mar) earnings of $0.84 per share, excluding restructuring costs, $0.05 better than the Thomson Reuters consensus of $0.79; revenues rose 10.2% year/year to $572 mln vs the $570.6 mln consensus. Co raises FY10 guidance range by $0.05 for FY10, now sees EPS of $3.05-$3.20 (vs. $3.12 Thomson Reuters consensus). This increase is driven by these sales expectations, continuation of supply chain process improvements, benefits from workforce changes and other cost improvement activities, current currency rates and a 30-31% tax rate. Organic sales growth is expected to be in the mid-single digit range for 2010. Market conditions are expected to continue the modest improvement experienced in the first quarter of 2010.
08:07
BTU Peabody Energy beats by $0.11, reports revs in-line; guides Q2 EPS below consensus; guides FY10 EPS in-line (46.60 )
Reports Q1 (Mar) earnings of $0.52 per share, $0.11 better than the Thomson Reuters consensus of $0.41; revenues fell 2.5% year/year to $1.52 bln vs the $1.52 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.50-0.65 vs. $0.80 Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $2.45-3.15 vs. $3.06 Thomson Reuters consensus. "With rising Australian volumes and pricing and a growing global trading and brokerage business, we have enormous capacity to capitalize on expanding Asian coal demand," said Boyce. "We have the leading position in the lowest-cost U.S. regions, with leverage to improving prices as the economy recovers." Peabody continues to target 2010 sales of 240 to 260 million tons, including U.S. sales of 185 to 195 million tons, higher Australian sales of 27 to 29 million tons and Trading and Brokerage volumes.
08:06
PLD ProLogis misses by $0.04, beats on revs; guides FY10 FFO in-line (14.16 )
Reports Q1 (Mar) funds from operations of $0.13 per share, excluding non-recurring items, $0.04 worse than the Thomson Reuters consensus of $0.17; revenues fell 39.9% year/year to $260 mln vs the $229.3 mln consensus. Co issues in-line guidance for FY10, sees FFO of $0.70-0.78 (previous range $0.74-0.78), excluding non-recurring items, vs. $0.74 Thomson Reuters consensus.
08:06
SHW Sherwin-Williams reports EPS in-line, beats on revs; guides Q2 EPS above consensus; raises FY10 guidance (74.31 )
Reports Q1 (Mar) earnings of $0.40 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.40; revenues rose 1.0% year/year to $1.56 bln vs the $1.55 bln consensus. Co issues upside guidance for Q2, sees EPS of $1.55-1.70 vs. $1.49 Thomson Reuters consensus. Co raises guidance for FY10, sees EPS of $4.20-4.60 including unfavorable tax impact of health care legislation, vs. $4.34 Thomson Reuters consensus. Co sees consolidated net sales rising a high single digit percentage compared to last year's second quarter (consensus is for +2% YoY rev growth). For the full year 2010, co expects consolidated net sales to increase above 2009 levels by a mid-to-high single digit percentage (consensus is for +3% YoY rev growth). With annual sales at that level, the co raised its expectation for diluted net income per common share for 2010 to be in the range of $4.20 to $4.60 per share, including the unfavorable tax impact of health care legislation, compared to $3.78 per share earned in 2009."
08:06
USAK USA Truck misses by $0.08, beats on revs (17.61 )
Reports Q1 (Mar) loss of $0.29 per share, $0.08 worse than the Thomson Reuters consensus of ($0.21); revenues rose 13.0% year/year to $105.6 mln vs the $101.1 mln consensus.
08:05
UMPQ Umpqua Holdings beats by $0.08 (14.34 )
Reports Q1 (Mar) loss of $0.11 per share, $0.08 better than the Thomson Reuters consensus of ($0.19). Provision for loan losses of $42.1 million, a 39% decrease on a sequential quarter basis, and a 29% decrease from the same period in the prior year. Total net charge-offs of $39.0 million, a 39% decrease on a sequential quarter basis, and a 35% decrease from the same period in the prior year. The allowance for credit losses increased from 1.81% to 1.91% of non-covered total loans during the first quarter.
08:04
WBS Webster Financial beats by $0.04 (20.67 )
Reports Q1 (Mar) loss of $0.08 per share, $0.04 better than the Thomson Reuters consensus of ($0.12). "We are pleased to report that Webster returned to profitability from continuing operations in the quarter as our operating fundamentals improved, led by positive credit metrics, expansion in the net interest margin and strong core deposit growth. Business loan originations expanded nearly 60 percent in the quarter as we deliver on our pledge to finance the region's economic recovery."
08:04
AES AES Corp Signs Long Term Purchase Commitments in Vietnam, Achieving Key Development Milestone for 1,200 MW Mong Duong II Coal Plant (12.27 )
Co announces that its subsidiary, AES VCM Mong Duong Power, signed a power purchase agreement with Electricity Vietnam, the state-owned power company, for Mong Duong II, a 1,200 MW coal-fired power plant.
08:04
CY Cypress Semi beats by $0.04, beats on revs (13.11 )
Reports Q1 (Mar) earnings of $0.17 per share, $0.04 better than the Thomson Reuters consensus of $0.13; revenues rose 45.2% year/year to $202.3 mln vs the $196.6 mln consensus. Co reported non-GAAP gross margin of 55.6%. The increase in gross margins was due mainly to increased manufacturing efficiencies and a favorable product mix. First-quarter net inventory decreased 8% quarter-on-quarter and 10% YoY. "Our backlog has reached a multi-year high, and our book-to-bill ended Q1 at 1.34--a substantial, sequential increase that is significantly above our typical expectations. We expect sales and profits to continue to increase throughout 2010 as the economy recovers and we introduce additional proprietary and programmable products into the market."
08:02
SCHW Charles Schwab announces cllents have access to J.P. Morgan's fixed income securities (19.49 )
Co announced an agreement that offers Schwab clients access to J.P. Morgan's (JPM) fixed income securities, including new-issue and secondary municipal bonds, corporate debt securities and non-convertible preferred securities. J.P. Morgan also agreed to provide co's clients with access to J.P. Morgan's award-winning research covering fixed income markets and the economy. Under the agreement, co will be a preferred retail dealer for J.P. Morgan, further expanding the investment bank's distribution channels. New issue and secondary fixed income securities from J.P. Morgan will be available to co's 7.8 million client brokerage accounts.
08:02
GNTX Gentex beats by $0.02, beats on revs; guides Q2 revs above consensus (22.24 )
Reports Q1 (Mar) earnings of $0.23 per share, $0.02 better than the Thomson Reuters consensus of $0.21; revenues rose 98.0% year/year to $185.8 mln vs the $173.6 mln consensus. Co issues upside guidance for Q2, sees Q2 revenue growth of 55-65%, which computes to $182-194 mln vs. $171.4 mln Thomson Reuters consensus.
08:02
LTM Life Time Fitness beats by $0.03, beats on revs; guides FY10 EPS in-line, revs above consensus (34.76 )
Reports Q1 (Mar) earnings of $0.44 per share, $0.03 better than the Thomson Reuters consensus of $0.41; revenues rose 6.5% year/year to $219.8 mln vs the $215.4 mln consensus. Co issues guidance for FY10, sees EPS of $1.88-1.96 vs. $1.95 Thomson Reuters consensus; sees FY10 revs of $880-895 mln vs. $879.50 mln Thomson Reuters consensus.
08:01
JNS Janus Capital misses by $0.01, reports revs in-line (15.17 )
Reports Q1 (Mar) earnings of $0.17 per share, $0.01 worse than the Thomson Reuters consensus of $0.18; revenues rose 45.0% year/year to $246.9 mln vs the $249.3 mln consensus. The company's operating margin for the first quarter 2010 was 27.3% compared with 30.2% for the fourth quarter 2009.
08:01
CRIS Curis publishes preclinical CUDC-101 data in cancer research (3.28 )
Co announces that a research paper describing the biological activity of its HDAC, EGFR and HER2 inhibitor, CUDC-101, was published online in the journal Cancer Research and also will be published in an upcoming print version of the journal. Following Curis' first publication of related to this molecule in the Journal of Medicinal Chemistry earlier this year, the Cancer Research publication describes preclinical data that are supportive of CUDC-101's effective and selective inhibition of HDAC, EGFR and HER2, the direct molecular targets of CUDC-101. The paper also presents data demonstrating that CUDC-101 inhibits key regulators of the EGFR and HER2 signaling pathways, including Akt. Additionally, the drug appears to effectively attenuate HER3 and MET signaling, which are often activated as a compensatory mechanism in response to EGFR and HER2 inhibition and are believed to help cancer cells escape the effects of conventional EGFR and HER2 inhibitors. CUDC-101 suppresses the progression of and induces cell death of a broad range of tumor types at low doses in in vitro and in vivo preclinical cancer models, including certain cancer cells that are resistant to approved standard-of-care single-target agents. The paper also indicates that CUDC-101 achieves a synergistic effect through simultaneous inhibition of HDAC, EGFR and HER2 targets.
08:01
LVLT Level 3 expands operations in Gulf Coast Region (1.58 )
The co announces that it has expanded its operations and is enhancing its local presence in the Gulf Coast area, which includes New Orleans; Baton Rouge, La.; Jackson, Miss.; and Mobile, Ala. This initiative reflects Level 3's continuing commitment to enhancing its presence in local markets throughout the country, with the goal of providing mid-market enterprises with a world-class customer experience.
08:01
ALK Alaska Air beats by $0.01, beats on revs (41.11 )
Reports Q1 (Mar) earnings of $0.36 per share, $0.01 better than the Thomson Reuters consensus of $0.35; revenues rose 11.8% year/year to $829.9 mln vs the $816.4 mln consensus.
07:57
TCB TCF Financial beats by $0.15, reports revs in-line (16.35 )
Reports Q1 (Mar) earnings of $0.26 per share, $0.15 better than the Thomson Reuters consensus of $0.11; revenues rose 14.5% year/year to $297.3 mln vs the $294.9 mln consensus. "Strong net interest margin performance, a reduction in net charge-offs for the second consecutive quarter and good expense control resulted in improved quarter-to-quarter results. Unemployment continues to challenge consumer credit across the country, including TCF's primary markets. But we are starting to see consumer spending activity improve in the markets we serve as evidenced by our increase in card revenue. With head winds easing, it's clear that based on TCF's high-quality capital, strong balance sheet, conservative banking philosophy and core profitability, we are well-positioned for future success."
07:51
KVHI Correction: KVH Industries beats by $0.08, revs above consensus (15.19 )
Earlier we incorrectly reported KVHI revenues for Q1. The company actually reported Q1 (Mar) earnings of $0.14 per share, $0.08 better than the Thomson Reuters consensus of $0.06; revenues rose 54.4% year/year to $27.98 mln vs the $26.6 mln consensus. Co issues guidance for Q2, sees EPS of $0.06-0.10 vs. $0.10 Thomson Reuters consensus; sees Q2 revs +25% yr/yr which equates to roughly $27.3 mln vs. $28.19 mln Thomson Reuters consensus.
07:50
RAI Reynolds American announces it delivered Q1 gains and reaffirms full-year guidance (55.41 )
Co previously issued full year guidance On Feb 4. Co sees FY10 EPS of $4.80-500 vs $4.91 Thomson Reuters consensus.
07:49
On The Wires
PS Business Parks (PSB) announced that effective today it has acquired a portfolio of assets in Austin, Texas, aggregating 704,000 square feet of multi-tenant flex business parks in an all cash transaction for $42.9 mln... Amerigon Incorporated (ARGN) announced that its proprietary Climate Control Seat system is currently being offered on two models of the new 2010 Ford F-250 line of trucks... Mindspeed Technologies (MSPD) announced that Hitachi (HIT) has selected Mindspeed's M21452 to help manage signal integrity in its BladeSymphony 2000 line of servers... Gushan Environmental Energy Limited (GU) announced that due to recent heightened enforcement of control measures relating to poisonous, hazardous and flammable chemicals adopted by the Shanghai municipal government in preparation for the hosting of the Expo 2010 from May 1, 2010 to October 31, 2010, the co has and will temporarily suspend operations at its Shanghai plant from April 15, 2010 to October 31, 2010.
07:47
ISLN Isilon Systems reports Q1 EPS of $0.04 vs $0.00 Thomson Reuters consensus; revs $39.3 mln vs $35.13 mln Thomson Reuters consensus (10.41 )
"I am pleased with the continued progress Isilon made in the first quarter," said Sujal Patel, president and chief executive officer, Isilon Systems. "We saw sales improvement in EMEA and Asia, succeeded in growing our channel business, and broadened our footprint within new and existing enterprise customers," said Patel. "This strong business execution and increasing leverage provides us a strong position from which to continue to pursue our vision of meeting the long-term data management needs of enterprise IT buyers."
07:46
HUB.B Hubbell Inc misses by $0.05, misses on revs (52.01 )
Reports Q1 (Mar) earnings of $0.64 per share, $0.05 worse than the Thomson Reuters consensus of $0.69; revenues fell 2.6% year/year to $570.5 mln vs the $579.3 mln consensus. "Non-residential construction is our largest end market, and some market indicators have weakened since the beginning of the year. However, based on our order volume, both in the quarter where we built backlog as well as what we have seen to date in April; we continue to expect a decline in the 20% range, consistent with our original outlook. The outlook for residential construction and utility spending has moderated slightly, while our expectations in our industrial markets have strengthened. The net result is our continued expectation for volume in 2010 to be comparable to 2009... We expect the pricing environment to remain competitive and for the net impact of commodity costs and pricing to be slightly negative for 2010."
07:43
TRAD TradeStation beats by $0.01, misses on revs; guides Q2 EPS below consensus, revs below consensus (7.50 )
Reports Q1 (Mar) earnings of $0.07 per share, $0.01 better than the Thomson Reuters consensus of $0.06; revenues fell 10.8% year/year to $32.1 mln vs the $32.5 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.04-0.06 vs. $0.08 Thomson Reuters consensus; sees Q2 revs of $32-34 mln vs. $34.65 mln Thomson Reuters consensus. "We expect to see trends over the next few years that should benefit us, including more traders seeking services outside of traditional Wall Street firms, a greater demand for self-directed online services, an increased desire on the part of investors to use disciplined strategies and approaches in their self-directed trading, more people ready to come back to the markets, and with bigger amounts, and interest rates poised to go only in one direction. We believe that TradeStation's strength and positioning in these times speak well to our chances of developing significant market share over the next several years."
07:40
KITD KIT digital priced a ~4.23 mln share common stock offering at $13/share (12.97 )
07:40
On The Wires
Fairchild Semiconductor (FCS) and Infineon Technologies, announced a packaging partnership for their power MOSFETs in the MLP 3x3 and PowerStage 3x3 packages... Green Mountain Coffee Roasters (GMCR) and International Paper (IP) have announced their collaboration launching an eco-friendly lid to complement the eco-friendly cup the two companies introduced in 2006... Compugen (CGEN) announced the development of its Protein-Protein Interaction Blockers Discovery Platform, designed for the prediction of peptides to block disease associated protein-protein interactions. In a pilot validation run, predicted peptides showed positive results for drug targets in two cancer related pathways of interest to the industry... A. M. Castle (CAS), a distributor of specialty metal and plastic products announced that it recently signed a memorandum of agreement with Lockheed Martin (LMT) to enter into a six-year contract extension for the F-35 Joint Strike Fighter program.
07:40
LUV Southwest Air reports EPS in-line, revs in-line (13.58 )
Reports Q1 (Mar) earnings of $0.03 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.03; revenues rose 11.4% year/year to $2.63 bln vs the $2.62 bln consensus.
07:39
GR Goodrich misses by $0.02, reports revs in-line; guides FY10 EPS in-line, revs in-line (72.50 )
Reports Q1 (Mar) earnings of $0.87 per share, $0.02 worse than the Thomson Reuters consensus of $0.89; revenues fell 0.1% year/year to $1.7 bln vs the $1.69 bln consensus. Co issues in-line guidance for FY10, sees EPS of $4.15-4.40 vs. $4.32 Thomson Reuters consensus; sees FY10 revs of $7.1 bln vs. $7.08 bln Thomson Reuters consensus. First quarter 2010 tax expense exceeded prior tax rate outlook by approximately $0.12 per diluted share, primarily due to U.S. health care reform legislation and delays in extending the U.S. R&D tax credit.
07:37
GERN Geron gives five presentations on Telomerase Inhibitor Imetelstat at the AACR annual meeting (5.51 )
Co announced five presentations by Geron scientists and collaborators on the company's telomerase inhibitor, imetelstat sodium (GRN163L), including the drug's activity against cancer stem cells Co plans to initiate four Phase 2 clinical trials of imetelstat in 2010 - two randomized trials in non-small cell lung cancer and breast cancer, and two single arm trials in multiple myeloma and essential thrombocythemia. The randomized Phase 2 trial in non-small cell lung cancer will examine the impact of imetelstat on progression-free survival when used in the maintenance setting, after remission-induction by first line chemotherapy. The randomized Phase 2 trial in breast cancer will examine the effect on progression-free survival achieved by adding imetelstat to the first line chemotherapy combination of paclitaxel and bevacizumab. These studies plan to enroll over 250 patients in up to 70 U.S. medical centers.
07:37
KMB Kimberly-Clark misses by $0.01, misses on revs; reaffirms FY10 EPS in-line, issues in-line FY10 revenue guidance (62.95 )
Reports Q1 (Mar) earnings of $1.14 per share, excluding non-recurring items, $0.01 worse than the Thomson Reuters consensus of $1.15; revenues rose 7.6% year/year to $4.84 bln vs the $4.9 bln consensus. Bottom-line results were favorably impacted by the growth in net sales, improved gross margin of more than 150 basis points and a lower level of foreign currency transaction losses. In addition, the effective tax rate in the first quarter was significantly higher than the year-ago period, including a one-time charge equivalent to $0.05 per share related to recent changes in tax law in conjunction with U.S. health care reform legislation. Co reaffirms in-line guidance for FY10, sees EPS of $4.80-5.00, excluding non-recurring items, vs. $4.86 Thomson Reuters consensus. Co issues inline FY10 revenue guidance; sees net sales increasing 4.0-6.0% in FY10 (translates into approx $19.88-20.26 bln vs $20.06 bln Thomson-Reuters consensus) vs previous guidance of 5.0-6.0%. Organic sales are expected to grow 3.0-4.0%, up from the previous assumption for growth of 2.0-3.0%. Co continues to expect volume growth of 2.0-3.0%. Given its focus on improving net realized revenue, KMB is now expecting that the combination of higher net selling prices and improved product mix will contribute 1 point of sales growth. That compares to the previous assumption that price and mix would be even with the prior year.
07:37
TRAD TradeStation reports monthly business metrics with 73,231 DARTs, and total client assets of $2.1 bln (7.50 )
Co reported the following business metrics for the month ended March 31, 2010: -- 73,231 Daily Average Revenue Trades (DARTs) -- Total client assets of $2.1 billion (as of March 31, 2010) -- Average equities client credit balances of $896 million -- Average equities client margin balances of $47 million Year over year, TradeStation's DARTs decreased 32%, total client assets increased 26%, average equities client credit balances increased 25%, and average equities client margin balances increased 74%.
07:34
CALI China Auto Logistics announced that it has signed a Memorandum of Understanding to acquire www.goodcar.com for $7 million, consisting of $2 million in cash and 1 million CALI shares (4.05 )
07:33
SON Sonoco Products beats by $0.07, beats on revs; guides Q2 EPS in-line; raises FY10 EPS above consensus (32.77 )
Reports Q1 (Mar) earnings of $0.50 per share, $0.07 better than the Thomson Reuters consensus of $0.43; revenues rose 16.8% year/year to $935 mln vs the $898.4 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.52-0.56 vs. $0.54 Thomson Reuters consensus. Co raises guidance for FY10, sees EPS of $2.15-2.25 vs. $2.13 Thomson Reuters consensus. The guidance increase is due primarily to better than expected performance in the first quarter, resulting from slightly stronger business conditions than when the previous guidance was issued. The Company's 2010 earnings guidance reflects an expected effective tax rate of approximately 30 percent... "Our first quarter results were significantly improved from the last year's recession impacted period. We exceeded our previous base earnings guidance of $.40 to $.45 per diluted share as we benefited from better than expected volumes in nearly all of our Industrial and Consumer businesses and a slightly lower effective tax rate."
07:33
KNSY Kensey Nash beats by $0.01, reports revs in-line; guides Q4 EPS above consensus, revs above consensus (22.94 )
Reports Q3 (Mar) earnings of $0.46 per share, $0.01 better than the Thomson Reuters consensus of $0.45; revenues fell 3.4% year/year to $19.9 mln vs the $19.8 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.51-0.53 vs. $0.50 Thomson Reuters consensus; sees Q4 revs of $21.4-21.8 mln vs. $21.03 mln Thomson Reuters consensus. "Our third quarter results reflect an improvement in revenues compared to the prior sequential quarter, although they were down slightly over the comparable prior year quarter. The healthcare environment has strengthened, indicating a return to growth in orthopaedic procedures and more normalized customer inventory levels. We achieved record earnings and experienced a double digit increase in biomaterial sales sequentially from our second quarter to the third quarter..."
07:32
VITA Orthovita reports Q1 product sales increased 11% y/y (4.66 )
Co announced that product sales for the first quarter of 2010 were $24.1 mln, an 11% increase over product sales of $21.7 mln in the first quarter of 2009. Product sales for the quarter ended March 31, 2010 included $1.1 mln from the sale of Vitomatrix, a bone graft material used in dental products, and $900,000 from U.S. sales of Cortoss, the co's novel synthetic biomaterial that was cleared by the FDA in June 2009 for the treatment of vertebral compression fractures, and Aliquot, the Company's Cortoss delivery device. There were no Vitomatrix or U.S. Cortoss sales in the first quarter of 2009. The $1.1 mln in Vitomatrix sales occurred in March 2010 as part of an agreement to terminate our supply agreement for this product.
07:31
ESI ITT Educational beats by $0.18, beats on revs; guides FY10 EPS above consensus (118.15 )
Reports Q1 (Mar) earnings of $2.46 per share, $0.18 better than the Thomson Reuters consensus of $2.28; revenues rose 33.3% year/year to $384 mln vs the $372.7 mln consensus. Co reported that new student enrollment in the first quarter of 2010 increased 21.8% to 23,064 compared to 18,935 in the same period in 2009. Total student enrollment increased 28.9% to 84,555 as of March 31, 2010 compared to 65,620 as of March 31, 2009. Co issues upside guidance for FY10, sees EPS of $10.50-11.25 vs. $10.37 Thomson Reuters consensus, prior guidance $10.00-10.50.
07:31
WSO Watsco misses by $0.03, misses on revs (61.15 )
Reports Q1 (Mar) earnings of $0.13 per share, $0.03 worse than the Thomson Reuters consensus of $0.16; revenues rose 75.0% year/year to $509.8 mln vs the $534.7 mln consensus. "Watsco delivered strong earnings growth and higher margins during the first quarter in the face of disruptive weather conditions in certain of our markets from an improved sales trend, higher selling margins and lower operating costs. We are encouraged by the sales growth trend in April and would expect to deliver terrific earnings growth for the remainder of 2010, should this trend continue. Carrier Enterprise remains focused on building revenues through market share development and by adding new products and we are pleased with their progress toward higher profitability and expanded margins."
07:30
EME EMCOR Group subsidiary awarded construction contract for Miami-Dade south district wastewater treatment plant
Co announced that its Poole and Kent Company of Florida subsidiary has been awarded a contract by Miami-Dade County for the construction work within the South District Wastewater Treatment Plant in Miami, Florida.
07:29
VZ Verizon reports EPS in-line, revs in-line; adds 1.5 mln total new wireless customers (29.56 )
Reports Q1 (Mar) earnings of $0.56 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.56; revenues rose 1.2% year/year to $26.9 bln vs the $26.94 bln consensus. Wireless: Co reports 1.5 mln total net customer additions, excluding acquisitions and adjustments, in 1Q 2010; 423,000 retail postpaid net customer additions in the quarter; 87.8 mln retail customers, up 4.4 percent; 92.8 mln total customers, up 7.2 percent from 1Q 2009. Wireline: 185,000 net FiOS Internet and 168,000 net FiOS TV customer additions; 3.6 mln total FiOS Internet customers and 3.0 mln total FiOS TV customers.
07:27
COMDX Crude oil is trading near its lowest levels of the morning -at $82.60; currently off $1.06 to $82.62
07:21
BBT BB&T Corp beats by $0.04 (35.11 )
Reports Q1 (Mar) earnings of $0.27 per share, $0.04 better than the Thomson Reuters consensus of $0.23. The co's outlook for credit continues to improve: Rate of increase in nonperforming assets slows to 5.6% in the first quarter, down for the fourth consecutive quarter; Early stage credit indicators for the consumer loan portfolios and specialized lending portfolios show continued signs of improvement; Net charge-offs totaled 1.84% for the quarter, up 1 basis point compared to the fourth quarter of 2009l; The provision for credit losses totaled $575 million, exceeding net charge-offs by $100 million, or $.09 per share; The provision for credit losses increased the allowance for loan and lease losses as a percentage of loans and leases held for investment to 2.65% at March 31 compared to 2.51% at Dec. 31, 2009; The outlook for net charge-offs remains unchanged for 2010 at 1.80%... "BB&T enjoyed a solid first quarter of 2010 with continued improvement in underlying credit trends... The build in our allowance for credit losses slowed substantially compared to recent quarters because of better consumer and specialized lending credit trends. Growth in nonperforming assets slowed to 5.6%, excluding covered loans, and early stage credit indicators continued to improve for many of our portfolios... Our acquisition of Colonial is providing tremendous benefits. The net interest margin and the margin outlook for 2010 increased in the quarter, primarily due to the accretion benefits from Colonial and lower deposit costs. The integration of Colonial is progressing smoothly and we are on target for the systems conversion in the second quarter. Overall, the acquisition is exceeding our expectations and we remain very excited about its future strategic benefits."
07:15
LLL L-3 Comms beats by $0.10, misses on revs; guides FY10 EPS in-line, revs above consensus (97.54 )
Reports Q1 (Mar) earnings of $1.87 per share, $0.10 better than the Thomson Reuters consensus of $1.77; revenues fell 0.3% year/year to $3.62 bln vs the $3.72 bln consensus. Co issues guidance for FY10, sees EPS of $8.13-8.33 (prior range $8.00-8.20) vs. $8.17 Thomson Reuters consensus; sees FY10 revs of $16.2-16.3 bln (prior range $15.8-16.0 bln) vs. $16.1 bln Thomson Reuters consensus. Operating income as a percentage of sales (operating margin) increased to 11.3% for the 2010 first quarter from 10.3% for the 2009 first quarter. The operating margin increase was primarily driven by improved contract performance and favorable sales mix for businesses in the C3ISR and Electronic Systems reportable segments. In addition, lower pension expense of $5 million ($3 million after income taxes, or $0.03 per diluted share) increased operating margin by 10 bps.
07:12
AN AutoNation beats by $0.02, beats on revs (20.77 )
Reports Q1 (Mar) earnings of $0.34 per share, $0.02 better than the Thomson Reuters consensus of $0.32; revenues rose 18.6% year/year to $2.85 bln vs the $2.76 bln consensus. "We delivered strong double-digit growth in the first quarter, which was driven by both new and used vehicle unit sales and revenue. We have seen growth in all regions for two quarters led by our largest state Florida, which was one of the first states to experience the effects of the economic downturn. First quarter revenue for Florida was up 29%. We see an improved sales environment going forward." Mr. Jackson also stated, "By lowering our structural costs, and efficiently managing our inventory, we were able to deliver substantial EPS growth in a steadily improving retail sales environment."
07:12
ACUR Acura Pharma trading halted pending outcome of FDA Advisory Committee meeting (6.23 )
07:10
WCC Wesco beats by $0.11, beats on revs (38.18 )
Reports Q1 (Mar) earnings of $0.50 per share, $0.11 better than the Thomson Reuters consensus of $0.39; revenues fell 2.6% year/year to $1.15 bln vs the $1.11 bln consensus. "Our sales and margin initiatives contributed favorably as we delivered solid results in the first quarter. After stabilizing the business in the second half of last year, it is encouraging to see improving momentum in early 2010 and a return to positive year-over-year sales growth late in the first quarter. Our industrial sales grew 13%, and we increased our construction backlog in the quarter despite facing continued pressure in non-residential construction and utility markets. The decisive actions we took over the last eighteen months have positioned us well as we begin to move into the recovery phase of this cycle."
07:09
RTN Raytheon beats by $0.07, misses on revs; guides FY10 EPS below consensus, revs in-line (60.01 )
Reports Q1 (Mar) earnings of $1.18 per share, $0.07 better than the Thomson Reuters consensus of $1.11; revenues rose 2.9% year/year to $6.05 bln vs the $6.16 bln consensus. Co issues mixed guidance for FY10, sees EPS of $4.75-4.90 vs. $4.98 Thomson Reuters consensus; sees FY10 revs of $25.9-26.4 bln vs. $26.25 bln Thomson Reuters consensus. "We delivered strong results during the quarter and reaffirmed our positive outlook for the year," said William H. Swanson, Raytheon's Chairman and CEO. "We have strong competitive positions, a proven track record of performance, innovative solutions and technologies that are focused on our global customers."
07:09
SBIB Sterling Banc misses by $0.07 (6.00 )
Reports Q1 (Mar) loss of $0.07 per share, $0.07 worse than the Thomson Reuters consensus of ($0.00). Period-end allowance for credit losses to period-end loans increased to 2.55% at March 31, 2010 from 2.39% at December 31, 2009 and from 1.55% at March 31, 2009. At March 31, 2010, nonperforming assets were $153 million or 3.04% of total assets compared to $119 million or 2.42% at December 31, 2009. The increase in nonperforming loans was primarily due to the credit deterioration of certain nonowner-occupied commercial real estate loans which migrated to nonperforming status during the first quarter of 2010.
07:08
DO Diamond Offshore beats by $0.16, beats on revs (90.30 )
Reports Q1 (Mar) earnings of $2.09 per share, $0.16 better than the Thomson Reuters consensus of $1.93; revenues fell 2.9% year/year to $859.7 mln vs the $851.1 mln consensus. In addition, in a related statement today, the Company announced its regular quarterly dividend of $0.125 per share of common stock, and a special dividend of $1.375 per share of common stock. The special dividend represents a reduction of $0.50 per share from the previous special dividend, reflecting current and anticipated industry conditions, including a decline in renewal contract dayrates from peak levels. The Company also considers it prudent at this time to retain cash for potential rig acquisition opportunities and other corporate purposes.
07:07
ZMH Zimmer Hldgs beats by $0.01, reports revs in-line; guides FY10 EPS in-line (60.22 )
Reports Q1 (Mar) earnings of $1.02 per share, $0.01 better than the Thomson Reuters consensus of $1.01; revenues rose 7.1% year/year to $1.06 bln vs the $1.06 bln consensus. Co issues in-line guidance for FY10, sees EPS of $4.15-4.35 vs. $4.27 Thomson Reuters consensus. The Company reaffirmed its full-year sales and adjusted EPS guidance for 2010. Full-year revenues are expected to increase between 3% and 5% on a constant currency basis. Assuming foreign currency exchange rates remain near recent levels, the Company estimates that foreign currency translation will increase revenues by approximately 0.5% for the full year 2010, resulting in expected revenue growth on a reported basis between 3.5% and 5.5%.
07:06
CPX Complete Production Services beats by $0.10, beats on revs (13.55 )
Reports Q1 (Mar) loss of $0.04 per share, $0.10 better than the Thomson Reuters consensus of ($0.14); revenues fell 8.0% year/year to $309.7 mln vs the $282.7 mln consensus. "Activity improved steadily throughout the quarter and our customers have begun increasing their focus on oil and liquid-rich plays. Our team has done a tremendous job in assisting our customers through this transition by leveraging our horizontal completion expertise that is the foundation of our business... We believe the enhanced economics of oil and liquid-rich plays, our customers' hedge positions and their need to earn and hold recently acquired acreage by production, will result in activity levels remaining well above the lows we saw in 2009. However, activity levels in the more mature gas markets are less certain due to current natural gas prices. We remain optimistic regarding the long-term outlook for natural gas, intend to capitalize on any shifts in the market while enhancing our core operations and are well positioned to be opportunistic," concluded Mr. Winkler.
07:06
ARB Arbitron and PPM Coalition settle outstanding disputes (28.06 )
Co announced that they have settled their outstanding disputes and plan to move forward collaboratively. The initiatives in which the cos will collaborate include the addition of targeted in-person recruitment to Arbitron's multi-faceted PPM panelist recruitment approach that currently includes mailings and phone calls. In-person recruitment benefits all broadcasters as it targets population segments that are more likely to be reachable only by cell phone - including youth and minorities. Arbitron will also use address-based sampling to select landline households to further improve geographic proportionality.
07:06
POOL Pool Corp beats by $0.03, beats on revs; reaffirms FY10 EPS in-line (24.42 )
Reports Q1 (Mar) loss of $0.12 per share, $0.03 better than the Thomson Reuters consensus of ($0.15); revenues fell 2.5% year/year to $269.8 mln vs the $257.5 mln consensus. Co reaffirms in-line guidance for FY10, sees EPS of $1.00-1.15 vs. $1.08 Thomson Reuters consensus. Base business sales declined 5% due to higher sales in the first quarter of 2009 for new drains and related safety products driven by regulatory changes, unfavorable weather conditions during the first two months of 2010 and continued weakness in irrigation construction markets, which generally lag trends in the pool construction markets by up to a year.
07:05
RENT Rentrak signs contract with Eurocinema for on-demand content measurement of international films (38.85 )
Co announced that it has entered into an agreement to provide Eurocinema with on-demand measurement services--a deal that further increases Rentrak's U.S. and Canadian market share.
07:05
AIT Applied Industrial beats by $0.09, beats on revs; guides FY10 EPS above consensus, revs above consensus (26.87 )
Reports Q3 (Mar) earnings of $0.39 per share, $0.09 better than the Thomson Reuters consensus of $0.30; revenues rose 7.6% year/year to $486.1 mln vs the $462.1 mln consensus. Co issues upside guidance for FY10, sees EPS of $1.18-1.33 vs. $1.15 Thomson Reuters consensus; sees FY10 revs of $1.85-1.90 bln vs. $1.82 bln Thomson Reuters consensus. "We were very pleased to see a return to growth and increasing profitability in the quarter. While the comparables were relatively easy, it is still encouraging to see broad-scale activity in the industries we serve. As we talk with our customers and our suppliers, we are cautiously optimistic for moderate economic recovery through the remainder of our fiscal year.
07:05
ABC AmerisourceBergen beats by $0.08, beats on revs; guides FY10 EPS in-line (30.36 )
Reports Q2 (Mar) earnings of $0.63 per share, $0.08 better than the Thomson Reuters consensus of $0.55; revenues rose 11.5% year/year to $19.3 bln vs the $18.95 bln consensus. Co raises its guidance for FY10, now sees EPS of $2.01-$2.10 (vs. $2.02 Thomson Reuters consensus), up from the previous $1.82-$1.92 range. "Our assumption for revenue growth is unchanged at between 7 percent and 8 percent, which reflects market growth of 3 percent to 5 percent in the second half of the fiscal year as the Company annualizes most of its new business. We are increasing our operating margin expansion assumption to the high single digit to low double digit basis point range, and we have raised our free cash flow assumption range for the fiscal year to $525 million to $600 million, which includes capital expenditures in the $140 million range. The co continues to expect to repurchase approximately $350 million of AmerisourceBergen common shares in fiscal 2010"... Gross profit as a percentage of revenue decreased 2 basis points to 3.17 percent in the fiscal 2010 second quarter over the same period in the previous fiscal year, as the positive impact of strong generic pharmaceutical sales and the contribution of recent generic launches was offset by the Company's largest customers growing faster than the overall market and normal competitive pressures.
07:04
TXT Textron beats by $0.02, misses on revs; reaffirms FY10 EPS guidance (21.60 )
Reports Q1 (Mar) loss of $0.01 per share, $0.02 better than the Thomson Reuters consensus of ($0.03); revenues fell 12.5% year/year to $2.21 bln vs the $2.38 bln consensus. Co reaffirms guidance for FY10, sees EPS of $0.30-0.50, excluding items, vs. $0.45 Thomson Reuters consensus. Co has increased its 2010 finance receivables liquidation goal to $1.8 billion from $1.6 billion.
07:04
PENN Penn Natl Gaming beats by $0.11, misses on revs; guides Q2 EPS in-line, revs below consensus; guides FY10 EPS above consensus, revs below consensus (29.43 )
Reports Q1 (Mar) earnings of $0.34 per share, $0.11 better than the Thomson Reuters consensus of $0.23; revenues fell 3.3% year/year to $592.3 mln vs the $602.8 mln consensus. Co issues guidance for Q2, sees EPS of $0.26 vs. $0.26 Thomson Reuters consensus; sees Q2 revs of $588.3 vs. $608.47 mln Thomson Reuters consensus. Co revises guidance for FY10, sees EPS of $1.13 up from $1.00 previously vs. $1.07 Thomson Reuters consensus; lowers FY10 revs to $2.406 bln down from $2.433 bln previous vs. $2.45 bln Thomson Reuters consensus.
07:03
PEP PepsiCo beats by $0.14, misses on revs; guides FY10 EPS in-line (65.98 )
Reports Q1 (Mar) earnings of $0.89 per share, $0.14 better than the Thomson Reuters consensus of $0.75; revenues rose 13.4% year/year to $9.37 bln vs the $9.57 bln consensus. Co issues in-line guidance for FY10, sees EPS growth of 11-13% to $4.12-4.19 vs. $4.17 Thomson Reuters consensus. For fiscal 2010, the company is targeting an 11 to 13 percent growth rate for core constant currency EPS off of its fiscal 2009 core EPS of $3.71, with about 6 percent growth in core constant currency EPS in the first half of the year, which includes a charge of approximately $40 million related to the Patient Protection and Affordable Care Act (PPACA) - which was signed into law in the second quarter of 2010 -- and mid-teens core constant currency EPS growth in the second half of the year. Based on current spot rates, foreign exchange translation would represent a one percentage point unfavorable impact on the company's full-year, core constant currency EPS.
07:02
PM Philip Morris International misses by $0.03, reports revs in-line; reaffirms FY10 EPS in-line (51.99 )
Reports Q1 (Mar) earnings of $0.90 per share, excluding non-recurring items, $0.03 worse than the Thomson Reuters consensus of $0.93; revenues rose 16.1% year/year to $6.5 bln vs the $6.45 bln consensus. Co reaffirms in-line guidance for FY10, sees EPS of $3.75-3.85 vs. $3.84 Thomson Reuters consensus.
07:02
IVC Invacare beats by $0.07, reports revs in-line; reaffirms FY10 EPS guidance (26.68 )
Reports Q1 (Mar) earnings of $0.23 per share, excluding non-recurring items, $0.07 better than the Thomson Reuters consensus of $0.16; revenues rose 1.1% year/year to $402.2 mln vs the $404.5 mln consensus. Co reaffirms guidance for FY10, sees EPS of $1.70-1.80 vs. $1.71 Thomson Reuters consensus.
07:01
HSY Hershey Foods beats by $0.17, beats on revs (44.84 )
Reports Q1 (Mar) earnings of $0.64 per share, $0.17 better than the Thomson Reuters consensus of $0.47; revenues rose 13.9% year/year to $1.41 bln vs the $1.29 bln consensus. "We're very pleased with the start to 2010. Similar to last year, our performance continues to afford us the flexibility to deliver on our financial objectives while making additional investments in our business, in both domestic and international markets that should benefit Hershey in the near and long term. We will focus our efforts on brand-building initiatives and consumer insights that will ensure that the category and Hershey continue to perform well during the remainder of the year and into 2011. We are planning additional advertising for the full year and now expect advertising expense to increase 35 to 40 percent in 2010. This is greater than our previous estimate of a 25-to-30 percent increase. We now see 2010 net sales increasing at least 6 percent, including an approximate one point benefit from foreign currency exchange rates. This will exceed our long-term objective and initial estimate of 3 to 5 percent growth. For the full year, we have good visibility into our cost structure and expect to achieve gross and EBIT margin expansion that will result in a low-to-mid-teens increase in adjusted earnings per share-diluted on a percentage basis versus 2009,"
07:01
DO Diamond Offshore Drilling, Inc. declares special cash dividend of $1.375 per share (91.20 )
Co announced today that they have declared a special quarterly cash dividend of $1.375 per share of common stock and a regular quarterly cash dividend of $0.125 per share of common stock.
06:58
CLS Celestica reports EPS in-line, misses on revs; guides Q2 EPS in-line, revs in-line (10.42 )
Reports Q1 (Mar) earnings of $0.19 per share, in-line with the Thomson Reuters consensus of $0.19; revenues rose 3.3% year/year to $1.52 bln vs the $1.54 bln consensus. Co issues in-line guidance for Q2, sees EPS of $0.19-$0.23 vs. $0.21 Thomson Reuters consensus; sees Q2 revs of $1.5-$1.6 bln vs. $1.57 bln Thomson Reuters consensus. Celestica also announced that Craig Muhlhauser, President & CEO, has entered into an automatic securities disposition plan for the sale of up to 1,496,147 Subordinate Voting Shares between May 10, 2010 and April 29, 2011. The shares represent approximately eight percent of Mr. Muhlhauser's total vested and unvested equity at target performance levels
06:52
UCBI United Comm Banks reports Q1 EPS of ($0.39) vs ($0.32) Thomson Reuters consensus (5.79 )
"The first quarter was difficult in terms of credit, as we had anticipated," stated Jimmy Tallent, president and chief executive officer. "We were not able to dispose of foreclosed properties at the same pace as in previous quarters, in large part due to the harshest winter weather our markets have seen in many years. However, our sale of $100 million in illiquid non-performing assets by the end of April will prove to be beneficial. The sale, which includes approximately $72 million of non-performing loans and $28 million of foreclosed properties, shows our determination to find innovative ways to move through this credit cycle and into recovery more quickly."
06:40
WNS WNS provides fiscal 2010 business update; year end audit in progress; announces restatement of previously issued financial statements (13.10 )
Co provided a business update for the fiscal year ended March 31, 2010. WNS's financial statements for the year ended March 31, 2010 are subject to finalization and the conclusion of the external audit, and more specifically, adjustments relating to the accounting treatment for referral fees earned from garages, and revenues and costs on completed but unbilled repairs, in its Auto Claims BPO segment. WNS had also not recognized as revenues the amount of completed but unbilled repairs due from clients and similarly not recognized the corresponding costs of these repairs as cost of revenues. WNS, in consultation with its Audit Committee, has concluded that it should not include the referral fees from garages within revenues, and should instead subtract them from the costs of revenues for the AutoClaims business. WNS has also concluded that it should recognize the revenues and costs of completed but unbilled repairs as revenues and costs of revenues, respectively. WNS will accordingly restate the "revenue" and "cost of revenue" lines of its audited financial statements for the years ended March 31, 2009 and 2008 (as well as selected financial information for the years ended March 31, 2007 and 2006 and the quarterly information for fiscal 2009 and 2010) to reflect these accounting changes. WNS is currently determining the impact of these accounting changes where the reduction in revenues for the AutoClaims business will be largely matched by the reduction in cost of revenues. "Our revenue less repair payments is in line with our guidance and our adjusted net income, excluding a one-time charge of $1 million from the unwinding of interest rate swaps and $2.1 million associated with recent management changes is in line with our adjusted net income guidance as well..." Fiscal 2011 Guidance WNS is providing the following guidance for the fiscal year ending March 31, 2011: Revenue less repair payments is expected to be between $365 and $390 mln (not comparable to $420.38 mln consensus. This assumes an average USD to GBP exchange rate of 1.53 for the 2011 fiscal year.
06:35
ALXN Alexion Pharma beats by $0.03, beats on revs; reaffirms FY10 EPS guidance, revs guidance (55.85 )
Reports Q1 (Mar) earnings of $0.37 per share, $0.03 better than the Thomson Reuters consensus of $0.34; revenues rose 44.6% year/year to $117.6 mln vs the $116 mln consensus. Co reaffirms guidance for FY10, sees EPS of $1.60-1.65 vs. $1.63 Thomson Reuters consensus; sees FY10 revs of $505-520 mln vs. $521.42 mln Thomson Reuters consensus.
06:35
FITB Fifth Third beats by $0.09 (15.15 )
Reports Q1 (Mar) loss of $0.09 per share, $0.09 better than the Thomson Reuters consensus of ($0.18). Total delinquencies declined 15% sequentially (lowest level since 3Q07), driven by lower loans 90 days past due. Allowance to loan ratio increased to 4.91 percent, 139 percent of nonperforming loans and leases, and allowance of 1.6 times annualized 1Q10 net charge-offs. "We currently expect to see continued credit improvement in the second quarter, with delinquencies and nonperforming assets remaining relatively stable and charge-offs down another $100 million or so in the second quarter. We also expect full year charge-offs to be significantly below the $2.6 billion we experienced in 2009. Given recent credit trends and our current expectations for future credit results, we expect loan loss reserves to begin to come down next quarter. These expectations are dependent on economic trends remaining consistent with our current outlook."
06:33
MAR Marriott beats by $0.02, beats on revs; guides Q2 EPS above consensus; guides FY10 EPS in-line (34.67 )
Reports Q1 (Mar) earnings of $0.22 per share, $0.02 better than the Thomson Reuters consensus of $0.20; revenues rose 4.0% year/year to $2.6 bln vs the $2.49 bln consensus. Co issues upside guidance for Q2, sees EPS of $0.25-0.29 vs. $0.24 Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $0.95-1.05 vs. $0.96 Thomson Reuters consensus. For the second quarter, the company assumes comparable systemwide REVPAR on a constant dollar basis will increase 4 to 6% in North America, 8 to 10% outside North America and 5 to 7% worldwide. For the full year 2010, the company assumes comparable systemwide REVPAR on a constant dollar basis will increase 3 to 6% in North America, 4 to 7% outside North America and 3 to 6% worldwide. The company expects to open 25,000 to 30,000 rooms in 2010 as most hotels expected to open are already under construction or undergoing conversion from other brands. The company continues to estimate that, on a full-year basis, one point of worldwide systemwide REVPAR impacts total fees by approximately $10 mln to $15 mln pretax and owned, leased, corporate housing and other revenue, net of direct expense, by roughly $4 mln pretax. Based upon the assumptions above, full year 2010 EBITDA is expected to total $985 million to $1,040 million.
06:33
VICL Vical Presents encouraging preliminary data from final 12-month follow-up in TransVax CMV vaccine Phase 2 transplant recipient trial (3.53 )
Co announced today that the company's TransVax cytomegalovirus (CMV) vaccine elicited sustained increases in both cellular and antibody immune responses compared with placebo through the final 12-month follow-up in an ongoing Phase 2 trial in hematopoietic cell transplant recipients. "We were excited to see that our TransVax vaccine was able to enhance both T-cell and antibody responses to the encoded CMV antigens through the final 12-month data point," said Dr. Kenney, "and we are excited to see how these responses impact viral control. We also saw an encouraging boost in both T-cell and antibody responses after the fourth injection, which could prove important in controlling late-onset CMV reactivation. We expect to complete our analysis of the final trial data and report on our full evaluation of viral load and clinical endpoints in the third quarter."
06:30
IDTI Integrated Device Acquires Power Module VRM Assets of IKOR, a Subsidiary of iWatt Corporation (6.92 )
Co announced it has acquired the assets of IKOR, a former subsidiary of iWatt Corporation that manufactures power module VRM solutions for high-performance computing. The all-cash transaction closed on April 16, 2010 and has already received appropriate board approvals.
06:20
S&P futures vs fair value: -7.40. Nasdaq futures vs fair value: -18.50.
06:20
Asian Markets
Nikkei...10949...-141.00...-1.30%. Hang Seng...21455...-56.00...-0.30%.
06:20
European Markets
FTSE...5680...-42.00...-0.70%. DAX...6178...-51.00...-0.80%.
06:14
CAL Continental Air misses by $0.12, reports revs in-line (21.46 )
Reports Q1 (Mar) loss of $0.98 per share, excluding non-recurring items, $0.12 worse than the Thomson Reuters consensus of ($0.86); revenues rose 7.0% year/year to $3.17 bln vs the $3.15 bln consensus. Passenger revenue for the first quarter rose 7.1% ($186 million) compared to the same period in 2009, due to increased traffic and higher average fares. Consolidated revenue passenger miles (RPMs) for the first quarter of 2010 increased 5.7% while capacity (available seat miles, ASMs) remained flat year-over-year, producing a first quarter load factor of 79.5%. Consolidated yield for the quarter increased 1.3% year-over-year. Combined with the 4.3% year-over-year increase in consolidated load factor, first quarter 2010 consolidated passenger revenue per available seat mile (RASM) increased 7.1%. Mainline load factor was 80.1%, up 4.3 points year-over-year.
06:11
JAKK JAKKS Pacific beats by $0.04, beats on revs
Reports Q1 (Mar) loss of $0.19 per share, $0.04 better than the Thomson Reuters consensus of ($0.23); revenues fell 28.9% year/year to $77.3 mln vs the $74 mln consensus.
06:09
CSH Cash America beats by $0.10, beats on revs; guides Q2 EPS in-line; guides FY10 EPS in-line (41.71 )
Reports Q1 (Mar) earnings of $1.01 per share, $0.10 better than the Thomson Reuters consensus of $0.91; revenues rose 16.8% year/year to $313.1 mln vs the $297 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.63-0.69 vs. $0.68 Thomson Reuters consensus. Co raises their previous guidance for FY10, sees EPS of $3.55-3.70 vs. $3.62 Thomson Reuters consensus.
06:09
CCMP Cabot Micro misses by $0.03, beats on revs (42.69 )
Reports Q2 (Mar) earnings of $0.47 per share, $0.03 worse than the Thomson Reuters consensus of $0.50; revenues rose 0.9% year/year to $98.6 mln vs the $96.9 mln consensus. The increase in revenue from the same period last year primarily reflects significantly improved economic and industry conditions. Compared to the prior quarter, sales of CMP polishing pads and slurry for copper and dielectric applications increased, while revenue from the company's other business areas declined.
06:06
BAC Bank of America: AXA Private Equity acquires $1.9 bln portfolio of private equity funds from Bank of America (18.28 )
AXA Private Equity announces the acquisition of a 1.9 bln portfolio of limited partnership interests in private equity funds from Bank of America. This transaction involves a high quality, mature buyout funds portfolio. Exact terms have not been disclosed.
06:06
CLNE Clean Energy Fuels' BAF subsidiary contracts to convert 501 new Verizon Service vans to clean-burning compressed natural gas power in 2010 (19.47 )
06:06
DHR Danaher beats by $0.08, beats on revs (81.47 )
Reports Q1 (Mar) earnings of $0.96 per share, excluding non-recurring items, $0.08 better than the Thomson Reuters consensus of $0.88; revenues rose 17.7% year/year to $3.09 bln vs the $2.89 bln consensus.
06:04
APD Air Products beats by $0.03, reports revs in-line; guides Q3 EPS in-line; guides FY10 EPS in-line (76.67 )
Reports Q2 (Mar) earnings of $1.23 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $1.20; revenues rose 15.0% year/year to $2.25 bln vs the $2.24 bln consensus. Co issues in-line guidance for Q3, sees EPS of $1.25-1.29 vs. $1.27 Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $4.90-5.00 vs. $4.93 Thomson Reuters consensus.
06:03
Q Qwest and CenturyLink agree to merge, Qwest shareholders to receive equivalent to $6.02 of CenturyLink stock, (5.24 )
CenturyLink (CTL) and Qwest Communications (Q) announced that their boards of directors have approved a definitive agreement under which CenturyLink will acquire Qwest in a tax-free, stock-for-stock transaction. Under the terms of the agreement, Qwest shareholders will receive 0.1664 CenturyLink shares for each share of Qwest common stock they own at closing. Upon closing of the transaction, CenturyLink shareholders are expected to own approx 50.5% and Qwest shareholders are expected to own approx 49.5% of the combined company. Based on the closing stock price of CenturyLink on April 21, 2010, the per share consideration to be received by Qwest shareholders would be equivalent to $6.02 of CenturyLink stock, which represents a premium to Qwest shareholders of approximately 15% over Qwest's closing stock price on April 21, 2010. Based on the closing stock price of CenturyLink on April 21, 2010, the transaction reflects an enterprise value of Qwest of approx $22.4 bln, including the assumption of $11.8 bln of Qwest net debt outstanding as of December 31, 2009. The parties expect the transaction to be accretive to CenturyLink's free cash flow per share, excluding integration costs, immediately following the close of the transaction.
04:49
AUO AU Optronics beats by $0.11, misses on revs (11.71 )
Reports Q1 (Mar) basic earnings of $0.25 per share, $0.11 better than the Thomson Reuters consensus of $0.14; revenues rose 134.7% year/year to $3.52 bln vs the $3.67 bln consensus. Gross margin was 12.8%. Operating margin was 7.3%. For the first quarter, AUO's large-sized panels totaled 27.22 million units, down 0.6% quarter-over-quarter but up significantly 107.1% year-over- year. In terms of small- and medium-sized panels, the shipment was over 56.99 million units, down 5.2% quarter-over-quarter but up 32.7% year-over-year.
01:42
NVS Novartis receives FDA approval for Zortress to prevent organ rejection in adult kidney transplant recipients (52.88 )
Co announces the FDA has approved Zortress oral tablets for the prevention of rejection of kidney transplants in adult patients at low-to-moderate immunologic risk. Zortress is to be given in combination with reduced doses of the calcineurin inhibitor cyclosporine, as well as basiliximab and corticosteroids. FDA approval of Zortress was based on results from a single Phase III registration study conducted in kidney transplant recipients. In the study, Zortress prevented acute organ rejection and preserved kidney function while allowing, on average, 60% lower doses of the CNI cyclosporine to be used compared with the control regimen of mycophenolic acid with full dose cyclosporine and corticosteroids. Use of Zortress led to a reduction in CNI-associated side effects while maintaining good efficacy.
01:16
YDNT Young Innovations reports Q110 EPS of $0.44 vs $0.41 single-analyst estimate; revenue increased 4.3% year/year to $24.8 mln vs $24.4 mln single-analyst estimate (25.50 )
01:12
ESV Ensco beats by $0.10, beats on revs; raises quarterly dividend to $0.35/share from $0.025/share (48.18 )
Reports Q1 (Mar) earnings of $1.11 per share, excluding non-recurring items, $0.10 better than the Thomson Reuters consensus of $1.01; revenues fell 10.1% year/year to $449.4 mln vs the $434.9 mln consensus. Deepwater segment revenues grew to $130 mln in first quarter 2010, from zero dollars a year ago. Co raises quarterly dividend to $0.35/share from $0.025/share. Record date is June 7, 2010.
00:59
On The Wires
Eagle Rock Energy Partners, LP (EROC) announces plans to begin construction on a nine-mile expansion of its ETML gas gathering system in East Texas to provide multi-market capability for producers in the Haynesville and Middle Bossier shale plays in Nacogdoches and San Augustine Counties... AngloGold Ashanti (AU) announces the pricing of a public offering of $1 billion of Notes consisting of 5.375% Notes due 2020 in the principal amount of $700 million, and 6.50% Notes due 2040 in the principal amount of $300 million... Standard Pacific (SPF) announces the pricing of its previously announced public offering of senior notes due 2018 and the increase in the amount of the offering to $300 mln aggregate principal amount of notes... Monolithic Power Systems (MPWR) announces that the Administrative Law Judge at the U.S. International Trade Commission issued an initial determination finding no violation of Section 337 for MPS and its customers, an action brought by O2 Micro International (OIIM) in 2008.
00:57
SCR Simcere Pharma's diosmectite API passes EU-GMP inspection (8.40 )
Co announces that its diosmectite, the Active Pharmaceutical Ingredient in Simcere's branded generic drug Biqi, has passed EU-GMP inspection. This enables Simcere to market diosmectite in the European Union countries.
00:49
CVBF CVB Financial beats by $0.02, beats on revs (11.08 )
Reports Q1 (Mar) earnings of $0.15 per share, $0.02 better than the Thomson Reuters consensus of $0.13; revenues fell 0.7% year/year to $71.1 mln vs the $60.7 mln consensus. First quarter operating results include a $12.2 million provision for credit losses and were impacted by the accounting treatment of credit-related transactions from the San Joaquin Bank loan portfolio. Net income for the first quarter of 2010 produced a return on beginning equity of 10.24%, a return on average equity of 10.07% and a return on average assets of 0.96%. The efficiency ratio, excluding the provision for credit losses, was 50.50% for the quarter.
18:53
GTN Gray Television announces pricing of $365 mln of senior secured second lien notes due 2015 (3.78 +0.38)
Co announced that it has priced its previously announced offering of $365 mln aggregate principal amount of 10 1/2% senior secured second lien notes due 2015. The sale of the notes is expected to be completed on April 29, 2010, subject to customary closing conditions. The notes were priced at 98.085% of par.
18:32
TER Teradyne beats by $0.10, beats on revs; guides Q2 EPS above consensus, revs above consensus (12.18 +0.04)
Reports Q1 (Mar) earnings of $0.33 per share, excluding non-recurring items, $0.10 better than the Thomson Reuters consensus of $0.23; revenues rose 173.3% year/year to $329.6 mln vs the $302.7 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.45-0.52 vs. $0.24 Thomson Reuters consensus; sees Q2 revs of $390-420 mln vs. $314.98 mln Thomson Reuters consensus.
18:26
SPG Simon Property Group announces $1.1 bln in new capital commitments for General Growth recapitalization (86.99 +2.33)
SPG announced that it has received $1.1 bln in new capital commitments from ING Clarion Real Estate Securities, Oak Hill Advisors, RREEF and Taconic Capital Advisors to support a recapitalization of General Growth Properties (GGP) ("GGP"). These commitments are in addition to the previously announced $2.5 bln proposed investment by SPG and $1 billion co-investment commitment by Paulson & Co. SPG's firm, fully financed proposal would be at the same per-share price as the Brookfield-sponsored proposal but without the expensive and highly dilutive equity warrants that GGP proposes to issue to Brookfield, Pershing Square and Fairholme Capital.
18:06
CNI Canadian Natl Rail ordered to appear before Surface Transportation Board to explain grade crossing delay data discrepancy (62.69 -0.31)
CNI reported that on April 21, the Surface Transportation Board (STB) released an April 20 Decision requiring officials from Canadian National Railway (CN) to appear before the Board on April 28, 2010 to explain a gross discrepancy in the number of reported incidents of blocked grade crossings on the EJ&E. In its mandated monthly operations report to the STB for the months of November and December 2009, CN had reported a total of only 14 instances when grade crossings were blocked for 10 minutes or more. In fact, an audit of CN's own technology showed that in that two-month timeframe, grade crossings were blocked in 1,457 instances at 85 different crossings along the EJ&E.The discovery of the discrepancy was due to TRAC's frequent requests throughout 2009 to the STB to increase its audit oversight of CN's mandatory reports.
18:06
DST DST Systems beats by $0.19, reports revs in-line (43.25 +0.55)
Reports Q1 (Mar) earnings of $1.11 per share, $0.19 better than the Thomson Reuters consensus of $0.92; revenues rose 3.5% year/year to $409.4 mln vs the $405.6 mln consensus.
18:01
GPN Global Payment announces departure of James G. Kelly COO, effective June 30 2010
17:52
UTX United Tech: COMAC selects Hamilton Sundstrand to provide C919 electric system (76.93 +2.73) -Update-
Commercial Aviation Corporation of China, Ltd. (COMAC) has selected Hamilton Sundstrand to provide the electric power generation and distribution systems for its new C919 aircraft. Hamilton Sundstrand is a subsidiary of United Technologies (UTX). The work is worth more than $1 bln in revenue over the life of the program. The 150-class C919, which is expected to enter into service in 2016, will be China's first large commercial jetliner.
17:47
GIFI Gulf Island Fab beats by $0.13 (21.17 -0.01)
Reports Q1 (Mar) earnings of $0.31 per share, $0.13 better than the First Call consensus of $0.18; revenues fell 11.3% year/year to $69.3 mln vs the $61.7 mln consensus.
17:34
KRO Kronos Worldwide announces a price increase for all titanium dioxide products sold in Europe (1673 -0.06)
Co announced a price increase for all titanium dioxide products sold in Western Europe, Eastern Europe and Turkey. Effective May 15, 2010, prices for all Kronos? titanium dioxide products sold in Western Europe will be increased by 100 Euro per metric ton. Effective May 15, 2010 prices for all Kronos titanium dioxide products sold in Eastern Europe and in Turkey will be increased by 150 Euro per metric ton (or equivalent in other currencies).
17:34
WASH Washington Trust beats by $0.02 (20.04 +0.14)
Reports Q1 (Mar) earnings of $0.32 per share, $0.02 better than the First Call consensus of $0.30. Nonperforming assets (nonaccrual loans, nonaccrual investment securities and property acquired through foreclosure) amounted to $27.5 million, or 0.95% of total assets, at March 31, 2010, compared to $30.5 million, or 1.06% of total assets, at December 31, 2009. Net interest income increased by $1.1 million, or 6%, from the fourth quarter of 2009 and by $2.0 million, or 13%, from the first quarter of 2009, reflecting improvement in the net interest margin. Total loans grew by $18 million in the first quarter of 2010, with the largest increase in commercial loans. Commercial loans increased by $14 million in the first quarter.
17:30
NGD New Gold announces 44% increase in gold sales, 8% decrease in Cash cost and $72 mln increase in cash in Q1 of 2010 (5.26 +0.02)
Co announces 2010 first quarter gold sales of 80,020 ounces at a total cash cost of $472 per ounce, net of by-product sales. The preliminary production, sales and total cash cost information provided are approximate figures and may differ slightly from Q1 earnings results. New Gold is also pleased to reiterate its 2010 full year guidance of 330,000 to 360,000 ounces of gold production at a total cash cost of $445 to $465 per ounce sold, net of by-product sales. Results presented below are for the period of ownership for the Mesquite Mine (June 1, 2009): Gold sales increased by 44% to 80,020 ounces from 55,397 ounces in the same period in 2009; Total cash cost(1) decreased 8% to $472 per ounce sold, net of by- product sales, from $513 per ounce sold in the same period in 2009; Gold production increased 41% to 77,215 ounces from 54,938 ounces in the same period in 2009; Cash balance increased by $72 mln from year-end 2009 to $344 mln at March 31, 2010; Fully repaid the remaining $27 mln of the Mesquite Term Loan Facility. Mesquite Mine Successfully Increasing Production and Reducing Costs: Gold sales in the first quarter at Mesquite increased by 51% to 49,502 ounces from 32,715 ounces sold in the first quarter 2009. Gold production was 44,034 ounces compared to 33,660 ounces in the same period in 2009. Total cash cost per ounce of gold sold for the first quarter of 2010 was $550 compared to $573 in the same quarter of 2009. The Mesquite Mine is forecast to produce 145,000 to 155,000 ounces of gold in 2010 at total cash cost of $540 to $560 per ounce sold. Peak Mines Continues to Deliver with Record Low Cash Cost: Gold sales in the first quarter at Peak Mines were 17,394 ounces compared to 20,856 ounces sold in the first quarter of 2009. Gold production was 20,243 ounces compared to 20,629 ounces in the same period in 2009. Total cash cost per ounce of gold sold, net of by-product sales, for the first quarter was $136 compared to $337 in the first quarter of 2009. Peak Mines remains on target to produce 90,000 to 100,000 ounces of gold and 15 to 17 mln pounds of copper in 2010. Total cash cost is forecast to be $360 to $380 per ounce sold, net of by-product sales. The full year total cash cost assumption is based on a by-product copper price of $2.75 per pound. New Afton on Track to Contribute Significantly: New Gold's primary development project continued on schedule during the first quarter and is expected to commence production in the second half of 2012... El Morro Project Update: New Gold's 70% joint venture partner on the El Morro Project, Goldcorp Inc., continues to work through the permit review process for the project with a target to begin construction in early 2011.
17:22
RJF Raymond James beats by $0.03, beats on revs (30.03 +0.08)
Reports Q2 (Mar) earnings of $0.45 per share, $0.03 better than the Thomson Reuters consensus of $0.42; revenues rose 24.1% year/year to $734.4 mln vs the $703.4 mln consensus. "The more striking comparison is to the immediately preceding December quarter. Net revenues are up 7 percent and net income 30 percent. The Private Client Group, Capital Markets and Raymond James Bank all contributed to the increase. Of our four major segments, only Asset Management Group results trailed the preceding quarter due to a few annual performance fees received last quarter. Excluding the performance fees recorded in the December quarter, Asset Management revenues were up by 5 percent. In Capital Markets, while Fixed Income revenues and profits declined, Equity Capital Markets more than offset the decline."
17:10
GPK Graphic Packaging International announces expansion of Biomass Energy usage in Macon, GA (3.86 -0.03)
Co announced plans to expand utilization of biomass energy in its paperboard mill located in Macon, Georgia. Detailed engineering studies and permitting are in progress. Presently biomass energy generates over 90% of the mill's process steam and 60% of its electric power. The project will take several years to complete, making the Macon mill self-sufficient from an electrical power and steam generation standpoint. Biomass energy will help stabilize and reduce energy costs and dependency on fossil fuel based alternatives.
17:07
HNI HNI beats by $0.04, reports revs in-line (32.13 +1.58)
Reports Q1 (Mar) loss of $0.06 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of ($0.10); revenues fell 8.4% year/year to $363.5 mln vs the $361.7 mln consensus. Co said, "We are encouraged by the recent trends in both the hearth and office furniture markets. We will continue to strengthen our businesses by investing in selling and growth initiatives, improving operations, resetting cost structure and fiercely managing cash. I am excited and optimistic about the future. The company is financially strong and well positioned to benefit disproportionately as the markets improve."
17:04
NEU NewMarket reports net income of $2.78 per share, 16 cents better than $2.62 Thomson Reuters consensus; revenue was $395 mln, up aprox 15% y/y, $390 mln consensus (112.17 -0.78)
17:03
GGG Graco beats by $0.09, beats on revs (32.23 +0.47)
Reports Q1 (Mar) earnings of $0.34 per share, $0.09 better than the Thomson Reuters consensus of $0.25; revenues rose 19.4% year/year to $164.7 mln vs the $146.1 mln consensus. Gross margin rate of 54 percent was 71/2 percentage points higher than last year's first quarter rate. Co said, "This year's first quarter results are significantly better than last year's low-point, but are still below our pre-recession results of 2008. We're encouraged by the business tempo in our international markets, especially in developing countries. While we're pleased with the improvement in our Lubrication segment, a return to historical operating margins will require significant additional volume as we continue to invest in growth initiatives. We remain cautious about the short-term base business prospects for our Contractor segment in North America and Western Europe as the residential recovery is still weak and commercial construction markets remain depressed. Nevertheless, we're optimistic that our new product introductions in Contractor may provide some upside to the difficult end-market conditions as the year progresses."
17:03
MTSN Mattson reports 1Q10 net loss of ($0.22) vs. ($0.22) Thomson Reuters consensus; revenue increased 350% y/y to $25.2 mln vs. $23.6 mln consensus (5.32 +0.07)
17:01
NE Noble Corp beats by $0.10, misses on revs (41.59 -0.32)
Reports Q1 (Mar) earnings of $1.43 per share, $0.10 better than the Thomson Reuters consensus of $1.33; revenues fell 6.2% year/year to $840.9 mln vs the $856.2 mln consensus. "In spite of the continued strength in oil prices throughout the quarter, the contracting environment remains challenging," said David W. Williams, Chairman, President and Chief Executive Officer. "Nevertheless, we believe Noble remains well positioned. We have a strong backlog with quality customers, liquidity in excess of $1.4 billion, and we remain diligent in our attention to controlling costs. As we enter our 90th year of business, we will continue to focus on advancing our culture of safety, maintaining high levels of service for our customers and delivering value to our shareholders."
17:00
SHFL Shuffle Master CEO Takes Temporary Medical Leave of Absence (8.78 unch)
Co announces that Chief Executive Officer Timothy Parrott will be taking a temporary medical leave of absence, effective immediately, while he continues treatment for an intestinal infection. Mr. Parrott contracted the infection in the course of ongoing treatments for a cancerous growth on his liver. It is expected that Mr. Parrott will be on leave for approximately 4 to 6 weeks and will resume his normal duties upon his return. During his leave, Mr. Parrott will continue to serve as a member of the Company's Board of Directors. The Company also announced that, in the interim, a Management Committee consisting of Messrs. Linster Fox, Executive Vice President and Chief Financial Officer; David Lopez, Executive Vice President; Jerry Smith, Executive Vice President, General Counsel and Corporate Secretary; and Roger Snow, Executive Vice President, has been selected by the Board of Directors, with Mr. Parrott's full support and approval, to be responsible for the day-to-day business decisions for the Company, and to perform the principal executive functions of the CEO position during Mr. Parrott's absence. Mr. Parrott will continue as the Company's CEO and remain involved in major strategic decisions during his absence.
16:54
BGG Briggs & Stratton announces Chief Financial Officer transition plan (21.86 +0.18)
Co announces its Board of Directors elected David Rodgers as Senior Vice President and Chief Financial Officer succeeding James Brenn effective June 28, 2010. Mr. Brenn will remain a Senior Vice President after June 28, 2010 and provide assistance to Mr. Rodgers until his retirement in December 2010.
16:53
MEE Massey Energy beats by $0.11, beats on revs (43.79 +0.09)
Reports Q1 (Mar) earnings of $0.39 per share, $0.11 better than the Thomson Reuters consensus of $0.28; revenues fell 10.4% year/year to $688.6 mln vs the $631.5 mln consensus. Produced tons sold in the first quarter of 2010 totaled 8.5 mln compared to 10.8 mln in Q1 of 2009. Metallurgical coal shipments were 2.4 million tons in the quarter, up 33% year over year. Industrial coal shipments were also up nearly 29%. However, shipments of utility coal were down 37% as electric utilities continued the draw down from previously high stockpile levels. In addition, weather-related production issues, weather-related power outages and disruption of rail and ocean transport significantly impacted Massey's production and shipments during the first two months of the quarter. Excluding the second quarter integration of the Cumberland operations, Massey expects full year 2010 produced coal shipments to be in the range of 35.0-37.0 mln tons, with average produced coal realization now between $70.50 and $72.00 per ton. Because the Company is uncertain as to the impact of the force majeure levels that will be triggered by the UBB tragedy and the potential for related impacts on other sales due to quality switching and contract buyouts, these estimates may need to be revised as more details become known. Average cash cost per ton for the full year 2010 is expected to be in the range of $54.00-57.00, excluding charges related to the Upper Big Branch mine tragedy. Other income is expected to be between $70.0-120.0 mln. Capital expenditures for 2010 are expected to be ~$300 mln. Financial results for Q2 2010 will include a charge related to the tragic accident at the Upper Big Branch mine. While MEE anticipates further analysis will be required, the Co estimates the range of loss to be $80-150 million for charges related to the benefits being provided to the families of the fallen miners, costs associated with the rescue and recovery efforts, insurance deductibles, possible legal and other contingencies. Co lowered its 2010 coal shipped tons guidance, excluding Cumberland, to 35-37 mln, down from 37-41 mln and raised its avg price per ton to $70.50-72.00, up from $67-70.
16:50
QMM Quaterra accelerates expiry of warrants (1.86 +0.11)
Co announced that it has given notice to the holders of non-transferable common share purchase warrants of the company. The terms of the warrant provide that in the event that at any time after 4 months from the date of issue of the Warrant, the Company's Common Shares have achieved or exceeded a closing price of US$1.00 for a 10 trading day consecutive period on the NYSE Alternext US or its successor, the Company may accelerate the warrant's expiry date.
16:49
DCTH Delcath trading up a point at 11.85 after resuming trading... see 16:17 comment for Phase III Trial results news (10.85 +0.25) -Update-
16:47
KITD KIT digital announces it intends to offer shares of its common stock in an underwritten public offering (12.97 -0.14)
16:41
ATLS Atlas Energy Inc. and Reliance Industries Jointly acquire over 42,000 additional acres (36.08 -0.51)
announced today that Atlas and Reliance Industries Limited ("Reliance") have agreed to acquire, through a series of transactions for the benefit of the joint account of Atlas and Reliance, 42,344 highly prospective Marcellus Shale acres.This acreage is contained within the area of mutual interest Atlas has established with Reliance, and Reliance has agreed to exercise its right to acquire its 40% interest in the new acreage. Substantially all of the acreage to be acquired is held by production and is either contiguous with the joint venture's existing acreage or is in concentrated blocks of acreage. The Company believes that it will be able to drill over 450 horizontal wells on this acquired acreage assuming 1,000 foot spacing between lateral wells.
16:39
MCRI Monarch Casino & Resort beats by $0.11, beats on revs (10.16 +0.34)
Reports Q1 (Mar) earnings of $0.15 per share, $0.11 better than the Thomson Reuters consensus of $0.04; revenues rose 5.5% year/year to $34.4 mln vs the $32 mln consensus. During the quarter, the Co paid down the balance outstanding under its credit facility by $7.5 mln which decreased the outstanding balance of the credit facility from $48.5 million at December 31, 2009 to $41.0 mln at March 31, 2010.
16:37
HBI Hanesbrands beats by $0.14, beats on revs; raises FY10 rev guidance above consensus, raises FY10 EPS guidance (29.84 +0.74)
Reports Q1 (Mar) earnings of $0.37 per share, $0.14 better than the Thomson Reuters consensus of $0.23; revenues rose 8.2% year/year to $927.8 mln vs the $911.1 mln consensus. Co issues mixed guidance for FY10, sees EPS of $2.15-2.27 vs. $2.17 Thomson Reuters consensus; sees FY10 revs of $4.12-4.20 vs. $4.09 bln Thomson Reuters consensus. The co continues to expect slightly more than 5 percentage points of growth from retail shelf-space gains. Based on strong first-quarter performance, the co expects sales growth of at least 1 to 3 percentage points from an overall increase in consumer spending and retailer inventory restocking. The co's significant retail shelf-space gains contributed ~6 percentage points of sales growth, while ~2 percentage points of growth was driven by increased retail sell through, retailer inventory restocking, and foreign currency exchange rates. "We are off to a strong start to 2010 as a result of our investment in our brands and in our supply chain during the recession. Our brands are stronger than ever, gaining significant retail shelf space across all channels of trade. We expect to maintain this momentum throughout 2010."
16:36
NTGR NETGEAR resumes trading (28.72 +0.67) -Update-
16:36
SLM SLM Corp reports Q1 (Mar) results (13.12 +0.36)
Reports Q1 (Mar) earnings of $0.39 per share, may not be comparable to the Thomson Reuters consensus of $0.29. "As we expected, first-quarter results improved as the financial storm has receded," said Albert L. Lord, vice chairman and CEO. "Ironically, one quarter before the government takes over loan originations, Sallie Mae broke its own FFELP origination record, a testament to the service provided by our talented employees. Of more immediate concern, however, is the unpleasant task of reducing our work force by 2,500 persons and restructuring our operations."
During the quarter, the company repurchased $1.3 billion of unsecured debt, resulting in an after-tax gain of $57 million ($.11 per diluted share). Core earnings net interest income after provision for loan losses was $343 million in the first quarter, compared to $320 million in the prior quarter and $80 million in the year-ago quarter. The company originated $7.7 billion in federal student loans in the first quarter, up 16 percent from the year-ago quarter. Private education loan originations were $840 million in the first quarter, compared to $1.5 billion one year ago, a reflection of tightened underwriting and significant increases in federal programs. The company continued to improve its balance sheet strength during the quarter. It completed a $1.6 billion private education loan securitization and issued $1.5 billion in senior unsecured notes, the first such issuance in 21 months. Subsequent to the quarter end, the company closed a $1.2 billion federal student loan securitization at the most favorable terms since 2007.
16:34
LHO LaSalle Hotel reports EPS in-line, beats on revs (25.30 +0.86)
Reports Q1 (Mar) funds from operations of $0.02 per share, in-line with the Thomson Reuters consensus of $0.02; revenues fell 6.2% year/year to $120 mln vs the $116.9 mln consensus. "While we continue to expect 2010 to be a challenging year, we are encouraged by the recent improvement in demand within the industry and our portfolio," said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. "Our hotels are experiencing steady increases in booking activity in both the group and transient segments."
16:34
MKSI MKS Instruments beats by $0.14, beats on revs; guides Q2 EPS above consensus, revs above consensus (21.00 unch)
Reports Q1 (Mar) earnings of $0.58 per share, $0.14 better than the Thomson Reuters consensus of $0.44; revenues rose 32.7% year/year to $198.1 mln vs the $180 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.56-$0.66 vs. $0.49 Thomson Reuters consensus; sees Q2 revs of $205-$220 mln vs. $189.67 mln Thomson Reuters consensus.
16:33
HCBK Hudson City Banc beats by $0.02 (14.51 0.00)
Reports Q1 (Mar) earnings of $0.30 per share, $0.02 better than the Thomson Reuters consensus of $0.28. Net income amounted to $148.9 million for the first quarter of 2010, as compared to $127.7 million for the first quarter of 2009, an increase of 16.6%. The provision for loan losses amounted to $50.0 million for the first quarter of 2010 as compared to $45.0 million for the linked fourth quarter of 2009 and $20.0 million for the first quarter of 2009. Annualized return on average assets and annualized return on average shareholders' equity for the first quarter of 2010 were 0.98% and 10.96%, respectively, as compared to 0.93% and 10.21%, respectively, for the first quarter of 2009. Net interest rate spread and net interest margin were 1.97% and 2.20%, respectively, for the first quarter of 2010 as compared to 1.75% and 2.06%, respectively, for the first quarter of 2009.
16:31
EXPO Exponent Inc beats by $0.05 (29.74 -0.07)
Reports Q1 (Mar) earnings of $0.42 per share, $0.05 better than the Thomson Reuters consensus of $0.37; revenues fell 0.7% year/year to $59.4 mln vs the $52.1 mln consensus. Co said, "For fiscal year 2010, we expect to improve EBITDA margins while growing revenue before reimbursements in the low single digit."
16:31
NBL Noble Energy announces double mountain exploration results in the deepwater Gulf of Mexico (77.77 -0.89)
Co announced that the Double Mountain exploration well in the deepwater Gulf of Mexico reached the targeted Lower Miocene objective and found noncommercial quantities of hydrocarbons. Drilled to a total depth of 33,815 feet on Green Canyon 555, the well is currently being plugged and abandoned. BHP Billiton (BHP) operated the well with 70 percent interest and Noble Energy had the remaining 30 percent.
16:31
MLNX Mellanox Tech beats by $0.05, beats on revs (25.44 +0.06)
Reports Q1 (Mar) earnings of $0.29 per share, $0.05 better than the Thomson Reuters consensus of $0.24; revenues rose 2.0% year/year to $36.2 mln vs the $35.4 mln consensus. Gross margins in 1Q10 were 75.1%, compared with 75.6% in 4Q09 and 76.3% in 1Q09. Co states, "We are pleased to report quarterly year-over-year growth in revenue of 61 percent and GAAP net income up 148 percent," said Eyal Waldman, chairman, president and CEO of Mellanox Technologies. "We continue to see growing worldwide adoption of our 10 Gigabit Ethernet adapters, and our industry-leading end-to-end InfiniBand connectivity solutions, including switch systems, adapters and cables in high-performance computing, enterprise, financial, Cloud, Web 2.0 and storage markets."
16:30
MUR Murphy Oil announces termination of production sharing contracts for blocks L and M in Malaysia (60.83 -0.85)
Co announced that it has been informed by PETRONAS that following the execution of the exchange of letters between Malaysia and the Sultanate of Brunei on March 16, 2009, the offshore exploration areas designated as Block L and Block M are no longer a part of Malaysia. As a consequence, the production sharing contracts covering Blocks L and M, awarded in 2003 to PETRONAS Carigali Sdn Bhd and Murphy, were formally terminated by letter dated April 7, 2010. Murphy's potential participation in replacement production sharing contracts covering these areas is under discussion.
16:27
TBI TrueBlue beats by $0.03, beats on revs; guides Q2 EPS in-line, revs in-line (17.04 +0.88)
Reports Q1 (Mar) loss of $0.05 per share, $0.03 better than the Thomson Reuters consensus of ($0.08); revenues rose 6.9% year/year to $239.9 mln vs the $237.3 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.03-0.08 vs. $0.05 Thomson Reuters consensus; sees Q2 revs of $265-275 mln vs. $265.92 mln Thomson Reuters consensus.
16:25
BXP Boston Prpts establishes ATM stock offering program (77.04 +0.04)
Co announced that it has established an "at the market" stock offering program through which it may sell up to an aggregate of $400 million of its common stock. The stock would be offered through BNY Mellon Capital Markets, LLC, BofA Merrill Lynch and Morgan Stanley & Co. Incorporated, who will be acting as sales agents. Michael LaBelle, the Company's Chief Financial Officer, stated "With the completion of our bond issuance on April 19, 2010, we have approximately $1.8 billion of cash and our full $1.0 billion line of credit available to us. While we see no immediate need to utilize the program, the establishment of this program adds another option to our extensive array of funding alternatives providing additional efficiency and flexibility in our balance sheet management." The program would allow the Company to sell up to $400 million of its common stock from time to time through the sales agents for a three-year period.
16:25
DCTH Delcath to resume trading at 16:45 -- see 16:17 comment for Phase III Trial results news (10.90 +0.25)
16:23
CMG Chipotle Mexican Grill beats by $0.24, beats on revs (126.75 +2.67)
Reports Q1 (Mar) earnings of $1.19 per share, $0.24 better than the Thomson Reuters consensus of $0.95; revenues rose 15.6% year/year to $409.7 mln vs the $397.2 mln consensus. The growth in revenue was the result of new restaurants not in the comparable base and a 4.3% increase in comparable restaurant sales. Comparable restaurant sales growth was driven by increased traffic in the quarter. For 2010, management expects 120-130 new restaurant openings; mid single digit comparable restaurant sales growth; and an effective tax rate of approximately 38.5%
16:23
EC Ecopetrol approves the commercial viability of the Quifa Field (28.16 +0.62)
Co approved the commercial viability of the Southwest Quifa Field, located in the Meta district, within the Quifa Partnership Contract Area. The commercial viability declaration means that, after evaluating the field's potential and the results obtained during the exploration and testing stages, Ecopetrol has decided to take part in the commercial development of the field together with the operator, Meta Petroleum. At present, Ecopetrol has an average daily production at the Meta district of approximately 198 thousand barrels per day, mainly from direct fields and shares in fields run jointly with other companies. The commercial viability of the Southwest Quifa field is part of Ecopetrol's strategy to incorporate reserves in adjacent areas to production fields and contributes towards reaching a production of one million equivalent barrels (oil and natural gas) by 2015.
16:22
URI United Rentals beats by $0.04, misses on revs (10.70 -0.03)
Reports Q1 (Mar) loss of $0.57 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of ($0.61); revenues fell 19.5% year/year to $478 mln vs the $484.2 mln consensus. Co said, "As conditions improve over time, the results of our strategic initiatives around customer segmentation and service, as well as our strong liquidity position and industry-leading scale, will be defining advantages. We are well prepared to benefit from the recovery with ample capital to invest in growth."
16:22
LRCX Lam Research beats by $0.12, beats on revs (39.99 -0.42)
Reports Q3 (Mar) earnings of $0.94 per share, excluding non-recurring items, $0.12 better than the Thomson Reuters consensus of $0.82; revenues rose 29.9% year/year to $632.8 mln vs the $623.8 mln consensus. quarter. Ongoing gross margin for the March 2010 quarter was $292.9 million or 46.3%, compared to ongoing gross margin of $218.5 million, or 44.8%, for the December 2009 quarter. The sequential increase in gross margin was primarily due to improved factory utilization as a result of increased business volume and a more favorable product mix. Ongoing operating expenses for the March 2010 quarter remained essentially flat compared with the December 2009 quarter. "Shipments for the March 2010 quarter represented an all-time high for Lam Research reflecting market share gains in both our etch and clean businesses, supported by strong operational performance of the factory and supply chain".
16:22
ISIL Intersil beats by $0.02, beats on revs; guides Q2 EPS above consensus, revs above consensus (16.75 +0.01)
Reports Q1 (Mar) earnings of $0.22 per share, $0.02 better than the Thomson Reuters consensus of $0.20; revenues rose 60.2% year/year to $189.4 mln vs the $185 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.23-0.26 vs. $0.22 Thomson Reuters consensus; sees Q2 revs of $200-208 mln vs. $191.43 mln Thomson Reuters consensus. "The industrial and communications end markets continued their strong recoveries, while our computing end market performed better than anticipated due to strength in the worldwide PC business," said Dave Bell, Intersil's President and Chief Executive Officer. "Inventories remain stable at historically low levels and our manufacturing capacity has kept lead times much lower than many of our competitors."
16:21
CYH Community Health beats by $0.01, misses on revs (40.82 -0.58)
Reports Q1 (Mar) earnings of $0.75 per share, $0.01 better than the Thomson Reuters consensus of $0.74; revenues rose 8.5% year/year to $3.16 bln vs the $3.21 bln consensus. "Looking ahead, our primary focus for 2010 will be on leveraging our existing assets and improving our operations by focusing on the key areas for success in our business - a proven operating model, disciplined expense management, a successful physician recruitment program, and strategic capital investments. While we acknowledge the changing dynamics in today's healthcare marketplace, we remain confident in our ability to execute our strategy and deliver favorable results."
16:20
FSCI Fisher Communications enters license and consulting agreement with ACME Television for "The Daily Buzz" TV program (14.73 -0.50)
16:20
OKS ONEOK partners to invest more than $400 mln in new growth projects (64.98 )
Co announced that it will invest approximately $405 million to $470 million between now and the end of 2011 for projects in the Bakken Shale in the Williston Basin in North Dakota and the Woodford Shale in Oklahoma. These projects are part of the previously announced $2.5 billion to $3.5 billion of growth projects the partnership has identified for investment between now and the end of 2015.
16:20
NFLX Netflix beats by $0.05, reports revs in-line; guides Q2 EPS in-line, revs above consensus; guides FY10 EPS in-line, revs in-line (86.98 -0.09)
Reports Q1 (Mar) earnings of $0.59 per share, $0.05 better than the Thomson Reuters consensus of $0.54; revenues rose 25.3% year/year to $493.7 mln vs the $493.1 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.62-0.73 vs. $0.68 Thomson Reuters consensus; sees Q2 revs of $517-525 mln vs. $516.21 mln Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $2.41-2.63 vs. $2.51 Thomson Reuters consensus; sees FY10 revs of $2.11-2.16 bln vs. $2.1 bln Thomson Reuters consensus. Netflix ended Q1 of 2010 with ~13,967,000 total subscribers, representing 35% year-over-year growth from 10,310,000 total subscribers at the end of Q1 of 2009 and 14% sequential growth from 12,268,000 subscribers at the end of Q4 of 2009. Net subscriber change in the quarter was an increase of 1,699,000 compared to an increase of 920,000 for the same period of 2009 and an increase of 1,159,000 for Q4 of 2009. Gross subscriber additions for the quarter totaled 3,492,000, representing 45% year-over-year growth from 2,413,000 gross subscriber additions in Q1 of 2009 and 25% quarter-over-quarter growth from 2,803,000 gross subscriber additions in the fourth quarter of 2009. Of the 13,967,000 total subscribers at quarter end, 98%, or 13,622,000, were paid subscribers.
16:19
EBAY eBay beats by $0.01, reports revs in-line; guides Q2 EPS and revs below consensus; reaffirms FY10 EPS and revs guidance (26.29 -0.11)
Reports Q1 (Mar) earnings of $0.42 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.41; revenues rose 8.7% year/year to $2.2 bln vs the $2.18 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.37-0.39, excluding non-recurring items, vs. $0.40 Thomson Reuters consensus; sees Q2 revs of $2.15-2.20 bln vs. $2.21 bln Thomson Reuters consensus. Co reaffirms guidance for FY10, sees EPS of $1.63-1.68, excluding non-recurring items, vs. $1.67 Thomson Reuters consensus; sees FY10 revs of $8.8-9.1 bln vs. $9.12 bln Thomson Reuters consensus. The increase was due to growth in the Payments and Marketplaces businesses, as well as a positive impact from foreign currency movements against the U.S. dollar. Non-GAAP operating margin decreased slightly to 30.6% for the quarter, compared to 30.7% for the same period last year, as productivity gains were offset by faster growth in the company's lower margin PayPal business and lower take rates.
16:19
ADG Allied Defense announces further postponement of special meeting of stockholders (6.43 +0.14)
Co announced that, after consulting with Chemring Group PLC, it has postponed the date of its special meeting of stockholders to approve its pending merger with Chemring currently scheduled for April 22, 2010 to May 6, 2010.
16:18
FWRD Forward Air reports EPS in-line, beats on revs; guides Q2 EPS above consensus, revs above consensus (27.79 -0.22)
Reports Q1 (Mar) earnings of $0.12 per share, in-line with the Thomson Reuters consensus of $0.12; revenues rose 10.8% year/year to $107 mln vs the $103.6 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.20-0.24 vs. $0.17 Thomson Reuters consensus; sees Q2 revs up 13-18% y/y to $112.6-117.6 mln vs. $108.38 mln Thomson Reuters consensus. "We are pleased to report that the trends of improved freight volumes and resulting profitability we experienced in the fourth quarter of 2009 continued throughout the first quarter of 2010. These continuing trends provide further encouragement that we have entered a period of sustained recovery."
16:17
NVLS Novellus beats by $0.05, beats on revs (26.65 +0.05)
Reports Q1 (Mar) earnings of $0.47 per share, excluding non-recurring items, $0.05 better than the Thomson Reuters consensus of $0.42; revenues rose 179.3% year/year to $276.2 mln vs the $265.5 mln consensus. Co said, "There continues to be strong demand for personal computers from both the consumer and corporate sectors. This bodes well for continued capacity expansion in the semiconductor industry. We are very pleased with our strong operating performance this quarter and believe we can continue to improve on all key financial metrics. Looking forward, we expect our business prospects to continue to be good."
16:17
DCTH Delcath announces Phase III Trial results exceed primary endpoint expectations (10.85 +0.25) -Update-
Co announced that its Phase III National Cancer Institute (NCI)-led multi-center clinical trial has successfully met the study's primary endpoint of extended hepatic progression-free survival (hPFS) in patients with melanoma metastases to the liver based on an independently corroborated intent-to-treat analysis. Comparing treatment with the Delcath PHP System(TM) with melphalan to Best Alternative Care (BAC), based on independent core lab review of patient scans, the statistical analysis revealed that the PHP patients had a statistically significant longer median hPFS of 214 days compared to 70 days in the BAC arm (p=0.001). This reflects a 144-day prolongation of hPFS over that of BAC control arm, with less than half the risk of progression and/or death in the PHP group compared to the BAC group (Hazard Ratio = 0.46). James F. Pingpank, MD, FACS, Associate Professor of Surgery at the University of Pittsburgh School of Medicine and a lead Principal Investigator of the Phase III trial, will present full trial data on June 5th at the American Society of Clinical Oncology's (ASCO) 2010 Annual Meeting. The endpoints announced today are results of the independent core lab analysis, which will be submitted to support Delcath's New Drug Application (NDA) for its drug and proprietary treatment system to the U.S. Food and Drug Administration (FDA). Delcath expects to initiate its rolling NDA submission to the FDA within the next 30 days. "We believe that these data support that the Delcath PHP System may provide a significantly better treatment option for patients suffering from melanoma metastases in the liver... With the treatment arm having a median hPFS of more than three-fold that of the control arm, we easily exceeded our expectations of clinical trial success. This is a major step forward in our plan to introduce what we believe is an effective treatment for patients who currently have very few viable options." (Stock is halted)
16:15
TGT Target stores to sell Amazon Kindle (56.93 +0.79)
Co announced it will begin selling Amazon's (AMZN) Kindle. Kindle available at its flagship downtown Minneapolis store and 102 south Florida stores beginning April 25, rolling out to more Target stores later this year.
16:15
ATLS Atlas Energy, Inc. Announces Closing of $1.7 Billion Marcellus Shale Joint Venture with Reliance Industries (36.08 -0.51)
Co announced today that it closed its joint venture transaction with a wholly owned affiliate of Reliance Industries Limited. Atlas transferred an interest in its Marcellus Shale position equal to 120,000 net acres in a transaction valued at $1.7 billion. The joint venture is effective immediately. Reliance paid approximately $340 million in cash at closing and an additional $1.36 billion will be paid in the form of a drilling carry. Atlas will serve as the development operator for the joint venture. Pursuant to the agreement, Reliance has acquired a 40% undivided interest in approximately 300,000 net acres (120,000 net to Reliance) of undeveloped leasehold held by Atlas, and Atlas will retain a 60% undivided interest in the acreage. In addition to funding its own 40% of drilling obligations, Reliance has agreed to fund 75% of Atlas' respective portion of drilling and completion costs until the $1.36 billion drilling carry is fully utilized.
16:15
THRX Theravance reports Q1 revenues of $5.7 mln compared to Thomson Reuters consensus of $7.9 mln; net loss was $0.35 per share compared to a loss of $0.29 per share consensus (16.17 -0.69)
Cash, cash equivalents and marketable securities totaled $225.4 million as of March 31, 2010.
16:14
DCTH Delcath halted - news pending (10.85 +0.25)
16:14
LEG Leggett & Platt beats by $0.08, beats on revs; guides FY10 EPS in-line, revs in-line (23.14 +0.50)
Reports Q1 (Mar) earnings of $0.27 per share, ex-items, $0.08 better than the Thomson Reuters consensus of $0.19; revenues rose 13.7% year/year to $816.4 mln vs the $710.3 mln consensus. Co raises guidance for FY10, sees EPS of $0.95-1.30 vs. $1.07 Thomson Reuters consensus, up from $$0.75-1.15; sees FY10 revs of $3.1-3.4 bln vs. $3.12 bln Thomson Reuters consensus, up from $2.9-3.3 bln. "We are encouraged to see market improvement and sales growth during the first quarter. That growth, combined with last year's significant cost reduction efforts, led to meaningful earnings improvement. Gross margin remained over 20%, despite a noteworthy increase in steel costs during the first quarter."
16:13
FNF Fidelity National Announces a 20 Percent Increase to its Quarterly Cash Dividend to $0.18 (15.50 +0.05) -Update-
16:13
VRTX Vertex Pharm beats by $0.10, misses on revs (39.35 -1.15)
Reports Q1 (Mar) loss of $0.70 per share, $0.10 better than the Thomson Reuters consensus of ($0.80); revenues fell 6.7% year/year to $22.4 mln vs the $29.7 mln consensus. Vertex Pharm reaffirmed its 2010 non-GAAP net loss of ~$600 million, as provided on Feb 4, 2010.
16:13
SFG StanCorp Fin reports Q1 EPS of $1.04 vs $1.20 Thomson Reuters consensus (49.44 -0.57)
Earnings for the first quarter of 2010 included a non-cash charge of $1.0 million, or $0.02 per share, resulting from reduced deductibility of retiree health care costs under the recently passed federal health care legislation. "We are pleased by our earnings for the first quarter, with group claims experience in line with last year," said Greg Ness, president and chief executive officer. "We are encouraged by our strong first quarter group insurance sales and our steady persistency levels that were in line with our expectations. We have a solid foundation to build on, and as the economy recovers, we expect to see organic growth return to our customer base."
16:13
TWLL Techwell misses by $0.08, reports revs in-line (15.48 +0.03)
Reports Q1 (Mar) earnings of $0.07 per share, excluding non-recurring items, $0.08 worse than the Thomson Reuters consensus of $0.15; revenues rose 95.1% year/year to $20.1 mln vs the $20 mln consensus.
16:12
TNK Teekay Tankers provides update to first quarter dividend guidance and impact of accretive acquisition on dividend run-rate (12.39 -0.01)
- First quarter dividend expected to be in the range of $0.33 to $0.37 per share, in-line with guidance provided in early-March 2010, up from $0.26 per share paid in previous quarter, primarily due to higher spot tanker rates - Recent vessel acquisitions expected to be approximately 15 percent accretive to 2010 dividend distributions - Further strengthened Company's financial position through reduction in financial leverage and increase in liquidity - Approximately 59 percent of fleet now trading under fixed-rate charters for remainder of 2010. The Company's first quarter dividend, which is currently anticipated to be between $0.33 and $0.37 per share, will not be impacted by the follow-on offering completed in early April 2010, and is expected to be paid in late May 2010.
16:11
AMGN Amgen beats by $0.06, misses on revs; guides FY10 EPS in-line, revs in-line (58.71 -1.47)
Reports Q1 (Mar) earnings of $1.30 per share, $0.06 better than the Thomson Reuters consensus of $1.24; revenues rose 8.6% year/year to $3.59 bln vs the $3.65 bln consensus. Adjusting for impact of US healthcare reform, 2010 revenue and EPS expected to be towards lower end of guidance. Co issues in-line guidance for FY10, sees EPS of $5.05-5.25 vs. $5.15 Thomson Reuters consensus; sees FY10 revs of $15.1-15.5 bln vs. $15.28 bln Thomson Reuters consensus. Amgen Q1 Drug Sales and Thomson Reuters Consensus: Enbrel $804 mln vs. $856 mln; Neulasta $863 mln vs. $847 mln; Aranesp $627 mln vs. $635 mln; Epogen $623 mln vs. $642 mln; Neupogen $316 mln vs. $313 mln. The Company still expects the 2010 adjusted tax rate to be in the range of 20 percent to 21 percent and capital expenditures to be approximately $600 million.
16:11
UWBK United Western Bancorp, Inc. Announces Retirement of William D. Snider, Chief Financial Officer (1.63 -0.01)
Co announced that William D. Snider has retired from the Company as chief financial officer and from all other day-to-day roles with the company and its subsidiaries. Mr. Snider will continue to serve as a director of the company. The Company is considering both internal and external candidates to replace Mr. Snider in the future.
16:10
FNF Fidelity National misses by $0.05, misses on revs (15.48 +0.03)
Reports Q1 (Mar) earnings of $0.07 per share, $0.05 worse than the Thomson Reuters consensus of $0.12; revenues fell 9.9% year/year to $1.21 bln vs the $1.29 bln consensus. Co said, "This quarter was a typical seasonally impacted beginning to the year, as we started slow in January coming out of the holiday season and built momentum as we made our way into the month of March. Open order counts were relatively stable during the quarter, after the first two weeks of January, as we averaged between 8,500 and 8,800 open orders per day from the second half of January through March. Closed order counts were seasonally soft during the first quarter and were further impacted by new RESPA closing requirements."
16:09
ETFC E*TRADE beats by $0.01, credit costs decline (1.82 +0.05)
Reports Q1 (Mar) loss of $0.02 per share, $0.01 better than the Thomson Reuters consensus of ($0.03); revenues rose 8.0% year/year to $537 mln but may not be comparable to the $242.5 mln consensus. Total customer assets increased to $162 billion, from $153 billion in the prior quarter and $110 billion in the prior year. Net operating interest income was essentially flat from the prior quarter at $320 million, as a $1.4 billion sequential decline in average interest-earning assets to $42.4 billion was offset by a 10 basis point expansion in the net interest income spread. First quarter provision for loan losses decreased $24 million from the prior quarter to $268 million. Net charge-offs in the quarter were $288 million, a decrease of $36 million from the prior quarter. The allowance for loan losses declined by $20 million to $1.2 billion, or six percent of gross loans receivable, at quarter end. For the Company's entire loan portfolio, special mention delinquencies (30-89 days) declined by four percent and at-risk delinquencies (30-179 days) declined by eight percent in the quarter. During the quarter, the Bank generated $45 million of Tier 1 capital and $48 million of risk-based capital. As of March 31, 2010 the Company reported Bank Tier 1 capital ratios of 6.83 percent to total adjusted assets and 13.08 percent to risk-weighted assets.
16:09
FFIV F5 Networks beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus (66.96 +1.00)
Reports Q2 (Mar) earnings of $0.56 per share, $0.02 better than the Thomson Reuters consensus of $0.54; revenues rose 33.7% year/year to $206.1 mln vs the $199.6 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.57-0.59 vs. $0.56 Thomson Reuters consensus; sees Q3 revs of $214-219 mln vs. $206.93 mln Thomson Reuters consensus. Reflecting both the high number of service maintenance contracts generated by new product sales and the high renewal rate on existing maintenance contracts, deferred revenue increased to $226.5 million, up 7% from the prior quarter and 41 percent from the second quarter a year ago.
16:09
SBUX Starbucks beats by $0.04, beats on revs; guides FY10 EPS above consensus (25.39 +0.13)
Reports Q2 (Mar) earnings of $0.29 per share, $0.04 better than the Thomson Reuters consensus of $0.25; revenues rose 8.6% year/year to $2.53 bln vs the $2.41 bln consensus. Co issues rasies guidance for FY10, sees EPS of $1.19-1.22 up from $1.05-1.08 vs. $1.12 Thomson Reuters consensus. Co reports non-GAAP operating margin expanded to 17.8% in Q2 FY10 compared to 10.4% in the corresponding period of fiscal 2009. The margin expansion was primarily driven by lower store operating expenses, increased sales leverage, the closure of underperforming company-operated stores, and increased labor productivity.
16:08
PLCM Polycom beats by $0.04, beats on revs (32.00 +0.17)
Reports Q1 (Mar) earnings of $0.29 per share, $0.04 better than the Thomson Reuters consensus of $0.25; revenues rose 22.7% year/year to $276 mln vs the $263 mln consensus. Co states, "In the first quarter, strong customer demand drove sharp year-over-year growth in revenues, backlog and deferred revenues. As a result of this strong operating performance and working capital management, we generated positive operating cash flow of $21 million, representing Polycom's 49th consecutive quarter of positive operating cash flow. We exited Q1 with $470 million in cash and investments and no debt."
16:08
DGLY Digital Ally receives international contracts from South America and Middle East (1.94 +0.08)
Co announced the recent receipt of a major contract from a South American country and an initial pilot order from a Middle Eastern country. The Company also reported the receipt of two statewide contracts during March and April 2010. A Digital Ally sales agent in South America recently received a contract for 700 DVM-750 Digital In-Car Video Systems from the Highway Patrol Division of a South American country. The name of the country was not disclosed. The Company expects to ship between 100 and 200 systems per month over the next four to six months in accordance with the installation and training schedule of the Highway Patrol in such country.
16:06
KIM Kimco Realty and the Canada Pension Plan Investment Board announce joint venture (15.31 +0.19)
Cos announced that they have formed a joint venture to acquire prime neighborhood shopping centers throughout the U.S. The initial investment of $370 million includes five former PL Retail properties which Kimco purchased during the fourth quarter of 2009. These properties are located in well-established neighborhoods and anchored by national retailers including Costco and Wal-Mart. CPPIB will acquire a 45% interest in the venture and Kimco will retain a 55% interest in addition to acting as the operating partner. As the operating partner, Kimco will manage the properties and earn asset management and other customary fees for a joint venture of this size and scope. CPPIB and Kimco intend to grow their joint venture over time through the acquisition of additional retail properties or portfolios.
16:06
CTXS Citrix Systems reports EPS in-line, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY10 EPS in-line, revs in-line (49.83 +0.39)
Reports Q1 (Mar) earnings of $0.40 per share, in-line with the Thomson Reuters consensus of $0.40; revenues rose 12.2% year/year to $414 mln vs the $408.5 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.44-0.45 vs. $0.45 Thomson Reuters consensus; sees Q2 revs of $430-440 mln vs. $428.56 mln Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $1.88-1.91 vs. $1.90 Thomson Reuters consensus; sees FY10 revs of $1.765-1.78 bln vs. $1.77 bln Thomson Reuters consensus. Also, the Board of directors authorizes $400 million increase to share repurchase program.
16:06
QCOM Qualcomm beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line; guides FY10 EPS in-line, revs in-line (42.63 -0.66)
Reports Q2 (Mar) earnings of $0.59 per share, $0.02 better than the Thomson Reuters consensus of $0.57; revenues rose 8.1% year/year to $2.66 bln vs the $2.63 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.51-0.55 vs. $0.55 Thomson Reuters consensus; sees Q3 revs of $2.5-2.7 bln vs. $2.66 bln Thomson Reuters consensus. Co issues in-line guidance for FY10, sees EPS of $2.21-2.32 vs. $2.31 Thomson Reuters consensus; sees FY10 revs of $10.4-11.0 bln vs. $10.77 bln Thomson Reuters consensus. Co guides FY10 CDMA-based device average selling price range to approx. $182 - $188. "We delivered strong financial results this quarter, driven by healthy 3G device shipments and greater than expected demand for our chipsets. 3G subscribers have now surpassed 1 billion worldwide and with the 3G auction process underway in India, the 3G footprint continues to expand globally... Calendar year 2010 3G device shipments are progressing in line with our expectations, and although we're continuing to operate in a competitive chipset pricing environment, we're positioned to continue to grow share through new partner engagements and our broad, industry-leading 3G chipset roadmap. Our business is executing well and we are pleased to be raising our earnings guidance for the fiscal year."
16:06
KMP Kinder Morgan Prtnrs increases quarterly distribution to $1.07/share from $1.05/share (68.00 +0.46)
16:05
ADS Alliance Data beats by $0.02, beats on revs; guides Q2 EPS in-line; reaffirms FY10 EPS guidance (68.21 -0.05)
Reports Q1 (Mar) earnings of $1.38 per share, $0.02 better than the Thomson Reuters consensus of $1.36; revenues rose 9.3% year/year to $663.5 mln vs the $570.2 mln consensus. Co issues in-line guidance for Q2, sees EPS of $1.30 vs. $1.30 Thomson Reuters consensus. Co expects double-digit revenue growth for the company with the potential for each of the three segments to generate double-digit growth compared to the prior year. Consistent with the first quarter of 2010, it expects Private Label and Epsilon to provide positive double-digit adjusted EBITDA growth. While LoyaltyOne is expected to report significant year-over-year adjusted EBITDA growth, it is expected to be flat to the prior year after the exclusion of a foreign exchange translation loss from the second quarter of 2009. Historically, the second quarter tends to be the softest of the four quarters. Epsilon is strongest in the second half of the year, and Private Label tends to have compression in gross yields in the second quarter as customers pay down revolving balances with tax refunds. Co also reaffirms guidance for FY10, sees EPS of $6.00 vs. $6.02 Thomson Reuters consensus.
16:05
TCBI Texas Capital beats by $0.02 (20.33 +0.24)
Reports Q1 (Mar) earnings of $0.21 per share, $0.02 better than the Thomson Reuters consensus of $0.19. Demand deposits grew 11% and total deposits increased 7% on a linked quarter basis and grew 63% and 46%, respectively, from Q1 2009 -- Loans held for investment remained consistent on a linked quarter basis and total loans decreased 2% on a linked quarter basis; grew 11% and 13%, respectively, from Q1 2009. Co said, "As a result of the overall economic downturn, we have experienced increases in levels of non-performing assets and exposure to credit losses during the first quarter of 2010. Provision for credit losses, valuation allowance and direct write-downs related to other real estate owned ("OREO") totaled $15.4 million in first quarter of 2010 compared to $8.5 million in the first quarter of 2009 and $16.1 million in the fourth quarter of 2009." Excluding the expense related to the valuation allowance increase, our efficiency ratio improved to 56.7 percent in the first quarter of 2010 from 59.1 percent in the fourth quarter of 2009 and from 63.0% in the first quarter of 2009.
16:05
TSCO Tractor Supply beats by $0.04, reports revs in-line; guides FY10 EPS in-line, revs in-line (69.18 +1.25)
Reports Q1 (Mar) earnings of $0.25 per share, $0.04 better than the Thomson Reuters consensus of $0.21; revenues rose 9.3% year/year to $710.9 mln vs the $709.4 mln consensus. Co issues in-line guidance for FY10, sees EPS of $3.48-3.60 vs. $3.60 Thomson Reuters consensus; sees FY10 revs of $3.44-3.50 bln vs. $3.5 bln Thomson Reuters consensus. Gross margin increased 13.9% to $228.9 million, or 32.2% of sales, compared to $201.0 million, or 30.9% of sales, in the prior year's first quarter.
16:05
EQIX Equinix misses by $0.08, reports revs in-line; guides Q2 revs in-line; guides FY10 revs above consensus (100.62 +1.36)
Reports Q1 (Mar) earnings of $0.35 per share, $0.08 worse than the Thomson Reuters consensus of $0.43; revenues rose 2.5% year/year to $248.6 mln vs the $246.4 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $258-$260 mln vs. $258.54 mln Thomson Reuters consensus. Co issues upside guidance for FY10, sees FY10 revs of $1.065-$1.08 bln vs. $1.06 bln Thomson Reuters consensus. For FY10 co sees total year cash gross margins are expected to be in the range of 64% to 65%. Cash selling, general and administrative expenses are expected to be in the range of $210.0 and $220.0 mln. Adjusted EBITDA for the year is expected to be between $470.0 and $480.0 mln. Capital expenditures for 2010 are expected to be in the range of $450.0 to $510.0 mln, comprised of approximately $100.0 mln of ongoing capital expenditures related to customer installation expenditures, new product innovation solutions, internal ERP system solutions and increased investment in IBX reliability. Expansion capital expenditures are expected to range between $350.0 and $410.0 mln.
16:04
ISIL Intersil donates 100,000 square-foot wafer fabrication facility to the University of Central Florida (16.74 +0.01)
Co announced that it will donate a high-technology semiconductor wafer fabrication facility and the land it occupies to the University of Central Florida. The gift consists of 100,494 square feet (9,336 square meters) of office space, manufacturing and cleanroom facilities, plus a 5 acre (2 hectare) property. In addition, Intersil will provide utilities and assist with operating expenses during the first three years of UCF's ownership, enabling a turnkey solution for the university. The entire donation is valued at approximately $13 million.
16:04
SCSS Select Comfort reports Q1 EPS of $0.14 vs $0.09 Thomson Reuters consensus; revs $158 mln vs $140.60 mln Thomson Reuters consensus (9.32 +0.67)
Select Comfort sees FY10 EPS of $0.45-0.50 vs $0.39 Thomson Reuters consensus. This outlook assumes a continuation of recent sales trends, adjusted for normal seasonality, for the balance of 2010. The company expects to generate positive same-store growth throughout the year, although it anticipates that the rate of growth will slow as year-over-year comparisons become more difficult, specifically in the back half of the year.
16:03
RCRC RC2 beats by $0.02, beats on revs; reaffirms FY10 EPS guidance (18.52 +0.38)
Reports Q1 (Mar) earnings of $0.15 per share, $0.02 better than the Thomson Reuters consensus of $0.13; revenues rose 2.1% year/year to $88.1 mln vs the $82.9 mln consensus. Co reaffirms guidance for FY10, sees EPS of $1.35-1.45 vs. $1.41 Thomson Reuters consensus. The co also ests that diluted earnings per share in the second quarter of 2010 will likely be similar to 2010 first quarter results (Q2 consensus is $0.16). The 2010 first quarter gross margin increased to 44.0% as compared with 40.2% in the prior year first quarter primarily due to favorable product mix, lower input costs and favorable foreign currency exchange rates.
16:02
NTGR NETGEAR beats by $0.18, beats on revs; guides Q2 revs in-line (28.72 +0.67)
Reports Q1 (Mar) earnings of $0.48 per share, $0.18 better than the Thomson Reuters consensus of $0.30; revenues rose 39.2% year/year to $211.6 mln vs the $202.7 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $190-200 mln vs. $196.63 mln Thomson Reuters consensus.
16:02
STR Questar considering spin-off of exploration & production business (45.86 +0.01)
Co announced that it is considering a possible tax-free spin-off of the company's natural gas and oil exploration and production (E&P) business. The new E&P company would be comprised of Questar subsidiaries Questar E&P Company, Questar Gas Management, and Questar Energy Trading. After the spin-off, Questar Corporation would remain an integrated natural gas company comprised of subsidiaries Wexpro Company, Questar Pipeline, and Questar Gas Company.
16:01
KNX Knight Transportation reports EPS in-line, beats on revs (21.61 +0.65)
Reports Q1 (Mar) earnings of $0.15 per share, in-line with the Thomson Reuters consensus of $0.15; revenues rose 11.4% year/year to $165.7 mln vs the $159.2 mln consensus. "We continue to actively evaluate strategic opportunities that can create value for our stakeholders without undue risk. We have significant financial flexibility and a strong balance sheet, with $531.1 million of stockholders' equity, $114.9 million in cash and short term investments, and zero debt at March 31, 2010."
16:01
AFFX Affymetrix beats by $0.02, beats on revs (8.21 -0.21)
Reports Q1 (Mar) loss of $0.07 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of ($0.09); revenues rose 2.0% year/year to $80.2 mln vs the $78.9 mln consensus.
16:01
EQIX Equinix continues expansion of Dutch operations with opening of second IBX data center in Amsterdam (100.50 +1.24)
Co announced the expected May 1, 2010 opening of the first phase of its new Amsterdam (AM2) International Business Exchange(TM) (IBX(R)) data center, which has been under development since November 2009. The first phase represents an expected investment of approximately $40.0 million and provides 480 cabinets equivalents. The second phase is targeted for completion during the third quarter of 2010 and is expected to provide an additional 520 cabinets equivalents. A third phase, to be timed to meet market demand, will provide an additional 500 cabinet equivalents. Equinix's investment into the purpose-built AM2 IBX data center represents the company's fourth facility in The Netherlands, including two IBX data centers located in Enschede and Zwolle, and is part of the company's $2.0 billion investment to expand operations between 2007 and 2010.
16:01
HUBG Hub Group beats by $0.03, beats on revs (31.38 +0.39)
Reports Q1 (Mar) earnings of $0.23 per share, $0.03 better than the Thomson Reuters consensus of $0.20; revenues rose 18.5% year/year to $417 mln vs the $377.9 mln consensus. "All three business lines showed solid growth, and we look forward to taking this positive momentum into the quarters ahead."
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Union National sold for $23 million [Intelligencer Journal/Lancaster New Era, Pa.]
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