Briefing.com: Hourly In Play (R) – 16:00 ET
Jan 04, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 04-Jan-10 16:00 ET
15:49
Conferences and Shareholder/Analyst Meetings of Interest
Events of interest for tomorrow, Jan 5, include: TIVO, EXPE, DTV, TRI at Citi Global Entertainment, Media, and Telecommunications Conference. Fed: Fed's Hoenig.
15:49
WLT Walter Energy settles dispute with Erdemir on carryover tons (79.91 +4.50) -Update-
Co has settled a dispute with Turkish steelmaker Erdemir over 280,000 metric tons of premium coking coal that the steelmaker had contracted to purchase during the 2008-2009 contract year at $319 per metric ton. Under the settlement, Erdemir will accept delivery of all remaining carryover tons of coal between April 1, 2010, and March 31, 2011. Prior to the disputed deliveries, co had already delivered half of the original contract total of 560,000 tons and received payment in full for those tons at the original contract price.
15:19
RMBS Rambus: NASDAQ to cancel all trades in Rambus at or below $20.73 that were executed in NASDAQ between 13:28:00 and 13:32:00 ET (22.97 -1.48) -Update-
14:58
HD Home Depot attempting to work off support (28.77 -0.15) -Update- -Technical-
Noted the test of last week's low in early trade at 28.79 with the next level of note at its 20 day exp (28.68) which provided important support in Nov/early Dec. The slow slide into the afternoon hit 28.67 with it attempting to lift off this level over the last half hour (Click for chart).
14:50
COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices
March corn closed higher by 4 cents to $4.185 per bushel, March soybeans closed higher by 9.5 cents to $10.58 per bushel, March wheat closed higher by 16.25 cents to $5.5775 per bushel, February Ethanol closed higher by $0.015 to $1.942, March world sugar futures closed 0.67 higher at 27.62 cents per pound.
14:50
UNH UnitedHealth purchased Asian Health Services' tax-exempt revenue bonds (31.47 +0.99)
Co purchased Asian Health Services' tax-exempt revenue bonds through the California Health Care Investment Program, which gives California health care entities access to capital at rates that are highly competitive with those of conventional financing. Additionally, Asian Health Services also qualified for a cost of issuance subsidy of $274K, which covered nearly the entire amount of the organization's bond issuance costs. The cost of issuance was subsidized by UnitedHealth Group's Capital Access Small Issuance Program. Asian Health Services received $4 million in capital to help the nonprofit clinic deliver quality health care services to immigrant and refugee Asian communities in the greater Alameda County area.
14:48
DIA Dow +173 sets fresh session high, S&P +18 and Nasdaq +38 firming but have not confirmed the new high yet -Update- -Technical-
Relative Sector Strength on this move has been noted in Housing XHB, Finance XLF / RKH, Rail, Coal KOL, Shipping SEA, Telecom IYZ.
14:43
COMDX NYMEX Energy Closing Prices
Crude oil ended higher by $2.13 to $81.49, nat gas rallied for 31.4 cents to settle at $5.886, heating oil finished up 7.59 cents to $2.1915 and RBOB gasoline closed higher by 5.56 cents to $2.1085 (all Feb contracts).
14:23
APOL Apollo Group breaks to fresh highs on a pick up in volume as it lifts modesty back above the 62.00 area, just below its Dec ascending triangle high of 62.48 (62.08 +1.61) -Technical-
13:38
COMDX COMEX Metals Closing Prices
Feb gold ended higher by $23.30 to $1119.50, March silver rallied for 60 cents to finish at $17.445 and March copper gained 5.95 cents to close at $3.406.
13:35
IDN Intelli-Check Inc receives $250K contract from the US Army at Fort Stewart (3.43 -0.32)
Co received a contract from the US Army at Fort Stewart to provide them with the Defense ID access control system. The value of the contract is $250,000 for equipment, software, installation, training and warranties. Utilizing Intellicheck Mobilisa's patented ID reading technology, Defense ID quickly scans various forms of IDs, such as Drivers Licenses, Military ID's or Passports, and instantly compares the data to over 100 "bad guy" lists.
13:29
DIA Dow +169 sets fractional new session/52-wk high of 10599, S&P +18 and Nasdaq +37 have yet to confirm -Update- -Technical-
13:26
TECHX 10 - yr Treasury Note Yield -TNX- holds at initial support -Update- -Technical-
A better than 20% rally for the TNX off its late Nov low stalled Thursday near the 52-wk close high from last June at 3.93 (Thursday high 3.91). A reversal off this high was noted (hit 3.80) which held on a retest this morning. It takes a breach/sustained penetration of this level to argue for short term corrective downticks with the longer term uptrend (Click for chart).
13:15
F Ford Motor transfers its UAW retiree health care liabilities to VEBA trust and pre-pays VEBA debt (10.17 +0.17)
Co announces that on Dec. 31, 2009, it completed the transfer of its UAW retiree health care liabilities to the UAW Retiree Medical Benefits Trust (VEBA Trust). Pursuant to a court-approved settlement agreement, the transfer of these liabilities was implemented by Ford transferring on Dec. 31 the following assets to the VEBA Trust: An Amortizing Guaranteed Secured Note maturing June 30, 2022, with an original principal amount of $6.7 bln with a corresponding estimated present value of $4.8 bln, an Amortizing Guaranteed Secured Note maturing June 30, 2022, with an original principal amount of $6.5 bln with a corresponding estimated present value of $4.7 bln, warrants expiring on Jan. 1, 2013, to purchase 362 mln shares of Ford Common Stock at a price of $9.20 per share, assets in a Temporary Asset Account consisting of cash and marketable securities with an estimated value of $620 mln and assets in Ford's internal VEBA trust consisting of cash and marketable securities with an estimated value of $3.5 bln.
13:02
IBKR Interactive Brokers reports Dec metrics; customer accounts increased 21% y/y and 1% m/m to 133.6K (17.85 +0.12)
Co reports its Electronic Brokerage monthly performance metrics for December. Highlights for the month included: customer accounts increased 21% y/y and 1% m/m to 133.6K. Ending customer equity increased 71% y/y and 3% m/m to $15.2 billion. The Daily Average Revenue Trades (DARTs) in December 2009 increased 4% y/y to 315K. Ending customer credit balances of $10.4 billion and customer margin loan balances of $3.2 billion.
13:01
EMC EMC Corp to acquire Archer Technologies, provider of IT governance risk and compliance software (17.96 +0.46) -Update-
Co announced that it has signed a definitive agreement to acquire Archer Technologies - a provider of governance, risk and compliance (GRC) software. The acquisition will build upon EMC's expertise and leadership in helping customers better visualize and manage risk throughout their IT infrastructure. EMC's acquisition of Archer is expected to close in Q1 2010. The transaction is not expected to have a material impact to revenue or EPS for the full 2010 fiscal year.
12:55
RMBS Rambus slips to fresh lows on a pick up in relative volume, dropping over $0.80 during the past 20 mins as it dips down into the 24.00 area (24.23 -0.18) -Update- -Technical-
We're not seeing any news to account for the weakness, but would note that this morning BWS Financial said it would be prudent to consider taking some money off the table realizing the downside can be 50 percent to 60 percent from current levels on any adverse news stemming from upcoming events (firm noted that January 11 has been set as the start point for the price fixing trial in San Francisco and a decision from the ITC in the patent claims against NVIDIA (NVDA) is expected on January 22, 2010)... See 9:52 comment for further color.
12:30
RADA RADA Electronic Industries receives $2.5 mln in follow-on production and maintenance orders (2.42 +0.27)
12:10
PFE Pfizer: European Commission approves new intravenous formulation of Pfizer's Revatio for the treatment of pulmonary arterial hypertension (18.77 +0.57) -Update-
Co announced that the European Commission has approved Revatio (sildenafil) solution for injection for patients who are currently prescribed oral Revatio and who are temporarily unable to take oral medicine, but are otherwise clinically and haemodynamically stable.
12:07
MFC Manulife Financial: S&P lowers Manulife rating to 'A+' from 'AA-'; outlook negative (19.08 +0.74)
Standard & Poor's Ratings Services said today that it has lowered its long-term counterparty credit ratings on Manulife Financial Corp. (TSX/NYSE: MFC) and John Hancock Financial Services Inc. (JHFS) to 'A+' from 'AA-'. At the same time, we have removed MFC from its CreditWatch listing where it was placed on Nov. 5, 2009. The outlook is negative. Following this action, we withdrew our counterparty credit ratings on JHFS, because the firm was merged into Manufacturers Investment Corp. (MIC), an intermediate holding company, on Dec. 31, 2009. MIC is the surviving entity. At the same time we assigned ratings, including an 'A+' counterparty credit rating, to MIC. These ratings are the same as the ones on MFC, as we see no structural subordination between MIC and MFC. The outlook on MIC is negative. We have also assigned our 'A-1+' short-term, 'AA+' senior unsecured, and 'AA-' subordinated ratings to John Hancock Life Insurance Co. (USA).
11:52
European Markets Closing Prices: FTSE: 5500.3 +87.5 +1.6%, DAX: 6048.3 +90.9 +1.5%, CAC: 4014.0 +77.6 +2.0%
11:45
SCBT SCBT Financial names Donald Pickett executive vice president and chief financial officer (28.07 +0.38)
11:43
Paul McCulley discusses PIMCOâ??s cyclical 2010 outlook
On PIMCO's website, McCulley says "we are currently cutting back in the U.S. and U.K. because, as mentioned before, supply and demand dynamics are likely to be negatively affected as borrowing rises and central bank buying declines. On the other hand, we remain modestly bullish on duration in the Eurozone, which has been congenitally disinclined to be aggressively Keynesian and won't face the same degree of reduction in central bank duration buying in 2010. Regarding curve duration, we continue to remain modestly overweight... With corporate bonds, we are becoming a bit more cautious than we have been. In the third and fourth quarters of 2009, we believed the massive narrowing of spreads we saw in the second quarter wouldn't go much further. We weren't necessarily selling credit on any scale, but we'd reduced buying. Now, we're generally neutral versus the benchmark, but we believe that corporate spreads are still at levels where we see value in carefully selected high-quality credits, particularly in bank and non-bank financials and non-cyclical sectors, such as utilities and healthcare. In high yield corporate, we are adding very select names in telecoms and energy pipelines that we view as "money good." In agency MBS, we are underweight, having reduced our exposure as the Fed's buying programs have dramatically tightened spreads."
11:40
CTGX CTG announces extension of 10b5-1 Plan to facilitate share repurchases (8.17 +0.16)
Co announced that it extended a stock repurchase plan under Rule 10b5-1 of the Securities and Exchange Commission to facilitate the repurchase of its common stock. The Company has ~550,000 shares available for repurchase as of December 31, 2009, under its outstanding repurchase authorizations.
11:35
PFE Pfizer notches new session high of 18.79, nearing its 52-wk close high from early Dec at 18.85 (18.79 +0.60) -Technical-
The late Dec rebound high is at 18.89 with the 52-wk intraday high at 18.99.
11:27
USO U.S. Oil Fund ETF slips to fresh gap up lows as it begins to peel back modestly from the 40.00 area (39.90 +0.62) -Update- -Technical-
11:23
DIA Dow attempting to join other averages at new 52-wk highs (10579 +151) -Update- -Technical-
Last week/52-wk peak is at 10580.
11:23
NFLX Netflix approaching important support level at $53 as it shows substantial relative weakness on the session. (53.35 -1.74) -Technical-
$53 is the December low, as well as providing support on the pullback at the end of October and beginning of November. $54.30 is the November low. If it breaks that support level, the next level of support is at $51.
11:23
MF MF Global announced effective today MF Global, the parent company of all MF Global companies, moved its corporate domicile from Bermuda to Delaware (7.11 +0.16)
11:07
WBS Webster Financial unit announces $850 million in new lending in 2010 targeted at small- and medium-sized businesses in New England (12.36 +0.43)
Webster Bank, the main subsidiary of Webster Financial Corporation, announced that it intends to expand its business lending by $400 million in 2010 in order to stimulate economic growth and job creation across Webster's four-state region. In total, Webster expects to originate more than $850 million in new loans to businesses this year.
11:02
CBTE Commonwealth Biotech announces signing of definitive share purchase agreement to acquire GL Biochem (0.48 +0.09)
Co announced it has entered into a revised and binding definitive share purchase agreement to acquire the parent of Shanghai-based GL Biochem and its associated businesses, the largest global supplier of research-grade peptide products and peptide reagents. Under the revised agreement, CBTE will receive all of the stock of the GL Group's holding company, Wise Century Group Limited, from its current shareholder, and will issue to that shareholder shares of CBTE's common stock equal to 78% of its then-outstanding shares, on a fully diluted basis. Closing is expected to occur promptly after co obtains shareholder approval for the transaction.
10:54
SBGI Sinclair Broadcast revises Q4 net broadcast revenues upwards (4.35 +0.32)
Co reported that it expects its net broadcast revenues for the three months ended December 31, 2009 to be better than the guidance it provided on November 4, 2009. The co now expects Q4 net broadcast revenues to be approx $153.8 mln, or only 6.5% lower than the same period last year. This is an improvement over its prior guidance which estimated net broadcast revenues to be approx $143.3 to $146.3 mln, or 11.0% to 12.8% down, as compared to fourth quarter 2008 net broadcast revenues of $164.4 mln. Advertising revenues from the auto sector has been a major driver of the revenue improvement due to increased spending by dealers and domestic manufacturers. The Company now expects the auto category to be down by approx 4.0% in the fourth quarter versus its prior estimate for auto to be down by high teen percents. In addition, the Company announced that the affiliation agreements with the ABC Network for nine stations it owns and/or operates have been extended for one month while the two sides continue to negotiate.
10:53
CAT Caterpillar pushes to new session high of 58.68, hovering slightly under its three week range top/Dec rebound highs at 58.74/58.85 (58.68 +1.69) -Technical-
10:48
BAC Bank of America notches new session high of 15.49, hovering just under its 200 day ema at 15.51 and its 50 sma/ema at 15.54/15.63 (15.47 +0.41) -Update- -Technical-
Move to new highs coincides with upbeat commentary by CEO during BloombergTV interview.
10:39
BG Bunge shares once again probe a distinct & important down trendline on the daily timeframe for the technical traders-- See Chart (64.90 +1.07) -Technical-
The trendline established off the Aug/Oct/Dec highs is in play this morning with players eyeing either a breakout/change in direction, or continued trendline/dominant trend resistance for now.
HoD in place @ 65 with BG (+1.75%) outperforming the SPX (+1.45%) slightly.
BG Daily Chart
10:39
WYNN Wynn Resorts working back toward session high and 50 day sma highlighted in 09:35 update (61.85 +3.62) -Update- -Technical-
10:35
XME Sector ETF strength & weakness through the first hour of today's trading -Technical-
Actively Traded Leading Sector ETF Plays:
SPDRS metals/mining- XME +5%, Coal- KOL +4.25%, Steel- SLX +4%, Nat gas- UNG +3.5%, Silver- SLV +3.5%, Gold miners- GDX +3.5%, Oil HLDRS- OIH +3.5%, iShares South Korea- EWY +3.5%, Global shipers- SEA +3%, Heating oil- UHN +3%, Basic materials- IYM +3%, XLB +2.75%, Energy- IYE +2.5%, XLE +2.75%, iShares Brazil- EWZ +2.75%
Actively Traded Lagging Sector ETF Plays:
US Dollar index- UUP -.75%, US airlines- FAA -.25%
10:31
WATG Wonder Auto Tech Motor to be Installed in Electrical Taxis (12.34 +0.60)
Co, a manufacturer of automotive electric parts, suspension products and engine components in China, today announced that one of its major customers, WEV (Wonder Electric Vehicle Ltd) has obtained 100 AEV licenses for its electric taxis from the local government, which is planning to increase the number of licenses accordingly in the following years. Wonder Auto's electric motor will be installed in these taxis, which include more than 10 different models of 2-seat and 4-seat vehicles. This is not only a sign of adopting electronic cars as taxis for the first time globally, but also a remarkable moment for WATG that our electric motors' quality and techniques satisfy the driving systems of electric vehicles. Additionally, our motors will become another strong growth driver to our total sales revenue in the future.
10:30
XLF Financial Select Sector SPDR providing leadership in recent trade, testing the late Dec rebound high at 14.59 (14.59 +0.19) -Update- -Technical-
Congestion is in the 14.70/14.75 area with the Dec intraday high at 14.94.
10:28
IMAX Imax achieves $100 million box office milestone in fourth quarter 2009 (13.54 +0.23)
Co announced that Q4, IMAX DMR gross box office worldwide reached the $100 million milestone, a first for the Company and an ~225% increase over last year's fourth quarter box office of ~$31 million. The Q4 DMR gross box office results include the ~$54 million generated from Avatar. DMR gross box office of Hollywood DMR titles shown in the worldwide IMAX network increased 108% to a record $270 million compared to $130 million in fiscal 2008.
10:28
SPY New high for Dow +145, S&P +15 with Nasdaq +34 below -Update- -Technical-
Dow and S&P are nearing their 52-wk highs (10580, 1130), Nasdaq set a new 52-wk high this morning.
10:26
PNY Piedmont completes sale of one-half of its ownership interest in SouthStar Energy Services (26.81 +0.06)
Co announced today that it completed the sale of one-half of its 30 percent ownership interest in SouthStar Energy Services to AGL Resources (AGL) effective January 1, 2010. Under the terms of the agreement, announced at the end of July 2009, Piedmont sold one-half of its ownership interest to AGL Resources for $57.5 million and retains a 15 percent ownership and earnings interest in SouthStar, which is no longer subject to any purchase option in favor of AGL Resources.
10:26
NIHD NASDAQ 100 (NDX) leaders & laggards moving through the first hour of trading -Technical-
NDX 100 Best % Performers:
NIHD +7.5%, MICC +6%, RYAAY +6%, WYNN +5%, JOYG +4.25%, GRMN +4%, STX +3.5%, STLD +3.5%, FWLT +3.5%, LOGI +3.5%, PDCO +3.25%, SYMC +3%
NDX 100 Worst % Performers:
NVDA -1.75%, RIMM -1.25%, FSLR -1%, EXPE -.75%, ILMN -.75%, SBUX -.5%, LIFE -.25%
NASDAQ TRIN @ +.70
NASDAQ A/D line @ +1470
10:26
ASEI American Science & Engineering receives $39.7 mln order for its Cargo X-ray inspection systems (78.54 +2.46)
Co announces that it has received a $39.7 mln order for cargo X-ray inspection systems from an unnamed government agency to screen cargo and vehicles for explosive threats and contraband at strategic border crossings.
10:23
AA Dow (INDU) leaders & laggards moving through the first hour of trading -Technical-
INDU Best % Performers:
AA +3.75%, PFE +3%, BA +3%, INTC +2.75%, DD +2.75%, CVX +2.5%
INDU Worst % Performers:
HD -.5%
NYSE TRIN @ +.75
NYSE A/D line @ +1755
10:19
SPY S&P 500 and Dow pause just shy of last week/52-wk highs at 1130 and 10580 -Update- -Technical-
10:19
GDX Mkt Vctrs Gold Miners slips to modest gap up lows as it sinks down to probe last wk's highs near 47.60 -- GG, AEM, GFI, RGLD, GOLD, AUY, KGC, NEM, ABX (47.60 +1.42) -Update- -Technical-
GLD also probing gap up range lows here.
10:17
HD Home Depot lagging Dow component pulls back near last week's low at 28.79 -- session low 28.83 (28.83 -0.09) -Technical-
Its two week low and 20 day exp (provided important support in Nov/early Dec) are at 28.71/28.68.
10:15
TECHX Dollar Index hovering near session low and last week's low at 77.33/77.30 -Update- -Technical-
Have see relative sector strength in recent trade in Materials XLB, Energy XLE / OIH, Coal KOL, Steel SLX, Commodity Index
10:14
IYR Sector Relative Weakness -- iShares DJ Real Estate continues its gap up reversal lower off the open as it slips back through last wk's low -- SPG, EQR, MAC, AVB, AMB, DDR, KIM, PSA (45.84 -0.08) -Technical-
10:11
MOS Mosaic shares extend early strength/gains with price nearing a probe/retest of the Dec. 52 week high point @ 62.46 (62.20 +2.47) -Technical-
HoD now in place just beneath @ 62.36.
MOS +4.2%, vs. the MOO tracking ETF +2.2%
10:09
DIA Dow sets new session high of 10570, hovering near last week's 52-wk high at 10580 -Technical-
Top performers in the Dow include: AA +3.5%, BA +3.3%, DD +2.9%, INTC +2.8%, CAT +2.6%, CVX +2.6%, PFE +2.5%, BAC +2.1%, CSCO +2.1%.
10:02
IBM IBM shares edge above the upper-most top of the recent 52 week high range as it outperforms the INDU by a slight margin (132.89 +1.99) -Technical-
New 52 week highs now @ 132.91
IBM +1.5% vs. INDU +1.2%
10:01
SPY Stock indices ticking higher after data, Dow +131 at fresh session high, S&P +13 and Nasdaq +33 hovering just below -Update- -Technical-
09:58
BIDU Baidu.com approaching $410 after opening around $416. (410.45 -0.78) -Technical-
$410.40 is the low from last Thursday
09:55
GS Goldman Sachs pushes to fresh gap up highs as it lifts up into its early Dec high of 171.33 (171.00 +2.18) -Update- -Technical-
09:52
USGS reports 5.4 magnitude quake in Solomon Islands region
09:49
CSCO Cisco Systems probing its Dec peak at 24.42 (24.40 +0.46) -Technical-
Congestion comes into play near 24.50/24.55 with its Oct/52-wk intraday high at 24.82.
09:48
JPM JP Morgan Chase edges above last week's high, testing 50 day ema at 42.18 (42.18 +0.56) -Technical-
Note that its 50 day sma comes in at 42.43.
09:46
RIMM Research In Motion heading sharply lower... testing important support at $67.20 (67.16 -0.37) -Update- -Technical-
09:44
RIMM Research In Motion shares display clear relative weakness to NDX 100 & peers as price ticks into negative territory on session lows @ 67.40 (67.54 0.00) -Technical-
RIMM -.20% vs. NDX 100 +1.3%, & SPX +.1.05%
09:43
XLF Financial Select Sector SPDR flirting with resistance zone (14.53 +0.13) -Update- -Technical-
Solid start for Finance with the XLF vacillating near its 50 day sma and Dec rebound high at 14.52/14.59 (session high 14.55) -- see 09:21 update for chart. (MS +3.9%)
09:43
ECONX Reminder: Construction Spending and ISM Index data due out in about 17 min at 10:00ET
09:42
AAPL Apple pushes higher off the open as it edges modestly above its Dec range/52-wk high of 213.95 (214.43 +3.60) -Technical-
09:40
QQQQ Nasdaq 100/Nasdaq Comp set new 52-wk highs, Russell 2000 retesting last week's 52-wk peak -Technical-
09:38
PMC PharMerica acquired Integrity Pharmacy Services for cash (16.21 +0.33)
Co announced that effective December 31, 2009, it has acquired Integrity Pharmacy Services for cash. Integrity has operations in Florida, Massachusetts and Pennsylvania and generates approximately $60 million in annual revenues. This transaction is expected to be accretive to the Company in 2010. "Our acquisition pipeline continues to grow, and we are confident our overall growth strategy will provide shareholder returns."
09:37
SPY S&P 500 extending strong start near Thursday's high at 1127 with last week's 52-wk high slightly above at 1130 -Technical-
09:35
WYNN Wynn Resorts gaps up to its 50 day sma/ema at 61.83/61.96 -- session high 61.97 (61.52 +3.29) -Update- -Technical-
09:34
OIH Oil Service HOLDRS Trust ETF moves up nicely in the early going with the longs making an attempt to retest the Dec. high/swing high surrounding 122.37 but falling just short thus far (121.94 +3.06) -Technical-
Price stalls/pauses just beneath the aforementioned technical level with an early HoD in place @ 122.35.
OIH +2.5% vs. SPX +.80%
09:33
AMAT Applied Materials tests Dec/52-wk high at 14.22 -- session high 14.21 (14.17 +0.23) -Technical-
09:33
GDX Mkt Vctrs Gold Miners gaps above late Dec rebound high, hovering modestly under its 50 day sma at 48.21 (47.92 +1.71) -Technical-
09:31
QCC Quest Capital completes repurchase of its preferred shares and plans to recommence lending activities (1.12 -0.02)
Co announces that on December 31, 2009 it made its final payment to repurchase and retire all of its $40 million First Preferred Shares, Series A (the "Preferred Shares").
09:26
MNTX Manitex International acquires Load King specialized trailer business (1.92 )
Co announces that it has acquired the assets and certain liabilities of Load King Trailers, an Elk Point, South Dakota-based manufacturer of specialized custom trailers and hauling systems typically used for transporting heavy equipment, from Genie Industries, Inc., a subsidiary of Terex Corp (TEX), for a total consideration of $3.1 million, consisting of a promissory note of $2.75 million, Manitex shares valued at $250,000 and cash of $100,000. Load King's last five years average annual revenues were approximately $23 million. "We anticipate moderate revenue and cash flow contributions in the second half of 2010 from Load King, with a more substantial impact occurring in following years as construction equipment sales growth accelerates with the recovery of this sector."
09:21
XLF Financial Select Sector SPDR poised for retest of 50 day/trendline/rebound high -Technical-
(Click for chart).
09:19
PAA Plains All Amer announces acquisition of additional capline pipeline interest and tankage at Patoka (52.85 )
Co announces that through a series of transactions it has acquired an additional interest in the Capline Pipeline system and associated tankage for aggregate consideration (net of cash and assumed liabilities) of approximately $64 mln. These assets were acquired either directly or indirectly from Chevron, Marathon Oil Corporation and Shell Pipeline Company. The assets acquired include a 21% undivided interest in Capline and a 100% interest in 720,000 barrels of tankage at Patoka, Illinois. As a result of this transaction, PAA is now the largest owner in Capline with an aggregate interest of 43%. The partnership acquired its initial 22% interest in Capline in 2004.
09:14
RDY Dr. Reddy's confirms significant reduction in HbA1c with Balaglitazone and improved safety profile (24.21 ) -Update-
Co and Rheoscience confirm the headline results from the first phase III study for their investigational agent, Balaglitazone. The study was a phase III, randomized, double blind, parallel-group placebo- and active comparator-controlled clinical study to determine the efficacy and safety of balaglitazone. The study showed that the trial met its primary endpoint of reduction in HbA1c. The study explored the impact of adding placebo, Balaglitazone 10mg, Balaglitazone 20mg or Pioglitazone 45mg to a background treatment regimen of stable insulin therapy for a period of 26 weeks. The primary endpoint was HbA1c reduction, while several secondary endpoints including fasting plasma glucose, oedema, weight gain, and body composition were considered. All three active arms showed good tolerability and adverse event profile, with Balaglitazone 10mg demonstrating less water retention, less fat accumulation, lower weight/BMI gain and less bone loss when compared to the Pioglitazone arm.
09:02
PSOF Pansoft Company Ltd signs "major software system development and integration contract" with PetroChina (5.20 )
Co announces that it has entered into a significant software system development, expansion and integration contract with PetroChina valued at approximately $5.0 mln on Dec. 30, 2009. This represents the largest single contract in the company's history and will include system integration, expansion development, training and technical support.
09:02
MWE MarkWest Energy announces sale of joint venture interest in Starfish Pipeline Company (29.27 )
Co announced the sale of its 50 percent limited liability company interest in Starfish Pipeline Company to Enbridge Offshore (Gas Transmission) L.L.C., an Enbridge Inc. (ENB) company, effective December 31, 2009.
09:02
CI CIGNA announces that David Cordani has become president and CEO (35.27 )
Co announces that David Cordani has become president and CEO. In addition, Isaiah Harris has become the chairman of the board for CIGNA.
09:01
AZC Augusta Resource announces $40 mln debt refinancing and copper concentrate off-take commitment (2.42 )
The co announces that Augusta and Red Kite Explorer Fund have signed a credit approved term sheet relating to a $40 million senior secured loan and copper concentrate off-take agreement for the Rosemont copper project. Red Kite has issued a commitment letter subject to any required regulatory approvals and customary due diligence and legal documentation... Under the terms of the off-take agreement, Red Kite will purchase up to 15% of Rosemont's copper concentrates up to a maximum of 45,000 dry metric tonnes per year, for a period of 10 years, starting with commencement of commercial production, which is expected in 2012. The off-take agreement terms include market pricing and competitive payables for metals including benchmarked treatment and refining charges.
09:00
TRIT Tri-Tech Holding received a $2 million Build-Transfer contract (20.40 )
Co received a $2 million Build-Transfer (BT) contract for a wastewater treatment plant upgrade in Xinle City, Hebei province. Tri-Tech will upgrade the plant and transfer ownership to Xinle City. The upgrade will improve the effluent quality from Class 2 to Class 1A standards as per the National Discharge Standard of Pollutants for Municipal Wastewater Treatment Plant.
08:45
KFY Korn/Ferry acquires SENSA Solutions; expected to be accretive within first 12-18 months (16.50 )
Co announces that it has acquired SENSA Solutions, a management consulting firm widely respected for its leadership and organizational development solutions utilized by U.S. federal agencies. Financial terms of the transaction were not disclosed. Korn/Ferry anticipates that the acquisition of SENSA will be accretive to earnings within the first 12-18 months of ownership. "For Korn/Ferry, SENSA provides immediate access, expertise and experience in providing federal government clients with human capital solutions, a market that is robust and growing," said Gary Burnison, CEO of Korn/Ferry International.
08:34
GFRE Gulf Resources commences construction of new chemical additives production line for waste water treatment (11.66 )
Co announces that the Company commenced the construction of the new chemical additives production line for waste water treatment. The Company's board of directors approved the construction of the new chemical additives line and expects it to start production in July of 2010 with chemical additives production capacity of 3,000 metric tons per year. The new production line will be located in the Company's Yuxing Chemical Plant and the Company estimates that it will contribute approximately $9 to $10 million in revenues with an estimated gross profit margin over 40% in the first year of operation. The capital expenditure for the new production line is expected to be approximately $8 to $10 million. The Company expects to fund the new production line with cash from operations.
08:32
EDGW Edgewater acquires Fullscope for $12.5 mln in cash (2.97 )
Co announces that it has acquired Alabama-based Fullscope, a Microsoft Dynamics consulting firm. The acquisition was completed after the close of business on Dec. 31, 2009. Fullscope's operating results will be combined with those of Edgewater's beginning on January 1, 2010 and the transaction is expected to be accretive to earnings per share in 2010. Excluding the Process Development Business Unit, Fullscope generated approximately $12.6 mln in annualized service revenue and $9.1 mln of software resale revenue in the most recent twelve-month period. Under the terms of the merger agreement, Fullscope shareholders will receive total upfront cash consideration of $12.5 mln, subject to net working capital adjustments to be calculated post-closing.
08:31
HMSY HMS Holdings acquires Verify Solutions (48.69 )
Co announces that it has acquired the assets of Verify Solutions. The purchase price for the assets of Verify Solutions was $8.0 million, with additional future payments contingent upon future financial performance. HMS projects revenues from dependent eligibility audits of approximately $7 million and expects the transaction to be accretive to earnings per share for the fiscal year ending December 31, 2010.
08:15
IAG IAMGOLD announces that its CEO will step down effective Jan. 15, 2010 (15.64 )
Co announces that Joseph Conway, President and CEO, will be leaving the company effective January 15. The Board of Directors has appointed a Committee to conduct a search for Conway's successor. Pending the completion of the search, Director Peter Jones, will step in as Acting CEO of IAG. Jones is currently the Chair of the Human Resources and Compensation Committee and a member of the Audit Committee.
08:08
FPP Fieldpoint Petroleum announces that it has acquired a lease of approximately 440-800 gross acres in Renville County North Dakota (2.33 )
Co announces that it has acquired a lease of approximately 440-800 gross acres in Renville County North Dakota. This property borders on the well established Bakken shale oil play which encompasses multiple counties including Mountrail, Burke, Divide and Dunn. FieldPoint has paid an average of $155.00 per acre for these oil and gas leases with an average 16-20% royalty.
08:08
On The Wires
Digital Realty Trust (DLR) announces that it acquired two fully leased datacenter properties and a 10.73 acre site in Northern Virginia... Clark Holdings (GLA) announces the it has reached a settlement agreement with the Sellers of The Clark Group to reduce the original purchase price outlined in the Stock Purchase Agreement dated May 18, 2007, by $1,275,000... Tyler Technologies (TYL) announces that the City of Amarillo, Texas has signed an agreement to implement Tyler's municipal court case management software solution. The contract includes software licenses, professional services, maintenance, and support... AES Wind Generation, a wholly-owned subsidiary of The AES Corp (AES), announced the start of commercial operation for its 101 MW Armenia Mountain wind farm in Pennsylvania.
08:04
NIV NIV IntelliMedia Tech Grp and China Potevio Enter into Strategic Partnership for the Development of a 3G Mobile Phone (2.58 )
Co announced that it executed a strategic partnership agreement with China Potevio on December 30, 2009. NIVS will collaborate with Potevio for the development of a 3G mobile phone, as well as the application of China Potevio's TD-SCDMA wireless products & solutions. NIVS will also work with Potevio's research team to develop and apply the new technologies to the NIVS branded mobile phone, distributed in the mainland Chinese domestic market.
08:04
DYN Dynegy announces funding of significant debt reduction initiative (1.81 )
Co announces its wholly-owned subsidiary, Dynegy Holdings, completed the funding of the previously announced repurchase of approximately $420 million of its outstanding 6.875 percent Senior Unsecured Notes due 2011 and approximately $410 million of its outstanding 8.75 percent Senior Unsecured Notes due 2012. This represents 83 percent of the company's Senior Unsecured Notes due 2011 and 2012. The total consideration to effect the transaction, inclusive of consent fees, was approximately $875 million.
08:03
KNDI Kandi Technologies forges strategic alliance with energy, IT and battery companies to help launch new Electronic Vehicle (EV) Era in China (4.40 )
Co announces it has formed a strategic alliance with China Potevio/CNOOC New Energy and Power -- a joint venture of China National Offshore Oil Corporation (CNOOC) and China Potevio Co. -- and Tianneng Power International, aimed at speeding up the commercialization and achieving mass adoption of Pure Electronic Vehicles in China.
08:02
CNX CONSOL Energy announces 2010 capital budget of $1.0 billion; includes CNX Gas 2010 capital budget of $400 million; CNX Gas re-affirms 2010 production target of 100 Bcf (49.80 )
The co's Board of Directors has approved a 2010 Capital Budget of $1.0 billion. Included in the budget is $400 million for CNX Gas Corporation (CXG). The $400 million Capital Budget for CNX Gas is about evenly split between shale programs and coalbed methane programs, with the largest single program consisting of $160 million for the Marcellus Shale. CNX Gas will be signing a contract for a second horizontal rig to drill in the Marcellus Shale effective March 1, 2010. This rig will be a flex rig that will allow for greater efficiencies when drilling multiple wells from the same pad... CONSOL Energy has budgeted $500 million for coal and $100 million for other (non-gas) activities. Included in the coal budget is $130 million in efficiency projects for longwall face extensions and overland conveyor systems. These projects are follow-throughs on commitments made prior to the economic downturn, and should help to improve unit costs.
08:02
MCF Contango Oil & Gas announces successfulwWell at Ship Shoal 263 and updates operations (47.01 )
The co announces a successful well at its Nautilus prospect located at Offshore Gulf of Mexico block Ship Shoal 263. The Company has a working interest of ~94% and a net revenue interest of ~74% in this well, inclusive of its investment in Contango Offshore Exploration LLC. Production is expected to begin by mid-summer 2010 at an estimated rate of 20 million cubic feet equivalent per day ("Mmcfed"), net to Contango. Costs are expected to be ~$29 million. The Company's drilling program with its joint venture partner, Patara Oil & Gas, is proceeding as planned. Co has spud its first two wells. The first well was successfully fraked with flow-back rates and pressure in line with average curves and is now on-line and flowing at an 8/8ths rate of 1.2 Mmcfed. Co expects to begin production by the end of January 2010 at a similar 8/8ths production rate. Co has invested ~$3.5 million in these two wells. Contango's current production is 81 Mmcfed. Co has no debt and ~$70 million in cash and cash equivalents and $50 million of unused borrowing capacity. For the calendar year 2010, co has increased its capital expenditure budget to ~$112 million.
08:01
IVAC Intevac receives order for eight 200 Lean Systems (11.47 )
Co announces an order for eight 200 Lean magnetic disk sputtering systems, scheduled for delivery in the second and third quarter of 2010. "We are very pleased to receive this capacity-driven order for our 200 Lean system," commented Kevin Fairbairn, president and CEO of Intevac. "The hard drive industry currently is seeing very high rates of media capacity utilization, requiring incremental new capacity to support the growth expected this year."
08:00
MERX Merix announces sale of Hong Kong Facility for ~$11.1 mln (2.45 )
Announces it has reached a binding agreement to sell the building and long term land lease of its former Hong Kong manufacturing facility for $85.8 mln Hong Kong dollars or approx. $11.1 mln. The sale agreement is anticipated to close in the spring of 2010 and is contingent upon approval by the Hong Kong Science and Technology Park and the buyer completing required financing. Upon closing, Merix anticipates net proceeds to approximate $9.5 mln from the transaction. The building and land lease are currently held on Merix financial statements at zero net book value.
07:46
NRGY Inergy acquires Liberty Propane and agrees to acquire MGS Corporation (35.68 )
Co announces that its wholly-owned subsidiary, Inergy Propane, has purchased all of the partnership interests in Liberty Propane, for approximately $223 million, including an estimated assumed tax liability. Also, in a separate transaction, the co signed a definitive agreement to acquire the propane assets of MGS Corporation. The MGS acquisition is subject to certain closing conditions and Inergy anticipates closing the transaction by mid-January.
07:33
CAM Cameron receives an order in excess of $230 mln from Chevron (41.80 )
Co announces it has received an order worth in excess of $230 mln for the supply of subsea production systems for Stage I of Chevron's Jack & St. Malo subsea development in the Gulf of Mexico. The project will include 12 15,000-psi subsea trees, production control systems, four manifolds and associated connection systems, engineering and project management services. Deliveries are scheduled to begin in the third quarter of 2011 and continue through the second quarter of 2013.
07:33
SSTI Silicon Storage: SST Full Value Committee urges the Board of Silicon Storage to reconsider its decision to be acquired by members of its own management team and Technology Resources Holdings (2.56 )
The SST Full Value Committee announced today that it has sent a letter to the Board of Directors of Silicon Storage Technology, urging the Board to immediately reconsider its decision to move forward with the acquisition of the Company by members of SSTI's own management team in concert with Technology Resources Holdings. The Committee intends to solicit against the proposed merger and take such other action as it deems necessary to protect the interests of all shareholders if the Board determines to move forward with the merger and does not withdraw its proxy materials to solicit shareholder approval. The members of the Committee are significant shareholders of the Company and collectively own 12,548,094 shares of SSTI or approximately 13.1% of the shares outstanding as of October 31, 2009.
07:32
ALGT Allegiant Travel to purchase 18 MD-80 aircraft (47.17 )
The co announces that on December 30, 2009 it signed an agreement to purchase 18 MD-80 aircraft from Scandinavian Airlines System (SAS). Allegiant will pay for the aircraft with cash. Allegiant expects to take delivery of these aircraft during the first three quarters of 2010. The 18 purchased aircraft comprise two groups: 13 MD-82/3 aircraft which the Company's airline subsidiary Allegiant Air expects to place into service by the end of 2011. Along with a previously-announced separate purchase of two MD-82/3 aircraft (also from SAS) for delivery in the first quarter of 2010, this transaction satisfies essentially all of Allegiant's currently expected aircraft growth through the end of 2011. Allegiant expects to operate at least 52 aircraft by the end of 2010 and as many as 60 aircraft by the end of 2011. Allegiant expects that the all-in cost of placing each such aircraft into service, including an allocable portion of the acquisition price and required maintenance, paint, seats, equipment upgrades and other necessary modifications will be less than $4 million per aircraft.
07:31
CDII China Direct sees FY10 revenue of $130-$150 mln vs $145.3 mln consensus; net income of $8-$10 mln (1.18 )
Co issues in-line guidance, sees FY10 revs of $130-$150 mln vs. $145.3 mln consensus, with net income of $8-$10 mln. Co states, "As a result of improved visibility in the operations of its subsidiaries in China, coupled with continued price stabilization and improvement in demand in its magnesium segment, management has decided to reinitiate providing an annual financial outlook. This guidance is predicated on management's belief that magnesium prices and demand will continue to gradually improve in fiscal 2010. Management also believes its consulting operations will improve significantly as global markets continue to strengthen for small to medium sized Chinese entities."
07:31
LL Lumber Liquidators announces formation of new holding company to 'create more efficient corporate structure' (26.80 )
Co announces that effective December 31, 2009, it has reorganized by creating a new holding company structure. The primary purpose of the reorganization was to create a more efficient corporate structure that provides flexibility, risk mitigation, enhanced compensation and benefit structuring, and other benefits. The business operations of the company and its subsidiaries will not change as a result of the reorganization. As part of the holding company reorganization, a new parent company named Lumber Liquidators Holdings, Inc. was formed. Outstanding shares of the capital stock of the former parent company, which was named Lumber Liquidators, Inc., were automatically converted, on a share for share basis, into identical shares of common stock of the new holding company. Lumber Liquidators intends to mail instructions to stockholders regarding the process for exchanging their old stock certificates.
07:28
On The Wires
Partner Communications Company (PTNR) announces that the Board of Directors of the Company approved the appointment of Mr. Eli Glickman as Deputy CEO... PCTEL (PCTI) announced that PCTEL had acquired all of the assets related to the Ascom scanning receiver business. Under the agreement, PCTEL will continue to supply both PCTEL and WTS scanning receivers to the newly formed Ascom Network Testing Division that consolidated the testing businesses for mobile telecom carriers of Ascom... ADVENTRX Pharmaceuticals (ANX) announced that it has submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for its product candidate ANX-530 (vinorelbine injectable emulsion)... Hydrogenics Corporation (HYGS) and Rosetti Marino S.p.A. announced an agreement to jointly design, develop and commercialize utility-scale hydrogen power plants for peak shaving and energy management... Yuhe International (YUII) announced that the Company had recently entered into an agreement to purchase 13 breeder farms from Weifang Dajiang Corporation. The Company also entered into an agreement to purchase land use rights for a 5.3-hectare (80 mu) parcel of land in Weifang, Shandong Province, where the Company intends to build a new breeder farm... Cogent Systems (COGT) announced that it has been awarded a contract to replace the Automated Finger Imaging System for the New York State Office of Temporary and Disability Assistance. The contract award is for a period of 5.5 years, with an option to extend the contract for at least one year for a period of up to two years... Deer Consumer Products (DEER) announced the company has signed a $4 million supply contract for product shipments to the South American markets for delivery in 2010... BPZ Resources (BPZ) announces the completion of the CX11-19D well in the Corvina field and the A-14XD well in the Albacora field, both located in offshore Block Z-1 in northwest Peru. The 19D was put on production at an initial rate of approximately 1,700 barrels of oil per day (bopd) and the A-14XD at approximately 2,300 bopd.
07:26
TWC Time Warner Cable and Fox Networks Group agreed in principle to a comprehensive distribution agreement (41.39 )
News Corporation's (NWS) The Fox Networks Group and Time Warner Cable announced that they have agreed in principle to a comprehensive distribution agreement to provide more than 13 million households with programming from Fox Television Stations, Fox Broadcasting (FOX), Fox Cable Networks and Fox's regional sports networks. The deal also includes carriage agreements for Bright House Networks' 2 million additional subscribers.
07:18
SIA reports November chip sales rose 3.7% m/m
Worldwide sales of semiconductors rose to $22.6 billion in November, a 3.7% increase from October when sales were $21.8 billion, the Semiconductor Industry Association (SIA) reported. Sales were 8.5% higher than November 2008 when sales were $20.9 billion. Sales for the first 11 months of 2009 were $202.1 billion, a decline of 13.2% from the like period of 2008 when sales were $232.7 billion. "For the first time in 2009, worldwide semiconductor sales in November were in positive territory compared to one year ago," said SIA President George Scalise. "2009 ended with sales of many IT and consumer products faring better than earlier projections. Sales of personal computers continue to strengthen in line with recent projections and appear to signal the beginning of recovery of demand from the business sector. The release of the Windows 7 operating system in October has been a positive factor. Unit sales of handsets should come in roughly even with 2008 levels. In the consumer space, there have been a few bright spots including LCD TVs, which saw an increase of 25-30 percent in units in 2009. "With a sequential increase of 3.7%, November was the ninth-consecutive month of increased chip sales. Sales increased sequentially in all geographic regions," Scalise concluded.
07:15
D Dominion moves forward with Pennsylvania gas utility sale (38.92 )
The co has decided to continue with the sale of Dominion Peoples to Peoples Hope Gas Companies (PH Gas). The company had planned to sell Dominion Hope to PH Gas as well, but the West Virginia Public Service Commission denied the application for sale in an order issued Dec. 22. The sale of the western Pennsylvania natural gas utility to PH Gas, a subsidiary of SteelRiver Infrastructure Fund North America, was approved by the Pennsylvania Public Utility Commission on Nov. 19. The sales price is $780 million, adjusted for changes in working capital and levels of capital expenditures, and closing is expected in the first quarter of 2010. The sale is neutral to Dominion's 2010 operating earnings per share outlook provided on its last earnings call.
07:14
BFRM Bioform Medical: Merz to acquire BioForm Medical for $5.45/share in cash (3.40 )
Merz Pharma Group, a privately-held company based in Frankfurt am Main, Germany, and BioForm Medical announce that the Board of Directors of BioForm Medical and the Merz Shareholders Council have unanimously approved a definitive agreement under which Merz will acquire all of the outstanding shares of BioForm Medical for $5.45 per share in cash pursuant to a cash tender offer followed by a second-step merger. The transaction has a total equity value of approximately S$253 million based on BioForm Medical's outstanding shares of common stock. The $5.45 per share cash purchase price represents a premium of 55% over BioForm Medical's 30-day average closing stock price, and a premium of 60% over the closing price of BioForm Medical's common stock on December 31, 2009, the last trading day prior to today's announcement... The transaction, which is expected to close in the first quarter of calendar year 2010, is conditioned on the tender of a majority of the outstanding shares of BioForm Medical common stock as well as regulatory approvals and other customary closing conditions. The transaction is not subject to financing.
07:07
FSC Fifth Street Finance announces the structuring of $208.8 mln of senior secured debt financings (10.74 )
Co announces that it structured $208.8 mln of senior secured debt financings in connection with four new portfolio companies during the month of Dec 2009, all of which are sponsor-backed and first lien investments. The portion of Fifth Street's funded commitment is $137.8 mln and its unfunded commitment is $22.8 mln. Fifth Street's first lien debt exposure at Sept. 30, 2009 was 46.8% at cost. If these Dec. debt financings are combined with Fifth Street's portfolio at Sept. 30, 2009, Fifth Street's first lien debt exposure would increase to 62.6% at cost, exclusive of any other interim activity or closing fees. In connection with these financings, FSC drew $38.0 mln on its three-year credit facility with Wachovia Bank, N.A., a Wells Fargo company. Fifth Street's small business investment company subsidiary will hold $62.0 mln of these financings which will be included in its regulatory capital, if it receives a license from the Small Business Administration. FSC's SBIC subsidiary previously invested $11.0 mln of regulatory capital, bringing the total regulatory capital invested to date to $73.0 mln. FSC remains cautiously optimistic that it will complete the SBIC licensing process.
07:04
On The Wires
Amedisys (AMED) announced that it has received the regulatory approvals from the state of New Jersey and that it has completed the acquisition of the home health operations of Hackensack University Medical Center. This acquisition represents Amedisys' initial entry into the home health business in New Jersey, a certificate of need (CON) state. The agency has annualized revenue of approximately $19 million and serves Bergen and Hudson counties... Zhongpin (HOGS) announced it started production in its new prepared pork products plant in Changge, in Henan province, on December 26, 2009. The new Changge plant will have an annual capacity of 36,000 metric tons for prepared pork products. With this addition, Zhongpin will have 90,000 metric tons of annual capacity in its three Changge plants for prepared pork products... WebMediaBrands (WEBM) announces it acquired all of the equity of 3rd Power from Charles Edward Hudson as well as several new tradeshows to be launched in 2010. Charles Edward Hudson is now a consultant to WebMediaBrands. Terms of the acquisition were not disclosed.
07:02
HEP Holly Energy Partners Board of Directors elects David G. Blair to the position of President (39.84 )
Co announced the promotion of David G. Blair from his current position as Senior Vice President of Holly Energy to President, effective January 1, 2010.
07:01
LHCG LHC Group acquires Hospice Agency in Branson, Missouri (33.61 )
Co announces it has acquired 100% of the assets of Access Hospice Care located in Branson, Missouri. The service area of this acquisition spans 13 counties in southwest Missouri. The primary service area has an estimated total population of 782,000, with almost 15% over the age of 65. Net revenue for the Branson, Missouri, hospice agency during the most recent 12 months was approx $1.0 mln. This acquisition, which was effective January 1, 2010, is not expected to add materially to LHC Group's earnings in 2010.
07:01
CPHD Cepheid receives FDA emergency use authorization for first 2009 H1N1 influenza assay for CLIA 'moderate complexity' laboratories (12.48 )
Co announces it has been granted Emergency Use Authorization from the U.S. Food and Drug Administration for its Xpert Flu A Panel test. The test, which runs on Cepheid's GeneXpert System, identifies the 2009 H1N1 influenza virus in less than one hour. The FDA has authorized Cepheid's Xpert Flu A Panel to be used in laboratories certified under the Clinical Laboratory Improvement Amendments to perform "moderate complexity" (not waived) testing, enabling the test to be performed in hospital near-patient settings. Cepheid will continue development of an expanded influenza panel product that it expects to test for Influenza A with strain identification for H1 seasonal and H3 seasonal influenza A subtypes, the 2009 H1N1 subtype, and Influenza B. For that product, Cepheid expects to submit a separate 510(k) in 2010. Cepheid expects Xpert Flu A Panel to become available in Europe as a CE IVD Mark product under the European Directive on In Vitro Diagnostic Medical Devices the week of Dec. 28, 2009.
07:00
FTEK Fuel-Tech announces election of Douglas Bailey as Chairman of the Board (8.17 )
Co announces that its Board of Directors has elected Douglas Bailey, formerly Deputy Chairman since 2002, to the position of Chairman of the Board of Fuel Tech, effective January 1, 2010. Mr. Bailey succeeds Ralph E. Bailey, who ended his service as Executive Chairman, effective December 31, 2009. Ralph Bailey will continue to serve as a Director. Douglas Bailey has been President of American Bailey Corporation (ABC), a closely-held private equity firm, since its founding in 1984 and has been its Chief Executive Officer since 1996; he has worked closely with Fuel Tech since its affiliation with ABC began in April 1998.
07:00
ITMN InterMune announces FDA grants priority review of Pirfenidone NDA for the treatment of patients with IPF (13.04 )
The co announces that the FDA has accepted for review and granted Priority Review designation for the company's New Drug Application (NDA) for pirfenidone for the treatment of patients with idiopathic pulmonary fibrosis (IPF). Priority Review designation may be granted by the FDA to an NDA for drugs that offer major advances in treatment, or provide a treatment where no adequate therapy exists. This designation has the potential to expedite the NDA approval process by reducing the target review period for the application from approximately 10 months to six months. Based on the Prescription Drug User Fee Act (PDUFA), the FDA has set an action date for the NDA of May 4, 2010.
06:34
S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +19.50.
06:34
Asian Markets
Nikkei...10654.79...+108.40...+1.00%. Hang Seng...21823.28...-49.20...-0.20%.
06:34
European Markets
FTSE...5445.73...+33.90...+0.60%. DAX...6002.06...+44.60...+0.80%.
06:02
CBZ CBIZ Inc announces the acquisition of the non-attest business of Goldstein Lewin & Company (7.70 )
Co announces the acquisition of the non-attest business of Goldstein Lewin & Company. Concurrent with this transaction, Mayer Hoffman McCann P.C. announced the acquisition of the attest business of Goldstein Lewin & Company. CBIZ, Inc. and Mayer Hoffman McCann P.C. have an alternative practice structure. The two companies are separate and independent legal entities that work together to serve clients' business needs. Goldstein Lewin & Co. has 85 associates and recorded approximately $13.7 million in revenue during the past twelve months. As a result, the Company expects to record a restructuring charge of approx $1.4 mln before tax during 2010 in connection with this integration. Including the impact of this one-time non-cash charge, it is anticipated that this transaction will be accretive to earnings in 2010.
06:00
On The Wires
The Ensign Group (ENSG) announces that it has acquired Emmett Care & Rehabilitation Center, a 72-bed skilled nursing facility in Emmett, Idaho, and Parke View Rehabilitation & Care Center, an 86-bed skilled nursing facility in Burley, Idaho... The Ensign Group (ENSG) announces that it has acquired the underlying real estate and other operating assets of Paramount Health & Rehabilitation Center, an 85-bed skilled nursing facility in Salt Lake City, UT.
03:22
CHK Chesapeake Energy announces $2.25 bln Barnett Shale joint venture with Total E&P USA (25.88 )
Co announces the execution of an agreement for a $2.25 bln joint venture with Total E&P USA, a wholly-owned subsidiary of Total S.A. (TOT), whereby Total will acquire a 25% interest in Chesapeake's upstream Barnett Shale assets. Total will pay $800 mln in cash at closing and will pay an additional $1.45 bln by funding 60% of Chesapeake's share of drilling and completion expenditures until the $1.45 bln obligation has been funded, which Chesapeake expects to occur by year-end 2012.
02:12
ACL Novartis announces option exercise and merger proposal with Alcon (164.35 )
Novartis (NVS) announces that it had exercised its option to purchase the remaining shares in Alcon owned by Nestle S.A. at a weighted average price of $180.00 per share in cash. The exercise is pursuant to an agreement between Nestle and Novartis that was executed on April 7, 2008. Novartis also announces that it has submitted to the Alcon board of directors a proposal for a merger of Alcon with and into Novartis to be effected under Swiss merger law. Under the terms of the merger proposal, holders of the approx 23% of Alcon shares that are publicly-traded would receive 2.8 Novartis shares for each Alcon share. Based on the Novartis share price and U.S. dollar/Swiss franc exchange rates prior to the announcement, this would value each publicly-traded share of Alcon at approx $153.00. The proposed merger would be contingent upon, among other things, approval by the Alcon Board of Directors, the closing of the purchase and sale transaction related to the Novartis option exercise as well as receipt of required regulatory approvals.
02:06
On The Wires
Ampal-American Israel (AMPL) announces that on December 31, 2009 it signed an option exercise agreement with Merhav Ltd. pursuant to which it has exercised an existing option to convert Ampal's existing $22.249 mln loan into a 25% equity interest in a sugarcane ethanol production project in Colombia being developed by Merhav... Seaspan (SSW) reports that on December 31, 2009 the CSCL Hamburg, a 4,250 TEU container vessel went aground in the Gulf of Aqaba en route to Singapore; preliminary reports indicated that there were no personnel injuries or oil pollution as a result of the incident... Anesiva (ANSV) announces merger with Arcion Therapeutics will not be completed... PCTEL (PCTI) announces that PCTEL had acquired all of the assets related to the Ascom scanning receiver business; PCTEL will pay $4.5 million for the scanning receiver business.
16:10
TTO Tortoise Capital announces sale of Timberline Energy (6.51 -0.05)
Co announces that its portfolio company, Mowood, has entered into a definitive agreement to sell its wholly owned subsidiary Timberline Energy to Landfill Energy Systems. Timberline is an owner and developer of projects that convert landfill gas to energy. According to terms of the transaction, which is expected to close within 60 days, Mowood will transfer Timberline's operating and development projects to LES. Interest in one development project is expected to be transferred to Timberline management. After paying off its indebtedness, paying management incentives and reserving for continued liabilities, Mowood is expected to distribute substantially all of the remaining proceeds to TTO. At close TTO is expected to receive proceeds of between $9.0 and $9.3 mln depending on closing adjustments. Over the next two years TTO could receive additional proceeds of up to $3.7 mln based on the contingent and escrow terms contained in the agreement. The transaction and TTO's proceeds are subject to the terms and conditions of the purchase and sale agreement which include customary indemnification obligations. TTO intends to use the proceeds of the transaction to payoff its $4.6 mln of bank debt leaving the remainder available to invest according to stated investment policies.
16:03
FTK Flotek Industries provides year-end operational update (1.34 +0.07)
Co expects chemical sales to be approximately flat with the third quarter, meeting expectations. While visibility remains short, the Company would expect flat to modestly higher sales in the first quarter followed by slow but steady sales growth for the balance of 2010. While Flotek's downhole tool division benefits from an increase in the overall rig count (up approximately 10% from the end of the third quarter), an oversupplied tools market continues to create significant competition and pricing pressure. Artificial lift activity continues the same subdued pace from the third quarter, a result of continued weak natural gas prices in the Rockies. The Company continues to believe the artificial lift business will improve when Powder River Basin Coal Bed Methane operators are confident of a sustained natural gas price recovery. "We do not expect meaningful growth in this business until mid-2010. Weather and holidays also impact this business line." However, Flotek continues to expect results approximately in-line with third quarter performance.
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