Briefing.com: Hourly In Play (R) – 16:00 ET
Jan 22, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 22-Jan-10 16:00 ET
15:55
UNG Sector ETF strength & weakness approaching today's closing bell -Technical-
Actively Traded Leading Sector ETF Plays:
Nat gas- UNG +3%, Yen currency shares- FXY +.50%, Euro currency shares- FXE +.25%
Actively Traded Lagging Sector ETF Plays:
Solar power- TAN -5.75%, Semis- SMH -5.25%, IGW -4.75%, Oil HLDRS- OIH -4%, Steel- SLX -4%, Clean energy- PBW -4%, Coal- KOL -3.5%, Finance- XLF -3.25%, IYF -3%, SPDRS metals/mining- XME -3.25%, SPDRS tech- XLK -3.25%, Commercial banks- KBE -2.75%, NDX 100- QQQQ -2.75%, iShares REITS- ICF -2.5%, iShares US broker/dealers- IAI -2.75%, iShares S. Korea- EWY -2.75%, Global shippers- SEA -2.5%, REgional banks- KRE -2.25%
15:46
TEVA Teva Pharm announces Court of appeals affirms favorable decision regarding generic Prevacid SoluTab (56.82 -0.86)
Co announces that the U.S. Court of Appeals for the Federal Circuit has affirmed a Nov. 10, 2009, District Court decision that the Company's generic version of Takeda's Prevacid SoluTab does not infringe U.S. Patent No. 5,464,632. Teva's Abbreviated New Drug Application to market lansoprazole orally disintegrating tablets is currently pending final approval at FDA. Annual sales of the brand product were approximately $513 million in the United States based on IMS sales data.
15:45
Earnings Preview for the week of Jan 25th-29th:
Of the hundreds of companies reporting earnings the week of Jan 25th-29th some of the bigger names include: Monday: AKS, HAL, DGX, AMGN, AAPL, JDAS, TXN, VMW, and ZION... Tuesday: ABC, BHI, GLW, DAL, DD, EMC, ENR, JNJ, MHP, NVS, NUE, TRV, X, VZ, GILD, MCK, RFMD, SYK, and YHOO... Wednesday: ABT, BLK, BA, CAT, COP, GD, ITW, SAP, STJ, TEL, UAUA, UTX, WLP, ETFC, GMCR, HOKU, MUR, NFLX, NSC, QCOM, SYMC, TSCO, WEN... Thursday: MMM, ALK, MO, T, BAX, BDX, BC, CL, EK, LLY, F, GR, LMT, MJN, MOT, NOK, OXY, OSK, POT, TWC, UA, ZMH, AMZN, GNW, KLAC, JNPR, MSFT, and SNDK... Friday: ACI, CVX, FO, HON, MAT, and PCAR.
15:39
ACOR Acorda Therapeutics: FDA approves Ampyra to improve walking in adults with multiple sclerosis (26.66 +1.04) -Update-
The U.S. Food and Drug Administration approved Ampyra (dalfampridine) extended release tablets to improve walking in patients with multiple sclerosis. In clinical trials, patients treated with Ampyra had faster walking speeds than those treated with an inactive pill. This is the first drug approved for this use. "Trouble with walking is one of the most debilitating problems people with MS face." Ampyra, when given at doses greater than that recommended (10 milligrams twice a day), can cause seizures. The most common adverse reactions reported by patients taking Ampyra in clinical trials include urinary tract infection, insomnia, dizziness, headache, nausea, weakness, back pain, balance disorder, swelling in the nose or throat, constipation, diarrhea, indigestion, throat pain, and burning, tingling or itching of skin. Ampyra should not be used in patients with moderate to severe kidney disease. In these patients, blood levels with the drug approach those associated with the occurrence of seizures. Ampyra will be manufactured under licenses from Elan (ELN) of Dublin, Ireland, and distributed by Acorda Therapeutics (ACOR).
15:26
RMBS Rambus confirms ITC Administrative Law Judge Rules in Favor of Rambus in Matter Regarding NVIDIA Products (25.20 +1.80) -Update-
Co confirms that the Administrative Law Judge for its U.S. International Trade Commission action against NVIDIA (NVDA) and other respondents issued an Initial Determination finding them in violation of Section 337 of the Tariff Act of 1930. The ALJ determined that three of Rambus' five asserted patents are valid, enforceable, and infringed by the respondents. The ALJ also determined that there was no violation of Section 337 of the Tariff Act of 1930 for the remaining two asserted patents. The action is Investigation Number 337-TA-661. Any of the parties may request the ITC's full Commission to review the ALJ's Initial Determination. If the Commission grants a petition for review, it may affirm, modify, reverse, set aside, or remand all or part of the ALJ's decision in developing the ITC's final determination. "Following an extensive hearing process, we are pleased with the ALJ's determination that three of our patents are valid and infringed, We are obviously disappointed with the result for the other asserted patents and intend to request the Commission's review of the corresponding portions of the Initial Determination. We will continue to vigorously protect our patented inventions for the benefit of our shareholders and in fairness to our paying licensees."
15:23
XLF Financial Select Sector SPDR approaching 200 day and Dec low (14.15 -0.50) -Update- -Technical-
The weakest of the main economic sectors today has extended back down near its 200 day ema and the Dec low at 14.11/14.01 (session low 14.14). Note that the 200 day provided important support in Nov and Dec (Click for chart).
15:13
KLAC KLA-Tencor tests its 4 month low from Nov and its 200 sma at 31.06 -- session low 31.09 (31.13 -1.72) -Update- -Technical-
15:07
TECHX $VIX moves to session highs as the indices trade near the lows with the volatility index now +16.65% & nearing 200 day EMA/SMA moving averages -Technical-
$VIX is at the strongest reading of 25.98 since Nov 6 2009
15:04
DIA Dow slides back to lower end of the Nov-Dec trade range -Technical-
The index continues to slide amid the most aggressive three day decline since the rally took hold in March following the trendline breakdown. The drop to new low leaves it back near the lower end of the Nov - Dec trading range at 10235/10231 (session low 10241) -- Click for chart. Note that the S&P is hovering near its Oct peak and psych level at 1101/1100, while the Nasdaq Comp is just under its 50 day sma at 2226.
15:02
BVF Biovail believes Teva's proposed study will not likely effectively address the complaints of consumers (14.89 +0.01)
Co commented on a proposed clinical trial recently announced by Teva Pharmaceutical (TEVA). According to Teva, the trial is intended to address reports of inefficacy and adverse events by consumers who switched from Wellbutrin XL 300 mg, Biovail's FDA-approved brand of the antidepressant, bupropion hydrochloride, to Budeprion XL, Teva's generic formulation of the drug. The trial was described in a Dow Jones Newswire article dated December 2, 2009. Based on the limited information that has been made available about the clinical trial by Teva, Biovail believes the proposed study will not likely effectively address the complaints of consumers because it is too small in size and too brief in duration. According to the December 2, 2009 article, the proposed study will enroll 138 patients who complained after switching from Wellbutrin XL(R) 300 mg to Budeprion XL. The study purportedly will employ a "double dummy" design in which patients will receive both placebo and active doses of each product over 16 days, alternating after eight days. Patients will be confined in a clinical setting for a total period of 24 days. A statement in the article attributed to Teva's head of regulatory affairs suggests that the study will rely on blood-level data to verify bioequivalence of Wellbutrin XL(R) and Budeprion XL. The article indicates that bioequivalence will be based on the standard statistical criteria of the U.S. Food and Drug Administration (FDA). Adverse events are also to be recorded. Budeprion XL is already deemed to be bioequivalent to Wellbutrin XL by the FDA as defined by existing standard FDA criteria.
14:57
ISRG NASDAQ 100 (NDX) leaders & laggards heading into today's final hour of trading -Technical-
NDX 100 Best % Performers:
ISRG +13.25%, APOL +1.75%, CELG +1.5%, VRTX +1%, GILD +1%, HOLX +.75%, ORLY +.75%, MICC +.75%, AMGN +.5%
NDX 100 Worst % Performers:
JOYG -6.5%, AMAT -6.5%, MRVL -5.75%, KLAC -5.5%, BIDU -5%, XLNX -5%, LRCX -5%, STX -4.75%, FSLR -4.75%, GOOG -4.5%, DELL -4.5%
NASDAQ TRIN @ +1.9
NASDAQ A/D @ -775
14:54
GE Dow (INDU) leaders & laggards heading into today's final hour of trading -Technical-
INDU Best % Performers:
GE +1.5%, PG +1%, MCD +1%, WMT +.5%, KO +.5%
INDU Worst % Performers:
AXP -8%, AA -4.5%, INTC -3.5%, BAC -3.5%, CSCO -3.25%, HPQ -3%, JPM -3%
NYSE TRIN @ +1.35
NYSE A/D @ -1390
14:45
PDEX Pro-Dex customer elects to forego commercial production of product (0.51 -0.02)
Co announces that one of its customers has elected to not bring to market a product developed by Pro-Dex under a Development Agreement with such customer and, instead, will pay a $250,000 fee pursuant to its agreement with Pro-Dex. As previously announced by the Company in past earnings conference calls, Pro-Dex has developed a new battery-powered shaver system for a major player in the spine segment of the orthopedic market. This development work was completed in early 2009 for which Pro-Dex was paid approximately $200,000. Since then, the customer has been addressing regulatory requirements related to, and assessing the changing market environment for, such product. First year revenue to Pro-Dex from this new product had been estimated by Pro-Dex at $1.5 to $3.0 million and contingent on FDA approval of the system.
14:43
COMDX NYMEX Energy Closing Prices
March crude oil settled lower by $1.54 to $74.54, Feb nat gas rallied for 20.3 cents to end at $5.812, March heating oil lost 4.5 cents to close at $1.9406 and March RBOB gasoline finished off 1.94 cents to $1.9365.
14:42
AAPL Apple under pressure this afternoon eyeing the "psychological" $200-level (200.50 -7.56) -Update- -Technical-
14:40
QQQQ Nasdaq Comp slide to new session low nearing its 50 day -Technical-
Of the three major averages the Nasdaq Comp is the only one that has not reached its 50 day averages. Thus far it has paced the way lower leaving it within 3 points of its 50 ema at 2231 (session low 2233, 50 sma at 2227).
14:29
COMDX With about ~2 min left in pit trade, crude oil is trading near its session lows at $74.37; currently off $1.52 to $74.55
14:19
KSP K-Sea Transportation amends revolving credit agreement, other debt obligations and operating leases (13.20 -0.13)
Co announces that K-Sea Operating Partnership L.P., a wholly owned subsidiary of the Partnership, has entered into an amendment to its revolving credit agreement and modified or obtained consents under other debt obligations and operating leases in a manner consistent with the Amendment. The Amendment reduces the lenders' commitments from $200 mln to $175 mln; eliminates the feature of the Revolving Credit Agreement whereby the borrower could request an increase in the total commitments by up to $50 mln; increases the interest rate margins by 205 to 275 basis points tied to certain financial ratios; reduces the fixed charge coverage ratio to 1.50 from 1.85, effective March 31, 2010; increases the required ratio of total debt to EBITDA from 3.75 to 1.00 to 4.50 to 1.00, effective immediately, to 5.00 to 1.00 at March 31, 2010 and stepping back down to 4.50 to 1.00 at September 30, 2010 and thereafter; changes the covenant requiring minimum asset coverage to total debt of 1.333 times orderly liquidation value, as compared to the previous requirement of 1.25 times fair market value; allows the Partnership to pay quarterly distributions up to a maximum of $0.45 per unit, so long as the Partnership maintains a minimum liquidity of $17.5 mln; and changes the maturity of the facility to July 1, 2012 from August 14, 2014.
14:13
SPY S&P -11 and Nasdaq -28 join Dow -105 at minor new session lows -Update- -Technical-
Support for the S&P below the Mid-Dec gap (1105/1103, session low 1104) is in the 1101/1100 area (Oct peak/psych).
13:57
VRMLQ Vermillion Inc emerges from bankruptcy (24.85 -0.15)
Co announced it has successfully emerged from protection under Chapter 11 of the United States Bankruptcy Code in fewer than 10 months following its filing for bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. Vermillion emerged from bankruptcy with all creditors receiving 100 percent of allowed claims and with the common stock being fully restated.
13:42
XOM Exxon Mobil's Kruger said ready to work with Alaska to resolve the Point Thomson Unit dispute (66.68 -0.02)
Kruger emphasized ExxonMobil's readiness to work with the state to resolve the Point Thomson Unit dispute and put in place predictable and durable fiscal terms necessary to underpin the pipeline. Kruger noted that the Point Thomson project has made substantial progress, including safely drilling to first project well to total depth. This well reaches out horizontally from the shore-based rig to a subsurface target nearly two miles offshore.
13:40
SPY Stock indices slip back further off midday bounce highs, Dow -82 just above morning high, S&P -9.5, Nasdaq -21 -Update- -Technical-
13:35
GNVC Genvec announces data from TNFerade Esophageal cancer study presented at 2010 ASCO gastrointestinal cancer symposium (2.71 +0.32)
Co announces that data from the co's trial in esophageal cancer were presented at the American Society of Clinical Oncology's 2010 Gastrointestinal Cancer Symposium in Orlando, Florida on January 22, 2010. The poster, titled, "Long term survival analysis of multicenter clinical trial using endoscopy and endoscopic ultrasound guided fine needle injection of antitumor agent in patients with locally advanced esophageal cancer," reports on updated efficacy and survival data. In the 24 patients receiving TNFerade in combination with chemoradiation, the median survival was 47.7 months. Median survival from other historical clinical trials in similar stage disease ranged from 9.7 to 34 months. Research presented in the poster received a prestigious ASCO Foundation Merit Award. In addition, the poster received focused attention at the oral review session on esophageal cancer on January 22, 2010.
13:34
COMDX COMEX Metals Closing Prices
Feb gold closed lower by $11.20 to $1092.00, March silver shed 57.5 cents to end at $16.935 while March copper finished higher by 5.2 cents to $3.347.
13:31
D Dominion announces its board of directors has declared a quarterly dividend of 45.75 cents per share of common stock (38.18 -0.34)
13:21
PPH Pharmaceutical HOLDRs Trust back to breakout point (67.44 -0.36) -Technical-
Noted in a Jan 12th update that the PPH was probing a range top/potential breakout point at it Dec high. The healthcare bill speculation triggered a quick 4.2% extension with the Senate change this week leading to a return to the same area now as support (Click for chart). From a short term perspective unless the PPH can work back through 67.60/67.65 and the 68.03/68.15 resistance areas, it will remain vulnerable -- ABT, AGN, EYE, BMY, BVF, FRX, HSP, JNJ, KG, LLY, MHS, MRK, MYL, PFE, SGP, VRX, WPI, WYE, ZMH.
13:18
SPY S&P 500 testing intraday support -Update- -Technical-
Highlighted a potential reversal setup off support this morning and intraday resistance in the 10:19 and 10:50 (see for charts) with pullback support for a read on the underlying health of the recovery at 1108/1107 mentioned in the 12:02 update. The index has pulled back to 1108 in recent trade after a few hours of sideways chop and if it can continue to hold near this area there remains potential for another leg higher thereafter.
12:52
SLB Schlumberger - - 50 Day Alert (66.13 -2.18) -Update- -Technical-
Price slumps lower midday to a fresh January low below 66.12 with the 50-day exponential moving average at 65.99 and the 50-day simple ma near 65.48.66.14 -2.17
12:50
UNG Sector ETF strength & weakness here @ midday trading -Technical-
Actively Traded Leading Sector ETF Plays:
Nat gas- UNG +4%, SPDRS homebuiledrs- XHB +2%, Gold miners- GDX +1%, SPDRS metals/mining- XME +1%, Biotech- XBI +.75%, IBB +.5%, BBH +.5%, China 25- FXI +.5%, Euro currency shares- FXE +.5%, US retailers- XRT +.5%, RTH +.5%, Yen currency shares- FXY +.5%
Actively Traded Lagging Sector ETF Plays:
Solar power- TAN -2.5%, Semis- SMH -2.25%, IGW -1.75%, Silver- SLV -2%, Oil HLDRS- OIH -2%, Commods- GSG -1.75%, iShares S. Korea- EWY -1.5%, crude/WTI oil- USO -1.25%, OIL -1.5%, Heating oil- UHN -1.25%, Financials- XLF -1.25%, IYF -1%, Clean energy- PBW -1%
12:36
JCP JC Penney held at its 8 month low from last week at 25.15 in this morning (25.85 +0.42) -Technical-
The stock rebounded as high as 25.83 after probing the early Jan low (session low 25.19) before pausing. In recent trade it has pushed back near the intraday rebound high again.
12:12
JPM JP Morgan Chase - - 200 Day Alert (39.77 -0.76) -Update- -Technical-
Stock continues yesterday's decline as it slides lower midday to fresh 4-1/2 month lows, closing in on its 200-day sma around 39.70.
12:02
SPY Stock indices slip back off rebound highs -- S&P -5.3, Dow -39, Nasdaq -16 -Update- -Technical-
The S&P rebounded well off support noted in the 10:19 update at 1105/1103 but has struggled to break back above resistance mentioned in the 10:50 update in the 1114/1115 area. Some downtick have been posted in recent trade perhaps due to comments from Sen. Boxer (11:54 update). Watching intraday support at 1108/1107 for a read on the underlying strength of the recovery attempt.
11:35
MEE Massey Energy reaches into positive territory (43.96 +0.21) -Update- -Technical-
Noted the hold near its 50 day sma (41.34) in the 10:27 update with the stock closing the opening gap and reaching into positive territory (session high 43.98). Minor congestion is at hand in the 44.00/44.10 area with a secondary zone at 44.43/43.50 (38% retrace of this week's decline/congestion).
11:32
IFNNY Infineon files patent infringement lawsuit against Volterra Semiconductor (5.33 -0.10)
Co announces that on January 21, 2010, it filed a patent infringement lawsuit against Volterra Semiconductor (VLTR) in the United States District Court for the District of Delaware. The suit seeks damages, including enhanced damages for willful infringement and injunctive relief.
11:21
CXPO Crimson Exploration signed drilling contracts for two rigs (4.00 +0.10)
Co announced that it has signed drilling contracts for two rigs to be used for part of its 2010 capital program. Both rigs will be working in Texas; one in the San Augustine/Sabine area of east Texas and the other in Liberty County in southeast Texas.
11:14
XHB SPDR Homebuilders rebounds well off early low/trendline (15.39 +0.16) -Technical-
The sector has underperformed since it peaked early last week with today's early downside extension bring the breakdown to 8% from intraday high to low. It broke under its 50 day this morning but did hold at a trendline off the Nov-Dec lows and has rallied strongly off the low. If this is merely a correction of the recent decline it would be expected to stall at/shy of retracement resistances of the Jan decline (Click for chart). Helping to underpin on the bounce today are: KBH +0.2%, RYL +1%, PHM +0.7%, SPF +1.6%, TOL +1.2%, MTH +0.5%, LEN +0.1%, DHI +0.3%.
10:54
GDX Mkt Vctrs Gold Miners attempting to rebound after morning downside extension (43.85 +0.10) -Technical-
The GDX has fallen roughly 16% from its Jan high to the morning low with it attempting to stage a recover back into positive territory in recent action (AEM, AU, ABX, FCX, GFI, GG, HMY, KGC, NEM).
10:50
WMB Williams Cos executed precedent agreements for a proposed Transco pipeline expansion project (22.60 -0.02)
Co announced that it has executed precedent agreements for a proposed Transco pipeline expansion project to provide an additional 142,000 dekatherms of incremental firm natural gas transportation capacity to serve growing markets in the Mid-Atlantic region by November 2012.
10:50
SPY S&P 500 lifts modestly off gap -Update- -Technical-
Highlighted the potential wave pattern which allowed for a recovery (see 10:19 update) this morning and we have seen a modest recovery off the 1105/1103 gap support (session low 1104). A pause at/shy of initial resistance at 1114/1115 obviously needs to hold above the early low during the current slip to set the stage to another leg higher (Click for updated chart). Relative sector strength on the move off the low has been noted in Coal KOL (MEE 3% off low after holding at 50 day noted in 10:27 update), Gold Miners GDX, Housing XHB, Finance XLF, Energy XLE / OIH, Airline, Steel SLX, Solar TAN, Ag/Chem MOO.
10:41
SPY NYSE 1st hour trading volume stronger than yesterday's total suggesting funds & institutions were active sellers/distributors in the early going-- See NYSE Volume Chart -Technical-
Through the 1st hour of trading, the NYSE is actually posting stronger/heavier volume than yesterday's total. Total volume yesterday was very heavy, well above key moving average indicators, & the strongest since the Dec. quad expiration cycle. The volume/price pattern thus far indicates that large market participants like funds & institutions were active sellers in the first hour heading into the weekend.. & showing signs of distribution for the 3rd straight trading session.
As of 10:30ET, 304M shares changed hands on NYSE versus 261M yesterday.
NYSE 60 min volume chart
10:35
UNG Sector ETF strength & weakness through today's 1st hour of trading -Technical-
Actively Traded Leading Sector ETF Plays:
Nat gas- UNG +2.5%, Biotech- BBH +.5%, IBB +.25%, Healthcare- XLV +.25%, IYH +.25%, Yen currency shares- FXY +.25%, China 25- FXI +.25%, SPDRS cons stpls- XLP +.25%, SPDRS industrials- XLI +.25%, Euro currency shares- FXE +.25%
Actively Traded lagging Sector ETF Plays:
Solar power- TAN -4%, Silver- SLV -2.75%, Semis- SMH -2.5%, IGW -2.25%, Base metals- DBB -2.5%, Steel- SLX -2.25%, US airlines- FAA -2.25%, Clean energy- PBW -2%, Commercial banks- KBE -1.75%, Oil HLDRS- OIH -1.75%, iShares S. Kores- EWY -1.75%
10:27
MEE Massey Energy holds just above support at its 50 day sma at 41.26 -- session low 41.34 (41.60 -2.14) -Technical-
Stock has dropped more than 16% off Tuesday's high and is attempting to stabilize near its 50 day.
10:27
ISRG NASDAQ 100 (NDX) leaders & laggards moving through today's 1st hour of trading -Technical-
NDX 100 Best % Performers:
ISRG +11.25%, CELG +1.5%, CMCSA +1%, GENZ +.75%, VRTX +.75%, GILD +.75%, RIMM +.5%, CEPH +.5%
NDX 100 Worst % Performers:
JOYG -6.5%, GOOG -4.25%, KLAC -4%, BIDU -4.25%, FSLR -4%, AMAT -3.75%, FWLT -3%, MRVL -3%, STX -2.75%, XLNX -2.75%, NVDA -2.5%, WYNN -2%
NASDAQ TRIN @ +2.55
NASDAQ A/D @ -785
10:24
GE Dow (INDU) leaders & laggards moving through today's 1st hour of trading -Technical-
INDU Best % Performers:
GE +2.75%, MCD +1.5%, PG +.75%, KO +.5%, TRV +.5%
INDU Worst % Performers:
AXP -5.75%, INTC -2.5%, AA -2.25%, CAT -1.75%, HPQ -1.75%, BAC -1.5%
NYSE TRIN @ +.90
NYSE A/D @ -1505
10:19
TECHX $VIX sees strong follow-through to the 24.00 mark as the measurement of volatility now moves into six week highs & near the mid-Dec. peak -Technical-
$VIX @ 24.10 +8.25% as the SPX -1% on another session of heavy 1st hour selling.
10:19
SPY S&P 500 notches new low for the week -Update- -Technical-
Early downside extension below its 50 day averages has reached as low as 1104 in recent trade leaving it back at a gap from Mid-Dec at 1105/1103 with the Oct peak just under at 1101 -- Click for chart. There is a potential wave pattern suggesting the index is in the fifth wave off 1150 so will be watching for possible signs of stabilization intraday near these levels.
10:15
IYR IYR & ICF (REITS & real estate space proxies) ETFs slide to fresh six week lows as both blow right through 50 day EMA & SMA moving average support this morning (44.28 -.55) -Technical-
10:14
COMDX The rally in the dollar index has gold and silver on the defensive this morning, as both metals have recently dropped to fresh lows
Gold is now lower by $18.70 to $1084.50; silver is off 51 cents to $17.
10:11
AAPL Apple - - 50-Day Alert (203.55 -4.52) -Update- -Technical-
Price breaks lower this morning to fresh January lows below 204.10, bringing its 50-day moving averages into play around 203.37/202.84 (simple/exponential).
10:05
SPY New session low for Nasdaq -16 and S&P -7.2, Dow -60 hovering just above -Update- -Technical-
10:04
COMDX Crude oil breaks below $75, for the first time since late Dec, to notch lows at $74.86; now off $1.20 to $74.88
10:03
MRO Marathon Oil hovering just above its Jan low at 31.01 (31.11 -0.39) -Technical-
Noted the retest of support at its 200 day sma yesterday at 31.52 with the downside extension this morning leaving it just above its Jan low at 31.01 (session low 31.04). The fourth month close low from Dec at 31.91 is the initial level of interest below.
10:00
MCD McDonald's shows relative strength after reporting earnings this morning (64.50 +1.30) -Update- -Technical-
The stock launches higher off the open to break its Nov/Dec downtrend line in the 63.75/64.00 area. Next area of interest its the November highs around 64.60/64.75.
09:58
V Visa shares get pushed to fresh weekly lows as price breaks well below the 50 day EMA & SMA as financials remain very weak in the early going (82.67 -1.78) -Update- -Technical-
09:54
XLF Financial Select Sector SPDR testing yesterday's low at 14.50 (14.50 -0.15) -Technical-
09:53
MSFT Microsoft tests/pauses at its Jan low of 29.91 -- session low 29.91 (29.99 -0.02) -Technical-
Support below is at its 50 day ema at 29.82.
09:51
BAK Braskem SA entered into an Investment Agreement (15.48 -0.19)
Braskem S.A., Odebrecht S.A., Odebrecht Servicos e Participacoes S.A., Petroleo Brasileiro S.A., announce issued by the Securities and Exchange Commission of Brazil, that on today's date the Companies entered into an Investment Agreement to regulate the terms and conditions under which Odebrecht and Petrobras will consolidate their interests in Brazil's petrochemical sector by consolidating at Braskem the equity interests they hold in the sector.
09:50
TECHX Sector Strength -Update- -Technical-
Sector posting gains while the stock indices vacillate at slightly lower levels include: Auto Parts (AAP +2.7%, MNRO +0.9%, ORLY +0.8%, PBY +0.7%), Medical Equipment +0.6%, Restaurant +0.6% (MCD +1.4%), Biotech BBH +0.5%, Industrial XLI +0.2% (GE +4.1%) and Stem Cell (ASTM +4.1%, STEM +2.3%, GERN +1.4%).
09:49
FSC Fifth Street Finance prices offering of 7 mln shares of its common stock at $11.20 per share (11.21 -0.53)
09:43
TECHX Sector Watch -Update- -Technical-
The stock indices are still in the red but have stabilized following the weaker open. Seeing some limited relative sector strength (outperforming the S&P) on this move in Retail XRT, Housing XHB, Materials XLB, Restaurant, Casino, Medical Supplies.
09:40
FCX Freeport-McMoRan shares reverse to gap down highs with that gap close objective in play @ yesterday's 76.00 LoD (74.33 ) -Technical-
HoD @ 74.57
09:36
KITD KIT digital approved for Trading on Prague Stock Exchange (10.75 +0.07)
09:36
SPY S&P 500 tests/attempting to stabilize near the 1110 area -Update- -Technical-
This marks the 62% retracement of the Dec-Jan rally. A move back initially through 1115 and 1119 is needed to improve today's bias. Support below on a failure is in the 1107/1105 area.
09:36
COMDX Gold drops quickly to fresh lows at $1085; now lower by $16 to $1087.20
Note that the dollar index is fighting to trade into positive territory.
09:32
GOOG Google moving higher off the sharp gap down as the gap close/yesterday's low point comes in @ 572.25 (565.46 ) -Update- -Technical-
09:29
CRIS Curis prices a ~6.44 mln unit offering at $2.52/unit (2.96 )
09:25
NAT Nordic American Tanker prices 4.0 mln common share offering at $30.50/share (32.65 )
09:15
LGN Lodgian to be acquired by Lone Star Funds for $2.50 per share (1.77 )
Co announced it has entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds in a transaction valued at ~$270 million, including assumed debt. Under the terms of the agreement, Lone Star will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction. Lodgian's Board of Directors has unanimously approved the merger agreement and has recommended approval of the transaction by Lodgian shareholders. The transaction is expected to close during the second quarter of 2010, subject to approval of Lodgian shareholders at a special meeting and satisfaction of customary closing conditions.
09:05
HSY Hershey Foods confirms it will not make an offer for Cadbury (36.19 ) -Update-
Co confirms that it does not intend to make an offer for Cadbury (CBY), and issued a statement pursuant to Rule 2.8 of the City Code on Takeovers and Mergers (the "Code"): For the purposes of Rule 2.8 of the Code, Hershey reserves the right to announce or participate in an offer or possible offer for Cadbury and/or to take any other action which would otherwise be restricted under Rule 2.8 of the City Code within 6 months of the date of this announcement.
09:02
COMDX Gold and silver trade to their lowest levels of the morning; gold now off $13.20 to $1090 while silver is lower by 35 cents to $17.16
09:01
WHRT World Heart to raise $7.3 million in private placement (4.85 )
The co announces that it has obtained commitments from institutional and individual investors to purchase approximately $7.3 million of its common stock in a private placement. WorldHeart has entered into a securities purchase agreement with the investors pursuant to which WorldHeart will sell an aggregate of 1,418,726 shares of its common stock and warrants to purchase up to 2,837,452 additional shares of common stock. Each unit, consisting of one share of common stock and two warrants, each to purchase one share of common stock, will be sold for a purchase price of $5.15. The private placement is subject to customary closing conditions and is expected to close during the week of January 25, 2010. Thomas Weisel Partners acted as Placement Agent on the private placement.
08:38
EXC Exelon beats by $0.06; reaffirms FY10 EPS guidance (48.05 )
Reports Q4 (Dec) earnings of $0.92 per share, $0.06 better than the First Call consensus of $0.86. Co reaffirms guidance for FY10, sees EPS of $3.60-4.00 vs. $3.79 consensus. "Our full year 2009 operating earnings results were well within our original guidance range of $4.00 to $4.30 per share and topped the narrowed $4.00 to $4.10 per share range that we announced in late October. Despite the impact of adverse economic, market and weather conditions, we achieved our financial and operating commitments, and for 2010, we are reaffirming our operating earnings guidance range of $3.60 to $4.00 per share. At the same time, we continue to improve our industry-leading environmental position and evaluate and pursue appropriate growth opportunities for the long term."
08:35
AVX AVX Corp beats by $0.01, beats on revs (12.53 )
Reports Q3 (Dec) earnings of $0.22 per share, ex-special charges and gains, $0.01 better than the First Call consensus of $0.21; revenues rose 4.5% year/year to $335 mln vs the $326.7 mln consensus. "We are pleased to report results that reflect sequential improvement over the previous quarter and previous year in both margins and in revenue. Our continuing focus on higher value products in addition to the benefits of our previously initiated productivity and cost control measures led to continued improvement in our gross profit margins. We remain optimistic about the future as many end markets appear to be improving and we believe our sustained financial strength provides us a solid base for future performance improvement."
08:31
DXR Daxor Corporation announced that five research reports from studies using Daxor Blood Volume Analyzer (BVA-100) were presented (10.98 -0.03)
Co announced that five major research reports derived from studies using the Daxor Blood Volume Analyzer (BVA-100) were presented at the annual Society of Critical Care Medicine (SCCM) conference in Miami, FL. The BVA-100 enables measurement of whole blood volume, including plasma volume and red blood cell volume. It also permits measurement of the rate of transudation of albumin across the capillaries. Albumin is an essential carrier protein, which helps to maintain blood pressure.
08:31
RINO RINO Intl signs Sinter Flue Gas Desulphurization BOT contracts with Shougang Jingtang Iron & Steel Co., Ltd. valued at $118 mln (22.58 ) -Update-
Co announces that it signed Sinter Flue Gas Desulphurization BOT contracts with Shougang Jingtang Iron & Steel Co., Ltd. The BOT contracts consist of a build contract and an operating contract, valued at a total of $118 mln. Shougang Jingtang Iron & Steel Co., Ltd. is owned 51% by Shougang Iron & Steel and 49% by Tangshan Iron & Steel Co., Ltd. The build contract, valued at $33.8 million, includes $25.8 million construction principal and $8 million in interest, covers the design, construction and installation of two Semi-Dry Flue Gas Desulphurization Units, each of which is approximately 500 square meters in size, which collectively produce approximately 11 million tons of sinter mine annually. The operating contract, valued at approximately $84.3 million, has a 10- year term, will commence upon receipt of final State Environmental Protection Department approval. RINO will be responsible for daily operation of the two FGD Units installed under the build contract.
08:31
SE Spectra Energy sees FY10 ongoing dilute EPS target of $1.42 (consensus is $1.49) (22.61 )
Co announced its financial outlook for 2010. Highlights of the 2010 plan include: 1) Ongoing diluted EPS target of $1.42 (vs $1.49 consensu); 2) expected 2010-2012 compound annual EPS growth rate in 8%-10% range; 3) Maintain annual dividend of at least $1.00 per share; 4) $900 million of capital expansion projects to be placed into service by year-end, delivering returns on capital employed of greater than 12 percent; and 5) 2010-2014 capital expansion program of at least $5 billion with average ROCE in 12%-14% range.
08:30
CHBT China-Biotics appoints new CFO (14.37 )
Co announces the appointment of Travis Cai as CFO, effective January 22, 2010. Mr. Cai replaces Ms. Eva Yan, who has served as Interim Chief Financial Officer of China-Biotics since Mr. Lewis Fan resigned as Chief Financial Officer on October 21, 2009.
08:07
MBFI MB Financial misses by $0.26 (22.36 )
Reports Q4 (Dec) loss of $0.19 per share, $0.26 worse than the First Call consensus of $0.07. Provision for loan losses was $70.0 million for the fourth quarter of 2009, while net charge-offs were $82.2 million. For the third quarter of 2009, provision for loan losses and net charge-offs were $45.0 million and $37.1 million, respectively. Non-performing loans to total loans decreased to 4.17% as of December 31, 2009, compared to 4.41% as of September 30, 2009. Non-performing assets to total assets increased to 2.84% as of December 31, 2009, compared to 2.19% as of September 30, 2009. Potential problem loans to total loans decreased to 3.59% as of December 31, 2009, compared to 3.94% as of September 30, 2009. Allowance for loan losses to total loans was 2.72% as of December 31, 2009, compared to 2.91% as of September 30, 2009. At December 31, 2009, MB Financial, Inc.'s total risk-based capital ratio was 14.98%, Tier 1 capital to risk-weighted assets ratio was 13.06%, Tier 1 capital to average asset ratio was 8.71% and Tier one common capital to risk-weighted assets was 8.47%.
08:04
MCD McDonald's beats by $0.09, reports revs in-line (63.20 )
Reports Q4 (Dec) earnings of $1.11 per share, $0.09 better than the First Call consensus of $1.02; revenues rose 7.3% year/year to $5.97 bln vs the $5.94 bln consensus. Co reports Q4 global comparable sales increase of 2.3%, with all segments reporting positive results... "McDonald's profitability increased as we marked our sixth consecutive year of positive comparable sales in every geographic segment and generated higher global revenues, operating income and earnings per share in constant currencies.." Jim Skinner concluded, "As we begin 2010, McDonald's January global comparable sales trend remains positive. We will continue our fiscal discipline by investing prudently and returning excess cash to shareholders. I am confident that the collective efforts of our franchisees, suppliers and employees will continue to drive value for all stakeholders."
08:04
WAG Walgreens to purchase three locations from Farmacias El Amal (36.45 )
The co announces an agreement to acquire three El Amal pharmacies in Puerto Rico. The pharmacies located at Rio Grande Shopping Center, Salinas Shopping Center, and Plaza Las Americas are expected to transition to Walgreens by the end of February. In addition, Walgreens has agreed to purchase prescription files associated with 11 El Amal pharmacies. Patients currently served by these 11 pharmacies will see notices in the storesand receive letters notifying them of the change. These locations, listed below, are expected to close by the end of the month. Patients will have immediate access to their prescription histories at a nearby Walgreens, or any of the Walgreens stores on the Island.
08:02
WTM White Mountains Ins. Grp. to acquire Central National (333.50 )
Co announces that through a subsidiary it had entered into a definitive agreement to acquire Central National Insurance of Omaha from Drum Financial Corporation. In runoff since 1989, Central National has been operated under an order of Rehabilitation in the State of Nebraska since 1990. Among other conditions, the transaction is subject to the termination of the rehabilitation proceedings by the court and the approval of the Nebraska Department of Insurance. Under the terms of the agreement, White Mountains Re will pay approximately $5 mln. Central National's statutory surplus as of September 30, 2009 was $13.3 mln.
08:02
TNP Tsakos Energy announces agreement to sell two Aframax tankers (17.65 )
Co announces that it has signed a Memorandum of Agreement with a state oil company for the sale of the 2003-built aframax tankers Marathon and Parthenon for a combined price of $78 million. One vessel will be delivered to its new owner at the end of February and the other at the end of April, at the expiration of their voyage charters. The capital gains that will be generated from this sale will be booked during the respective quarters of this fiscal year. With the conclusion of this sale, TEN's cash reserves are expected to be approximately $370 million.
08:01
E ENI, Occidental Petroleum and KOGAS sign technical service contract with Iraq's South Oil Company and Missan Oil Company to Redevelop Zubair Field (49.66 )
The co, OXY, and Korea Gas Corporation (KOGAS) announced today that they have signed a technical service contract with Iraq's state-owned South Oil Company (SOC) and Missan Oil Company as State Partner, to redevelop the Zubair field, near Basra in southern Iraq. The signing follows the initializing ceremony held in Baghdad on November 2, 2009. The consortium, led by Eni (32.81%) with partners Oxy (23.44%), KOGAS (18.75%) and the Missan Oil Company (25%), plans to increase production from the Zubair field to 1.2 million barrels of oil a day, representing an increase of more than 1 million barrels of oil per day. Target production is expected to be progressively reached within the next six years and maintained for seven years thereafter. The consortium will earn $2 per barrel on the incremental oil production once production has been raised by 10 percent from its current level of approximately 200,000 barrels of oil per day and will recover its expenditures through a cost recovery mechanism.
08:01
EPB El Paso Pipline Partners increases qtrly cash distribution to $0.36/unit from $0.32/unit (24.68 )
07:50
RSX Fitch revises Russia's outlook to stable; affirms at 'BBB' (32.56 )
Fitch Ratings has today revised the Russian Federation's ratings Outlook to Stable from Negative and affirmed its Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'BBB'. At the same time, the agency has affirmed Russia's Short-term foreign currency IDR at 'F3' and the Country Ceiling at 'BBB+'. "The revision of Russia's Outlook to Stable reflects our greater confidence in economic and financial stability in Russia," says Edward Parker, Head of Emerging Europe in Fitch's Sovereigns team. "The rebound in oil prices, recovery in net private sector capital inflows and economic activity, decline in inflation, reduction in downside risks in the banking sector and a lower than expected 2009 budget deficit outturn underpins our decision to revise Russia's rating Outlook to Stable." Fitch believes downside risks to the banking sector have lessened somewhat due to the stabilisation of the economy and banks' increasing loss absorption capacity. However, the agency remains concerned over asset quality, and expects total problem loans (non-performing loans plus restructured loans), to peak at around 25%, up from 19% in October 2009. Fitch also notes the uncertainty over banks' capacity to extend sufficient credit to support recovery: private sector credit contracted 4.7% in the 12-months to November 2009 in real terms.
07:38
KMB Kimberly-Clark misses by $0.08, beats on revs; guides FY10 EPS below consensus and issues FY10 revenue in-line (61.11 )
Reports Q4 (Dec) earnings of $1.17 per share, $0.08 worse than the First Call consensus of $1.25; revenues rose 8.4% year/year to $4.98 bln vs the $4.92 bln consensus. Co issues downside guidance for FY10, sees EPS of $4.80-5.00, excluding non-recurring items, vs. $5.14 consensus. Co estimates FY10 net sales will increase 5.0-6.0% (translates into approx $20.07-20.26 bln vs $20.15 bln consensus). Co also announces they will resume share repurchase program in 2010; share repurchases are expected to total $500.0-600.0 mln. Co will begin accounting for Venezuela as hyper-inflationary effective January 1, 2010 and currently anticipates recording a 1x after tax loss of $0.14-0.22/share in 1Q10. KMB currently estimates that the ongoing impact of hte January 2010 currency devaluation in Venezuela won't materially impact FY10 EPS.
07:36
CNC Centene announces pricing of follow-on public offering (19.41 )
Co announces the pricing of its previously announced follow-on public offering of 5,000,000 shares of its common stock at a public offering price of $19.25 per share. Centene intends to use the net proceeds of the offering to repay the outstanding indebtedness under its $300,000,000 revolving credit facility and for general corporate purposes, which may include acquisitions, capital expenditures and additions to working capital...
07:34
HOG Harley-Davidson reports wider than expected loss, reports revs in-line (25.58 )
Reports Q4 (Dec) loss of $0.63 per share, $0.31 worse than the First Call consensus of ($0.32); revenues fell 40.2% year/year to $764.5 mln vs the $764.4 mln consensus. Cash provided by operating activities for continuing operations was $609.0 million and capital expenditures were $116.7 million in 2009. For 2010, the Company expects to ship 201,000 to 212,000 Harley-Davidson motorcycles to dealers and distributors worldwide, a reduction of five to ten percent from 2009. "We believe 2010 will continue to be a challenging year"... In the first quarter of 2010, Harley-Davidson expects to ship 52,000 to 57,000 motorcycles. Gross margin is expected to be between 32.0-33.5% for the full year. The Company expects full-year capital expenditures of between $235 million and $255 million, including $95 million to $110 million to support restructuring activities... Affecting fourth-quarter results were a previously announced 53.1% reduction in Harley-Davidson motorcycle shipments from the year-ago period and $167.1 million in restructuring and Buell product line exit costs. "Our full-year 2009 results were affected by the difficult economy, as well as the planned actions we took that resulted in restructuring charges of $224 million. We believe these actions are critical to restoring greater profitability and long-term growth to Harley-Davidson."
07:32
ACHN Achillion Pharma prices public offering of 10.275 mln shares at $2.08/share (2.60 )
07:31
LBY Libbey plans to issue $400 mln of sr secured notes to refinance existing debt (8.33 )
Co announces that its wholly owned subsidiary Libbey Glass plans to issue $400.0 million aggregate principal amount of senior secured notes due 2015 in a private placement. Libbey Glass intends to use the net proceeds from the sale of the Notes, together with cash on hand, to (i) repurchase its existing $306 million Floating Rate Senior Secured Notes due 2011 in a tender offer expected to launch on January 25, 2010, (ii) repay its $80.4 million Senior Subordinated Secured Payment-in-Kind Notes due 2021 and (iii) pay related fees and expenses.
07:31
ANDS Anadys Pharma provides progress update on Phase II Study of ANA598 in Hepatitis C Patients (2.22 )
The co announces that ANA598 dosing has been completed in the first dose cohort, 200 mg bid, in an ongoing Phase II study of ANA598 in combination with pegylated interferon and ribavirin (SOC) in HCV patients. Anadys expects to receive 12-week safety and antiviral response data for the 200 mg bid cohort in the first quarter of 2010. Anadys also announced that all patients have commenced dosing in the second dose cohort, 400 mg bid. With patient enrollment in this cohort completed, Anadys has accelerated the expected timing to receive 4-week safety and antiviral response at 400 mg bid to the end of the first quarter of 2010 and continues to expect 12-week safety and antiviral response data in the second quarter of 2010.
07:31
MATW Matthew's announces continuation of its stock repurchase program (34.01 )
The co announces that its Board of Directors approved a continuation of the Company's stock repurchase program. Previously, the Board had approved repurchasing a cumulative total of 12,500,000 shares. Approximately 68,000 shares remain to be purchased under this authorization. Upon the repurchase of these remaining shares, the new authorization allows Matthews to purchase up to an additional 2,500,000 shares of the Company's common stock.
07:23
On The Wires
Cablevision Systems (CVC) and Scripps Networks Interactive (SNI) announce that they have reached an agreement allowing for the return of Food Network and HGTV programming to Cablevision customers in the New York Tri-State region beginning today... Tortoise Energy Infrastructure (TYG) announces the pricing of the sale of 2,750,000 shares of common stock at $30.50 per share.
07:16
BSRR Sierra Bancorp declared a regular quarterly cash dividend of $0.06 per share, down from $0.10 per share (9.78 )
07:16
SPY E~mini index futures slide to lowest levels of the overnight/pre~market session on the heels of GE quarterly results in recent trading -Technical-
As of 7:15ET, the ES e~mini is @ 1108 -3.00, the NQ e~mini is @ 1839.75 -1.25, & the YM e~mini is @ 10302 -36.
07:14
HBAN Huntington Banc misses by $0.29 (4.53 )
Reports Q4 (Dec) loss of $0.56 per share, excluding non-recurring items, $0.29 worse than the First Call consensus of ($0.27). Compared with the 2009 third quarter, fully-taxable equivalent net interest income increased $9.6 million, or 3%. This reflected a $1.3 billion, or 3%, increase in average earning assets, as the net interest margin of 3.19% was down slightly from 3.20% in the prior quarter. The increase in average earning assets reflected a $2.2 billion, or 33%, increase in average investment securities, as average total loans and leases declined $0.8 billion, or 2%. The net interest margin decline reflected a combination of factors including the negative impact of maintaining a higher liquidity position, almost entirely offset by the favorable impacts from strong core deposit growth and the benefit of lower deposit pricing.
07:07
ACTG Acacia Research subsidiary enters into settlement and license agreement with Microsoft (8.51 )
The co announces that its Freyburger subsidiary has entered into a settlement and license agreement resolving litigation with Microsoft Corporation. The agreement resolves patent litigation, Civil Action Case No. 09-C-104-C, pending in the United States District Court for the Western District of Wisconsin.
07:07
JCI Johnson Controls beats by $0.14, beats on revs; guides FY10 EPS above consensus, revs above consensus (28.85 )
Reports Q1 (Dec) earnings of $0.43 per share, $0.14 better than the First Call consensus of $0.29; revenues rose 15.1% year/year to $8.4 bln vs the $7.47 bln consensus. Co issues raises guidance for FY10, sees EPS of $1.70-1.75 up from $1.35-1.45 vs. $1.53 consensus; sees FY10 revs of $33 bln up from $31 bln vs. $31.17 bln consensus. The company's expected underlying tax rate for 2010 is now 18% versus the previous estimate of 20%. Co sees Automotive production assumption in North America is now 10.3 million vehicles compared to an earlier estimate of 9.8 million.
07:02
IPAR Inter Parfums and Montblanc sign a fragrance license agreement (11.98 )
Inter Parfums announces that its 75% owned Paris-based subsidiary, Inter Parfums SA, and Montblanc International GMBH have signed a license agreement to create, produce and distribute perfumes and ancillary products under the Montblanc brand. This license agreement is for ten and a half years and will take effect on July 1, 2010.
07:01
CHSP Chesapeake Lodging Trust announces it has priced its initial public offering of 7.5 mln shares of beneficial interest at $20 per share
07:01
ATAI ATA Inc announces resignation of CFO Carl Yeung (4.20 )
Co announces that Carl Yeung, Chief Financial Officer, is resigning from his position at the company for personal reasons, effective February 20, 2010. Amy Tung, ATA's Financial Controller, will serve as Acting Chief Financial Officer, as well as Principal Accounting Officer, until a new Chief Financial Officer is appointed. The Board of Directors has formed a search committee to recruit a new Chief Financial Officer. Mr. Yeung is actively involved in this effort and will continue to assist ATA in this respect and other matters, if necessary, after the termination of his employment.
07:01
OSG Overseas Shipholding notice of cancellation was received from Maersk Oil Qatar AS (47.75 )
Co announced that a notice of cancellation was received from Maersk Oil Qatar AS (MOQ) on January 21, 2010 concerning the FSO Africa, one of two vessels owned by a joint venture between OSG and Euronav N.V. and subject to a service contract with MOQ expiring in 2017. The joint venture partners contest MOQ's right to terminate the contract. The conversion of the FSO Africa is continuing and is near completion. The sister vessel, FSO Asia, has been operating on site offshore Qatar since January 4, 2010. The FSO Asia and FSO Africa are sophisticated floating storage and offloading (FSO) service vessels.
06:45
STI SunTrust Banks beats by $0.11, misses on revs (24.53 )
Reports Q4 (Dec) loss of $0.64 per share, $0.11 better than the First Call consensus of ($0.75); revenues (fully taxable-equivalent) rose 1.2% year/year to $1.95 bln vs the $2.06 bln consensus. 4Q09 results were adversely impacted by credit-related charges and cyclical expenses that reflected recessionary pressures; however, improvement in both of those areas during 4Q09 equated to a smaller earnings impact as compared to the same quarter last year and the prior quarter. Net interest income was flat ($1.21 bln), and noninterest income increased slightly (742.3 mln), primarily due to lower market-related losses during the current quarter offset by lower mortgage production income due to higher estimated losses related to the potential repurchase of mortgage loans that were previously sold to third parties. Fee-based core revenues were generally flat. "Our results clearly continue to be affected by recessionary pressures as evidenced by soft revenue and weak loan demand from consumer and commercial borrowers," said James M. Wells III, SunTrust chairman and chief executive officer. "At the same time, we are encouraged by some positive operating results and improved credit trends."
06:39
On The Wires
Acacia Research (ACTG) announcea its Freyburger subsidiary has entered into a settlement and license agreement resolving litigation with Microsoft (MSFT). The agreement resolves patent litigation, Civil Action Case No. 09-C-104-C, pending in the United States District Court for the Western District of Wisconsin... China Automotive Systems (CAAS) announces at a Company ceremony that its first global OEM customer, headquartered in North America, is the Chrysler Group. In November 2008, CAAS received its first order from Chrysler to export power steering gears to Chrysler's North America assembly facility.
06:39
PRSP Prosperity Bancshares beats by $0.02; Net interest income increased 25.2% compared to same period in 2008 (41.34 )
Reports 4Q (Dec) earnings of $0.65 per share, $0.02 better than the First Call consensus of $0.63. Net interest income before provision for credit losses for the quarter ended December 31, 2009 increased 25.2% to $80.089 mln compared with $63.957 mln during the same period in 2008. The increase was attributable primarily to lower deposit pricing. The net interest margin on a tax equivalent basis increased to 4.24% for the three months ended December 31, 2009 compared with 3.65% for the same period in 2008, primarily impacted by the Franklin Bank transaction in 2008. Non-interest income increased $1.203 mln or 8.9% to $14.711 mln for the three months ended December 31, 2009 compared with $13.508 mln for the same period in 2008. The increase was mainly attributable to a decrease in losses on the sale of ORE.
06:35
SUSS Susser Holdings provides 4Q09 and FY09 operating results update (8.84 )
Co expects to report a same-store merchandise sales decline of approx 1.2% for 4Q09 and growth of approx 3.3% for the full year. Retail average per-store fuel volumes are expected to decline by 5.9% vs the fourth quarter of last year, but on a full-year basis, they are expected to be up by 2.4%. Full-year same-store sales and per-store fuel volume growth were in the middle of the co's 2009 guidance. Both numbers exclude the impact of the 53rd week in 2009, for comparison against the prior year.
06:34
GE General Electric beats by $0.02, beats on revs (16.02 )
Reports Q4 (Dec) earnings of $0.28 per share, $0.02 better than the First Call consensus of $0.26; revenues fell 10.4% year/year to $41.4 bln vs the $40.02 bln consensus. Co says "GE's environment has improved and we saw some encouraging signs at year-end, Capital Finance is executing well in a difficult environment, earning $0.3 billion in the quarter and $2.3 billion for the year... Last month, we reviewed a 2010 financial framework that was about flat with 2009, We believe this framework is quite achievable and sets us up for solid growth in 2011 and beyond. Moreover, due to the company's strong cash position, we will have an opportunity to keep GE secure and create long-term shareholder value." Co also reports "Capital Finance is executing well in a difficult environment, earning $0.3 billion in the quarter and $2.3 billion for the year. Every segment at GE Capital was profitable with the exception of Commercial Real Estate, which continues to operate in a difficult environment. We completed 100% of our 2010 long-term funding plan for GE Capital, and have raised about $4.4 billion in 2010 that will go towards our 2011 plan. Capital Finance reserves increased $0.7 billion to $8.1 billion..."
06:32
APD Air Products beats by $0.02; guides Q2 EPS in-line; guides FY10 EPS in-line (79.86 )
Reports Q1 (Dec) earnings of $1.16 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $1.14. Co issues in-line guidance for Q2, sees EPS of $1.15-1.20, excluding non-recurring items, vs. $1.19 consensus. Co issues in-line guidance for FY10, sees EPS of $4.75-4.95, excluding non-recurring items, vs. $4.86 consensus.
06:29
Asian Markets
Nikkei...10590.5...-277.80...-2.50%. Hang Seng...20726.2...-136.50...-0.60%.
06:29
European Markets
FTSE...5311.2...-24.00...-0.40%. DAX...5710.4...-36.50...-0.60%.
06:26
BBT BB&T Corp beats by $0.06 (29.08 )
Reports Q4 (Dec) earnings of $0.27 per share, $0.06 better than the First Call consensus of $0.21. BB&T's Tier 1 common ratio at Dec. 31, 2009, was 8.5% compared to 8.4% at Sept. 30, 2009. The Tier 1 risk-based capital and total risk-based capital ratios were 11.5% and 15.7%, respectively, at Dec. 31, 2009, compared with 11.1% and 15.6%, respectively, at Sept. 30, 2009. Results for the fourth quarter of 2009 produced annualized returns on average assets and average common shareholders' equity of .47% and 4.52%, respectively. Net interest margin was 3.8%; the improvement in the margin compared to 3Q09 was the result of wider credit and funding spreads, improved funding mix and the revaluation of assets acquired from Colonial. Because of these factors, management's outlook for net interest margin in 2010 has improved.
06:12
SLB Schlumberger beats by $0.03, beats on revs (68.31 )
Reports Q4 (Dec) earnings of $0.67 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.64; revenues fell 16.4% year/year to $5.74 bln vs the $5.44 bln consensus. Chairman and CEO Andrew Gould commented, "Fourth-quarter revenue increased sequentially in the North America, Latin America and Middle East and Asia Areas as offshore revenue quality improved with increasing deepwater rig count while software and product sales saw the usual fourth-quarter strength. Europe/CIS/Africa was flat with the previous quarter as stronger offshore activity and year-end software and product sales in the Area were not sufficient to offset the seasonal decline in Russia. Overall, sequential margins were particularly affected by three events--a changed revenue mix in Canada; seasonal weakness in Russia; and reduced activity coupled with a less favorable revenue mix in the Mexico/Central America GeoMarket. Margins were also impacted by pricing concessions made earlier in the year." Co remains cautious regarding natural gas. Despite signs of some recovery in industrial demand and the impact of the recent cold weather, co considers that markets remain generally oversupplied. Increased flows of LNG--with additional capacity being added in 2010--as well as the general uncertainty over the decline rates of unconventional gas production have the potential to limit the current increase in the North American gas drilling rig count. Co anticipates that 2010 will be a better year for multiclient seismic sales and for land seismic activity particularly in Middle East and North Africa.
03:42
ERIC Sony Ericsson reports 4Q09 results (9.76 )
Sony Ericsson Mobile Communications AB reports 4Q09 sales were EUR 1,750 mln, a 40% decrease from 4Q08. Gross margin was 23% vs 15% in 4Q08. Net income narrowed to loss of EUR 167.0 mln vs 4Q08 loss of EUR 187.0 mln. Sony Ericsson estimates that the global handset market in units for 4Q09 was flat year-on-year and that its market share was about 5% in the fourth quarter. Sony Ericsson believes that the global handset market for FY09 decreased in volume by around 8% year-on-year to around 1.1 bln units and that its market share in units for FY09 was about 5%.
02:22
Symetra Financial prices 20,699,510 share IPO at $12.00/share
The offering will consist of 20,699,510 primary shares to be sold by the co, and 9,700,490 secondary shares to be sold by existing stockholders. Symetra will trade under ticker "SYA".
02:19
CAMD California Micro beats by $0.05, beats on revs (4.70 )
Reports Q3 (Dec) earnings of $0.02 per share, excluding non-recurring items, $0.05 better than the First Call consensus of ($0.03); revenues rose 29.9% year/year to $12.6 mln vs the $12 mln consensus. Both GAAP and non-GAAP gross margins were 35% for the quarter. All results were in line with estimates announced on January 11, 2010, except that acquisition-related transaction costs were $1.2 mln instead of the estimated $1.0 mln primarily due to yesterday's announced litigation settlement which was accrued for in the 2010 fiscal third quarter which in turn led to GAAP operating expenses being $5.3 mln instead of the estimated $5.1 mln which caused GAAP EPS loss to be $0.01 greater than the estimate.
02:15
VTG Vantage Drilling prices 30.0 mln common shares at $1.49/share (1.49 )
02:14
On The Wires
Ballard Power Systems (BLDP) announces that it has been awarded up to $4.8 mln by Sustainable Development Technology Canada for a project to further develop fuel cell power module technology for the transit bus market. Design improvements will be implemented on test buses to be operated in Metro Vancouver, beginning in 4Q10... Ventas (VTR) announces that it closed on a commitment for $35 mln of additional credit capacity under the co's Revolving Credit Facilities to mature in 2012.
02:08
Cellu Tissue Holdings prices 8.3 mln share IPO at $13.00/share
Shares will trade under ticker "CLU".
02:08
ERIC ST-Ericcson reports 4Q09 results (9.76 )
ST-Ericsson, a joint venture of STMicroelectronics (STM 8.65) and Ericsson (ERIC), reports financial results for 4Q09. Net sales were $740 mln, a 2% sequential increase. Adjusted operating loss was $50 mln. The $250 mln cost synergies program defined by ST-NXP Wireless is now fully completed. The $230 mln savings restructuring plan, announced on April 29 2009 and due to be completed by the second quarter of 2010, is currently in progress and its effects in the fourth quarter 2009 have been in line with plans.
18:39
LIHR Lihir Gold annouced annual gold production exceeded 1 mln ozs for the first time in the history of the co, rising 27% to a record 1.12 mln ozs, in line with market guidance (27.37 -1.77)
Co announced quarterly gold production of 278,000 ozs, up 19% compared to the September quarter. Record average realized cash gold price of $1,096/oz for the quarter and $956/oz for the year. Total cash costs at $397/oz for the full year, excluding Ballarat, in line with market guidance and positioning the company at the lower end of the global gold production cost curve. Quarterly total cash costs at $454/oz, reduced from $487/oz in the prior September quarter. Operating cash margins increased 42% to $460/oz for the year. Co provides outlook, saying: Operating capacity now raised to more than 1 mln oz/pa, rising to 1.3 million ozs in 2012 as expansion projects lift output at Lihir Island and at Bonikro. Group production in 2010 forecast to be between 960,000 - 1,060,000 ozs. Total cash costs per ounce for 2010 to be below $450/oz, assuming stable oil prices and exchange rates. Costs for Lihir Island and Bonikro to be below $420/oz.
18:33
SUPR Superior Bancorp agrees to the exchange of $7.5 mln trust preferred securities for common stock (3.31 +0.34)
Co announced that it had secured agreements from the holders of $7.5 mln of its currently outstanding non-pooled trust preferred securities to exchange those securities for newly issued common stock.
18:16
VR Validus Holdings, Ltd. prices public senior debt offering (26.33 -0.21)
Co announced that it priced a registered offering (the "Offering") of $250,000,000 aggregate principal amount of 8.875% Senior Notes due 2040 (the "Notes"). The Notes are being sold to the public at a price of 98.71% of principal.
18:12
DLR Digital Realty Trust, L.P. prices $500 mln private offering of 5.875% notes due 2020 at 98.296% of face value (50.47 +0.02) -Update-
Co announced the Notes will be senior unsecured obligations of the Operating Partnership and will be fully and unconditionally guaranteed by the Company.
17:45
NRG NRG Energy will replace Sun Microsystems in the S&P 500 after the close of trading on a date to be announced (24.00 -0.67)
Sun Microsystems (JAVA) is being acquired by S&P 100 & 500 constituent Oracle (ORCL) in a cash deal expected to be completed soon, pending final approvals.
17:40
OCFC OceanFirst Finl misses by $0.13 (10.68 -0.13)
Reports Q4 (Dec) earnings of $0.12 per share, $0.13 worse than the First Call consensus of $0.25. The provision for loan losses increased to $2.2 mln and $5.7 mln, respectively, for the quarter and year ended December 31, 2009 as compared to $600,000 and $1.8 mln, respectively, for the corresponding prior year periods. The increased provision is due to higher levels of non-performing loans and charge-offs. Mortgage-backed securities available for sale increased to $172.9 mln at December 31, 2009 as compared to $40.8 mln at December 31, 2008 primarily due to the $38.3 mln investment of preferred stock proceeds from the Treasury's Capital Purchase Plan in January 2009 and the $54.2 mln investment of proceeds from the common stock offering in November 2009. The Company's non-performing loans totaled $28.3 million at December 31, 2009, an increase from $16.0 million at December 31, 2008.
17:35
FINL Finish Line increases quarterly cash dividend to $0.04 from $0.03 per share of outstanding Class A and Class B common stock (11.32 +0.04)
17:30
CBC Capitol Bancorp receives approval to consolidate four Nevada Banks (3.08 +0.08)
Co announced that it has received regulatory approval to consolidate Bank of Las Vegas, Black Mountain Community Bank, Desert Community Bank and Red Rock Community Bank. Effective January 29, 2010, the banks will consolidate into one charter, Bank of Las Vegas, and all four locations will begin operating as Bank of Las Vegas on February 1, 2010.
17:21
ED Con Edison misses by $0.09; guides FY10 EPS below consensus (45.61 -0.60)
Reports Q4 (Dec) earnings of $0.67 per share, excluding non-recurring items, $0.09 worse than the First Call consensus of $0.76. Co issues downside guidance for FY10, sees EPS of $3.10-3.30, excluding non-recurring items, vs. $3.36 consensus. The co also expects to issue common stock of between $300-500 mln in addition to stock issuances under the co's dividend reinvestment and employee stock plans, and long-term debt issuances of between $600-900 mln in addition to debt issuances for $680 mln of maturing securities.
17:08
ANW Aegean Marine Petrol priced public offering of 3,906,000 common shares at $32.75/share (33.18 +0.46)
17:02
IPI Intrepid Potash Announces preliminary sales and production data and schedules for Q4 (28.69 -1.43)
Intrepid estimates that it produced between 120,000 and 130,000 tons of potash and sold between 145,000 and 155,000 tons of potash. Intrepid estimates that the average net realized sales price for potash during the quarter was approximately $400 to $420 per ton. Intrepid estimates that it produced approximately 40,000 - 50,000 tons of Trio(TM) and sold approximately 20,000 - 30,000 tons of Trio. Intrepid estimates that the average net realized sales price for Trio(TM) during the quarter was approximately $180-$200 per ton. As a result of unexpected production disruptions at the Carlsbad, East surface facility, on an unaudited-basis, Intrepid anticipates that it will record abnormal production expense in the fourth quarter of 2009 of approximately $9.0 - $10.0 million, or approximately $0.07 - $0.08 per diluted share for the quarter. This estimated amount is approximately $3.0 - $4.0 million more than was incurred in the third quarter of 2009.
17:02
NRP Natural Resource guides EPS below consensus, guides FY10 revs in-line (25.34 -0.73)
Co guides FY10 EPS below consensus; co sees FY10 EPS of $0.75-1.25 vs. $1.26 First Call consensus, sees revs of $235-285 mln vs. $283.3 mln consensus. Co says, "Current indications point to a strengthening global economy. If this trend continues with regard to steel production, 2010 prices will be stronger than in 2009. With approximately one-fourth of its coal production and 30-35% of its coal royalty revenues generated from metallurgical coal used to produce steel, NRP's income is affected by the pricing of this commodity. Less certain is the current U.S. steam market, which NRP does not believe will make a recovery until sometime in the second half of the year. The steam markets will be affected by many factors, including the weather, industrial demand, and the extent of fuel switching. Stronger industrial demand due to a strengthening economy would have a positive impact on the steam coal markets. In 2010, NRP anticipates essentially flat coal production, a 2% increase in coal royalty revenue and a 10% increase in total revenues over the latest guidance issued for 2009. A large part of the increase in total revenues is due to acquisitions that occurred in 2009 that will generate revenues other than coal royalties in 2010. NRP anticipates an approximate 35% increase in earnings per unit and a 10% increase in its distributable cash flow."
17:01
EFSC Enterprises Finl sells Millennium Brokerage Group subsidiary (9.31 +0.02)
Co announces the sale of its Millennium Brokerage Group life insurance brokerage subsidiary to an MBG management-led investor group for $4 million in cash, resulting in a $1.6 million pre-tax loss on sale. For financial reporting purposes, M.B.G will be treated as a discontinued operation.
17:00
CNP CenterPoint raises qtrly dividend to 19.5 cents per share from 19 cents per share (14.56 )
16:57
BNI Burl Nrth Santa Fe announces $2.4 bln capital commitment program (99.25 +0.02) -Update-
Co announces a planned 2010 capital commitment program of $2.4 billion, which is expected to be approximately $240 million lower than 2009 due to fewer expected locomotive acquisitions in 2010. BNSF currently expects to spend about $2.1 billion for track, signal systems, structures, and freight cars, and to upgrade technologies, including the unfunded mandate for positive train control. The Company also anticipates acquiring approximately 170 locomotives at a cost of about $320 million.
16:55
SPH Suburban Propane increases quarterly distribution to $0.835 per Common Unit from $0.83 per Common Unit (48.97 -0.37)
16:55
BNI Burl Nrth Santa Fe beats by $0.08, beats on revs (99.25 +0.02)
Reports Q4 (Dec) earnings of $1.30 per share, excluding a tax benefit of $0.25, $0.08 better than the First Call consensus of $1.22; revenues fell 15.8% year/year to $3.68 bln vs the $3.62 bln consensus. "BNSF will continue to position itself to meet demand consistent with the pace of the economic recovery. And as we look forward into 2010, we are preparing to become part of the Berkshire Hathaway family, pending shareholder approval in February."
16:55
PLL Pall Corp declares quarterly dividend of $0.16 per share, up from $0.145 per share (36.58 -0.64)
16:40
BXS BancorpSouth misses by $0.06 (24.49 +0.32)
Reports Q4 (Dec) earnings of $0.23 per share, $0.06 worse than the First Call consensus of $0.29. For the fourth quarter of 2009, the provision for credit losses was $34.7 mln compared with $17.8 mln for the fourth quarter of 2008 and $22.5 mln for the third quarter of 2009. Annualized net charge-offs were 1.01% of average loans and leases for the fourth quarter of 2009 compared with 0.57% for the fourth quarter of 2008 and 0.68% for the third quarter of 2009. Non-performing loans and leases increased to $145.1 mln, or 1.48% of net loans and leases, at December 31, 2009 from $64.0 mln, or 0.66% of net loans and leases, at December 31, 2008 and from $111.6 mln, or 1.14% of net loans and leases, at September 30, 2009. The allowance for credit losses increased to 1.58% of net loans and leases at December 31, 2009 compared with 1.37% at December 31, 2008 and 1.48% at September 30, 2009. "The growth in our non-performing loans during the fourth quarter was primarily related to real estate loans in our more urban markets," added Patterson. "Many of these loans reflect the cumulative pressure that the extended economic downturn in these markets has had on established customers that were performing well prior to and earlier in the downturn.
16:39
CRY CryoLife sent letter to Medafor shareholders discussing its strategic proposal to purchase the outstanding shares of Medafor (6.36 -0.28)
Co sent letter to Medafor shareholders discussing its strategic proposal to purchase the outstanding shares of Medafor. " We have great regard for Medafor's MPH? polysaccharide hemostatic technology, and we believe it has significant, untapped growth potential. CryoLife currently has the exclusive right to distribute this technology under the private label HemoStase? within the U.S. for use in cardiac and vascular surgery, and in many international markets for cardiac, vascular, and general surgery, subject to certain exclusions. As Medafor's largest distributor, CryoLife achieved $6 million in sales of HemoStase in 2009. Unfortunately, we do not believe that Medafor has the resources to maximize the potential of this exciting technology on its own given the capital and other constraints facing the company. At the same time, we believe it is critical that Medafor fully develop this technology in order for Medafor shares to realize their full potential value. We have acquired a large stake in Medafor as a first step in our efforts to combine CryoLife and Medafor, drive additional growth of HemoStase and related products, and deliver earnings and revenue growth for CryoLife and Medafor shareholders. "
16:37
WSH Willis Group extended the contract of its Chairman and CEO (27.45 -0.22)
Co announced that it has extended the contract of its Chairman and CEO, Joseph J. Plumeri, until July 7, 2013. His previous agreement was set to expire on the date of the company's annual meeting in April 2011.
16:36
ACHN Achillion Pharma intends to offer shares of its common stock in an underwritten public offering (2.60 -0.10)
16:35
VECO Veeco Instruments awarded $4 mln R&D Matching Fund from DoE Solid State Lighting Manufacturing Grant (35.43 -1.00)
Co announced that it has been awarded $4 million in R&D matching funds from the American Recovery and Reinvestment Act by the U.S. Department of Energy to support high-efficiency solid state lighting projects. Solid state lighting, which uses light emitting diodes (LEDs) and organic LEDs (OLEDs) has the potential to be ten times more energy-efficient than traditional incandescent light bulbs. The overall objective of this two year program is to develop high-volume MOCVD systems that provide a 4X reduction in the cost of epitaxial growth for LED devices, with the ultimate goal of a 10X reduction in LED costs. Veeco will partner with Sandia National Laboratories on this project. In total the Department of Energy awarded more than $37 million in funding for solid state lighting programs. Veeco's proposal was one of eight selected as part of U.S. Manufacturing
16:35
ETE Energy Transfer Equity opted to not move forward with the contemplated debt offering at this time (34.20 +0.36)
Co announced that due to market conditions over the past several days, ETE has opted to not move forward with the contemplated debt offering at this time. Energy Transfer Equity, L.P. (ETE) is a publicly traded partnership, which owns the general partner of Energy Transfer Partners, L.P. and ~62.5 million ETP limited partner units. Energy Transfer Partners, L.P. (ETP) is a publicly traded partnership owning and operating a diversified portfolio of energy assets.
16:34
MATW Matthew's beats by $0.02, beats on revs (34.01 -0.28)
Reports Q1 (Dec) earnings of $0.43 per share, $0.02 better than the First Call consensus of $0.41; revenues rose 0.9% year/year to $193 mln vs the $190.6 mln consensus.
16:33
UAHC United American Hlthcare announced that William L. Dennis has been named Chief Financial Officer (1.03 -0.02)
Co announced that William L. Dennis has been named Chief Financial Officer and Treasurer effective Jan. 16, 2010. Dennis replaces Anita R. Davis, who has resigned as Chief Financial Officer and Treasurer to pursue other interests.
16:33
CNXT Conexant reports Q1 EPS of $0.17 vs $0.11 consensus, revs rose 10% YoY to $61.8 mln vs $60.1 mln two analyst est (2.85 -0.05)
Conexant expects revenues for the second quarter of fiscal 2010 to be $60 to $61 mln vs $54.9 two analyst est. Core gross margins are expected to be about 61% of revenues. The company anticipates that core operating expenses will be approximately $25 million. As a result, the company expects that second fiscal quarter core operating income will range between $11.6 and $12.5 mln, with core net income of $0.13 to $0.14 per share vs $0.08 consensus.
16:32
SEP Spectra Energy LP declares quarterly cash distribution to unitholders of $0.41 per unit, up from $0.40 per unit (30.32 +0.10)
16:30
KALU Kaiser Alum announces the United Steelworkers ratification of a new five-year labor agreement (38.50 -1.65)
The co announces that union members at the Company's Newark, OH and Spokane, WA facilities have ratified a new five-year labor agreement. The agreement which affects approximately 800 union members is effective on October 1, 2010 and extends through September 30, 2015. The new labor agreement provides for the extension of wages and fringe benefits of the current contract through September 30, 2015. In addition it calls for the extension of the potential profit sharing contribution for the Union VEBA through September 30, 2017. The VEBA is administered by four trustees and the assets are managed by an independent fiduciary. Further, the new labor agreement also extends the term of the Director Designation Agreement that allows the union to nominate candidates which, if elected, would constitute up to 40% of the Company's board of directors.
16:30
NAT Nordic American Tanker announces offering of 4 mln common shares pursuant to effective shelf registration statement (32.65 -1.09)
16:29
COF Capital One beats by $0.38, beats on revs (42.70 -0.32)
Reports Q4 (Dec) earnings of $0.83 per share, $0.38 better than the First Call consensus of $0.45; revenues fell 4.7% year/year to $4.4 bln vs the $4.3 bln consensus. Managed net interest margin of 6.90 percent and revenue margin of 9.50 percent remained stable in the fourth quarter relative to the prior quarter. Managed provision expense decreased $353.5 million from the prior quarter and was essentially flat in 2009 as compared to 2008 at $8.0 billion. Tangible common equity to tangible managed assets, or "TCE ratio," increased to 6.3 percent, up 10 basis points from the September 30, 2009 ratio of 6.2 percent, and Tier 1 capital to risk-weighted assets, or Tier 1 ratio, rose to 13.8 percent. Allowance as a percentage of reported loans was 4.55 percent in the fourth quarter of 2009 as compared to 4.67 percent in the prior quarter. Average total deposits decreased by $1.3 billion, or 1.1 percent, over the prior quarter. Revenue margin in the Domestic Card sub-segment improved to approximately 17.0 percent in the fourth quarter, up from 16.8 percent in the prior quarter. In 2010, we expect quarterly revenue margin to moderate, but remain close to its fourth quarter 2009 level. The managed net charge-off rate for the Credit Card segment remained essentially flat at 9.58 percent in the fourth quarter of 2009. The managed net charge-off rate for Commercial Banking increased 149 basis points in the fourth quarter of 2009 to 2.91 percent from 1.42 percent in the prior quarter. Non-performing loans as a percentage of loans held for investment for Commercial Banking was 2.37 percent, a decrease of 28 basis points from 2.65 percent at the end of the prior quarter.
16:25
SIVB SVB Financial Group beats by $0.11 (47.39 )
Reports Q4 (Dec) earnings of $0.47 per share, excluding $0.31 in TARP charges, $0.11 better than the First Call consensus of $0.36. Provision for loan losses of $17.3 million, an increase of $9.3 million compared to the third quarter of 2009. Our provision for loan losses in the third quarter of 2009 was inclusive of an $11.4 million recovery from a single loan. Gross charge-offs decreased to $33.1 million for the fourth quarter of 2009, compared to $46.6 million for the third quarter of 2009. Gross loan charge-offs of $33.1 million for the fourth quarter of 2009, primarily came from our software and hardware client portfolios. Gross loan charge-offs included $17.0 million of loans that were previously included as nonperforming loans. Net interest margin, on a fully taxable equivalent basis, was 3.57 percent for the fourth quarter of 2009, compared to 3.70 percent for the third quarter of 2009 and 5.39 percent for the fourth quarter of 2008. The decrease from the third to the fourth quarter of 2009 was primarily a result of a decline in loan balances and an increase in deposits.
16:21
AMD Advanced Micro beats by $0.13, beats on revs; sees seasonal Q1 rev decline (8.99 +0.12)
Reports Q4 (Dec) loss of $0.05 per share, excluding a $1.57 per share favorable impact from a legal settlement with INTC, $0.13 better than the First Call consensus of ($0.18); revenues rose 41.7% year/year to $1.65 bln vs the $1.49 bln consensus. Advanced Micro sees Q1 revs down sequentially, consensus calls for a ~16% sequential decline. Fourth quarter 2009 AMD gross margin was 45% vs the 42.4% consensus, compared to 42% in the prior quarter. "AMD's quarter marks another milestone in our transformation and underscores our growing momentum. We enter 2010 having completed the transition to a fabless business model, reached a historic antitrust settlement, and made significant progress strengthening our balance sheet. Our innovative strategy for designing the world's most vivid digital experiences continues to generate demand."
16:18
WDC Western Digital beats by $0.49, beats on revs (45.29 +1.03)
Reports Q2 (Dec) earnings of $1.85 per share, $0.49 better than the First Call consensus of $1.36; revenues rose 43.7% year/year to $2.62 bln vs the $2.35 bln consensus. Hard drive shipments up 39% yr/yr. "For the third consecutive quarter, we increased output in a supply constrained environment, providing strong support of our customers' growth opportunities, primarily in the consumer segment but, notably, with some emerging strength in the commercial sector...A moderate pricing environment, combined with our passionate focus on cost and efficiency, enabled gross margins of 26.2% -- well above the high end of our model range."
16:18
SYNA Synaptics beats by $0.06, beats on revs; guides Q3 revs below consensus; guides FY10 revs in-line (30.35 +0.77)
Reports Q2 (Dec) earnings of $0.62 per share, $0.06 better than the First Call consensus of $0.56; revenues fell 5.8% year/year to $133.3 mln vs the $131.3 mln consensus. Co issues downside guidance for Q3, sees Q3 revs of $110-115 mln vs. $119.56 mln consensus. Co issues in-line guidance for FY10, sees FY10 revs of $495-505 mln vs. $502.57 mln consensus.
16:17
ELX Emulex beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs in-line (12.60 -0.01)
Reports Q2 (Dec) earnings of $0.18 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.16; revenues fell 0.3% year/year to $108.3 mln vs the $104.1 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.16-0.18, excluding non-recurring items, vs. $0.14 consensus; sees Q3 revs of $100-103 mln vs. $100.32 mln consensus.
16:16
ACS Affiliated Computer beats by $0.08, misses on revs (63.92 +1.75)
Reports Q2 (Dec) earnings of $1.07 per share, $0.08 better than the First Call consensus of $0.99; revenues rose 2.7% year/year to $1.66 bln vs the $1.71 bln consensus. Due to ACS' proposed merger with Xerox, ACS will not host an earnings conference call and will not be updating prior financial guidance or providing financial guidance for the third quarter or fiscal year 2010.
16:16
APD Air Products supplying multiple LNG heat exchangers for Gorgon project (79.86 -1.62)
Co announces it signed an agreement with Chevron Australia to supply its proprietary liquefied natural gas (LNG) process technology and equipment for three process trains producing up to 15 million tons of LNG per annum at the Gorgon Project located offshore Western Australia.
16:16
ENWV Endwave repurchases preferred stock from Oak Investment Partners (2.35 +0.03)
Co announces it has repurchased all 300,000 shares of Endwave preferred stock held by Oak Investment Partners XI, Limited Partnership for $36 mln in cash. This represents 3,000,000 shares of Endwave common stock on an as-converted basis. Such shares had entitled Oak to a liquidation preference equal to its original investment of $45 mln before any proceeds from a liquidation or sale of the company would have been paid to the holders of Endwave's common stock. The shares were initially acquired by Oak Investment Partners in April 2006. In connection with the share repurchase, Eric Stonestrom, Oak's designee to Endwave's board of directors, resigned from the board of directors effective immediately.
16:14
PBCT People's United Financial reports EPS in-line (16.58 -0.05)
Reports Q4 (Dec) earnings of $0.08 per share, excluding system conversion and merger-related expenses totaling $0.01, in-line with the First Call consensus of $0.08. Non-performing assets totaled $205.6 million at December 31, 2009, a $12.9 million increase from September 30, 2009. Co expects to complete acquisition of Financial Federal in mid-February. "We feel our asset quality has held up very well on both a relative and absolute basis through the recent recessionary cycle and continue to believe that most of the bad news is substantially behind us. The strength of our capital and liquidity, asset quality and earnings, as well as the fact that our balance sheet remains funded almost entirely by deposits and stockholders' equity, continue to set us apart from most in the industry."
16:13
MBVT Merchants Bancsh. announced the extension of its stock buyback program (21.50 -0.91)
Co announced the extension, through January 2011, of its stock buyback program, originally adopted in January 2007. Under the program Merchants may repurchase 200,000 shares of its common stock on the open market from time to time, and had purchased 143,475 shares through December 31, 2009. Although Merchants did not repurchase any of its shares during the fourth quarter of 2009, and does not expect to repurchase shares in the near future, Merchants wanted to preserve the flexibility of an active buyback program.
16:11
FSC Fifth Street Finance sees Q1 EPS in the range of $0.21-0.24, First Call consensus $0.24 (11.74 -0.05) -Update-
Co issued a preliminary estimated range of net investment income for the first fiscal quarter ended December 31, 2009 of $0.21 to $0.24 per share. In addition, for the quarter ended December 31, 2009, Fifth Street expects its net asset value per share to change by less than 1% from its net asset value per share as of September 30, 2009. Fifth Street also noted that it expects the number of investments in its investment portfolio on cash non-accrual status for the quarter ended December 31, 2009 to remain constant relative to the quarter ended September 30, 2009.
16:11
AXP American Express beats by $0.02, beats on revs (42.16 -0.82)
Reports Q4 (Dec) earnings of $0.59 per share, $0.02 better than the First Call consensus of $0.57; revenues fell 0.3% year/year to $6.49 bln vs the $6.14 bln consensus. Consolidated provisions for losses totaled $748 mln, down 47% compared to $1.4 bln in the year-ago period. The decline reflected continued improvement in credit quality during the latter part of 2009. The company's return on average equity (ROE) was 14.6%, down from 22.3% a year ago. "We ended the year on a positive note with cardmember spending up 8 percent and credit indicators showing further signs of improvement... Fourth quarter results reflected the diversity of our business model that includes issuing cards, building business for merchants, operating a global payments network and delivering high-value services to our customers. Earnings were well above the depressed levels of 2008, capping a year when we delivered on each of our three main priorities. We stayed consistently profitable, built a more liquid funding base and invested selectively in the business... This progress, and the underlying strength of our franchise allowed us to maintain our dividend at a time when many others cut or eliminated their quarterly payment to shareholders... We still face the challenge of high unemployment levels, depressed real estate values, and shrunken household balance sheets, but the overall economy and our company are in stronger shape than they were a year ago... While the economic recovery now underway is likely to be modest, we expect it to continue and have begun to shift our focus to growing American Express for the longer term... We aim to extend our payments business, offer new fee based services, and accelerate our progress in the world of emerging payments. At the same time, we will focus on creating a more efficient cost structure and delivering superior service that strengthens our relationships with cardmembers, merchants and business partners. We continue to see opportunities to extend our market leadership and distinguish American Express from its competitors."
16:11
GOOG Google stabilizing above the $550 level, down about $30 after earnings (582.98 ) -Update- -Technical-
$551.50 was gap support from 11/06. If it gets through $550, the next big level isn't until the $530 area. Last trade at $552.70
16:10
ETRM EnteroMedics announces transfer of its common stock to the Nasdaq Capital Market (0.65 -0.04)
16:10
IGT Intl Game Tech beats by $0.04, misses on revs (20.20 -0.11)
Reports Q1 (Dec) earnings of $0.24 per share, $0.04 better than the First Call consensus of $0.20; revenues fell 14.3% year/year to $515.7 mln vs the $529.6 mln consensus. For the current quarter, gross margins on gaming operations were 62%, compared to 52% for the same quarter last year. Margins for this year's quarter were positively impacted by reduced jackpot expense largely due to interest rate changes and lower depreciation. The prior year quarter was impacted by additional jackpot expense resulting from unfavorable interest rate movements as well as added fixed asset charges.
16:09
PII Polaris Inds declares dividend of $0.40 per share, up from $0.39 per share (44.44 -0.50)
16:09
DGII Digi Intl beats by $0.01, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY10 EPS in-line, revs in-line (9.94 +0.50)
Reports Q1 (Dec) earnings of $0.05 per share, $0.01 better than the First Call consensus of $0.04; revenues rose 3.9% year/year to $43 mln vs the $40.9 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.04-0.09 vs. $0.05 consensus; sees Q2 revs of $43-47 mln vs. $42.98 mln consensus. Co issues in-line guidance for FY10, sees EPS of $0.18-0.42 vs. $0.29 consensus; sees FY10 revs of $170-190 mln vs. $181.09 mln consensus. DGII anticipates that the most likely full year revenue will be $180 mln, an increase of $2 mln from the guidance provided at the end of the prior fiscal year.
16:09
ISRG Intuitive Surgical beats by $0.24, beats on revs (304.49 -4.50)
Reports Q4 (Dec) earnings of $1.95 per share, $0.24 better than the First Call consensus of $1.71; revenues rose 39.5% year/year to $323 mln vs the $292.7 mln consensus. Fourth quarter of 2009 revenue growth was driven by continued robotic procedure adoption and higher da Vinci Surgical System sales. "We are pleased with the performance of our team in the fourth quarter, our procedure growth, and as a consequence, our financial results. Led by outstanding patient outcomes, robotic surgery adoption with patients and the medical community at large continues to grow."
16:08
NTCT NetScout Systems beats by $0.02; guides FY10 EPS in-line, revs in-line (14.48 -0.49)
Reports Q3 (Dec) earnings of $0.25 per share, $0.02 better than the First Call consensus of $0.23. Co issues in-line guidance for FY10, sees EPS of $0.88-$0.92 vs. $0.88 consensus; narrows rev range for FY10 to $260-$263 mln vs. $259.42 mln consensus.
16:08
PAG Penske Auto filed a registration statement for a proposed secondary offering of up to 5.75 mln shares of its common stock (16.33 -0.10)
16:08
AEIS Advanced Energy signs strategic PV solar service agreement for Colorado State University's new, 2 MW solar plant (15.62 +0.00)
Co announces that AMEC, the international engineering and project management company, has engaged Advanced Energy for a multi-year agreement to provide SiteGuard services for Colorado State University's new, two megawatt photovoltaic solar power plant located in Fort Collins, Colorado. The new solar facility started producing power in early December and is expected to be fully commissioned in early 2010.
16:07
FSC Fifth Street Finance announces commencement of 7.0 mln common stock offering
16:07
AYE Allegheny Energy subsidiary will issue $450 million aggregate principal amount of 4.0% unsecured notes due 2015 (22.34 -0.41)
16:07
EFII Elec For Imaging beats by $0.02, beats on revs (12.82 -0.23)
Reports Q4 (Dec) earnings of $0.05 per share, $0.02 better than the First Call consensus of $0.03; revenues fell 15.9% year/year to $114 mln vs the $109.1 mln consensus. Co says "Our results continue to show improvement as we delivered 13% sequential revenue growth driven by a strong rebound in our Fiery business posting 26% quarter over quarter growth. In addition, we delivered on our commitment to return to profitability and generate cash in the fourth quarter, as we look to 2010, we will be focused on profitable growth while continuing to provide the print industries' most innovative technology."
16:06
SOMX Somaxon Pharma provides update on new drug application for Silenor for the treatment of insomnia (1.32 -0.10)
Co provided an update on the status of its New Drug Application (NDA) for Silenor for the treatment of insomnia. Somaxon held a meeting with senior leadership at the U.S. Food and Drug Administration (FDA) on January 20, 2010 to discuss the issues raised by the FDA in the Complete Response Letter Somaxon received in December 2009 relating to the Silenor NDA. The only remaining efficacy issue was related to the robustness of sustained subjective sleep maintenance efficacy in non-elderly adults with primary insomnia. In the meeting, FDA instructed Somaxon to resubmit the contents of its January 20, 2010 pre-meeting briefing package to the FDA. The agency acknowledged that this resubmission would be considered a complete response to the Complete Response Letter Somaxon received in December. The FDA also agreed that this would be considered a Class 1 resubmission with a two-month review cycle. No additional safety or efficacy data was required to be included in the resubmission, and the company filed the resubmission with the FDA on January 21, 2010. As a result, the company anticipates a decision from the FDA by March 21, 2010.
16:05
V Visa Board of Directors approves an additional Class C Share Release Program (84.45 -2.97)
The co announces that its board of directors had approved the release of additional class C shares. The number of shares released for any class C shareholder will be the greater of (a) 50% (fifty percent) of the restricted class C shares held by that shareholder as of March 1, 2010, and (b) 5,000 (five thousand) class C shares. Shareholder application will not be required. The shares will automatically become eligible for public sale on March 8, 2010. The remaining restricted class C shares will continue to be subject to the general transfer restrictions that expire on March 25, 2011, under Visa's certificate of incorporation.
16:05
GOOG Google beats by $0.29, reports revs in-line (582.98 +2.57)
Reports Q4 (Dec) earnings of $6.79 per share, $0.29 better than the First Call consensus of $6.50; revenues rose 17.3% year/year to $4.95 bln vs the $4.92 bln consensus. Aggregate paid clicks, which include clicks related to ads served on Google sites and the sites of its AdSense partners, increased approximately 13% over 4Q08 and increased approximately 9% over 3Q09. Average cost-per-click, which includes clicks related to ads served on Google sites and the sites of our AdSense partners, increased approximately 5% over 4Q08 and increased approximately 2% over 3Q09. Revenues from outside of the United States totaled $3.52 bln, representing 53% of total revenues in the 4Q09, compared to 53% in 3Q09and 50% in 4Q08. Non-GAAP operating income in the fourth quarter of 2009 was $2.76 bln, or 41% of revenues. This compares to non-GAAP operating income of $2.15 billion, or 38% of revenues, in 4Q08.
16:05
MSCC Microsemi reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs above consensus (17.18 +0.05)
Reports Q1 (Dec) earnings of $0.26 per share, in-line with the First Call consensus of $0.26; revenues fell 13.6% year/year to $112.8 mln vs the $112.4 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.26-0.27 vs. $0.27 consensus; sees Q2 revs up 2-4% q/q (~$115-117 mln) vs. $114.82 mln consensus.
16:04
CBST Cubist Pharma misses by $0.03, reports revs in-line (20.57 -0.32)
Reports Q4 (Dec) earnings of $0.38 per share, $0.03 worse than the First Call consensus of $0.41; revenues rose 27.1% year/year to $166.7 mln vs the $165.6 mln consensus. CBST reports Cubicin drug sales of $147.8 mln vs. $129.6 mln First Call Consensus. "As we begin 2010, Cubist continues to build on the foundation we've created with the development and commercial success of CUBICIN. Our acute care focus and our disciplined approach to building a pipeline of differentiated therapies addressing areas of high unmet medical need puts Cubist in a strong position during times of continued uncertainty in the economy overall and in the healthcare marketplace in particular."
16:04
IBKR Interactive Brokers misses by $0.16, misses on revs (16.50 +0.20)
Reports Q4 (Dec) earnings of $0.06 per share, $0.16 worse than the First Call consensus of $0.22; revenues fell 53.3% year/year to $200.4 mln vs the $295.4 mln consensus. Co says "In 2009, as a consequence of the credit crises, risk aversion has greatly increased among institutional traders, The resulting high option premiums, which we need to pay as part of our hedging costs, were difficult to make up for with trading profits in an environment of shrinking spreads and diminishing volumes. "We have nevertheless, escaped the crises without any losses. As the largest publicly traded non-bank, Broker-Dealer, with equity capital of $4.9 billion, we are well positioned to continue building our business in a strengthening world economy."
16:04
EZPW EZCORP beats by $0.10, beats on revs; guides Q2 EPS in-line; raises FY10 EPS above consensus (18.25 +0.14)
Reports Q1 (Dec) earnings of $0.52 per share, $0.10 better than the First Call consensus of $0.42; revenues rose 43.7% year/year to $184.8 mln vs the $160.5 mln consensus. Co issues in-line guidance for Q2, sees EPS of ~$0.43 vs. $0.44 consensus. Co raises guidance for FY10, sees EPS of ~$1.81 vs. $1.69 consensus, up from $1.65-1.69 previously. "In all segments of our business, we saw strong loan demand. It appears that our broadened range of loan offerings provides solutions to consumers' cash needs and are found to be more attractive than other options. With these strong ending loan portfolio balances, we are well positioned for a solid fiscal year."
16:03
GOOG Google levels of interest -Technical-
GOOG
Resistance: @ 595~600, 605, & 620~625 (52 week highs @ 629.51)
Support: @ 574~572 (Jan range lows), 556 (weekly 20-EMA), 552~550 (Nov 6 daily gap close)
GOOG down to 559 here
16:01
JJSF J&J Snack Foods beats by $0.11, beats on revs (41.28 +1.16)
Reports Q1 (Dec) earnings of $0.38 per share, $0.11 better than the First Call consensus of $0.27; revenues rose 5.7% year/year to $149.1 mln vs the $144.2 mln consensus.
16:01
HT Hersha Hospitality Trust announced the closing of its previously announced public offering (3.62 +0.02)
Co announced the closing of its previously announced public offering. Co sold a total of 51,750,000 common shares of beneficial interest including 6,750,000 common shares subject to an overallotment option exercised by the underwriters, for gross proceeds of ~$155.3 million before deducting the underwriting discount and offering expenses payable by Hersha. Hersha intends to use ~$110 million of the offering proceeds to acquire a Hampton Inn and a Candlewood Suites located in Times Square, New York.
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