Briefing.com: Hourly In Play (R) – 16:00 ET
Mar 31, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 31-Mar-10 16:00 ET
15:51
SPY Late day extension to new afternoon low for the S&P -6 and new session lows for the Nasdaq -14 and Dow -68 -Update- -Technical-
15:50
PGM Late day global & sector ETF movers... Platinum strong & Nat gas weak -Technical-
The Actively Traded Leading Global & Sector ETF Plays:
platinum- PGM +1.50%, heating oil- UHN +1.50%, oil HLDRS- OIH +1.50%, crude/WTI oil- USO +1.0%, OIL +1.25%, RBOB gas- UGA +1.0%, silver- SLV +1.0%, iShares Brazil- EWZ +1.0%, insurers- KIE +1.0%, gold- GLD +0.75%, SPDRS oil & gas exploration/prod/services- XES +0.75%, XOP +0.50%, gold miners- GDX +0.75%, Pound/Sterling currency shares- FXB +0.75%, Euro currency shares- FXE +0.75%
The Actively Traded Lagging Global & Sector ETF Plays:
nat gas- UNG -2.50%, iShares Singapore- EWS -2.0%, iShares Hong Kong- EWH -1.50%, ag commods- DBA -1.50%, clean energy- PBW -1.50%, iShares Japan- EWJ -1.25%, homebuilders & construction- ITB -1.50%, XHB -1.0%, iShares Australia- EWA -1.0%, iShares REITS & real estate- ICF -1.0%, IYR -1.0%, semis- XSD -0.75%, SMH -0.50%, SPDRS cons disct- XLY -0.75%, global shippers- SEA -0.75%, capital mkts- KCE -0.75%
15:46
Conferences and Shareholder/Analyst Meetings of Interest
Events of interest for tomorrow, April 1, include: XTEX Analyst Conference; ANDS, INHX at Canaccord Adams' Hepatitis C Conference; PEG, FE, SO, EXC at Soleil Securities Group, Inc. Diversified Utility & Energy Conference. Fed: Fed's Bullard, Fed's Dudley
15:38
SPY Trading volume analysis nearing the closing bell-- NYSE& NASDAQ pretty much dead even with yesterday's below average totals nearing month & qtr. end -Technical-
NYSE & NASDAQ total exchange trading volume are running at almost the exact same pace as yesterday, which ended with well below average totals. We may still see some volume come in towards the close, but for now the recent lack of participation by mutual funds & institutions suggests more complacency & comfort with current price levels here by investors. The major average are only off anywhere from -0.50% to flat, with the INDU blue chips lagging & the RUT small caps leading.
As of 3:30p.m. ET, nearly 661M shares have changed hands on NYSE vs. 653.5M yesterday, an increase of +1.1%, while over on NASDAQ, 1.68B shares have turned over vs. 1.66B yesterday, an decrease of nearly -0.75%.
NYSE 60 min volume chart
NASDAQ 60 min volume chart
15:27
MFN Minefinders reports positive La Bolsa drill results and provides update on La Bolsa pre-feasibility study (9.28 -0.02)
Co report recent drill results from core drilling at their La Bolsa Property in Sonora, Mexico. The drill results are positive and will be incorporated into the existing resource for La Bolsa. This updated resource will be used for the construction of the reserve block model used in the pre-feasibility study being conducted with regard to the economic viability of an open pit heap leach mine. Inclusion of these recent drill results is expected to increase the La Bolsa resource and reduce the prospective operating strip ratio compared with what we had been anticipating. Both wide intercepts of low-grade gold and silver and shorter intercepts of high-grade gold and silver were encountered.
15:20
SCANX Stocks making new 52-week highs/lows -Technical-
New highs (308) outpace new lows (89): New 52-week highs trading over 1 mln (average daily volume) include: Food (DLM, SFD, TSN), Insurance (GNW, MTG, PMI, RDN), Investment Cos (ACAS, AINV, ALD, ARCC, KFN), Media (CMCSA, SVMI, TWC), Oil & Gas (CXG, KOG, PXD), Retail-Apparel (ANF, PVH, TLB) and Telecomm (ARUN, FNSR, JDSU)... 52-week lows trading over 1 mln (average daily volume) include: MDVN, SWHC
15:18
RIMM Research In Motion break to fresh lows as 1st hour intraday support @ 74.30 is violated (74.24 -.67) -Update- -Technical-
Expect shares to remain active into the close as the co. is scheduled to report qtrly. earnings shortly after the bell.
15:18
SPY Stock indices all push back into the red -- Dow -61, S&P 500 -4.1, Nasdaq -7.9, S&P 400 -0.9 -Update- -Technical-
15:11
CENX Century Aluminum subsidiary and steelworkers announce contract extension (13.92 -0.34)
Century Aluminum of Kentucky, a wholly owned subsidiary of Century Aluminum Company and the United Steelworkers have agreed to extend the current labor contract covering the Hawesville, Kentucky smelter operations until 12:01 a.m. on April 16, 2010. The agreement on the extension was reached to allow the parties more time to address key issues presented during the negotiations. Century Aluminum Company owns primary aluminum capacity in the United States and Iceland.
15:04
SPY S&P 500 reaches intraday support at 1170 -Update- -Technical-
The index has cut the slow grind higher off the early low into midday in half at 1170 and paused but gains back through 1172 are needed to improve the afternoon pattern. Support below is at 1169 in front of the 1166/1165 area.
14:57
DTV NASDAQ 100 (NDX) leaders & laggards moving towards the final hour of trading for the month & quarter -Technical-
NDX 100 Best % Performers:
DTV +2.50%, EXPE +2.50%, HOLX +2.50%, VMED +2.50%, STX +1.0%, MYL +1.0%, DISH +1.0%, NIHD +1.0%, VRTX +1.0%, JBHT +1.0%
NDX 100 Worst % Performers:
CEPH -3.50%, JOYG -2.50%, CSCO -1.75%, MSFT -1.50%, APOL -1.50%, MRVL -1.50%, WYNN -1.50%, INFY -1.25%, MAT -1.25%, CTXS -1.25%, NVDA -1.25%
NASDAQ TRIN @ +0.80
NASDAQ A/D @ -210
14:56
COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices
May corn closed lower by 9.5 cents to $3.45 per bushel, May soybeans closed lower by 33 cents at $9.41 per bushel, May wheat closed 21.5 cents lower at $4.505 per bushel, May ethanol closed lower by $0.029 cents at $1.555, May world sugar futures closed 1.29 cents lower to 16.59 cents. Ag futures were notably lower today due to the results of this morning's U.S. planting expectations and grain inventory report released by the USDA.
14:54
CVX Dow 30 (INDU) leaders & laggards moving towards the final hour of trading for the month & the quarter -Technical-
INDU 30 Best % Performers:
CVX +1.0%, JPM +0.50%, JNJ +0.50%, BAC +0.25%
INDU 30 Worst % Performers:
CSCO -2.0%, MSFT -1.75%, BA -1.25%, HD -1.25%, DD -1.0%, KFT -1.0%
NYSE TRIN @ +1.25
NYSE A/D @ -205
14:46
COMDX NYMEX ENergy Closing Prices
May crude oil settled higher by $1.39 to $83.76, May nat gas shed 9.8 cents to finish at $3.875, April heating oil closed up 3.99 cents to $2.1646 and April RBOB gasoline ended higher by 3.53 cents to $2.31.
14:45
SPY Stock indices pulling back off afternoon highs -- Dow -33, S&P -1.3, Nasdaq -1.4 -Update- -Technical-
14:45
OSTK Overstock.com beats by $0.10, beats on revs (13.33 -0.38)
Reports Q4 (Dec) earnings of $0.55 per share, $0.10 better than the Thomson Reuters dual-analyst est of $0.45; revenues rose 27.0% year/year to $322.4 mln vs the $274 mln single-analyst est. Gross margin increased to 17.1% from 16.5% in the prior year's quarter (60 basis point improvement).
14:44
ICXT ICx Tech reports Q1 Fido XT sales to U.S. Military customers exceeds $3.9 mln (7.16 -0.10)
Co continues to support efforts to defeat improvised explosives devices (IEDs) with Fido XT explosives detector sales of over $3.9 million in the first quarter, 2010. These units will support U.S. military efforts in Iraq and Afghanistan.
14:14
COMDX Crude oil has retraced its inventory-induced sell off over the past 2.5 hours and has just recently traded to fresh highs at $83.78; now up $1.31 to $83.68
13:45
PED Petroflow Energy announced that it will not meet the March 31 deadline for filing the co's audited financials for the years ended December 31, 2009 and 2008 (0.28 0.00)
Co announced that it will not meet the March 31 deadline for filing the its audited financials for 2009 and 2008. The reasons for the co's inability to meet the filing deadline are that it has recently changed its auditors (disclosed February 5), and it has taken more time than was anticipated to assure that the financial disclosure meets the required standards. The co currently plans to complete all of its annual filings in Canada by April 9, 2010. Co continues to work with its banking syndicate on its financial condition under the current forbearance agreement. Co has dissolved all of its hedge positions resulting in ~$4.75 mln gain, which has been repaid to the banking syndicate, reducing the outstanding senior debt to the syndicate of ~$98.75 million. However, there are no assurances that the co will be able to continue as a going concern. (Stock is halted)
13:33
COMDX COMEX Metals Closing Prices
June gold finished higher by $8.60 to $1114.30, May silver closed up 19 cents to $17.52, while May copper shed 1 cent to end at $3.5535.
13:21
DO Diamond Offshore - - 50 Day Alert (89.04 +3.63) -Technical-
Energy service stock extends this morning's upward momentum to challenge its 50-day simple moving average near 89.12. The 50-day exponential moving average lies just above near 89.38.
13:15
MATK Martek Biosci announces agreement with COFCO Food Sales & Distribution in China (22.94 +0.38)
Co announced that it has signed a five-year agreement with COFCO Food Sales & Distribution, a branch of the COFCO group, for the use of Martek's life'sDHA in COFCO cooking oils and potentially other categories. COFCO launched its first consumer product featuring Martek's life'sDHA this month. COFCO's Fortune Natural Grains Blended Cooking Oil with life'sDHA is now available at major retailers across China and features the life'sDHA logo on the product packaging and in related marketing, advertising and promotional materials. This is the first cooking oil with DHA to be launched in China.
13:04
FPP Fieldpoint Petroleum announces stock buy-back, not to exceed $250,000 (2.20 +0.14) -Update-
13:01
ZRBA Zareba Systems announces shareholder approval of merger agreement with Woodstream Corporation (8.97 -0.01)
12:53
HIG Hartford Financial returns U.S. Treasury investment (28.64 +0.62)
Co announced that it has repurchased all of The Hartford's preferred shares issued to the U.S. Department of Treasury under the Capital Purchase Program (CPP). The Hartford paid $3.4 billion to the U.S. Treasury to repurchase the preferred stock, plus a final dividend payment of about $21.7 million. The Hartford funded the repurchase with proceeds from its recent equity and debt offerings, as well as from available resources. The U.S. Treasury continues to hold warrants to purchase approximately 52 mln shares of The Hartford's common stock at an initial exercise price of $9.79 per share. The co does not intend to repurchase the warrants from the U.S. Treasury.
12:45
OIH Midday global & sector ETF movers... Oil HLDRS strong & Singapore weak -Technical-
The Actively Traded Leading Global & Sector ETF Plays:
oil HLDRS- OIH +1.75%, silver- SLV +1.50%, gold miners- GDX +1.50%, SPDRS oil & gas exploration/service/prod.- XOP +1.25%, XES +1.50%, platinum- PGM +1.50%, insurers- KIE +1.25%, nat gas ISE index components- FCG +1.25%, crude/WTI oil- USO +1.0%, OIL +1.0%, heating oil- UHN +1.0%, iShares Malaysia- EWM +0.75%, iShares Brazil- EWZ +1.0%, Euro currency shares- FXE +0.75%, Pound/Sterling currency shares- FXB +0.75%, regional banks- KRE +0.75%
The Actively Traded Lagging Global & Sector ETF Plays:
iShares Singapore- EWS -2.0%, nat gas- UNG -1.25%, ag commods- DBA -1.25%, iShares Hong Kong- EWH -1.0%, iShares Japan- EWJ -1.0%, homebuilders & construction- ITB -1.0%, XHB -0.75%, US Dollar index- UUP -0.75%, iShares Australia- EWA -0.50%, clean energy- PBW -0.50%, Yen currency shares- FXY -0.50%, SPDRS cons disct- XLY -0.50%
12:33
ARTW Art's-Way Manufacturing purchased the 15,000 square foot production facility (6.09 -0.08)
Co announces they have purchased the 15,000 square foot production facility they have been leasing to produce portable grain augers in Salem, South Dakota. The Company closed on the plant purchase on March 29, 2010 and paid approximately $194,000.
12:22
SPY New session high for S&P +0.6, Dow -13 retests morning bounce high at 10898 -Update- -Technical-
12:20
PPH Pharmaceutical HOLDRs displays some intraday relative strength after holding at last week's low and its 50-day ema/sma in early trade (66.41 +0.02) -Technical-
The PPH fell as low at 65.90 this morning but held near support at its 50 day averages and last week's low at 65.96/65.88 with some intraday relative strength noted thereafter -- ABT +0.1%, AGN +0.7%, BMY +0.01%, FRX -0.6% (1% off low), JNJ +0.4%, KG -0.1% (1.2% off low), LLY +1%, MHS -0.5%, MRK -0.3% (1.2% off low), MYL +0.8% (hovering near this week's high), PFE -0.2%, VRX +0.6% (new 52-wk high), ZMH +0.2%.
12:18
SCANX Today's biggest point gainers/losers -Technical-
Biggest point gainers: DO (88.48 +3.07), JOSB (54.83 +3.11), HDB (140.00 +3.62), GMCR (97.50 +3.64), ARQL (7.15 +3.65), BXUC (112.03 +5.67)
Biggest point losers: AMN (63.34 -4.05), ZZC (96.73 -5.37), NVR (735.55 -12.27)
12:15
CEPH Cephalon shares continue to see heavy selling here @ midday as price slides into both the rising 50 day EMA & SMA moving averages in position @ 68.25 (69.37 -2.42) -Technical-
50 day moving average support now in play as this is the 1st time since late 2009 that 50 day moving averages were involved in the trade.
LoD now @ 68.22
12:11
TLB Talbots tests its 52-wk high from Feb at 13.43 -- session high 13.42 (13.32 +0.01) -Technical-
11:54
European Markets Closing Prices: FTSE: 5679.6 +7.3 +0.1%, DAX: 6152.8 +10.3 +0.2%, CAC: 3974.0 -13.4 -0.3%, Spain's IBEX: -1.0%, Portugal's PSI: -0.5%
11:52
XRT Intraday relative strength in Airline Index -XAL- in recent trade -Technical-
LUV +2.2% (break of two week range to set new 52-wk high), UAUA +1%, LCC +1.3%, AAI +0.8%, SKYW +0.8%, JBLU +2.2%, CAL -0.7%, DAL -0.6%.
11:42
SPY S&P +0.04 and Nasdaq +2.6 extend push off morning lows to new session highs, Dow -15 has thus far not confirm the move to new highs -Update- -Technical-
11:35
XLF Financial Select Sector SPDR retests morning high at 15.98 (15.98 +0.06) -Technical-
11:33
BPO Brookfield Properties enters into joint venture to acquire 50% interest in 100 Bishopsgate in City of London (15.47 -0.15)
Co announced that it has entered into a joint venture with Great Portland Estates (GPE) - a United Kingdom-based REIT - to acquire a 50% ownership interest in the 100 Bishopsgate partnership (JV) for $64 mln. The partnership is a 50:50 joint venture with all income, expenditures and capital costs to be shared equally. The JV holds all of GPE's Bishopsgate holdings in the city of London, forming the two-acre Bishopsgate development site. The Site, ideally located in the heart of the city, close to the Liverpool Street Station, currently houses 252,000 rentable square feet of existing buildings yielding approximately $11 mln of net operating income from in-place leases. Under terms of the agreement, Brookfield will manage construction and development, including the initial lease-up of the new properties.
11:32
TAYC Taylor Capital names Mark Hoppe CEO (13.09 +0.39)
11:32
EGI Entree Gold announces investment agreement (2.73 +0.09)
Co welcomes the finalization of the landmark Investment Agreement between the Mongolian Government, Rio Tinto (RTP) and Oyu Tolgoi LLC, the Mongolian subsidiary of Ivanhoe Mines Ltd. (IVN) that will be owned 66% by Ivanhoe Mines and 34% by the Mongolian government. Entree is expected to benefit from the stability provided by this agreement, which has a term of 30 years with a possible 20 year extension, throughout the construction and development of this world class project in conjunction with its partners, Rio Tinto and Ivanhoe Mines.
11:32
TAN Claymore Solar ETF back hovering near unchanged/early high after early dip and its 50-day ema at 8.59 (8.58 +0.01) -Technical-
LDK, FSLR, STP, CSIQ, TSL, JASO
11:29
SMH Seeing some Relative Strength in Semi in recent trade -- AMAT, INTC, ATML, TXN, LLTC, TER (28.14 +0.10) -Technical-
The SMH is back hovering slightly under its early high (28.17) with this week's high from yesterday just above at 28.20.
11:25
DNR Denbury Resources climbs higher intraday towards its early January peak of 17.07 (17.03 +0.55) -Technical-
11:17
BHI Baker Hughes and BJ Services (BJS) stockholders approve merger (46.55 +0.60)
11:10
Rumor Round Up
Today was the first day where we saw an noticeable slow down in rumor activity. At the open LBO rumors circulated on Allscripts-Misys Healthcare (MDRX 19.82 -0.05). We note MDRX Apr 20 calls are seeing interest following takeover chatter and ahead of earnings on Apr 7 with 2880 contracts trading vs. open int of 4420. MDRX shares were not able to hold on to their gains. Energy Conversion (ENER 7.96 +0.32) shares jumped following a rumor the co had won a sizeable contract. As mentioned before, while many rumors circulate during the day, and the validity of the source of these rumors can be questionable, the speculation may increase volatility in the near term.
11:00
LOOP Loopnet acquires Reaction Web, a custom web site and marketing solutions provider for the commercial real estate industry (11.36 -0.03)
Co announced the acquisition of Reaction Web, a online solutions company focused in the commercial real estate industry. Reaction Web develops client focused, custom web sites that allow brokerage firms and brokerage teams to market listings to potential investors and enhance the sales process. Reaction Web will continue to be managed by its founders Mike Mockus and Paul Dynan, with the entire Reaction Web team remaining intact. Terms of the transaction were not disclosed. LoopNet does not currently expect the acquisition of Reaction Web to have a material impact on its 2010 financial results.
10:55
UUP Dollar Index attempting to lift off support, Commodity/Energy slip off highs -Technical-
The Dollar Index pulled back to the 50% retracement of the rally off the mid-month low and its 20-day ema at 80.87/80.85 (session low 80.89) and has begun to lift higher -- SLV, GLD, OIH, XLE, GDX, GLD, SLX.
10:50
COMDX Crude trades back below $83 on heels of inventory data; now up 46 cents to $82.83
10:46
XLE Energy Select Sector pauses near resistance (57.43 +0.17) -Update- -Technical-
Energy has outperformed this morning but the XLE has tested and slipped back slightly after probing resistance at 57.57. This marks last week's high as well as the 50% retracement of the March decline (session high 57.63).
10:43
ADPI American Dental announced today that Carus Dental has been re-accredited by the Accreditation Association for Ambulatory Health Care (12.83 +0.05)
10:40
SPY Additional minor recovery gains for stock indices -- Dow -16, S&P -0.9, Nasdaq +1 -Update- -Technical-
Relative sector strength has been noted in Energy XLE / OIH, Finance XLF / RKH, Semi SMH, Gold Miners GDX, Steel SLX, Ag/Chem MOO, Shipping SEA, Medical Supplies, Airline.
10:35
SLV 1st hour global & sector ETF movers... Silver strong & Singapore weak -Technical-
The Actively Traded Leading Global & Sector ETF Plays:
silver- SLV +1.50%, gold miners- GDX +1.50%, gold- GLD +1.25%, heating oil- UHN +1.25%, SPDRS oil & gas exploration/prod/services- XOP +0.50%, XES +1.0%, oil HLDRS- OIH +1.25%, base metals- DBB +1.0%, crude/WTI oil- USO +1.0%, OIL +1.0%, regional banks- KRE +1.0%, Euro currency shares- FXE +0.75%, insurers- KIE +0.75%, SPDRS metals & mining- XME +0.75%, Nat gas index components- FCG +0.50%
The Actifvely Traded Lagging Global & Sector ETF Plays:</p>
iShares Singapore- EWS -2.0%, iShares Hong Kong- EWH -1.25%, US airlines- FAA -1.0%, ag commods- DBA -1.0%, iShares Australia- EWA -0.75%, iShares Japan- EWJ -0.75%, US Dollar index- UUP -0.75%, global timer- CUT -0.75%, clean energy- PBW -0.75%, food & beverage- PBJ -0.50%, solar power- TAN -0.50%, nat gas- UNG -0.50%
10:32
CHNG China Natural Gas announces construction approval of one CNG compressor station and six fueling stations in Henan Province (9.64 +0.11)
Co announced that its joint venture with CNPC Kunlun Natural Gas has received local government approval to build one CNG compressor station and six fueling stations in Pingdingshan City, Henan Province. According to the local government approval document, the joint venture, Henan CNPC Kunlun Xilan Compressed Natural Gas Co., Ltd., will build one CNG compressor station and two fueling stations in Ye County, Pingdingshan City, two fueling stations in Baofeng County, Pingdingshan City, and two fueling stations in Wugang County, Pingdingshan City. The development marks the formal launch of the joint venture between China Natural Gas, Inc. and CNPC in this region.
10:30
OIH Crude oil ticks lower following inventory data; currently up 76 cents to $83.13
10:29
SPY Stock indices extending bounce off lows, S&P 400 Mid-Cap and Nasdaq Comp +0.5 join small cap IWM in the green -- Dow -19, S&P -1 -Update- -Technical-
S&P 500 probes intraday resistance noted earlier at 1172.
10:29
DTV 1st hour NASDAQ 100 (NDX) leaders & laggards -Technical-
NDX 100 Best % Performers:
DTV +1.75%, AMAT +1.50%, VRTX +1.50%, EXPE +1.0%, HOLX +1.0%, STX +1.0%, LOGI +0.75%,. VMED +0.75%, CMCSA +0.75%, ROST +0.75%
NDX 100 Worst % Performers:
MRVL -2.50%, CEPH -2.50%, WYNN -1.75%, JOYG -1.75%, FWLT -1.0%, SBUX -0.75%, GENZ -0.75%, MCHP -0.75%, LRCX -0.75%, GRMN -0.75%
NASDAQ TRIN @ +1.25
NASDAQ A/D @ +125
10:24
BAC 1st hour Dow 30 (INDU) leaders & laggards -Technical-
INDU 30 Best % Performers:
BAC +0.50%, CVX +0.25%, INTC +0.25%
INDU 30 Worst % Performers:
BA -1.75%, HD -0.75%, VZ -0.50%, MRK -0.50%, DD -0.75%, MSFT -0.50%, PG -0.50%
NYSE TRIN @ +1.65
NYSE A/D @ -165
10:21
CMTL Comtech Telecom receives $35.4 mln contract for telecommunications transmission equipment for a North African government (32.08 -0.06)
Co announced that Comtech Systems, Inc., its Florida-based subsidiary, received a $35.4 mln contract from a domestic prime contractor to provide system design and telecommunications transmission equipment for use in a North African government's communications network.
10:18
OIH Oil Service HOLDRS Trust continues to outperform, reaches resistance zone (121.89 +1.31) -Technical-
The OIH has outperformed from the opening bell and it recently set a new session high of 122.04. This has brought a resistance zone between 122/122.48 into play. This marks the 38% retracement of the March decline and its 50-day sma/ema -- BHI, BJS, CAM, DO, ESV, HAL, NBR, NE, NOV, RDC, RIG, SII, SLB, TDW, WFT.
10:16
RDY Dr. Reddy's Board of Directors approves bonus debentures issue (28.33 +0.15)
Co approved a scheme for the issue of bonus debentures by restructuring the general reserves of the co. The scheme is, however, subject to the approval by the co's shareholders, the Reserve Bank of India and the Andhra Pradesh High Court. Formulated under Sections 391-394 of the Companies Act, the scheme entails issue and allotment of unsecured, non-convertible, redeemable, fully paid up bonus debentures of face value of Rs. 5 each, in the ratio of six bonus debentures for every one equity share of Rs. 5, held by equity shareholders whose name appears as members of the co in the register of members or in the records of the depository on the record date to be fixed by the Board of Directors after the scheme is sanctioned by the Andhra Pradesh High Court. The debentures will carry a coupon rate to be determined by the Board of Directors, payable annually and would be redeemable at the end of 36 months from the date of allotment.
10:16
LUX Luxottica and Brooks Brothers renew global eyewear license agreement for an additional five years (26.84 -0.01)
Luxottica Group S.p.A., & Alliance Inc. announced a five-year extension of the license agreement for the design, production and worldwide distribution of prescription frames and sunglasses under the Brooks Brothers brand. The new agreement will run through December 2014, with an option for a further five-year extension under the same terms. The terms were substantially unchanged from those of the previous agreement.
10:12
IWM iShares Russell 2000 reaches back to positive territory (68.41 +0.02) -Technical-
10:04
SPY Stock indices put together minor extension push off morning lows after data then pause -- Dow -39, S&P -3.9, Nasdaq -6.7 -Update- -Technical-
10:01
QBAK Qualstar announces it has signed an agreement with Powergate to be a distributor for N2Power's entire product line of XL-Series AC-DC and DC-DC power supplies throughout North America (1.89 0.00)
10:01
CNI Canadian Natl Rail sells commuter rail line segment west of Toronto Union Station to Metrolinx for C$168 mln (60.32 -0.67)
10:01
BKR Michael Baker selected to negotiate $45 mln USACE Engineering and Construction support program contract (34.95 +0.13)
Co announces it has been selected to negotiate a $45 mln (estimated total amount) Indefinite Delivery architect/engineer contract for multidiscipline design and related services, nationwide, for the Fort Worth District, U.S. Army Corps of Engineers. The contract is for a one-year base period with four one-year option periods. Upon award, Baker will provide planning, architectural, engineering, environmental, and construction support services at various locations for the USACE's Engineering and Construction Support Office.
10:01
HON Honeywell's UOP and Indian Oil to collaborate on biofuels projects in India (45.57 +0.62) -Update-
Co's UOP signed a memorandum of understanding with Indian Oil under which the two companies would collaborate on research and development for a range of biofuels technologies and projects in India. The companies would evaluate installation of a demonstration-scale unit to produce green transportation fuels at an existing IOCL site using non-food feedstocks available within India. IOCL and Honeywell's UOP would also evaluate the viability of pyrolysis oil technology to convert lignocellulosic materials, or plant biomass, into renewable power and heat.
09:58
DRIV Digital River gaps up after upgrade, probes its five month close high from mid-month at 31.14 and pulls back -- session high 31.20 (30.77 +1.26) -Technical-
Its five month intraday high from March is at 31.84.
09:56
AVAV AeroVironment announces resignation of CFO and appointment of Jikun Kim as interim CFO (26.83 -0.14)
09:54
SPY S&P 500 -5.3 probes first level support zone -Update- -Technical-
The lower end of the first level support zone mentioned in The Technical Take at 1166 has been tested on this morning's post data drop (session low 1165.77) with some upticks noted over the last few minutes. Intraday resistances to clear to improve the pattern off this week's high from yesterday (1177.83) are at 1169 and 1171/1172.
09:46
SPY Underperforming Dow -52 and S&P -6 unable to maintain recovery gains, slip to new lows prior to and just after PMI data -Update- -Technical-
Nasdaq -9.1 weakens but still above yesterday's low.
09:44
TECHX Opening Point Gainers/Losers -Technical-
Point Gainers: ARQL (+3.04), CRS (+2.27), CNQ (+1.82), RIG (+1.71), DRIV (+1.64), DO (+1.59), SA (+1.35), AEM (+1.11), AMSC (+1.13), ISIS (+0.85), MTG (+0.74)
Point Losers: BUCY (-2.00), DB (-1.65), HEAT (-1.37), APWR (-1.52), ONP (-1.29), MBT (-1.24), JOYG (-1.20), GS (-1.22), MWE (-1.13), SAI (-0.98)
09:44
ECONX Reminder: Factory Orders data due out in about 16 min at 10:00ET
09:39
RIG Relative strength in Drillers -- RIG +1.9%, DO +1.6%, BJS +1.4%, BHI +1%, NE +15, NBR +0.9% SLB +0.5% -Update- -Technical-
09:38
ECONX Reminder: Chicago PMI data due out in about 7 min at 9:45ET
09:37
SPY Stock indices hold above yesterday's lows and attempt to bounce with Nasdaq -3.8 outperforming thus far -- Dow -25, S&P -3 -Update- -Technical-
09:34
PWER Power-One announces Federal Circuit Court of Appeals affirms Power-One's capstone patent for digital power technology (4.20 -0.09)
Co announced today that the Federal Circuit Court of Appeals has ruled in its favor in the appeal by Artesyn of the United States District Court's decision in Power-One, Inc. v. Artesyn Technologies... Affirming the lower court's decision in favor of Power-One, the Court of Appeals determined that the term "POL regulator" is a term whose meaning is understood by one skilled in the art of distributed power systems. The court also found that the evidence presented at trial was sufficient to support the jury's conclusion that Artesyn copied Power-One's patented invention and to defeat Artesyn's obviousness claim.
09:31
ABT Abbott Labs submits test to aid in identifying patients at risk of developing kidney injury (52.55 +0.03)
Co announces that a novel diagnostic test to rapidly detect neutrophil gelatinase-associated lipocalin, an early biomarker that identifies patients at risk for acute kidney injury (AKI), has been accepted for review by the United States Food and Drug Administration. If approved, this would be the first test available for use in the United States for the detection of NGAL.
09:30
RPRX Repros Therapeutics announces FDA's metabolic division deems repros Phase II protocol adequate for exploring the effects of Androxal on blood glucose (0.74 +0.03)
Co announced that it is sending a reply to the FDA's Division of Metabolism and Endocrinology Products following the co's receipt of FDA's comments on the proposed Phase II study of Androxal in the treatment of Type II diabetes under Repros' open IND. On February 2, 2010 the co announced that Repros received confirmation from the Agency that the new IND is effective. Recently the co received suggestions from the FDA regarding the conduct of the proposed study in which the FDA noted, "The study appears adequate for exploring the effect of enclomiphene on blood glucose in the specified population." They recommended that the study be increased from 20 subjects per arm (60 total) to 40-50 subjects per arm, the number usually used to study oral anti-diabetic medications. They noted that the larger numbers will improve the power of the study to confidently select dosing for Phase III trials if the Phase II study is successful. The efficacy endpoints were acceptable to the Agency.
09:28
LINC Lincoln Educational Services priced 3 mln share public equity offering by a selling stockholder at $25.50/share (26.50 )
09:25
CTV Commscope to cease manufacturing operations in Omaha (28.43 )
Co announced plans to discontinue operations at its Connectivity Solutions Manufacturing, Inc. (CSMI) subsidiary in Omaha, Nebraska and relocate manufacturing to one or more existing CommScope facilities in North America. CommScope announced its intent to analyze options for its Omaha manufacturing facility in January 2010 and recently finalized its review. The company expects annualized pretax savings of approximately $18 mln to $22 mln upon completion of relocation and closure of the facility in late 2011. Approximately one-half of these annualized pretax savings are expected to be realized in 2011, primarily in the second half of the year. The company expects to incur total pretax restructuring costs of $45 mln to $53 mln to complete this facility relocation. Of this amount, cash costs are estimated to be $35 mln to $40 mln. The principal estimated costs related to this initiative are: -- Employee-related costs of $35 mln to $40 mln -- Impairment charges of $8 mln to $10 mln related to the Omaha facility -- Equipment relocation costs of $2 mln to $3 mln CommScope expects to recognize the impairment charges and certain employee-related charges totaling approximately $20 mln in the first quarter of 2010. The remaining charges are expected to be recognized between April 2010 and December 2011. The company does not anticipate any material increase in capital spending to complete this relocation.
09:15
TBUS DRI Corp appoints Oliver Wels as President, effective March 25, 2010 (1.80 )
09:15
BRC Brady Brady Corporation acquires Securimed, a direct marketer of first-aid supplies in France, terms of the transaction were not disclosed. (31.54 )
Co announced that it has acquired Securimed SAS, a direct marketer of first-aid supplies and related products, located in Coudekerque, France. Terms of the transaction were not disclosed. Securimed, founded in 1986, is a European supplier and distributor of customized first-aid kits and supplies, and related healthcare products including personal protection, disinfection and hygiene products, diagnosis materials and products for emergency response. The company sells its products primarily through the internet and via mail order catalogues to administrative and corporate health and safety departments predominantly in France. Securimed had sales of approximately $12 million (U.S.) in fiscal 2009.
09:14
AYI Acuity Brands beats by $0.01, beats on revs, sees very challenging economic environment for remainder of FY10 (42.24 )
Reports Q2 (Feb) earnings of $0.40 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.39; revenues fell 0.7% year/year to $383.5 mln vs the $366.8 mln consensus. Acquisitions contributed incremental sales of ~3.5 percentage points to fiscal 2010 second quarter net sales. Additionally, the translation of the stronger dollar on international sales contributed approximately one%age point to current-year net sales. Excluding the impact from acquisitions and foreign currency, net sales were down ~5% compared with the prior-year period. The decline in net sales was due primarily to changes in product prices and the mix of product sold while unit volume was down ~1%. Although it is not possible to precisely quantify the separate impact of price and product mix changes, the co estimates that more than half of the decline in price/mix was due to decreases in product prices. "We continue to see a very challenging economic environment for the remainder of our fiscal year 2010. Key indicators for our primary market, non-residential construction, continue to signal a decline. Independent third-party forecasts continue to signal that for our fiscal 2010 the year-over-year%age decline for net sales in the overall markets we serve will be in the mid-teens. Despite these challenges, we continue to see opportunities... We see the potential for material and component costs increasing in 2H10 and we expect to be as vigilant as possible in our pricing strategies to protect our margins. Notwithstanding efforts to recoup potentially higher costs, pricing will continue to be competitive. We expect to partially offset this potential negative impact through productivity improvements, benefits from new product introductions, and expanded market presence. Although fiscal 2010 results will continue to be negatively impacted by current economic conditions, we remain very positive about the long-term potential of our company and our ability to outperform the market."
09:13
CVU CPI Aerostructures to raise $3.9 million in registered direct offering (8.29 )
Co announces that it has entered into definitive agreements to sell 500,000 shares of its common stock at $7.80 per share, in a registered direct offering primarily to institutional investors. CPI Aero will raise $3.9 million in gross proceeds from the offering, before deducting placement agent fees and other estimated offering expenses.
09:13
RBY Rubicon Minerals provides update on underground development at the F2 Gold Zone, Phoenix Gold Project (3.83 )
Co provided an update on the progress of its ongoing underground development work at the F2 Gold Zone, at the Phoenix Gold Project, Red Lake, Ontario. The extension of the Phoenix shaft from 122 to 305 metres below surface has been completed and, following establishment of drill stations and services on the 305 metre (1000 foot) level, Rubicon has commenced drilling utilizing one rig at present from the base of the shaft. A second drill rig is expected to be added at the 305 metre level before the end of April, 2010. Drilling from the 305 level will allow Rubicon to test parts of the F2 Gold System which were either difficult or unfeasible to explore from the existing drill stations on the 122 metre level. As well, drilling with two or three rigs will continue to test shallower parts of the system from the 122 level. An exploration drift on the 305 level will commence around mid-June 2010.
09:09
MWE MarkWest Energy priced an upsized public offering of 4.25 mln common units at $30.43/common unit (30.61 )
09:01
ALB Albemarle to increase price of MAGNIFIN flame retardants up to 12% (42.53 )
09:01
AN AutoNation issues prelim Q1 rev guidance above consensus, EPS inline; announces amendment to term loan and revolving credit facility (18.97 )
Co issues mixed guidance for Q1 (Mar), sees EPS of $0.29-0.32 vs. $0.30 Thomson Reuters consensus; sees Q1 (Mar) revs of ~$2.8 bln vs. $2.7 bln Thomson Reuters consensus. "We are pleased with our performance in a recovering but historically weak auto retail market. We saw a continuation of the gradual industry recovery in the first quarter of 2010." The co is currently seeking consents from its existing lenders to amend and extend its term loan and revolving credit facility, which is scheduled to expire on July 18, 2012. Pursuant to the amendment, the maturity date will be extended to July 18, 2014 for those lenders that commit to the extension. For the extended commitments, the amended credit facility will offer a new leverage-based pricing grid and an increase in the interest rate on borrowings generally from LIBOR plus 0.875% to LIBOR plus 2.25%. The size of the term loan facility is expected to be reduced from $600 mln to ~$520 mln, and the size of the revolving credit facility is expected to be reduced from $700 mln to ~$616 mln. The financial covenants contained in the existing credit facility are also expected to be amended in certain respects, including an increase in the maximum leverage ratio from 2.75x to 3.25x. The co expects the credit facility amendment and extension to be completed on or about April 14, 2010, subject to required lender consents and other standard conditions. A majority consent is required to amend the existing credit facility, and the lead and other lenders under the existing credit facility, representing more than 50%, have already committed to provide their consents to the amendment. The amendment and extension of the credit facility, together with the senior note offering and debt tender offers announced today, are anticipated to be dilutive to full year 2010 adjusted EPS by ~$0.06, excluding the effect of non-recurring transaction expenses and any share repurchases or other uses of capital in 2010. "When completed, the transactions announced today will significantly enhance our financial strength and flexibility by extending our debt maturities, increasing our available liquidity, lowering our exposure to interest rate increases and providing additional flexibility to manage our business and optimize capital allocation."
09:01
CSS CSS Industries announces resignation of Chief Financial Officer and appointment of New Chief Financial Officer (20.54 )
The co announces that, effective immediately, Clifford Pietrafitta has resigned as its Chief Financial Officer and Vincent Paccapaniccia has joined the organization as its new Chief Financial Officer. Mr. Paccapaniccia has over twenty-five years of leadership experience in both financial and operational positions. For the past fourteen years, Mr. Paccapaniccia served in various senior financial positions with ICT Group, most recently serving as its Executive Vice President, Finance and Administration and Chief Financial Officer.
09:01
CCC Calgon Carbon increases ownership of Japanese joint venture (17.14 )
Co announced today that it has increased its ownership in Calgon Mitsubishi Chemical Corporation from 49% to 80%. The transaction was accomplished through a redemption, with CMCC purchasing shares from Mitsubishi Chemical Corporation (MCC). Calgon Mitsubishi Chemical, a joint venture between Calgon Carbon and Mitsubishi Chemical Corporation, recorded sales of $77.7 mln in 2009. As a result of the transaction, Calgon Mitsubishi Chemical Corporation's name has been changed to Calgon Carbon Japan KK (CCJ). The purchase price for the shares was ~$8 mln. The price for the remaining 20% of the shares, which Calgon Carbon is scheduled to acquire on March 31, 2011, is subject to adjustment but is estimated to be ~228 mln ($2.5 mln). As part of the transaction, Calgon Carbon Japan KK has entered into credit agreements with The Bank of Tokyo-Mitsubishi UFJ and MCFA. The Bank of Tokyo-Mitsubishi UFJ facility includes a term loan in the amount of $8 mln and a working capital loan of up to $16.5 mln. The MCFA facility consists of a working capital loan of up to 2 bln ($22 mln).
09:01
NBN Northeast Bancorp Raises $16.2 million of New Capital (14.05 )
Co announces that its Board of Directors has unanimously agreed to sell $16.2 million of newly-issued common shares to several independent accredited investors, through FHB Formation, an entity created for this investment, pursuant to an Agreement and Plan of Merger between FHB and Northeast. In addition to their purchase of newly-issued common shares, under the terms of the Agreement, the Investors will also purchase approximately 40% of Northeast's outstanding common shares from existing shareholders for approximately $12.9 million. The purchase of the new shares from Northeast and the purchase of Northeast shares from existing shareholders will be at a price equal to $13.93 per share
09:01
SJR Shaw Comms unit acquires capacity on third satellite; expected to be available in late 2012 (19.85 )
Cos unit Shaw Direct has entered into agreements with Telesat to acquire capacity on a new satellite expected to be available in late 2012. The new satellite will increase Shaw Direct's satellite television services by 30% through 16 new national transponders.
09:00
OMER Omeros Reports Phase 2 Data Showing Multiple Clinical Benefits in Patients Undergoing Arthroscopic Meniscectomy Surgery (6.30 )
Co announces that a Phase 2 clinical trial of OMS103HP, its PharmacoSurgery product candidate for arthroscopy, demonstrated that patients treated with OMS103HP during arthroscopic knee meniscectomy surgery achieved statistically significant clinical benefits. OMS103HP is an investigational drug product that is added to arthroscopic irrigation solution and is designed to improve postoperative joint function and motion and reduce postoperative pain. The Phase 2 clinical trial was a multicenter, randomized, double-blind, vehicle-controlled study. Of the 161 patients who were enrolled and treated, 143 patients met the predetermined surgical criteria and were included in the data analysis. There were no important differences in demographic characteristics between the two treatment groups.
09:00
WYN Wyndham Worldwide announces new credit facility and early repayment of term loan
Co announced today the closing of a new $950 million revolving credit facility to replace its existing $900 million facility, which had been scheduled to mature in July 2011. The maturity of the new facility is October 1, 2013. The Company also announced today the early repayment of its $300 million term loan facility due in July 2011.
08:55
AN AutoNation also announces a sr notes offering (18.97 ) -Update-
Co also announces that it intends to commence a public offering of $400.0 million aggregate principal amount of senior unsecured notes pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission.
08:52
AN AutoNation commences cash tender offers and consent solicitations for its outstanding floating rate notes due 2013 and its outstanding 7% senior notes due 2014 (18.97 )
Co announces that it has commenced tender offers to purchase for cash (1) any and all of its outstanding Floating Rate Senior Notes due 2013 in an aggregate principal amount of $146.1 million and (2) any and all of its outstanding 7% Senior Notes due 2014 in an aggregate principal amount of $132.6 million. In connection with the offers, holders of the notes are being solicited to provide consents to certain proposed amendments to the indenture for the Notes that would eliminate most of the restrictive covenants and certain events of default contained in the indenture and shorten the notice periods required to undertake an optional redemption of either series of Notes.
08:50
THG The Hanover Insurance Grp announces a $100.9 million accelerated share repurchase (43.19 )
Co announces that it initiated an accelerated share repurchase program to effect the immediate repurchase of 2,315,351 shares of its common stock at a price per share of approximately $43.19, for a total purchase price of approximately $100.9 million.
08:44
NGLS Targa Resources Partners LP agrees to acquire assets From Targa Resources, Inc. for $420 mln and announces distribution increase for second quarter 2010 to be recommended by management (26.03 )
Co announced that it has agreed to acquire from Targa Resources, Inc. ("Targa") certain natural gas gathering and processing businesses located in West Texas and Louisiana known as Targa's West Texas Assets and certain of its Coastal Straddle Plants. Total value of the transaction is ~ $420 mln, subject to certain adjustments. Consideration paid to Targa will consist entirely of cash funded through borrowings under the Partnership's senior secured revolving credit facility. Co reports that during the second quarter and following the closing of the acquisition, we plan to recommend an increase to the Board of Directors in the annualized cash distribution rate of 4 cents to $2.11 per common unit compared to the current rate of $2.07 per common unit. Targa estimates that as of March 31, 2010, borrowings under the senior secured revolving credit facility will be $318 mln. During the first quarter of 2010, ~ $161 mln of revolver borrowings were repaid, including $140 mln from the proceeds of the January 2010 common unit offering and an additional $21 mln from operating cash flow. After giving effect to the transaction, including letters of credit associated with the acquired businesses, pro forma liquidity will be ~ $130 mln as of March 31, 2010. Pro forma for the acquisition, the Partnership continues to have strong financial metrics with a consolidated leverage ratio solidly in its target range of three to four times. We estimate total capital expenditures associated with the West Texas Assets and Coastal Straddle Plants will be, on a combined basis, ~ $15 mln for the twelve month period ending December 31, 2010. We estimate total capital expenditures for the Partnership, including the West Texas Assets and Coastal Straddle Plants, will be ~ $145 mln for the twelve month period ending December 31, 2010 with ~ 25% of the that amount for maintenance expenditures. The transaction, which is subject to customary closing conditions, is anticipated to close in April of this year with an effective date of April 1, 2010 for accounting purposes.
08:39
On The Wires
Crimson Fire, a subsidiary of Spartan Motors (SPAR), has signed a three-year contract with the city of Chicago to build more than 30 custom aerial fire trucks... Great Wolf Resorts (WOLF) announces that its subsidiaries, GWR Operating Partnership, and Great Wolf Finance have priced an offering of $230 mln aggregate principal amount of first mortgage notes... Brown-Forman (BFB) and Bacardi have agreed to renew contracts for Bacardi to distribute Brown-Forman brands in Belgium, Denmark, Austria, Switzerland, Luxembourg, Portugal, and Andorra, and for Brown-Forman to continue to distribute Bacardi brands in the Czech Republic.
08:35
GIB CGI Group selected by Tufts Health Plan to provide aplication development (14.91 )
Co announced that it signed a seven-year agreement with Tufts Health Plan to provide application development, modernization and support services to meet the changing requirements of the healthcare market. Tufts Health Plan selected CGI to help improve processes, lower their IT cost structure, and to leverage CGI resources that have difficult-to-find and specific technical skills.
08:34
NBG Natl Bank of Greece: Moody's downgrades National Bank of Greece to A2 from A1 (4.11 )
08:33
PCE Pacific Office Properties named James R. Wolford chief financial officer (4.17 )
08:33
VIMC Vimicro says net rev for Q4 is expected to be approx $23.7 mln, within the co's guidance range of $23-$25 mln (4.61 )
Co announces preliminary revenue results for the fourth quarter ended December 31, 2009. Net revenue in the fourth quarter of 2009 is expected to be ~ $23.7 mln, which is within the Company's guidance range of $23 mln to $25 mln, vs. $22.2 million reported in the fourth quarter of 2008 and $20.5 million in the third quarter of 2009. The sequential increase in revenue is due to ongoing improvement in demand for the Company's multimedia processors as well as increased traction from its new products.
08:32
F Ford Motor reports auction results For UAW VEBA's sale of Ford warrants announced; offering was priced at $5.00 per warrant (13.28 )
Co announced that the UAW Retiree Medical Benefits Trust ("UAW VEBA") has priced a secondary public offering of 362,391,305 warrants to purchase Ford common stock. The offering was priced at $5.00 per warrant through a modified Dutch auction that took place on March 30. The aggregate net proceeds to the UAW VEBA from the offering are expected to be approximately $1.78 billion. The warrants have been listed for trading on The New York Stock Exchange under the symbol "F WS" and are expected to commence trading at 9:30 a.m. today. The UAW VEBA will receive all of the net proceeds from the offering. Ford will not receive any proceeds from the offering. The warrants to be sold by the UAW VEBA represent all of the warrants that it holds.
08:32
BA Boeing expects to recognize an income tax charge of approximately $150 million ($0.20 per share) as a result of the recently enacted Patient Protection and Affordable Care Act (73.53 ) -Update-
Co expects to recognize an income tax charge of approximately $150 million as a result of the recently enacted Patient Protection and Affordable Care Act, as modified by the Health Care and Education Reconciliation Act. Beginning in 2013, Boeing will no longer be able to claim an income tax deduction related to prescription drug benefits provided to retirees and reimbursed under the Medicare Part D retiree drug subsidy. Although this tax increase does not take effect until 2013, accounting standards require that a deferred income tax asset be written down in the period legislation changing the tax law is enacted. The charge is expected to reduce net earnings by approximately $150 million, or $0.20 per share, in the first quarter of 2010 as an increase to income tax expense and a reduction to the deferred income tax asset. Cash impacts of this charge will be realized over many years beginning in 2013. This impact was not contemplated in the guidance issued by the company on January 27, 2010. Guidance will be updated when results for the first quarter are released. (Consensus is for Q1 EPS of $1.07)
08:31
Pacific Office Properties (PCE) has named James Wolford chief financial officer (4.17 )
08:31
IVN Ivanhoe Mines reports Oyu Tolgoi Investment agreement takes full legal effect following completion of conditions precedent (16.98 )
Co announced successful completion of the conditions precedent that had been incorporated into the landmark Investment Agreement to build and operate the Oyu Tolgoi copper-gold mining complex in Mongolia's South Gobi Region. The comprehensive Investment Agreement, which creates a stable and long-term regulatory, fiscal and legal environment for the project in Mongolia, now has taken full legal effect. Under terms of the agreement, the Government of Mongolia will become a partner in the development of Ivanhoe Mines' Oyu Tolgoi Project. The government will acquire a 34% interest in the Ivanhoe Mines subsidiary, Oyu Tolgoi, which holds the Oyu Tolgoi mining licences. Mongolia's interest will be held through the state-owned, sovereign-wealth resources company, Erdenes MGL. Ivanhoe Mines will own a 66% interest in Oyu Tolgoi LLC.
08:30
ISYS Integral Systems awarded $3 mln contract to support satellite program in Asia (9.66 )
Co announces that its wholly-owned subsidiary Integral Systems Europe United Kingdom has been awarded a contract in excess of $3 million to support a major satellite program in Asia. ISE UK will provide the earth station for tracking, telemetry and command of the satellite, combined with traffic uplink and downlink facilities.
08:27
NGD New Gold announces update related to sale of Amapari Mine, expects to now receive $37 mln cash & $16 mln in Beadell shares (4.27 )
Co announces that Beadell Resources has received bids from investors to subscribe for at least A$57 mln of ordinary shares of Beadell in relation to the previously-disclosed sale of New Gold's Brazilian subsidiary Mineracao Pedra Branca do Amapari Ltda. ("MPBA"), which holds the Amapari mine and other related assets. Due to increased volatility in the gold market since the initial transaction announcement in January 2010, certain terms of the transaction have been revised and New Gold expects to receive $37 mln in cash and $16 mln in Beadell shares as consideration for the sale of MPBA, versus $46 mln in cash and $17 mln in Beadell shares as previously disclosed.
08:22
ABK AMBAC Fincl will not be filing its Form 10-K on or prior to March 31 (0.56 )
Co will not be filing its Form 10-K on or prior to March 31, 2010. Due to the significant events which are described in its Form 8-K filed with the Securities Exchange Commission on March 25, 2010, Ambac is revising its Form 10-K to address the impacts of these events on its financial statements and disclosure. Ambac expects to file its Form 10-K as soon as it has made all of the necessary revisions.
08:22
COMDX Dollar index extends sell off, pushing gold and crude to fresh highs
Crude oil is now higher by 97 cents to $83.33; gold is up $7.80 to $1113.50.
08:17
RIC Richmont Mines announces intention to acquire Louvem Mines for $0.76/share (4.00 )
Co announced that it has notified Louvem that it intends to acquire all of the issued and outstanding shares of Louvem that are not currently owned by Richmont. Richmont holds ~70% of the shares of Louvem. Richmont has entered into support agreements whereby certain Louvem shareholders holding ~54% of the Louvem shares not already owned by Richmont have agreed to support the Transaction. Under the proposed transaction, holders of shares of Louvem would receive one share of Richmont for each 5.4 shares of Louvem held by them. Such consideration represents a value of $0.76 per Louvem share and is a premium of ~48% to Louvem shareholders, based on the respective closing prices on the TSX-V and the TSX of the Louvem shares and the Richmont shares on March 30th, 2010.
08:17
SPA Sparton awarded $14.5 million ADAR sonobuoy subcontract (5.70 )
08:15
SPY E~mini index futures back off earlier highs following ADP jobs data, now near GLOBEX premarket lows -Technical-
S&P 500 (ES) -3.00
NDX 100 (NQ) -5.50
INDU 30 (YM) -24
08:13
On The Wires
Symyx Technologies (SMMX) announces that it has joined the Pistoia Alliance, a non-profit group that promotes collaboration to streamline non-competitive elements of pharmaceutical and life science discovery workflows. The alliance was initially formed by major global pharmaceutical companies including Pfizer, GlaxoSmithKline, Novartis, and AstraZeneca... FBR Capital Markets Corporation (FBCM) announces the expansion of the firm's New York-based Credit Sales & Trading and Leveraged Finance groups...Universal Safety Response, a Smith & Wesson company (SWHC) announces that it has signed an exclusive dealer agreement with VMAG, the sole manufacturer of the patented VMAG series of very high speed gate operators... Altisource Portfolio Solutions S.A.'s (ASPS) Lenders One Mortgage Cooperative announces the extension of its contract with Fannie Mae (FNM) as a preferred investor. Continuing this relationship ensures that cooperative members selling to the government-sponsored enterprise can gain access to more competitive pricing and technology as compared to working with Fannie Mae independently.
08:06
RHHBY Roche Hldg: Study evaluates co's xCELLigence System (40.48 )
In a recent study initiated by Beiersdorf AG, Florian Sporl and colleagues evaluated the use of Roche Applied Science's (RHHBY) xCELLigence System as a viable system to monitor not only cholesterol extraction and repletion but also cholesterol reorganization in human keratinocytes in real time. Sporl et al. were able to analyze the effects of membrane cholesterol reorganization on proliferation and differentiation, and their findings imply a strictly controlled mechanism for the regulation of membrane cholesterol composition in both early and late keratinocyte differentiation.
08:02
UNF UniFirst beats by $0.03, beats on revs (53.53 )
Reports Q2 (Feb) earnings of $0.83 per share, $0.03 better than the Thomson Reuters consensus of $0.80. "Although we're seeing some signs of market stabilization, we continue to expect job growth to lag a broader economic rebound. This will make the recovery of top line growth for UniFirst challenging in the near term. As a result, we will continue to vigilantly focus on cost controls and cash flow generation. We will do so, however, without ever sacrificing our ability to provide top notch service quality to our loyal customer base."
08:01
GIL Gildan Activewear announces acquisition of manufacturing facility in Bangladesh for ~$15 mln (26.53 )
Co announces that it had completed the acquisition of Shahriyar Fabric Industries for a total purchase price of approximately U.S. $15 million, including the assumption of all of Shahriyar's indebtedness.
08:01
JBLU Jetblue Airways and American Airlines sign agreement to collaborate at key east coast gateways (5.50 )
Co announced an agreement for commercial collaboration that will offer JetBlue customers connections to American's (AMR) international flights from New York's John F. Kennedy International Airport (JFK) and Boston's Logan International Airport. Under terms of the agreement, American intends to transfer eight slot pairs at Ronald Reagan National Airport and one slot pair at White Plains, N.Y. to JetBlue, and JetBlue intends to transfer 12 slot pairs at John F. Kennedy International Airport to American. On domestic routes where the carriers don't currently compete, American customers can book, nonstop JetBlue flights from JFK and Boston to 18 domestic markets, including Portland, Maine; Nantucket; and Burlington, Vt.
08:01
HA Hawaiian Airlines and Mechanics Union reach tentative agreement (7.42 )
The co announces a tentative agreement has been reached with the International Association of Machinists and Aerospace Workers, District 142 on a four-year contract offering increased compensation for members and operational improvements for the company. Mark Dunkerley, Hawaiian's president and CEO, commented, "As we have done with all of our new labor contracts, this negotiated agreement will increase the wages earned by our mechanics group while making Hawaiian Airlines stronger and more efficient in its operations."
08:00
M Macy's repurchases $500 mln in debt; announces AXP new co-brand partnership (22.12 ) -Update-
Co reported that it has repurchased $500 million face value of Senior Notes and Debentures pursuant to the company's strategy for early retirement of its debt that matures over the next three years. The debt repurchases, completed since Jan. 30, 2010, were made in the open market for a total cost of approximately $526 million, including expenses related to the transactions. As a result of the debt repurchase, Macy's, Inc. has booked $27 million in premium and fees to interest expense in the first quarter of 2010, which the company expects will be offset during fiscal 2010 by reduced interest expense on the debt repurchased. In addition, the company expects net interest expense to be reduced by approximately $15 million in fiscal 2011. In addition, M announced a new partnership under which Macy's and Bloomingdale's credit cards will be co-branded exclusively with American Express and issued by Citi, the issuer of Macy's and Bloomingdale's credit cards.
08:00
VPHM ViroPharma announces initiation of Phase 2 study of Cinryze (C1 Estersase Inhibitor [Human]) in pediatric patients (13.95 )
Co announces that it has initiated an open-label, single-dose Phase 2 study to evaluate doses of Cinryze (C1 esterase inhibitor [human)] for treatment of acute angioedema attacks in children less than 12 years of age with hereditary angioedema. Cinryze was approved by the FDA in October 2008 for routine prophylaxis against angioedema attacks in adolescent and adult patients with HAE. Cinryze is not approved in the US for acute treatment of attacks or in pediatric patients below the age of 12 years.
08:00
VVUS Vivus announces termination of agreement for the development of Testosterone MDTS (8.90 )
Co announces that it has terminated the Development and Commercialization Agreement with FemPharm Pty Ltd. (a wholly owned subsidiary of Acrux Ltd) for Luramist, a metered dose transdermal application of testosterone for women. The agreement with FemPharm was originally signed in 2004 along with the agreement to develop Evamist, a metered dose transdermal estradiol spray for menopause. The co will return rights to Luramist to FemPharm and focus its efforts on its late stage investigational product candidates: Qnexa for obesity and avanafil for erectile dysfunction. "The decision to terminate the agreement was made in view of the significant long-term safety requirements for the approval of testosterone products in women," stated Peter Tam, president of VIVUS. "We believe it is in our shareholders' best interests to pursue other therapeutic candidates."
07:59
RAD Rite Aid reports March comps fell 0.1% YoY -Update-
Co reports that March same store sales decreased 0.1% YoY. Front end same store sales increased 1.8%, positively impacted by an earlier Easter (April 4, 2010 versus April 12, 2009). Pharmacy same store sales, which included an approximate 189 basis points negative impact from new generic introductions, declined 1.0%. Prescriptions filled at comparable stores decreased 1.3% over the prior-year period. Total drugstore sales for the four-week period decreased 1.4% to $1.968 billion compared to $1.996 billion for the same period last year. Prescription revenue accounted for 68.7% of drugstore sales, and third party prescription revenue represented 96.3% of pharmacy sales.
07:57
ECONX Reminder: ADP Employment Change data due out in about 18 min at 8:15ET
07:51
OHI Omega Health agrees to sell remaining $33.3 mln of common stock under equity shelf program (19.86 )
Co announced that it has agreed to sell shares of its common stock having an aggregate offering price of $33.3 mln pursuant to a terms agreement entered into under the equity distribution agreement, dated June 12, 2009, between the co and BofA Merrill Lynch in connection with the co's previously reported $100 mln equity shelf program.
07:46
LYTS LSI Industries announces it has sold LSI Marcole and will record a ~$700,000 loss on the sale (6.87 )
Co announced that it has sold LSI Marcole, its wire harness manufacturing facility located in Manchester, Tennessee, to Wilcas Wire, a privately owned wire harness manufacturer in Nashville, Tennessee. This will result in an ~$700,000 loss to be recorded in the Company's third fiscal quarter on the sale of the operating assets, facility and business of LSI Marcole. For the nine months ended March 31, 2010, LSI Marcole had net customer sales of approximately $2,900,000 and an operating loss, which includes the loss on the sale, of ~$(1,000,000). LSI will continue to source a substantial portion of its wire harness needs from Marcole Enterprises.
07:45
STST Argon ST awarded $10 million contract for ISR capabilities (26.77 )
07:45
COMDX Weakness in the dollar index is once again helping gold, silver and crude oil move higher in electronic trade this morning
Crude oil is currently higher by 74 cents to $83.11; gold is up $6.50 to $1112.20; silver is higher by 20 cents to $17.53.
07:42
On The Wires
Canadian Solar, subsidiary of Canadian Solar (CSIQ) announces the launch of its NewEdge solar panels, which are compatible with the new Zep roof-mounting System, as well as several other existing mounting systems... The Talbots (TLB) announces that it is extending its offer to exchange each outstanding warrant to acquire shares of common stock of BPW Acquisition for shares of Talbots common stock or warrants to acquire shares of Talbots common stock, subject to the election and proration procedures described in the prospectus/offer to exchange... Level 3 Communications (LVLT) announces that it has been selected by Spanish television broadcaster Telecinco to provide content delivery network services to support high definition live and on-demand online streaming of the broadcaster's content... Tenneco (TEN) announces that the company has modified its U.S. trade accounts receivable securitization program to extend the revolving terms of the program to March 25, 2011, add an additional bank investor and increase the available financing under the facility by $10 mln to a total of $110 mln... Brightpoint (CELL) and Research In Motion (RIMM) announce plans to expand the distribution of BlackBerry smartphones in Indonesia. Brightpoint will provide logistics and supply chain expertise, assisting RIM to expand the national distribution of BlackBerry smartphones through Brighpoint's relationships with local distributors... Novell (NOVL) announces that the jury in the District Court of Utah trial between SCO Group and Novell issued a verdict determining the ownership of important Unix copyrights. The jury's decision confirmed Novell's ownership of the Unix copyrights, which SCO had asserted to own in its attack on Linux... AgaMatrix and sanofi-aventis (SNY) announce that they have signed a long-term agreement for the development, supply and commercialization of blood glucose monitoring solutions. Under the terms of the agreement, AgaMatrix and sanofi-aventis will co-develop innovative solutions in diabetes management that incorporate AgaMatrix's WaveSensetechnology.
07:38
ACFC Atlantic Coast Federal revises previously announced Q4 results to record deferred tax asset valuation allowance (2.12 )
Co reported that, subsequent to the issuance of preliminary unaudited results for the fourth quarter and year ended December 31, 2009, the Company has determined the necessity of a valuation allowance for the Company's remaining $6.2 mln of its deferred tax asset. As a result of the valuation allowance, income tax expense was $5.8 mln for the fourth quarter of 2009 compared with a previously reported tax benefit of $0.5 mln. Income tax expense was $6.1 mln for the year ended December 31, 2009, versus a previously reported tax benefit of $0.2 mln. The net loss was $9.5 mln or $0.72 per diluted share for the fourth quarter of 2009, up from the previously reported net loss of $3.2 mln or $0.24 per diluted share. The net loss was $29.3 mln or $2.24 per diluted share for the year ended December 31, 2009, up from the previously reported net loss of $23.0 mln or $1.76 per diluted share.
07:37
NOVL Utah jury confirms Novell has ownership of Unix copyrights (5.84 )
On 3/30 the jury in the District Court of Utah trial between SCO Group and Novell issued a verdict determining the ownership of Unix copyrights. The jury's decision confirmed Novell's ownership of the Unix copyrights, which SCO had asserted to own in its attack on Linux.
07:35
RAD Rite Aid misses by $0.05, reports revs in-line; guides FY11 EPS below consensus, revs below consensus (1.69 )
Reports Q4 (Feb) loss of $0.24 per share, $0.05 worse than the Thomson Reuters consensus of ($0.19); revenues fell 3.6% year/year to $6.46 bln vs the $6.49 bln consensus. Co issues downside guidance for FY11, sees EPS of ($0.65)-(0.41) vs. ($0.36) Thomson Reuters consensus; sees FY11 revs of $25.2-25.6 bln vs. $25.8 bln Thomson Reuters consensus, with comps down 1% to up 1%. Same store sales for the quarter decreased 2.4 percent over the prior year 13-week period, consisting of a 2.6 percent decrease in the front end and a 2.4 percent decrease in the pharmacy. Pharmacy sales included an approximate 202 basis point negative impact from new generic introductions. The number of prescriptions filled in same stores decreased 1.7 percent over the prior year period. Prescription sales accounted for 66.6 percent of total drugstore sales, and third party prescription revenue was 96.0 percent of pharmacy sales. "It was a difficult quarter with continued weak consumer demand, a weaker cough cold and flu season than last year and continued pressure on pharmacy reimbursement. But our team did a good job of improving front end margins and holding tight on expenses. Thanks to our working capital initiatives, we moved into the new fiscal year with a strong liquidity position."
07:33
GR Goodrich announced that it expects to incur a one-time charge against its Q1 2010 results of ~$10 mln, or $0.08/share, due to recently-passed U.S. health care reform legislation. (71.54 )
07:31
SA Seabridge Gold: Preliminary feasibility study completed for Seabridge Gold's KSM project (24.93 )
Co announced results from a National Instrument 43-101 compliant Preliminary Feasibility Study ("PFS") of its 100% owned KSM project located in northern British Columbia, Canada. The PFS was prepared by Wardrop, a Tetra Tech Company (Wardrop). Regarding production: At 120,000 tonnes per day, annual throughput for the mill is estimated at 43.8 mln tonnes. With 1.60 bln tonnes of proven and probable reserves, KSM's mine life is estimated at ~37 years. The PFS mining plan is significantly improved over the 2009 KSM Preliminary Assessment; the mill feed is increased by approximately 25% and US$160 mln in pre-production stripping expenses have been eliminated. Regarding capital costs: Start-up capital costs (including contingencies of $394 mln) are estimated at $3.37 bln, ~9% above the start-up capital cost estimate from the July 2009 KSM Preliminary Assessment. Start-up capital costs are higher due to the increase in mine size which requires additional mine waste rock placement and storage as well as associated water diversions, storage dams and water treatment facilities.
07:31
CRDN Ceradyne awarded contract for patrol vessel armor (23.21 )
Co, in conjunction with Turner Strategic Technologies, announce the award of a contract in an amount estimated between $3.5 million to $6.0 million for the supply and installation of protective armor for the command station of nine new 35-meter patrol vessels being manufactured for the Iraqi Navy by Swiftships.
07:30
CLSN Celsion reports DSMB recommends continuation and dose escalation in Celsion's Phase I/II ThermoDox study (4.11 )
Co announced that after reviewing safety data from the 40mg/m2 cohort, the DIGNITY Study Drug Safety Monitoring Board (DSMB) has recommended that Celsion continue to enroll patients in the trial and that new patients be treated at a ThermoDox dose of 50mg/m2. The DSMB for the DIGNITY Trial is comprised of an independent group of medical experts who are responsible for reviewing and evaluating patient safety and efficacy data. The DSMB reviews safety data at regular intervals with the mandate to ensure patient safety and monitor the quality of the study. The study design for the Phase I/II ThermoDox trial incorporates a planned increase in dosage, from 40 to 50mg/m2 if supported by safety data.
07:30
SPWRA Sunpower and Sol.In.Build Srl announced an agreement to build seven solar photovoltaic (PV) power plants (19.23 )
The co and Sol.In.Build Srl, a majority owned subsidiary of Veronagest SpA, announced an agreement to build seven solar photovoltaic (PV) power plants totaling 16.5 megawatts in the Sicily region of Italy. Located on a combined total of 63 hectares, the seven plants will range in size from one to 3.5 megawatts, and will be complete by September 2010. Up to 50 jobs are expected to be created during construction. The construction will be financed by a pool of leading Italian and international banks including Societe Generale, Unicredit Medio Credito Centrale and Dexia.
07:25
CTIC Cell Therapeutics to sell $20 mln of shares of Series 4 Preferred Stock and warrants to purchase common stock to three institutional investors (0.60 )
Co announced that it has entered into an agreement to sell $20 million of shares of its Series 4 Preferred Stock and warrants to purchase shares of its common stock in a registered offering to three institutional investors. Each share of Series 4 Preferred Stock is convertible at the option of the holder, at any time during its existence, into 2,000 shares of common stock at a conversion price of $0.50 per share of common stock, for a total of 40,000,000 common shares.
07:18
STNG Scorpio Tankers prices 12.5 mln share IPO at $13.00 per share; below the $14-16 expected range
07:17
SSNC SS&C Tech prices 10.73 mln IPO at $15.00 per share, at the upper end of the $13-15 expected range
07:15
MERU Meru Networks prices 4.39 mln IPO at $15.00 per share, at the upper end of the $13-15 expected range
07:07
UTA Universal Travel completes previously announced acquisitions and updates guidance (9.52 )
Co announces it has completed the previously announced acquisitions of Huangshan Holiday Travel Service, Hebei Tianyuan International Travel Agency and Zhengzhou Yulongkang Travel Agency. The Company acquired Huangshan Holiday for RMB 20 mln (approximately $2.9 mln), of which 80% is in cash and 20% in stock; Tianyuan for RMB 30 mln (approximately $4.4 mln), of which 80% is in cash and 20% in stock; and Yulongkang for RMB 39 mln (approximately $5.7 mln), of which 90% is in cash and 10% in stock. The Company also announced that the financial results from these three acquisitions will be included in the Company's quarterly report for the three months ended March 31, 2010. In addition, as a result of the synergy from these three acquisitions, for full year 2010, the Company expects to achieve a growth rate range of between 45% and 55% in both revenues and net income, excluding the effect of non-cash charges related to the change in fair value of derivative liabilities and stock-based compensation.
07:06
On The Wires
TeleCommunication Systems (TSYS) issued U.S. Patent on re-directing requests from browsers for communications over non-IP based networks... Local.com Corporation (LOCM) and SuperMedia, home to Superpages.com, announces an expanded local advertising distribution agreement. Under the new agreement, SuperMedia's performance and subscription advertisers will receive preferred placement on www.local.com... Judge William Griesbach of the United States District Court, Eastern District of Wisconsin, yesterday issued a decision and order dismissing the alleged securities fraud lawsuit filed against Oshkosh Corporation (OSK) and others. The suit was dismissed with prejudice... Alnylam Pharmaceuticals (ALNY) announces that the Japanese Patent Office has granted claims in a second patent application (JP Application Number 2006-317758) for the Tuschl II patent series, entitled "RNA Interference Mediating Small RNA Molecules." ... Dave Ritchie, co-founder of Ritchie Bros. Auctioneers (RBA), sold the megayacht Apoise for more than $46 mln at a Ritchie Bros. unreserved public auction. The sale of Apoise broke the Company's record for the highest value auction lot ever sold. Previous to the Apoise auction, the Company's record was a $8.5 mln asphalt plant and surrounding real estate sold in Illinois in 2005.
07:04
DG Dollar General beats by $0.08, reports revs in-line; guides FY11 EPS in-line, revs in-line (25.79 )
Reports Q4 (Jan) earnings of $0.51 per share, excluding non-recurring items, $0.08 better than the Thomson Reuters consensus of $0.43; revenues rose 12.0% year/year to $3.19 bln vs the $3.19 bln consensus. Co issues in-line guidance for FY11, sees EPS of $1.55-1.63 vs. $1.56 Thomson Reuters consensus; sees FY11 revs up 8-10%, or $12.74-12.98 bln vs. $12.95 bln Thomson Reuters consensus, with comps up 4-6%. Same-store sales increased 7.4 percent in the 2009 quarter and 9.4 percent in the 2008 quarter, with customer traffic and average transaction amount contributing to the same-store sales increases in both periods. Sales were strongest in the consumables and seasonal categories. The fourth quarter 2009 gross profit rate increased by 275 basis points to 32.2 percent of sales from 29.4 percent of sales in the 2008 period.
07:02
ARQL ArQule announces results of Ph. 2 trial with ARQ 197 in NSCLC (3.50 )
Co announces that ARQ 197, when used in combination with erlotinib, demonstrated a 66% improvement in median Progression-Free Survival in patients with advanced, refractory non-small cell lung cancer. In the intent to treat population (n = 167), median PFS was 16.1 weeks in the ARQ 197 plus erlotinib arm, compared with 9.7 weeks in the erlotinib plus placebo arm. The difference in PFS between the two arms did not achieve statistical significance by applying a log-rank test. When adjusting for imbalances in the distribution of key prognostic factors, the difference in PFS was statistically significant by applying a Cox regression analysis specified for secondary efficacy analyses. There were no clinically relevant differences in adverse event rates between the treatment and control arms. The majority of adverse events were mild in intensity and included rash, diarrhea and fatigue.
07:01
HHGP Hudson Highland Grp announces it priced a public offering of 4.2 mln shares of common stock at $4.35 per share to the public (4.81 )
07:01
ULBI Ultralife receives $2 million in orders from U.S. Defense Dept. (3.97 )
Co announces it has received orders valued at approximately $2 million from the U.S. Defense Department for its McDowell Research brand MRC-93 Ultimate Battery Eliminators for use by both the U.S. Army and Marine Corps. Deliveries are expected to be completed in the 2nd quarter of 2010.
06:59
GOLD Randgold Resources: Co reports increase in reserves and resources in FY09 annual report (74.29 )
Co reports a 69% increase in its total mineral resources and a 75% rise in its attributable mineral reserves for the year to December 2009. Randgold's annual resource and reserve declaration published as part of its 2009 annual report, shows that at the attributable level, measured, indicated and inferred resources rose from 16.13 million ounces to 27.33 million ounces over the year. This is mainly attributable to the delineation of new resources at Gounkoto and the acquisition of a 45% stake in Kibali. Attributable proved and probable reserves grew from 8.87 million ounces to 15.56 million ounces, largely due to the conversion of resources to reserves at Gounkoto and Massawa, an increase in ownership from 84% to 89% of the Tongon project, and the rise in Kibali's reserves.
06:58
ENG ENGlobal appoints Edward L. Pagano as new CEO effective May 3, 2010; Current CEO Coskey to remain chairman of the board (2.90 )
06:45
S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: -1.30.
06:45
Asian Markets
Nikkei...11089.94...-7.20...-0.10%. Hang Seng...21239.35...-135.40...-0.60%.
06:45
European Markets
FTSE...5685.89...+13.50...+0.20%. DAX...6156.58...+14.10...+0.20%.
06:42
CXDC China XD Plastics postpones 4Q09 and FY09 earnings conf. call scheduled for March 31, 2010 at 09:00 AM EST (6.55 )
Co announces it will report results on or before 4/15/2010. The co is unable to prepare and review all necessary information and disclosures in its Annual Report on Form 10-K within the prescribed due date of March 31, 2010 without incurring unreasonable effort and expense.
06:39
GILT Gilat Satellite announces it was chosen by major homeland security agency in Latin America to provide a turnkey broadband communications solution (5.79 )
Co announces it has received a multi-million dollar contract to deliver a turnkey broadband communications solution for a major defense agency in Latin America. The new network will be used for border control applications.
06:37
ONP Orient Paper announces it has priced its public offering of 3 mln shares of common stock at $8.25/share (9.54 )
06:36
STAA STAAR Surgical settles outstanding litigation (3.54 )
Co announces that STAAR and all other parties to the matters Parallax Medical Systems v. STAAR Surgical Company and Scott C. Moody, Inc. v. STAAR Surgical Company entered into a Stipulation for Settlement that globally resolves all pending disputes among them. This settlement satisfies in full the $4.9 mln judgment against STAAR in the Parallax matter and the $6.5 mln judgment against STAAR in the Moody matter. In exchange for complete mutual releases, the Stipulation provides for payment by STAAR of $4 mln as its contribution to the global settlement. The funds will be paid from the deposit made by STAAR with the court in June 2009. The balance of those funds, approx $3.4 mln, will be returned to STAAR. STAAR expects the settlement to result in positive adjustments to preliminary financial information previously provided for the fiscal year ended January 1, 2010.
06:34
CYPB Cypress Biosci reports EPS in-line, beats on revs (5.07 )
Reports Q4 (Dec) loss of $0.13 per share, in-line with the Thomson Reuters consensus of ($0.13); revenues rose 752.6% year/year to $8.1 mln vs the $7.1 mln consensus. During the quarter ended December 31, 2009, the Company recognized commercial revenues of $7.0 million, which includes royalty revenue of $2.1 million and sales force reimbursement of $4.6 million, in connection with the launch of Savella.
06:29
ISIS ISIS Pharm and GSK collaborate on RNA Therapeutics for rare and infectious diseases (10.30 )
GlaxoSmithKline (GSK) and Isis Pharmaceuticals (ISIS) announced today a new strategic alliance that will apply the Isis antisense drug discovery platform to seek out and develop new therapeutics against targets for rare and serious disease, including infectious diseases and some conditions causing blindness. Under the terms of the agreement, which covers up to six programs, Isis will receive an upfront $35 mln payment from GSK and is eligible to receive on average up to $20 mln in milestones per program up to Phase 2 proof-of-concept (PoC). GSK will have the option to license compounds at PoC, and will be responsible for all further development and commercialization. Isis will be eligible to receive license fees and milestone payments, totaling nearly $1.5 bln, in the event all six programs are successfully developed for one or more indications and commercialized through to pre-agreed sales targets. In addition, Isis will receive up to double-digit royalties on sales from any product that is successfully commercialized.
06:19
CKR CKE Restaurants reports period 2 FY11 same-store sales decreased 4.1% vs -2.7% in FY10 period 2 (11.09 )
For period 2, FY11 consolidated revenue was approx $83.6 mln vs $86.8 mln in FY10.
06:15
TWGP Tower Group releases estimates of losss caused by March Northeast U.S. storm (22.31 )
Co estimates that its total net losses resulting from the Northeast U.S. storm occurring during March 13 to 15, 2010 will be in the range of $7.2 million to $9.1 million after tax, or $0.16 to $0.20 per diluted share.
06:14
CLNE Clean Energy Fuels signs agreement with AT&T to provide CNG fueling stations to support AT&T's deployment of 8,000 CNG fleet vehicles (21.26 )
Co contracts with AT&T (T) to supply compressed natural gas fueling stations to support AT&T in its commitment to deploy up to 8,000 CNG fleet vehicles nationwide. As part of a multi-year master agreement, Clean Energy will build, operate and supply CNG stations for AT&T's use. AT&T announced plans in March 2009 to invest up to $565 million as part of a long-term strategy to deploy more than 15,000 alternative-fuel vehicles through 2018. AT&T expects to spend an estimated $350 million of that amount over five years to purchase about 8,000 CNG vehicles.
05:45
CEO CNOOC Ltd announces production growth and exploration results of 2009 (167.25 )
In 2009, CNOOC's net production reached 227.7 million barrels of oil equivalent with a year/year growth of 17.2%. During the period, affected by the sharp decline of the international oil prices compared with the year before, average realized oil price fell 32.2% to $60.61 per barrel. The average realized gas price increased 4.6% to US$4.01 per thousand cubic feet. Co realized oil and gas sales of 83.91 billion RMB and a net profit of 29.49 billion RMB. CEO spent $1.07 billion on exploration, up 13.8% year/year, while development and production Capex reached $ 4.16 billion and $ 0.99 bln, representing an increase of 19.2% and 44.7% respectively. Co reports 15 independent discoveries and successfully appraised 11 oil and gas structures in offshore China.
04:20
AMN Ameron Int'l misses by $0.44, misses on revenue (67.39 )
Reports 1Q (Mar) earnings of $0.12 per share, $0.44 worse than the Thomson Reuters consensus of $0.56; revenue declined 25.3% year/year to $109.02 mln vs $128.68 mln Thomson Reuters consensus.
03:23
On The Wires
AU Optronics (AUO) announces that AUO has signed an MOU with Toshiba Mobile Display Co., Ltd. to purchase 100% shares of AFPD Pte., Ltd. a subsidiary of TMD in Singapore and a manufacturer of LCD panels based on low temperature polysilicon technology... SunPower (SPWRA/SPWRB) and Sol.In.Build Srl, a majority owned subsidiary of Veronagest SpA, announce an agreement to build seven solar photovoltaic power plants totaling 16.5 megawatts in the Sicily region of Italy.
01:43
BPZ BPZ Energy misses by $0.07, beats on revs (7.43 )
Reports Q4 (Dec) loss of $0.09 per share, excluding non-recurring items, $0.07 worse than the Thomson Reuters consensus of ($0.02); revenues fell 16.7% year/year to $15.1 mln vs the $14.9 mln consensus. As of December 31, 2009 the co's total net proved reserves consisted of 37.5 million barrels of crude oil.
01:36
TSO Tesoro announces Greg Goff has been elected Chief Executive Officer, effective May 1, 2010 (13.61 )
01:35
CATM Cardtronics prices 7.0 mln common shares at $12.00/share (12.62 )
The offering was upsized to 7.0 mln shares of common stock from the base offering of 6.0 mln shares of common stock and is scheduled to close on April 6, 2010.
01:33
BTU Peabody Energy submits proposal for Macarthur Coal (45.67 )
Co confirms that it has submitted a non-binding indicative proposal to Macarthur Coal Limited (ASX: MCC). Under Peabody's proposal, Macarthur shareholders would receive a cash price of A$13 per share, representing a total equity value of A$3.3 billion ($3.0 billion). Under Peabody's proposal Macarthur's three largest shareholders would be offered the alternative of retaining their existing interest in Macarthur. The proposal contemplates a scheme of arrangement being put by Macarthur to its shareholders for approval, which would result in Macarthur being privatized and operated and controlled by Peabody. Peabody's proposal is conditional upon Macarthur's current offer to acquire Gloucester Coal and the associated Noble transactions not proceeding, and any transaction will be subject to regulatory approvals and other customary conditions.
01:31
On The Wires
Salesforce.com (CRM) announces co has added more than 1,800 net new customers in the Asia Pacific region during its full fiscal year ended January 31, 2010, bringing its total customer base to almost 7,000 organizations in the region, a 36% increase, year-over-year... Concur (CNQR) prices $250 mln aggregate principal amount of 2.5% convertible senior notes due in 2015... TierOne (TONE), the holding co for TierOne Bank, announces that the Bank has executed a Stipulation and Consent to a Prompt Corrective Action Directive with the Office of Thrift Supervision, the Bank's primary federal regulator, setting forth certain required recapitalization mandates and additional business and operational restrictions. The PCA Directive will become effective upon the acceptance of the Consent by the OTS and the issuance of the PCA Directive... Baker Hughes (BHI) and BJ Services (BJS) reach a general understanding with the Antitrust Division of the U.S. Department of Justice regarding divestitures that will be required as a condition to governmental approval of the pending merger between the companies... Kayne Anderson Energy Development (KED) announces it has entered into a new $70 mln senior secured revolving credit facility with a syndicate of lenders... Identive Group (INVE) announces it will acquire RockWest Technology Group, a privately held identification and security solutions provider; the primarily stock-based transaction is expected to be accretive to EPS in FY10.
18:54
Futures are lower after hours with S&P 500 futures 0.56 points below fair value of 1169.06 and Nasdaq 100 futures 1.84 points below fair value of 1965.47
18:45
FGP Ferrellgas Partners, L.P. and Ferrellgas Partners Finance announce underwritten public offering of senior notes (22.91 +0.06) -Update-
Ferrellgas Partners, L.P. and its wholly-owned subsidiary Ferrellgas Partners Finance announced their intention to commence an underwritten public offering of $280 mln in aggregate principal amount of senior unsecured notes due 2020. The exact terms and timing of the offering will depend upon market conditions and other factors.
18:44
CVX Chevron wins arbitration claim against the Government of Ecuador (75.30 +0.07)
Co announced an international arbitration tribunal has ruled in favor of Chevron (CVX) in a claim against Ecuador related to past oil operations by Chevron's subsidiary, Texaco Petroleum Company. The tribunal, administered by the Permanent Court of Arbitration in The Hague, found that Ecuador's courts violated international law through their delays in ruling on certain commercial disputes between Texaco Petroleum Company and the Ecuadorian government. Today's ruling is distinct from arbitral claims Chevron and Texaco Petroleum filed against Ecuador in 2009 in connection with the Lago Agrio litigation. In its decision, the tribunal found that Ecuador had violated the United States-Ecuador Bilateral Investment Treaty by failing to provide effective means of asserting claims and enforcing rights. As a result, the tribunal awarded Chevron and Texaco Petroleum Company ~US$700 mln in principal damages and interest as of December 22, 2006, pending further proceedings to determine applicable taxes, compound interest, and costs.
18:43
FUL H.B. Fuller beats by $0.10, beats on revs; guides FY10 revs above consensus (23.32 -0.09)
Reports Q1 (Feb) earnings of $0.38 per share, $0.10 better than the Thomson Reuters consensus of $0.28; revenues rose 11.1% year/year to $309.4 mln vs the $295.6 mln consensus. Co issues upside guidance for FY10, sees FY10 revs growth of 9-11%, which equates to ~$1.35-1.37 bln vs. $1.3 bln Thomson Reuters consensus. Co said, "we are off to a great start in 2010 and we remain optimistic for the rest of the year. Our sales pipeline is expanding as the result of new wins in the market and more stable global economic conditions are leading to improved volumes with customers. We are now generating substantial positive organic growth and we are committed for this trend to continue throughout 2010 and beyond. Although raw material costs were down about 5% year-over-year in Q1, costs are set to increase ~8% year-over-year in Q2 and 6% for the full-year. Consequently, gross margin in Q2 will likely decline from the historically high level achieved in Q1 and then rebound somewhat in the third and fourth quarters.
18:42
CE Celanese announces emulsions price increases in Europe, North Africa and the Middle East (32.43 +0.24)
Co announced that it will increase the price of all pure acrylic and styrene acrylic emulsions sold to Europe, North Africa and the Middle East by EUR150 per ton, effective April 1, 2010, or as contracts allow. This price increase includes all 100 percent acrylic and styrene acrylic emulsions and affects applications including, but not limited to, adhesives, paints and coatings, nonwovens and textiles.
18:41
MDZ MDS Inc announced results of its substantial issuer bid (the "Bid"), which expired at 5 p.m. (Eastern time) on March 29, 2010. (7.97 -0.03)
Co announced that based on preliminary results, MDZ will accept for purchase and cancellation 52,941,176 common shares in the capital of MDS (the "Common Shares") at a purchase price of US$8.50 per Common Share, totalling US$450 million in accordance with the terms of the Bid. These Common Shares represent 44.1% of the Common Shares currently issued and outstanding. After the repurchase, the number of Common Shares issued and outstanding will be ~ 67.2 mln. Approximately 53.1 mln Common Shares were tendered to the Bid at prices at or below the purchase price of US$8.50 per Common Share.
18:40
KRO Kronos Worldwide announces a price increase for all titanium dioxide products sold outside of North America and Europe (14.80 -0.22)
Co announced a price increase for all titanium dioxide products sold outside of North America and Europe including among other areas, Asia Pacific, Latin America, Middle East, Africa and Asia. Effective April 15, 2010, prices for all Kronos titanium dioxide products sold outside North America and Europe will be increased by a minimum of US $150 per metric ton. This increase is in addition to the increases previously announced.
18:40
FGP Ferrellgas Partners, L.P. announces 'any and all' cash tender offer for 8.75% senior notes due 2012 (22.91 +0.06)
Co announced that it has commenced a cash tender offer to purchase any and all of the outstanding 8.75% Senior Notes due 2012 issued by the Co and Ferrellgas Partners Finance Corp. (the "Notes") (CUSIP No. 31529MAA6), of which $268 mln in aggregate principal amount was outstanding as of March 30, 2010. The tender offer is made pursuant to an Offer to Purchase dated today, which sets forth a more comprehensive description of the terms of the tender offer.
18:40
CNQ Canadian Natural Resources Limited announces horizon oil sands production (72.47 +0.47)
Co announces monthly production of Synthetic Crude Oil ("SCO") at the Horizon Oil Sands as follows: January 2010 actual is 72,719, February actual is 84,217 and March 2010 forecast of 100,000 to 105,000. The Company continues to target reliable production of 110,000 barrels per day of SCO at the Horizon Oil Sands by the middle of 2010.
17:18
Attention: The In Play service will be down from approximately 5:15 to 6:00 ET in order to implement a software upgrade
17:07
HON Honeywell raises Q1 EPS guidance above consensus; raises FY10 EPS (44.95 +0.08)
Co raises Q1 EPS guidance to $0.45-0.49 vs. $0.44 Thomson Reuters consensus, up from prior guidance of $0.40-0.45. The co also expects to record a one-time, non-cash charge of ~$13 mln after tax in the first quarter of 2010, resulting from the recently enacted Patient Protection and Affordable Care Act, including modifications made in the Health Care and Education Reconciliation Act of 2010. The better than anticipated outlook reflects both stronger orders and sales in several short cycle end markets, including Honeywell's Turbo Technologies and select Automation and Controls Solutions Products businesses, as well as continued execution of strong cost controls. Co said, "We continue to see signs of recovery throughout our portfolio and are encouraged by improving customer order trends in Q1. The strong productivity actions taken last year are continuing to benefit the company, and along with improving economic conditions, the co now expects its earnings to be near the high-end of its full-year guidance range of $2.20-2.40 vs. $2.40 consensus.
17:06
ATSG Air Transport Services Group announces new long-term aircraft and operating agreements with DHL (2.31 +0.07)
Co announced the execution of new long-term agreements under which the subsidiaries of ATSG will continue providing aircraft and operating support to the U.S. portion of DHL's international logistics network. The principal operating agreements are: -- A new five-year Air Transportation Services Agreement between its subsidiary, ABX Air, and DHL, which specifies the terms under which ABX will continue providing 767 aircraft operating support to the U.S. portion of DHL's international logistics network on a primarily fixed-price, rather than cost-plus basis. The agreement covers Crew, aircraft Maintenance and Insurance (CMI) services necessary to initially operate thirteen scheduled Boeing 767 aircraft in DHL's domestic cargo network through March 2015, with an option for the parties to extend the agreement through March 2020. -- Seven-year lease agreements between DHL and Cargo Aircraft Management (CAM), ATSG's aircraft leasing subsidiary, covering thirteen Boeing 767 freighter aircraft, including four aircraft on which DHL held an option to lease under an agreement struck in June 2009. Seven of the thirteen leases are anticipated to become effective in April 2010, with all thirteen targeted to be in place by April 2011, predicated on the conversion schedule for standard 767 freighter door modifications currently underway. ABX Air will provide interim 767 freighter aircraft under similar economic terms as required by DHL until such time as all freighter door modifications are completed.
17:04
LINC Lincoln Educational Services announces public equity offering of 3.0 mln shares by a selling stockholder (26.07 -0.31)
17:02
BLL Ball announced that its joint venture metal can plant near Rio de Janeiro, will start up a second production line early in Q1 FY11 (53.45 -0.60)
17:01
HON now expects earnings to be near the high-end of its full-year guidance range of $2.20 - 2.40 vs. $2.40 consensus
17:01
HON Raises First Quarter Earnings Per Share Guidance To $0.45 - 0.49 vs. $0.44 consensus
17:00
AIG American Intl: ILFC announces pricing of additional 8.625% senior notes due September 2015 and additional 8.750% senior notes due March 2017 (34.19 -0.26) -Update-
International Lease Finance Corporation (ILFC), a wholly-owned subsidiary of American International Group, Inc. (AIG), announced that it has priced, and entered into an agreement to issue and sell, subject to certain conditions, an additional $250 million aggregate principal amount of 8.625% Senior Notes due 2015 (the "2015 Notes") and an additional $500 million aggregate principal amount of 8.750% Senior Notes due 2017 (the "2017 Notes" and together with the 2015 Notes, the "Notes") in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended.
17:00
FEIC FEI files suit to collect ~$2.4 mln of receivables owed by Cambridge Global Systems (23.12 +0.33) -Update-
Co announced that it has filed suit in the United States District Court for the Eastern District of Virginia to collect approximately $2.4 mln of receivables owed to FEIC by Cambridge Global Systems of Chantilly, VA. Cambridge Global Systems, a subsidiary of Cambridge Systems, purchased three systems from FEIC on behalf of a U.S. Federal agency and a prime contractor through a set-aside program. FEIC has delivered the systems to its end-user customers. The government agency and its contractors have paid Cambridge Global Systems, but Cambridge has not paid FEIC. FEIC expects to increase its reserve for uncollectible receivables for the full amount of the Cambridge receivable in its first quarter, which ends on April 4, 2010.
16:59
ISBC Investors Bancorp to acquire ~$575 mln in deposits and 17 Millennium Bank branches in New Jersey, New York and Massachusetts (13.11 -0.21)
Co announced that Investors Savings Bank ("Investors"), its wholly-owned subsidiary, has signed a Purchase and Assumption Agreement with Millennium bcpbank to acquire ~$575 mln of deposits and seventeen branch offices in New Jersey, New York and Massachusetts for a deposit premium of 0.11%. Under the purchase and assumption agreement the parties intend to enter into a Loan Purchase Agreement in which Investors will purchase a portion of Millennium's performing loan portfolio. Also under the Purchase and Assumption Agreement the parties will negotiate a Loan Servicing Agreement for Investors to service those loans it does not purchase. This transaction has received approvals from the boards of directors of both companies, and remains subject to regulatory approval. The acquisition is expected to close during the quarter ending September 2010.
16:36
TISI Team misses by $0.04, misses on revs; guides FY10 EPS in-line, revs in-line (16.76 +0.22)
Reports Q3 (Feb) earnings of $0.06 per share, excluding non-recurring items, $0.04 worse than the Thomson Reuters consensus of $0.10; revenues fell 0.2% year/year to $104.1 mln vs the $105.8 mln consensus. Co reaffirms in-line guidance for FY10, sees EPS of $0.80-0.90, excluding non-recurring items, vs. $0.87 Thomson Reuters consensus; reaffirms FY10 revs of $450-460 mln vs. $459.10 mln Thomson Reuters consensus. Co said, "Due to the continuing profit pressures facing our customers, it remains a challenging market environment. We remain confident that as spending rates return to normal levels, we are well-positioned to continue our long-term business growth. As previously reported, the Audit Committee has been conducting an independent investigation regarding possible violations of the U.S. Foreign Corrupt Practices Act (FCPA) in cooperation with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). The independent investigators reported their findings to the Audit Committee in March 2010 and the Company expects the investigation results to be communicated to the SEC and DOJ in TISI's Q4. The independent investigation supports management's belief that any possible violations of the FCPA are limited in size and scope. The total professional costs associated with the investigation are projected to be approximately $3.0 million.
16:33
TCX Tucows surpassed "significant" milestone with 10 million domain names under management (0.75 -0.03)
16:31
CQB Chiquita Brands provides European price & volume update for Q1 2010 (16.51 +0.25) -Update-
The co announces an update on banana pricing and volume for its core European markets during the first quarter 2010. The company is providing this information on a one-time basis in response to recent unusual industry market conditions that have been experienced and reported industry wide. Additionally, the company reaffirmed its full-year 2010 target for comparable income of $110 to $120 million. For the first quarter 2010, European banana pricing, which is set weekly, has not followed the normal pace of seasonal price improvements and are approximately 11% lower than the first quarter of 2009. Pricing did not improve sequentially during the quarter at the same rate as in recent years due to soft demand throughout the company's core European markets. As previously announced, banana pricing in the company's core European markets in January was 2% lower compared to the same period in 2009 on a local currency basis. However, local currency prices in February were lower by 8% than 2009 levels and an estimated 18% lower in March. Volume was lower by approximately 13% during the quarter. "As widely reported in recent weeks, European banana pricing was negatively impacted by the harshest winter weather in 30 years and depressed economic conditions which have affected commerce all over Europe, particularly in the south," said Fernando Aguirre, chairman and chief executive officer. "We expect banana pricing to strengthen in comparison to 2009 levels as the year progresses, as tightening industry supplies in Latin America and Asia begin to restore the balance of supply and demand."
16:31
OIIM O2Micro announces that is has adopted a program to repurchase up to $10 mln worth of ADSs (6.89 +0.26)
16:31
DEPO DepoMed announces submission of New Drug Application for investigational postherpetic neuralgia treatment DM-1796 (3.58 -0.05)
Co announces that its licensee has submitted a New Drug Application for DM-1796 to the U.S. Food and Drug Administration for the management of postherpetic neuralgia, or pain after shingles. DM-1796 is an investigational, extended release, once-daily tablet formulation of gabapentin designed to reduce dosing frequency and have a low incidence of side effects. The application follows the completion of a randomized, double-blind, placebo-controlled Phase 3 study of 452 PHN patients. The study demonstrated that DM-1796 achieved a statistically significant reduction in average daily pain score associated with PHN versus placebo using the numerical Likert pain scale.
16:28
PLBC Plumas Bancorp appoints Andrew J. Ryback to interim President and CEO of Plumas Bancorp and Plumas Bank. (2.78 +0.38)
Co announced that the employment relationship with Douglas N. Biddle has ended as of March 26, 2010. Mr. Biddle had formerly been the Company's President and Chief Executive Officer. Effective immediately, Andrew J. Ryback will be the interim President and CEO of Plumas Bancorp and Plumas Bank.
16:20
CLR Continental Resources announces pricing of $200 mln, 7 3/8% senior unsecured notes, due 2020 (41.50 +0.27)
16:16
MWE MarkWest Energy announces public offering of 4 mln common units (30.61 -0.44)
16:16
SGI Silicon Graphics announced that Skoda Auto has selected SGI Altix ICE to augment its computer-aided engineering system (10.81 -0.02)
16:12
SAI SAIC misses by $0.01, reports revs in-line; lowers rev, operating margin and earnings growth guidance (18.98 +0.07)
Reports Q4 (Jan) earnings of $0.31 per share, $0.01 worse than the Thomson Reuters consensus of $0.32; revenues rose 6.6% year/year to $2.68 bln vs the $2.69 bln consensus. Co lowers FY11 rev growth guidance to 3-6%, vs. the prior guidance to the low end of its long term goal of 6-9%; consensus is for FY11 rev growth of 6.1%. Co also lowered operating margin guidance to improvement of 10-20 bps from 20-30 bps, and EPS growth to 8-14% from 11-18%... "In December 2009, the company provided initial guidance for fiscal year 2011, which was internal revenue growth at the low end of the company's long term goal of 6 percent to 9 percent, operating margin improvement of 20 to 30 basis points, and diluted earnings per share from continuing operations growth at the low end of the company's long term goal of 11 percent to 18 percent. For fiscal year 2011, the company is now expecting internal revenue growth in the 3 percent to 6 percent range, operating margin improvement of 10 to 20 basis points, and diluted earnings per share from continuing operations growth in the 8 percent to 14 percent range. These operating margin and diluted earnings per share expectations exclude the charges from the previously announced expiration of the Scottish Power IT outsourcing contract, currently estimated to be in the range of $20 to $30 million. "The slower than anticipated pace of new contract awards, coupled with the tougher government contracting environment warrants an update to our previous expectations for fiscal year 2011... While there is substantial growth in submitted proposals awaiting decision over last year, the timing of decisions is uncertain. However, our contract win rates remain strong, and we believe our capabilities and investment focus on the higher growth areas position us well for the future."
16:10
IMMR Immersion Corp: CAE Healthcare acquires Immersion medical simulation product lines and licenses TouchSense technology (4.49 +0.14)
CAE and IMMR announce that CAE Healthcare has acquired part of Immersion's medical simulation business unit. Three product lines are part of the acquisition and will form the core offerings of CAE Healthcare's newly established surgical simulation division. The acquisition of Immersion's assets supports CAE Healthcare's strategy to provide a full range of best-in-class medical education and simulation solutions across a worldwide market. The agreement includes Immersion's Endoscopy AccuTouch, Laparoscopy Virtual Reality (VR), and Endovascular CathLab VR simulators. These surgical simulators allow surgeons to practice procedures and acquire skills to perform minimally invasive surgeries, including bronchoscopies, upper and lower gastrointestinal endoscopies and cardiac valve replacements. More than 500 of these systems have been installed worldwide. In addition, Immersion will grant CAE Healthcare a non-exclusive worldwide license for the TouchSenseTM haptic technology in medical training applications... The medical business unit includes more than 30 employees in North America, a network of surgical subject matter experts, as well as 14 distributors and sales offices in Europe, Asia Pacific and South America.
16:09
HHGP Hudson Highland Grp announces 4.2 mln common share stock offering (4.81 +0.03)
16:08
LNDC Landec misses by $0.01, reports revs in-line; lowers FY10 revenue guidance (7.08 -0.10)
Reports Q3 (Feb) earnings of $0.07 per share, $0.01 worse than the Thomson Reuters consensus of $0.08; revenues rose 7.8% year/year to $58.1 mln vs the $57.6 mln consensus. Co said, "According to syndicated market data, the overall industry unit volume sales in the fresh-cut vegetable category increased 7% during the nine months ended February 28, 2010 compared to the same period a year ago. For Apio, unit volume sales in the fresh-cut vegetable category for the same nine months ended February 28, 2010 increased 21% compared to the same period last year. We believe that industry unit volume sales in the fresh-cut vegetable category will continue to grow during the next year as long as the economy continues to improve and consumers return to buying fresh, nutritious and conveniently packaged produce products." Co says, despite several non-recurring items in FY09 that are outlined below, our initial guidance was that both revenues and net income are projected to be flat to slightly higher in fiscal year 2010 compared to fiscal year 2009. At this point in time, because of the significant decrease in revenues from Apio's lower margin trading business during the first half of fiscal year 2010, we now expect revenues to be flat to slightly lower than last year and we expect net income to be approximately the same as last year. Co said, "Despite (1) the non-recurring revenues and income in FY09, (2) the lower than expected export revenues during the first nine months of fiscal year 2010, (3) adverse weather in California and Florida in March 2010, and (4) the lower interest income during the first nine months of fiscal year 2010, we believe we can achieve flat to slightly lower revenues and approximately the same net income compared to last year based on the following: a) We expect the fresh-cut vegetable category to continue to grow and we expect to exceed the category growth by continuing to gain market share."
16:07
HCN Health Care REIT prices offering of $300 million of 6.125% senior unsecured notes due 2020 (45.71 -0.12)
16:06
CQB Chiquita Brands announces joint venture with Danone (16.51 +0.25)
The co announces a joint venture with Danone to market fruit beverages based on Chiquita's Just Fruit in a Bottle platform in Europe. Chiquita's partnership with Danone establishes an alliance between two companies whose values and product portfolios represent a rich legacy of bringing branded, innovative, healthy foods to consumers around the world. In only four years, Chiquita's Just Fruit in a Bottle product has become a market leading brand of fruit smoothie in Europe with distribution in 12 countries, generating approximately euro 20 million of sales in 2009. The joint venture will provide Chiquita a new platform to expand its successful branded fruit beverage products in a more effective manner to achieve profitability.
16:05
SCLN SciClone Pharma announces study shows signal of delay to onset of severe OM in higher dose group (3.71 -0.09)
Co announces topline results from the company's phase 2 clinical trial of SCV-07 for the prevention of severe oral mucositis-- a painful, debilitating, and costly toxicity caused by chemoradiotherapy regimens used to treat head and neck cancer. This proof of concept study was intended to provide an estimate of SCV-07's treatment effect and guide further studies of SCV-07 in addressing this serious unmet medical need. Patients receiving the study's higher dose (0.1 mg/kg) of SCV-07 showed a trend towards delay to onset of severe OM, the study's primary endpoint. Patients in the low dose treatment arm (0.02 mg/kg) appeared to do worse than placebo, suggesting that the treatment effect is sensitive to dose. Additionally, SCV-07 was safe and well tolerated with no drug-related serious adverse events reported, indicating that there is potential to administer higher doses of SCV-07 in future clinical studies. Additional data analysis showed a more pronounced clinical benefit for patients in the high dose treatment arm when evaluating the delay to onset of ulcerative OM, an expanded measure of OM.
16:03
ZZ Sealy misses by $0.01, beats on revs (3.64 0.00)
Reports Q1 (Feb) earnings of $0.03 per share, $0.01 worse than the Thomson Reuters consensus of $0.04; revenues rose 9.6% year/year to $339.6 mln vs the $330.2 mln consensus. Gross margin increased 331 basis points to 41.3% from the prior year quarter, driven by a 202 basis point gain in the Company's U.S. market.
16:02
ACAS American Capital announces extension of lock up agreement (5.05 +0.16)
Co announced today that the lenders under the Company's revolving credit agreement agreed last Friday to extend the termination event date under a Lock Up Agreement involving the credit agreement to May 31, 2010. As previously announced, the Company and each of the lenders under the credit agreement entered into the Lock Up Agreement, which, among other things, provides that the parties will support an out-of-court restructuring of the loans outstanding under the credit agreement and of the Company's private and public unsecured notes. The parties may terminate the Lock Up Agreement if certain events do not occur by the termination event date. By agreement between the Company and the administrative agent under the credit agreement, the termination event date may be extended to June 30, 2010.
16:02
PRS Primus Guaranty comments on Ambac, Monoline CDS Exposure (4.18 +0.10)
Co commented on certain aspects of the credit default swap portfolio of Primus Financial Products related to the credit event announced by International Swaps and Derivatives Association Americas Determinations Committee involving Ambac Assurance Corporation that occurred on March 25, 2010. Primus Financial has no single name CDS notional exposure that references Ambac Assurance. Primus Financial does have CDS exposure to Ambac Assurance Corporation in two of its bespoke tranche portfolios, which are not subject to first loss due to existing subordination levels. The co does not anticipate that Primus Financial will have to make cash settlement payments on its bespoke tranche transaction as a result of the Ambac Assurance Corporation credit event. Primus Financial has single name CDS and bespoke tranche exposure referencing Ambac Financial Group the holding co. Ambac Financial Group has not incurred a credit event. During the first quarter of 2010, Primus Financial reduced its single-name CDS exposure to Ambac Financial Group by $70 mln through credit mitigation transactions at a cost of $19.2 mln. At March 31, 2010, the net notional amount of the single name exposure to Ambac Financial Group is $11 mln to current counterparties. The outstanding net notional amount of single name CDS exposure that Primus Financial has with current counterparties, at March 30, 2010, on four financial guaranty cos, including Ambac Financial Group totals approximately $243 mln. Of this amount, $50 mln notional exposure is scheduled to mature in June 2010. At year-end 2009, the outstanding net notional amount of single name CDS exposure that Primus Financial had with current counterparties on four financial guaranty cos totaled approximately $329 mln.
16:02
OFC Corp Office Props announces offering of $200 million of exchangeable senior notes (41.12 +0.09)
16:01
SRX SRA Intl awarded $500 million blanket purchase agreement for USDA SAP Implementation (21.33 +0.12)
16:01
LVB Steinway Musical raises $27 mln in capital (18.88 -0.20)
Co announces that, pursuant to the previously announced subscription agreement, Samick Musical Instruments Co., Ltd. has exercised its option to purchase an additional 1.7 mln shares of ordinary common stock at an exercise price of $16 per share. Steinway intends to use the proceeds to retire outstanding debt and for general corporate purposes.
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