Briefing.com: Hourly In Play (R) – 16:00 ET
Jun 10, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 10-Jun-10 16:00 ET
15:50
EWP Global & sector ETF movers- Spain (EWP) continues to lead all global plays while Solar Power (TAN) leads all sectors in late trading; VIX volatility measures continue to lag -Technical-
The Actively Traded Leading Global & Sector ETFs:
iShares Spain- EWP +7.50%, solar power- TAN +7.50%, oil HLDRS & oil services- OIH +6.50%, XES +6.25%, iShares Italy- EWI +6.0%, iShares France- EWQ +5.50%, coal- KOL +5.25%, iShares Australia- EWA +5.25%, energy- IEO +5.0%, XLE +5.0%, IYE +4.50%, steel- SLX +4.75%, ISE Revere natural gas index- FCG +4.50%, homebuilders & home construction- XHB +4.25%, ITB +4.50%, SPDRS metals & mining- XME +4.50%, iShares REITS & real estate- ICF +4.50%, IYR +4.25%
The Actively Traded Lagging Global & Sector ETFs:
VIX vol index- VXX -5.25%, VXZ -2.50%, US bonds/fixed income- TLT -1.75%, TLH -1.25%, TIP -0.75%, BND -0.50%, AGG -0.25%, gold miners- GLD -1.50%, US Dollar index- UUP -1.0%
15:48
Conferences and Shareholder/Analyst Meetings of Interest
Events of interest of interest for tomorrow, June 11, include: ISPH, NPSP, INHX, MYRX at Jefferies Global Life Sciences Conference; ANGN, NOA at Wall Street Analyst Forum Conference. Fed/Treasury: Fed's Plosser; Fed's Kocherlakota.
15:41
Earnings Calendar
Today after the close ARST, FNSR, and NSM are scheduled to report. Tomorrow no companies are scheduled to report.
15:24
SPY Stock indices push to new highs in unison -- Dow +269, S&P +30.6, Nasdaq +57 -Update- -Technical-
15:19
MEE Massey Energy statement on Tiller Mine Ruling (30.68 +2.18)
Co released the following statement after an administrative law judge ruled that there is no pattern of violations that would lead to stricter regulation at Massey Energy's Tiller No. 1 Mine in Knox County, Virginia. Co stated "We are disappointed in the comments by MSHA. The agency has eliminated informal conferences designed to review citations; has criticized operators for filing appeals; and now complains that the appeals process should be stacked in its favor. Citations are judgment calls and even the most conscientious inspector can make the wrong judgment. Unfortunately, however, whether it's the tragedy at UBB or citations at the Tiller Mine, the current administration at MSHA clearly does not want its own conduct reviewed or questioned."
15:18
DIA Dow edges up toward afternoon and morning highs at 10143/10150 -Technical-
15:17
C Citigroup prices remarketing of 6% senior notes due 2013 (3.90 +0.03)
Co announced today the successful remarketing of $1.875 bln aggregate principal amount of debt securities, representing the second of four series of debt securities required to be remarketed under the terms of Citi's Upper DECS Equity Units issued to the Abu Dhabi Investment Authority in December 2007. Pursuant to the agreements governing the Upper DECS Equity Units, the interest rate on this second series of remarketed debt was reset to 6%. The remarketing will settle on June 15, 2010.
15:15
NFG National Fuel Gas apporved a 3% increase in the quarterly dividend to $0.345/share from $0.335/share (48.89 +1.55)
15:07
MA MasterCard runs to new session high of 205.31, hovering near this week high at 205.50 (205.09 +9.63) -Update- -Technical-
Noted in the 11:11 update the MA was probing a level of interest at the high of yesterday's 11 month low bar at 200.62. The breakout leaves the stock back near yesterday's high/June high at 205.50.
15:01
BTIM BioTime formed new subsidiary, OrthoCyte Corporation, to develop novel therapeutics based on stem cell technology (6.00 +0.15)
14:56
BIDU NASDAQ 100 (NDX) strength & weakness- Chinese Internet portal (BIDU) now leads all components as 98 of 100 trade positive heading into the final hour of trading -Technical-
NDX 10 Best % Performers:
BIDU, PCAR, JOYG, WCRX, LRCX, MICC, FSLR, NIHD, VMED, ERTS
NDX 10 Worst % Performers:
CSCO, SHLD
NASDAQ A/D +1535
NASDAQ TRIN +0.80
14:54
CAT Dow 30 (INDU) strength & weakness- Machinery name (CAT) continues to lead all components as 29 of 30 trade positive heading into the final hour of trading -Technical-
INDU 5 Best % Performers:
CAT, AXP, CVX, AA, DD
INDU 5 Worst % Performers:
CSCO
NYSE A/D +2185
NYSE TRIN +0.20
14:52
COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices
July corn closed higher by 5.75 cents to $3.44 per bushel, July soybeans closed lower by 9 cents at $9.345 per bushel, July wheat closed 5.5 cents higher at $4.335 per bushel, July ethanol closed $0.017 higher at $1.578, July world sugar futures closed 0.20 cents higher to 15.36 cents.
14:51
SPY Minor new session highs for S&P +27 and Nasdaq +51, Dow +235 is hovering just under its morning peak -Update- -Technical-
Relative sector strength on the latest push has been noted in Housing XHB, Finance XLF, REITs IYR, Solar TAN, Coal KOL, Silver SLV.
14:50
OIH Oil Service HOLDRS Trust near yesterday's peak and the top of the early June gap at 97.43/97.78 -- session high 97.35 (97.26 +5.53) -Technical-
14:45
GB Wilson Greatbatch unit Greatbatch Medical and St. Jude Medical extend feedthrough agreement through 2017 (20.46 +0.21)
14:45
IBM IBM sets new session high of 127.72 working up toward its 50 day sma at 127.90 (127.65 +3.75) -Technical-
Note that this average helped cap the upside early in the month (early June high 128.22).
14:41
COMDX NYMEX Energy Closing Prices
Crude oil finished higher by $1.10 to $75.48, natural gas shed 1.3 cents to end at $4.656, RBOB gasoline gained 3.08 cents to close at $2.0705 and heating oil settled higher by 2.34 cents to $2.033 (all July contracts).
14:28
ADC Agree Realty announces acquisition of CVS pharmacy in Atchison, Kansas for $4.2 mln (24.30 +0.23)
Co announced it has acquired a retail property net leased to CVS/Caremark Corporation located in Atchison, Kansas. The cost of the acquisition was approximately $4,213,000.
14:24
COMDX COMEX Metals Closing Prices
August gold finished lower by $5.70 to $1224.20, July silver gained 16.2 cents to close at $18.05 and July copper ended hgher by 1.25 cents to $2.8625.
14:23
XLF Financial Select Sector SPDR edges back near session high of 14.35 with yesterday recovery high at 14.37 (14.31 +0.30) -Update- -Technical-
14:21
CHKE Cherokee announces license agreement with Wiesner Products in the U.S. for Men's, Women's and Children's hosiery (18.09 +0.05)
In addition, Mystic Apparel, a subsidiary of Wiesner Products, has been granted the exclusive rights in the U.S. to Juniors, Young Men's and Children's loungewear, sleepwear & underwear, as well as hats, scarves, gloves, mittens, headbands, backpacks, bags, totes and messengers.
14:03
ANPI Angiotech Pharm confirms European launch and first implants of Boston Scientific's (BSX) platinum chromium TAXUS Element Stent System (0.80 -0.04)
Briefing note: BSX already reported the launch before the open. See our 8:30 comment.
13:54
BP BP sinks to fresh gap up lows on a slight pick up in relative volume as it dips down into the $31.00 level (31.10 +1.89) -Update- -Technical-
13:31
NEXM NexMed updates Vitaros NDS status; expects to hear from Health Canada within the next 30 days (0.28 +0.01)
Co expects to hear from Health Canada within the next 30 days. Co also stated it is not currently selling shares of its common stock pursuant to the agreement with Brinson Patrick Securities Corporation.
13:30
FABK First Advantage Bancorp announced that it is commencing a third stock repurchase program to acquire up to 240,524 shares, or 5.0%, of the co's outstanding common stock (10.80 +0.05)
13:23
KMB Kimberly-Clark unit resolves litigation against Apex Medical Technologies and Zone Medical (62.11 +0.33)
Co's I-Flow Corporation resolves patent infringement and trade secret litigation against Apex Medical Technologies and Zone Medical. The other cos will discontinue manufacturing and distribution of the Solace pump, surrender pump-related tooling, and pay undisclosed compensation. Apex and Zone will be able to sell off up to 3,000 units of their remaining product inventory through Aug. 13, 2010, in the United States and the remaining inventory, an additional 3,000 units, in international markets until Nov. 11, 2010.
13:13
MACE Mace Security to sell its remaining car washes (47.70 +0.62)
Co is selling car wash in Lubbock, Texas for $1.7 mln and in Arlington, Texas for $2.1 mln. Exclusive of the above mentioned car washes, Mace has four remaining car washes in the Arlington and Fort Worth, Texas market, one of which is under an agreement of sale for $625,000 dated January 27, 2010 which is anticipated to close by June 30, 2010.
12:54
LNC Lincoln National announced that the company has closed on its new $2 billion bank credit facility (25.67 +0.76)
12:49
SPY Stock indices extend slide off morning highs -- Dow +170, S&P +17.8, Nasdaq +30 -Update- -Technical-
The indices are still holding above supports at the 38% retracements of the rally off yesterday's late lows at 10042, 1071 and 2186.
12:47
TXT Textron acquired MillenWorks, mobility solutions provider for demanding on-road and off-road applications; Terms not disclosed (19.07 +0.41)
MillenWorks is expected 2010 revenues of ~$28 million.
12:45
EWP Global & sector ETF movers- Spain (EWP) still leads all global plays with Solar Power (TAN) pacing the sector leadership; VIX vol measurements (VXX, VXZ) continue to lag here @ midday -Technical-
The Actively Traded Leading Global & Sector ETFs:
iShares Spain- EWP +5.75%, solar power- TAN +5.50%, iShares Italy- EWI +4.50%, iShares Australia- EWA +4.25%, oil HLDRS & oil services- OIH +4.50%, XES +4.0%, iShares France- EWQ +4.25%, coal- KOL +3.75%, steel- SLX +3.50%, global timber- CUT +3.50%, wind energy- FAN +3.50%, SPDRS metals & mining- XME +3.50%, energy- IYE +3.0%, IEO +3.50%, XLE +3.25%
The Actively Traded Lagging Global & Sector ETFs:
VIX vol index- VXX -3.0%, VXZ -2.50%, US bonds/fixed income- TLT -1.0%, TLH -0.75%, TIP -0.50%, BND -0.25%, AGG -0.25%, US Dollar index- UUP -0.75%, gold- GLD -0.50%
12:39
CXPO Crimson Exploration announces borrowing base redetermination (2.70 +0.13)
Co announced the borrowing base under its senior secured revolving credit facility was redetermined by its bank group at $100 million, compared to the prior level of $105 million.
12:36
PCAR NASDAQ 100 (NDX) strength & weakness- Transportation/Logistic name (PCAR) now leads the index here @ midday; 94 of 100 components positive -Technical-
NDX 10 Best % Performers:
PCAR, LRCX, MICC, JOYG, BIDU, LOGI, CHRW, JBHT, ILMN, AMZN
NDX 10 Worst % Performers:
SHLD, CSCO, ORLY, CEPH
NASDAQ A/D +1565
NASDAQ TRIN +0.90
12:31
CAT Dow 30 (INDU) strength & weakness- Machinery (CAT) still leads here @ midday; 29 or 30 components positive -Technical-
INDU 5 Best % Performers:
CAT, CVX, AXP, AA, DD
INDU 5 Worst % Performers:
CSCO
NYSE A/D +2115
NYSE TRIN +0.20
12:20
LEI Lucas Energy announces testing of Gescheidle No.1 well (1.70 +0.10)
Co announced that the Company has begun testing the Gescheidle No.1 well, Gonzales County, Texas. The well is a plug back of a horizontal well in the Austin Chalk formation with straight hole drilling down to the Buda formation. On initial test after perforating and stimulation, the well produced 254 bbls of oil in 24 hours, flowing.
12:10
CSCO Cisco Systems displaying relative weakness, drops to new session low of 22.61 but attempting to hold near support (22.66 -0.12) -Technical-
The May low and this week's low are at 22.56/22.52. Note that its 2010 close low from Jan is just below here at 22.47 with the Jan/2010/nine month intraday low at 22.35.
12:00
European Markets Closing Prices
European markets are now closed; stock markets across Europe performed as follows: UK's FTSE: +0.9% Germany's DAX: +1.2% France's CAC: +2.0% Spain's IBEX: +3.7% Portugal's PSI: +2.7
11:53
IOC InterOil sets new session high of 50.29 slightly under resistance at last week's peak of 50.37 (50.18 +1.93) -Technical-
Note that the top of its multi-week trade range and the late May rebound high comes into play above at 51.09.
11:44
FXE Euro Currency pauses near resistance -Update- -Technical-
The Euro has tested but thus far stalled near resistance noted this morning at 1.21 (09:48 update, daily chart) with this pause coinciding with the drift in the equity indices. Initial intraday support for the Euro is at 1.2090/1.2075 (Click for Euro/E-mini chart).
11:32
CB Chubb approves 14 mln share increase to repurchase program (50.66 +0.96)
Co approved an increase of 14 million shares to the existing share repurchase program. The existing program approved by the Board on December 3, 2009 provided for the purchase of up to 25 million shares, of which 3,824,507 shares remain available for repurchase.
11:11
MA MasterCard set a new 11 month low yesterday but has rebound back near the high of this low bar at 200.62 -- session high 200.49 (200.46 +5.00) -Update- -Technical-
11:05
XLF Finance XLF / KRE and Oil Service OIH, Solar TAN, REITs IYR displaying relative strength as stock indices edge back toward early highs -Technical-
S&P +24, Nasdaq +44, Dow +233
11:01
RICK Rick's Cabaret reports May nightclub sales -6.9% YoY to $6.7 mln (8.25 +0.04)
Co reports sales -6.9% YoY to $6.7 mln due to lower sales at the co's Rick's Cabaret in Las Vegas, where sales dropped from nearly $1.6 mln in 2009 to about $635,000 because the co stopped paying extraordinarily high taxi cab-related marketing costs. "The Las Vegas sales were lower, but the net impact on the co is minimal because we achieved our revenues with much lower marketing cost. We are monitoring the taxi cab marketing costs closely."
10:49
COMDX Natural gas recoups its losses following inventory data to spike to its highest levels of the morning at $4.795; now up 9.6 cents to $4.773
10:43
RSO Resource Capital declares quarterly cash dividend of $0.25/share, unchanged from prior (5.48 +0.12)
10:35
EWP Global & sector ETF movers- Spain (EWP) leads all global plays while VIX vol measures (VXX, VXZ) continue to lag through the 1st hour of trading -Technical-
The Actively Traded Leading Global & Sector ETFs:
iShares Spain- EWP +6.50%, iShares Italy- EWI +5.0%, solar power- TAN +4.75%, oil HLDRS & oil services- OIH +5.0%, XES +4.50%, iShares France- EWQ +4.75%, iShares Australia- EWA +4.75%, steel- SLX +3.75%, coal- KOL +3.75%, wind energy- FAN +3.50%, global timber- CUT +3.50%, iShares Germany- EWG +3.50%, iShares transports- IYT +3.50%
The Actively Traded Lagging Global & Sector ETFs:
VIX vol index- VXX -4.25%, VXZ -3.50%, gold- GLD -1.0%, US Dollar index- UUP -1.0%, US bonds/fixed income- TLT -0.75%, TLH -0.75%, TIP -0.25%, Yen currency shares- FXY -0.25%
10:34
SAVB Savannah Bancorp announced it has priced a public offering of 1,098,398 shares of its common stock at $9.50 per share (9.25 -0.48)
10:30
UNG Natural gas drops to lows following inventory data; now off 1.8 cents to $4.66
10:30
MNKD Mannkind reports AFREZZA demonstrates non-inferiority vs standard therapy in controlling blood sugar levels in Type 1 diabetes patients (5.79 +0.24)
Co reported results of a new 16-week trial show that AFREZZA Inhalation Powder, combined with basal insulin, is clearly non-inferior to standard therapy insulin lispro, a rapid acting insulin, also combined with basal insulin, in reducing HbA1c levels in subjects with inadequately controlled Type 1 diabetes. In addition, patients treated with AFREZZA had statistically significant lower rates of hypoglycemia, post-prandial glucose (PPG) levels when measured at 30, 60, 90 and 120 minutes, and fasting blood glucose (FBG) levels when compared to subcutaneously injected insulin lispro.
10:29
JOYG NASDAQ 100 (NDX) strength & weakness- Machinery name (JOYG) also leads thorugh the 1st hour of trading as 99 of 100 components trade positive -Technical-
NDX 10 Best % Performers:
JOYG, MICC, PCAR, CHRW, LOGI, LRCX, NIHD, SYMC, JBHT, ERTS
NDX 10 Worst % Performers:
ORLY
NASDAQ A/D +1670
NASDAQ TRIN +0.40
10:28
ARTX Arotech announces $3 mln in new battery and charger orders (16.58 +0.06)
Co announced it has received new orders over recent months totaling $3 million for batteries and chargers from a number of international customers. The products will be used for communications, night vision surveillance and aviation safety.
10:27
CAT Dow 30 (INDU) strength & weakness- Machinery (CAT) still leads the index through the 1st hour of trading as all 30 components trade positive -Technical-
INDU 5 Best % Performers:
CAT, CVX, DIS, DD, AXP
INDU 5 Worst % Performers:
NONE
NYSE A/D +2200
NYSE TRIN +0.35
10:17
HTM US Geothermal was offered a conditional commitment for a $102.2-million loan guarantee from the U.S. Department of Energy to construct the planned 22-megawatt power plant (0.77 +0.07)
10:14
SPY Minor slippage off the high after lagging Nasdaq Comp +38 stalled just shy of yesterday's peak -- Dow +216, S&P +22 -Update- -Technical-
The Euro Futures has thus far stalled at the important 1.21 level (see 09:48 for Euro chart).
10:14
INSU Insituform Tech renews CIPP contract with city of London, Ontario for $6.2 mln (20.01 +0.43)
10:06
COMDX Crude oil ticks to fresh highs at $76.30; now higher by $1.77 to $76.15
10:01
QQQQ Lagging Nasdaq Comp +47 now approaching yesterday's peak at 2208 -- Dow +247 and S&P +27 have already breached -Technical-
09:53
SPY Stock indices continue to run -- Dow +230, S&P +25, Nasdaq +45 -Update- -Technical-
Continued gains in the Euro/Dollar weakness in recent action.
09:48
FXE Euro Currency Futures firmly higher in early trade, probing short term resistance at 1.21 -Technical-
(Click for chart).
09:48
TECHX Opening Point Gainers/Losers -Technical-
Point Gainers: SI (+4.24), WLT (+4.13), NFLX (+4.12), PCLN (+4.34), BHP (+3.71), EOG (+3.30), MA (+3.29), BBL (+3.39), DO (+2.85), RTP (+3.23), APC (+3.14), CF (+2.87)
Point Losers: AZO (-4.46), CERP (-0.95), AUXL (-0.82)
09:39
SPY Aggressive, broad based gains off the open with the S&P +19.4 working up near yesterday's peak at 1077 -Update- -Technical-
Dow +172 has taken out yesterday's high, Nasdaq +33 has further to go to reach a similar level at 2208.
09:37
AKAM Akamai Tech announced that it has acquired substantially all of the assets of Velocitude (43.03 +1.21)
09:33
SE Spectra Energy announced tht planned investments in new natural gas infrastructure in Northeast British Columbia now total $1.5 bln over three years (20.22 +0.48)
09:33
NFLX Netflix pushes higher off the open as it lifts up into its May/all-time intraday high of $119.50 (119.18 +3.86) -Technical-
09:31
OXBT Oxygen Biotherapeutics expanded the sales territory for its Dermacyte skin care products to Arizona and Michigan (2.58 +0.14)
09:29
ACAS American Capital made certain amendments to its private offers (4.76 )
Co announced today that it has made certain amendments to its private offers to exchange its outstanding unsecured public and private notes for cash payments and new secured notes and its standby plan of reorganization/. Co also announced that it has extended the deadline for tendering into the Exchange Offers and voting on the Standby Plan.
09:20
S&P futures vs fair value: +17.00. Nasdaq futures vs fair value: +22.00.
Equity futures continue to point to a strong opening rebound from yesterday's late-day selloff. This morning's bounce follows gains in most overseas markets, strength in the euro vs. the dollar and an early recovery in energy stocks. Also, there were a number of regular foreign central bank policy actions announced, but all were in-line with expectations. Weekly employment data out this morning was generally in-line, and didn't have a big impact pre-market trading.
Yesterday's late day selloff was led by weakness in the energy sector, with a 16% selloff in BP (BP) acting as the primary catalyst. Yesterday's plunge in BP came amid intensified political rhetoric and speculation about the oil spill fallout leading to a dividend cut and/or a possible bankruptcy filing. The stock is seeing some relief this morning, trading up ~10%, after the company said it was unaware of any reason for yesterday's volatility. Transocean (RIG) is rebounding ~4% after falling over 8% yesterday, while the broader sector is pointing higher in the pre-market as well (OIH +4.0%).
Overseas markets showed early strength, but European stocks have pulled back from early highs. The Bank of England maintained its benchmark interest rate at 0.5% and the ECB held steady at 1.0%. The euro remains stronger vs. the dollar, now +0.01 at $1.208/euro. Spain's IBEX (+1.6%) was a notable outperformer after a 3-year bond auction showed strong demand. Asian markets were more mixed, with Japan's Nikkei rebounding 1.1% on a positive GDP revision, while China's Shanghai Composite pared some of yesterday's gains, giving back 0.8% after confirming the strong export data that was leaked yesterday.
09:15
On The Wires
Novavax (NVAX) joint venture completed construction of its vaccine facility in Dholka, India and will commence equipment and installation validation this month so that the facility conforms to global standards for production of vaccines for human use... Skechers USA (SKX) signed a retail licensing agreement with footwear retailer Shuz 4 U Ltd. to open and operate SKECHERS-branded retail stores throughout Ireland... Disguise, the Halloween costume division of JAKKS Pacific (JAKK), signed a new three-year agreement with Hasbro (HAS) to produce Halloween costumes and accessories in conjunction with most Hasbro brands... ADVENTRX Pharmaceuticals (ANX) granted Theragence rights for ANX-510 or CoFactor. Under the terms of their agreement, Theragence will use commercially reasonably efforts to research, develop and commercialize licensed products. ADVENTRX will receive royalties on net sales of licensed products and up to approximately $30 mln... Cardium Therapeutics (CXM) entered into a Master Services Agreement with bioRASI to assist it in late-stage clinical study and commercialization activities for Cardium's Generx drug candidate in Russia and affiliated jurisdictions, as well as in potentially other newly industrializing markets.
09:11
AB AllianceBernstein announces May 31, 2010 AUM decreased by ~$35 bln or 7% (27.31 )
Co reported that during the month of May, preliminary assets under management decreased by approximately $35 billion, or 7%, to $466 billion at May 31, 2010, due to negative investment performance as well as modest net outflows in the Institutions and Retail channels.
09:02
CERP Cereplast raises $7.5 mln in registered direct financing with institutional investors (4.44 )
09:01
JGBO Jiangbo Pharmaceuticals receives approval for Felodipine sustained release tablets (8.04 )
Co announced that the Company received approval from the Chinese State Food and Drug Administration ("SFDA") to start producing Felodipine sustained release ("SR") tablets. The Company expects to complete the pilot production requirements and receive final distribution approval from Shandong Food and Drug Administration in July 2010. Management anticipates the drug to be a meaningful contributor to its revenue and profit starting in fiscal 2011 and estimates revenue potential for this drug to be between $8 million and $12 million in the first twelve months of launch with a projected gross margin of at least 70%.
09:01
PGNX Progenics Pharm: Peter Crowley elected Progenics Chairman of the Board (5.36 )
09:00
STEM StemCells' GS2-M Media Formulation shown to enhance pluripotency of human stem cells (0.90 )
Co announces that newly published independent research demonstrates that its GS2-M cell culture media formulation enhances the pluripotency of human embryonic stem and induced pluripotent stem cells.
09:00
ELGX Endologix receives FDA approval for Powerlink product line extensions (4.26 )
09:00
WAB Wabtec announced its Wabtec Rail unit in Doncaster, England has been awarded a $37 million contract to overhaul 90 transit cars (41.60 )
08:59
S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +8.50.
European stocks are higher and the euro is rebounding today. Germany's DAX and France's CAC are trading higher by 0.3% and 0.6% respectively. Financial shares in France are higher as BNP Paribas' CEO said he doesn't see defaults from European countries. BNP's stock is trading higher by 1.7%. Shares in Britain's FTSE are unchanged on the session. Spain's IBEX is trading higher by 1.6%, leading the gains in Europe after a bond auction in Spain showed strong demand, albeit at a yield of 150 basis points higher than the April auction.
Shares in Asia closed mixed, with positive economic data released in China, Japan and Australia. Japan's Nikkei finished higher by 1.1% following a positive revision to GDP, with a 2.6% advance in energy shares leading gains. A report released by the Chinese government confirmed the strong export data leaked yesterday, but the market saw a sell-the-news reaction, with the Shanghai Composite giving up 0.8%. Today's pullback follows yesterday's +2.8% surge in China after the data was leaked. Australian businesses added more jobs than analysts expected, lowering the country's jobless rate from 5.4% to 5.2%. In Hong Kong, the Hang Seng finished fractionally higher, up 0.1%.
08:51
On The Wires
Danaos Corporation (DAC) announced that it has re-chartered three of its vessels... J & J Snack Foods Corp. (JJSF) announced that its subsidiary company has acquired the assets of California Churros which had sales of ~$11 million in 2009.
08:49
AHL Aspen Insurance announced its preliminary loss estimate for claims arising from the Deepwater Horizon disaster are unlikely to exceed $25 mln (24.36 )
Co announced its preliminary loss estimate for claims arising from the Deepwater Horizon disaster. The results suggest that Aspen's loss from this event, net of tax and reinstatement premiums is unlikely to exceed $25 mln. Aspen also believes that the majority of scenarios including those which are most likely to occur will cost Aspen substantially less than $25 mln.
08:45
CVU CPI Aerostructures announces $1.2 mln contract award from Sikorsky Aerospace Services (8.77 )
Co announced it has received a contract from Sikorsky Aerospace Services valued at $1.2 million to provide tow assemblies for the MH-53E "Sea Dragon" helicopter.
08:35
QCC Quest Capital announces Sprott Consulting to manage a rebranded Quest; co will offer to repurchase up to $60 million of its outstanding common shares in Dutch Auction (1.22 )
The co and Sprott Consulting signed LOI for Sprott to manage a rebranded Quest. The co will change its lending strategy from real estate lending to natural resource lending. Co intends to initiate a substantial issuer bid pursuant to which Quest will offer to repurchase up to $60 million of its currently issued and outstanding common shares. Subsequent to the Substantial Issuer Bid, Sprott, Sprott Inc. and its affiliates (including its employees and clients) will make an investment in Quest/Sprott Resource Lending through a private placement of up to $25 million. T
08:33
S&P futures vs fair value: +10.60. Nasdaq futures vs fair value: +14.80.
Equity futures have maintained their bid and seen little movement in reaction to the economic data released at 8:30 ET. Weekly Initial Jobless Claims for the week ended May 29 fell to 456,000 vs. the 450,000 Briefing.com consensus, a decline of 3,000 from last week's reading. Continuing Claims fell to 4.462 million vs. the 4.600 million consensus, down from last week's revised reading of 4.717 million. The Trade Balance was reported at -40.3 billion vs. the -$41.3 billion consensus.
08:33
KID Kid Brands prices secondary offering of 4.4 mln shares on behalf of selling stockholder at $7.25/share (7.79 )
08:32
AVT Avnet signs pan-european distribution agreement with General Dynamics Itronix (25.81 )
Co's subsidiary and General Dynamics (GD) business unit Itronix announced a pan-European distribution agreement. The agreement enables Avnet to distribute the full GDI product portfolio of rugged mobile solutions. The products will be supplied through Avnet's network of business partners, including system developers and value-added resellers throughout Europe, Turkey and Russia.
08:32
SNEN Sinoenergy reports dismissal of class action lawsuits (1.72 )
Co announced that that the fourth and final class action lawsuit, which was brought by Stephen Trecaso and Linda Watts in the Supreme Court of the State of New York, Nassau County, arising from the Company's proposed merger with Skywide Capital Management Limited was dismissed on June 7, 2010.
08:31
TECHX E~mini futures trading on GLOBEX see slight uptick following weekly claims figures -Technical-
All contracts still firmly bid
ES +10.75
NQ +12.50
YM +79
08:31
BBX BankAtlantic announced that it has set a subscription price of $1.50 per share for its previously announced rights offering of up to $25 million of its Class A Common Stock (1.49 )
08:30
BSX Boston Scientific announces European launch and first implants of Platinum Chromium TAXUS Element Stent System (5.44 )
08:30
RGDX Response Genetics announces appointment of Michael McNulty at Chief Operating Officer (2.52 )
08:16
VIRL Virage Logic to be acquired by Synopsys (SNPS) for $12.00 share (9.37 )
Synopsys and Virage Logic Corporation announced they have signed a definitive agreement for Synopsys to acquire Virage Logic. Under the terms of the agreement, Synopsys will pay $12.00 cash per Virage Logic share, resulting in a transaction value of ~$315 mln, or ~$289 mln net of cash acquired. The transaction is subject to regulatory and Virage Logic shareholder approval, as well as other customary closing conditions.
08:11
On The Wires
PURE Bioscience (PURE) announced that the United States Patent and Trademark Office issued patent number 7,732,486, which covers PURE's anhydrous silver dihydrogen citrate technology... Aircastle Limited (AYR) announced it has purchased one Boeing Model 737-800 new generation aircraft and placed it on lease to Travel Service Airline of the Czech Republic... Idenix Pharmaceuticals (IDIX) initiated a 3-day proof-of-concept study of IDX320, a protease inhibitor for the treatment of hepatitis C virus infection, under a Clinical Trial Application evaluating IDX320 in treatment-naive hepatitis C genotype 1-infected patients... American DG Energy (ADGE) reached an agreement to expand On-Site Utility at Stevens Institute of Technology. Co will install an additional five combined heat and power units and estimates the value of the energy of these additional projects over the term of the agreement to be $12 million... Travelport, owner of ~48% of Orbitz Worldwide (OWW) announced 5 year agreement with Marriott International (MAR). that secures access to Marriott International's wide variety of content, inventory, and brands for all Travelport-connected users worldwide... Willbros Group (WG) Canadian unit awarded construction of interconnecting pipelines as part of Statoil's (STO) Leismer Infrastructure Pipelines project.
08:11
ECONX Reminder: Initial Claims, Continuing Claims, and Trade Balance data due out in about 19 min at 8:30ET
08:04
DLM Del Monte beats by $0.09, misses on revs; guides FY11 EPS above consensus, revs below consensus; raises dividend, initiates stock buyback (14.67 )
Reports Q4 (Apr) earnings of $0.31 per share, $0.09 better than the Thomson Reuters consensus of $0.22; revenues fell 9.7% year/year to $954 mln vs the $1 bln consensus. Co issues mixed guidance for FY11, sees EPS of $1.38-1.42 vs. $1.31 Thomson Reuters consensus; sees FY11 revs +3-4% YoY; revs of $3.85-3.89 bln vs. $3.93 bln Thomson Reuters consensus.
08:04
S&P futures vs fair value: +11.20. Nasdaq futures vs fair value: +15.80.
Corporate newsflow is relatively light this morning, but equity futures are showing a strong rebound with strength in overseas markets on positive economic data and an early recovery in energy stocks. European markets are bid up across the board, with the Bank of England maintaining its benchmark interest rate at 0.5% and the ECB holding steady at 1.0%. The euro is stronger vs. the dollar, and will be of particular interest when ECB President Jean-Claude Trichet speaks at 8:30 ET. Spain's IBEX (+1.6%) was a notable outperformer after a 3-year bond auction showed strong demand. Asian markets were more mixed, with Japan's Nikkei rebounding 1.1% on a positive GDP revision, while China's Shanghai Composite pared some of yesterday's gains, giving back 0.8% after confirming the strong export data that was leaked yesterday.
Yesterday's late day selloff was led by weakness in the energy sector, with a 16% selloff in BP (BP) acting as the primary catalyst. Yesterday's plunge in BP came amid intensified political rhetoric and speculation about the oil spill fallout leading to a bankruptcy filing. The stock is seeing some relief this morning, trading up ~10%, after the company said it is not aware of any reason yesterday's volatility. Transocean (RIG) is rebounding ~5% after falling over 8% yesterday.
Looking ahead, economic data at 8:30 ET will be of interest, with Weekly Initial Jobless Claims and the Trade Balance both due out at that time.
08:03
SYMC Symantec extends agreement with HP to distribute Norton Internet Security on consumer PCs worldwide (13.92 )
Co announced the signing of a multi-year extension to its existing contract with HP (HPQ), the world's largest PC manufacturer. Under the terms of the agreement, HP consumer desktop, laptop and netbook PCs will ship worldwide with a full-featured, complimentary 60-day subscription of Norton Internet Security, the industry's fastest, lightest security suite.
08:02
LCUT Lifetime Brands announced the completion of new credit facilities in an initial aggregate amount of $165.0 million (14.12 )
Co announces the completion of new credit facilities in an initial aggregate amount of $165.0 million. The new credit facilities consist of a $125.0 million Revolving Asset-Based Facility and a $40.0 million Second Lien Term Facility.
08:02
CRED Credo Petroleum updates Bakken drilling activities; drilling is currently underway on a second Bakken well (7.92 )
Co updated its Bakken drilling activities in the Williston Basin of North Dakota. Drilling is currently underway on a second Bakken well, the Petro-Hunt 147-94-3A-10-1H ("3-A"), located on Credo's acreage. The new well is on a 1,280 acre spacing unit located about four miles southeast of the 17-D. Credo owns an 18.75% working interest. Both wells are located on the Fort Berthold Reservation in Dunn County, North Dakota. Credo has leased approximately 8,000 gross (6,000 net) acres on the Reservation containing about 50 drillable spacing units. The acreage is generally located south and west of Parshall Field. The company's interests range up to 51% depending on the size of the spacing unit.
08:02
CMFO China Marine Food provides update on Hi-Power beverage sales (5.36 )
For the first three months of 2010 ended March 30 2010, CO reported $2.8 million in sales of Hi-Power beverages and has forecast $20.0 million for the full year 2010.
08:01
LM Legg Mason reports May 2010 assets under management of $657.9 bln vs. $685.3 bln a month ago (30.03 )
08:00
DLM Del Monte raises quarterly dividend by 80% to $0.09 and initiates $350 million stock repurchase program (14.67 )
07:57
ALV Autoliv started an in-house textile cushions operation in its airbag module facility in Jiading, Shanghai. (46.45 )
"We needed to secure reliable supply to support our business in the booming Chinese market... By making a significant portion of textile cushions in our own plant and not relying on external suppliers, we will take even more advantage of the favourable cost structure in China to remain cost competitive in this important market".
07:52
SAI SAIC awarded $502 mln contract to support Space and Naval Warefare Systems Command (17.40 )
Co announces it has been awarded a contract by the Space and Naval Warfare Systems Command to provide services in support of SPAWAR's Common Afloat Local Area Network Infrastructure. The multiple-award, indefinite-delivery/indefinite-quantity contract has a four year base period of performance, an optional four-year ordering period, and a total value of more than $502 mln for SAIC, if the option is exercised.
07:47
CRAI CRA Intl beats by $0.04, beats on revs (20.83 )
Reports Q2 (May) earnings of $0.19 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.15; revenues fell 4.3% year/year to $66.3 mln vs the $62 mln consensus. "We believe the underlying fundamentals of our business have improved from the slow start we experienced at the beginning of the fiscal year... Looking forward, however, the impact of these positive factors may be tempered by the uncertain economic environment, as clients continue to be hesitant about spending on major consulting projects and the pace of litigation-related activity remains sluggish."
07:39
On The Wires
USA Technologies (USAT) approved an extension of its ongoing subscription rights offering... ISE Corp subsidiary entered into agreements with Maxwell Technologies (MXWL). ISE will source ultracapacitor cells exclusively from Maxwell through December 2011 and Maxwell will exclusively purchase from ISE ultracapacitor based energy storage systems through December 2... JA Solar Holdings, (JASO) announced at Intersolar Europe that it has partnered with the Energy research Centre of the Netherlands to introduce the metal wrap through solar cell and module technology into production. Clarient (CLRT) announced a new contractual agreement with Generation Health. This agreement makes Clarient a genetic testing lab for GH, thereby ensuring reimbursement of diagnostic tests done for GH's nationwide network of payor clients and expanding Clarient's potential market. GH is a genetic benefit management company partially-owned by CVS Caremark (CVS).
07:34
PVR Penn Virginia announces acquisition of coal reserves in Northern Appalachia (19.78 )
Co announced acquisition of ~10 mln tons of Pittsburgh Seam coal reserves in northern West Virginia for $17.7 mln in cash. In addition to the acquisition of the reserves, PVR will receive an increase in royalty of $1.00 per ton for the ~10 mln tons of coal reserves remaining on the original transaction, plus a royalty on the newly-acquired reserves.
07:31
LBY Libbey says Richard Reynolds named Executive Vice President, Chief Financial Officer (13.99 )
07:30
LINC Lincoln Educational Services authorized the repurchase of up to $50.0 mln of its outstanding common shares over a period of one year (21.56 )
07:28
DGLY Digital Ally announces extension of stock repurchase program (2.05 +0.01)
Co announced that its Board of Directors has approved the extension of its previously announced 2008 Stock Repurchase Program that authorizes the repurchase of up to $10 million of the Company's common stock in the open market, or in privately negotiated transactions, through July 1, 2011. Digital Ally also announced the receipt of a $3.1 million payment for an order that was shipped to the Turkish National Police in December 2009.
07:26
UTI Universal Technical Institute declares special cash dividend of $1.50/share; record date is July 6, 2010 (22.58 )
07:25
On The Wires
Omega Protein (OME) announces an update on its fishing efforts as of the close of business on June 6, 2010, the end of the seventh week of the co's 2010 fishing season. As of that date, the total fish catch (GoM plus Atlantic) was at approx 100% of the co's total 2010 fish catch plan. The GoM fish catch was 17% behind its GoM 2010 fish catch plan... THQ (THQI) announces the integration of the Online Business Unit within the co's Core Games and Kids, Family and Casual Games Business Units... Teledyne Technologies (TDY) announces the deployment of several of its Slocum gliders in the Gulf of Mexico by partner organizations.
07:17
LULU lululemon athletica beats by $0.06, beats on revs; guides Q2 EPS in-line, revs above consensus; guides FY11 EPS in-line, revs above consensus (39.10 )
Reports Q1 (Apr) earnings of $0.27 per share, $0.06 better than the Thomson Reuters consensus of $0.21; revenues rose 69.3% year/year to $138.3 mln vs the $128.2 mln consensus. Co issues guidance for Q2, sees EPS of $0.21-0.23 vs. $0.21 Thomson Reuters consensus; sees Q2 revs of $140.0-145.0 mln vs. $132.56 mln Thomson Reuters consensus. Co issues guidance for FY11, sees EPS of $1.05-1.10 vs. $1.10 Thomson Reuters consensus; sees FY11 revs of $620.0-635.0 mln vs. $591.72 mln Thomson Reuters consensus.
07:14
BRS Bristow Group provides update on the impact of the U.S. Gulf of Mexico on its operations (30.16 )
Co provided an update on the impact of the ongoing deepwater oil spill and the recently announced 180-day moratorium on deepwater drilling in the GoM on its activity in the U.S. Gulf of Mexico. Co stated "While we expect that the Drilling Moratorium will have a near term negative impact on our operations in the GoM our exposure in the GoM was only 6% of our operating income in FY10," The aircraft are currently generating ~$3.8 mln in monthly revenue and ~$0.6 mln in monthly operating income. Co has been notified by customers that they will be releasing two S-92s and five S-76s. As a result, our revenues from this deepwater drilling work may decline by as much as 85% by the end of June 2010. In the near term, these declines may be offset by increased work for BP. Co is currently flying seven Sikorsky S-76 medium aircraft and two Eurocopter EC135 small aircraft for BP in support of the spill control and monitoring effort. These aircraft are expected to be generating ~$3.8 mln in monthly revenue and ~$0.7 mln in monthly operating income. Co anticipates this activity could continue for several months; however, we have no way to predict whether BP will increase or decrease its need for these or other aircraft in our fleet."
07:08
BP BP provides update on GoM oil spill response in 6-K (29.20 ) -Update-
Co notes the lower marine riser package containment cap, installed on June 3, continues to collect oil and gas flowing from the MC252 well and transport them to the Discoverer Enterprise drillship on the surface. In the first 12 hours of June 9 (midnight to noon), approx 7,920 barrels of oil were collected and 15.7 mln cubic feet of natural gas were flared. On June 8, a total of approx 15,000 barrels of oil were collected and 29.4 mln cubic feet of natural gas were flared. Lightering - the transfer of crude oil from one vessel to another - from storage on the Discoverer Enterprise to the barge Massachussetts began on the morning of June 9 and continues. When the process is complete, the barge will transport the oil for discharge at an onshore terminal. The volume of oil captured and gas flared is being updated twice daily on BP's website.
07:06
BP BP is not aware of any reason for share price movement (29.20 )
BP notes via 6-K filing the fall in its share price in US trading last night. The co is not aware of any reason which justifies this share price movement.
07:05
ARCL Archipelago Learning Acquires Educationcity for ~$87 mln; closed June 9 (14.00 )
07:05
CGA China Green Agriculture confirms construction on schedule to complete Phase I of its new research and development center by end of June 2010 (9.80 )
07:03
SKYW SkyWest reports combined May traffic for SkyWest Airlines and Atlantic Southeast Airlines; RPMs up 7.3% YoY; ASMs up 7.8% YoY (12.99 )
07:02
PTEC Phoenix Tech announces strategic sale of HyperSpace assets to HPQ (2.96 )
Co announced that HP has agreed to purchase the assets related to Phoenix's HyperSpace, HyperCore and Phoenix Flip instant-on and client virtualization products. The consideration for the transaction is $12 million in cash and the closing is expected to occur in June 2010.
07:02
SPNC Spectranetics plans randomized clinical trial for in-stent restenosis (5.29 )
Co announced its clinical trial plans related to the treatment of in-stent restenosis (ISR) in arteries above the knee, which remains a major unsolved medical problem. There is no device currently cleared or approved by the FDA to treat ISR. The Company plans to initiate a multi-center, randomized trial in the United States comparing laser ablation followed by adjunctive balloon angioplasty with balloon angioplasty alone.
06:56
DEER Deer Consumer Products signs $12 mln supply contracts, announces record sales growth in the North American markets, continues stock buyback (7.91 )
Co announces it has signed product supply contracts for approx $12 mln with large global buyers for the North American and Southeast Asian markets. Deer sees no signs of slowdown in any of the Company's global markets. In addition, Deer has recognized record sales and new order growth for the North American and emerging markets during the month of May. Deer continues to see positive organic growth in its core business. Historically, Deer has had almost no bad debts from export sales. "Deer is experiencing strong sales in its current second quarter. Management sees significantly increased new order flow and buyer interest from the North American markets. Deer is also benefiting from its increased production capabilities, which can support approximately $300 million in annual revenues..."
06:38
S&P futures vs fair value: +12.20. Nasdaq futures vs fair value: +19.30.
06:38
Asian Markets
Nikkei...9542.65...+103.50...+1.10%. Hang Seng...19632.70...+11.50...+0.10%.
06:38
European Markets
FTSE...5097.89...+12.00...+0.20%. DAX...6011.70...+26.90...+0.50%.
06:34
HGSI Human Genome announces submission of Biologics license application to FDA for BENLYSTA (belimumab) (23.82 )
06:21
APWR A-Power Energy misses by $0.17, misses on revs; guides FY10 revs above consensus (7.37 )
Reports Q1 (Mar) earnings of $0.05 per share, excluding non-recurring items, $0.17 worse than the Thomson Reuters consensus of $0.22; revenues rose 115.8% year/year to $67.3 mln vs the $82.1 mln consensus. Gross margin increased to 14.5% vs 12.6% in 1Q09. Co issues upside guidance for FY10, sees FY10 revs of $500.0 mln (prior guidance co guidance was $380.0 mln) vs. $386.70 mln Thomson Reuters consensus. Co prjects FY10 net income of $60.0 mln (prior co guidance was $45.0 mln)
06:16
PMACA Old Republic to acquire PMA Capital; ORI to offer ~$7.10/share for PMA Capital (6.11 )
Old Republic Int'l (ORI 12.91) and PMA Capital announce that the companies have entered into a merger agreement pursuant to which Old Republic will acquire all of PMA's outstanding common stock. Under the terms of the agreement approved by the boards of directors of both companies, Old Republic will issue 0.55 shares of Old Republic common stock in exchange for each outstanding common share of PMACA. Depending on the price of Old Republic's common stock preceding the closing of the merger, the exchange ratio may be adjusted upwards or downwards, but will not exceed 0.60 or be less than 0.50.
06:13
On The Wires
Cadence Design Systems (CDNS) prices $300.0 mln convertible senior notes due in 2015... BP (BP) shareholders file lawsuit over Gulf of Mexico oil spill; suit was filed in U.S. District Court for Eastern District of LA.
04:49
On The Wires
Unisys (UIS) announces that its wholly owned subsidiary, Unisys Payment Services Ltd, has won a five-year extension of its cheque processing contract with The Co-operative Bank. The extension, signed in 1Q10, has an estimated value in excess of 30 mln pounds Sterling ($43 mln)... NICE Systems (NICE) acquires eglue, a provider fo real-time decisioning and agent guidance solutions, for approx $29.0 mln; transaction is expected to be accretive to NICE on a non-GAAP EPS basis starting in 1Q11... Pitney Bowes MapInfo UK Ltd, a wholly owned subsidiary of Pitney Bowes (PBI), announces its intention to acquire the outstanding shares of Portrait Software plc, a co which provides software to enhance existing customer relationship management systems; co intends to offer $0.31 in cash for each outstanding share of Portrait Software, for a total proposed transaction value of $44.4 mln.
04:44
MCF Contango Oil & Gas updates reserves, announces discovery at Eloise South (50.55 )
Co updates its offshore natural gas and oil reserve estimates as of June 1, 2010. Reserves are 300.0 Bcfe vs 346.6 Bcfe March 31, 2010. The net downward revision of Dutch and Mary Rose field reserves of 48.5 Bcfe is attributable to newly learned bottom hole pressure data as a result of a recent field wide shut-in and a "P/Z pressure test" that indicated a "smaller tank" than was originally estimated. MCF also announces a successful well at its Eloise South prospect located at our Offshore Gulf of Mexico block Eugene Island 10. The co has a 26.9% working interest and a 21.5% net revenue interest, inclusive of the investment in REX. Reserves attributable to this well are approx six Bcfe, net to the co. Production is expected to begin in August 2010 at an estimated rate of five mln cubic feet equivalent per day, net to Contango. Operations update: Co successfully tests Nautilus discovery at an initial rate of five million cubic feet per day and 55 barrels of condensate per day. Co has been awarded the three lease blocks at Central Gulf of Mexico Lease Sale No. 213 held on March 17, 2010. Co was awarded Ship Shoal 121 and Ship Shoal 122 and Vermillion 170. The co has spudded its wildcat exploration well ("Rexer #1) in south Texas.
00:33
CNP CenterPoint Energy prices 22.0 mln common shares at $12.90/share (12.90 )
00:33
On The Wires
National Financial Partners (NFP) prices $125.0 mln aggregate principal amount of 4.0% convertible senior notes due 2017... Goldcorp (GG) issues a statement regarding a request by the Inter-American Commission on Human Rights asking the Guatemalan government to suspend operation of the Marlin mine in San Miguel Ixtahuacan, Guatemala. Goldcorp believes the IACHR's action is based on environmental allegations that are entirely without merit. The government of Guatemala has requested an extension of 15 days to respond to the IACHR... Center Financial (CLFC) names Douglas J. Goddard interim CFO, effective June 10, 2010.
18:21
GSK GlaxoSmithKline: Roxane Laboratories announces the abbreviated new drug application approval of Valacyclovir Hydrochloride tablets 500mg and 1g (33.70 +0.10)
Roxane Laboratories announced the Abbreviated New Drug Application (ANDA) approval of Valacyclovir Hydrochloride Tablets 500mg and 1g as of May 24, 2010 by the Food and Drug Administration. Valacyclovir Hydrochloride Tablets are a nucleoside analogue DNA polymerase inhibitor indicated for use in adult patients
17:55
Futures are lower after hours with S&P 500 futures 2.24 points below fair value of 1055.34 and Nasdaq 100 futures 0.66 points below fair value of 1779.16.
17:31
AIR AAR Corp projects Q4 sales to slightly exceed the top of its previously disclosed range and EPS to be in the upper end of its previously disclosed range; guidesFY10 above consensus (17.84 +0.07)
Co projects sales to slightly exceed the top of its previously disclosed range of $355-365 mln vs. the $340.8 mln Thomson Reuters consensus and diluted EPS to be in the upper end of its previously disclosed range of $0.25-0.30 vs. $0.29 consensus. Co issues upside guidance; looking ahead to fiscal year 2011, the co expects diluted earnings per share of $1.25-1.40 vs. $1.16 consensus and sees sales between $1.5-1.6 bln vs. $1.32 bln consensus.
17:30
NOC Northrop Grumman supplies navigation radars for German navy ships
Co has been awarded a contract to supply new radar systems for installation on 10 German Navy ships. The contract was awarded to Northrop Grumman's Naval and Marine Systems Division by the German Navy procurement authority through the responsible naval departments.
17:29
PALM Palm agrees to settle stockholder class action lawsuit (5.68 +0.01)
Co announced that it and the other defendants in a Delaware putative stockholder class action lawsuit have entered into a memorandum of understanding with the plaintiff to settle the lawsuit, which was filed on May 5, 2010 in connection with the proposed acquisition of Palm by Hewlett-Packard Co (HPQ). As part of the settlement, Palm today filed definitive additional proxy materials with the Securities and Exchange Commission to disclose the settlement and to supplement the disclosures in Palm's definitive proxy statement filed in connection with the acquisition on May 26, 2010
17:24
SEH Spartech Corp misses by $0.06 (12.28 +0.29)
Reports Q2 (Mar) earnings of $0.13 per share, excluding non-recurring items, $0.06 worse than the First Call consensus of $0.19; revenues rose 24% year/year to $268.5 mln vs the $248.6 mln consensus. Co said, "Overall, we anticipate continued positive market recovery through the remainder of 2010. We expect pricing for many of our major resins to continue to be volatile in the near term."
17:12
PEP PepsiCo signs deal with Gas Station TV to drive consumers at point of purchase (62.49 -0.16)
Gas Station TV and PepsiCo today announced a multi-year, multi-brand agreement to promote Pepsi, AMP Energy drink, AMP Energy Juice, and Brisk to consumers at the gas pump. GSTV joins other outlets in PepsiCo's evolving media mix including NBCU, YouTube, Hulu and MTV Networks.
17:02
FORD Forward Industries adopted a temporary shareholder protection rights plan (4.54 -0.05)
The Board of Directors of FORD, to provide protection to shareholders and enable the Board to discharge its duties to all shareholders, adopted a temporary Shareholder Protection Rights Plan and declared a distribution of one Right on each outstanding share of Common Stock of the Co to shareholders of record at the close of business on June 21, 2010. The Rights Plan will not preclude accepting a cash offer, as set forth below.
17:01
AEO American Eagle Outfitters raises cash dividend from $0.10 to $0.11 per share (12.21 +0.14)
17:00
ECONX New Zealand raises interest rate 25 bps to 2.75%, as expected -Update-
16:47
IMMU Immunomedics announces preclinical results of pretargeted imaging and therapy of cancer (3.13 )
Co announced pretargeted therapy with TF2, a bispecific antibody against carcinoembryonic antigen and a small peptide, delayed tumor growth and prolonged survival in an animal model of human colonic cancer. The objective of this preclinical study was to assess the efficacy and toxicity of TF2 for pretargeted radiation therapy in animals bearing CEA-expressing human colonic tumors. Pretargeted radiation therapy with TF2 extended median survival from 13 days in untreated animals to 65 days in one model, representing a 5-fold increase in survival, and from 25 days to 48 days in another model, an almost 2-fold increase in survival. Bone marrow and kidney toxicity was temporary and mild, with body weight remaining greater than 93% of baseline in all animals. These animal studies suggest that this treatment could be effective for colon cancer with limited toxicity.
16:46
LKFN Lakeland Financial repays TARP (19.77 +0.03)
Co announced that it has redeemed all of the 56,004 shares of preferred stock issued to Treasury in February 2009 under the Capital Purchase Program (the "CPP") of the Emergency Economic Stabilization Act of 2008. Lakeland Financial paid $56.0 million to redeem the shares.
16:42
IVZ Invesco Ltd. reported preliminary month-end assets under management of $430.0 bln, a decrease of 5.9% month over month (17.65 -0.20)
16:30
BCR C.R. Bard increases quarterly dividend by 6% and announces $500 mln share repurchase authorization (77.73 +0.12)
16:22
DFG Delphi Fin announced it will redeem $20 mln in aggregate principal amount of its 8.00% Senior Notes due 2033 on July 14, 2010 (23.96 -0.02)
16:19
ALOG Analogic beats by $0.02, beats on revs (43.85 -0.35)
Reports Q3 (Apr) earnings of $0.38 per share, $0.02 better than the Thomson Reuters consensus of $0.36; revenues rose 3.8% year/year to $107.2 mln vs the $104.1 mln consensus.
16:19
IRF Intl Rectifier announced is tracking at the high end of its previous guidance (19.28 +0.04)
Co announced that revenue for Q4 FY10, ending June 27, 2010, is tracking at the high end of its previous guidance range. Previous guidance given on April 29, 2010 was for revenue to range between $255-260 mln (Consensus is $257.30). Co said, "For the June quarter, we continue to experience strong revenue growth driven by increasing end-market demand. Our design win activity remains robust as we look to continue to gain market share across our business market segments."
16:06
SHFL Shuffle Master beats by $0.05, beats on revs (7.96 +0.18)
Reports Q2 (Apr) earnings of $0.15 per share, $0.05 better than the Thomson Reuters consensus of $0.10; revenues rose 12.1% year/year to $50.8 mln vs the $47.6 mln consensus.
16:06
ROVI Rovi receives $124 million IRS refund for tax loss carrybacks (36.45 +0.58)
16:00
ITRI Itron announces expansion of revolving line of credit (64.12 +1.15)
Co announced a $125 million expansion of its multicurrency revolving line of credit under its current credit facility. The expansion increased the multicurrency revolving line of credit from $115 million to $240 million. In addition, the number of participating banks increased from four to 10. There were no other changes to the loan agreement. As of March 31, 2010, there were no borrowings outstanding under the revolving line of credit and $34.8 million was utilized by outstanding standby letters of credit.
16:00
CAT Caterpillar announced, following a previously announced succession plan, Doug Oberhelman Elected CEO and CAT Board Member; Jim Owens Steps Down as CEO, remains Chairman through October 31 (56.83 +0.22) -Update-
Co announced following a previously announced succession plan, the Board of Directors of CAT has elected Doug Oberhelman Chief Executive Officer (CEO) and a member of Caterpillar's Board of Directors, effective July 1. Oberhelman succeeds Jim Owens as CEO, while Owens will remain Chairman of the Board until October 31, when he will retire after more than 38 years with the company. At that time, Oberhelman will replace Owens as Chairman.
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