Briefing.com: Hourly In Play (R) – 17:00 ET

Dec 23, 2009 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 23-Dec-09 17:00 ET

16:34

JOE The St. Joe Company announced that it has increased the commitments on its revolving credit facility from $100 mln to $125 mln (30.15 +0.10)

16:32

SLXP Salix Pharm: Suits commenced against maker of prescription cleansing drug (25.42 +0.57)

Suits were commenced Dec. 23, 2009 in North Carolina for four users who allege kidney damage due to the use of OsmoPrep, a prescription drug used to cleanse the intestines in preparation for a colonoscopy. (Holshouser et al v. Salix Pharmaceuticals, Ltd. and Salix Pharmaceuticals. Inc.) The actions are against two Morrisville, N.C., pharmaceutical companies, Salix Pharmaceuticals, Ltd., and Salix Pharmaceuticals (SLXP). The co, which specializes in marketing gastrointestinal drugs, began selling OsmoPrep in 2006. ? It had over $30 million in sales in 2008.

16:30

TRMS Trimeris receives request from Arigene for extension of tender offer period (3.11 -0.02)

Arigene has requested an extension of the expiration date of the tender offer to January 15, 2010.

16:30

BRC Brady Corp acquires custom-label and nameplate manufacturer in Brazil (30.20 +0.43)

Co announced that it has acquired Stickolor Industria e Comercio de Auto Adesivos Ltda., Sao Paulo, Brazil. Details of the transaction are not being disclosed. Founded in 1978, Stickolor manufactures screen-printed custom labels, overlays and nameplates for automobiles, tractors, motorcycles, electronics, white goods and general industrial markets. With sales of ~$9 mln (US), the co currently employs about 90 people.

16:17

BSX Boston Scientific announces settlement of DOJ onvestigation relating to post-market surveys conducted by Guidant (8.82 +0.02)

Co announced that it has entered into a civil settlement with the U.S. Department of Justice regarding the Department's investigation relating to certain post-market surveys conducted by Guidant Corporation before BSX acquired Guidant in 2006. BSX had previously disclosed the investigation, which was conducted by the United States Attorney's office in Boston. This civil settlement brings to a conclusion an investigation that began in 2005 and involves no admission of wrong doing by the co. Under the terms of the settlement, the co has agreed to pay $22 mln, which was previously fully accrued.

16:09

ARNA Arena Pharm announces Merck discontinues development of investigational niacin receptor agonist program for atherosclerosis (3.79 -0.05)

Co announced Merck and Co., Inc.'s decision (through an affiliate) to discontinue development of MK-1903, an investigational niacin receptor agonist to treat atherosclerosis being developed under its research collaboration with Arena. Merck also informed Arena that the company will not continue the collaboration. Merck made the decision to discontinue development of MK-1903 following evaluation of the results of a recently completed Phase 2a clinical trial. The randomized, double-blind, placebo-controlled trial evaluated the safety, tolerability and potential efficacy in patients with dyslipidemia. According to Merck, elevation of HDL cholesterol relative to placebo did not meet the trial's pre-specified primary objective for efficacy; no safety signals were implicated as drivers of the decision to discontinue development.

16:04

MRM Merrimac Industries: Crane Co. to Acquire Merrimac Industries for $16.00 (11.54 +0.12)

Co Crane (CR), a diversified manufacturer of highly engineered industrial products, and Merrimac Industries (MRM), a leader in the design and manufacture of RF Microwave components, assemblies and micro-multifunction modules (MMF), announced that they have signed a definitive agreement for the acquisition of Merrimac by Crane. Crane will pay $16.00 cash per share of common stock of MRM and associated common stock purchase rights. Under the terms of the agreement, Crane will commence a tender offer to acquire all of the outstanding shares of common stock of Merrimac, and this transaction, which is subject to the satisfaction of customary conditions, is expected to close in Q1 of 2010. CR says, "We expect this acquisition will have a very slight dilutive impact on our 2010 earnings but will be accretive in 2011."

16:02

MGYR Magyar Bancorp announces resignation of President and CEO, effetive immediately (3.90 +0.25)

16:01

NM Navios Maritime announces delivery of two Capesize vessels (6.18 +0.21)

Co announces that the Capesize vessels Navios Phoenix and Navios Stellar were delivered from a Japanese and a South Korean shipyard respectively to Navios Holdings' owned fleet. The Navios Phoenix is a Capesize vessel of 180,242 dwt. She was delivered to Navios Holdings' fleet on December 21, 2009. ~$52.5 mln was used to finance the purchase from the escrow established under the 8 7/8% First Priority Ship Mortgage Notes.

16:00

DLLR Dollar Financial announces the settlement of its $600 mln 10 3/8% senior note offering (23.16 +0.47)

Co announces completion of its $600.0 million offering of senior notes by its indirect wholly owned Canadian subsidiary, National Money Mart Company. The notes pay interest semi-annually at a fixed rate of 10.375% per annum. The co used a portion of the net proceeds of the offering to prepay $350.0 mln of the approx $369.6 mln outstanding under the term loan portion of its senior secured credit facility, which reduces the outstanding balance to approx $19.6 mln. In addition, the Company also used a portion of the net proceeds of the offering to complete concurrently the previously announced acquisition of Dealers' Financial Services, LLC. DFS is an establis

16:00

UAUA United, All Nippon Airways and Continental apply to U.S. DOT for approval of antitrust immunity & trans-pacific joint venture (13.09 +0.16)

United Airlines (UAUA), All Nippon Airways and Continental Airlines (CAL) today filed an application with the U.S. Department of Transportation for antitrust immunity to enable the three carriers to create a more efficient and comprehensive trans-Pacific network, generating substantial service and pricing benefits for consumers. The trans-Pacific joint venture is the first of its kind between the U.S. and Asia and also would enable United, ANA and Continental to compete more effectively with other global alliances, each of which has a significant presence in Tokyo. Upon DOT approval of the companies' immunity application, United, ANA and Continental will be able to jointly manage trans-Pacific activities including scheduling, pricing and sales, offering customers a greater selection of routings and a wider range of fare and service options.

15:56

Conferences and Shareholder/Analyst Meetings of Interest

Events of interest for tomorrow, Dec 24, include: Equity Markets Close Early for Christmas Eve (13:00); Bond Markets Close Early for Christmas Eve (14:00)

15:50

UGA Sector ETF strength & weakness approaching today's closing bell -Technical-

Actively Traded Leading Sector ETF Plays:

RBOB gas futures- UGA +3.75%, Heating oil futures- UHN +3.25%, crude/WTI oil- USO +3%, OIL +3.25%, Gold miners- GDX +3%, SPDRS metals/mining- XME +3%, India- INP +2.75%, Base metals- DBB +2.5%, Commods- GSG +2.5%, DBC +1.75%, Nat gas- UNG +1.75%, Oil HLDRS- OIH +1.75%, Coal- KOL +1.75%, iShares REITS- ICF +1.5%, US airlines- FAA +1.5%, Basic materials- XLB +1.25%, IYM +1.25%, iShares real estate- IYR +1.25%, Livestock commods- COW +1.25%, China 25- FXI +1%

Actively Traded Lagging Sector ETF Plays:

Commercial banks- KBE -1.25%, iShares telecom- IYZ -1%, Reg. bank HLDRS- RKH -1%, US Dollar index- UUP -.5%, Healthcare- XLV -.5%, IYH -.5%, Pharma HLDRS- PPH -.25%, Financials- XLF -.25%, IYF -.25%

15:49

Earnings Calendar

Today after the close no companies are scheduled to report. Tomorrow before the open no companies are scheduled to report.

15:35

TECHX Modest afternoon pullback off afternoon highs -- Dow -8, S&P +1.3, Nasdaq +13 -Update- -Technical-

Relative sector weakness has been noted in Semi SMH, Internet HHH, Airline, Gold Miners GDX, Networking.

15:32

WSBC WesBanco Inc repurchases the warrant issued under the U.S. Department of the Treasury's Capital Purchase Program (12.08 -0.01)

Co announces that WesBanco, after receiving approval from the U.S. Treasury Department, repurchased from the U.S. Department of the Treasury the warrant for the purchase of 439,282 shares of its common stock for a purchase price of $950,000 or $2.16 per share. The funds used to redeem the warrant were derived from internal sources.

15:27

SCANX Stocks making new 52-week highs/lows -Technical-

New highs (464) outpace new lows (86): New 52-week highs trading over 1 mln (average daily volume) include: Biotechnology (ATHX, GNVC, HGSI, INCY, VRTX), Coal (ANR, BTU, CNX, MEE, PCX, WLT), Computers (CTSH, INFY, QTM, SNDK, STX, WDC), Electronics (APH, JBL, LPL), Iron/Steel (CLF, MT, X), Mining (AA, CCJ, CENX, IVN, TCK, TIE), Oil & Gas (BEXP, COG, EAC, ECA, EOG, PXD, WLL, XCO), Pharmaceuticals (AGN, FRX, KG, TEVA, WCRX), REITs (AIV, AVB, DEI, EQR, HIW, HPT, MAC, OHI, PSA, SHO, SLG, SPG, UDR, VNO), Retail-Apparel (DBRN, JWN, LTD, PSS), Semis (AMAT, ASML, ATML, CREE, LLTC, MU, MXIM, NVDA, TER, VECO), Software (BMC, CHKP, CRM, MSFT, NUAN, PMTC, RHT), Telecomm (AMT, ATHR, CCI, CHTL, COMS, GLW, SBAC, TWTC, WIN)... 52-week lows trading over 1 mln (average daily volume) include: Miscellaneous (GIGM)

15:26

C Citigroup confirm sit completes $20 bln TARP repayment, terminates loss-sharing agreement (3.27 -0.06)

Co confirms it has completed the previously announced repayment of $20 bln invested in the company by the U.S. government through the Troubled Asset Relief Program and terminated the loss-sharing agreement with the government. The repayment of the TARP trust preferred securities and termination of the loss-sharing agreement follow the successful completion of a securities offering in which Citi raised $20.5 bln, including $17 bln in common shares and $3.5 bln in tangible equity units. To repay the TARP investment, Citi repurchased $20 bln of TARP trust preferred securities. As part of the agreement to end the loss-sharing program, the government has cancelled $1.8 bln of trust preferred securities that were part of the $7.1 bln paid in consideration for the program. The government continues to hold $5.3 bln in trust preferred securities. The U.S. Treasury continues to hold warrants to buy Citi common stock issued as part of the TARP investment and 7.7 bln common shares, which it said it plans to sell in 2010. After giving effect to the issuance of the $17 bln in common stock, $3.5 bln of tangible equity units and $1.7 bln of stock compensation previously announced by Citi, as well as the repayment of $20 bln of the TARP trust preferred securities and the termination of the loss-sharing agreement, Citi's pro forma Tier 1 capital ratio at the end of the third quarter of 2009 would have been 11.0%, compared with 12.8%. The company's pro forma Tier 1 common ratio at the end of the third quarter would have been 9.0%, compared with 9.1%.

14:56

EBAY NASDAQ 100 (NDX) leaders & laggards moving towards the final hour of trading -Technical-

NDX Best % Performers:

EBAY +5%, ATVI +4.5%, FWLT +4.5%, YHOO +4.5%, AMZN +4%, BIDU +3.75%, ERTS +3.5%, HANS +3%, CTXS +2.5%, INFY +2%, SHLD +2%

NDX Worst % Performers:

CTAS -11.25%, MICC -1.5%, FSLR -1.5%, BRCM -1.25%, FLEX -1%, GENZ -1%, ADBE -1%, NIHD -.75%, NWSA -.75%, CMCSA -.5%, ALTR -.5%

NASDAQ TRIN @ +.60

NASDAQ A/D line @ +945

14:53

AA Dow (INDU) leaders & laggards moving towards the final hour of trading -Technical-

INDU Best % Performers:

AA +1%, MCD +1%, CAT +1%, DD +.75%, UTX +.5%, INTC +.5%, TRV +.5%

INDU Worst % Performers:

MRK -1.5%, HD -1.25%, JPM -1%, BAC -.75%, CVX -.25%

NYSE TRIN @ +1.6

NYSE A/D line @ +1375

14:37

COMDX NYMEX Energy Closing Prices -Update-

Feb crude oil closed higher by $2.19 to $76.59, Jan nat gas finished up 11 cents to $5.825, Jan heating oil settled higher by 5.94 cents to $2.0080 and Jan RBOB gasoline gained 7.34 cents to end at $1.9622.

14:36

CDII China Direct names Andrew Wang Chief Financial Officer (1.17 +0.00)

14:34

RVP Retractable Technologies announces verdict in patent infringement suit against OMI (1.66 +0.25)

Co announces that a Tyler, Texas jury returned a verdict on Friday, December 18th in the litigation of Retractable Technologies, Inc. v. OMI in favor of Retractable on all claims presented to the jury. The jury found that OMI's Auto-Retractable Safety Syringe infringed all the asserted claims under patent 6,572,584, OMI was directed to pay Retractable $1,571,103 for such infringement and found that Retractable's '584 patent is valid and enforceable. In addition, the jury found that OMI misappropriated trade secret information and was directed to pay Retractable $2,240,640 in damages.

14:27

RTN Raytheon receives $1.1 bln order to advance Taiwan's patriot capability (52.10 -0.45)

Co announces it has received Foreign Military Sales contract awards totaling $1.1 bln to fund new production of the combat-proven Patriot Air and Missile Defense System for Taiwan. The awards include ground-system hardware through an initial contract valued at $965.6 mln and an initial spares contract valued at $134.4 mln.

14:07

PGTI PGT Inc. announces amendment of credit facility (2.38 -0.01)

Co announces on December 22, 2009, PGT and its subsidiary, PGT Industries, Inc., entered into an amendment to their Second Amended and Restated Credit Agreement. The amendment, among other things, extends the revolving credit facility maturity date to December 31, 2011 with respect to $20 million of revolving commitments, relaxes certain financial covenants, and increases the applicable rate on loans and letters of credit.

14:01

RCKY Rocky Brands upgraded earlier to Neutral at DA Davidson; tgt $8 (7.50 +0.20)

Earlier, DA Davidson upgraded RCKY to Neutral from Underperform and set a target price at $8 based on the firm's belief that the pullback in price has brought the valuation more in line with fundamentals. In addition, the intensity of winter weather thus far gives the firm added comfort with seasonal risk factors.

13:36

COMDX COMEX Metals Closing Prices -Update-

Feb gold closed higher by $7.80 to $1094.50, March silver rose 15 cents to end at $17.18 and March copper rose 6.550 cents to finish at $3.2035.

13:22

OSTK Overstock.com announces it signed a financing agreement with U.S. Bank N.A. (13.79 +0.48)

Co announces it signed a financing agreement with U.S. Bank N.A. to provide a revolving line-of-credit financing facility of up to $20 million. The facility terminates on October 2, 2011. The applicable interest rate for borrowings to support working capital needs is 250 basis points above LIBOR and 100 basis points above LIBOR for cash collateralized letters of credit.

13:21

SHLD Sears Hldg breaking out of a 5 month long ascending triangle today, next major resistance level is $85 (81.71 +1.94) -Technical-

13:18

XRT SPDR Retail retesting early session/Dec high at 36.19, its two month high from Nov comes into play at 36.28. (36.19 +0.29) -Technical-

PCLN +2.4%, AMZN +3.3%, PSS +1.4%, GPS +0.7%, GYMB +2.7%, JCG +2.6%, RSH +1%, PETM +0.6%, , BKS +0.5%.

13:15

WFR MEMC Elec and Xcel Energy strike deal for 50MW (AC) / 55MW (DC) of solar PV Energy in New Mexico (13.25 +0.12)

SunEdison, North America's largest solar energy services provider, a subsidiary of MEMC Electronic Materials (WFR), and Xcel Energy's (XEL) regional operating company, Southwestern Public Service Company, today announced a deal for five photovoltaic solar installations in New Mexico that will total 50 megawatts (MW) in generation capacity.

13:10

SPY NYSE trading volume tracks lower than yesterday's below average volume here @ midday -Technical-

As we stated yesterday, under the SPY ticker, volume has been very light this week ahead of the Christmas holiday & Thurs. abbreviated session.

As of 1:00ET 385M shares have changed hands versus yesterday's 416M.

We expect volume to remain very light as funds & institutions remain on the sidelines. The light volume environment can sometimes lead to over extended/dramatic moves intraday in the indices, but mostly we expect choppy, mostly sideways price action.

12:53

SPY New session/52-wk high for Nasdaq Comp +13, Dow +3 and S&P +2.3 set new intraday bounce highs -Update- -Technical-

12:50

MBND Multiband announces purchase of remaining 20% of DirecTECH Holding Company operating entities; raises full year revenue guidance (2.05 +0.22)

Co announces its shareholders have approved the buyout of the remaining 20% of DirecTECH Holding Company Operating Entities through the issuance of $10.0 million worth of Series J Preferred Stock. Under the terms of the purchase agreement, which was negotiated last year and culminated in Multiband acquiring 80% of the DTHCOE as of January 1, 2009 through the assumption of $40.4 mln in debt, Multiband was required to consummate this portion of the transaction during the fourth quarter of 2009. "We believe the positive shareholder vote is a validation of our continued progress in integrating and improving on the operations throughout the course of this year. In the first half of 2009, we spent several million dollars boosting the ranks of our technical engineering workforce in order to staff up for substantial growth at DIRECTV. Further, we made substantial investments in the front and back offices to enhance our efficiencies and strengthen our competitive position in the marketplace. As a result, we moved well up the learning curve as the much leaner Multiband MDU/MBSS operations were vaulted into the HSP segment through the acquisition of an over $200 mln run rate operation. Today, most of the challenges of that outsized transaction are behind us, and we believe we are at scale and on track to deliver significantly improved results for the balance of 2009 and throughout 2010." Due to improvements across all operating metrics in its HSP and MDU business lines, Multiband is raising the range of revenue guidance for the balance of 2009. Specifically, management projects 2009 revenues will top the high end of the range of prior guidance of $240-260 mln and now come in at $260-270 mln.

12:45

GDX Sector ETF strength & weakness here @ midday -Technical-

Actively Traded Leading Sector ETF Plays:

Gold miners- GDX +4%, Heating oill futures- UHN +3.75%, Crude/WTI oil- USO +3.25%, OIL +3.25%, RBOB gas futures- UGA +3.25%, SPDRS metals/mining- XME +2.75%, India- INP +2.5%, Base metals- DBB +2.5%, Commods- GSG +2.25%, DBC +1.5%, Oil HLDRS- OIH +1.75%, Nat gas- UNG +1.75%, Silver- SLV +1.5%, Coal- KOL +1.5%, iShares Brazil- EWZ +1.5%

Actively Traded Lagging Sector ETF Plays:

Commercial banks- KBE -1.5%, iShares telecom- IYZ -1%, Reg. bank HLDRS- RKH -1%, US Dollar index- UUP -.75%, iShares transports- IYT -.25%, Financials- XLF -.5%, IYF -.25%. SPDRS healthcare- XLV -.25%

12:33

SCANX Today's biggest point gainers/losers -Technical-

Biggest point gainers: ALX (272.00 +4.93), HDB (130.47 +4.01), DRN (146.90 +3.35), WBK (109.44 +3.20), BIDU (409.20 +10.39), GOOG (608.36 +7.24), PCLN (224.88 +4.57), AMZN (136.99 +3.24)... Biggest point losers: NVR (716.99 -8.03), DTO (72.41 -3.73), MKL (335.30 -3.10), CTAS (26.45 -3.23)

12:31

STRC SRI-Surgical Express announces promotion of Mark Faris to Chief Financial Officer (2.00 +0.00)

Co announces the promotion of Mark Faris as Vice President and Chief Financial Officer, effective December 23, 2009. He has been serving as interim principal financial officer since April 17.

12:24

MNRK Monarch Finl repays Treasury's $14.7 mln preferred stock investment under the capital purchase program (6.49 -0.15)

Co announces it repurchased, effective today, the U.S. Treasury Department's $14.7 mln preferred stock investment under the Treasury's Capital Purchase Program that was part of the broader TARP initiative. Monarch repurchased all 14,700 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, with a liquidation value of $1,000 per share, issued on December 19, 2008.

12:22

AMB AMB Property ticks to session highs here @ midday with price probing notable daily chart technical resistance surrounding the 26.00 level (26.99 +.29) -Technical-

Last weeks Dec./52 week high in play for a retest just above current levels @ 26.13.

AMB +1.15%, marginally outperforming vs. IYR +1.05%.

HoD @ 26.00

12:18

GS Goldman Sachs slides to new low of 163.58 near support at 163.48/163.38 (163.72 -0.77) -Technical-

This support marks the 50% retracement of the Friday-Monday recovery attempt and Monday's gap.

12:09

Rumor Round Up

In a very quiet market day the rumor mill has been active. When the market opened there was chatter Oracle (ORCL 24.54 +0.08) could be interested in Citrix Systems (CTXS 41.97 +0.98). CTXS has been the subject of takeover rumors in the past. We received renewed Rambus (RMBS 23.73 -0.23) takeover chatter, with Hewlett Packard (HPQ 52.19 -0.27) being the rumored acquirer. Finally, renewed Disney (DIS 32.26 -0.05) for Electronic Arts (ERTS 17.47 +0.40) chatter made the rounds. We note however that in early December Disney's CEO said Disney was not looking to buy a video game company.

11:59

European Markets Closing Prices: FTSE: 5372.4 +43.7 +0.8%, DAX: 5957.4 +11.8 +0.2%, CAC: 3910.8 +12.4 +0.3%

11:58

ABX Barrick Gold extends strong run near its 50 day sma/ema at 40.58/40.82 -- session high 40.67 (40.66 +1.77) -Technical-

11:49

PCLN Priceline.com hovering near session/weekly high of 225.90, its Dec/52-wk peak comes into play at 226.56 (225.67 +5.36) -Technical-

11:33

TECHX Stock indices extend bounce off lows -- Dow -4, S&P +0.9 with Nasdaq Comp +9.7 back near its early high -Update- -Technical-

Relative sector strength has come from Housing XHB, Retail XRT, Consumer Discretionary XLY, Industrial XLI, Airline, Casino, Coal KOL, REITs IYR, Materials XLB.

11:28

SNS Steak n Shake: Fremont Michigan InsuraCorp Board of Directors rejects unsolicited takeover offer (322.25 -3.00)

Earlier this morning Fremont Michigan InsuraCorp (FMMH.OB), a Michigan-exclusive property and casualty insurance carrier with headquarters in Fremont, Michigan, confirmed today that it has received an unsolicited proposal from the Steak n Shake Company seeking to acquire control of the Company. Fremont said that its Board of Directors met and, with the advice of its outside financial and legal advisors, considered the proposal. After its review of the proposal, the Board has unanimously concluded that the Steak n Shake proposal should be rejected and that execution of the Company's current strategic plans represents a better long-term value for shareholders.

11:22

KOL Market Vectors Coal ETF sets new high for the month to test its 52-wk close high from Nov at 35.94 (35.94 +0.40) -Technical-

Its 52-wk intraday high from Nov is at 36.21 -- ANR +1.8%, ACI +2.7%, CNX +3.9% (session high 52.43, Oct/52-wk high 53.04), JOYG -0.1%, BTU +2.5% (at 47.65, Nov peak 47.64), WLT +1.6%.

11:11

WFC Wells Fargo completes repayment of TARP (26.84 -0.34)

Co announces that it has redeemed the $25 billion of series D preferred stock issued to the U.S. Treasury under the Troubled Asset Relief Program's Capital Purchase Program. As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of $131.9 million, bringing the total dividends paid to the U.S. Treasury and U.S. taxpayers to $1.441 billion since the preferred stock was issued in October 2008. As previously stated, by repaying the TARP investment, Wells Fargo will eliminate $1.25 billion in future annual preferred stock dividends. The U.S. Treasury continues to hold warrants to purchase approximately 110 million shares of Wells Fargo common stock at an exercise price of $34.01 per share.

11:01

CCI Crown Castle amends credit facility and increases revolving credit facility to $400 mln (39.17 +0.09)

Co announces the successful completion of an amendment to its operating company credit facility and extension of its operating company revolving credit facility. The Revolver lenders have agreed to extend the maturity of Revolver commitments totaling $400 mln through September 30, 2013. Crown Castle expects the Revolver to be undrawn at December 31, 2009.

10:52

UPL Ultra Petroleum arranges $500 mln senior note offering (51.32 +0.02)

Co announces that its wholly owned subsidiary Ultra Resources has entered into an agreement with a group of thirteen institutional investors providing for the private placement of $500.0 million in Senior Unsecured Notes.

10:45

CAGC China Agritech announces it achieves 2009 sales target of 80,000 metric tons of organic granular fertilizer (26.84 +2.00)

Co announces it has achieved its 2009 goal of selling 80,000 metric tons of its new organic granular fertilizer products. The Company successfully implemented its plan to introduce new organic granular fertilizer products during the 2009 second quarter, which not only solidified China Agritech's organic fertilizer branding and geographic penetration in China, but also propelled the sales growth of its classic liquid organic fertilizer. "... In addition, we are bullish on the prospects for 2010. As a pure-play organic fertilizer producer in the vast Chinese agricultural market, where green products are encouraged by the government, we believe our further growth is sustainable and rapid."

10:44

SPY S&P 500 lifts off intraday support -Update- -Technical-

Highlighted the test of the 50% retracement of the entire 2007-2009 slump(1121) in the 09:46 update and intraday support at 1116. The index reversed off the former following the disappointing data but has bounced in recent trade off the latter (session high 1121, session low 1116). It was a relatively aggressive pattern for this intraday slide and the index has already rallied the previous three session so there are some question regarding a quick move to retest the high. Intraday resistances from here to get a read on the strength of this bounce are at 1119 and 1120.

10:35

USO Sector ETF strength & weakness through the first hour of trading -Technical-

Actively Traded Leading Sector ETF Plays:

Heating oil futures- UHN +4.25%, RBOB gas futures- UGA +3.5%, Crude/WTI oil- USO +2.75%, OIL +2.75%, Gold miners- GDX +2.75%, Commods- DBC +1%, GSG +2%, India- INP +1.75%, SPDRS metlas/mining- XME +1.5%, Base metals- DBB +1.25%, Silver- SLV +1.25%, Oil HLDRS- OIH +1%, Livesotck commods- COW +1%, Gold- GLD +.75%, US bonds- TLT +.75%, Coal- KOL +.75%

Actively Traded Lagging Sector ETF Plays:

iShares telecom- IYZ -1.25%, Commercial banks- KBE -1.25%, iShares transports- IYT -1%, US airlines- FAA -1%, Ag/chem- MOO -1%, Ag/chem- MOO -1%, Steel- SLX -1%, SPDRS homebuilders- XHB -1%

10:35

UGA Sector ETF strength & weakness through the first hour of trading -Technical-

Actively Traded Leading Sector ETF Plays:

Heating oil futures- UHN +4.25%, RBOB gas futures- UGA +3.5%, Crude/WTI oil- USO +2.75%, OIL +2.75%, Gold miners- GDX +2.75%, Commods- DBC +1%, GSG +2%, India- INP +1.75%, SPDRS metlas/mining- XME +1.5%, Base metals- DBB +1.25%, Silver- SLV +1.25%, Oil HLDRS- OIH +1%, Livesotck commods- COW +1%, Gold- GLD +.75%, US bonds- TLT +.75%, Coal- KOL +.75%

Actively Traded Lagging Sector ETF Plays:

iShares telecom- IYZ -1.25%, Commercial banks- KBE -1.25%, iShares transports- IYT -1%, US airlines- FAA -1%, Ag/chem- MOO -1%, Ag/chem- MOO -1%, Steel- SLX -1%, SPDRS homebuilders- XHB -1%

10:35

UGA Sector ETF strength & weakness through the first hour of trading -Technical-

Actively Traded Leading Sector ETF Plays:

Heating oil futures- UHN +4.25%, RBOB gas futures- UGA +3.5%, Crude/WTI oil- USO +2.75%, OIL +2.75%, Gold miners- GDX +2.75%, Commods- DBC +1%, GSG +2%, India- INP +1.75%, SPDRS metlas/mining- XME +1.5%, Base metals- DBB +1.25%, Silver- SLV +1.25%, Oil HLDRS- OIH +1%, Livesotck commods- COW +1%, Gold- GLD +.75%, US bonds- TLT +.75%, Coal- KOL +.75%

Actively Traded Lagging Sector ETF Plays:

iShares telecom- IYZ -1.25%, Commercial banks- KBE -1.25%, iShares transports- IYT -1%, US airlines- FAA -1%, Ag/chem- MOO -1%, Ag/chem- MOO -1%, Steel- SLX -1%, SPDRS homebuilders- XHB -1%

10:35

UGA Sector ETF strength & weakness through the first hour of trading -Technical-

Actively Traded Leading Sector ETF Plays:

Heating oil futures- UHN +4.25%, RBOB gas futures- UGA +3.5%, Crude/WTI oil- USO +2.75%, OIL +2.75%, Gold miners- GDX +2.75%, Commods- DBC +1%, GSG +2%, India- INP +1.75%, SPDRS metlas/mining- XME +1.5%, Base metals- DBB +1.25%, Silver- SLV +1.25%, Oil HLDRS- OIH +1%, Livesotck commods- COW +1%, Gold- GLD +.75%, US bonds- TLT +.75%, Coal- KOL +.75%

Actively Traded Lagging Sector ETF Plays:

iShares telecom- IYZ -1.25%, Commercial banks- KBE -1.25%, iShares transports- IYT -1%, US airlines- FAA -1%, Ag/chem- MOO -1%, Ag/chem- MOO -1%, Steel- SLX -1%, SPDRS homebuilders- XHB -1%

10:35

UGA Sector ETF strength & weakness through the first hour of trading -Technical-

Actively Traded Leading Sector ETF Plays:

Heating oil futures- UHN +4.25%, RBOB gas futures- UGA +3.5%, Crude/WTI oil- USO +2.75%, OIL +2.75%, Gold miners- GDX +2.75%, Commods- DBC +1%, GSG +2%, India- INP +1.75%, SPDRS metlas/mining- XME +1.5%, Base metals- DBB +1.25%, Silver- SLV +1.25%, Oil HLDRS- OIH +1%, Livesotck commods- COW +1%, Gold- GLD +.75%, US bonds- TLT +.75%, Coal- KOL +.75%

Actively Traded Lagging Sector ETF Plays:

iShares telecom- IYZ -1.25%, Commercial banks- KBE -1.25%, iShares transports- IYT -1%, US airlines- FAA -1%, Ag/chem- MOO -1%, Ag/chem- MOO -1%, Steel- SLX -1%, SPDRS homebuilders- XHB -1%

10:31

USO Crude oil spikes $0.50 to fresh highs of 76.53 on bullish crude inventory data (37.70 +1.14)

10:29

SPY Fresh session lows for stock indices -- Dow -16, S&P -1.6, Nasdaq +2 -Update- -Technical-

Sector weighing (underperforming the S&P) include: Housing XHB, Consumer Discretionary XLY, Retail XRT, Finance XLF / RKH, Semi SMH, Airline, Ag/Chem MOO.

10:28

EBAY NASDAQ 100 (NDX) leaders & laggards moving through the first hour of trading -Technical-

NDX Best % Performers:

EBAY +3%, YHOO +2.5%, ATVI +2%, BIDU +1.75%, AMZN +1.25%, EXPE +1.5%, CELG +1.25%, INFY +1.5%, GRMN +1%, ILMN +1%, CTXS +1%, ERTS +1%, HANS +1%

NDX Worst % Performers:

CTAS -11%, MICC -2.75%, NWSA -2.25%, RYAAY -1.75%, LINTA -1.75%, BRCM -1.5%, JOYG -1.5%, SBUX -1.5%, FSLR -1.5%, ALTR -1.25%, LBTYA -1.5%, FLEX -1.25%

NASDAQ TRIN @ +0.70

NASDAQ A/D line @ +250

10:24

BA Dow (INDU) leaders & laggards moving through the first hour of trading -Technical-

INDU Best % Performers:

BA +.75%, CAT +.5%, AXP +.5%, PFE +.25%, INTC +.25%

INDU Worst % Performers:

HD -1.25%, MRK -.75%, JPM -.75%, PG -.75%, DIS -.5%, MCD -.5%

NYSE TRIN @ +155

NYSE A/D line @ +410

10:21

MA MasterCard & V shares relatively weak versus the SPX & IYF ETF -Technical-

COF also lower in the first hour. Credit card names can be on the radar in the event the indices move lower as they can potentially be weakness leaders.

MA, V

10:20

TECHX Sector Relative Strength -Update- -Technical-

Seeing relative strength in Energy/Commodity as the Dollar Index weakness (XLE / OIH, Materials XLB, Coal KOL, Gold Miners GDX, Steel SLX) along with Networking and Internet.

10:10

XHB SPDR Homebuilders quick slide to initial support (15.37 -0.06) -Technical-

The XHB provided leadership after the existing home sales yesterday and is pacing the way lower following the new home sales this morning. It has thus far, however, held near an initial support at 15.30 which is the 38% retracement of the rally off Monday's lower. For this morning it needs to climb back through 15.45/15.50 to improve the pattern early price patterns. Initial supports below on a failure are at 15.20 and 15.10/15.07 -- LOW -1.8%, HD -1.1%, HOV -1.2%, RYL -1.4%, SPF -1.2%, TOL -1.7%, SHW -0.8%, MHK -1.3%.

10:08

GDX Mkt Vctrs Gold Miners ETF displaying relative strength versus the broad mkt. here -Technical-

RGLD, AU, NEM, ABX, IAU, GG, GFI, GOLD

10:07

GOOG Google has been very firm off the open, now trading up 5 points and above the May 2008 highs (606.12 +5.00) -Update- -Technical-

10:01

SPY Weaker data triggers sharp intraday slide in stock indices -- Dow -8, S&P -0.1, Nasdaq +2 -Update- -Technical-

10:01

EVC Entravision downgraded to Neutral from Buy at Miller Tabak based on valuation; tgt increased to $3.75 from $3.00 (3.51 -0.05)

10:00

FRX Forest Labs announces acquisition of Additional Rights Related to NXL 104, a Novel Broad-Spectrum Beta-Lactamase Inhibitor (32.23 -0.07)

Co announces its agreement to acquire additional rights to NXL 104, which amends the terms of its prior agreement with Novexel covering the combination of NXL 104 with ceftaroline and adds additional rights to the combination of ceftazidime and NXL 104, through a transaction with AstraZeneca (AZN) executed immediately following AstraZeneca's announced acquisition of Novexel, S.A. NXL 104 inhibits bacterial enzymes called beta-lactamases that break down beta-lactam antibiotics including cephalosporins. It is designed to be co-administered with select antibiotics to enhance their spectrum of activity and counteract bacterial resistance. The transaction eliminates all future milestone payments (totaling EUR75 mln) and royalty payments of approximately 10% on sales of ceftaroline/NXL 104 which Forest would have owed Novexel under the original license. In addition, Forest gains co-development and full commercialization rights in the United States and Canada to the ceftazidime/NXL 104 combination currently under development by Novexel, and in addition, receives commercialization right to any other combinations involving NXL 104.

09:56

BIDU Baidu.com has taken back all of yesterday's selloff, up over 10 points and back to $409 (409.00 +10.19) -Technical-

09:56

SPY Limited reaction to sentiment data -- Dow +12, S&P +2.3, Nasdaq +8 -Update- -Technical-

09:55

AXP American Express early push leaves its slightly under its 52-wk close high from Nov and last week's rebound high at 41.83/41.86 (41.75 +0.33) -Technical-

The early Dec 52-wk intraday high comes into play at 42.25 (session high 41.77)

09:51

OMEX Odyssey Marine announces it has received notification from the U.S. District Judge that he has adopted the Magistrate's Report and Recommendation in the "Black Swan" case in favor of Spain (1.52 +0.03)

Co announces it has received notification from the U.S. District Judge that he has adopted the Magistrate's Report and Recommendation in the "Black Swan" case in favor of Spain. Although the Judge complimented Magistrate Pizzo's Report and Recommendation, he also made it clear that he felt a separate opinion by him would "add only length and neither depth nor clarity (and certainly not finality) to this dispute." The Judge also stayed the order vacating the arrest warrant and the return of the recovered coins to Spain until the U.S. Court of Appeals for the Eleventh Circuit rules in the case, which serves to keep the coins in Odyssey's possession pending the outcome of the case.

09:48

AMGN Amgen pushes as high as 57.67 in early trade leaving it just under a resistance zone at its Nov/Dec highs at 57.73/57.88 (57.60 +0.38) -Technical-

09:46

SPY S&P 500 retests 50% retrace of 2007-2009 decline at 1121 -- session high 1121.58 -Update- -Technical-

Firmer in early trade with the 50% retracement retested. A minor level above is at 1124 followed by the 1127/1128 area. Initial supports to watch are at 1118 and 1116.

09:42

X U.S. Steel shares pull back from printing opening 52 week highs @ 53.70 (53.17 +.07) -Technical-

Price reversing into slightly negative territory in recent trading, potentially working back from a highly 'overbought' state on the daily chart timeframe.

LoD @ 53.08

X +.30% versus SLX ETF -.60%

09:40

CTAS Cintas sharply lower in early trade, holding near its Sep low at 26.51 -- session low 26.55 (26.74 -2.94) -Update- -Technical-

Support below if unable to maintain a posture above is at its 200 sma at 26.27.

09:33

SPY S&P SPDRs hovering slightly under last week's peak at 112.13 in opening trade, its Dec/52-wk high is at 112.38 (111.95 +0.22) -Update- -Technical-

09:25

GTI GrafTech Intl ests and tgt raised to $19 at Keybanc based on favorable positioning in the global steel production recovery (14.89 )

Keybanc raises their 2009 EPS estimate to $0.57 from $0.53 (consensus $0.51), including a 4Q09 estimate raise to $0.25 from $0.21 (consensus $0.20) as customer de-stocking impacts incrementally wane into 2010 and shipments trend closer to end user demand levels vs. the firm's prior expectations. Additionally, the firm raises their GTI tgt to $19 from $17 and slightly raises their 2010 EPS outlook to $1.15 from $1.10 (consensus $1.18), reflecting gradual graphite electrode volume recovery, 3% blended pricing upside in graphite electrodes vs. 12% in 2009 relative vs. 2008 levels, a 40% increase in needle coke costs vs. average 2008-2009 levels, and benefits from fixed costs reductions leveraged over global macro recovery/improved productivity from capital initiatives. The firm notes that they continue to believe GTI is well positioned to profitably participate in a global steel production recovery and the Company's financial strength continues to improve and create opportunities for organic and selective M&A growth.

09:25

ORB Orbital Sciences and Thales Alenia Space receive contract for OverHorizon Commercial Communications Satellite; terms not disclosed (15.28 )

09:17

ASMI ASM Intl NV target raised to $30 from $25 at GC Research (25.57 )

09:17

AMAT Applied Materials target raised to $22 from $19 at GC Research (13.94 )

09:16

CYMI Cymer downgraded to Neutral from Overweight at GC Research; tgt $45 (39.05 )

09:05

BVX Bovie Medical announces FDA 510(k) clearance to market Resistick II coated electrodes (7.83 )

Co announces it has received 510(k) clearance from the Food and Drug Administration to market its line of coated blades, needles and ball electrodes used for cutting and coagulating soft tissues during surgical procedures. Resistick II is coating applied to stainless steel which resists eschar (scab or scar tissue caused by burning) during surgery.

09:03

On The Wires

VirnetX Holding Corp (VHC) announces that it has been selected as the "Featured Stock of the Month" for December, 2009, by "The KonLin Letter"... Sonesta International Hotels (SNSTA) announces the co's first property in its new US franchise program, the Sonesta Hotel Orlando Downtown. Effective January 17, 2010, the 341-room, upscale hotel will operate under the Sonesta flag. The announcement of the 31st Sonesta hotel worldwide, is the result of the recent franchise agreement between Sonesta Franchise Corporation, a subsidiary of Sonesta International Hotels Corporation, and owner RSLLC Orlando Downtown Hotel, a joint venture comprised of affiliates of Glenmont Capital Management and Resolution Services. Xinyuan Real Estate (XIN) announces that it has acquired another parcel of land in downtown Zhengzhou, the capital city of central China's Henan Province. XIN paid a total of ~$69 mln for the unencumbered land use rights for the Zhengzhou parcel, which offers a total site area of approximately 45,356 square meters.

09:00

MTG MGIC Investment: In 8-K last night, discloses that Countrywide Home Loans and BAC Home Loans Servicing filed a complaint for declaratory relief (6.36 )

In an 8-K out after the close last night, MTG disclosed that on Dec. 17, 2009, Countrywide Home Loans, Inc. and BAC Home Loans Servicing, LP filed a complaint for declaratory relief in the Superior Court of the State of California in San Francisco against Mortgage Guaranty Insurance Corporation, MTG's principal mortgage insurance subsidiary. The Complaint alleges that M.G.I.C. has denied, and continues to deny, valid mortgage insurance claims submitted by the plaintiffs and seeks declaratory relief regarding the proper interpretation of the flow insurance policies at issue. MTG says it intends to defend itself against the allegations in the Complaint vigorously. However, it is unable to predict the outcome of this case or its effect on MTG.

08:56

EZPW EZCORP initiated with a Strong Buy at CL King; tgt $20 (16.93 )

08:52

PNY Piedmont reports FY09 EPS of $1.67 vs. $1.49 year ago; operating revenue fell 21.5% y/y to $1.64 bln (26.25 )

Company also reaffirms FY10 EPS guidance of $1.48-$1.58, excluding $0.42 gain, may not compare to $1.72 consensus.

08:43

PDII PDI Inc announces new pharmaceutical business win with "top 5" pharmaceutical company (4.04 )

Co announces it has been awarded a significant contract sales engagement with a "Top 5" pharmaceutical company. This program is expected to generate approximately $6 mln in revenue for PDI during the first quarter of 2010 and may extend through the remainder of 2010. The new contract covers an assignment in the primary care and gastroenterology therapeutic areas, utilizing a PDI dedicated sales team.

08:36

PWR Quanta Services initiated with a Outperform at Wedbush Morgan; tgt $25 (21.91 )

Wedbush Morgan initiates PWR with a Outperform and price target of $25. The firm notes that PWR is the largest specialty contractor serving electric and gas utilities and is ideally positioned to benefit from favorable trends in transmission spending, in the firm's view, where renewables and reliability are drivers. In addition, PWR's services fit precisely at the Smart Grid convergence point between the traditional grid and new technology using advanced communications and remote power control technology. Management is executing well through weak distribution markets, and positioning the company for long-term growth. The firm sees a low valuation after an opportunistic acquisition providing a compelling entry point.

08:34

PIKE Pike Electric initiated with a Neutral at Wedbush Morgan; tgt $10 (9.36 )

Wedbush Morgan initiates PIKE with a Neutral and price target of $10. The firm maintain that Pike is well positioned to benefit from favorable long-term fundamentals in transmission and distribution markets as one of the largest service providers with a national footprint. The firm believes management is taking the right actions by moving Pike's business mix toward higher-value engineering and transmission services, as core distribution markets remain weak and Pike will restructure this business in 1H10.

08:32

MYRG MYR Group initiated with a Neutral at Wedbush Morgan; tgt $18 (19.15 )

Wedbush Morgan initiates MYRG with a Neutral and price target of $18. The firm believes that MYRG is is positioned to benefit from positive long-term fundamentals in transmission and distribution markets with strong earnings leverage to large-size transmission projects and increasing activity in renewables. The firm notes that new generation and electrical load are drivers of new transmission infrastructure, so while current economic weakness is a headwind, particularly for distribution markets, increasing activity in renewables installing transmission lines for new solar and wind projects is a tailwind. The firm would look to turn more constructive on improved visibility into future earnings growth.

08:32

IOC InterOil: Shares trading ~4% higher following Papua New Guinea's approval of co's LNG project agreement (72.44 )

As mentioned briefly in 06:17 post, InterOil is trading ~4% higher following the announcement that the PNG National Government has signed the co's Project Agreement for the construction of a liquefied natural gas plant in Papua New Guinea. Following approval of the Project Agreement by the National Executive Council on December 10, the Minister for Petroleum Hon William Duma and acting Governor-General Dr Allan Marat signed the Agreement securing PNG's second LNG project. The signing was witnessed by the Prime Minister Sir Michael Somare. The Agreement sets fiscal terms for a twenty year period, which include a 30% co tax rate and certain exemptions applicable to large scale projects of this nature. It also provides for a 20.5% ownership stake to be held by the Government of Papua New Guinea's nominee, Petromin PNG Holdings Limited. A further 2% ownership stake will be taken by landowners directly affected by the plant.

08:31

GOL GOL Linhas Areas Inteligentes S.A. completes 2010 aircraft financing; secures $150 mln credit line (14.48 )

Co announces it has secured a $150 mln credit line, to finance aircraft acquisition prepayments. This concludes the financing of such payments until the end of 2010, in accordance with the company's plan to renew its fleet, which will consist exclusively of Boeing (BA) 737-800s and Next Generation 737-700s. The credit line was taken out with Natixis Transport Finance, a European financial institution specializing in financing for the industrial area, at the Libor +2.45% per year and amortizations (principal plus interest) will coincide with the 2010 aircraft delivery schedule.

08:31

SPY E~mini index futures see muted reaction to econ. data just released, still holding a modest bid -Technical-

ES +3.75 or +.35%

NQ +4.50 or +.25%

YM +23 or +.20%

08:30

SSP EW Scripps adopt 10b5-1 trading plans (6.80 )

Co announces that certain officers have adopted stock trading plans in accordance with the guidelines specified by Rule 10b5-1. The officers filing trading plans are part of a larger group of company executives who will be receiving Scripps Class A shares in 2010 upon the vesting of restricted share awards and restricted stock unit awards granted in prior years. Some of the transactions include: Timothy Stautberg, senior vice president, CFO and treasurer of the company, has filed a plan to sell up to 36,000 shares if certain criteria are met. Mark Contreras, senior vice president, newspapers, has filed a plan to sell up to approximately 64,000 shares if certain criteria are met. Sales may commence in February 2010 and would be completed by June 2010. Brian Lawlor, senior vice president, television, has filed a plan to sell up to approximately 54,000 shares if certain criteria are met. Sales may commence in February 2010 and would be completed by June 2010.

08:20

PDE Pride Intl initiated with a Buy at C.K. Cooper; tgt $42

C.K. Cooper initiates PDE with a Buy and price target of $42. The firm notes that PDE has transformed itself over the last few years under a new management team, which has refocused the company on deepwater and offshore drilling rigs. The team has reduced debt, sold the land business in South America and signed contracts to build four deepwater drillships. Record earnings in 2008 of $3.68 per share are expected to be followed in 2009, 2010, and 2011 with estimated earnings of $2.18 per share (consensus $2.21), $1.90 per share (consensus $1.95), and $3.50 per share (consensus $3.49), respectively. The firm believes that the new PDE is becoming a focused deepwater offshore driller and they expect further development of its deepwater presence going forward.

08:16

EK Eastman Kodak, Samsung agree to negotiate patent dispute settlement (4.32 )

Co announces that it has agreed to negotiate a settlement agreement and a technology cross license with Samsung Electronics. As part of this effort, Samsung has agreed to make a non-refundable payment to Kodak this year that will be credited toward its future royalty obligations to Kodak. The amount of that payment isn't being disclosed. Concurrently, the companies are negotiating the terms of a settlement of Kodak's patent infringement claims against Samsung that were filed in Nov. 2008 with the U.S. International Trade Commission. The companies will jointly pursue the dismissal of Kodak's claims once a definitive settlement agreement and a cross license have been executed. All of the above activity, with the exception of the non-refundable payment by Samsung, is subject to the issuance of a termination order by the ITC.

08:05

XIN Xinyuan Real Estate assumed with a Buy at Brean Murray; tgt $10 (4.14 )

Brean Murray assumes coverage of Xinyuan Real Estate with a Buy and sets target price at $10. The firm notes that they based their recommendation on the company's strong project pipeline visibility for the next two years, favorable housing demand and pricing trends in Tier 2 cities, supportive government policies for owner-occupier buyers, and attractive valuation.

08:03

On The Wires

Tyler Technologies (TYL) announces that Knox County, Tennessee has signed a $1.4 mln contract for its Munis Enterprise Resource Planning software... Harris (HRS) announces that it will provide critical air-to-ground and ground-to-ground digital communications services for a new Manila Area Control Center in the Philippines connecting it with remote sites throughout the 7,000-island nation... Telvent (TLVT) announces that it is the first vendor selected to participate in a SCADA testing project to ensure critical IT security and infrastructure protection in multi-vendor environments. Telvent's SCADA system will be deployed as part of the Department of Homeland Security's new Multi-Vendor Assessment project.

08:02

COMS 3Com beats by $0.02, beats on revs (7.48 )

Reports Q2 (Nov) earnings of $0.09 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.07; revenues fell 9.1% year/year to $322.2 mln vs the $299.7 mln consensus. 3Com achieved gross margin in the quarter of 60.1 percent. This compares with gross margin of 57.3 percent in the first quarter of fiscal year 2010, and 56.3 percent in second quarter of fiscal year 2009. Non-GAAP operating profit margin hit a record 13.5 percent in the second quarter, compared with 9.1 percent in the first quarter of fiscal year 2010, and 10.8 percent in the second quarter of the prior year. Revenue grew sequentially across all major sales regions, primarily driven by a solid recovery in the Europe, Middle East and Africa region and in our Latin America business, and continued strong performance in China.

07:31

PMI PMI Mortgage Insurance announces restructuring of certain modified pool policies (2.46 )

Co announces the restructuring of certain modified pool policies which resulted in positive statutory capital benefits to PMI. In connection with the restructuring, PMI paid the counterparty aggregate accelerated discounted claim payments of approx $264 mln (subject to certain adjustments). The positive impact that the restructurings had on PMI's loss reserves for 4Q09 resulted in an estimated aggregate statutory benefit to PMI of approx $51 mln.

07:31

PSDV pSivida announces positive results from the two Phase 3 FAME trials of Iluvien in patients with diabetic macular edema (3.52 )

Co reported top-line 24 month results from the Phase III FAME study of Iluvien for the treatment of Diabetic Macular Edema (DME) being conducted by pSivida's collaborative partner Alimera Sciences. The co will host a conference call and webcast today at 4:30 pm Eastern Time (details follow below). The FAME study was designed as two Phase 3 pivotal clinical trials (Trial A and Trial B). The primary efficacy endpoint for the FAME Study is the difference in the percentage of patients whose best corrected visual acuity (BCVA) improved by 15 or more letters from baseline on the Early Treatment Diabetic Retinopathy Study (ETDRS) eye chart at month 24 between the treatment and control groups. Based on Alimera's analysis of the Full Analysis Set, as described by the International Conference on Harmonization (ICH) Guidance E9 and adopted by the FDA, the primary efficacy endpoint was met with statistical significance for both doses of Iluvien in each of Trial A and Trial B, as well as on a combined basis. In addition, both the low and high dose Iluvien showed greater numerical efficacy at month 24 than at month 18, a requirement for approval with 24 month data. "We are very encouraged by these data and look forward to our collaborative partner Alimera filing the NDA for potentially the first ophthalmic drug therapy approved for DME... These data further validate our drug delivery technology."

07:31

RIGL Rigel Pharms receives milestone payment from Daiichi Sankyo for cancer ligase target (9.43 )

Co announces that it has received a milestone payment from Daiichi Sankyo Co., Ltd. as part of their collaboration to research and develop cancer treatments aimed at selectively inhibiting ligases, which are intrinsic to cancer cell growth and proliferation. The compound, as yet unnamed, targets cell division. Rigel and Daiichi Sankyo have an ongoing research collaboration aimed at identifying small molecule drug candidates against a ligase target that controls cancer cell proliferation through protein degradation.

07:28

CRI Carter Holdings provides an update on customer accommodations review (24.99 )

Co announces the substantial completion of an independent investigation undertaken at the direction of the company's Audit Committee concerning the reporting of wholesale customer accommodations in incorrect periods and the resulting adjustments to the company's financial statements for the periods covered by the previously announced restatement. The investigation uncovered irregularities involving members of the sales organization intentionally not disclosing accommodations arrangements with customers to the company's finance organization and intentionally providing inaccurate documentation and explanations regarding accommodations to the finance organization. Consequently, such arrangements were not communicated to the company's independent registered public accounting firm. These accommodations arrangements were made throughout the restated periods by certain members of the company's sales organization and involved the deferral of accommodations into later fiscal periods. The cumulative, after-tax impact of the adjustments required to the financial statements for the five fiscal years of 2004 through 2008 and the first six months of fiscal 2009 is a 3% reduction in retained earnings in the amount of $7.5 million. This amount reflects the sum of adjustments to net income for fiscal 2004 through the six-month period ended July 4, 2009, which total $4.4 mln, and a 2003 cumulative adjustment to retained earnings in the amount of $3.1 mln. The adjustments do not impact the company's reported cash flow from operations for any of the periods presented. The adjustments to the company's statements of operations and balance sheets for the restated periods are set forth at the end of this release.

07:26

CAST ChinaCast Education announces executive mgmt team to purchase 692,520 shares of stock at $7.22/share (7.03 )

Co announces executive management team members Ron Chan Tze Ngon, Chairman and CEO; Antonio Sena, Chief Financial Officer; and Michael Santos, President-International, have entered into a definitive agreement on December 21, 2009, to purchase 692,520 shares of the Company's common stock through a private placement for a purchase price of $7.22 per share, or an aggregate purchase price of approx $5 mln. The purchase was made through Thriving Blue Limited, a British Virgin Islands company.

07:02

CGEN Compugen announces "discovery on demand" therapeutic peptide collaboration with Pfizer (2.84 )

Co announces that it has signed a collaboration agreement with Pfizer for the predictive discovery by Compugen of therapeutic peptide product candidates for three drug targets of interest to Pfizer. The discovery process, which will be based on various Compugen discovery platforms and funded by Pfizer, is expected to take a few months, following which the predicted molecules will be synthesized and delivered to Pfizer. Following an evaluation period, Pfizer will have the right to exercise options for worldwide exclusive milestone and royalty bearing licenses to develop and commercialize the selected product candidates or further optimize them to obtain final potent, selective product candidates with favorable pharmacokinetic properties.

07:02

GG Goldcorp says it has the right to match competing proposal to acquire Canplats Resources (38.50 )

Co announces that it received a notice from Canplats Resources Corporation that Minera Penmont S. de R.L. de C.V. has made a proposal to acquire all of the issued and outstanding shares of Canplats for cash consideration of $4.20 per share plus shares of a newly-formed company which will hold Canplats' exploration properties pursuant to a plan of arrangement. Canplats has further advised Goldcorp that the Board of Canplats has determined that the Penmont Proposal constitutes a "Superior Proposal" within the meaning of the Business Combination Agreement dated November 16, 2009 between Canplats and Goldcorp and that Canplats intends to enter into an agreement with Penmont to implement the Penmont Proposal. Under the BCA, Goldcorp has the right, for a period of five business days, to match the financial terms of the Penmont Proposal.

07:00

TSYS TeleComm Sys and Sybase. reach legal settlement (9.36 )

The co and Sybase (SY) announces they have agreed to settle two patent infringement lawsuits. Both lawsuits were filed by TCS in the United States District Court for the Eastern District of Virginia, Richmond Division. The parties have decided that, in order to avoid the costs and substantial burdens of the litigation, it is in the interest of each of their businesses to resolve these matters at this time, although Sybase continues to dispute TCS' allegations and does not admit any infringement. Sybase will make a one-time payment of $23 mln to TCS in exchange for a license in the TCS inter-carrier messaging family of patents. Other specific terms of the settlement are confidential. Sybase believes that the substantial majority of the settlement amount will be satisfied by an escrow Mobile 365's former shareholders established when Sybase acquired Mobile 365, and that a legal reserve Sybase previously established will be sufficient to cover the balance of the settlement amount. TCS will record fourth quarter 2009 legal and other non-recurring expenses in connection with this settlement totaling approx $7.5 mln.

07:00

ECONX MBA Mortgage Applications -10.7% vs +0.3% Prior

06:33

S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +9.30.

06:33

Asian Markets

Nikkei...Holiday......... Hang Seng...21328.74...+236.70...+1.10%.

06:33

European Markets

FTSE...5370.13...+41.50...+0.80%. DAX...5970.61...+25.20...+0.40%.

06:17

On The Wires

TowerJazz (TSEM) announces its USA Aerospace and Defense Division has been awarded a contract by General Dynamics Information Technology, a business unit of General Dynamics (GD), to support the MATES (MAnufacturing TEchnology Support) program within the U.S. Air Force for large-die read-out-integrated-circuit production... InterOil (IOC) announces that the PNG National Government has signed the co's Project Agreement for the construction of a liquefied natural gas plant in Papua New Guinea.

06:14

F Ford confirms settlement of all substantive commercial terms to sell Volvo to Geely in 2010 (9.90 )

Co confirms that all substantive commercial terms relating to the potential sale of Volvo Car have been settled between Ford and Zhejiang Geely Holding Group Co Ltd. While some work still remains to be completed before signing including final documentation, financing and government approvals, Ford and Geely anticipate that a definitive sale agreement will be signed in the first quarter of 2010, with closing of the sale likely to occur in the second quarter 2010, subject to appropriate regulatory approvals.

01:22

THQI THQ, WWE and JAKKS Pacific announce settlement of litigation; THQ and WWE sign eight-year deal (4.81 )

THQ, World Wrestling Entertainment (WWE 15.22) and JAKKS Pacific (JAKK 12.31) announce that they have reached settlement agreements with respect to the WWE video game and toy licenses and the THQ/JAKKS Pacific LLC joint venture. Under the three-party settlement, all claims are withdrawn and all litigation ended among the parties without any party admitting any wrongdoing. As part of the resolution of these matters, THQ will pay WWE $13.2 mln. In addition, THQ has entered into a new eight-year video game license directly with WWE commencing January 1, 2010, which is three years longer than the renewal term under the previous arrangement between WWE and the THQ/JAKKS Pacific LLC joint venture. In addition to its preferred return payment to JAKKS for the period ending December 31, 2009, THQ will pay JAKKS Pacific $20 mln over the next four years, with payments of $6 mln due June 2010 and June 2011, and payments of $4 mln due June 2012 and June 2013, and the THQ/JAKKS Pacific LLC joint venture will terminate effective December 31, 2009.

01:18

On The Wires

Pan American Silver (PAAS) announces that it has been advised by Kingsdale Shareholder Services that an additional 5,403,461 common shares of Aquiline Resources (TSX:AQI) have been deposited to Pan American's extended offer to acquire all of the issued and outstanding Aquiline Shares (representing approx 6.7% of the Aquiline Shares issued and outstanding as of December 22, 2009). Together with the Aquiline Shares owned by Pan American prior to the making of the Share Offer, Pan American, following the take up of Aquiline Shares deposited to the Share Offer to date, owns 74,270,417 Aquiline Shares, representing approx 92.4% of the Aquiline Shares issued and outstanding as at December 22, 2009... Harris (HRS) receives a $228 mln order from the U.S. Marine Corps to provide Falcon II AN/VRC-104 high-frequency radio systems for use in U.S. DoD MRAP-All Terrain Vehicles; the contract was awarded by the U.S. Marine Corps - Systems Command on behalf of the Joint MRAP Vehicle Program... JDA Software (JDAS) receives SEC clearance of registration statement in its acquisition fo i2 Technologies (ITWO)... Ventas (VTR) closes on commitment for $50 mln of additional credit capacity under co's Revolving Credit Facilities to mature in 2012... Kosmos Energy, an affiliate of Anadarko (APC), announces that the co's Mahogany Deep-2 well on the West Cape Three Points Block offshore the Republic of Ghana has encountered light oil in three stratigraphic intervals and successfully appraised the greater Jubilee area.

18:00

RUTH Ruth's Hospitality Group announces proposed transactions intended to strengthen the co's financial position and improve its flexibility (2.69 +0.01)

Co announced that it has entered into agreements with a new investor and with the current lenders under its existing credit facility that are intended to strengthen the Company's balance sheet and improve its operating and financial flexibility.

17:59

FPL FPL Group: Extended outage at Seabrook Plant and poor wind resource will affect FPL Group's 2009 adjusted earnings (53.82 -0.68)

Co said that an extended outage at the co's Seabrook Station nuclear power plant and a continuing poor wind resource are exerting downward pressure on the co's expected 2009 adjusted earnings. In its Q3 earnings call this year, FPL Group indicated that its revised 2009 adjusted EPS expectations were in a range of $4.10-4.20 (consensus is currently $4.15).

17:15

SMTB Smithtown Bancorp has decided not to declare a cash dividend for Q4 of 2009 (4.65 -0.38)

The Chairman of the Board and Chief Executive Officer, Brad Rock, said: "We expect elevated levels of nonperforming loans and loan loss provisions for the near future, as well as other challenges posed by the current economic and regulatory environment. Therefore, we believe that this is a time to conserve capital."

17:01

BLDP Ballard announces supply agreement with Daimler AG (1.81 -0.07)

Co announced a supply agreement with Daimler AG for FCvelocity fuel cell products for Daimler AG's fuel cell car and bus programs. The agreement provides for minimum revenue of ~$24 mln over eighteen months from April 2010, with roughly equal distribution in 2010 and 2011.

16:39

MKL Markel Corp announces resignation of COO (338.40 +2.90) -Update-

Co announced that Paul W. Springman, who has been on a leave of absence since late October, has resigned as the corporation's President and Chief Operating Officer effective January 1, 2010 to pursue other interests.

16:39

FSR Flagstone Reinsurance: Fitch affirms ratings on Flagstone Re; outlook stable (10.78 -0.12)

Fitch Ratings has affirmed its ratings on Flagstone Reinsurance Holdings (FSR) and subsidiaries (collectively Flagstone). The Rating Outlook is Stable.

16:38

FINL Finish Line beats by $0.09, beats on revs (10.00 +0.17)

Reports Q3 (Nov) net of breakeven, excluding non-recurring items, $0.09 better than the First Call consensus of ($0.09); revenues fell 0.2% year/year to $240.1 mln vs the $233.7 mln consensus.

16:31

MKL Markel Corp announces that Paul Springman, who has been on a leave of absence since late October, has resigned as President and COO effective Jan 1, 2010 to pursue other interests (338.40 +2.90)

16:30

MDCO The Medicines Co acquires ApoA-I Milano from Pfizer (8.54 +0.15)

Co announced the exclusive worldwide licensing of ApoA-I Milano from Pfizer (PFE). ApoA-I Milano is a naturally occurring variant of a protein found in human high-density lipoprotein (HDL) that has the potential to reverse atherosclerotic plaque development and reduce the risk of coronary events in patients with acute coronary syndrome (ACS). Under the terms of the agreement, Pfizer will receive an up-front payment of $10 million for ApoA-I Milano and will receive additional payments upon the achievement of certain clinical, regulatory and sales milestones up to a total of $410 million. Pfizer will also be eligible to receive single-digit royalty payments on worldwide net sales of ApoA-I Milano. The Medicines Company will also pay $7.5 mln to third parties.

16:30

TNL Technitrol agrees to divest North American electrical contacts operations (4.21 -0.03) -Update-

Co announces it has entered into a definitive agreement with Metalor Technologies International to sell the North American operations of AMI Doduco, its electrical contact products business. Terms of the transaction were not disclosed. The North American business comprises operations in Export, Pennsylvania, Luquillo, Puerto Rico and Mexico City. North American rivet production operations in Mexico will remain with Technitrol and be sold with the AMI Doduco operations in Europe and Asia. Technitrol will apply the net sale proceeds to reduce outstanding debt under its revolving credit facility. The transaction is expected to close in early January of 2010.

16:16

KGS Quicksilver Gas provides guidance on 2010 volumes (20.79 )

The co announces that it expects 2010 average gathered volumes of approximately 500 million cubic feet per day (MMcfd) and that 2010 processed volumes will average more than 170 MMcfd. Gathered volumes are projected to more than double from the projected 2009 level and processed volumes are expected to increase more than 10%. The increase in gathering volumes is primarily due to the previously announced acquisition of the Alliance midstream assets from Quicksilver Resources and the associated volume of gas gathered and treated by these assets... The Alliance assets that are being acquired consist of gathering systems and related compression facilities with an aggregate current capacity of 115 million cubic feet per day (MMcfd), and a plant with amine treating capacity of 180 MMcfd and dehydration treating capacity of 200 MMcfd to the gathered gas.

16:15

TNL Technitrol sells $50 mln of 7.00% convertible senior notes (4.21 -0.03)

16:13

CTAS Cintas misses by $0.04, reports revs in-line (29.69 +0.07)

Reports Q2 (Nov) earnings of $0.39 per share, excluding non-recurring items, $0.04 worse than the First Call consensus of $0.43; revenues fell 0.8% year/year to $884.5 mln vs the $890.2 mln consensus. Co said, "It appears that our business has stabilized as this was our third straight quarter of relatively flat revenue on a per workday basis. Given our businesses' correlation to employment levels, it is unlikely that we will return to steady growth until the U.S. job market begins to recover, which historically has lagged general economic growth. We anticipate that when job recovery does occur, it will be a slow and lengthy process. In addition, the Q3 of our fiscal year is traditionally our most challenging, with fewer workdays and customer holiday closures. This year, we anticipate customer holiday closures will be longer and more widespread than they have been in better economic climates. For these reasons, we believe that current analyst expectations for Cintas revenue and earnings are too optimistic."

16:11

MU Micron lifts ~4% in afterhours following Q1 results (9.41 +0.10) -Update-

16:10

KOP Koppers Holdings reached an agreement for sale of property and buildings at its wood preserving facility in Gainesville, Florida to Beazer East (28.83 +0.42)

16:09

ABIO ARCA biopharma submitted a study protocol (3.04 -0.07)

Co announced that it has submitted a study protocol for review under the U.S. Food and Drug Administration's (FDA) Special Protocol Assessment (SPA) process for the design of a clinical trial to assess the safety and efficacy of Gencaro, in ~3,000 patients with chronic heart failure who have the genotype that appears to respond most favorably to Gencaro. Gencaro is the Company's investigational, pharmacologically unique beta-blocker and mild vasodilator.

16:07

MU Micron beats by $0.16, beats on revs (9.36 +0.05)

Reports Q1 (Nov) earnings of $0.23 per share, $0.16 better than the First Call consensus of $0.07; revenues rose 24.1% year/year to $1.74 bln vs the $1.6 bln consensus. Revenue from sales of DRAM products increased 50% in Q1 compared to Q4 due to a 25% increase in sales volume and a 21% increase in average selling prices. Revenue from sales of NAND Flash products increased 21% in Q1 compared to Q4 due to a 16% increase in sales volume and a 5% increase in average selling prices. The co's gross margin on sales of memory products improved from 12% in Q4 of FY09 to 27% in Q1 of FY10 due primarily to the increases in average selling prices.

16:07

TIBX TIBCO Software beats by $0.03, beats on revs (9.06 -0.16)

Reports Q4 (Nov) earnings of $0.23 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.20; revenues rose 5.4% year/year to $195.6 mln vs the $180.3 mln consensus. Co had a non-GAAP operating margin of 30%. vs. 29% in 4Q08. Co repurchased 4.3 mln shares in Q4.

16:06

NGLS Targa Resources Partners LP announces expansion of NGL fractionation capacity of Cedar Bayou Fractionators, L.P. and 2010 CAPEX guidance (23.78 +0.13)

Co announces plans to expand the capacity of its majority owned Cedar Bayou Fractionators natural gas liquids fractionation facility located at Mont Belvieu, Texas. The maximum gross fractionation capacity of the facility is anticipated to be expanded by 28% to 275,000 barrels per day, an increase of 60,000 barrels per day. After completion, the project will increase the Partnership's maximum gross NGL fractionation capacity along the Texas and Louisiana Gulf Coast to 439,000 barrels per day. The CBF expansion project is expected to be supported by a long-term, firm space fractionation agreement at market-based fees with ONEOK Partners. The Partnership's total capital expenditures for 2010 should approximate $130 mln with maintenance capital expenditures accounting for approximately 25% of the total. The total capital expenditure forecast includes spending required for the CBF fractionation expansion as well as other projects included in our natural gas gathering and processing and NGL logistics and marketing businesses. The 2010 capital expenditure forecast does not include growth opportunities under development that are uncertain with respect to timing and other factors.

16:05

AMGN Amgen resolves EPO patent dispute with Roche (57.22 +0.49)

The co announces that the United States District Court in Boston has entered final judgment and a permanent injunction against Roche prohibiting Roche from infringing Amgen's patents on recombinant erythropoietin (EPO), thus bringing the five-year patent infringement dispute to an end. Today's judgment was accompanied by Roche's admission that the five Amgen EPO patents involved in the lawsuit are valid, enforceable and infringed by Roche's pegylated-erythropoietin (peg-EPO) product, MIRCERA and by Amgen allowing Roche to begin selling MIRCERA in the U.S. in mid-2014 under terms of a limited license agreement. The settlement terms do not include any financial payments between the parties.

16:05

OKS ONEOK Partners signs NGL Fractionation Capacity Letter of Intent With Targa Resources Partners (61.51 -0.12)

Co announces that it has signed a letter of intent for a 10-year firm-space fractionation agreement with Targa Resources Partners LP (NGLS) for additional fractionation capacity at Targa's Cedar Bayou fractionator, a natural gas liquids fractionation facility located at Mont Belvieu, Texas. Under terms of the proposed agreement, ONEOK Partners will contract for 60,000 barrels per day of fractionation capacity at the Targa Resources Partners' facility, which is currently being expanded to 275,000 barrels per day from 215,000 barrels per day. The expansion is expected to be operational during the first quarter of 2011, subject to regulatory approvals.

16:04

RHT Red Hat showing a bit of strength after reporting earnings, up about $0.50 to new 52 week highs (29.87 ) -Update- -Technical-

Last trade at 30.40

16:03

RHT Red Hat beats by $0.01, beats on revs (29.87 +0.13)

Reports Q3 (Nov) earnings of $0.17 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.16; revenues rose 17.5% year/year to $194.3 mln vs the $188.3 mln consensus. At November 30, the co's total deferred revenue balance was $618.7 million, an increase of 23% on a year-over-year basis. "Strong bookings, particularly in North America, led to strong billings and greater than 20% growth in subscription revenue and deferred revenue, as well as further improvement of non-GAAP operating margins."

16:01

SRX SRA Intl wins $50 mln contract from Department of Homeland Security (7.46 -0.18)

Co announces that it has won a contract from the National Cyber Security Division of the Department of Homeland Security. The NCSD Mission Support Services contract totals $50 million for one base year plus four option years, if exercised.

16:01

CIM Chimera Investment declared Q4 common stock cash dividend of $0.17 per common share, up from $0.12 per common share (3.89 +0.06)

Co distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings.

16:01

MOT Motorola: LifeSync purchases wireless patent portfolio from Motorola (8.10 -0.29)

LifeSync Holdings is pleased to announce that it has purchased the Besson Patent Portfolio and other wireless vital sign patents from Motorola. The Besson Patents describe the use of wireless, two-way, digital communication between patient-electrodes or sensors and an evaluator station for monitoring a patient. The acquired patent portfolio includes additional wireless improvements including a wireless system telemetry protocol and programmable wireless electrode systems for medical monitoring. "We are excited about the opportunities for growth in our licensing program that these key assets will provide," said Shelley Hartman, President and CEO of LifeSync. Terms were not disclosed.

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