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

Dec 31, 2009 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 31-Dec-09 17:00 ET

16:10

TTO Tortoise Capital announces sale of Timberline Energy (6.51 -0.05)

Co announces that its portfolio company, Mowood, has entered into a definitive agreement to sell its wholly owned subsidiary Timberline Energy to Landfill Energy Systems. Timberline is an owner and developer of projects that convert landfill gas to energy. According to terms of the transaction, which is expected to close within 60 days, Mowood will transfer Timberline's operating and development projects to LES. Interest in one development project is expected to be transferred to Timberline management. After paying off its indebtedness, paying management incentives and reserving for continued liabilities, Mowood is expected to distribute substantially all of the remaining proceeds to TTO. At close TTO is expected to receive proceeds of between $9.0 and $9.3 mln depending on closing adjustments. Over the next two years TTO could receive additional proceeds of up to $3.7 mln based on the contingent and escrow terms contained in the agreement. The transaction and TTO's proceeds are subject to the terms and conditions of the purchase and sale agreement which include customary indemnification obligations. TTO intends to use the proceeds of the transaction to payoff its $4.6 mln of bank debt leaving the remainder available to invest according to stated investment policies.

16:03

FTK Flotek Industries provides year-end operational update (1.34 +0.07)

Co expects chemical sales to be approximately flat with the third quarter, meeting expectations. While visibility remains short, the Company would expect flat to modestly higher sales in the first quarter followed by slow but steady sales growth for the balance of 2010. While Flotek's downhole tool division benefits from an increase in the overall rig count (up approximately 10% from the end of the third quarter), an oversupplied tools market continues to create significant competition and pricing pressure. Artificial lift activity continues the same subdued pace from the third quarter, a result of continued weak natural gas prices in the Rockies. The Company continues to believe the artificial lift business will improve when Powder River Basin Coal Bed Methane operators are confident of a sustained natural gas price recovery. "We do not expect meaningful growth in this business until mid-2010. Weather and holidays also impact this business line." However, Flotek continues to expect results approximately in-line with third quarter performance.

15:53

SPY Late low volume slide holds at multi-week trading range highs between 1119-1116 -- session low 1116.97 -Update- -Technical-

15:50

GDX Sector ETF strength & weakness approaching the closing bell for 2009 & the decade -Technical-

Actively Traded Leading Sector ETF Plays:

Gold miners- GDX +.75%, Livestock commods- COW +.75%, China 25- FXI +.5%, India- INP +.25%, Commods- GSG +.5%, Crude/WTI oil- USO +.25%, OIL +.5%, US airlines- FAA +.5%

Actively Traded Lagging Sector ETF Plays:

Nat gas- UNG -2.25%, iShares REITS- ICF -2%, iShares real estate- IYR -1.75%, iShares transports- IYT -1.5%, SPDRS utilities- XLU -1.25%, SPDRS homebuilders- XHB -1%, Basic materials- XLB -1%, IYM -1%, Biotech HLDRS- BBH -1%, iShares healthcare providers- IHF -1%, Clean energy- PBW -1%, Pharma HLDRS- PPH -1%, SPDRS industrials- XLI -1%, SPDRS metals/mining- XME -1%

15:32

TWC Time Warner Cable agrees to 30-day cooling-off period in the current negotiations with Fox (41.57 -0.26) -Update-

Co issues statment that "Time Warner Cable and Fox have received a letter from NY Congressman Steve Israel requesting a 30-day cooling-off period in the current negotiations, during which News Corp's (NWS) Fox programming would remain available to Time Warner Cable subscribers. Time Warner Cable accepts the Congressman's proposal and urges Fox to do the same. Our customers should not be held hostage over a business negotiation and we implore Fox to not make America's living rooms a corporate battleground."

15:13

INDXCH Index Change Reminders

Silgan Holdings (SLGN) will replace Marvel Entertainment (MVL) in the S&P MidCap 400 after the close of trading. Marvel is being acquired by The Walt Disney Company (DIS) in a deal expected to be completed on or about that date.

15:02

SBGI Sinclair Broadcast offers Mediacom extension January 8, 2010 (4.11 -0.15)

Co reported that the retransmission agreements between Sinclair and cable operator, Mediacom, that were to have expired today at midnight have been extended until midnight January 8, 2010.

15:00

SPY S&P 500 testing intraday range high at 1123 -Update- -Technical-

14:57

NVDA NASDAQ 100 (NDX) leaders & laggards moving into the final hour of trading for the year & decade -Technical-

NDX Best % Performers:

NVDA +1%, TEVA +1%, RIMM +.75%, PDCO +.75%, ILMN +.5%, STLD +.5%, CTSH +.5%, NTAP +.25%, SRCL +.25%, HOLX +.25%, CTAS +.25%

NDX Worst % Performers:

DELL -2.25%, EXPE -2%, JBHT -1.75%, GRMN -1.75%, ERTS -1.5%, EXPD -1.5%, DISH -1.25%, ATVI -1.25%, NIHD -1.25%, AMGN -1%, BIDU -1%, FWLT -1%, SHLD -1%

NASDAQ TRIN @ +1.40

NASDAQ A/D line @ -145

14:56

NG NovaGold Resources filed a final short form base shelf prospectus (6.07 +0.18)

Co has filed a final short form base shelf prospectus with the securities commissions in each of the provinces of Canada, except Quebec, and a corresponding amendment to its registration statement with the US SEC. These filings will allow co to make offerings of debt securities, preferred shares and common shares, warrants to purchase Equity Securities and warrants to purchase Debt Securities, share purchase contracts and share purchase or equity units or any combination thereof up to an aggregate initial offering price of US$500,000,000 during the 25-month period that the final short form base shelf prospectus remains effective.

14:55

JPM Dow (INDU) leaders & laggards moving into the final hour of trading for the year & decade -Technical-

INDU Best % Performers:

JPM +1.25%, BAC +.75%, DIS +.5%, MCD +.25%

INDU Worst % Performers:

HPQ -2%, CAT -1%, WMT -1%, BA -1%, MMM -1%, PFE -1%, GE -1%

NYSE TRIN @ +1.1

NYSE A/D line @ -300

14:41

COMDX NYMEX Energy Closing Prices -Update-

NYMEX Energy Closing Prices Feb crude oil closed higher by $0.15 to $79.43, Feb nat gas finished down 14.6 cents at $5.563, Jan heating oil expired at the close, settling higher by 0.07 cents to $2.1100, Feb heating oil closed 1.93 cents higher at $2.1395 and Jan RBOB gasoline expired at the close, gaining 0.94 cents to end at $2.0500, Feb RBOB gasoline finished 0.74 cents higher at $2.0640.

14:06

UTSI UTStarcom agrees to pay a $1.5 million fine for violations of the Foreign Corrupt Practices Act (2.25 +0.08)

Co entered into an agreement with the Department of Justice, agreeing to pay a $1.5 million fine for violations of the Foreign Corrupt Practices Act (FCPA) by providing travel and other things of value to foreign officials, specifically employees at state-owned telecommunications firms in the People's Republic of China. The announcement was made today by Assistant Attorney General Lanny A. Breuer of the Criminal Division.

14:05

MAGS Magal Security files its financial results for the six month period ended June 30, 2009 (3.70 -0.09)

Co announced its consolidated financial results for the six month periods ended June 30, 2009 in order to comply with NASDAQ requirements. In September 2009, Magal's Board of Directors resolved to discontinue the operations of the European integration subsidiary it acquired in June 2007. The recently issued results for the third quarter and the nine months ended September 30, 2009 and 2008 were reclassified to disclose the results of that subsidiary as discontinued operations.

14:04

LMLP LML Payment Systems unit announced that RBS Citizens Bank has entered into a Settlement and License Agreement (1.36 -0.04)

LML Patent, a wholly-owned, indirect subsidiary of LML Payment Systems announced that RBS Citizens Bank has entered into a Settlement and License Agreement with respect to litigation filed by LML in the US District Court for the Eastern District of Texas alleging that RBS infringed U.S. Patent No. RE40220. The Agreement provides RBS with a license to LML's patents for electronic check conversion transactions including "ARC", "WEB", "POP", "TEL" and "BOC". In connection with the Agreement, RBS has agreed to pay LML compensation in the amount of $1,150,000 for releases, licenses, covenants and all other rights granted under the Agreement. The remaining financial terms of the Agreement are confidential.

13:44

BIDU Baidu.com breaking down out of it's intrady range, now below $413 (412.81 -3.42) -Technical-

13:37

COMDX COMEX Metals Closing Prices -Update-

Feb gold closed higher by $4.50 to $1097.00, March silver rose 4.8 cents to end at $16.85 and March copper fell 0.30 cents to finish at $3.3420.

13:27

ERI Emrise enters into short term forbearance agreement with lender through January 15, 2010 (0.74 +0.07)

Co announced that it has entered into a short term forbearance agreement with its lender through January 15, 2010. As of December 31, 2009, co would have been in default of certain financial covenants under its credit agreement with its lender, including the requirement to raise $3 million in equity by December 31, 2009. Co entered into a short-term forbearance agreement with its lender, whereby the lender has agreed to not exercise remedies with respect to any default of the financial covenants as currently in effect under the credit agreement until and through January 15, 2010. In addition, the lender has agreed to accept a reduced monthly principal payment from the Company under the credit agreement in the amount of $150,000 (reduced from $287,000) for the month of January 2010. This short-term forbearance is contingent upon no additional events of default occurring under the credit agreement. The parties have agreed that they will continue to negotiate the terms of a longer forbearance period.

13:21

SPY Minor new session low for the S&P -4.7 and Nasdaq Comp -8.1 -- Dow -56 still holding slightly above its midday low -Update- -Technical-

13:01

D Dominion's Dominion Virginia Power to reduce rates January 1 (39.18 -0.31)

Rates for Dominion Virginia Power customers will be reduced on Jan. 1, 2010, in accordance with changes approved by the Virginia State Corporation Commission (SCC). For the typical residential customer who uses 1,000 kilowatt-hours of electricity, the net result is a decrease in the monthly electric bill of 87 cents, or 0.8 percent, from $109.23 to $108.36.

13:00

USGS reports 5.5 magnitude quake near Fiji region

12:45

UGA Midday sector ETF strength & weakness -Technical-

Actively Traded Leading Sector ETF Plays:

RBOB gas- UGA +1.25%, China 25- FXI +1%, Livestock commods- COW +1%, Gold miners- GDX +1%, Heating oil- UHN +.75%, Regional banks- KRE +.75%, Crude/WTI oil- USO +.75%, OIL +.75%, Coal- KOL +.75%, Ag commods- DBA +.50%, Gold- GLD +.5%, India- INP +.5%, Commercial banks- KBE +.5%, Emerging Mkts.- EEM +.5%, Silver- SLV +.5%, iShares US broker/dealers- IAI +.25%

Actively Traded Lagging Sector ETF Plays:

Nat gas- UNG -3%, iShares transports- IYT -1.25%, Clean energy- PBW -1%, SPDRS homebuilders- XHB -.75%, Biotech HLDRS- BBH -.75%, US bonds- TLT -.5%, Pharma HLDRS- PPH -.5%, Steel- SLX -.5%, SPDRS utilities- XLU -.5%

12:45

EDGR EDGAR Online and RR Donnelley sign contract amendment (1.50 +0.06)

Co announced today that it has signed an amendment to the services agreement with R.R. Donnelley & Sons Company (RRD) for the second year of their contract that offers public companies a full service SEC compliance solution for filing in eXtensible Business Reporting Language format. The amendment establishes fees and service levels for the period January 1 to December 31, 2010 and modifies a variety of terms including the elimination of bilateral exclusivity for the remainder of the contract. New pricing commences on January 1, 2010 and remains in effect throughout the 2010 calendar year. The contract requires that pricing be negotiated each year, therefore fees for year three have yet to be determined.

12:37

LTD Limited commences exchange offer for its outstanding Senior Notes (19.50 -0.02)

Co announced the commencement of an exchange offer for its outstanding 8.5% Senior Notes due 2019. The notes were originally issued on June 19, 2009, in a private offering in aggregate principal amount of $500 million.

11:31

ADCT ADC Telecom announced Altobridge acquired its portfolio of GSM base station and switching products; Terms of the transaction were not disclosed (6.25 -0.13)

11:23

SPY S&P 500 -5.2 slips fractionally under yesterday's low of 1121.94 -- session low 1121.75 -Update- -Technical-

The Dow -53 also slipped under the previous day's low but Nasdaq -8.3 has not yet confirmed (yesterday's low 2280, session low 2282).

11:12

SPY Stock indices drop to new session lows after the PMI revision -- Dow -43, S&P -3, Nasdaq -7 -Update- -Technical-

11:05

DOV Dover unit acquired Inpro/Seal Company; Financial terms of the transaction were not disclosed (42.11 -0.07)

Co announced today that Waukesha Bearings, an operating company in Dover's Fluid Management Segment and global provider of custom-engineered hydrodynamic bearings and magnetic bearing systems, has acquired Inpro/Seal Company, the leading designer and manufacturer of bearing isolator technologies. Inpro/Seal is based in Rock Island, Illinois. Financial terms of the transaction were not disclosed.

10:56

SPY Stock indices attempting to lift off morning pullback lows -- Dow -30, S&P -2.1, Nasdaq -3.5 -Update- -Technical-

Seeing relative sector strength on this move (outperforming the S&P) in Finance XLF / RKH, REITs IYR, Solar TAN, Coal KOL, Gold Miners GDX, Airline, Shipping SEA and Energy XLE / OIH.

10:46

NKE Nike shares continue to buck the early trend of the SPX & outperform as price edges above notable range top resistance just above 66.00 & into new 52 week highs @ 66.50 (66.48 +.34) -Technical-

NKE +.55% vs. SPX -.20%

10:42

CNW Trucking Index -DJUSTK- attempting to stabilize after opening slump (324 -8.3) -Update- -Technical-

The sector is under pressure following YRCW news -10% but have seen the index (DJUSTK) attempting to stabilize near its 20 day ema at 323 (session low 323). Individual names of interest include: CNW -8.1% (held at its 200 ema, hovering near its bounce high at 35.82), ABFS -8.5% (held near its early Dec high/bull breakout point at 29.20, bounce high 30.24), ODFL -8% (held at/bounced off its 50/200 day ema), KNX -1.6% (held at last week's gap at 19.16), JBHT -2.2% (tested 4 wk low from early Dec at 32.31 -- session low 32.32), HTLD -0.8% (held at 20 day ema), SAIA -8.4% (tested 50 day sma).

10:36

GS Goldman Sachs flirts with its 50 day ema near 169 and pauses (168.39 +1.69) -Technical-

Noted the test of resistance at its 20 day ema yesterday at 165.20 (had capped the upside over the previous week) with the upside break extended near its 50 day ema this morning (session high 169.12). Short term supports are at 168.00, 167.50 and the 167/166.75 area. The next resistance of note is at its 50 day sma at 170.32

10:35

FXI First hour sector ETF strength & weakness -Technical-

Actively Traded Leading Sector ETF Plays:

China 25- FXI +1.25%, Livesotck commods- COW +.75%, India- INP +.75%, Gold miners- GDX +.5%, Regional banks- KRE +.5%, Ag commods- DBA +.5%, Gold- GLD +.5%, Financials- XLF +.5%, IYF +.25%, Coal- KOL +.25%, iShares REITS- ICF +.5%, Emerging Mkts.- EEM +.5%, Commercial banks- KBE +.25%

Actively Traded Lagging Sector ETF Plays:

Nat gas- UNG -2.5%, US bonds- TLT -1.25%, iShares transports- IYT -1%, Clean energy- PBW -.75%, iShares Japan- EWJ -.5%, Biotech HLDRS- BBH -.5%, Steel- SLX -.5%, Energy- XLE -.5%, IYE -.5%

10:33

XLE Natural Gas/Energy issues getting hit following inventory data -- XLE, OIH, UNG, CHK, EOG, APC, APA, DVN, RRC, MEE, CNX (57.31 -0.16) -Technical-

10:31

UNG US Natural Gas ETF sees a sharp, high vol. drop to session lows on the heels of weekly storage figures -Update- -Technical-

10:30

UNG Feb natural gas falls hard to fresh lows of $5.51 following inventory data; nat gas is currently $5.570 -0.139

10:28

HD Home Depot still within two week range but working up toward upper end of the pattern and its 52-wk high at 29.42/29.44 -- session high 29.31 (29.30 +0.17) -Technical-

10:28

NVDA NASDAQ 100 (NDX) leaders & laggards moving through the first hour of today's trading -Technical-

NDX Best % Performers:

NVDA +.75%, TEVA +.75%, CTSH +.5%, WYNN +.5%, RIMM +.5%, MRVL +.5%, ILMN +.5%, STLD +.5%, SYMC +.25%, LBTYA +.25%, ORLY +.25%

NDX Worst % Performers:

JBHT -2.25%, DELL -1.75%, CTXS -1.5%, VRSN -1.5%, GRMN -1.5%, ERTS -1.5%, DISH -1.5%, ATVI -1.25%, LOGI -1.25%, MICC -1.25%

NASDAQ TRIN @ +1.65

NASDAQ A/D line @ -130

10:25

DIS Dow (INDU) leaders & laggards moving through the first hour of today's trading -Technical-

INDU Best % Performers:

DIS +1%, HD +.5%, TRV +.5%, AXP +.25%, BAC +.25%

INDU Worst % Performers:

HPQ -1%, CAT -1%, WMT -1%, PFE -1%, KO -.75%, MMM -.5%

NYSE TRIN @ +.95

NYSE A/D line @ +245

10:03

SPY Stock indices slip back off morning highs with Dow -14 and S&P -0.4 in the red -- Nasdaq +0.2 -Update- -Technical-

09:58

XLF Financial Select Sector SPDR displays intraday relative strength, flirting with resistance zone (14.49 +0.06) -Technical-

The XLF has lagged behind the S&P since Oct with it forming a narrowing trading range. Today's strength, which will be difficult to maintain ahead of the holiday, has brought it up to important short term resistance at the trendline resistance off its Oct/early Dec highs and its 50 day sma (14.53) which capped the upside early this week (Monday's high 14.59 -- session high 14.51) -- Click for chart. MS +0.3%, GS +0.5% (flirting with its mid-month high at 167.95), BAC +0.3%, AXP +0.5%, USB +0.3%, WFC +0.5%.

09:48

HPQ Hewlett-Packard set just a fractional new 52-wk peak in opening trade and rotates into the red (52.61 -0.32) -Technical-

09:46

GLD Sector Watch -Technical-

Early sector leadership has come from Gold Miners GDX +1.6%, Gold GLD +0.9%, Silver SLV +0.7% -- GFI +2.1%, IAG +2.1%, HMY +1.6%, GG +1.6%, AU +1.6%, ABX +1.4%, KGC +1.2%, NEM +1%, AEM +0.8%, FCX +0.6%, SSRI +1.7%, SLW +1.5%, PAAS +1%.

09:46

GMCR Green Mtn Coffee pushes higher off the open as it edges modestly above its recent 2-day range/52-wk high of 80.34 (80.47 +0.46) -Technical-

09:43

CAM Cameron flirts with its Oct and Dec/52-wk peaks at 42.39/42.47 in early trade and pauses-- session high 42.39 (42.25 +0.63) -Update- -Technical-

09:36

AAPL Apple gaps higher, pauses modestly under its 52-wk peak from Monday at 213.95 -- session high 213.35 (212.60 +0.96) -Update- -Technical-

09:34

GNTX Gentex mildly firmer in opening trade, hovering near this week's peak at 18.29 -- session high 18.28 (18.21 +0.11) -Technical-

Note that its early Dec/52-wk high is slightly above at 18.36.

09:28

IPG Interpublic upgraded to Outperform at Wedbush Morgan; tgt raised to $9 (7.28 )

Wedbush Morgan upgrades IPG to Outperform from Neutral and raises their tgt to $9 from $5.50 based on higher ests rolling forward their price target to 2010/2011, and applying a reduced valuation discount assumption to peers on EV/EBITDA. The firm notes that they raise their 4Q ests to $291 mln/$0.25 in EBIT/EPS from $277 mln/$0.23 (consensus $300 mln/$0.26).

09:28

UNG Feb natural gas pushed to fresh session highs of $5.873 shortly after pit trading began and ahead of inventory data; Nat gas is currently $5.842 +0.133

09:26

MVL Marvel Entertainment stockholders approve Disney (DIS) merger (54.05 )

09:26

USO Feb crude spiked ~$0.70 at the open of pit trading and just pushed to fresh highs of $80.00 a moment ago; Currently, crude is $79.87 +0.59

09:16

ANIK Anika Therapeutics acquires Fidia Advanced Biopolymers for $17.1 mln in cash and 1,981,192 shares of common stock (8.49 )

Co announces that it has acquired Fidia Advanced Biopolymers, a wholly-owned subsidiary of privately held Italian pharmaceutical company, Fidia Farmaceutici. F.A.B. provides hyaluronic acid-based products in several therapeutic areas including for the regeneration of connective and structural tissues damaged by injuries, aging or degenerative diseases. The company also announces that it will develop its own direct U.S. sales capability to capture significantly higher margins from the domestic sales of MONOVISC, its single-injection osteoarthritis treatment. Direct commercialization activities will also include the portfolio of F.A.B. orthopedic products once approvals are achieved in the United States. Under the terms of the sale and purchase agreement, Anika purchased F.A.B. in exchange for $17.1 mln in cash and 1,981,192 shares of its common stock. F.A.B. recorded product revenue of approximately $11.1 mln in the 12 months ended Sept 30, 2009. Anika anticipates that the acquisition will be accretive to earnings in the second year of combined operations.

09:06

HDY Hyperdynamics submits acreage relinquishment plan to government of Guinea (0.87 )

Co announced that the government of the Republic of Guinea has received the Company's relinquishment plan of 64% of its original offshore oil and gas contract area and its 2010-2011 work plan for the 36% it has selected to retain and explore. The acreage selection was part of the September 2009 Memorandum of Understanding between Hyperdynamics and the government of Guinea, which enables Hyperdynamics to retain approximately 11,160 square miles of its original contract area for oil and gas exploration. The government now has the right to auction the remaining 64% to other companies, but Hyperdynamics has the right of first refusal on that acreage as well. The relinquishment and the two-year work plan were received Wednesday, December 30 by Aboubacar Koly Kourouma, Vice Minister and General Secretary of the Ministry of Mines, Energy and Hydraulique.

08:33

YRCW YRC Worldwide successfully reaches thresholds in its debt-for-equity exchange offers (0.99 )

Co announces that it was successful with its previously announced debt-for-equity exchange offers having received tenders for approximately $470 mln in par value, representing approximately 88% of the company's outstanding notes, including $105 mln, or 70%, of its 8 1/2% Notes, $217 mln of its 5.0% Notes, and $148 mln of its 3.375% Notes, representing 94% of aggregate total of the 5.0% and 3.375% Notes. Under the terms of the transaction the company will issue to tendering noteholders approximately 37 mln shares of common stock and 4.346 mln shares of Class A convertible preferred stock which, together on an as-if converted basis, will represent approximately 94% of the co's total issued and outstanding common stock. As part of the previously announced amendments to its credit agreement, the company will be able to defer approximately $19 mln of fourth quarter lender interest and fees and will have access to the $159.8 mln revolver reserves under the applicable terms of its $950 mln revolver. As of Dec 31, 2009, the company had not used any portion of the revolver reserves. The company expects to defer additional lender interest and fees of $20 to $25 mln per quarter during 2010 depending upon its usage level of the credit agreement and asset-backed securitization facility.

08:30

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