Jul 15, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 15-Jul-10 17:00 ET
WPZ Williams Partners and Williams Pipeline Partners L.P. (WMZ) scheduled special meeting to consider the proposed merger on Aug. 31 (45.57 +0.23)
TGP Teekay LNG Partners announces direct equity placement of approx $51 mln (32.02 +0.62)
Co announced that it has agreed to sell approximately 1.7 mln common units to an institutional investor for net proceeds, including its general partner's proportionate capital contribution, of approximately $51 mln. The partnership intends to use the net proceeds from the sale for general partnership purposes, which may include funding newbuilding deliveries or future vessel acquisitions. After this sale, the partnership will have approximately 54.1 mln common units outstanding.
LSBX Lawrence Savings Bank to resume trading at 16:45 ET (14.12 +0.29) -Update-
GS Goldman Sachs: SEC confirms, in press release, that Goldman will pay $550 mln to settle charges related to subprime mortgage CDO charges (145.22 +6.16) -Update-
The SEC announced that GS will pay $550 million and reform its business practices to settle SEC charges that Goldman misled investors in a subprime mortgage product just as the U.S. housing market was starting to collapse... Goldman agreed to settle the SEC's charges without admitting or denying the allegations by consenting to the entry of a final judgment that provides for a permanent injunction from violations of the antifraud provisions of the Securities Act of 1933. Click here for the full text.
LSBX Lawrence Savings Bank: People's United (PBCT) aquires LSBX for $96 mln in cash (14.12 +0.29) -Update-
Under the terms of the transaction, approved by the board of directors of both companies, shareholders of co will be entitled to receive $21 mln cash in exchange for each share of co common stock, representing approximately 153% of co's tangible book value of $13.77 per share at March 31, 2010.
TXIC Tongxin International updates shareholders on 2009 audit; co will not meet 20-F filing deadline (4.71 -0.06)
Co is unable to publish its Audited Consolidated Financial Statements for the year ended December 31, 2009 within the extended timeframe of July 15, 2010. The Co is in the process of obtaining adequate documentation to support and determine the appropriate accounting treatment of certain related-party transactions of ~US $7.7 mln with a related party, Meihua Bus. Co expects to report 2009 revenues of $121.6 mln (Thomson Reuters consensus is $122.1 mln).
OME Omega Protein announces update on 2010 fish catch and Gulf oil spill; has filed a claim with BP for reimbursement (4.97 -0.09)
Co's total fish catch (Gulf of Mexico plus Atlantic) was at approximately 89% of the Company's total 2010 fish catch plan. However, the Company's Gulf of Mexico fish catch was at approximately 68% of its Gulf of Mexico 2010 fish catch plan. The Company also has filed a claim with BP for reimbursement of any costs or lost profits resulting from the Deepwater Horizon incident.
MHGC Morgans Hotel Group successfully refinances London debt in full (6.49 +0.22)
Morgans Hotel Group, the operator and 50% owner of the London joint venture that owns Sanderson and St Martins Lane, today announced that it has successfully refinanced in full the mortgage debt secured by the hotels with a new loan maturing in July 2015. The old loan was scheduled to mature in November 2010. The new financing is a 100 mln pounds Sterling loan secured by the two London hotels and is non-recourse to MHG. The joint venture also entered into a swap agreement that effectively reduced the interest rate by ~100 basis points, due to the currently fav
SMTB Smithtown Bancorp, Inc. to resume trading at 16:40 ET (3.79 -0.08) -Update-
CAW CCA Industries reports Q2 ($0.13) vs. $0.10 in the prior year's quarter; revs grew 0.7% to $14.9 mln (5.49 -0.09)
AMD Advanced Micro beats by $0.05, beats on revs (7.41 -0.03)
Reports Q2 (Jun) earnings of $0.11 per share, excluding non-recurring items, $0.05 better than the Thomson Reuters consensus of $0.06; revenues rose 5.1% year/year to $1.65 bln vs the $1.55 bln consensus. AMD sees Q3 rev up seasonally vs the +7.3% consensus.
PWX Providence & Worcester RR confirms certain matters with respect to MBTA and Motive Power (12.40 )
Co confirmed part of yesterday's press release by MBTA regarding P&W's agreement with Motive Power concerning its bid to supply MBTA with 20 diesel electric locomotives. Under the terms of a confidentiality agreement dated September 23, 2009, P&W agreed to keep confidential P&W's role as a potential supplier to Motive Power. With award of the work to Motive Power, Inc. the next step is to finalize the terms by which P&W will complete certain services for Motive Power, Inc., including pre-delivery inspection, preparation and the commission of support services.
NIHD NII Holdings announces the convertibility of its 2.75% convertible notes due 2025 (35.84 +0.97)
Co announced today that its 2.75% convertible notes due 2025 issued pursuant to an indenture issued pursuant to the co and Wilmington Trust Company, as Trustee, dated August 15, 2005, have become convertible today, July 15, 2010, pursuant to section 14.01(a)(iii) of the indenture. Subject to the terms of the Indenture, holders of the Notes may convert the notes into shares of the co's common stock at any time on or after July 15, 2010 at the applicable conversion rate then in effect.
GOOG Google now trading at $479 after sinking below $471 in wake of EPS miss (494.02 +2.68) -Update-
DUCK Duckwall-ALCO Stores: Donny Johnson resigned from position as EVP-CFO - 8-K (50.88 +0.98)
In an 8-K out after the close, the co reports on July 12, 2010, Donny Johnson resigned from his position as Executive Vice President-Chief Financial Officer, effective as of August 13, 2010. Mr. Johnson has decided to relocate his family to Tahlequah, Oklahoma in order to be near to his parents and extended family.
SMTB Smithtown Bancorp announces agreement to merge with People's United Financial for ~$4/share (3.79 -0.08)
The co and People's United Financial (PBCT) announced a definitive agreement under which People's United will acquire Smithtown Bancorp in a cash and stock transaction valued at approx $60 mln, or $4.00 per share. Under the agreement, People's United will acquire Smithtown Bancorp for approx $30 mln in cash and 2.14 mln shares of People's United common stock, valued in the aggregate at approx $30 mln based on the 5-day average closing price of People's United common stock for the period ended July 14, 2010. With respect to second quarter results, the Company announced a loss of $29.2 mln for the second quarter of 2010, or $1.95 per fully diluted share. The loss includes a valuation allowance during the quarter of $15.7 mln against the Company's deferred tax asset at June 30, 2010.
OKE ONEOK increases the quarterly dividend to 46 cents per share of common stock from 44 cents per share (45.99 +0.30)
PLCM Polycom beats by $0.02, beats on revs (31.96 +0.51)
Reports Q2 (Jun) earnings of $0.34 per share, $0.02 better than the Thomson Reuters consensus of $0.32; revenues rose 27.7% year/year to $295 mln vs the $287.5 mln consensus.
ANGO AngioDynamics beats by $0.01, beats on revs; guides FY11 EPS, revs above consensus (15.44 +0.12)
Reports Q4 (May) earnings of $0.14 per share, ex-items, $0.01 better than the Thomson Reuters consensus of $0.13; revenues rose 14.2% year/year to $60.3 mln vs the $58 mln consensus. Co issues guidance for FY11, sees GAAP EPS of $0.53-$0.56, may not compare to $0.57 Thomson Reuters consensus; sees FY11 revs of $230-235 mln vs. $229.95 mln Thomson Reuters consensus. Sees gross margin of 58-59%.
AJG Arthur J. Gallagher announces new $500 mln credit facility (25.77 -0.04)
KBR KBR Inc. awarded contract for engineering and construction management services at carbo ceramics plant in Georgia (21.35 -0.31)
Co announced that it has been awarded a contract to provide engineering and construction management services for the construction of a new ceramic proppant manufacturing line at the CARBO Ceramics Inc. plant in Toomsboro, Ga. The proppant manufacturing line is designed to produce 250-million pounds-per-year of product at completion. Construction is expected to be completed before the end of 2011. The total installed cost of the project is $62 million.
GOOG Google misses by $0.07, beats on revs (494.02 +2.68)
Reports Q2 (Jun) earnings of $6.45 per share, $0.07 worse than the Thomson Reuters consensus of $6.52; revenues ex-TAC rose 25.0% year/year to $5.09 bln vs the $4.99 bln consensus. GOOG Average cost per click -3% q/q, Q1: +4%; Average Paid Clicks +2% q/q, Q1: +5%. Non-GAAP operating income in the second quarter of 2010 was $2.67 billion, or 39% of revenues. This compares to non-GAAP operating income of $2.17 billion, or 39% of revenues, in the second quarter of 2009.
ADLR Adolor announces restructuring; to take $2 mln charge in Q3 (1.07 -0.02)
The co announces a reduction in force of 30 employees, or nearly 30% of its workforce, as well as other cost saving initiatives. As a result of the restructuring and other cost savings initiatives, the Company expects to significantly reduce its annualized cash burn. Cash and investments at June 30, 2010 were approximately $62.3 million, which the Company believes will fund currently anticipated operating activities through 2012... Separately, the Company announced that net product sales of ENTEREG for the three months ended June 30, 2010 were $6.3 million, compared to $2.4 million in the second quarter of 2009.
JBHT JB Hunt Trans beats by $0.04, beats on revs (34.78 -0.23)
Reports Q2 (Jun) earnings of $0.40 per share, $0.04 better than the Thomson Reuters consensus of $0.36; revenues rose 22.5% year/year to $942.7 mln vs the $911.6 mln consensus.
JOEZ Joes Jeans reports EPS in-line, beats on revs (2.11 -0.06)
Reports Q2 (May) earnings of $0.01 per share, in-line with the Thomson Reuters consensus of $0.01; revenues rose 50.6% year/year to $25.9 mln vs the $23.1 mln consensus. Co said, "As we continue to grow our new product categories for the Fall of 2010 through the Spring of 2011, we expect to see a meaningful lift in gross margins as we anticipate being able to take advantage of volume thresholds with our factories."
TCAP Triangle Capital invests $5.5 mln in Hatch Chile (14.61 -0.19)
Co announced that it closed a $5.5 mln investment in Hatch Chile, consisting of subordinated debt with warrants. Hatch Chile is a food products company that distributes branded, green chile based cooking sauces and related canned chile and tomato products for retail customers, primarily in the Southwestern United States.
CBST Cubist Pharma beats by $0.03, beats on revs (21.60 -0.26)
Reports Q2 (Jun) earnings of $0.45 per share, $0.03 better than the Thomson Reuters consensus of $0.42; revenues rose 28.8% year/year to $168.5 mln vs the $160.9 mln consensus. CBST reports Q2 Cubicin sales of $161.6 mln vs. $153.6 mln Thomson Reuters consensus.
FTEK Fuel-Tech appoints David Collins as Senior Vice President, Treasurer and Chief Financial Officer (6.28 -0.20)
Mr. Collins joins co with over 22 years of auditing experience with international public accounting firms. Most recently, he served as Audit Partner at Grant Thornton LLP, where he was responsible for assisting companies in capital transactions, mergers and acquisitions, public company filings, and internal control audits.
TNK Teekay Tankers makes accretive investment in first priority ship mortgage loans; transaction is expected to increase TNK's annual dividend by ~$0.20 per share (12.09 -0.02)
Co announced that it has made a $115 mln investment in 2 three-year term, fixed-rate term loans, which are secured by first priority mortgages on two 2010-built Very Large Crude Carrier (VLCC) newbuildings (the Vessels) owned by a shipowner based in Asia. The term loans will earn an annual interest rate of 9% and includes a repayment premium feature which provides a total investment yield of ~10% per annum. The transaction is expected to increase TNK's annual dividend by ~$0.20 per share during the period of the investment. Subsequent to this transaction, the Co's remaining liquidity will total in excess of $115 mln. Deutsche Bank AG acted as structuring agent and remains engaged as facility agent and security trustee in the transaction.
CO China Cord Blood announces cancellation of nine million management incentive warrants (5.05 +0.03)
Co announced the cancellation of its nine mln management incentive warrants plan, which was approved prior to the business combination in 2008.
CENT Central Garden approves $100 mln share repurchase program (9.96 +0.07)
GEOY GeoEye Announces exchange offer of up to $400 mln for its senior secured notes due 2015 (32.04 -1.45)
OIH BP headlines triggers aggressive rally in Energy -Technical-
BP jumps 4.5% off late afternoon low, OIH +2.4%, XLE 1.6%, RIG +4.6%, ATW +2.1%, HAL +2.6%, NE +2.3%.
Today after the close look for the following companies to report: AMD, ANGO, CBST, GOOG, JOEZ, PBCT, and PLCM. Tomorrow before the open look for the following companies to report: BAC, C, FHN, GCI, GE, GPC, KNL, MAT, COL, WBS.
UNG Global & sector ETF money flows- Natural Gas (UNG) leads all sectors moving towards the closing bell; China 25 (FXI) continues to lag all global & regional plays -Technical-
The Actively Traded Leading Global & Sector ETFs:
natural gas- UNG +6.25%, ag/grain complex- JJG +3.75%, DBA +1.25%, VIX vol index- VXX +1.50%, VXZ +2.50%, commods. index- DJP +1.50%, DBC +0.75%, Euro currency shares- FXE +1.25%, US bonds & fixed income- TLT +1.0%, TLH +0.75%, BWX +1.0%, IEF +0.50%, Pound/Sterling currency shares- FXB +1.0%, ag/chem- MOO +1.0%, Swiss Franc currency shares- FXF +1.0%, Yen currency shares- FXY +1.0%
The Actively Traded Lagging Global & Sector ETFs:
China 25- FXI -2.50%, heating oil- UHN -2.25%, regional banks- KRE -1.75%, airlines- FAA-2.0%, coal- KOL -1.25%, steel- SLX -1.25%, RUT 2000- IWM -1.25%, BRIC countries- BKF -1.25%, iShares Japan- EWJ -1.25%, SPDRS metals & mining- XME -1.0%, insurers- KIE -1.0%, oil HLDRS and oil & gas services- OIH -0.75%, XES -0.75%, iShares Brazil- EWZ -1.0%, commercial banks- KBE -0.75%
Conferences and Shareholder/Analyst Meetings of Interest
There are no events of interest of interest for tomorrow, July 16.
SPY Relative Strength in Finance XLF / RKH and Technology as stock indices lift off afternoon lows -- Dow -56, S&P -4.9, Nasdaq -10 -Update- -Technical-
ITT ITT Industries part of team awarded NASA range operations contract (46.66 -0.57)
Co awarded a contract to provide comprehensive range operations services at the NASA Wallops Flight Facility in Virginia. The award is for a five-year base period with an estimated value of $117 million to the entire LJT team.
SPY Stock indices slip below afternoon trendlines in recent trade to cut the rebound off the morning lows in half -- Dow -84, S&P -8.4, Nasdaq -17 -Update- -Technical-
PLUG Plug Power and Ballard extend supply agreement through 2014 (0.50 +0.02)
The co and Ballard Power Systems (BLDP) have extended their existing supply agreement, effective immediately, through 2014. Ballard will remain the exclusive supplier of fuel cell stacks for Plug Power's full suite of GenDrive power units. In addition, Plug Power will become the exclusive systems integrator for Ballard's fuel cell stack into solutions addressing the material handling market in North America. The previous agreement was due to expire December 31, 2010.
PCLN NASDAQ 100 (NDX) strength & weakness- Biotechnology & Pharma (MYL, CEPH, CELG) continue to lead the index heading into today's final hour of trading -Technical-
NDX 10 Best % Performers:
PCLN, MYL, NIHD, CEPH, SHLD, CELG, LOGI, CTXS, ORLY, RIMM
NDX 10 Worst % Performers:
NVDA, FAST, SNDK, FSLR, FWLT, FLEX, MXIM, ESRX, JOYG, AMZN
NASDAQ A/D -1155
NASDAQ TRIN +0.50
INTC Dow 30 (INDU) strength & weakness- Semi name (INTC) now leads all percentage gainers in the industrials; Financials (BAC, TRV, AXP) remain weak heading into today's final hour of trading -Technical-
INDU 5 Best % Performers:
INTC, MCD, CSCO, MRK, PG
INDU 5 Worst % Performers:
BAC, TRV, AA, AXP, DIS
NYSE A/D -775
NYSE TRIN +1.30
GS Goldman Sachs extends to new high, vacillating near its early week high/multi-week range top and its 50 ema at 141.20/141.22 (141.05 +1.99) -Update- -Technical-
GT Goodyear Tire notches new high for the session/week at 11.62, hovering near its 50 sma/ema at 11.63/11.66 (11.62 +0.13) -Technical-
COMDX NYMEX Energy Closing Prices
Crude oil settled lower by 42 to $76.62, natural gas gained 28.4 cents to finish at $4.59, RBOB gasoline shed 0.52 cents to close at $2.0603 and heating oil ended down 1.76 cents to $2.0185 (all Aug contracts).
APD Air Products to supply nitrogen and hydrogen to POSCO in India (70.01 -0.25)
Co announced that INOX Air Products, its joint venture in India, has signed a long-term contract with POSCO Maharashtra Steel Private Limited to supply on-site nitrogen and hydrogen gases to its new facility located in Vile Bhagad, Maharashtra, Western India. PMSPL is a subsidiary of POSCO, the world's fourth largest steel producer by output, and the site will be POSCO's second steel galvanizing project outside of Korea and the first investment for production in India.
COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices -Update-
December corn closed 7.75 cents higher at $4.04 per bushel, November soybeans closed higher by 25.25 cents at $9.8725 per bushel, Sept wheat closed 38.75 cents higher at $5.9775 per bushel, Dec ethanol closed $0.02 lower at $1.635, October world sugar futures closed 0.42 cents down to 17.39 cents.
PLA Playboy confirms FriendFinder proposal; Board of Directors will give it appropriate consideration (5.57 +0.06) -Update-
COMDX COMEX Metals Closing Prices
August gold finished up 50 cents to $1207.50, Sept silver ended higher by 2.5 cents to $18.315 and Sept copper closed up 0.45 cents to $3.013.
BA Boeing: Austrian Airlines to add Boeing maintenance tool on 777, 767 and 737 Jetliners (64.47 -0.28) -Update-
Co and Austrian Airlines announced that the two companies have finalized an agreement to enhance maintenance efficiency on Austrian 777-200ERs, 767-300ERs and Next-Generation 737s with the Boeing Maintenance Performance Toolbox.
SPY Stock indices back vacillating near their rebound highs -- Dow -78, S&P -8.1, Nasdaq -15 -Update- -Technical-
Sectors displaying relative strength on this move (outperforming the S&P) include: Finance XLF / RKH, Retail XRT, Housing XHB, Semi SMH, Casino BJK, Disk Drive, Networking.
NIHD NII Holdings announces an agreement with Intelfon for International Direct Connect Services in El Salvador (35.74 +0.87)
Co announced an agreement with Intelfon S.A. de C.V., operating under the RED brand, in El Salvador to extend their International Direct Connect service. International Direct Connect is an extension of NII's high-performance Push-to-Talk service, DirectConnect, which allows users to communicate instantly at the push of a button.
RGNC Regency Energy announces sale of East Texas gathering assets (25.00 -0.03)
Co announced that it has sold its east Texas gathering and processing assets to an affiliate of Tristream Energy for ~$70 mln. Regency intends to use the proceeds from this transaction to fund future growth opportunities.
KRE streetTRACKS KBW Reg Bank faltering after limited bounce attempt (24.05 -0.62) -Update- -Technical-
A quick slide this morning saw the KRE drop back near the 38% retracement of the July recovery and stabilize but only a limited rebound has been noted thus far (bear flag?). Sustained gains back above roughly 24.20 and 24.41 (yesterday's low) are needed to begin to improve the pattern off the weekly high. Its weekly low and 200 Day sma is just under the low (23.95) at 23.89/23.88 with the 50% retracement at 23.69 (Click for intraday chart) -- BOH, CVBF, FMER, FULT, MBFI, ONB, PACW, SBNY, SIVB, UMPQ.
PLA Playboy: FriendFinder Networks sends proposal to Playboy Enterprises for $210 mln (5.69 +0.19) -Update-
FriendFinder Networks announced that it has sent a letter to the Board of Directors of Playboy Enterprises outlining FriendFinder's proposal to acquire Playboy Enterprises. The text of that letter is set forth below. Co stated " We understand that you have received a proposal from Hugh Hefner to acquire all of the outstanding shares of Class A and Class B common stock of Playboy for $5.50/share in cash, implying an equity value for Playboy Enterprises of ~$185 mln. We believe that we can structure an offer to acquire Playboy Enterprises, in a transaction worth over $210 mln of equity value, and would propose a meeting with your board to discuss this opportunity on Wednesday, July 21, 2010."
UNG Global & sector ETF money flows- Natural Gas (UNG) leads all sectors here @ midday; China 25 (FXI) continues to lag along with Financials (KRE, KBE) -Technical-
The Actively Traded Leading Global & Sector ETFs:
natural gas- UNG +5.25%, VIX vol index- VXX +4.0%, VXZ +3.0%, ag/grain complex- JJG +2.75%, DBA +1.0%, US bonds & fixed income- TLT +1.0%, TLH +0.75%, IEF +0.50%, BWX +1.0%, Euro currency shares- FXE +1.0%, Yen currency shares- FXY +1.0%, Swiss Franc currency shares- FXF +1.0%, Pound/Sterling currency shares- FXB +0.75%, base metals- DBB +0.25%
The Actively Traded Lagging Global & Sector ETFs:
China 25- FXI -3.0%, regional banks- KRE -2.50%, commercial banks- KBE -2.25%, heating oil- UHN -2.50%, steel- SLX -2.25%, oil HLDRS and oil & gas services- OIH -2.25%, XES -2.0%, XOP -1.75%, SPDRS metals & mining- XME -2.25%, BRIC countries- BKF -2.0%, REITS & real estate- ICF -2.0%, VNQ -1.75%, financials- XLF -2.0%, IYF -2.0%
PLA Playboy: FriendFinder Networks confims offer of $210 mln for Playboy Enterprises (5.54 +0.05) -Update-
FriendFinder Networks announced that it has made a proposal to acquire Playboy Enterprises for $210 mln. In a letter to Playboy's Board of Directors outlining their proposal, FriendFinder Networks has proposed a meeting for July 21, 2010 to discuss the transaction.
MYL NASDAQ 100 (NDX) strength & weakness- Biotechnology & Pharma names (MYL, CELG, TEVA) lead the index here @ midday -Technical-
NDX 10 Best % Performers:
MYL, NIHD, CTXS, PCLN, CELG, CEPH, ILMN, LOGI, TEVA, VRTX
NDX 10 Worst % Performers:
NVDA, SNDK, JOYG, FLEX, STX, FAST, FSLR, FWLT, MRVL, AMZN
NASDAQ A/D -1535
NASDAQ TRIN +1.10
BAC Dow 30 (INDU) strength & weakness- No gainers in the index here @ midday; Financial names (BAC, AXP, TRV) continue to lag -Technical-
INDU 5 Best % Performers:
INDU 5 Worst % Performers:
BAC, AXP, AA, TRV, BA
NYSE A/D @ -1590
NYSE TRIN @ +1.75
SHW Sherwin-Williams forms exclusive agreement with M/I Homes (MHO) to supply paints and coatings (70.70 -0.90)
The co and M/I Homes, one of the nation's leading home builders, recently formed an exclusive supply agreement. Under the agreement, Sherwin-Williams extensive portfolio of paints and coatings will be used in all M/I Homes built in Columbus, Cincinnati, Indianapolis, Chicago, Tampa, Orlando, Houston, and throughout the Carolinas and Virginia.
IMAX IMAX signs three theatre deal With Lumiere Pavilions in China (13.22 -0.28)
Co and Lumiere Pavilions, announced an agreement to install three digital IMAX theatre systems in the People's Republic of China. Under the terms of the deal, the first system is scheduled to open at the Lumiere Pavilion in the city of Chongqing at the end of 2010. The second system is scheduled to open at the Guangzhou Cultural Centre in downtown Guangzhou in August, 2011 and the third system is expected to open at a yet-to-be determined location in 2012. This deal brings the total number of IMAX theatres scheduled to be operating in China by 2012 to 57.
European Markets Closing Prices
European markets are now closed; stock markets across Europe performed as follows: UK's FTSE: -0.9% Germany's DAX: -1.1% France's CAC: -1.6% Spain's IBEX: -1.2% Portugal's PSI: +0.0%
GCOM Globecomm Systems awarded an infrastructure contract from a foreign government valued at $8.7 mln (8.00 -0.28)
Boeing (BA) forecasts a $3.6 tln market for new commercial airplanes over the next 20 years (64.75 +0.02) -Update-
Co forecasts a $3.6 tln market for new commercial airplanes over the next 20 years as world economies rebound and strong demand for new and replacement aircraft spurs growth. The Boeing 2010 Current Market Outlook, released today in London, foresees a market for 30,900 new commercial passenger and freighter airplanes by 2029. Boeing projects the world freighter fleet to increase from 1,750 to 2,980 airplanes, an increase of more than two-thirds. This growth will require 2,490 freighters.
SPY Further index upticks off morning lows -- Dow -81, S&P -8.9, Nasdaq -18 -Update- -Technical-
The S&P held at 1081/1080 support this morning and in recent trade has extended the recovery. As noted earlier watching the 1086/1087 intraday barrier for a read on the health of this rebound attempt.
PLA Playboy Follow Up: Friendfinder proposes partnership with Hugh Hefner to drive shareholder value, according to CNBC (5.84 +0.33) -Update-
FXE Euro Currency puts together solid follow through after recent trendline break -Technical-
Highlighted the trendline test last week with a sizeable extension of Tuesday's penetration thus far this morning (Click for chart).
MED Medifast reports participants in study lose twice as much weight with Medifast 5 & 1 Plan (29.30 -0.87)
Co announced that results of a recent clinical trial published found that participants using the Medifast 5 & 1 Plan compared to a self-selected isocaloric food-based diet lost twice as much weight after completing an initial 16 week program. The study tracked participants during weight-loss for 16 weeks and during weight maintenance for a period of 24 weeks. Participants were randomly assigned to either the Medifast 5 & 1 Plan or a self-selected isocaloric food-based diet.
F Ford Motor reports demand for 2011 Shelby GT500 is growing (11.62 -0.18)
Co reports Annual production of the 2011 Ford Shelby GT500 has been limited to 5,500 units to maintain exclusivity of the product. Demand for the new 2011 Ford Shelby GT500 has exceeded expectations with more than 3,300 initial dealer and retail orders received to date.
WFMI Whole Foods continues to display relative strength is morning, sets new high of 37.71 modestly under its 50 ema at 37.87 (37.68 +0.33) -Technical-
BA Boeing to manufacture certain 787 interior parts in North Charleston, S.C.; will purchase land from Stone Mountain Industrial Park (64.40 -0.34) -Update-
Co announced that it has chosen North Charleston, S.C., as the location for its new 787 Dreamliner interiors fabrication facility. In addition, Boeing will purchase land from Stone Mountain Industrial Park Inc. BRPH will design the facility, and Pattillo Construction will provide construction services. Employees at the facility will manufacture and assemble airplane interior parts.
BP BP displays some relative strength (37.16 +0.98) -Update- -Technical-
Minor congestive barrier is near 37.40 (session high 37.30) with its 50 sma/ema, which capped the upside on Tuesday, coming into play at 37.51/37.74 (July peak 37.76).
GEOY GeoEye announces NextView service level agreement extension (32.46 -1.03)
Co announced today that the National Geospatial-Intelligence Agency has exercised the second of its monthly options to extend its Service Level Agreement with GeoEye. This option becomes effective Aug. 1, 2010, and runs through Aug. 31, 2010. This option is the second of the six one-month extensions that the NGA has with GeoEye under the NextView contract, with the last option term expiring on Dec. 31, 2010.
GG Goldcorp announces its support of the proposed transaction whereby Thompson Creek Metals will acquire all of the outstanding common and preferred shares of Terrane Metals (40.83 -0.70)
Goldcorp controls 58% of the outstanding shares of Terrane through its ownership of 240 mln preferred shares and 27.3 mln common shares. Upon completion of the transaction, Goldcorp will receive proceeds of C$240.5 mln in cash and 13.9 mln Thompson Creek common shares representing approximately 8% of the outstanding shares.
POT Relative strength in Ag/Chem in recent trade -- MON, AGU, CF, POT, MOS, IPI, BG -Technical-
K Kellogg displays relative weakness, hovering near yesterday's low and its six day range floor at 51.49/51.40 -- session low 51.50 (51.52 -0.54) -Technical-
UNG Global & sector ETF money flows- Natural Gas (UNG) now leads all sectors through the 1st hour of trading; China 25 (FXI) leads all regional/global decliners while Financials (KRE, KBE) lead all domestic sectors to the downside -Technical-
The Actively Traded Leading Global & Sector ETFs:
natural gas- UNG +4.75%, VIX vol index- VXX +4.0%, VXZ +3.25%, ag/grain complex- JJG +2.50%, DBA +1.0%, Yen currency shares- FXY +1.25%, Euro currency shares- FXE +1.0%, US bonds & fixed income- TLT +1.0%, TLH +0.50%, IEF +0.50%, BWX +0.75%, Swiss Franc currency shares- FXF +1.0%, Pound/Sterling currency shares- FXB +0.75%
The Actively Traded Lagging Global & Sector ETFs:
China 25- FXI -3.0%, regional banks- KRE -2.50%, RKH -1.75%, coal- KOL -2.50%, commercial banks- KBE -2.25%, airlines- FAA -2.0%, BRIC countries- BKF -2.0%, REITS & real estate- ICF -1.75%, VNQ -1.75%, IYR -1.50%, steel- SLX -1.50%, financials- XLF -1.75%, IYF -1.75%
COMDX Nautral gas pushes back above the $4.50 mark to put in session highs at $4.553, its best levels in over a week; now higher by 23 cents to $4.536
SPY S&P stabilizes near support at 1080 -Update- -Technical-
Noted support for the S&P in the 1081/1080 area in The Technical Take (and 2215 Nasdaq, low 2218; 10250 Dow, low 10240) and have seen some stabilization/recovery. Intraday initially watching the 1086/1087 resistance area for a read on the strength/sustainability of this rebound off support (currently at 1083.62).
UNG Natural gas surges to highs following inventory data; now up 11.3 cents to $4.417
CTXS NASDAQ 100 (NDX) strength & weakness- Software (CTXS) and select Biotechnology (MYL, TEVA, CELG) lead the index through today's 1st hour of trading -Technical-
NDX 10 Best % Performers:
CTXS, MYL, ILMN, TEVA, VRTX, CELG, NTAP, PCLN, NIHD, WCRX
NDX 10 Worst % Performers:
NVDA, FLEX, LRCX, JOYG, FWLT, STX, AMZN, FSLR, BRCM, SYMC
NASDAQ A/D -1520NASDAQ TRIN +1.40
BAC Dow 30 (INDU) strength & weakness- No gainers in the index through today's 1st hour of trading; Financials (AXP, BAC, TRV) top the percentage decliners -Technical-
INDU 5 Best % Performers:
INDU 5 Worst % Performers:
BAC, TRV, AXP, GE, AA
NYSE A/D -1830
NYSE TRIN +1.65
TECHX Relative Sector Weakness -Update- -Technical-
Sectors that have paced the way lower this morning on a relative basis (underperforming the S&P) include: Oil Service OIH, Finance XLF / RKH, Housing XHB, Transports IYT, Airline FAA, Coal KOL, Steel SLX, REITs IYR.
COMDX Crude oil has sold off over the past hour to notch lows at $75.33; currently lower by $1.36 to $75.68
RGLD Royal Gold agrees to acquire 25% Gold Stream on the Mt. Milligan Project (43.99 -0.43)
Co agreed to acquire 25% of the payable gold produced from the Mt. Milligan copper-gold project in British Columbia from Thompson Creek (TC) concurrent with the closing of Thompson Creek's proposed acquisition of Terrane Metals. Co will provide $226.5 million at closing of Thompson Creek's acquisition of Terrane and thereafter $85.0 million over the construction period of the Mt. Milligan project. In addition, Royal Gold will pay Thompson Creek a cash payment equal to the lesser of $400 or the prevailing market price for each payable ounce of gold until 550,000 ounces have been delivered to Royal Gold and the lesser of $450 or the prevailing market price for each additional ounce thereafter. Royal Gold will fund this transaction with cash on hand.
SPY S&P follow through back to a short term support at 1081/1080 -- session low 1081 -Update- -Technical-
As noted earlier the S&P established it first lower low (took out the low of the previous session) with it extending back near the 1081/1080 support. This marks Monday's high, congestion and the 62% retracement of this week's rally.
SPY Stock indices slide to new lows, slip slightly under Wednesday troughs -- Dow -76, S&P -8.5, Nasdaq -15 -Update- -Technical-
This is the first day the S&P has set a low under the previous day's low since the rally began on July 1.
CMTL Comtech Telecom awarded a $1.25 mln order for communications jamming high-power amplifier systems (31.01 -0.36)
SPY Stock indices slip after Phil Fed report with Dow -52 and S&P -4.8 setting new session lows -- Nasdaq -9.5 -Update- -Technical-
AZO AutoZone extends its contract with Cassidy Turley Corporate Services (204.75 -0.20)
Cassidy Turley, a commercial real estate services provider in the U.S., announced that AutoZone has extended its service agreement with Cassidy Turley Corporate Services.
PPG PPG Industries announce quarterly dividend increase to $0.55/share from $0.54/share (64.51 -0.02)
ECONX Reminder: Philadelphia Fed data due out in about 12 min at 10:00ET
TECHX Relative Sector Weakness -Update- -Technical-
Sectors lagging on a percentage basis in the early going include: Coal KOL -1.5%, Transports IYT -1.2%, Internet HHH -1.1%, Oil Service OIH -1.1%, Reg Bank KRE -0.9%, Semi SMH -0.7%, Energy XLE -0.7%.
TECHX Opening Point Gainers/Losers -Technical-
Point Gainers: NTY (+16.54), NYM (+4.50), VRNM (+1.82), CLNE (+1.23), SINA (+1.07), GS (+1.04), CELG (+0.99)
Point Losers: AAPL (-3.25), AMZN (-3.10), NFLX (-3.21), VECO (-1.65), GSIC (-1.50), CREE (-1.40), LSTR (-1.33), BUCY (-1.41)
JPM JP Morgan Chase slips back into the red after filling May gap at 40.78 -- session high 40.84 (40.12 -0.23) -Update- -Technical-
GE General Electric announces sale of BAC-Credomatic in central America to Grupo Aval (15.17 -0.03)
GE unit announced that it has reached a definitive agreement to sell BAC Credomatic GECF (BAC-Credomatic) to Grupo Aval, Colombia's largest banking holding group, for $1.9 bln. The transaction is subject to certain regulatory approvals and other customary conditions, and the parties anticipate closing by the end of 2010.
TECHX Limited sector strength in Healthcare, Drug, Biotech, Solar, Broker -Update- -Technical-
SPY Choppy trade at modestly lower levels for stock indices with minor new low in recent trade -- Dow -36, S&P -3.2, Nasdaq -7.3 -Technical-
HDNG Hardinge comments on Romi Tender Expiration (7.77 -1.29) -Update-
Co issued the following statement regarding the expiration of Industrias Romi S.A.'s tender offer: "We are pleased to be able to move past the distraction of Romi's takeover bid and keep our focus on the business of building value for our shareholders... we believe we are poised to outperform our peers as the market continues to improve. The strong order flow we are seeing further reinforces our view of Hardinge's bright prospects based on the strength of our business and our industry leading reputation in the global marketplace. We remain committed to generating significant long-term value for shareholders, and continuing to provide our customers with high precision, long lasting and reliable machine tools and accessories."
GNBT Generex Biotech glucose RapidSpray now available at Boots UK retail chain stores (0.38 +0.01)
On The Wires
Geron (GERN) announced that the activities of TA Therapeutics, its joint venture with Hong Kong University of Science and Technology, are being fully consolidated into Geron... General Growth Properties (GGP) announced its subsidiary, New GGP, has filed a registration statement on Form S-11 with the SEC relating to a proposed offering of up to $2.15 bln aggregate principal amount of mandatorily exchangeable notes... ECOtality (ECTY) announced its second expansion of The EV Project, culminating in a robust charging infrastructure network in sixteen cities located in six states - Washington, Oregon, California, Arizona, Tennessee and Texas, as well as the District of Columbia... NexCen Brands (PINK SHEETS:NEXC.PK) announced that the Division of Enforcement of the SEC has notified the co that it has completed its two year investigation of the co and does not intend to recommend any enforcement action by the Commission... FormFactor (FORM) announced the filing of a patent infringement lawsuit against Micro-Probe Incorporated... China North East Petroleum Holdings (NEP) reported that on July 13, 2010, the co submitted a request to AMEX for additional time to regain compliance with AMEX's continued listing standards... Alternate Energy Holdings (AEHI) announced the co is preparing for a move to a senior U.S. stock exchange.
AMGN Amgen appoints Jonathan Peacock Chief Financial Officer and will succeed Michael A. Kelly, who served as acting CFO since May 2010. (52.62 )
Mr. Peacock, 52, joins Amgen from Novartis Pharmaceutical AG, where he served as CFO and administration officer since 2005.
On The Wires
Trimble (TRMB) announced that a SITECH Technology Dealer has been established in Brazil... Cadence Design Systems (CDNS) announced that STMicroelectronics (STM) has standardized on Cadence QRC Extraction for their 40-nanometer custom/analog designs... Sunesis Pharmaceuticals (SNSS) announced that the European Patent Office has granted a European patent covering combinations of the Company's lead drug candidate, voreloxin, with cytarabine... NovaBay Pharmaceuticals (NBY) announced that it has received a Notice of Allowance from the United States Patent and Trademark Office on a patent application for a broad portfolio of anti-infective compounds, including NVC-612.
UIL UIL Holdings to invest in CL&P transmission projects (26.40 )
Co and The Connecticut Light & Power Company (NU) filed a joint application with the Connecticut Department of Public Utility Control seeking approval for UI's investment in and ownership of transmission assets associated with the Connecticut portion of CL&P's New England East West Solution projects to improve regional energy reliability. UI expects the cost of building the Connecticut portion of these projects will be approximately $711 mln.
SRX SRA Intl's Era selected for second Russian airport (20.92 )
Co announced that Lianozovo Electromechanical Plant Research and Production Corporation (LEMZ) has selected co to deploy a surface multilateration and ADS-B surveillance solution in Russia. The solution, which will be deployed at Sochi Airport, follows Era's recent selection by LEMZ for surveillance at Domodedovo International Airport in Moscow.
Asian Markets Close: Nikkei -1.1%; Hang Seng -1.5%; Shanghai -1.9%; Sensex -0.2%
The major Asian equity indices were down across the board after Chinese GDP numbers showed the economy grew less-than-expected. The Chinese economy registered impressive growth of 10.3%, but that number came in just shy of the expected 10.5%. Other economic numbers showed inflation slowing, and industrial production coming in much less-than-expected. Also in China, the long awaited trading of Ag Bank of China began with a lackluster response, gaining 0.8%. In Japan, the BOJ kept rates unchanged, and said they expected stronger growth for the rest of 2010 due to the acceleration of growth in emerging economies. Looking at the currencies...the yuan closed 6.7781, weaker against the dollar, and the yen is stronger to 87.70. In Japan, the Nikkei closed -1.1% as 181 of 225 stocks traded to the downside. Energy (-3.0%), Financials (-2.2%), and IT (-1.5%) were the biggest decliners with telecom (-1.5%) being the only sector to post gains.
In Hong Kong, the Hang Seng finished -1.5% with consumer discretionary stocks (-2.1%) among the biggest decliners. China Mobile settled -1.5%.
In China, the Shanghai Composite closed -1.9% as 780 of 911 stocks closed lower. Telecom (-3.2%), IT (-2.8%), and materials (-2.2%) were the hardest hit sectors as the index once again failed to recapture the 2500 level.
In India, the Sensex finished -0.2% on weakness in telecom (-1.3%), and financials (-1.0%). ICICI Bank lost 1.0% on the day.
WHR Whirlpool announces expanded investment in Michigan (95.68 )
Co announced it will build a new office campus as part of a consolidation of its 15 owned and leased facilities to three centralized office campuses. These changes will allow the company to reduce its operating costs, provide greater flexibility to adjust to changing business and staffing needs and drive enhanced productivity.
DNN Denison Mining announces discovery of two new mineralized zones at the Phoenix Trend at Wheeler River (1.19 )
Co reported that the summer drill program has discovered two new mineralized zones at the extreme northeast and southwest edges of the presently defined Phoenix trend. At the northeast edge of the Phoenix trend basement-hosted mineralization was discovered in the WR-309A area. WR-325 located a deep zone of strongly altered graphitic pelite, with three low-grade intersections within a 66 metre continuous core length at a depth of 100 metres beneath the much larger silicified cap.
ASH Ashland and Sud-Chemie agree on expanded joint venture serving foundry chemical sector (48.73 )
Co reached contractual agreement on the formation of a global joint venture to merge their business activities in the foundry chemicals sector. The joint venture will be known as ASK Chemicals GmbH and will be headquartered in Hilden, Germany. The joint venture will employ ~1,300 people. Were it to have been in operation through the first six months of calendar 2010, it would have generated total sales of about euro 243 mln, or ~$303 mln - numbers reflecting that while the global foundry market saw moderate activity in Q1, it gained considerable momentum in Q2.
MVG MAG Silver announces commencement of prefeasibility study on Juanicipio Property (6.09 ) -Update-
Co confirms an earlier report by Fresnillo plc dated July 14, 2010, that Minera Juanicipio S.A. DE C.V., a 56/44% joint venture between Fresnillo plc and MAG, has appointed AMC Mining Consultants (to undertake a prefeasibility study for the development of a standalone underground silver mine on the Juanicipio Property. The prefeasibility study has been approved as one of the studies necessary to explore the manner in which the Juanicipio Property should be developed and is expected to be completed by the end of calendar 2010. The Juanicipio joint venture had previously appointed SRK Consulting to conduct an audit of Juanicipio's total resources, which confirmed the indicated and inferred resources estimated by Fresnillo plc.
PRIM Primoris Services announces new construction contracts valued at approximately $120 mln (6.44 )
Co announces that its wholly-owned subsidiary, James Construction Group, has been awarded new contracts that are expected to generate aggregate revenues to Primoris of approx $120 mln over a three-year period commencing in the third quarter of 2010.
CBSH Commerce Bancshares beats by $0.13 (37.68 )
Reports Q2 (Jun) earnings of $0.71 per share, $0.13 better than the Thomson Reuters consensus of $0.58. Net interest income +3.6% YoY to $163.1 mln; net total loan charge-offs -29% QoQ and 38% YoY to $22.2 mln.
<p>TSN Tyson Foods and Syntroleum (SYNM) jv announce Dynamic Fuels plant completed (17.84 )
HOO Cascal N.V. announces intent to voluntarily delist its common shares from the NYSE (6.73 )
As previously disclosed in connection with Sembcorp Utilities bid for all of the issued and outstanding common shares of the Company, Sembcorp intended to cause the Company to (1) delist its common shares from the NYSE, (2) suspend its obligation to file reports under the Exchange Act, pending termination of registration of its common shares under the Exchange Act and (3) terminate the registration of its common shares under the Exchange Act. Accordingly, the Company's Board of Directors resolved to delist and deregister.
TEN Tenneco names Hari Nair as Chief Operating Officer (23.14 )
Co announced that Hari Nair has been named to the newly created position of Chief Operating Officer (COO), effective immediately. In this role, Nair will be responsible for Tenneco's operations globally, reporting to Gregg Sherrill, Tenneco chairman and CEO.
BSDM BSD Medical announces presentation at ASCO of Duke University clinical study using Hyperthermia with chemotherapy to treat bladder cancer (1.00 )
Co reported presentation of a clinical study being conducted at Duke University on the use of hyperthermia, delivered using the BSD-2000 Hyperthermia System, combined with chemotherapy to treat bladder cancer patients who have failed standard therapy. Duke has enrolled 11 patients. Seven of the nine patients who have been evaluated four weeks post-treatment had no evidence of disease following treatment. Seven patients have completed maintenance therapy, and six of these seven patients had no evidence of disease. The treatment has been well tolerated with no significant toxicity.
MSCI MSCI to acquire Measurisk, an affiliate of J.P. Morgan Worldwide Securities Services (31.49 )
Co to acquire Measurisk, an affiliate of J.P. Morgan (JPM) Worldwide Securities Services and a provider of independent risk-transparency and risk-measurement solutions for hedge fund investors. The deal is expected to close at the end of July.
MF MF Global Announces expiration and final results of the tender offer for outstanding convertible senior notes and non-cumulative convertible preferred stock, Series B (6.19 )
The exchange agent for the offer has advised co that as of the expiration of the exchange offer, 1,096,450 shares of preferred stock have been validly tendered and not validly withdrawn. In accordance with the terms of the exchange offer, co has accepted all of the tendered preferred stock for exchange and, for each share of preferred stock validly tendered and not validly withdrawn, will issue 9.5694 shares of its common stock and will pay a cash premium of $44.50, plus accrued and unpaid dividends up to, but not including, July 15, 2010 amounting to $1.60 per share of preferred stock.
MVG MAG Silver announces commencement of prefeasibility study on Juanicipio Property (6.09 )
KV.A K-V Pharmaceutical names Thomas McHugh Chief Financial Officer (1.08 )
The co announces that Thomas S. McHugh has been appointed Chief Financial Officer, effective immediately. Mr. McHugh joined K-V in January 2009 as Vice President of Finance and Corporate Controller.
ECONX Reminder: Industrial Production and Capacity Utilization data due out in about 19 min at 9:15ET
S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +1.50.
Stock futures have started to trade in choppy fashion, but they continue to sport a lead over fair value. The price action follows the latest lot of data. Initial jobless claims for the week ended July 10 totaled 429,000, down 29,000 from the prior week and below the 450,000 initial claims count that had been widely expected. Following last weekâ??s precipitous drop, continuing claims climbed by almost 250,000 to 4.68 million. Separately, the Producer Price Index for June fell 0.5% month-over-month, but that is a sharper decline than the 0.1% decline that had been expected, on average, by a sample of economists polled by Briefing.com. Excluding food and energy, producer prices increased a tepid 0.1% month-over-month, as expected. The Empire State Manufacturing Index was also recently released. It came in at 5.1, which is below both the 18.0 that had been widely expected and the 19.6 that had been registered in the prior month.
VRNM Verenium surging over 80% following deal to sell cellulosic biofuels business for $98.3 mln... See 8:01 comment (2.46 ) -Update-
FIS Fidelity National Information Services reports Airdrie Savings Bank signed a five-year hosted debit card processing contract (27.93 )
Co announced that Airdrie Savings Bank, Britain's only independent savings bank, has signed a five-year hosted debit card processing contract with FIS for its Cortex card management solution. This new deployment is scheduled to go live in the third quarter of this year.
HDNG Hardinge: Romi announced the expiration of its tender offer to acquire all of the outstanding shares of Hardinge (9.06 )
Industrias Romi S.A. announced the expiration of its tender offer to acquire all of the outstanding shares of Hardinge. Romi also announced that over 49.3% of Hardinge's outstanding shares, had been validly tendered and not withdrawn, which constitutes a majority of the shares not owned by Hardinge insiders. "We are disappointed that Hardinge's Board and management were unwilling to engage in any dialogue to explore the merits and potential terms of a transaction, despite the positive reception this transaction received from Hardinge shareholders," said Livaldo Aguiar dos Santos, Chief Executive Officer of Romi. "Romi's $10.00 per share all-cash offer represented a premium of 105% to Hardinge's closing share price on December 14, 2009, when Romi first formally communicated to Hardinge its interest in pursuing a business combination.
JEF Jefferies Group sells an additional $150 million of senior debt (23.77 )
The senior notes were priced to yield 6.934% at a spread of 385 basis points over the comparable US Treasury bonds.
ASEI American Science & Engineering announced receipt of a $7.3 mln order from the U.S. government for multiple Z Backscatter Van X-ray screening systems (76.85 )
URS URS awarded vehicle maintenance and modification contract by U.S. Army (39.55 )
The contract, which has a one-year base period followed by two one-year options, has a maximum value of $140 million to URS, assuming both option years are exercised.
NNN National Retail Properties increases common dividend 1.3% to $0.38 (22.82 )
WIRES On The Wires
Foster Wheeler AG (FWLT) announced that its Global Engineering and Construction Group has entered into a Framework Agreement, awarded by Statoil (STO), acting on behalf of Gassco AS as operator for the Gassled joint venture, for front-end engineering design services valid through 2013 to support the development of the Karsto oil and gas processing plant in Norway... APS Technology Group is partnering with division of Zebra Technologies (ZBRA) to integrate the APS solutions with ZES' SPARCS N4 terminal operating system and Autogate System.
PPG PPG Industries beats by $0.14, misses on revs (64.52 )
Reports Q2 (Jun) earnings of $1.57 per share, ex-a $0.07 benefit from a lower tax rate and a $0.01 asbestos settelment charge, $0.14 better than the Thomson Reuters consensus of $1.43; revenues rose 11.0% year/year to $3.46 bln vs the $3.52 bln consensus. "PPG's strong results this quarter benefited largely from a 10 percent increase in volumes... Our earnings this quarter were aided by an improved sales mix from some of our top-performing businesses, such as aerospace, auto refinish and our Optical and Specialty Materials segment."
ECONX Reminder: Initial Claims, Continuing Claims, PPI, and NY Fed - Empire Manufacturing Index data due out in about 19 min at 8:30ET
HEB Hemispherx Biopharma publishes full report of three year joint research program at Japanese NIID (0.49 )
Co announced that it was publicizing the full technical (unedited) report in Japanese, prepared by Hideki Hasegawa, M.D. Ph.D., Director, Laboratory of Infectious Disease Pathology, National Institute of Infectious Disease and the certified English translation. The full report, now available on the Company's website, summarizes the results of a three-year Japanese government funded program to develop and test a nasally delivered H5N1 (Avian Flu) vaccine which, when coupled with Ampligen, an experimental therapeutic, provided a robust and long lasting immune response to the vaccine. The report, entitled "Research on Clinical Applications of Influenza Vaccines Formulated for Nasal Mucosal Delivery" was originally filed with Japan's Ministry of Health, Labor and Welfare, which fully funded this work in non-human primates. All reports under grants from MHLW are submitted first to MHLW and then forwarded to the National Diet Library to be made available for public review.
GWW WW Grainger beats by $0.15, beats on revs; raises FY10 EPS and rev outlook (103.75 )
Reports Q2 (Jun) earnings of $1.65 per share, excluding an $0.08 benefit from an emploee paid time off policy change, $0.15 better than the Thomson Reuters consensus of $1.50; revenues rose 16.4% year/year to $1.78 bln vs the $1.76 bln consensus. Co raises guidance for FY10, sees EPS of $6.10-6.40, excluding non-recurring items, vs. $6.10 Thomson Reuters consensus and $5.70-6.10 previously; sees FY10 revs +12-14% vs +9-12% previously, which translates to $6.97-7.09 bln vs. $6.99 bln Thomson Reuters consensus. "Daily sales for the company increased 16 percent in April, 16 percent in May and 18 percent in June. For the quarter, foreign exchange contributed 2 percentage points to the increase. Acquisitions added another 5 percentage points to the growth in the quarter. Pricing was flat while volume increased 9 percent."
NEXC NexCen: SEC closes investigation of NexCen Brands and recommends no action (0.10 )
VRNM Verenium announces promotion of Janet Roemer to President and Chief Operating Officer, effective immediately (2.46 )
ECTY Ecotality announced its second expansion of The EV Project (4.22 )
Co announced its second expansion of The EV Project, culminating in a robust charging infrastructure network in sixteen cities located in six states - Washington, Oregon, California, Arizona, Tennessee and Texas, as well as the District of Columbia. Overall, The EV Project will include the manufacture and installation of more than 15,000 chargers in residential and public locations throughout the United States.
CDII China Direct to acquire 80% interest in Ruiming Magnesium for a combination of $6.6 mln in cash and stock (1.19 )
Co announced that its board has approved the acquisition of an 80% interest in Taiyuan Ruiming YiWei Magnesium Industry from Pine Capital Enterprises and Taiyuan Yiwei Magnesium Industry for a combination of cash and stock of ~$6.6 mln. In addition, Pine Capital and Yiwei Magnesium are entitled to receive an additional ~$808,824 in cash or 622,172 shares of our common stock if Ruiming Magnesium achieves gross revenues of at least ~$14.7 mln during its FY ending September 30, 2011 with EBITDA of no less than RMB 1,200 per metric ton of goods produced during that fiscal year. Ruiming Magnesium, an entity controlled by Yuwei Huang, an executive vice president and member of the China Direct Industries Board of Directors, will add 14,000 metric tons of annual magnesium production capacity, with the potential to generate up to $35 mln in revenue per year at current price levels, for the IMG branded operations of China Direct Industries.
SBAY Subaye Announces Paying Online Video Customers Accelerated in Q3; Cloud Computing Customers Grew 41% Since March 31, 2010 (9.02 )
Co announces it had 34,382 paying online video advertising customers as of June 30th, 2010, an increase of 112% year-to-date for its fiscal year ending September 30, 2010, and an increase of 56% since the Company's second fiscal quarter ended March 31, 2010. The current level of 34,382 paying members generates a monthly run rate of approximately $4.0 million in revenues, or $48.3 million annually.
AOI Alliance One comments on exchange offer for 10% senior notes due 2016 (3.95 +0.05)
Co commented that its offer to exchange up to $670 million of 10% Senior Notes due 2016 which have been registered under the Securities Act of 1933, as amended, for its outstanding unregistered 10% Senior Notes due 2016 is scheduled to expire at 5:00 p.m., New York City time, on July 19, 2010, and that the co does not intend to extend the exchange offer beyond the scheduled expiration time.
TCB TCF Financial beats by $0.04 (17.52 )
Reports Q2 (Jun) earnings of $0.32 per share, $0.04 better than the Thomson Reuters consensus of $0.28. Allowance for loan and lease losses was $251.6 mln, or 1.72 percent of loans and leases, compared with $193.4 mln, or 1.39 percent, at June 30, 2009 and $250.4 mln, or 1.70 percent, at March 31, 2010. Provision for credit losses was $49 mln, down from $61.9 mln in the second quarter of 2009 and down slightly from $50.5 mln recorded in the first quarter of 2010. Net loan and lease charge-offs were $47.8 mln, or 1.30 percent annualized, of average loans and leases, down from $49.7 mln, or 1.43 percent annualized, of average loans and leases in the second quarter of 2009.
VRNM Verenium and BP announce agreement for BP Biofuels North America to acquire Verenium's cellulosic biofuels business for $98.3 mln (2.46 )
BP (BP) and co announce an agreement for BP Biofuels North America to acquire Verenium's cellulosic biofuels business, including the co's facilities in Jennings, LA and San Diego, CA for $98.3 mln. Verenium will retain its commercial enzyme business, including its biofuels enzymes products and have the right to develop its own lignocellulosic enzyme program. Verenium will also retain select R&D capabilities, as well as rights to access select biofuels technology developed by BP using the technology it is acquiring from Verenium through this agreement.
STWD Starwood Property Trust announces $175 mln of additional capital commitments (17.91 )
The co announces that it has recently committed to invest ~$175 mln of capital in three separate transactions. In July, the Company sourced and was the lead lender in the origination of a $138.0 mln renovation loan for the Hyatt Regency New Orleans and was the purchaser of an $85.0 mln subordinate first mortgage loan secured by a regional mall located in suburban Columbus, Ohio for a discounted purchase price of $68.6 mln. In addition, the Company has committed to purchase an additional $45.5 mln participation in a B-note secured by four resorts in the United Kingdom for a discounted purchase price of $37.4 mln.
PIP PharmAthene presents new data for lyophilized rPA anthrax vaccine showing enhanced immunogenicity (1.64 )
Co announces results from a New Zealand White Rabbit study showing that its lyophilized recombinant Protective Antigen anthrax vaccine was more immunogenic than a liquid formulation of rPA vaccine and produced a robust response with 2 doses.
ETN Eaton acquires EMC Engineers; terms not disclosed (686.70 )
Co announced it has acquired EMC Engineers. Terms of the deal were not disclosed. EMC Engineers had 2009 sales of $24 million and employs approximately 155 people.
CECE CECO Environ. announces a new order of approximately $5.5 million (5.10 )
WPI Watson Pharm and Itero enter license agreement on biologic development candidate (43.89 )
Co announced an exclusive, worldwide licensing agreement with Itero Biopharmaceuticals, to develop and commercialize Itero's Recombinant Follicle Stimulating Hormone. The product is currently in preclinical development as a biosimilar molecule for the treatment of female infertility. Under the terms of the agreement, co will pay Itero an undisclosed licensing fee and make additional payments based on the achievement of certain development and regulatory performance milestones. Upon successful commercialization, Watson will also pay Itero a percentage of net sales or net profits in various regions of the world. Co will assume responsibility for all future development, manufacturing, and commercial expenses related to Itero's rFSH product.
GGP Gen Growth Prop files registration statement for mandatorily exchangeable notes (14.09 )
Co announced its subsidiary, New GGP, has filed a registration statement on Form S-11 with the SEC relating to a proposed offering of up to $2.15 billion aggregate principal amount of mandatorily exchangeable notes.
FUN Cedar Fair, LP announces preliminary FY10 operating results; announces senior notes offering (13.00 )
Based on preliminary results, co anticipates that YTD net revenues through June 27, 2010, will be in the range of $297.0-307.0 mln, compared with $290.6 mln for the same six-month period a year ago. The increase in net revenues reflects a 7% increase in combined attendance and an approximate 3% increase in out-of-park revenues, offset by an approximate 3% decrease in average in-park guest per capita spending. Based on these preliminary revenue levels, co estimates adjusted EBITDA, excluding costs incurred in connection with the debt refinancing and terminated merger, in the range of $34.0-40.0 mln for the six months ended June 27, 2010, compared with $32.0 million for the same six-month period last year. On July 15, 2010, Cedar Fair launched a private offering of $300.0 mln senior unsecured notes due 2018. In conjunction with the closing of the Notes offering, Cedar Fair expects to terminate its existing credit facilities and enter into a new $1,250.0 million senior secured term loan maturing in December 2016 and a new $300.0 million senior secured revolving credit facility maturing in July 2015.
FCS Fairchild Semi beats by $0.09, beats on revs; guides Q3 revs above consensus (9.80 )
Reports Q2 (Jun) earnings of $0.40 per share, $0.09 better than the Thomson Reuters consensus of $0.31; revenues rose 8.4% year/year to $409.6 mln vs the $399.3 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $415-425 mln vs. $411.47 mln Thomson Reuters consensus. "Our current scheduled backlog is sufficient to achieve the low end of this range. We expect to increase gross margin another 50 to 100 basis points due primarily to continued improvements in product mix. Demand was strong across a broad range of end markets and in all regions. "Co's Q2 adjusted gross margin of 35.2 percent, up 270 bps QoQ and 10 percentage points higher than in 2Q09 End market demand improved sequentially with consumer and handset order rates seasonally higher while industrial sales continued to be robust. Our sales growth was slightly stronger for OEMs than the distribution channel in the second quarter. Distributor sell-through increased about 5 percent sequentially which is slightly better than normal seasonality. We maintained channel inventory at about 8 weeks which is in the middle of our target range and expect to hold this level in the third quarter."
WX WuXi PharmaTech sees Q2 EPS of $0.18-0.19 vs $0.17 Thomson Reuters consensus; revs $81 mln vs $76.60 mln Thomson Reuters consensus (15.67 )
WuXi PharmaTech sees FY10 revs of $320-325 mln vs $320.32 mln Thomson Reuters consensus
TYL Tyler Tech and El Paso County, Texas expand partnership (16.11 )
Co signed an agreement to provide Tyler's Odyssey Courts & Justice solutions to El Paso County, Texas. The agreement is valued at ~$5.3 mln and includes software licenses, related professional services, maintenance, and support.
GERN Geron provides update on Telomerase Activation program; organizational structure changes to pursue drug development plan (4.91 )
Co announced that the activities of TA Therapeutics are being fully consolidated into Geron. In a 2007 restructuring, Geron's ownership interest increased to 75%. Under the new arrangement, the telomerase activator program will continue as an internal Geron program, and all intellectual property of TAT has been assigned to Geron. HKUST will be entitled to receive a royalty on future sales of drugs covered by that intellectual property.
DRQ Dril-Quip awarded $100 mln contract for the supply of drilling and production equipment (48.88 )
On The Wires
Questar (STR) announced that its subsidiary Questar Transportation Services and Applied LNG Technologies, have signed a memorandum of understanding establishing a framework for the companies to jointly explore new market opportunities for Rockies liquefied natural gas... Delhaize Group (DEG) announced that its wholly-owned subsidiary Delhaize "The Lion" Nederland has received the approval of the Hellenic Capital Market Commission to purchase the shares of the minority shareholders of its Greek subsidiary Alfa Beta Vassilopoulos S.A. at a price of EUR 35.73 per common registered share... Elbit Systems (ESLT) announced that its wholly-owned subsidiary, Elbit Security Systems, has issued a Cash Tender Offer to acquire the ordinary shares of I.T.L Optronics held by the public representing 15.19% of ITL's outstanding share capital... Warner Bros. Home Entertainment Group and Netflix (NFLX) announced an expansion of the companies' existing streaming content agreement. The new agreement adds a slate of catalog TV shows available to watch instantly at Netflix and extends the existing license for catalog movies through 2011... China Medical Technologies (CMED) announced that its HER-2 FISH probe has been chosen to be used in a research project focusing on cancer targeted therapy standardization, as well as early cancer detection and treatment, which is sponsored by the Chinese Ministry of Health... JoS. A. Bank Clothiers (JOSB) announces that the Company has opened its first factory concept store.
FTR Frontier Communications provides integration update on its recently closed acquisition with Verizon (VZ); transfer of ownership has gone as expected and is on schedule (7.19 )
TXN Texas Instruments will purchase two wafer fabs and manufacturing equipment located in Aizu-Wakamatsu, Japan (25.09 )
Co will purchase two wafer fabs and manufacturing equipment located in Aizu-Wakamatsu, Japan. The assets currently are operated by Spansion Japan Limited (SJL) and are being acquired under a court-approved plan of reorganization. This purchase cost-effectively increases the production capacity that TI can offer its customers of analog semiconductors. It includes a 200mm wafer fab currently in operation that is capable of expanding TI's analog revenue by more than $1 billion annually, as well as a second non-operating wafer fab of equal size for either 200mm or 300mm production. TI will continue running the first fab and will preserve the second fab for future capacity expansion. TI plans to offer employment to almost all of SJL employees in Aizu.
On The Wires
Ballantyne Strong (BTN) completed the acquisition of the Joliette, Quebec facility that houses its Strong/MDI cinema screen manufacturing operations. Co estimates the capital investment in the building, land and facility expansion will approximate $6 mln, with completion targeted for year-end 2010... NetSuite (N) announced a strategic partnership with Sunway E-Systems that gives SES the exclusive rights to distribute, resell, implement and support NetSuite's cloud computing business management suites in Malaysia... Skilled Healthcare Group (SKH) agreed to a stipulation with the other parties to the case entitled Vinnie Lavender. Pursuant to the stipulation, the parties have agreed to stay all proceedings in the litigation to pursue mediation.
HYGS Hydrogenics announces additional electrolyzer orders in Russia and Middle East (3.87 )
Co announces that it has secured orders for electrolyzers with customers in Russia and the Middle East. In Russia, Hydrogenics will supply a large industrial co in the city of Tomsk with a HySTAT unit for the production of light bulbs. The other order, with Siemens AG (SI), is for an electrolyzer to be used at a seawater desalination and power plant being built in Saudi Arabia; this award includes outdoor housing, a hydrogen purification device, and auxiliary systems.
CPBY China Information Security Technology announces record high in newly signed contracts in the second quarter of 2010 (5.42 )
Co announced that during the second quarter of 2010, the Company signed new contracts valued at $39.26 million, in the aggregate, an increase of 49% compared to the same period in 2009. Management expects that the majority of these contracts will be recognized as revenue in 2010.
NYM Nymagic to be acquired by ProSight Specialty Insurance; Shareholders to receive $25.75 per share in cash. (20.85 )
Co announced that it has entered into a definitive agreement to be acquired by ProSight Specialty Insurance Holdings, for $25.75 per share, which represents a premium of 23.5% to NYMAGIC's closing price yesterday of $20.85. The transaction will be 100% equity funded by ProSight Specialty Insurance. Completion of the transaction, which is expected to occur in the fourth quarter of 2010, is subject to the approval of NYMAGIC stockholders, customary closing conditions and regulatory approvals. Transaction valued at approximately $230 mln.
CNET ChinaNet Online on pace to have 1,500 kiosks installed by year-end 2010 (4.05 )
Co announced an updated status of its installed base and accelerated schedule for installation of next-generation, "one-touch" banking information kiosks. By year-end 2010, ChinaNet plans to have a total of 1,500 installed online kiosks, compared to 200 completed and 400 in progress, and expects these 1,500 kiosks to generate contract fees and online ad sale revenues totaling approximately $1.0 million in 2010, representing a strong growth momentum from 2009 of $153,000.
LO Lorillard issues statement regarding FDA Tobacco Panel Public Meeting (74.72 )
"After its first meeting, the Tobacco Products Scientific Advisory Committee (TPSAC) asked Lorillard and other tobacco manufacturers to share their expertise and research on a number of issues related to the use of menthol in cigarettes. Lorillard has submitted extensive comments containing scientific and technical information... An objective analysis of the science surrounding menthol shows that menthol does not increase the health risks of cigarette smoking and that menthol cigarettes do not play a unique role in starting smoking, stopping smoking or in smoking dependence. If the committee makes a recommendation that is truly based on a thorough review of all available science, then they must conclude that there is no public health rationale to support treating menthol and non-menthol cigarettes differently."
TSYS TeleComm Sys receives $2.2 mln equipment order from U.S. Army for unmanned aircraft systems project office (4.45 )
CNA CNA Financial enters into agreement to transfer its asbestos and environmental pollution liabilities to National Indemnity Company (27.22 )
Co announced that its principal operating subsidiary, Continental Casualty Company, together with several of its other insurance subsidiaries, have entered into an agreement with National Indemnity Company, a subsidiary of Berkshire Hathaway Inc., under which the co companies' legacy asbestos and environmental pollution liabilities will be transferred to NICO. Under the terms of the transaction, effective January 1, 2010 the co companies will cede approximately $1.6 bln of net asbestos and environmental pollution liabilities to NICO under a retroactive reinsurance agreement with an aggregate limit of $4 bln. The aggregate reinsurance limit will also cover credit risk on existing third party reinsurance related to these liabilities.
DEER Deer Consumer Products updates share buyback program for Q2, continues to maintain solid cash position and rapid growth (8.49 )
Co updates its progress on its $20 mln share buyback program for the second quarter ended June 30, 2010. During the second quarter, executed through qualified US brokerage firms, Deer purchased from the public market from time to time a total of 589,700 shares of Deer common stock. These shares exited the DTC, were cancelled and returned to treasury. These buyback shares have directly reduced shares available for trading in the public float. Deer paid on average $8.42 per share, or between $7.761 and $9.735 per share in the public market for these buyback shares At the end of the second quarter, after applying company funds used in the share buyback, Deer had a solid cash position of more than $74 million in cash without any long term debt. Deer has sufficient cash on hand to rapidly grow its business as well as continuing the share buyback program. Management believes the current positive market environments in its international and China domestic markets continue to provide strong organic earnings growth opportunities for the Company. Deer is also pleased with the Company's solid execution of its growth strategies.
NXY Nexen beats by $0.15, misses on revs (0.71 )
Reports Q2 (Jun) earnings of CDN$0.49 per share, CDN$0.15 better than the Thomson Reuters consensus of CDN$0.34; revenues rose 21.2% year/year to CDN$1.46 bln vs the CDN$1.48 bln consensus.
AIG American Intl announces Steve Miller Succeeds Harvey Golub as AIG Board Chairman (37.53 )
Co announced that Robert S. (Steve) Miller has succeeded Harvey Golub as Chairman of the AIG Board of Directors. Mr. Golub today resigned from the AIG Board of Directors, effective immediately.
WWW Wolverine beats by $0.06, reports revs in-line; raises FY10 guidance (27.07 )
Reports Q2 (Jun) earnings of $0.39 per share, $0.06 better than the Thomson Reuters consensus of $0.33. Co issues raises guidance for FY10, sees EPS of $1.98-2.04 up from $1.92-2.00 vs. $2.04 Thomson Reuters consensus; sees FY10 revs of $1.19-1.22 bln up from $1.16-1.19 bln vs. $1.19 bln Thomson Reuters consensus.
S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: +2.30.
Nikkei...9685.53...-109.70...-1.10%. Hang Seng...20255.62...-305.20...-1.50%.
NTY NBTY agrees to be acquired by the Carlyle Group for $55.00/share in cash; transaction valued at $3.8 bln (37.47 )
Co announces the execution of a definitive merger agreement under which The Carlyle Group will acquire NBTY in a transaction valued at $3.8 bln. Under the terms of the merger agreement, Carlyle will acquire all of the outstanding common shares of NBTY for $55.00 per share in cash, representing a premium of approx 57% over NBTY's average closing share price during the 30 trading days ended July 14, 2010.
RRC Range Resources reports record production (42.67 )
Co announces that its production for the second quarter 2010 reached a record level. Production for the second quarter averaged 472 Mmcfe per day, representing a 9% increase over the prior-year period. Adjusting for the sale of the Ohio properties, which closed at the end of March 2010, the second quarter production growth rate would have been 13%. The Company also announced that preliminary second quarter 2010 oil and gas price realizations (including the impact of derivative settlements) averaged $5.07 per mcfe. This represents an 18% decrease from the prior-year period and a 9% decrease versus first quarter 2010. For the second half of 2010, 77% of anticipated natural gas production is hedged at an average floor price of $5.54 per mcf and for 2011 51% is hedged at a $5.73 floor.
CRYP CryptoLogic announces 2Q10 revenue will show slight decline over Q110 revenue (2.21 )
Co announces that it expects Q210 total revenue to show a slight decline over Q1 (Thomson Reuters consensus $8.85 mln) and that total costs will be greater than expected. As a result, the operating loss in Q2 will be higher than Q1 and the outlook for the year is much less encouraging than at the time of the Q1 results announcement. In light of continuing losses and the difficulty in forecasting results, a major consulting firm experienced in the gaming and betting industry has been retained to undertake a review of current operations with a view to assisting the Board in enhancing its strategy in the interests of stakeholders.
BIDZ Bidz.com issues downside revenue and EPS guidance for Q210; considers implementing $2.5 mln share repurchase program (1.40 )
Co issues downside guidance for Q2 (Jun), sees EPS of ($0.03)-($0.02) vs. ($0.01) Thomson Reuters consensus; sees Q2 (Jun) revs of $25.0 mln vs. $26.01 mln Thomson Reuters consensus. Co announces that a Special Committee composed of independent members of its Board of Directors has been formed to consider implementing a privately negotiated stock buyback of up to $2.5 mln.
BMTI Biomimetic Therapeutics prices 5.0 mln common shares at $8.50/share (9.16 )
ONNN ON Semiconductor to acquire SANYO Semiconductor from Sanyo Electric for ~$366 mln; reaffirms 2Q10 revenue guidance (6.94 )
Co and SANYO Electric Co announce the signing of a definitive purchase agreement providing for the acquisition of SANYO Semiconductor Co., Ltd., a subsidiary of SANYO Electric, and other assets related to SANYO Electric's semiconductor business, by ON Semiconductor in a cash and stock transaction with a purchase price of approximately $366 mln, subject to adjustment pursuant to the terms of the transaction. Pursuant to the terms of the agreement, which has been approved by the boards of directors of both ON Semiconductor and SANYO Electric, SANYO Electric is expected to receive approximately $129 mln in cash and approx $238 mln worth of ON Semiconductor common stock, expected to equal approx 7-8% of ON Semiconductor's fully diluted shares outstanding, subject to adjustment at closing. ON Semiconductor has the right to replace the stock consideration with cash at closing. ONNN expects acquisition will be accretive to non-GAAP EPS approx 12 months after closing. Co reaffirms 2Q10 revenue guidance of $565.0-585.0 mln vs $573.86 mln Thomson-Reuters consensus.
GSOL Global Sources appoints Connie Lai to Chief Financial Officer, effective August 1, 2010 (8.27 )
FLIC First of Long Island prices 1.25 mln common shares at $24.00/share (24.56 )
On The Wires
Eutelsat Communications and ictQATAR (representing the State of Qatar) announce that following an international consultation, Space Systems/Loral (LORL) has been selected to build the high-performance satellite they will jointly own and operate at the 25.5 degrees East location in geostationary orbit... Key Energy Services (KEG) provides June 2010 activity data. Adjusted for the previously reported sale of six marine rigs effective May 13, 2010, U.S. rig hours per working day in June were down 3.8% compared to May. International rig hours in June decreased 2.8% per calendar day compared to May... Warner Bros. Home Entertainment Group and Netflix (NFLX) announce an expansion of the companies' existing streaming content agreement.
MAR Marriott beats by $0.03, reports revs in-line; guides Q3 EPS in-line; raises FY10 EPS above consensus (32.16 +0.29)
Reports Q2 (Jun) earnings of $0.31 per share, $0.03 better than the Thomson Reuters consensus of $0.28; revenues rose 8.2% year/year to $2.77 bln vs the $2.75 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.18-0.22 vs. $0.22 Thomson Reuters consensus. Co raised FY10 EPS to $1.05-1.13 vs. $1.04 Thomson Reuters consensus, up from $0.95-1.05. The co assumes Q3 2010 Timeshare contract sales will total $165-175 mln and Timeshare sales and services revenue, net of direct expenses, will total ~$50-55 mln.
GILD Gilead Sciences files patent infringement lawsuit against Lupin Limited (34.81 -0.39)
Co today announced that it has filed a lawsuit in U.S. District Court in New Jersey against Lupin Limited for infringement against Gilead's patents for Ranexa(R) (ranolazine extended-release tablets). The lawsuit is based on an Abbreviated New Drug Application filed by Lupin, which seeks approval to manufacture and market a generic version of Ranexa before the expiration of Gilead's Ranexa patents.
GSK GlaxoSmithKline statement in response to FDA advisory committees' vote on safety of avandia (rosiglitazone) (36.35 +0.63) -Update-
Co confirmed that a joint advisory committee to the U.S. Food and Drug Administration (FDA) voted to allow Avandia to remain on the market. Committee members voted for recommendations ranging from making no changes to the current label, to revising the label with additional warnings and restrictions (20) to withdrawal from the U.S. market (12). confirmed today that a joint advisory committee to the U.S. Food and Drug Administration (FDA) voted to allow Avandia to remain on the market. Committee members voted for recommendations ranging from making no changes to the current label, to revising the label with additional warnings and restrictions (20) to withdrawal from the U.S. market (12).
SHOR ShoreTel raises Q4 revs guidance above consensus (5.39 +0.05)
Co raises revs guidance to $41-42 mln vs $37.8 mln consensus, up from $35-38 mln. Co also expects its non-GAAP gross margins to be an all-time company record and moderately higher than the high end of its previously guided range of 64-65%. Co said, "We are very pleased to see over 10% sequential revenue growth in Q4, driving our quarterly revenues to our highest level ever. Broad-based strength across our business led by increases from our U.S. regional and international partners drove most of the upside to our expectations during the quarter"
WAB Wabtec to Acquire G&B Specialties and Bach-Simpson (42.72 +0.43)
Co has signed an agreement to acquire G&B Specialties, Inc., and Bach-Simpson from Global Railway Industries Ltd. (GBI: TSX) for about $45 mln (about C$48 mln). Subject to the fulfillment of certain conditions, the purchase of G&B Specialties is expected to close by July 31, and the Bach-Simpson purchase is expected to close by Oct. 31. Wabtec expects the acquisitions to be accretive in the first year.
MSN Emerson Radio reports Q4 EPS of $0.13 vs. ($0.08) in the prior year's quarter; revs rose 19.5% to $51.5 mln (1.77 -0.02)
SOPW Solar Power announced that Joe Bedewi has been appointed Chief Financial Officer (0.47 -0.06)
BKH Black Hills Corp unit sold a 23% ownership interest in the Wygen III power generation facility (30.74 +0.07)
Co announced that its electric utility subsidiary, Black Hills Power, sold a 23% ownership interest in the Wygen III power generation facility to the City of Gillette for $62 million. The transaction entitles the City of Gillette to 23 percent of the plant's output - or approximately 25.3 MW - for the life of the plant. Wygen III began commercial operations on April 1, 2010.
ARNA Arena Pharm and Eisai announced that results from BLOOM trial will be published (4.28 +0.08)
The co and Eisai announced that results from the two-year BLOOM (Behavioral modification and Lorcaserin for Overweight and Obesity Management) trial will be published in the New England Journal of Medicine. The data presented in the article show that lorcaserin used in conjunction with behavioral modification caused significantly greater weight loss and improved maintenance of weight loss compared to placebo. Lorcaserin also improved values for biomarkers that may be predictive of future cardiovascular events, including lipid levels, insulin resistance, levels of inflammatory markers and blood pressure.
ACM AECOM announced that it has acquired Tishman Construction , a provider of construction management services in the U.S. and the United Arab Emirates, in a US$245-mln transaction (24.17 -0.17)
AERT Advanced Enviro announces stimulus funding (0.35 0.00)
Co announced today that it has executed a 15 year, 3% interest loan for over $3 million to implement Phase 2 for its new recycling facility in Watts, OK. Phase 2 will double the output, install additional blending/storage and install equipment to modify the output to produce a product form more desired in the recycled plastic market.
MKL Markel to acquire FirstComp (351.94 +0.60)
MKL and Aspen Holdings, Inc. (doing business as FirstComp) announced they have entered into a definitive agreement for the acquisition by Markel of Aspen, a privately held insurance group that provides workers' compensation insurance and related services, principally to small businesses, in 31 states. Aspen's subsidiaries collectively underwrite more than $300 mln of gross written premium annually.
MYL Mylan to acquire Bioniche Pharma global injectable pharmaceuticals business for $550 mln; transaction is expected to be accretive to MYL's earnings in year one (17.85 ) -Update-
Co announced plans to acquire Bioniche Pharma Holdings Limited, a privately held, global injectable pharmaceutical co for $550 mln in cash. Bioniche Pharma will provide Mylan not only an immediate entry into the North American injectables market but also a platform for future growth opportunities. This transaction is expected to be accretive to Mylan's earnings in year one, without accounting for any operational or other synergies. Bioniche Pharma, based in Galway, Ireland, had ~$130 mln in net revenue for the twelve months ended May 31, 2010,
ECLP Eclipsys schedules special meeting for stockholders on Aug 13 to vote on merger agreement with Allscripts-Misys Healthcare Solutions (MDRX) (20.10 +0.34)
FULT Fulton Fincl repays TARP funds to U.S. Treasury (10.24 -0.32)
Co announced that it has redeemed all 376,500 outstanding shares of Fulton's Fixed Rate Cumulative Perpetual Preferred Stock, Series A that it issued to the U. S. Treasury as part of the Troubled Asset Relief Program (TARP) in December of 2008. Fulton Financial paid $379,585,208 to the U.S. Treasury, consisting of $376,500,000 of principal and $3,085,208 of accrued and unpaid dividends.
BLUD Immucor receives CE Mark approval for HEA BeadChip product (19.00 -0.04)
ASTC Astrotech completes review of strategic alternatives (1.35 -0.01)
Co announced that it has concluded its engagement with Lazard Middle Market following a review of strategic alternatives by its board of directors. On September 28, 2009 co announced that it engaged Lazard Middle Market to advise the co in exploring strategic financial and business alternatives to enhance shareholder value. Co will continue to consider potential strategic alternatives while maintaining focus on advancing its core business, Astrotech Space Operations, and its new business initiatives at 1st Detect and Astrogenetix.
IFSB Independence Fed. Savings to delist from NASDAQ stock market and deregister its common stock (1.32 0.00)
Following the effectiveness of the Form 25 filing, the Bank's common stock will be eligible for quotation on the OTC Bulletin Board.
BBBB Blackboard and McGraw-Hill Companies (MHP) unit announced apartnership (39.33 +0.64) -Update-
The cos announced a business partnership to introduce a learning management offering that joins McGraw-Hill's content, assessment engines, and industry leading adaptive learning tools with the latest capabilities of Blackboard's Web-based teaching and learning platform, Blackboard Learn.
SOMX Somaxon Pharma establishes Silenor commercial team (3.67 +0.46)
On July 14, 2010, Somaxon entered into a Professional Detailing Services Agreement with Publicis Touchpoint Solutions pursuant to which Publicis will provide Somaxon with 110 sales representatives on a contract basis that will exclusively promote Silenor. These representatives will be employees of Publicis but will be hired to Somaxon's specifications and will be managed by Somaxon's recently-hired team of sales management personnel. Publicis will also be responsible for the sales force automation, fleet and other ancillary services relating to the sales force, and Somaxon will have the option to hire the Publicis sales representatives as Somaxon employees in the future.
LSTR Landstar System beats by $0.01, beats on revs; guides Q3 EPS in-line, revs above consensus (41.46 +0.05)
Reports Q2 (Jun) earnings of $0.49 per share, $0.01 better than the Thomson Reuters consensus of $0.48; revenues rose 30.5% year/year to $641.7 mln vs the $600 mln consensus. Co issues mixed guidance for Q3, sees EPS of 0.47-0.52 vs. $0.50 Thomson Reuters consensus; sees Q3 rev growth of 25-33% y/y to ~$626-666 mln vs. $609.85 mln Thomson Reuters consensus. Landstar System also announced that its Board of Directors has declared a quarterly dividend of $0.05 per share. This represents an 11 percent increase in the Company's quarterly dividend.
UFPI Universal Forest halted, news pending (32.62 -0.33)
PRGN Paragon Shipping announces the appointment of interim Chief Financial Officer (3.90 +0.05)
Co announces that its Board of Directors has appointed Mr. Michael Bodouroglou, Chairman and Chief Executive Officer of Paragon Shipping, to act as Interim Chief Financial Officer of the Company. This follows the departure of Mr. Christopher Thomas, Chief Financial Officer, from the Company, effective today. The company will look for a permanent replacement.
OKS ONEOK Partners increases quarterly distribution to $1.12 from $1.11 (68.39 +0.15)
Co increased the partnership's quarterly cash distribution to $1.12 per unit from $1.11 per unit, effective for the second quarter 2010, resulting in an annualized cash distribution of $4.48 per unit. The distribution is payable August 13, 2010, to unitholders of record as of July 30, 2010.
CUZ Cousins Prop announces sale of San Jose MarketCenter and other transactions (6.36 -0.13)
Co announced several transactions, including the sale of San Jose MarketCenter and the restructuring of debt on two assets. The San Jose MarketCenter sold for $85 mln, generating an estimated net gain on sale of $6.5 mln.Co also announced the extension of the loan on The Avenue Murfreesboro and a new loan on Meridian Mark. The $113 mln loan on Avenue Murfreesboro has been extended three years to July 2013 with no additional recourse requirements. Meridian Mark has been re-financed for an additional 10 years, reducing the interest rate from 8.27% to 6% while increasing proceeds from $22.2 mln to $27 mln. The net proceeds of the San Jose sale, along with proceeds from the Meridian Mark re-financing and borrowings from the co's line of credit, were used to pay off a $100 mln term loan scheduled to mature in August 2012 and eliminate an interest rate swap associated with the term loan for a cost of ~$9 mln.
BBBB Blackboard and Barnes & Noble partner to streamline access to digital content (39.33 +0.64)
Co and Barnes & Noble (BKS) announced a partnership that aims to help higher education students to access and use interactive e-textbooks as part of their online course experience. Under the partnership, the companies will work to enable students to access and purchase e-textbooks and other course related materials directly in Blackboard Learn.
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