Briefing.com: Hourly In Play (R) – 18:00 ET
Dec 03, 2009 (Briefing.com via COMTEX) -- Hourly In Play (R)Updated: 03-Dec-09 18:00 ET17:37UAUA United Airlines reports November consolidated traffic results (9.22 -0.07)Co reported its preliminary consolidated traffic results for November 2009. The company reported a November consolidated passenger load factor of 80.2%. Total consolidated revenue passenger miles (RPMs) increased in November by 1.8% on a consolidated capacity decrease of 2.7% in available seat miles (ASMs) compared with the same period in 2008.17:35HME Home Properties announces ATM common share offering program, may sell up to 3.7 mln common shares (45.30 -0.59)The co intends to use the net proceeds from the offering for general corporate purposes, which may include the repayment of debt, working capital, capital expenditures, acquisitions, development and redevelopment of apartment communities.17:35SWS SWS Group announces pricing of public offering of 4,347,827 shares of common stock at $11.50 (11.66 -0.68)17:11TSN Tyson Foods' beef, pork and prepared foods segments generating returns at or above expected levels (12.45 +0.26)Co announced that three of the four operating segments TSN produced returns in fiscal 2009 at or above normalized levels, while its chicken business made significant improvement from the first to the second half of FY09, according to Ted Jones, Tyson's vice president and treasurer. Co said, "Our Chicken segment's operating margin improved from -7.2% in the first half of FY09 to 3.5% in the second half. We are still working to get Chicken where it should be, but we're starting the new fiscal year strong. We're about two-thirds into our Q1, and we're pleased with how we're doing. In addition to positive industry fundamentals, TSN is starting to see benefits from operational efficiencies, including better capacity utilization, better yields, reduced freight, improved flexibility in processing plants and cost reductions. Co added that Tyson has shortened the length of its customer contracts, which allows a quicker response to input cost fluctuations. Tyson Fresh Meats, which comprises the co's Beef and Pork segments, performed very well in 2009, with Pork achieving its second best year ever and Beef achieving its third best year, excluding a goodwill impairment." The Beef and Pork business model is based on the spread between revenue, the cutout value of the carcasses and the cost of livestock. Although cattle and hog supplies are expected to tighten in 2010, TSN expects there will be adequate supplies to run its plants efficiently. Jones said one of the co's key financial goals for 2010 is to reduce net debt." Tyson bought back $293 mln of its bonds in FY09 and in 2010 will be opportunistic in purchasing bonds when they become more reasonably priced."17:04CE Celanese signs MOU with China National Tobacco Corp to expand flake and tow capabilities at Nantong facility (31.48 -0.04)Co announced it has previously signed a memorandum of understanding with its acetate joint venture partner, the China National Tobacco Corporation, to expand flake and tow capacities at its joint venture facility in Nantong, China. Additionally, a feasibility study has been completed by the partners, and the expansion project is currently under review and is awaiting final approval by the appropriate Chinese government agencies.17:02COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing PricesMarch corn closed lower by 5.75 cents to $4.0075 per bushel, January soybeans closed higher by 13 cents to $10.47 per bushel, March wheat closed lower by 4.50 cents to $5.7150 per bushel, February Ethanol closed lower by 0.021 cents to $1.924, March world sugar futures closed higher by 0.07 cents at 23.11 cents per pound.16:54STRL Sterling Construction Co acquires Utah Heavy Civil Construction Company (16.57 -0.50)Co announced that it has completed the acquisition of an 80% ownership interest in Ralph L. Wadsworth Construction Company ("RLW"), headquartered near Salt Lake City, Utah. Sterling paid $64.7 mln for the 80% ownership interest in RLW that it purchased from four related individuals, who have retained the remaining 20 percent interest subject to a put/call arrangement.16:46FDX FedEx Groud to increase 2010 rates by 4.9% (85.94 -1.16) -Update-Co announces an increase for the standard list rates for FedEx Ground and FedEx Home Delivery by an average of 4.9%. FedEx SmartPost rates also will change. The new rates will be effective Jan. 4, 2010. FedEx previously announced that it would increase shipping rates for FedEx Express by an average of 5.9% for U.S. domestic and U.S. export services also effective Jan. 4, 2010. The FedEx Express rate increase will be partially offset by adjusting the fuel price at which the fuel surcharge begins, reducing the fuel surcharge by two percentage points.16:37DAN Dana Holding: S&P raises Dana Holding ratings on better earnings, cash flow (8.26 +0.22)Standard & Poor's Ratings Services said it has raised its corporate credit rating on Dana to 'B' from 'B-'. At the same time we raised our ratings on Dana's senior secured debt. The outlook is stable. "The upgrade reflects our assumption that Dana's recent earnings and cash flow improvement will be sustainable into 2010, despite weak auto production volumes that we expect for both light vehicles and commercial vehicles," said Standard & Poor's credit analyst Nancy Messer. Dana's earnings and cash flow for the third quarter were better than we expected, reflecting benefits from aggressive restructuring actions after emerging from Chapter 11 in early 2008, despite weak auto sales. In addition, Dana reduced debt by $254 million in the first nine months of 2009 through a Dutch auction, market purchases of debt, and raising funds through a common equity offering. As a result, the company's covenant cushion has improved. Given these factors, we believe the risk that Dana will breach its 2009 and 2010 covenants--which tighten considerably beginning in the fourth quarter of 2009--has lessened. Despite our assumption of very weak market conditions in most of Dana's business segments this year and next, we believe efficiencies gained from overhead cost realignment and operational capacity rationalization will support EBITDA expansion sufficient for the company to avoid covenant breaches during this time. We believe that to remain in compliance, the company will need to retain its improved margins from the latest quarter, a result of cost-side initiatives, especially if revenues remain lackluster. We expect free cash flow, after capital spending, to be neutral to slightly positive in 2009.16:36AMR American Eagle Airlines reports November traffic (6.87 +0.08) -Update-American Eagle reported a November load factor of 70.4%, an increase of 3.1 points compared to the same period last year. Traffic increased 11.7% year over year as capacity increased 6.8%.16:33AMR AMR Corp reports November traffic; traffic decreased 0.5% y/y (6.87 +0.08) -Update-Co reports November traffic. November load factor was 79.6%, an increase of 3.0 points versus the same period last year. Traffic decreased 0.5% and capacity decreased 4.2% y/y. Domestic traffic increased 1.4% year over year on 2.0% less capacity. International traffic decreased by 3.5% relative to last year on a capacity decrease of 7.7%.16:30RMBS Rambus: Samsung to Offer 1 Gigabit XDR DRAM (20.24 +1.65) -Update-Co announced that Samsung Electronics Co., Ltd. will offer a 1 Gigabit XDR DRAM memory device. XDR DRAM is a key component of Rambus' award-winning XDR memory architecture. Samsung's 1Gb XDR DRAM device will broaden the availability of XDR technology for gaming, computing and consumer electronics applications.16:29MRVL Marvell beats by $0.08, beats on revs (16.53 )Reports Q3 (Oct) earnings of $0.35 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.27; revenues rose 1.5% year/year to $803.1 mln vs the $770 mln consensus. MRVL reports Q3 non-GAAP gross margins of 57.8% vs 55.2% consensus. Co said, "Cash flow from operations for Q of FY10 was $203.5 mln, up 12% sequentially from $182.3 mln in Q2 of FY10 and down 21% from $258.5 mln in Q3 of FY09. Free cash flow, defined as cash flow from operations less capital expenditures and purchases of IP licenses, was $195.9 mln, up 12% sequentially from $175.3 mln in Q2 of FY10 and down 20% from $244.3 mln in Q3 of FY09."16:24NOVL Novell beats by $0.04, reports revs in-line; guides Q1 revs below consensus (4.04 +0.04)Reports Q4 (Oct) earnings of $0.11 per share, $0.04 better than the First Call consensus of $0.07; revenues fell 11.7% year/year to $216 mln vs the $215.7 mln consensus. Co issues downside guidance for Q1, sees Q1 revs of $200-210 mln vs. $214.20 mln consensus. Q2 Non-GAAP operating margin is expected to be between 14% and 16% and invoicing growth is expected to improve from first fiscal quarter 2009 levels.16:18MENT Mentor Graphics beats by $0.04, beats on revs; guides Q4 EPS below consensus, revs below consensus (8.28 -0.01)Reports Q3 (Oct) earnings of $0.05 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.01; revenues rose 94.5% year/year to $189.2 mln vs the $183.5 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.28, excluding non-recurring items, vs. $0.32 consensus; sees Q4 revs of $230 vs. $234.20 mln consensus. Co says, "During the quarter, we saw positive signs of recovery in the semiconductor market with semiconductor unit shipments and revenue, as well as foundry revenue and utilization, up sharply."16:17WES Western Gas Partners announces public offering of 6 mln common units (18.97 +0.10)16:16GSS Golden Star Resources files preliminary prospectus (4.19 -0.04)The co announces that it has filed a preliminary short-form prospectus with regulatory authorities in all provinces of Canada other than Quebec and a preliminary prospectus supplement in the United States with the United States Securities and Exchange Commission, both relating to its proposed public offering of common shares. The Offering will be conducted through a syndicate of underwriters led by BMO Capital Markets. Although the size and pricing of the Offering have not yet been determined but will be determined in the context of the market with final terms to be determined at the time of pricing, the Company expects to raise gross proceeds of approximately $75 million. The Company has granted the underwriters an option, for a period of 30 days following the closing of the Offering, to purchase additional common shares of up to an additional 15% of the Offering size, to cover over-allotments, if any.16:14BONDX Long and Wrong -16/32 3.369%...euro 1.5069...yen 88.2300Treasuries were under pressure all day with the longer end continuing to feel the heat as the market looks out to a potentially improving jobs environment, supply and lessened concern over the global outlook. Early errors and encouraging data helped knock bonds off while the short end was given a bit of a reprieve as the curve was wound back to the steepest levels since 11/23. The 10-yr spent the late session near the 3.38% point, and Friday maybe able to make it to 3.42% or so. The day ahead has the big-dog of the data field with the jobs report expected to improve to a less negative number. The unemployment rate has garnered renewed respect after taking a backseat to the payrolls for a stretch, and the whispers on the actual rate have been leaning higher, significantly higher in some instances, with talk of 10.4% not requiring the wearing of a tin-foil cap. The curve has been ratcheting steeper through the week, with the 2-10-yr yield spread not all that far off the historic levels of mid-summer, now 264.9. The buck was held on offer for much of the day and will need to see a large improvement in jobs to get much out of any news outside of short-coverage. The euro will be beating its collective head against the 1.51 handle, but will making a play to return to the 16 month highs its been eyeing. The yen will need another catastrophic catalyst to get back on the road to the 86 level, and it seems that jobs will not be it. The Fed-head's confirmation hearings went on today and Friday has Philly's Plosser on the crises (10) while Bullard of STL will tackle the same subject late (13). Data has the jobs number and all its creamy filling (hourly earnings will be eyed for any signs of life) while factory orders (10) will also be released.16:13VSNT Versant reports Q4 revs of $4.1 mln vs. $6.0 mln a year ago; EPS of $0.45, including $0.26/share tax benefit, vs. $0.59 a year ago (18.30 +0.05)Versant's Board of Directors has approved a new stock repurchase program. Under the program, Versant is authorized to repurchase up to $5.0 million worth of its outstanding common shares from time to time on the open market, in block trades or otherwise. Whether any such repurchases are made will depend on market conditions, the share price and other factors. The program may be suspended or discontinued at any time and no assurance can be given that any stock repurchases will in fact be made under this program. Any repurchases made under the program are expected to be funded from the Company's working capital.16:12LQDT Liquidity Services misses by $0.01, beats on revs; guides Q1 EPS above consensus; guides FY10 EPS in-line (8.77 -0.54)Reports Q4 (Sep) adjusted earnings of $0.11 per share, ex-items, $0.01 worse than the First Call consensus of $0.12. Co issues upside guidance for Q1, sees adjusted EPS of $0.09-$0.11 vs. $0.08 consensus. Co issues in-line guidance for FY10, sees adjusted EPS of $0.40-$0.48 vs. $0.48 consensus. The company expects GMV (gross merchandise volume) for fiscal year 2010 to range from $360 million to $400 million. We expect GMV for 1Q10 to range from $82 million to $92 million.16:10SWHC Smith & Wesson beats by $0.01, beats on revs; guides Q3 revs below consensus (5.27 -0.41)Reports Q2 (Oct) earnings of $0.10 per share, ex-non-cash, fair-value adjustment to the contingent consideration liability related to co's acquisition of USR that increased fully diluted earnings per share by $0.11 in the second quarter, $0.01 better than the First Call consensus of $0.09; revenues rose 48.6% year/year to $109 mln vs the $104.9 mln consensus. Co issues downside guidance for Q3, sees Q3 revs of $90-95 mln vs. $104.75 mln consensus. Co expects total company gross profit margin in the third quarter to be between 25.0% and 27.0%. Co expects third quarter operating expenses to be comparable in dollars to its second quarter, reflecting increased sales and marketing expense for the SHOT show, offset by lower general and administrative costs.16:09FLOW Flow beats by $0.03, beats on revs (2.47 -0.03)Reports Q2 (Oct) earnings of $0.01 per share, excluding $0.01 non-recurring gain, $0.03 better than the First Call consensus of ($0.02); revenues fell 30.7% year/year to $42 mln vs the $38.7 mln consensus.16:08AVGO Avago Tech beats by $0.05, beats on revs (15.93 +0.32)Reports Q4 (Oct) earnings of $0.29 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.24; revenues fell 4.3% year/year to $428 mln vs the $417.8 mln consensus. Co sees 1Q10 net revs flat to down 3% (consensus calls for -3.9% QoQ growth), with gross margins of 43.5-45.5% vs the 44.3% consnesus Gross margin was 44.9% of net revenue. This compares with gross margin of 43.5% of net revenue last quarter, and gross margin of 41.2% of net revenue in the same quarter last year.16:08DMND Diamond Foods beats by $0.07, misses on revs; guides Q2 EPS below consensus, revs above consensus; raises FY10 EPS in-line, revs in-line (31.75 +0.11)Reports Q1 (Oct) earnings of $0.88 per share, $0.07 better than the First Call consensus of $0.81; revenues fell 7.6% year/year to $180.6 mln vs the $194.6 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.42-0.46 vs. $0.48 consensus; sees Q2 revs of $170-175 mln vs. $155.17 mln consensus. Co raises guidance for FY10, sees EPS of $1.72-1.82 vs. $1.80 consensus; sees FY10 revs of $585-605 mln vs. $594.03 mln consensus.16:03ULTA Ulta Salon beats by $0.03, beats on revs; guides Q4 EPS in-line, revs below consensus (17.91 -0.29)Reports Q3 (Oct) earnings of $0.14 per share, $0.03 better than the First Call consensus of $0.11; revenues rose 11.5% year/year to $284 mln vs the $277.5 mln consensus. Co issues mixed guidance for Q4, sees EPS of $0.22-$0.26 vs. $0.25 consensus; sees Q4 revs of $362-$376 mln vs. $377.09 mln consensus. This guidance assumes comparable stores sales range from a decrease of 3% to an increase of 1%, compared to a decrease of 5.5% in the fourth quarter last year.16:02ZIOP Ziopharm Oncology announces commencement of public offering (3.66 -0.06)The co announces that it intends to offer shares of its common stock and warrants to purchase shares of its common stock in a public offering. JMP Securities LLC and Rodman & Renshaw, LLC are acting as co-lead managers for the offering.16:02ARST ArcSight beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line (23.98 -0.51)Reports Q2 (Oct) earnings of $0.15 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.13; revenues rose 38.6% year/year to $45.5 mln vs the $40.9 mln consensus. Co issues in-line guidance for Q3 (Jan), sees EPS of $0.14-0.17, excluding non-recurring items, vs. $0.16 consensus; sees Q3 revs of $43-46 mln vs. $43.3 mln consensus.16:02ESC Emeritus Corp appoints Robert Bateman to the position of Executive Vice President - Finance and Chief Financial Officer effective December 21, 2009 (16.24 -0.08)16:01DFR Deerfield Triarc Capital announces reduction in occupancy expense (5.30 +0.04)Co announces the successful completion of a plan to significantly reduce the co's occupancy expense. Under a lease amendment signed on November 27, 2009, the co expects to vacate the 69,000 square feet it presently occupies under a lease expiring in 2021 and consolidate operations into approx 25,000 square feet located in the same building by May 2010. As a result of the amendment, the Company projects that its annual occupancy expense will decline by approx $1.3 mln.16:01ECL Ecolab increases quarterly cash dividend by 11% to $0.155 per common share (45.10 -0.69)16:01OB Onebeacon Insurance sells renewal rights to non-specialty commercial book (14.01 +0.27)Co announced that it has sold the renewal rights to its non-specialty Commercial Lines business to The Hanover Insurance Group (THG). The transaction includes small commercial accounts and the non-specialty portion of the middle-market business, beginning with January 1, 2010 effective dates. Direct premiums for the affected book total approximately $490 million. As consideration, OneBeacon will receive $23.25 million plus 10 percent for premiums renewed above $200 million. Specialty and Personal Lines are not affected. In addition, OneBeacon will keep its Technology, Financial Services, Excess Property and Property Inland Marine Commercial segments.16:01FACT Facet Biotech: Biogen Idec increases offer to acquire Facet Biotech to $17.50 per share in cash; sends letter to Facet Biotech stockholders describing its best-and-final offer (17.23 -0.26)BIIB announces that it has increased its offer to purchase all of the outstanding shares of Facet Biotech Corporation to $17.50 per share in cash, representing an increase of $3.00 per share, or 21%, over its previous offer. The offer provides a premium of approximately 98% over the closing price of Facet Biotech's common stock on September 3, 2009, the day before Biogen Idec announced its proposal to acquire all of the outstanding shares of Facet Biotech common stock. BIIB says "this best-and-final offer is not subject to any financing contingency and the applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act has expired. We do not foresee any additional regulatory impediments to the completion of our tender offer. But for the failure of your Board to approve our offer and redeem the share purchase rights, we have a clear path to completion."16:01MTEX Mannatech that President and CEO Wayne Badovinus has resigned from the company for personal reasons (1.95 +0.08)Three veteran Mannatech executives will work together within the newly created 'Senior Executive Office'. Mannatech's Chief Financial Officer Steve Fenstermacher and Chief Science Officer Rob Sinnott have been named co-CEOs while Randy Bancino, senior vice president has been named president of global business operations and expansion.15:51OGE OGE Energy increases annual dividend to $1.45 per share from $1.42 per share (35.74 +0.12)15:50FAA Sector ETF strength & weakness approaching today's closing bell -Technical-Activley Traded Leading Sector ETFs:US airlines- FAA +1.75%, Semis- IGW +1.5%, SMH +1.5%, iShares Japan- EWJ +1.25%, Global shippers- SEA +1%, Solar power- TAN +1%, Clean energy- PBW +.5%, SPDRS utiliities- XLU +.25%, SPDRS tech.- XLK +.25%Actively Traded Lagging Sector ETFs:Reg. banks- RKH -3%, KRE -2.25%, Commercial banks- KBE -3%, Oil HLDRS- OIH -2.5%, Gold miners- GDX -2.25%, Insurers- KIE -2.25%, SPDRS metals/mining- XME -2.25%, Nat gas- UNG -2%, Financials- XLF -2%, IYF -2%, Steel- SLX -2%, Livestock commods- COW -1.5%, SPDRS retailers XRT -1.75%, SPDRS energy- XLE -1.5%, IYE -1.5%, Silver- SLV -1.25%15:46DIA Dow joins other indices at fresh lows, drops 40 points over last 10 minutes (10388 -64) -Update- -Technical-15:42Earnings CalendarToday after the close look for the following companies to report: ARST, AVGO, DMND, FLOW, LQDT, MRVL, MENT, NOVL, OHB, SWHC, and ULTA. Tomorrow before the open look for the folowing companies to report: BIG and SIRO.15:40Conferences and Shareholder/Analyst Meetings of InterestEvents of interest for tomorrow, Dec 4, include: SON Analyst Meeting; CYBX Analyst Meeting; CW, BNE, FLS, SCG at Gabelli & Company Best Ideas Conference. Fed: Fed's Plosser; Fed's Bullard.15:40DIA New session lows for all the averages except the Dow -33, S&P -4, Nasdaq +1.2 -Update- -Technical-15:36AAU Almaden Minerals has agreed to raise $2.6 million from a group of strategic investors (1.15 +0.19)Co has agreed to raise $2.6 million from a group of strategic investors. Upon completion of this offering, Almaden will have approximately $13.5 million in cash. Almaden also holds 1,597 ounces of gold in inventory currently valued at approximately $1.9 million which the Company produced from its Elk Mine in the 1990s.15:31TIXC Tix Corp, in conjunction with a group of private investors, acquired 1.6 mln shares of its common stock (1.75 +0.08)Co announced that it, in conjunction with a group of private investors, acquired 1.6 million shares of the Company's common stock in a privately-negotiated transaction. The shares were purchased from a private investor. The Company's purchase was made under its previously-announced share repurchase authorization.15:29SPY Additional afternoon pressure for stock indices -- Dow -22, S&P -2.7, Nasdaq +3.4 -Update- -Technical-Relative sector weakness have been noted in Finance XLF / RKH, Materials XLB, Oil Service OIH, REITs IYR, Steel SLX, Casino.15:16BEAV BE Aerospace continues to trend higher intraday as it lifts up into its Sep-Nov range/52-wk high of 21.36 (21.40 +1.20) -Technical-15:01SPY S&P -1 and Dow -15 slip slightly under midday ranges, Nasdaq +6 holding up better amid continued strength in Semi SMH +1.8% -Update- -Technical-15:01THQI THQ Inc announces new video game development studio in Montreal (4.71 -0.12)Co announces that it has selected Montreal, Quebec, as the location for new video game development studio which the company expects to become the largest facility in its global studio system. The agreement with the government of Quebec will allow THQ to create in excess of 400 sustainable new jobs over the next five years as part of the company's ongoing efforts to develop the highest quality games in a cost-effective manner.15:01ACAP American Physicians adds an additional $20 mln to 10b5-1 stock repurchase plan (28.34 +0.22)15:00AYE Allegheny Energy announces proposed fuel, purchased power cost settlement in West Virginia (22.84 +0.19)Co announces that it has reached agreement with the Consumer Advocate Division, Staff of the Public Service Commission of West Virginia and the West Virginia Energy Users Group regarding the company's September 2009 rate request for the recovery of fuel and purchased power costs. If adopted, the monthly bill for a residential customer using 1,000 kilowatt-hours will be about $91, an increase of $7.65 compared to current rates. Allegheny's unrecovered costs have grown steadily in the past year, as actual expenses exceeded the amount reflected in customer rates. In the proposed settlement, the parties have agreed that the company's West Virginia rates will increase by $118 mln on January 1, 2010. Allegheny requested a $143 mln increase in a September filing for its Monongahela Power and Potomac Edison subsidiaries. This request was later revised to $141 mln to reflect current 2010 projected costs. The settlement agreement provides for the deferral of approximately $23 mln of Allegheny's June 30, 2009 under-recovery balance. This amount, as well as interest on the deferral, will be included in the company's third-quarter 2010 fuel and purchased power filing for recovery in 2011.14:59CMCSA NASDAQ 100 (NDX) leaders & laggards moving into the final hour of trading -Technical-NDX Best % Performers:CMCSA +7%, FSLR +6.25%, KLAC +5.75%, LRCX +2.75%, NVDA +2.5%, LBTYA +2%, RYAAY +2%, VRTX +2%, MCHP +2%, MXIM +2%NDX Worst % Performers:COST -3%, APOL -2.5%, RIMM -2%, CTSH -1.75%, SBUX -1.5%, NIHD -1.5%, FLEX -1.25%, SHLD -1.25%NYSE TRIN @ +.70NYSE A/D line @ -7014:57ROYL Royale Energy accelerates drilling activity (2.42 +0.06)Co announces that it has begun drilling the NW Parks well, the third prospect in the newly discovered lower Forbes formation. This well is a Follow up to the company's Goddard #7-1 and Wylie #1 discoveries, designed to test the down-dip limits, helping to define the total field extent. The rig is expected to reach reservoir depth by December 12, when it will be moved to the Vann #1 drill-site.14:57INTC Dow (INDU) leaders & laggards moving into the final hour of trading -Technical-INDU Best % Performers:INTC +1.5%, T +1.25%, GE +1%, JNJ +1%, BAC +1%, IBM +.75%INDU Worst % Performers:AXP -4.5%, AA -1.75%, TRV -1.5%, MMM -1%, HD -.75%, DD -.75%NYSE TRIN @ +1.2NYSE A/D line @ +6514:49CCJ Cameco increases in the annual cash dividend to $0.28 from $0.24 per share (31.47 +0.49)14:42COMDX NYMEX Energy Closing PricesCrude oil ended off 14 cents to $76.46, nat gas shed 7.5 cents to settle at $4.455, heating oil gained 1.22 cents to finish at $2.0486 and RBOB gasoline closed higher by 0.22 cents to $1.995 (all Jan contracts).14:27CB Chubb authorizes new share repurchase program of up to 25 mln shares of common stock (49.38 +0.32)13:56ORCL Oracle shares trigger an alert as price climbs to session highs just beneath notable daily resistance derived form the Sep. peaks surrounding the 23.00 mark (22.90 +.24) -Technical-The 52 week high @ 22.95 is in play as price prints 22.91. 22.83 is the YTD closing high point being tested as well.13:32COMDX COMEX Metals Closing PricesFeb gold ended the day up $5.20 at $1218.20, March silver lost 21.5 cents to close at $19.11 and March copper fell 1.35 cents to finish at $3.245.13:31MACE Mace Security sells three car washes and reduces debt (0.80 0.00)Co announced that it has sold its three Genie car wash facilities located in Austin, Texas. With the sale, the Corporation has exited the Austin car wash market. The sales price for the transaction was $8.0 million with the company netting $5.6 million in cash after closing costs and after paying off related debt of $ 2.15 million. Mace's debt position is now just under $3 million at November 30, 2009.13:25SYK Medical Supplies -DJUSMS- extending breakout (379.75 +3.45) -Update- -Technical-Highlighted the test of its Sep high yesterday at 375 with the advance extended in recent trade to 379.74. Today's run is not as broad based with the index also near technical targets in the 380/382 area. Short term support is at the breakout point at 375/374. Helping to underpin the index today are: SYK +1.9%, BAX +1.5%, BDX +1.1%, EW +1%, ACL +0.7% was a key component yesterday. (Click for chart)13:02KLAC KLA-Tencor runs as high as 34.04, its 50 day sma and Nov peak come into play at 34.09/34.13 (34.03 +1.27) -Technical-13:00ANF Abercrombie extends decline after same store sales related gap down start (36.80 -3.10) -Update- -Technical-Steady slide after gapping down off the open brings congestion into play at 38.75. Its 50 day ema comes into play at 36.59 with the top of its early Nov gap at 36.45 (session low 36.77).12:53BONDX Quiet -20/32 3.384%...euro 1.5083...yen 88.2400Treasuries have sunk into lower, comatose, trade with prices getting weaker out the curve as the market looks out to next week's upcoming supply. Of course, that won't happen until after tomorrow's jobs report but still carries some weight. Expectations for the jobs data have been goosed higher on the payrolls input, while the estimates for the overall unemployment rate have also risen in recent days, with the latest guesses having been coming in on the high end. Earlier headlines of a potentially higher than consensus print being seen by officials was adding to that sentiment. The market will be strapped in for an improved, albeit, still negative payrolls number in the -125K to -175K range, while rate, with its recently renewed gravitas (as its running at the worst in 26 years), will be getting a little more wiggle room. The 10-yr is pulling back toward the lows, with 3.39% being a bit of a barrier. The curve has been backed off from the steepest levels in since 11/23 in the pre-Dubai World world, with the 2-10-yr yield spread running 263.9 after pushing through 266.6. The dollar was backing off the day's best levels following the ISM disappointment, but has been scratching its way back at 74.70. The euro was given an early bounce toward the highest in a week as the ECB came and went with talk of unwinding liquidity but was taken back off and has stalled out near its recent highs on the yen. The yen is back to its pre-Dubai levels and holding in a range either side of 88.20.12:45EWJ Sector ETF strength & weakness @ midday -Technical-Actively Traded Leading Sector ETFs:iShares Japan- EWJ +1.5%, Semis- SMH +1.25%, IGW +1.5%, Solar power- KWT +1.5%, TAN +1%, iShares real estate- IYR +1%, iShares REITS- ICF +1%, Clean energy- PBW +1%, US airlines- FAA +.75%, SPDRS biotech- XBI +.5%, iShares telecom- IYZ +.5%, SPDRS tech.- XLK +.5%, Coal- KOL +.5%, SPDRS utilities- XLU +.5%, NDX 100- QQQQ +.5%Actively Traded Lagging Sector ETFs:Gold miners- GDX -.5%, Insurers- KIE -.5%, Steel- SLX -.5%, SPDRS homebuilders- XHB -.5%, Energy- XLE -.5%, Commercial banks- KBE -.5%, iShares US broker/dealers- IAI -.25%, Commods- GSG -.25%, Gold- GLD -.25%12:39DFT Dupont Fabros Tech announces launch of $550 million offering of senior notes due 2017 by its subsidiary (17.00 +0.14)12:38JAZZ Jazz Pharma appoints Kathryn Falberg as Chief Financial Officer (7.63 +0.04)12:22SMH Semiconductors Hldrs Trust retesting morning high at 26.74 (26.73 +0.33) -Technical-The next level of note above if able to sustain a break is at its Oct/52-wk high of 26.92. Helping to underpin today are: KLAC +1.1% (nearing its 50 day sma), NVLS +2.5% (nearing its Nov peak), INTC +1.1% (testing its Nov gap top at 20.00), TXN +1.2%, TER +1.7%, LLTC +1%, ADI +1%, AMKR +2.4%, AMD +5.9%, ATML +1.4%.12:09NOC Northrop Grumman reaffirms interest in ground-based Midcourse Defense contract (55.28 +0.01)Co issues statement about the U.S. Missile Defense Agency's published intent to combine contracts for two elements of the Ground-based Midcourse Defense (GMD) system. "We commend the Missile Defense Agency for its wise decision to combine both the Development contract, and the Operations and Sustainment contract, into one contract for GMD. Northrop Grumman is well-suited to support this large-scale, major weapon system. We reaffirm our interest in competing for the single contract as announced recently by MDA."12:07CME CME Group confirms dealer founding members for CDS initiative (330.70 +2.37) -Update-Co confirms the initial group of dealer founding members supporting its credit default swap initiative. The new members will be Barclays Capital, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley, and UBS, each of whom has executed a non-binding term sheet with respect to the CDS initiative. The dealer founding members join the buy-side founding members, AllianceBernstein, BlackRock, BlueMountain Capital Management, Citadel, the D. E. Shaw Group and PIMCO, in supporting CME Group's OTC CDS initiative. As part of that support, the dealer founding members, in addition to the buy-side founding members and other buy-side firms, are planning to participate in a pre-launch program scheduled to begin clearing CDS by December 15, 2009, subject to necessary regulatory approvals. In addition, Bank of America Merrill Lynch, Nomura Group, and Royal Bank of Scotland will become CDS clearing member firms and intend to participate in the pre-launch program.12:05FSLR First Solar notches new session high of 127.74, approaching its Nov recovery high at 127.99 (127.50 +5.78) -Update- -Technical-The bottom of its late Oct gap marks the next level of note at 130.03.12:02ALKS Alkermes licenses technology platform for long-acting fusion proteins from Acceleron Pharma (8.96 -0.10)The co and Acceleron Pharma announced that Alkermes has licensed a proprietary long-acting Fc fusion technology platform, called the Medifusion technology, which is designed to extend the circulating half-life of proteins and peptides. The first drug candidate being developed with this technology is a long-acting form of a TNF receptor-Fc fusion protein for the treatment of rheumatoid arthritis and related autoimmune diseases. The TNF receptor-Fc fusion protein is structurally similar to etanercept, commercially known as ENBREL, which had worldwide sales of nearly $6 billion in 2008.11:51SPY S&P 500 repeating the same pattern ? (1108 -0.75) -Update- -Technical-Three weeks of sideways trade for the S&P 500 with only a limited push above noted over the last few days. Thus far this is similar to the pattern in percent/price action that was noted after Sep and Oct rallies. There has not been any confirming price action yet that it is developing again but it is worth monitoring (Click for chart).11:49Rumor Round UpToday marked another slow rumor morning. Huntsman (HUN 10.70 +0.78) saw some early strength as a rumor circulated that Dupont (DD 35.45 +0.07) could be interested in the co. We also heard renewed Nokia (NOK 12.78 -0.16) for Palm (PALM 11.55 +0.01) takeover chatter. This has been around many times in the past. As mentioned before, while many rumors circulate during the day, and the validity of the source of these rumors can be questionable, the speculation may increase volatility in the near term.11:49European Markets Closing Prices: FTSE: 5317.3 -10.1 -0.2%, DAX: 5769.5 -12.2 -0.2%, CAC: 3799.1 +3.2 +0.1%, MICEX: -1.1%11:41RKH Regional Bank HOLDRs Trust extends slide to new session low (77.83 -0.83) -Technical-The Bank ETF (KBE) is hovering near its low as are the Finance (XLF) and Broker (IAI) ETFs.11:32RMBS Following up on last hour's volume alert, shares punch through some technical resistance surrounding the 19.95~20.00 mark, printing new 52 week highs @ 20.27 (20.20 +1.61) -Technical-11:16CGA China Green Agriculture announces approval for listing on NYSE; anticipates will begin trading on the NYSE on December 7, 2009, under its existing symbol "CGA" (17.85 -0.05)11:15CCRT CompuCredit resumes trading (3.21 +0.58) -Update-11:14PVH Phillips-Van Heusen licensed Jensan Apparel to produce and market a full range of golfwear for men, women and children under PVH's IZOD G brand (40.79 -0.33)11:14PFG Principal Fincl continues to sink lower intraday as it slips below its Aug-Nov range low of 23.63 (23.20 -2.49) -Update- -Technical-11:10ZNT Zenith National Insurance declares extra dividend totaling $0.90 (29.31 +0.26)11:08FSLR First Solar runs to fresh session highs as it lifts back above its 20-day ema (124.02) for the first time since its late Oct gap down (126.50 +4.70) -Update- -Technical-Others in the space include: STP, YGE, TSL, AMSC, CSIQ, JASO, CSUN10:51SPY Stock indices ticking higher, S&P 500 held near yesterday's low at 1105 and stabilized -- session low 1106 -Update- -Technical-Dow +0.9, S&P +1.1, Nasdaq +8.10:45CCRT CompuCredit announces dividend and plan to spin-off U.S. and U.K. micro-loan businesses (2.48 -0.15) -Update-Co declared a dividend of $.50 per share. The Board of Directors also is evaluating the declaration of additional cash dividends in the future. The payment of this cash dividend will entitle holders of the Company's convertible notes to convert their notes and receive, using an assumed December 2, 2009 closing trading price of the Company's stock, either approximately $74.79 or approximately $61.46 for each $1,000 face amount of notes... Co also announced that it is considering a tax-free spin-off of its U.S. and U.K. micro-loan businesses into a publicly-traded company called Purpose Financial Holdings, Inc. Co expects that Purpose Financial will file a Form 10 Registration Statement with the Securities and Exchange Commission in connection with this potential spin-off. Prior to the completion of the spin-off transaction, CompuCredit's Board of Directors would have to formally approve the spin-off distribution, and there is no certainty at this time that the spin-off actually will occur. Should the spin-off occur, it also is anticipated that Purpose Financial would apply to list its common stock on NASDAQ. The spin-off would create two stand-alone, publicly-traded companies: (i) CompuCredit: a provider of credit and related financial services and products to the "sub-prime" credit market; and (ii) Purpose Financial: a micro-loan finance company primarily engaged in the business of marketing, servicing and/or originating small-balance, short-term loans through a network of 316 retail branch locations. (stock is halted)10:39CCRT CompuCredit halted, news pending (2.48 -0.15)10:36PFG Principal Fincl sees FY10 $2.45-2.75 vs $2.98 First Call consensus (25.64 -0.37)Co announced its outlook for 2010: operating EPS of $2.45-2.75; and net income available to common stockholders per diluted share ranging from $1.75 to $2.05. Guidance for 2010 incorporates certain assumptions, including: a 13-15% increase in average assets under management in 2010 compared to 2009 based on an average S&P 500 Index of 1,150 in 2010; operating losses for the Corporate segment of $90-110 mln; and no share repurchase activity. Company guidance contemplates additional scaling back of the Investment Only business during 2010, from its present level of ~25% of general account liabilities to ~20% by year-end 2010. Guidance also contemplates a change in operating earnings for Principal International due to a pending change in the co's economic interest in its BrasilPrev joint venture. Co also announced that it remains committed to its long-term goals: average annual improvement in return on equity of ~50 basis points; and 11-13% average annual growth in EPS, reflecting the outlook for continued strength in the U.S. and international asset management and accumulation businesses.10:35EWJ Sector ETF strength & weakness through the first hour of trading -Technical-Actively Traded Leading Sector ETFs:iShares Japan- EWJ +1.5%, iShares REITS- ICF +1.25%, iShares real estate- IYR +1.25%, Global shippers- SEA +1.25%, Insurers- KIE +1%, SPDRS biotech- XBI +1%, Financials- IYF +.5%, XLF +.75%, US airlines- FAA +.75%, Semis- IGW +.75%, SMH +.5%, Livestock commods- COW +.5%, iShares US broker/dealers- IAI +.5%, Regional banks- KR E+.5%, iShares RUT 2000- IWM +.5%Actively Traded Lagging Sector ETFs:Gold miners- GDX -2%, Nat gas- UNG -1.5%, Silver- SLV -1.5%, Oil HLDRS- OIH -1.25%, SPDRS metals/mining- XME -1.25%, SPDRS retaielrs- XRT -1%, US bonds- TLT -1%, Energy- IYE -1%, XLE -.75%, Crude/WTI oil- USO -.75%, OIL -.75%10:31COMDX Natural gas ticks to lows, following release of inventory data, at $4.44; now off 5.1 cents to $4.47910:28CMCSA NASDAQ 100 (NDX) leaders & laggards moving through the first hour of trading -Technical-NDX Best % Performers:CMCSA +5.75%, LRCX +2%, FSLR +2%, AMZN +2%, KLAC +2%, NVDA +1.75%, GRMN +1.75%, JNPR +1.5%, LBTYA +1.5%, EXPE +1.5%, RYAAY +1.25%NDX Worst % Performers:COST -2.5%, APOL -2.25%, RIMM -2%, LOGI -1.5%, PCAR -1.25%, SHLD -1%, YHOO -1%, FISV -1%, CTXS -1%, GENZ -1%, VRTX -.75%NASDAQ TRIN @ +.65NASDAQ A/D line @ +17510:28HGSI Human Genome displays relative strength as it lifts up into its Nov range/8-yr highs at 29.00-29.48 (28.98 +1.52) -Update- -Technical-10:28RMBS Rambus - - Volume Alert (19.22 +0.63) -Technical-Stock extending this week's upward momentum and catching increased volume as it surpasses the $19.00-level.10:25BAC Dow (INDU) leaders & laggards moving through the first hour of trading -Technical-INDU Best % Performers:BAC +3.25%, JPM +1.5%, GE +1%, CSCO +.75%, HPQ +.5%, IBM +.5%, INTC +.5%INDU Worst % Performers:AXP -2.5%, AA -2%, HD -1.5%, MMM -1%, XOM -1%, TRV -1%, KO -1%NYSE TRIN @ +1.05NYSE A/D line @ +19010:18SA Seabridge Gold enters into letter of intent to sell Nevada Properties (27.45 -0.79)Co reports that it has entered into a non-binding Letter of Intent to sell all of its interests in certain Nevada exploration properties, including Seabridge's Castle-Black Rock Project, to Constitution Mining for consideration exceeding $7 million consisting of: (i) staged payments of $3.0 million in cash; (ii) a $1.0 million convertible debenture; and (iii) 3.0 million common shares of Constitution Mining. Closing of the transaction (expected on or about January 22, 2010) is subject to completion of final due diligence by Constitution, regulatory approval and execution of a binding definitive agreement. A previous agreement to sell these properties to another party for $5 million has expired.10:18SPY New morning pullback lows for stock indices -- Dow -31, S&P -1, Nasdaq +4 -Update- -Technical-Relative sector weakness (underperforming the S&P) has been noted in Energy OIH / XLE, Utility UTIL, Materials XLB, Gold Miners GDX, Casino, Coal KOL, Steel SLX.10:16COMDX Crude falls to fresh lows at $75.65; currently lower by 90 cents to $75.7010:14INFN Infinera: Tiscali has selected an Infinera Digital Optical Network (8.88 +0.05)Tiscali has selected an Infinera Digital Optical Network for its nationwide Italian backbone and metro networks to provide its customers in Italy with the speed and flexibility of Infinera solutions. Tiscali will be deploying the Infinera DTN for its national backbone network and Infinera ATN systems for its metro networks. With more than 700,000 customers in Italy, of which more than 550,010:11XRT SPDR Retail lagging early but attempting to hold at short term support (35.07 -0.17) -Update- -Technical-The XRT was a laggard off the open and it set a new low after the weaker data/Dollar upticks but it has thus far been able to hold at the 50% retracement of the rally off last week's low at 34.91 (session low 34.92) -- ARO -9.8%, BKS -5.4%, SVU -1.8%, JCP -1.4%, GYMB -0.8%, NFLX -1%. Stocks on the plus side include: PSS +7.9%, AMZN +2.4%, LTD +1.8%, PCLN +2%.10:09AVT Avnet AND Opnext (OPXT) signed a distribution franchise agreement; Avnet will distribute Opnext's line of optical products in the Americas (28.76 +0.31)10:09AMZN Amazon.com continues to display relative strength as it extends its gap up open into ongoing fresh all-time high territory (145.83 +3.54) -Update- -Technical-10:08UUP Dollar Index pushes slightly into positive territory, hovering near session high at 74.75 -Technical-10:05ECONX Summary of Chairman Ben Bernanke testimony before the Committee on Banking, Housing, and Urban Affairs -Update-Bernanke says that today, most indicators suggest that financial markets are stabilizing and that the economy is emerging from the recession. Yet the task is far from complete. Far too many Americans are without jobs, and unemployment could remain high for some time even if, as anticipated, moderate economic growth continues. "If I am confirmed, I will work to the utmost of my abilities in the pursuit of those objectives... Having acted promptly and forcefully to confront the financial crisis and its economic consequences, we are also keenly aware that, to ensure longer-term economic stability, we must be prepared to withdraw the extraordinary policy support in a smooth and timely way as markets and the economy recover. We are confident that we have the necessary tools to do so. However, as is always the case, even when the monetary policy tools employed are conventional, determining the appropriate time and pace for the withdrawal of stimulus will require careful analysis and judgment. My colleagues on the Federal Open Market Committee and I are committed to implementing our exit strategy in a manner that both supports job creation and fosters continued price stability... To promote safety and soundness, we continue to work with other domestic and foreign supervisors to require stronger capital, liquidity, and risk management at banking organizations, while also taking steps to ensure that compensation packages do not provide incentives for excessive risk-taking and an undue focus on short-term results... we are expanding and improving our cross-firm, or horizontal, reviews of large institutions, which will afford us greater insight into industry practices and possible emerging risks. To complement on-site supervisory reviews, we are also creating an enhanced quantitative surveillance program that will make use of the skills not only of supervisors, but also of economists, specialists in financial markets, and other experts within the Federal Reserve. We are requiring large firms to provide supervisors with more detailed and timely information on risk positions, operating performance, and other key indicators, and we are strengthening consolidated supervision to better capture the firmwide risks faced by complex organizations. In sum, heeding the lessons of the crisis, we are committed to taking a more proactive and comprehensive approach to oversight to ensure that emerging problems are identified early and met with prompt and effective supervisory responses."10:03SCHN Schnitzer Steel reverses lower after early run failed near its 200 day sma and Nov highs at 47.92/48.01 -- session high 48.00 (47.09 -0.44) -Technical-10:02FNFG First Niagara: First Niagara Bank applying to convert from a thrift to a commercial bank (13.30 +0.01)First Niagara Bank, the wholly owned federal savings bank subsidiary of First Niagara Financial Group (FNFG), announced today that it will apply to the Office of the Comptroller of the Currency to become a commercial bank. Converting First Niagara Bank's charter from a thrift, or savings, institution to a commercial bank will increase its flexibility to serve the diverse financial services needs of its growing customer base.10:01SPY Stock indices slide lower after below consensus ISM -- Dow +4, S&P +2, Nasdaq +9 -Update- -Technical-10:00NVE NV Energy announces long-term power purchase agreement (12.09 0.00)The co and CC Landfill Energy announced that the two companies have entered into a 20-year power purchase agreement for the sale of energy produced from an 11-megawatt landfill gas-powered project to be located at Republic Services' (RSG) Apex Regional Landfill north of Las Vegas. CC Landfill Energy is owned and operated by Energenic, a partnership between long-term business partners Marina Energy and DCO Energy. Energenic has developed and constructed similar facilities throughout the United States, including recent projects in New Jersey and Maryland.10:00XRT Sector Watch: Laggards -Update- -Technical-Finance underpins in early trade while Retail XRT -0.3%, Gold/Silver -1.2% (Gold Miners GDX -1.4%, Silver SLV -1.4%, Gold GLD -0.4%), Oil Service OIH -0.4%, Stem Cell (ASTM -9.6%, STEM -8.7%, GERN -3%) along with selected Education (RLRN, APOL, DV) and Drillers (NE, DO, HAL) are on the defensive.09:55DIA Dow does not confirm move above yesterday's 52-wk high at 10513 and edges back -- session high 10507 (10476 +24) -Technical-Non-confirmations among the major averages always need to be monitored but there will be no very short term chart damage while holding above the 10460/10450 area.09:51XLF Financial Select Sector SPDR provides early leadership approaches congestion at 15.00 (14.92 +0.26) -Technical-Note that its Nov/five week high at 15.13. Other financial ETFs include: Bank KBE +1.7%, Insurance KIE +1.5%, Broker IAI +0.8%, Reg Bank RKH +1.3%.09:46ECONX Reminder: ISM Services data due out in about 14 min at 10:00ET09:44CMCSA Comcast extends gap higher start to 15.77, its two month highs from Nov are at 15.81/15.86 (15.71 +0.77) -Update- -Technical-09:43SPY S&P 500 runs as high as 1114.92 in early trade, just under yesterday's 52-wk high of 1115.58 (1114 +5.3) -Update- -Technical-Resistance above is in the 1120/1121 area (Fib extension targets and the 50% retracement of the 2007-2009 slump.09:40QQQQ Nasdaq Comp outperforming in early trade, sets new high for the week at 2200 (2200 +14.8) -Technical-Its Nov/52-wk peak comes into play above at 2205. Initial resistance above is in the 2209/2215 area.09:38KIE SPDR KBW Insurance vacillating near its 50 day sma resistance which capped the upside in Nov (35.18 +0.46) -Technical-Its Nov intraday high is at 35.6209:37IYT Dow Transports -TRAN- stronger in early trade, working up toward its Nov peak at 4059 -- session high 4053 (4053 +16.1) -Technical-Note that its 52-wk high from Oct is slightly above here at 4066. The inability of the TRAN to clear is Oct peak in Nov was a heads up for a possible consolidation.09:33OIH Oil Service HOLDRS Trust ETF making early lows as yesterday's 117.80 LoD in play (117.92 -.65) -Technical-LoD now @ 117.8809:33BAC Bank of America gaps up after new/upgrade, hovering near its 50 day at 16.30 and near last week's high at 16.47 -- session high 16.41 (16.28 +0.62) -Update- -Technical-Its Nov high/range top is at 16.62.09:31TKTM Ticketmaster announces new ticketing agreement with Lucas County Arena in Toledo, Ohio (10.89 -0.04)09:28COMDX Crude accelerates move into negative territory, putting in fresh lows at $76.00; now off $0.46 to $76.1409:26HDY Hyperdynamics to raise $6.5 mln in registered direct offering of 7.2 mln shares at $0.90 (0.98 )Co announces that it has entered into a definitive agreement to sell 7.2 mln shares of its common stock at a price per share of $0.90 pursuant to a registered direct offering to institutional investors, resulting in gross proceeds of approximately $6.5 mln. In addition to the issuance of the shares of common stock, Hyperdynamics will issue to the investors warrants to purchase up to 3,250,000 shares of common stock with an exercise price of $0.98 per share. The warrants will be exercisable over a four year term commencing 6 months from the closing date of the transaction.09:20ASR Grupo Aeroportuario Del Sureste reports total passenger traffic for November was down 7.1% y/y (53.91 )09:12BLDR Builders Firstsource announces update on its recapitalization transactions (3.90 )Co entered into an amendment support agreement with certain holders of the Company's Second Priority Senior Se Floating Rate Notes due 2012. Co also entered into a similar amendment to the investment agreement that it entered into on October 23, 2009 with JLL Partners Fund and Warburg Pincus Private Equity. The amendments provide that at least 90%, rather than 95%, of the aggregate principal amount of outstanding 2012 notes must be validly submitted for exchange in the company's previously announced debt exchange. As of December 2, 2009, holders of approximately 90.35% of the aggregate principal amount of the 2012 notes have agreed to exchange their 2012 notes in the debt exchange, satisfying the minimum condition for completion of the recapitalization transactions.09:12On the WiresVIA Pharmaceuticals (VIAP) announces that it has completed the last patient visit in its Phase 2 FDG-PET clinical trial of VIA-2291... Cree (CREE) announces that it has acquired a portfolio of patents and patent applications related to semi-insulating silicon carbide material and power device technology from Daimler AG... The United Arab Shipping Co has selected Dresser-Rand Company, a subsidiary of Dresser-Rand Group (DRC), to supply turbo-compound energy recovery power generation systems on board their new vessels being built by Samsung Heavy Industries of Korea.09:10ENZN Enzon authorizes share repurchase of up to $50 million (10.09 )09:08SPNC Spectranetics announces FDA clearance of VisiSheath Dilator Sheath (6.04 )Co announced it has received Food and Drug Administration 510(k) clearance for its new VisiSheathTM Dilator Sheath device. This expands the market for VisiSheath, which recently also received CE Mark approval in Europe. The VisiSheath Dilator Sheath may be used alone as an independent sheath for dilating tissue surrounding cardiac leads, or as an enhanced outer support sheath in conjunction with compatible inner sheaths such as Spectranetics' Laser Sheath.09:07HOG Harley-Davidson will keep its motorcycle operations in York, Pa (29.58 ) -Update-Co announced it will keep its motorcycle operations in York, Pa., and move forward with plans to restructure those operations. The announcement follows yesterday's ratification of a new seven-year labor agreement by company employees at York, represented by International Association of Machinists and Aerospace Workers (IAM) Local Lodge 175, and today's decision by the Harley-Davidson Board of Directors to approve the restructuring plan and related funding.09:06SHPGY Shire Plc announces voluntary recall of five lots and voluntary market withdrawal of one lot of the ADHD patch Daytrana (59.35 )Co announced a voluntary recall of five lots and voluntary market withdrawal of one lot of the Attention-Deficit/Hyperactivity Disorder (ADHD) patch Daytrana?. Shire is taking this action because some Daytrana patches do not meet or in the future may not meet their release liner removal specification, and as a result, patients and caregivers could have difficulty removing the liners. This action is not due to safety issues. All Daytrana patches can continue to be used unless the release liner cannot be removed or the patches are damaged while being opened. The current supply levels of Daytrana should be sufficient to ensure that patients can continue to have their Daytrana prescriptions filled at their local pharmacy.09:04NEXS Nexxus Lighting has been issued three new design patents (4.16 )Co announced that it has been issued three new design patents related to its Array Lighting LED replacement light bulb product line. US Design Patent No. D600,837 - LIGHT (Par 38); US Design Patent No. D601,276 - LIGHT (Par 30) and US Design Patent No. D601,277 - LIGHT (MR16 G-10) cover the unique fin / air flow design, overall shape and LED configurations of the existing Array Par 30 and Array MR16 bi-pin and Array MR16 with a GU10 pin base lamp as well as the new state-of-the-art Par 38 which is expected to be introduced in 2010.09:03EPD Enterprise Products updates Eagle Ford Shale pipeline projects; infrastructure network to access more than 700,000 acres (29.68 )Co provided an update on two pipeline projects currently under construction that are expected to provide in excess of 200 million cubic feet per day of incremental transportation capacity for natural gas production from the Eagle Ford Shale formation in LaSalle and Webb counties in Texas in the first quarter of 2010. These pipeline projects are the initial expansions of Enterprise's comprehensive network of midstream energy assets that spans South Texas and is well-situated to enable Eagle Ford Shale producers to maximize the value for their natural gas, natural gas liquid, condensate and crude oil production. By combining this new infrastructure with its existing assets, the partnership expects to have the capability to provide midstream services to more than 700,000 acres in the Eagle Ford Shale, 400,000 acres of which have already been dedicated to Enterprise. With the success and acceleration of drilling programs in the Eagle Ford Shale, Enterprise is evaluating additional investments to further expand its natural gas pipeline and processing facilities, as well as its NGL and crude oil pipelines in South Texas.09:03LNDC Landec and Monsanto modify license and supply agreement (6.30 )Co announces that it has modified its License, Supply and R&D Agreement with Monsanto (MON). Under the terms of the Modified Agreement, Monsanto will continue to have an exclusive license to use Landec's Intellicoat(R) polymer technology for specific seed treatment applications. Over the remaining two-year term of the Modified Agreement, Monsanto will investigate uses of Landec's Intellicoat technology in a variety of seed categories in the field exclusively licensed to Monsanto. As a result of the Modified Agreement, Landec now has the flexibility to pursue on its own, or with other partners, applications of its Intellicoat polymer technology in seed coatings outside of the exclusive field licensed to Monsanto. The Modified Agreement will also continue to provide for a fee to be payable to Landec of $4 million if Monsanto elects to terminate the agreement or $10 million if Monsanto elects to purchase the rights to the exclusive field. If Monsanto does not exercise its purchase option by December 1, 2011, Landec will receive the termination fee and all rights to the Intellicoat seed coating technology licensed to Monsanto will revert back to Landec. If Monsanto exercises its purchase option, Landec and Monsanto will enter into a new long-term supply agreement in which Landec would be the exclusive supplier of Intellicoat polymer materials to Monsanto.09:02AMZN Amazon.com announces the new Textbooks Trade-In program (142.25 ) -Update-Co announces the new Textbooks Trade-In program, which allows customers to exchange used textbooks in return for an Amazon.com gift card. The Textbooks Trade-In program will offer students the ability to trade in textbooks they no longer need.09:02DAKT Daktronics to provide LED video system upgrade for Baltimore Ravens at M&T Bank Stadium (8.84 )Co announces that it will design, manufacture and install new large screen video displays for M&T Bank Stadium, home of the National Football League's Baltimore Ravens. The multimillion dollar upgrade project includes two large end zone video displays, video processors, and the company's new Show Control system.09:02DE Deere announces that Samuel Allen Elected Chairman (54.00 )Co announces that its Board of Directors has elected Samuel Allen as Chairman of the Board, effective at the conclusion of the Feb 24, 2010 annual meeting of stockholders. Allen will continue as Deere & Company president and chief executive officer.09:01FFHL Fuwei Films announces receiving RMB 10 mln in additional financial support from Chinese govt (1.19 )Co announces that its wholly owned subsidiary, Fuwei Films Co, recently received RMB 10 mln financial support in the form of a loan from the local Chinese government.09:01GPX GP Strategies acquires Option Six; expected to be accretive to EPS (6.51 )Co announces it has acquired Option Six, a provider of custom courseware development with expertise in the software and pharmaceutical industries. GP Strategies anticipates that Option Six will have revenue exceeding $4 mln for the year ending December 31, 2009 and that the acquired business will be accretive to earnings-per-share. GP utilized cash-on-hand to fund the acquisition. Option Six provides blended learning courseware development and is known for consistently producing effective and engaging results.09:01SHAW Shaw Group has been awarded a contract to provide project management oversight services to the Federal Transit Administration (29.18 )Co announced it has been awarded a contract from the U.S. Department of Transportation to provide project management oversight services to the Federal Transit Administration (FTA) for the fifth consecutive time. Under the five-year, Indefinite Delivery/Indefinite Quantity contract, Shaw will be issued task orders to evaluate and oversee the execution of selected federal transit projects across the country.09:00TXT Textron announces redemption of preferred stock (20.62 )Co announces that it has elected to redeem all of the approximately 66,800 outstanding shares of its $2.08 Cumulative Convertible Preferred Stock, Series A and the approximately 33,900 outstanding shares of its $1.40 Convertible Preferred Dividend Stock, Series B. The redemption date for both series of preferred stock is January 13, 2010.08:55CLF Cliffs Natural Resources announces amended definitive agreement to acquire Freewest Resources Canada (45.95 )Co announces that it has amended the terms of the definitive agreement disclosed on Nov. 23, 2009, to acquire Montreal-based Freewest Resources Canada. Under the terms of the amended agreement, each Freewest shareholder will now receive CAD$0.90 per share of fixed consideration exclusively in the form of Cliffs Natural Resources common stock. The fraction of a Cliffs share to be issued per Freewest share is variable and will be determined based on the volume weighted average price of Cliffs shares for the five trading days ending on the third trading day before the effective date of the transaction.08:53COMDX Nat gas plunges into negative territory to trade to its lowest levels of the morning at $4.484; now down 3.8 cents to $4.492Note that inventory data will be released at 10:30am ET.08:52XETA Xeta Tech expands services contract with Lockheed Martin; expects annual revenue from expanded contract to exceed $4 mln (2.75 )Co announces that it has expanded the size of its multi-year master services contract with Lockheed Martin Corp (LMT). Under the terms of the expanded contract, XETA is providing communications and IT infrastructure technical support, field support, and help desk services for a large U.S. government customer on behalf of Lockheed Martin. The multi-year contract runs through September 2013. The company expects average annual revenue from the expanded contract to exceed $4 mln per year for the next four years. Previously, the average revenue from this contract was estimated to exceed $2 mln annually.08:41ENDP Endo Pharm provides regulatory update on AVEED injection; received a complete response letter from the FDA (22.42 )Co announces announced that it received a complete response letter from the FDA regarding the New Drug Application for its extended-duration testosterone undecanoate injection, AVEED, for men diagnosed with low testosterone. Low testosterone is also known as hypogonadism. In the complete response letter, the FDA has requested information from Endo to address the agency's concerns regarding very rare but serious adverse events, including post-injection anaphylactic reaction and pulmonary oil microembolism. The letter also specified that the proposed Risk Evaluation and Mitigation Strateg is not sufficient. Endo is currently evaluating the FDA's complete response letter.08:35BWA Borg Warner supplies turbochargers for the Opel 1.6-liter compressed natural gas engine (31.07 )Co supplies turbochargers for the Opel 1.6-liter compressed natural gas engine as well as the VW 1.4-liter TSI EcoFuel engine, the world's first direct-injection turbocharged engine modified for CNG operation. Both engines achieve 150 horsepower with significant fuel economy and lower emissions.08:35GENZ Genzyme to reopen enrollment in Alglucosidase Alfa temporary access program (51.29 )Co announces that it will reopen enrollment in the Alglucosidase Alfa Temporary Access Program, a program which provides access to treatment for severely affected adults with Pompe disease prior to commercial approval of Lumizyme. Genzyme and the FDA have also agreed on a path toward approval of Lumizyme. In November, Genzyme received a Complete Response letter for its Biologic License Application for Lumizyme. The company had been seeking approval of Lumizyme produced at a 2000 liter (L) bioreactor scale, manufactured at its Allston plant. In its letter, the FDA stated that satisfactory resolution of deficiencies related to the Allston plant would be required before the Lumizyme application can be approved. Since receiving the Complete Response letter, the company has had several discussions with the FDA on the most expeditious path toward approval. Based on these discussions, Genzyme will now seek approval of the product produced at a larger 4000 L bioreactor scale, in a resubmission to the agency. The 4000 L-scale Lumizyme is produced at Genzyme's manufacturing plant in Geel, Belgium. Genzyme anticipates that the resubmission will be made this month. "The reopening of the ATAP program will enable more U.S. patients with Pompe disease access to treatment prior to commercial approval of Lumizyme."08:33OSG Overseas Shipholding provides update on FSO Project (39.33 )Co provided an update on the FSO Asia, a Floating Storage and Offloading service vessel owned by the joint venture in which OSG and Euronav each has a 50% interest. After extensive commissioning in the shipyard, the vessel was redelivered to the joint venture and arrived at the Al Shaheen oilfield offshore Qatar on November 17, 2009. The planned hook-up of the vessel on site was prevented by bad weather and while delayed, further commissioning tests were conducted on board. During one of those tests a hose reel, one of several redundant systems that enable oil to be offloaded from the FSO to an export vessel, was damaged. The joint venture and Maersk Oil Qatar AS (MOQ) agreed to return the vessel to the conversion yard in Dubai to perform the required repairs, which is expected to take 10 days. MOQ has extended the provisional delivery date of the FSO Asia until December 15, 2009.08:31DNR Denbury Resources agrees to purchase conroe field and sell remaining Barnett Shale Assets (13.18 )Co announces it has entered into an agreement with Wapiti Energy, a Houston based privately-owned company to purchase a 95% working interest in the Conroe Field, a potential tertiary flood north of Houston, Texas, for approx $430.7 mln consisting of $256.4 mln in cash and 11,620,000 shares of Denbury common stock. The firm says the number of shares of Denbury common stock to be issued in the acquisition is fixed and equate to a value of $174.3 mln assuming a stock price of $15 per share. The transaction is expected to close on or before December 18, 2009. The Company plans to fund the cash portion of the purchase initially with bank debt, but expects to cover approx $210 mln of the cash portion of this purchase with the sale of its remaining Barnett Shale assets.08:31SPY E~mini index futures see little initial reaction to 8:30ET econ. data -Technical-Still posting firm gains thus far.ES +5.50NQ +4YM +4308:29JWN Nordstrom reports November comparable sales of +2.2% vs. +2.0% Briefing.com consensus (34.72 )Preliminary total retail sales of $749 mln for November 2009 increased 5.9% compared with total retail sales of $707 mln for the same period in fiscal 2008.08:28BONDX Dunked -15/32 3.367%...euro 1.5122...yen 88.1440Bonds are dropping with the mid-curve leading, as the market mulls over supply and watches stocks, while wondering what, if anything will come from the Bernanke hearings. Data will be given low level credibility ahead of the auction announcement and in the face of Friday's jobs report. The 10-yr has fallen to the worst level in 8 sessions, with the yield backed up to 3.367%. Global bonds are lower with the eurozone seeing a mixed run of reports that lent the outlook a positive bias. The curve was wound back to steeper levels with the 2-10-yr yield spread running 261.3. The dollar was offered with the index back at 74.35, but is making moves to recover ground. A run of data poor data in EuroLand is taking a back seat to the ECB, letting the regional currency run at 1.5133 while getting back to its best on the yen since 11/23. Bernanke will sit for confirmation before the senate banking committee (10) while Boston's Rosengren does a talk at a newspaper group. The market will be looking for the announcement of 3-10-and-30-yrs (11) as well as the standard 3-and-6-mos. Data has initial jobless claims, productivity and ECI (8:30) with a late ISM services (10)08:22GOK Geokinetics to acquire the global onshore seismic business of Petroleum Geo-Services in a transaction valued at approximately $210 mln (11.22 )Geokinetics (GOK) and Petroleum Geo-Services announced that they have signed a definitive agreement under which Geokinetics will acquire the onshore seismic data acquisition and multi-client data library business of P.G.S. in a cash and stock transaction valued at approximately $210 mln, on a cash free, debt free basis, which includes net working capital of $37.5 mln. In 2008, P.G.S. Onshore generated $71.9 mln in EBITDA (a non-GAAP financial measure defined below) on revenues of $278.8 million. In the first nine months of 2009, it generated $9.2 million in EBITDA on revenues of $141.6 mln. The 2009 decline in revenues and EBITDA is primarily due to a substantial drop in multi-client revenues as a result of lower natural gas prices in North America and a lack of new projects initiated in 2009. On a pro-forma basis, the new Geokinetics would be expected to generate in excess of $700 mln in revenues for 2009. P.G.S. Onshore had backlog of $196 mln as of Sep 30, 2009, which combined with Geokinetics represents $455 mln of pro-forma combined backlog at September 30, 2009. Geokinetics anticipates the transaction will be highly accretive to 2010 earnings.08:15ECONX Reminder: Initial Claims, Continuing Claims, Productivity-Rev, and Employment Cost Index data due out in about 15 min at 8:30ET08:14IDC predicts recovery and transformation in 2010 - modest it spending growth to be accompanied by fundamental industry transformationTwo themes will dominate events in the IT and Telecommunications markets in 2010: recovery and transformation. With a global economic recovery widely anticipated, modest growth in IT and telecommunications spending is expected. But the industry is entering this recovery year with an ambitious agenda, making transformation the more interesting theme of IDC's predictions for 2010... In terms of the recovery, IDC predicts that worldwide IT spending will grow by 3.2% in 2010, returning the industry to 2008 spending levels of about $1.5 trillion. In broad terms, hardware, software and services spending will each grow in the 2-4% range, with hardware experiencing the most notable gains after a particularly difficult 2009... The most important transformational force in the IT market will be the continuing build-out and maturing of the cloud services and consumption model. The emergence of "enterprise-grade" cloud services will be a unifying theme in this area, with a battle unfolding in cloud application platforms - the most strategic real estate in the cloud for the next 20 years... By 2010 year end, IDC expects more than 1 billion mobile devices will be accessing the Internet, boosted by the growing popularity of smartphones and the arrival of Apple's (AAPL) iPad tablet computer. And the growth in mobile devices will ignite an explosion in mobile applications, with the number of iPhone apps tripling to 300,000 and Android apps surging by a factor of five or more.08:12FDO Family Dollar reaffirms Q1 EPS of $0.45-0.50 vs $0.48 First Call consensus; Q1 sales grew 3.9% YoY to $1.823 bln vs the $1.857 consnesus with comps up 2.4% (30.73 )08:11OCLS Oculus Innovative Sciences provides 2010 U.S. milestones update (1.45 )Co announced an expanded regulatory/commercial pipeline for its Microcyn-based products as preparation for the company's CEO to provide even greater detail at the OneMedForum on January 12, 2010 in San Francisco. "We see 2010 as being a breakout year in terms of U.S. product regulatory clearances, new product introductions, revenue growth and partner activities. While we're unable to control the timing of the FDA review process, we believe these anticipated marketing clearances will be transformative, creating added revenue streams that will help get us to revenues of greater than $45 million to $60 million with operating profitability of 20% by 2013."08:09On the WiresIsis Pharmaceuticals (ISIS) announces that it has added two new drugs to its development pipeline, ISIS-FXIRx and ISIS-SMNR... Sequenom (SQNM) announces that Dr. Yves Ville has joined the company's Clinical Advisory Board. Dr. Ville is an obstetrician-gynecologist and currently serves as professor and chairman of the department of obstetrics and fetal medicine at Necker-Enfants-Malades Hospital at the Paris Descartes University... Omnicell (OMCL) announces that Carolinas HealthCare System has chosen Omnicell OmniRxA automated medication dispensing cabinets to streamline management of medications in its hospitals... Comtech Telecommunications (CMTL) announces that its subsidiary, Comtech Xicom Technology, has received orders totaling $1.6 mln for ruggedized, solid-state power amplifiers... Allos Therapeutics(ALTH) announces the launch of an international registry designed to address the urgent need to better understand treatment patterns and outcomes for patients with peripheral T-cell lymphoma.08:06ABK AMBAC Fincl: S&P raises Ambac Assurance's Counterparty Credit Rtg To 'CC' (0.81 )Standard & Poor's Ratings Services said that it raised its counterparty credit and financial enhancement ratings on Ambac Assurance Corp. to 'CC' from 'SD' (selective default). We also affirmed our 'CC' financial strength rating on Ambac and removed the rating from CreditWatch, where it was placed with positive implications on Nov. 18, 2009. The outlook on the ratings is developing. This action follows Ambac's commutation of four collateralized debt obligation of asset-backed securities (CDO of ABS) exposures from multiple counterparties... "After the commutations and settlement payment, Ambac's financial position improved modestly," said Standard & Poor's credit analyst David Veno. The analysis of Ambac's financial position includes our expectation that it will receive approximately $440 million in tax refunds as a result of the recently passed "Worker, Homeownership and Business Assistance Act of 2009." The rating action also takes into account that due to the deterioration of Ambac's financial condition, the Wisconsin OCI has increased its monitoring of Ambac focusing on maximizing and preserving the company's claims-paying ability. The Wisconsin OCI has stated in its Nov. 18, 2009, media advisory that it and its advisors are working with Ambac to evaluate strategic alternatives. It is important to note that the Wisconsin OCI has not taken control of Ambac.08:06DLM Del Monte beats by $0.10, misses on revs; guides FY10 EPS above consensus, reaffirms FY10 revs guidance (10.96 )Reports Q2 (Oct) earnings of $0.31 per share, including $0.05 in debt restructuring costs, $0.10 better than the First Call consensus of $0.21; revenues rose 6.4% year/year to $958.9 mln vs the $973.4 mln consensus. Co issues guidance for FY10, raises EPS guidance to $0.93-0.97 vs. $0.93 consensus, which includes $0.05 in debt restructuring costs; reaffirms FY10 rev growth guidance of 4-6%, which equates to roughly $3.77-3.84 bln vs. $3.82 bln consensus. Results for the second quarter fiscal 2010 include pretax costs of ~$17 million ($0.05 EPS) related to the Company's recently closed notes offering and tender offer. "Our second quarter earnings reflect strong volume and pricing-driven topline growth, significantly improved margins and a second consecutive quarter of record earnings... Based on the strong first half performance and lower expected full year costs, we are increasing our EPS target range for fiscal 2010. We are also increasing our long term operating margin expectations as we view fiscal 2010 as a new base for Del Monte from which we will continue to execute against our Accelerated Growth Plan to drive long-term value for our shareholders."08:04MBR Mercantile Bancorp announces $11 million capital infusion for Royal Palm Bank of Florida subsidiary (3.00 )Co announced it has provided $11 million in capital to The Royal Palm Bank of Florida, its Naples, Florida based wholly owned subsidiary. Mercantile recently announced successful results of several steps in its multi-tiered recapitalization plan, which contributed to the capital being provided to Royal Palm. Royal Palm is a full-service institution with particular expertise in serving businesses.08:03UTIW UTI Worldwide reports EPS in-line, beats on revs (13.25 )Reports Q3 (Oct) earnings of $0.18 per share, in-line with the First Call consensus of $0.18; revenues fell 20.1% year/year to $967 mln vs the $888.6 mln consensus. "Declines in revenue moderated considerably on a year-over-year basis in the third quarter. Volumes improved throughout the third quarter, particularly in airfreight which experienced an increase in the month of October, the first increase since early 2008. Our sales focus has helped us outpace the market, which we have not accomplished in more than a year. But this improvement was largely offset by industry-wide yield pressure as carriers raised rates substantially, particularly out of Asia. These higher rates could not always be recovered in the near term. While yield contraction was widely expected in the second half of the year, the squeeze was greater than anticipated in the third quarter because of aggressive carrier actions. We are planning for yields to trend towards historic levels as carrier rates adjust to better reflect supply and demand. Our overall operating margin continued to show improvement on a sequential basis. Our contract logistics business performed quite well with margins in this segment continuing to move higher in the quarter. And our year-to-date free cash flow continues to approximate net income."08:02SYK Stryker announces $750 mln share repurchase program (51.24 )08:02STJ St. Jude Medical announced FDA approval of its next-generation MultiSteering Technology software (36.96 )Co announced U.S. Food and Drug Administration (FDA) approval of its next-generation MultiSteering Technology software for Rapid Programmer, a programming platform used to optimize neurostimulation therapy for chronic pain patients. Introduced at the North American Neuromodulation Society annual meeting, this new software is designed to help healthcare professionals thoroughly and efficiently program devices for patients with complex pain patterns, eliminating unnecessary, inefficient steps.08:02NWL Newell Rubbermaid appoints Juan Figuereo as Chief Financial Officer (14.97 )The co announces the appointment of Juan Figuereo as Executive Vice President and Chief Financial Officer. Figuereo is a former Wal-Mart and PepsiCo executive with significant experience in global general management, operations, and strategic mergers and acquisitions, in addition to senior financial leadership. He will join Newell Rubbermaid on Dec. 7 and succeeds J. Patrick Robinson, who is taking early retirement as previously announced. Most recently, Figuereo was Executive Vice President and Chief Financial Officer of Cott Corporation, a publicly traded company and one of the world's largest suppliers of retailer-branded soft drinks, where he helped engineer a turnaround including significant gross margin expansion, cost reductions and a strengthening of the company's balance sheet.08:01MRNA MDRNA announces new data demonstrates evidence of potent anti-tumor activity against multiple gene targets in multiple rodent oncology models (0.84 )Co announces presentation of data related to its non-human primate and oncology programs at the Informa Life Science 10th Annual Conference, EuroTIDES. Michael Templin, Ph.D., Vice President of Discovery Research and Pharmaceutical Development at MDRNA, Inc., today presented data on efficacy and tolerability in non-human primates with the Company's novel UsiRNA construct and DiLA2 delivery platforms for the development of RNAi-based therapeutics. Dr. Templin stated that the non-human primate program, which began four months ago, resulted in the significant knockdown of a primate liver gene following a single intravenous dose of 0.3 mg/kg. No increase in ALT and AST levels were observed at 24 or 48 hours post-dose nor was there elevation in other liver enzymes or kidney function markers. In addition, there were no alterations in hematology parameters and no apparent induction of cytokines.08:00LCC US Airways reports November traffic results (3.97 )The co announces November and year-to-date 2009 traffic results. Mainline revenue passenger miles (RPMs) for the month were 4.2 billion, down 1.8 percent versus November 2008. Capacity was 5.4 billion available seat miles (ASMs), down 1.3 percent versus November 2008. Passenger load factor for the month of November was 77.3 percent, down 0.4 points versus November 2008.07:52BAC Bank of America: Fitch upgrades Bank of America's Individual & Preferred Ratings (15.65 ) -Update-Fitch Ratings has upgraded the individual, preferred and trust preferred ratings of Bank of America and its subsidiaries. Additionally, BAC's individual, preferred, and trust preferred ratings of all entities remain on Rating Watch Positive by Fitch. These rating actions follow BAC's announcement that it will repay $45 billion in preferred stock issued to the U.S. government. Fitch views the capital transactions as a net positive to the risk profile of BAC. The strongest element of the transactions is the government's approval of BAC's capital plan. Fitch views the approval as a significant endorsement by the regulators that BAC now possesses adequate financial resources to manage through what is expected to be a challenging next several quarters. While total equity will decline slightly, the improved mix of capital in the form of greater representation from common equity provides an enhanced buffer to better insulate all creditors, including preferred stock holders, from risk of loss or non-performance on the instruments they hold. Fitch has also affirmed the long- and short-term Issuer Default Ratings (IDRs) of BAC and its subsidiaries. The IDR affirmations are derived from U.S. government support and, as such, continue to carry a Stable Rating Outlook.07:44On The WiresNOXXON Pharma AG announced the achievement of an important milestone in its drug discovery and development partnership with Eli Lilly and Company (LLY). NOXXON's successful identification of a Spiegelmer with picomolar affinity and high selectivity for its target met contractually specified milestone criteria and triggers a payment of an undisclosed amount. Lilly and NOXXON entered into the agreement last year to discover and develop Spiegelmers for the treatment of migraine... Tyler Technologies (TYL) will provide the Delaware River Joint Toll Bridge Commission with its integrated Munis ERP (Enterprise Resource Planning) solution to enhance workflow, data analysis and budget management. The contract includes software licenses, professional services, maintenance, and support... MGIC Investment (MTG) announced that the Office of the Commissioner of Insurance for the State of Wisconsin has waived, until December 31, 2011, the requirement that MGIC maintain a specific level of minimum regulatory capital to write new mortgage guaranty policies. The OCI also approved a change in MIC's business plan under which MIC will write new business only in jurisdictions where MGIC does not meet minimum capital requirements similar to those waived by the OCI and does not obtain a waiver of those requirements from that jurisdiction's regulatory authority.07:40CBST Cubist Pharma announces the Data Safety Monitoring Board recommended a temporary suspension in enrollment in one of the CB-500,929 trials (17.29 )Co announced the early closing of enrollment in its ecallantide Phase 2 program. After a regularly scheduled review meeting, the Data Safety Monitoring Board (DSMB) contacted the company to recommend a temporary suspension in enrollment in one of the CB-500,929 trials, CONSERV-2. The CONSERV-2 trial is evaluating a high dose of CB-500,929 (~75 mg total administered dose, which is the highest of three doses administered in the CONSERV-1 dose ranging study) in higher-risk-of-bleed patients undergoing on- pump cardiac surgery. The DSMB had observed a statistical difference in mortality between the arms of the CONSERV-2 trial that it felt needed to be assessed before the trial could be resumed. While overall mortality was consistent with expected outcomes for the patient population in the CONSERV-2 trial, the data for patients treated to date shows more deaths in the CB-500,929 arm. Initial review shows mortality observed in the trial was due to a variety of causes typically expected in a high-risk-for-bleed population undergoing cardiac surgery. There was no such imbalance detected in the CONSERV-1 trial, also being monitored by the DSMB.07:33CSIQ Canadian Solar announces intention to build solar panel manufacturing facility in Ontario (22.95 )Co announces that it is commencing the site selection and approvals process to establish a 200 megawatt module manufacturing facility in Ontario. The new facility is expected to result in 500 new direct manufacturing jobs in Ontario and sufficient capacity to supply electricity to 60,000 homes per year. The estimated cost of the plant will be CDN$24 mln, and once completed, it will be one of the largest solar panel manufacturing facilities in North America, further strengthening Canadian Solar's position as the country's leading, Canadian-owned manufacturer of solar modules. The plant will be completed in stages, with the first phase of operations expected to commence in 2010.07:31CLSN Celsion provides update on progress of ThermoDox Phase III study for primary liver cancer; says eleven countries including China now enrolling patients, enrollment to be (2.90 )Co provided an update on the progress of its pivotal ThermoDox(R) Phase III "HEAT" trial for the treatment of hepatocellular carcinoma (HCC), the most common form of primary liver cancer. Following recent regulatory approvals in China, Malaysia, Thailand and the Philippines, the study is now enrolling patients in eleven countries, with the majority of clinical sites located in the Asia Pacific region where HCC is most prevalent. Enrollment in this 600 patient study continues to accelerate and Celsion expects to meet its objective of completing enrollment by the middle of 2010. A pre-planned, un-blinded interim efficacy analysis will be performed by an independent Data Management Committee when 50% of the endpoint events, tumor recurrence, are realized in the study population. Based on an historical review of RFA cases, Celsion expects the study could be completed by the middle of 2011, and pending positive data, a NDA would be submitted to the FDA before the end of 2011.07:31ISR IsoRay announces iodine distribution agreement with GE subsidiary, Oncura (0.72 )Co announces that it has signed a distribution agreement with Oncura to distribute the I-125 brachytherapy seed, OncoSeed.07:31EME EMCOR Group: Chairman and Chief Executive Officer adopts Rule 10B5-1 Trading Plan (24.85 )The co announces that Frank MacInnis, Chairman and Chief Executive Officer of EMCOR, has entered into a stock trading plan in accordance with Rule 10b5-1 (the "Plan") of the Securities Exchange Act of 1934. Under the terms of the Plan, Mr. MacInnis intends to sell up to 250,000 shares during a period ending November 15, 2010. Mr. MacInnis adopted the Rule 10b5-1 plan as part of a long-term strategy to gradually diversify his investments over an extended period of time.07:29CFW Cano Petroleum provided a status update regarding its pending merger (1.03 )Co provided a status update regarding its pending merger with Resaca Exploitation. As announced on September 30, 2009, Cano and Resaca executed an agreement and plan of merger on September 29, 2009. The merger is subject to the following closing conditions: (i) Resaca's Registration Statement on Form S-4 becoming effective with the U.S. Securities and Exchange Commission (ii) the approval of the merger by shareholders of both companies, (iii) Resaca becoming listed on a U.S. exchange, (iv) Resaca becoming approved and re-admitted for listing on the AIM, (v) the refinancing of existing bank debt, and (vi) other customary closing conditions. Co is currently preparing responses to these SEC comments and expects to file an amended Form S-4 the week of December 14, 2009. Once approved by the SEC, the Form S-4 will serve as a prospectus for Resaca shareholders as well as a joint proxy statement for both Resaca shareholders and Cano stockholders to vote on the proposed merger, in addition to other matters to be voted on as discussed therein.07:25On The WiresThe Ensign Group (ENSG) announced that it has acquired SunView Care Center, an operating skilled nursing and Alzheimer's campus in Youngtown, Arizona, a sister community adjacent to Arizona's Sun City retirement community. Co also announced that it has acquired three Texas skilled nursing facilities: the 93-bed Grand Terrace Rehabilitation & Healthcare Center in McAllen, the 100-bed Alta Vista Rehabilitation & Healthcare in Brownsville; and the 95-bed Veranda Rehabilitation & Healthcare in Harlingen. The acquisitions were effective December 1, 2009... AMD (AMD) announced its involvement in the development of one of the first industry benchmark testing suites for OpenCL. The benchmark suite includes remote analysis, benchmarking and diagnostic features for PCs, servers, mobile devices and networks, and can be used to test OpenCL performance on ATI Stream technology... ASML (ASML), along with its subsidiary Brion Technologies, announced a broad-scoped joint development project with STMicroelectronics (STM) to accelerate 28-nm node deployment and 22-nm node development... Sterling Bancshares (SBIB) declared a quarterly cash dividend of $0.015 per share of common stock for the third quarter, a reduction of $0.04 per share from the previous quarter. The dividend is payable December 28, 2009, to shareholders of record on December 14, 2009... Hillenbrand (HI) has declared a regular quarterly cash dividend of $0.1875 per share, up from previous quarterly rate of $0.185 per share... Gaming Partners International Corporation (GPIC) authorized a special cash dividend of $0.125 per share... First Savings Financial Group, Inc. (FSFG) authorized a stock repurchase program to acquire up to 127,102 shares, or 5.0%, of the Company's outstanding common stock... Wal-Mart (WMT) has agreed to pay $40 million to as many as 87,500 of its current and former employees in Massachusetts... Celanese Corporation (CE) announced that its subsidiary, Celanese EVA Performance Polymers, will increase the price of all grades of Ateva EVA by $0.08/pound and LDPE by $0.05/pound effective January 1, 2010, or as contracts allow.07:07On The WiresRules-Based Medicine announced that Psynova Neurotech has executed an exclusive research and licensing agreement with Roche (RHBBY) to collaborate on the discovery, development, validation and commercialization of diagnostic immunoassays to aid the clinical development and commercial differentiation of novel treatments for schizophrenia... China Information Security Technology (CPBY) that its Chinese subsidiaries, Shenzhen Bocom Multimedia Display Technology and Wuda Geoinformatics were each granted "National High-Tech Enterprise" status by the PRC government, as approved by the Ministry of Science and Technology of China, the Ministry of Finance and the State Administration of Taxation... A-Power Energy Generation Systems (APWR) announced they have signed agreements with Pakistan Amraas International Private on two separate DG projects in Pakistan. The first project entails the construction and operation of two 25 megawatt biomass power plants for Amraas. The total value of the contract is estimated to be $120 million... Lionsgate (LGF) has acquired rights through its joint venture with Wind-up Records' music publishing affiliates to songs written by innovative independent recording stars Hawthorne Heights. The announcement was made today by Lionsgate Music President Jay Faires. The deal was negotiated by Executive Vice President/General Manager Lenny Wohl... Descartes Systems Group (DSGX) announced that Deeley Harley-Davidson Canada has deployed Descartes' Transportation Management solution to help it reduce resource and customer service costs.07:06APWR A-Power Energy misses by $0.03, misses on revs; reaffirms FY09 guidance (15.39 )Reports Q3 (Sep) earnings of $0.28 per share, ex-items, $0.03 worse than the First Call consensus of $0.31; revenues rose 13.2% year/year to $96.7 mln vs the $113.4 mln consensus. Co reaffirms guidance for FY09, sees FY09 revs of $320 mln vs. $324.17 mln consensus with non_GAAP net income of $32 mln vs the $29.8 mln consensus. Gross margin was 13.1% vs. 12.4% in 3Q08. "Most of 14 ongoing DG projects progressed well in the third quarter and would likely to continue in the fourth quarter as well. Going into fourth quarter, we anticipate the payments will gradually funnel in, as many construction projects are advanced and some are near the completion. As our wind turbine facility is gathering speed on production, we remain cautiously optimistic on wind turbine shipment in the fourth quarter." Co also announces they have signed agreements with Pakistan Amraas International Private Limited ("Amraas") on two separate DG projects in Pakistan. The first project The second project concerns a geothermal project for the Pakistan Parliament Building (753,480 square feet) between SPG and Amraas International. project. Detailed terms and conditions are not disclosed.07:05RSCR Res-Care reported that a jury has rendered a verdict of approximately $54 million in damages against the Company (12.83 )Co reported that a jury in Albuquerque, New Mexico, has rendered a verdict of approximately $54 million in damages against the Company related to an incident that occurred five years ago in one of its group homes in the area. The case was previously disclosed in the Company's 10-Q. "Our first concern is, and always will be, the well-being of the people in our care. Our standard procedure has always been to investigate any reported misconduct. When this incident was reported in 2004, we took immediate action, notifying the proper authorities and investigating internally. We have extensive quality assurance and compliance systems in place, and we know that our employees take great pride in the important work they do."07:03GDP Goodrich Petroleum announces 2010 capital expenditure budget, acquisition of additional acreage and operational update (22.15 )The company announces a preliminary capital expenditure budget for 2010 of $230 mln, flat with the company's revised 2009 budget. The company anticipates drilling 46 gross (24 net) horizontal wells for the year, with approximately two-thirds of the budget being spent on its core Haynesville Shale assets in Caddo and DeSoto Parishes, Louisiana. The preliminary budget includes approximately $190 mln in drilling and completion expenditures and $40 mln allocated to leasehold and infrastructure. The company estimates production volumes will grow by 15-25% in 2010 versus 2009. The company announces it has entered into an agreement to acquire approximately 12,000 net acres in Nacogdoches and Angelina Counties, Texas which it believes to be prospective for the Haynesville Shale. With the additional acreage, the company now has approximately 85,000 net acres prospective for the Haynesville across its entire acreage position. On the basis of recent drilling results in the area and offset well data, the company now feels it has approximately 22,000 net acres prospective for the Haynesville in the Angelina River Trend area. The company plans to drill its first Haynesville well on its Angelina River Trend acreage in the first half of 2010.07:02HOGS Zhongpin receives government cash subsidies (13.81 )Co reports it has received two payments totaling RMB 21.4 mln (about $3.1 mln) in cash subsidies from the Chinese government.07:01WTSLA Wet Seal reports November comparable sales of -5.0% vs -6.6% Briefing.com consensus (3.02 )"After experiencing a slow start to the month, we were encouraged by improved comparable store sales performance over the Thanksgiving holiday weekend in our Wet Seal division. Promotional levels through November remained consistent with our expectations at Wet Seal and Arden B, and we are pleased with our inventory positions in both operating divisions going into December."06:46PTEN Patterson-UTI reports drilling activity for November 2009 (15.46 )Co reported that for the month of November 2009, the co had an average of 104 drilling rigs operating, including 96 rigs in the United States and 8 rigs in Canada. For the two months ended November 2009, the Company had an average of 96 drilling rigs operating, including 89 rigs in the United States and 7 rigs in Canada. Average drilling rigs operating reported in the Company's monthly announcements represent the average number of the Company's drilling rigs that were operating under a drilling contract.06:31SU Suncor Energy reports oil sands production numbers for November 2009 (37.19 )Co reports that oil sands production during November averaged approx 314,000 barrels per day. YTD oil sands production at the end of November averaged approx 297,000 bpd. Suncor is targeting average oil sands production of 290,000 to 305,000 bpd in 2009.06:27S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +4.80.06:27Asian MarketsNikkei...9977.67...+368.70...+3.80%. Hang Seng...22553.87...+264.30...+1.20%.06:27European MarketsFTSE...5345.87...+18.50...+0.40%. DAX...5814.36...+32.30...+0.60%.06:25CMCSA Comcast increases dividend 40%; intends to complete current $3.6 bln stock repurchase plan within 36 months (14.94 ) -Update-Co announces a planned annual dividend has increased 40% to $0.378 per share. In accordance with the increase, the Board of Directors has increased the quarterly dividend payable on January 27, 2010 to shareholders of record as of the close of business on January 6, 2010 from $0.0675 a share on the Company's common stock to $0.0945 a share. Additionally, Comcast announced its intent to complete its $3.6 bln share repurchase authorization over the next 36 months.06:25CMCSA Comcast and GE confirm definitive agreement to form joint venture (14.94 ) -Update-Comcast (CMCSA) and General Electric (GE) confirm that they have signed a definitive agreement to form a joint venture that will be 51% owned by Comcast, 49% owned by GE and managed by Comcast. The joint venture, which will consist of the NBC Universal businesses and Comcast's cable networks, regional sports networks and certain digital properties and certain unconsolidated investments, will be well positioned to compete in an increasingly dynamic and competitive media and digital environment. The joint venture will be financially strong with a robust cash-flow-generation capability. Under the terms of the transaction, GE will contribute to the joint venture NBCU's businesses valued at $30 bln, including its cable networks, filmed entertainment, televised entertainment, theme parks, and unconsolidated investments, subject to $9.1 bln in debt to third party lenders. Comcast will contribute its cable networks including E!, Versus and the Golf Channel, its ten regional sports networks, and certain digital media properties, collectively valued at $7.25 bln, and make a payment to GE of approx $6.5 bln of cash subject to certain adjustments based on various events between signing and closing.06:20QCC Quest Capital announced it has made a $10 mln payment toward the repurchase and retirement of its outstanding $40 mln First Preferred Shares, Series A (1.08 )06:19PIR Pier 1 Imports sees Q3 sales of $327 mln vs $319.81 mln consensus (4.38 )Co reported that comparable store sales for the third quarter ended November 28, 2009 increased 13.7%. Total sales for the quarter aggregated $327 mln vs $319.81 mln consensus compared to $301 mln in the year ago quarter. Co says "Comp store sales strengthened throughout the quarter culminating in a very strong Thanksgiving weekend. Sales were driven by improvements in traffic, average ticket, and conversion rate. Merchandise margins for the quarter continued to show significant year over year improvements due to strong input margins and lower markdown activity...."06:17RRC Range Resources provides asset sale update (47.43 )Co announces an update to its asset sale process. Several years ago, Range began to periodically sell non-core properties with the goal of providing additional capital for its higher return projects. In addition, by divesting of its more mature properties, Range strengthens its low-cost structure and focuses its operations. In concert with its asset divestiture process, in the second quarter of 2009, Range sold its Fuhrman Mascho Field properties in West Texas for approximately $182 million of proceeds. Range has recently decided to offer for sale its tight gas sand properties in Ohio. The properties include approximately 3,500 producing wells with current net production of approximately 25 Mmcfe per day. Current production is 70% natural gas and 30% oil. The properties include approximately 418,000 net acres of leasehold and about 1,600 miles of pipeline and gathering system infrastructure.05:47TOL Toll Brothers misses by $0.22, beats on revs (19.49 )Reports Q4 (Oct) loss of $0.68 per share, includes $85.5 million of non-cash pre-tax inventory write-downs, a pre-tax charge of $11.6 million due to early retirement of debt and a $14.6 million non-cash expense for deferred tax asset valuation allowances. Excluding write-downs and charges for early retirement of debt, 4Q09 pre-tax loss was $9.6 million, $0.22 worse than the First Call consensus of ($0.46); revenues fell 29.6% year/year to $486.6 mln vs the $450.1 mln consensus. 4Q09 net signed contracts of 765 units and $430.8 million rose 42% in units and 62% in dollars compared to Q408 totals. These increases were achieved despite having fewer selling communities: During 4Q09, the co averaged 215 selling communities, down 26% from 290 in 4Q08 and down 32% from 315, its fourth-quarter peak, in FY07. The contract cancellation rate (current-quarter cancellations divided by current-quarter signed contracts) was 6.9% in the 4Q09, which was in line with its pre-downturn historical averages.05:35SCR Simcere Pharma provides update on Jiangsu Yanshen (8.12 )Co reports that China's State Food and Drug Administration has initiated a comprehensive investigation into quality issues regarding human use rabies vaccine manufactured by Simcere's subsidiary Jiangsu Yanshen Biological Technology Stock Co., Ltd. The SFDA issued a public notice on December 3, 2009 announcing the initiation of a comprehensive investigation into quality issues regarding human use rabies vaccine manufactured by two companies including Jiangsu Yanshen.02:01TRGT Targacept and AstraZeneca form collaboration and license agreement for late-stage investigational product TC-5214 for treatment of major depressive order (23.51 )Co and AstraZeneca (AZN) announce a collaboration and license agreement for the global development and commercialization of TC-5214, Targacept's late-stage investigational product for major depressive disorder. TC-5214, which recently completed a phase IIb clinical trial, is a nicotinic channel blocker that is thought to treat depression by modulating the activity of various neuronal nicotinic receptor subtypes.01:46VRTX Vertex Pharma prices 11.5 mln common shares at $38.50/share (39.49 ) -Update-01:08ICOC ICO reports 4Q09 results; announces merger agreement with A. Schulman (4.50 ) -Update-Reports Q4 (Sep) earnings of $0.06 per share, in-line with First Call consensus of $0.06; revenue declined 25% year/year to $80.5 mln vs $76.78 mln two-analyst estimate. The revenue decline was caused by several factors. Volumes, which fell 7%, reduced revenues by $7.0 million. The volume decline was a result of reduced customer demand as a result of the global economic slowdown. Lower average selling prices, as a result of lower resin prices, reduced revenues by $10.8 million. Finally, the translation effect of a stronger U.S. Dollar reduced revenues by $9.7 million. Co announces merger agreement with A. Schulman; ICO shareholders will receive approx $6.79/share in cash and SHLM stock.01:03ICOC A. Schulman to buy ICO for approx $6.79/share in cash and stock (4.50 )Co announces the execution of a merger agreement with A. Schulman (SHLM 16.95). The combined stock and cash transaction is valued at approx $191.4 mln. Transaction requires approval from ICO shareholders and customary regulatory approvals. Under the terms of the agreement, the total consideration is comprised of $105.0 mln in cash and 5.1 mln shares of A. Schulman common stock. ICO shareholders will receive approx $6.79 per share of ICO stock comprised of $3.67 in cash and $3.12 in A. Schulman stock (0.184 shares of A. Schulman stock valued at the closing price on December 2, 2009).00:39HGSI Human Genome Sciences prices 15.5 mln common shares at $26.75/share (27.46 )00:38On The WiresCiena (CIEN) announces that its agreement with Nortel to acquire substantially all of the optical networking and carrier Ethernet assets of Nortel's Metro Ethernet Networks business in N. America, the Caribbean, Latin America and Asia has been approved by both the U.S. Bankruptcy Court for the District of Del. and the Ontario Superior Court of Justice. Ciena has also entered into a separate agreement with Nortel and the Joint Administrators to acquire substantially all of the optical networking and carrier Ethernet assets of the MEN business in Europe, the Middle East and Africa... Celanese (CE) announces that its subsidiary, Celanese EVA Performance Polymers, will increase the price of all grades of Ateva EVA by $0.08/pound and LDPE by $0.05/pound effective January 1, 2010, or as contracts allow... Bridge Capital Holdings (BBNK), whose subsidiary is Bridge Bank, National Association, announces it has provided an $8.2 million credit facility to NBS Corp... Santarus (SNTS) announces that its collaboration partner, Cosmo Technologies Ltd., a subsidiary of Cosmo Pharma has completed enrollment of 514 patients in the European Ph. III clinical trial to evaluate budesonide MMX administered over eight weeks for the induction of remission of mild or moderate active ulcerative colitis.18:53ALK Alaska Air Group reports November traffic (30.18 -0.72)Co reported November operational results for its subsidiaries, Alaska Airlines (Alaska) and Horizon Air (Horizon). ALASKA AIRLINES Alaska reported an increase in load factor to 79.8%in November 2009, compared to 76.7% in November 2008, on a 1.3% increase in available seat miles (ASMs) compared to the prior-year period.18:05NOC Northrop Grumman announces $171 mln advance procurement contract for DDG 51 destroyer continuation (55.27 +0.01) -Update-Co annonced the U.S. Navy awarded a $171 mln fixed-price advance procurement contract to Northrop Grumman Corporation (NYSE:NOC) to provide long lead materials for a continuation in the company's Aegis-class DDG 51 destroyer program. The materials purchased will be used in the construction of DDG 113.18:03TDG TransDigm announces the acquisition of Dukes, Inc. and GST Industries, Inc. (443.72 +0.71)Co announced that it has entered into an agreement to acquire substantially all the assets of Dukes, Inc. and GST Industries, Inc. (collectively "Dukes") for ~$96 mln in cash, plus the possibility of future payments up to a total of $60 mln over four years based on the achievement of certain growth targets that are well above anticipated industry growth. Dukes, Inc., which is headquartered in Northridge, CA, and its subsidiary, GST Industries located in Mesa, AZ, are both suppliers of proprietary, highly engineered components primarily to the business jet, regional jet, and military aerospace markets, along with commercial and military helicopter markets.17:48BAC Bank of America confirms the co will repay entire $45 bln in TARP to U.S. taxpayers (15.65 -0.24) -Update-Bank of America announced that it will repay U.S. taxpayers their entire $45 billion investment provided under the Troubled Asset Relief Program (TARP). The repayment will be made after the completion of a securities offering. To date, BAC has paid $2.54 bln in dividends to the U.S. Treasury on the TARP investment. Repaying TARP will save the co ~$3.6 bln in annual dividend costs from the TARP investment. The repayment of TARP is the latest in a series of actions taken to reduce Bank of America's reliance on government assistance. Other actions include: Paying the U.S. government $425 mln to terminate a term sheet that would have guaranteed up to $118 bln in assets, if a final agreement had been reached. Opting out of the Temporary Liquidity Guarantee Program (TLGP) in September. Exiting the Term Auction Facility (TAF) in the summer of 2009. Eliminating borrowings from the Federal Reserve's Term Securities Lending Facility (TSLF) and Primary Dealer Credit Facility (PDCF). Announcing plans to exit the Transaction Account Guarantee Program (TAGP) effective Jan. 1, 2010. Increasing Tier 1 Common capital by ~$40 bln in Q2 of 2009. Issuing more than $10 bln in non-government-backed debt in the public markets in 2009. Under terms of the authorization from the U.S. Treasury and banking regulators to repay the $45 bln investment made under TARP, BAC will repurchase all 600,000 shares of the co's Fixed Rate Cumulative Perpetual Preferred Stock, Series N; all 400,000 shares of the co's Fixed Rate Cumulative Perpetual Preferred Stock, Series Q; and all 800,000 shares of the company's Fixed Rate Cumulative Perpetual Preferred Stock, Series R. The shares were issued to the U.S. Treasury as part of TARP. Bank of America is not exercising its right to repurchase the related warrants at this time. BAC plans to repay the $45 billion in TARP funds using $26.2 bln in excess liquidity and $18.8 billion in proceeds from the sale of "common equivalent securities." The $18.8 bln issuance of "common equivalent securities" would be treated as Tier 1 Common capital. Shareholders would be asked at a special meeting to be held within 105 days of issuance to approve an increase in the authorized shares outstanding in order to allow the "common equivalent securities" to be converted into common stock. The "common equivalent securities" carry warrants to buy a total of 60 mln shares of common stock at $0.01 per share and other benefits if shareholders do not approve an increase in authorized common shares. In addition, BAC agreed to increase equity by $4 bln through asset sales to be approved by the Board of Governors of the Federal Reserve and contracted for by June 30, 2010. To the extent those asset sales are not completed by the end of 2010, the co agreed it would raise a commensurate amount of common equity. BAC also agreed to raise up to ~$1.7 billion through the issuance of restricted stock in lieu of a portion of incentive cash compensation to certain BAC associates as part of their normal year-end incentive payments. Year-end incentive payments are dependent on the performance of the co, business units and individuals and have not yet been determined. This initiative also aligns associate interests with the co's performance. After the TARP repayment and these initiatives, the company's Tier 1 Capital ratio would be 11.0%, pro forma based on the September 30, 2009 ratio of 12.5 percent. The Tier 1 Common capital ratio would be 8.5 percent, pro forma based on the September 30, 2009 ratio of 7.3%. The co will continue to have strong liquidity. Repurchase of TARP preferred stock is expected to reduce income available to common shareholders in Q4 by $4.1 bln, as the book value of the preferred is less than the amount paid.17:43PPD Pre-Paid Legal services announces additional stock repurchase authorization of up to 1 mln shares (38.18 +0.06)Co announced that its Board of Directors has authorized an additional repurchase of 1 mln shares, as we have purchased virtually all of our previously announced stock repurchase authorizations totaling 15 mln shares. We will make purchases at prices we consider attractive. We have not set a time limit for completion of the additional share repurchases.17:32DDMX Dynamex beats by $0.05, misses on revs (18.08 +0.52)Reports Q1 (Oct) earnings of $0.31 per share, $0.05 better than the First Call consensus of $0.26; revenues fell 14.3% year/year to $99 mln vs the $100.6 mln consensus.17:30CNI CN locomotive engineers' strike to end immediately after company and union reach agreement on resolving outstanding contractual issues (53.42 -0.41) -Update-17:25BC Brunswick Corporation Announces Additional Purchase of Approximately $85 Million of Its Outstanding Senior Notes Due 2013 (10.73 )Co announced that it has recently completed open market purchases of ~$85 mln of its outstanding 11.75 percent notes due 2013. BC purchased these notes for ~$97 mln, excluding accrued interest. Combined with the purchase of ~$12 mln completed pursuant to a tender offer earlier this year, BC has reduced the amount of 2013 notes outstanding to ~$153 mln.17:21ERII Energy Recovery signs definitive agreement to acquire Pump Engineering, L.L.C. (5.70 +0.09)Co announced it has entered into a definitive agreement to acquire all of the equity interests of Pump Engineering, L.L.C. based in New Boston, Michigan. Under the terms of the agreement, ERI will pay the shareholders of Pump Engineering ~$20 mln in cash plus one million shares of ERI Common Stock. The completion of the transaction, which is subject to satisfaction of customary conditions, is expected to take place in the fourth quarter of 2009.17:10URI United Rentals announces redemption of remaining 14% HoldCo notes (9.33 +0.10)Co announced its intention to redeem its remaining $271 mln aggregate principal amount of outstanding 14% HoldCo Notes due 2014. The 14% HoldCo Notes will be redeemed on December 21, 2009 at par. The company also announced the upsizing of its $1.285 billion asset-based revolving facility to $1.360 bln, further increasing its financial flexibility and liquidity.17:08EQT EQT Board approves 2010 capital budget; 20% production growth projected for 2010 (41.81 +0.18)Co annouced the Board of Directors of EQT Corporation (EQT) approved the company's capital budget for 2010. The co forecasts capital expenditures (CAPEX) for 2010 of $850 mln. The CAPEX forecast includes $565 mln for well development, $245 mln for midstream projects, including the first phase of the Equitrans expansion project, and $40 mln for distribution infrastructure projects and other corporate items. Funding will be provided by cash generated from operations ($550-$600 mln); a cash tax refund (~$100 mln); and from the co's $1.4 bln revolving credit facility, currently undrawn.17:08PRGS Progress Software expects to achieve or exceed its Q4 revenue and EPS given on Sept 22 (24.34 +0.14)Co expects to achieve or exceed its Q4 revenue and EPS given on Sept 22, which called for EPS of $0.54-0.56 and revs of $130-133 mln. Current consensus is EPS $0.55, revs $131.9 mln... Co unveiled a series of initiatives to better position the co for long-term growth and improved profitability. These initiatives are designed to: Enhance Progress Software's product strategy by focusing on growth opportunities in the enterprise software market and aggressively bring new products and solutions to market; Change the way Progress Software takes its products to market by becoming more customer and solutions driven. This strategy will enable the company to be even more focused on ensuring customer and partner success; Increase Progress Software's market awareness, leveraging its more visible product brands that carry strong recognition in their respective markets.17:05PRGS expects to achieve or exceed its Q4 revenue and EPS guidance given on Sept 22, which called for EPS of $0.54-0.56 and revs of $130-133 mlnCurrent consensus: EPS $0.55, revs $131.9 mln.17:03PRGS expects to achieve or exceed its Q4 revenue and EPS guidance given on Sept 2216:46KVA KV Pharmaceutical enters into employment agreement with interim President and Chief Executive Officer David A. Van Vliet (3.40 +0.01)Co announced that it has entered into an employment agreement with Interim President and Chief Executive Officer David A. Van Vliet with a term through December 31, 2011. Van Vliet has served as Interim President and Chief Executive Officer since December 2008.16:39CTS CTS Corp unit awarded a new production program for a smart actuator (9.48 -0.08)Co announced that CTS Automotive Products was awarded a new production program for a smart actuator. Production is anticipated to begin in late 2012 with total revenues over the six-year program life to be approximately $40 million, initially starting at $3 million and ramping to $10 million annually by 2015.16:30UHT Universal Health increases quarterly dividend by $0.005/share to $0.60/share (30.27 -0.08)16:29ARTNA Artesian Resrces to purchase the water assets of the town of Port Deposit (17.00 +0.24)Co announces that it has entered into an agreement to purchase the water assets of the town of Port Deposit. The investment in the Port Deposit water system extends Artesian Water Maryland's commitment to meeting the water service infrastructure needs in Cecil County's targeted growth area. The acquisition includes a water treatment facility with a capacity of up to 500,000 gallons per day, a Susquehanna River water appropriation permit, a 500,000 gallon ground storage tank, and water mains.16:28BONDX Give it Back -07/32 3.310%...euro 1.5046...yen 87.4427Bonds were back and forth on the day with the long end making a run at significantly better levels, but was unable to hold the best levels as action petered out. The market may get caught up consolidating looking out to tomorrow's 3-10-and-30-yr auction announcement as well as Friday's jobs report. The data up Thursday carries some weight, but with the jobs and likely increased issuance to be dumped on the market next week, things should be held in check unless something really funky happens. The data will likely be mixed with the ISM expected to improve and jobless claims to deteriorate. The auctions are being guessed at a flat or smaller 3-yr ($40B or $1B less), $20B to $21B reopened 10-yrs and $12B 30-yrs as officials follow through on plans to tweak up the longer end and drain some on the shorter side, especially as the offerings are seeing demand that pushes the yields paid every lower. The curve has been slung well flatter from the steepest in over a week, with the 2-10-yr yield spread now 259.5 from 264. The dollar battled back in the latter part of the day with the index regaining 0.4% from the day's lows, while spinning the euro back off from over 1.51 to near 1.5030. The yen was rangy much of the day but was backed off late to about 87.50, while still near its 14-yr best. The day ahead has Bernanke in the confirmation seat before the senate banking posse (10) while Boston's Rosengren does an off topic newspaper talk (12:30). Data has initial jobless claims, productivity and ECI (8:30) with a late ISM services (10) and the 3-10-and-30-yr announcement.16:21ARO Aeropostale beats by $0.01, reports revs in-line; guides Q4 EPS in-line (32.80 +0.57)Reports Q3 (Oct) earnings of $0.92 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.91; revenues rose 17.8% year/year to $567.8 mln vs the $566.5 mln consensus. Co issues in-line guidance for Q4, sees EPS of $1.20-1.24 vs. $1.22 consensus. Co reported Nov same store sales of 7%.16:19SNPS Synopsys beats by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs in-line; guides FY10 EPS below consensus, revs below consensus (22.52 -0.03)Reports Q4 (Oct) earnings of $0.33 per share, $0.01 better than the First Call consensus of $0.32. Co issues mixed guidance for Q1, sees EPS of $0.38-0.40 vs. $0.41 consensus; sees Q1 revs of $325-333 mln vs. $332.78 mln consensus. Co issues downside guidance for FY10, sees EPS of $1.52-1.62 vs. $1.68 consensus; sees FY10 revs of $1.33-1.35 bln vs. $1.37 bln consensus. "Looking forward into 2010, we intend to continue to control expenses, invest to accelerate our strong technology momentum, and focus on growing our customer relationships."16:09CSCD Cascade Microtech announces that its Chief Executive Officer has resigned (5.07 +0.08)Co announced that its Chief Executive Officer, Geoff Wild, has resigned and will leave the company at the end of this month. Wild has accepted a position in an organization in the electronic materials industry based in Asia. A selection process to find and appoint a replacement for the position of President and Chief Executive Officer will begin promptly. Dr. F. Paul Carlson has assumed the position of Chairman and CEO during this transition period with responsibility for day to day operations. Wild will assist him as President during the month of December. Mr. Eric Strid will remain as Chief Technical Officer and a member of the board, continuing to focus on developing the company's strong technology base.16:07LPS Lender Processing Services publishes Nov mortgage monitor report indicating that loan deterioration ratio climed above 3:1 (41.51 -0.57)The November Mortgage Monitor report, released by Lender Processing Services, reveals a nationwide loan deterioration ratio higher than 3:1 - indicating that for every one loan improved, three more loans are deteriorating. LPS is a provider of mortgage performance data and analytics. Of home loans that were current as of Dec 2008, more than two million, or 4.02%, were delinquent or in foreclosure by the end of Oct 2009. High rates of deterioration were particularly evident in the Northeast and Northwest.16:07VRTX Vertex Pharm announces a 10 mln share common stock offering pursuant to an effective shelf (39.49 -0.37)16:05TEVA Teva Pharm: Cephalon (CEPH) files patent infringement lawsuit against Teva Pharmaceuticals (53.94 +0.56) -Update-Cephalon (CEPH) announces that it has filed a lawsuit in U.S. District Court in Delaware against Teva Pharmaceuticals (TEVA) for infringement of U.S. Patent Nos. 7,132,570, 7,297,346, and RE37,516for the Cephalon product NUVIGIL Tablets. CEPH has a three-year period of marketing exclusivity for NUVIGIL that extends until June 15, 2010. In addition, including the six-month pediatric extension, the '516 Patent, the '346 Patent, and the '570 Patent expire on April 6, 2015, May 29, 2024, and June 18, 2024, respectively. Co says that Teva did not challenge Orange Book-listed U.S. Patent No. 4,927,855, which provides additional protection until Oct 22, 2010, the expiration date of the '855 Patent. The lawsuit is based upon an Abbreviated New Drug Application filed by Teva seeking FDA approval for a generic equivalent of armodafinil to be sold in the United States. Teva alleges that the above NUVIGIL patents are invalid, unenforceable and/or will not be infringed by Teva's manufacture, use or sale of the product described in its ANDA.16:05JAS Jo-Ann Stores beats by $0.01, reports revs in-line; reaffirms FY10 EPS guidance (32.90 +0.37)Reports Q3 (Oct) earnings of $0.90 per share, $0.01 better than the First Call consensus of $0.89; revenues rose 6.0% year/year to $509.1 mln vs the $509.1 mln consensus. Co reaffirms guidance for FY10, sees EPS of $1.95-2.05 vs. $2.05 consensus. For FY10, the co sees same-store sales increase of approximately 2.3%-2.7% for the year; sees gross margin rate improvement for the year greater than its trend for the first nine months of the year.16:05HE Hawaiian Electric unit sold all but $0.6 million of its private-issue mortgage-related securities (PMRS) portfolio (20.16 +0.26)American Savings Bank, F.S.B., a wholly-owned subsidiary of Hawaiian Electric Industries, reported that it sold all but $0.6 million of its private-issue mortgage-related securities (PMRS) portfolio. "The securities were backed by mainland mortgages and it was unclear when mainland residential markets might recover. The improvement in the bond markets gave us the opportunity to liquidate these securities, reduce the bank's overall credit risk and improve the prospects for more consistent future earnings support from the bank for HEI's dividend."16:05TECD Tech Data announces $100 mln share repurchase program (42.36 +0.05)16:05NANO Nanometrics announces follow-on order for Atlas XP Metrology Systems from leading memory customer (13.10 +1.46) -Update-The co announces a follow-on order for ten of its Atlas XP metrology systems, as well as industry-leading NanoDiffract software, from a leading memory customer. These systems are incremental to systems previously ordered and announced earlier this year. The systems are to be delivered to multiple factories throughout the fourth quarter of 2009 and first quarter of 2010 in support of technology re-tooling for next-generation DRAM and Flash manufacturing.16:04SIGM Sigma Designs reports Q3 EPS of $0.09, including items; misses on revs (11.51 -0.14)Reports Q3 (Oct) earnings of $0.09 per share, including charges, may not compare to the First Call consensus of $0.19; revenues fell 30.8% year/year to $35.5 mln vs the $46 mln consensus. Co states, "We are disappointed to report a shortfall in revenue for the third quarter. This shortfall is due to a number of factors affecting our IPTV demand, some of which are believed to be one-time events. We do feel that the IPTV market in general has a positive outlook and that next year will see renewed market growth. Sigma powered set-top boxes are currently being deployed at a total of 36 individual telco providers around the world, providing a broad portfolio of demand for this segment..."16:04PSS Collective Brands beats by $0.12, beats on revs (20.15 +0.15)Reports Q3 (Oct) earnings of $0.61 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $0.49; revenues rose 0.5% year/year to $867 mln vs the $847.6 mln consensus. Gross margins rose to 36% from 34.4% in the prior year's quarter... Inventory at the end of Q3 was $403.2 mln, down 13.8% compared to the prior year period. Aged inventory declined both in dollars and units. Capital expenditures were $61.2 mln through the first three quarters of 2009 compared to $107.5 mln at the same time last year.16:02KTCC Key Tronic announces increased Q2 guidance (2.66 -0.01)Co announced increased guidance for Q2. Co sees Q2 revs of $42-44 million, up from previous estimates of $38-43 million. The higher than anticipated revenue is expected to result in improved factory utilization and manufacturing efficiencies. As a result, net income for Q2 is expected to be $0.10-0.13 per share, up significantly from the previous estimate of $0.02-0.05 per share. "Based on preliminary results for the quarter to date and forecasts for the remainder of the second quarter of fiscal 2010, we are seeing stronger than anticipated demand from many of our customers in a wide variety of industries, including our new customer programs which are ramping up faster than projected... The significant increase in earnings guidance reflects both our stronger than expected revenue and our sustained efforts to enhance our operating efficiency."Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond and world FX market participants. 1-800-752-3013 or http://www.briefing.com
Fitch Takes Action on 3 Classes of Lehman Brothers Home Equity Loan Asset-Backed Notes 2005-1
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News