Briefing.com: Hourly In Play (R) – 18:00 ET

Dec 21, 2009 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 21-Dec-09 18:00 ET

17:33

HOLX Hologic Announces Decision in Patent Infringement Suit against SenoRx brought by Hologic, Cytyc, and Hologic L.P.; jury has returned a verdict in favor of SenoRx (14.07 +0.41)

Co announced that the jury in the patent infringement lawsuit against SenoRx brought by Hologic, Cytyc, and Hologic L.P., Inc. in the U.S. District Court for the Northern District of California has returned a verdict in favor of SenoRx. The suit alleges SenoRx's Contura infringes claims 4 and 8 of U.S. Patents 6,413,204 and 6,482,142, respectively. The jury found that claim 4 was not infringed and found that both claims were not valid. SenoRx had previously admitted infringement of claim 8.

17:28

DVA DaVita: Study finds dramatic improvement in patient outcomes in dialysis clinics after being acquired by DaVita (59.26 -0.34)

Co released a study finding patient outcomes in the company's newly acquired centers showed dramatic improvements over the two years following their switch to DaVita(R) ownership. Reflecting DaVita's proven track record for superior clinical care, the study, published in the Clinical Journal of the American Society of Nephrology, reveals that patients demonstrated better clinical results in several critical areas of disease management after their dialysis centers were acquired by DaVita.

17:16

HIW Highwoods Properties announces ratings upgrade from Moody's (35.51 +0.33) -Update-

Co announced that Moody's Investors Service has raised the Company's senior debt rating to Baa3, from Ba1, with a stable outlook. The co's senior debt is now rated investment grade by Fitch Ratings, Moody's Investors Service and Standard and Poors.

17:15

NAV Navistar beats by $0.25, beats on revs (35.51 +0.33)

Reports Q4 (Oct) earnings of $1.77 per share, excluding %$0.58 in charges, $0.25 better than the First Call consensus of $1.52; revenues fell 15.1% year/year to $3.29 bln vs the $3.09 bln consensus. Co said it had previously stated it anticipated manufacturing cash balances for the year in the range of $700-800 mln and it in fact closed 2009 with a manufacturing cash balance of $1.2 bln compared with $751 mln as of the prior quarter ended July 31, 2009." The co anticipates that total truck industry retail sales volume for Class 6-8 trucks and school buses in the United States and Canada for the year ending Oct. 31, 2010, will be in the range of 175,000 to 215,000 units

17:06

NOC Northrop Grumman wins U.S. Navy submarine maintenance contract (56.21 +0.49)

Co subsidiary AMSEC LLC has been awarded a contract by the U.S. Navy for maintenance, repair and modernization of submarines home-ported or transient through Pearl Harbor, Hawaii. AMSEC LLC was one of six contractors awarded a five-year indefinite-delivery, indefinite-quantity contract that has a combined value of $140.4 mln to all contractors involved.

16:56

BYD Boyd Gaming amends bank credit facility (8.81 +0.08)

Co announced it amended (the "Amendment") its First Amended and Restated Credit Agreement dated as of May 24, 2007 (the "Credit Agreement"). Pursuant to the Amendment, BYD reduced its borrowing capacity from $4 bln to $3 bln. The co currently has approximately $2 billion in outstanding debt under the Credit Agreement, and has remaining incremental capacity of ~$1 billion.

16:43

EROC Eagle Rock enters into definitive agreements to enhance liquidity and simplify its capital structure (4.96 +0.46)

Co announced that certain of its affiliates and subsidiaries have entered into definitive agreements, described below, with respect to the previously announced joint proposal from Natural Gas Partners VII, L.P. and Natural Gas Partners VIII, L.P. (collectively with certain of their affiliates, "NGP") and Black Stone Minerals Company, L.P. (collectively with certain of its affiliates, "Black Stone"). The transactions contemplated in the agreements serve to improve the Partnership's liquidity position and simplify its capital structure. The Global Transaction Agreement and Minerals Business Sale Agreement seek to simplify and recapitalize the Partnership through a series of transactions including: An option in favor of Eagle Rock, exercisable by the issuance of 1,000,000 newly-issued common units, to capture the value of its controlling interest through (i) acquiring its general partner and the 844,551 general partner units outstanding, and (ii) reconstituting its board to allow the Partnership's common unitholders to elect the majority of its directors; The sale of Eagle Rock's Minerals Business to Black Stone for total consideration of $174.5 mln in cash, up from the $170 million contemplated in the joint proposal EROC received from NGP and Black Stone on November 7, 2009... The sale of the Minerals Business and full exercise of the rights offering would provide ~$225 mln of potential debt reduction (before any transaction fees) under the Partnership's revolving credit facility. Borrowed amounts could be reduced further by the proceeds from an equity offering done at a later date.

16:35

HIW Highwoods Properties announces new $400 mln credit facility (33.65 +0.79)

Co announced that it has closed on a new, $400 mln unsecured revolving credit facility. The new facility, which matures in February 2013, replaces the co's existing $450 mln facility which was scheduled to mature in May 2010.

16:34

RBCN Rubicon Tech provides additional details on production capacity expansion plans (21.80 +1.34)

The co announces additional details related to the Company's two year capacity expansion plan which was outlined on its third quarter earnings conference call last month. The Company is adding production capacity as its existing facilities are nearing maximum capacity and demand for sapphire substrates, particularly for use in the LED industry, is expected to be strong in coming years... The Company plans to add a new 2nd generation crystal growth facility near its existing facilities in Illinois which will nearly double the current crystal growth capacity and will house larger furnaces providing even greater ability to serve the growing demand for large diameter substrates. Concurrent with the addition of another crystal growth facility, the Company will build a facility in Asia to expand post crystal growth processing operations. This facility will reduce manufacturing costs while enhancing revenue generating capacity through the expansion of large diameter post crystal growth processing capability... "We expect both facilities to be fully operational by the end of 2011 and that this new capacity will increase our annual revenue generating capacity to at least $130 million once the facilities are fully operational. This estimate is based on today's pricing and certain assumptions related to our product mix."

16:32

ZGEN Zymogenetics and Bayer restructure RECOTHROM agreements (6.06 +0.05)

Co announced a restructuring of the U.S. co-promotion and ex-U.S. license and collaboration agreements with Bayer Schering Pharma AG and Bayer HealthCare relating to RECOTHROM Thrombin, topical (Recombinant). Effective January 1, 2010, co regains full promotion rights in the United States and all ex-U.S. rights except in Canada, where Bayer will market and sell the product. Under the terms of the revised agreements, active co-promotion by Bayer in the U.S. will end on December 31, 2009; Bayer will receive its normal sales commission through that date. Beginning in 2010, Bayer will receive a reduced sunset period commission through December 31, 2011, which was previously capped at $25 million per year and now will be subject to an aggregate maximum of $12 million. ZymoGenetics will no longer be required to pay Bayer U.S. sales bonus payments totaling $20 million, which were anticipated to have been payable in 2010 and 2011 or upon termination of the co-promotion agreement.

16:32

BCO Brinks announces intent to repatriate cash held in Venezuela at parallel rate (25.36 +0.42)

The co announces its intent to repatriate 75 million bolivar fuertes held in Venezuela at the parallel exchange rate... The company also intends to repatriate future dividends generated by its Venezuelan operations at the parallel rate. As a result, effective immediately, Brink's will begin reporting results from these operations at the parallel rate. Bolivars can be converted to U.S. dollars using either the Venezuelan government's official rate, which requires government approval, or the less favorable parallel rate that can be used without government approval. The repatriation of the 75 million bolivars at the parallel rate is expected to yield an estimated $12 million.

16:31

CEPH Cephalon provides update on regulatory review of NUVIGIL; FDA extends action date to March 29, 2010 (59.75 +0.71)

Co announced that the U.S. FDA has extended the action date to March 29, 2010, for its review of the supplemental New Drug Application (sNDA) for NUVIGIL (armodafinil) Tablets [C-IV]. The sNDA is for the indication of improved wakefulness in patients with excessive sleepiness associated with jet lag disorder due to eastbound travel. "We will continue to work closely with the FDA to assist them in completing their review of our application in a timely manner and do not anticipate any further delays beyond the March 29, 2010, action date."

16:31

MMC Marsh McLennan Agency acquires The NIA Group (21.76 +0.07) -Update-

Co announces it has acquired The NIA Group, one of the largest independent insurance agencies in the Northeast and the 34th largest agency in the U.S., and its New York City office Kornreich-NIA. Terms of the transaction were not disclosed. The NIA Group has annual revenue of $62 mln and has offices in New Jersey, New York, Connecticut, and Florida.

16:30

TRV Travelers announces catastrophe reinsurance transaction with Longpoint Re II (48.67 +0.53)

The co announces that it has entered into two reinsurance agreements with Longpoint Re II, a newly formed Cayman Islands insurance company, each providing up to $250 million of reinsurance from losses resulting from certain hurricane events in the northeastern United States. The reinsurance agreements, entered into on December 18, 2009, provide protection for covered events occurring before or on December 18, 2012 and December 18, 2013, respectively. In connection with entering into the reinsurance agreements, Longpoint Re II successfully completed a $500 million catastrophe bond offering comprised of $250 million of Series 2009-1 Class A Principal At-Risk Variable Rate Notes due December 24, 2012 and $250 million of Series 2009-1 Class B Principal At-Risk Variable Rate Notes due December 24, 2013.

16:30

JSDA Jones Soda announces evaluation of strategic alternatives (0.66 0.03)

Co announces known for its unique branding and innovative marketing, today announced that it has received written indication of interest from Big Red Holdings Corporation, the parent company of Big Red, Inc., one of the top ten carbonated soft drink companies in the U.S. that markets Big Red soda and other flavored soft drinks, in acquiring the company for a cash purchase price of $0.30 per share of common stock. The indication of interest is subject to various contingencies, including satisfactory completion of due diligence by Big Red.

16:30

PDLI PDL BioPharma announces new licensing agreement with Eli Lilly (6.80 -0.17)

Co announced that it has entered into a non-exclusive license agreement with Eli Lilly and Company (LLY) under PDL's Queen et al patents with respect to teplizumab, a humanized anti-CD3 monoclonal antibody, as well as other potential next generation anti-CD3 molecules. Teplizumab is currently being studied by Lilly and its partner MacroGenics for the treatment of individuals with newly-diagnosed type 1 diabetes mellitus. No other details of the licensing agreement were made available.

16:16

EGN Energen reports that work on Chattanooga shale well is ongoing (47.36 +0.21)

Co announced that it may be another 60-90 days before it has results of its Chattanooga shale well in Alabama. Work on the Cain 6-6 #1 in Tuscaloosa County has been delayed largely due to a previously disclosed casing leak. The 1,500-foot horizontal leg of the Cain 6-6 #1 well is at a vertical depth of approximately 7,800 feet.

16:16

TTWO Take-Two: SNX to Acquire TTWO subsidiary Jack of All Games for approx $43 mln

Co announced it has entered into a definitive agreement to acquire substantially all of the North American assets of Jack of All Games, Inc. a wholly-owned subsidiary of Take-Two Interactive Software (TTWO). The acquisition of Jack of All Games provides SYNNEX with an established distribution footprint in video game hardware and software, a $20 billion segment in the consumer electronics industry. SYNNEX will retain the distribution rights for game consoles, video games, PC software, and accessories from elite video game manufacturers and publishers including Activision Blizzard, Electronic Arts, Microsoft, Nintendo, Sony, and Take-Two. SNX anticipate the Jack of All Games business to be near-term accretive to earnings. In addition to the acquisition of Jack of All Games assets, SYNNEX will add approximately 200 employees throughout the United States and Canada. Pursuant to the asset purchase agreement, SYNNEX will pay a purchase price of up to $43.25 million in cash. This includes approximately $6.75 million in deferred payments, generally payable six months after the close and subject to certain post-closing conditions. The transaction, which is subject to normal regulatory and other approvals, is expected to close in the March 2010 timeframe. For the twelve months ended October 31, 2009, Jack of All Games revenue was approximately $282 million.

16:15

RBPAA Royal Bancshares of PA updates investors on sale of Royal Asian Bank (1.26 -0.54)

The co announces that it has terminated the agreement relating to the sale of Royal Asian Bank, which was previously announced to investors in September 2009. Despite raising a significant amount of capital, the Korean-American investor group pursuing the buyout was unable to raise sufficient capital to meet the terms of the agreement and ensure all regulatory approvals necessary to complete the transaction would be obtained. The investor group was led by Edward Shin, Royal Asian Bank's President and CEO, who will remain with the bank and continue to manage its day-to-day operations. In commenting on today's announcement, Mr. Shin stated, "I appreciate the support of the entire Royal Bancshares management team. As we worked to execute this transaction, they clearly demonstrated to me that the best interests of Royal's shareholders and customers were paramount in the decision making process."

16:10

BA Boeing, ANA announce order for 777s, 767s worth approx. $2 bln (54.30 +0.86)

Co and ANA (All Nippon Airways) announced an order for five 777-200ER (Extended Range) and five 767-300ER jetliners. The order is valued at approximately $2 billion at list prices.

16:06

CLRT Clarient acquires Genomics in all stock merger valued at up to $17.6 mln (2.48 -0.01)

Co announces that it has acquired privately held Applied Genomics in an all-stock merger valued at up to $17.6 mln, if all conditions and milestones set forth in the merger agreement are successfully met. As a result of the merger, A.G.I. has become a wholly-owned subsidiary of CLRT. Pursuant to the terms of the merger agreement, CLRT acquired all of the outstanding capital stock of A.G.I. in exchange for up to an aggregate of 7.6 mln shares of CLRT common stock. The total consideration consists of 4.4 mln shares of CLRT common stock issued to the former A.G.I. stockholders at closing and up to 3.2 mln additional shares of CLRT common stock issuable to the former A.G.I. stockholders contingent upon the satisfaction of certain clinical, commercial and revenue milestones set forth in the merger agreement. The shares issued at closing will be reduced by 440,000 shares that will be placed into an escrow account to cover future indemnity claims.

16:06

FST Forest Oil is revising its previously guided 2009 oil and gas net sales volumes downward by 0.5 Bcfe to a range of 181.5 to 192.5 Bcfe (22.99 +0.65)

Co announced that it closed the previously announced sale of the remainder of its Permian Basin properties in West Texas and New Mexico for ~$800 mln to SandRidge Exploration and Production, a wholly-owned subsidiary of SandRidge Energy (SD). The proceeds from this sale will be used to repay all outstanding borrowings under FST's U.S. and Canadian credit facilities, redeem the co's 7 3/4% Senior Notes due 2014, fund any capital expenditures in excess of discretionary cash flow, pay the current tax liability as a result of this transaction, which is estimated to be $55-75 mln, and for other corporate purposes. In connection with the closing of this transaction, the global borrowing base under FST's credit facilities has been reduced to $1.3 bln. Forest is calling for redemption all of the $150 mln principal amount outstanding of its 7 3/4% Senior Notes due 2014 in accordance with the terms of those notes. FST is revising its previously guided 2009 oil and gas net sales volumes downward by 0.5 Bcfe to a range of 181.5-192.5 Bcfe to adjust for the effect of closing its Permian Basin divestiture earlier than originally anticipated. The co anticipates that oil and gas net sales volumes for 2009 will be in the lower end of the guided range. The impact results in a reduction to guidance of 5 MMcfe/d for the three months ended December 31, 2009. All other guidance detailed in FST's press releases dated November 2, 2009, May 4, 2009 and February 3, 2009 has not changed.

16:05

SB Safe Bulkers announces agreement for early termination of existing charter in exchange for compensation (8.26 +0.02)

Co has agreed to terminate the existing charter of the Kamsarmax-class vessel "Pedhoulas Merchant." The charter was contractually due to expire in November 2010. Following this agreement, the vessel is expected to be redelivered between February and March 2010. In exchange for the early redelivery of the vessel, the charterer has agreed to pay the Company cash compensation between $5.1 and $6.5 million, depending on the vessel's actual redelivery date. Following redelivery the vessel will be available for employment.

16:03

CATM Cardtronics names payments industry executive Steven A. Rathgaber as CEO (11.19 -0.63)

Co announces that its board of directors has selected Steven A. Rathgaber as the Company's new Chief Executive Officer. Mr. Rathgaber, a seasoned payments industry executive, brings over 32 years of broad payment product and network experience to Cardtronics. Most recently, Mr. Rathgaber served as President and Chief Operating Officer of NYCE Payments Network, LLC, a wholly-owned subsidiary of Fidelity National Information Services.

16:03

JBL Jabil Circuit beats by $0.03, reports revs in-line; guides Q2 EPS above consensus, revs above consensus (15.02 +0.22)

Reports Q1 (Nov) earnings of $0.32 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.29; revenues fell 8.7% year/year to $3.09 bln vs the $3.11 bln consensus. Co issues upside guidance for Q2, sees EPS of $0.20-0.32, excluding non-recurring items, vs. $0.19 consensus; sees Q2 revs of $2.90-3.10 bln vs. $2.88 bln consensus. "We believe that we have a good pipeline of new business, a stable to improving end-market environment and a keen focus on cost, quality and delivery for our valuable customers. We also think that we have established positive momentum toward a much improved fiscal 2010 and we expect to provide further evidence of this in our second fiscal quarter."

16:03

CHLN China Housing & Land announces receipt of new bank loan and credit line to support Puhua Phase 1 Project (4.15 +0.06)

Co announced that it has been granted a $22 million bank loan from the Bank of Beijing to support the development of its Puhua Phase 1 project, and $43.9 million credit line to support customer mortgages. The loan matures on December 10, 2012 and requires $7.3 million be paid within the first 18 months with the remainder paid at the end of the three year period. The loan bears interest at the rate of 5.4% per annum which is more favorable than the interest rates granted on its previous loans, and is secured by the Company's assets. The credit line will be used for a customer credit program to support customer mortgages for the Company's Puhua Phase 1 residential units.

16:02

MGI MoneyGram announced that Jeffrey Woods, CFO, will be departing (2.62 +0.06)

Co announced that Jeffrey R. Woods, executive vice president and chief financial officer, will be departing the company for personal reasons on Jan. 15, 2010. Following his departure, he will be available to the company on an as-needed basis. The company has begun a search for his successor.

16:01

BMY Bristol-Myers announces 3.2% dividend increase to $0.32 per share (25.87 +0.09)

15:50

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

Actively Traded Leading Sector ETFs:

Solar power- TAN +2.5%, Clean energy- PBW +2.5%, iShares healthcare providers- IHF +2%, SPDRS metals/mining- XME +2%, SPDRS biotech- XBI +2%, Reg. banks HLDRS- RKH +2%, Semis- SMH +1.75%, IGW +1.75%, US retailers- RTH +1.5%, XRT +1.75%, Commercial banks- KBE +1.5%, iShares REITS- ICF +1.25%, SPDRS Basic materials- XLB +1.25%, RUT 2000- IWM +1.25%

Actively Traded Lagging Sector ETFs:

Nat gas- UNG -2.5%, Gold miners- GDX -2%, Gold- GLD -2%, US bonds- TLT -1.75%, AGG -.5%, BND -.5%, silver- SLV -1.5%, RBOB gas futures- UGA -1.5%, crude/WTI oil- USO -1.25%, OIL -1.25%, iShares Japan- EWZ -1%, Ag commods- DBA -.75%

15:50

Conferences and Shareholder/Analyst Meetings of Interest

Events of interest for tomorrow, Dec 22, include: No notable events scheduled

15:44

Earnings Calendar

Today after the close JBL is scheduled to report. Tomorrow before the open look for the following companies to report: CMC, LNN, and PRGS.

15:30

RJET Republic Airways: Midwest further expands codeshare program with Frontier Airlines (7.30 -0.06)

Midwest Airlines said that it is further expanding its codeshare program with Republic Airways' Frontier Airlines to include Kansas City service and connecting itineraries. In the coming months, Frontier's international routes will also be added to the codeshare, as will double-connect itineraries. At that time, customers of both airlines will have full access to the combined Midwest and Frontier route networks.

15:20

UUP Dollar Index notches new session high to challenge Friday's three month high at 78.14 -- session high 78.13 -Technical-

Note that the 62% retracement of the July to Nov slide and its 200 day ema are at 78.34/78.37.

15:18

USGS reports 5.4 magnitude quake near Philippines region

15:14

SPY Stock indices slip further off morning/midday highs following run to new high in Dollar Index -- Dow +83, S&P +10, Nasdaq +23 -Update- -Technical-

15:01

TPC Tutor Perini unit receives multiple award task order contract from the Department of the Interior (18.11 +0.66)

Co announces that its subsidiary, Perini Management Services, has been awarded a Multiple Award Task Order Contract (MATOC) for comprehensive technical design-build and construction services for all U.S. Fish and Wildlife Service Regional and Central Offices and other Bureaus within the Department of the Interior. The contract ceiling is $2 billion, to be shared by six awardees. Each of the six individual MATOC awards has a maximum value of $400 million over the contract period, which includes one base year and four option years.

15:01

WXS Wright Express extends its existing fuel-price risk management program (32.13 +0.07)

Co extended its existing fuel-price risk management program through the second-quarter of 2011. On December 15, 2009, co purchased instruments to cover its anticipated fuel-price-related earnings exposure for the last quarter of 2010 and the first two quarters of 2011. At this time, co has hedged 90% of its anticipated exposure through Q4 2009, 80% of its exposure through the Q4 of 2010, 53% of its Q1 2011 exposure and 27% of its Q2 2011 exposure. Going forward, co intends to hedge ~80% of its fuel-price-related earnings exposure in every quarter, on a rolling basis. The instruments are designed to enhance the visibility and predictability of future earnings. The program uses instruments that create a "costless collar" based upon both the U.S. Department of Energy's weekly diesel fuel price index and NYMEX unleaded gasoline contracts. The December 15 purchase locked in a fuel price range of ~$2.74-2.80 per gallon.

14:58

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

NDX Best % Performers:

EXPE +4%, ESRX +3.5%, FLEX +3.5%, NVDA +3.5%, AMZN +3.5%, NWSA +3.25%, DELL +3.25%, JOYG +3%, TEVA +3%, SHLD +3%, DTV +2.75%, LRCX +2.75%

NDX Worst % Performers:

SBUX -2.25%, GENZ -2%, FWLT -1.75%, YHOO -1.5%, AKAM -1.5%, BIDU -1.5%, GRMN -1.25%, APOL -1%, INFY -1%, SIAL -.75%, RIMM -.5%

NASDAQ TRIN @ 0.70

NASDQ A/D line @ +820

14:57

UUU Universal Security announces changes to its current relationship with a large national retailer (7.05 -0.55)

Co announced that it will be changing its current relationship with a large national retailer which has purchased smoke alarms and carbon monoxide alarms from the Company for sale in the retailer's stores since 2006. Effective approximately April 1, 2010, this retailer will continue to sell the co's products only online and through the retailer's professional contractors' desk. This change in sales channels beginning in the Q1 of fiscal 2011 should not impact the co's inventory or sales prior to April 1, 2010. At this time, co is unable to predict the exact impact of the change on the co's sales and earnings next fiscal year. Co is committed to continuing to make its products easily available through other retail distributors and is seeking to establish sales channels through other major retail chains. Furthermore, as previously announced, co is aggressively continuing to develop new products and expects several of these to be ready for sale in the March/April timeframe.

14:55

COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices

March corn closed higher by 2.25 cents to $4.00 per bushel, January soybeans closed lower by 11 cents to $10.01 per bushel, March wheat closed lower by 8.5 cents to $5.195 per bushel, January Ethanol closed higher by 0.016 to $1.851, March world sugar futures closed lower by 0.72 cents at 25.62 cents per pound

14:55

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

INDU Best % Performers:

AA +8.5%, INTC +2.25%, JPM +2.25%, PFE +2%, BAC +1.75%, BA +1.75%, DD +1.5%

INDU Worst % Performers:

UTX -.10%, PG -.10%

NYSE TRIN @ +.60

NYSE A/D line @ +1345

14:45

TLT iShares 20+ yr Treasuries ETF slides to fresh Dec. lows, retesting some daily support surrounding the 91.30 mark as both the 10 yr. & 30 yr. yields move to the session highs (91.37 -1.42) -Technical-

LoD @ 91.31

14:37

COMDX NYMEX Energy Closing Prices

Feb crude oil, the new front month, settled lower by 71 cents to $73.71. Jan crude went out down by 63 cents to $72.77. Jan nat gas shed 11.6 cents to close at $5.666, Jan heating oil finished down 1.04 cents to $1.9463 and Jan RBOB gasoline ended lower by 2.56 cents to $1.8692.

14:28

F Ford Motor offers buyouts to all US employees - CNBC (9.76 )

Workers have until Jan 22 to decide.

14:20

HRS Harris vacillating near its morning high and 52-wk close high at 45.93/45.89 (45.93 +0.87) -Technical-

Its 52-wk intraday high from Dec is at 46.20.

14:16

PBNY Provident New York announces repurchase plan of up to 2mln shares of common stock to commence upon completion of current program (8.40 -0.01)

14:06

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

New highs (337) outpace new lows (105): New 52-week highs trading over 500k (average daily volume) include: Auto Parts & Equipment (ARM, DAN, TEN), Biotechnology (HGSI, INCY, LIFE, VRTX), Computers (CML, HPQ, SNDK, STX, UIS, WDC, WIT), Electric (CMS, ED, ENI, LNT, MDU, NU, PNM, TE, WEC, XEL), Gas (ATO, CNP, NI, SUG) Healthcare-Services (AET, CI, CVH, HLS, HNT, UNH, WCG, WLP), Internet (ARTG, BCSI, GSIC), Media (CVC, DTV, NWS, SNI), Mining (AA, CENX, TCK, TGB, TIE), Oil & Gas (BEXP, BPZ, COG, CXO, EAC, IOC, PXD, WLL, XCO), Pharmaceuticals (AGN, BMY, ESRX, FRX, IPXL, MDVN, MRK, MRX, PRX), REITs (AVB, BMR, BRE, OHI, SPG), Semis (ADI, ALTR, ATML, BRCM, CAVM, CREE, CRUS, INTC, LLTC, MRVL, MSCC, MU, MXIM, NVDA, RMBS, VSEA, XLNX), Software (CRM, INFA, MSFT, RHT), Telecomm (AMT, ARUN, ATHR, CCI, CHTL, IWA, SBAC, VMED, WIN)... 52-week lows trading over 500k (average daily volume) include: Miscellaneous (CRIC, HNP)

14:01

VCI Valassis enters into interest rate swap agreement through 2012 (18.38 +0.22)

Co announced that it has entered into an 18-month forward-starting interest rate swap agreement with initial notional amount of $300.0 million. Co entered into the swap agreement to fix the interest rate for $300.0 million of its variable rate debt under its senior secured credit facility effective Dec. 31, 2010, which is the expiration date of the existing interest rate swap agreements. The notional amount of $300.0 million amortizes by $40.0 million at the end of each quarter to $100.0 million for the quarter ended June 30, 2012. The swap agreement terminates on June 30, 2012. Under the swap agreement, co is required to make payments at a fixed three-month LIBOR interest rate of 2.005%, plus an applicable margin of 1.75%, for an effective rate of 3.755% per annum to the counterparty on an initial notional amount of $300.0 million in exchange for receiving variable payments based on the three-month LIBOR rate for the same notional amount. Co may enter into additional swap transactions in the future from time to time.

14:00

AA Alcoa and BPA reached an agreement to provide power for the Intalco aluminum smelter (15.81 +1.23) -Update-

The co and the Bonneville Power Administration (BPA) have reached an agreement to provide power for the Intalco aluminum smelter in Ferndale, Washington. The new contract provides Alcoa with up to 320 megawatts of power at the Industrial Power rate and will allow the plant to produce a total of 184,000 metric tons per year.

13:55

AVAV AeroVironment receives $23.9 mln order for Army and Marine Corps digital Raven systems and digital upgrade kits (29.48 +1.08)

Co announces that it has received a $23,926,917 firm fixed-price order under an existing contract. This contract modification comprises digital Raven systems and kits to upgrade existing analog Raven systems currently being used by the U.S. Army and U.S. Marine Corps with AV's digital data link. Full funding for this contract modification was provided by a United States Department of Defense supplemental funding bill. The total potential value of this order is $66.6 mln, of which $42.7 mln is not yet funded but has been added to the maximum potential value of the contract supporting this program.

13:47

NST NSTAR to sell District Energy operations in Boston's Longwood Medical Area (35.85 +0.45)

Co announced that it is selling its wholly-owned subsidiary, Medical Area Total Energy Plant (MATEP), to a joint venture comprised of Veolia Energy (VE) North America and Morgan Stanley Infrastructure Partners. MATEP provides heating, chilled water service and electricity to several hospitals, medical research and biotechnology centers and teaching institutions in the Longwood Medical Area of Boston. The two companies have agreed to buy MATEP for ~$320 million in cash, pending necessary regulatory approvals. NSTAR will retire MATEP's debt.

13:34

COMDX COMEX Metals Closing Prices

Feb gold lost $15.50 to end at $1096.00, March silver shed 28 cents to finish at $17.04 and March copper gained 0.75 cents to close at $3.146.

13:33

HRLY Herley Industries receives a $1.4 million award for F-16 A/B Spares (13.40 +0.01)

13:21

ANW Aegean Marine Petrol initiated with a Buy at Dougherty & Company; tgt $40 (26.04 -0.16)

Dougherty & Company initiates ANW with a Buy and establishes a tgt of $40. The firm notes that while the economic headwinds have pressured the global shipping industry, they believe ANW is positioned for long-term growth through market share accumulation and port expansion. The firm's thesis is based on the following key drivers: Phasing out of single hull vessels, financial flexibility, earnings power and cash flow generation of the business model, Regulatory shift for low sulfur fuels and partnership with Sealube Alliance.

13:20

SPY Stock indices still firmly higher but slip back off midday/morning highs as Dollar Index retests its overnight high -- Dow +97, S&P +12, Nasdaq +23 -Update- -Technical-

13:18

KPPC KapStone Paper and Packaging to begin trading on NYSE on January 4, 2010 under ticker "KS" (9.66 +0.47)

13:16

COMDX Fresh lows for crude oil at $73.27; now off $1.10 to $73.32

13:13

QBC Cubic Energy announces amendment to senior credit agreement with Wells Fargo Energy Capital (1.74 +0.11)

Co announces that on December 18, 2009, it entered into a Second Amendment to its Credit Agreement with Wells Fargo Energy Capital. This amendment increases the Company's revolving credit line from $20,000,000 to $40,000,000; provides for a borrowing base increase from $20 mln to $25 mln; and extends the $5 mlnterm note previously in place. The maturity date for the term note and amounts extended under the revolver is now July 1, 2012. The interest rate remains at the Wells Fargo Bank prime rate + 2%. Cubic extended to December 1, 2014 the expiration date of the Warrant to purchase 2,500,000 common shares previously issued to WFEC; and issued an additional Warrant to purchase 5 mln common shares at an exercise price of $1.00 per share, with an expiration date of December 1, 2014.

12:45

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

Actively Traded Leading Sect9or ETFs:

iShares healthcare providers- IHF +2%, SPDRS metals/mining- XME +2%, Semis- SMH +2%, IGW +1.5%, SPDRS biotech- XBI +2%, Clean energy- PBW +2%, Solar power- TAN +1.75%, US retailers- RTH +1.5%, XRT +1.5%, Oil HLDRS- OIH +1.5%

Actively Traded Lagging Sector ETFs:

Gold miners- GDX -2.75%, Nat gas- UNG -2.25%, gold- GLD -1.75%, silver- SLV -1.5%, US bonds- TLT -1%, BND -.25%, AGG -.25%, crude/WTI oil- USO -.25%, OIL -.25%, China 25- FXI -.25%

12:45

COMDX Crude oil also dropping to fresh lows at $74.02; now off 33 cents to $74.09

12:42

GLD streetTRACKS Gold Shares ETF slips below notable three-day low support near the 107.00 mark, trading to levels not printed since Nov 5 (106.96 -1.99) -Technical-

LoD now @ 106.90

12:42

GDX Mkt Vctrs Gold Miners slip to fresh lows as it dips down to probe last wk's 2-day pullback low near the 45.00 level (45.10 -1.16) -Update- -Technical-

GLD, AEM, ABX, IAG, GG, GFI, RGLD, GOLD, NEM, KGC, AUY

12:41

COMDX Gold continues to sell off, setting fresh lows at $1091.60, its lowest levels in since early Nov; now off $19.10 to $1092.40

12:32

RIMM Research In Motion just broke the lows at $70.06, threatening to go negative (70.01 +0.01) -Update- -Technical-

12:18

JAV Javelin Pharmaceutic downgraded to Neutral at Ladenburg Thalmann (1.24 -0.06)

Ladenburg Thalmann downgrades JAV to Neutral from Buy. The firm notes that in recent years, a series of disappointments led to the depressed valuation of JAV shares which, in the firm's opinion, does not capture the inherent value of its assets. The firm believes these misfortunes created an opportunity for other companies to obtain full rights to JAV's pipeline at discounted prices. Given JAV's current circumstances, the firm believes the offer from Mylan Pharmaceuticals (MYRX) to acquire JAV for $1.55 a share, which could potentially increase to $1.82 a share, is favorable to investors. Although they are not enthusiastic about the valuation awarded to JAV and its pipeline of assets, which includes Dyloject, Ereska, and Rylomine, the firm believes this may be the best transaction JAV can find for its for shareholders given the fact JAV has been actively seeking a corporate transaction for the past 6-9 months.

12:09

SPY S&P +14 and Nasdaq Comp +29 set new session high, Dow +122 has not yet confirmed -Update- -Technical-

Relative sector strength on this move has been noted in Utility UTIL, Staples XLP, Housing XHB, Solar TAN, Networking, Coal KOL, Steel SLX, Materials XLB.

12:05

BFLY Bluefly: RHO Ventures commits $15 million growth equity investment to Bluefly (2.25 0.00)

Co announced that Rho Ventures has reached a definitive agreement to purchase $15 million of newly issued common stock from the Company. Under the terms of the deal, the Company agreed to sell $15 million of newly issued common stock at a price of $1.70 per share. Approximately $4.7 million of the investment was closed simultaneously with the execution of the agreement, with a second closing for the remainder of the investment scheduled to occur during the first quarter of 2010, subject to the receipt of stockholder approval (as required by Nasdaq rules). Following the completion of the second closing, Rho Ventures will own approximately 33% of the Company's shares, on a fully diluted basis, and will become its largest shareholder.

12:03

ASEI American Science & Engineering receives $7.3 mln order for Gemini Parcel X-ray Inspection Systems (71.03 +0.63)

Co announced today the receipt of a $7.3 million follow-on order from a Middle East customer for a significant quantity of Gemini parcel inspection systems. The order includes service, parts and warranty.

12:01

KOSS Koss Corp discovers information regarding certain unauthorized transactions (5.51 ) -Update-

Co announces it requested today that NASDAQ immediately halt trading of its securities after discovering information regarding certain unauthorized transactions. The Board of Directors appointed a special committee of independent directors to lead an internal investigation involving the unauthorized transactions and determine the effect, if any, on Koss' financial statements. NASDAQ halted trading of Koss Corporation stock today. Law enforcement is also assisting Koss Corporation with this matter. Sujata Sachdeva, Vice President of Finance and Secretary of Koss Corporation, was placed on unpaid administrative leave pending the results of this investigation. (stock is halted)

12:01

European Markets Closing Prices: FTSE: 5294.0 +97.2 +1.9%, DAX: 5930.5 +99.3 +1.7%, CAC: 3872.1 +77.6 +2.1%

11:59

WL Wilmington Trust confirms it is not a Citadel Broadcasting creditor (12.44 +0.05)

Co said that it is serving as trustee for holders of ~$49 million of debt issued by Citadel Broadcasting, which filed for Chapter 11 protection yesterday in the United States Bankruptcy Court, Southern District of New York. News reports may have led some observers to believe that Wilmington Trust has loaned money to Citadel. In fact, Wilmington Trust is not a creditor of Citadel, despite the bankruptcy filing's listing of Wilmington Trust among Citadel's largest unsecured creditors. Wilmington Trust is serving as trustee and has no credit exposure, unsecured or otherwise, to Citadel. Through its CCS business, Wilmington Trust is paid a fee for providing trustee services. Citadel's bankruptcy filing has no effect on Wilmington Trust's balance sheet, credit quality, or financial condition.

11:54

GS Goldman Sachs sets minor new high of 166.59, vacillating near last week's high and its 20 day exp at 166.50/166.62 (166.55 +3.36) -Update- -Technical-

11:47

CMG Chipotle Mexican Grill shareholders approve conversion into single class of common stock (89.63 +0.14)

Beginning on December 22, 2009, trading in the Class B common stock (CMG.B) on the New York Stock Exchange will be suspended, and all trading in Chipotle common stock will be under the ticker symbol CMG.

11:42

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

Biggest point gainers: AMZN (132.54 +4.06), AAPL (199.26 +3.83), ESRX (88.11 +3.73), ISRL (72.57 +3.58), NDSN (59.31 +3.14), Y (274.51 +3.51), TNH (104.50 +3.50), NVR (689.00 +3.40), RTP (207.14 +3.40), NEU (115.63 +3.12), MOS (58.30 +3.08), GS (166.25 +3.06), CHTT (92.88 +22.90), BUCY (56.16 +5.32), THS (39.93 +6.37), UPRO (151.17 +5.10), TYH (150.63 +5.03), WPO (443.02 +4.55), CYN (45.64 +4.55), POT (109.36 +4.35), DRN (137.91 +4.34), ALX (264.93 +3.58)... Biggest point losers: MKL (330.88 -3.02), OGXI (22.22 -7.43), ISRG (285.52 -3.65)

11:36

SON Sonoco Products awarded a two-year contract for the City of Durham (30.43 +1.25) -Update-

Co has been awarded a two-year contract to haul, sort and recycle residential and commercial materials for the City of Durham. The contract with Durham brings the number of municipalities served by Sonoco Recycling in the area to 13.

11:35

FUQI Fuqi Intl underperforming stock sets new five month low tests support area (18.10 -0.44) -Technical-

The stock is down for the third session in a row and has established a new five month low of 18.04 (-21% off Dec peak). It has however, thus far held near support at 18.00/17.96 which marks the 50% retracement of the March to Sep surge and its 200 day sma.

11:35

Rumor Round Up

The week has started off slow in the rumor department. Today we received renewed Johnson and Johnson (JNJ 64.53 +0.17) for Biogen (BIIB 50.92 +0.84) chatter. We note this has been around in the past, and also that BIIB is in the process of trying to acquire Facet Biotech (FACT 17.66 -0.37) for $17.50.

11:34

COMDX Crude oil gives back the majority of its gains; now up 5 cents to $74.47

11:30

HES Hess reached agreement with Shell for a strategic asset trade (68.64 +1.03)

Co announced it has reached agreement with Shell (RDS.A) for a strategic asset trade that will double Hess' interest in a pair of Norwegian offshore fields, Valhall and Hod, to 56.18% and 50%, respectively. In the trade, Hess will assume Shell's 28.09% interest in the Valhall field and 25 percent interest in the satellite Hod field. In return, Shell will assume Hess' 9.29% interest in the Clair field (UK North Sea) and all of Hess' interests in Gabon, including production fields Rabi Kounga (Hess 10%), Atora (Hess 40%) and Toucan (Hess 50%), and the Ozigo exploration permit. No cash is involved in the trade, which is expected to be completed in the first quarter of 2010 subject to government approvals and other required consents.

11:30

USO U.S. Oil Fund ETF slides to reg. session lows as we see some weakness creep into the energy complex (UGA, OIL, USO) -Technical-

11:17

X U.S. Steel edges slightly above its previous 52-wk peak from Sep at 51.65 -- session high 51.74 (51.63 +2.40) -Update- -Technical-

11:13

JBL Jabil Circuit sets a new session high of 15.33, nearing its 52-wk close high from Oct at 15.38 (15.32 +0.52) -Technical-

Its Nov/52-wk intraday high is at 15.45.

11:10

IYZ iShares DJ Telecom tests its 52-wk peak from last week at 20.09 (20.08 +0.28) -Technical-

T +1.1%, CTL +1.9%, LUK +2%, PCS +2%, Q +3.5%, S +1.7%, VZ +1.1%, WIN +2.9%, NIHD +1.7%, VMED +2.6%.

11:06

X U.S. Steel shares picking up some steam in late morning as price edges to fresh highs with a notable point of resistance surrounding the Sep. swing high/'tail' @ 51.65 (51.21 +1.99) -Technical-

HoD now @ 51.26 with the resistance of the 52 week high in play just above current levels.

11:00

PTV Pactiv Corp announces inventory accounting change from LIFO to FIFO (23.79 +0.17)

Co announces a change in accounting for inventories from a combination of the use of the last in, first out (LIFO) method and first in, first out (FIFO) method to the FIFO method. This change in accounting method will lower cash tax payments in 2010 by an estimated $8 mln. Furthermore, the convergence of U.S. and international accounting standards will likely eliminate LIFO because international accounting standards do not allow its use. The change to FIFO is effective with 2009 results. This change is expected to have minimal impact on Pactiv's fourth quarter earnings. Adjusting the full year 2009 earnings per share outlook provided in October to reflect the change to FIFO accounting results in an EPS outlook range of $2.26 to $2.30. Prior to its 2009 full year earnings release, the Company expects to issue 2008 full year and quarterly income statements and 2009 quarterly income statements through nine months reflecting the impact of this accounting change.

10:42

AA Alcoa extends breakout above its Oct/last week highs after upgrade (16.86 +1.28) -Update- -Technical-

Advance reaches its Oct 2008 gap between 15.86 and 16.71 (session high 15.90).

10:35

APA Apache vacillating just above its previous two month high from Nov at 101.72 (101.85 +1.99) -Technical-

10:35

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

Actively Traded Leading Sector ETFs:

iShares healthcare providers- IHF +3.25%, Oil HLDRS- OIH +2.25%, Semis- SMH +2%, IGW +1.5% SPDRS biotech- XBI +1.75%, SPDRS metals/mining- XME +1.75%, Solar power- TAN +1.75%, US retailers- RTH +1.5%, XRT +1.5%, Reg. bank HLDRS- RKH +1.5%, Energy- XLE +1.5%, Clean energy- PBW +1.5%, SPDRS cons disct- XLY +1.25%, iShares telecom- IYZ +1.25%, Ag/chem- MOO +1.25%

Actively Traded Lagging Sector ETFs:

Gold miners- GDX -2.25%, nat gas- UNG -2%, US bonds- TLT -1%, AGG -.25%, BND -.25%, silver- SLV -.5%, wind energy- FAN -.5%, gold- GLD -.5%

10:30

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

NDX Best % Performers:

ESRX +4.5%, AMZN +3.5%, SHLD +3.25%, NWSA +3%, NVDA +3%, LRCX +3%, FLEX +3%, INTC +3%, ROST +2.5%, KLAC +2.5%, PPDI +2.25%

NDX Worst % Performers:

APOL -1.75%, AKAM -1.75%, SBUX -1.5%, YHOO -1%, VRTX -1%, GENZ -1%, ISRG -1%, ATVI -.75%, ERTS -.5%

NASDAQ TRIN @ +.80

NASDAQ A/D line @ +865

10:27

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

INDU Best % Performers:

AA +7.5%, JPM +3%, INTC +3%, PFE +2.5%, MRK +2%

INDU Worst % Performers:

NONE

NYSE TRIN @ +.65

NYSE A/D line @ +1590

10:26

RMBS Rambus ticks to just above the clear daily high volume 'tail' into fresh Dec./52 week highs @ 23.29 (23.25 +.90) -Technical-

Dec. 15 daily bar shows high volume with selling interest near/tail the 23.30 mark.

10:25

KOSS Koss Corp trading halted - news pending (5.51 unch)

10:23

TLCV TLC Vision to restructure debt in pre-arranged Chapter 11 Filing (0.15 -0.05)

Co said that it has reached an agreement with holders of a majority of the senior secured debt to restructure its balance sheet. To expedite its financial restructuring, which includes a pre-arranged plan of reorganization, co and two of its wholly owned subsidiaries, TLC Vision (USA) Corporation and TLC Management Service, have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. In addition, co is seeking a recognition of its Chapter 11 filing in a case that it is commencing in the Ontario Superior Court of Justice. No other company operations, affiliates or subsidiaries -- including its TLC Laser Eye Centers -- are involved in the filing. TLCVision said clinical care for patients continues without change or interruption. TLCVision will continue to honor the TLC Lifetime Commitment. The Company also said the filing will not affect its on-going commitments to current employees. (stock is halted)

10:23

SHLD Sears Hldg notches new session/monthly high of 79.46 slightly above its Aug peak at 79.35 (79.39 +3.12) -Technical-

Its Nov/52-wk peak is at 79.75.

10:20

RCL Royal Caribbean announces Allure of the Seas financing (25.80 +0.22)

Co announced it has arranged commitments for unsecured financing in the amount of up to $1.13 bln or 80% of the contract price of Royal Caribbean International's Allure of the Seas. The facility will be 95% guaranteed by Finnvera, the official export credit agency of Finland, and amortizes over 12 years. BNP Paribas, Citi, Nordea Bank and SEB have each committed to provide 25% of the financing and each has a seven year put option. Co has an option of a floating or fixed rate of interest. ? The commitments are subject only to customary closing conditions.

10:20

AAPL Apple continues to display relative strength this morning, working up toward its Dec rebound high at 199.70 -- session high 199.35 (199.20 +3.78) -Update- -Technical-

10:18

Moody's says US commercial real estate price decline slows in October

Commercial real estate prices as measured by Moody's/REAL Commercial Property Price Indices (CPPI) dropped 1.5% in October, as the pace of monthly declines continued to moderate. U.S. commercial property values are now down 36.4% from a year ago, and 43.7% from the peak in prices two years ago. "The pace of declines has tapered off since the large drops measured in April and May," says Moody's Managing Director Nick Levidy. "However, further declines are anticipated." Commercial real estate transactions have been holding steady at reduced volumes throughout 2009, with a small increase recorded in October. During the month there were 407 sales, the second highest monthly total for 2009, and a dollar volume of $5.4 billion, the highest for the year. Annual indices for the four quarters ending September 30, 2009, show poor performance in New York over the past year dragging down the eastern office market overall. New York offices saw the largest annual price declines among the three MSA-level office indices in the CPPI. Office prices in New York fell 38.1% over the past four quarters, and have dropped 39.3% overall.

10:18

DOW Dow Chemical unit will implement a price increase in the Middle East, Africa and Turkey for acrylic emulsions (26.71 +0.50)

Dow Coating Materials will implement a price increase in the Middle East, Africa and Turkey for acrylic emulsions sold to the architectural coatings, industrial coatings, and traffic paint industries. The increases in a range of between $65 and $110 per MT will take effect January 15, 2010, or as contracts allow, and will affect all acrylic, styrene-acrylic emulsions, solvent-based solid and solution polymers. The increases are necessitated by the continuous cost escalation of key raw materials in the past few months used to manufacture acrylate based emulsions.

10:17

VLO Valero Energy notches a new session high of 16.99, approaching its six day range top/Dec high at 17.07 (16.99 +0.30) -Technical-

The initial level of note above is at its 50 day ema (17.26).

10:15

OIH Oil Service HOLDRS Trust set new recovery high/tests trendline (120.37 +2.65) -Technical-

The OIH has displayed relative strength this morning with the breaking above last week's peak in recent trade to establish a fresh recovery high and test a trendline off the Oct/Nov highs near 120.50 (session high 120.49). The next level of interest above is at its early month high at 120.91 -- BHI, BJS, CAM, DO, ESV, HAL, NBR, NE, NOV, RDC, SII, SLB, TDW, WFT.

10:14

DRJ Dreams initiated with a Buy at Ladenburg Thalmann; tgt $2.40 (1.37 +0.04)

Ladenburg Thalmann initiates DRJ with a Buy and establishes a tgt of $2.40. The firm notes that DRJ is a manufacturer distributor, and retailer of licensed sports products and memorabilia. The co has significant presence on the Internet and according to the company it was ranked at 217 in 2008 on the list of the largest Internet retailers in the U.S. Forecasts by eMarketer call for retail e-commerce in the U.S. to grow at a 9% CAGR from $132 bln in 2008 to $201 bln in 2013. The firm expects DRJ to benefit from this growth through its own online retail sales and expansion of its web syndication business where it has signed deals with major retailers.

10:07

SPY Stock indices establish new session highs -- Dow +105, S&P +12, Nasdaq +23 -Update- -Technical-

Seeing relative strength (outperforming the S&P) in Energy XLE / OIH, Semi SMH, Transports, Steel SLX in recent action.

10:07

BWLD Buffalo Wild Wings initiated with a Buy at Feltl & Co.; tgt $51 (41.91 +0.57)

Feltl & Co initiates BWLD with a Buy and a tgt of $51. The firm thinks that BWLD is a strong operator that has proven successful in difficult economic times. They are encouraged by the strong track record in same-store sales growth and the continued high unit growth. Furthermore, the firm expects BWLD will continue to grow earnings at an approximate 20% five-year CAGR.

10:03

XFN Xfone says its applications for USDA funding have advanced to phase two (0.74 +0.06)

Co announced that its wholly owned subsidiary, PRIDE Network, applications for USDA (United States Department of Agriculture) RUS (Rural Utility Service) funding under the Broadband Initiative Program (BIP) for the Fiber To The Premise (FTTP) build out of the Pride Network in Northern Texas, have advanced to phase two. Phase two includes the due diligence process as well as a competitive and response analysis, among other requirements. PRIDE Network had submitted two applications to the USDA for a total of $63.5 million split between long term loans of ~$35.5 million and a grant of $28 million. Xfone continues to make progress with its existing RUS sponsored FTTP build out in Levelland, Texas where it has completed passings for ~30% of business and residential customers. Co began marketing eight weeks ago and has already signed up ~20% of potential customers passed.

10:02

HGSI Human Genome shares making a move to probe clear daily technical resistance surrounding the 29.30~29.50 zone (29.40 +1.23) -Technical-

Potential breakout pattern on a move to new 52 week highs above 29.48

10:02

CYTX Cytori Therapeutics downgraded to Mkt Perform at Rodman & Renshaw (6.18 +0.01)

Rodman & Renshaw downgrades CYTX to Market Perform from Market Outperform in light of CYTX's valuation surpassing their 12-month price target of $5. The firm believes CYTX encompasses a viable business model with substantial growth potential bolstered by a well designed post marketing plan, recent clinical data from RESTORE II, and solid partners to promote and commercialize the use of ADCs for reconstructive surgeries. However, in the firm's opinion, the current market valuation appropriately reflects the company's future potential.

09:59

SLB Schlumberger testing last week's high and its 50 day sma at 64.40/64.52 -- session high 64.43 (64.41 +1.46) -Technical-

09:59

BZC Breeze-Eastern reported that Robert White, President, Chief Executive Officer will step down (5.90 0.00)

Co reported that Robert White, President, Chief Executive Officer and a Director, has informed the Company that he will step down from his positions with the Company and retire effective January 4, 2010. Mr. White, 68, joined the Company in 1994. The Board of Directors has named Mike Harlan, 53, to succeed Mr. White as President and Chief Executive Officer. Mr. Harlan has served as Executive Vice President and Chief Operating Officer of the Company since joining the company in August, 2009.

09:58

XHB SPDR Homebuilders slides back into the red (14.86 -0.03) -Technical-

PHM -0.5%, LEN -1.4%, HOV -1.9%, KBH -2.2%, MHO -2.7%.

09:52

CAG ConAgra drops 4% off early high, vacillating near unchanged (22.18 +0.02) -Update- -Technical-

09:51

WAG Walgreens continues its post opening selloff lower intraday as it undercuts Friday's low of 35.65 (35.37 -1.40) -Update- -Technical-

Would note that the Sep range highs come into play near 34.70-35.00.

09:48

COMDX Gold, silver drop quickly to into negative territory; gold now off $1.80 to $1109.70 and silver is down 5 cents to $17.27

09:48

ORB Orbital Sciences receives contract for HYLAS 2 Commercial Communications Satellite from Avanti (14.70 +0.20)

Co announced that it has signed a contract with London-based Avanti Communications Group plc for a new geosynchronous communications satellite. The spacecraft, to be named HYLAS 2, will be based on Orbital's industry-leading STARTM 2.4 satellite platform. The satellite is scheduled for delivery in early 2012. When the HYLAS 2 satellite is placed into commercial service following its launch and in-orbit testing, Avanti will more than triple the satellite capacity that it will offer with its first Ka-band satellite, HYLAS 1, which is scheduled to be launched in the first half of 2010. Specific financial terms of the contract were not disclosed; however the Export-Import Bank of the United States will provide funding for the project.

09:48

GDX Mkt Vctrs Gold Miners slides to new session low along with Gold GLD and Silver SLV -Technical-

09:43

V Visa shares exhibit clear relative weakness versus the SPX and financial space as a whole (IYF, XLF) as price pulls back from it's recently 'overbought' state (88.44 -.53) -Update- -Technical-

09:43

GOOG Google approaches/pauses near last week's 52-wk high at 600.37 in early trade -- session high 599.84 (598.94 +2.52) -Update- -Technical-

09:41

S&P affirms Czech Republic 'A/A+' sovereign ratings; outlook stable

Standard & Poor's Ratings Services today said it had affirmed its 'A/A-1' foreign currency and 'A+/A-1' local currency sovereign credit ratings on the Czech Republic. The outlook is stable. The sovereign credit ratings on the Czech Republic are supported by the country's diversified and competitive economy, and moderate though rising government debt burden relative to peers. Furthermore, 86% of central government debt is issued in local currency, which lessens rollover risk to the sovereign. The most prominent credit weakness of the Czech Republic continues to be the absence of political consensus in favor of undertaking deeper fiscal reform, despite expected increases in ageing-related spending, and a very high percentage of mandated spending within the budget.

09:39

IO ION Geophysical shares make an early move above notable daily technical resistance surrounding the 6~6.05 zone, breaking up to new 52 week highs @ 6.19 (6.19 +.28) -Technical-

09:39

RBA Ritchie Bros. downgraded to Mkt Perform at Barrington Research (23.09 -0.08)

Barrington Research downgrades RBA to Market Perform from Outperform based on the uncertainties surrounding 2010 in terms of equipment coming to market coupled with the stock's premium valuation.

09:37

SPY S&P 500 is vacillating near its 52-wk close high at 1114, the top of the multi-week range/52-wk intraday high is at 1119 -Technical-

09:37

WYY Widepoint: BlackBook2 enters revs sharing agreement with WidePoint subsidiary to market advanced cyber security protection to over 20 million members (0.80 +0.03)

Co said today that its subsidiary Protexx has entered into a revenue sharing agreement in which BlackBook2 will market Protexx's cyber-security encryption product Data Guard Dog to its more than 20 million members.

09:35

GPRE Green Plains Renewable Energy clarifies shelf registration; it is not yet effective (13.10 +0.40)

Co filed a registration statement on Form S-3 with the U.S. Securities and Exchange Commission. While co is continuing the process of finalizing the shelf registration, which would allow Green Plains to issue up to $100 million of securities from time to time, the registration statement is not yet effective and no offering of securities has begun or is expected in the immediate future. Unless indicated otherwise in subsequent filings with the SEC, co intends to utilize the proceeds, if any, for general corporate purposes. In accordance with the Company's policies and applicable securities laws, the Company will not comment further on the subject unless and until the registration statement becomes effective and a prospectus describing the terms and use of proceeds of an offering is available.

09:34

XLV Healthcare Index -HMO- spikes to new 52-wk high in opening action -Technical-

09:33

QQQQ Nasdaq 100 and Nasdaq Comp break above last week peaks to set new 52-wk highs -Technical-

09:31

AOL AOL getting hit right off the open, trading below last weeks lows (22.75 -0.74) -Technical-

22.01 is the low since their IPO almost a month ago

09:31

IYR iShares DJ Real Estate edges above its two week range high at 45.79 -- session high 45.84 (45.81 +0.20) -Technical-

Its 52-wk intraday high from Sep does not come into play until 46.46.

09:31

COL Rockwell Collins selected to provide avionics and pilot controls for the new MC-21 family (56.43 +0.44)

Co has been selected to provide avionics and pilot controls for the new MC-21 family of single-aisle aircraft being developed by Russian-based Irkut Corporation, part of United Aircraft Corporation. The first of three aircraft variants is due to enter service in 2016. Aircraft development will begin in early 2010. Aircraft manufacturing will take place at Irkut Corporation's plant in Irkutsk, Russia. Avionics development will take place in both Russia and the U.S.

09:24

CF CF Industries comments on Agrium tender offer extension; says "AGU's offer is further away from being compelling that it ever has been" (86.44 ) -Update-

Co issues a statement regarding the extension of Agrium Inc.'s (AGU) tender offer for all the outstanding shares of CF Industries. CF Industries stated that "Agrium's offer is further away from being compelling than it ever has been."

09:16

AF Astoria Fincl upgraded to Hold at Maxim Group (11.86 )

Maxim Group upgrades AF to Hold from Sell. The firm anticipates that near-term the pace of credit quality deterioration at AF will ease and revenue growth will improve primarily due to an expanding net interest margin. The firm believes this will improve EPS growth momentum and lower potential equity dilution risk.

09:14

CYN City National upgraded to Hold at Maxim Group

Maxim Group upgrades CYN to Hold from Sell following the news that CNY is acquiring most of the assets and deposits of failed Imperial Capital Bank from the FDIC. The firm estimates the transaction could add $0.17 to CYN's annual EPS, the key swing factors being margin yield credit costs on loans that the company is assuming. According to the press release, CYN is acquiring $3.4 bln of IBPC's $4 bln in assets, and $2.2 bln in deposits out of IBPC's total $2.5 bln in deposits. The firm notes that the acquisition offers overlap, and thus the potential for substantial savings. While it also includes $400 mln in construction loans, $1.6 bln in residential mortgages, and $600 mln in commercial real estate loans, the firm anticipates that there will be no provisions against these in the near term, given they will be marked-to-market under FAS 141R.

09:07

AUTH AuthenTec raises Q4 revenue guidance on stronger than expected sales to PC customers (2.17 )

Co issues upside guidance for Q4 (Dec), sees Q4 (Dec) revs of $8.2-8.4 mln vs. the $7.79 mln First Call consensus, up from $7.5-8.0 mln previously. The increase in revenue guidance is the result of stronger than expected sales to PC customers in the quarter.

09:05

On The Wires

Kansas Gas Service, a division of ONEOK (OKE), announces that it has filed an application with the Kansas Corporation Commission to become an Efficiency Kansas Loan Program utility partner. The Kansas Corporation Commission has 240 days to issue a ruling on Kansas Gas Service's application... CPEX Pharmaceuticals (CPEX) announces that the ongoing Phase 2a clinical trial of Nasulin, its intranasal insulin candidate, has now completed enrollment.

09:05

AFFX Affymetrix announces that FDA grants emergency use authorization for TessArae 2009 H1N1 Influenza; A virus assay based on the Affymetrix GeneChip platform (5.55 )

TessArae, LLC and Affymetrix (AFFX) announce that the Food and Drug Administration has granted Emergency Use Authorization to TessArae for its TessArray Resequencing Influenza A Microarray Detection Panel for the Detection of the 2009 H1N1 Influenza A Virus (TessArray RM-Flu test) for the duration of the declaration of emergency unless revoked earlier. The declaration of emergency will expire on April 26, 2010, unless terminated earlier or renewed.

09:03

Q Qwest announces new $1.035 billion revolving credit facility (4.24 )

09:03

TXIC Tongxin International secures new medium and heavy-duty truck cab contracts; will contribute $4-$6 mln to revs in 2010 (8.42 )

09:03

RICK Rick's Cabaret acquires "Joy of Austin" Gentlemen's Club (7.67 )

Co announces it has acquired "Joy of Austin" Gentlemen's Club. Total purchase price for the club currently known as Joy of Austin was $5.2 mln. Rick's Cabaret paid $2.7 mln in cash, plus five year seller notes of $1.85 mln at 4.75 percent interest, and assumption of $650,000 in existing mortgage debt. The transaction includes the business and real property.

09:01

NDSN Nordson names Michael Hilton as new President and Chief Executive Officer, effective January 16, 2010 (56.17 )

Co announces that its board of directors has named Michael F. Hilton as the company's new president and chief executive officer, effective January 16, 2010. Hilton, who will also join the Nordson board of directors, will succeed retiring President and Chief Executive Officer Edward P. Campbell. Campbell will continue to serve as Nordson's chairman of the board until the company's February 16, 2010 annual meeting of shareholders, at which time he will be succeeded by current Nordson director Joseph Keithley.

09:00

WCG WellCare Group Elects Alec Cunningham as Chief Executive Officer (36.94 )

Co announces that Alec Cunningham, president of WellCare's Florida and Hawaii division, has been elected the co's chief executive officer, effective December 28, 2009. Mr. Cunningham will succeed current president and chief executive officer Heath Schiesser, who, as previously announced, will leave the Company at the end of this year.

08:58

RXII RXi Pharmaceuticals initiated with a Mkt Outperform at Rodman & Renshaw; tgt $8 (4.12 )

Rodman & Renshaw initiates RXII with a Mkt Outperform and price target of $8. The firm considers RNA interference to be among the most significant recent discoveries in biology, and they believe that its translation into medicines could provide answers for multiple therapeutic areas, given the technology's potential to address diseases that are considered "undruggable" by currently available therapeutic modalities. The firm views RXII as being among a very small number of second-generation or "follow-on" young companies in the space, since it possesses the unique combination of singular focus on RNAi, top notch scientific advisors, and expertise in the development of RNA-based therapeutics. The firm believes that this combination of characteristics, make RXII part of a handful of companies with the potential to follow on a path similar to Alnylam in its early days, and a company that could eventually become one of the few early winners in the space of RNA-based therapeutics.

08:55

UXG US Gold Corp announces "good" exploration results from Nevada (2.31 )

Co announces "good" exploration results from Nevada. The best results continue to come from West Pick, including 0.06 opt (2.05 gpt) gold over 75 ft (22.9 m) and 0.027 opt (0.94 gpt) gold over 180 ft (54.9 m). US Gold has planned major drill programs to expand, delineate, and explore projects in Mexico and Nevada in 2010. For the next five months, most of the drilling will occur at El Gallo (Mexico). US Gold will deliver a Preliminary Economic Assessment (PEA) and NI 43-101 resource estimate on the Gold Bar Project by the end of Q1, and an initial NI 43-101 resource estimate on El Gallo early in Q2.

08:55

FLWS 1-800-FLOWERS initiated with a Neutral at Global Hunter Securities; tgt $4

Global Hunter Securities initiates FLWS with a Neutral and price target of $4. The firm notes that while the consumer is currently under pressure due to the economic environment, they believe the consumer still has a need to express themselves for special events, and could be more willing to do so as the economy turns around next year. The firm believes that 1-800-Flowers.com is positioned well to take advantage of this through its existing product offerings and future expansion organically and through acquisitions, which should drive top line growth and operating leverage. With a liquid balance sheet and an experienced management team, the firm feels that the company is in a strong position to execute.

08:45

DKS Dick's Sporting Goods upgraded to Outperform at Wedbush Morgan; tgt raised to $29 (23.67 )

Wedbush Morgan upgrades DKS to Outperform from Neutral and raises their tgt to $29 from $24. The firm notes that their checks indicate that positive Q3 traffic trends have continued into Q4, giving the firm confidence in DKS' ability to beat conservative earnings guidance. The firm also believes merchandise margins continue to improve and Q4 could produce flat to up margins for the first time this year. Longer term, the firm views DKS as uniquely positioned in the industry to accelerate market share gains via organic expansion in the Pacific Northwest and West Coast regions.

08:36

On The Wires

BNY Mellon (BK) announces that it has acquired Portsmouth Financial Systems, a developer of modeling and analytics of structured credit transactions. The acquisition of Portsmouth Financial Systems will allow BNY Mellon to offer a new service with a variety of features, including allowing clients and investors to review actual or predictive security cash flows, to access loan level historical data analysis and cash-flow scenarios, and to plug-in default and prepayment modeling. Financial terms were not disclosed... Harman International Industries (HAR) has been selected to provided the branded audio systems for Chrysler Group's next generation of SRT Series vehicles. The new systems will be available on Chrysler 300, Dodge Charger and Dodge Challenger SRT models beginning with the 2012 model year... CPEX Pharmaceuticals (CPEX) announces that the ongoing Phase 2a clinical trial of Nasulin, the intranasal insulin candidate, has now completed enrollment. The study was initiated in February of this year and randomized 94 subjects. Results are expected at the end of the first quarter or beginning of the second quarter of 2010.

08:35

ECPG Encore Capital announces a $150 mln mixed shelf offering (17.51 )

08:34

VSH Vishay raises Q4 rev guidance driven by higher than anticipated demand for both discrete semiconductors and passive components (7.54 )

Co issues upside guidance for Q4 (Dec), sees Q4 (Dec) revs of $580-600 mln vs. $557.87 mln First Call consensus, up from $530-570 mln previously. The strong revenue recovery in the current quarter was driven by higher than anticipated demand for both discrete semiconductors and passive components. Vishay is still capacity constrained, especially in some of its semiconductor lines.

08:32

HGRD Health Grades expects 2010 total revenue to increase 20% y/y; equates to ~$62.2 mln vs. $62.42 mln consensus (4.20 )

Co issues FY10 guidance, expects 2010 total revenue to increase 20% compared with 2009 total revenue, which equates to ~$62.2 mln vs. $62.42 mln consensus. Although the company's Professional Services business through the nine months ended September 30, 2009 grew at 10% and, as stated previously, is expected to finish 2009 with revenue growth slightly under 10%, the company does expect this business to grow in excess of 10% in 2010. The company expects its 2010 Internet Business Group revenue to grow at a rate substantially above the company's revenue guidance of 20%. HGRG expects its operating margin for 2010 to be in the range of 19% to 22%. The company is currently adding a significant number of sales team members. In addition, the company has been adding staffing during 4Q09 to drive a number of business initiatives related to consumer experience and product development for its web properties. Finally, the company is embarking on several major information technology initiatives.

08:32

ADES ADA-ES joint venture successfully installed and commenced operations of two CyClean facilities (4.29 )

Co announced that Clean Coal Solutions, its joint venture with NexGen Refined Coal, an affiliate of NexGen Resources , has successfully installed and commenced operations of two CyClean facilities that produce Refined Coal thus meeting the year-end placed-in-service requirement for the Section 45 tax credits. The two systems were installed at power plants with cyclone boilers burning Powder River Basin coal from Wyoming. While burning CCS's Refined Coal, tests were conducted using protocols provided in the interim guidance notice issued by the IRS on December 7, 2009. These tests demonstrated that the Refined Coal that was produced meets the requirements for the tax credits by reducing emissions of nitrogen oxide (NOx) by greater than 20 percent and reducing mercury emissions by greater than 40 percent. Based upon these results, the Company believes that CCS's Refined Coal will qualify for the approximately $6.20 per ton tax credit, which is available for the next ten years.

08:31

CW Curtiss-Wright acquires Skyquest Systems for ~$16 mln (30.15 )

Co announces that it has acquired Skyquest Systems Ltd. for 10 mln pounds Sterling, or ~$16 mln. Skyquest is a leading supplier of aircraft video displays, recorders, and video/radar converters for surveillance aircraft applications in the aerospace and defense markets. The business will become part of Curtiss-Wright's Motion Control segment.

08:31

ATRN Armatron International announces that Thomas Plotts has been appointed to the position of Interim CFO; Andrew Zaref, the co's CFO prior to the appointment of Mr. Plotts, has resigned (0.52 )

08:28

IMAX Imax announced that Avatar grossed a record breaking $9.5 million from 178 IMAX theatres domestically (12.54 )

The co and Twentieth Century Fox announced that Avatar grossed a record breaking $9.5 million from 178 IMAX theatres domestically from December 18 through December 20, 2009, registering ~13% of the film's total domestic gross of $73 million on less than 3% of the screens. The IMAX release also posted a record international opening, generating an estimated total of approximately $4.1 million from 58 IMAX screens, for a per screen average of approximately $70,500. The film is scheduled to open on 25 additional IMAX screens internationally in the coming weeks, including in Japan and China. The worldwide IMAX opening weekend box office total is estimated to be $13.6 million as of the end of day Sunday, December 20, 2009.

08:22

TRH Transatlantic Hldngs announces a $200 mln share repurchase program (50.59 )

08:21

NOK Nokia downgraded to Hold at Argus (12.45 )

Argus downgrades NOK to Hold from Buy. The firm notes that in their view, the company's failure to develop a compelling set of applications for its smart phones, a broad-based developer community, and most important, a loyal coterie of smart phone customers will cause the company to continue losing smart phone share. That in turn will keep the pressure on margins. At some point, the firm expects the Nokia board to lose patience with CEO Olli-Pekka Kallasvuo and move to replace him; the company has already cycled out its long-time CFO.

08:18

IAAC International Assets Hldg completed the renewal of two revolving credit facilities (15.79 )

Co announced that it has completed the renewal of two revolving credit facilities totaling $60 million that were arranged and fully underwritten by Bank of America N.A. The facilities will continue to be used to finance working capital needs of International Assets Holding Corporation and also to finance the trading activities of the group's subsidiary, INTL Global Currencies Limited.

08:18

HPY Heartland Payment Systems entered into an agreement to settle the consumer cardholder class actions (13.47 )

Co has entered into an agreement to settle the consumer cardholder class actions consolidated in the United States District Court for the Southern District of Texas. These actions relate to claims arising from the criminal breach of Heartland's payment system announced on January 20, 2009. Under the terms of the settlement, Heartland will pay a minimum of $1,000,000 and up to a maximum of $2,400,000 to class members who submit valid claims for losses as a result of the intrusion. The settlement resolves all actions and proceedings that were asserted or could have been asserted against Heartland in relation to the intrusion by all persons in the United States who had payment cards used in the United States between December 6, 2007 and December 31, 2008 and who allege or may allege they suffered losses. Any person who validly requests exclusion from the settlement class will be excluded from the settlement.

08:15

ISIS ISIS Pharm to receive $10 mln from OncoGenex' license of OGX-011 to Teva (9.94 )

Co announces that it will receive a $10 mln payment from OncoGenex Pharmaceuticals (OGXI) as a result of OncoGenex' license of OGX-011 to Teva Pharmaceutical Industries (TEVA). OGX-011 is a second-generation antisense drug co-discovered by Isis and OncoGenex that has completed a successful Phase 2 program in patients with advanced prostate cancer and advanced non-small cell lung cancer. Teva and OncoGenex will collaborate on a global Phase 3 clinical program for OGX-011 in patients with prostate and non-small cell lung cancer. Under the terms of OncoGenex' agreements with Teva, Isis will receive $10 mln of the upfront monies paid. This constitutes 30% of the $20 mln license fee and 30% of the premium on Teva's equity investment in OncoGenex as well as a portion of the $30 million prepaid development costs that OncoGenex will subsequently contribute to the development of OGX-011. Isis will also receive 30% of the up to $370 mln in milestone payments OncoGenex is eligible to receive in addition to 5.5 - 7% royalties on all sales of OGX-011.

08:14

TMS Thomson Multimedia's restructuring plan is approved by the Suppliers' committee and the Lenders' committee (1.21 )

The co announces that both the Suppliers' committee and the Lenders' committee under the syndicated credit facility (Lenders' committee), which were convened today under the aegis of the Administrateur Judiciaire's office, voted to approve the Restructuring Plan made public by Thomson on 9 December 2009. The Committee of the Suppliers approved the Restructuring Plan at 100%, and the Lenders' Committee at 100%, thus providing their clear support to the Plan. The committee of Thomson's noteholders (Noteholders' committee) is scheduled to be convened tomorrow, Tuesday 22 December 2009, and will be the final group of creditors to vote on the Restructuring Plan. Should the Restructuring Plan be approved tomorrow at a majority of the two thirds, the Restructuring Plan will be submitted to the vote of Thomson's shareholders at the Ordinary and Extraordinary Shareholders' Meeting to be convened on 27 January 2010 (First call: 19 January 2010). Should the Restructuring Plan not be approved tomorrow at a majority of the two thirds, the Company will submit an alternative Court-imposed plan in accordance with French commercial code provisions. Thomson will communicate tomorrow on the outcome of the Noteholders' committee.

08:13

FMER FirstMerit Corp initiated with a Hold at Stifel Nicolaus (20.18 )

Stifel Nicolaus initiates FMER with a Hold. In the firm's view, CEO Paul Greig and his management team have orchestrated an impressive fundamental turnaround since 2007. The firm believes FirstMerit is currently seeing much greater relationship-building opportunities because of the dislocation within its markets and management's ability to execute. In a regulated, homogenous product industry such as banking, the firm believes that management talent is a crucial determinant of operating success and the firm thinks FirstMerit's team is one of the Midwest's best. In addition, the firm believes that FMER's solid balance sheet should comfortably support future growth.

08:12

ING ING Group completes rights issue and state repayment (9.72 )

The co announces that it has completed its planned repurchase of EUR 5 billion of the Core Tier 1 securities issued in November 2008 to the Dutch State and its EUR 7.5 billion rights issue. Jan Hommen, CEO of ING said: "Today we have successfully completed a major first part of the measures we announced in October to chart a clear course forward and return our focus to the business and what matters most to our customers. With the support of our investors we have paid back half of the funds we received last year from the Dutch State."

08:09

On The Wires

UTStarcom (UTSI) announces the signing of of a definitive agreement to sell its facility in Hangzhou, China for RMB 950 mln to the Zhongnan Group of Companies. The transaction is subject to customary closing conditions and is expected to close before the end of first quarter of 2010. Net of taxes, the payment to UTStarcom will be RMB 900 mln. UTStarcom expects to record an impairment charge in its fourth quarter 2009 financial statements as a result of the agreement to sell the asset... Celanese (CE) announces the acquisition of the long-fiber reinforced thermoplastics business of FACT GmbH... Cavico (CAVO) announces that its subsidiary Cavico Industry and Minerals received an exploration license from Vietnam's Ministry of Natural Resources and Environment for the Thung San Mineral Mine... Globalstar (GSAT) announces that it and its wholly owned subsidiary, Spot LLC, have acquired substantially all of the assets of Axonn. Globalstar and Spot LLC acquired certain assets and assumed certain liabilities of Axonn in exchange for $1.5 mln in cash, subject to a working capital adjustment, $5.5 mln in shares of the Company's voting common stock and up to an additional $11 mln for earnout payments based on sales of existing and new products... Natural Resource Partners L.P. (NRP) announces that it has acquired ~ 220 acres of mineral and surface rights related to sand and gravel reserves in southern Arizona for $3.75 mln. These reserves are currently producing... MEMC Electronic Materials (WFR) announces that it has taken an ownership interest in Eversol Corporation, a solar wafer manufacturer in Taiwan... Longtop Financial Technologies (LFT) announces that it has signed a contract with the headquarters of a Policy Bank in China to develop a customized Performance Management System.

08:07

IAG IAMGOLD announces positive results from Westwood development project Preliminary Assessment Study (15.67 )

Co announces positive results from an updated Preliminary Assessment Study on its 100% owned Westwood development project located two kilometres from the Company's Doyon Gold Mine in the Abitibi region of Northern Quebec. The Study was completed by IAMGOLD's Project Development Group. The results of the Study provide further confidence to move forward on Westwood with production targeted in early 2013. Capital expenditures of $102 million are expected in 2010.

08:05

ETFC E*TRADE names Robert Druskin Chairman and Interim CEO (1.78 )

Co announces that the The Board of Directors of E*TRADE FINANCIAL have named Lead Independent Director Robert Druskin Chairman and interim Chief Executive Officer of the Company effective December 31, 2009. Mr. Druskin, who has served on E*TRADE FINANCIAL Corporation's Board of Directors since February 2008, will assume both positions from Don Layton, who is retiring as planned at year end when his contract expires. Mr. Druskin has chaired the Finance and Risk Oversight Committee and served on the Nominating and Governance Committee while on E*TRADE FINANCIAL's Board. Mr. Druskin is a former Chief Operating Officer of Citigroup, where he was also a member of the Office of the Chairman.

08:04

ARW Arrow Elec raises Q4 EPS guidance; narrows Q4 revenue guidance (27.88 )

Co issues mixed guidance for Q4 (Dec), sees EPS of $0.57-0.63 vs. $0.52 First Call consensus, up from $0.44-0.56 previously; sees Q4 (Dec) revs of $3.8-4.2 bln vs. $4.01 bln consensus, narrowed from $3.65-4.25 bln previously. The co noted that the improved outlook was a result of stronger than expected growth in the components business. The company did not change its outlook on the global enterprise computing solutions business since sales in the last few weeks of December, which typically account for a significant portion of the quarter's revenue, would be a determining factor in the actual revenue and earnings achieved.

08:04

MANT ManTech to acquire Sensor Technologies for $242 million in cash (45.71 )

Co announced that it has signed a definitive agreement to acquire Sensor Technologies for $242 million in cash. Sensor Technologies is a provider of mission-critical systems engineering and Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) services and solutions to the Department of Defense. STI's largest customer is the U.S Army through several contracts, including its prime position on the S3 Indefinite Delivery/Indefinite Quantity contract, on which it has received more than $2.5 billion in task orders to date. The transaction is expected to be accretive to ManTech's earnings per share in 2010. Sensor Technologies generates solid operating margins and expects to produce approximately $340 million in revenue in 2009 and $450 million in revenue in 2010.

08:03

DRCO Dynamics Research awarded Air Force work supporting weapon systems management information system valued at $7.4 mln (10.37 )

08:03

XING Qiao Xing reports Q3 revs of $74.4 mln and gross profit of $16.4 mln (2.13 )

For the third quarter of 2009, the Company's newly acquired subsidiary, China Luxuriance Jade started commercial operation in early July 2009. For the third quarter of 2009, Haozhou mined and processed 119,180 tons of ore, and recorded net revenue of RMB97.3 million (US$14.2 million), gross profit of RMB51.4 million (US$7.5 million) and net profit of RMB30.7 million (US$4.5 million), respectively... "This is the first quarter that our molybdenum mine started commercial operation and actual operating results are better than our initial forecast. With continuous improvement in operation and management, we anticipate that financial results including sales revenue and profit margin will improve gradually," commented Mr. Wu Ruilin, Chairman and Chief Executive Officer of the Company. "We believe, even without considering additional acquisitions in the future and after we spin off all of our telecommunication terminal businesses, the molybdenum business alone can support our current market capitalization."

08:02

OGXI OncoGenex Pharma and Teva announce they have entered into a global license and collaboration agreement to develop and commercialize OGX-011 (29.65 )

Teva Pharmaceutical (TEVA) and OGXI announced that they have entered into a global license and collaboration agreement to develop and commercialize OGX-011, as well as an agreement to purchase shares in OncoGenex. Under the terms of the collaboration and share purchase agreements, Teva will provide OncoGenex with a $60 million initial cash payment, which includes a $10 million equity investment in OncoGenex common stock at a price of $37.38 per share, upfront payment of $20 million and prepayment of $30 million for OncoGenex's contribution to the development costs of OGX-011. OncoGenex will be eligible to receive up to $370 million in additional cash payments upon achievement of various milestones, including regulatory milestones and sales targets. In addition, OncoGenex will receive tiered royalties on sales of the product with the royalty percentage ranging from the mid-teens to the mid-twenties, depending upon the amount of net sales. Teva is responsible for all commercialization and development expenses. OncoGenex retains an option to co-promote OGX-011 in the U.S. and Canada.

08:01

PJC Piper Jaffray announces significant expansion of its asset management business (46.73 )

Co announced a significant expansion of its asset management business. Co signed a definitive agreement to purchase Advisory Research, an asset management firm with ~$5.5 billion in assets under management, which are mainly focused in equity strategies. Advisory Research, Inc. is based in Chicago. The transaction is expected to close in the first quarter of 2010 and is subject to customary regulatory approvals and client consents. Assuming the transaction occurred on Sept. 30, 2009, asset management would have comprised ~12% of Piper Jaffray total net revenues and 24 percent of pre-tax operating income for the nine months ending Sept. 30, 2009. The transaction is valued at $218 million, payable at closing, composed of $178 million in cash and $40 million of restricted stock. Employee owners will receive approximately 40 percent of consideration in restricted stock.

08:01

ATV Acorn Intl declares special dividend (4.87 )

Co announces that on December 18, 2009, its board of directors approved and declared a one-time cash dividend of $0.33 per ordinary share on its outstanding shares to shareholders of record as of the close of trading on December 31, 2009. Holders of ADSs, each representing three ordinary shares of Acorn, are accordingly entitled to the one-time cash dividend of $0.99 per ADS.

08:01

SA Seabridge Gold Reports on progress of KSM preliminary feasibility study (22.96 )

Co announces that that the Preliminary Feasibility Study on its 100% owned KSM Project in northwestern British Columbia, Canada remains on schedule for completion at the end of March, 2010. Work to date has confirmed several significant design improvements which are likely to reduce capital and operating costs for the project.

08:00

IDRA Idera Pharma announces "positive interim data" from Phase 1 clinical trial of IMO-2125 in Chronic Hepatitis C patients (4.73 )

Co announces positive interim results from a Phase 1 clinical trial of IMO-2125 in patients with chronic hepatitis C virus infection. IMO-2125 is an agonist of Toll-like Receptor 9 that Idera designed to treat H.C.V. by inducing endogenous interferon-alpha and other Th1-type cytokines and chemokines. In this four-week trial, IMO-2125 was well tolerated and induced dose-dependent increases in endogenous interferon-alpha and other cytokines. IMO-2125 also demonstrated a treatment-related decrease in viral load at escalating dose levels. All patients enrolled in the trial are null responders, which is defined as patients who have failed to achieve a 2 log10 reduction in viral load during previous 12 to 24 weeks of treatment with pegylated recombinant interferon-alpha plus ribavirin, the current standard of care treatment. "The interim data in the difficult-to-treat null responder HCV patient population through the first four dose levels of IMO-2125 in this four-week trial are very encouraging," said Tim Sullivan, Ph.D., Vice President of Development Programs. "Based on these data, we are extending the trial to a fifth dose level and beginning to recruit patients in this cohort."

07:56

CF CF Industries: Agrium extends exchange offer for CF Industries to Jan 22, 2010 (86.44 )

Agrium (AGU) announced that it has extended the expiration date of its offer to acquire CF for $45.00 in cash plus one Agrium share per CF share until 12:00 midnight, New York City time, on January 22, 2010. AGU also announced that it has replaced its financing commitments with 'highly confident' letters from Royal Bank of Canada and the Bank of Nova Scotia. Agrium's offer for CF is now conditioned on Agrium having available to it proceeds of financing that are sufficient, together with cash on hand, to purchase all outstanding shares of common stock of CF and to pay the related expenses.

07:55

GIGM GigaMedia reports Q2 and Q3 results, misses ests on both (4.15 )

Reports Q2 (Jun) non-GAAP earnings of $0.01 per share, ex-share-based compensation, may not be comparable to the First Call consensus of $0.09; revenues fell 22.9% year/year to $37.7 mln vs the $42.7 mln consensus. Co also reports Q3 non-GAAP EPS of $0.03, ex-share-based compensation, may not be comparable to the First Call consensus of $0.12, Q3 revs fell 19% YoY to $37.2 mln vs the 45.8 mln consensus. The year-period decrease was primarily due to lower contributions from the company's gaming software business reflecting the impact of strong competitive pressures and the global economic downturn on player activities in the industry, the latter of which resulted in decreased player spending. Quarter-over-quarter results reflected traditional seasonality effects on the gaming software and the Asian online games businesses. Gaming software business: the co expects continued challenging operating conditions in the fourth quarter of 2009 and the first quarter of 2010, partially offset by the impact of favorable seasonal trends in the European online gaming markets. Asian online games business: While the co expects year-over-year top-line growth, management anticipates a small double-digit quarterly sequential decrease in revenues due to the lack of new games in the fourth quarter.

07:52

DDSS Labopharm announces intention to draw down CDN $1 million on standby equity distribution agreement (2.00 )

Co announces it has provided YA Global Master S.P.V. with notice of its intention to draw down $1 mln under its previously announced standby equity distribution agreement. (All currency figures are in Canadian dollars.) In accordance with the terms of the SEDA, the common shares to be issued to YA under the drawdown will be priced at a discount of up to 5% to the daily volume weighted average price over the ten consecutive trading days following Labopharm's notice of its intention to draw down on the SEDA. The drawdown and issuance of shares is subject to a minimum share price of $2.00 per share, below which price Labopharm will not be issuing shares pursuant to the drawdown notice. Based on the minimum share price, the maximum number of shares to be issued under this drawdown is 500,000.

07:51

CVS CVS Caremark taking an increased ownership interest in Generation Health (31.18 )

Co said it is taking an increased ownership interest in Generation Health, a genetic benefit management company (GBM). The two companies last month announced a strategic partnership to expand pharmacogenomic (PGx) clinical and testing services for CVS Caremark pharmacy benefit management (PBM) clients to improve care for patients who either are non-responsive to their medications or who have adverse reactions. The announcement today illustrates CVS Caremark's intent to further strengthen its work on applying pharmacogenomic medicine to its benefit management product suite.

07:37

On The Wires

Kraft Foods (KFT) filed a Definitive Proxy Statement with the SEC with respect to its shareholder vote on all proposals to approve the issuance of Kraft Foods shares in connection with its offer for Cadbury plc (CBY)... Insight Enterprises (NSIT) entered into an agreement with Delaware North Companies to serve as the "Official Technology Partner of the TD Garden" and a "Proud Sponsor of the Boston Bruins"... Kforce Government Solutions, a wholly-owned subsidiary of Kforce (KFRC), received Notice from the Department of Interior that it has been suspended from participating in new or renewed business with U.S. federal government agencies as a result of the proposed debarment of KGS from participating in federal contracts. KGS may continue performing work under existing contracts as of the date of this suspension. The Notice relates to a $78,892.32 fixed price task order issued to KGS in 2008 by the Bureau of Land Management... United Security Bancshares (USBI) has extended the existing share repurchase program in which USBI may repurchase up to 642,785 shares of its common stock to expire on December 31, 2010... Lantronix, Inc. (LTRX) announced that its one-for-six reverse stock split was completed effective the close of business on December 18, 2009. Trading of Lantronix common stock on The NASDAQ Capital Market will begin on a split-adjusted basis at the open of trading on December 21, 2009... Thomas Properties Group (TPGI) announced that the company's Board of Directors has voted to suspend its regular quarterly dividends to common stockholders... Eagle Bancorp (EGBN) will redeem 15,000 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, $1,000 liquidation amount per share issued to the Treasury in December 2008 pursuant to the Troubled Asset Relief Program Capital Purchase Program... Nevada Gold & Casinos (UWN) announced that Oceans Casino Cruises, owner of SunCruz Casinos, decided to cease operations of its casino cruises effective December 15, 2009. In November of 2008, Nevada Gold was engaged by Oceans Casino Cruises to provide management services to SunCruz Casinos... Harvest Energy Trust (HTE) announced Ministry of Industry has notified Korea National Oil Corporation ("KNOC") that he is satisfied that theannounced plan of arrangement is likely to be a net benefit to Canada, as required by the Investment Canada Act. The Arrangement provides for the acquisition of all the issued and outstanding trust units by KNOC's Canadian subsidiary, KNOC Canada, for C$10.00 per unit.

07:37

JAS Jo-Ann Stores initiated with a Buy at KeyBanc Capital Mkts; tgt $40 (33.35 )

KeyBanc Capital Mkts initiates JAS with a Buy and price target of $40. The firm views JAS as an exciting margin and cash flow story, complemented with modest, stable revenue growth potential. Moreover, Jo-Ann offers a dominant, economically-resilient fabric offering, coupled with further growth potential into crafts. The firm believes that Wal-Mart's gradual exit from the fabric business continues to offer a unique sales and market share opportunity. Meanwhile, recent investments in systems, stores and distribution have helped position the Co for continued margin expansion. Looking ahead, the firm sees an inexpensive stock with strong cash flow generation and potential upside to consensus EPS estimates. Further, looking to 2010, where overall growth in consumer spending may be challenged, the firm believes JAS has a number of opportunities to drive profitability regardless of the macroeconomic backdrop.

07:37

UPL Ultra Petroleum announces that it has signed a purchase and sale agreement to acquire approximately 80,000 acres in the Pennsylvania Marcellus Shale (51.06 )

Co announces that it has signed a purchase and sale agreement to acquire approximately 80,000 (net) acres in the Pennsylvania Marcellus Shale, from a private company. Following the acquisition, Ultra Petroleum will hold approximately 250,000 net acres in this region, with the potential for 1,800 net drilling locations. Ultra Petroleum expects to pay roughly $400.0 million for the assets which will be financed using debt.

07:35

ROP Roper Inds announces a 2.3 mln share common stock offering, being made in conjunction with the its inclusion in the S&P 500 (54.19 )

07:35

CAG ConAgra beats by $0.05, misses on revs; raises FY10 EPS guidance (22.16 )

Reports Q2 (Nov) earnings of $0.52 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.47; revenues fell 2.4% year/year to $3.17 bln vs the $3.33 bln consensus. The co raises guidance for FY10, co now expects FY10 EPS from continuing operations, ex-items impacting comparability, to approach $1.73, up from approaching $1.70 previously, reflecting the strong performance in the first half of the fiscal year. In a change from prior guidance, the co now expects the Slim Jim business interruption insurance recovery, estimated in the range of $0.05 per diluted share, to be recognized in FY11 instead of FY10. "Our strong performance this quarter reflects continued momentum in the Consumer Foods segment and gives us heightened confidence in our fiscal 2010 EPS outlook. Success with innovation and marketing drove significantly improved market shares and top-line progress in the Consumer Foods segment for the quarter, while a more favorable input cost environment and strong cost savings substantially contributed to profit growth. We are very pleased with our success this year and with the increased EPS outlook, and expect to continue demonstrating the earnings power of our company with consistent and sustainable growth."

07:34

WAG Walgreens beats by $0.04, reports revs in-line (36.64 )

Reports 1Q10 (Nov) earnings of $0.52 per share, ex-items, $0.04 better than the First Call consensus of $0.48; revenues rose 9.5% year/year to $16.36 bln vs the $16.3 bln consensus. Co states, "Like every Christmas season, our performance is driven by the final days, which makes this an important week. The calendar works in our favor this year, with Christmas falling on a Friday...We see big opportunities to deliver preventive services including pharmacist-delivered immunizations and vaccinations as we continue to expand our capabilities in this area. It's a great illustration of the accessibility of our pharmacists on the front lines of health care."

07:32

CVA Covanta announces that its subsidiary has amended its existing service agreement with the City and County of Honolulu, HI to include its activities as the designer, builder and operator of a $302 mln expansion of the H-POWER Energy-from-Waste facility (17.39 )

07:31

LLY Eli Lilly and Incyte announce collaboration for development and commercialization of oral anti-nflammatory and autoimmune therapies; reconfirms FY09 EPS guidance

Eli Lilly and Incyte Corporation announce that they have entered into an exclusive worldwide license and collaboration agreement for the development and commercialization of Incyte's oral JAK1/JAK2 inhibitor, INCB28050, and certain follow on compounds, for inflammatory and autoimmune diseases. The lead compound, INCB28050, is currently being studied in a six-month dose-ranging Phase II trial for rheumatoid arthritis. Under the terms of the agreement, Lilly will receive worldwide rights to develop and commercialize INCB28050 as an oral treatment for all inflammatory conditions. In exchange for these rights, Incyte will receive an initial payment of $90 mln and is eligible for up to $665 mln in additional potential development, regulatory, and commercialization milestones, as well as tiered, double-digit royalty payments on future global sales with rates ranging up to twenty percent if a product is successfully commercialized. As a result of this transaction, Lilly expects to incur a charge to earnings in the fourth quarter of 2009 of approximately $.05 per share. The company reconfirmed its full-year 2009 earnings-per-share guidance of $3.90 to $4.00 per share on a reported basis, or $4.30 to $4.40 (consensus $4.42) per share on a pro forma non-GAAP basis.

07:28

OHB Orleans Homebuilders announces limited waiver and amendment extension (1.79 )

Co announced that it and its lenders have now executed a Limited Waiver and Amendment extensionto its $375 million Second Amended and Restated Revolving Credit Loan Agreement dated September 30, 2008 (as amended, the "Credit Facility"), effective immediately. The Temporary Amendment, which effectively extends the maturity of the Credit Facility from December 20, 2009 to January 29, 2010, generally provides, among other things, the Company with the ability, subject to compliance with conditions precedent and covenants, to continue existing amendments to the determination of borrowing base availability as provided in the Third Amendment to the Credit Facility and to immediately permit the extension of letters of credit issued under the Credit Facility to February 26, 2010.

07:27

NCT Newcastle Investment has elected not to pay a common stock or preferred stock dividend for the fourth quarter of 2009. (1.62 )

07:25

On The Wires

Intel (INTC) announced new Intel Atom processors today that feature integrated graphics built directly into the CPU, enabling improved performance and smaller, more energy-efficient designs in a new generation of netbooks and Atom-based entry level desktop PCs... Technip (TKPPY), in association with JGC and Modec, has been awarded by Petrobras a lump sum contract for the front-end engineering design of a proposed floating liquefied natural gas unit, as part of a design competition. This FLNG project is being conducted by the joint venture formed between Petrobras (PBR), BG, Repsol (REP) and Galp Energia for the challenging pre-salt reservoirs of the Santos basin offshore Brazil... Novartis International AG (NVS) announced that all three Novartis A(H1N1) 2009 influenza vaccines prequalified by World Health Organization for use in developing world processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement... Quixote Corporation (QUIX) announced that it has sold the stock of the companies comprising its Inform segment to Vaisala, a subsidiary of Vaisala Oyj, a global leader in environmental and industrial measurement systems, in an all cash transaction valued at $20 million. The Inform segment recorded revenue of $22.6 million, or 24% of total revenue, in fiscal 2009... Trintech Group Plc (TTPA) announced that RONA has selected its ReconNET software for financial process compliance. ReconNET is a component of Trintech's Unity platform, a suite of modular software that enables companies to meet their financial governance, risk management and compliance goals... Citadel Broadcasting Corporation (CTDB) announced that it has reached an accord with over 60% of its senior secured lenders on the terms of a pre-negotiated financial restructuring that would extinguish ~$1.4 billion of indebtedness. To implement the terms of the pre-negotiated restructuring on an expeditious basis, Citadel and certain of its subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York... Denny's Corporation (DENN) announced that it has made several management changes. Two officers announced their resignations, Mark Chmiel, Executive Vice President and Chief Marketing and Innovation Officer and Janis Emplit, Executive Vice President and Chief Operating Officer. Both resignations are effective prior to year end. Denny's has launched a national executive search to fill the positions, both internal and external candidates will be considered. In the interim Chmiel's and Emplit's responsibilities will be allocated amongst the marketing and operations teams, respectively.

07:24

NOK Nokia: Fitch downgrades Nokia to 'A-'; outlook stable (12.45 )

Fitch Ratings has today downgraded Nokia's Long-term Issuer Default Rating (IDR) and senior unsecured rating to 'A-' from 'A' respectively. The Short-term IDR has been downgraded to 'F2' from 'F1'. The Outlook on the Long-term IDR is Stable. The downgrade follows the update to the company's strategy and revised financial guidance provided at Nokia's Capital Markets Day ('CMD') on 2 December, which continue to signal margins in the core Devices & Services division are unlikely to quickly regain the levels formerly reported by the company's handsets business. Coupled with what is potentially now a rebasing of the devices business, to lower albeit good levels of profitability, the company's network infrastructure JV with Seimens, 'NSN,' continues to face significant challenges. The JV lost market share in 2009 and is now expected to generate considerably weaker earnings than projected at the time of the merger in 2007. With a non-IFRS operating profit target of between breakeven and 2% in 2010, and with earnings in this business currently still negative,, NSN is taking longer to integrate and generate the scale synergies that were expected at the time it was formed. (Margin guidance at the 2007 CMD, was for the operating margin to grow to 10% by the end of 2009).

07:22

CHTT Chattem and Sanofi-aventis confirm that Sanofi-aventis will acquire Chattem for $93.50/share (69.99 ) -Update-

Sanofi-aventis (SNY) and CHTT announced that they have entered into a definitive agreement under which SNY is to acquire 100% of the outstanding shares of CHTT in a cash tender offer for $93.50 per share, or approximately $1.9 billion... Under the terms of the agreement, SNY will commence a tender offer for all outstanding shares of CHTT at $93.50 per share in cash. The offer price represents a 34% premium above the closing price of CHTT's shares on December 18, 2009. The tender offer is conditioned on the tender of a majority of CHTT's shares calculated on a diluted basis, as well as the receipt of certain regulatory approvals and other customary closing conditions. Following the successful completion of the tender offer, a wholly owned subsidiary of SNY will merge with CHTT and the outstanding CHTT shares not tendered in the tender offer will be converted into the right to receive the same $ 93.50 per share in cash paid in the tender offer. The tender offer will commence in January 2010 and the companies anticipate the transaction will close in the first quarter of 2010. CHTT's Board of Directors has unanimously approved the transaction. The transaction is expected to be accretive to SNY' earnings as early as year one. This acquisition will allow SNY to optimize and retain the full value of the Allegra switch to an OTC product. Also, significant revenue synergies should be obtained through the expansion of CHTT's products into geographic markets where SNY has a strong operating presence, particularly in emerging markets. ...SNY also announced today that it will seek to convert its antihistamine brand known as Allegra in the United States from a prescription medicine to an OTC product. (CHTT is halted)

07:20

LLNW Limelight Networks announces agreement to acquire EyeWonder (3.79 )

Co announces a definitive agreement to acquire privately held EyeWonder, Inc. The transaction is expected to close in the first half of 2010. The consideration to be paid to EyeWonder's shareholders at Closing will equal approximately $110 million, comprised of approximately $62 million in cash and approximately 12.74 million shares of Limelight common stock. Up to approximately 4.86 million additional shares of Limelight common stock will be issuable in 2011 if EyeWonder achieves certain financial results in 2010.

07:16

PALM Palm upgraded to Hold at Morgan Joseph based on valuation (10.17 )

Morgan Joseph upgrades PALM to Hold from Sell based on valuation. The firm continue to believe that management's guidance of $1.6-1.8bn is overly optimistic, however, since management offered this guidance, the stock has dropped more than 33%. With shares having penetrated their former $10 price target intraday on Friday, to as low as $9.60, the firm believes that the Street is more than discounting management's ability to meet that guidance. The firm also anticipates that the Street is once again questioning whether or not Palm is a viable company given the expectations for $80 mln in expected cash burn for F3Q10 even with the additional $360 mln in net proceeds raised back in September, as high marketing spend may keep cash burn at high levels. Even though Pre numbers were disappointing in F2Q10, Palm shares are currently trading at 1.5x the firm's estimates, which are low on the Street, compared to RIM's 2.2x CY2010 EV/Sales. The firm nows feel that Palm is fairly valued and that the risk reward is no longer on the side of the shorts.

07:02

RBA Ritchie Bros. sets records for online sales, bidders and items sold in 2009 (23.17 )

Co announces that it sold $3.5 bln of equipment at 327 unreserved auctions around the world in 2009, including a record nearly $830 mln of equipment sold to online bidders. Ritchie Bros. set many other new company records in 2009, including total bidder registrations and number of lots sold.

07:01

NTWK Netsol issues upside guidance for FY10 (Jun), sees FY10 (Jun) revs of $33-35 mln vs. $31.46 mln First Call consensus. (0.75 )

Co issues upside guidance for FY10 (Jun), sees FY10 (Jun) revs of $33-35 mln vs. $31.46 mln First Call consensus, co also sees a return to GAAP net income for fiscal year 2010, versus a GAAP net loss of $0.30 per diluted share for fiscal year 2009. License revenues for fiscal year 2010 are projected to increase more that 100% versus fiscal year 2009. Increased sales and pipeline activity driving improved financial performance, including rising demand for NetSol Financial Suite, particularly in key markets such as China and North America. Cost efficiency measures and corporate restructuring activities completed in recent quarters improving gross and net margins. Any potential positive future impacts related to the previously disclosed large governmental contract opportunities the company is currently pursuing would be incremental to the aforementioned guidance.

07:01

SGEN Seattle Genetics announces antibody-drug conjugate collaboration with GlaxoSmithKline (9.17 )

Co announced today that it has entered into a collaboration agreement with GlaxoSmithKline (GSK) under which GSK will pay an upfront fee of $12 million for rights to utilize Seattle Genetics' antibody-drug conjugate (ADC) technology with multiple antigens to be named by GSK. GSK is responsible for research, product development, manufacturing and commercialization of all ADC products under the collaboration. Seattle Genetics is eligible to receive from GSK up to $390 million in milestones if all ADCs in the collaboration are commercialized as well as mid-single digit royalties on worldwide net sales of any resulting ADC products. Seattle Genetics also will receive material supply and annual maintenance fees as well as research support payments for assistance provided to GSK under the collaboration.

07:01

VSEC VSE Corp awarded second task order to manage and operate TACOM/TARDEC corrosion prevention and control program; potential revs of up to ~$19.2 mln (43.54 )

Co announced today that it has been awarded its second Task Order under the PEO CS&CSS Omnibus Contract to manage and operate the TACOM/TARDEC Corrosion Prevention and Control (CPAC) program. The total contract value over the base period and two option years is $19.2 million, with the base period valued at $5.37 million. VSE has been the prime contractor for the Army's CPAC program since 2005.

07:01

FSLR First Solar and EDF Energies Nouvelles in exclusive talks with Blanquefort (135.67 )

First Solar and EDF Energies Nouvelles announce that they are in the final stages of exclusive negotiations with the town of Blanquefort, near the city of Bordeaux, to locate a new solar panel manufacturing plant. The plant, co-financed by First Solar and EDF Energies Nouvelles, will be operated by First Solar and sell its entire production of innovative, thin-film photovoltaic panels to EDF EN for its first 10 years of operation. Construction is expected to begin in the second half of 2010 and a full production capacity of more than 100 megawatts a year is to be reached in early 2012. The plant is expected to create up to 400 jobs in the region of Aquitaine and represent a total investment of approximately EUR100 million. The decision to focus on Blanquefort for the manufacturing plant follows an extensive review of potential sites throughout the country. First Solar and EDF EN expect to finalize all remaining agreements in the coming weeks. First Solar and EDF EN believe that France will become a major market for solar electricity in Europe thanks in large part to forward-looking French solar policies.

06:56

RSO Resource Capital upgraded to Outperform at FBR Capital; tgt raised to $6 (4.91 )

FBR Capital upgrades RSO to Outperform from Mkt Perform and raises their tgt to $6 from $4 following RSO's successful capital raise on December 7. The firm believes that at current levels, shareholders are being handsomely paid in cash dividends for the relative risk associated with RSO's commercial real estate portfolio. RSO's CRE CDOs continue to be in compliance with all covenants, and because of RSO's direct origination of the majority of the assets held in the CDOs, the company has the ability to continue to work with borrowers, which should ensure a continued cash flow stream. To this point, the firm expects RSO's current $0.25 per quarter cash dividend to be money-good for the foreseeable future. At the firm's new $6.00 price target, RSO shares would trade at nearly a 17% dividend yield, which they think is an appropriate yield heading into 2010. However, the firm believes that if the economy begins to rebound in 2010 and/or the commercial real estate market finds reasonable price discovery over the course of the year, RSO shares may warrant trading at a tighter dividend yield and closer to book value, which was $6.80 at September 30.

06:53

PROV Provident Fincl reinitiated with a Mkt Perform at FBR Capital; tgt $2.50 (2.50 )

FBR Capital reinitiates coverage of PROV with a Mkt Perform and sets target price at $2.50. The firm notes that at the current valuation, they believe that the shares' risk/reward profile is balanced, as credit headwinds are likely to limit near-term upside. Longer-term upside remains attractive but bears a higher-than-average degree of uncertainty, given the potential need for additional capital. Although base-case credit losses, according to their estimates, are likely not severe enough to force a capital raise, if PROV were to face a more adverse economic scenario, higher losses and/or regulatory action could materially increase the probability of a capital raise, which would likely pressure trading multiples considerably. Yet, the firm believes that if the company is able to avoid raising additional common equity over the next two years, shareholder returns could prove significant longer term.

06:28

S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +7.80.

06:28

Asian Markets

Nikkei...10183.47...+41.40...+0.40%. Hang Seng...20948.10...-227.80...-1.10%.

06:28

European Markets

FTSE...5238.16...+41.30...+0.80%. DAX...5863.24...+32.20...+0.60%.

06:21

ATHX Athersys enters into global agreement with Pfizer to develop and market MultiStem for treatment of inflammatory bowel disease (1.00 )

Co announces that it has entered into an agreement with Pfizer (PFE) to develop and commercialize MultiStem for the treatment of Inflammatory Bowel Disease. Under the terms of the agreement, Athersys will receive an up-front cash payment of $6 mln from Pfizer, as well as research funding and support during the initial phase of the collaboration. In addition, Athersys is also eligible to receive milestone payments of up to $105 mln upon the successful achievement of certain development, regulatory and commercial milestones.

06:18

NVMI Nova Measuring Instruments announces additional bookings of $10 mln (4.82 )

Co announces that it has recently received $10 mln of new bookings. The orders during the quarter were received from several customers for stand-alone optical CD, integrated metrology and software products. Most of these orders are scheduled for delivery in the first quarter of 2010.

06:17

CLNE Clean Energy's BAF subsidiary receives second 463-CNG-vehicle conversion order from AT&T for 2010 (14.03 )

AT&T (T) has awarded to BAF Technologies, a wholly owned subsidiary of Clean Energy Fuels, an order to convert 463 Ford E-250 vans to run on compressed natural gas to be fulfilled during 2Q10. The new order is in addition to a 463-unit order from AT&T for vehicles to be delivered during the 1Q10. Additionally, although no formal order has been made, AT&T has requested that BAF procure on AT&T's behalf CNG cylinders for 463 additional conversions to be completed in 3Q10.

05:57

ENSG Ensign Group raises quarterly dividend to $0.05/share (15.00 )

02:07

RAIL FreightCar America appoints Edward J. Whalen as President and Chief Executive Officer, effective immediately (19.96 )

02:06

TEX Terex agrees to sell mining business to Bucyrus for $1.3 bln (19.21 )

Co announces that it has signed a definitive agreement to sell its mining business to Bucyrus International (BUCY 50.84), for $1.3 bln in cash. The products to be divested by Terex in the transaction include hydraulic mining excavators, electric drive mining trucks, track and rotary blasthole drills, and the highwall miner, as well as the related parts and aftermarket service businesses, including the co-owned distribution locations. The transaction, which is subject to customary regulatory approvals, is expected to close in the first quarter of 2010.

02:05

On The Wires

Cell Therapeutics (CTIC) announces that the European Medicines Agency has granted pixantrone orphan drug designation for the treatment of DLBCL which accounts for about 80% of aggressive non-Hodgkin's lymphoma; co expects to file the Marketing Authorization Application in Europe for approval of pixantrone in mid-2010 and would be granted 10 year market exclusivity if it is approved... Quixote (QUIX) announces that it has sold the stock of the companies comprising its Inform segment to Vaisala, a subsidiary of Vaisala Oyj, a provider of environmental and industrial measurement systems, in an all cash transaction valued at $20 mln... City National (CYN) announces that its wholly owned subsidiary, City National Bank, has acquired the banking operations of Imperial Capital Bank in a purchase and assumption agreement with the FDIC; co expects acquisition to be immediately accretive to EPS... Eagle Bancorp (EGBN) announces that on December 23, 2009 it will redeem 15.0 mln shares of its Fixed Rate Cumulatieve Perpetual Preferred Stock, Series A, $1,000 liquidation amount per share issued to the Treasury in December 2008 purusant to TARP Capital Purchase Program... Hancock Holding (HBHC) announces the co has acquired the banking operations of Peoples First Community Bank through a loss-sharing agreement with the FDIC... Geokinetics (GOK) announces that its wholly-owned subsidiary, Geokinetics Holdings USA, priced an offering of $300 mln in aggregate principal amount of 9.75% senior secured notes due 2014.

17:15

DM Dolan Media files $200 mln mixed securities shelf offering in an S-3 (10.62 +0.14)

17:11

MRK Merck files automatic debt securities shelf in an S-3ASR (37.40 +0.12)

16:01

SVBI Severn Bancorp to suspend fourth quarter common stock dividend (2.50 -0.03)

The co announces that its Board of Directors has suspended the common stock dividend for the fourth quarter of 2009. This represents a reduction of $.03 per share from the common stock dividend declared for the third quarter of 2009. "The decision to not declare a common stock dividend for the fourth quarter signals our commitment to maintaining a strong balance sheet as we work through this unprecedented economic turmoil," said Alan Hyatt, president and chief executive officer. "While we may be through the worst part of this recession, and our capital remains well above regulatory requirements to be considered well capitalized, we have taken this further action to conserve our capital. We realize the value of the common stock dividend to many of our shareholders, but we believe this is a prudent decision and ultimately in the long-term best interests of these shareholders. We look forward to continuing to improve the bank's position and ultimately returning to distribution of dividends as market conditions improve."

16:01

LUNA Luna Innovations could emerge from bankruptcy as early as January 12 (1.74 -0.07)

Co announced that a bankruptcy court hearing has been set for January 12, 2010, to decide whether to confirm Luna's Plan of Reorganization and allow Luna to emerge from bankruptcy. If the court confirms Luna's Plan, Luna could emerge from bankruptcy as early as January 12 or 13. Under the Plan, Luna proposes to pay 100% of its due and payable valid claims, and Luna stockholders will retain their shares of Luna's Common Stock. As previously announced, the Plan also includes the settlement of Luna's dispute with Hansen Medical, Inc., which is subject to various conditions.

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