Briefing.com: Hourly In Play (R) – 18:00 ET
Sep 30, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 30-Sep-10 18:00 ET
17:34
ATNI Atlantic Tele-Network increases credit facility by $75 mln to $370 mln (49.24 -0.28)
Co reported that it has amended and restated its existing senior secured credit facility, providing for the addition of a new $50 mln term loan and a $25 mln expansion of its existing revolver facility. The amended and restated credit facility also includes the Co's existing $72 mln and $148 mln term loans, which were outstanding under the Co's previous credit facility.
17:28
CLC CLARCOR announces 7.7% dividend increase to $0.105/share (38.63 -0.02)
17:27
GTSI Eyak Technology, LLC announces increase in offer price for shares of GTSI Corp. to $7.50 in Cash (7.01 +0.11)
17:25
INV Innovaro provides business update and outlook; total revenue YoY has improved from the same period of the prior year (0.96 +0.05)
INV new leadership continues to focus on proactively growing its business. In this regard, Innovaro's strategic services division has signed over $3.0 mlnin agreements with new customers year-to-date.
17:22
HTZ Hertz Comments on Dollar Thrifty Vote (10.59 -1.02)
HTZ commented on Dollar Thrifty's report of a "No" vote today by its stockholders on the merger agreement between the two companies. Mark P. Frissora, Chairman and Chief Executive Officer, said, "Subject to final confirmation of the results of the stockholder meeting, we will focus on implementing our strategy to rapidly accelerate the expansion of Advantage Rent-a-Car and the U.S. off-airport business. This strategy builds on several straight quarters of faster revenue growth in the U.S. airport rental market compared with our publicly traded competitors. Additionally, we started taking the necessary steps to cease activities related to the acquisition of Dollar Thrifty, as previously announced."
17:18
TESS TESSCO's Board of Directors rejects Discovery Group's unsolicited acquisition proposal as grossly inadequate (15.07 +0.04)
Co today announced that its Board of Directors has reviewed and unanimously rejected the recent unsolicited non-binding acquisition proposal received from Discovery Group. On September 22, 2010, Discovery Group sent to the TESSCO Board of Directors a letter relating to its interest in acquiring all of the remaining shares of TESSCO that Discovery Group does not currently own at a price of $15.50 per share.
17:07
CASY Casey's General: Alimentation Couche-Tard announces expiration of its tender offer to acquire casy for $38.50 (41.75 -0.51) -Update-
Alimentation Couche-Tard Inc. ("Couche-Tard") announced that it has allowed its tender offer to acquire all of the outstanding shares of Casey's General Stores (CASY) for $38.50 per share in cash to expire at 5:00 p.m., New York City time, on September 30, 2010.
17:03
ALSK Alaska Communications Announces Refinancing Plans (10.15 -0.08)
Co announced plans to refinance its existing senior secured credit facility. The proposed facility is expected to consist of a $30 million revolving credit component and a $440 mln term loan component. ACS plans to use the net proceeds from borrowings under the new credit facility to refinance and extend the maturity of its existing $426 million term loans and $45 million revolver.
17:02
ISIL Intersil and Power-One announce license agreement (11.69 +0.09)
Intersil (ISIL) and Power-One (PWER) announced an agreement under which Intersil has licensed Power-One's Digital Power Technologies.
17:00
CKXE CKX Inc. announces appointment of Kraig G. Fox as Chief Operating Officer (4.90 -0.03)
Co announced the appointment of Kraig G. Fox to the position of Chief Operating Officer. Fox has been with CKX since its formation in 2005 as Chief Corporate Development Officer and Executive Vice President.
17:00
TESS TESSCO expects record revenue and EPS for Q2; co sees Q2 revs well above consensus, EPS in-line (15.07 +0.04)
Co sees EPS of $0.42-0.47 vs. $0.42 consensus; issues upside Q2 revs of $165-170 mln vs. $146.7 mln consensus. "During Q2, our revenues grew by approximately 25% compared to last year's second quarter due to strong performance in nearly all markets and product lines. Also, during the quarter we served an average of over 12,900 customers each month - another TESSCO record."
16:53
HMPR Hampton Roads Bankshares increases rights offering to $40 mln (0.91 -0.10)
16:48
ELN Elan announces expiration of asset sale offer to purchase up to $186 mln of 8 7/8% senior fixed rate notes due 2013 and floating rate notes due 2013 (5.75 +0.33)
16:46
FSR Flagstone Re provides initial estimate for New Zealand earthquake loss at $52.5 mln (10.61 +0.12)
Co announced that its preliminary estimate of claims relating to its exposure to the earthquake in New Zealand is $52.5 mln net of reinstatement premiums and retrocession. FSR's loss estimate is based on its proprietary modeling analysis, the assessment of individual treaties and client data, third-party vendor models, and an estimated industry loss of $3.6 billion USD.
16:46
HPQ Hewlett-Packard resumes trading... currently down almost 2 points (42.07 -0.46) -Update-
16:39
CHIO China INSOnline entered into letter of intent to merge with Dingneng Bio-Technology (0.23 +0.02)
Co announced that it has entered into a letter of intent dated September 27, 2010 related to a proposed transaction offered by Dingneng Bio-Technology Co., Ltd. to acquire common shares of CHIO through merger, direct exchange or any other form in one or a series of mutually agreed upon transactions. In connection with the transaction, Dingneng will become a subsidiary of CHIO.
16:34
WMGI Wright Medical announces resolution of Government investigation (14.41 -0.16) -Update-
Co announced that its wholly-owned subsidiary, Wright Medical Technology has entered into a Deferred Prosecution Agreement (DPA) with the United States Attorney's Office for the District of New Jersey (USAO) and a civil Settlement Agreement (CSA) with the United States. These agreements resolve the USAO's investigation into the Company's consulting arrangements with orthopaedic surgeons relating to its hip and knee products in the United States. Under the DPA, the USAO agrees not to prosecute the Company in connection with the matter if the Company satisfies its obligations during the 12 month term of the DPA. Pursuant to the CSA, the Company will settle civil and administrative claims relating to the matter for a payment of $7,929,900, without any admission by the Company. In conjunction with the CSA, the Company has also entered into a five (5) year Corporate Integrity Agreement (CIA) with the Office of the Inspector General of the United States Department of Health and Human Services.
16:33
SVNT Savient Pharma announces dismissal of class action lawsuit (22.87 +0.10)
Co announces that the United States District Court for the Southern District of New York has dismissed the Class Action originally filed on November 25, 2008, and captioned Richard Sagall vs. Savient Pharmaceuticals, Inc., et al., against the Company and two of its former officers.
16:31
PWER Power-One and Intersil Corporation (ISIL) announced an agreement under which Intersil has licensed Power-One's Digital Power Technologies (9.32 +0.07)
16:30
EBF Ennis acquires certain assets of Atlas Tag & Label; no significant liabilities were assumed in the transactions and the transaction closed on Sept 30, 2010 (17.91 +0.12)
16:30
REG Regency Centers prices offering of $250 mln of ten-year senior unsecured notes (39.47 +0.66)
Co announces that its operating partnership, Regency Centers, L.P., priced an offering of $250 million of 4.80% 10-year senior unsecured notes under its existing shelf registration statement. The notes are due April 15, 2021 and were priced at 99.860%. J.P. Morgan Securities LLC and Wells Fargo Securities, LLC acted as joint book-running lead managers for the transaction.
16:28
COMDX March sugar futures closed 5.8% lower on news India's sugar surplus may increase by 50%
The National Federation of Cooperative Sugar Factories said today that India's sugar surplus may rise by up to 50% (to ~7.0 - 7.5 mln tons) in the year beginning Oct. 1. This news is negative for the sugar ETF SGG, which is down 5.6% to $68.51, since India is the world's second largest sugar producer behind Brazil. (Brazil produces ~25% of the world's sugar, while India produces ~15%.)
The increase in surplus appears to be purely on better-than-expected weather and, given that India produces so much of the world's sugar, a notable move to the downside in price would make sense from a fundamental perspective.
After hitting a near-term bottom of 13.00 cents per pound (continuous contract) on May 7, sugar futures rose 106% from May 7 through Sept. 28. On Tuesday, Sept 28, the continuous sugar futures contract hit levels not seen since Feb. 17, 2010, at around 27.15 cents per pound. The gains came mainly on concerns that supply would not be able to meet demand levels. One of the main catalysts was Brazil, which was seeing unfavorable weather and slowly reducing yields and total ending stocks. However, a 50% potential increase in India's sugar surplus could offset the Brazil news.
16:25
PX Praxair and NuCO2 formed strategic alliance that includes long term supply agreement for NuCO2's purchase of bulk CO2 and beverage carbonation related cylinder gases from PX (90.26 +0.53)
16:22
MERC Mercer Intl announces completion of critical phase of the green energy project at its Celgar Mill (4.89 +0.03)
The project is currently in the commissioning and optimization phase, and Celgar has completed a 72-hour performance test for its new turbine as required under its power purchase agreement with BC Hydro. Co submitted the test results and other required documentation to BC Hydro for approval of commercial operation status, pursuant to the terms of its agreement with them. Following confirmation from BC Hydro that all necessary documentation has been provided, it is expected that commercial operation status under the EPA will be set retroactive to September 27, and all power generation from that point will be recognized at Bioenergy rates.
16:20
DMAN Demandtec is trading +16% to $10.95 on very light volume following earnings results (9.41 -0.01)
16:20
NEE NextEra Energy subsidiary issued Class B membership interests in exchange for ~$71 mln to fund expected capital contributions of ~$195 mln (54.39 -0.28)
Co's subsidiary Heartland Wind Funding issued Class B membership interests in exchange for ~$71 million up front and a commitment to fund expected capital contributions of ~$195 million in the future. Heartland Wind consists of 309 megawatts of wind energy projects in North Dakota and Iowa.
16:15
Events and conferences of interest for tomorrow
Events and conferences of interest for tomorrow, October 1, include: Fed's Dudley; Fed's Evans; Fed's Fisher.
16:15
NFBK Northfield Bancorp postpones stock offering due to current unfavorable market conditions (10.91 +0.19)
Co announces that Northfield Bancorp, the recently formed Delaware corporation and proposed new holding company for Northfield Bank, has postponed its stock offering in connection with the second-step conversion of Northfield Bancorp, MHC due to current unfavorable market conditions.
16:15
HPQ Hewlett-Packard: Leo Apotheker named CEO and President of HPQ (42.07 -0.46) -Update-
The Board of Directors of HPQ announced the election of Leo Apotheker as Chief Executive Officer and President. Apotheker, who previously served as CEO of SAP, will also join HPQ's Board of Directors. The Board also elected Ray Lane, Managing Partner at Kleiner Perkins Caufield & Byers, as a new member of the Board and designated him as non-executive Chairman. Apotheker will succeed Cathie Lesjak, who was named interim CEO in August 2010. Lesjak, who has served as HP's Chief Financial Officer since January 2007, remains CFO and continues to serve as a member of the Executive Council... "During Apotheker's more than 20 years at SAP, he was a driving force in making it the largest business software applications company in the world. Apotheker helped develop and implement the most significant changes in SAP history. During his tenure, he transformed R&D and technology platforms and expanded business models and customer segments. Apotheker also helped lead SAP to 18 consecutive quarters of double-digit software revenue growth between 2004 and 2009." On Friday, HPQ will host an audio webcast for financial analysts and stockholders to discuss the elections. (stock is halted)
16:14
TNK Teekay Tankers announces an 8.2 mln share common stock offering (12.99 -0.23)
Company expects to use the net offering proceeds to repay a portion of its outstanding debt under its revolving credit facility. The joint book running managers for the offering are Morgan Stanley, Deutsche Bank Securities and J.P. Morgan.
16:12
DMAN Demandtec beats by $0.03, beats on revs (9.41 -0.01)
<p>Reports Q2 (Aug) earnings of $0.02 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of ($0.01); revenues rose 3.0% year/year to $20.4 mln vs the $19.6 mln consensus.
16:11
NOEC New Oriental enters into agreements to convert certain outstanding debt to common equity (0.84 +0.02)
Co reports that on Tuesday, September 28, 2010, with the approval of the Board of Directors, the Company entered into agreements with certain holders of outstanding debt of the Company for the conversion of ~$1,473,000 of loans to common stock at $1.00 per share, resulting in the issuance of ~1,473,000 additional common shares.
16:10
AVA Avista requests recovery of costs for providing natural gas service in Oregon (20.88 -0.09)
Co files a request with the Public Utility Commission of Oregon to increase natural gas rates for customers by an overall 5.6 percent. The PUC has up to 10 months to review Avista's request.
16:10
IGLD Internet Gold amended announcement of results of public tender in Israel for Its Series C Debentures; expects to issue ~$46 mln (23.10 +0.90)
Co expects to issue ~$46 million aggregate principal amount of Series C Debentures. The Series C Debentures are payable in four equal annual installments on March 10 of each of the years 2016 through 2019 and pay interest at a fixed annual rate of 4.45%, as determined by the public tender, which is payable semi-annually on March 10 and September 10 of each of the years 2011 through 2019 (the first interest payment will be made on March 10, 2011, and the last interest payment will be made on March 10, 2019).
16:09
MRK Merck to appeal verdict in Massachusetts Medicaid case (36.81 )
Co will appeal a Massachusetts federal court jury verdict concerning allegations that a former subsidiary of Schering-Plough Corporation, Warrick Pharmaceuticals, caused the Commonwealth of Massachusetts to overpay local pharmacists for prescriptions of albuterol. Following a 3-week trial, the jury found Merck liable for ~$4.6 million in compensatory damages. The drugs involved in the case are three generic albuterol products that were manufactured and sold by Warrick.
16:06
MCP Molycorp announces Stan Trout will join Molycorp as Director of Magnet Manufacturing on October 1, 2010 (28.29 +1.56) -Update-
He is re-joining Molycorp to help direct the Company's re-establishment of magnet manufacturing business in the U.S.
16:06
OKE ONEOK sees net income at upper end of prior range; sees 2010 net income of $320-335 mln vs. prior guidance of $300-335 mln (45.04 +0.51)
ONEOK's 2010 net income is expected to be in the range $320-335 mln vs. prior guidance of $300-335 mln (consensus $322.8 mln). The updated guidance reflects higher anticipated earnings in the distribution and energy services segments, offset partially by lower expected earnings in the ONEOK Partners segment. ONEOK Partners' (OKS) 2010 net income is expected to be in the range of $450-470 mln, compared with its previous range of $450-490 mln. The updated guidance reflects higher anticipated earnings in the partnership's natural gas pipelines segment, offset by lower earnings in the natural gas gathering and processing segment and the natural gas liquids segment. Estimates for the partnership's 2010 distributable cash flow (DCF) were updated and are expected to be in the range of $570 million to $590 million, compared with its previous range of $580 million to $620 million.
16:05
CBK Christopher & Banks misses by $0.01, misses on revs (7.91 +0.04)
Reports Q2 (Aug) loss of $0.06 per share, excluding non-recurring severance charge of approx $0.01, $0.01 worse than the Thomson Reuters consensus of ($0.05); revenues rose 0.1% year/year to $101.3 mln vs the $105.4 mln consensus. For the third quarter of fiscal 2011, the Company expects an increase in same-store sales in the low single digits. Total gross margin is expected to decrease by a couple hundred basis points in the third quarter of fiscal 2011, as compared to last year's third quarter, due to higher product costs and increased promotional activity, somewhat offset by the leveraging of buying and occupancy costs. SG&A expenses as a percent of sales are expected to be slightly higher in the third quarter of fiscal 2011, as compared to the third quarter of fiscal 2010.
16:04
AZZ AZZ Inc. beats by $0.09, beats on revs; guides FY11 EPS in-line, revs above consensus; declares $0.25 per share dividend (42.75 -0.43)
Reports Q2 (Aug) earnings of $0.80 per share, excluding non-recurring items, $0.09 better than the Thomson Reuters consensus of $0.71; revenues rose 4.6% year/year to $99.6 mln vs the $94.4 mln consensus. Co issues mixed guidance for FY11, sees EPS of $2.70-2.85 vs. $2.72 Thomson Reuters consensus; sees FY11 revs of $385-395 mln vs. $383.73 mln Thomson Reuters consensus. Additionally, the Company announced that the Board of Directors, at its regularly scheduled quarterly meeting, declared a 25 cent per share cash dividend on the Company's common stock outstanding.
16:04
ECGI Envoy Communications provides update on Augen gold dissident action; concerned shareholders were still able to garner 42% votes (0.92 +0.04)
Co attended the Annual and Special Meeting of shareholders of Augen Gold Corp. in order to represent its interests, as well as those of a significant group of concerned shareholders. In a proxy circular distributed earlier this month, the concerned shareholders proposed a strong slate of directors and put forth a value creation plan to benefit all shareholders. Despite strong support for the concerned shareholders' motions at today's meeting, the incumbent management was re-elected. While Envoy is disappointed with the results of the meeting, it is hopeful that the actions of the concerned shareholders will lead to accelerated progress at Augen Gold.
16:01
DENN Denny's secures $300 mln credit facility (3.11 +0.20)
Co announces it has secured a $300 mln credit facility that is comprised of a $50 mln five year senior secured revolver and a $250 mln six year senior secured term loan in connection with the amendment and restatement of Denny's existing senior secured credit facilities.
16:01
ACHN Achillion Pharma announces dosing of first patient in Phase II trial of ACH-1625 for the treatment of Hepatitis C (3.02 -0.03)
Co announces that it has initiated patient dosing in a Phase II clinical trial of ACH-1625 for the treatment of hepatitis C virus infection.
16:01
NNA Navios Maritime Acquisition intends to offer through a private placement ~$375.0 mln of first priority ship mortgage notes due 2017 (5.50 )
Co announces that it and Navios Acquisition Finance, its wholly owned finance subsidiary, intend to offer through a private placement, subject to market and other conditions, ~$375.0 mln of first priority ship mortgage notes due 2017.
15:59
DTG Dollar Thrifty confirmed results of special meeting of shareholders; Company did not obtain the requisite votes to execute its definitive merger agreement with Hertz Global Holdings (50.12 +0.01)
Co announces that it did not obtain the requisite votes to execute its definitive merger agreement with Hertz Global Holdings (HTZ) at the special meeting of shareholders held today. (CAR)
15:53
Earnings Calendar
Today after the close look for the following companies to report: ACN, AZZ, CBK, DMAN, LWSN, RECN, and SMOD. Tomorrow no companies are scheduled to report.
15:51
ACTG Acacia Research subsidiary enters into settlement agreement with Hynix; regarding patents related to double data rate SDRAM devices (17.66 +0.32) -Update-
15:40
USO Global, sector, & commodity ETF movers & money flows- Energy Complex (OIL, USO, UGA) outperforms all groups to close out the last day of the mth/qtr; Sugar (SGG) posts the biggest decline in the commodities complex -Technical-
Actively Traded Leading Global, Regional, & Domestic Sector ETFs:
crude/WTI oil- USO +2.50%, OIL +2.75%, RBOB gas- UGA +2.75%, heating oil- UHN +2.25%, solar power- TAN +2.25%, VIX vol index- VXX +2.0%, VXZ +1.25%, cotton- BAL +1.25%, iShares Hong Kong- EWH +1.0%, iShares Brazil- EWZ +1.0%, iShares S Korea- EWY +1.0%, livestock- COW +1.0%, iShares Italy- EWI +1.0%, Thailand- THD +0.75%.
Actively Traded Lagging Global, Regional, & Domestic Sector ETFs:
sugar- SGG -5.5%, natural gas- UNG -2.50%, gold/silver miners- GDXJ -1.75%, GDX -1.0%, ag/chem complex- MOO -1.50%, iShares Australia- EWA -1.50%, coffee- JO -1.50%, iShares Japan- EWJ -1.25%, cocoa- NIB -1.25%, ag/grain complex= JJG -1.0%, semis- XSD -1.0%, palladium- PALL -1.0%, internet index- FDN -0.75%, iShares Netherlands- EWL -0.75%.
15:25
AXP American Express extends pullback to support at its 50 sma/20 ema/last week reaction low at 42.19/41.99 and attempts to stabilize -- session low 42.15 (42.24 -0.77) -Technical-
15:24
SHLD Sears Hldg announces pricing of senior secured notes offering (72.37 0.00)
Co announces that it has agreed to sell in a private placement $1 bln of 65/8% senior secured notes due 2018. Concurrent with the closing of the sale of the Notes described above, the Company will sell $250 mln aggregate principal amount of Notes to the Company's domestic pension plan in a private placement.
15:19
BIOC Biocircuits Corporation responds to shareholder letter; "Board of Directors of BioClinica supports management" (3.53 +0.08)
15:08
ECA EnCana runs 3% higher over last half hour amid pickup in volume (30.08 +1.22) -Technical-
14:59
FUL H.B. Fuller announces $100 mln share repurchase program; primary source of funding is expected to be excess cash held in the United States (20.02 +0.02)
14:57
PLG Platinum Group Metals updated resource estimate for Project 3 of the Western Bushveld Joint Venture (2.30 +0.13)
Co announces an updated resource estimate for Project 3 of the Western Bushveld Joint Venture. The new resource calculation estimates 1.938 million 4E ounces (platinum, palladium, rhodium and gold) in the indicated category and 21,000 4E ounces in the inferred category. Earlier resource calculations estimated a project total of 1.9 million inferred 4E ounces.
14:57
LOGI NASDAQ 100 (NDX) strength & weakness- PC Peripheral maker (LOGI) continues to lead all percentage gainers into the final hour of trading for the mth/qtr. -Technical-
NDX 10 Best % Performers:
LOGI, QCOM, APOL, CERN, ERTS, HSIC, CHKP, SPLS, BIIB, PCAR
NDX 10 Worst % Performers:
FWLT, CTXS, SNDK, NTAP, EBAY, SYMC, STX, QGEN, LIFE, ORLY
NASDAQ A/D @ 1:1 (+5)
NASDAQ TRIN @ +1.1
14:54
CNIC Copernic obtains interim court order for plan of arrangement (2.67 +0.01)
Co announced that the Ontario Superior Court of Justice issued an interim order authorizing co to call a special meeting of its shareholders to consider and, if deemed advisable, pass a special resolution approving a proposed plan of arrangement. On August 25, 2010, Copernic and N. Harris Computer jointly announced that they had entered into an arrangement agreement with Comamtech, newly incorporated corporation, with respect to an arrangement pursuant to which Copernic will ultimately be acquired and taken private by Harris and current shareholders of Copernic will become shareholders of Comamtech, which shall retain certain non-operating assets of Copernic.
14:54
BA Dow 30 (DJX) strength & weakness- Aerospace name (BA) continues to lead the percentage gainers into final hour of trading for the mth/qtr. -Technical-
DJX 5 Best % Performers:
BA, CSCO, INTC, XOM, DIS
DJX 5 Worst % Performers:
CAT, KFT, JPM, PFE, AXP
NYSE A/D @ 1:1 (+320)
NYSE TRIN @ +0.90
14:49
SPY S&P +0.5 reaches back into positive territory -Update- -Technical-
The initial bounce off the low was constructive with the S&P reaching the 38% retracement of the morning slump at 1144. A limited dip thereafter has been reversed with the index setting a new rebound high. Corrections often come in three legs so the strength and sustainability of this push is a key read on the underlying strength of the aggressive morning retreat. For this afternoon need to see sustained gains above 1146 and 1149 or the door will remain open to further short term pressure.
14:46
INDXCH Index Change Reminders
Liquidity Services (LQDT) will replace The South Financial Group (TSFG) in the S&P SmallCap 600 index after the close. Rackspace Hosting (RAX) will replace AmeriCredit Corp. (ACF) in the S&P MidCap 400 after the close of trading today.
14:40
SPY Fractional new rebound highs for S&P -1.4 and Nasdaq -1.2, Dow -30 has thus far not confirmed the move -Update- -Technical-
14:39
IDN Intelli-Check: U.S. Navy awards $500,000 contract to Intellicheck Mobilisa for port security (1.02 -0.12)
Co announces that the U.S. Navy added ~$500,000 of additional R&D funding for the Company's Floating Area Network technology and Littoral Sensor Grid wireless security buoy project.
14:36
COMDX NYMEX Energy Closing Prices
Nov crude oil settled higher by $2.11 to $79.97, Nov natural gas shed 9 cents to close at $3.872, Oct heating oil rallied for 5.35 cents to finish at $2.244 while Oct RBOB gasoline ended up 4.93 cents to $2.0448.
14:27
COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices; Corn/Wheat End Lower Following USDA Report -Update-
December corn closed 8.5 cents lower at $4.965 per bushel, November soybeans closed 4 cents higher at $11.03 per bushel, Dec wheat closed 8.5 cents lower at $6.75 per bushel, October ethanol closed 0.019 cents lower at $1.997, October world sugar futures closed 1.52 cents lower to 25.30 cents.
14:25
COMDX With approx 5 min left in pit trade, crude oil is staring down the $80 level, putting in highs at $79.95; now up $2.03 to $79.89
14:15
KVHI KVH Industries wins $42 mln U.S. Coast Guard contract for mini-VSAT broadband service (13.75 +0.65)
The contract, encompassing the shipboard hardware, airtime services, and support, is a 10-year Indefinite Delivery/Indefinite Quantity Contract valued at ~$42 mln. Supporting KVH in this multi-year effort will be network partner ViaSat (VSAT) and logistics partner Mackay Communications.
14:06
XRIT X-Rite to pay off high-interest second lien indebtedness (3.78 0.00)
Co will pay off in full the remaining principal balance of $26.4 million on its 14.375% Second Lien Indebtedness with cash on hand and borrowings under its revolving credit facility. Net interest savings are expected to be about $2.8 million on an annual basis.
14:01
CASS Cass Information Systems: Asentinel filed patent infringement complaint against AnchorPoint, Cass Information Systems and Veramark Technologies (VERA) (34.29 -0.15)
Asentinel announced it has filed a patent infringement complaint against AnchorPoint, a division of MTS; Cass Information Systems and Veramark Technologies (VERA). The complaint seeks damages and injunctive relief for infringement of Asentinel's telecommunications expense management (TEM) patents. Asentinel alleges their solutions violate two Asentinel patents. Asentinel's TEM software patents cover systems and methods of processing and analyzing invoices that enable large corporate users of telecommunications services. The patents include over 80 claims directed to a broad range of TEM features. Additionally, Asentinel has a continuation patent application pending that seeks additional claim coverage, and additional applications pending in Canada and Europe.
13:43
AIV Apt Inv & Mgt amends revolving credit facility; an increase in capacity from $180 mln to $300 mln (21.39 +0.07)
Co announces amendment of its revolving credit facility. Amendments include: -- an increase in capacity from $180 mln to $300 mln, -- an extension of the maturity date from May 2012, inclusive of a one-year extension option, to May 2014, also inclusive of a one-year extension option, and -- a decrease in the LIBOR floor on the facility's floating interest rate from 2.00% to 1.50%, which at current LIBOR pricing effectively reduces the interest rate under the facility by 0.50%.
13:40
ELMG EMS Tech receives letter from shareholder MMI Investments expressing its views regarding potential strategic alternatives for the Company (18.70 +0.38)
Co received a letter from a shareholder, MMI Investments, expressing its views regarding potential strategic alternatives for the Company. "The Board of Directors values open dialogue and input from all our shareholders and we intend to thoughtfully consider the matters raised by MMI. We appreciate MMI's comments regarding the strength and market position of our businesses and its support for our ongoing operational improvements, and we agree in particular with MMI's view that EMS is well positioned to benefit from expected future growth in connectivity markets. We also believe that the future success of the Company can be enhanced by potential synergies from each of our businesses. The Board and management team are committed to undertaking actions that will enhance value for all of our shareholders, and we intend to consider MMI's letter with that principle in mind."
13:38
CYPB Cypress Biosci: Ramius sends letter to independent members of the Cypress board; "has concerns about the legitimacy and authenticity of this strategic review process (3.72 +0.04)
Ramius announces that it delivered a letter to the independent directors of Cypress Bioscience in response to the Company's Schedule 14D-9 rejecting Ramius' $4.25 tender offer and its announcement that the Company will engage in a broad evaluation of Cypress' strategic alternatives to maximize shareholder value. Ramius currently owns 9.9% of Cypress and has commenced a tender offer on September 15, 2010 to purchase all of the shares of Cypress it does not currently own for $4.25 per share. In the letter, Ramius expressed concerns about the legitimacy and authenticity of this strategic review process in light of certain inconsistent statements made by management and the Board surrounding the Company's announcement. Ramius further stated that a "broad evaluation of strategic alternatives" is extremely vague and raises serious questions as to whether the Board will fully consider, without bias, a sale of the Company during the process.
13:35
GORO Gold Resource declared its third 2010 Special Cash Dividend of $0.03 per common share (18.61 -1.03)
13:34
CDZI Cadiz secures new working capital facility (10.02 +0.24)
Co announcs that it has reached agreement with LC Capital Master Fund, the Company's existing lender, for an additional $10 mln working capital facility.
13:31
ACTG Acacia Research its Hospital Systems Corporation subsidiary licenses medical picture archiving and communication system technology to Cerner (CERN) (17.60 +0.26)
13:30
COMDX COMEX Metals Closing Prices
Gold finished the session lower by $1.20 to $1309.10, silver shed 16.2 cents to close at $21.79, and copper ended down 0.7 cents to $3.6545.
13:23
COKE Coca-Cola Bottling's South Atlantic Canners will expand operations in Lee County; expects to invest $4.5 mln (53.09 -0.01)
13:04
HRS Harris received orders of $69 mln from a nation in Asia to support the next phase of a comprehensive command, control and intelligence system (44.31 -0.41)
13:04
NVS Novartis AG subsidiary reaches settlement with US Attorney's Office and agrees to pay $422.5 mln criminal and civil claims - in line with provisions (57.51 -0.47)
Novartis Pharmaceuticals reaches resolution with US Attorney's Office regarding civil and criminal allegations of the off-label promotion of Trileptal as well as civil allegations relating to five other products. Co agrees to pay ~$422.5 million in criminal and civil claims; company to enter Corporate Integrity Agreement with Office of the Inspector General. The payments are in line with provisions made for a potential agreement and disclosed and accounted for by Novartis.
13:02
<p>LMT Lockheed Martin won a position on a new Centers for Disease Control and Prevention contract (71.54 -0.35)
Co has won a position on a new Centers for Disease Control and Prevention (CDC) contract that will expand IT services across the CDC and its affiliated groups. The indefinite-delivery, indefinite-quantity contract, called CDC Information Management Services (CIMS), encompasses the full range of IT solutions to serve the CDC's 16,000-person workforce. LMT was awarded the right to compete for task orders in all three of the CDC CIMS domain areas: Management Consulting Services; IT Infrastructure; and Information Management. The contract, which is worth up to $5 bln over 10 years, includes a two-year base period followed by four, two-year option periods.
13:01
MASI Masimo reports study finds clinical practice change with Masimo SET Pulse oximetry reduces severe eye damage more than 50% in premature newborns (27.54 -0.21)
Co announced new multi-center study published in the International Peer-Reviewed Academic Journal, Acta Paediatrica, shows that a change in clinical practice with the use of Masimo SET pulse oximetry technology led to a significant reduction of severe Retinopathy of Prematurity in premature newborns. The study also confirmed that conventional pulse oximetry technology is not effective in reducing ROP, even when clinical practice is changed to reflect lowered oxygen saturation targets.
13:01
PRU Prudential signs distribution agreement with Edward Jones (54.33 -2.20) -Update-
Co reached a distribution agreement with the financial services firm Edward Jones to offer its clients variable annuities and individual life insurance from Prudential companies.
12:51
SPY S&P -2.4 intraday resistance -Update- -Technical-
The index stalled at 1158 resistance noted in The Technical Take and held at midday at 1136 support mentioned at 11:27. We have seen a midday bounce develop and will be watching 1144 and 1146 for a read on the strength of this recovery attempt.
12:47
TECHX Midday relative sector strength as indices work off lows -Update- -Technical-
Sectors outperforming the S&P on this move include: Reg Bank KRE, Semi SMH, Retail XRT, Housing XHB, Materials XLB, REITs IYR, Networking, Disk Drive, Telecom IYZ, Gold GLD, Silver SLV.
12:45
VXX Global, sector, & commodity ETF money flows & movers- CBOE VIX (VXX) leads all gainers @ midday as the SPX comes under end of month/quarter selling pressure; Sugar (SGG) declines sharply in the commodities complex -Technical-
Actively Traded Leading Global, Regional, & Domestic Sector ETFs:
VIX vol index- VXX +2.0%, VXZ +1.50%, crude/WTI oil- OIL +2.0%, USO +1.75%, RBOB gas- UGA +1.50%, regional banks- KRE +1.50%, heating oil- UHN +1.0%, commercial banks- KBE +1.0%, solar power- TAN +1.0%, iShares Hong Kong- EWH +0.75%, capital mkts- KCE +0.75%, Russia- RSX +0.50%, platinum- PPLT +0.50%, PTM +0.50%, China small caps- HAO +0.50%, iShares S Korea- EWY +0.50%.
Actively Traded Lagging Global, Regional, & Domestic Sector ETFs:
sugar- SGG -6.25%, natural gas- UNG -3.75%, ag/grain complex- JJG -2.50%, DBA -1.50%, gold/silver miners- GDX -1.75%, GDXJ -2.50%, XME -1.25%, coffee- JO -2.50%, cocoa- NIB -2.25%, ag/chem complex- MOO -1.75%, iShares Australia- EWA -1.75%, iShares Japan- EWJ +1.50%, oil drillers & energy components- OIH -1.0%, XES -1.25%, global shippers- SEA -1.25%, semis- XSD -1.0%, cotton- BAL -1.0%, SPDRS US retailers- XRT -1.0%.
12:44
SPY Additional upticks off midday lows for stock indices -- Dow -48 has bounced 45 points, S&P -3.5, Nasdaq Comp -12 -Update- -Technical-
12:42
UPS UPS purchases 130 hybrid electric vehicles (67.00 +0.26)
Co announces the purchase of 130 next generation hybrid electric vehicles to add to its growing alternative-fuel vehicle fleet. The 130 hybrids all will be deployed next year, with 30 going to New York and New Jersey and 100 to California. UPS estimates these vehicles will save 66,085 gallons of fuel and 671 metric tonnes of CO2 annually, representing a 35 percent improvement in fuel economy.
12:32
LOGI NASDAQ 100 (NDX) strength & weakness- PC Peripheral name (LOGI) continues to lead all percentage gainers here @ midday -Technical-
NDX 10 Best % Performers:
LOGI, QCOM, HSIC, CERN, VMED, ERTS, BIIB, SPLS, PAYX, PCAR
NDX 10 Worst % Performers:
SNDK, NTAP, CTXS, ORLY, ROST, BIDU, NIHD, QGEN, FWLT, NVDA
NASDAQ A/D @ -2:1 (-710)
NASDAQ TRIN @ +2.10
12:30
BA Dow 30 (DJX) strength & weakness- Aerospace name (BA) continues to lead all percentage gainers here @ midday; 27 of 30 components trade with losses -Technical-
DJX 5 Best % Performers:
BA, XOM, TRV
DJX 5 Worst % Performers:
CAT, HPQ, AXP, PFE, JNJ
NYSE A/D @ -1.5:1 (-775)
NYSE TRIN @ +1.05
12:27
MXC Mexco Energy announces acquisition (6.10 +0.06)
Co purchased all of the outstanding stock of a company which owns royalties producing primarily natural gas. The cash purchase price of $478,000 was funded from the Company's $5.0 million bank credit facility. This purchase, effective October 1, 2010, represents an addition of royalties free of drilling, development and operating expenses. These royalties cover over 200 properties located in 60 counties and parishes in Oklahoma, Texas, Louisiana, New Mexico, Mississippi and Alabama.
12:23
JNJ Johnson & Johnson extends decline to lower end of eight day range at 61.57 -- session low 61.56 (61.60 -0.71) -Technical-
12:06
ASEI American Science & Engineering receives U.S. Government research and development contract award for a Robotic Z Backscatter module for remote IED detection and defeat (73.37 +0.07)
Co announces the receipt of a multimillion dollar contract award for the delivery of a modular Z Backscatter(TM) system from a U.S. government agency for remote IED detection and defeat.
12:06
AWK American Water expands water line protection programs in five states (23.19 +0.13)
Co announces the expansion of the Water Line Protection Program to homeowners in additional communities in Arizona, Kentucky, Maryland, New York and West Virginia.
12:05
SPY Limited bounce attempt quickly reversed, stock indices slide to new lows Dow -84, S&P -7.9, Nasdaq Comp -21 -Update- -Technical-
S&P reaches back to a minor support level at 1136 noted in the 11:27 update. The obvious support below is at the multi-month range top at 1131/1129.
12:01
TWI Titan Intl expects to exercise early settlement election; expects to accept for purchase $138.9 mln outstanding 8% Senior Unsecured Notes due 2012 (13.71 -0.26)
11:57
REXX Rex Energy closed its previously announced Marcellus Shale joint venture; remaining drilling carry balance was ~$51.2 mln (12.46 -0.25)
Co closed its previously announced Marcellus Shale jv with Summit Discovery Resources. Co sold ~13K net acres and a partial interest in certain producing Marcellus Shale wells and mid-stream assets. At closing, Sumitomo paid ~$99.5 mln in cash, including reimbursement for leasing expenses of ~$7.6 mln and reimbursement for drilling expenses of ~$7.5 mln. The drilling carry balance was ~$51.2 mln, which will be used to cover 80% of costs to drill and complete additional Marcellus Shale wells... Co also provided a brief operational update. Co reported that its most recent jointly owned horizontal Marcellus Shale well was put into production in Westmoreland County, Pennsylvania by Williams Production Appalachia at a peak 24-hour rate to date of 4.3 MMcf per day. Co expects Williams to fracture stimulate its next well in the area during the first week of October 2010. Williams is currently expanding the company's jointly owned gathering system in the area to accommodate the increased production, the first phase of which is expected to be completed in March 2011. After the closing with Sumitomo, Rex Energy now owns a 40% interest in the Westmoreland County project area.
11:55
FSTR L.B. Foster announces extension of tender offer for Portec Rail Products (28.74 -0.17)
Co announces that it is extending its previously announced cash tender offer, through its wholly-owned subsidiary Foster Thomas Company, for all outstanding shares of common stock of Portec Rail Products, until 12:00 midnight, New York City time, on November 15, 2010. The tender offer was previously set to expire at midnight, New York City Time on September 30, 2010. As of September 29, 2010, 6,686,741 shares of common stock had been tendered in and not withdrawn from the offer. These tendered shares constituted 69.63% of the outstanding shares of common stock.
11:42
SPY Potentially constructive intraday action for stock indices in recent trade -- Dow -47, S&P -3.7, Nasdaq -16 -Update- -Technical-
We saw a fractional new session low (5 min bar) and a stabilization. S&P near 1139 support noted in The Technical Take, Nasdaq Comp near 2355/2345 (session low 2354), Dow support 10761/10750 (session low 10759).
11:35
GTIM Good Times Restaurants reports improved sales trends (0.85 0.00)
Co announces that its same store sales declines have reversed to a positive trend, from a decline of 1.7% in July to increases of +.4% in August and approximately +7% in September. The Company also reported that it is continuing to seek and negotiate strategic financing alternatives for additional growth and working capital.
11:27
SPY S&P 500 -5 extends breakdown off high -Update- -Technical-
The index stalled at the 1158 barrier noted in The Technical (70.7% retrace of April - June decline, equality with the July-Aug rally off the late Aug low and the Oct 2007 - April 2010 trendline) and has retreated as much as 19 points leaving it just under support first level support at 1139. A minor barrier below is at 1136.
11:22
CAL Continental Air and flight attendants reach tentative agreement on new labor contract (24.76 +0.23)
Co announces that it has reached a tentative agreement on a new labor contract with the International Association of Machinists and Aerospace Workers (IAM) representing Continental flight attendants. The IAM is expected to hold a ratification vote in the coming weeks.
11:18
SPY Fresh lows brings stock indices into the red -- Dow -14 falls 135 points off the high, S&P -1.4, Nasdaq -10 -Update- -Technical-
11:09
TEVA Teva Pharma provides update on status of neutroval BLA; the FDA issued a Complete Response Letter (52.71 +0.07)
Co announced the FDA has issued a Complete Response Letter for the Biologic License Application (BLA) for Neutroval (granulocyte colony-stimulating factor) for the reduction in the duration of severe neutropenia and the incidence of febrile neutropenia in patients treated with established myelosuppressive chemotherapy for cancer. The Complete Response Letter related to the Neutroval application requested several items which Teva is reviewing and will work with the FDA to determine the appropriate next steps regarding this application. This letter does not require additional pre-marketing clinical trials to complete the review of the BLA.
11:08
WPO Washington Post: Harman Newsweek purchases Newsweek from The Washington Post Company (387.15 -2.90)
Co announces that Harman Newsweek has purchased Newsweek magazine. The agreement with Dr. Sidney Harman was announced on August 2, 2010.
11:07
COMDX Gold and silver futures trade to fresh lows
Gold now down $6.90 to $1303.50, silver is off 24.2 cents to $21.71.
11:01
TECHX Relative sector weakness on recent pullback extension -Update- -Technical-
Sector that have paced the way lower on the recent slip to new lows by the market averages include: Housing XHB, Retail XRT, Internet FDN, Semi SMH, Materials XLB, Computer-Hardware, Gold GLD.
10:57
SPY Stock indices slip to new pullback lows -- Dow +23, S&P +3, Nasdaq +2.9 -Update- -Technical-
10:54
CAT Caterpillar discloses price action of 0â??2% worldwide (79.68 -0.30)
Co discloses price action of 0-2% worldwide. This price change will be effective January 2011. Consistent with our prior announcement, our first emissions-related price increases of 2-6% will also apply in January for applicable products and regions. This price change is a result of current industry factors as well as general economic conditions. Details by product will be released to dealers in the near future, and will vary across geographic regions and products.
10:47
CLSN Celsion announces Data Monitoring Committee unanimously recommends continuation of Celsion's Phase III ThermoDox HEAT study to treat primary liver cancer (3.23 +0.25)
Co announced that after reviewing data from 401 patients enrolled in its pivotal Phase III ThermoDox clinical study (the HEAT study) for primary liver cancer, the Data Monitoring Committee (DMC) has unanimously recommended that the trial continue to enroll patients with the goal of reaching the 600 patients required to complete the study.
10:47
COST Costco slides back toward the low of yesterday's 52-wk high bar at 64.39 (64.49 +0.18) -Technical-
The stock extended its surge off the Aug low to 20% yesterday.
10:40
TAN Global, sector, & commodity ETF money flows & movers- Solar Power (TAN) leads all gainers in 1st hour trade, Energy Complex firm again; Natural Gas (UNG) declines sharply to new 52-week lows on inventory data -Technical-
Actively Traded Leading Global, Regional, & Domestic Sector ETFs:
solar power- TAN +2.25%, crude/WTI oil- USO +2.0%, OIL +2.0%, RBOB gas- UGA +1.75%, regional banks- KRE +1.75%, capital mkts- KCE +1.75%, iShares Spain- EWP +1.75%, iShares Italy- EWI +1.50%, commercial banks- KBE +1.50%, iShares US broker/dealers- IAI +1.50%, iShares Hong Kong- EWH +1.50%, iShares Sweden- EWD +1.50%.
Actively Traded Lagging Global, Regional, & Domestic Sector ETFs:
natural gas- UNG -3.50%, sugar- SGG -3.0%, cocoa- NIB -2.50%, ag/grain complex- JJG -1.75%, DBA -0.75%, gold/silver miners- GDX -1.25%, GDXJ -1.0%, US Treasuries & fixed income- TLT -0.75%, TLH -0.75%, iShares Japan- EWJ -0.75%, iShares Australia- EWA -0.75%, ag/chem complex- MOO -0.50%.
10:36
SPY S&P +5.5 sees only limited pull back off resistance -Update- -Technical-
The index stalled just shy of resistance noted earlier at 1158 (Fib extension/retracement, 2007-2010 trendline) but the slide has been limited in scope. Thus far it has held near the 50% retracement of the run off yesterday's late low to the early high at 1144 (session low 1144). For this morning watching intraday resistance at 1153 for a read on the underlying health of today's upside extension.
10:31
LOGI NASDAQ 100 (NDX) strength & weakness- PC Peripheral name (LOGI) leads all percentage gainers through today's 1st hour of trade -Technical-
NDX 10 Best % Performers:
LOGI, ERTS, QCOM, RIMM, ADSK, HSIC, URBN, WYNN, PDCO, CHRW
NDX 10 Worst % Performers:
NTAP, ORLY, ROST, SNDK, MXIM, EBAY, YHOO, XLNX, CEPH, DELL
NASDAQ A/D @ +1.5:1 (+610)
NASDAQ TRIN @ +1.05
10:30
UNG Natural gas drops to fresh lows following inventory data; now off 17.2 cents to $3.79
10:29
BA Dow 30 (DJX) strength & weakness- Aerospace (BA) name leads all percentage gainers through today's 1st hour of trade; Machinery (CAT) name notably weak after stalling @ 80.00 resistance once again -Technical-
DJX 5 Best % Performers:
BA, TRV, DD, INTC, UTX
DJX 5 Worst % Performers:
CAT, PFE, AXP, MCD, IBM
NYSE A/D @ 2:1 (+970)
NYSE TRIN @ +0.80
10:20
XHB SPDR Homebuilders pauses this morning near its July peak/200 sma at 15.97/15.98 -- session high 16.01 (15.85 +0.03) -Technical-
The pullback has been limited thus far with initial support to watch at 15.74/15.69 -- LEN, MDC, MTH, PHM, SPF, TOL, HD, LOW, MHK, SHW.
10:17
COMDX With inventory data in about 15 minutes, natural gas futures are chopping around their session lows at $3.876; currently lower by 7.8 cents to $3.884
10:13
SPY Stock indices extend slide off high -- S&P +5.4 stalled at 1158 resistance, Dow +43 is 72 points off high, Nasdaq Comp +6.7 -Update- -Technical-
10:08
JBT JBT Corp awarded $14.5 mln aircraft deicing vehicle order (16.24 +0.20)
Co announces that its JBT AeroTech business received a contract award in excess of $14.5 mln for the supply of JBT AeroTech's Tempest aircraft deicing vehicles to Delta Air Lines (DAL) for utilization at eleven U.S. airport operation sites. The deicers will be equipped with JBT AeroTech's AirFirst forced air and blendUP proportional mix systems to provide Delta Air Lines with the latest in glycol fluid reduction technology.
10:03
KRE KBW Regional Bank ETF tests pauses near its previous Sep high of 23.31 -- session high 23.34 (23.13 +0.31) -Technical-
BOH, CVBF, FMER, FULT, MBFI, ONB, PACW, SBNY, SIVB, UMPQ.
10:03
PAYX Paychex names Martin Mucci President and Chief Executive Officer succeeding Jonathan J. Judge, who resigned in July 2010 (27.53 +0.25)
10:01
VIA.B Viacom: James W. Barge named Chief Financial Officer of Viacom (36.90 +0.62)
10:01
TXT Textron announces its 4.5% convertible senior notes due 2013 to remain convertible at holder's discretion (20.68 0.00)
10:01
ANLY Analysts Intl announces departure of CEO Andrew Borgstrom; Senior Vice President Brittany McKinney named interim CEO (2.25 -0.01)
Co announces that Andrew Borgstrom has resigned as President, Chief Executive Officer and a Director of the company, effective September 28, 2010. Borgstrom is leaving in order to devote full-time attention to RapiDemand, a technology M&A advisory firm based in his home state of Illinois. Under a separate transitional services agreement, Borgstrom will be available to assist AIC with ongoing business initiatives through January 31, 2011.
10:00
COIN Converted Organics, Republic Services of Salinas, and Salinas Valley Solid Waste Authority take steps to eliminate landfills and increase organic fertilizer production (0.42 -0.01)
Co entered into an agreement with Republic Services of Salinas to divert food waste from local landfills and receive the food waste at the company's Gonzales, CA facility. Converted Organics will receive tip fees per ton of waste delivered and, pursuant to the company's mission, will recycle the food waste into organic fertilizer products.
09:59
RIMM Research In Motion sets new session high of 49.29, to test its 50 ema at 49.29 (49.23 +0.87) -Update- -Technical-
Note that its 50 sma comes into play modestly above at 49.54.
09:59
TECHX Opening Point Gainers/Losers -Technical-
Point Gainers: VRNT (+3.81), PCLN (+3.28), CVD (+2.67), SNX (+2.16), MA (+2.17), DB (+2.18), AIG (+1.96), HYC (+1.97), AVB (+1.81), GS (+1.82), WYNN (+1.68)
Point Losers: XRTX (-2.23), CF (-2.20), PRU (-2.03), NFLX (-1.42), NE (-1.40), MICC (-1.24), CRUS (-1.15), MOS (-1.16), CNH (-1.08), CL (-1.10)
09:55
SPY S&P +8.7 pauses near 1158 resistance -Update- -Technical-
As noted in The Technical Take (see for chart) and earlier this marks the 70.7% retracement of the April/July decline, an equality target based on the July-Aug rally off the late Aug low as well as the Oct 2007 to April 2010 trendline.
09:54
ELT Elster opens for trade at $13.75; now up ~7.5% from disappointing IPO price of $13.00 (13.99 +0.99) -Update-
09:52
RNO Rhino Resource Partners opens for trade at $21.10; now up ~5% from IPO price of $20.50 (21.53 +1.03) -Update-
09:49
TECHX Gold seeing some relative weakness in recent trade -- GLD, GDX, AEM, GG, GFI, RGLD, GOLD, AUY, IAG, ABX, NEM, KGC -Technical-
09:47
XLF Financial Select Sector displayed early relative strength, tests 200 ema/weekly high at 14.59/14.61 and pauses -- session high 14.60 (14.58 +0.21) -Update- -Technical-
09:45
SPY Stock indices ran ahead of release of PMI data and extends after better report -- Dow +105, Nasdaq +22, S&P +12 -Update- -Technical-
09:42
XLF Financial Select Sector notches new session high of 14.52, tests initial barrier at Tues/Wed highs at 14.52/14.51 (14.50 +0.13) -Technical-
09:38
APWR A-Power Energy announces EPC contract with Liancheng Thermal Power Plant of Hailun City with total contract value of RMB 242 mln (8.43 +0.86)
Co announced the signing of an EPC contract to build two 12MW and two 75t/h power plant projects in Liancheng, a total contract value of RMB 242 mln. Co anticipates that it will recognize revenue over the 19-month anticipated implementation period on the percentage of completion method it customarily employs for projects in its DG business.
09:37
COF Capital One testing important zone (39.43 +0.50) -Technical-
Strength off the open brings the week long range top, its 200 ema as well as its 50 ema/sma into play in the 39.43/39.53 area.
09:35
XLE Energy Select Sector extends opening gap near its June peak at 56.70 (56.59 +0.55) -Technical-
CVX, COP, DVN, XOM, RIG, SLB, OXY, MRO, APA, APC.
09:34
SPY S&P +8 breaks out to new Sep high -Update- -Technical-
Congestion is in the 1155/1156 area with 1158 marking Fibonacci retracement/extension targets as well as the Oct 2007 to April 2010 trendline (see The Technical Take for chart).
09:30
SSN Samson Oil & Gas reports year end financials (1.35 )
Earlier Co lodged its 2010 Financial Report for the year ended June 30, 2010. Net profit after income tax benefit of $817,233 vs net loss after income tax of $30,159,175 in the prior year. Net assets Increased to $25,115,668 from $4,613,116 in 2009. Oil production increased 25% to 30,719 barrels vs 24,608 barrels in the prior year. A third and final closing is expected in early October and is estimated to result in co receiving a further $4 mln in proceeds.
09:25
VGZ Vista Gold announces proposed $30 mln private placement (2.57 )
Co announces that it intends to undertake a private placement financing, in which it plans to raise gross proceeds of up to $30 mln from the sale of up to 13,043,479 special warrants of the co, each priced at $2.30. The warrants will automatically be exercised, for no additional consideration, for one common share of the Corporation and one common share purchase warrant upon receipt of Vista's shareholders' approval of the private placement. Each Warrant will be exercisable over a five-year period from the closing of the private placement, to purchase one Common Share at a purchase price of $3.50 during the first year, $4.00 during the second year, $4.50 during the third year and $5.00 until the expiry of the Warrant.
09:20
UEC Uranium Energy announces major advance with permitting for Goliad ISR Project in South Texas (3.32 )
Co announces that the its Goliad In-Situ Recovery Project in South Texas has made a major advance toward becoming permitted for production. Yesterday, the administrative law judge who presided over a public hearing regarding the co's Goliad ISR Project in May of this year issued an initial Proposal for Decision in favor of the Company on the vast majority of the issues from the hearing. He also recommended that the Texas Commission on Environmental Quality allow the submission of additional data to address limited remaining issues.
09:16
MANT ManTech to acquire QinetiQ security and intelligence solutions unit; accretive to ManTech's earnings per share in 2011 (38.49 )
Co announces that it has signed a definitive agreement to acquire the assets of QinetiQ North America's Security and Intelligence Solutions (S&IS) business for $60 mln in cash. ManTech will fund the acquisition from cash on hand. The transaction is subject to certain closing conditions, is expected to be completed shortly and be accretive to ManTech's earnings per share in 2011. S&IS provides integrated security solutions to the Department of Defense and the intelligence community. "S&IS generates solid operating margins and expects to produce ~$60 mln in revenue in 2010."
09:15
WIRES On The Wires
MasterCard (MA) and Cardtronics (CATM) announce an exclusive alliance providing Prepaid MasterCard issuers and program managers an opportunity to expand their ATM footprints through Cardtronics' Allpoint Network, America's largest surcharge-free ATM Network...Principal Financial Group (PFG) announced the company will exit the medical insurance business (insured and self-insured) and has entered into an agreement with UnitedHealthcare, a UnitedHealth Group Company (UNH), to renew medical insurance coverage for customers of The Principal as the business transitions within the next 36 months...Epicor Software (EPIC) announced that Solinoff Corporation, a modern office furniture manufacturer with more than 20 years of experience in the Colombian market, has selected Epicor's next-generation enterprise resource planning solution to increase efficiency and improve operations management...Electronic Arts (ERTS) announced that Medal of Honor has set a new franchise record, hitting the highest number of pre-sell units in the franchise's 11-year history.
09:05
BLTI Biolase Technology announces 30% increase in sales force (1.18 )
Co announces the first phase of its planned sales force expansion in North America. Co stated "We are extremely pleased that we have achieved a 30 percent increase in our North American sales force as it will position us for stronger performance in the fourth quarter and beyond. This expansion takes us from our current sales force total of 20 to 26 with a goal of becoming 35 strong during the first quarter of 2011."
09:04
GIB CGI Group awarded five-year, $46 mln BPA by U.S. General Services Administration (15.08 )
09:02
CAP CAI Intl annonces Victor Garcia is promoted to Senior Vice President and COO and will no longer serve as the company's CFO (15.14 )
Gary Sawka is appointed Interim CFO until a permanent replacement for the CFO position is found. During his service as Interim CFO he no longer satisfies the New York Stock Exchange independence requirements for Directors and as a result resigned from the Board of Directors. It is intended that he will be nominated to the Board of Directors after concluding his employment as Interim CFO.
09:02
RTN Raytheon awarded two contracts with potential value of more than $1.7 bln over the next eight years by NASA's Goddard Space Flight Center (45.54 )
09:01
VIVO Meridian Bioscience receives Canadian license for illumigene C. difficile (21.71 )
Co received an approved medical device license from Health Canada for its new molecular amplification assay, illumigene C. difficile.
09:01
BLTI Biolase Technology announces that its Board of Directors has appointed Federico Pignatelli the permanent Chief Executive Officer (1.18 )
Co announces its Board has appointed Federico Pignatelli the permanent CEO of co. Previously, he was the interim CEO of co. Pignatelli has agreed to continue at an annual salary compensation of $1.00 as CEO.
09:00
ENER Energy Conversion's United Solar to supply New Jersey resources clean energy ventures with a 870 kW BIPV system (4.92 )
Co announces it has signed an agreement to supply a 870 kW building-integrated photovoltaic system to New Jersey Resources Clean Energy Ventures. NJRCEV will lease over 300,000 square feet of roof space from a commercial warehouse owner for a period of 20 years and has entered into a concurrent Power Purchase Agreement with the warehouse owner. As a part of this $5 mln project, NJRCEV will install a new roof with state-of-the-art roof materials and UNI-SOLAR's thin-film solar laminates.
08:44
WIRES On The Wires
Gentex (GNTX) announces that auto-dimming rearview mirrors with its Rear Camera Display feature are available on the 2011 Ford F-250 Super Duty Pickup... Prana Biotechnology (PRAN) announcesthat it has selected a novel lead drug candidate to be developed as a disease modifying treatment for Parkinson's Disease, PBT434...CTS Corp (CTS) formally incorporated as a business in India, further enhancing its capabilities in this fast growing market. Co has also captured new business for a customized small engine throttle position sensor from one of India's leading and diversified engine and construction equipment manufacturers. Production is expected to begin in Q4 with sales of ~$2.5 mln over its multi-year program life.
08:34
FLY FLY Leasing to acquire three new Boeing (BA) 737- 800s and sells three older aircraft (12.76 )
Co announces that it has entered into an agreement to acquire three new Boeing 737-800 Next Generation aircraft in a sale and leaseback transaction with flydubai. The aircraft are scheduled to be delivered new from Boeing in October and December 2010 and in February 2011. FLY also announced that it has sold three older aircraft from its portfolio to two separate purchasers
08:32
RWC Relm Wireless receives $2.5 mln in orders from USDA Forest Service (1.72 )
Co announces it has received orders totaling ~$2.5 mln from the USDA Forest Service. These orders are primarily for co's long-time flagship D-Series digital P-25 portable and mobile radios. A portion of these orders will be fulfilled in 3Q10, with the remainder to be fulfilled in Q4.
08:32
ASEI American Science & Engineering received $2.8 mln order from Asia Pacific client for multiple Z Backscatter Vans (73.30 )
08:31
ENTR Entropic Comms priced a 10.75 mln share common stock offering at $9.70/share (9.80 )
08:31
RAD Rite Aid reports 0.9% same store sales decrease for Sept (0.94 )
Co reports that monthly sales for the four weeks ended September 25, 2010, same store sales decreased 0.9% over the prior-year period. September front-end same store sales decreased 0.3% while pharmacy same store sales, which included an approximate 233 basis points negative impact from new generic introductions, declined 1.2%. Prescriptions filled at comparable stores decreased 1.3% over the prior-year period. Total drugstore sales for the four-week period decreased 2.0% to $1.901 billion compared to $1.941 billion for the same period last year.
08:31
OFI Overhill Farms signs $30 mln credit facility with Bank of America (4.70 )
Co announces that it has executed a $30 mln three-year senior secured revolving credit facility with Bank of America. The revolving credit line carries an interest rate of 1.75% over LIBOR, or slightly over 2% at the current LIBOR rate. The annualized blended rate for the Company's previous borrowings was ~5.5%.
08:31
PQ PetroQuest Energy completed its semi-annual re-determination of its borrowing base under its credit facility; $100 million borrowing base has been reaffirmed (6.27 )
Co currently has no borrowings outstanding on its revolving credit facility and is in compliance with the financial covenants under the credit facility. The next re-determination of the borrowing base is scheduled to occur before March 31, 2011.
08:17
CXDC China XD Plastics signs delivery agreement for 2,000 tons per year of modified plastics for use in electric vehicles; to be delivered in January 2011 (6.33 )
08:11
WIRES On The Wires -Update-
Aerojet, a GenCorp (GY) company, under contract to Lockheed Martin (LMT), successfully completed development injector testing for the 7500-pound thrust Orion main engine for NASA's Orion crew exploration vehicle...Dynamics Research Corp (DRCO), announces that it won a $4.3 mln task order contract with the Air Force Medium Altitude Unmanned Aerial System program. The contract, which consolidates the efforts of several contractors, began on August 31, 2010 and has a period of performance of 5 months.
08:06
ERF Enerplus Res Fd Trust proposed conversion from an income trust to corporation; will seek Unitholder approval for conversion at a special meeting on December 9, 2010 (24.88 )
08:05
DRCO Dynamics Research awarded $4 mln U.S. Air Force unmanned aerial system contract (10.00 )
08:04
LNET LodgeNet withdraws proposed offering of senior secured notes, having determined the pricing and terms were not acceptable (3.06 )
Co announces that it has withdrawn its proposed private offering of senior secured notes, having determined the pricing and terms were not acceptable. The proceeds were to be used to fully repay borrowings and to terminate the commitments under the co's existing credit facilities, pay certain financing and swap breakage fees and for general corporate purposes. On Sept 28, LodgeNet announced that a variety of other alternatives were also under consideration, including deferral of the transaction if the pricing and terms were not acceptable.
08:04
AXR AMREP reported the withdrawal of the previously announced proposal for $12/share from Nicholas Karabots (13.30 )
Co reported the withdrawal of the previously announced proposal received by AMREP from Nicholas G. Karabots, AMREP's Vice Chairman and 59.9% shareholder, to merge AMREP with a company controlled by Mr. Karabots in a transaction in which other shareholders would receive $12.00 per share in cash for their AMREP shares.
08:03
RWC Relm Wireless receives orders for P25 Radios totaling $3.2 mln from multiple branches of the U.S. Military (1.72 )
08:02
ACLS Axcelis Tech announced that Stephen Bassett, Chief Financial Officer, will retire on March 31, 2011; the co has initiated a search for his successor (1.94 )
08:02
SQI SciQuest announces exercise of over-allotment option (12.15 )
Co announces that the underwriters of its IPO have exercised in full their over-allotment option to purchase an additional 900K shares of common stock from certain stockholders at the initial offering price of $9.50/share.
08:01
DGIT DG FastChannel to Acquire Match Point Media for $26 million in cash (20.03 )
Co announces that it will acquire privately-held Match Point Media and its divisions for $26 million in cash. For the nine months ended September 30, 2010 Match Point expects to record approximately $14 million in revenue, with EBITDA of approximately $3 million.
08:01
STJ St. Jude Medical announces approval of rechargeable neurostimulator to manage chronic pain in Japan (39.26 )
Co announces regulatory approval from the Japanese Ministry of Health, Labor and Welfare of the Eon Mini spinal cord stimulation system.
08:00
MCF Contango Oil & Gas Announces Distribution of Contango ORE to Shareholders (51.28 )
Co announces that it will distribute the shares of its wholly-owned subsidiary, Contango ORE, to the Company's shareholders in December following registration with the SEC. Contango ORE has been formed to explore for gold and rare earth minerals in the State of Alaska. The Company currently controls over 750,000 acres in Alaska.
08:00
ORBT Orbit Int'l Power Group receives new orders valued in excess of $1.1 mln (3.25 )
08:00
WG Willbros group awarded $28 mln government contract (9.20 )
Co announces one of its business units, Willbros Government Services has been awarded a contract for ~$28 mln by the Defense Logistics Agency-Energy to design, build, own, and operate six automated fuel dispensing facilities at Camp Pendleton, California. The five-year contract includes options for three additional five-year periods.
07:40
NOK Nokia N8 entertainment smartphone shipments started (9.82 )
"The Nokia N8 has received the highest amount of consumer pre-orders in Nokia history and we are thrilled to start shipments of the N8, the first of Nokia's new Symbian smartphone range."
07:36
NXG Northgate Minerals prices and upsizes convertible note offering to $150 mln (3.14 )
Co announces that as a result of strong investor demand for its previously announced public offering of convertible notes due 2016, it has agreed to increase the size of the offering from $135 mln to $150 mln. The Convertible Notes are being offered and sold at a price of 100% of their face value and will bear interest at a rate of 3.5% per year. The underwriting syndicate is led by UBS Securities acting as the sole bookrunning manager and includes Canaccord Genuity Corp, CIBC, Mackie Research Capital, Cormark Securities, Credit Suisse Securities, Macquarie Capital Markets Canada, Scotia Capital and TD Securities.
07:36
WIRES On The Wires
Broadwind Energy (BWEN) entered into a new secured borrowing arrangement. The new facility, which has a three-year term, provides committed funding of up to a $10 mln aggregate limit, tied to accounts receivable. The borrowing rate is based on 90-day Libor, with an all-in borrowing cost today of ~6.1%... Sun Healthcare Group (SUNH) will be holding a special stockholder meeting on Nov. 4, 2010 to vote on the previously announced restructuring pursuant to which Sun is separating its operating assets and its real property assets by means of a distribution of SHG Services...Abiomed (ABMD) announced the launch of a specialized partner program that enables select top healthcare institutions to provide advanced training in hemodynamic support and complex patient management to better facilitate heart muscle recovery... Deltek (PROJ) announced that it will acquire INPUT Inc for $60 mln in an all cash transaction.
07:30
LCRD LaserCard receives $2.2 mln order for secure ID credentials for Saudi Arabia national ID card program (4.68 )
Co receives a follow-on purchase order valued at ~$2.2 mln for chip-ready, optical security media-based credentials for the Saudi Arabia national citizen ID card program. Delivery has been completed in the Company's current fiscal quarter, ending October 1, 2010. The ID cards are issued to Saudi citizens nationwide for identification and regional travel purposes.
07:17
SHPGY Shire Plc announces results of the tender offer for Movetis and commencement of squeeze-out tender period (68.43 )
Co announces that shareholders of Movetis have tendered 99.18% of the shares of Movetis during the initial acceptance period of the tender offer which closed on September 27, 2010. The shares tendered into the offer are expected to be settled on October 12, 2010. In addition, warrant holders of Movetis have agreed to tender 727,911 new shares to be issued on the settlement date following the conditional exercise of warrants. Co's offer is EUR19 in cash for each outstanding Movetis share.
07:15
WIRES On The Wires
Repros Therapeutics (RPRX) announced that the FDA has granted a Type B meeting to be held November 8, 2010 to discuss Phase III Protocols for Androxal...Gannett's (GCI) CareerBuilder Unveiled a Facebook Application to boost employee referrals and save on recruitment costs...Education Management (EDMC) announced that it has sent two letters to the U.S. Senate Health, Education, Labor, and Pensions ("HELP") Committee, which is holding a hearing on Thursday on for-profit companies involved in the post-secondary education industry...Affiliated Computer Services, a Xerox company (XRX), announced a new four-year contract to provide customer care services to 3 Italia.
07:05
MKC McCormick beats by $0.07, misses on revs; raises FY10 EPS guidance above consensus (41.10 )
Reports Q3 (Aug) earnings of $0.66 per share, excluding non-recurring items, $0.07 better than the Thomson Reuters consensus of $0.59; revenues rose 0.4% year/year to $794.6 mln vs the $809 mln consensus, in local currency sales grew 1% with 2% growth in volume and product mix. Improved margins were a key driver behind higher Q3 profit. Co raises guidance for FY10, sees EPS of $2.57-2.61, excluding non-recurring items, vs. $2.53 Thomson Reuters consensus and up from the upper end of $2.49-2.54 previously.
07:03
HYC Hypercom Board rejects unsolicited non-binding proposal from VeriFone (PAY) (4.23 )
Co announced that its Board of Directors has received and unanimously rejected an unsolicited, non-binding proposal from VeriFone Systems. The letter, which was received on September 27, 2010, proposed to acquire all of the outstanding common shares of the Company for $5.25 per share in cash. Hypercom's Board thoroughly reviewed VeriFone's unsolicited proposal with the assistance of its independent financial and legal advisors and concluded that the proposal significantly undervalues the Company and its future prospects and is not in the best interests of stockholders. Hypercom believes that VeriFone's proposal is opportunistic and intended to disrupt its business, which has successfully taken market share from VeriFone in several markets.
07:02
AIG American Intl announces plan to repay U.S. Government (37.45 ) -Update-
Co entered into an agreement-in-principle with the U.S. Department of the Treasury, the Federal Reserve Bank of New York (FRBNY), and the AIG Credit Facility Trust designed to repay all its obligations to American taxpayers and position AIG as strong, independent, and worthy of investor confidence. The plan involves three key components: 1) Repaying and Terminating the FRBNY Credit Facility with AIG... 2) Facilitating the Orderly Exit of the U.S. Government's Interests in Two Special Purpose Vehicles (SPVs) That Hold AIA and ALICO... 3) Retiring AIG's Remaining TARP Support and Series C Preferred Shares. AIG expects to repay and terminate the FRBNY credit facility and complete the issuance of common stock to the U.S. Treasury before the end of the first quarter of 2011, subject to regulatory approvals and other closing conditions.
07:02
VSEC VSE Corp awarded contract for transportation, storage, management & disposition of seized property; represents revs of potentially $80 mln over 10 years (35.41 )
07:02
ICFI ICF International awarded U.S. environmental protection agency ID/IQ contract (24.57 )
Co announces it has been named one of three winners of a five-year ID/IQ mission support re-compete contract with a total value to ICF of up to $31 mln. The contract will support the U.S. Environmental Protection Agency, Office of Solid Waste and Emergency Response, Office of Resource Conservation and Recovery.
07:01
ULBI Ultralife receives $5.2 million follow-on order for its BA 5390 military batteries from Defense Logistics Agency (4.34 )
This order represents the second release under the 5-year Indefinite Quantity Contract that commenced on September 14, 2010. Deliveries under this order are anticipated to occur in the first half of 2011.
07:01
KAMN Kaman awarded joint programmable fuze follow-on order valued at $36.0 mln (26.37 )
Co announces that its Aerospace segment has been awarded a purchase order from the United States Air Force for Joint Programmable Fuzes. The award for Foreign Military Sales in the amount of $36.0 mln is an addition to Option 7 of the co's contract with the USAF bringing the total value of Option 7 to $81.5 mln. Delivery of these additional fuzes is anticipated to occur in 2012.
07:01
RGEN Repligen announces completion of patient enrollment in Phase 2b clinical trial of RG2417 for bipolar depression; expect to report top-line results in the first quarter of 2011 (3.31 )
06:50
PPHM Peregrine Pharma and Affitech to amend license agreements to expedite development of novel fully human anti-VEGF antibody AT001/R84 for Brazil and Russia (1.46 )
Co announces amendment to agreement. Under the amended terms, Co and Affitech will reinvest their respective portions of any future milestone payments to be received under the agreements for the countries of Brazil, Russia and the CIS toward the further advancement of AT001/r84. In the event Affitech enters into a licensing deal for AT001/r84 in a major pharmaceutical market, Affitech has agreed to reimburse co for its milestone payments that were applied to the program while Affitech will be eligible to be reimbursed for up to 50% of its development costs in Brazil, Russia and CIS territories.
06:43
S&P futures vs fair value: -0.10. Nasdaq futures vs fair value: +1.80.
06:43
Asian Markets
Nikkei...9369.35...-190.00...-2.00%. Hang Seng...22358.17...-20.50...-0.10%.
06:43
European Markets
FTSE...5565.23...-4.00...-0.10%. DAX...6233.57...-13.50...-0.20%.
06:38
ELT Elster prices 16.2 mln ADS IPO at $13; under expected range of $16-18
Co prices 16.2 mln ADS IPO at $13. This is well under the $16-18 expected range. Of the 16.2 million ADSs, 13.5 million ADSs represent new shares issued by Elster Group SE, and the remainder are being offered by existing Elster shareholders. An over-allotment option of up to 2.43 mln additional ADSs will also be available from Rembrandt Holdings, co's largest shareholder, which is owned by funds advised by CVC Capital Partners.
06:38
RNO Rhino Resource Partners prices 3.2 mln IPO at $20.50 per share, near the high end of the $19-21 expected range
Co prices 3.2 mln IPO at $20.50, at the high end of the $19-21 expected range. Upon consummation of the offering, the public will own 3,244,000 common units (3,730,600 common units if the underwriters exercise their option to purchase additional common units in full). Co's general partner and an affiliate of Wexford Capital LP will own the remaining equity interests in co.
06:30
AVEO AVEO Pharma regains worldwide rights to develop and commercialize anti-HGF antibody candidate AV-299 (9.99 )
Co announces it has regained worldwide rights from Merck (MRK) to develop and commercialize AV-299. In conjunction with the Phase 2 trial initiation, co received an $8.5 mln milestone payment from MRK under the terms of the license agreement. Top-line efficacy data from the AV-299 Phase 2 trial are expected in late 2011.
06:19
WIRES On The Wires -Update-
Solutia (SOA) Introduced the co's new Saflex S series advanced solar absorbing interlayer for the global automotive glazing market. The new solar interlayer reduces cabin temperature and increases fuel efficiency...ACE UK (ACE) launched a self assessment tool for its clients in the retail sector to enable them to gather detailed risk information from multiple sites and to compare these against best practice benchmarks for a range of exposures...Arrow Electronics (ARW) announced that it has signed an exclusive agreement with Sanbolic to sell the Melio solutions in Finland, Norway, Sweden, Denmark, Lithuania, Latvia and Estonia...CME Group (CME) announced the launch of trading and clearing services for iron ore 62% Fe, CFR China (Platts) swap futures...AirMedia (AMCN) announced it has renewed its concession rights contract with China Southern Airlines... Teva Pharmaceuticals (TEVA) and OncoGenex Pharmaceuticals (OGXI) announced the initiation of SYNERGY, a global Phase 3 trial evaluating custirsen as first line therapy for the castrate-resistant prostate cancer...Acacia Research (ACTG) announced today that its Software Restore Solutions subsidiary, has entered into a settlement and license agreement with Teradata (TDC). This agreement resolves patent litigation that was pending.
06:11
TPCG TPC Group prices Private Offering of $350 mln (24.00 )
Co announces it priced priced an offering of $350 mln of senior secured notes due 2017, which will bear interest at a rate of 8.25% per annum. The notes are being sold at 99.35% of their face principal amount, plus accrued interest, if any, from October 5, 2010. Co intends to use the net proceeds to repay all outstanding indebtedness under its existing term loan credit facility and to fund a distribution to co for general corporate purposes.
06:03
GST Gastar Exploration completes middle Bossier zone; producing at a gross sales rate of ~10.3 MMCFD of natural gas at a flowing casing pressure of approximately 8,900 psi. (3.90 )
06:02
MAIN Main Street Capital announces listing transfer to New York Stock Exchange (15.91 )
Co announces it has completed the application process and has been authorized to transfer the listing of its common stock to the New York Stock Exchange. Main Street expects the shares of its common stock to begin trading on the NYSE under its current ticker symbol "MAIN" on or about October 14, 2010.
05:56
DYAX Dyax and CMIC announce partnership to develop and commercialize subcutaneous DX-88 for hereditary angioedema and other indications in Japan (2.35 )
Co announces agreement with CMIC to develop and commercialize subcutaneous DX-88 for the treatment of hereditary angioedema and other angioedema indications in Japan. DX-88 has been approved by FDA and is marketed as KALBITOR. Co will receive $4 mln upfront and $102 mln in future development and sales milestones for DX-88 in HAE and other angioedema indications.
05:12
CVD Covance and Sanofi-Aventis (SNY) sign definitive agreements for 10-year strategic R&D alliance (42.18 )
Co announces the signing of definitive agreements with sanofi-aventis (SNY)for co to become SNY's R&D partner. Over the next ten years, co expects to provide drug development services to SNY, with estimated payments ranging from ~$1.2-2.2 bln. SNY will sell their Porcheville, France and Alnwick, UK sites and facilities to co for ~$25 mln and co will maintain employment on these sites for at least the next five years. The transaction is expected to be completed before the end of the year.
05:08
SSRI Silver Standard: Snowfield Project-Gold Zone Continues to expand (20.42 )
Co announces that ongoing diamond drilling of the Snowfield Project continues expanding known mineralization to the south. Most of the new mineralization is in areas previously classified as waste in the Preliminary Assessment announced in September.
04:28
AIG American Intl enters into agreement to sell Star and Edison Life Companies to Prudential Financial (PRU) for $4.8 bln (37.45 )
Co announces a definitive agreement to sell its Japan-based life insurance subsidiaries, AIG Star Life Insurance and AIG Edison Life Insurance to Prudential Financial (PRU) for a total purchase price of $4.8 bln, comprising $4.2 bln in cash and $0.6 bln in the assumption of third-party debt. AIG will retain and continue to grow its general insurance business in Japan. The transaction is expected to close in the 1Q11. Co expects to take a non-cash pretax goodwill impairment charge of ~$1.2 bln in Q3.
04:24
CMM China Mass Media announces share repurchase program of up to $6 mln (2.32 )
03:05
AIB Allied Irish Banks updates equity capital raising; will launch EUR 5.4 bln capital raise in November (1.64 )
Co announces following a review of its capital requirements by the Irish Financial Regulator. The Financial Regulator has updated its assessment of AIB's capital requirement and has increased the amount of equity capital required under the Prudential Capital Assessment Review from EUR7.4 bln to EUR10.4 bln. The increased PCAR requirement for AIB has been set following an assessment by the Financial Regulator of AIB's potential losses on NAMA loans. With regard to equity capital raising in 2010 a EUR5.4 bln equity capital raising will be launched during November which will be completed before 31 December 2010.
02:19
CRYP CryptoLogic reaches settlement with Marvel comics (1.24 )
Co anounces that its wholly owned subsidiary, WagerLogic has reached a settlement of its arbitration with Marvel relating to the licensing of Marvel comic book characters.
01:57
WIRES On The Wires
Comcast (CMCSA) will hire 50 new call center representatives to keep pace with XFINITY demand...Paramount Digital Entertainment, distributor for Viacom (VIA) announced international expansion of 'The Legion of Extraordinary Dancers'...International Game Technology (IGT) announced the election of Janice Chaffin and Greg Creed to the co's Board of Directors...Boeing (BA) delivered its 11th 737-800 airplane to Air Algerie...iPass (IPAS) announced that it is extending its enterprise mobility services to support Android smartphones with iPass Open Mobile for Android...Verizon (VZ) announced as part of the ~$17 bln infrastructure investment, it will expand facilities to accommodate increased customer demand for public, private and hybrid cloud services...Nokia (NOK) has started shippings its N8 smartphone.
01:33
PEB Pebblebrook Hotel Trust acquires The Grand Hotel Minneapolis (18.20 )
Co announces it has acquired The Grand Hotel Minneapolis for $33.0 mln. During the next 12 months, the co currently forecasts that the hotel will generate EBITDA of ~$2.3-2.8 mln and net operating income after capital reserves of ~$2.0-2.5 mln. The co plans to invest ~$4.5 mln over the next 12-24 months in a refurbishment of guest rooms, the lobby and other various public area improvements. The Company expects to incur approximately $0.3 mln of costs related to the acquisition of this hotel that will be expensed as incurred.
01:24
MNTG MTR Gaming CFO resigns (1.82 )
Co announces David Hughes tendered his resignation from his position as Corporate EVP & CFO. He terminated his employment for good reason based on the resignation of Robert Griffin as CEO. Hughes has agreed to assist with the transition during the next 90 days.
01:18
SSN Samson Oil & Gas advises on Earl #1-13H Well & Gary #1-24H Well (1.35 )
Co advises that Earl #1-13H well will be drilled as a 5,500ft. horizontal well with an anticipated total measured depth of 17,000 feet. Based on the previous wells drilled by the operator, the Earl #1-13H is expected to take ~17 days to drill. The 20-stage frac job on the Gary #1-24H well has been successfully completed. A total of 2.1 mln pounds of proppant was pumped.
01:16
KED Kayne Anderson Energy to distribute dividend of $0.30/share for 3Q10 (15.74 )
01:14
RIMM Research In Motion executives adopt automatic securities disposition plans (48.36 )
Co announces that Co-CEOs have adopted new automatic securities disposition plans in accordance with the SEC's Rule 10b5-1.
01:09
VLCCF Knightsbridge Tankers Ltd prices public offering of 4.25 mln common shares at a price of $19.00/share. (19.42 )
01:06
AZK Aurizon Mines drill 112.50 grams/tonne of gold over 6.0 metres on the fayolle project (6.99 )
Co announces results from the first four holes from the exploration program on the Fayolle property in north-western Quebec. The current drill program is the first phase of a work program totalling $3.5 million to be spent by Aurizon under the joint venture agreement. The current exploration program at Fayolle is aimed at expanding the current resource laterally and down dip and at gaining enough geological knowledge to explore efficiently the favourable deformation corridor transecting the property. The current exploration program includes two drill rigs operating for the remainder of the year representing an estimated additional investment of approximately $3.0 mln.
18:32
CAR Avis Budget responds to Hertz's 'Dollar Thrifty Stockholder Strategy'; Avis offers to pay reverse termination fee (11.52 +0.20)
CAR issued the following statement in response to HTZ's announcement detailing the steps it will take in the event stockholders of DTG do not approve the proposed merger with HTZ: Hertz stated that if the Dollar Thrifty stockholders reject the Hertz merger, Hertz will end all efforts to acquire Dollar Thrifty. Based on this commitment, Avis Budget is now prepared to agree to pay a reverse termination fee of $20 million in a merger agreement with Dollar Thrifty. Avis Budget has always said that as long as Hertz had matching rights, Avis Budget would not consider a reverse termination fee. Now that Hertz has in effect eliminated those matching rights, Avis Budget is prepared to offer such fee.
18:25
BX Blackstone and Patria announce partnership in Brazil; Blackstone to purchase a 40% stake in Patria (12.37 +0.38)
Co announced a partnership in which Blackstone would purchase a 40% stake in Patria and the two firms would agree to cooperate in building their businesses in Brazil and throughout South America.
18:22
CSKI China Sky One Medical registers to sell ~1.6 mln shares from selling stockholders in Form S-3 (7.07 +0.10)
17:55
GNBT Generex Biotech appoints Mark Fletcher as Interim President and CEO, and John Barratt as Chairman of the Board (0.51 -0.00)
17:45
INDXCH Oplink Comms (OPLK) will replace Landryâ??s Restaurants (LNY) in the S&P SmallCap 600 index after the close of trading on Wednesday, October 6 (19.01 +1.09)
17:33
DRYS DryShips announces compliance with original covenants on HSH syndicated loan (4.83 -0.02)
Co announced that it has executed two supplemental agreements under its Senior and Junior Loan Facilities with HSH Nordbank AG, as agent, with an aggregate outstanding balance of $520.9 million as of September 29, 2010. As a result of the amendments in these new supplemental agreements, the Company will be, as of October 1, 2010, in full compliance with all its financial and non-financial covenants under the original facilities, as subsequently amended. Furthermore, effective October 1, 2010, the margin under these facilities will revert back from the higher margins during the waiver period to lower pricing.
17:24
YRCW YRC Worldwide Board of Directors approves tentative labor agreement and reverse stock split (0.32 +0.02)
Co announced that its board of directors has approved a tentative agreement with the International Brotherhood of Teamsters, and the Teamsters approved submitting the tentative agreement to the company's Teamster represented employees for ratification. The agreement is designed to significantly improve the company's competitive position in the marketplace. Additionally, the agreement provides for re-entry of the YRCW operating companies into the multi-employer pension plans to which they contribute in a manner that provides important member benefits while maintaining an improved competitive market position for the company. The company plans to amend its certificate of incorporation on September 30, 2010 to implement a reverse stock split with a ratio of 1:25. The reverse stock split will be effective on the NASDAQ exchange on October 1, 2010. The reverse stock split will reduce the number of authorized common shares to 80 million from the current 2 billion and reduce the number of outstanding common shares to approximately 48 million from the current approximately 1.2 billion.
17:18
POR Portland Gen Elec withdraws waiver request for wind farm (20.36 +0.05)
The petition was filed September 2, 2010, and reflected PGE's need to execute a time-sensitive agreement with Renewable Energy Systems Americas for PGE's acquisition of the development rights assets for the Rock Creek Wind Farm in Gilliam County, Oregon.
17:16
BKC Burger King and 3G Capital announce early termination of HSR waiting period (23.88 -0.00)
17:11
SOA Solutia reaches agreements with its North American labor unions (15.96 -0.03)
Co announced that five of its North American labor unions, representing approximately 425 employees at four manufacturing locations, have ratified agreements covering items such as health and welfare benefits. The previous contract was scheduled to expire December 31, 2010. Under the new agreements, these benefits will be negotiated as part of each union's local collective bargaining agreement. None of those agreements carry a common expiration date.
17:08
NSSC Napco Security Systems files NT 10-K; delays 10-K (1.93 +0.05)
In filing, co states its review process with respect to certain classifications within its financial statements has not been completed prior to the filing date.
17:00
BAX Baxter receives approval for PREFLUCEL seasonal influenza vaccine in Austria (47.62 -0.33)
Co announced the first approval of PREFLUCEL by the Austrian Agency for Health and Food Safety (AGES). The vaccine was shown to be effective in preventing seasonal influenza and is indicated for prophylaxis of influenza in adults and the elderly. PREFLUCEL is manufactured using Baxter's proprietary advanced Vero cell technology.
16:59
YORW York Water announces settlement of rate case; provides for an increase in annual base rate revenues of $3.4 mln (16.40 +0.36)
Co announced that it has filed a settlement petition of its pending rate case with the Pennsylvania Public Utility Commission. The settlement, which is joined in by all active parties, provides for an increase in annual base rate revenues of $3,400,000.
16:57
HOT Starwood sells the St Regis Aspen for $70 mln to 315 East Dean Associates; immediately accretive to earnings (52.13 -1.44)
16:42
MHR Magnum Hunter files mixed shelf offering; value of up to $250 mln (4.14 -0.02)
16:36
SU Suncor Energy responds to diesel spill; s indicate that ~35 barrels of diesel leaked into the St. Lawrence River (32.48 +0.57)
Co is responding to a diesel spill that occurred last night at its Montreal refinery port facilities. Current estimates indicate that ~35 barrels of diesel leaked into the St. Lawrence River. Suncor's emergency response team was activated immediately supported by the Montreal fire department and containment booms were deployed into the river to contain the product at the dock. Currently, there is no evidence of any damage to fish or wildlife.
16:32
AJG Arthur J. Gallagher signs acquisition agreement with GAB Robins North America (26.30 +0.16)
Co announces that its subsidiary, Gallagher Bassett Services, has signed a definitive agreement to acquire substantially all the third-party administrator assets and managed care service operations of GAB Robins North America and its subsidiary MedInsights. It is expected that the transaction will generate approximately $45 million to $50 million in annualized revenue.
16:29
MTW Manitowoc announced plans to refinance a portion of its term loans under its senior secured credit facility; announces plans to issue at least $500 million in senior unsecured notes (10.67 +0.27)
Co announces plans to refinance a portion of its term loans under its senior secured credit facility with senior unsecured notes to improve the balance and flexibility of its capital structure. The amount of the offering, which is planned to occur in October subject to market conditions, has not yet been finalized but is expected to be at least $500 million. This planned refinancing will extend the maturity profile of the company's long-term debt and will introduce a greater amount of unsecured debt into the company's capital structure.
16:25
WU Western Union reports prelim Q3 revs above consensus; reaffirms FY10 guidance (17.40 +0.03)
Co reports preliminary Q3 revs increased 1% which equates to $1.327 bln vs $1.31 bln Thomson Reuters consensus. The Company's consumer-to-consumer revenue increased 1%, while constant currency revenue increased 3%. Transactions increased 10%. The Company affirms its full year outlook provided on July 27, 2010; sees FY10 $1.31-1.36 vs $1.36 Thomson Reuters consensus; sees FY10 rev growth of -2 to +1%, which equates to ~$5.0-5.1 bln vs $5.13 bln Thomson Reuters consensus.
16:22
NCT Newcastle Investment ticking lower (down ~6% in after hours) after co elected not to pay a common stock or preferred stock dividend (3.18 +0.02) -Update-
16:18
ENB Enbridge unit will expand Edmonton Terminal; targeted for completion by late 2012 (51.51 +0.26)
Co announced today that its wholly owned subsidiary, Enbridge Pipelines will expand the tankage of its mainline terminal at Edmonton, Alberta by one million barrels at an estimated cost of ~$260 million, subject to regulatory approval. The expansion is targeted for completion by late 2012. The expansion is required to accommodate growing oil sands production receipts both from Enbridge's Waupisoo Pipeline and other non-Enbridge pipelines. The expansion will be undertaken under the terms of the 2010 Incentive Tolling Settlement between EPI and the Canadian Association of Petroleum Producers (CAPP). Enbridge has received a letter of support from CAPP to undertake the project.
16:18
PODD Insulet reports that journal article concludes that the OmniPod System can improve diabetes management for people with type 1 diabetes (14.27 +0.26)
A new article, published this month in Diabetes Therapy, concludes that the OmniPod System improves upon existing conventional insulin delivery products and can benefit almost any patient with type 1 diabetes. "For many patients with type 1 diabetes, continuous subcutaneous insulin infusion therapy is the only way to reach acceptable glucose control levels ... The OmniPod Insulin Management System improves upon conventional delivery systems by allowing precise, round-the-clock insulin management coupled with a convenient tube-free design and an intuitive user interface."
16:17
NCT Newcastle Investment announces that its Board of Directors has elected not to pay a common stock or preferred stock dividend for the third quarter of 2010 (3.18 +0.02)
The Company decided to retain capital for liquidity, investment and working capital purposes.
16:17
SCLN SciClone Pharma identifies unique genetic markers associated with patient response to SCV-07 treatment in oral mucositis (2.64 -0.03)
Co announces that researchers have identified two unique gene clusters that differentiated subjects who responded to treatment in co's phase 2a proof of concept study of SCV-07 for the prevention of severe oral mucositis in patients with advanced head and neck cancer. Co believes that the discovery of these gene clusters may assist in providing the framework for effectively identifying those patients most likely to respond to SCV-07 in future clinical trials based on their individual genomic profile or gene signature. These findings were presented today in a poster presentation at the 4th American Association for Cancer Research International Conference on Molecular Diagnostics in Cancer Therapeutic Development.
16:14
WMT Wal-Mart elects Charles Holley as new CFO to succeed Tom Schoewe effective 11/30; Schoewe will stay on until 1/31 to help with the transition. (53.34 -0.48)
16:14
SNX Synnex beats by $0.12, beats on revs; guides Q4 EPS above consensus, revs in-line (25.90 -0.02)
Reports Q3 (Aug) earnings of $0.86 per share, excluding non-recurring items, $0.12 better than the Thomson Reuters consensus of $0.74; revenues rose 7.1% year/year to $2.15 bln vs the $2.11 bln consensus. Co issues guidance for Q4, sees EPS of $0.94-0.97 vs. $0.88 Thomson Reuters consensus; sees Q4 revs of $2.3-2.4 bln vs. $2.32 bln Thomson Reuters consensus. "In the third quarter we experienced ongoing broad-based demand and we continued to successfully drive our mix of higher margin products and services. Our Global Business Services segment performed well as it benefited from the ramp of recent competitive wins. Also, we continued to leverage our infrastructure to drive even greater operating margin expansion in both the Distribution and Global Business Services segments of our business."
16:11
CACB Cascade Bancorp announces extension of securities purchase agreements with private investors (0.56 unch)
Co announces that it has entered into an agreement with each of David Bolger and an affiliate of Lightyear Fund II, amending the Securities Purchase Agreements between the co and Mr. Bolger and the Company and Lightyear dated October 29, 2009, as amended February 16, 2010, June 1, 2010, June 30, 2010, July 15, 2010, July 30, 2010, August 31, 2010 and September 15, 2010 to extend their conditional commitments to October 29, 2010.
16:10
APWR A-Power Energy Co announces the signing of a 3-phase, 6-yr RMB1.87 bln (~$279 mln) engineering, procurement and construction contract with Baishan Long Run Water Conservancy (7.58 +0.36)
16:10
FUQI Fuqi Intl receives Nasdaq delisting letter and announces intended appeal (6.66 +0.70) -Update-
Co announced receipt of a determination letter from Nasdaq advising that FUQI remains out of compliance with the continued listing requirements for failure to timely file SEC periodic reports, and as a result, the common stock is subject to delisting. FUQI intends to request a hearing before a Nasdaq Hearings Panel no later than October 6, 2010 to seek an exception period in which to complete its filings and thereby regain compliance with listing standards. FUQI's request for a hearing will automatically suspend the delisting of its common stock for 15 calendar days from the deadline to request a hearing, or until October 21, 2010; however, co also intends to request a further stay on the delisting of its common stock pending the Panel's decision... If FUQI files all of its delinquent reports and regains compliance prior to a hearing before the Nasdaq Hearings Panel, then FUQI's common stock would continue trading on Nasdaq. As previously announced, FUQI identified historical accounting errors. Co continues to work towards the completion of the reports and intends to file as soon as the filings are completed. (See 14:22 and 13:03 comments for details)
16:07
HYC Hypercom jumps over 30% in after hours following PAY proposal (4.23 +0.06) -Update-
16:06
HYC Hypercom: VeriFone (PAY) proposes to acquire co for $5.25 per share in cash (4.23 +0.06)
VeriFone Systems announces that it has sent a letter to the Board of Directors of co, detailing a proposal to acquire all of the outstanding shares of Hypercom for $5.25 per share in cash. "Our proposal would deliver to your shareholders an immediate cash premium of 37% over your closing share price on September 23, 2010 and 52% over your 30-day trailing average closing price as of that date."
16:05
SNTS Santarus announce positive top-line results in U.S. Phase III clinical study evaluating Budesonide MMX in Ulcerative Colitis (2.79 -0.06)
Co and Cosmo Pharmaceuticals announced positive top-line results from the Phase III clinical study conducted in the U.S. and India to evaluate the safety and efficacy of budesonide MMX for the induction of remission of mild or moderate active ulcerative colitis. The study results show that budesonide MMX 9 mg taken once daily met the primary endpoint of superiority to placebo (p=0.0143) in achieving clinical remission as measured by the ulcerative colitis disease activity index (UCDAI) score after eight weeks of treatment. Co stated "Assuming positive results in the European clinical study we plan to submit the NDA in the second half of 2011 following the completion of an ongoing double-blind, placebo-controlled extended use study."
16:02
SRCL Stericycle to acquire Healthcare Waste Solutions; total merger consideration is $245 mln in cash (69.75 +0.80)
Co announced that it had entered into an agreement to acquire Healthcare Waste Solutions. The total merger consideration is $245 mln in cash, subject to various adjustments, including a reduction for HWS's indebtedness as of the closing date. Concurrently with the parties' execution of the merger agreement, HWS stockholders holding a majority of its outstanding shares of common and preferred stock entered into a voting agreement with us to vote their shares in favor of the merger at the special meeting of stockholders that HWS will call to obtain stockholder approval of the merger.
16:02
PPG PPG Industries group, Total Service Solutions, awarded Gulfstream contract (72.93 -0.23)
Coannounces that co's group, The Total Service Solutions, has signed a multiyear contract with Gulfstream Aerospace Corp. to provide comprehensive chemical management. Under the agreement, PPG Aerospace custom-designed services will support the manufacturing operations for the G450, G550 and G650 programs including supplying PRC brand premixed frozen sealant.
16:00
USMO USA Mobility promotes Shawn Endsley to CFO (16.28 -0.44)
Shawn E. Endsley, previously the Controller since June of 2004, has been promoted to the position of Chief Financial Officer. Thomas Schilling, previously the Chief Operating Officer and Chief Financial Officer as well as a board member, is leaving to pursue an opportunity outside the Company.
16:00
NLC Nalco names Kathryn Mikells as new Chief Financial Officer (25.23 -0.28)
Co announced that Kathryn Mikells will join the Company as Executive Vice President and Chief Financial Officer on completion of the merger between United (UAUA) and Continental (CAL) airlines. Mikells is currently CFO of United Airlines parent company, UAL Corporation.
Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond and world FX market participants. 1-800-752-3013 or http://www.briefing.com
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News