Briefing.com: Hourly In Play (R) – 19:00 ET
Dec 16, 2009 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 16-Dec-09 19:00 ET
18:48
TRCR Transcend announces pricing of public offering at $16.75 (17.22 -0.13)
Co announced announced that the public offering of 2,220,000 shares of its common stock has priced at $16.75 per share. The co is offering 1,500,000 shares of common stock and stockholders are offering the remaining 720,000 shares in the offering. The underwriters have a 30-day option to purchase up to an additional 333,000 shares from the Company and the selling stockholders. The co intends to use the net proceeds of the shares sold by it in the offering to repay the remaining $5.0 mln of its $7.0 mln term loan, fund new acquisitions and to fund working capital and other general corporate initiatives.
18:45
C Citi confirms it prices $17 bln common stock offering at $3.15 per share and prices $3.5 bln of tangible equity units at $100 each (3.45 -0.11) -Update-
Co announced the pricing of 5.4 bln common shares and 35 million tangible equity units as part of its agreement with the U.S. government and its regulators to repay U.S. taxpayers for the $20 bln the government holds in TARP trust preferred securities and to terminate the loss-sharing agreement with the government. The common stock priced at $3.15 per share, generating net proceeds of ~$17 bln. The tangible equity units priced at $100 each, generating net proceeds of ~$3.5 bln (about $2.8 bln counted as equity.) The combined offering of common stock and tangible equity units is the largest public equity offering in U.S. capital markets history. Upon completion of the offerings and the repayment of the $20 bln of the TARP trust preferred securities and the termination of the loss-sharing agreement, Citi will no longer be deemed to be a recipient of "exceptional financial assistance" under TARP... After giving effect to the issuance of the $17 billion in common stock, $3.5 bln of tangible equity units and $1.7 billion of stock compensation previously announced by Citi, as well as the repayment of $20 billion of the TARP trust preferred securities and the termination of the loss-sharing agreement, Citi's pro forma Tier 1 capital ratio at the end of the third quarter of 2009 would have been 11.0%, compared with 12.8%. The company's pro forma Tier 1 common ratio at the end of the third quarter would have been 9.0%, compared with 9.1%.
18:19
FLS Flowserve signs joint venture with Valbart to manufacture valves for Oil and Gas Industry (97.95 -0.71)
18:17
YONG Yongye International announces public offering of common stock (8.29 -0.16)
(Note: Co doesn't provide number of shares offered)
18:05
SM St. Mary Announces 2010 capital budget and production forecast (35.34 -0.02)
To announced that the total capital budget of $725 mln approved by Board of Directors; exploration and drilling budget set at $561 mln. Investment planned to be funded through operating cash flow and anticipated proceeds from divestitures; capacity available under existing credit facility to maintain or accelerate program. Roughly 40% of exploration & drilling budget allocated to Eagle Ford shale program; ~30% of budget dedicated to oil programs in the Permian and Williston basins. Over 20% production growth, adjusted for divestitures, from December 2009 to December 2010.
18:02
FUL H.B. Fuller agrees to issue $150 mln in senior unsecured notes (22.48 +0.61)
18:02
ABM ABM Industries beats by $0.01, misses on revs; guides FY09 EPS above consensus (19.98 -0.11)
Reports Q4 (Oct) earnings of $0.39 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.38; revenues fell 4.2% year/year to $868 mln vs the $900.6 mln consensus. Co issues upside guidance for FY09, sees EPS of $1.35-1.45, excluding non-recurring items, vs. $1.32 consensus.
18:01
AZO AutoZone announced its Board of Directors authorized the repurchase of an additional $500 mln of the co's common stock in connection with its ongoing share repurchase program (157.99 +1.08)
18:00
SMBL Smart Balance announced that its board of directors has authorized a two-year stock repurchase program of up to $25 mln, to begin in 2010 (5.54 +0.08)
17:55
HLF Herbalife reaffirms FY09 and FY10 guidance below consensus (42.13 +0.16)
Co reaffirms guidance below consensus; co reaffirms previously issued full year 2009 earnings $3.19 - $3.22 vs. $3.23 First Call consensus; sees full year 2010 EPS guidance ranges of $3.50-3.65 vs. $3.68 First Call consensus.
17:37
TWX Time Warner announces agreement to acquire NDTV imagine (30.04 -0.10)
Co announced that its board of directors has approved the acquisition of NDTV Imagine Limited (Imagine) from NDTV Networks Plc, an indirect subsidiary of NDTV Limited. Imagine owns a leading Hindi general entertainment channel and other entertainment assets in India. The acquisition will be made by Turner Asia Pacific Ventures, Inc., a Time Warner company, and Imagine will become a key part of Turner's operations in the Asia-Pacific region.
17:25
APWR A-Power Energy: Shenyang power, US-REG and Cielo wind sign definitive agreement for 600 MW West Texas Wind farm project (18.67 +0.88)
Co announced that Shenyang Power Group, the U.S. Renewable Energy Group and Cielo Wind Power LP have entered into a definitive agreement for their ownership of a project company to develop a 600 MW wind farm in West Texas.
17:18
CNO Conseco announces pricing of public common stock offering of $4.75 (5.14 +0.33)
17:16
SCHL Scholastic Board authorizes further repurchase of up to $20 mln in common stock (28.47 +0.26) -Update-
17:06
TG Tredegar Corp appoints O'Leary As Vice President, Chief Financial Officer and Treasurer; Brickhouse Appointed Controller (15.37 +0.74)
Co announced that Kevin A. O'Leary, who served as Vice President, Finance of Tredegar Film Products Corp, has been appointed Vice President, Chief Financial Officer and Treasurer of Tredegar Corporation, effective December 11, 2009.
17:01
JNJ Johnson & Johnson: Ethicon announces definitive agreement to acquire Acclarent (64.80 +0.06)
Ethicon, a Johnson & Johnson company and a co in surgical care, and Acclarent, a privately held medical technology company dedicated to designing, developing and commercializing devices that address conditions affecting the ear, nose and throat (ENT), today announced a definitive merger agreement whereby Ethicon will acquire Acclarent in an all-cash transaction for approximately $785 million net of estimated cash on hand at time of closing. The closing of the transaction is subject to customary conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The boards of directors of both companies and the shareholders of Acclarent have approved the transaction... Upon closing, the transaction is expected to have a dilutive impact to Johnson & Johnson's 2010 adjusted earnings per share of approximately $0.03 to $0.04. The transaction is expected to close in the first quarter of 2010.
17:01
PFE Pfizer: Toviaz 8 mg was more effective than Detrol LA in treating urge urinary incontinence in patients with overactive bladder (18.41 +0.12)
Patients treated with Toviaz (fesoterodine fumarate) 8 mg extended release tablets had greater and statistically significant reductions in urge urinary incontinence episodes at week 12 (P=0.017) compared with Detrol(R) LA (tolterodine tartrate extended release capsules) in a placebo-controlled randomized clinical trial. The primary endpoint of the study was reductions in urge urinary incontinence episodes. This new study, published today in the January issue of BJU International, is the first head-to-head superiority trial specifically designed to compare the two medications. When looking at prespecified secondary endpoints, patients treated with Toviaz 8 mg had a significantly greater increase in the average volume of urine voided per micturition from baseline to week 12 compared with those who received Detrol LA (P=0.005). The differences between Toviaz 8 mg and Detrol LA in urinary frequency (P=0.380) and urgency episodes (P=0.054) were not statistically significant.
17:00
STAR Starent Networks receives clearance from the U.S. Department of Justice and Federal Trade Commission for acquisition by Cisco Systems (34.60 )
Co announced that the U.S. Department of Justice and Federal Trade Commission have terminated the mandatory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to Cisco Systems' pending acquisition of Starent. With the receipt of this clearance the remaining regulatory approval requirements under the merger agreement between Starent and Cisco, providing for the acquisition of Starent by Cisco, have been satisfied. Accordingly, Starent expects the closing of the transaction to occur in the coming days. The closing day will also be Starent's last day of trading on The NASDAQ Global Select Market.
17:00
DAN Dana Holding announces agreement to sell Structural Products business to Metalsa (9.40 -0.03) -Update-
The co announces that it has signed an agreement to sell its global Structural Products business to Metalsa, the largest vehicle frame and structures supplier in Mexico. The operations and assets to be sold generated consolidated revenues of approximately $695 million in 2008. The agreement provides for Metalsa and certain of its affiliates to acquire the equity and tangible and intangible assets of the global operations comprising Dana's Structural Products business from Dana and certain of its affiliates for an aggregate purchase price of up to $150 million and the buyer's assumption of certain liabilities related to the business. The purchase price includes $130 million payable at closing, subject to usual closing adjustments; $5 million payable on the first anniversary of closing; and up to $15 million subject to an earn-out. Approximately 10% of the $130 million payment at closing will be held in escrow to support Dana's post-closing indemnification obligations to Metalsa. In addition, the parties will also enter into ancillary agreements, including a transition services agreement, supply agreements, and intellectual property license arrangements. Dana will retain and continue to operate Structural Products operations at its Longview, Texas, facility. Closing of the transaction is subject to government regulatory approvals and customary closing conditions. In connection with the completion of this transaction, Dana expects to recognize a pre-tax loss in the range of $150 million to $180 million, most of which is expected to be recorded in the fourth quarter of 2009 as impairment of the related long-lived assets.
16:58
HEB Hemispherx Biopharma addresses Ampligen manufacturing issues (0.58 +0.03)
The co states that on December 11, 2009, the Company, via its manufacturing subcontractor, in Spokane, WA, submitted comprehensive new data to the regional office of the FDA, Seattle, WA, which Hemispherx management believes demonstrate that certain manufacturing issues noted in earlier pre-approval inspections at the facility have been fully addressed. The referenced reports on Ampligen (Poly I: Poly C12U), an experimental therapeutic being developed for potential treatment of Chronic Fatigue Syndrome ("CFS"), are the combined work-product of the staffs at Hemispherx and its subcontractor. These are the same manufacturing issues sited in previous 10-Q's and the recent 10-K. These manufacturing issues were also part of a Complete Response Letter from the FDA described in a December 1, 2009 press release.
16:55
MLHR Herman Miller reports EPS in-line, beats on revs (16.78 -0.01)
Reports Q2 (Nov) earnings of $0.20 per share, excluding non-recurring items, in-line with the First Call consensus of $0.20; revenues fell 27.9% year/year to $343.7 mln vs the $334.5 mln consensus.
16:49
JAH Jarden made a binding offer to acquire the Mapa Spontex Baby Care and Home Care businesses (28.41 -0.34)
Co announced that it has made a binding offer to acquire the Mapa Spontex Baby Care and Home Care businesses of Total S.A. Under the terms of the offer, Jarden will pay approximately $500 million in cash, less any indebtedness assumed by Jarden.
16:46
PAYX Paychex beats by $0.02, reports revs in-line; guides FY10 revs in-line (31.50 -0.32)
Reports Q2 (Nov) earnings of $0.35 per share, $0.02 better than the First Call consensus of $0.33; revenues fell 5.3% year/year to $496.6 mln vs the $496.4 mln consensus. Co issues in-line guidance for FY10, sees FY10 revs falling 2-5%, which equates to ~$1.98-2.04 bln vs. $2 bln consensus.
16:42
NEWP Newport retires $20.2 million of its convertible subordinated notes (8.39 +0.17)
Co reported that it has used $18.7 million of cash to retire $20.2 million of its convertible subordinated notes. As a result of this transaction, the company's results for the fourth quarter of 2009 will be positively impacted by a total of $0.5 million due to the gain on extinguishment of debt and the lower interest expense for the period. In addition, due to the reduction in the company's total debt, it expects to incur lower interest expense in 2010 and beyond. Newport estimates that this reduction will result in approximately $0.03 of incremental earnings per diluted share in 2010.
16:41
OSIP OSI Pharm: Confirms that FDA Advisory Committee recommends against approving Tarceva for first-line maintenance use in advanced non-small cell lung cancer (32.89 -2.51) -Update-
Co confirms that the FDA Oncologic Drugs Advisory Committee voted 12 to one recommending against approval of the daily pill Tarceva for first-line maintenance use in people with advanced or metastatic non-small cell lung cancer whose cancer has not progressed (grown or spread) following first-line treatment with platinum-based chemotherapy. The FDA is not bound by the recommendations of its advisory committees and the agency is expected to make a decision whether to approve Tarceva for this use by Jan. 18, 2010. Co states,"We are disappointed with the Committee's recommendation and will work diligently to respond to the issues that arose today as quickly as possible. We continue to believe that having an oral, well-tolerated treatment option that can maintain the initial benefit from cytotoxic chemotherapy would be an important advance in treating advanced lung cancer and will explore further with regulatory agencies how best to pursue this outcome. We continue to hope Tarceva may be an option that could help more people with advanced non-small cell lung cancer live longer without the disease getting worse."
16:34
NDSN Nordson misses by $0.03, beats on revs; guides Q1 EPS in-line, revs above consensus (57.84 +0.87)
Reports Q4 (Oct) earnings of $0.85 per share, $0.03 worse than the First Call consensus of $0.88; revenues fell 20.4% year/year to $237 mln vs the $233.1 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.52-0.62, excluding non-recurring items, vs. $0.59 consensus; sees Q1 revs growth of 13-17%, which equates to ~$210.9-218.3 mln vs. $199.01 mln consensus.
16:33
MFA MFA Mortgage declared quarterly dividend of $0.27 per share of common stock, up from $0.25 per share of common stock (7.53 -0.13)
16:32
PBIP Prudential Bancorp of Pennsylvania announced Prudential Mutual Holding, the majority shareholder, approved the purchase of an additional 50K shares of common stock (9.49 +0.33)
16:30
IFON InfoSonics announces resignation of Chief Financial Officer and appointment of interim Chief Financial Officer (1.11 -0.01)
Co announced Jeffrey Klausner's decision to step down as Chief Financial Officer effective January 10, 2010. Mr. Klausner has taken a position closer to his residence allowing him to spend more time with his family. Roger Laungani, the Company's Corporate Controller since August 2006, has been appointed as InfoSonics' interim Chief Financial Officer as the Company begins a search for a Chief Financial Officer.
16:20
RHB RehabCare received regulatory approval for the acquisition of St. Agnes Long-Term Care Hospital (30.98 -0.31)
Co announces it has received regulatory approval for the acquisition of St. Agnes Long-Term Care Hospital from Mercy Health System. RehabCare announced its merger with Triumph HealthCare in November. The newly named Triumph Hospital Philadelphia will continue in its current location but will expand its existing scope of services.
16:19
ITRI Itron announces that LeRoy Nosbaum will retire as Executive Chairman (66.83 -0.77)
Co announces that LeRoy Nosbaum will retire as Executive Chairman of the Board of Directors at the end of the year, concluding 13 years of service with Itron, including 8 years as Chairman. Jon Eliassen, an independent director since 1987, has been elected Chairman effective January 1, 2010.
16:19
ORBC Orbcomm reaches settlement on satellite insurance claim (2.29 +0.09)
Co announced that ORBCOMM Inc. and its satellite insurers settled any and all claims relating to the Coast Guard Demonstration satellite and five quick launch satellites. The settlement is in the amount of $44,250,000, which equates to 88.5% of the maximum claim of $50,000,000 from third party insurers. ORBCOMM retains ownership of the two quick launch satellites still operating.
16:18
DOLE Dole Food confirms no Dole entities are addressees of theStatement of Objections issued by European Commission (12.33 +0.34)
Co confirmed that no Dole entities are addressees of the recently announced Statement of Objections issued by the European Commission, which alleges that a number of companies active in the import and marketing of bananas in Southern Europe had participated in a cartel in violation of the European competition laws. Throughout the investigation preceding the issuance of the Statement of Objections Dole cooperated with the European Commission in its inquiries, while maintaining that it had not violated European competition law.
16:15
LDK LDK Solar partners with GPR-SBTFC for developing and constructing 100 MW of PV plants in Europe in 2010 (9.20 +0.08) -Update-
Co has signed an agreement with Global Power Resources to develop and construct PV plants totalling 100 megawatts in 2010. LDK Solar will provide engineering, procurement, construction services and supply the solar modules. GPR will acquire the final ownership of the PV plants. The targeted 100MW of PV plants is expected to be completed by the end of 2010. The project pipeline, which will be carried out by LDK Solar, will involve all the European countries currently participating in national feed-in tariff subsidies, such as France, Germany, Italy and Spain.
16:12
KEY KeyCorp has been awarded $50 million in New Markets Tax Credits (5.74 -0.08)
Co has been awarded $50 million in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury as part of federal tax incentive program that encourages increased lending and investing in low- and moderate-income (LMI) areas. The new allocation is KeyBank's fourth, and it raises the bank's total amount received to $330 million since the program's inception.
16:11
BONDX Fed Up -04/32 3.601%...euro 1.4535...yen 89.7900
The FOMC was about what was expected, with a little color added to the economic related commentary, specifically regarding the labor issues ("deterioration in the labor market is abating"). The market was geared up for some scolding in that the Fed is sticking to its guns on the unwinding of liquidity measures and inflation remains subdued (and those pesky expectations in check), but they will eventually be seeing growth and will eventually raise rates. Treasuries were generally lower, although not in a big way, while the market saw flurries of activity on the day's data and the statement, things remain pretty wafer thin. The curve was wound to steeper levels taking aim at the historic levels seen in June, with the 2-10-yr yield spread running 276.5. The dollar was able to gun better following the release and the prospect of higher rates...sometime....in the future. The euro was knocked back to just over 1.45 and the yen was wound up to give up nearly 90 per dollar, but has pushed back to where it was pre-Fed. The day ahead has initial jobless claims (8:30) and leading indicators and the Philly Fed (10). They will also be voting on Fed-head Bernanke's confirmation in the senate (9:30)
16:10
MATK Martek Biosci reports EPS in-line, misses on revs; guides Q1 EPS below consensus, revs in-line (18.25 -0.16)
Reports Q4 (Oct) earnings of $0.33 per share, excluding non-recurring items, in-line with the First Call consensus of $0.33; revenues fell 3.1% year/year to $87.6 mln vs the $89.2 mln consensus. Co issues downside EPS guidance for Q1, sees EPS of $0.29-0.32 vs. $0.33 consensus; sees Q1 revs of $85-89 mln vs. $88.13 mln consensus. Co says, "With respect to fiscal 2010, Martek anticipates modest growth in infant formula revenues, most of which is expected to take place in the second half of the year, as penetration in the overseas markets is expected to outpace any decreases domestically due to declining birth rates. Moreover, meaningful growth is projected in the non-infant formula category during fiscal 2010 fueled, in part, by certain new customers that are expected to launch products in FY10. On an overall basis, the co expects growth in both revenues and profitability over FY09 with profitability growing at a higher rate than revenues primarily due to improvements in gross profit margins."
16:06
IIG Imergent provides update on Australian litigation (6.01 +0.01)
Co announces that the Federal Court of Australia confirmed a partial settlement between the Australian Competition and Consumer Commission (ACCC) and iMergent. The settlement entered resolves issues including sales disclosures made in Australia, compensation of Australian purchasers and all fees and costs incurred by the ACCC.
16:05
PRS Primus Guaranty purchased one million of its common shares in a privately negotiated transaction (3.26 -0.06)
Co announced that it purchased one million of its common shares in a privately negotiated transaction with one of its largest shareholders. The trade settled on December 14, 2009. The Company agreed to pay $3.20 per share for a total cost of $3.2 million.
16:05
SPN Superior Energy Svcs replaces expiring $350 mln share repurchase program (23.75 +0.38)
Co announces that its Board of Directors has authorized a share repurchase program of the company's common stock to replace the existing program which expires on December 31, 2009. The program will have an authorized limit of up to $350 million and will expire on December 31, 2011.
16:05
UTSI UTStarcom appoints Kenneth Luk Chief Financial Officer, effective immediately (2.03 +0.13)
16:03
PATK Patrick Industries completes new amendment of its credit agreement (2.46 +0.16)
Co entered into a fourth amendment to its senior secured credit agreement dated May 18, 2007. The Fourth Amendment includes the modification of certain definitions, terms and reporting requirements to better align with updated operating and cash flow projections for fiscal year 2010. The financial covenants were modified to establish new quarterly minimum consolidated earnings before interest, taxes, depreciation and amortization requirements that will replace the existing minimum one-month and two-month requirements beginning with the fiscal quarter ended March 28, 2010. Additionally, monthly borrowing limits under the revolving commitments were reset in conjunction with updated projected monthly cash flows for 2010. Borrowings under the revolving line of credit are subject to a borrowing base, up to a maximum borrowing limit of $28.0 million for fiscal year 2010. The interest rates for borrowings under the revolving line of credit and the term loan, and the expiration date of the Credit Agreement remained unchanged.
16:01
QCOM Qualcomm: Pennsylvania State Employees Credit Union Selects Firethorn for mobile banking services (44.69 -0.19) -Update-
Firethorn Holdings, a Qualcomm company (QCOM), announces that Pennsylvania State Employees Credit Union has selected Firethorn's mobile banking services for its more than 365,000 members. PSECU has more than $3 billion in credit union assets.
16:01
NANO Nanometrics announces it intends to offer shares of common stock (12.44 +0.05)
16:01
DLA Delta Apparel to acquire on-demand customized graphics apparel business (11.22 +0.07)
Co announces it has signed a letter of intent and expects to acquire substantially all of the net assets of Art Gun Technologies by Dec. 31, 2009. Through its technology or "virtual art studio", Art Gun provides shoppers the ability to design apparel products by choosing different styles, colors and graphics to create their one-of-a-kind customized garment.
16:00
ALOT Astro-Med's QuickLabel Systems acquires label company in North Carolina (7.43 +0.06)
Co announces that it acquired Label Line, a manufacturer of labels and tags located in Asheboro, NC, on December 15, 2009. Label Line will become part of Astro-Med's QuickLabel Systems brand. The co announced that, "The acquisition of Label Line is in accordance with the Three Year Strategic Business Plan we adopted in August which calls for us to make a few modest acquisitions that, along with internal growth, will drive our revenue toward the $100 mml mark. We expect this acquisition to allow us to realize approximately $5 mln in sales that will be accretive to revenues as well as earnings."
15:51
Conferences and Shareholder/Analyst Meetings of Interest
Events of interest for tomorrow, Dec 17, include: AVT Analyst Meeting; BCR Analyst Meeting; BEC Analyst Meeting; HLF Analyst Meeting; ONXX Analyst Meeting; PLL Analyst Meeting. Fed: Senate Banking Committee votes on Bernanke nomination
15:50
FAA Sector ETF strength & weakness approaching today's closing bell -Technical-
Actively Traded Leading Sector ETFs:
US airlines- FAA +3.25%, Heatin oil futures- UHN +3.5%, Crude/WTI oil- USO +2.25%, OIL +2.5%, Base metals- DBB +2.25%, SPDRS homebuidlers- XHB +1.75%, RBOB gas futures- UGA +1.5%, Commods- GSG +1.75%, DBC +1.5%, Silver- SLV +1.75%, iShares Japan- EWJ +1.5%
Actively Traded Lagging Sector ETFs:
Biotech- BBH -1.75%, IBB -.5%, Nat gas- UNG -1%, China 25- FXi -.75%, Retail HLDRS- RTH -.75%, iShares Brazil- EWZ -.5%, Wind energy- FAN -.5%, Commercial banks- KBE -.5%, SPDRS industrials- XLI -.5%, SPDRS cons stpls- XLP -.5%, SPDRS healthcare- XLV -.5%, SPDRS utilities- XLU -.25%
15:47
DPL DPL: DP&L to build largest solar power facility in Southwestern Ohio (28.40 -0.18)
The Dayton Power and Light Company, the principal subsidary of DPL, announces plans to construct a 1.1 Megawatt solar array near its Yankee substation in Washington Township, Montgomery County, Ohio. Construction of the project will begin this month and is expected to be on line in March of 2010. When completed, the facility will consist of 9,000 solar panels constructed over 7 acres, and will generate enough electricity to power nearly 150 homes. The project is expected to cost ~$5 mln.
15:37
SPY NYSE & NASDAQ volume now pacing ahead of yesterday's total heading into the final thirty minutes-- See 60 min. volume chart -Technical-
Volume on both primary exchanges is not outPacing yesterday's @ this point in the session, while COMPQ volume very strong here.
If the COMPQ holds gains on stronger volume, then a bullish accumulation' day may be @ work where funDs & institutions were net buyers, based solely on texTbook volume patterns.
NYSE now showing 843M shares changing hands versus 822M yesterday.
COMPQ now showing 1.68B shares changing hands versus 1.56B yesterday.
COMPQ now +.15%
SPX now +.10%
NYSE Volume Chart (60 min)
NASDAQ Volume Chart (60 min)
15:34
AUTC AutoChina International comments on share price activity; affirms positive outlook (17.25 -1.25)
Co believes the recent decline in the price of its common stock is related to the current redemption of its ~4.2 million outstanding ordinary share purchase warrants. As announced on December 8, 2009, the final redemption date for the warrants will be January 8, 2010. Assuming exercise of all of the issued and outstanding warrants, AutoChina would receive gross proceeds of ~$21.0 million and there will be a total of ~15.2 million ordinary shares of AutoChina issued and outstanding. "We are very pleased with the operations of our business and would like to emphasize that our fundamentals remain intact. We also remain optimistic about our future prospects... Importantly, our expansion efforts are supported by a strong financial position that will be further bolstered by the completion of the sale of our consumer auto dealership business earlier this week and the future receipt of up to $21.0 million from the redemption of our ordinary share purchase warrants."
15:28
SPY Stock indices drop to new lows, Dow -17 now approaching yesterday's low -- S&P +0.6, Nasdaq +3.4 -Update- -Technical-
15:11
SPY S&P +2.6 and Nasdaq +7 hold at 62% retrace of Tues-Wed rally, Dow -2 holding above yesterday's low -Update- -Technical-
15:09
SEMI reports third quarter 2009 worldwide semiconductor equipment figures, billings of us $4.54 bln
SEMI today reported that worldwide semiconductor manufacturing equipment billings reached $4.54 billion in the third quarter of 2009. The billings figure is 69% percent higher than the second quarter of 2009 and 31% less than the same quarter a year ago. SEMI and the Semiconductor Equipment Association of Japan (SEAJ) jointly collect the data from 110 global equipment companies that provide input on a monthly basis. Worldwide semiconductor equipment bookings were US$5.83 billion in the third quarter of 2009. The figure is 4% more than the same quarter a year ago and 98% greater than the bookings figure for the second quarter of 2009.
15:03
WMT Wal-Mart helping pace the Dow drop in recent trade (53.15 -0.83) -Update- -Technical-
15:00
HPY Heartland Payment Systems: 7-Eleven signs seven-year contract extension with Heartland Payment Systems (12.26 +0.25)
7-Eleven has signed a seven-year contract extension with Heartland Payment Systems. Under the extension to the current contract, Heartland will continue authorizing and settling credit and debit card transactions for more than 5,800 7-Eleven-branded convenience stores nationwide.
14:58
NVDA NASDAQ 100 (NDX) leaders & laggards moving into the final hour of trading -Technical-
NDX Best % Performers:
NVDA +8.5%, STX +5.5%, MRVL +5%, BRCM +5%, ADBE +4%, XLNX +3.5%, MXIM +3.5%, HANS +3.25%, INFY +2.25%, ERTS +2%, NWSA +2%, CTSH +2%
NDX Worst % Performers:
GILD -5%, ESRX -4.5%, LINTA -3.5%, STLD -3%, JOYG -3%, CELG -2%, AMZN -1.75%, INTC -1.75%, PCAR -1.5%, PPDI -1.5%, SBUX -1.25%, AMGN -1.25%
NASDAQ TRIN @ +.80
NASDAQ A/D line @ +360
14:55
JPM Dow (INDU) leaders & laggards moving into the final hour of trading -Technical-
INDU Best % Performers:
JPM +1.75%, KFT +1.5%, DD +1.25%, AA +1.25%, AXP +1%, BAC +1%
INDU Worst % Performers:
INTC -1.75%, TRV -1.5%, BA -1.25%, WMT -1.25%, MMM -1%, KO -.75%
NYSE TRIN @ +1.30
NYSE A/D line @ +790
14:53
COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices
March corn closed higher by 2.25 cents to $4.0975 per bushel, January soybeans closed higher by 5 cents to $10.60 per bushel, January wheat closed higher by 2.25 cents to $5.39 per bushel, January Ethanol closed lower by 0.006 to $1.859, March world sugar futures closed higher by 1.12 cents at 25.94 cents per pound
14:52
SPY Fresh pullback lows for stock indices -- Dow -3, S&P +2.7, Nasdaq +6 -- Dollar Index rallies back to overnight high -Update- -Technical-
14:42
LSE Capital Lease Funding increases quarterly dividend by 20% to $0.06 per share (4.75 -0.10) -Update-
The Board of Directors will continue to reevaluate the Company's dividend policy throughout the year as the Company implements its 2010 plans which are focused on increasing free cash flow and resuming portfolio growth on an opportunistic basis.
14:42
COMDX NYMEX Energy Closing Prices
Crude oil ended higher by $1.99 to $72.68, natural gas shed 6 cents to finish at $5.463, heating oil rallied for 6.28 cents to close at $1.9661 and RBOB gasoline gained 3.35 cents to settle at $1.8786 (all Jan contracts).
14:40
SPY S&P 500 set a new pullback low but holds at initial intraday support -Update- -Technical-
Noted initial support at 1111/1110 in the 13:55 update and have seen the index hold on a post FOMC test (hit 1111) and pause. A move back through 1114.50/1115 improves intraday patterns. Secondary support is at 1108.
14:23
SPY New pullback lows for stock indices -- Dow +7, S&P +3, Nasdaq +8.7 -Update- -Technical-
14:17
SPY Stock indices initially jump higher after FOMC headlines hit then pause -- Dow +30, S&P +6, Nasdaq +11 -Update- -Technical-
14:16
ECONX Summary of FOMC statement
Information received since the Federal Open Market Committee met in November suggests that economic activity has continued to pick up and that the deterioration in the labor market is abating. The housing sector has shown some signs of improvement over recent months. Household spending appears to be expanding at a moderate rate, though it remains constrained by a weak labor market, modest income growth, lower housing wealth, and tight credit. Businesses are still cutting back on fixed investment, though at a slower pace, and remain reluctant to add to payrolls; they continue to make progress in bringing inventory stocks into better alignment with sales. Financial market conditions have become more supportive of economic growth. Although economic activity is likely to remain weak for a time, the Committee anticipates that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a strengthening of economic growth and a gradual return to higher levels of resource utilization in a context of price stability. With substantial resource slack likely to continue to dampen cost pressures and with longer-term inflation expectations stable, the Committee expects that inflation will remain subdued for some time. The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve is in the process of purchasing $1.25 trln of agency mortgage-backed securities and about $175 bln of agency debt. In order to promote a smooth transition in markets, the Committee is gradually slowing the pace of these purchases, and it anticipates that these transactions will be executed by the end of the first quarter of 2010. The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. In light of ongoing improvements in the functioning of financial markets, the Committee and the Board of Governors anticipate that most of the Federal Reserve's special liquidity facilities will expire on February 1, 2010, consistent with the Federal Reserve's announcement of June 25, 2009. These facilities include the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Commercial Paper Funding Facility, the Primary Dealer Credit Facility, and the Term Securities Lending Facility. The Federal Reserve will also be working with its central bank counterparties to close its temporary liquidity swap arrangements by February 1. The Federal Reserve expects that amounts provided under the Term Auction Facility will continue to be scaled back in early 2010. The anticipated expiration dates for the Term Asset-Backed Securities Loan Facility remain set at June 30, 2010, for loans backed by new-issue commercial mortgage-backed securities and March 31, 2010, for loans backed by all other types of collateral. The Federal Reserve is prepared to modify these plans if necessary to support financial stability and economic growth. Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.
14:07
MDCO The Medicines Co is voluntarily recalling eleven lots of Cleviprex (8.32 -0.05)
Co announced that it is voluntarily recalling eleven lots of Cleviprex (clevidipine butyrate) injectable emulsion due to the potential presence of visible particulate matter which has been observed in some vials during a routine annual inspection. No other lots are affected by this recall. The Medicines Company has not received any product complaints or reports of adverse events related to this issue. The Company is cooperating with the U.S. Food and Drug Administration on this recall.
14:07
ECONX FOMC Rate Decision due out in about 8 min at 14:15ET
14:03
NADX National Dentex approved a succession and transition pl (7.70 +0.01)
Co approved a succession and transition plan. Effective January 1, 2010, David Harkins Chairman will become the Board's Lead Independent Director. David Brown, President and Chief Executive Officer, will continue as Chief Executive Officer and assume the role of Chairman of the Board. John Green, Executive Vice President, Laboratory Operations, will become President and Chief Operating Officer.
13:59
NFLX Netflix shares dip to session lows ahead of FOMC with notable daily support from late Nov/Dec. in play just below surrounding the 54.75~54.70 zone (55.02 -1.89) -Technical-
LoD now @ 54.96 with NFLX (-3.35%) very weak versus the COMPQ (+.5%).
13:55
SPY S&P 500 drifting ahead of FOMC -Update- -Technical-
The index stalled slightly under its range top/52-wk highs this morning with sideways to lower trade persisting ahead of the Fed announcement. The intraday action will pick up as the FOMC headlines cross and are digested with the S&P remaining in a short term favorable position while initial supports at 1111/1110, 1108 and yesterday's low (1105) are intact. Resistance above the high (1116) and range top (1119) is at the 1120/1121 technical target zone.
13:43
COMDX COMEX Metals Closing Prices
Feb gold closed higher by $13.20 to $1136.20, March silver gained 23.8 cents to finish at $17.693 and March copper ended up 6.4 cents to $3.2055.
13:39
DAN Dana Holding extends Executive Chairman John Devine's contract through 2010 (9.46 +0.03)
13:39
COMDX Crude oil ticks to fresh highs at $73.47; now up $2.74 to $73.43
13:30
HIST Gallery of History common stock to be delisted from Nasdaq (0.70 0.00)
13:03
SPY S&P +5.8 and Dow +23 extend slide off morning highs -- Nasdaq Comp +13 -Update- -Technical-
Dollar Index bounce off its morning low has coincided with the equity dip. Watching the Dollar Index as it tests intraday resistance at its day session high.
13:01
BAC Bank of America announces the retirement of William J. McDonough (15.38 +0.19) -Update-
Co announced the retirement of William J. McDonough, effective December 31. The former president of the Federal Reserve Bank of New York and former chairman of the Public Company Accounting Oversight Board, McDonough joined Merrill Lynch as vice chairman and special advisor to the chairman and continued in this role at Bank of America Merrill Lynch.
13:01
BONDX Bit of Bid +11/32 3.544%...euro 1.4542...yen 89.7200
Treasuries are holding better with the 10-yr trying to push through the 3.55% yield point after Tuesday's trip to near 3.62%, the highest since mid-August. The market has seen some flurries of activity but things have died off and once the FOMC statement is over with things will slow to a crawl through to the New Year. The current rally is therefore pretty precarious and is getting a lot of fuel as shorts get covered. The upside is done with trade likely to fall off the remainder of the day as it kicks around waiting on the FOMC. The fact that they will likely say nothing new would be overall negative for bonds, while any alterations (outside of something minor regarding economic improvement) may add to the bid as safer plays are favored and the market reads it as ongoing accommodation. The curve has been backing into a flatter slant as unwinding pulls through, but remains near historic steeps with the 2-10-yr yield spread now 272.4. The dollar has been making a come back after the early sell-off, and should be able to add some gains ahead of the Fed. The index is running 76.82 while the euro has been unable to take out the 1.4590 point and after a few failures has seen profit-taking push it off to the sticky 1.4550 area. The yen is under pressure as it aims for 90 on the buck while getting stalled near 130.50 on the euro.
12:59
TRV Travelers lagging Dow component testing it Dec/six week low at 49.78 -- session low 49.78 (49.79 -0.62) -Technical-
The Nov low is slightly under at 49.62 with the top of its Oct bull gap at 49.34.
12:57
CSX Rail Index - DJUSRR- in holding pattern near highs -Technical-
The Transportation Index broke out to new 52-wk highs in early Dec and has extended to fresh high each day this week. Airline (XAL) has been providing leadership for this rally with Rail (DJUSRR) drifting sideways for the last few weeks. Today's gains are modest but it is back probing its Nov/Dec-52-wk highs at 519/520 (session high 519) -- Click for chart. Individuals names holding near/just under potential breakout points include: CSX +0.7%, NSC +0.4%, GWR +1.8%, TRN +1.1%.
12:55
SCANX Today's biggest point gainers/losers -Technical-
Biggest point gainers: JFT (29.50 +3.54), SGG (72.88 +3.16), DZK (75.21 +3.11), GOOG (599.20 +6.06), BIDU (428.30 +4.30), PCLN (221.86 +3.55), CACC (39.25 +3.25), CTRP (77.21 +3.12), STRA (219.80 +3.12), RTP (208.82 +4.78), CF (92.62 +4.33), DB (75.74 +4.18), DRN (134.85 +4.10), TYH (145.64 +3.86), EDC (133.78 +3.76)... Biggest point losers: DTO (75.23 -3.24)
12:45
USO Sector ETF strength & weakness here @ midday -Technical-
Actively Traded Leading Sector ETFs:
Crude/WTI oil- USO +2.5%, OIL +2.75%, Heating oil futures- UHN +3.5%, Base metals- DBB +2.5%, US airlines- FAA +2.25%, Semis- IGW +2.25%, SMH +1.5%, RBOB gas futures- UGA +2%, Commods- GSG +2%, DBC +1.5%, SPDRS homebuilders- XHB +2%, Gold miners- GDX +2%, iShares Japan- EWJ +2%, Oil HLDRS- OIH +1.75%, Insurers- KIE +1.75%
Actively Traded Lagging Sector ETFs:
Biotech HLDRS- BBH -1.25%, Livestock commds- COW -.5%, China 25- FXI -.25%, US Dollar index- UUP -.25%
12:32
FACT Facet Biotech drops over a point following agreement with The Baupost Group (15.66 -1.09) -Update-
Note the co reiterated last night its recommendation that stockholders not tender their shares into, and reject the unsolicited, revised conditional tender offer from Biogen Idec Inc. (BIIB) to acquire all of the outstanding shares of Facet Biotech common stock for $17.50 per share in cash.
12:31
FACT Facet Biotech enters agreement with The Baupost Group to allow purchase of additional shares (15.55 -1.20)
Co announced that in response to a request from The Baupost Group, co has agreed to amend its Rights Agreement to permit Baupost to purchase a number of additional shares without the rights under the Rights Agreement becoming exercisable. Baupost beneficially owned 3,506,875 shares of Facet Biotech common stock on December 16, 2009, which represents ~14.0% of the total shares outstanding. The amendment will increase the ownership limit for Baupost from 15% to 20% of the total outstanding shares of Facet Biotech common stock. As part of this arrangement, Baupost has agreed that it will vote any shares it owns in excess of 15% of the outstanding common stock either in the same proportion as other Facet stockholders or in accordance with the recommendation of Facet's board, at Baupost's election. Baupost has informed the Company that it does not intend to tender its shares of common stock into Biogen Idec's (BIIB) $17.50 per share tender offer.
12:24
S&P lowers Greece LT rating to 'BBB+'; ratings remain on WatchNeg
Standard & Poor's Ratings Services said it had lowered its long-term sovereign credit rating on the Hellenic Republic (Greece) to 'BBB+' from 'A-'. The long-term ratings on Greece remain on CreditWatch with negative implications, where they were placed on Dec. 7, 2009. The 'A-2' short-term ratings were also placed on CreditWatch negative. The transfer and convertibility assessment remains 'AAA', reflecting Greece's Economic and Monetary Union membership. "The downgrade reflects our opinion that the measures the Greek authorities have recently announced to reduce the high fiscal deficit are unlikely, on their own, to lead to a sustainable reduction in the public debt burden," Standard & Poor's credit analyst Marko Mrsnik said. "Moreover, we believe that the government's efforts to reform the public finances face domestic obstacles that would likely require sustained efforts over a number of years to overcome."
12:16
LSBX LSB Corporation repurchases U.S. Treasury's warrant as part of the Capital Purchase Program redemption (10.49 0.00)
Co announced that it repurchased for $560,000 the warrant for 209,497 shares of common stock sold to the U.S. Treasury in connection with the Treasury's preferred stock investment made under the Capital Purchase Program on December 12, 2008. The warrant had an exercise price of $10.74 per share. The Company redeemed the Treasury's preferred stock investment on November 18, 2009.
12:15
PLA Playboy names Robert Campbell interim Chief Financial Officer (3.34 -0.50) -Update-
12:08
European Markets Closing Prices: FTSE: 5320.3 +34.5 +0.7%, DAX: 5903.4 +92.1 +1.6%, CAC: 3875.8 +41.7 +1.1%
12:02
DBRN Dress Barn raises fiscal year 2010 earnings guidance (21.15 +0.37)
Co raises guidance for FY10 (Jul), sees EPS of $1.35-1.45, up from $1.20-1.30, vs. $1.32 First Call consensus. This fiscal 2010 increased earnings per share guidance is based on better than expected year to date performance at dressbarn, maurices and Justice stores and other various assumptions. The earnings guidance includes Justice results from the completion of the merger on November 25th to the end of the July fiscal year.
11:56
AMGN Amgen moves to session lows with the Dec. swing low in place @ 55.38 nearing for a retest (55.43 -.31) -Technical-
Note the horizontal 200 day SMA is less than 1pt lower, in position @ 54.65.
BBH ETF now -.85% vs. AMGN -.55%
LoD now @ 55.43
11:51
SPY S&P 500 +7 sets new session high of 1116 but Dow +36 and Nasdaq Comp +15 did not confirm the move -Update- -Technical-
11:24
GOOG Google shares edge to fresh 52 week highs with the round 600 number/strike price in play today (599.89 +6.75) -Technical-
Shares like GOOG tend to gravitate/pause/churn @ or near round numbers like this. 600 strike certainly in pay for the options players>
HoD @ 599.96
11:16
EOG New session highs in Natural Gas sector -Technical-
The Natural Gas Index (XNG) has broken above its Nov high today with leadership provided by: EOG +2.3%, DVN +2.8%, APA +2.4%, APC +3.7%, NI +0.7%, NFG +0.3%, EP +1.5%, WMB +1.5%, NBL +1.6%, CHK +1.8%, STR +0.5%. Its 52-wk close/intraday highs from Oct come into play at 546/549.
11:14
XLNX Xilinx shares trend to fresh session highs as the daily chart shows very notable 3 month technical resistance/supply surrounding the 24.50 mark in play here (24.46 +.56) -Technical-
Price probing 52 week/Sep/Oct tops @ 24.49.
HoD @ 24.48
11:10
WLB Westmoreland Coal and United Mine Workers of America Enter into a Memorandum of Understanding to modernize post retirement prescription drug benefits (8.81 +0.57) -Update-
Co announces that it has entered into an agreement with the United Mine Workers of America to modernize the method by which prescription drugs are provided to retirees of Westmoreland's former Eastern operations, and to retirees of its subsidiary Basin Resources. Under the agreement, Westmoreland and Basin will utilize a new system of distribution and administration, along with drug formularies, to enable them to continue to provide prescription drug benefits to retirees at a lower cost to the companies. These modifications are expected to become effective around April 1, 2010. "The savings from this, combined with savings from our previously announced pension freeze and elimination of post retirement prescription benefits for non represented employees, will result in meaningful reductions in our actuarially calculated balance sheet liabilities at year end as well as reductions in heritage expenses beginning in 2010." (stock is halted)
11:09
Major health care reforms in China supported growth of more than 20% in the drug-eluting stent market in 2009, according to Millennium Research Group
According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, health care reforms in China supported rapid expansion of the Chinese drug-eluting stent market in 2009, and will continue to fuel growth in the coming years. MRG's new Asia Pacific Markets for Interventional Cardiology Devices 2010 report finds that initiatives undertaken by the Chinese government will allow the Chinese drug-eluting stent market to reach a value of more than $900 million by 2014. The potential Chinese patient population for coronary stenting has historically been underpenetrated due to the high cost of the devices. Despite a rising incidence of coronary artery disease in the country, many patients choose to forego a coronary intervention due to a lack of insurance coverage and an inability to privately finance these procedures. In April 2009, the Chinese government unveiled its plans for a universal health care plan, a component of part of its Healthy China 2020 plan, which was first announced in January 2008. The healthcare reforms will increase access to premium-priced procedures and have huge implications for the drug-eluting stent market. "This amount of funding earmarked for a public health care system will vastly expand the volume of drug-eluting stent procedures performed in China," says Dan Whalen, Analyst at MRG. "With more people able to afford the procedure, this market is expected to grow an average of nearly 20% per year over the next five years, which presents a huge opportunity for new and emerging drug-eluting stent manufacturers in the region."
10:56
BWP Boardwalk Pipeline announces that each of its 42-inch pipeline projects have received authorization to operate at their full design capacity (29.29 +0.19)
Co announces that each of its 42-inch pipeline projects, the East Texas Pipeline, Southeast Expansion and the Gulf Crossing Pipeline, have received authorization from the Pipeline and Hazardous Materials Safety Administration (PHMSA) to operate at their full design capacity of .80 of the specified minimum yield strength (SMYS) effective immediately. Previously, each of these projects had been operating at .72 SMYS. Rolf Gafvert, Chief Executive Officer for Boardwalk, said, "We are pleased to receive this approval from PHMSA and look forward to operating our 42-inch pipeline systems as they were originally designed."
10:55
WFT Relative Strength in Drillers in recent trade -- WFT +3%, HAL +2.8%, SLB +2.8%, NE +2.3%, PDE +2%, RIG +1.8%, DO +1.7%, BHI +1.4% -Technical-
10:50
AMB AMB Property REIT ticks to fresh session highs as price probes notable daily chart resistance surrounding the 25.75~26.00 zone (25.85 +.50) -Technical-
Shares of this highly liquid REIT are outperforming the benchmark REIT/real estate ETFs ICF (+.90%) & IYR (+.75%) thus far.
AMB +1.95%.
HOD now @ 25.86
52 week highs @ 26.03
10:49
WLB Westmoreland Coal trading halted - news pending (8.81 +0.57)
10:47
STZ Constellation Brands comments that GModelo legal action has no merit (15.18 -0.99) -Update-
Co announced that it is aware of a lawsuit filed Tuesday, Dec. 15, 2009 in New York federal court by GModelo, an indirect subsidiary of Grupo Modelo. However, Constellation Brands has not been formally served with the lawsuit. Constellation and GModelo are partners in Crown Imports, a 50/50 joint venture which commenced in January 2007. The initial term of the joint venture extends through the calendar year of 2016. At issue is the funding by the partners for incremental Crown promotion and marketing spending for calendar year 2010. Previously, the incremental spending in question was provided by GModelo and was agreed upon once again for the 2010 business plan. The funding at issue is not material to Constellation's overall financial position. Constellation believes that the claims lack merit and will defend its position. Crown is not a party to this lawsuit and Constellation believes that Crown remains fully engaged in executing against the plan for calendar year 2010 and growing its business through the entire initial term of the contract.
10:44
SPY NYSE & NASDAQ trading volume right on pace with yesterday's first hour totals-- See NYSE Volume Chart -Technical-
First sixty min. trading volume is nearly even with yesterdays tally at this point with NYSE showing 235M shares changing hands versus 234M yesterday morning.
With yesterday registering a round of 'bearish distribution' ($SPX & $COMPQ losses on higher than previous days volume) we will continue to monitor price action as we expect volume to initially tail off later this morning ahead of the 2:15ET FOMC announcement, then rebound sharply shortly thereafter & into the closing bell.
NYSE Volume Chart (60 min)
10:44
CGA China Green Agriculture to raise additional $5 million in registered direct offering (16.28 -0.55)
Co announced that it has entered into a definitive agreement to sell 320,512 shares of common stock at a price per share of $15.60 to an institutional investor.
10:35
DBB Sector ETF strength & weakness through the first hour of trarding -Technical-
Actively Traded Leading Sector ETFs:
Base metals- DBB +2.75%, Heating oil futures- UHN +2.5%, Crude/WTI oil- USO +2%, OIL +2%, Gold miners- GDX +2%, US airlines- FAA +2%, RBOB gas futures- UGA +1.75%, Insurers- KIE +1.75%, Commods- DBC +1.75%, GSG +1.5%, iShares Japan- EWJ +1.75%, Silver- SLV +1.75%, Oil HLDRS- OIH +1.5%
Actively Traded Lagging Sector ETFs:
US Dollar index- UUP -.5%, Biotech HLDRS- BBH -.5%, Nat gas- UNG -.5%, Commercial banks- KBE -.5%, China 25- FXI -.25%, Livestock commods- COW -.25%
10:32
XLE Minor new high Energy XLE / OIH after inventory data but currently hovering just below -Update- -Technical-
10:32
FGXI FGX Intl downgraded to Market Perform at Northland Securities following acquisition by Essilor Int'l for $19.75 per share in cash (19.42 +1.51)
10:31
COMDX Crude moves to its best levels of the morning, following inventory data, at $72.29; currently higher by $1.60 to $72.29
10:30
BLC Belo announces retirement of Dennis Williamson; promotes Carey Hendrickson to CFO role (5.78 +0.03)
Co announces that Dennis A. Williamson, executive vice president and Chief Financial Officer, will retire from the Company on March 5, 2010. Carey P. Hendrickson will become senior vice president and Chief Financial Officer upon Williamson's retirement.
10:28
NVDA NASDAQ 100 (NDX) leaders & laggards moving through the first hour of trading -Technical-
NDX Best % Performers:
NVDA +6%, ADBE +4%, HANS +3.25%, STX +2.75%, MRVL +2.5%, BRCM +2.5%, LOGI +2.5%, MXIM +2.25%, EXPE +2.25%, INFY +2%, CTXS +2%
NDX Worst % Performers:
STLD -2.75%, GILD -2%, INTC -2%, FSLR -1.5%, ESRX -1.25%, PPDI -1%, YHOO -.75%, NIHD -.75%, LINTA -.75%, SRCL -.75%
NASDAQ TRIN @ +0.70
NASDAQ A/D line @ +485
10:28
XRT Relative Sector Weakness -Update- -Technical-
The stock indices have slipped back off early highs. Sectors that are underperforming the S&P on this slide include: Retail XRT, Semi SMH, Technology XLK, Rail/Airline/Transports TRAN, Solar TAN, Internet HHH.
10:26
BRS Bristow Group initiated with a Buy at C.K. Cooper; tgt $43 (37.17 +0.43)
C.K. Cooper initiates BRS with a Buy and establishes a tgt of $43. The firm notes that BRS has shown over its 56 year history, a long tradition and strategy of consolidating the helicopter business with acquisitions and mergers as well as upgrading its fleet through new construction. Presently, worldwide demand for helicopters has been declining as exploration has slowed. However, BRS receives over 70% of its revs from the production segment of oil and gas companies giving the company more stable revenues and earnings than depending on the exploration side of oil and gas companies.
10:26
AA Dow (INDU) leaders & laggards moving through the first hour of trading -Technical-
INDU Best % Performers:
AA +2.25%, DD +1.5%, KFT +1.25%, AXP +1%, BAC +1%, MSFT +1%
INDU Worst % Performers:
INTC -2%, BA -1.5%, VZ -.5%, MMM -.5%, GE -.25%
NYSE TRIN @ +1.40
NYSE A/D line @ +1000
10:24
SPY Stock indices working back off early highs -- Dow +34, S&P +5, Nasdaq +10 -Update- -Technical-
10:23
AMZN Amazon.com shares tick to new first hour lows as the daily technical picture paints a line of support/demand being carved out @ 130~129 & being retested here (129.99 -.24) -Update- -Technical-
LoD now @ 129.81.
Dec. low @ 129.35
10:23
TDW Tidewater initiated with a Buy at C.K. Cooper; tgt $55 (46.30 +0.89)
C.K. Cooper initiates TDW with a Buy and establishes a tgt of $55. In the firm's opinion, TDW has shown over its 54 year history, a long tradition and strategy of consolidating the marine vessel business with acquisitions and mergers, while maintaining a conservative financial discipline in the highly cyclical oil and gas industry. The firm believes that the co is an excellent choice for the energy investor due to its long term strategy, size, philosophy, and the geographical diversity of its marine fleet worldwide.
10:17
INTC Intel notable laggard after FTC suit announcement, hovering near support area at 19.45 (19.46 -0.34) -Update- -Technical-
The Semi sector (SMH) is solidly higher this morning but a notable laggard is INTC following the FTC suit announcement (see 09:15 update). It has pulled back to a support area near 19.45 (50% retrace of Nov-Dec rally and early Dec gap top). The bottom of the gap comes into play at 19.26.
10:14
ROY International Royalty defers Separation Time in shareholder rights plan (6.98 +0.01)
Co announces that its board of directors has elected to defer the "Separation Time" in accordance with the terms of its shareholder rights plan. On November 21, 2008, the board of directors of IRC implemented a shareholder rights plan. The Rights Plan was adopted in order to provide the board of directors of IRC with sufficient time to assess and evaluate any takeover bid or other potential change of control transaction, and to explore and develop alternatives that maximise shareholder value and to give shareholders adequate time to consider any such transaction. In rights were scheduled to separate and trade separately on the tenth trading day following the first public announcement of the current intention of any person to commence a takeover bid for IRC that is not a Permitted Bid under the Rights Plan. The board of directors of IRC has therefore elected to defer the Separation Time until the earlier of (i) such date as may be determined in good faith by the board of directors prior to the time any person becomes an "Acquiring Person" under the Rights Plan or (ii) unless otherwise determined by the board of directors, the day immediately prior to the date on which an "Acquiring Person" becomes such.
10:13
PRU Prudential climbs higher off the opening towards its early December peak of 51.57 (51.47 +2.32) -Technical-
10:12
GSK GlaxoSmithKline and NanoBio announce OTC licensing agreement for cold sore treatment (43.14 +0.30)
The co and NanoBio Corporation announced an exclusive licensing agreement in the United States and Canada for the over-the-counter (OTC) use of NB-001, a novel, patented compound representing the next advance in the treatment of cold sores. Developed by NanoBio, NB-001 provides significant antimicrobial activity against the virus that causes cold sores, herpes labialis. Under the terms of the agreement, NanoBio will receive an upfront payment of $14.5 million, and is eligible to receive additional milestone payments of up to $40 million plus single digit royalties on future sales.
10:11
SMH Semiconductors Hldrs Trust approaches/hovering slightly under this week's peak at 27.21 -- session high 27.17 (27.12 +0.26) -Technical-
The top of its two week trading range/52-wk high is at 27.40 -- ADI +1.5%, ALTR +1.3%, AMAT +1.6%, AMD +5.9%, ATML +1.2%, BRCM +2.1%, KLAC +1.4%, LLTC +2.3%, LSI +1.8%, MU +1.7%, NSM +1.7%, SNDK +1.3%, TXN +1.3%, XLNX.
10:10
IART Integra initiated with a Buy at Morgan Joseph; tgt $41 (35.39 +0.46)
Morgan Joseph initiates IART with a Buy and establishes a $41 tgt. The firm notes that IART is the leading company for neurosurgery products with expanding orthopedic businesses in the extremity reconstruction and spine segments, two of the faster-growing markets in the medical device space. The firm believes that the expansion of sales and distribution capabilities in the extremity reconstruction and spine businesses could generate better than expected sales growth in 2010.
10:08
AA Alcoa vacillating near its Oct peak (15.14 +0.46) -Technical-
Noted the test of its Nov high at 13.80 last Friday with the rally extended today near its Oct/previous 52-wk high at 15.11 (session high 15.15).
10:05
GDX Sector Watch -Technical-
Broad based strength in the early going with several market averages at or hovering just under 52-wk peaks. Top performing sectors thus far include: Gold Miners GDX +2.2%, Healthcare +2.1%, Airline +2.1%, Mining +1.9%, Coal +1.9%, Health Provider +1.6%, Solar TAN +1.6%, Insurance KIE +1.6%, Silver SLV +1.4%, Software SWH +1.4%, Broker IAI +1.3%, Oil Service OIH +1.2%, Retail XRT +1.1%.
10:00
COIN Converted Organics partners with four Universities to expand R&D program for turf market (0.62 +0.03)
Co is expanding and intensifying its research and development program to facilitate ongoing examination of the disease suppression and unique nitrogen nutritional characteristics of its Liquid Concentrate 1-1-1 and Turf Blend 6-0-0 liquid organic fertilizers for the professional golf and lawn care markets. New testing on the attributes of these products will take place in early 2010 at Rutgers University and Penn State University, while Cornell University and the University of Florida will initiate a second phase of research begun in 2008.
09:59
MSFT Microsoft tests/pauses at its Dec/52-wk high at 30.37 -- session high 30.35 (30.29 +0.27) -Technical-
09:58
S&P affirms Sweden 'AAA' sovereign ratings; outlook stable
Standard & Poor's Ratings Services today said it had affirmed its 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the Kingdom of Sweden. The outlook is stable. We believe that although Sweden has been significantly affected by the global economic downturn, its creditworthiness will be supported by the flexibility, competitiveness, and diversity of the Swedish economy; the sovereign's high wealth levels; and the country's substantial fiscal buffers. Sweden's fiscal buffers have allowed the government to adopt a countercyclical fiscal policy to stimulate the economy, including measures to encourage domestic demand and help stabilize the financial system. We expect these measures will, alongside automatic stabilizers, lead to deterioration in public finances, with the general government surpluses of recent years expected to turn into deficits of around 2%-3% of GDP in 2009 and 2010. In parallel, we expect the decline in the general government debt burden that we have seen in recent years to reverse in 2009-2010. That said, Sweden's debt is expected to rise by 1.5% of GDP between 2008 and 2011, compared with 4.5% for the 'AAA' median. Moreover, we expect the deterioration in public finances to be temporary and a fiscal surplus to be restored once the economy starts to recover.
09:58
DIA New 52-wk high for Nasdaq Comp +18 and Mid-Caps +5.6 -- Dow +53, S&P +7, Nasdaq 100 +14.8 hovering just under -Technical-
09:55
COMDX Crude, gold, and silver all tick to their best levels of the morning as the dollar index falls to its lowest levels of the morning
Crude is currently up 86 cents to $71.55; gold is higher by $16.60 to $1139.60 and silver has gained 21.5 cents to $17.67.
09:53
09:51
CF CF Industries climbs higher intraday as it elevates up into its Dec ascending triangle range high of 91.51 (91.49 +3.20) -Technical-
09:51
MDY S&P 400 MidCap SPDRs sets new 52-wk high (131.20 +1.01) -Technical-
Noted the test of its Sep peak at 130.73 yesterday but it stalled just shy (hit 130.69) and slipped back slightly. This morning it has edged above this area to establish a new 52-wk high of 131.20.
09:49
ME Mariner Energy downgraded to Market Perform at Howard Weil; tgt reduced to $13 from $18 (11.63 -1.21)
09:43
SLX Mkt Vctrs Steel Sector ETF approaching its 52-wk peak from early Dec at 61.50 -- session high 61.48 (61.48 +0.68) -Technical-
ATI +1.6%, SID +0.8%, GGB +1%, MTL +3.5%, RTP +1.8%, TX +0.3%, VALE +0.9%.
09:42
EEQ Enbridge Management initiated before the open with a Neutral at Ladenburg Thalmann; tgt $53 (52.85 +0.04)
Before the open, Ladenburg Thalmann initiated EEQ with a Neutral and price target of $53. The firm notes that EEQ is a publicly traded LLC that manages and controls the business and affairs of Enbridge Energy Partners LP (EEP), itself an energy master limited partnership. Therefore, EEQ's only cash generating assets are its ownership interests in EEP, thus its performance is dependant on EEP and its growth prospects.
09:41
BSTC BioSpecifics Tech. Corp announces top-line Phase 2b Results for XIAFLEX for treatment of Peyronie's Disease (29.70 -0.20)
Co announced top-line efficacy and safety results from a Phase 2b clinical trial of XIAFLEX for the treatment of Peyronie's disease. The Phase 2b study, conducted by the Company's partner, Auxilium Pharmaceuticals (AUXL) was designed to measure efficacy endpoints of improvement in penile curvature and improvement in patients' sexual quality of life using the Peyronie's disease Patient Reported Outcome (PRO) questionnaire. Overall, XIAFLEX demonstrated a statistically significant change compared to placebo at 36 weeks in both improvement in penile curvature and the PRO Peyronie's disease bother domain. There was no statistically significant change in mean scores between XIAFLEX and placebo in the PRO penile pain, intercourse discomfort or intercourse constraint domains. XIAFLEX was well-tolerated and the most common treatment related adverse events in the Phase 2b study were consistent with adverse events reported in previous Peyronie's disease trials with XIAFLEX, which included injection site bruising, edema and pain.
09:39
KTOS Kratos Defense and Security awarded Foreign Military Sales weapon systems task valued at over $1.7 mln (10.37 +0.01)
Co announced the award to its Madison Research Division in Huntsville, Alabama of a new 12-month Engineering Task valued at over $1.7 million. This fully-funded award is for continued support and sustainment of Foreign Military Sales weapon systems. The effort comes under the company's existing multi-year support task order with teammate ARINC Engineering Services.
09:39
JPM JP Morgan Chase is opening 24 more Chase Homeownership Centers in the next four months bringing total to 51 (41.06 +0.18)
09:38
F Ford Motor shares see some residual follow-through to new 52 week highs after yesterday's clear high volume breakout above the 9.15 mark (9.49 +.10) -Technical-
Please see yesterday's 10:03 alert on this potential daily technical breakout play.
HoD now @ 9.50
09:38
NVDA NVIDIA climbs higher off the open as it extends its gap up into its Sep-Dec range/52-wk high of 16.58 (16.45 +0.76) -Technical-
09:38
EEP Enbridge Energy initiated before the open with a Neutral at Ladenburg Thalmann; tgt $53 (52.23 +0.26)
Before the open, Ladenburg Thalmann initiated EEP with a Neutral and price target of $53. The firm notes that Enbridgem, a Calgary, Alberta, Canada-based energy company that provides energy transportation, distribution and related services in North America and Internationally, currently owns 24.6% of EEP and 100% of its general partner. The firm considers this relationship to be a major positive factor providing EEP with various benefits and growth opportunities. With the aid of ENB, the firm notes that EEP's asset base has grown significantly as it has become ENB's primary vehicle for acquiring mature energy delivery assets in the United States. Furthermore, with 82% of its business conducted under a feebased contract structure, most of EEP's activities are not directly affected by the volatility in commodity prices. As a result, the firm believes that EEP's revenue and contract structure generates stable cash flows, and moreover, distribution coverage as distribution growth is based on long term sustainability.
09:37
SPY Solid start for the S&P 500 index with is hovering near the highs of the last two days at 1114 -- session high 1113.98 -Update- -Technical-
09:37
ADBE Adobe Systems extends its gap up open higher intraday as it lifts above its Nov-Dec range/52-wk high of 37.15 (37.63 +1.27) -Update- -Technical-
09:34
HANS Hansen Natural strong in opening action, hovering near its key 50 day sma at 36.05 (36.03 +0.68) -Update- -Technical-
This average has capped the upside on several tests over the last few weeks. The top of its multi-week trade range/Dec -late Nov highs are at 36.28/36.38.
09:32
UPS UPS vacillating near its Sep/yesterday's high at 59.63/59.66 (59.62 +0.37) -Technical-
09:32
PRST Presstek provided an update on the refinancing of its credit facility (2.12 0.00)
Co provided an update on the refinancing of its credit facility. Co expects to finalize a new revolving credit facility at or around the time of the closing of the sale of Lasertel subsidiary, which is currently expected to occur in the first quarter of 2010. Co has entered into an extension, through March 31, 2010, of the Loan Modification and Forbearance Agreement with the Company's current bank lending group. The extension of this agreement is intended to ensure that co will continue to have access to its credit facility to meet its operating needs until the expected new credit facility is in place. Under this extension, the revolving line of credit has been reduced from $27 mln to $25 mln, which co believes is sufficient to satisfy its current credit needs. At the end of Q3 2009, the total debt net of cash was $16.2 mln. Co has successfully reduced its total debt net of cash by 56 percent since its high of $37 mln in March 2007. Co also reported that it has made the final installment payment to retire its five-year term loan, which originated in November 2004 in the original amount of $35 mln.
09:31
VRTX Vertex Pharm minor early push near its Nov/52-wk high at 41.75 -- session high 41.72 (41.66 +0.10) -Technical-
09:30
GFF Griffon prices $100 million principal amount of its 4.0% Convertible Subordinated Notes due 2017 (11.38 -0.74)
09:25
BEE Strategic Hotels & Resorts announces it signs agreement to sell the Renaissance Paris Hotel Le Parc Trocadero for gross price of $51.5 mln (1.76 )
09:19
S&P affirms Slovak Republic 'A+/A-1' ratings; outlook stable
Standard & Poor's Ratings Services said today it affirmed its 'A+/A-1' long- and short-term sovereign issuer credit ratings on the Slovak Republic (Slovakia). The outlook is stable. At the same time, we affirmed the 'AAA' transfer and convertibility assessment. "The ratings on Slovakia reflect its membership in the European Economic and Monetary Union (EMU) since Jan. 1, 2009, which alleviates potential external financing pressures and facilitates access to European capital markets, in our opinion," said Standard & Poor's credit analyst Kai Stukenbrock. The ratings also reflect our view of Slovakia's sound medium-term growth prospects, as well as the government's moderate debt burden. These strengths are offset by the country's only moderate wealth levels and our view of the uncertainty surrounding its future economic and fiscal policy.
09:15
INTC Intel: FTC confirms suit against Intel (19.80 ) -Update-
The Federal Trade Commission today sued INTC charging that the company has illegally used its dominant market position for a decade to stifle competition and strengthen its monopoly. In its complaint, the FTC alleges that Intel has waged a systematic campaign to shut out rivals' competing microchips by cutting off their access to the marketplace. In the process, Intel deprived consumers of choice and innovation in the microchips that comprise the computers' central processing unit, or CPU. These chips are critical components that often are referred to as the "brains" of a computer. According to the FTC complaint, Intel's anticompetitive tactics were designed to put the brakes on superior competitive products that threatened its monopoly in the CPU microchip market. Over the last decade, this strategy has succeeded in maintaining the Intel monopoly at the expense of consumers, who have been denied access to potentially superior, non-Intel CPU chips and lower prices, the complaint states... The FTC's administrative complaint charges that Intel carried out its anticompetitive campaign using threats and rewards aimed at the world's largest computer manufacturers, including Dell, Hewlett-Packard, and IBM, to coerce them not to buy rival computer CPU chips. Intel also used this practice, known as exclusive or restrictive dealing, to prevent computer makers from marketing any machines with non-Intel computer chips. In addition, allegedly, Intel secretly redesigned key software, known as a compiler, in a way that deliberately stunted the performance of competitors' CPU chips. Intel told its customers and the public that software performed better on Intel CPUs than on competitors'
09:09
GIII G-III Apparel prices its public offering of 1.7 mln shares of common stock at $19.50/share (21.25 )
09:07
ICLK interCLICK priced a 2.875 mln share common stock offering at $4.50/share (4.91 )
09:06
On The Wires
Merck (MRK) announces the appointment of Dr. Michael Rosenblatt as Executive Vice President and Chief Medical Officer, effective immediately... Coinstar Money Transfer, a subsidiary of Coinstar (CSTR), announces an agreement to offer money transfer services in all Pocztowy Bank locations... Echelon Corporation (ELON) and Green Energy Options (GEO) announce a collaboration to develop energy displays for Echelon's Networked Energy Services System... BorgWarner (BWA) announces that it will supply its advanced engine and drivetrain technologies for the Hyundai Tucson and ix3... Sanofi Pasteur, the vaccines division of the sanofi-aventis Group (SNY), announces that it has entered into an exclusive, world-wide licensing agreement with Syntiron to develop and commercialize its prophylactic vaccine against Staphylococcus, including Methicillin-Resistant Staphylococcus aureus or MRSA.
09:04
NUE Nucor issues downside Q4 EPS guidance due to reduced earnings in downstream, long products and scrap businesses (43.02 )
Co issues downside guidance for Q4 (Dec), sees EPS of break even to slighty positve vs. the $0.28 First Call consensus. "While we did fully benefit from the absence of high-cost pig iron inventories at our sheet mills, fourth quarter results will be significantly impacted by reduced earnings in our downstream, long products and scrap businesses. We are forecasting steel mill operating rates down from 69% in the third quarter to below 60% in the fourth quarter. This performance is consistent with our qualitative guidance, given in late October, regarding the potential negative impact of lower operating volumes and seasonal issues that are separate of the general economic slowdown due to the holidays and year-end plant shutdowns by some of our customers."
09:02
IP Intl Paper and Fibria agree to paper machine option extension (26.13 )
The co and Fibria (formerly Votorantim Celulose e Papel) have agreed to extend IP's option to build a second uncoated freesheet paper machine at the Tres Lagoas mill site. This option, which would have expired on Jan. 31, 2010, has been extended until Jan. 31, 2013. In 2006, IP entered into a 90-year agreement in which Fibria agreed to furnish pulp and certain utilities to IP's co-located paper mill for the production of up to 250,000 tons of paper annually. The agreement also granted IP the option to build a second paper machine and to be provided with certain utilities and pulp to produce up to an incremental 250,000 tons of paper annually. The three-year extension is the only change to the original agreement. If IP were to exercise this option, the second paper machine would need to begin production between Jan. 31, 2014, and Jan. 31, 2015. This agreement to extend the option, which is aligned with the business strategies of both companies, will allow more time for the completion of all technical and commercial analyses, and will provide greater flexibility to start up the second machine in line with Latin American market demand growth.
09:01
CVX Chevron Australian subsidiaries have signed Sales and Purchase Agreementswith Chubu Electric Power (77.37 )
Co announces that its Australian subsidiaries have signed binding long-term Sales and Purchase Agreements with Chubu Electric Power for a portion of Chevron's share of liquefied natural gas (LNG) from the Gorgon Project. Chevron agreed to supply Chubu Electric 1.44 million metric tons per year of LNG for 25 years. Also, Chubu Electric intends to purchase 0.417 percent equity from Chevron's stake in the Gorgon Project.
09:01
PNNW Pennichuck announces permanent rate increase for its Pittsfield aqueduct utility subsidiary (20.56 )
Co announces that on December 11, 2009, the New Hampshire Public Utilities Commission issued an Order approving the rate settlement in effect between the Company's Pittsfield Aqueduct Company water utility subsidiary and the Staff of the NHPUC. The Order provides for an annualized increase in Pittsfield's revenues of ~$782,000 effective for service rendered from June 6, 2008 and replaces an annualized temporary increase of $666,000 that took effect as of that same service rendered date. Increased revenues retroactive to June 6, 2008 will be recorded in the fourth quarter of 2009. Commenting on this permanent rate increase, Duane C. Montopoli, Pennichuck's President and Chief Executive Officer, said, "We estimate that the additional fourth quarter 2009 revenues from this order will add about $.02 per share to our reported earnings."
09:00
Moody's outlook for UK life insurers remains negative
The fundamental credit outlook for the UK life insurance system remains negative, in line with Moody's negative outlook for the overall European insurance market. Despite recent improvements in investment markets, the rating agency expects continuing pressure on premiums and profitability for the UK market, coupled with significant strategic challenges arising from the implementation of regulatory changes in 2012. Moody's negative outlook for the UK life insurance system expresses the rating agency's view on the likely future direction of fundamental credit conditions in the industry over the next 12 to 18 months.
08:57
STX Seagate Tech initiated with a Outperform at Wedbush Morgan; tgt $22 (16.41 )
Wedbush Morgan initiates STX with a Outperform and price target of $22 based on expectations for continued favorable supply-demand conditions, share gains in the 2.5" drive segment and expanding margins. The firm believes that 2010 should be a very good year for HDD vendors as demand is likely to be very strong, driven by a tech refresh in businesses and an improved consumer spending environment. In addition, the industry has consolidated and the companies are now focusing on profitability rather than market share gains. The firm understands that a lot of the forward optimism is priced into the stock. Still the firm believe that there is plenty of room for upside to the Street's forward estimates and to the stock price. The firm believes that HDD stocks will still trade below their peers in the storage systems and IT hardware segment and thus they believe that a multiple of 9x is justified, which is significantly below their peers in IT hardware.
08:53
WDC Western Digital initiated with a Outperform at Wedbush Morgan; tgt $49 (39.56 )
Wedbush Morgan initiates WDC with a Outperform and price target of $49 based on expectations for continued favorable supply-demand conditions, share gains in the enterprise drive segment and expanding margins. The firm believes that 2010 should be a very good year for HDD vendors as demand is likely to be very strong driven by a tech refresh in businesses and an improved consumer spending environment. In addition, the industry has consolidated and the companies are now focusing on profitability rather than market share gains.
08:51
NLY Annaly Mortgage upgraded to Top Pick at RBC Capital Mkts; tgt $23 (18.19 )
RBC Capital Mkts upgrades NLY to Top Pick from Outperform and maintains their $23 target price based on their expectation that NLY will be at the upper end of the peer group in the year ahead. The firm notes that average borrowing costs are expected to trend lower, while market rates should also remain low, supporting strong earnings performance. The firm believes that those calling for near-term underperformance of shares are missing the big picture.
08:48
NWSB Northwest Banc approved the plan of conversion pursuant to which Northwest Bancorp, MHC will convert to a stock holding company (23.80 )
Co approved the plan of conversion pursuant to which Northwest Bancorp, MHC will convert to a stock holding company form of organization and Northwest Bancshares, the proposed stock holding company for the Bank, will sell shares of its common stock. Northwest Bancorp also announced that its stockholders and the Bank's depositors have each approved the establishment of Northwest Charitable Foundation and its funding with 1,277,565 shares of Company common stock and $1.0 million in cash from the offering proceeds. The completion of the conversion remains subject to final regulatory approvals, including approval of a final appraisal... Assuming receipt of final regulatory approvals, the transaction is scheduled to close on December 18, 2009, at which time Northwest Bancorp, MHC and Northwest Bancorp will cease to exist and the Company will become the fully public stock holding company of Northwest Savings Bank. The shares of common stock of Northwest Bancorp will cease trading under the trading symbol "NWSB" on the Nasdaq Global Select Market at the close of business on December 17, 2009. The shares of common stock sold in the offering and issued in the exchange are expected to begin trading on the Nasdaq Global Select Market on December 18, 2009 under the trading symbol "NWBI."
08:41
STZ Constellation Brands downgraded to Hold at Stifel Nicolaus; tgt $19 (16.17 )
Stifel Nicolaus downgrades STZ to Hold from Buy and maintaining their tgt price at $19. The firm notes that their downgrade follows news Tuesday evening that Mexico's Grupo Modelo is suing STZ for its refusal to fund marketing spending by Crown Imports, the U.S. imported beer venture 50% owned by Constellation and 50% owned by Modelo. For more than a year, Modelo has sat out U.S. industry price increases while also funding a reduction in the average retail selling price for Corona and other beers sold in the U.S. According to a source familiar with Modelo's complaint, in October, STZ and Modelo agreed on additional marketing spending by Crown but Constellation refused to share in the increase. The firm's rating change is not an expectation of material damages/compensation on STZ's part. Rather, the firm believes the suit implies that a commonly held view of contractually "locked-in" per case margins for Crown is, in fact, debatable and that suing one's business partner is generally a bad precedent for ongoing business relations.
08:38
LSE Capital Lease Funding downgraded to Hold at Stifel Nicolaus; tgt $5 (4.85 )
Stifel Nicolaus downgrades LSE to Hold from Buy and maintains their target price at $5 as the share price appreciation has pushed to within 3% of their target price. The firm notes that they like the co's management, but the strategy is now in a holding patterm as the balance sheet is 86% levered, assuming an 8 cap on asset value. The firm believes that the primary reason to own LSE shares was a healthy dividend yield, but with the price more than doubling, the cash yield is down to 4.1%. The firm believes there are more compelling yield alternatives in triple-net REIT lease peer group.
08:32
MTSN Mattson received multiple orders for the its Suprema photoresist strip system (2.91 )
Co announced it received multiple orders for the its Suprema photoresist strip system. The Company noted that the Suprema systems would be used for all dry strip applications including the high dose implant strip (HDIS), which is the most difficult dry strip process. The tool shipments will start in the current quarter and continue into the first half of 2010.
08:32
KERX Keryx Biopharma initiates Phase 3 registration trial of KRX-0401 for treatment of patients with advanced multiple myeloma (2.84 )
08:31
BMY Bristol-Myers and Mead Johnson Nutrition set the exchange ratio (25.75 )
The co and Mead Johnson Nutrition Company (MJN) announced that Bristol-Myers Squibb has set the exchange ratio for its offer to exchange up to 170.0 million shares of common stock of Mead Johnson for outstanding shares of Bristol-Myers Squibb common stock that are validly tendered and not validly withdrawn. The exchange ratio is 0.6313 shares of Mead Johnson common stock for each share of Bristol-Myers Squibb common stock accepted in the exchange offer.
08:31
SPY E~mini index futures see slight uptick but minimal volatility following 8:30ET econ. data -Technical-
ES +4.50
NQ +9.75
YM +40
08:30
FLIR FLIR Systems announces the sale of the Extech Data Systems business to Datamax-O'Neil (30.22 )
Co announces the sale of the Extech Data Systems business to Datamax-O'Neil, part of Dover Corporation's (DOV) Product Identification Group. Extech Data Systems, acquired by FLIR in 2007 as part of the Extech Instruments acquisition, develops portable printers for enterprise-wide applications. The transaction will be immaterial to FLIR's financial results.
08:30
MEA Metalico acquires Youngstown operations (4.59 )
Co announces that it has completed the purchase of the operating assets of Youngstown Iron & Metal and Atlas Recycling located principally in Youngstown, Ohio. The acquisition includes all inventory and equipment and will include all real estate owned by affiliates of the sellers and used in their businesses. The purchase price was not disclosed. Acquired assets include a Newell 80-104 auto shredder located directly adjacent to YIM's key consumer, V&M Star, a leading producer of seamless Oil Country Tubular Goods.YIM, over the last two years, averaged $50 mln of annual revenue and sold an annual average of 105,000 gross tons of scrap steel and ~15 mln pounds of non-ferrous products. YIM's contribution to Metalico's results is expected to be accretive to earnings immediately.
08:28
BONDX Leaning Lower -02/32 3.596% ...euro 1.4546...yen 89.7400
Treasuries are flat to lower with the day's data and the FOMC sit on trade. Global bonds are mixed, but the German call for lowered supply government is helping keep prices from crashing. The curve has been steadily aiming flatter, but the overall year-end push may be steeper with the 2-10-yr yield spread at 273. The dollar has been on sale, but is pulling back to better levels as players square and aim back at the 77 handle. The euro is getting hit trading back to the 1.4550 level, while the yen is dropping after a run at 89.50 per buck. Trade has FOMC statement (2:15), with data including CPI, current account, housing starts and building permits (8:30).
08:26
TNL Technitrol announces it has commenced and priced an offering of $50 mln aggregate principal amount of 7.00% convertible senior notes (5.41 )
08:12
DG Dollar General initiated with a Neutral at Credit Suisse; tgt $25 (22.69 )
Credit Suisse initiates DG with a Neutral and price target of $25. The firm notes that DG has staged a remarkable turnaround with initiatives centered around improving store standards, category/space management, customized store hours, improving real estate processes, and reducing shrink. The firm believes that certain efforts, such as category management and improved store standards, have staying power to lead to future sales outperformance. However, other initiatives are now complete. For example, DG has completed its increase in shelf height in most consumables areas and is now switching to discretionary areas like home goods. Based on more volatile and generally weaker sales trends in these categories, the firm believe this carries a greater degree of risk.
08:11
ECONX Reminder: Housing Starts, Building Permits, CPI, and Current Account Balance data due out in about 19 min at 8:30ET
08:09
VCGH VCG Holding provides update on progress of Special Committee; says proposal made by Troy Lowrie to acquire all of the outstanding common stock of the co is currently inadequate (2.09 )
Co provided an update regarding the progress of the Special Committee of its Board of Directors. The Special Committee was formed in order to evaluate the proposal made by Troy Lowrie, the co's Chairman and Chief Executive Officer, Lowrie Management,an entity controlled by Mr. Lowrie, and certain other unidentified investors, to acquire all of the outstanding common stock of the Company for $2.10 per share in cash. The Special Committee has informed Lowrie that it has determined, with input from its advisors, that the terms of the Proposal are currently inadequate. In addition, the Special Committee has directed its financial advisors, North Point Advisors, to contact any parties that had either previously expressed an interest or might potentially be interested in pursuing a transaction with the Company.
08:07
On The Wires
Sonic Solutions (SNIC) and DivX (DIVX) announce a partnership to enable the digital distribution of a broad catalogue of high-quality, premium movie titles compatible with DivX Certified? consumer electronics devices from all major CE brands... Timberline Resources Corporation (TLR) announces the completion of and results for its 2009 exploration core drilling program. Timberline completed 7,240 feet of drilling in five diamond drill core holes designed to test the boundaries of two mineralized blocks... IBM (IBM) announces that it has signed a definitive agreement to acquire Lombardi, a privately held software company. Financial terms were not disclosed.
08:07
HON Honeywell guides FY10 revs in-line; reaffirms FY09 guidance (41.25 )
Co reaffirms guidance for FY09 (Dec), sees EPS of $2.85 vs. $2.84 First Call consensus; sees FY09 (Dec) revs of ~$31 bln vs. $31.04 bln consensus. Co issues guidance for FY10 (Dec), sees EPS of $2.20-2.40, including pension expense, may not be comparable to $2.50 consensus, FY10 EPS will be $3.00-3.20 ex-pension expense; sees FY10 (Dec) revs of $31.3-32.2 bln vs. $31.57 bln consensus. Co also sees FY10 FCF of $2.4-2.7 bln, with cash flow from ops of $3.1-3.4 bln. "As we finish 2009, we are seeing signs of improvement in the global economy and stabilization in a number of our end markets. This is translating to improved order trends in most of our businesses and provides some encouragement for 2010. As usual, we're planning conservatively, assuming modest organic growth, with an emphasis on strong cost controls and disciplined investments."
08:05
ETFC E*TRADE reports monthly activity for Nov. '09; DARTs decreased 13% from October (1.61 )
Co releases its monthly activity report for November and provided intra-quarter loan portfolio delinquencies as well as an update to its international business strategy. The company ended November with more than 2.7 mln brokerage accounts, including gross new brokerage accounts of 27,522 and net new brokerage accounts of 306 during the month. Total accounts ended the month at approximately 4.5 mln. Total Daily Average Revenue Trades for November were 170,300 - a decrease of 13% from October and 22% from the year ago period. Year-to-date through November, DARTs are up 6% from the same period last year. For the company's entire loan portfolio, total special mention delinquencies (30 to 89 days delinquent) declined 3% from September 30 to November 30, while total "at risk" delinquencies (30 to 179 days delinquent) declined 2% for the same period. For its home equity portfolio, which represents the company's greatest exposure to loan losses, special mention delinquencies declined by 8% from September 30 to November 30, while total "at risk" delinquencies declined by 5% for the same period.
08:03
AMR AMR Corp's Gerard Arpey meets with Japan's Minister of Land, Infrastructure, Transport and Tourism to reinforce American's commitment to Japan Airlines (7.59 )
08:02
DRCO Dynamics Research awarded $15.4 million task order to support DHS Information Security Office's Compliance Division (10.00 )
08:02
CTFO China TransInfo Tech awarded new contracts valued at approximately RMB 140 mln (8.38 )
Co announces that it was recently awarded a provincial highway toll settlement and billing system contract in Shanxi Province valued at ~RMB 26 mln, or ~$3.8 mln through its VIE Beijing PKU Chinafront High Technology Co. Ltd. In addition, the Co was awarded an intelligent transportation system contract in Hubei Province valued at ~RMB 114 mln, or ~$16.7 mln through it VIE Beijing UNISITS Technology Co. Ltd. For the intelligent transportation system in Hubei Province, UNISITS will design the traffic engineering electronics and machinery system for expressways from Macheng City to Wuhan City in Hubei Province. The $16.7 mln contract is expected to be completed by year-end 2010.
08:01
HTGC Hercules Tech announces a special fifth dividend of $0.04 per share (9.78 )
08:01
FCAL First California Financial announces postponement of common stock offering (2.57 )
Co announces that it has decided to postpone its previously announced common stock offering in light of current market conditions, including the current trading price of its common stock.
08:01
POWR PowerSecure has been awarded a new contract to deploy a "green" landfill gas power system (7.81 )
Co announced it has been awarded a new contract to deploy a "green" landfill gas power system on behalf of Flint Energies at the Houston County Landfill, in Houston County, Georgia. The new multi-year contract increases PowerSecure's recurring revenue backlog by 35%, to approximately $50 million. The project is expected to be complete and commissioned by the end of 2010, and the Company expects to begin recognizing revenue from the new system in 2011. The anticipated timing of the revenue recognition for this new long-term contract will be incorporated into the Company's revenue backlog disclosure issued with its fourth quarter 2009 financial results.
08:00
NEXS Nexxus Lighting prices a 5 mln share common stock offering at $3/share (3.45 )
07:46
On The Wires
McAfee, Inc. (MFE) announced it is establishing a new wholly-owned subsidiary in China. The new subsidiary forms part of a new investment McAfee is making in China and the Chinese market... Roche (RHHBY) announced it has licensed its P2X31 receptor program aimed at developing first-in-class treatments for chronic pain to Afferent Pharmaceuticals. In conjunction with this announcement, Afferent successfully closed a $23 million Series A financing, which was led by Third Rock Ventures and Pappas Ventures, and included Domain Associates and New Leaf Venture Partners. Proceeds from the financing will be used to accelerate the development of P2X3 receptor targeted pain therapies... Acacia Research Corporation (ACTG) announced that a subsidiary has acquired patents for software installation technology... Range Resources (RRC) announced that it has achieved a significant milestone in the development of the Marcellus Shale formation in Pennsylvania, as its net production from the Marcellus Shale has reached 100 Mmcfe per day. This represents almost a four-fold increase over this time last year and represents the high end of Range's 2009 production target of 80 to 100 Mmcfe net per day.
07:42
GGWPQ Gen Growth Prop announced Bankruptcy Court confirmation of the plans of reorganization for 194 debtors owning 85 regional shopping centers (9.83 )
Co announced Bankruptcy Court confirmation of the plans of reorganization for 194 debtors owning 85 regional shopping centers, including Ala Moana in Honolulu and St. Louis Galleria, 15 office properties and 3 community centers associated with approximately $10.25 billion of secured mortgage loans. The Plans allow for the restructuring of these 87 secured mortgage loans and the payment in full of all undisputed claims of creditors. Key provisions of the plans include maturity date extensions resulting in an average loan duration of approximately 6.4 years from Jan. 1, 2010, with no loan maturing prior to January 2014, and continuation of interest on the loans at the current non-default rate. The weighted average contract interest rate for the loans covered by these plans is 5.33%. The all-in-interest rate after amortization of fees to be paid in connection with these plans is 5.51%. These debtors will emerge from bankruptcy as soon as practicable. Confirmation of the plans of reorganization for 26 additional debtors owning 10 properties associated with an additional $1.7 billion of secured mortgage loans has been adjourned pending satisfaction of various conditions, including receipt of the approval of the Class B holders or mezzanine holders of such secured mortgage loans. Discussions with the Class B note holders and mezzanine holders are ongoing.
07:39
On The Wires
SunRay Renewable Energy and SunPower (SPWRA, SPWRB) announced that the Montalto di Castro solar photovoltaic power plant, the largest in Italy, has been completed and is contributing clean, renewable solar power to Italy's national electric grid... GE (GE) Aviation Systems announced it was supplier on the 787 Dreamliner providing aircraft systems from take-off to touch-down, the common core system and the landing gear system, on the first flight... Cascal N.V. (HOO) announced the acquisition of three Caribbean desalination businesses from Veolia Water North America. Cascal will take over the ongoing development, operations and maintenance of water services for municipalities and private resorts on the islands of Antigua, Curacao and Bonaire, providing approximately five million gallons of water per day utilizing reverse osmosis desalination technologies... Stream Global Services (SGS) announced that it has appointed Dennis Lacey to the role of Executive Vice President and Chief Financial Officer, effective January 4, 2010... Meridian Bioscience (VIVO) has been advised that John A. Kraeutler, Chief Executive Officer of the Company, has entered into a stock trading plan. Kraeutler's plan allows for the sale of up to 100,000 shares of common stock and provides for sales of specified share amounts at specified market prices... On December 3, 2009, Staci Coburn resigned as Executive Vice President, CFO and Secretary of Columbia Bancorp (CBBO) effective as of December 31, 2009. Jon K. Morrill, Senior Vice President and Controller of the Bank, will assume Coburn's duties as of January 1, 2010... Jones Apparel Group (JNY) announced that Stacy Lastrina has been promoted to the position of Chief Marketing Officer... Tampa Electric, subsidiary of TECO Energy (TE), announced that the Florida Public Service Commission approved its contract to purchase solar power supplied by Energy 5.0's Florida Solar I project, a proposed 25-megawatt solar photovoltaic electric generating station, for a 25-year period beginning in 2011... Chordiant Software (CHRD) announced that it intends to vote against the proposed sale of KANA Software assets... World Fuel Services Corporation (INT) announced that its Chairman and Chief Executive Officer, Paul H. Stebbins, has entered into a pre-arranged, non-discretionary stock trading plan. Under the newly adopted plan, beginning on January 15, 2010 and ending on December 31, 2010, Mr. Stebbins may sell a maximum of 256,000 shares, which represents approximately 20% of his holdings. The sales are being made for diversification and tax planning purposes... Realty Income Corporation (O) declared an increase in common stock monthly cash dividend to $0.143 per share from $0.1426875 per share.
07:35
INDXCH Standard & Poor's Announces Changes to U.S. Indices
S&P MidCap 400 constituent Roper Industries Inc. (ROP) will replace ENSCO International Inc. (ESV) in the S&P 500, and tw telecom Inc. (TWTC) will replace Roper Industries in the S&P MidCap 400 after the close of trading on Tuesday, December 22. ENSCO International is changing its legal domicile and relocating its corporate headquarters from the U.S. to the U.K., making it ineligible for continued inclusion in the S&P 500.
07:35
PWE Penn West Energy Trust announces property swap (17.29 )
Penn West Petroleum, the administrator of Penn West Energy Trust (PWE) , announces that it has entered into a an Asset Exchange Agreement to exchange certain interests in the Leitchville area of Saskatchewan for interests complimenting Penn West's light oil resource plays at Pembina and at Dodsland. In addition, Penn West will receive cash consideration of $434 mln. The net impact of this property swap will result in Penn West selling its interest in the medium gravity Lower Shaunavon development at Leitchville, Saskatchewan while increasing its dominant position in the emerging Dodsland Viking light oil play through the acquisition of a 50% interest in approximately 40,400 acres of undeveloped land, increasing its dominant position in the Cardium light oil play in West Central Alberta through the acquisition of a 100% interest in the Cynthia Cardium Unit and strengthening its balance sheet to a year-end pro forma debt to 12-month trailing EBITDA of approximately 1.9 times.
07:31
BBT BB&T Corp board elects CEO King as Chairman (25.83 )
Co announces it elected Chief Executive Officer Kelly King as the chairman of the board, effective Jan. 1, 2010. King succeeds John Allison. Allison will continue to serve on the 18-member BB&T corporate board.
07:31
KVHI KVH Industries receives $6.4 mln order for fiber optic gyro-based inertial measurement units (13.26 )
07:24
HTS Hatteras Financial last night declared a Q4 dividend of $1.20, up 4.3% from its Q3 dividend of $1.15 (29.92 )
07:21
TOT Total: Hydrocarbon discovery on the OPL 223 license (62.85 )
The co announces it has discovered hydrocarbons in the southern portion of the Oil Prospecting License (OPL) 223 deepwater offshore South-Eastern Nigeria. The Owowo South B-1 well was drilled in a water depth of 670 metres and is located 20 kilometres East of the Usan field, currently under development. The well reached a total measured depth of 2,227 metres and discovered several oil bearing reservoirs with a fluid qualified as light oil according to shows during drilling and from logging data. Under the production sharing contract governing the OPL 223, Nigerian National Petroleum Corporation (NNPC) is concessionaire of the license, which in turn is operated by Total Exploration & Production Nigeria Ltd (18%) in partnership with its co-venturers: Chevron Nigeria Deepwater F Ltd (27%), Esso Exploration and Production Nigeria (Upstream) Ltd (27%), Nexen Petroleum Exploration & Production Nigeria Ltd (18%) and Nigerian Petroleum Development Company (NPDC) Ltd (10%).
07:14
KLIC Kulicke & Soffa corrects financial results for its Q4 2009 (5.30 )
Co issued a release announcing its financial results for its Q4 2009. Subsequent to the issuance of its press release, the Company identified an error in calculating income tax expense included in net income for the Company's fourth fiscal quarter. The correction of the error reduced income tax expense by $750,000, which resulted in an increase to net income after tax of $750,000, and increased other assets by $750,000. On a non-GAAP basis for the fourth fiscal quarter of 2009, the Company's corrected income from continuing operations of $10.9 million, or $0.16 per diluted share, resulted in an increase of $0.02 per share. Net revenue from continuing operations of $110.5 million is unchanged.
07:11
GIGM GigaMedia announced strategic alliance with European online gambling leader Mangas Gaming (3.79 )
Co announced strategic alliance with European online gambling leader Mangas Gaming by way of a sale of 60% of GigaMedia's online gambling software business to Mangas. The strategic alliance will see Everest Poker joining the Mangas Gaming family as its primary poker site. Under the terms of the deal, the price of the 60 percent sale will be set at the fair market value of the business as of early 2012. Mangas will make payment in two parts - an up-front cash payment of $100 million at closing and a final earn-out payment after the 2012 valuation depending upon the fair market value of the business at that time. GigaMedia will continue to hold the remaining 40 percent interest with a put option to sell all or part to Mangas beginning in 2013. Beginning in 2015, Mangas will have a call option on any remaining shareholding held by GigaMedia. For both GigaMedia's put option and Mangas's call option, the price will be determined based upon then fair market value.
07:06
On The Wires
Walgreens (WAG) announces it is offering H1N1 vaccine at more than 1,500 Walgreens pharmacies and select Take Care Clinics in 27 states, as well as the District of Columbia... Iridium Communications (IRDM) has awarded a contract to Integral Systems (ISYS) subsidiary, RT Logic for the development of a software-defined modem for the new feeder link terminals to be deployed at Iridium ground stations.
07:05
PDS Precision Drilling planned capital expenditures for 2010 of approximately $75 million (6.90 )
Co announced its planned capital expenditures for 2010 of approximately $75 million. This includes $50 million in sustaining upgrade and infrastructure expenditures and is based upon currently anticipated rig activity for 2010. In addition, $25 million is planned for performance improvements to certain rigs to align with potential customer opportunities in unconventional resource plays in Canada and the United States. These planned expenditures will move 10 rigs from Precision's Tier 2 classification up to Tier 1 (Precision's Super Series) and will move 3 to 5 rigs from Tier 3 to Tier 2 (Precision's high performance rigs capable of drilling both directionally and horizontally). There are currently no plans to build new rigs.
07:04
BHB Bar Harbor Bankshares priced an 800K share common stock offering at $27.50/share (28.02 )
07:04
SKBI Skystar Bio Pharmaceutical gained exclusive rights to sell and market its aquaculture vaccine through 2024 (9.21 )
Co announced that it has gained exclusive rights to sell and market its aquaculture vaccine through 2024. The exclusivity is based on the patented technology that was used to develop the aquaculture vaccine, as well as a Grade I veterinary certificate that the vaccine was awarded from the Chinese Ministry of Agriculture. Grade I certificates are awarded to products that are first of their kind. Co expects to begin manufacturing its aquaculture vaccine product upon the completion of its new vaccine facility, with modest revenue contribution from this product beginning in the second quarter of 2010. As Skystar ramps its marketing and sales and its vaccine gains traction in the market, the company anticipates annual revenue contribution of $8 to $15 million within three to five years of its market introduction.
07:04
CDTI Clean Diesel Technologies awarded $960,000 diesel emissions reduction grant from the Houston Advanced Research Center (1.56 )
07:03
JOYG Joy Global beats by $0.19, beats on revs; guides FY10 EPS in-line, revs in-line (55.37 )
Reports Q4 (Oct) earnings of $1.20 per share, $0.19 better than the First Call consensus of $1.01; revenues fell 6.6% year/year to $964 mln vs the $931.1 mln consensus. Co issues in-line guidance for FY10, sees EPS of $2.65-3.05 vs. $2.68 consensus; sees FY10 revs of $2.8-3.0 bln vs. $2.86 bln consensus. "We see 2009 as the cyclical floor for incoming orders based on consistency of the order rate over the past four quarters, the continuation of strong commodity demand from the emerging markets complemented by improving commodity demand from the major industrialized countries, and the limited upside in current mining capacity. Our customers are increasing their capital expenditure budgets for 2010, and are also validating equipment specifications and confirming production slots to enable them to reactivate some of the projects they previously put on hold. As such, we expect 2010 to be a year of improving order rates."
07:02
ICFI ICF International wins $6.9 mln contract with the Office of National Drug Control Policy (26.55 )
07:02
MALL PC Mall unit acquired certain assets of Data Systems Worldwide (5.72 )
Co announced that SARCOM, one of its wholly-owned subsidiaries, has acquired certain assets of Data Systems Worldwide. Data Systems Worldwide had unaudited revenues of approximately $6.4 million in the nine months ended September 2009.
07:01
BRKR Bruker Corp. receives $36 mln contract for high-performance superconductors from ITER Fusion Energy Project (11.20 )
07:01
AUXL Auxilium Pharma announces top line Ph IIb XIAFLEX Peyronie's results (32.50 )
Co announces top-line efficacy and safety results for the phase IIb clinical trial for XIAFLEX in the treatment of Peyronie's disease. The phase IIb study was designed to measure efficacy endpoints of improvement in penile curvature and improvement in patients' sexual quality of life using the co's Peyronie's disease Patient Reported Outcome questionnaire. Overall, XIAFLEX demonstrated a statistically significant change compared to placebo at 36 weeks in both improvement in penile curvature and the PRO Peyronie's disease bother domain. XIAFLEX was well-tolerated and the most common treatment related adverse events in the phase IIb study were consistent with adverse events reported in previous Peyronie's disease trials with XIAFLEX, which included injection site bruising, edema and pain.
07:01
EVR Evercore Partners to establish a U.S. cash equities business and expand its capital markets advisory services (29.55 )
Co announces that it intends to expand its premier investment banking platform by establishing a U.S. cash equities business and broadening its strategic capital markets advisory services. These strategic growth initiatives will focus on building equity research, distribution and new issue origination capabilities, concentrating initially on providing independent world-class expertise in industry sectors that complement Evercore's leading advisory franchise. Evercore will concurrently enhance its ability to advise corporate clients on financing issues. The Evercore cash equities business is expected to launch during the first half of 2010 following the operational buildout required to support equity sales and underwriting. During this time, Evercore expects to recruit additional research, sales and trading professionals and launch research coverage of targeted sectors. Evercore and the founding partners will commit to maintain the appropriate level of capital to support a client-driven business of secondary and new issue activity, with a minimum initial capitalization of $50 million.
07:00
ACM Aecom Tech awarded a contract worth $30 million from Prairie Link Constructors to complete the design of Texas State Highway 161 Phase 4 (26.99 )
06:34
TMH Team Health Holdings prices 13.3 mln share IPO at $12.00 per share; co was originally expected to offer 20.0 mln shares
06:19
S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +12.00.
06:19
Asian Markets
Nikkei...10177.41...+93.90...+0.90%. Hang Seng...21611.74...-202.20...-0.90%.
06:19
European Markets
FTSE...5318.88...+33.20...+0.60%. DAX...5884.07...+72.90...+1.30%.
03:18
LDK LDK Solar and Uni Land S.p.A. to construct PV plants totaling 20 MW in 2010 and 2011 (9.12 )
Co announces that it has signed an agreement with Uni Land S.p.A. to develop and construct PV plants totaling 20 MW in 2010 and 2011.
02:23
FGXI FGX Int'l to be acquired by Essilor Int'l for $19.75/share (17.91 )
Co announces that it has signed a definitive agreement to merge with a subsidiary of Essilor Int'l of Charenton-le-Pont, France. Under the terms of the merger agreement, which was unanimously approved by the Boards of Directors of both companies, FGX Int'l shareholders will receive $19.75 per share in cash upon completion of the merger, for an aggregate value of approx $565 mln, including the assumption of FGX debt of approx $100 mln. If completed, FGX International will become a wholly owned subsidiary of Essilor.
01:44
CIE Cobalt International Energy prices 63.0 mln share IPO at $13.50/share, below the expected $15-17 range</p>
01:33
WFC Wells Fargo and Prudential announce purchase price for noncontrolling interest (25.66 )
Co and Prudential Financial (PRU) announce that Wells Fargo will pay $4.5 billion in cash to purchase Prudential's noncontrolling interest in their retail brokerage joint venture, which includes Wells Fargo Advisors, LLC (collectively, Wells Fargo Advisors). On December 4, 2008, Prudential publicly announced its intention to exercise its option to put its interest to Wells Fargo, and on June 17, 2009, Prudential advised Wells Fargo in writing of this plan.
00:28
On The Wires
Mariner Energy (ME) announces a 2010 capital budget of approx $660 mln, which assumes closing the acquisition from Edge Petroleum of its assets and operations by YE09. Co expects to operate 8-10 rigs in the Permian in 2010 and to commence development of the South Texas properties upon closing of the Edge Petroleum transaction. Co expects to participate in 140-170 onshore wells and test several unconventional play concepts during 2010... GenCorp (GY) announces the pricing of an offering of $150 mln aggregate principal amount of Convertible Subordinated Debentures due 2039 in a private placement to qualified institutional buyers.. Key Energy Services (KEG) announces its rig and trucking hours for the month of November 2009; hours per day in the U.S. market were up 4% from October and total U.S. hours were down approx 9%. International hours per day improved 7% from October, while total international hours were down 8%... Calgon Carbon (CCC) announces it has been awarded a contract from the City of Phoenix, AZ to provide granular activated carbon to two of its drinking water treatment plants to prevent the formation of disinfection byproducts in the city's drinking water; contract is valued at $14.3 mln.
18:10
GFF Griffon Corp announces offering of $100 mln of convertible subordinated Notes (12.12 -0.09)
Co intends to use for general corporate purposes, including working capital, the repayment or repurchase of corporate indebtedness, investment in current segments and/or acquisitions of other businesses outside its current portfolio.
17:59
AZN AstraZeneca: Favorable vote from FDA advisory committee on benefit/risk of CRESTOR (rosuvastatin calcium) in JUPITER study (46.10 +0.32) -Update-
Co announced the U.S. Food and Drug Administration Endocrinologic and Metabolic Drugs Advisory Committee voted 12 yes, 4 no, and 1 abstention that AZN has established sufficient benefit to offset the observed risks to support the use of CRESTOR.
17:58
XTEX Crosstex Energy to sell East Texas assets to Waskom Gas Processing Company (6.23 +0.01)
Co and Crosstex Energy (XTXI), announced that the Partnership has entered into an agreement to sell its gathering and treating assets in East Texas for $40 mln to Waskom Gas Processing Company. Proceeds from the sale will be used to pay down the Partnership's outstanding debt and for general corporate purposes. The sale is expected to close in January 2010 and is subject to customary closing conditions.
17:53
HLCS Helicos BioSciences Corp announces $6.4 mln registered direct offering (1.37 -0.09)
Co announced that it has priced a registered direct offering of 6.4 million units, at a price of $1.00 per unit, for gross proceeds of $6.4 mln before deducting underwriting discounts and commissions and estimated offering expenses. Each unit consists of one share of the co's common stock and a warrant to buy 0.65 of a share of the co's common stock. The warrants will be exercisable for a period of five years beginning six months after issuance, at an exercise price of $1.4385 per share
17:44
WIN Windstream upsizes and prices private offering of $700 mln of its 7.875% senior notes due 2017 (10.73 -0.18) -Update-
Co announced the pricing of a private placement of $700 million in aggregate principal amount of its 7.875% Senior Notes due Nov. 1, 2017 (the "Notes Offering") at an issue price of 98.5% to yield 8.132%. The aggregate principal amount of the notes was increased from $600 mln, which Windstream announced its intention to offer earlier today, to $700 mln. The notes are to be issued as additional securities under an existing indenture of Windstream pursuant to which Windstream previously issued $400 mln aggregate principal amount of 7.875% Senior Notes due 2017. The notes to be issued in this offering and the previously issued notes will be treated as a single class of notes under the indenture. The Notes Offering is expected to settle on Dec. 30, 2009, subject to customary closing conditions.
17:40
ACHN Achillion announces positive preliminary Phase 1b proof of concept data with ACH-1625 to treat hepatitis C (2.15 +0.06)
Co reported proof of concept data from the preliminary results of its phase 1b clinical trial of ACH-1625, demonstrating that treatment with ACH-1625 achieved a mean 3.94 log10 reduction in HCV RNA after five-day monotherapy, with continued good safety and tolerability in patients with hepatitis C (HCV). ACH-1625 is an inhibitor of HCV NS3 protease that was discovered and is being developed by Achillion.
17:37
FCEA Forest City announces pricing of $511 mln tax-exempt bonds for Barclays Center at Atlantic yards; the interest rate on the bonds was 6.48% (12.37 -0.04)
Co announced the pricing of $511 million of tax-exempt bonds to finance a portion of the construction of the Barclays Center arena at the Company's Atlantic Yards project in Brooklyn. The interest rate on the bonds was 6.48%.
17:33
WFC Wells Fargo common stock offering raises $12.25 bln (25.66 +0.17) -Update-
Co announces that underwriters in WFC's public offering of 426 mln shares of common stock have fully exercised their option to purchase an additional 63.9 mln shares. This represents 15% of the shares purchased in the original offering. The combination of the original offering of 426 mln shares of common stock plus the additional 63.9 mln shares results in a total offering of 489.9 mln shares of common stock valued at $12.25 bln. The offering is expected to be complete and proceeds received December 18, 2009. The original offering was announced December 14 and priced December 15. WFC will use the proceeds of this offering to redeem its series D preferred stock from the U.S. Treasury for $25 bln, repaying in full the government's TARP investment.
17:30
TRA Terra Industries: CF Industries will not seek to extend financing for acquisition of Terra; CF Industries has sold Terra shares to bring its interest in Terra below 13D reporting threshold (88.29 -1.46) -Update-
Co announced that it will not seek to extend the financing commitments for its proposed acquisition of Terra Industries (TRA), which expire on December 31, 2009. CF Industries said that its ability to obtain financing for any transaction with Terra after that date will depend on the credit markets and other factors at that time. CF Industries also stated that it has sold a sufficient number of Terra shares in market transactions to bring its interest in Terra to just below 5% of Terra's outstanding shares. As a result, CF will no longer be required to file a Schedule 13D with respect to Terra with the U.S. Securities and Exchange Commission, and future discussions or negotiations with Terra will not be publicly disclosed on Schedule 13D.
17:24
SAM Boston Beer Co raises FY09 EPS guidance to $2.05-2.35 vs. $2.06 consensus, up from $1.75-2.05 (42.65 +0.23)
Co says, "We have raised our earnings projection for the full year 2009 based on achieving improved levels of brewery operating performance earlier than anticipated, together with continuing favorable energy and commodity costs and our expectations that these factors will continue for the remainder of the year."
17:08
LINC Lincoln Educational Services enters into agreement to repurchase stock concurrently with sale by shareholder (21.60 +0.07)
Co announced that it has entered into a definitive stock repurchase agreement with Back to School Acquisition, L.L.C., its principal shareholder ("BTS"), to repurchase 1,250,000 shares of Lincoln common stock concurrently with BTS' sale of an additional 750,000 shares of Lincoln common stock in a block trade pursuant Rule 144 under the Securities Act of 1933, as amended.
17:06
UDR UDR reduces 2010 maturities with the repayment of $240 mln senior unsecured term loan (15.34 -0.17)
Co announced that it has repaid its $240 mln term loan due in February 2010 with proceeds from a new $100 mln term loan and capacity from its $600 mln unsecured bank credit facility. The new loan was provided by a group of six banks and has identical covenants to those contained in the loan that was repaid.
17:02
BONDX Hurt -10/32 3.586%...eruo 1.4534...yen 89.6100
The bonds were on sale all session with the market getting hit from all sides by data as well as foreign interest and supply concerns. There was, likely misguided, chatter on the Fed starting to at least talk about moving on rates (via discount rates), which, while not a big deal will be dealt with as such. The 10-and-30-yrs were back to mid-August prices while the remainder of the curve was near early November levels. The market is still into the safer issues, as the $28B 4-wks came in at 0.000%. The uptick in inflation was a surprise but "closer look at the data shows very little influence on consumer prices." The upcoming CPI report should be tamer; even if it is a little hot the market will be better prepared. Maybe. The TIC flow report, which measured foreign holdings from way back in October, was also worse than expected and the industrial production report held out of the negative column for the fifth month after 18 in the hole. Treasury yields fell a bit short of some key technical points, but will have another crack at them tomorrow, with the 3.629% watched on the 10s. Players remind that the trade is seeing added swing as many shops have slowed up action if not closed their books and things are thinner than holidays past. The curve was churned steeper throughout the day with the 2-10-yr yield spread now 273.4. The dollar was given a big boost as the talk of the Fed and concerns over EuroLand aided the bid. The yen got knocked back to make a run at 90 on the buck while also seeing a poorly received auction. The day ahead has a batch of data as well as the FOMC statement (2:15), including CPI, current account, housing starts and building permits (8:30).
17:01
ORN Orion Marine Group announces a contract award of ~$20 mln (20.45 -0.34)
Co Onsite construction of the project is expected to commence during the first quarter of 2010 and last ~12 months.
16:46
SEIC SEI increased stock repurchase program by an additional $100 mln (17.65 -0.18)
16:36
HLS Healthsouth has completed its previously announced refinancing; reduced its total outstanding debt by ~$40 mln (18.90 +0.12) -Update-
Co announced it has completed its previously announced refinancing. The refinancing included the tender for and redemption of all, or $329.6 mln, of its outstanding floating rate senior notes due 2014. The tender offer and redemption were financed through the issuance of $290 mln 8.125% senior notes due 2020 and cash on hand. As a result of the refinancing, co reduced its total outstanding debt by ~$40 mln. In connection with the refinancing, co will take a charge in Q4 for the early extinguishment of debt of ~$15 mln.
16:30
BBBB Blackboard, Desire2Learn announce patent cross license agreement and settlement of litigation (43.11 -0.33)
The co and and Desire2Learn announce that the companies have reached an agreement to license each other's worldwide e-learning patent portfolios and settle all outstanding litigation between them. Under the terms of the Agreement, the companies will dismiss their pending litigation. "We are pleased to have resolved our differences with Desire2Learn," said Michael Chasen, President and CEO of Blackboard. "Bringing this matter to resolution is in the best interests of both of our organizations, our respective clients and the broader education community." "We're pleased to enter this agreement, and believe it is in the best interests of the educational community," said John Baker, President and CEO of Desire2Learn. "We will continue to focus our attention on our clients, as well as the development of our products and services." Additional details of the settlement were not disclosed.
16:29
WFC Wells Fargo: Fitch affirms Wells Fargo Bank, N.A.'s U.S. RMBS Master Servicer Rating (25.66 +0.17) -Update-
16:28
ASBC Assoc Banc-Corp: Fitch downgrades Associated Banc-Corp's Long-term IDR to 'BB+'; Outlook Negative (10.68 +0.19) -Update-
Fitch Ratings has downgraded the long-term and short-term Issuer Default Ratings (IDRs) for Associated Banc-Corp (ASBC) to 'BB+' and 'B' from 'BBB' and 'F2', respectively. Fitch also has downgraded the long-term and short-term IDRs for ASBC's principal banking subsidiaries to 'BBB-' and 'F3' from 'BBB' and 'F2', respectively. The Rating Outlook is Negative. Today's rating actions reflect Fitch's belief that ASBC will experience increased credit stress in the commercial real estate loan portfolio in particular. Given the credit outlook and low loan loss reserve coverage of nonperforming loans (NPLs) at 48%, Fitch anticipates that provisioning needs are likely to remain elevated. Resulting earnings pressure in the near- and intermediate-term will threaten to erode capital. The Negative Outlook reflects the possibility that asset quality deterioration could escalate beyond Fitch's current expectations.
16:28
AIR AAR Corp beats by $0.04, misses on revs (21.03 -0.01)
Reports Q2 (Nov) earnings of $0.34 per share, $0.04 better than the First Call consensus of $0.30; revenues fell 7.0% year/year to $328.7 mln vs the $346.1 mln consensus. Co states, "I am also pleased with several new business wins. The company won a meaningful contract to provide supply chain services and logistics support for the USAF's KC-10 fleet. Additionally, in the face of a soft commercial market, we increased our market share by winning several previously unannounced awards providing MRO and supply chain services. We will begin to see the benefits of these new business awards in our third quarter and will be fully ramped in our fourth quarter."
16:18
BRCM Broadcom sees Q4 revs of up about 5% vs previous guidance of flat sequentially, this equates to ~$1.3125 bln vs $1.26 bln consensus (30.35 -0.21) -Update-
Co also guides product gross margin: Estimated to be up 100 basis points (bps) sequentially from the third quarter of 2009, compared to prior guidance of up 20 bps to 50 bps sequentially.
16:17
EVVV EV3 promotes Pascal Girin to the newly created position of executive vice president and COO effective January 1, 2010 (13.11 -0.07)
16:09
ADBE Adobe Systems beats by $0.02, reports revs in-line; guides Q1 EPS in-line, revs above consensus (36.36 +0.58)
Reports Q4 (Nov) earnings of $0.39 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.37; revenues fell 17.3% year/year to $757.3 mln vs the $752.5 mln consensus, with a Q4 non-GAAP operating margin of 35% vs guidance calling for a 33-36% non-GAAP operating margin. Co issues mixed guidance for Q1, sees EPS of $0.34-0.39, excluding non-recurring items, vs. $0.37 consensus; sees Q1 revs of $800-850 mln vs. $798.94 mln consensus, with a non-GAAP operating margin of 30-32%. "We experienced an improvement in customer demand for our products in Q4."
16:08
FACT Facet Biotech reiterates recommendation that stockholders not tender at $17.50 per Share (16.75 -0.31) -Update-
The board of directors of Facet Biotech Corporation (FACT) reiterated its recommendation that stockholders not tender their shares into, and reject the unsolicited, revised conditional tender offer from Biogen Idec Inc. (BIIB) to acquire all of the outstanding shares of Facet Biotech common stock for $17.50 per share in cash. "Our board, along with its advisors, determined that Biogen Idec's offer is inadequate and materially undervalues the assets of the company, overstates the liabilities and demonstrates an incomplete understanding of our pipeline and technologies. We strongly recommend that stockholders not tender their shares into the offer, and believe that tendering will hamper our efforts to obtain full and fair value on their behalf. The board and management team remain open to appropriate opportunities that would provide full and fair value for our stockholders, and which reflect the upside potential of the company's pipeline and technologies. The expiration of the tender offer would not mean that Facet Biotech's offer to enter into due diligence with Biogen Idec or discussions with other third parties ends. The board and management will remain open to opportunities that place an appropriate value on the company beyond December 16."
16:06
EZCH EZchip announces public offering of ordinary shares (12.61 -0.17)
Co announces that it commenced a public offering of 3,863,050 of its ordinary shares. Of such shares, 712,618 ordinary shares are being offered by EZchip and 3,150,432 ordinary shares are being offered by the "Selling Shareholders", which consists of funds affiliated with Goldman, Sachs & Co. and JK&B Capital. EZchip intends to use all of its net proceeds from the offering to purchase from the employees for cash a portion of their exchanged EZchip Technologies securities to enable them to fund their tax obligation as a result of the employee exchange offer.
16:03
HIL Hill International acquires Boyken International (6.43 -0.08)
Co announces that it has acquired Boyken International, a firm that provides project management and construction claims services throughout the Southern U.S. and the Caribbean. Boyken, which has approximately 40 employees, is based in Atlanta, Georgia and has additional offices in Orlando, Florida and Houston, Texas. Terms of the transaction were not disclosed.
16:02
BGP Borders Group announces a strategic investment and commercial partnership with Kobo (1.23 -0.09)
Co announces a strategic investment and commercial partnership with Kobo. Through the partnership, Borders will launch a new eBook store integrated into Borders.com and powered by Kobo. In addition, Kobo will power a Borders-branded eBook store for multiple mobile devices. Sales through these Borders-branded eBook stores will be booked by Borders. Kobo's mobile applications are device neutral, which will enable consumers to purchase eBooks from Borders on popular smartphones such as the iPhone, BlackBerry, Palm Pre and Android, as well as other devices. Borders and Kobo plan to launch these new services within the second quarter of 2010.
16:02
GIII G-III Apparel announces common stock offering (21.25 -0.61)
Co intends to use the proceeds of the offering for general corporate purposes to support the growth of its business, which may include acquisitions. The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on October 26, 2009.
16:01
PCLN Priceline.com announces redemption of 2006 2.25% convertible senior notes due January 15, 2025 (218.31 -3.15)
The co announces that on January 20, 2010, it will redeem all of its outstanding 2006 2.25% Convertible Senior Notes due January 15, 2025 (the "Notes") (CUSIP number 741503AH9*). The Notes will be redeemed on January 20, 2010 at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest from January 15, 2010 through January 19, 2010. The right to convert the Notes into common stock of the Company, at a rate of 26.3505 shares per $1,000 principal amount of Notes, will expire at the close of business on January 19, 2010. Securities may be surrendered for conversion by delivering such Securities to the office of American Stock Transfer & Trust Company, 59 Maiden Lane, New York, NY 10038, Attention: Corporate Trust Administration, priceline.com Incorporated, 2006 2.25% Convertible Senior Notes due January 15, 2025.
16:01
RHT Red Hat reaches settlement in restatement class action litigation (29.05 -0.25) -Update-
Co announced that it has reached an agreement in principle to settle the class action lawsuit, pending in the United States District Court for the Eastern District of North Carolina, brought on behalf of a class of shareholders in connection with the restatement of financial results announced in July 2004. RHT has recorded, in its quarter ended November 30, 2009, a reserve in the amount of $8.8 mln for its portion of the settlement. RHT plans to exclude this one-time charge from the non-GAAP results RHT reports for its quarter ended November 30, 2009.
16:01
RA RailAmerica announces appointment of Principal Accounting Officer and other executive appointments (13.65 -0.09)
The co announces that Randy Pianin has joined the Company as Vice President & Corporate Controller and Principal Accounting Officer, effective December 14, 2009. The Company also announces the appointments of Harold Tynes to the position of Vice President - Financial Services & Treasurer and Ira Berger to the position of Vice President - Financial Planning & Investor Relations.
16:00
Co announces metrics for November 2009. Monthly activities included: An average of 370,000 client trades per day in Nov 2009, up 5% from Nov 2008 and down 12% from October 2009; Approximately $309.8 bln in total client assets as of Nov. 30, 2009, up 36% from Nov 2008 and up 4% from Oct 2009; Average spread-based balances of $48.1 bln, up 92% from Nov. 2008 and up 4% from Oct. 2009.
16:00
WLT Walter Energy has started longwall production at its Mine No. 7 East expansion (74.76 +1.28)
Co announced that it has started longwall production at its Mine No. 7 East expansion. The $175 million expansion, begun in 2005, is expected to generate approximately 2.0 million tons of incremental production in 2010 and up to 3.5 million tons in 2012. The additional production will increase Walter Energy's rated capacity for premium coking coal to approximately 9.5 million tons in 2012. The footprint of the expansion is approximately 19.5 square miles and has sufficient reserves for approximately 20 years of production.
16:00
INCB Indiana Community Bancorp announced plans associated with a strategic decision to reposition a portion of its balance sheet (7.60 0.00)
Co announced plans associated with a strategic decision to reposition a portion of its balance sheet. Co intends to sell approximately $100 million of securities with a weighted average yield of 2.2% and a weighted average life of 1.9 years. It is anticipated that these transactions will result in a gain on sale totaling approximately $2.0 million which will be recognized in the fourth quarter of 2009. Co also intends to prepay approximately $55 million of Federal Home Loan Bank advances with a weighted average rate of 4.5% and a weighted average life of 2.3 years. Upon prepaying the advances, the Bank will record a prepayment penalty of approximately $3.8 million which will be recognized as an expense in the fourth quarter of 2009. The funds used to prepay the advances will come primarily from current overnight cash balances held at the Federal Reserve.
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Morman Joins Hylant Group as Vice President of Carrier Relations
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