Briefing.com: Hourly In Play (R) – 19:00 ET
Mar 23, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 23-Mar-10 19:00 ET
18:40
ATPG ATP Oil & Gas apparent high bidder in GOM lease sale (18.54 +0.62)
Out of three bids made at the Central Gulf of Mexico Offshore Lease Sale 213 held on March 17th in New Orleans, Co is the apparent high bidder on two: Ship Shoal Block 361 and Garden Banks Block 782.
18:07
AEM Agnico-Eagle Mines reports investment in Alexandria Minerals Corporation (57.97 +0.48)
Co reported that it had acquired 9,100,000 units of Alexandria Minerals Corporation by way of a private placement at a price of $0.20 per Unit for a total consideration of $1,820,000 in cash. Each Unit consisted of one common share, resulting in the acquisition of a total of 9,100,000 Common Shares of Alexandria by the Company, and one share purchase warrant, being 9,100,000 Warrants, each Warrant entitling the holder to acquire one Common Share at a price of $0.21 per share for the first twenty-four months following the closing date. Agnico also has the right to participate in future financings within the next twenty-four months to maintain its equity position in Alexandria as at the time of the future financing.
17:43
OUTD Outdoor Channel announces resignation of Chief Financial Officer (6.74 +0.07)
Co announced that Shad Burke has tendered his resignation as the Company's Chief Financial Officer, effective March 19, 2010, for personal reasons. The Company has commenced a search for a replacement CFO. Mr. Burke has agreed to serve as a consultant and advisor through March 18, 2011 and assist in the transition process. Until a successor is named, Doug Langston, the Company's Chief Accounting Officer, will serve as the Company's principal financial officer. He will report directly to Roger Werner, President and Chief Executive Officer of Outdoor Channel Holdings.
17:35
MEE Massey Energy announces pricing of 8.5 mln share offering at $49.75 (50.88 +0.03)
17:27
SCHS School Specialty acquires the rights to the Think Math! curriculum product; details not disclosed (21.48 +0.04)
17:25
AKS AK Steel: New U.S. healthcare law to result in $31 mln non-cash charge in Q1 (23.17 +0.64)
Co said that it will record a non-cash charge of approximately $31 million in the first quarter of 2010 resulting from the recently-enacted Patient Protection and Affordable Care Act (the "Act"). The charge is due to a reduction in the value of the company's deferred tax asset as a result of a change to the tax treatment of Medicare Part D reimbursements. The company emphasized, however, that it expects to continue to receive Medicare Part D reimbursements even after the Act and that the first quarter charge attributable to this change is non-cash in nature.
17:15
SBCF Seacoast Banking revises 2009 Q4 and FY Earnings (1.80 +0.00)
Co announced revised earnings for the fourth quarter and full year ended December 31, 2009, resulting from a $2 million increase in the Company's provision for loan losses. Revised net loss available to common shareholders for the fourth quarter of 2009 was $39.1 million, or $0.73 per share, compared to previously reported net loss available to common shareholders of $37.1 million, or $0.69 per share for the fourth quarter of 2009. Revised net loss available to common shareholders for the full year 2009 was $150.4 million, or $4.74 per share, compared to previously reported net earnings of $148.4 million, or $4.68 per share for the full year 2009. As a result of these changes, the Company's total provision for loan losses increased from $39.5 million to $41.5 million for the fourth quarter of 2009 and increased from $122.8 million to $124.8 million for the full year 2009. The Company's allowance for loan losses at December 31, 2009 increased from $43.2 million to $45.2 million.
17:11
LLTC Linear Tech: International Trade Commission Judge finds 25 additional patent violations of Linear Technology's burst mode invention by Advanced Analogic Technologies (28.98 +0.14)
Co announced that on March 18, Administrative Law Judge Carl Charneski of the U.S. International Trade Commission (ITC) issued an enforcement initial determination (ID) finding that 25 additional Advanced Analogic Technologies Inc. voltage regulator products infringe Linear's U.S. Patent No. 6,580, 258 ('258 patent) and therefore AATI has violated a previous exclusion order issued by the ITC. This patent protects Linear's "sleep mode" invention, comprising circuitry that significantly extends battery life in a range of portable electronic devices such as laptop computers, cell phones and PDAs by allowing the device to "sleep" when little current is needed.
17:03
GENT Gentium announces Defibrotide results at EBMT Annual Meeting; 40% reduction in the incidence of VOD within 30 days after SCT (1.82 -0.03)
This Phase II/III, randomized, controlled study evaluated the prophylactic use of Defibrotide in pediatric stem cell transplant (SCT) patients at high risk for veno-occulsive disease (VOD). In the intent to treat analysis (ITT), which included 356 patients (180 patients in the prophylaxis arm and 176 in the control arm), Defibrotide demonstrated a 40% reduction in the incidence of VOD within 30 days after SCT, the primary endpoint of the study. VOD incidence was 20% in the control arm and 12% in the prophylaxis arm (p=0.0488 Competing Risk; p=0.0507 Kaplan-Meier). In the per-protocol analysis, the VOD incidence was 20% in the control arm and 11% in the prophylaxis arm (p=0.0225 Competing Risk; p=0.0234 Kaplan-Meier). A p-value equal to or less than 0.05 is needed to achieve statistical significance.
16:47
TRI Thomson Reuters announced the offering of $500 million of 5.85% notes due 2040 (36.88 +0.59) -Update-
16:46
S Sprint Nextel and HTC Corporation announced summer availability of the world's first 3G/4G Android handset, HTC EVO 4G (3.83 +0.12) -Update-
16:46
VNO Vornado Rlty Trust Announces Offering of $500 Million of Unsecured Notes (75.96 +0.09)
Co announced that Vornado Realty L.P., the operating partnership through which Vornado Realty Trust conducts its business, has priced an offering of $500 million aggregate principal amount of 4.25% senior unsecured notes due April 1, 2015. Interest on the notes will be payable semi-annually on April 1 and October 1, commencing October 1, 2010. The notes were priced at 99.834% of their face amount to yield 4.287%. The net proceeds of approximately $496 million will be used for general corporate purposes. Subject to customary closing conditions, the offering is expected to close on March 26, 2010.
16:46
SYK Stryker announces resolution of FDA warning letter related to its Mahwah, New Jersey manufacturing facility (57.00 +0.15)
Co announced that it has been informed by the U.S. Food and Drug Administration (FDA) that the actions undertaken by the Company to address the issues raised in a 2007 Warning Letter are sufficient. The Company received the Warning Letter from FDA regarding compliance with certain quality system requirements at its reconstructive implant manufacturing facility in Mahwah, New Jersey in 2007. Following FDA re-inspection in 2009 and additional corrective actions, the Company has been informed that issues raised have been adequately addressed and no further formal corrective actions are required.
16:45
TLVT Telvent secures funding to refinance debt and working capital (29.07 -0.01)
Co announced that it has signed EURO 170 mln in senior unsecured syndicated facilities. The syndicated facilities are distributed over two tranches: 1) a EURO 100 million 3+1-year Amortizing Term Loan 2) a EURO 70 million 3+1-year Revolving Credit Facility
16:40
PVR Penn Virginia Resource Partners and Penn Virginia GP Holdings announce Robert B. Wallace as CFO (24.65 +0.36)
Cos announced that Robert B. Wallace has been elected Executive Vice President and CFO of the general partner of both PVR and PVG, effective immediately. Frank A. Pici has resigned these positions to devote more time to his role as Executive Vice President and CFO of Penn Virginia Corporation (PVA), an independent natural gas and oil company and the owner of the general partner and the largest unit holder of PVG.
16:38
WTR Aqua America updates guidance; expects net income growth of 5 to 7% in the first half of 2010 under normal weather conditions (17.46 -0.02)
Co says in 2010, the trend of net income and dividend growth is expected to continue as the company continues to invest in infrastructure improvements and acquires more water and wastewater systems. The company's growth-through-acquisition strategy provides a solution to water and wastewater utilities that are struggling to raise capital to invest in needed infrastructure improvements... If normal weather conditions are experienced co expects net income growth of 5 to 7% in the first half of 2010 due to the impact of annualized rate awards received and customer growth. In the second half of 2010, co sees the potential to realize a return to our long-term earnings growth trend of 7 to 10% if normal weather patterns return to the company's operations, which saw unfavorable weather in 2009.
16:37
CX CEMEX S.A. announces proposed offering of $500 mln convertible subordinated notes due 2015 (11.00 +0.16)
16:36
ADES ADA-ES recieves additional $3 mln investment from Arch Coal (ACI) (6.96 +0.01)
16:35
DRI Darden Restaurants beats by $0.03, beats on revs; raises FY10 EPS guidance (43.91 -0.22)
Reports Q3 (Feb) earnings of $0.95 per share, $0.03 better than the First Call consensus of $0.92; revenues rose 4.2% year/year to $1.87 bln vs the $1.85 bln consensus. Blended same-restaurant sales for Olive Garden, Red Lobster and LongHorn Steakhouse increased 1.3% this quarter compared to the prior year period. Excluding the impact of the Thanksgiving holiday week, which was in the fiscal second quarter this year but the fiscal third quarter last year, blended same-restaurant sales rose 0.5%. raises guidance for FY10, sees EPS of $2.86-$2.92 vs. $2.88 consensus.
16:32
PRGS Progress Software beats by $0.07, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY10 EPS in-line, revs in-line (32.99 +0.07)
Reports Q1 (Feb) earnings of $0.53 per share, $0.07 better than the First Call consensus of $0.46; revenues rose 5.9% year/year to $128 mln vs the $127.1 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.51-$0.54 vs. $0.52 consensus; sees Q2 revs of $129-$133 mln vs. $132.30 mln consensus. Co issues in-line guidance for FY10, sees EPS of $2.20-$2.32 vs. $2.22 consensus; sees FY10 revs of $540-$550 mln vs. $544.45 mln consensus.
16:32
YHOO Yahoo! announces John Chapple will not stand for re-election to board (16.03 -0.31)
16:31
ENH Endurance Specialty prices $85 mln of 7.00% senior notes due 2034 (37.17 -0.17)
16:30
CTCT Constant Contact appoints interim Chief Financial Officer (23.42 +0.31)
The co announces the appointment of Bob Nault to the position of interim chief financial officer. Nault, who is presently serving as Constant Contact's vice president and general counsel, will become the interim CFO effective March 31. "The search for a permanent chief financial officer is progressing nicely," said Gail Goodman, CEO of Constant Contact. "We have seen a number of high-quality candidates and we are optimistic that we will complete the search process in the near term. In the meantime, Bob's senior executive experience makes him a great choice to lead the finance, accounting and investor relations organizations. The strength and depth of our overall management team provides us with great confidence that the transition process will continue to run smoothly."
16:29
MF MF Global jumps over a point in after hours following news/guidance (7.32 +0.15) -Update-
16:28
ROG Rogers Corp announces agreement to acquire SK Utis (29.39 +0.26)
The co announces that it has signed an agreement with SK Chemicals Co. Ltd. of South Korea, to acquire SK Utis Co., Ltd., its high performance polyurethane foam manufacturing unit located in Ansan, South Korea. The parties expect the transaction to close within the next few weeks. The total purchase price for the intellectual property, technology assets and stock of SK Utis Co., Ltd. is US $29.1 million. The agreement calls for Rogers to acquire a 90% majority share of SK Utis from SK Chemicals immediately upon close, and the final 10% share two years later. During the period of the partnership, Rogers and SK Chemicals will work together to ensure a successful transition of the business for customers and employees.
16:28
MF MF Global sees Q4 revs $235-245 mln vs $260.61 mln First Call consensus (7.32 +0.10) -Update-
Co believes its capital and liquidity position for the quarter ending March 31, 2010, will not be materially different from that of the quarter ended December 31, 2009.
16:25
MF MF Global appoints Jon Corzine Chairman and Chief Executive Officer (7.32 +0.15)
Co announces that its board of directors has appointed Jon Corzine as chairman and chief executive officer, effective immediately. Alison Carnwath will be retiring from the board at its next shareholders' meeting in August 2010, having fulfilled her three-year commitment to the company. Bernard Dan has resigned from MF Global as CEO and as a director for personal reasons. He will remain with the company through May 16, 2010, in an interim capacity to facilitate the smooth transition of duties to Mr. Corzine.
16:24
CTB Cooper Tire loses ruling in rollover case in Iowa; told to pay $32.8 mln (20.77 +0.10)
16:10
GOV Government Properties Income Trust announces elimination of LIBOR floor for $250 million secured credit facility (24.16 +0.20)
The co announces that it has amended its $250 million secured revolving credit facility to eliminate a provision in the definition of Eurodollar Rate, or LIBOR Rate, that establishes a minimum LIBOR Rate of 2.0% (the "LIBOR Floor"). There were no other changes to the agreement.
16:09
USU USEC and DOE Fund continued American Centrifuge activities (5.36 unch)
The co and the Department of Energy (DOE) announce an agreement to provide $45 million in funding to USEC to fund on-going American Centrifuge technology demonstration and manufacturing activities. USEC will match the DOE funding on a 50-50 cost-share basis. The work will support approximately 355 highly skilled jobs, primarily in Ohio, Tennessee, and West Virginia.
16:08
AVA Avista requests recovery in Washington and Idaho for increasing energy and system upgrade costs (21.31 +0.05)
Co filed today with the Washington Utilities and Transportation Commission (WUTC) and the Idaho Public Utilities Commission (IPUC) to increase electric and natural gas rates for customers. The WUTC has up to 11 months and the IPUC has up to seven months to review the respective filings. Avista is requesting an overall electric rate increase in Washington of 13.4 percent and an overall 6.0 percent increase in natural gas rates. The requests would produce $55.3 mln, or 13.4 percent, in additional billed revenue for electric service and $8.5 mln, or 6.0 percent, in additional billed revenue for natural gas service. In Idaho, Avista is requesting an overall electric rate increase of 13.1 percent and an overall 4.1 percent increase in natural gas rates. The requests would produce $32.1 mln, or 13.1 percent, in additional billed revenue for electric service and $2.6 mln, or 4.1 percent, in additional billed revenue for natural gas service.
16:08
ADBE Adobe Systems beats by $0.03, beats on revs; guides Q2 EPS in-line, revs above consensus (35.22 +0.27)
Reports Q1 (Feb) earnings of $0.40 per share, $0.03 better than the First Call consensus of $0.37; revenues rose 9.2% year/year to $858.7 mln vs the $827.4 mln consensus. Co issues guidance for Q2, sees EPS of $0.39-0.44 vs. $0.41 consensus; sees Q2 revs of $875-925 mln vs. $860.45 mln consensus. The co's operating margin is targeted to be 33.5% to 35.5% on a non-GAAP basis; and it is targeting non-operating expense between $16 and $18 mln.
16:08
JBL Jabil Circuit beats by $0.01, reports revs in-line; guides Q3 in-line (18.36 +0.59)
Reports Q2 (Feb) core earnings of $0.29 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.28; revenues rose 4.1% year/year to $3.0 bln vs the $3.0 bln consensus. Co issues in-line guidance for Q3 (May), sees core EPS of $0.30-0.36, excluding non-recurring items, vs. $0.32 consensus; sees Q3 revs of $3.1-3.3 bln vs. $3.12 bln consensus.
16:06
MRNA MDRNA acquires bridged nucleic acid patents to broaden its RNAi-drug discovery platform (1.09 +0.02) -Update-
Co announces that it has acquired intellectual property for bridged nucleic acids from Valeant Pharmaceuticals North America. The patent estate offers MDRNA considerable breadth in the research and development of nucleic acid-based therapies to include not only those with an RNAi mechanism of action, such as siRNA and miRNA, but those that function to inhibit RNA by a diverse set of mechanisms
16:06
CYCC Cyclacel Pharma reports 4Q results (2.51 +0.11)
Cyclacel Pharma reports Q4 earnings of ($0.18) vs ($0.19) two analyst estimate; revs decreased 25% year/year to $0.18 mln vs $0.24 mln two analyst estimate
16:05
OCNF Oceanfreight announces an order for three VLOCs (0.75 -0.00)
The co announces that it has entered into an agreement to build three 206,000 DWT Very Large Ore Carriers (VLOCs) at Shanghai Waigaichao Shipbuilding. Two of the vessels are scheduled to be delivered in the second and fourth quarters of 2012 and the third vessel is scheduled to be delivered in the first quarter of 2013. The total purchase price for the three vessels is approximately $204 million. Basset Holdings, our founding shareholder controlled by our CEO, Anthony Kandylidis, has agreed to support the Company's expansion plan by making a commitment to provide up to 50% of the total contract price or $102 million in the form of an unsecured shareholder loan. The pricing of the shareholder loan will be on an arms-length basis and in line with third party market pricing.
16:03
SONC Sonic misses by $0.01, misses on revs; guides FY10 EPS in-line (11.19 +0.08)
Reports Q2 (Feb) earnings of $0.01 per share, $0.01 worse than the First Call consensus of $0.02; revenues fell 33.3% year/year to $112.8 mln vs the $117.9 mln consensus. Co issues in-line guidance for FY10, sees EPS of $0.55-0.60 vs. $0.58 consensus. This outlook is based primarily on projected system-wide same-store sales being flat to 5% lower in the second half of the fiscal year, reflecting expected improvement in the latter half of the year versus the current trend. The company also anticipates a decline in restaurant-level margins associated with the decline in sales.
16:03
TSPT Transcept Pharma granted second U.S. patent covering Intermezzo formulation (7.84 +0.02)
Co announced that the second patent covering the composition and use of Intermezzo, the lead Transcept product candidate, has been issued by the United States Patent and Trademark Office. The newly issued patent, U.S. Patent No. 7,682,628, titled "Compositions for Delivering Hypnotic Agents Across the Oral Mucosa and Methods of Use Thereof," will expire no earlier than February 2025.
16:01
MCHP Microchip and Google partner to enable easy development of Google PowerMeter designs for smart energy monitoring (29.07 +0.27)
Co announces the result of its strategic partnership with Google PowerMeter--the first Reference Implementation of the Google (GOOG) PowerMeter API for embedded developers. Designers now have a quick and easy way to enter the global energy-conservation market, by creating products for the measurement and monitoring of energy usage with Microchip's Google PowerMeter Reference Implementation and its broad portfolio of 16- and 32-bit PIC microcontrollers, energy-measurement ICs, Ethernet controllers, and radios for ZigBee and embedded Wi-Fi wireless networking.
16:01
HTS Hatteras Financial declares Q1 dividend of $1.20/common share, unchanged from prior (27.00 )
"This dividend is supported by our expected earnings in the first quarter. In March, we realized the effects of the delinquent loan buybacks by Freddie Mac (FRE) which were within our expectations. Fannie Mae (FNM) recently provided additional clarity on their plans to buy back delinquent loans sequentially by coupon over a four month period with the effects beginning in April. We feel we are positioned for this event and are comfortable with the Fannie Mae buyback estimate we presented in our fourth quarter 2009 earnings conference call."
16:01
KAMN Kaman halted - news pending (26.29 +0.65)
16:00
LIME Lime Energy halted - news pending (5.19 +0.09)
15:53
MIM MI Developments announces amendments to Magna Entertainment Plan of Reorganization (12.99 +0.15)
Co announced that the Plan of Reorganization in respect of Magna Entertainment was amended to provide for the transfer of Maryland Jockey Club to MIM. Rather than being sold by Magna Entertainment pursuant to an auction as originally contemplated, Maryland Jockey Club will form part of the assets of Magna Entertainment that are to be transferred to MID under the amended Plan. In return for the transfer of Maryland Jockey Club, MIM will pay the secured and unsecured claims of Maryland Jockey Club creditors to the extent allowed or agreed in an estimated amount of $23 mln to $25 mln. The amended Plan also provides that the amount to be paid by MIM to the non-Maryland Jockey Club unsecured creditors of Magna Entertainment pursuant to the Plan will be increased from $75 mln to $89 mln.
15:50
SLX Late day global & sector ETF view -Technical-
The Actively Traded Leading Global & Sector ETF Plays:
Steel- SLX +3.50%, SPDRS metals & mining- XME +3.0%, Semis- SMH +2.0%, IGW +2.0%, XSD +1.50%, Clean energy- PBW +1.50%, Coal- KOL +1.50%, SPDRS oil & gas exploration & prod.- XOP +1.50%, iShares Brazil- EWZ +1.50%, SPDRS biotech- XBI +1.50%, Solar power- TAN +1.50%, Nat gas- UNG +1.25%, iShares telecom- IYZ +1.25%, iShares Australia- EWA +1.25%, Basic materials- XLB +1.0%, IYM +1.25%
The Actively Traded Lagging Global & Sector ETF Plays:
VIX vol index- VXX -2.0%, Ag commods- DBA -1.50%, Livestock commods- COW -1.25%, Base metals- DBB -1.0%, US bonds- TLT -0.50%, Commods- GSG -0.50%, DBC -0.25%, Euro currency shares- FXE -0.25%, iShares REITS & real estate- IYR -0.25%, iShares Taiwan- EWT -0.25%, Yen currency shares- FXY -0.25%
15:48
Earnings Calendar
Today after the close look for the following companies to report: ADBE, DRI, JBL, PRGS, and SONC. Tomorrow before the open look for the following companies to report: CMC, GIS, LEN, and RBN.
15:47
Conferences and Shareholder/Analyst Meetings of Interest
Events of interest for tomorrow, March 24, include: COP Analyst Meeting; FTWR Investor Day; ICOP at RedChip Resources, LLC New York Equities Growth Conference; PMTI at Oppenheimer & Co. Aesthetics 1-on-1 Conference; CGI, IVC, JCOM, WOOF at Sidoti & Company Emerging Growth Institutional Investor Forum; HK, PDK, CLR at Howard Weil Energy Conference; BEZ, OLN, THMD, TREX at BB&T Capital Markets Commercial & Industrial Conference; COV, DRRX, CELG, IMMU at Barclays Capital Global Healthcare Conference. Treasury: $42 5-yr Treasury Notes Auction. Fed: Fed's Evans; Fed's Hoenig; Fed's Kohn.
15:12
AXP American Express nearing last week's two month highs at 41.28/41.31 -- session high 41.25 (41.24 +0.16) -Update- -Technical-
15:09
SPY Fresh high for stock indices -- Dow +69, S&P +5.3, Nasdaq +13 -Update- -Technical-
Short term resistance is at 1172/1173 S&P and the 2416 area Nasdaq Comp.
15:07
XLK Technology Select Sector tests last week's two month high at 23.10 (23.10 +0.14) -Technical-
The 52-wk close/intraday highs from Jan are at 23.27/23.30 -- S +3.5%, CSCO +1.3%, AAPL +1.6%, ORCL +1.1%, INTC +1.4%.
15:00
COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices
May corn closed lower by 8 cents to $3.6275 per bushel, May soybeans closed lower by 0.50 cents at $9.68 per bushel, May wheat closed lower by 9.75 cents to $4.7675 per bushel, April ethanol closed lower by $0.005 cents at $1.563, May world sugar futures closed 1.27 cents lower to 16.57 cents.
14:56
SPY New afternoon/52-wk highs for stock indices but Dollar Index upticks a drag on Energy/Commodity sectors -- Dow +57, S&P +3.3, Nasdaq +9 -Update- -Technical-
14:56
FLEX NASDAQ 100 (NDX) leaders & laggards approaching today's final hour of trading -Technical-
NDX 100 Best % Performers:
FLEX +5.0%, DELL +3.25%, KLAC +3.25%, JOYG +3.25%, AMAT +3.0%, STX +3.0%, BIDU +3.0%, MRVL +2.75%, WCRX +2.75%, LRCX +2.75%, SNDK +2.50%, GRMN +2.50%
NDX 100 Worst % Performers:
EXPE -2.75%, GOOG -2.0%, YHOO -1.75%, NTAP -1.50%, ILMN -1.50%, INTU -1.25%, ROST -1.25%, AMZN -1.25%, DISH -1.0%, GILD -1.0%, LIFE -1.0%, VRSN -1.0%
NASDAQ TRIN @ +0.60
NASDAQ A/D @ +340
14:53
CAT Dow 30 (INDU) leaders & laggards approaching today's final hour of trading -Technical-
INDU 30 Best % Performers:
CAT +3.50%, KFT +2.50%, PFE +2.0%, JPM +1.50%, INTC +1.50%, GE +1.25%
INDU 30 Worst % Performers:
HD -0.75%, XOM -0.50%, MMM -0.25%, CVX -0.25%
NYSE TRIN @ +0.85
NYSE A/D @ +660
14:45
SPY S&P 500 +4.2 finally takes out last week's peak to set a new 52-wk high -Update- -Technical-
14:44
SCANX Stocks making new 52-week highs/lows -Technical-
New highs (418) outpace new lows (87): New 52-week highs trading over 1 mln (average daily volume) include: Auto Parts & Equipment (ALV, ARM, DAN, JCI, TRW), Biotech (DNDN, INCY, ITMN), Commercial Services (BID, CECO, PHH, RISK, SCI, SEIC), Computers (HPQ, INFY, LXK, SNDK), Electronic (A, FLEX, JBL, TEL, TMO), Healthcare-Services (PSYS, THC, UHS), Industrials (ETN, GE, TRN), Pharmaceuticals (ABC, BVF, ENDP, MYL, SLXP, TEVA), REITs (GGP, HT, MPG), Retail-Major Dept Store (M, SHLD, SKS, TJX), Semis (ASML, CREE, CY, INTC, LSCC, LSI, MU, NETL, SWKS, VECO), Software (BMC, MXB, ORCL) and Telecomm (CSCO, FNSR, NIHD, OCLR, Q, SONS)... 52-week lows trading over 250 k (average daily volume) include: WTU
14:38
COMDX NYMEX Energy Closing Prices
May crude oil settled higher by 31 cents to $81.91, April natural gas closed up 5.6 cents to $4.135, April heating oil finished higher by 1.67 cents to $2.1004 and April RBOB gasoline gained 0.56 cents to end at $2.2618.
14:35
TCHC 21st Century Holding resumes trading (4.25 -0.27) -Update-
14:24
GCA Global Cash Access entered into several new agreements with international casino operators (8.20 0.00)
Co has entered into several new agreements with international casino operators for the provision of its cash access products and Central Credit services. GCA recently installed its QuikCash Plus (QCP) and QuickCash Kiosk products at Edgewater Casino, operated by Paragon Casinos in Vancouver, British Columbia. Co has also signed an agreement for its QCP and QuickCash Kiosk services with seven properties operated by Gateway Casinos and Entertainment in British Columbia. Additionally, co has expanded its business in Alberta, Canada, and has signed three new agreements that further position GCA as the preeminent cash access provider to casinos in Alberta.... Co has also further developed its presence in Asia through services provided by Central Credit, a wholly owned subsidiary of GCA, which is the industry's exclusive gaming patron credit bureau, with a database that consists of decades of credit history and transaction data on millions of gaming patrons. All major casino operators in Macau are now using Central Credit's products.</p>
14:24
AAPL Apple breaks to fresh highs on a pick up in volume as it nears a test of its Mar/all-time high of 227.73 (227.43 +2.64) -Update- -Technical-
14:07
ETFC E*TRADE: S&P raises E*TRADE Financial Long-Term Rating to 'CCC+' From 'CCC'; Outlook Stable (1.59 +0.08)
S&P raised its long-term counterparty credit rating on E*TRADE to 'CCC+' from 'CCC'. At the same time, raised long-term counterparty credit rating on its subsidiary, E*TRADE Bank, to 'B' from 'B-'. The outlook on both is stable "The ratings upgrade reflects E*TRADE's improved financial condition and holding company cash flows, as well as the prospect for lower operating losses in 2010. Its 2009 debt exchange improved the holding company's cash flow by lowering interest costs by $200 million annually and essentially eliminating debt maturities until 2013, when $415 million of notes are due. The holding company now has enough liquid cash on its balance sheet to cover the next two years' debt service," said Standard & Poor's credit analyst Charles Rauch. Additionally, E*TRADE Bank has begun applying to the U.S. Office of Thrift Supervision (OTS) for permission to pass dividends received from E*TRADE Securities LLC to the holding company on a quarterly basis. The OTS approved a $28 million dividend in December 2009 equal to the net earnings of E*TRADE Securities LLC for third-quarter 2009. Nonetheless, the holding company still carries $2.6 billion of long-term debt--an amount we consider quite large in relation to the current cash flow generating ability
14:06
TCHC 21st Century Holding Company signs agreement in principle to acquire HomeWise Insurance Company and other insurance related business from HomeWise Holdings (4.50 -0.02) -Update-
Co announced that it has signed an agreement in principle with HomeWise Holdings, Inc. to acquire HomeWise Insurance Company and HomeWise Management Company. The agreement in principle also includes a renewal rights agreement to acquire certain insurance policies from HomeWise Preferred Insurance Company. Terms of the proposed transaction were not disclosed. The Company expects to close the transaction prior to June 1, 2010. HomeWise Insurance is based in Tampa and provides homeowners property coverage in Florida and Louisiana through a leading network of experienced, independent agents; it reported approximately $38.2 mln in gross written premium in 2009, and statutory surplus of $20.3 mln. CEO Michael H. Braun, states "We anticipate that the acquisition of HomeWise Insurance Company and renewal rights agreement with HomeWise Preferred Insurance Company to generate over $100 mln in annual premium."
14:05
CNP CenterPoint finalizes agreement with DOE on $200 mlnn smart grid investment grant (14.30 +0.02)
Co announced that its electric transmission and distribution subsidiary, CenterPoint Energy Houston Electric, has signed an agreement with the U.S. Department of Energy to receive a $200 mln stimulus grant for its advanced metering system and intelligent grid projects. The CenterPoint Energy Houston Electric grant application requested $150 mln to accelerate its current installation of smart electric meters and associated equipment that make up its Advanced Metering System (AMS). The application also requested $50 mln that will be used to begin building a self-healing Intelligent Grid that utilizes the AMS and other technologies to improve operational efficiency and power reliability in greater Houston.
13:46
RXII RXi Pharmaceuticals resumes trading (6.20 -1.92) -Update-
13:32
COMDX COMEX Metals Closing Prices
April gold finished the day higher by $6.30 to $1105.80, May silver ended up 1.5 cents to $16.95 and May copper shed 0.15 cents to close at $3.379.
13:31
XLF Relative sector strength on recent push -Technical-
Sectors helping pace the way in recent action include Finance XLF / RKH, Semi SMH, Housing XHB, Shipping SEA, Ag/Chem MOO, Airline, REITs IYR, Casino BJK, Steel SLX, Gold Miners GDX.
13:28
PCLN Priceline.com probing midday recovery high at 242.00 (242.00 -1.02) -Update- -Technical-
See 12:14 for daily chart.
13:28
FSI Flexible Solutions reports Q4 revs increased y/y (1.70 0.00)
Co announces a year over year increase in fourth quarter revenue. Despite the recent economic slow down, orders continue to increase in all product lines as distributors face depleted inventories and the economy continues to improve. The result is 7% y/y increase in Q4 revenue to $2.40 mln. Combined with the significant increase in Q3 09 [sales up 17%] and compared with the revenue declines seen during first and second quarters of 2009, this consecutive increase in sales confirms the possibility of a significant reversal in the revenue trend for the Company.
13:26
DIA Minor new session/52-wk high for Dow +54 and Nasdaq Comp +7.7, S&P +3.2 hovering just under morning/last week highs at 1169.42/1169.84 -Update- -Technical-
13:21
NEXM NexMed enters into distribution agreement for Japan (0.46 +0.02)
Co announces that its wholly-owned subsidiary, Bio-Quant has signed a distribution agreement with Cosmo Bio Co., Ltd, under which Cosmo Bio will market Bio-Quant's discovery and pre-clinical contract research services throughout Japan.
13:15
CYTR CytRx confirms it will receive $3.8 mln from sale of RXi Pharmaceuticals common stock (1.36 -0.06) -Update-
Co confirms that it has entered into a definitive agreement with RXi Pharmaceuticals Corporation (RXII) under which RXi will buy back 675,000 of the RXi common shares held by CytRx at a price of approximately $5.70 per share, resulting in immediate cash proceeds of approximately $3.8 mln to CytRx. The RXi share buyback agreement will be completed in conjunction with a $16.2 mln registered direct offering of RXi shares and warrants, which was announced today by RXi.
13:11
GLRE Greenlight Capital comments on SEC-OIG report regarding failed investigation of Allied Capital (4.74 +0.11)
The following is a statement issued by Greenlight Capital: The recent SEC-OIG report substantiates our account of events as told in Fooling Some of the People All of the Time. Allied Capital (ALD) used its political influence to corrupt law enforcement efforts. The SEC's failure to act, despite its own investigation pointing to fraud, enabled Allied to go on to raise over $1 billion of fresh equity causing investors additional harm. Yet, even though Allied's shareholders have lost billions, Allied management received extraordinary compensation and made millions of dollars from insider sales of Allied stock and options without any legal consequences. This is the second time in as many weeks that an official report has substantiated claims made by Greenlight Capital. The SEC seems more interested in needlessly investigating market participants rather than uncovering corporate malfeasance and protecting investors. While the SEC-OIG report sheds light on troubling behavior, it is heavily redacted. Given the dubious behavior of the regulators, we call upon the SEC to immediately release the non-redacted version of the report. The government sanctioned culture of lawlessness that allowed this fraud to occur cannot continue. Even at this late date, it is not too late for the government to hold Allied and its management perpetrators to full account for their conduct.
13:02
RXII RXi Pharmaceuticals announces $16.2 mln registered direct financing (7.71 -0.40) -Update-
Co obtained commitments from several investors to purchase 2.7 mln shares of its common stock at $6.00 per share and warrants to purchase 540,000 shares of its common stock for gross proceeds of $16.2 mln. The investors have agreed to purchase the shares and warrants for $6.00 per unit (each unit consisting of one share and a warrant to purchase 0.2 shares of common stock). Proceeds from the transaction will be used to meet working capital needs and for general corporate purposes, as well as for the repurchase of 675,000 shares of RXi stock from CytRx (CYTR) at a price of $5.70 per share. (stock is halted)
13:00
TWX Time Warner announces redemption of all remaining 6.75% notes due 2011 (31.27 -0.01) -Update-
12:59
RXII RXi Pharmaceuticals trading halted - news pending (7.71 -0.40)
12:54
European Markets Closing Prices: FTSE: 5673.6 +29.1 +0.5%, DAX: 6017.3 +29.8 +0.5%, CAC: 3952.5 +24.6 +0.6%, Spain's IBEX: +1.2%, Portugal's PSI: +1.0%
Briefing Note: Due to Daylight Savings, European markets closing prices will be an hour ahead. The European Union, Daylight Savings Time is scheduled to begin on Sunday, March 28, 2010, at 1:00 a.m
12:50
SLX Midday global & sector ETF view -Technical-
The Actively Traded Leading Global & Sector ETF Plays:
Steel- SLX +2.50%, SPDRS metals & mining- XME +2.25%, Semis- IGW +1.0%, SMH +1.0%, XSD +0.75%, Nat gas- UNG +1.0%, iShares telecom- IYZ +1.0%, Solar power- TAN +0.75%, SPDRS biotech- XBI +0.75%, Clean energy- PBW +0.75%, Silver- SLV +0.50%, iShares Brazil- EWZ +0.50%
The Actively Traded Lagging Global & Sector ETF plays:
Livestock commods- COW -1.50%, Base metals- DBB -1.25%, iShares REITS & real estate- ICF -1.0%, IYR -1.0%, Ag commods- DBA -1.25%, iShares Taiwan- EWT -0.75%, Regional banks- KRE -0.75%, Commods- GSG -0.50%, DBC -0.50%, Homebuilders & Construction- XHB -0.50%, ITB -0.50%, US airlines- FAA -0.50%, China 25- FXI -0.50%, iShares transports- IYT -0.50%
12:44
VIDE Video Display's Z-AXIS begins fiscal year with a record backlog, more than 50% greater than the previous fiscal year (5.15 +0.01)
Z-AXIS, a wholly-owned subsidiary of Video Display, begins its February 28, 2011 fiscal year with a record backlog, more than 50% greater than the previous fiscal year. Co achieved steady quarter-to-quarter growth during its fiscal year ended Feb. 28, 2010, and is planning for accelerated growth based on current bookings for products to be delivered this year.
12:31
MMLP Martin Midstream priced offering of $200 mln 8.875% senior unsecured notes due 2018 at issue price of 98.594% (31.30 +0.10)
12:28
KO Coca-Cola displays some relative strength, sets new session high of 54.97 (54.97 +0.43) -Technical-
Resistance of note is at last week's high and the early March high at 55.06/55.04.
12:17
Moody's says U.S. credit card charge-offs flat; corroborates other signs of improvement
12:17
ICXT ICx Tech wins $3 mln SCADA contract with the Tennessee Valley Authority (7.43 +0.01)
12:15
SPY Stock indices flirting with morning highs -- Dow +47, S&P +3, Nasdaq +6.2 -Update- -Technical-
Relative sector strength on this move has been noted in Finance RKH / XLF, Retail XRT, Internet HHH, Utility UTIL, Shipping SEA, Steel SLX, Gold Miners GDX, Solar TAN, Rail.
12:14
PCLN Priceline.com stages reversal off early low (241.23 -1.74) -Technical-
A choppy, narrowing trading range has dominated for the last three weeks. While still in the red today it did stage a solid reversal off the morning low and will be watching initial support at 240.40/239.90 in front to the low (238.69) for a read on the health of this move and the possibility that the range (triangle) has been completed (Click for chart).
12:08
PG Procter & Gamble shares edge to new 52 week highs as buyers push price above the previous 64.15 Mar. swing high/resistance point (64.16 +.28) -Technical-
Dow 30 (INDU) component now +.40% vs. INDU +.35% with fresh 52 week highs @ 64.20
11:55
CSCO Cisco Systems edges up toward session high and the early month peak at 26.49/26.48 (26.45 +0.17) -Update- -Technical-
11:52
Rumor Round Up
Today's session started with a few rumors at the open. It was circulated that Tivo (TIVO 16.13 -0.51) could be interested in Sonic Solutions (SNIC 9.10 -0.17); SNIC shares did not react to the rumor. It was rumored that private equity groups have approached Lexmark (LXK 35.77 +0.88). LXK calls are seeing interest following the takeover chatter; with 11.8K total calls have traded vs 750 puts. Rockwell Automation (ROK 56.00 +0.14) shares spiked following a rumor General Electric (GE 18.36 +0.29) could be interested in the co. Titanium Metals (TIE 15.94 +1.04) shares spiked following a takeover rumor; Apr 16 calls are seeing heavy interest following the rumor. As mentioned before, while many rumors circulate during the day, and the validity of the source of these rumors can be questionable, the speculation may increase volatility in the near term.
11:52
SPY S&P +0.8 and Nasdaq +2.1 extend push off first level support to intraday resistance -Update- -Technical-
Noted supports at 1163/1162 and 2391/2387, respectively, in the 11:11 update and have seen a modest bounce. Mentioned that sustained follow through above intraday resistance at 1167 and 2397 would help neutralize the weaker pattern off the early high with these levels tested in recent trade.
11:34
SPY Trading volume analysis through the 1st two hours -Technical-
Both NYSE & NASDAQ total exchange trading volume is pacing just a bit heavier than yesterday's tally at this point. We have a mostly mixed market at this time with the Dow 30 (INDU) displaying the relative strength, the S&P 500 (SPX) nearly flat, & the NASDAQ COMP (COMPQ)/ NASDAQ 100 (NDX) the weakest index thus far. If the NASDAQ continues to show higher volume accompanied with losses today, it could signal some modest bearish distribution across the tech. space after the index hit another 52 week high above the 2,400 mark earlier today.
As of 11:30am.m ET, nearly 346m shares have changed hands on NYSE vs. 337.5m yesterday, an increase of +2.5%, while over on NASDAQ, 896M shares have turned over vs. 867 yesterday, an increase of nearly +3.1%.
NYSE 60 min volume chart
NASDAQ 60 min volume chart
11:26
SCANX Today's biggest point gainers/losers -Technical-
Biggest point gainers: CJS (89.10 +3.58), RTP (230.14 +3.99), PRGO (55.62 +4.49), TGI (69.95 +8.73), BIDU (595.00 +15.28)
Biggest point losers: CHE (53.93 -3.25), PCLN (239.38 -3.64), BEC (64.78 -4.33), MWJ (115.94 -4.58), TYH (154.25 -5.34), DRN (181.52 -6.42), NVR (746.05 -6.95), AYT (47.13 -9.06), GOOG (545.55 -11.95)
11:22
PCG PG&E proposes system of electric rates to the California Public Utilities Commission (43.07 +0.07) -Update-
Co asked the California Public Utilities Commission (CPUC) for permission to change its system of residential electric rates next year. PG&E proposes to replace the 5 tiered rate system with 3 tiers. Customers in Tier 5 currently pay almost $0.50 per kWh, compared to $0.119 for Tier 1 (baseline) usage. Under PG&E's new proposal, the top rate that customers would pay -- in Tier 3 would be $0.298 per kWh. In its new proposal, which would take effect next year, PG&E would make several other changes in its residential rates: In 2011, the baseline level of usage in Tier 1 would be reduced from 60% to 55% of average use in each climate zone. Some customers would see bills increase, while others would see a reduction in rates at the highest tiers.-- Customers would pay a flat monthly fee of $3.00 (or $2.40 for CARE customers) to cover fixed costs of service.
11:11
SPY S&P -1 and Nasdaq Comp -3.1 test first level support -Update- -Technical-
The Nasdaq has slipped to a new session low of 2390 to probe first level support noted in The Technical Take at 2391/2387. A similar level for the S&P is at 1163/1162 (session low 1163). Gains back through 2397 and 1167, respectively, would help to neutralize the weaker pattern off the morning high.
11:10
AMZN Amazon.com shares trade to fresh session lows as price breaches some notable near-term technical support @ 128.65 (128.28 -2.19) -Technical-
Price is now testing the potential support of the 20-day EMA here @ 128.25.
LoD now @ 128.07
11:02
UUP Dollar Index pulls back to intraday support -Technical-
Overnight upticks (hit 81.03) failed to take out yesterday's high (81.08) with a steady slide noted into recent trade. However, the Dollar Index has tested and lifted off intraday support at 80.57/80.48 (overnight lows/38% retrace of rally off 50 day sma) which has contributed to a dip in this morning's sector leadership from Energy/Commodity.
11:01
BELM Bell Microproducts' Latin America division signs agreement with Dell (5.37 +0.07)
Co announced that its Latin American division has signed a distribution agreement with Dell (DELL). Under the terms of the agreement, Bell Micro will distribute Dell laptops and netbooks to retailers and SMBs throughout Latin America. Dell products will be shipped from Bell Micro's Miami warehouse to Latin America. In the future, shipments are expected go directly from Dell's manufacturing facilities in China to Bell Micro's facilities in Chile and Brazil. Dell products will be available through Bell Micro Latin America beginning in late March, 2010.
10:58
SPY Stock indices pulling back after S&P -0.2 failed to confirm move to new 52-wk highs -- Dow +18, Nasdaq -1.9 -Update- -Technical-
10:52
GOOG Google shares continue to see selling pressure today as price is now lower by nearly 2.50% with a technical level of support in play in the 542.00~540.00 zone (543.81 -13.90) -Update- -Technical-
The LoD now stands @ 542.00 to the penny & represents a good part of the Feb. range tops.
10:47
AMRI Albany Molecular files motion for preliminary injunction prohibiting Dr. Reddy's from distributing generic Allegra-D 24 (8.93 -0.04)
Co announced that it along with sanofi-aventis (SNY) U.S., has filed a motion for a preliminary injunction in the United States District Court for the District of New Jersey seeking to enjoin Dr. Reddy's (RDY) from the commercial distribution of generic versions of Allegra-D 24 Hour (fexofenadine HCl 180 mg and pseudoephedrine HCl 240 mg) Extended-Release Tablets in the U.S.
10:43
CTT Competitive Technologies announced that a physician oncology practice based in Virginia has begun using CTT's Calmare Therapy (1.31 +0.02)
10:40
SLX 1st hour global & sector ETF view -Technical-
The Actively Traded Leading Global & Sector ETF Plays:
Steel- SLX +2.25%, SPDRS metals & mining- XME +1.50%, Semis- SMH +1.50%, IGW +1.25%, XSD +1.25%, iShares Brazil -EWZ +1.0%, Solar power- TAN +0.75%, iShares Latin America- ILF +0.75%, iShares telecom- IYZ +0.75%, SPDRS oil & gas exploration & prod.- XOP +0.75%, Silver- SLV +0.75%
The Actively Traded Lagging Global & Sector ETF Plays:
Regional banks- KRE -1.0%, US airlines- FAA -1.0%, iShares Taiwan- EWT -0.75%, Livestock commods- COW -0.75%, iShares REITS & real estate- ICF -0.50%, IYR -0.50%, VIX vol index- VXX -0.50%, Ag commods- DBA -0.50%, China 25- FXI -0.25%
10:39
AIG American Intl sees a pick up in relative volume as it dips below its 7-day range low near the 33.00 area (32.70 -0.71) -Update- -Technical-
The close from the high volume breakout from 03-09 near 32.77 comes into play in this vicinity as well (also coinciding with the late Dec highs). If taken out, the 20-day ema is the next level below at 31.57, followed by the 30.00 zone, which is the bigger support area of the group.
10:34
XRT SPDR Retail sector edges to new 52 week highs @ 41.44 in recent trade (41.38 +.06) -Technical-
Top holdings include BKS, GME, ANN, LTD, ORLY, DLTR.
10:30
HIG Hartford Financial completes capital raise; plans to return Treasury investment (27.60 -0.03)
Co has completed its previously announced equity and debt offerings as part of its plan to fully repurchase the $3.4 bln of The Hartford's preferred shares issued to the U.S. Treasury under Treasury's Capital Purchase Program. Co plans to use $425 mln of the net proceeds from the debt offering, together with the net proceeds of its common stock and depositary shares offerings and available funds, to repurchase the $3.4 bln of preferred shares issued to the U.S. Treasury under Treasury's Capital Purchase Program. Remaining proceeds from the senior notes offering are planned to be used to pre-fund the maturity of The Hartford's senior debt maturing in 2010 and 2011.
10:28
ERI Emrise: Astrodyne acquired assets of specialty power supply manufacturer RO Associates from Emrise Corporation (0.62 0.00)
10:26
FLEX 1st hour NASDAQ 100 (NDX) leaders & laggards -Technical-
NDX 100 Best % Performers:
FLEX +5.50%, SNDK +4.50%, STX +4.0%, MRVL +4.0%, LINTA +2.75%, BIDU +2.25%, JOYG +2.25%, NVDA +2.25%, AMAT +2.25%, FSLR +2.0%, DELL +1.75%, NIHD +2.0%
NDX 100 Worst % Performers:
EXPE -2.50%, GOOG -1.50%, ILMN -1.50%, YHOO -1.25%, GILD -1.0%, WYNN -1.0%, QGEN -1.0%, VRTX -0.75%, SBUX -0.75%, LIFE -0.75%, SIAL -0.75%, PDCO -0.50%
NASDAQ TRIN @ +0.20
NASDAQ A/D @ +50
10:24
SPY Dow +49 and Nasdaq Comp +6.9 set new 52-wk highs, S&P +3.4 hovering just under last week/52-wk high at 1169.84 -- session high 1169.42 -Technical-
10:23
CAT 1st hour Dow 30 (INDU) leaders & laggards -Technical-
INDU 30 Best % Performers:
CAT +3.0%, INTC +1.75%, GE +1.50%, PFE +1.25%, AA +1.50%, KFT +1.0%
INDU 30 Worst % Performers:
HD -0.50%, XOM -0.25%
NYSE TRIN @ +0.65
NYSE A/D @ +715
10:21
COMDX Crude, gold and silver all trade to their best levels of the day as the dollar index drops back towards the flat line
Crude currently higher by 28 cents to $81.88; gold is up $5.90 to $1105.40; silver is higher by 11 cents to $17.05.
10:18
SPY Choppy trade persists with averages hovering at/near session highs -- Dow +38, S&P +2, Nasdaq +5 -Update- -Technical-
Seeing relative strength in Energy/Commodity (XLE, OIH, SLX, GDX, MOO, XLB) as the Dollar Index pulls back intraday along with Semi SMH, Industrial/Machinery, Telecom IYZ, Solar TAN.
10:02
DIA Dow edges to minor new session/52-wk high following data , S&P +1.7 and Nasdaq +4.8 hovering just below recent highs -Technical-
10:02
CMTL Comtech Telecom wins $2.5 mln SATCOM equipment order for new enterprise network (32.10 +0.07)
Co announces that its Tempe, Arizona-based subsidiary, Comtech EF Data received a $2.5 mln order for satellite communications equipment to support a new satellite-based enterprise network for a customer in the Asia-Pacific region.
10:02
CAE CAE Inc awarded C$250 mln contract by Government of Canada for CH147F aircrew training (9.37 +0.01)
Co announced that the Government of Canada has awarded CAE a contract valued at ~C$250 mln for a comprehensive CH147F Chinook helicopter aircrew training solution. The contract was awarded under the program called the Operational Training Systems Provider and is in support of Canada's new fleet of 15 CH147F Chinook medium-to-heavy lift helicopters.
10:01
TXT Textron announced the successful completion of its Phase II Armored Security Vehicle reset program (22.37 +0.19)
10:01
PFE Pfizer signs long-term agreement to supply Prevenar 13* to the world's poorest countries (17.31 +0.16)
Co announced it has signed a 10-year Provisional Supply Agreement to supply Prevenar 13*, for infants and young children in the world's poorest countries under the terms of the Advance Market Commitment (AMC) pilot project against pneumococcal disease. The agreement is the final step in the AMC procurement process which is administered by the United Nations Children's Fund (UNICEF) and supported by GAVI. The agreement is subject to prequalification by the WHO and AMC eligibility designation, which are both expected later this year. Under the terms of the agreement, the price of the pneumococcal conjugate vaccine under the AMC framework is $7.00 for the first several years. The vaccine price will include a $3.50 subsidy to be paid by the AMC donor fund, and $3.50 to be paid by GAVI with a co-financing contribution paid by the developing country governments that introduce the vaccine. Importantly, under the current AMC framework, participating vaccine manufacturers must make a binding commitment to supply vaccine for 10 years at a maximum "tail" price of $3.50 per dose to meet long-term demand and ensure affordability of the vaccine in developing countries even after the donor contributions are exhausted.
10:00
SPY Little upside progress thus far for stock indices but they hold above yesterday's afternoon lows and bounce -- Dow +22, S&P +0.6, Nasdaq +2.7 -Update- -Technical-
09:58
SMH Semiconductors Hldrs range trade near highs after gap higher start -Update- -Technical-
Helping to underpinning a relative strength leader this morning are: AMAT +1.1%, AMD +1.4%, ATML +0.8%, INTC +1.1%, MU +1%, MXIM +1%, SNDK +2.3% (tests its March/52-wk peak at 34.77 -- session high 34.74), TXN +0.6%.
09:57
BIP Brookfield Infrastructure reports progress on DBCT regulatory proceeding (18.40 +0.01)
Co reported progress in its regulatory proceeding for the Dalrymple Bay Coal Terminal (DBCT) in Australia with the Queensland Competition Authority, the regulatory agency responsible for overseeing DBCT. As part of its periodic rate review, DBCT recently filed a revised Draft Access Undertaking and associated submissions with the Queensland Competition Authority , in accordance with the timetable established by the QCA. The Queensland Competition Authority will now undertake its review of the revised DAU before making its decision prior to 31 December 2010.
09:50
DE Relative strength in Machinery in recent trade -Update- -Technical-
DE +2.1%, CAT =1.3%, CNH +1.1%, HON +0.4%, CBE +0.2%, PWR +0.2%
09:49
TECHX Opening Point Gainers/Losers -Technical-
Point Gainers: TGI (+7.14), PRGO (+3.28), AOS (+2.62), CLF (+1.96), BG (+1.74), AMSC (+1.64), CCME (+1.60), HAR (+1.52), SNE (+1.24), CNAM (+1.13), ISSI (+1.26), LOPE (+1.04)
Point Losers: BEC (-5.02), LH (-1.87), MEE (-1.79), ONTY (-1.31), SYNA (-1.19), ABV (-0.95), AFL (-0.94),
09:48
SPY Stock indices pull back off early highs after stalling just shy of recent highs -- Dow +8, S&P -0.8, Nasdaq -1.4 -Update- -Technical-
09:45
HCBK Hudson City Banc: Hermance Family Foundation increases holdings by 10,000 shares of Hudson City Bancorp common stock (13.84 -0.12)
09:44
ECONX Reminder: Existing Home Sales and FHFA Home Price Index data due out in about 16 min at 10:00ET
09:43
DE Deere pushes higher off the open as it lifts above its Jan-Mar range/52-wk high near the 60.00 level (60.80 +0.78) -Technical-
CAT is also probing a similar near-term range high here as well, though not at fresh 52-wk high territory.
09:37
SPY S&P pushes above yesterday's high of 1167 but thus far stalls shy of four session range top/52-wk peak from last Wed at 1169-- session high 1168.12 -Technical-
09:32
TOMO Tomotherapy publishes results from Tomo Therapy Technology (3.75 )
Co cited the first published results on the concurrent use of hypofractionated TomoTherapy radiation treatments and chemotherapy for unresectable locally-advanced non-small cell lung cancer (NSCLC). Previous studies have shown an increase in the rate of tumor control via either escalating biologically effective radiation dose, or the addition of chemotherapy concurrent with the course of radiation. This trial tests the feasibility of dose escalation along with concurrent chemotherapy, taking advantage of the accuracy and dose conformity of helical TomoTherapy treatments in minimizing radiation damage to normal tissues. Dose-per-fraction escalation, starting at 2.0 Gy and increasing by 6 percent per dose cohort, was employed in the UZ Brussel study to determine maximum tolerated dose. A total of 34 patients were included over five dose groups receiving total doses from 60 to 74.4 Gy. A full phase 2 study has been initiated to further investigate toxicity and treatment efficacy with a helical TomoTherapy dose of 67.2 Gy in 30 fractions and concurrent chemotherapy.
09:28
WHRT World Heart announced that University of Utah Hospital has successfully implanted its first Levacor Ventricular Assist Device (2.03 )
09:25
GRS Gammon Gold announces option agreement to acquire the Mezquite property in Zacatecas State, Mexico (8.55 )
Co announces that it has signed definitive purchase option agreements on a group of properties called the Mezquite Project in Zacatecas State, Mexico. The option agreements include a series of option payments that totals US$ 1.4M over a 3-year period.
09:23
CCL Carnival beats by $0.03, misses on revs; guides Q2 EPS above consensus; raises FY10 EPS guidance (37.91 )
Reports Q1 (Feb) earnings of $0.17 per share, excluding a $0.05 gain from an asset sale, $0.03 better than the First Call consensus of $0.14; revenues rose 8.1% year/year to $3.1 bln vs the $3.14 bln consensus. Co issues upside guidance for Q2, sees EPS of $0.26-0.30 vs. $0.24 consensus. Second quarter constant dollar net revenue yields are expected to increase in the 1 to 2% range (2.5 to 3.5% on a current dollar basis) compared to the prior year. Net cruise costs excluding fuel per ALBD for the second quarter are expected to be approximately 3.5 to 4.5% lower on a constant dollar basis. However, fuel costs for the second quarter are expected to increase $176 mln compared to the prior year, costing an additional $0.22 per share. Co raises guidance for FY10, sees EPS of $2.25-2.35 vs. $2.26 consensus. Since the start of the calendar year, booking volumes for the remaining three quarters are running ahead of the prior year with prices significantly higher than last year's discounted levels. At this time, cumulative advance bookings for the remainder of the year are in line with last year at higher prices. The co expects full year net revenue yields, on a constant dollar basis, to increase 2 to 3% compared to flat to up 1% in its December guidance. Since the December guidance, forecasted constant dollar revenues have increased approximately $170 mln. The co expects net revenue yields on a current dollar basis to increase 2 to 3% for the full year 2010 compared to 2009. The co now expects net cruise costs excluding fuel per ALBD for the full year 2010 to be down approximately 2 to 3% on a constant dollar basis compared to down 1 to 2% in its December guidance. However, since the December guidance, fuel prices have increased. Based on current spot prices for fuel, fuel costs are now expected to increase $483 mln for the full year compared to 2009, costing an additional $0.60 per share. Since the December guidance, fuel costs are expected to reduce earnings by $117 mln. In addition, strengthening of the U.S. dollar since the December guidance is expected to reduce earnings by approximately $85 mln. "We have enjoyed a very robust wave season, setting booking records during the quarter. Wave season bookings were fueled by attractive pricing in the marketplace and pent-up demand from those who postponed vacations last year. As a result, pricing continues to increase, particularly for the peak summer season. Having achieved significantly higher pricing, we expect revenue yields for the remaining three quarters of the year to increase ~3 to 4% (in constant dollars) compared to last year. Vacationers should take advantage of the current low rates now as prices are going up."
09:09
PTN Palatin Technologies receives $2.5 mln from AstraZeneca (0.25 )
Co announces that it received $2.5 mln from AstraZeneca (AZN) pursuant to the September 2009 amendment of the exclusive research collaboration and license agreement to discover, develop and commercialize compounds that target melanocortin receptors for treatment of obesity and related indications. Payment of the $2.5 million was contingent on the successful completion by Palatin of certain tasks this quarter relating to the program. Palatin received an initial $2.5 million upon signing the September 2009 amendment.
09:08
TRI Thomson Reuters announced that it will repurchase its $700 mln principal amount of outstanding 6.20% notes due January 5, 2012 (36.29 )
09:05
On The Wires
Midway Gold (MDW) announces that Barrick Gold Exploration has commenced its 2010 drilling program at the Spring Valley project, Nevada. Barrick has approved a budget of US$5,000,000 and a program to include both reverse circulation and core drilling... The Quigley Corporation (QGLY) and Phosphagenics Limited announce the formation of a joint venture to develop a wide range of non-prescription remedies for worldwide distribution and sale... DCT Industrial Trust (DCT) signs 472,000 square foot development lease in Memphis & acquires bulk distribution property in New Jersey which is expected to occur in second quarter of 2010.
09:05
BBI Blockbuster and Warner Bros. announce new agreement that continues to provide immediate availability of Warner Bros. titles (0.32 )
Co announced a new agreement that continues to provide immediate availability of Warner Bros. (TWX) titles, this gives Blockbuster a full four week lead before either kiosk or other subscription services can offer any Warner Bros. titles.
09:04
MGH Minco Gold Defines Significant Poly-Metallic Mineralization at Yejiaba Property (1.24 )
Co announces that a large poly-metallic and gold mineralization trend within a regional unconformity has been defined on its 100% owned Yejiaba property located in Gansu Province, P.R.C. The mineralized structural trend is over 10 kilometres in length with some portions of the trend located outside of Minco's property. In the southwest portion of the structural trend poly-metallic mineralization is located in the hanging wall while the gold mineralization is located in the footwall in the northeast portion of the structural trend.
09:04
FTBK Frontier Fincl: Frontier Bank receives supervisory prompt corrective action directive (2.85 )
Frontier Financial Corp (FTBK), the financial holding company for Frontier Bank, announced that Frontier Bank has received from the Federal Deposit Insurance Corporation, a Supervisory Prompt Corrective Action Directive dated March 16, 2010, due to the Bank's critically undercapitalized status. The Directive requires that within 30 days of the effective date of the Directive, or by April 15, 2010, the Bank must either recapitalize by the sale of shares or obligations so that the Bank will be adequately recapitalized, or accept an offer to be acquired by another institution. The Directive also reiterates a number of restrictions already imposed on the Bank by the regulators, prohibiting the Bank from accepting or renewing brokered deposits, increasing assets, paying dividends, increasing compensation or paying bonuses to directors or officers, opening, relocating or selling new offices, and requiring the Bank to comply with certain restrictions on interest rates and transactions with affiliates.
09:04
S&P futures vs fair value: -1.20. Nasdaq futures vs fair value: -0.30.
As we approach the opening bell, futures have ticked slightly higher and are now indicating essentially a flat open. James Bullard, the President of the Federal Reserve Bank of St. Louis, offered an encouraging impression regarding the state of the economy by saying the U.S. economic recovery is on track and that labor data should look better in March and beyond. Household spending is improving and business investment is picking up. However, he still expects more bank failures this year than in 2009, and believes the tick down in unemployment this spring won't amount to a dramatic drop, according to the Wall Street Journal. As a reminder, February existing home sales data is set to be released at 10:00 ET. Consensus is set at 5.00 million.
09:02
XRA Exeter Resource and Extorre close spin-out and create two independent companies (8.83 )
Co's announce that they have closed the previously announced spin-out transaction and that Extorre now trades as an independent company on the TSX under the symbol "XG". As a result of the closing, Extorre holds all of Exeter's former interest in the Argentine Cerro Moro and Don Sixto Projects as well as its Argentine Patagonian exploration projects and an initial $25 million from Exeter. Extorre's initial focus is on development of the Cerro Moro Project, while exploration drilling will continue to test for new high grade vein targets. Exeter will continue to hold and focus on advancing its Caspiche Project, located in northern Chile.For purposes of shareholders determining the tax basis of their shares in Exeter and Extorre as a result of the spin-out transaction, Exeter's board of directors has determined that the relative value for Exeter and Extorre is 80% and 20% respectively.
09:01
WAB Wabtec receives $26 mln contract to overhaul 286 transit cars (43.14 )
Wabtec Corporation (WAB) said its Wabtec Rail subsidiary in Doncaster, England has been awarded a $26 million contract to overhaul 286 transit cars for Angel Trains. The project is expected to run through 2014. The Class 465 and 466 Electric Multiple Units are currently leased by Angels Trains to London South Eastern Railway. The work will be performed at Wabtec Rail's facility in Doncaster.
09:01
TTEK Tetra Tech selected for $18 mln Seattle seawall replacement project and awarded $250 mln environmental remediation contract (22.63 )
Co announces that its Tetra Tech EC subsidiary is one of five contractors that has been awarded a contract for remediation of radiological contaminants at various locations within the U.S. Naval Facilities Engineering Command, Southwest and Atlantic areas of responsibility, and U.S. Department of Defense locations nationwide. The maximum dollar value, including the base period and four option years, for all five contracts combined is $250 mln. Additionally, co has been selected to provide program management and technical services for the Central Waterfront seawall replacement project for the Seattle Department of Transportation. The SDOT estimates the value of this contract at approx $18 mln.
09:01
NABI NABI Biopharma announces $61 mln share repurchase program (6.19 )
Co announces that its Board of Directors has approved an aggregate total of up to $60.9 mln to repurchase the co's outstanding common shares in the open market or in privately negotiated transactions. This authorization includes the $10.9 mln balance remaining from the $65 mln repurchase program announced in 2007 plus an additional $50 mln. To date, Nabi has repurchased 13.9 million shares of common stock for a total of $54.1 mln under the 2007 program. The Board of Directors also indicated that the program could be further expanded as we gain further clarity on potential items such as potential milestone payments to be received, clinical trial expenses and partnership decisions, among other items.
08:50
BRS Bristow Group announces new $275 mln contract in Brazil and North Sea (39.25 )
Co announced that it has won four contracts for work in Brazil and the U.K. North Sea totaling in excess of $275 mln over their initial five-year terms. Bristow has also successfully negotiated a new contract with BP to provide helicopter services in the southern North Sea using two S-76C++ aircraft. The five-year contract begins September 1, 2010 and includes an option to extend the term for up to another five years.
08:36
TLR Timberline Resources agrees to acquire Staccato Gold with potential near-term Nevada gold production at Lookout Mountain (1.19 )
Co and Staccato Gold Resources announce that they have entered into a definitive agreement whereby Timberline will acquire, through a court-approved plan of arrangement, all of the issued and outstanding common shares of Staccato by means of a share exchange. Under the Agreement, Staccato shareholders will receive one share of common stock of Timberline and $0.0001 for every seven Staccato common shares held... Current Timberline shareholders will own approximately 74% of the shares outstanding and former Staccato shareholders will own approximately 26%. On a fully diluted basis, Timberline will be owned 71% by current Timberline shareholders and 29% by current Staccato shareholders. The Agreement contains a commitment from Staccato not to solicit or initiate discussions concerning alternative transactions to the proposed Arrangement.
08:36
GNBT Generex Biotech demands retraction of "false and misleading" article (0.55 )
Co has "demanded a retraction of and apologies for the inaccuracies in an online article published to TheStreet.com on March 19." TheStreet.com columnist Adam Feuerstein makes erroneous claims about Generex and its flagship product Generex Oral-lyn, an oral insulin spray currently in Phase III clinical trials for the treatment of Type I and Type II diabetes... The article states, "Nifty technology, except none of the Oral-Lyn data collected by Generex has not been peer-reviewed in credible medical journals, nor has it been presented at the top-flight diabetes meetings." The co says that "a number of independent, peer-reviewed studies of Generex Oral-lyn have been published in journals including Diabetes Care."
08:34
S&P futures vs fair value: -3.10. Nasdaq futures vs fair value: -2.30.
In overseas trading, the MSCI Asia Pacific Index closed unchanged in mixed trade. In Japan, the Nikkei closed -0.5% as the market played catch up after being closed yesterday. Shares of All Nippon Airways plunged 6% after the airline more than doubled its annual loss estimate. But Toshiba ended 3.5% higher on news it was in talks with a company backed by Microsoft Chairman Bill Gates to jointly develop advanced nuclear reactors... The Hang Seng closed +0.3% in Hong Kong, giving up some earlier gains as investors took profit in the afternoon session on worries mainland may further tighten liquidity through a rise in bank reserve ratios. Exporters outperformed on expectations overseas demand for their products would rise as the global economy recovered, dealers said... In mainland China, the Shanghai Composite closed -0.7% after it failed to breach a key technical resistance level, while investors cashed in gains from small-cap shares that had recently outperformed a market rebound... The Kospi closed +0.5% in South Korea as Samsung Electronics settled +1.0%. Construction issues rallied amid order expectations after local media reports South Korean builders were likely to win a significant portion of an estimated $6.6 bln order from Saudi Arabia... In India, the Sensex closed +0.2% rebounding from their steepest drop in six weeks, amid optimism that spending will drive demand, limiting the effect of the central bank's decision to raise interest rates... In Europe, the major markets there are trading with gains today as Great Britain's FTSE is up about 0.40%, Germany's DAX is higher by 0.15%, and France's CAC is also up 0.40%. Of note, Britain's consumer price inflation feel a half point in Feb. to 3%, although it remained above the government's annual target of 2%.
08:34
ARM ArvinMeritor announces results and proration of its tender offer for up to $175 mln of its 8-3/4% notes due 2012 (12.93 )
Co announces the offer commenced on February 23, 2010 and expired at 11:59 p.m. New York City time on March 22, 2010 (the "Expiration Date"). As of 11:59 p.m. New York City time on the Expiration Date, $264.2 million aggregate principal amount of the notes were validly tendered and not validly withdrawn pursuant to the offer. ArvinMeritor will purchase $175 million aggregate principal amount of notes validly tendered and not validly withdrawn pursuant to the offer, which was the tender cap for the offer. Based on the tender cap and the proration terms of the offer, approximately 66.3% of the notes validly tendered and not validly withdrawn pursuant to the offer will be accepted for purchase by ArvinMeritor.
08:33
PSTI Pluristem Therapeutics Granted European Union Patent for PluriX Three-Dimensional Bioreactor System (1.09 )
Co announced that it has been granted a European Patent on its core 3D cell expansion technology. The granting of the European patent follows the issuance of several corresponding US patents as well as corresponding patents in ten additional jurisdictions. A divisional application of the now granted European application has been timely filed. In addition to these granted patents, Pluristem's portfolio consists of 39 pending patent applications on the methods for production and expansion of stromal, progenitor and hematopoietic cells and the use of the obtained cells for the treatment of numerous severe degenerative, ischemic and autoimmune disorders in human subjects and for veterinary regenerative uses.
08:32
CVGI Commercial Vehicle Group selected as standard seat for Hino trucks (6.80 )
Co announced that its National Seating brand has been selected by Hino Motors Manufacturing, a Toyota Group Company, as the seat supplier of choice for Hino's North American produced medium-duty trucks. Under the new agreement, CVG will provide both suspension and static seats for Hino products. The new Hino seating program is scheduled to begin production during the first quarter 2011 at CVG's facility in Vonore, Tennessee. At current production levels, revenues related to this program are anticipated to be in the range of $2 mln to $3 mln annually.
08:32
AEZ American Oil & Gas updates Bakken and Three Forks Goliath Project (5.90 )
Co announces that the Tong Trust 1-20H well, located in T157N-R96W, Section 20, produced 1,421 barrels of oil equivalent (1,114 barrels of oil and 1.84 MMcf of natural gas) from the Bakken formation during an early 24 hour flow back period. The Bakken formation was fracture stimulated with 25 stages. The Tong Trust well was drilled, completed and funded under the terms of a previously announced participation agreement. American was carried for 30% of its original 90% working interest and owns a 27.1% working interest and 21.6% net revenue interest in the well.
08:32
PTIE Pain Therapeutics announces clinical data with a new drug for skin cancer (6.64 )
Co announces encouraging clinical data with PTI-188, an early-stage drug for metastatic melanoma. Although efficacy was not a primary endpoint, PTI and its clinical investigators were encouraged by the number of melanoma tumors that had either stabilized or decreased in size after a single dose of PTI-188. In a first Phase I study with PTI-188, most patients (nearly 70%) showed stable disease in target lesions at the conclusion of the six-week study. In a second Phase I study, approximately 40% of patients showed stable disease at week fourteen. Preliminary analysis, combining both clinical studies, indicates a median overall survival time of 13 months (n=19). Pain Therapeutics' PTI-188 is a proprietary, radio-labeled monoclonal antibody. It is designed to locate and bind to melanoma tumors inside the body, and to deliver a powerful dose of radiation to tumor sites. This radiation destroys cancer cells, thus promoting anti-tumor activity.
08:31
NEP China North East Petroleum petroleum subsidiary Tiancheng signs contract with PetroChina Jilin to drill 30 new wells (8.78 )
Co announces that its oilfield services subsidiary, Song Yuan Tiancheng Drilling Engineering Co. Ltd. has signed a contract with PetroChina's (PTR) Jilin branch to drill 30 new wells in PTR's FuYu field. This is co's second drilling contract with PTR announced this year and the third drilling contract signed since December 2009.
08:31
APPY AspenBio Pharma completes patient enrollment of AppyScore clinical trial to support FDA 510(k) submission (2.20 )
Co completes patient enrollment for its AppyScore pivotal clinical trial designed to evaluate 800 patients suspected of having acute appendicitis. The study has now advanced to the data analysis phase. Co estimates approx six to eight weeks will be required to independently review and validate final clinical and assay data and statistical analysis. Upon completion of this analysis the data will then be included in the FDA 510(k) package. The co continues to plan on completing the FDA 510(k) submission in the second quarter of 2010.
08:31
LGF Lions Gate Entain Board of Directors rejects Icahn's unsolicited amended tender offer (5.82 )
Co announces that its Board of Directors, in consultation with its financial and legal advisors, has determined, by unanimous vote of the directors present and upon the unanimous recommendation of the Special Committee of the Board, that the unsolicited amended tender offer from Carl Icahn and certain of his affiliated entities to purchase up to all of the common shares of Lionsgate for U.S.$6.00 per share is financially inadequate and coercive and is not in the best interests of Lionsgate, its shareholders and other stakeholders. Accordingly, the Board recommends that Lionsgate's shareholders reject the Icahn Group's offer and not tender their shares into the Icahn Group's offer.
08:31
RIC Richmont Mines and Louvem Mines announce surface drilling results and production milestone of 1,000,000 gold ounces for the Beaufor Mine (4.13 )
The co and Louvem Mines are pleased to announce assay results from the recently completed surface drilling program at the Beaufor Mine. Richmont and Louvem are also very pleased to highlight that the Beaufor Mine recently attained the notable production level of 1,000,000 gold ounces over its mine life. The mine produced a total of 517,129 gold ounces over the 27 years that it was in operation during the period 1933 until 1995. Since commercial production resumed in 1996, the mine produced an additional 482,871 gold ounces, reaching the lifetime production milestone of 1,000,000 gold ounces in March 2010... Richmont Mines completed a surface exploration program on the Beaufor Mine property in the fourth quarter of 2009 and the first quarter of 2010, through which one promising zone was identified - Zone 350 - which is located approximately 800 metres to the southwest of the mine infrastructure. This zone is composed of a quartz vein that contains pyrite, tourmaline and visible gold, and varies in thickness from 0.35 metres to 2.8 metres. The Company drilled 8 holes for a total of 2,904 metres on this zone. As detailed in the table below, several interesting intercepts were documented, notably 100.00 g/t over a true width of 0.91 metres in hole 50-01, and 23.57 g/t over a true width of 0.90 metres in hole 35-01. The results suggest that Zone 350 covers a minimum lateral distance of 350 metres, and is open at depth and laterally.
08:12
S&P futures vs fair value: -3.10. Nasdaq futures vs fair value: -4.00.
In a fairly busy news morning, futures are currently still trying to find direction as they as they are only slightly lower at the moment. There are a number of news items from overnight and this morning -- both domestically and abroad -- that investors and traders are focusing their attention on. On the homefront, there are a couple of items of particular interest in the financial sector. The Wall Street Journal reports that Secretary of Treasury, Timothy Geithner, will tell a congresional panel today that Fannie Mae (FNM) and Freddie Mac (FRE) won't be allowed to "return to a pre-crisis structure" that rewarded shareholders with big profits, but ultimately burdened taxholders with massive losses. During ths hearing, Mr. Geithner and the administration will outline principles for the future of the mortgage market. The Wall Street Journal also reported that Democrats have advanced legislation to rewrite financial rules as part of a strategy by the Obama administration to pressure the GOP to vote on the regulatory overhaul. The vote was 13-10 in the Senate Banking Committee. Republicans, meanwhile, are rethinking their strategy about how to shape or derail the bill, which some believe would reduce credit and potentially cost U.S. jobs... There are also a couple corporate news items of interest this morning. In the ongoing saga between Google (GOOG) and China, CBS News reports that, in response to GOOG's decision to stop censoring the Internet for China by shifting its search engine off the mainland, the country has now accused GOOG of violating promises it made regarding filtering its searching service. Shares of GOOG are relatively unchanged in pre-market trading, although Baidu.com (BIDU) is trading higher by 3%. On the earnings front, Walgreens (WAG) reported Q2 earnings and revenue below consensus. WAG shares are currently trading slightly lower... In international news, Greece is again in the headlines, stating that it wants a European solution to its debt crisis and expects a positive result from the EU on March 25-26. Germany and its EU partners are in disagreement over financial support for Greece, whose debt load is seen hitting 120.4% of gross domestic product this year. Yesterday. Chancellor Angela Merkel continued to rebuff calls for a support deal this week. Finally, Reuters has reported that China will likely run a trade deficit of over $8 bln in March, which would make it China's first monthly deficit since April 2004. However, this is expected to be a one-time blip, rather than the beginning of a new trend. Surging domestic demand has grown faster than exports, which have been bogged down by a tepid worldwide recovery.
08:12
On The Wires
Motorola (MOT) announces that it has shipped more than two million WiMAX devices, including customer premises equipment and dongles. This milestone occurred in February 2010 - just five months after Motorola shipped its one millionth device in September 2009... SAFC Hitech, a business segment within SAFC, a division of the Sigma-Aldrich Group (SIAL), announces that it plans to invest $2 mln expanding production of trimethylgallium at its Bromborough, Wirral, UK manufacturing plant... Openwave Systems (OPWV) announces a joint collaboration with the Nielsen Company to develop an insight engine, a combined demographics and analytics-based solution that features deeply refined reporting and the ability to compare a wide variety of demographics segments... BankAtlantic Bancorp (BBX) is extending the Expiration Time with respect to its previously announced cash offers to purchase, and consent solicitations relating to, the twelve series of its non-publicly traded trust preferred securities with an aggregate principal amount of $230,000,000... Equinix (EQIX) announces a strategic partnership agreement with Shanghai Data Solution, systems integrator for network and communications services in Shanghai, P.R. China... Dolan Media Company (DM) announces that it plans to seek shareholder approval of a new company name: The Dolan Company... SRS Labs (SRSL) formed a strategic partnership with Huawei to advance the multimedia performance of the company's mobile phone product line through the implementation of SRS WOW HD, commencing with the Huawei C5900 CDMA EVDO model... Symyx Technologies (SMMX) announces a partnership with Simulations Plus to improve the predictive modeling of metabolites. Under the terms of the agreement, Simulations Plus will use information from the highly regarded Symyx Metabolite database to develop a new system for in silico predictive modeling of metabolic properties, enabling R&D organizations to improve compound design, drive down experiment costs, and reduce late product failures. Celsius Holdings (CELH) announces that Celsius will be available at Cumberland Farms locations beginning in April... Sigma (SGM) achieves 14 design wins with different equipment makers and 4 deployments with Eoc Solution
08:06
KBH KB Home misses by $0.29, misses on revs; sees a return to profitability in the latter part of the year (17.44 )
Reports Q1 (Feb) loss of $0.71 per share, $0.29 worse than the First Call consensus of ($0.42); revenues fell 14.1% year/year to $264 mln vs the $276.2 mln consensus, reflecting a 14% year-over-year decline in housing revenues due to fewer homes delivered and a lower average selling price. The co delivered 1,326 homes in the first quarter of 2010, down 8% from the first quarter of 2009, reflecting decreases of 3%, 19% and 37% in the Company's West Coast, Southwest, and Southeast regions, respectively, partly offset by an 18% increase in the Central region. The Company's average selling price in the first quarter declined 6% year-over-year to $197,700, reflecting decreases of 20%, 10% and 11% in the co's Southwest, Central and Southeast regions, respectively, partly offset by a 3% increase in the West Coast region. Land sale revenues in the 2010 first quarter totaled $.4 mln, compared to $1.3 mln in the year-earlier quarter. The co's net orders totaled 1,913 in the first quarter of 2010, up 5% from 1,827 net orders in the same period of 2009. Net orders increased significantly in the Company's Southwest and Central regions, which posted YoY growth of 41% and 15%, respectively, in the first quarter of 2010. The co's cancellation rate as a percentage of gross orders improved to 22% in the 2010 first quarter from 28% in the year-earlier quarter. As a percentage of beginning backlog, the cancellation rate was 26% in the first quarter of 2010 and 31% in the year-earlier quarter. The number of homes in backlog at February 28, 2010 increased 2% on a year-over-year basis to 2,713 from 2,651, while the corresponding backlog value declined 6% to approximately $523.8 mln in projected future revenues from approximately $559.8 mln. Compared to year-end 2009 levels, the number of homes and projected future revenues in backlog increased 28% and 24%, respectively, in the first quarter of 2010. "The operating environment for the homebuilding industry is better today than last year at this time. Encouraging data in recent months suggest that a number of housing markets may be stabilizing or starting to rebound, though we do not yet see, in many respects, a sustained nationwide recovery. While the pace is likely to be uneven in the months ahead, we currently expect housing market conditions to follow a generally positive trajectory throughout this year and into 2011... Based on our current outlook, we believe that KB Home is positioned to return to profitability in the latter part of this year, and that our growth-oriented strategies will create higher returns on capital in the future along with favorable long-term results for our stockholders."
08:03
VMW VMware announces new partnership with Siemens Enterprise Communications for real-time communications deployment (53.78 )
08:03
STJ St. Jude Medical announces regulatory and reimbursement approval from the Australian Therapeutic Goods Administration its Briodeep brain stimulation system for treating the symptoms of Parkinson's disease (39.85 )
08:02
PXD Pioneer Natural Resources continues successful Eagle Ford Shale drilling program (52.60 )
Co announced its third successful well in the Eagle Ford Shale in South Texas. The Charles Riedesel GU 1-1 well, which is located in DeWitt County, Texas, flowed at an initial production rate of approximately 15.7 mln cubic feet of gas equivalent per day (including approximately 11.6 mln cubic feet of gas per day and 680 barrels of condensate per day) on a 22/64 inch choke with approximately 6,300 pounds per square inch wellhead flowing pressure. The liquids-rich gas contains 1,200 British thermal units per cubic foot. The well was drilled to a vertical depth of approximately 13,800 feet and completed in a 4,500-foot lateral section with a 14-stage fracture stimulation. The well is currently producing to sales.
08:01
PMI PMI Group: Freddie Mac approves PMI as an Eligible Mortgage Insurer (3.14 )
Co's principal operating subsidiary, PMI Mortgage Insurance announced that Freddie Mac (FRE) has approved PMI Mortgage Assurance as a direct issuer of mortgage guaranty insurance. Pursuant to Freddie Mac's approval, PMAC may write new mortgage insurance business in certain states in the event that PMI Mortgage Insurance is required to cease writing new mortgage insurance business in those states due to its inability to meet applicable regulatory capital requirements. Freddie Mac's approval, which is subject to certain conditions and restrictions, will remain in effect until December 31, 2011. As previously announced, Fannie Mae has also approved PMAC as a direct issuer of mortgage guaranty insurance.
08:01
DFR Deerfield Triarc Capital announces acquisition of Columbus Nova Credit Investment Management; reports Q4 results (5.10 )
Co announced a definitive agreement to acquire Columbus Nova Credit Investment Management, a Charlotte-based investment manager specializing in leveraged loan credit products with $1.8 billion of assets under management from Bounty Investments, an investment vehicle managed by Renova U.S. Management LLC, a New York-based investment management firm, for $25.0 million of stock (at an implied price per share of $5.50) and deferred payments totaling $7.5 million of cash payable over five years. Additionally, Bounty has agreed to purchase $25.0 million in principal amount of senior subordinated convertible notes issued by the Company. The proceeds from the Convertible Notes, along with DFR cash, will be used to repurchase and retire all of the $73.9 million in principal amount of the outstanding Series A and Series B Senior Secured Notes for a total purchase price of $55.0 million plus accrued interest. The transactions, which are subject to closing conditions including stockholders approval, are expected to close during the second quarter of 2010. "The strategic transaction with Columbus Nova is expected to significantly improve DFR's revenue and cash flow while increasing financial flexibility and reducing leverage. The result of these actions is a company better positioned to grow market share and increase shareholder value." During the fourth quarter, DFR also had positive core earnings of $5.5 million, or $0.81 per share, an increase of $2.2 million, or 66.7%, as compared to the $3.3 million, or $0.49 per share, of core earnings generated during the fourth quarter of 2008.
08:01
ONTY Oncothyreon announces temporary suspension of Stimuvax clinical trials by Merck KGaA (4.78 )
The co announces that Merck Serono, a division of Merck KGaA of Darmstadt, Germany, and its U.S. affiliate, EMD Serono, have temporarily suspended the worldwide clinical development program for Stimuvax (BLP25 liposomal vaccine). The suspension is the result of a suspected unexpected serious adverse reaction in a patient with multiple myeloma participating in an exploratory clinical trial. This decision was taken in alignment with the U.S. Food and Drug Administration's (FDA) clinical hold placed on the Investigational New Drug (IND) application for Stimuvax. The suspension affects the Phase 3 clinical program for Stimuvax, including the START and INSPIRE trials in non-small cell lung cancer (NSCLC) and the STRIDE trial in breast cancer. Further recruitment of patients into all trials actively recruiting patients and ongoing treatment with Stimuvax in these trials are suspended.
08:01
ABT Abbott Labs commences tender offer for all outstanding shares of Facet Biotech (53.87 )
Co announced that its wholly-owned subsidiary, Amber Acquisition, has commenced its cash tender offer for all outstanding shares of common stock of Facet Biotech (FACT) at a price of $27 per share
08:01
DMRC Digimarc has entered into a collaborative licensing arrangement with Arbitron contingent upon payment of $4.5 mln from Arbitron by March 29th (18.81 )
DMRC has entered into a collaborative licensing arrangement with Arbitron (ARB), contingent upon payment of $4.5M from Arbitron by March 29th. Arbitron will receive a non-exclusive, worldwide, and irrevocable license to a substantial portion of Digimarc's domestic and international patent portfolio (including related future and pending patent applications). The arrangement provides Arbitron, its licensees and customers with various rights in Digimarc's technology including the rights to use it to enhance the Arbitron PPM technology through the end of 2021, or until the last licensed Digimarc patent expires. Arbitron and Digimarc have agreed that the pending legal action for declaratory relief, filed by Arbitron last year, will be jointly and voluntarily dismissed without prejudice.
08:01
PAYX Paychex, Thomas Golisano, and others pay $32.2 ln on judgment affirmed by Court of Appeal (32.49 )
On March 18, 2010, Paychex, Thomas Golisano, and two other defendants paid $32.2 million toward a judgment that was recently affirmed by the California Court of Appeal. On March 9, 2010, the Court affirmed a verdict of a Los Angeles jury that had, in addition to compensatory damages of $15 million, awarded punitive damages totaling $11,000,000 against Paychex and Golisano.
08:00
COMV Comverge and Sensus form atrategic alliance to deliver smart energy management programs (11.74 )
The co and Sensus announce a strategic alliance to support current and future utility energy management and conservation programs. The alliance will focus on integrating Comverge's Apollo Demand Response Management System (DRMS) across the Sensus FlexNet multi-application advanced metering infrastructure (AMI) communications network to provide comprehensive and integrated energy management solutions. The non-exclusive alliance will include the integration of standards-based ZigBee home automation devices, as well as future Comverge, Sensus and third-party home area network (HAN) devices based on the emerging U-SNAP connector standard. Utilities and their customers will benefit from Comverge's rich heritage of delivering innovative energy management solutions that have supported over 500 utility programs and Sensus' excellence in advancing smart grid technology, gained from over 100 years of serving the North America utility market.
07:55
BPAX BioSante announces additional positive Leukemia vaccine results (1.71 )
Co announced positive GVAX AML Vaccine results and BioSante's receipt of Orphan Drug designation from the FDA's Office of Orphan Products Development for GVAX AML Vaccine in the treatment of acute myeloid leukemia (AML). This Orphan Drug designation is the second GVAX cancer vaccine from BioSante to secure FDA orphan drug designation. In a paper published in the peer-reviewed journal Blood, clinical investigators, led by investigators at Johns Hopkins University, reported on the results of a Phase II study of GVAX AML (immunotherapy) accompanied by immunotherapy-primed lymphocytes after autologous stem cell transplantation in hematologic malignancies. Fifty-four subjects were enrolled, with 28 (52%) receiving a pre-transplantation GVAX AML dose. A total of 46 (85%) subjects achieved complete remission during the treatment period. For all patients who achieved complete remission, the 3-year relapse-free survival (RFS) rate was 47.4% compared to 61.8% in the GVAX-treated group. While the overall survival rate in all subjects was 57.4%, it was 73.4% in the GVAX-treated group. The authors of the paper conclude, "...immunotherapy in combination with primed lymphocytes and autologous stem cell transplantation shows encouraging signals of potential activity in acute myeloid leukemia."
07:48
JEC Jacobs awarded contract from City of Killeen, Texas & gas plant infrastructure project by Storengy UK (43.40 )
Co announced that it received a contract from the City of Killeen, Texas to provide professional services for the Killeen-Fort Hood Regional Airport and Robert Gray Army Airfield. Officials did not disclose terms of the contract. Co also announced that it received a contract from Storengy UK. to provide engineering, procurement and construction management services for the above-ground infrastructure associated with the new gas storage facility located in Stublach, in the North West England ceremonial county of Cheshire. Jacobs will design and install new gas compression, gas treatment facilities, a control system and utilities for the project. The work will be executed from Jacobs' office in Manchester. The overall project at Storengy's Stublach site is expected to expand the natural gas storage capacity up to 400 mln cubic meters, making the facility one of the largest in the United Kingdom. Operations at the new facility are scheduled to begin in 2013 with total investment estimated at pounds Sterling 350 mln GBP (~$500 mln).
07:46
On The Wires
Magma Design Automation (LAVA) announces that it has entered into an expanded credit line with Wells Fargo Capital Finance, LLC, part of Wells Fargo & Company (WFC). The new $30 mln credit facility consists of a $15 mln term loan and a $15 mln line of credit, and it replaces a $15 mln credit facility the company entered into with Wells Fargo in October 2009... China Green Agriculture (CGA) announces that it has opened 16 directly-owned retail stores and selected 308 stores as "China Green Agriculture Authorized Retailer" of its Jinong branded HA compound fertilizer products... Reed's (REED) announces that CVS Pharmacy (CVS) will be carrying the new 'Reed's Rx' line in the digestive/stomach aisles of CVS Pharmacy stores nationwide. 'Reed's Rx' products are over-the-counter ginger-based remedies for nausea and motion sickness... Following a complaint by Emulex Corporation (ELX), counterfeiters of Emulex Fibre Channel Host Bus Adapters were recently convicted by a criminal court in the city of Shenzhen... AdMarvel announces that it has reached a new strategic partnership with PointRoll, wholly-owned subsidiary of Gannett (GCI). As a result of the partnership, the companies together launch the iPad Advertising Platform, which combines PointRoll's cutting-edge rich media technology with AdMarvel's mobile advertising capabilities... L.B. Foster Company (FSTR) and Portec Rail Products (PRPX) announce that they have each received a formal second request for additional information and documentary material from the Antitrust Division of the Department of Justice regarding the Agreement and Plan of Merger dated February 16, 2010 pursuant to which L.B. Foster proposed to acquire Portec through a tender offer and subsequent merger... Berkshire Hathaway (BRK.A) announces that its subsidiary, McLane Company, has entered into an agreement to acquire Kahn Ventures, parent company of Empire Distributors and Empire Distributors of North Carolina... Delta Air Lines (DAL) and US Airways (LCC) announce an agreement to transfer to four airlines 12% of the takeoff and landing slots involved in a previously announced transaction between the carriers at New York's LaGuardia and Washington's Reagan National airports. The transfers are contingent upon Federal Aviation Administration approval and the subsequent closing of the originally proposed Delta-US Airways transaction... Sendori, an operating business of IAC (IACI) and division of Ask Sponsored Listings announces that it has been granted approval on applications for two individual U.S. patents relating to its core web navigation redirect technology... Reed's (REED) announces that Jones Soda (JSDA) has received an unsolicited offer by a third party and has terminated the exclusivity provision of the Letter of Intent signed with Reed's, Inc. on March 9, 2010.
07:38
COMDX Gold and silver are trading at their lowest levels of the morning as the dollar index ticks to its best levels
Gold is currently lower by $3.50 to $1096.00; silver is down 14.5 cents to $16.79.
07:32
CRU Crude Carriers announced that on March 22, 2010, its Chairman and CEO, Evangelos Marinakis, purchased 70K shares of its common stock at a cost basis of $16.22/share (16.30 )
In addition, as already announced, on Friday, March 19, 2010, the Company's President, Mr. Ioannis Lazaridis, purchased 5,000 shares of Crude Carriers common stock at a cost basis of $16.25 per share and the Company's Chief Financial Officer, Mr. Jerry Kalogiratos, purchased 3,000 shares of common stock at a cost basis of $16.21 per share.
07:31
MNRO Monro Muffler announces acquisition of Import Export Tire stores; Raises 4Q EPS guidance range to $.23 to $.25 (36.65 )
Co announces that it has signed a definitive agreement to acquire the retail store assets of Import Export Tire, Co., a small independent tire chain in Pittsburgh, PA. The Company will purchase all five Import Export Tire stores, which focus solely on tires and automotive related services and generated annual net sales of approximately $10 million in 2009. Management expects the Import Export Tire stores to be slightly accretive in the first twelve months following the completion of the acquisition. The addition of the Import Export Tire stores will increase the Company's number of tire stores in the Pittsburgh market to 12. Additionally, these stores are expected to enhance the effectiveness of the Company's Black Gold initiative in many of its existing 45 service stores in the market. Black Gold is a program designed to increase sales in Monro's service stores, particularly of tires and related services. The acquisition is expected to close at the end of March and to be funded through the Company's existing line of credit. It is management's intention to retain the store employees of the acquired business. For the fourth quarter of fiscal 2010, the Company expects a comparable store sales increase of approximately 7.5%, which is above the high-end of the Company's previously anticipated range. This estimate is on top of an 11.2% comparable store sales increase in the prior year quarter. Additionally, the Company now expects diluted earnings per share for the fourth quarter to be in the range of $.23 to $.25, increased from its previously expected range of $.20 to $.23 (consensus $0.23). This estimate compares to $.15 in the prior year quarter and is based on 20.8 million weighted average shares outstanding. The impact of the acquisition of Import Export Tire is not included in the Company's guidance for fiscal 2010.
07:30
DOX Amdocs acquires MX Telecom for $104 mln to expand its openMarket business (30.20 )
Co announced that it has acquired MX Telecom Ltd. MX Telecom is a leading mobile payments and messaging aggregator with operations in Europe, United States and Australia. Under the terms of the agreement, Amdocs has acquired MX Telecom for approximately $104 million USD in cash, net of debt and cash. This announcement was made at International CTIA Wireless 2010 taking place this week.
07:02
ITMN InterMune: The European Medicines Agency completes validation stage for InterMune's marketing authorization application for pirfenidone (41.70 )
Co announces that the company's Marketing Authorization Application, submitted on March 2 seeking approval of pirfenidone for the treatment of idiopathic pulmonary fibrosis in adults, was validated by the European Medicines Agency. Validation of the MAA by the EMA indicates that the application is complete and that the review process will begin on March 24. The proposed trade name for pirfenidone in both the United States and Europe is Esbriet.
07:01
CNAM China Armco Metals secures supply of 749,000 metric tons of Brazilian Manganese ore (8.25 )
Co announced that Armco & Metawise, the co's wholly owned subsidiary, has entered into a contract to purchase 749,000 metric tons of Brazilian manganese ore fines over the next 16 months which could result in sales of up to $180 mln over the contract period based on current market prices for manganese ore of this type.
07:01
ALNY Alnylam Pharma completes technology transfer objectives in its Takeda alliance and earns $20 mln payment (17.99 )
Co announces that it has earned a $20 mln technology transfer payment from Takeda Pharma as part of the strategic alliance the companies formed in May 2008. This payment is related to the achievement of certain pre-defined objectives in the transfer of Alnylam's platform technology, including documents, materials, and know-how, to Takeda for the development of RNAi therapeutics. In addition to this current $20 million payment, Alnylam is eligible to receive an additional $10 mln in near-term technology transfer payments. Alnylam is also eligible to receive significant milestones and royalties related to the Takeda's advancement of RNAi therapeutic products, and has retained certain product opt-in rights in the U.S. market.
07:00
TSRA Tessera Tech licenses OptiML focus technology to AzureWave (20.48 )
Co announced that AzureWave Technologies Inc. has licensed Tessera's OptiML Focus image enhancement solution, which provides automatic focus capabilities in camera-enabled devices to deliver high-quality images with no moving parts. AzureWave, based in Taiwan, will integrate the innovative technology into its next-generation camera modules for laptop computers, webcams, cell phones and other camera-enabled devices.
06:52
PRGO Perrigo acquires Infant Formula Manufacturer PBM Holdings for $808 Million (51.13 )
Co announces it has signed a definitive merger agreement to acquire PBM Holdings for approx $808 mln in cash. Based in Gordonsville, Virginia, privately-held PBM manufactures and distributes over-the-counter store brand infant formula and baby foods sold by leading retailers in the mass, club, grocery and drug channels in the United States, Canada, Mexico and China. The acquisition is expected to close in the Company's fiscal 2010 fourth quarter pending regulatory approval. No PBM debt will be assumed in this transaction. Perrigo intends to fund the transaction using approx $175 mln of cash on hand and $300 mln available under the terms of its existing debt agreements. The balance is expected to be raised through one or more sources of new debt financing. To this end, as of the signing of the definitive agreement, the Company received a bank bridge financing commitment for up to $350 mln. Pursuant to the agreement, Perrigo and PBM expect to make an election under section 338(h)(10) of the Internal Revenue Code that will increase Perrigo's tax basis in the acquired assets. This increase in basis is expected to result in cash tax savings to Perrigo over the next 15 years. The estimated net present value of these savings is approx $150 mln. Acquisition expected to add approx $300 million of sales in first full fiscal year and anticipated to be at a minimum $0.10 accretive to GAAP EPS in the first full fiscal year and ROIC accretive in year two.
AOS A.O. Smith issues upside Q1 EPS guidance; raises FY10 EPS guidance (49.88 )
Co issues upside guidance for Q1 (Mar), sees EPS of $0.95-1.00 vs. $0.68 First Call consensus. Co raises guidance for FY10 (Dec), sees EPS of $3.20-3.40 vs. $3.15 consensus, up from $2.95-3.25 previously. "Both of our business segments are experiencing higher sales volumes than we originally expected. In addition, the results of our extensive cost reduction efforts and continuing strength in water heater sales in China will benefit the first quarter."
06:33
CLDA Clinical Data submits new drug application for Vilazodone for the treatment of major depressive disorder (21.45 )
Co announces it has submitted a New Drug Application FDA for vilazodone for the treatment of major depressive disorder. Vilazodone is a dual-acting potent and selective serotonin reuptake inhibitor and a 5-HT1A receptor partial agonist. The Company expects that the NDA submission, if accepted, will be subject to a standard review.
06:32
RMKR Rainmaker Sys awarded two-year agreement for contract sales in Canada by fortune 50 hardware client (1.22 )
Co announces it has been awarded a new two-year agreement by its Fortune 50 Hardware client to deploy its hosted channel contract sales solution in Canada, representing an expansion of its successful program for this client in the US.
06:22
S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +3.70.
06:22
Asian Markets
Nikkei...10774.15...-50.60...-0.50%. Hang Seng...20987.78...+54.50...+0.30%.
06:22
European Markets
FTSE...5686.84...+42.30...+0.80%. DAX...6017.38...+29.80...+0.50%.
06:17
GTXI GTx and Ipsen expand partnership (3.59 )
Ipsen and co announce the expansion of their partnership for the development and commercialization of toremifene 80 mg for the reduction of fractures in men with advanced prostate cancer on androgen deprivation therapy and toremifene 20 mg for the prevention of prostate cancer in high risk patients with High Grade Prostatic Intraepithelial Neoplasia lesions. Under the terms of the amended collaboration agreement, Ipsen will pay GTx up to EUR42 mln (approx $58 mln, based on current exchange rates) in milestone payments upon the initiation, enrollment and progression of the second toremifene 80 mg Phase III clinical trial.
06:14
DVAX Dynavax Technologies reports positive findings from safety analysis of HEPLISAV (1.27 )
Co will present for the first time a detailed analysis of safety data for HEPLISAV, an investigational adult hepatitis B vaccine, including two findings: The safety profile of HEPLISAV was comparable to that of Engerix-B, one of two currently licensed vaccines for the prevention of hepatitis B infection, and there is no difference in autoimmune adverse events or laboratory markers of autoimmunity between subjects vaccinated with HEPLISAV and Engerix-B.
06:11
On The Wires
PetroQuest Energy (PQ) announcesthat the co's bank group has completed its semi-annual re-determination of its borrowing base under its credit facility. As a result, the co's $100 million borrowing base has been reaffirmed... Uroplasty (UPI) announces the issuance of U.S. Patent No. 7,668,598 covering the stimulation method used in the Urgent PC Neuromodulation System.
06:09
TGI Triumph Group announces agreement to acquire Vought Aircraft Industries (61.22 )
Co announces the signing of a definitive agreement to purchase Vought Aircraft Industries from The Carlyle Group for cash and stock consideration of $1.44 bln including the retirement of Vought debt. The purchase consideration to Vought shareholders includes approx 7.5 million shares and $525 million of cash. Post-closing, Carlyle will own approximately 31% of the outstanding stock of Triumph and will be subject to certain lock up provisions. The transaction is subject to customary closing conditions including regulatory approvals and approval of Triumph shareholders and is expected to be completed in July, 2010. The acquired business will operate as Triumph Aerostructures -Vought Aircraft Division, LLC. On a full-year run-rate basis, earnings accretion is expected to be in excess of $1.00 per diluted share, reflecting initial estimates of purchase accounting adjustments and excluding synergies resulting from the acquisition and transaction-related expenses. Pro forma for the acquisition, Triumph will have approx $3.1 billion of revenue and Pro forma Adjusted EBITDA of approx $446 million, for the twelve months ended December 31, 2009. Pro forma total debt to Pro forma Adjusted EBITDA as of the twelve months ended December 31, 2009, will be approx 3.2x. Triumph expects to fund the transaction with a combination of current and new credit facilities and has obtained certain financing commitments that are subject to customary conditions.
06:06
HRB H&R Block announces preliminary tax season results through March 15 (17.13 )
Co announces preliminary tax season results for the interim period through March 15, 2010. Same-office tax returns prepared in retail operations for the March 1-15 period grew 7.0% compared to the prior-year, while total tax returns prepared increased 4.3%. Total retail returns prepared grew 4.4% and the net average retail fee per tax return increased 2.1%. Tax season-to-date through March 15, same-office tax returns prepared in retail operations fell 5.1% compared to the prior-year. Total tax returns prepared were down 6.3%. Total retail returns prepared tax season-to-date fell 7.6%, while the net average retail fee per tax return increased 2.3%. Digital returns prepared by H&R Block were down 3.4% while online returns grew 2.6%. The aggregate number of digital returns including the Free File Alliance fell 2.9%. Software-based returns declined by 10.2% due to the co's decision to exit two unprofitable distribution channels.
05:09
On The Wires
Linktone Ltd. (LTON) announces that it together with its major shareholder, PT Media Nusantara Citra Tbk, have completed the acquisition of 75% of the share capital of InnoForm Group... Ness Technologies (NSTC) announces a multi-million dollar contract with a Latin American government to install a command and control system in military helicopters and ground command posts.
01:29
On The Wires
APP Pharmaceuticals, a wholly owned subsidiary of Fresenius Kabi Pharmaceuticals Holding (APCVZ), announces that it has received approval from the FDA to market Indomethacin for Injection... ZBB Energy (ZBB) announces that it has received an order for a ZESS energy system which consists of, three (3) ZESS 50, zinc bromide flow batteries and the ZESS power and energy control center from NIDON Clean Energy, a division of NIDON Computer.
18:18
MVO MV Oil Trust: Vess Oil Corp announces hiring of new Chief Financial Officer (23.74 +0.16) -Update-
Vess Oil Corp (VOC) announced that Barry Hill has been hired as Vice President and Chief Financial Officer. Hill previously served as Vice President with Raymond James in the Energy Investment Banking group.
18:14
AMN Ameron International reappoints James S. Marlen as President, CEO and Chairman of the Board and Adopts Succession Plan (67.74 +3.74)
Co announced that it has entered into a new two-year employment agreement with James S. Marlen, current President, Chairman and Chief Executive Officer. Under terms of the new agreement, which will expire in March 2012, Marlen will remain in his current role until a successor is named. The Co plans to initiate a search for a new CEO in early 2011. As part of the Co's succession plan and to ensure a smooth transition, Mr. Marlen would continue to serve as Ameron's Executive Chairman when a new Chief Executive Officer is named and through the term of the new agreement.
17:44
CBKN Capital Bank increases capital through private offering by ~$8.5 mln (3.51 +0.03)
Co announced that it has successfully increased total regulatory capital by ~$8.5 mln through a private placement offering to qualified investors. The offering was structured in the form of Investment Units ("Units") of $10,000 each. Each Unit consisted of a subordinated promissory note with a principal balance of $3,997 and 1,730 shares of the Co's common stock valued at $6,003. As a result of the offering, the Co sold subordinated promissory notes with an aggregate principal amount of $3,393,368 and 1,468,770 shares of the Co's common stock valued at $5,096,632. The Co may elect to sell additional Units in one or more subsequent closings on or prior to June 16, 2010, unless the Co elects to extend the offering, provided that the aggregate number of all Units sold does not exceed 1,500.
17:40
ARIA Ariad Pharm and its co-plaintiffs announced that the U.S. Court of Appeals for the Federal Circuit has ruled in favor of LLY following an en banc rehearing last December (3.28 +0.09) -Update-
17:14
DXPE DXP Enterprises beats by $0.01, misses on revs (11.20 -0.05)
Reports Q4 (Dec) earnings of $0.19 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.18; revenues fell 28.8% year/year to $137.8 mln vs the $151 mln consensus.
17:12
ACGL Arch Capital Group Ltd. sees negative impact to Q1 pre-tax earnings of $35-50 mln due to Chilean Earthquake (75.16 +0.70)
Co announced that it expects pre-tax earnings for the 2010 Q1 to be negatively impacted by the effects of the Chilean earthquake in the range of $35-50 mln, net of reinsurance, retrocessions and reinstatement premiums. This preliminary net loss estimate for the Chilean earthquake is based on projected industry insured losses of $6-8 bln. In addition, the Company announced that it expects pre-tax earnings for the 2010 first quarter to be negatively impacted by the combined effects of European Windstorm Xynthia and the Australian hailstorms and floods in an aggregate amount of less than $15 mln, net of reinsurance, retrocessions and reinstatement premiums. This preliminary net loss estimate is based on projected industry insured losses of $2-4 bln for European Windstorm Xynthia and ~$1 bln for the Australian hailstorms and floods.
17:12
LINE LINN Energy announces private offering of senior Notes of $500 mln (25.99 -0.39) -Update-
Co announced plans to commence a private offering to eligible purchasers of $500 mln in aggregate principal amount of its senior unsecured notes due 2020. The Co intends to use the majority of the net proceeds from the proposed $500 mln notes offering to reduce debt under its revolving credit facility. A portion of the proceeds will also be used to unwind certain interest rate derivative contracts.
17:09
LINE falls 2.3% to $25.40 following 17:05 news
17:08
MPAA Motorcar Parts of America: Wynnefield urges Motorcar Parts of America Board to explore trategic alternatives (6.33 +0.03)
Co announced that Wynnefield Capital, a long-term investor in MPAA, released a letter urging the Board of Directors to commence a "process to explore strategic alternatives in order to enhance shareholder value including, but not limited to, a potential sale of the Company"
17:05
LINE LINN Energy announces acquisition of Antrim Shale Properties in Michigan for $330 mln, public offering of units and amended five-year $1.5 bln credit facility (25.99 -0.39)
Co announced today that the Company signed a definitive purchase agreement on March 21, 2010, to acquire natural gas properties in the Antrim Shale of northern Michigan from HighMount Exploration & Production LLC for a contract price of $330 million, subject to closing conditions. The Company anticipates that the acquisition will close on or before April 30, 2010. Co said, "The Antrim Shale properties are excellent additions to our asset base, with a low decline rate and current production of approximately 30 million cubic feet of natural gas per day. These properties also offer upside potential through low-risk drilling and optimization opportunities. Combining these quality assets with our high rate-of-return horizontal drilling program in the Granite Wash area and oil-focused projects in the Permian Basin balances our portfolio of opportunities moving forward. In addition, the equity offering and credit facility amendment announced today will provide us with the financial flexibility to continue pursuing growth through acquisition." To partially fund the acquisition, LINN Energy is extending a public offering of 12,000,000 units of its limited liability co interests pursuant to an effective shelf registration statement on Form S-3ASR filed with the Securities and Exchange Commission. In connection with the offering, LINN Energy has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 units. Co also announced that it has received commitments to amend its revolving credit facility. The amendment will provide a $1.5 billion facility with a $1.5 billion borrowing base and extend the maturity to March 2015, subject to final documentation. The covenants will be substantially unchanged from the prior facility
16:47
PVH Phillips-Van Heusen continues to climb in after hours... currently up over $0.50 (56.10 +1.74) -Update-
16:46
ISSI Integrated Silicon resumes trading (7.49 +0.19) -Update-
Current quote is 8.89 in thin after-hours trade.
16:37
JSDA Jones Soda resumes trading (0.52 -0.02) -Update-
16:35
ENER Energy Conversion Names William C. "Kriss" Andrews Interim CFO (7.58 -0.17)
Co announced that William C. "Kriss" Andrews, 57, has been named interim CFO, effective April 5. He succeeds Harry W. Zike, 55.
16:31
PLL Pall Corporation awarded contract by National Renewable Energy Laboratory for U.S. Department of Energy (39.07 +0.41)
Co announced that it has been contracted by the National Renewable Energy Laboratory to develop critical filtration and separation processes for a U.S. Department of Energy advanced biofuels project. The contract establishes Pall as a member of the National Advanced Biofuels Consortium, a federal initiative under the American Recovery & Reinvestment Act to drive the creation of a domestic biofuels industry, reduce U.S. reliance on fossil fuels and generate jobs. The initiative will deliver at least one pilot-ready process, design reports, and life cycle analysis demonstrating economics and environmental benefit. The $46 million project will be co-led by NREL and the Pacific Northwest National Laboratory (PNNL).
16:30
CCE Coca-Cola Ent unit to acquire outstanding equity securities of Coca-Cola Drikker AS and Coca-Cola Drycker Sverige AB for $822 million (27.48 +0.52)
Co discloses that as previously disclosed, on February 25, 2010, The Coca-Cola Company (KO), Coca-Cola Enterprises, International CCE (unit of CCE), and Cobalt Subsidiary, entered into a Business Separation and Merger Agreement. As contemplated by the Letter Agreement, on March 20, 2010, the cos entered into a Share Purchase Agreement (the Nordic SPA). Pursuant to the Nordic SPA, Buyer (a subsidiary of CCE which will be a subsidiary of SplitCo as of the closing of the Merger Transactions) will acquire 100% of the outstanding equity securities of Coca-Cola Drikker AS and Coca-Cola Drycker Sverige AB for $822 million. The purchase price is subject to adjustment based on (i) Closing Net Working Capital (as defined in the Nordic SPA) of the Norwegian and Swedish bottling operations as of the closing and (ii) the EBITDA (as defined in the Nordic SPA) of the Norwegian and Swedish bottling operations for the year ended December 31, 2010.
16:30
BEN Franklin Resources: Franklin Templeton Investments announces appointment of Jennifer Bolt as COO of Franklin Resources effective March 16, 2010 (111.42 +1.05) -Update-
16:30
TMH Team Health Holdings acquires Southwest Emergency Physicians (16.03 +0.03)
Co announced the expansion of its presence in Virginia with the acquisition of Roanoke-based Southwest Emergency Physicians, Inc. (SWEP). Through this relationship, TeamHealth will assume the management and staffing of Salem-based Lewis Gale Medical Center's emergency department, which cares for approximately 42,000 patients annually.
16:29
WEN Wendy's/Arby's Group announces increase in stock repurchase authorization by $50 million to a total of $250 million (4.68 -0.03)
16:23
MOS Mosaic: PhosChem announces six mln tonne DAP contract with Indian customers (59.19 +0.77)
Phosphate Chemicals Export Association, Inc. (PhosChem) has reached a three-year agreement to supply six million tonnes of diammonium phosphate (DAP) to Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Indian Potash Limited (IPL), two large Indian customers. PhosChem will ship approximately two million tonnes annually under the multi-year contract. Shipments will occur over the period of April 2010 through March 2013. Shipments for the first year of the contract are at a fixed market competitive price. "This historic three-year contract between PhosChem, IFFCO and IPL underscores PhosChem's long-term commitment to India's expanding crop nutrient industry," said Steve Paxton, President of PhosChem.
16:18
ISSI Integrated Silicon raises Q2 EPS and revs guidance, above current consensus (7.49 +0.19) -Update-
Co raises Q2 EPS guidance to $0.20-0.24 vs. $0.11 consensus, up from $0.08-0.12; raises revs guidance to $54-56 mln vs. $50.7 mln consensus, up from $48-52 mln. Co said, "During the March quarter to date, the Co has experienced better than expected end market demand and pricing, primarily for its DRAM products. As a result, the co is increasing its revenue and margin guidance for the quarter. In addition, due to higher than expected new product mask costs and non-executive employee compensation, the Co now expects its operating expenses to be higher than previously expected. The Co also expects its net income and EPS to be higher than its prior guidance... Demand in all of our markets has further strengthened in the March quarter exceeding our original expectations as the DRAM market continues to experience increasing demand while DRAM supplies remain constrained. Pricing for DRAM also improved helping to increase our gross margins and net income." (Stock is halted)
16:17
VSAT ViaSat announces 5.5 mln share common stock offering consisting of 2.5 mln shares by ViaSat and 3 mln shares by certain selling stockholders (33.70 -0.71)
16:17
RAVN Raven Industries announces a 14% increase in its cash dividend to 16 cents, payable on April 15, 2010 (30.75 +0.17)
16:16
VIVO Meridian Bioscience submits new illumigene molecular C. difficile test to U.S. FDA for marketing clearance (20.91 +0.48)
16:15
TRN Trinity Industries announces James E. Perry will assume the role of Vice President and Chief Financial Officer on May 3, 2010 (20.14 +0.37)
16:12
AVNW Aviat Networks and E-Band sigh OEM agreement for 70/80 backhaul solutions (6.60 +0.38)
Co announced that it has entered into an original equipment manufacturer (OEM) agreement with E-Band Communications. The strategic partnership enables both companies to jointly and independently market and support E-Band's radios worldwide. The agreement enables Aviat to provide its carrier and enterprise customers with a complete portfolio of end-to-end transformational 4G network solutions. Aviat's backhaul solutions now cover frequency ranges from 4 to 86 GHz.
16:12
NLY Annaly Mortgage declared the first quarter 2010 common stock cash dividend of $0.65 per common share, down from $0.75 prior dividend (18.60 -0.10)
Co distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings will differ because of non-taxable unrealized and realized losses, differences in premium amortization, and non-deductible general and administrative expenses. "As expected, this dividend reflects the effects of the initial stage of the Agencies' delinquent-loan buyout program, which results in elevated prepayment levels. I believe there may be an increase in volatility as a result of the uncertainty surrounding these and other ongoing efforts by policymakers, and that the conservative approach of our portfolio management team has prepared the company for this period of uncertainty."
16:11
ISSI Integrated Silicon halted - news pending (7.49 +0.19)
16:07
MEE Massey Energy announces offering of 8.5 mln shares common stock (49.43 -0.48)
16:06
KALU Kaiser Alum announces proposed $130 mln private offering of cash convertible senior notes and authorization to repurchase shares of common stock up to $50 mln (37.07 +0.07)
16:06
JSDA Jones Soda to explore unsolicited transaction proposal (0.52 -0.02)
Co announced that it has terminated the exclusivity provisions of the letter of intent with Reed's in order to explore an unsolicited, nonbinding transaction proposal submitted by another third party. The company announced on March 9, 2010 that it and Reed's had entered into a letter of intent regarding a potential merger transaction. The company has informed Reed's that it continues to be interested in discussing a transaction with Reed's, but the Board of Directors also intends to investigate the third party proposal and any other strategic alternatives presented to the Board. In accordance with the letter of intent with Reed's, the company will reimburse Reed's for its third party out-of-pocket expenses (not to exceed $75,000). Jones Soda has not entered into a letter of intent with respect to the unsolicited transaction proposal, and there can be no assurance that a transaction with the third party will be consummated. The company does not intend to disclose developments with respect to evaluation of these or any other potential transactions unless and until its Board of Directors deems it appropriate.
16:00
SOMX Somaxon Pharma announces a 4 mln share common stock offering (8.30 +0.05)
16:00
COV Covidien prevails in patent litigation against Applied Medical (51.15 -0.15)
Co announced that its subsidiary won a patent infringement suit against Applied Medical Resources Corporation relating to certain of Applied Medical's Kii(TM) and Universal laparoscopic trocars.
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