Briefing.com: Hourly In Play (R) – 20:00 ET
Dec 08, 2009 (Briefing.com via COMTEX) -- Hourly In Play (R)Updated: 08-Dec-09 20:00 ET19:00PFE Pfizer And Crown Bioscience announce a collaboration to research and develop new treatments for Asian cancers (17.76 -0.30)Pfizer (PFE) and Crown Bioscience (Crown) announced that they have entered into a collaboration to research and develop novel therapeutics for Asian cancers. Specific treatments for Asian cancers represent an important unmet medical need as well as a significant market opportunity. Under the terms of this agreement, Crown will receive an upfront payment and research funding, as well as milestone payments based on the achievement of preclinical and clinical goals.18:48OHB Orleans Homebuilders announces agreement on non-binding term sheet relating to extension and modification of its credit facility (1.96 -0.04)OHB announced that on December 3, 2009, the co agreed to a non-binding term sheet relating to a maturity extension and structural modification (the "Amendment") of the co's $375 mln Second Amended and Restated Revolving Credit Loan Agreement dated September 30, 2008. The co currently anticipates that the formal documentation relating to the Amendment will be completed, executed and become effective on or before January 29, 2010.18:46TWC Time Warner Cable prices a $2.0 bln debt offering (43.21 +0.16) -Update-Co announced that it has priced a $2.0 bln underwritten public offering of debt securities, including $500 mln aggregate principal amount of 3.5% notes due 2015 and $1.5 bln aggregate principal amount of 5% notes due 2020. The net proceeds from the issuance of the debt securities are expected to be used to repay the borrowings outstanding under the co's five-year term loan facility and a portion of the borrowings outstanding under the co's commercial paper program and for general corporate purposes. The sale of the debt securities is expected to close on December 11, 2009.18:41INDM United America Indemnity appoints Thomas M. McGeehan as Senior Vice President and Chief Financial Officer (7.90 -0.11)Co announced the appointment of Thomas M. McGeehan as its Senior Vice President and Chief Financial Officer. The appointment is effective today. McGeehan was appointed UAI's Interim Chief Financial Officer in May 2008, as Vice President in February 2006 and as Corporate Controller in September 2005.18:23CLMT Calumet Specialty Products Partners, L.P. prices common unit offering at $ (18.00 -1.75)Co intends to use the net proceeds, including its general partner's proportionate capital contribution, from this offering to repay ~$52.2 mln of borrowings estimated to be outstanding at the closing of the offering under its revolving credit facility, of which approximately $30.0 million was borrowed, or is expected to be borrowed shortly after the closing of the offering, to finance Calumet's incremental working capital requirements related to its previously announced specialty products agreements with a subsidiary of LyondellBasell, which were effective November 4, 2009.18:00CHKE Cherokee announced that it has entered into an exclusive agreement in the U.S. with ACI International for men's, women's and children's footwear for its Sideout and Sideout Sport brands (16.90 -0.65) -Update-17:58Pebblebrook Hotel Trust prices initial public offering at $20Co will contribute the net proceeds of the offering and concurrent private placement to its operating partnership, which will use the net proceeds to invest in hotel properties in accordance with the co's investment strategy and for general business purposes.17:32LNC Lincoln National prices senior notes offering (22.47 -0.24)Co principal amount of 10-year fixed rate senior notes due February 15, 2020, was issued with a coupon rate of 6.25%. The co intends to use the proceeds from this offering for general corporate purposes, including, but not limited to, the repayment at maturity of the $250 mln floating rate senior notes due on March 12, 2010. Pending the application of the proceeds, the co expects to temporarily invest the proceeds from this offering in short-term obligations.17:31ACTL Actel announces Q4 revs guidance of 2-6%; sees gross margin to be above the previous guidance of 59-60% (11.74 -0.06)Co reaffirms Q4 revs growth of 2-6% sequentially, which equates to ~$48.2-50.1 mln vs. the $49.1 mln First Call consensus. Co announced operating expenses are anticipated to come in at ~$26.6 mln, which excludes an estimated $2.0 mln of stock-based compensation expense. The previous guidance was ~$26.9 mln. The guidance for operating expenses does not include the ongoing amortization of intangibles and deferred compensation for the Pigeon Point Systems acquisition of ~$0.6 mln or an estimated $1.2 mln charge for Q4 reduction in force, which is unchanged from the previous guidance.17:30TRN Trinity Industries announces extension of stock repurchase program (17.93 -0.35)Co announced that its Board of Directors has authorized an extension of its program for the repurchase of its common stock. This extension allows for the repurchase of the Company's stock through December 31, 2010. The repurchase program originally commenced in 2007 with an authorization of $200 mln.17:19ROSE Rosetta Resources announces 2010 capital budget and guidance (18.22 +0.07)Co announced that its Board of Directors has approved a 2010 capital budget of $280 mln. This budget can be funded from internally generated cash flow plus available cash at average commodity prices of ~$6.00 per Mcf and $70.00 per barrel... Separately, based on the approved capital level and current allocation, the co believes it can deliver double-digit production growth and reserve growth that is significantly higher than historical performance. Preliminarily, the co provided full year 2010 average production guidance of 145-155 MMcfe/d, excluding acquisitions and divestitures.17:09DNDN Dendreon announces proposed public offering of common stock of 15 mln shares (26.64 -0.43) -Update-Co intends to use the net proceeds of the offering to fund expenditures in connection with the investment in its manufacturing facilities, including the accelerated build-out of new facilities in Atlanta, Georgia and Orange County, California (providing for additional capacity from such facilities in mid 2011) and build-out of the remaining capacity at its Morris Plains, New Jersey facility, to fund investment in information technology infrastructure and product support systems, to hire manufacturing, sales and marketing, quality and other personnel in preparation for the licensure by the FDA and commercialization of PROVENGE? (sipuleucel-T), for third-party contract supply costs, and for general corporate purposes, including working capital.17:09PAL N Amer Palladium to restart Lac des Iles Palladium Mine and Commence Development of the Offset Zone (2.98 -0.06) -Update-Co begun the process of restarting operations at its Lac des Iles ("LDI") mine in northwestern Ontario, and expects to produce its first concentrate in Q2 of 2010. The co will resume operations in the Roby Underground Zone only, and expects to produce ~140,000 ounces of palladium per year over a two-year period, mined via ramp access at a rate of 76,500 tonnes per month. NAP anticipates mill restart capital expenditures to be ~$4 mln, and capitalized preproduction operating costs to be ~$10 mln. Based on current byproduct metal prices and the Canadian/US dollar exchange rate, the Company expects cash costs per ounce, net of byproduct credits, to be between US $335 and US $350 per ounce of palladium produced.17:06AKS AK Steel announces price increase for carbon steel products (19.29 -0.40)Co said that it will increase spot market prices for its carbon steel products by $30 per ton for all new orders accepted for shipment on January 1, 2010 and later. This price increase is in addition to a previously announced increase of $20 per ton for carbon hot rolled products, and $30 per ton for carbon cold rolled and coated products, which is also effective with January 1, 2010 shipments.17:04CHP C&D Tech misses by $0.06, beats on revs (59.78 -0.57)Reports Q3 (Oct) loss of $0.13 per share, $0.06 worse than the First Call consensus of ($0.07); revenues fell 2.8% year/year to $91.2 mln vs the $87.8 mln consensus.17:01EFJI EF Johnson Technologies named on contract from U.S. Internal Revenue Service; the maximum total value of the five-year contract is $750 mln; however (1.25 +0.16)Co announced that it has been named as one of several contractors under a contract issued by the U.S. Internal Revenue Service. The contract is an indefinite delivery/indefinite quantity (ID/IQ) contract which allows various federal government agencies to purchase P25 digital two-way radios and related equipment from time to time from a select group of companies, including EF Johnson Technologies, Inc. The maximum total value of the five-year contract is $750 mln; however, the contract does not specify purchase dates or quantities of equipment from any specific contractor.16:57ITC ITC Holdings announces pricing of private placement of $200.0 mln of its 5.500% senior notes due January 15, 2020 (48.00 +0.69)Co announced that it has priced $200.0 mln aggregate principal amount of its 5.500% Senior Notes due 2020, which will be sold in a private placement to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S. The proceeds from the offering will be used to repay amounts outstanding under ITC Holdings Corp.'s term loan and amounts outstanding under its revolving credit facility and for general corporate purposes, including funding capital expenditures.16:52ACTU Actuate and Xenos announce definitive agreement for actuate to acquire Xenos Group for USD$35.5 mln (CAD$37.7 mln); co anticipates transaction will be accretive to FY10 non-GAAP earnings (4.11 -0.07)Co and Xenos Group (TSX:XNS), the market-leading provider of high-performance software solutions that deliver a superior Return on Information, announced that they have entered into a definitive agreement for Actuate to acquire all of the outstanding common shares of Xenos by way of a take-over bid (the "Offer") at a price of CAD$3.50 per share in cash. The transaction, which has been unanimously approved by the Actuate and Xenos Boards of Directors, places Xenos at an enterprise value of ~CAD$28.4 mln (after taking account of Xenos' cash balance of ~CAD$9.3 mln as of September 30, 2009)... ACTU anticipates funding the transaction using a combination of cash and borrowings under its existing credit facility. ACTU anticipates that the transaction will be accretive to Fiscal 2010 non-GAAP earnings.16:41AVAV AeroVironment correction - FY10 rev guidance range actually calculates to $292.2-302.1 mln vs. First Call consensus of 289.7 mln; original comment has been corrected (28.93 +0.05) -Update-16:36BOMK Bank of McKenney announces intent to voluntarily delist and deregister its common stock (5.20 -0.08)The decision to voluntarily delist and deregister the Bank's common stock is a cost savings step that will reduce expenses on an annual basis associated with the Bank's NASDAQ listing. Given the limited public trading volume and liquidity of the Bank's common stock, co does not believe that the benefits of having its common stock listed and registered outweigh the associated annual costs. Co believes that the expense reductions inherent in delisting and deregistering the common stock will benefit the Bank and its shareholders, and ultimately will serve to maximize the value of the Bank. (stock is halted)16:36AINV Apollo Investment announces 10 mln common share public offering (10.10 +0.03) -Update-16:34TXN Texas Instruments raises Q4 EPS guidance, raises bottom end of prior revs guidance (26.33 -0.29) -Update-Co raises Q4 EPS to $0.47-0.51 vs 0.47 First Call consensus, up from $0.42-0.50; raises bottom end of revs range to $2.9-3.02 bln vs $2.93 bln consensus, up from $2.78-3.02 bln.16:33BEN Franklin Resources announces month-end assets under management (106.59 -0.45)The co reports preliminary month-end assets under management by the company's subsidiaries of $539.7 billion at November 30, 2009, compared to $523.1 billion at October 31, 2009 and $404.6 billion at November 30, 2008.16:32WLFC Willis Lease announces $30 million share repurchase program (13.07 -0.32)16:32TXN raises Q4 revs guidance to $2.9-3.02 bln vs $2.93 bln consensus, up from $2.78-3.02 bln16:31PLAB Photronics reports Q4 EPS of ($0.07) vs ($0.07) First Call consensus; revs $94.7 mln vs $97.23 mln First Call consensus (4.91 -0.09)"During the fourth quarter we successfully recapitalized our balance sheet and paid down $65 million in debt. We also benefited from continued traction at the nanoFab where we gained additional market share with new qualified and volume production customers, while sequentially improving its operating cash flow. For the year Photronics significantly reduced fixed operating costs and realigned its global manufacturing network to better match customer demand. We enter 2010 in a solid position to capitalize on market improvement."16:31TXN raises Q4 EPS to $0.47-0.51 vs 0.47 consensus, up from $0.42-0.5016:31ZIXI Zix Corp announces planned exit from e-prescribing business (1.71 -0.03)Co announces its intent to wind down the e-Prescribing business in an orderly manner after it has fully satisfied all contractual commitments. During the wind-down process, which could take up to one year to conclude, ZixCorp intends to honor all existing contractual obligations to customers and others, while continuing to operate the technology and provide ongoing support.16:30TXN raises Q4 guidance16:24YSI U-Store-It closes $450 mln secured credit facility (7.03 -0.04)Co announced that it completed the closing of its previously announced $450 mln secured credit facility. The new facility consists of a $200 mln secured term loan and a $250 mln secured revolving credit facility. The new credit facility has a three year term. U-Store-It used the proceeds from the new credit facility to repay outstanding balances under and to replace the existing $450 mln credit facility. At closing, the $200 mln term loan is outstanding and there are no outstanding draws on the revolver.16:20BONDX Shoes? +09/32 3.393%...euro 1.4698...yen 88.4100Bonds were able to get in a little fear bid on the day as the market headed into the largest of the week's auctions, $40B 3-yrs, and took it down very well, thankyouverymuch. The market was not all that impressed, but the less-than stellar outing will help lower the bar a touch for tomorrow's 10-yr reopeneds and perhaps the $13B 30-yrs Thursday. The mid-curve led the way higher on the day with the shortest end trading into negative yield territory yet again. The smaller $29B 4-wk auction saw demand take the yield off to 0.000% while seeing near record levels money put up for each dollar on offer (5.33 versus mid-September's 5.69) was pretty smooth. The market will actually get a data point tomorrow, while traders will continue to talk about what (or who) is the next shoe to drop (in part, because they have little else to do, a dangerous time of year the holidays) and will be glued to headlines. The curve has been stubbornly steeper with the 2-10-yr yield spread was trading near 267.4. The dollar was able to get a rally with the index trading up to the 76.30 level as the euro got hit on Greece related issues. The euro was knocked back to below 1.47 on the buck and to 129.66 on the yen as the yen was able to reap the safety bids and push back to give up less than 88.20 per buck. Data has just wholesale inventories (100 and Fed-speak has gov Duke early (8:40) but trade will likely remain focused on the auction of $21B reopened 10-yrs.(13)16:16MIND Mitcham Ind beats by $0.09, beats on revs (7.06 -0.06)Reports Q3 (Oct) earnings of $0.10 per share, $0.09 better than the First Call consensus of $0.01; revenues were unchanged from the year-ago period at $14.5 mln. Total gross profit in the fiscal 2010 third quarter was $6.2 million compared to $7.3 million in the third quarter of fiscal 2009, a 15% decline. The fiscal 2010 third quarter year over year gross profit decline was primarily attributable to lower leasing revenues and higher depreciation expense related to new lease pool equipment that the Company acquired during fiscal 2009. Sequentially, gross profit rose 85% in the third quarter of fiscal 2010 to $6.2 million from $3.3 million in the previous quarter. Gross profit margin for the third quarter of fiscal 2010 was 42% compared to 50% in the same period a year ago and to 26% in the second quarter of this fiscal year.16:16HERO Hercules Offshore announces the appointment of of Thomas R. Bates,as new Chairman of the Board and resignation of John T.Reynolds as Chairman of the Board (4.69 -0.32)Co announces that Chairman John T. Reynolds submitted his resignation from the company's board of directors, effective December 31, 2009, to focus on other business interests and his role as co-founder and managing director of Lime Rock Management L.P. Thomas R. Bates, Jr., who has been a director of Hercules Offshore since the company's inception in 2004, will assume the role of Chairman upon Mr. Reynolds' departure.16:15CKR CKE Restaurants misses by $0.03, reports revs in-line (8.65 -0.07)Reports Q3 (Oct) earnings of $0.11 per share, including merk-to-market adjustments, $0.03 worse than the First Call consensus of $0.14; revenues fell 3.7% year/year to $324.2 mln vs the $324.4 mln consensus. Company-operated restaurant-level margin increased 20 bps to 18.1% of co-operated restaurant revenue despite an 80 basis point increase in depreciation costs, primarily associated with recent remodeling activities. Favorable commodity costs more than offset a 100 bps increase in labor costs and the increase in depreciation costs. Same store sales were -3.7%, -5.2% at Carl's Jr., and -1.8% at Hardee's "The U.S. economic downturn and particularly high unemployment rates in California and among our core target audience of young men, continued to impact same-store sales at Carl's Jr. and Hardee's. I am, however, pleased by our increase in company-operated restaurant-level margins and our attractive overall profitability despite these same-store sales headwinds."16:13SAI SAIC beats by $0.01, misses on revs (18.04 +0.00)Reports Q3 (Oct) earnings of $0.34 per share, $0.01 better than the First Call consensus of $0.33; revenues rose 5.3% year/year to $2.77 bln vs the $2.83 bln consensus. Co also reaffirms FY10 guidance. The co says results will be be consistent with its long-term financial goals during fiscal year 2010. These goals are: Growing revenue internally in the six percent to nine percent range; Improving operating income margin by 20 to 30 basis points until reaching a sustainable level between eight and nine percent; and Growing diluted earnings per share from continuing operations from 11 percent to 18 percent (Consensus EPS growth calls for 14.5%). With respect to fiscal year 2011, starting on February 1, 2010, the company also expects its performance to be consistent with these financial goals. However, with the longer procurement cycle and greater pressure on Federal discretionary spending due to concerns about the deficit, internal revenue growth is expected to be on the low end of the goal range. As a result, growth in diluted earnings per share from continuing operations is also expected on the low end of the goal range (Current FY11 EPS growth calls for 11% growth YoY).16:12MW Men's Wearhouse beats by $0.04, beats on revs; guides Q4 EPS below consensus (21.84 -0.34)Reports Q3 (Oct) GAAP earnings of $0.37 per share, $0.04 better than the First Call consensus of $0.33; revenues rose 0.7% year/year to $462 mln vs the $454.5 mln consensus. Co issues downside guidance for Q4, sees GAAP EPS of ($0.15)-($0.19) vs. $0.01 consensus. "The Company anticipates comparable store sales to decrease in the low single digit range at the Men's Wearhouse. The Moores comparable store sales are expected to be flat to a low single digit increase. The K&G comparable store sales are anticipated to be flat to a low single digit decrease. Total Company sales are expected to decline in low single digit range for the fourth quarter." (-0.9% year/year consensus; +3.9% sequential consensus)16:11VR Validus Holdings unit granted approval by the Monetary Authority of Singapore to operate a branch reinsurer underwriting general reinsurance business in Singapore (26.69 +0.04)16:10YRCW YRC Worldwide received an exception from NASDAQ in Debt for Equity Exchange (0.99 -0.15)Co received an exception from the NASDAQ Listing Qualifications Department granting an exception to NASDAQ's shareholder approval requirement with respect to the issuance of up to 42 million shares of the company's common stock and 5 million shares of the company's Class A convertible preferred stock in the company's pending exchange offer of its contingent convertible senior notes and USF 8 1/2% notes with an aggregate face value of ~$536.8 million. Assuming full participation in the exchange offer, the holders of the outstanding notes will own 95% of the common stock on an as-if converted basis following the exchange offer. The exception granted by NASDAQ allows YRCW common stock to continue to be listed and traded on the NASDAQ exchange following the completion of the debt for equity exchange. This exchange is intended to improve the company's capital structure, decrease its cash interest expense, and enhance its liquidity.16:09HOFT Hooker Furniture reports Q3 net sales of $52.6 mln and net income of $0.09; Single analyst estimate for revs is $55 mln, Two analyst EPS estimate $0.08 (12.00 -0.07)"We believe the worst is behind us, but there is still a headwind in the recovery," Toms said. "Unemployment alone is significant. While we are encouraged by strong increases in existing home sales the last two months, new home construction is still sluggish, and consumer confidence is still subdued. Until we see people feeling more secure in their jobs and an improvement in employment, we will continue to see downward pressure on discretionary spending for large ticket items like furniture. We expect a large part of our growth will come from market share gains as we expand our product line and price point range to reach new consumers. We do see retail conditions improving somewhat, and believe that we can build on the progress we have made this quarter."16:08BPI Bridgepoint Education received Department of Education's three-year Cohort Default Rates for Ashford University and University of the Rockies (14.59 +0.39)Co received the Department of Education's (DOE) unofficial three-year Cohort Default Rates (CDRs) for Ashford University and University of the Rockies, which rates were released to the institutions on December 7, 2009. The three-year unofficial CDRs for Ashford University were 8.8%, 6.1% and 17.4% for the 2005, 2006 and 2007 federal fiscal years, respectively. For University of the Rockies the unofficial three-year CDRs were 5.5%, 0% and 0% for the 2005, 2006 and 2007 federal fiscal years, respectively. The three-year CDRs are unofficial, because, according the Higher Education Opportunity Act, institutions are not required to calculate prior three-year repayment rates until 2012, and the rates will not be the basis for measurement of compliance until 2014.16:07COO Cooper Cos reports EPS in-line, beats on revs; guides FY10 EPS in-line, revs in-line (33.92 +0.00)Reports Q4 (Oct) earnings of $0.67 per share, in-line with the First Call consensus of $0.67; revenues rose 6.3% year/year to $283.5 mln vs the $278.6 mln consensus. Co issues in-line guidance for FY10, sees EPS of 2.45-2.55 vs. $2.45 consensus; sees FY10 revs of 1.1-1.16 vs. $1.13 bln consensus. Co stated that they enter fiscal 2010 in a significantly better financial position than a year ago, with a very strong product portfolio and with our two business units extremely focused on growing revenues, taking market share and improving profitability. They are confident they have the operating strategies in place to continue delivering solid results.16:07CMRO Comarco reports 3Q revs of $7.6 mln vs. $3.2 mln a year ago; continuing EPS of ($0.06) vs. ($0.41) a year ago (3.13 -0.13)"Our gross margin for the quarter was in line with our expectations. We expect further improvements in gross margins as we anticipate that sales of our cost-optimized 'slim and light' ChargeSource adapters should increase. We are also executing on our strategy to leverage our expense structure in order to drive bottom-line results. During the third quarter we achieved a 12% reduction in operating expenses from the fiscal 2010 second quarter, which was a key factor in the improvement in our net loss."16:06CMTL Comtech Telecom beats by $0.08, beats on revs (30.46 +0.18)Reports Q1 (Oct) earnings of $0.30 per share, $0.08 better than the First Call consensus of $0.22; revenues fell 30.3% year/year to $133.8 mln vs the $125.5 mln consensus. Backlog as of October 31, 2009 was $535.6 million compared to $549.8 million as of July 31, 2009 and $219.1 million as of October 31, 2008. Bookings for the first quarter of fiscal 2010 were $120.6 million compared to $158.6 million for the first quarter of fiscal 2009. "As I look to the remainder of fiscal 2010, I believe we are at a turning point and starting to pick up speed, and that we remain on track to achieve another year of record revenues and significant year-over-year earnings growth."16:05AVAV AeroVironment beats by $0.05, misses on revs; guides FY10 revs in-line (28.80 -0.08)Reports Q2 (Oct) earnings of $0.10 per share, $0.05 better than the First Call consensus of $0.05; revenues fell 21.9% year/year to $51.4 mln vs the $52.5 mln consensus. Co reaffirms FY10 revs growth of 18-22%, which equates to upside guidance of $292.2-302.1 mln vs $289.71 mln First Call consensus.16:05SD SandRidge Energy announces $400 mln offering of senior notes16:04HPJ Hong Kong Highpower announces approval for listing on the NASDAQ; expect to start trading on NASDAQ on December 21, 2009 under its existing symbol (6.60 +0.15)16:03DPS Dr Pepper Snapple confirms to license certain brands to PepsiCo following acquisition of its largest bottlers (26.75 -0.19)Co confirms that it has agreed to license certain brands to PepsiCo, (PEP). on completion of PepsiCo's proposed acquisitions of The Pepsi Bottling Group, (PBG) and PepsiAmericas (PAS). As part of the transaction, DPS will receive a one-time upfront payment of $900 mln, before taxes and other related fees and expenses. Under a new licensing agreement that will replace existing agreements with PBG and PAS, PepsiCo will distribute Dr Pepper, Crush and Schweppes in the U.S.; Dr Pepper, Crush, Schweppes, Vernors and Sussex in Canada; and Squirt and Canada Dry in Mexico. The new agreement will have an initial term of 20 years, with 20-year renewal periods, and will require PepsiCo to meet certain performance16:03WPRT Westport Innovations offering to sell its common shares (11.72 -0.44)16:02IVZ Invesco reports preliminary month-end assets under management of $418.8 bln, up from $414.2 bln last month (21.08 -0.22)16:01K Kellogg names Ronald Dissinger Chief Financial Officer (52.62 -0.27)Co announces that Ronald Dissinger has been promoted to chief financial officer, Kellogg Company, effective Jan. 3, 2010. Dissinger was previously vice president and chief financial officer for Kellogg North America16:01PNM PNM Resources announces Jeff Sterba, chairman and CEO will retire March 1, 2010 (11.76 -0.03)Jeff Sterba, chairman and CEO of PNM Resources announced he will retire March 1, 2010, as the company's CEO. At the request of the company's Board of Directors, Sterba, will continue to serve as its chairman. The board chose Pat Vincent-Collawn, PNM Resources' president and chief operating officer, as the company's next CEO. Vincent-Collawn, also will become a member of the board in March.16:01PEP PepsiCo updates guidance for 2009 and reaffirms guidance for 2010; reaches agreement to distribute certain Dr Pepper Snapple group brands (63.48 -0.75)Co announces that it has reached an agreement with Dr Pepper Snapple Group (DPS) to manufacture and distribute certain DPS products following completion of PepsiCo's acquisition of its two anchor bottlers, The Pepsi Bottling Group (PBG) and PepsiAmericas (PAS). Under the terms of the agreement, DPS will receive an upfront payment of $900 million payable upon closing of the acquisitions. In exchange, PepsiCo will be entitled to manufacture and distribute Dr Pepper and certain other DPS products in the territories where they are currently distributed by PBG and PAS. The agreement between PepsiCo and DPS, which will replace existing agreements PBG and PAS have with DPS, will have an initial term of 20 years, with automatic 20 year renewals thereafter. Under the new agreement, PepsiCo will distribute: Dr Pepper, Crush and Schweppes brands in the United States; Dr Pepper, Crush, Schweppes, Vernors and Sussex brands in Canada; and Squirt and Canada Dry brands in Mexico... For fiscal 2009 PepsiCo expects constant currency net revenue to be up about 5%. The co also expects division operating profit to increase about 6%-7% and 2009 EPS to increase about 5%-6% off of its fiscal 2008 core EPS of $3.68 (which calculates to roughly $3.86-$3.90 vs $3.76 consensu). For fiscal 2010 the company reaffirms its target of 11%-13% growth for core constant currency EPS off of expected fiscal 2009 core EPS.16:00WDFC WD-40 Company announces $15 mln share repurchase program (32.45 -1.37)15:52Conferences and Shareholder/Analyst Meetings of InterestEvents of interest for tomorrow, Dec 9, include: BDC Analyst and Investor Day; EHTH Analyst Meeting; ENOC Analyst Meeting; VRGY Analyst Meeting; APC, XTO, XEL, RRC at Wells Fargo Securities MLP Pipeline and E&P, Energy Services & Utility Symposiums; BK, USB, BX, COF at Goldman Sachs US Financial Services Conference; DAL, UAUA, LUV, AMR at Next Generation Equity Research Airlines Conference; HPQ, INTU, QCOM, YHOO at Barclays Technology ConferenceFed; IMAX, LRN, BPI, CKR at Wedbush Morgan Securities California Dreamin Mgmt Access Conference; HPT, CUZ, ED, BRE at Wells Fargo Global Real Estate Securities Conference; PTV, SEE, CBE, DOW at Bank of America Securities Merrill Lynch Industrials Conference; T, DIS, S, ABVT at UBS Media & Communications Conference; Fed's Governor Duke speaks in Maryland on Communities. Treasury: $21 bln 10-yr Treasury Note Auction.15:50UNG Sector ETF strength & weakness approaching today's closing bell -Technical-Actively Traded Leading Sector ETFs:Nat gas- UNG +2.25%, US Dollar index- UUP +.5%, iShares Japan- EWJ +.25%, iShares healthcare providers- IHF +.25%, US Bonds- TLT +.25%Actively Traded Lagging Sector ETFs:Gold miners- GDX -4.25%, iShares REITS- ICF -3%, Silver- SLV -3%, Oil HLDRS- OIH -3%, Steel- SLX -3%, Global shippers- SEA -2.75%, iShares Brazil- EWZ -2.5%, SPDRS metals/mining- XME -2.25%, Coal- KOL -2.25%, Gold- GLD -2.25%, China 25- FXI -2%, Energy- XLE -2%, IYE -2%, Crude/WTI oil- USO -1.75%, OIL -1.75%, iShares basic materials- IYM -1.75%, Commods- GSG -2.25%, Emerging Mkts.- EEM -1.75%, US airlines- FAA -1.75%15:46Earnings CalenderToday after the close look for the following companies to report: AVAV, CHP, CKR, CMTL, COO, MW, MIND, and SAI. Tomorrow before the open look for the following companies to report: HITK, JTX, MOV, and POWL.15:38CCJ Cameco: Cameco agrees to sell common shares of Centerra (29.29 -1.80) -Update-The co and and Centerra Gold announce that they have entered into an agreement with a syndicate of underwriters, led by CIBC World Markets and RBC Capital Markets, who have agreed to purchase the 88,618,472 common shares of Centerra now held by Cameco, on a bought deal basis, at a price of C$10.25 per share for sale to the public. The offering is expected to provide Cameco with net proceeds of approximately C$872 million prior to payment of expenses. The net proceeds of the offering will further strengthen Cameco's capital position. Cameco intends to use the net proceeds for general corporate purposes, primarily to grow its core uranium business as it pursues its target of doubling uranium production. None of the proceeds will be received by Centerra. Cameco has agreed to pay customary costs and expenses associated with the offering, other than underwriters' out-of-pocket costs and their costs of counsel. As a result of the sale and the related transfer described below, Cameco will dispose of its entire interest in Centerra, consisting of 113,918,472 common shares, or 48.5% of the outstanding common shares. (stock is halted)15:37SPY NYSE volume on pace to eclipse yesterday's 1.05B total -Technical-Under a half hour to go & we see nearly 900M changing hands. If yesterday's 1.05B tally is eclipsed with the SPX posting a nearly 1% loss, then we will have a 'bearish distribution' day for listed equities suggesting that funds & institutions were net sellers on the day.NYSE Volume Chart (60 min)15:16AMRB American River Bankshares prices offering of 3.52 mln of its common stock at $6.25 per share (6.65 +0.35)15:09BYFC Broadway Financial Corp. receives $6 mln investment from U.S. Treasury (5.80 +0.30)Co announces that it received a $6 million investment from the U.S. Treasury Department pursuant to the Treasury's Capital Purchase Program under the Troubled Asset Relief Program. "The CPP funds will strengthen the Bank's capital ratios and support rational asset growth." At September 30, 2009, the Bank's Total Risk-Based Capital ratio was 11.00%, its Tangible Capital ratio was 7.48%, and the Bank exceeded the capital requirements necessary to be deemed "well-capitalized" for regulatory purposes.15:08LZB La-Z-Boy displays some relative strength as it lifts to fresh highs on a volume spike to probe its Sep-Dec/52-wk range high near the 10.00 "psych" mark (10.20 +0.20) -Technical-15:02RJET Republic Airways to add up to 300 jobs at its Indianapolis Operations Control Center (7.60 -0.33) -Update-Co announced that it will add up to 300 full-time positions in Indianapolis next year. As a result of this job growth, co will be eligible to receive up to ~$4 mln in economic incentives through the end of 2019, based on the actual number of new jobs created.15:01QDEL Quidel authorizes additional $25 mln under stock repurchase program (12.81 -0.18)15:01TSYS TeleComm Sys issued U.S. Patent for enhanced assisted GPS location of handsets (9.20 +0.09)Co announced the issuance by the U.S. Patent and Trademark Office of patent 7,629,926 "Culled Satellite Ephemeris Information for Quick, Accurate Assisted Locating Satellite Location Determination for Cell Site Antennas." The patent describes a means for prioritized selection of Global Positioning System satellites for use in computing location, where GPS satellites are defined as higher-priority and lower-priority based on the dwell time that each satellite remains in a defined geometric shape.15:00SPY Commodity/Energy continue to pace way lower amid fresh Dollar upticks, Dow -125 and S&P -13 back hovering near early lows -- Nasdaq -17 -Update- -Technical-14:58XLNX NASDAQ 100 (NDX) leaders & laggards moving into the final hour of trading -Technical-NDX Best % Performers:XLNX +2.75%, ALTR +2%, RIMM +1.5%, VRTX +1%, FLIR +1%, LRCX +1%, JBHT +.75%, MXIM +.75%, NTAP +.5%, IACI +.5%, ERTS +.75%, AMAT +.5%NDX Worst % Performers:NVDA -5%, RYAAY -4%, JOYG -3.75%, FWLT -3%, DELL -3%, NIHD -3%, WCRX -2.75%, EBAY -2.5%, ORCL -2.5%, WYNN -2.5%, FLEX -2.5%, CELG -2%, SHLD -2%NASDAQ TRIN @ +.85NASDAQ A/D line @ -94514:55VZ Dow (INDU) leaders & laggards moving into the final hour of trading -Technical-INDU Best % Performers:VZ +.5%INDU Worst % Performers:BAC -3%, GE -2.5%, DD -2.5%, MCD -2.25%, HD -2.25%, CAT -2.25%, CVX -2%NYSE TRIN @ +2.1NYSE A/D line @ -134514:51COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing PricesMarch corn closed higher by 2.5 cents to $3.8625 per bushel, January soybeans closed lower by 9 cents to $10.44 per bushel, March wheat closed lower by 8.25 cents to $5.3975 per bushel, May Ethanol closed lower by 0.008cents to $1.85, March world sugar futures closed lower by 0.23 cents at 22.22 cents per pound.14:39COMDX NYMEX Energy Closing PricesCrude oil ended off $1.19 to $72.74, nat gas closed up 14.7 cents to $5.118, heating oil lost 1.87 cents to finish at $1.991 and RBOB gasoline shed 1.46 cents to $1.926 (all Jan contracts).14:28MAR Marriott reports REVPAR outside North America better than expected; North American REVPAR on track (26.43 -0.35) -Update-Co said that it expects to add ~38,000 rooms to its worldwide lodging system in 2009, raising its guidance of 33,000 gross room additions for 2009. Co also said that systemwide revenue per available room (REVPAR) outside North America for Q4 of 2009 should decline 14-16%, which is two percentage points better than expected. Marriott expects that the decline in systemwide REVPAR inside North America to be within prior guidance. On October 8, co provided guidance of a 16-8% REVPAR decline for Q4 of 2009 YoY for comparable systemwide hotels outside North America on a constant dollar basis, and a 13-6% REVPAR decline for comparable systemwide hotels in North America. For its timeshare business, Marriott expects contract sales of timeshare intervals in Q4 of 2009 to be slightly better than the prior guidance of $185-190 mln. The successful completion of a note sale securitization during the current Q4, which yielded a $37 mln gain, and stronger than expected rental profits should enable Marriott's timeshare segment to outperform its expectations.14:11DUK Duke Energy announces North Carolina Utilities Commission approves settlement in Duke Energy Carolinas request to raise base rates (17.41 +0.03)The North Carolina Utilities Commission (NCUC) Monday approved Duke Energy Carolinas' proposed settlement in the company's request to raise base rates for the first time since 1991. Consistent with the settlement agreement filed with the commission, a base rate increase of $315 million (or 8 percent) will be phased in over two years. However, additional steps outlined in the settlement help lower the total impact of this increase to customer bills to approximately 7 percent. The bottom line average increase to customers' bills would be 3.8 percent effective Jan. 1, 2010, and an additional 3.2 percent effective Jan. 1, 2011.14:02SKYW SkyWest reports Nov RPMs increased 9.4% YoY to 1.37 bln and ASMs increased 7.8% YoY to 1.78 mln; Load factor increased 1.1 pts YoY to 77.0% (16.84 +0.01)13:54BONDX Not Quite +09/32 3.395%...euro 1.4705...yen 88.4400Treasuries have given back some gains with the long end lagging following a very, very good, but not quite stellar, auction of the at-record $40B 3-yrs. The market had been looking for a better than at-issue yield, and the other measures of demand were a little off from the last outing while the push on the shortest end into negative levels had led some to believe the offering would perform better than the previous. The upcoming reopening of the 10-and-30-yrs will see a touch less pressure to perform tomorrow and Thursday, with the added bonus that they are reopened and expected to perform less-well. Alas, they are also at a disadvantage because there will be expectations to live up to recent offerings (while significantly better than the last), their smaller size and the sheer "safe-haven/year-end" aspect should insure demand. The market has been able to push through to knock yield off to the lowest since the "glowing" payrolls report and will likely make an effort (half-hearted, lightly traded effort) to pull back to the highs. The curve has been swung back through to near the steepest levels since mid-November and had been grinding its way there since midday, with the 2-10-yr yield spread running 266.3. The dollar was able to bust through yesterday's highs to trade 76.25 with the while the euro was knocked under the 1.47 handle. The regional currency is eyeballing 1.4626 point while also back to its worst against the yen since the start of the month with the pair at 129.65 per. The market should get some bids, but will be battling drag in front of the $21B 10-yrs tomorrow.13:36COMDX COMEX Metals Closing PricesFeb gold ended the day lower by $21.20 to $1142.80, March silver dropped 57.5 cents to $17.785, and March copper lost 4.4 cents to $3.165.13:32CAMT Camtek's parent co and controlling shareholder signed agreement for sale of ~1.1 mln of its ordinary shares to an Israeli institutional investor (1.42 -0.02)Co announces that its parent company and controlling shareholder, Priortech, has signed an agreement on December 6, 2009, for the sale of 1,087,447 of Priortech's ordinary shares to an Israeli institutional investor, at a price of 10.21 NIS per share. As part of the agreement, Priortech also agreed to grant to the investor, for no additional consideration, two and a half year options (until June 30, 2012) to purchase 1,135,491 of Camtek's ordinary shares held by it, at an exercise price of 5.62 NIS per share (approximately $1.49) a price which was 15% higher than the closing price of Camtek's ordinary share on the TASE as of December 3rd, 2009 (4.889 NIS per share or approximately $1.30). As of the date of the agreement, the 1,135,491 shares to be sold by Priortech upon exercise of the options, represent approximately 3.89% of Camtek's outstanding share capital.13:24OIH Oil Service HOLDRS Trust ETF continues to act weak as price nears a probe/test of the slightly ascending 200 day EMA in position @ 111.30 (111.70 -2.65) -Update- -Technical-LoD now @ 111.5613:23CITGQ CIT Group prepackaged plan of reorganization confirmed by court; anticipates emerging from bankruptcy on December 10, 2009 (0.12 -0.03)Co announces that its prepackaged plan of reorganization was confirmed by the United States Bankruptcy Court for the Southern District of New York. CIT also indicated that it anticipates emerging from bankruptcy on December 10, 2009. Implementation of the Plan reduces CIT's total debt by ~$10.5 bln while deferring debt maturities for three years and also enhances capital ratios to levels that exceed regulatory requirements. With its strengthened financial position, CIT will now focus on its business restructuring and the execution of a smooth leadership transition... Under the terms of the Plan, the existing common and preferred stock, along with all non-reinstated debt, will be cancelled effective upon consummation of the Plan, and distributions of new debt and equity securities will occur as soon as practicable thereafter. CIT's new Common Stock will be listed on the New York Stock Exchange under the ticker symbol "CIT." In aggregate, CIT will issue 200 mln shares of new Common Stock to eligible debt holders in exchange for their claims against the debtors.13:15XLF Financial Select Sector SPDR retesting early low (14.24 -0.14) -Update- -Technical-The XLF dropped in opening trade but held above the late Nov reaction low at 14.20 (session low 14.23). A limited bounce was noted into midday with the XLF retesting the low again this afternoon. Intraday a sustained action back above the 14.35/14.40 area is needed to improve the weaker price patterns. Initial support below on a failure is in the 14.05/14.00 area -- BAC -2.5%, JPM -1.8%, C -3.9%, WFC -1.3%, USB -1.2%, PRU -1.6%, ALL -1.7%.13:13UUP Dollar Index edges slightly above yesterday's recovery high, stock indices pulling back off midday bounce highs -- Dow -103, S&P -10, Nasdaq -10 -Technical-13:07BONDX Auction Out +12/32 3.384%The at-record $40B 3-yrs draw 1.223%, a 2.98 bid-to-cover with an indirect bidder take of 60.9% against the previous 1.404% (correct), 3.33 cover and 68.5% indirect bidder participation rate. The shorter stuff was heading to the lows just ahead of the auction with the "when issued" falling to 1.215%. The auction was very, very good, but the market may not have been as impressed as it wanted to be. The upcoming reopenings of the $21B 10s and $13B 30s will add some weight to prices, but the initial sell-off will find support as the short end continues to shore up the curve. The 5-yr should go for the 2.075% area and the 10-yr 3.355%.13:07AGCO AGCO Corp at analyst day guides for a 1Q10 net loss vs consensus calling for EPS of $0.21 (31.57 +0.20)Co also gives its FY10 expectations; co sees FY10 sales about flat YoY vs the -1.2% consensus; co sees FY10 EPS flat to slightly improved from FY09 levels vs consensus calling for a 24.8% increase in FY10 EPS.13:07BG Bunge shares continue to display notable relative weakness versus both the broad indices & it's MOO ETF sector tracker (63.14 -1.94) -Technical-Further downside in shares of BG bring multiple ascending daily moving averages into play for potential technical support including the 20 day EMA in positions @ 62.75, & the 50 day EMA in position @ 62.50.LoD now @ 62.78 along the 20 day EMA.SPX -.75%MOO ETF -1.25%BG -3%13:04SPY Minor upticks for stock indices after auction but still below midday rebound highs -- Dow -82, S&P -7.6, Nasdaq -6.2 -Update- -Technical-13:02USO U.S. Oil Fund ETF lifts to fresh gap down highs as it pushes modestly back above the 37.00 area (37.19 -0.60) -Update- -Technical-12:48BONDX Zero +15/32 3.373%The 0.000% on the smaller $29B of 4-wks was not a first, but the fourth, as noted by CNBC's Santelli. The previous 3 were in December of last year (12/9-12/23), while today, the shortest stuff is trading at negative yields, all well illustrating the ongoing safety buying, where cash is being paid in order to keep cash risk free. The reflection of the heightened concerns over things like Greece, Dubai, etc, etc, etc, bodes well for the upcoming at-record $40B auction, dealers note. The previous 3-yr saw 1.404% (correct) with a record 3.33 cover and record 68.5% indirect bidder take. For 2009 the average cover has run 2.70 and the indirects have taken 47.36%. The current "when issued" is 1.225%. (See Bond Page for charts and more)12:45UNG Sector ETF strength & weakness here @ midday -Technical-Actively Traded Leading Sector ETFs:Nat gas- UNG +2.5%, US Bonds- TLT +.5%, iShares Japan- EWJ +.5%, iShares healthcare providers- IHF +.5%, US Dollar index- UUP +.25%Actively Traded Lagging Sector ETFs:Gold miners- GDX -3%, iShares REITS- ICF -2.5%, Global shippers- SEA -2.25%, iShares Brazil- EWZ -2%, Steel- SLX -2%, Oil HLDRS- OIH -1.75%, China 25- FXI -1.75%, Silver- SLV -1.75%, Crude/WTI oil- USO -1.5%, OIL -1.5%, Energy- IYE -1.5%, XLE -1.5%, US airlines- FAA -1.5%, Coal- KOL -1.5%, Emerging Mkts.- EEM -1.5%, Wind energy- FAN -1.5%, Retail HLDRS- RTH -1.25%, Commods- GSG -1.25%, SPDRS cons. stpls.- XLP -1.25%, RBOB gas futures- UGA -1%12:40Moody's Lowers State Of Illinois' General Obligation And Related Ratings, Assigns A2 To State's $530 Million Build Illinois Bonds Series A And Series B Of December 200912:31SPY NYSE trading volume scontinues to outpace yesterday's tally after three hours-- See NYSE volume chart -Technical-Nearly 515M shares changing hands here thus far, well ahead of yesterday's pace moving through midday. The SPX remains lower by nearly 1% suggesting 'bearish distribution' may still be in play.NYSE 60 min volume chart12:31MON Monsanto reports that corn and soybean harvest results for 2009 confirm its seed products maintained a significant yield advantage (83.17 -0.27) -Update-Corn and soybean harvest results for 2009 confirm that Monsanto seed products maintained a significant yield advantage compared with competitors, and new technologies such as Genuity SmartStax corn and Genuity Roundup Ready 2 Yield soybeans are delivering a step change in performance. Corn seed brand leader DEKALB expanded its germplasm advantage in 2009 to a record level with an overall 9.9 bushel-per-acre yield advantage versus national competitor products, improving significantly in the 105- to 115-day relative maturity zone. states. U.S. farmers who use DEKALB brand triple stack hybrids experienced greater profitability from the yield and dry-down.12:05WFC Wells Fargo acquires insurance agencies in Florida and Washington (26.25 -0.10) -Update-Co announces it has acquired iLeader Risk Management Solutions, a single office, insurance brokerage located in Tampa, Fla. and Orca Bay Benefits, a single office, employee benefits insurance brokerage located in Mercer Island, Wash. The separate acquisitions closed December 1. Terms of the transactions were not disclosed.12:04BDN Brandywine Realty declares quarterly cash dividend of $0.15 per common share, up from $0.10 per common share (10.38 +0.04)12:04European Markets Closing Prices: FTSE: 5229.3 -81.3 -1.5%, DAX: 5694.4 -90.3 -1.6%, CAC: 3788.8 -51.3 -1.3%12:00PGR Progressive announces it is now offering car insurance in Australia (16.85 +0.08)11:58NTRI Nutrisystem upgraded to Outperform at Boenning & Scattergood; tgt $35 (29.87 +1.65)Boenning & Scattergood upgrades NTRI to Outperform from Neutral and sets a tgt of $35 following news that NTRI had secured deals with Sam's Club and Walgreen's, which collectively expand NTRI's nascent retail channel to nearly 11,000 locations. The firm notes that they had had expected another announcement before diet season, but not on this scale. The firm is growing more impressed by the building momentum in NutriSystemD, which drove 20% qtr/qtr growth in new customer starts in Q3. Furthermore, with a better economy emerging, combined with NTRI's expanding channels and categories and leverageble model, the firm lifts their 3-year earnings growth estimate to 18%.11:48SPY Stock indices extend recovery rally -- Dow -65, S&P -6, Nasdaq -4.4 -Update- -Technical-Intraday barrier for the S&P at 1098 is being probed with the next level of importance at 1100. Intraday support is at 1095.11:45NEOP Neoprobe Corporation completed a Phase 3 clinical trial of Lymphoseek with positive results (1.26 +0.15)Co has completed a Phase 3 clinical trial of Lymphoseek (NEO3-05) with positive results. The Phase 3 clinical trial was designed to provide, and achieved its primary endpoint of, the evaluation of the efficacy of Lymphoseek in anatomically delineating lymph nodes in both breast cancer and melanoma patients that may be predictive of determining whether cancer has spread into the lymphatic system. Based on these positive outcomes, Neoprobe has submitted an end-of-Phase 3 meeting request to the US FDA to discuss the results of the clinical trial as part of our continuing preparation of a New Drug Application (NDA), which we plan to file later in 2010.11:36Fitch downgrades Greek Banks on sovereign rating actionFitch Ratings has taken various rating actions on five Greek banks and downgraded government guaranteed debt following the agency's downgrade of Greece's (the Hellenic Republic) sovereign rating to 'BBB+' from 'A-' earlier today. The sovereign rating Outlook remains Negative. Fitch has downgraded the Long-term Issuer Default Ratings (IDR) of Greece's four largest commercial banks, National Bank of Greece (NBG), Alpha Bank, Efg Eurobank Ergasias and Piraeus Bank to 'BBB+' from 'A-'. The agency has also downgraded Agricultural Bank of Greece's Long-term IDR to 'BBB-' from 'BBB'. The Outlook on the Long-term IDR is Negative, reflecting that on the Greek sovereign.11:25NRG NRG Energy unit selected for power purchase agreement from state of Maryland (24.50 -0.12)NRG Bluewater Wind, a subsidiary of NRG Energy (NRG), has been named one of three companies to supply power from renewable sources to the State of Maryland. This award to provide up to 55 megawatts of wind generation will be NRG Bluewater's second power purchase agreement in the region. NRG Bluewater Wind is expected to receive this PPA later this month from the University of Maryland.11:21AAPL Apple held on retest of yesterday's low at 188.68, vacillating near intraday bounce high at 190.96 -- session low 188.70 (190.91 +1.96) -Update- -Technical-11:11SPY Stock indices edge to minor new recovery highs -- Dow -79, S&P -7.8, Nasdaq -12 -Update- -Technical-Resistance noted in early trade for the S&P at 1096 is being probed. Initial intraday barriers above are at 1098 and 1100.11:10OIH Oil Service HOLDRS Trust holding above support zone (112.56 -1.79) -Technical-The OIH is down for the fifth session in a row with the slide off last week's high reaching 7.3% from high to low. Thus far today is has been able to hold above support at its three month close low and 200 day ema at 111.64/111.44 (session low 111.99). Intraday resistances on a bounce attempt are at 113.50 and 114.25/114.35.11:05RJET Republic Airways' Frontier Airlines expands codeshare partnership with Midwest Airlines (7.82 -0.11)The co's Frontier Airlines announced an expansion of its codeshare agreement with Midwest Airlines. Now that Midwest and Frontier are both wholly owned subsidiaries of Republic Airways, they are allowed to expand their joint code sharing program as fully affiliated carriers. The expanded codeshare, which was launched on a limited basis in September 2009, will allow customers of both airlines to travel to more destinations while enjoying a seamless ticketing and customer service experience. Effective immediately for travel starting Dec. 13, Frontier is able to sell tickets to all Midwest destinations (except Kansas City routes, which will be added later) under a Frontier code. Also, Midwest Airlines is able to sell tickets under a Midwest code for nonstop flights for the entire Frontier domestic network (except Kansas City routes).10:53SPG Simon Properties announces new corporate credit facility (74.86 +0.96) -Update-Co announces that it has entered into a new unsecured corporate credit facility providing an initial revolving borrowing capacity of $3.565 billion. This initial borrowing capacity represents an increase to the Company's existing $3.5 billion revolver. The new facility contains an accordion feature up to $4.0 billion and will mature on March 31, 2013. The base interest rate on the Company's new facility is LIBOR plus 210 basis points, and it includes a money market competitive bid option program that allows the Company to hold auctions at lower pricing for short-term borrowings.10:48KR Kroger rebounds off support noted earlier (20.01 -2.84) -Update- -Technical-After the aggressive gap down off the open noted support at its 52-wk close/intraday lows from March at 19.46/19.39 in the 09:35 update. The minor downside extension at 10:15 hit 19.45 with a 3% recovery seen over the last half hour.10:44COMDX Nat gas extends it rally to trade to new highs at $5.13; now higher by 14 cents to $5.11110:40SPY First sixty min. NYSE volume tracking higher than yesterday's-- See NYSE volume chart -Technical-NYSE trading volume through the first sixty minutes is pacing higher than yesterday's tally at this point with nearly 250M changing hands. With the SPX posting declines of nearly 1%, this suggests that funds & institutions were active sellers/distributors in the important first hour of trading.Market internals confirm this thus far as TRIN stands @ nearly 1.75 while the A/D line favors the decliners by nearly 1200 issuesNYSE Volume (60 min) with 20 & 50 day simple moving averages plotted.10:35UNG Sector ETF strength & weakness through the first hour of trading -Technical-Actively Traded Leading Sector ETFs:Nat gas- UNG +2.25%, iSHares healthcare providers- IHF +.75%, US bonds- TLT +.75%, iShares Japan- EWJ +.25%, iShares real estate- IYR +.5%, Commercial banks- KBE +.25%Actively Traded Lagging Sector ETFs:Global shippers- SEA -2.25%, iShares Brazil- EWJ -2%, Gold miners- GDX -2%, iShares REITS- ICF -1.75%, Steel- SLX -1.75%, China 25- FXI -1.75%, Retail HLDRS- RTH -1.5%, RBOB gas futures- UGA -1.25%, Emerging Mkts.- EEM -1.25%, SPDRS cons. stpls.- XLP -1.25%, Commods- GSG -1.25%, Coal- KOL -1%, Energy- XLE -1.25%, IYE -1.25%, Crude/WTI oil- USO -1.25%, OIL -1.25%, Oil HLDRS- OIH -1.25%10:33WLP Managed Care stocks continuing to display relative strength as they push to ongoing opening highs -- CI, WLP, UNH, AET, HNT, WCG, CVH (56.62 +1.81) -Technical-10:28RIMM NASDAQ 100 (NDX) leaders & laggards moving through the first hour of trading -Technical-NDX Best % Performers:RIMM +2.25%, YHOO +.75%, JAVA +.5%, AAPL +.5%, AMZN +.5%, XLNX +.5%, FLIR +.25%, ERTS +.25%NDX Worst % Performers:NVDA -3%, AKAM -3%, RYAAY -1.5%, SHLD -2.5%, FWLT -2.5%, CELG -2.25%, WCRX -2.25%, INTC -2.25%, JOYG -2.25%, DISH -2%, ORCL -2%NASDAQ TRIN @ +.95NASDAQ A/D line @ -97010:26INTC Dow (INDU) leaders & laggards moving through the first hour of trading -Technical-INDU Best % Performers:INTC -2.25%, MCD -2.25%, DIS -1.5%, HD -1.5%, UTX -1.25%, XOM -1.5%INDU Worst % Performers:NONENYSE TRIN @ +1.95NYSE A/D line @ -128510:25AONE A123 Systems pushes to fresh highs as it climbs up to probe its early Nov-Dec range high of 18.50-18.73 (18.46 +1.02) -Technical-10:18MCD McDonald's attempting to stabilize near its 50 day (60.60 -1.33) -Update- -Technical-A gap down start after posting only a fractional increase in global comparable sales for Nov. It slipped under its 50 day sma for the first time since its Sep/Oct breakout above but is currently attempting to stabilize back above the 50 day (60.34)10:16MDCA MDC Partners to acquire Communifx, a data analytics and database marketing firm (8.43 -0.02)Co announces that it has entered into an agreement to acquire Communifx, a data analytics and database marketing firm that specializes in engagement marketing and optimization solutions. In addition, co announced a new reporting structure. Under this new structure, all of co's partner firms will fall under either the Strategic Marketing Services Group, which will include all of their integrated advertising agencies and strategic consulting services businesses, or, the newly formed Performance Marketing Services Group. The Performance Marketing Services Group will include all firms that use data analytics, provide consumer insights, or one-to-one consumer engagements to satisfy the growing need for targetable, measurable solutions and cost effective means of driving increasing return on marketing investment and growth for clients. Co will align its financial reporting with the two operating segments immediately, the presentation of which will be with the release of fourth quarter 2009 results.10:11MS Morgan Stanley announces leadership appointments; names Ruth Porat as CFO and Thomas Nides as COO (30.17 -0.21) -Update-Co announces leadership appointments to take effect on January 1, 2010, when James P. Gorman will become CEO and President of the Firm. At that time, as previously announced, John J. Mack will step down as CEO, while continuing to serve as Chairman of Morgan Stanley. Key leadership changes include the following, among others: Colm Kelleher, who previously served as CFO and as Head of Global Capital Markets, and PaulTaubman, previously Global Head of Investment Banking, will serve as Co-Presidents of Institutional Securities - with Kelleher overseeing the Sales and Trading business and Taubman focusing on Investment Banking, and both jointly overseeing Global Capital Markets; Ruth Porat, who previously served as Global Head of the Financial Institutions Group, will serve as CFO; Thomas Nides, who currently serves as Chief Administrative Officer, will take on additional responsibilities as the Firm's COO, including overseeing Firmwide Operations and Technology; and Jim Rosenthal, who currently serves as Head of Firmwide Technology and Operations, will serve as COO of Morgan Stanley Smith Barney and Head of Corporate Strategy for Morgan Stanley.10:11ASTM Sector Watch: Limited Morning Strength -Update- -Technical-The market is broadly lower in early trade with sectors on the plus side limited thus far to Stem Cell (ASTM +6.2%, GERN +6%, STEM +3.6%), Healthcare +0.6%, Bank KBE +0.2%, Airline +0.1%, selected Education (DV +1.3%, LOPE +1.2%, APEI +1.1%, CECO +0.7%) along with Treasuries.10:03MITI Micromet announces final data from Phase 2 Study confirm high response rate of Micromet's Blinatumomab in patients with acute lymphoblastic leukemia (6.88 +0.01)Co announces data from its completed phase 2 clinical trial with blinatumomab in patients with B-precursor acute lymphoblastic leukemia. A total of 21 patients were treated in a phase 2 clinical trial performed in collaboration with the German Multicenter Study Group on Adult Lymphoblastic Leukemia. After having received extensive chemotherapy, all patients had ALL malignant cells persisting in their bone marrow, a disease state referred to as minimal residual disease. The primary endpoint of the clinical trial was the elimination of these cancer cells to an undetectable level in at least 22% of patients. 80% of the evaluable patients achieved the primary endpoint, all of them already during the first treatment cycle. The responses appear to be durable, with patients free of relapse for currently up to 15 months. Overall, blinatumomab was well tolerated. The most common adverse events included lymphopenia, leucopenia, pyrexia and hypoimmunoglobulinemia. One patient had to discontinue treatment due to a fully reversible neurological adverse event, and was therefore not evaluable for response assessment.10:02COGT Cogent upgraded to Buy at Dougherty & Company; tgt $12 (9.41 +0.11)Dougherty & Company upgrades COGT to a Buy from Neutral and establishes a tgt of $12. The firm believes that COGT has been selected by the UK Midas program as the only supplier to provide mobile biometric kits and matching system to the British police, according to sources. In the firm's previous note, they had highlighted that winning UK Midas would provide a positive catalyst and upside for next year. The company cannot confirm or put out a press release until it has received customer approval, but they estimate this opportunity is potentially north of $50 mln and roughly $5-10 mln in 2010.10:02DAL Delta Air Lines unit expands Asian maintenance presence by signing five-year deal with Tokyo-based Skymark Airlines (10.16 0.00)Co's Delta TechOps, today announced it has signed a five-year maintenance agreement with Tokyo-based Skymark Airlines. Delta TechOps will partner with Evergreen Aviation Technologies (EGAT), which provides comprehensive maintenance to Skymark, to provide engine maintenance for Skymark's CFM56-7B engines, which power their Boeing 737NG fleet.09:59XLF Sector Watch -- Relative Strength -Update- -Technical-The stock indices are attempting to work off early lows with relative strength (outperforming the S&P) noted in Finance XLF / RKH, Retail XRT, Airline, Coal KOL, Oil Service OIH.09:56CI CIGNA shares buck the early broad market downtrend as price moves to fresh 52 week highs on strong 5 min. volume in recent trade (34.07 +.83) -Technical-New HoD now @ 34.1609:56NTWK Netsol to expand Chinese sales and delivery operations with wholly owned subsidiary (0.85 -0.01)Co announced that it has started the process to form a wholly owned subsidiary in China. To date, NetSol has been operating from its representative office in Beijing. "We expect to grow our China specific revenue to nearly 25% of total revenue in fiscal 2010."09:54SHLD Sears Hldg slides to new session low of 70.86, holding modestly above its 50 day ema at 70.58 (70.91 -1.69) -Technical-Its 50 day sma, which provided support in late Nov comes into play at 70.30.09:50AXL American Axle: Fitch upgrades American Axle's IDR to 'B-'; Expects to Rate New Secured Notes Due 2017 'B+/RR2' (7.54 -0.03)09:48SPY S&P 500 drops below opening lows (1090 -12) -Update- -Technical-Early retreat in the S&P has pushed through several minor support zones with it attempting to stabilize near the 1090/1089 area (session low 1088.61). Unless it can sustain a push at least back through 1096 it remains vulnerable with the next level of note at the lower end of its three week trading range at 1086/1083.09:40TWC Time Warner Cable announces distribution agreement with Local TV for carriage of multiple broadcast stations (43.21 +0.20) -Update-Co announced that it has entered into a comprehensive four-year agreement that will extend retransmission consent for Local's broadcast television stations carried in Time Warner Cable systems. The stations are primarily Fox affiliates, located in cities including Kansas City, MO; Greensboro, NC; Milwaukee, WI; and Cleveland, OH.09:39GDX Mkt Vctrs Gold Miners testing 50 day averages/50% retracement (48.50 -1.25) -Technical-The GDX is down for the fourth session in a row (roughly 12% from high to low) which has brought its 50 day averages and the 50% retracement of the Oct-Dec rally into play in the 48.42/48.17 area (session low 48.37). It Mid-Nov reaction low is in the same zone at 48.21.09:37CNO Conseco: Follow up (4.87 -0.29) -Update-Co provided its outlook today for earnings for the full year 2010. The co said it projects net operating income of between $145 and $170 mln in 2010. The pre-tax operating income (loss) of the Company's segments in 2010 are projected to be as follows: Bankers Life - $200 - $225 mln; Conseco Insurance Group - $110 - $125 mln; Colonial Penn $24 - $30 mln; and Corporate $(43) - $(47) mln. The projection assumes the continuation of the current interest rate environment in 2010, which, absent a change in the level and shape of the yield curve, will continue to negatively impact investment income and margins. The foregoing amounts also reflect the impact of the previously announced transactions with Wilton Re involving the reinsurance, effective January 1, 2009, of a block of life insurance policies in the Conseco Insurance Group segment, which had pre-tax operating income in the first half of 2009 of approximately $3.8 mln per quarter before overhead; and the reinsurance, to be effective October 1, 2009, of 50% of a block of life insurance policies in the Bankers Life segment, which had pre-tax operating income before overhead on the portion of the block being reinsured of approx $2 mln in the third quarter of 2009. In addition, the expenses in conjunction with the previously announced merger of three of the Company's insurance subsidiaries, which are expected to be approx $6 mln, are included in the corporate segment projection. After giving effect to the items described above and the issuance of additional shares in the previously announced proposed public offering of common stock, the co expects net operating income of between $0.60 and $0.70 per basic share and between $0.55 and $0.65 per diluted share in 2010 vs $0.86 consensus.09:36TLB Talbots announces comprehensive financing solution to delever its balance sheet and accelerate growth; to aquire BPW Acquisition (7.65 +0.46) -Update-Co announced agreements that in aggregate will reduce Talbots debt by approximately $330 million, provide access to a new secured debt facility, and re-establish it with a strong financial profile as it embarks on the next stage of growth. This comprehensive financing solution includes three related transactions: An Agreement and Plan of Merger between Talbots and BPW Acquisition (BPW), pursuant to which Talbots will acquire BPW in exchange for Talbots common stock. BPW is a special purpose acquisition company with ~$350 million in cash held in a trust account for the benefit of its shareholders, and which may be used in connection with a business combination. The floating exchange ratio mechanism provides that BPW shareholders will receive a range of 0.9000 to 1.3235 Talbots shares per BPW share. The retirement of all equity currently held by Talbots majority stockholder, Aeon and the repayment of all of its existing debt. Following completion of the transaction, Aeon will hold no Talbots debt or equity. A commitment for a new $200 million senior secured revolving credit facility from GE Capital. Proceeds of this new facility will be used to fund the transactions and for ongoing working capital needs.09:35KR Kroger gaps aggressively lower hovering modestly above its 52-wk close/intraday lows from March at 19.46/19.39 (19.99 -2.86) -Update- -Technical-Initial resistance is at the Sep low at 20.13 (session high 20.10).09:32RIMM Research In Motion shares display early relative strength versus the NDX 100 as price nears the current Dec. high point @ 61.39 (61.09 +.81) -Technical-HoD @ 61.2909:31CNO Conseco provides 2010 earnings outlooks, sees FY10 $0.55-0.65, including items, vs $0.86 First Call consensus (4.89 -0.27) -Update-Co provided its outlook for earnings for the full year 2010. The co said it projects net operating income of between $145 mln and $170 mln in 2010. Co sees FY10 EPS of $0.55-0.65, including items, vs $0.86 First Call consensus.09:31SBUX Starbucks tests its multi-week trading range floor at 21.00 in early trade and stabilizes-- session low 21.04 (21.23 -0.17) -Technical-09:31HYC Hypercom: Permata Bank selects Hypercom's Optimum for rollout in Indonesia (3.01 -0.08)Co announced that Permata Bank has selected and will deploy Hypercom's Optimum T4200 payment terminals as part of the bank's nationwide Mini-ATM rollout. The first phase of the multicity rollout is expected to begin next month. The initial rollout will consist of more than 500 co-branded terminals ordered and supported by Hypercom value-added reseller PT Multi Adiprakarsa Manunggal.09:27KIM Kimco Realty prices a 25 mln share common stock offering at $12.50/share (13.08 )09:26ADAT Authentidate Holding announces capital raise (1.23 )Co announces it has entered into definitive agreements with institutional investors for a direct placement of $3,400,000 of common stock at a price of $1.00 per share. In connection with the issuance of common stock, Authentidate will also issue to the investors warrants to purchase an additional 3,400,000 shares of common stock in the aggregate with an exercise price of $1.00 per share.09:17DLLR Dollar Financial announces exchange for a portion of its senior convertible notes (24.13 )Co announces that it has entered into exchange agreements with several holders of its 2.875% Senior Convertible Notes due 2027. Pursuant to the exchange agreements, approximately $100.0 million in aggregate principal amount of the existing notes will be exchanged for an equal principal amount of new 3.0% Senior Convertible Notes of the Company due 2028.09:17NVS Novartis AG trial shows superior results to Gleevec in patients with early-stage chronic myeloidl leukemia (55.50 )Co announces that in a large Phase III clinical trial, Tasigna 200 mg capsules demonstrated greater efficacy over Gleevec tablets in the treatment of adult patients with newly diagnosed Philadelphia chromosome-positive chronic myeloid leukemia (Ph+ CML) in chronic phase. In the first head-to-head comparison of these two oral therapies as initial treatment for this life-threatening blood cancer, Tasigna results showed statistically significant improvement over Gleevec in every measure of efficacy, including major molecular response, complete cytogenetic response and prevention of progression to accelerated or blastic phase(1). The new data were presented as a late breaker abstract at the 51st annual meeting of the American Society of Hematology, held in Dec. At 12 months, significantly fewer patients progressed to accelerated or blastic phase on Tasigna 300 mg twice daily than on Gleevec 400 mg once daily (2 patients vs. 11 patients), demonstrating a statistically significant improvement in disease control. In the study, Tasigna was well tolerated. Fewer patients discontinued due to adverse events from the Tasigna 300 mg twice daily arm of the study compared to the Gleevec 400 mg once daily arm. No patients in the study had prolongation of QT interval >500 milliseconds. No sudden deaths occurred with either treatment.09:16RZ Raser Technologies and Evergreen Clean Energy announce agreement to structure and finance the drilling of up to 100 MW of geothermal power (1.22 )Co announces that it has reached an agreement with Evergreen Clean Energy for the structuring and financing of well field development for up to 100 MW of geothermal power projects. Under terms of the non-exclusive agreement, Evergreen is expected to provide ~ $30 mln in financing for each power project funded, with final amounts for each project based on the expected capacity of the project. For the typical 20 MW project, Raser and Evergreen expect the financing commitment to be ~ $25 mln to fund drilling and another $5 mln paid to Raser in exchange for Evergreen's participation rights in the project. In return for its investment, Evergreen will receive an equity interest of approximately 50% in each power project and will receive a 15% preferred return on the capital invested. The agreement also provides that Evergreen will receive warrants to purchase shares of Raser's common stock in connection with the funding of each power plant project. The total amount of warrants to be issued will be dependent upon the amount of funding provided.09:15ALTH Allos Therapeutics' FOLOTYN shows activity in a dose finding Phase 1 study of relapsed or refractory cutaneous T-Cell lymphoma (5.88 )Co announces data from its ongoing dose finding Phase 1 study of FOLOTYN in patients with relapsed or refractory cutaneous T-cell lymphoma. These data were showcased during an oral presentation at the Annual Meeting of the American Society of Hematology. Data were presented on 31 patients with relapsed or refractory C.T.C.L who received a median of 4 prior systemic therapies. The dosing regimen of 15 mg/m2 weekly for three weeks out of a four-week cycle was determined to be the optimal starting dose and schedule that provided activity with tolerability. In this dose de-escalating study, 18 patients who received FOLOTYN at the optimal dose or higher, responses were observed in 11 patients (61%). In the overall study, which included doses lower than the optimal dose, responses were observed in 12 patients (39%), including two complete responses and nine partial responses in patients who received FOLOTYN. An expansion cohort at the optimal dose of 15 mg/m2 weekly for three out of a four week cycle is actively enrolling.09:14NYB NY Comm Bancrp upgraded to Hold at Maxim Group (13.40 )Maxim Group upgrades NYB to Hold from Sell in the wake of the co's AmTrust deal. The firm notes that while an out-of-footprint acquisition is not without risk, they believe this is a positive transaction for NYB, offering reasonable likelihood for improved earnings generation for the co to apply to losses on it legacy loan portfolio. Further, the firm believes this transaction improves the security of the current dividend.09:13FCEL FuelCell Energy announces the sale of a fourth DFC300 fuel cell unit to the City of Tulare, CA (3.419 )Co announces the sale of a fourth DFC300 fuel cell unit to the City of Tulare, CA to expand the municipality's existing fuel cell power plant to 1.0 megawatt and increase the amount of green electricity produced at the regional wastewater treatment facility. With this expansion of its on-site Direct FuelCell (DFC) power plant, Tulare will generate more than 40% of the electricity needed to run its water treatment operation. 9:08On The WiresBTU International (BTUI) announces that it has received ~5.5 mln in orders from Asia/Pacific customers for BTU solar processing equipment. Revenue recognition for these orders is expected during the first half of 2010... The Belgian Federal Public Service of Foreign Affairs has selected France Telecom's (FTE) Orange Business Services for the delivery of a global wide area network and value-added telecommunication services connecting all Belgian embassies, consulates and other formal representations abroad spanning over 100 countries. The contract has a value of more then 50 million euro.... Lockheed Martin (LMT) announces that they have been awarded a contract by the U.S. Navy with a value not not to exceed $851 mln for the production and deployed system support for the Trident II D5 Fleet Ballistic Missile program for fiscal year 2010... National Oilwell Varco (NOV) announces that it has acquired two private businesses serving the international oil and gas industry, for total consideration of approx $160 mln in cash... On Track Innovations (OTIV) announces that its subsidiary, PARX, is expanding its parking solution to Montpellier, PARX France is planning to expand the program to more cities next year... Rudolph Technologies (RTEC) announces the receipt of multiple orders for its latest Explorer Inspection Cluster from a "major Taiwanese foundry." The orders include new systems as well as upgrades for previously installed equipment... BMP Sunstone Corp (BJGP) announces that seventy eight of the Co's drugs have been included in China's National Insurance Catalog, which was released by China's Ministry of Human Resources and Social Security on Nov 30, 2009 as part of China's health care reform plan.09:04ENB Enbridge and First Solar agree on 60 MW renewable energy expansion at Sarnia (44.20 )Enbridge (ENB) and First Solar (FSLR) announce that they have entered into an agreement to expand the Sarnia Solar Project from 20 megawatts of capacity to 80 megawatts (MW), with a total system cost of ~CDN $300 million for the expansion. When completed in the second half of 2010, it is expected to be the largest photovoltaic solar energy facility in North America. Subject to the satisfaction of certain conditions precedent, First Solar will construct the solar project for Enbridge under a fixed price engineering, procurement and construction contract, utilizing its thin film photovoltaic technology. First Solar's advanced thin film technology has been deployed in 1.5 gigawatts of installations in the U.S. and Europe. The 60 MW phase of the project is expected to begin construction in December and be completed by December 2010.09:04GSK GlaxoSmithKline announces that long-term BEXXAR Data Demonstrate Overall Survival (42.64 )Co announced updated long-term survival data from two Phase II studies of BEXXAR used in either patients with previously untreated cancer of the immune system or in patients with cancer of the lymphocytes that no longer responded to rituximab. The first study demonstrated that, among 76 patients with previously untreated follicular lymphoma, the 10-year overall survival rate was 83% and the 10-year progression-free survival rate was 38%. The second study demonstrated that after long term follow-up, heavily pre-treated, rituximab-refractory patients with NHL experienced an overall survival of 6.7 years.09:04HTM US Geothermal announces 26.5% increase in average power price is now in effect (1.63 )Co announces that a 26.5% increase in the average power price is now in effect at its operating San Emidio power plant located northeast of Reno, Nevada. The current 3.6 megawatt capacity power plant is selling ~2.5 MWs of electricity to NV Energy's subsidiary Sierra Pacific Power Company under an existing contract that expires after 2017. SPP adjusts the rate paid to the project for energy and capacity on an annual basis and the most recent adjustment for the period September 1, 2009 through September 1, 2010 resulted in a favorable increase in the power price.09:03SPG Simon Property to acquire Prime Outlets for ~$2.325 bln (73.90 )Co announces that it has entered into a definitive agreement whereby Simon will acquire all of the outlet shopping center business of Prime Outlets Acquisition Co and certain of its affiliated entities in a transaction valued at approx. $2.325 bln, including the assumption of Prime Outlets' existing indebtedness and preferred stock. Under the terms of the agreement, Simon will pay equity consideration of approximately $0.7 bln for the owners' interests in Prime Outlets. The equity consideration to Prime Outlets' owners will generally be comprised of 80% in cash and 20% in SPG common operating partnership units, which will be based on a ten day trading average of SPG common stock shortly before closing, subject to a 10% collar. Simon expects the transaction to be immediately accretive to Funds from Operations. Simon intends to fund the cash portion of the equity consideration using its existing sources of capital.09:02AINV Apollo Investment announces lenders' commitments to extend credit facility; will allow company to seek to increase commitments up to aggregate amount of $2 bln (10.07 )09:02RICK Rick's Cabaret reports November sales rose 12.2% over previous year (7.12 )Co reports sales at its nightclubs in November 2009 rose 12.2 percent over November 2008. Co said sales at its clubs totaled $6.14 million for the month, compared with $5.47 million last November. Same club sales were up 9.5 percent for the month, to $5.9 million, compared with $5.39 million the previous November.09:01NOV Natl Oilwell Varco announces two acquisitions for $160 mln in cash (42.23 )The co announces that it has acquired two private businesses serving the international oil and gas industry, for total consideration of approximately $160 million in cash. Hochang Machinery Industries is a manufacturing and fabrication business with facilities in Ulsan and Geoje, South Korea. Hochang has been a high-quality supplier of equipment fabrication services to National Oilwell Varco and Asian drilling rig builders for several years, employing approximately 600 people. Its acquisition is expected to strengthen National Oilwell Varco's fabrication capabilities within its Rig Technology segment, which is predominantly engaged in providing drilling and well remediation equipment to the oil and gas industry worldwide. South Seas Inspection is a Singapore based inspection, repair and maintenance provider to the oil and gas industry with approximately 140 employees and operations in seven countries, including Singapore, Brazil and Azerbaijan. Its acquisition will complement National Oilwell Varco's Petroleum Services and Supplies segment by expanding regional coverage and adding new derrick inspection and assembly services.08:56BONDX Bid +15/32 3.371%...euro 1.4754...yen 88.3360Bid: Treasuries are running higher on safety plays with the mid-curve leading and the market looking out to the day's $40B 3-yrs, which kicks off the week's offerings to be followed by 2 reopened longer duration issues. The auction is expected to go well, and, hopefully, pave the way for the $21B 10-yrs and $13B 30-yrs hitting over the next 2 days. The day offers little else to go on so trade will be eyeing stocks and and headlines for direction while maintaining the basic technical push back from oversold territory while concerns over growth add fuel. Global bonds are mixed, but mostly higher on risk removal moves. The curve has been leaning flatter in response to yesterday's late steep run steeper, with the 2-10-yr yield spread 265.9. The dollar has been able to push back through 76 with the euro getting hit as regional issues add drag as Greece remains troubled. The euro was backed off to the lowest since 11/4 on the buck with the 1.4709 eyed while the yen has been able to get back to its best on the regional currency in December. The yen is getting a bid as safe-haven plays are added, heading back to the 88 level on the buck. The day has no data and nothing but Dallas Fed's Fisher (12:30). Auctions include $29B 4-wks but focus will be on the at-record $40B 3-yrs (13). There are $12B 4-day and $15B 19-day cash management bills on deck as well.08:55SCSS Select Comfort prices its public offering of 3.8 million shares at $4.75/share (5.01 )08:46UAUA UAL Corp. upgraded to Buy at Jesup & Lamont (9.83 )Jesup & Lamont upgrades UAUA to Buy from Hold based on the co's announced aircraft order. The firm believes the order can be a major positive for UAUA going forward for a variety of reasons. Furthermore, the firm believes that 2010 will see an increase in business travel that will enable UAUA to be profitable.08:36On The WiresEquinix (EQIX) announces that PIPE International has selected Equinix as a key interconnect provider for its new PIPE Pacific Cable undersea cable... Toreador Resources Corp (TRGL) provides an operations update relating to the La Garenne LGA-1D conventional exploration well, which is located on the 100% Toreador-owned Rigny le Ferron permit in the Paris Basin in France. On Dec 5, 2009, the LGA-1D was successfully drilled to the planned total depth of 1,570 meters MD.08:33PG Procter & Gamble: Robert McDonald elected Chairman of P&G Board of Directors (62.47 ) -Update-The co announces the following changes: A.G. Lafley, chairman of the board, will retire from the Company effective February 25, 2010. He will step out of his role as chairman on January 1, 2010; Robert McDonald, currently president and chief executive officer, has been elected chairman of the board, in addition to his other responsibilities, effective January 1, 2010... "Our strategies and plans are working; the Company delivered a strong July - September quarter and we expect sequential improvement over the balance of the fiscal year. P&G is innovating across the business, investing in near-and longer-term growth, and maintaining rigorous cash and cost discipline. This is the right time to complete our management transition."08:33TTC Toro beats by $0.09, misses on revs; guides Q1 EPS below consensus; guides FY10 EPS below consensus (39.94 )Reports Q4 (Oct) loss of $0.02 per share, $0.09 better than the First Call consensus of ($0.11); revenues fell 15.4% year/year to $288.6 mln vs the $294.2 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.18-0.20 vs. $0.24 consensus. Co issues downside guidance for FY10, sees EPS of about $2.00 vs. $2.08 consensus on comparable revs to FY09, cosnensus calls for FY10 revs up ~0.1%. "Our outlook in the coming year assumes that declines in our markets are largely behind us, so we're currently expecting net sales for fiscal 2010 to be roughly comparable to last year. While much uncertainty remains as to the pace and degree of the economic recovery, we are encouraged by our strong customer relationships, continued high level of new products, and the ability to invest in new opportunities."08:33TWC Time Warner Cable announces debt offering with maturities of 5 and 10 years (43.05 )08:33SPY Equity futures sink to fresh lows as dollar extends higher... SPX futures now -10, DJ futures -95 -Technical-The dollar index is now +0.33 at 76.05.08:33GENZ Genzyme says Mozobil shows promise in chemosensitization (49.72 )Co announces that a Phase 1/2 trial provided early clinical data suggesting that Mozobil in combination with chemotherapy may offer a therapeutic impact on leukemic cells protected in bone marrow. The investigational trial, partially supported by Genzyme, was the subject of an oral presentation at the 2009 annual meeting of the American Society of Hematology. Genzyme has initiated two clinical trials to further explore this potential new strategy to attack blood cancers. In the clinical trial, study director Geoffrey Uy, M.D. and colleagues from Washington University School of Medicine gave Mozobil as a pre-conditioning strategy prior to chemotherapy in forty patients with relapsed or refractory acute myeloid leukemia (AML). Many of the trial participants were either unresponsive to, or had short remissions, following prior treatments. The patients were given Mozobil, and four hours later received the AML combination chemotherapy regimen mitoxantrone, etoposide, and cytarabine (MEC). The Mozobil plus MEC regimen was repeated daily for five days, following the standard MEC treatment protocol.08:32RWC Relm Wireless announces that it has been named a contractor under a contract issued by the U.S. Internal Revenue Service; maximum value is up to $700 mln for up to 5 years (2.43 )Co announces that it has been named as a contractor under a contract issued by the U.S. Internal Revenue Service. The contract is for the procurement of P25 digital two-way radios and related equipment by a broad range of federal government agencies such as the departments of Justice, Treasury, Commerce, Education, Transportation, Veterans' Affairs, and numerous others. The maximum total value of the contract is $750 million and spans up to five years commencing on November 30, 2009. The contract includes a select group of companies, including RELM, that meet established criteria. The contract does not specify purchase dates or quantities of equipment from any particular supplier.08:32DV DeVry announces fall 2009 enrollment (52.58 )The co reports its fall 2009 enrollment. DeVry University: New student enrollment increased 19.4 percent to 18,878 students; Total student enrollment increased 22.7 percent to a record 64,003 students; Keller Graduate School of Management total coursetakers increased 16.5 percent to 20,734 in the November session; Online undergraduate and graduate coursetakers increased 22.5 percent in the November session. Chamberlain College of Nursing: New student enrollment increased 55.3 percent to 2,100 students; Total enrollment increased 67.2 percent to 5,617 students. Apollo College and Western Career College (US Education): New student enrollment increased 21.5 percent to 5,688 students; Total enrollment increased by 14.8 percent to 11,695 students08:31IMMU Immunomedics reports updated results of subcutaneous humanized anti-CD20 antibody therapy of lymphoma with veltuzumab (3.52 )Co announced that subcutaneous injections of low doses of veltuzumab in patients with non-Hodgkin's lymphoma (NHL) achieved sustained serum levels of pharmacologically active antibody, with objective response rates comparable to those seen with higher intravenous doses. In the 15 evaluable NHL patients, the objective response rate was 53%, with a complete response rate of 27%. For the 12 follicular lymphoma patients, objective and complete response rates were 58% and 25%, respectively. In the 9 CLL patients with response assessments available, high levels of circulating leukemic cells substantially reduced the serum veltuzumab levels. As a result, more frequent and prolonged dosing is likely required. Overall, there were no objective responses, but 5 patients (56%) showed stable disease for up to 12 weeks.08:31FACT Facet Biotech presents scientific data regarding next-generation proprietary protein engineering technologies (17.35 )Co announces its presentation of data regarding its proprietary next-generation protein engineering capabilities, including its PxP engineering technology, and identification of multiple novel optimized variants of four commercial antibodies: bevacizumab, cetuximab, adalimumab and omalizumab. The data were presented at the 2009 IBC Antibody Engineering and Therapeutics Conference.08:31BLD Baldwin Technology received order from Chunichi Shimbun for high speed spray dampening equipment valued at $1.2 mln (1.20 )08:30HNT Health Net to resume stock repurchase program (21.97 )Co announces that its Board of Directors has authorized the company to resume repurchases of its common stock under its existing stock repurchase program. Of the aggregate amount approved under this program, approximately $103.3 mln remains available for repurchase.08:30NITE Knight Capital Group and ISE announce Knight's purchase of Competitive Market Maker trading rights on ISE (14.81 )Knight Capital Group (NITE) and the International Securities Exchange are pleased to announce that Knight Equity Markets, L.P. will become a Competitive Market Maker on ISE's options exchange, effective in the first quarter 2010. Knight purchased ten CMM trading rights from TD Options, LLC that cover every options class listed on the exchange. Knight will maintain its Electronic Access Member trading rights on the exchange.08:29SII Smith Intl initiated with a Hold at Stifel Nicolaus (26.19 )Stifel Nicolaus initiates SII with a Hold. The firm currently views the co as predominantly, a play on a robust cyclical recovery and, to a lesser degree, through M-I SWACO, a quasi-secular growth story as offshore drilling activity increases with continued expansion of the deepwater rig fleet over the next several years. However, the firm is considerably more tentative regarding the co's strategic position internationally vis-a-vis more fully integrated competitors. The firm beleives that SII could be at something of a disadvantage as customers more frequently require a complete continuum of bundled products and services.08:26COMDX Gold, silver continue to tick lower, putting in fresh lows at $1145.50 and $17.82 respectivelyGold is now lower by $18.00 to $1146.00; silver is off 53 cents to $17.8208:25BHI Baker Hughes initiated with a Hold at Stifel Nicolaus (38.92 )Stifel Nicolaus initiates BHI with a Hold. While the firm finds the co's emerging competitive position increasingly appealing vis-a-vis the other integrated oilfield service cos, given the uncertainties associated with ongoing organizational restructuring and the pending acquisition of BJ Services, the firm believes that its market value currently reflects a fairly balanced risk/reward.08:14QDHC QuadraMed announces agreement to be acquired by Francisco Partners in transaction valued at ~$126 million (6.41 )Co announces that it has entered into a definitive merger agreement to be acquired by Francisco Partners. Under the terms of the agreement Francisco Partners has agreed to acquire all of the outstanding shares of QDHC's common stock for $8.50 per share in cash and all of the outstanding shares of QuadraMed's Series A Cumulative Mandatory Convertible Preferred Stock for $13.7097 per share in cash. The per-share consideration to the Series A Preferred Stock represents the common-equivalent consideration for such Series A Preferred Stock based on its current conversion ratio. The all-cash transaction is valued at approximately $126 mln.08:10On The WiresSonoco (SON) has entered into an agreement to supply packaging services in North America for the LEGO Group. These services will be provided by Sonoco from a new pack center scheduled to open in Monterrey, Mexico in the first quarter of 2010... Cavico (CAVO) announces that its subsidiaries Cavico Mining and Cavico Power and Resource Construction have broken-through two major tunnels at the Ta Trach project and the Hua Na project, respectively... Ducommun (DCO) announces that its Miltec subsidiary was issued U.S. Patent No. 7,587,277 "Inertial/Magnetic Measurement Device"... Alliant Techsystems (ATK) announces that it has received a $5.8 mln contract for ammunition from the Crane Division of the Naval Surface Warfare Center. The contract is for the production of Mk318 5.56mm and Mk319 7.62mm caliber cartridges... AstraZeneca (AZN) announces that patients enrolled in the co's Medicare Part D prescription savings program will no longer pay co-pays for their medicines through the program... Hughes Network Systems (HUGH) announces that it has been selected by the State of New York to provide a suite of managed services and connectivity under the Comprehensive Telecommunications Services contract, Group 77017, Award 20268... Knology (KNOL) announces that it has signed an agreement with Backchannelmedia to implement its Clickable TV service on its digital cable network.08:08KR Kroger misses by $0.10, reports revs in-line; guides FY10 EPS below consensus (22.85 )Reports Q3 (Oct) earnings of $0.27 per share, $0.10 worse than the First Call consensus of $0.37; revenues rose 0.3% year/year to $17.67 bln vs the $17.69 bln consensus. Co issues downside guidance for FY10, sees EPS of $1.60-1.70 vs. $1.94 consensus. Kroger said several factors influenced its performance during the quarter, including persistent deflation, increased competitive activity and the cautious spending behavior of customers. The co expects these factors to continue to affect its business for the remainder of the year. As a result, Kroger now expects full-year identical supermarket sales growth of 2.0% to 2.5%, without fuel, for fiscal 2009... "While these revised forecasts are well below what we had expected to deliver for the year, we believe they appropriately reflect the challenges of the current operating environment. Kroger's continued growth in tonnage and loyal households and our competitive advantages position Kroger and our shareholders to benefit once operating conditions begin to normalize," Mr. Dillon said. Looking ahead to fiscal 2010, Kroger anticipates current operating conditions will extend at least through the first half of the year. Deflation is expected to moderate throughout the year, and Kroger will be cycling many of the price investments put in place during the first half of 2009. The Company believes that the combination of these factors will produce identical sales growth, excluding fuel, and earnings per share growth, both above forecasted 2009 full-year results, excluding the southern California impairment charges.08:07MTN Vail Resorts beats by $0.12, misses on revs (41.33 )Reports Q1 (Oct) loss of $1.14 per share, $0.12 better than the First Call consensus of ($1.26); revenues fell 47.1% year/year to $80.8 mln vs the $85.5 mln consensus. Commenting on the Company's fiscal 2010 outlook, Katz said, "Overall, our key early season metrics are indicating some optimistic signs with strong year-over-year season pass sales and improved airline bookings into Eagle County Airport. However, our overall lodging bookings are showing mixed results with some periods and locations stronger, while most periods are down compared to the prior year, especially in Summit County. Accordingly, at this early point in our 2009/2010 ski season, we are reiterating our fiscal 2010 guidance ranges issued in late September 2009."08:06ABII Abraxis BioScience provides overview of ABRAXANE study results to be presented at Annual Breast Cancer Symposium (36.85 )Co announces announced that multiple clinical studies of the chemotherapy agent ABRAXANE for Injectable Suspension will be presented at the Annual San Antonio Breast Cancer Symposium. Clinical results from investigator-sponsored studies will be reported, including an ongoing study evaluating the combination of lapatinib and nab(R)-paclitaxel for first-line treatment of HER2+ breast cancer. Additional presentations will highlight analyses of cost of care in metastatic breast cancer patients, as well as the correlation between specific genotypes and treatment response rates.08:05MAR Marriott to sign deal that will add 36 new Fairfield Inn hotels throughout Mexico (26.78 )Co to sign deal that will add 36 new Fairfield Inn hotels throughout Mexico over the next 10 years. When this deal is fully implemented, Marriott will be represented by 57 hotels in Mexico from five different brands.08:05CPA Copa Holdings: Copa Airlines increases order for Boeing Next-Generation (53.74 ) -Update-Copa Airlines, subsidiary of Copa Holdings, S.A., announces an order for two Boeing 737-800 airplanes to be delivered in the second half of 2010. This new order brings to 15 airplanes the number of Boeing Next-Generation 737s that Copa Airlines has ordered this year.08:05MYL Mylan Labs annoucnes settlement and license agreements with Wyeth to produce the generic version of Wyeth's Effexor XR Capsules (18.18 )Co announces it has entered into settlement and license agreements with Wyeth, now part of Pfizer (PFE), relating to Venlafaxine Hydrochloride (HCl) Extended Release Capsules, 37.5 mg, 75 mg and 150 mg, the generic version of Wyeth's Effexor XR Capsules, a treatment for major depressive disorder. Mylan will be granted a non-exclusive license to the relevant patents that would permit Mylan to launch Venlafaxine HCl ER Capsules in the US on or after June 1, 2011, or earlier in limited circumstances.08:05XLNX Xilinx sees raises Q3 sales and gross margin outlook; sees revs up 16-20% QoQ vs the 8.6% consensus; up from 6-10% previously (23.24 )Co has raised its Q3 sequential sales outlook to be up 16-20% from 6-10% previously, consensus calls for a 8.6% increase in sales. We calculate this to be revs of $481-498 mln vs the $450 mln consensus. The increased sales guidance is primarily due to broad-based strength across all our end market categories and geographies. Gross margin is expected to be approximately 64% vs the 62.5% consensus, up from prior guidance of approximately 62-63%.08:04MON Monsanto reiterates Confidence in Ability to Reach 2012 Financial Targets and Reaffirms 2010 Guidance (83.44 )Co reaffirms guidance for Q1 (Nov), sees EPS of ($0.05) or better vs. $0.00 First Call consensus. Co reaffirms guidance for FY10 (Aug), sees EPS of $3.10-3.30 vs. $3.29 consensus. Co announces they are on track in its operational path to reach its 2012 financial commitments, President and CEO Hugh Grant will tell investors today. Speaking at the Bank of America Merrill Lynch 2009 Global Industries Conference in New York, Grant also will preview yield results the company plans to release later today as promising indicators for 2010 and the path toward 2012. Grant will focus his remarks on the strength of the company's operational plan and the three key elements that are expected to enable Monsanto to double 2007 gross profit in 2012: the launches and rapid penetration of Genuity, SmartStax corn and Genuity Roundup Ready 2 Yield soybean products as well as rapid trait penetration in Brazil and Argentina. "Our goals are ambitious but achievable," Grant will say. "Our pipeline is at its most robust, holding great promise for years to come. We are continuing to see acceptance of biotechnology around the world, which will enable us to meet future demand. And this year marks the beginning of a wave of technologies that will each bring step changes in performance on farm - and that starts with Genuity SmartStax and Genuity Roundup Ready 2 Yield." Addressing the yield results Monsanto will release later today at the American Seed Trade Association annual conference in Chicago, Grant will say these products are already delivering on the farm. "What we're seeing in our yield results this year tells me we are off to a great start in reaching the goals we've set for our company," Grant will say. "As farmers experience the superior performance and profitability on their farms we're confident they will be compelled to upgrade to our latest technology. And this technology upgrade will drive the mix improvement we expect to help us reach our 2012 objectives." Co also reports for the first quarter, the company confirmed free cash flow guidance to be a use of cash on the order of $1.8 bln, primarily reflecting the year-over-year decrease in the glyphosate business. Additionally, the first-quarter cash flow comparison to last year is expected to be affected by a shift in timing of working capital use, reflecting in part a shift in timing of some customer prepayments, as well as a one-time benefit to cash in fiscal year 2009 from the divestiture of Monsanto's dairy business. Net cash required by operating activities is expected to be in the range of $1.5 bln to $1.7 bln and net cash required by investing activities is expected to be in the range of $100 mln to $300 mln in the first quarter. The company expects free cash flow for fiscal year 2010 will be in the range of $900 mln to $1 bln, including the after-tax cash effect from a restructuring of approximately $250 mln. The company expects net cash provided by operating activities to be $2 bln to $2.2 bln, and net cash required by investing activities to be approximately $1.1 bln to $1.2 bln for fiscal year 2010.08:03HUGH Hughes Communications selected by the State of New York to provide a suite of managed services and connectivity (25.40 )Co has been selected by the State of New York to provide a suite of managed services and connectivity under the Comprehensive Telecommunications Services contract, Group 77017, Award 20268. This Indefinite Delivery Indefinite Quantity (IDIQ) contract is for a term of seven years, and enables authorized users, such as statewide agencies, local governments, and eligible non-profit, educational, and charitable organizations, to purchase telecommunications services provided by Hughes.08:01IRF Intl Rectifier sees Q2 revs tracking toward high end of previous guidance of $185-200 mln vs the $193 mln First Call consensus (20.30 )"For the December quarter, we continue to experience strong revenue growth driven by inventory replenishment, new program ramps and increased end-market demand. Throughout the year, our design win activity has remained robust as we look to capture high volume opportunities and gain market share across our business market segments. Although it is too early to provide guidance, initial indications show our March quarter backlog trending higher than the December quarter. We believe we are well positioned for future market share gains and remain confident that we are taking steps in the right direction to better position IR for future growth."08:01BPAX BioSante monetizes a portion of U.S. Elestrin royalties (1.43 )Co announces that it has monetized a portion of its Elestrin royalty stream for $1.0 mln, through a royalty buydown, with the possibility of receiving an additional $2.2 mln in further buy downs within 75 days. The royalty stream was sold to Azur Pharma, BioSante's Elestrin licensee in the U.S. In addition, BioSante has maintained the right to receive up to $140 mln in sales-based milestone payments, if Elestrin reaches certain predefined sales per calendar year. This transaction affects Elestrin royalties in the U.S. only.08:01NTAP NetApp and Microsoft announce three-year pact spanning virtualization, cloud computing and storage management (33.09 )NetApp (NTAP) and Microsoft (MSFT) announce a new three-year agreement that deepens product collaboration and technical integration, and extends joint sales and marketing activities to customers worldwide. Under the new agreement, the two companies will collaborate and deliver technology solutions that span virtualization, private cloud computing, and storage and data management, enabling customers to increase data center management efficiencies, reduce costs, and improve business agility.08:00ITG Investment Tech announces that Nov '09 trading volume was 3.1 bln shares and ADV was 157 mln shares (17.92 )Co announces that November 2009 US trading volume was 3.1 billion shares and average daily volume was 157 mln shares. This compares to 3.8 bln shares and ADV of 172 mln shares in October 2009 and 4.5 bln shares and ADV of 236 mln shares in November 2008.07:59MCD McDonald's announces global comparable sales increased 0.7% in November (61.93 )Co announces in Nov, U.S. comparable sales decreased slightly amidst the sluggish economy but remained among the best in the industry. McDonald's combination of core, value and premium menu options continues to resonate with consumers and supported the month's results. In Europe, comparable sales rose for the month driven by the U.K. and France, somewhat offset by performance in Germany. Europe's continued focus on fourth-tier menu development, premium product innovation and daypart expansion contributed to November's results. November comparable sales in Asia/Pacific, Middle East and Africa declined against the robust 13.2% performance delivered in the prior year. Australia remained strong but was more than offset by Japan and continued weakness in China. Ongoing emphasis on the core menu, branded affordability, breakfast and convenience continue to be key drivers of the McDonald's experience in APMEA. Systemwide sales rose 10.1%, or 2.3% in constant currencies, for the month. In addition, in 4Q09 the Company expects to record approximately $85 million of after tax income, a roughly $0.08 per share benefit, primarily due to the resolution of certain liabilities retained in connection with the 2007 Latin America developmental license transaction.07:58UAUA UAL Corp awards 25 firm orders each to both Airbus and Boeing (9.83 )Co announces an investment in its future with a widebody aircraft order that will enable the carrier to reduce operating costs and better match aircraft to key markets it serves, while providing its customers with state-of-the-art cabin comfort. The new technology aircraft will reduce fuel burn and environmental impact, while enabling service to a broader array of international destinations. United ordered 25 Airbus A350 XWB aircraft and 25 Boeing (BA) 787 Dreamliner aircraft and has future purchase rights for 50 of each aircraft... United expects to take delivery of the aircraft between 2016 and 2019; at the same time it will retire its international Boeing 747s and 767s. These 50 new aircraft will reduce the average seat count by about 19 percent compared to the aircraft they will replace, and by about 10 percent when averaged over the entire international fleet. The new aircraft will open up new revenue opportunities for United as the smaller size, longer range, and lower operating costs of these aircraft allow the company to profitably serve a broader range of international destinations. The A350 has a range 11 percent greater than the current B747, and the B787 has a range 32 percent greater than the current B767.07:57CECE CECO Environ. announces eight new orders totaling approximately $8.5 million (4.07 )07:54On The WiresFlextronics (FLEX) announced that it has signed an agreement with Lenovo to expand the scope of its existing Electronics Manufacturing Services relationship. As part of the arrangement, Flextronics enlarges its geographic service area for Lenovo products to include Europe and increases the number of EMS services it delivers for Lenovo... Graphic Packaging International, subsidiary of Graphic Packaging Holding Company (GPK), announced a price increase of $40 per ton for its PaceSetter coated recycled board, effective with shipments on or after January 11, 2010... AeroCentury (ACY) announced that its Board of Directors has adopted a Rights Agreement under which its stockholders will receive a dividend in the form of preferred stock purchase rights... ARCA biopharma (ABIO) elected Patrick Wheeler as the Company's acting Chief Financial Officer and Principal Financial and Accounting Officer... MAXXAM (MXM) announced that it had reached a settlement of two lawsuits that had been filed against the company and its Board of Directors challenging a proposed reverse stock split. Pursuant to the settlement, MAXXAM is, among other things, increasing from $10.77 to $11.00 the cash out price to be paid to holders of fractional shares of common stock following the reverse stock split... National Technical Systems (NTSC) announced that its NQA division has completed the acquisition of Unitek Technical Services, Inc., formerly a Business Unit of Bureau Veritas, in an all-cash transaction. Unitek is a leading provider of supply chain management services headquartered in Centreville, VA, close to Washington, DC. Further terms were not disclosed.07:47COMDX Natural gas trades to its best levels of the morning at $5.078; now up 10 cents to $5.07107:36UMC United Micro reports Nov sales increased 51.98% YoY to NT$9.16 bln (3.55 )07:34WLL Whiting Petroleum announces completion of discovery well at its Lewis & Clark prospect flowing at initial rate of 1,970 BOE/D (65.00 )Co announced that it completed a discovery well in the Three Forks formation at the Company's Lewis & Clark prospect in Golden Valley County, North Dakota. On November 25, 2009, the Federal 32-4HBKCE flowed 1,835 barrels of oil and 811 thousand cubic feet (Mcf) of gas per day or 1,970 barrels of oil equivalent (BOE) per day during a 24-hour test of the Three Forks formation at a vertical depth of 10,530 feet. The initial 24-hour production rate was gauged on a 28/64-inch choke with a flowing casing pressure of 700 pounds per square inch (psi). The well was fracture stimulated in 15 stages, all using sliding sleeve technology. Whiting holds a working interest of 84% and a net revenue interest of 71% in the Federal well.07:33TRMA Trico Marine Services awarded new contract awards of over $50 mln in value, ~$40 mln are subsea contract awards for projects commencing in 2010 (5.06 )07:33BF.B Brown-Forman beats by $0.15, beats on revs; raises FY10 EPS guidance (52.23 )Reports Q2 (Oct) earnings of $0.99 per share, $0.15 better than the First Call consensus of $0.84; revenues fell 4.5% year/year to $892.9 mln vs the $883.7 mln consensus. Co raises guidance for FY10, sees EPS of $2.95-3.15 vs. $2.87 consensus, up from $2.60-3.00 previously. Depletion trends for many of the co's key brands improved slightly in the second quarter when compared to the first quarter and the company expects more favorable comparisons as the year progresses. However, Brown-Forman remains concerned about the impact on consumption from a soft on-premise channel, consumer trading-down, and heightened competitive activity. While the company anticipates operating expense leverage for fiscal year 2010, year-to-date trends are expected to moderate and potentially reverse for the next six months as advertising and promotion activities are more heavily weighted to the second half of the year. Additionally, declines in selling, general, and administrative expenses in the first half of this fiscal year are not expected to recur in the second half of the year due primarily to the timing of cost reductions realized in the prior year.07:32BMY Bristol-Myers and Tranzyme Pharma entered into a strategic collaboration agreement (25.28 )Tranzyme Pharma announced that it has entered into a strategic collaboration agreement with Bristol-Myers Squibb to discover, develop and commercialize novel macrocyclic compounds directed against targets of interest to Bristol-Myers Squibb. Bristol-Myers Squibb will provide an upfront payment of $10 million and an additional $3 to $6 million in research funding to Tranzyme for an initial two-year term. Tranzyme will receive further funding if the agreement is extended beyond the initial term. In addition, Tranzyme is eligible to receive development and regulatory milestones and tiered royalties for each product resulting from the collaboration. Total milestone payments under the agreement, excluding royalties, could reach up to approximately $80 million for each target program.07:32TEL Tyco Electronics expects Q1 results to be at high end of prior outlook range; sees EPS of $0.35-$0.39 vs $0.38 First Call consensus (23.83 )Co announces that it expects Q1 results to be at high end of prior outlook range. Co sees adjusted EPS of $0.35-$0.39 vs. $0.38 First Call consensus; sees sales of $2.7-$2.8 bln vs. $2.76 bln First Call consensus. The company says the improvement versus the prior outlook is primarily driven by additional strength in the company's Electronic Components segment.07:32GERN Geron presents interim clinical data on Its Telomerase Vaccine at the 2009 American Society of Hematology Meeting (5.78 )The co announces the presentation of interim data from its phase II trial of GRNVAC1, an autologous dendritic cell vaccine targeting telomerase, in patients with acute myelogenous leukemia (AML) at the 51st Annual Meeting of the American Society of Hematology (ASH) in New Orleans, Louisiana. The multicenter, open-label trial is designed to evaluate the feasibility of GRNVAC1 manufacture and the safety and tolerability of the vaccination regimen in patients with AML who are in complete clinical remission. Additional objectives of the study are to evaluate the immune responses to GRNVAC1 and to explore the effects of vaccination on minimal residual disease and relapse rates in this patient population. "First, we are pleased to have met our endpoints of safety and tolerability," said Stephen M. Kelsey, M.D., Geron's executive vice president and chief medical officer, oncology. "At this point in the study a number of high risk patients have entered the extended boost phase of the vaccination regimen. These patients have been in remission for a period ranging from four months to nearly two years. Our analyses of minimal residual disease by qPCR of WT-1 are also very encouraging with one patient whose WT-1 levels became undetectable following vaccination."07:31VNR Vanguard Natural Resources announces that the underwriters of its recent public offering of common units have purchased an additional 337,500 common units pursuant to a full exercise of their over-allotment option (18.63 )07:30CRXX Combinatorx Oncology programs demonstrate synergistic anti-cancer activity in multiple myeloma and other B-cell malignancies (1.09 )Co announces that preclinical data from its Adenosine A2A receptor and Beta-2 Adrenergic Receptor Agonist oncology programs demonstrated synergistic anti-cancer activity when combined with standard-of-care therapies in multiple myeloma and other B-cell malignancies. These data, which demonstrate the benefit of the CombinatoRx combination high-throughput screening technology, were presented at the American Society for Hematology 2009 Annual Meeting in New Orleans on December 7, 2009. Key findings of the preclinical data include: A2A or b2AR agonists, exhibit highly synergistic anti-proliferative activity when combined with standard-of-care multiple myeloma therapies, such as dexamethasone, lenalidomide, bortezomib, melphalan and doxorubicin at clinically relevant concentrations. Synergy of the combinations was maintained in cells after chronic exposure with either single agent potentially reducing emergence of drug resistance. Substantial combination activity is observed in several cell lines resistant to standard-of-care agents. Synergistic drug combinations improve therapeutically relevant selectivity and can circumvent drug resistance. Furthermore, new insights into the potential molecular mechanism of action of these novel combinations have been identified using gene expression profiling.07:30APC Anadarko Petro: Kosmos Energy announces that the Odum-2 appraisal well confirmed the its Odum oil discovery (58.27 )Kosmos Energy announces that the Odum-2 appraisal well confirmed the its Odum oil discovery made in early 2008 offshore the Republic of Ghana on the West Cape Three Points Block. The results of drilling, wireline logs and reservoir fluid samples show the Odum-2 well penetrated net hydrocarbon-bearing pay of 20 meters in high-quality stacked sandstone reservoirs over a gross interval of 182 meters. The well is about 4 kilometers northeast of the Odum-1 well, which is ~18 km east of Kosmos' Mahogany-1 exploration well and the Jubilee oil field. Kosmos is operator of the West Cape Three Points Block... Kosmos Energy is the operator of the West Cape Three Points Block in which the company holds a 30.875% interest. An affiliate of Anadarko Petroleum Corporation (APC) has a 30.875% interest; an affiliate of Tullow Oil has a 22.896% interest; the EO Group has a 3.5% interest; Sabre Oil & Gas has a 1.854% interest; and GNPC has a 10% carried interest.07:29Fitch downgrades Greece to BBB+; Outlook negativeFitch Ratings has today downgraded Greece's Long-term foreign currency and local currency Issuer Default Ratings (IDR) to 'BBB+' from 'A-'. The Outlook is Negative. The Short-term foreign currency (IDR) is downgraded to 'F2' from 'F1'. The Country Ceiling is affirmed at 'AAA', in line with the common country ceiling for euro area sovereigns. The downgrade reflects concerns over the medium-term outlook for public finances given the weak credibility of fiscal institutions and the policy framework in Greece, exacerbated by uncertainty over the prospects for a balanced and sustained economic recovery. Though it is probable that fiscal adjustment under the auspices of the Stability and Growth Pact will be sufficient to forestall penalties under the Excessive Deficit Procedure (EDP), Fitch's current assessment is that the government debt burden is likely to rise to close to 130% of GDP before stabilising. Given the poor historical track record of public finance management, Fitch is not convinced that the substantive pension reform and other measures necessary to contain public spending pressures and broaden the tax base will be sufficiently strong to materially reduce debt over the medium- to long-term and hence Greece's vulnerability to future adverse shocks.07:15COMDX Crude, gold and silver all tick to their lowest levels of the morning as the dollar moves back towards its best levelsCrude oil is currently off 74 cents to $73.19; gold is down $10.50 to $1153.80 and silver is off 26.5 cents to $18.095.07:14Moody's announces further downgrades to Dubai Inc. corporatesMoody's Investors Service today downgraded all six Dubai government-related issuers (GRIs). This rating action follows recent comments and statements from government officials, which cause us to believe that no meaningful government support should be assumed for any entity that is not directly part of or formally guaranteed by the government. As a result, Moody's has reduced the government support assumptions for all six issuers. All ratings now reflect the respective company's stand-alone credit profile (baseline credit assessment) with the exception of Dubai Electricity & Water Authority (DEWA) and DIFC Investments, whose revised ratings include one notch uplift for government support recognising their stronger strategic linkage to Dubai's core economic development policies. Moody's has also downgraded various baseline credit assessments to reflect (1) increased liquidity challenges in a tougher financing environment that we expect will continue for a protracted period, and (2) the longer term implications thereof on Dubai's economy.07:05On The WiresAdobe Systems (ADBE) announces a strategic, global reseller/distribution agreement with InterCall... Otis Elevator Co, a unit of United Technologies (UTX), announces that its subsidary Sigma Elevator Singaport was awarded two contracts from the Singapore Housing and Development Board to supply and install 1,300 elevators in public housing estates... Yucheng Technologies Limited (YTEC) announced that it will provide its E-Banking ASP service to a consortium of 12 banks in China.07:05MMM 3M reaffirms FY09 guidance; sees FY10 revs above consensus and FY10 EPS in-line (77.91 )Co reaffirms guidance for FY09 (Dec), sees EPS of $4.50-4.55, excluding non-recurring items, vs. $4.57 First Call consensus. Co issues mixed guidance for FY10 (Dec), sees EPS of $4.85-5.00 vs. $4.94 consensus; sees FY10 (Dec) revs of $24.5-25.5 bln vs. $24.46 bln consensus.07:04AZO AutoZone beats by $0.16, reports revs in-line (153.36 )Reports Q1 (Nov) earnings of $2.82 per share, $0.16 better than the First Call consensus of $2.66; revenues rose 7.5% year/year to $1.59 bln vs the $1.59 bln consensus. Domestic same store sales increased 5.6% for the quarter.07:02BAS Basic Energy Services reported selected operating data for the month of November 2009 (7.36 )Co reported selected operating data for the month of November 2009. Basic's well servicing rig count was 413 as of November 30, 2009, one less than at the end of last month, due to the retirement of a rig. Well servicing rig hours for the month of November 2009 were 39,200 producing a rig utilization rate of 41%, the same rate recorded in October of 2009 and a decrease from 59% in November 2008. Drilling rig days for the month of November 2009 were 130 producing a rig utilization of 48%, an increase from 42% in October 2009 and a decrease from 83% in November 2008. Basic's fluid services truck fleet count was unchanged at 792 as of November 30, 2009.07:01EVEP EV Energy and EnerVest have entered into a farmout agreement with PetroEdge Energy (26.39 )The co and EnerVest have entered into a farmout agreement with PetroEdge Energy on ~9,500 net acres in Harrison, Marion, Doddridge, Barbour, Upshur and Randolph Counties in North Central West Virginia. EVEP is contributing ~7,760 net acres (81% of the total), with EnerVest contributing the remainder. PetroEdge will earn a 75% working interest in the contributed acreage related to each well it drills and completes, and will earn a 75% working interest in the total contributed acreage if it spends approximately $33 million on drilling and related expenditures within a four year period. EVEP and EnerVest will retain their proportionate share of the remaining 25% working interest on the total contributed acreage. In addition, EVEP and EnerVest will each separately retain all net revenue interest in excess of 82% on their respective contributed acreage. In addition to the acreage subject to this farmout, EVEP will continue to hold approximately 27,000 net acres with Marcellus shale potential, primarily in West Virginia.06:44FCAL First California Financial Group announces it has commenced an offering of 7.5 mln shares of its common stock in an underwritten public offering through Keefe, Bruyette & Woods. (3.71 )06:32SAFM Sanderson Farms beats by $0.03, beats on revs (42.42 )Reports Q4 (Oct) earnings of $0.96 per share, $0.03 better than the First Call consensus of $0.93; revenues rose 1.9% year/year to $469 mln vs the $451.1 mln consensus. "As we move forward to fiscal 2010, current market conditions reflect ongoing weakness in consumer spending and slow restaurant traffic. While retail grocery trends remain favorable, meaningful improvement in demand for chicken from food service customers will not likely occur until the national employment situation improves and consumers start dining out again. However, we believe the industry, through earlier production cuts now being reflected in reduced egg sets and pullet placements, is well positioned to benefit from and respond to any market improvement."06:20MNI McClatchy provides improving outlook at UBS Conference (2.61 )Co management noted today that it expects a continuation of the improving advertising revenue trends that began in the third quarter of 2009. Advertising revenues in the fourth quarter are expected to be down in the low- to mid-20s percent range compared to down 28.1% in the third quarter and 30.2% in the second quarter. Gary Pruitt, chairman and chief executive officer, said, "In addition to improving revenue trends, we expect cash expenses to be down in the high-20s percent range in the fourth quarter as we continue our focus on permanently reducing our costs. As a result, we expect operating cash flow in the fourth quarter to grow compared to last year. Similarly, in 2010 we expect to at least maintain if not grow operating cash flow." McClatchy also noted that the sale of land in Miami that is contractually set to be completed by Dec. 31, 2009, remains uncertain. Pruitt said, "We hope the buyer will be able to close this deal, but if that doesn't happen we are entitled to a $6 million termination fee on top of the non-refundable deposit of $10 million we have already collected. We are in discussions with the buyer now and will let our investors know when this matter is resolved."06:19S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -0.30.06:19Asian MarketsNikkei...10140.47...-27.10...-0.30%. Hang Seng...22060.52...-264.40...-1.20%.06:19European MarketsFTSE...5292.35...-18.30...-0.40%. DAX...5784.32...-0.40...0.00.06:19PAY Verifone announces iPhone secure payments solution (14.09 )Co announces PAYware Mobile, a complete payment solution for the Apple iPhone that provides small businesses with simple and secure card processing capabilities on the popular smartphone platform.06:17CFW Cano Petroleum announces securities litigation against Cano Petroleum is dismissed (0.94 )Co announces on December 3, 2009, the United States District Court for the Northern District of Texas granted motions to dismiss all claims brought by the plaintiff, Truk International Fund LP, against Cano and its officers, directors and underwriters arising out of the June 26, 2008 public equity offering of Cano common stock.06:15HRB H & R Block beats by $0.02, misses on revs; reaffirms FY10 EPS in-lineReports Q2 (Oct) loss of $0.38 per share, excluding non-recurring items, $0.02 better than the First Call consensus of ($0.40); revenues fell 7.2% year/year to $326.1 mln vs the $347 mln consensus. Co reaffirms in-line guidance for FY10, sees EPS of $1.60-1.80, excluding non-recurring items, vs. $1.62 consensus.05:07AUO AU Optronics announces preliminary consolidated November 2009 revenue of NT$38,422 million, down 3% from Oct 2009 and +116.4% year/year (11.00 )02:47ZGEN Novo Nordisk licenses IL-21 mAB and patent rights to IL-21 antibodies from Zymogenetics (7.16 )Novo Nordisk A/S (NVO) and co announce an agreement where Novo Nordisk in-licenses a fully-human anti-IL21 monoclonal antibody (IL-21 mAb) developed by ZymoGenetics, as well as broad intellectual property rights covering IL-21 mAb and the development of other IL-21 antibodies. Under the terms of the license, Novo Nordisk has agreed to pay ZymoGenetics an initial upfront cash payment of $24.0 mln. In addition, as the development programme of the IL-21 mAb advances, ZymoGenetics may receive further milestones from Novo Nordisk of up to $157.5 mlln over the term of the agreement including a $1.5 mln milestone payment upon filing an investigational new drug application and an $8.5 mln milestone payment at the start of phase 1 studies with the mAb, plus royalties on net sales. ZymoGenetics also has a right to co-promote the IL-21 mAb product in the US if the co contributes to Ph. 3 clinical development costs.02:44NYX NYSE Euronext announces trading volumes for November 2009 (24.58 )Co announces trading volumes for its global derivatives and cash equities exchanges for November 20091. Trading volumes in November 2009 were mixed, with European derivatives products trading volumes increasing 16.4% and U.S. options trading volumes increasing 50.6% versus prior year. U.S. and European cash equities trading volumes, however, declined 40.4% and 10.2%, respectively, from prior year levels when increased levels of volatility drove higher cash equities trading volumes.01:59DDRX Diedrich Coffee enters into agreement with Green Mountain Coffee Roasters to acquire Diedrich for $35.00 cash per share (35.15 )Co announces that it has entered into a merger agreement with Green Mountain Coffee Roasters (GMCR 60.39) pursuant to which GMCR will acquire all of the outstanding shares of common stock of Diedrich Coffee for $35.00 in cash per share. The Board of Directors of Diedrich Coffee had previously determined and announced that the GMCR $35 per share, all-cash offer was superior to the terms of the merger agreement with Peet's Coffee & Tea (PEET) and the exchange offer contemplated thereby, as amended by the revised proposal received from Peet's on November 30, 2009 (which revised proposal subsequently expired on December 1, 2009).01:56TCK Teck Resources announces coal production guidance (33.95 )Co announces new coal production guidance for 2010. Teck now expects coal production in 2010 to be 23.5 to 25 million tonnes and is actively planning for further production increases in 2011 and 2012. Teck is currently forecasting coal production of 20 million tonnes and sales of 19.5 to 20 million tonnes for 2009, at the lower end of Teck's current guidance as a result of shipping delays caused by high winds at the port in Vancouver. Weather permitting, missed shipments are expected to be made up in the first quarter of 2010.01:54NYB NY Comm Bancrp prices 60.0 mln common shares at $13.00/share (13.40 )01:47EBS Emergent Biosolutions: HHS cancels RFP for rPA procurement and modifies their approach in favor of BAA for development of rPA vaccines (14.40 )Co announces that it has been advised by the Office of the Biomedical Advanced Research and Development Authority that the Request for Proposal for the procurement of rPA vaccines has been cancelled in favor of a Broad Agency Announcement for rPA vaccine development. According to BARDA officials, BARDA took this action after a technical evaluation panel determined that none of the vaccine developers submitting proposals could meet the Project BioShield statutory requirement of having a product ready for licensure within 8 years. Simultaneously, BARDA issued an amendment to BAA 09-34 to enable companies to submit proposals to obtain development funding for rPA vaccine candidates. The due date for all proposals is February 1, 2010. During a meeting with co officials today, BARDA encouraged Emergent to submit a proposal to this BAA. Emergent intends to submit its proposal by the end of this year. This decision by BARDA has no impact on the co's $400 million procurement contract with the CDC for the manufacture and delivery of 14.5 million doses of BioThrax into the Strategic National Stockpile.01:43GENT Gentium announces final clinical trial results for Defibrotide presented at ASH (2.40 )Co announces final clinical trial results from its Phase II/III Pediatric Prevention trial and Phase III Treatment trial for Defibrotide of Hepatic Veno-Occlusive Disease, which were presented at ASH. The results of both trials strongly trended toward statistical significance.01:41PIP PharmAthene: BARDA announces modification to development approach for Recombinant Protective Antigen Anthrax Vaccines (3.26 )Co announces the Dept. of Health and Human Services Biomedical Research and Development Authority has canceled its request for proposal for Recombinant Protective Antigen Anthrax Vaccine for the Strategic National Stockpile. PharmAthene was informed of BARDA's decision during a meeting late Monday afternoon with BARDA representatives.01:39GSIC GSI Commerce announces 2,129,801 common share offering by former Retail Convergence stockholders (24.54 )01:37GOK Geokinetics announces 4.0 mln common share offering (12.10 )Co intends to use the net proceeds from this offering to fund a portion of the cash purchase price of the acquisition of the on-shore seismic and multi-client seismic library business of Petroleum Geo-Services ASA, and any remaining net proceeds for general corporate purposes, which could include the costs to mobilize the co's seismic crews.01:36XOM Exxon Mobil announces approval on PNG LNG project (73.77 )Co announces that the co-venturers have agreed to proceed with the development of the Papua New Guinea liquefied natural gas project, pending completion of sales and purchase agreements with LNG buyers and finalization of financing arrangements with lenders.01:35On The WiresCell Therapeutics, (CTIC) announces an abstract to be published online at the journal Blood website by M. Hacker, et al. demonstrating significant reduction in cardiac cell toxicity with pixantrone compared to currently marketed anthracyclines... Vantage Drilling (VTG) announces that its wholly owned subsidiary P2021 Rig Co. intends to offer, subject to market and other conditions, $135.0 million in aggregate principal amount of Senior Secured Notes due 2013... Geokinetics (GOK) announces that its wholly-owned subsidiary, Geokinetics Holdings, has commenced an offering of $275 million senior secured notes due 2014 to be offered and sold to qualified institutional buyers... Trico Marine (TRMA) announces new contract awards representing over $50 mln in value, approx $40 mln of which are subsea contract awards for projects commencing in 2010... Magnetek (MAG) receives $750K order for wireless controls from mobile hydraulic co... Ocean Power Tech. (OPTT) executes Memorandum of Understanding with state of Oregon; purpose of MOU is to set forth an approach for developing wave power projects within coastal waters of Oregon.19:03PCYC Pharmacyclics announces presentation of interim results from Phase I trial of its first-in-human Btk inhibitor PCI-32765 (2.35 +0.12)Co announced interim data from a Phase I study of their novel orally administered Bruton's tyrosine kinase (Btk) inhibitor PCI-32765 in patients with relapsed or refractory B-cell non-Hodgkin's lymphoma (NHL) or chronic lymphocytic leukemia (CLL). These data are being presented at the American Society of Hematology (ASH) 51st Annual Meeting taking place this week in New Orleans, LA. The trial was designed to explore up to 6 dose levels with a minimum of 4 evaluable patients per cohort. Each cycle of treatment consists of 28 consecutive days of dosing followed by 7 days of rest. Safety is evaluated at the end of the first cycle and efficacy at the end of the second. At least one full cycle of treatment has been completed for each patient in the first 3 cohorts. Data from the second cohort demonstrated that PCI-32765 fully occupied the active site of the target enzyme Btk in peripheral blood cells with minimal variability, fully inhibited surrogate biomarkers for up to 24 hours, and was well tolerated by patients.18:49RSO Resource Capital prices public common stock follow-on offering at $4.50 (4.88 -0.07)18:48IOC InterOil announces divestment of offshore petroleum prospecting interest (62.30 +0.16)Co announced that it has agreed to divest its interest in the off-shore Petroleum Prospecting License (PPL) 244, for US$2.0 mln. The divestment remains subject to PNG government approval and contracted pre-emptive rights and is expected to close in the first quarter of 2010. Co says, "We are selling our 15% interest in PPL 244 in order to focus our resources and efforts on PPLs 236, 237 & 238 which contain our substantial on-shore and operated exploration licence areas."18:33WY Weyerhaeuser sells Warrenton, OR lumber mill to Hampton Affiliates (42.22 -0.32)Co announced it has signed a Purchase & Sale Agreement for its Warrenton lumber mill with Hampton Affiliates. Terms of the sale were not disclosed. The transaction includes the mill and its land.18:32NLC Nalco announces second senior notes redemption (24.50 -0.30)Co providing essential expertise for water, energy and air, announced that its wholly-owned subsidiary, Nalco Company, is calling for redemption its EUR 200 mln 73/4% Senior Notes due in November of 2011. The redemption is being done at par value using funds from a new incremental term loan and cash.18:31NG NovaGold files preliminary base shelf prospectus for future financings (5.78 -0.32)Co filed a preliminary short form base shelf prospectus with the securities commissions in each of the provinces of Canada, except Quebec, and a corresponding registration statement with the United States Securities and Exchange Commission. The shelf prospectus filed today is intended to replace the co's previous shelf prospectus, originally filed on March 19, 2007, which expired on May 16, 2009. These filings, when made final, will allow the co to make offerings of debt securities, preferred shares and common shares, warrants to purchase Equity Securities and warrants to purchase Debt Securities, share purchase contracts and share purchase or equity units (collectively, the "Securities") or any combination thereof up to an aggregate initial offering price of US$500,000,000 during the 25-month period that the final short form base shelf prospectus remains effective. The net proceeds from the sale of the Securities will be used for general corporate purposes, including funding potential future acquisitions and capital expenditures.18:06AVCT Emerson extends tender offer for Avocent (24.99 +0.01)Emerson (EMR) announced that it has extended its tender offer to purchase all of the outstanding shares of common stock of Avocent (AVCT) to 5:00 p.m. Eastern Standard Time (EST) on Thursday, December 10, 2009. The offer was previously scheduled to expire at 5:00 p.m., EST, on December 7, 2009. All other terms and conditions of the tender offer remain unchanged.17:38AMGN Amgen presents data from first Nplate study; results of the study showed that treatment with Nplate appeared to be generally well-tolerated compared to placebo in children (56.48 -0.37) -Update-Co announced results from its first Phase 1/2 study evaluating the safety and efficacy of Nplate? (romiplostim) in children with chronic immune thrombocytopenic purpura (ITP). Chronic ITP is a serious autoimmune disorder characterized by low platelet counts in the blood (thrombocytopenia), which can lead to serious bleeding events. The data were presented as an oral presentation at the 2009 American Society of Hematology (ASH) Annual Meeting and Exposition (ASH Abstract #680). Additionally, updated five-year follow-up results from an ongoing, open-label extension study in adults were presented and add to the data available on the long-term efficacy and safety of Nplate in adult patients with chronic ITP (ASH Abstract #681). Results from Phase 1/2 Study in Children (Abstract #680) ITP in children most commonly presents as an acute illness; however, 20-30 percent of these cases will persist as chronic ITP (duration over six months). Results of the study showed that treatment with Nplate appeared to be generally well-tolerated compared to placebo in children (aged 12 months to less than 18 years old) with chronic ITP (treatment related adverse events = 18% vs. 20%, respectively).17:30ARIA ARIAD presents positive clinical proof-of-concept data on AP24534 in drug-resistant hematological cancers at ASH annual meeting (2.47 +0.03)Co announced positive clinical data from an ongoing Phase 1 study of its investigational, pan-BCR-ABL inhibitor, AP24534, in patients with advanced hematological cancers. The data provide strong clinical evidence of hematologic, cytogenetic and molecular anti-cancer activity of AP24534, a multi-targeted kinase inhibitor, in heavily pretreated patients with resistant and refractory chronic myeloid leukemia (CML), including those with the T315I mutation of the target protein, BCR-ABL. The data are being presented this afternoon at the 51st Annual Meeting of the American Society of Hematology (ASH) being held in New Orleans, LA. ARIAD will hold an investor conference call and webcast at 8:30 a.m. (ET) tomorrow, December 8, 2009 to discuss these data presented at ASH.17:05PAC Grupo Aeroportuario del Pacifico reports passenger traffic decrease of 2.9% for November 2009 (30.12 -0.12)Co announced preliminary terminal passenger traffic figures for the month of November 2009 compared to traffic figures for November 2008. During November 2009, total terminal passengers decreased 2.9% compared to the previous year; domestic passenger traffic decreased 1.7%, while international passenger traffic decreased 5.2% compared to November 2008.17:00LWSN Lawson Software announces Chief Financial Officer transition (6.65 -0.01)Co announced that Stefan Schulz is being promoted to chief financial officer Jan. 1, 2010, succeeding Robert Schriesheim, who is departing Lawson the same date to become CFO of Illinois-based Hewitt Associates, Inc. Schriesheim will continue to serve on the Lawson board as a non-employee director.17:00HEW Hewitt Associates announces Chief Financial Officer transition (3012 -0.12)Co announced that Chief Financial Officer John J. Park has decided to leave the co early next year to pursue new career challenges. Robert A. Schriesheim, currently the executive vice president and chief financial officer of Lawson Software (LWSN), will join Hewitt as the company's new chief financial officer on January 4, 2010.16:55DDRX Diedrich Coffee falls 9% to $31.96 following 15:53 news (35.15 -0.20) -Update-16:53DDRX Peet's Coffee & Tea will not enhance latest proposal and will leave in place existing offer to acquire Diedrich for $26.00 per share (35.15 -0.20)Peet's Coffee & Tea (PEET) announced that in response to Diedrich Coffee (DDRX) determination that the most recent proposal from Green Mountain Coffee Roasters (GMCR) to acquire Diedrich was superior to Peet's most recent proposal, Peet's will not further enhance its proposal. Peet's further announced that it will leave in place its exchange offer to acquire Diedrich for a combination of cash and stock valued at $26.00 per share. Co says, "We believe that a combination of Peet's and Diedrich would enhance competition in the K-Cup single serve market, benefiting retail trade customers, consumers and the future growth of the Keurig single cup brewing system. We expect to be in a position to close a transaction within a matter of weeks. Conversely, it is our view that there are significant antitrust issues and resulting timing and closure risks associated with GMCR's competing proposal. In the meantime, while GMCR's proposal undergoes regulatory review, our original exchange offer of $26.00 in cash and stock will remain in place and we stand ready to close a transaction swiftly."16:44BANR Banner Corp announces commencement of $75 mln public offering of common stock (2.69 +0.12)BANR intends to use a significant portion of the net proceeds from the offering to provide capital to Banner Bank to support its growth and to take advantage of opportunities created by changes in the competitive environment in its market areas. The co expects to use the remaining net proceeds for general working capital purposes.16:35FLWS 1-800-FLOWERS.COM reports signing definitive agreement to sell its Home and Children's Gifts Business (2.80 +0.09)Co reported that it has signed a definitive letter of agreement to sell its Home and Children's Gifts business to PH International, LLC, a Richmond, Virginia-based manufacturer and wholesaler of home decor and garden products. Included in the sale are the Plow and Hearth, Problem Solvers, Wind and Weather, HearthSong and Magic Cabin brands as well as the division's offices and warehouse facility in Madison, VA and a warehouse distribution center located in Vandalia, OH. According to the terms of the agreement, purchase price is $17 mln (plus adjustments for seasonal working capital). The sale is expected to close near the end of January, 2010.16:31IMMU Immunomedics announces preclinical results of Milatuzumab in B-cell malignancies (3.52 +0.11) -Update-Co announces announced results from 3 preclinical studies aimed at understanding the mechanism of action of its proprietary humanized anti-CD74 antibody, milatuzumab, which is currently in clinical development for multiple myeloma, non-Hodgkin's lymphoma and chronic lymphocytic leukemia. The first study demonstrated expression of CD74 on the surface of CLL cells, but no expression was found on T cells. Milatuzumab-induced cell death occurred very rapidly, with 57% cell survival at 4 hours and only 30% at 24 hours, which was superior to that observed with rituximab. The mode of cell death induced by milatuzumab was found to be mediated directly through interaction with CD74 and its ensuing effects on signal transduction. Milatuzumab, when crosslinked, promotes the maintenance of CD74 on the cell surface and thereby prevents receptor internalization and subsequent signaling. Retention of the CD74 receptor on the surface of B cells can also be induced, without the presence of a crosslinking antibody, the investigators found, by incorporating milatuzumab into liposomes.16:30PVTB PrivateBancorp makes inducement equity awards to newly hired employees (9.79 -0.06)The co announces that on December 1, 2009, in connection with and pursuant to its previously filed Strategic Long Term Incentive Compensation Plan, seven of its recently hired employees received inducement equity awards. The announcement was made to comply with the rules of the NASDAQ Global Select Market on which the Company's stock is traded. The Strategic Long Term Incentive Compensation Plan was adopted by the Company's Board of Directors for making inducement stock option and restricted stock awards to attract such hires and promote achievement of exceptional performance. The recently hired employees received an aggregate of 41,175 time-vested stock options, with an exercise price of $10.25 per share, the closing price for the common stock on December 1, 2009, and 21,725 time-vested shares of restricted stock. The awards vest over a three-year period.16:30SCSS Select Comfort Corp announces offering of common stock (5.01 -0.05)The co plans to use the proceeds of the public offering to improve working capital and pay down debt. The proceeds from this public offering are expected to fulfill the obligations under the co's amended and restated credit agreement, dated Nov. 13, 2009, to issue common stock or other equity securities yielding certain proceeds. Briefing.com note: Co did not specify how many shares the offering will be).16:30OVRL Overland Storage announces one-for-three reverse stock split (0.69 -0.04)16:28INSU Insituform Tech announces the City of Atlanta awards the co two contracts totaling $15.9 million to rehabilitate sewer pipes (20.99 -0.02)16:16IMGN Immunogen: SAR3419 Phase I study results in non-Hodgkin's Lymphoma at ASH (8.33 -0.13) -Update-Co announced the presentation of encouraging initial clinical findings with SAR3419. Among the findings reported were responses to SAR3419 - administered as a single agent - among patients with B-cell non-Hodgkin's lymphoma that is refractory to treatment with rituximab (Rituxan). SAR3419 is an investigational compound designed to target and kill cancer cells that express the protein, CD19, on their surface. The compound is in development by sanofi-aventis (SNY) for the treatment of relapsed/refractory CD19-expressing non-Hodgkin's lymphoma and other B-cell malignancies. ImmunoGen created SAR3419 using its Targeted Antibody Payload technology and licensed it to sanofi-aventis as part of a broader collaboration. The study found that 17 of 27 (63%) patients who were response-evaluable at the time of data cut-off for presentation experienced a reduction in tumor size (7% to 86% reduction). These included 7 of 14 (50%) patients who had disease that was refractory to treatment with rituximab.16:16KIM Kimco Realty announces 25 mln share common stock offering (13.08 -0.51)16:16FDX FedEx jumps 3 points following guidance (87.52 -0.42) -Update-UPS also trading over a 1 point higher in after hours... See 16:15 comment for details.16:15FDX FedEx expects to exceed Q2 earnings guidanceCo announced that it expects to report earnings of $1.10 per diluted share for the second quarter ended November 30, down 30% from $1.58 per diluted share a year ago. The company's previous guidance for the quarter was $0.65 to $0.95 per diluted share. First Call consensus is $0.85. "FedEx will exceed previous earnings guidance in the second quarter primarily due to better-than-expected growth in FedEx International Priority and FedEx Ground volumes, coupled with the benefits of our continuing cost control programs," said Alan B. Graf Jr., FedEx Corp. executive vice president and chief financial officer. "Year-over-year growth in our U.S. overnight express and FedEx International Priority services increased each month during the quarter, aided by inventory restocking and our successful sales efforts. Demand for our international services has improved significantly since the first quarter, particularly in Asia and Latin America."16:15TCAP Triangle Capital announces a 1.3 mln share common stock offering (12.78 )16:08HPT Hospitality Props announces that it will begin paying a cash quarterly dividend of $0.45 per common share (20.81 -0.16)16:07Conferences and Shareholder/Analyst Meetings of InterestEvents of interest for tomorrow, Dec 8, include: AGCO Analyst Meeting; CSCO Financial Analyst Conference; POZN Analyst Meeting; TEL Investor Meeting; TXN Mid-Quarter Update; GE Capital Investor Webcast; CNQR at RBC Capital Markets Software-as-a-Service One-on-One Symposium; CPST at PennWell Corporation Power-Gen International Trade Show; HL at RBC Capital Markets Silver Conference; MON at American Seed Trade Association Conference; ACM, MOS, TYC, MON at Bank of America Securities Merrill Lynch Industrials Conference; CBS, SIRI, THQI, VZ at UBS Media & Communications Conference; INTC, MSFT, VMW, NFLX at Barclays Technology Conference; KWK, ESV, PVA, XTO at Capital One Southcoast Energy Conference; NRGY, HEP, KMP, WES at Wells Fargo Securities MLP Pipeline and E&P, Energy Services & Utility Symposiums; RF, JPM, MA, ZION at Goldman Sachs US Financial Services Conference; TSCO, CPLA, JACK, URBN at Wedbush Morgan Securities California Dreamin Management Access Conference. Fed: Fed's Fisher. Treasury: $40 bln 3-yr Treasury Note Auction.16:06SAI SAIC announces it has been awarded a contract extension from NASA to continue work on the UNITeS contract; the total value of the extension to more than $235 mln if all options are exercised (18.04 +0.20)16:06FLIR FLIR Systems announces FMS orders of $6.7 mln for Middle East / North African customers (29.81 +0.01)16:05SGEN Seattle Genetics reports data from dacetuzumab phase Ib combination clinical trials (9.42 unch) -Update-The co reports data from two phase Ib clinical trials of dacetuzumab, one in combination with Rituxan (rituximab) and Gemzar (gemcitabine) for diffuse large B-cell lymphoma (DLBCL), and the other in combination with Revlimid(R) (lenalidomide) for multiple myeloma. In addition, data were reported describing a diagnostic gene signature that may identify lymphoma patients who are more likely to respond to dacetuzumab therapy. Dacetuzumab is a humanized antibody targeting CD40 that the company is developing under a worldwide collaboration agreement with Genentech, a wholly owned member of the Roche Group. The data were presented during the American Society of Hematology (ASH) 51st Annual Meeting being held in New Orleans, Louisiana. "Data from these two phase Ib trials demonstrate that dacetuzumab is well tolerated in combination with other therapies commonly used in the treatment of DLBCL and multiple myeloma," said Thomas C. Reynolds, M.D., Ph.D., Chief Medical Officer of Seattle Genetics. "The objective responses observed in these heavily pre-treated patients provide rationale to further assess the contribution of dacetuzumab to these combination therapies. With Genentech, we are continuing to evaluate next steps in these settings, and are also enrolling patients to two additional combination phase Ib trials for follicular lymphoma and multiple myeloma from which data are planned in 2010."16:04CASY Casey's General beats by $0.06, misses on revs (31.10 +0.33)Reports Q2 (Oct) earnings of $0.66 per share, $0.06 better than the First Call consensus of $0.60; revenues fell 17.0% year/year to $1.16 bln vs the $1.2 bln consensus. Gasoline margins continued to be strong at 14.3 cents vs their 11 cent goal per gallon for the quarter. Same-store gallons sold were down 0.7% for the quarter and up 1.2% for the year to date. "Inclement weather impacted our same-store gallons during the quarter. However, the retail price environment continues to be responsive to wholesale movements, resulting in a gasoline margin above goal." Grocery and other merchandise same-store sales for the quarter were up 1.9% with an average margin of 34.1%, up 20 bps from the second quarter a year ago. Prepared Food and Fountain same-store sales were up 3.4% for the quarter.16:03PZN Pzena announces Nov 30, 2009 Assets Under Management of $14.0 bln, up from 13.6 bln from Oct 31, 2009 and up from $10.5 bln a year ago (8.19 +0.80)16:03CLMT Calumet Specialty Products announces the commencement of an underwritten public offering of 3,000,000 common units (19.75 +0.36)16:02THLD Threshold Pharma announces animals treated prophylactically with TH-302 showed decreased serum paraprotein compared to those not treated with TH-302 (1.70 -0.11)Co announces preclinical results related to Threshold's clinical stage hypoxia-activated prodrug, TH-302. "Hypoxia is known to be linked to increased metastatic potential and poorer disease outcomes, This study has demonstrated that hypoxia exists in the bone marrow in an established model of myeloma and, importantly, TH-302 has had an impressive treatment effect in this preclinical model." Hypoxia is known to be associated with poor prognosis and tumor progression in solid tumors. Scientists have also been studying the effects of hypoxia on hematopoetic stem cells in the bone marrow. Thus, a preclinical study was undertaken to evaluate the hypoxic condition in the bone marrow in a murine model of multiple myeloma, the 5T33MM syngeneic model, using the hypoxia-activated prodrug, TH-302. The study found that almost all of the MM cells in the model reside in a hypoxic environment in the bone marrow and that these tumor cells may be a target for tumor-specific treatment with TH-302. In vivo, animals treated prophylactically with TH-302 showed decreased serum paraprotein compared to those not treated with TH-302. The frequency of apoptotic MM cells in bone marrow sections was also significantly increased in animals treated with TH-302. In vitro, 5T33 cell-based assays demonstrated TH-302 induces cell cycle arrest and triggers apoptosis in an oxygen concentration-dependent manner. Taken together, these results support continued investigation with TH-302 as a potential treatment for multiple myeloma.16:02ARO Aeropostale announces a $250.0 mln increase in its share repurchase program (30.20 +1.25)16:02TWC Time Warner Cable and Sinclair Broadcast Group entered into a one-year extension of their retransmission consent agreement (43.05 +0.31)Time Warner Cable (TWC) and Sinclair Broadcast Group (SBGI) announce that they have entered into a one-year extension of their retransmission consent agreement. The extension ensures that Time Warner Cable customers will have uninterrupted access to Sinclair's broadcast television stations.16:01TRBN Trubion Pharma and Facet Biotech announce presentation of positive TRU-016 data at the 2009 ASH Annual Meeting (3.71 -0.02)The co and FACT announce the presentation of positive data from a phase 1 study of TRU-016 in patients with relapsed and refractory chronic lymphocytic leukemia (CLL). TRU-016 is a CD37-directed Small Modular ImmunoPharmaceutical (SMIP) protein therapeutic in development for the treatment of B-cell malignancies. "Unlike other peptide therapies that target CD20, TRU-016 targets CD37 and mediates both immune-mediated death and direct killing through a novel mechanism... The favorable toxicity profile and clinical activity with TRU-016 observed to date in this study suggests it has potential to be a major contributor to combination strategies that are impacting CLL treatment outcome." Data were presented today for 33 patients enrolled in the phase 1 TRU-016 dose escalation trial (abstract 3424). A majority of patients (20/33) had high-risk genomic features associated with a poor prognosis and had received multiple prior therapies. Evidence of TRU-016 biological activity was seen beginning with patients dosed at the 0.3 mg/kg dose level, including in high-risk patients. Partial response (PR) was observed in five patients, including one patient with the 17p deletion cytogenetic abnormality. Partial response was determined following investigator assessment and the two-month confirmation of these responses is pending. Two patients with leukemia cutis experienced clearing, one complete and one partial. At the 10 mg/kg dose, four of five patients with elevated peripheral lymphocyte counts were reduced to normal levels. A total of 16 serious adverse events have been reported. The maximum tolerated dose (MTD) has not yet been reached.16:00GGC Georgia Gulf proposes offering of $500 million aggregate principal amount of senior secured notes due 2016 (15.48 +0.53) -Update-Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond and world FX market participants. 1-800-752-3013 or http://www.briefing.com
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