Briefing.com: Hourly In Play (R) – 20:00 ET

Feb 01, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 01-Feb-10 20:00 ET

18:34

SPN Superior Energy Services and Shell sign bullwinkle decommissioning deal (23.65 +0.68)

Co announces it now has ownership of Shell's Gulf of Mexico Bullwinkle platform, and related assets. SPN will plug and abandon the 29 wells associated with Bullwinkle, which is the deepest fixed-leg production platform on the Outer Continental Shelf. Installed in 1988, Bullwinkle produces 4,000 barrels of oil equivalent per day and serves as a processing hub for third parties.

18:33

CAL Continental Airlines reports January 2010 operational performance (19.29 +0.90)

Co reported a January consolidated (mainline plus regional) load factor of 77.2%, 4.0 points above the January 2009 consolidated load factor, and a mainline load factor of 78.0%, 4.0 points above the January 2009 mainline load factor. Both January load factors were records for the month. The carrier reported a domestic mainline January load factor of 78.2 percent, 1.6 points above the January 2009 domestic mainline load factor, and a record international mainline load factor of 77.8%, 6.1 points above January 2009.

18:26

CPE Callon Petroleum announces increase in 2009 year-end reserves with net proved reserves of 58 bln cubic feet (2.76 +0.47)

Co announced that it ended 2009 with estimated net proved reserves of 58.0 bln cubic feet of natural gas equivalent (Bcfe), compared to 2008 year-end proved reserves of 54.8 Bcfe, a 6% increase. The 2009 year-end reserves were 67% crude oil. CPE added 15.0 Bcfe of net proven reserves replacing 127% of the reserves produced in 2009.

18:08

SIMO Silicon Motion misses by $0.26, misses on revs; guides Q1 revs in-line (3.20 +0.04)

Reports Q4 (Dec) loss of $0.28 per share, excluding excluding stock-based compensation, acquisition-related charges, foreign exchange gain, and other items, $0.26 worse than the First Call consensus of ($0.02); revenues fell 29.3% year/year to $22.8 mln vs the $24.8 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of down 5% to up 5% sequentially, which equates to ~$21.7-23.9 mln vs. $22.38 mln consensus. Co says, "Although we are entering the seasonally slow part of the year especially relating to our mobile storage business, we are seeing continued signs of improvement in our business and design pipeline and are confident that our business will improve as the year progresses."

17:23

GLAD Gladstone misses by $0.01 (7.45 +0.07)

Reports Q1 (Dec) earnings of $0.21 per share, $0.01 worse than the First Call consensus of $0.22.

17:15

TMO Thermo Fisher Scientific signs agreement to acquire high-performance PCR solution provider, finnzymes (46.92 +0.77)

Co announced that it has signed a definitive agreement to acquire Finnzymes, a well-recognized provider of integrated tools for molecular biology analysis, including reagents, instruments, consumables and kits. Headquartered in Espoo, Finland, Finnzymes has 90 employees and generated revenue of $20 mln in 2009.

17:13

CCK Crown Hldgs beats by $0.04, misses on revs (23.64 -0.17)

Reports Q4 (Dec) earnings of $0.27 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.23; revenues rose 2.1% year/year to $1.92 bln vs the $1.96 bln consensus. Co says, "We expect 2010 to be another solid year of improving performance for our co. Demand in our mature packaging markets of North America and Western Europe is expected to recover from 2009 levels and operating improvements and cost reductions are anticipated to continue throughout 2010. We expect our emerging markets businesses in China, Southeast Asia, Brazil, Eastern Europe and the Middle East will continue to grow. Additionally, the numerous capacity expansions we have undertaken are completed or well underway, and are expected to contribute to production and sales in 2010. We continue to believe that we are exceptionally well positioned for profitable growth in 2010 and beyond."

17:10

DST DST Systems misses by $0.16, misses on revs (45.27 -0.06)

Reports Q4 (Dec) earnings of $0.92 per share, excluding non-recurring items, $0.16 worse than the First Call consensus of $1.08; revenues fell 1.0% year/year to $399.7 mln vs the $406.4 mln consensus. On January 29, 2010, DST began implementation of a plan to reduce its workforce during 2010. The plan will result in a reduction of ~7% of the employee workforce, affecting all DST domestic and international business units. The co anticipates a reduction in annual pre-tax operating costs of ~$67 mln as a result of the reduction. The reduction in workforce is part of the co's ongoing cost management initiatives which have included a general freeze on hiring and management salaries, and other controls over operating expenses. As a result of this workforce reduction, the co anticipates a pre-tax charge in 2010 of ~$21 mln in connection with its payment of related termination benefits. Approximately $18 mln in pre-tax charges will occur in the first half of 2010, with the remaining charges occurring throughout the remainder of 2010.

17:05

OHB Orleans Homebuilders announces third limited waiver letter and limited unaudited financial information (1.43 -0.03)

Co announced that on January 25, 2010 theit executed a third limited waiver letter to its $375 mln Second Amended and Restated Revolving Credit Loan Agreement. Under the terms of the Waiver Letter, the Credit Facility size was reduced from $375 mln to $350 mln, the maximum cash covenant was reduced from $12 mln to $10 mln, and the lenders were granted a security interest in certain additional collateral. Lenders holding ~68% of the commitments under the Credit Facility approved the Waiver Letter... Co continues to pursue other strategic alternatives including a potential sale or recapitalization of the Company, and has presented potential transaction alternatives to its lending group. There can be no assurance that the Company will be able to consummate any transaction on terms acceptable to it, and any such transaction may provide little or no value for either the Company's unsecured creditors or equity holders, or may result in substantial dilution to the equity holders... Co also reports Total residential revenue for the three months ending December 31, 2009 was approximately $78.5 mln (217 homes) as compared to approximately $87.8 mln (199 homes) for the three months ending December 31, 2008, a decrease of approximately 10.6% versus the prior year period. Net new orders for the three months ending December 31, 2009 were approximately $59.1 mln (162 homes) as compared to approximately $41.2 mln (113 homes) for the three months ending December 31, 2008.

17:03

TUP Tupperware beats by $0.18, beats on revs; guides Q1 EPS in-line; guides FY10 EPS in-line (43.38 +0.92)

Reports Q4 (Dec) earnings of $1.22 per share, $0.18 better than the First Call consensus of $1.04; revenues rose 20.0% year/year to $626 mln vs the $615.2 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.55-0.60 vs. $0.60 consensus. Co issues in-line guidance for FY10, sees EPS of $3.41-3.51 vs. $3.43 consensus. The outlook for full year local currency sales growth remains at up 6 to 8%, and with a 1% benefit from foreign exchange is an increase of 7 to 9% on a reported basis. The local currency increase foreseen for units operating in emerging markets is 12 to 14%, and the increase for units operating in established markets is 1 to 2%. The Company's board today increased the Company's share repurchase authorization by $200 million to $350 million, and extended the term of the program to February 1, 2015.

17:02

RGA Reinsurance Group of America beats by $0.12, beats on revs (49.12 +0.40)

Reports Q4 (Dec) earnings of $1.70 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $1.58; revenues rose 42.1% year/year to $1.94 bln vs the $1.8 bln consensus.

17:02

TRGL Toreador Royalty enters into exchange agreement for $22.2 mln of its 5.00% convertible senior notes

17:01

CE Celanese announces 15% price increase for Ticona GUR products (30.05 +0.95)

16:50

BBOX Black Box issues notice of proposed settlement of derivative litigation (27.02 -0.47)

Co announced that the United States District Court for the Western District of Pennsylvania has preliminarily approved the previously-disclosed proposed settlement of In re Black Box Corporation Derivative Litigation, a consolidated action of two substantially identical stockholder derivative lawsuits originally filed in November 2006 against Black Box itself, as a nominal defendant, and several of the Company's current and former officers and directors, relating to certain stock options issued during the period 1996-2002, and related matters.

16:49

NOA North American Energy beats by $0.22, beats on revs (7.07 +0.56)

Reports Q3 (Dec) earnings of CDN$0.40 per share, excluding non-recurring items, CDN$0.22 better than the First Call consensus of CDN$0.18; revenues fell 13.9% year/year to CDN$222.7 mln vs the CDN$186.5 mln consensus. The co's outlook for the three months ending March 31, 2010 is for continued strong operating performance despite weak economic conditions. In particular, recurring services volumes are expected to continue to gradually strengthen as a result of the return to normal overburden removal activity levels at Canadian Natural's Horizon project and steady demand from Shell Albian's oil sands sites. The co also continues to pursue opportunities with other oil sands customers.

16:47

ATK Alliant Tech says President's budget proposal is the first step in a long process that will ultimately require Congressional approval (79.43 +0.46)

Co released the following statement on the GFY11 NASA Budget Proposal: The President's budget proposal is the first step in a long process that will ultimately require Congressional approval. It is not clear why at this time the nation would consider abandoning a program of such historic promise and capability - with so much invested. We anticipate additional detail on the budget proposal's impact on the nation's space policy to unfold in the coming weeks as the Congress and industry are provided an opportunity to review these recommendations. Members of Congress from both sides of the aisle have expressed their concern over this apparent change in policy direction. NASA and its industry partners have made significant progress in Constellation's development, culminating in the successful Ares 1-X test flight. Ares is meeting all major milestones. The Ares I launch vehicle is an innovative and now proven design with an overriding concern for crew safety. It is 10 times safer than any launch vehicle in existence or on the drawing board. NASA's own Aerospace Safety Advisory Panel recently concluded that "The Ares I vehicle has been designed from the beginning with a clear emphasis on safety. To abandon Ares I as a baseline vehicle for an alternative without demonstrated capability nor proven superiority (or even equivalence) is unwise and probably not cost-effective." In the weeks and months ahead we are hopeful that the Congress and Administration will work together to deliver a budget that supports a program that capitalizes on the investments the nation has made in the Constellation program, closes the gap in US capability to return to space, and best assures continued US leadership in space. We believe ATK will continue to play a significant role in America's future space exploration.

16:46

VCLK ValueClick announced the divestiture of the Web Clients promotional lead generation business; issues prelim Q4 results (9.56 +0.31)

Co announced the divestiture of the Web Clients promotional lead generation business. The divestiture is a continuation of the Company's strategy to focus on growing its core online marketing services and technology businesses through organic initiatives and acquisitions... Co sees Q4 revs of ~$130.16 mln vs $133.07 mln First Call consensus. For the fourth quarter of 2009, the Company's display, affiliate marketing and technology businesses performed above the Company's expectations, with sequential revenue growth from the third quarter of 2009 of 30 percent, 20 percent, and 13 percent, respectively.

16:45

ANH Anworth Mortgage announced that its Board of Directors has authorized it to acquire up to 5,850,000 shares of its common stock (6.90 )

16:44

PMT PennyMac Mortgage misses by $0.08 (16.25 +0.15)

Reports Q4 (Dec) loss of $0.07 per share, $0.08 worse than the First Call consensus of $0.01. During the last quarter of 2009, the company continued to pursue high yield investment opportunities and completed acquisitions of residential whole loans with unpaid principal balances of approximately $40.1 mln and $23.6 mln in fair value of residential mortgage-backed securities. These transactions bring the total amount invested in residential mortgage whole loans and residential mortgage-backed securities by PMT to $119.1 mln, or 37% of the proceeds of the company's initial public offering. The whole-loan acquisition by the company in 2009 consisted of a portfolio of performing residential mortgage loans that was purchased at a discount on the approximate $40 mln in unpaid principal balances.

16:44

RTEC Rudolph Tech misses by $0.13, beats on revs; co announced record bookings (6.77 +0.50)

Reports Q4 (Dec) loss of $0.20 per share, which includes includes the restructuring charge, litigation, and stock-based compensation, $0.13 worse than the First Call consensus of ($0.07); revenues rose 76.8% year/year to $29 mln vs the $26.6 mln consensus. Co reported record book-to-bill ratio of 2.6 exceeded industry averages by more than 2X.

16:35

IDI SearchMedia appoints Paul Conway as CEO (6.05 -0.04)

Co announced that it has appointed Mr. Paul Conway as Chief Executive Officer of the Company, effective today. Conway joins SearchMedia from Oppenheimer & Co., where he was Managing Director of Media Investment Banking. Prior to joining Oppenheimer, Conway served in various banking positions for five years with SunTrust Bank.

16:35

ARRY Array Biopharma beats by $0.11, beats on revs (2.40 +0.01)

Reports Q4 (Dec) loss of $0.44 per share, $0.11 better than the First Call consensus of ($0.55); revenues rose 24.7% year/year to $9.6 mln vs the $6.7 mln consensus. "We continued to implement our partnering strategy with our Amgen deal, which significantly added to our cash balance and reduced our burn. Our partnerships, which include seven Array-invented drugs in clinical trials, provide Array with significant upside of $1.9 billion in potential milestones and royalties that range up to 15 percent. As a result of our partnering efforts, we are revising our guidance for the second half of the fiscal year, increasing our revenue and reducing our loss per share."... GK activator for type 2 diabetes: Array entered into an agreement with Amgen Inc. for Array's small-molecule glucokinase activator program, including AMG 151 / ARRY-403, which is currently being tested in a Phase 1 multiple ascending dose clinical trial in patients with type 2 diabetes. Under the terms of the agreement, Array received an upfront payment of $60 million and additional contingent payments up to $666 million if clinical and commercial milestones are achieved for AMG 151 and at least one back-up compound. Amgen is responsible for future clinical development and commercialization for AMG 151 and any resulting back-up compounds, with Array having an option to co-promote in the United States. Array will receive double digit royalties on sales of AMG 151. In addition, Amgen is providing research funding over the next two-years to identify and advance second-generation glucokinase activators.

16:32

IBNK Integra Bank: United Community Bank and Integra Bank announce agreement for purchase of branches and loans from Integra (0.75 +0.04)

United Community Bancorp (UCBA) and Integra Bank Corporation (IBNK) announced that United Community Bank, the wholly-owned subsidiary of United Community Bancorp, has agreed to purchase three banking offices of Integra Bank Corporation's wholly-owned bank subsidiary, Integra Bank N.A. ("Integra"). The offices are located in Milan, Osgood and Versailles, Indiana. In addition, United has agreed to acquire a group of commercial and residential mortgage loans from Integra. United will assume approximately $54.4 million of deposit liabilities related to the three branches, as well as $38.6 million of branch loans and $12.3 million of additional commercial and residential mortgage loans selected by United that were originated in other Integra offices.

16:25

SXL Sunoco Logistics announced a 2.2 mln share common unit owned by its general partner Sunoco Partners (71.04 +2.02)

16:22

RCII Rent-A-Center beats by $0.03, beats on revs; guides Q1 revs in-line; raises FY10 EPS guidance, issues FY10 rev guidance in-line (20.07 +0.07)

Reports Q4 (Dec) earnings of $0.59 per share, excluding $0.07 net in gains, $0.03 better than the First Call consensus of $0.56; revenues fell 3.8% year/year to $672.9 mln vs the $665 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $692-712 mln vs. $709.30 mln consensus, with comps down 0.5-2.5%. Co raises EPS guidance for FY10, issues FY10 revs guidance in-line, sees EPS of $2.35-2.55, ex-items vs. $2.37 consensus, up from $2.30-2.50; sees FY10 revs of $2.70-2.76 bln vs. $2.72 bln consensus, with comps up ~1%. The decrease in Q4 revenues was primarily the result of a 3.2% reduction in same store sales, predominantly attributable to a decrease in the number of units per customer, and the anticipated revenue attrition from approximately 365 stores that received customer agreements from stores closed in the 2007 restructuring plan.

16:22

APC Anadarko Petro beats by $0.01, beats on revs (65.10 +1.32)

Reports Q4 (Dec) earnings of $0.04 per share, excluding $0.42 of non-recurring items, $0.01 better than the First Call consensus of $0.03; revenues fell 17.4% year/year to $2.42 bln vs the $2.36 bln consensus.

16:17

TXCC TranSwitch announces a workforce reduction and other cost savings initiatives (1.82 +0.27)

Co announces it recently effected a restructuring to be implemented and concluded during the first quarter of 2010. This workforce reduction primarily affects personnel based in Fremont, California, New Delhi and Bangalore, India and Shelton, Connecticut. TranSwitch expects that these restructuring actions and other cost reduction initiatives will result in annual savings of approx $4.0 mln, and that these savings will begin to be recognized in first quarter of 2010. Of this amount, TranSwitch expects annual savings of approximately $2.4 mln in reduced employee related costs including base salary reductions and $1.6 mln from other cost savings initiatives. In connection with the restructuring, TranSwitch expects to incur pre-tax restructuring charges of approx $1.4 mln which will be cash expenditures primarily for employee related costs. The Company expects these charges to be recorded in the first quarter of 2010.

16:16

ADVS Advent Software misses by $0.02, reports revs in-line (38.55 +0.80)

Reports Q4 (Dec) earnings of $0.28 per share, $0.02 worse than the First Call consensus of $0.30; revenues fell 0.3% year/year to $66.3 mln vs the $65.9 mln consensus.

16:15

CDR Cedar Shopping Centers commences 7.5 mln share common stock offering (7.17 +0.19)

16:10

HOLX Hologic beats by $0.03, beats on revs; guides Q2 EPS in-line, revs above consensus; raises FY10 guidance (15.25 )

Reports Q1 (Dec) earnings of $0.29 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.26; revenues fell 3.9% year/year to $412.4 mln vs the $403.7 mln consensus. The decrease in revs was primarily attributable to the decline in sales of Selenia full field digital mammography systems, as the Company did not realize the full impact of the declining economic environment and the resulting delays and reductions in hospital capital spending until the second quarter of fiscal 2009. Co issues mixed guidance for Q2, sees EPS of ~$0.29, excluding non-recurring items, vs. $0.29 consensus; sees Q2 revs of $410-415 mln vs. $406.17 mln consensus. Co raises guidance for FY10, sees EPS of $1.16-1.20, excluding non-recurring items, vs. $1.18 consensus, up from $1.15-1.19 previously; sees FY10 revs of $1.640-1.665 bln vs. $1.65 bln consensus, up from $1.625-1.650 bln previously. "Our first quarter order rate for digital mammography signaled early signs of stabilization. I believe uncertainty still exists in the capital equipment market, but I am encouraged by both domestic and international order activity. In addition, we enjoyed solid quarter-over-quarter revenue growth in our Diagnostics and GYN Surgical segments. While we remain cautious in our outlook for the state of our markets, we are focused this year on driving growth in our core businesses through increased customer demand, market awareness, new product launches and international expansion."

16:06

EXTR Extreme Networks beats by $0.03, beats on revs (2.54 +0.07)

Reports Q2 (Dec) earnings of $0.05 per share, $0.03 better than the First Call consensus of $0.02; revenues fell 9.3% year/year to $79.4 mln vs the $76.7 mln consensus. "Operating under a simpler and more functional structure, we worked with our suppliers to resolve supply chain constraints and improved operational execution across the company," said Bob Corey, CFO and acting President & CEO of Extreme Networks. "In early December, we announced our Data Center vision to help Customers migrate from the physical to the virtual to the cloud, all without forcing a technology or operating methodology on the Customer. In January, we announced the most current additions to our Data Center product line, the Black Diamond 8900 XL modules and the X480 stackable switches, both of which are expected to be available in Q3."

16:04

LDSH Ladish reports breakeven quarter, ex-item; beats on revenue (15.58 +0.13)

Reports Q4 (Dec) net of breakeven, excluding reversal of a $5.3 million valuation allowance, may not compare to the First Call consensus of $0.04; revenues fell 26.0% year/year to $83.2 mln vs the $78.8 mln consensus. Co states, "Looking ahead to 2010, we are guardedly optimistic most of the inventory de-stocking is over. As OEM build rates more closely reflect order levels, we can confidently say the worst is behind us. We anticipate relatively stable business conditions throughout the first half of the year. After a few months of moving 'sideways,' we believe the second half of 2010 can bring opportunities for growth. Our manufacturing facilities have available capacity, and our employees are poised to take care of our customers' increasing demand."

16:04

MNKD Mannkind misses by $0.13 (10.14 +0.02)

Reports Q4 (Dec) loss of $0.53 per share, $0.13 worse than the First Call consensus of ($0.40). Co has no rev this quarter or in 4Q08. Cash, cash equivalents and marketable securities were $32.5 million at December 31, 2009 and $46.5 million at December 31, 2008. Currently, the Company has $185.0 million of available borrowings under the loan agreement with an entity controlled by the Company's principal stockholder.

16:03

SFN Spherion announes the acquisition of CFO executive services firm Tatum (5.87 +0.23)

Co announces the acquisition of Tatum, LLC , a leading executive services firm focused on the office of the chief financial officer. Total consideration for the transaction is $46 mln, comprised of $11 mln in Spherion stock and the remainder in cash and assumed liabilities. Spherion will fund the transaction by utilizing its existing cash resources and revolving line of credit and by issuing approximately 1.8 mln shares of Spherion common stock. Total borrowings after closing will be approximately $45 mln with debt to capitalization of less than 15%. Tatum's field operations will remain independent and its back-office operations will be consolidated into Spherion's existing service center. The integration and consolidation are expected to be substantially completed by March 31, 2010. Once the integration and consolidation are completed, there should be approximately $6 mln of annualized cost savings. With this level of cost synergies, Spherion estimates that the purchase price of $46 mln is approximately 5.5x estimated 2009 pro forma earnings before interest, taxes, depreciation and amortization of Tatum. Assuming 2010 revenues about flat with 2009 and realization of approximately 65% - 75% of the $6 million cost synergies, Tatum should be approximately $0.03 to $0.05 per share accretive to Spherion in 2010.

16:03

OCLR Oclaro misses by $0.03, beats on revs; guides Q3 revs above consensus (1.77 +0.12)

Reports Q2 (Dec) loss of $0.01 per share, $0.03 worse than the First Call consensus of $0.02; revenues rose 10.0% year/year to $93.6 mln vs the $91.1 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $97-102 mln, including ~$2.0 million to $3.0 million of Xtellus related revenues vs. $92.99 mln consensus. "We expect to grow our revenue and are driving to increase our gross margins in what is traditionally a seasonally weaker March quarter," said Alain Couder. "Improving our gross margins in the quarter when our industry experiences the bulk of its annual pricing re-negotiations would demonstrate our ability to continually drive costs out of our products and leverage our global skill and infrastructure."

16:02

CATY Cathay Bancorp has commenced a $100 mln common stock offering (9.34 -0.24)

16:02

TBAC Tandy Brands announces consolidation of distribution operations (2.90 -0.01)

The co announces a consolidation of its distribution operations which is expected to improve customer service, increase operational efficiencies, and reduce annualized operating expenses by approximately $3-$4 million. Tandy said that its distribution operations will be consolidated into the company's Dallas distribution center, which was recently expanded and renovated to include the company's corporate headquarters. As part of the consolidation, the company said that it is closing its Yoakum, Texas distribution facility and office. In the past, the Yoakum sites were a significant manufacturing center for Tandy, but that function has been largely phased out since 2007. "Given we have successfully shifted our business model from product manufacturing to international sourcing, Yoakum is no longer an efficient hub for our distribution," said Mr. Rod McGeachy, President and Chief Executive Officer of Tandy. "Consolidating our distribution operations and our new corporate headquarters into our expanded Dallas distribution center will better serve our retail partners both in terms of efficiency and cost effectiveness. These two moves together will reduce our fiscal year 2011 SG&A expenses by $4 to $5 million annually."

16:01

ICUI ICU Medical beats by $0.02, beats on revs; guides FY10 EPS below consensus, revs in-line (34.39 -0.39)

Reports Q4 (Dec) earnings of $0.50 per share, $0.02 better than the First Call consensus of $0.48; revenues rose 23.1% year/year to $69.8 mln vs the $64.5 mln consensus. Co issues mixed guidance for FY10, sees EPS of $1.80-$1.90 vs. $1.98 consensus; sees FY10 revs of $265-$275 mln vs. $270.71 mln consensus. "Entering 2010, we are confident that our strengthened and focused portfolio of products, expanding industry relationships and strong balance sheet has us well positioned to achieve record sales and net income results this year."

16:01

CIT CIT Group announced that Alexander T. Mason, President and Chief Operating Officer, will be leaving the organization effective February 26, 2010 (31.38 -0.44)

16:01

AKS AK Steel announces a $325 per ton surcharge for electrical steel products shipped in March 2010 (21.64 +1.30)

16:01

PRAA Portfolio Recovery Assoc. and Mark Johnson announce that a mutually agreeable resolution to the lawsuit filed (45.28 -0.30)

Mark Johnson and Portfolio Recovery Associates, LLC, a wholly owned subsidiary of Portfolio Recovery Associates, announce that a mutually agreeable resolution to the lawsuit filed by Mr. Johnson has been reached. Any accusations that have resulted from this misunderstanding are unfortunate and regrettable. After carefully considering all of the circumstances, the parties have decided to put the matter behind them.

16:01

ACHN Achillion Pharma announces license agreement for Elvucitabine development in China (2.42 +0.06)

Co announced the execution of a license agreement for elvucitabine, the company's nucleoside reverse transcriptase inhibitor (NRTI) for the treatment of both hepatitis B virus (HBV) infection and human immunodeficiency virus (HIV) infection with GCA Therapeutics (GCAT) of Jersey City, New Jersey. The exclusive license grants GCAT the right, through its Chinese joint venture with Tianjing Institute of Pharmaceutical Research, to clinically develop and commercialize elvucitabine in mainland China, Hong Kong, and Taiwan. In Phase 2 clinical trials elvucitabine has demonstrated to be safe and well tolerated and to be efficacious in both HBV and HIV infected patients. Under the terms of the agreement, GCAT, through a sublicense agreement with its Chinese joint venture, T & T Pharma, formed with Tianjing Institute of Pharmaceutical Research, will assume all development and regulatory responsibility and associated costs for elvucitabine, and Achillion will be eligible to receive development milestones and double-digit royalties on net sales in those territories.

16:00

BMTI Biomimetic Therapeutics announces that European Patent Office intends to grant patent (11.62 -0.20)

Co announces that the European Patent Office intends to grant patent application No. 05803356 titled "Platelet-Derived Growth Factor Compositions and Methods of Use Thereof". The allowed claims cover compositions of platelet derived growth factor combined with matrix materials having defined characteristics, which cover the Company's novel recombinant protein-device combination product candidates, including Augment Bone Graft and Augment Injectable Bone Graft, as well as GEMESIS, which the Company previously sold to Luitpold Pharmaceuticals, Inc. The new patent, which expires in 2025, will provide protection against the marketing of similar or generic versions of Augment, Augment Injectable, and GEMESIS in Europe. This notice from the EPO enhances the Company's existing, strong patent portfolio, which includes a similar patent in the United States effective through 2025.

15:58

Equity averages make end of day push above intraday ranges to close at session highs... SPX +15, DJ +120, Nasdaq Comp +23 -Technical-

15:48

PIP PharmAthene submits white paper to BARDA for advanced development funding for SparVax (1.98 -0.01)

Co announced that it has submitted a White Paper in response to the Broad Agency Announcement issued by the Biomedical Advanced Research and Development Authority (BARDA) for the Advanced Research and Development of Chemical, Biological, Radiological and Nuclear Medical Countermeasures. In December 2009, this BAA was specially modified and extended to accommodate rPA-related submissions.

15:47

Earnings Calendar

Today after the close of the many companies scheduled to report, some of the bigger names include: APC, DST, HOLX, MNKD, PCL, SIMO, and TUP. Tomorrow before the open, of the many companies scheduled to report, some of the bigger names include: AMSC, ADM, BP, COCO, DOW, HSY, LXK, PCX, PBG, SMG, TDW, UPS, and WHR.

15:45

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

Actively Traded Leading Sector ETF Plays:

Steel- SLX +5.5%, SPDRS metals/mining- XME +5.5%, Nat gas- UNG +5%, Gold miners- GDX +5%, iShares Brazil- EWZ +4.5%, Basic materials- IYM +4%, XLB +3.5%, Semis- IGW +3.25%, Oil HLDRS- OIH +3.25%, Energy- XLE +3%, IYE +2.75%, Silver- SLV +3%, Crude/WTI oil- USO +2.75%, OIL +2.75%, China 25- FXI +2.25%, Coal- KOL +2.5%, US airlines- FAA +2.5%, Ag/chem- MOO +2.25%, Gold- GLD +2.25%

Actively Traded Lagging Sector ETF Plays:

Livestock commods- COW -1.75%, US bonds- TLT -1%, AGG -.5%, BND -.25%, Regional banks- KRE -.75%, Yen currency shares- FXY -.5%, US Dollar index- UUP -.45%

15:32

SURW SureWest Comm amended its unsecured Third Amended and Restated Credit Agreement (8.37 -0.57)

Co entered into a letter agreement amending its unsecured Third Amended and Restated Credit Agreement. The letter agreement amends certain terms of the Credit Agreement with respect to its existing revolving loan facility. It provides for Union Bank to contribute $10 mln towards the revolving loan facility. Accordingly, the letter agreement also re-establishes the total revolving loan commitment to $57.5 mln, following a reduction to $50 mln on December 31, 2009 per the original terms. CoBank will continue to provide the $2.5 mln swingline facility, giving SureWest a total of $60 mln in revolving commitments.

14:57

NVDA NASDAQ 100 (NDX) leaders & laggards moving into today's final hour of trading -Technical-

NDX 100 Best % Performers:

NVDA +7.5%, STX +7.25%, MRVL +6%, AKAM +5.5%, RYAAY +5.5%, STLD +5.25%, WYNN +5%, FSLR +4%, BIDU +4%, DTV +3.5%, EXPE +3.5%

NDX 100 Worst % Performers:

WCRX -7.25%, AMZN -5.75%, NRG -1.25%, APOL -1%, GILD -1%, ATVI -.75%, ISRG -.5%, CA -.5%, NWSA -.5%, PPDI -.5%

NASDAQ TRIN @ +.45

NASDAQ A/D +635

14:54

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

INDU Best % Performers:

AA +3.5%, XOM +3%, MCD +2.5%, DD +2.25%, CVX +2%, IBM +2%, BA +1.75%

INDU Worst % Performers:

TRV -.5%, MMM -.25%

NYSE TRIN @ +.65

NYSE A/D @ +1635

14:49

INSU Insituform Tech awarded $6.7 million in sewer pipe rehabilitation work (20.74 +0.26)

Co awarded $6.7 million in sewer pipe rehabilitation work for Pell City, Alabama, which has used a grant from the American Recovery and Reinvestment Act of 2009 to award the largest CIPP project in Pell City's history to Insituform. Under this contract, Insituform will rehabilitate ~115,000 feet of sewer pipelines in residential and rural areas. This contract also marks the first time Insituform has worked with Pell City, Alabama.

14:42

SPY S&P +13 holds near intraday support, edges back toward session high -Update- -Technical-

The index set only a fractional new session high in early afternoon trade and paused but it held near intraday support at 1084 (secondary floor at 1082) and has edged back toward the high again in recent trade (1087.86). Initial resistances above are at 1091/1092 and near 1094

14:39

COMDX NYMEX Energy Closing Prices

Crude oil ended higher by $1.54 to $74.13, natural gas gained 30.3 cents to settle at $5.433, heating oil rallied for 4.25 cents to finish at $1.9555 and RBOB gasoline closed up 1.92 cents to $1.9326 (all March contracts).

14:22

BRO Brown & Brown announces the acquisition of certain assets of Insurance Exchange (17.62 +0.10)

The co and Elizabeth Frilling and Stephanie Frilling, principals of Insurance Exchange announced the acquisition of certain assets of Insurance Exchange, Inc. by a subsidiary of Brown & Brown. The acquired assets, with annual revenues of approximately $2 million, comprise the selling entity's "Insurance Exchange" division, which has served the commercial and personal lines property and casualty insurance needs of clients throughout New Mexico since 1975. The acquired operations will combine with Brown & Brown's existing Albuquerque profit center, under the leadership of Scott Jones.

14:22

HRS Harris acquired technology assets of OSI Geospatial Inc.'s land-based, situational awareness business (44.80 +1.88) -Update-

14:16

SPY Stock indices slip back slightly off early afternoon highs -- Dow +84, S&P +10, Nasdaq +16 -Update- -Technical-

Relative weakness in recent trade has been noted in Finance XLF / RKH, REITs IYR, Solar TAN, Ag/Chem MOO, Oil Service OIH.

13:35

COMDX COMEX Metals Closing Prices

April gold rallied for $21.50 to finish at $1105.30, March silver gained 46 cents to end at $16.65, and March copper closed up 4.05 cents to $3.093.

13:27

SPIR Spire announced its 30MW per year turnkey solar cell line has been accepted by Hanwha Chemical Corporation (4.59 +0.18)

Co announced its 30MW per year turnkey solar cell line has been accepted by Hanwha Chemical Corporation Ltd. of South Korea (Hanwha). The line exceeded both its efficiency and throughput specifications producing 15.8% efficient multi-crystalline silicon solar cells at the rate of more than 34MW per year.

13:22

NI NiSource Earnings Correction: Co guided FY10 EPS to $1.10-1.20 vs the $1.10 consensus (14.90 +0.65) -Update-

Earlier we reported that NI guided for FY10 EPS of $1.00-1.20. This was incorrect, the co actually guided for FY10 EPS of $1.10-1.20 vs the $1.10 consensus, the original comment has been removed... The comment should have read: Reports Q4 (Dec) earnings of $0.35 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of $0.36; revenues fell 36.7% year/year to $1.50 bln vs the $1.48 bln consensus. Co issues EPS guidance for FY10 with the mid-point above consensus, sees EPS of $1.10-1.20, excluding non-recurring items, vs. the $1.10 consensus.

13:10

HRLY Herley Industries UK unit receives a multi-million dollar contract award from BWB Defence Procurement Agency of Germany (12.44 +0.20)

Co announced a recent multi-million dollar award to EW Simulation Technology (EWST), the Company's subsidiary in Farnborough UK. "EWST has recently been notified of a significant award from Germany's BWB Defence Procurement Agency, for delivery of a RF-Simulator system. The EWST RSS8000 will be used to support the ground test and simulation facilities for the Electronic Support Measures ESM (ESM) system for the P-3C Orion Maritime patrol aircraft."

13:04

HTM US Geothermal resale registration statements declared effective (1.27 +0.04)

13:01

IBKR Interactive Brokers reports brokerage metrics for January 2010 (16.07 +0.17)

Co reported its Electronic Brokerage monthly performance metrics for January. Highlights for the month included: 135.7 thousand customer accounts, 21% higher than prior year and 2% higher than prior month. Ending customer equity of $15.2 billion, 71% higher than prior year, unchanged from December. 391 thousand Daily Average Revenue Trades (DARTs) 14% higher than prior year and 24% higher than December. Ending customer credit balances of $10.7 billion and customer margin loan balances of $3.6 billion. 655 annualized average cleared DARTs per customer account.

12:57

NVDA NVIDIA extends recovery back to a short term resistance area (16.33 +0.94) -Technical-

The stock dropped roughly 20% off its Jan high to the early Dec gap support at 15.10 last week (Friday's low 15.15). It has put together its best recovery attempt (+8% off Friday's low) which has brought its 50 day ema and a congestion area at 16.32/16.45 into play in recent trade (session high 16.35).

12:45

UNG Sector ETF strength & weakness here @ midday trading -Technical-

Actively Traded Leading Sector ETF Plays:

Nat. gas- UNG +4.75%, SPDRS metals/mining- XME +4.5%, Steel- SLX +4.25%, Gold miners- GDX +4%, iShares Brazil- EWZ +3.25%, Basic materials- IYM +3.25%, XLB +2.5%, Oil HLDRS- OIH +3%, Semis- IGW +2.75%, SMH +2.25%, Energy- XLE +2.75%, IYE +2.5%, Coal- KOL +2.25%, Silver- SLV +2%, India- INP +2%, China 25- FXI +2%, iShares REITS- ICF +2%, iSHares US broker/dealers- IAI +3%, Emerging mkts.- EEM +2%

Actively Traded Lagging Sector ETF Plays:

Livestock commods- COW -1.5%, US bonds- TLT -1.25%, BND -.5%, AGG -.5% Yen currency shares- FXY -.5%, US Dollar index- UUP -.25%

12:43

IDCC Interdigital Comm names Terry Clontz Chairman of the Board of Directors (24.84 +0.03)

12:36

SPY NYSE & NASDAQ trading volume running well below Friday's tremendous totals here @ midday-- See volume charts -Technical-

Here @ midday we have both primary stock exchanges posting totals well below Friday's frantic pace at this point in the session. While Friday was a clear textbook definition of aggressive fund & institutional distribution, we can see that while the broad indices post a modest recovery bounce, heavy trading volume (read accumulation) is not propelling the broad based gains thus far.

As of 12:30ET, 432M shares have changed hands on NYSE vs. 515M on Friday, while over on NASDAQ, 1.14B shares have traded vs. 1.41B @ this point on Friday.

NYSE 60 min volume chart

NASDAQ 60 min volume chart

12:05

European Markets Closing Prices: FTSE: 5247.4 +58.9 +1.14%, DAX: 5654.5 +45.7 +0.8%, CAC: 3762.0 +22.6 +0.6%

11:40

MET MetLife: Fitch downgrades ratings of MetLife & Subs; Outlook Stable (36.32 +1.00)

Fitch Ratings downgraded by one notch the long-term ratings assigned to MetLife and its subsidiaries. The Rating Outlook is Stable. Today's rating action follows an updated, periodic review of MetLife, and reflects Fitch's concerns regarding the cumulative impact of adverse financial markets and the economic downturn over the past year on MetLife's capital, earnings, and liquidity. The rating action also reflects Fitch's macro concerns regarding the fragile nature of the economic recovery and continued deterioration in the commercial real estate market, which could result in higher-than-expected investment losses for MetLife. MetLife's operating earnings performance has materially weakened over the past two years due to market-related impacts, which have resulted in lower-than-expected investment income and increased reserving. Fitch projects GAAP EBIT to interest coverage ratio in the 5 times range for full year 2009, which is below rating expectations. While Fitch expects earnings to show improvement in 2010, results will be sensitive to future economic developments and financial market results.

11:22

OXY Occidental Petro probing early high at 79.60, its recovery high from Friday is at 79.82 (79.57 +1.23) -Technical-

Its 50 day sma comes into play thereafter at 80.10.

11:20

SMH Semiconductors Hldrs Trust narrow range trade just under session high of 25.28 (25.27 +0.51) -Update- -Technical-

Firmer start for the SMH after it held near its 200 day ema on a close basis Friday. Narrow range consolidation just under the high has persisted for the last 90 minutes (TXN +1.5%, INTC +1.4%).

11:11

SPY Stock indices stabilize at retracement supports -- Dow +84, S&P +10, Nasdaq +10 -Update- -Technical-

The S&P and Dow retraced 38% of the bounce off Friday's low to the early high while the Nasdaq pulled back to the 50% retrace level with some upticks noted in recent action.

11:09

Rumor Round Up

As the markets opened for another eventful week, the rumor mill has been relatively quiet. We recieved renewed takeover chatter for Origin Agritech (SEED 10.61 +0.01), with the speculated aqcuirer this time around being Archer-Daniels (ADM 29.87 -0.10). SEED shares spiked ~$0.10 following the rumor but have since given up most of their gains. As mentioned before, while many rumors circulate during the day, and the validity of the source of these rumors can be questionable, the speculation may increase volatility in the near term.

11:02

AMZN Amazon.com continues to slide lower intraday as it nears a test of its early Nov range low near 116.25-117.00 (116.96 -8.35) -Update- -Technical-

10:43

LVS Las Vegas Sands rebounds to Friday high/50 day sma/ema (16.38 +0.88) -Technical-

The stock dropped as much as 19.5% off its Jan peak to Friday's low. It has extended the firmer start in recent trade as high as 16.50 to probe resistance at Friday's high (16.50) and its 50 sma/ema (16.40/16.54).

10:35

UNG Sector ETF strength & weakness through today's 1st hour of trading -Technical-

Actively Traded Leading Sector ETF Plays:

Nat gas- UNG +4.5%, SPDRS metals/mining- XME +4.5%, Steel- SLX +4%, Gold miners- GDX +3.25%, iShares Brazil- EWZ +3%, Basic materials- IYM +3%, XLB +2.5%, Oil HLDRS- OIH +3%, Coal- KOL +2.75%, China 25- FXI +2.5%, Energy- XLE +2.5%, IYE +2.25%, Indoa- INP +2.25%, Semis- SMH +2%, IGW +2.25%, Solar power- TAN +2%, Emerging mkts.- EEM +2%

Actively Traded Lagging Sector ETF Plays:

US Bonds- TLT -1.25%, AGG -.5%, BND -.5%, Livestock commods- COW -.75%, Yen currency shares- FXY -.5%, US Dollar index- UUP -.25%

10:34

JPM JP Morgan Chase displays intraday relative strength with it setting a new session high of 39.84 (39.81 +0.87) -Update- -Technical-

Note that last week's mid-wk bounce attempt (Thur high 40.04) paused in the vicinity its 200 day sma/ema (39.92/40.02 today) and Dec low (40.03).

10:27

AKAM NASDAQ 100 (NDX) leaders & laggards moving through today's 1st hour of trading -Technical-

NDX 100 Best % Performers:

AKAM +5.25%, STX +5.25%, RYAAY +5%, STLD +4.75%, BIDU +4.25%, JOYG +3.75%, FLEX +3.25%, FWLT +3%, FSLR +3%, NTAP +3%, VRTX +2.75%, MRVL +3%

NDX 100 Worst % Performers:

WCRX -4.75%, AMZN -4.5%, NRG -1.5%, BIIB -1%, QCOM -.5%, CA -.5%, CHKP -.5%

NASDAQ TRIN @ +.45

NASDAQ A/D @ +420

10:26

AMZN Amazon.com tests/vacillating near last week's close low at 119.48 -- session low 119.27 (119.49 -5.92) -Update- -Technical-

Last week's intraday low is at 118.12.

10:25

AA Dow (INDU) leaders & laggards moving through today's 1st hour of trading -Technical-

INDU Best % Performers:

AA +3%, CAT +2%, XOM +2%, DD +2.25%, MCD +2%, IBM +1.75%

INDU Worst % Performers:

KO -.20%

NYSE TRIN @ +.50

NYSE A/D @ +1575

10:23

SPY S&P 500 +11.2 and Dow +91 push to minor new session highs, Nasdaq Comp +14.5 has yet to confirm this move -Update- -Technical-

Relative sector strength in recent trade (outperforming the S&P) has been noted in Health XLV, Materials XLB, Energy XLE / OIH, Industrial XLI, Gold Miners GDX, Coal KOL, Steel SLX, Ag/Chem MOO, Solar TAN.

10:17

HUM Humana recoups its opening losses as it climbs back into positive territory above Friday's 48.62 close (49.01 +0.45) -Update- -Technical-

10:15

COMDX Gold, silver and crude oil all spike to fresh session highs

10:07

SPY Stock indices firmed after better ISM but slip back slightly off the highs -- Dow +60, S&P +7.4, Nasdaq +6.3 -Update- -Technical-

Construction Spending data was reported below consensus with the previous month revised lower.

10:01

SPY Stock indices firmer after better ISM, Dow +83 and S&P +10 set new session high, Nasdaq +16 testing -Technical-

10:00

COIN Converted Organics announces the separation of remaining outstanding units (0.89 +0.02)

Co announced that, effective February 16, 2010, it will voluntarily remove its Units from listing on the NASDAQ Capital Market. The Units currently trade under the symbol "COINU." Each Unit consists of one share of common stock and one Class H warrant. The Class H warrant entitles the holder to purchase one share of common stock at a price of $1.30 per share, and will expire on October 14, 2014. As a result of the delisting, beginning February 16, 2010, the Units will no longer trade under the symbol "COINU" and for each Unit held, the shareholder's account will reflect ownership of one share of common stock and one Class H warrant. The common stock and the Class H warrants trade on the NASDAQ Capital Market under the symbols "COIN" and "COINW," respectively.

09:59

NEWT Newtech announced provisions for a term loan (0.96 -0.01)

Co announced that it has come to agreement with Capital One, N.A., for the provisions for a term loan of up to $15 Million to facilitate the refinance of Newtek's debt to General Electric Commercial Capital (GE). All of the basic terms of the arrangement have been agreed between Newtek and Capital One, N.A., and the unsigned documents have been submitted to the U.S. Small Business Administration (SBA) for their required approval.

09:57

BIDU Baidu.com firmer off open after upgrade, notches new session high of 426.87 (425.93 +14.22) -Update- -Technical-

Minor congestive resistance is in the 427/427.50 area with last week's peak at 429.00.

09:54

COMDX Natural gas continues to rally and has recently traded to its best levels of the morning at $5.376; now higher by 23.6 cents to $5.367

09:49

DF Dean Foods weaker off the open but holds near its 50 day sma at 17.51 and edges into positive territory -- session low 17.53 (17.67 +04) -Technical-

09:46

HOMB Home Bancshares announces President and Chief Operating Officer Dies (22.91 -1.67)

Co announces that Ron Strother, the Company's President and Chief Operating Officer, died on January 31, 2010.

09:45

XOM Exxon Mobil strong in early trade after beating on top and bottom line, pauses near Friday's peak at 65.82 -- session high 65.84 (65.56 +1.13) -Update- -Technical-

09:43

ECONX Reminder: ISM Index and Construction Spending data due out in about 17 min at 10:00ET

09:39

SNDK SanDisk rebounds back near 50 day at 25.94 after Friday's gap down and extension (25.99 +0.57) -Technical-

Its 50 day exp come into play at 26.62.

09:39

AMZN Amazon.com shares exhibit the relative weakness versus the widely watched NDX 100 peers (122.67 -2.74) -Update- -Technical-

AAPL, BIDU, GOOG, & RIMM all +.75~2.5% while AMZN now -2.2%

09:37

XLE Sector Watch -Update- -Technical-

Commodity/Energy are providing early leadership amid Dollar weakness (Natural Gas UNG +4.1%, Steel SLX +2.5%, Gold Miners GDX +1.9%, Commodity Index +1.8%, Materials XLB +2.1%, Energy XLE +1.9%, Oil Service OIH +2%, Ag/Chem MOO +1.4%, Drillers, Refiners). Also helping pace the way are Finance XLF +1%, Semi SMH +1.5%, Casino +2%, Airline +2%.

09:35

CA CA Inc announced a new publishing venture, CA Press (22.07 +0.04)

Co announced a new publishing venture, CA Press, to bring business and Information Technology (IT) thought leadership books to market. The company also announced the availability of the first title published by CA Press, "Under Control: Governance Across the Enterprise."

09:31

FHN First Horizon exits institutional equity research business (12.78 -0.14) -Update-

Co announces it has decided to exit the institutional equity research business. This business was conducted by FTN Equity Capital Markets Corp., a part of the FTN Financial Group. The previously announced agreement to sell this business unit will not be completed. The company estimates that additional charges against first quarter earnings totaling approximately $10 mln will be incurred in connection with this action.

09:31

QTWW Quantum Fuel selected by the US postal service to supply zero emission postal delivery vehicle (0.83 +0.09)

Co announced that it was selected by the US Postal Service to produce an advanced electric postal delivery vehicle based on the widely used Long Life Vehicle platform. Quantum was competitively selected, along with 4 other companies, for participation in a 1 year demonstration and validation program to be conducted by the USPS in Washington DC.

09:31

LTC LTC Properties announces recent transactions (25.56 +0.18)

Co announced that in November 2009, it purchased three assisted living properties with a total of 192 units for a price of $13.0 million. Simultaneous with the purchase, the co entered into a 12-year triple net lease with a third party operator. In addition to the purchase price, co has committed to provide up to $1.5 million for capital expenditures mutually agreed upon by the Company and the operator. Also, the Company has committed to provide the operator a credit line not to exceed $0.3 million at a rate of 9.0%. This credit line matures on November 30, 2011... Co announced that the projected revenues provided from these three transactions for calendar 2010 is $3.0 million under GAAP accounting, which includes $0.6 million in non-cash straight-line rent.

09:24

CCC Calgon Carbon announces acquisition of Hyde Marine (13.39 )

Co announces that it has acquired the outstanding stock of Hyde Marine, a manufacturer of systems that utilize ultraviolet light technology to treat marine ballast water. Terms of the transaction were not disclosed. Co states, "We are very pleased that Hyde Marine will become part of our UV business. Although small, this strategic acquisition will broaden our knowledge base and experience in using ultraviolet light technology to treat water. It also provides Calgon Carbon immediate entry into a global, legislative-driven market with major long-term growth potential."

09:11

IOC InterOil announces that Antelope-2 reaches total vertical depth, preparations for horizontal extension under way (59.11 )

Co announces that it has drilled the Antelope-2 well to total vertical depthat 8,087 feet with preparations now in place to drill a horizontal extension. The last 328 feet drilled is currently being logged and evaluated. Previously, the company had logged and performed drill stem tests #3 and #3-A to a maximum depth of 7,760 feet, an increase of 131 feet since DST#2 was reported on Jan. 11 2010. Key results derived from the Antelope-2 well to date include: 1. 1,729 feet hydrocarbon column height; 2. Hydrocarbons encountered 361 feet higher than pre-drill estimates; 3. Confirmed increasing condensate-to-gas ratio with depth; 4. Average porosity of 13%, a 48% increase over Antelope-1; 5. Net to gross of 70.7%, a 5.6% increase over Antelope-1; 6. Identified zone of interest for horizontal extension; 7. Average porosity in zone of interest increased 34% over the comparable zone in Antelope-1; 8. Extension of reef facies 2.3 miles from Antelope-1.

09:10

On The Wires

Citizens Republic Bancorp (CRBC) announces that it has entered into a definitive agreement with Great Western Bank of Sioux Falls, South Dakota to sell the stock of its wholly-owned subsidiary, F&M Bank - Iowa, for approximately $50 mln in cash... SDI (SDIX) announces that it has been selected again by Science Applications International Corporation - Frederick to develop monoclonal antibodies for the National Cancer Institute's "Clinical Proteomic Technologies for Cancer" initiative... Brown-Forman (BFB) announces that it is establishing its own distribution company in Germany, effective Oct. 1, 2010. Brown-Forman will establish a fully-owned sales and marketing operation in Germany, one of the co's largest and most important countries outside of the United States... Enova Systems (ENA) has been awarded an exclusive supplier contract with the General Services Administration, which provides vehicles for government agencies and armed forces... Callon Petroleum Company (CPE) announces that it has completed a $100 mln Third Amended and Restated Senior Secured Credit Agreement with Regions Bank as the sole arranger and administrative agent... Choice Hotels International (CHH) announces their global expansion has reached a new milestone with the Company's first ever entrance into Poland. With six newly added properties, this move reinforces and further demonstrates Choice Hotels commitment to grow its portfolio throughout the European market... Mattson Technology (MTSN) announces that it has received multiple orders for the company's Suprema photoresist strip system and the Helios XP rapid thermal processing system from one of the leading memory customers based in Asia... Fiserv, Inc. (FISV) announced that Christian Community Credit Union of San Dimas, Calif. has signed an agreement to implement AcumenTM from Fiserv. Leaders of the $520 million institution chose Acumen because of the platform's flexible, modern architecture and its ability to support commercial accounts, which are important to serving the credit union's 30,000 members.

09:07

MDP Meredith elected Stephen M. Lacy as Chairman and Dianna Meredith Frazier as Vice Chairman of its Board of Directors, effective immediately (30.98 )

09:05

LLY Eli Lilly: Starpharma Holdings announced the signing of a new agreement with Eli Lilly (35.20 )

Starpharma Holdings announced the signing of a new agreement with Eli Lilly and Company under which Starpharma's dendrimer drug delivery technology will be applied to enhance compounds in Lilly's human pharmaceutical portfolio. Under the terms of the agreement Lilly will fund a collaborative research and development program with the aim of creating improved drugs incorporating SPL's proprietary delivery technology, to be commercialised by Lilly.

09:05

ALD Allied Capital announces repayment of existing senior secured private debt; $250 mln senior secured term loan obtained (4.16 )

09:03

MDU MDU Resources beats by $0.01; guides FY10 EPS below consensus (22.02 )

Reports Q4 (Dec) earnings of $0.38 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.37; operating revs fell 21.5% year/year to $1.02 bln vs the $1.35 bln consensus. Co issues downside guidance for FY10, sees EPS of $1.10-1.35, excluding non-recurring items, vs. $1.50 consensus. The co expects the percentage of 2010 earnings per common share by quarter to be in the following approximate ranges: First quarter - 15 percent to 20 percent (implying Q1 EPS of $0.165-0.27 vs the $0.34 consensus) -- Second quarter - 20 percent to 25 percent -- Third quarter - 30 percent to 35 percent -- Fourth quarter - 25 percent to 30 percent.

09:01

AGN Allergan announces FDA approval of JUVEDERM XC dermal filler formulated with Lidocaine (57.50 )

Co announces the FDA's approval of JUVEDERM XC, a new formulation of the currently FDA-approved JUVEDERM dermal filler and the latest advancement1 in hyaluronic acid dermal fillers. AGN's new JUVEDERM formulation contains the local anesthetic lidocaine to provide patients with enhanced comfort during treatment of moderate to severe facial wrinkles and folds, such as the nasolabial folds that appear around the nose and mouth. JUVEDERM is the first and only hyaluronic acid dermal filler approved by the FDA to last up to one year from initial treatment and number-one selling hyaluronic acid dermal filler.

08:56

SY Sybase calls convertible subordinated notes due 2025 (40.67 )

Co announces that it has called the remaining balance of its outstanding 1.75% Convertible Subordinated Notes due 2025 for redemption on March 3, 2010. There is approximately $413.7 million aggregate principal amount of the Notes outstanding.

08:45

AUTH AuthenTec rejects unsolicited proposal from UPEK (2.56 )

Co issues the following statement in response to the proposal by UPEK to combine the businesses of AuthenTec and UPEK and the nomination by UPEK of a slate of individuals for election to replace the AuthenTec Board of Directors: "After careful consideration of the UPEK proposal with our financial and legal advisors, the Board of Directors determined that this highly dilutive and speculative transaction is not in the best interests of AuthenTec's stockholders. As active participants in the same industry, AuthenTec and its Board are very familiar with UPEK. The Board rejects the proposal on the basis of its inadequate financial terms and a lack of confidence in UPEK's financial position. Furthermore, the failure of UPEK to provide any information to AuthenTec's stockholders on its financial performance, prospects or value makes it impossible for our stockholders to evaluate UPEK's proposal. The Board believes that the special dividend payment contemplated in UPEK's proposal would leave the combined company without the financial resources necessary to execute on its strategic objectives and without the capacity to extract potential synergies."

08:41

NAK Northern Dynasty Minerals announces that the Pebble Limited Partnership has provided an updated mineral resource estimate (7.67 )

Co announces that the Pebble Limited Partnership has provided an updated mineral resource estimate for southwest Alaska's Pebble Project, confirming it as one of the world's most significant undeveloped copper-gold-molybdenum porphyry deposits and North America's most important mineral development opportunity. Additional core drilling conducted at the Pebble Project site has verified the grade and distribution of mineralization in the high-grade eastern portion of the deposit, while substantially increasing the amount of contained metal and upgrading the confidence classification. The new drill results, in concert with revised economic parameters, have resulted in an improved mineral resource estimate for the Pebble deposit.

08:40

NFLX Netflix announced deals with a number of distributors of independent film (62.25 -0.79)

Co announced deals with a number of leading distributors of independent film that will give Netflix members the opportunity to instantly watch hundreds of new indie titles in addition to the trove of existing independent films available through the Netflix service. Netflix said it has consummated non-exclusive licensing agreements to instantly stream award-winning and critically acclaimed films from distributors The Criterion Collection, Gravitas Ventures, Kino Lorber, Music Box Films, Oscilloscope Laboratories and Regent Releasing. Taken together, the deals expand the depth and breadth of films available to be watched instantly at Netflix and extend the company's reputation as a leading source of independent film.

08:37

HAE Haemonetics misses by $0.01, misses on revs; raises lower end of FY10 EPS guidance; lowers upper end of rev growth guidance; acquires Global Med (GLOB) for $1.22 (56.61 )

Reports Q3 (Dec) earnings of $0.71 per share, $0.01 worse than the First Call consensus of $0.72; revenues rose 6.3% year/year to $165.2 mln vs the $168.5 mln consensus. Co issues guidance for FY10, sees EPS of $2.80-2.85 vs. $2.82 consensus, vs $2.75-2.85 previously; co now sees FY10 rev growth of 8-9% vs +8.4% consensus and 8-11% previously. Haemonetics will commence a tender offer to purchase all outstanding shares of Global Med's common stock at $1.22 per share and preferred stock at approximately $1,694 per share. The tender offer is conditioned on the tender of a majority of the outstanding shares of Global Med's common and preferred stock, and subject to other customary closing conditions. The $60 million estimated net value of the transaction is based on Global Med's 49 million diluted common equivalent shares outstanding. Haemonetics will fund the acquisition from available cash and anticipates that it will continue to have more than $100 million in cash on the balance sheet at fiscal year end.

08:36

On The Wires

HMS (HMSY) announces it had been awarded a contract by the North Carolina Department of Health and Human Services Division of Medical Assistance, to provide third party liability and cost management services for its Medicaid and Health Choice for Children programs. The contract has a two-year term, with an option to renew for an additional one-year period... Scientific Games (SGMS) announces that its wholly owned subsidiary The Global Draw Ltd, has successfully renewed an agreement to continue as the sole provider of server-based gaming machines for major UK bookmaker Gala Coral. The Global Draw will be responsible for the supply and service of gaming machines for the Gala Coral estate for the next four years. Gala Coral has the option to extend the contract to the end of 2017.

08:35

HAE Haemonetics announces definitive agreement to acquire Global Med Technologies (GLOB.OB) for ~$60 mln in cash tender offer (58.61 )

Co announces a definitive agreement under which Haemonetics will acquire Global Med for approximately $60 million in a cash tender offer. Global Med is a healthcare information technology company which market software solutions and services that span the blood supply continuum, from blood collection to the hospital transfusion center to the patient care environment. Under the terms of the agreement, HAE will commence a tender offer to purchase all outstanding shares of Global Med's common stock at $1.22 per share and preferred stock at approximately $1,694 per share. The tender offer is conditioned on the tender of a majority of the outstanding shares of Global Med's common and preferred stock, and subject to other customary closing conditions. The $60 mln estimated net value of the transaction is based on Global Med's 49 million diluted common equivalent shares outstanding. HAE will fund the acquisition from available cash and anticipates that it will continue to have more than $100 mln in cash on the balance sheet at fiscal year end. Excluding the impact of one time costs associated with the transaction, Haemonetics anticipates minimal dilution to earnings per share in fiscal 2010 which is included in its updated guidance range of $2.80-$2.85 per share.

08:34

DNR Denbury Resources announces that its total proved oil and natural gas reserves as of December 31, 2009, were 207.5 mln barrels of oil equivalent

Co announces that its total proved oil and natural gas reserves as of December 31, 2009, were 207.5 mln barrels of oil equivalent, consisting of 192.9 million barrels of crude oil, condensate and natural gas liquids and 88.0 billion cubic feet of natural gas. Adjusted for the sale of the Company's Barnett Shale properties, the Company's reserve quantities increased approximately 19% from similarly adjusted year-end 2008 estimates. The Company also announced that its proved carbon dioxide reserves were 6.3 trillion cubic feet at year-end 2009, a 12% increase over Denbury's year-end 2008 CO2 reserves of 5.6 Tcf. The independent reservoir engineering firm of DeGolyer and MacNaughton prepared Denbury's year-end reserve report, including its proved CO2 reserve quantities, for the ninth consecutive year. Denbury's year-end 2009 proved reserves are 93% oil, 62% are proved developed, and 65% of the year-end reserves are proved tertiary oil reserves.

08:33

DEPO DepoMed announces allowance of U.S. patent covering gastric retentive gabapentin dosage forms (2.85 )

Co announced today that it has received a Notice of Allowance from the U.S. Patent and Trademark Office for a U.S. patent application (No. 12/239,591) directed to pharmaceutical dosage forms that deliver the compound gabapentin via Depomed's proprietary Acuform(R) gastric retentive drug delivery technology.

08:32

ATRN Atrinsic announces Jeffrey Schwartz appointed CEO, who has been Interim CEO since Oct 2009 (0.67 )

08:32

MDR McDermott unit awarded a project for the P-61 Tension Leg Wellhead Platform (23.62 )

J. Ray McDermott, a subsidiary of McDermott International (MDR), announced that it was awarded a project for the P-61 Tension Leg Wellhead Platform for the Papa Terra Joint Venture, consisting of Petrobras (PBR) and Chevron (CVX). J. Ray's scope is part a larger project, comprising design, engineering, construction, transportation, installation, and a three-year limited operations contract, that was awarded to FloaTEC Singapore Pte, a joint venture between Keppel FELS and J. Ray. Almost all the work will be carried out through the combined resources of Keppel FELS, J. Ray and FloaTEC, the US-based joint venture company that will perform global engineering and basic design work. The value of J. Ray's project will be included in McDermott's Offshore Oil and Gas Construction segment backlog during the first quarter of 2010.

08:31

CNLG Conolog received advance orders for its PDR systems and other communication equipment valued at over $1,900,000 (2.11 )

08:23

GCI Gannett beats by $0.08, beats on revs (16.15 )

Reports Q4 (Dec) earnings of $0.72 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.64; revenues fell 14.4% year/year to $1.49 bln vs the $1.46 bln consensus. The trend toward stabilization of the U.S. and UK economies resulted in more favorable advertising demand in the quarter as revenue comparisons, although still lagging last year, improved relative to previous quarters this year. Pro forma year-over-year operating revenue comparisons for the fourth quarter were the strongest of the year and were almost 9 percentage points better than the third quarter. December closed on a strong note with total revenue just 3.9 percent lower on a pro forma basis.

08:15

HCP HCP declared a quarterly common stock cash dividend of $0.465 per share, compared with $0.46 per share in the previous quarter (28.35 )

08:15

WOR Worthington acquires strip steel assets of Gibraltar (14.47 )

Co announces that its Steel Processing business segment has acquired the steel processing assets of Gibraltar Industries (ROCK). The acquisition will expand the capabilities of The Worthington Steel Company's cold rolled strip business and its ability to service the needs of new and existing customers. The acquisition is expected to be accretive in Worthington Industries' fiscal year. Worthington acquired Gibraltar's Cleveland facility with the added capabilities to roll wider and lighter gauge material along with oscillate slitting. Also included in the transaction were the equipment and inventory of Gibraltar's Buffalo facility, and a warehouse facility in Detroit (Integrated Terminals). As it exits the steel processing business, Gibraltar plans to begin an orderly process of closing the Buffalo facility and working with Worthington Steel to coordinate customer accounts as they are transferred to Cleveland and Columbus, Ohio. Worthington also acquired a 31% interest in Samuel Steel Pickling, a joint venture with operations in Cleveland and Twinsburg, Ohio.

08:14

NBS Neostem unit received approval from the State Food and Drug Administration (SFDA) in China to manufacture solvent crystallization sterile penicillin and freeze dried raw sterile penicillin (1.80 )

Co announced that it recently was advised that its Suzhou Erye Pharmaceutical subsidiary ("Erye") received approval from the State Food and Drug Administration (SFDA) in China to manufacture solvent crystallization sterile penicillin and freeze dried raw sterile penicillin at their new facility which provides 50% and 100% greater manufacturing capacity, respectively, than its existing facility. Historically, these two lines have accounted for approximately 20% of Erye's sales.

08:14

STL Sterling Bancorp reports 4Q09 net income per share of $0.15 vs. $0.06 First Call consensus; net interest income increased 2.2% y/y to $86.6 mln (7.45 )

08:13

ECONX Reminder: Personal Income and Personal Spending data due out in about 17 min at 8:30ET

08:12

On The Wires

CIBER (CBR) announces that it has been awarded a Financial and Business Services Contract by the U.S. General Services Administration... Consolidated Graphics (CGX) announces that AGS Custom Graphics has acquired certain assets of Modern International Graphics and Modern Logistics headquartered in Eastlake, Ohio near Cleveland. Terms of the transaction were not disclosed... CDC Software (CDCS) announces that it has signed binding term sheets to acquire two additional software as a service enterprise solution businesses as part of its previously announced strategy to expand its offering in the growing on-demand software market... ICO Global Communications (ICOG) announces that its Board of Directors has approved a rights offering to its stockholders to raise approximately $30 million through the issuance of new Class A common stock and adopted a Tax Benefits Preservation Plan in order to raise capital while preserving substantial existing and potential tax losses.

08:10

XOM Exxon Mobil beats by $0.08, beats on revs (64.43 )

Reports Q4 (Dec) earnings of $1.27 per share, $0.08 better than the First Call consensus of $1.19; revenues rose 6.1% year/year to $89.84 bln vs the $86.19 bln consensus. "Upstream earnings were $5,780 million, up $146 million from the fourth quarter of 2008. Higher crude oil realizations increased earnings $1.8 billion while lower gas realizations reduced earnings by $1.2 billion. Lower gains from asset sales decreased earnings by $600 million. On an oil-equivalent basis, production increased nearly 2% from the fourth quarter of 2008. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was up over 3%."

08:08

WPI Watson Pharm and HRA Pharma announced an exclusive licensing agreement (38.37 )

The co and HRA Pharma announced an exclusive licensing agreement for Watson to become the commercial partner for ulipristal acetate (UPA), a selective progesterone receptor modulator in the U.S. UPA is a novel next-generation emergency contraceptive developed by HRA Pharma specifically for emergency contraceptive use that is approved and marketed by HRA Pharma in Europe as ellaOne since October 2009. UPA is at the New Drug Application (NDA) stage in the U.S.

08:07

VRNM Verenium extended the initial 18-month joint development program established in August 2008 with partner BP (5.20 )

Co announced that it has extended the initial 18-month joint development program established in August 2008 with partner BP, which was scheduled to expire on February 1, 2010, until March 1, 2010. BP and Verenium will continue their ongoing joint development work to accelerate the development and commercialization of cellulosic ethanol, while the two parties continue to negotiate the terms of a multi-year extension of their collaboration program. Verenium will receive an additional $2.5 million from BP to co-fund various scientific and technical initiatives for the month of February.

08:07

AMG Affiliated Managers beats by $0.05, misses on revs (60.57 )

Reports Q4 (Dec) earnings of $1.36 per share, $0.05 better than the First Call consensus of $1.31; revenues rose 9.5% year/year to $244.7 mln vs the $256.4 mln consensus. "We see ongoing opportunities ahead for continued growth through the execution of our New Investments strategy. Our pipeline continues to include a diverse array of outstanding traditional and alternative firms based in the U.S. and abroad, and we are uniquely positioned to capitalize on these prospects. Given demographic trends and improving market conditions and asset flows, we will continue to benefit from our reputation as the succession-planning partner of choice among high-quality boutique asset managers globally. With our substantial financial capacity, we are well positioned to maximize shareholder returns and add materially to our earnings growth through accretive investments in additional new Affiliates."

08:07

MDZ MDS announces the appointment of William D. Anderson as Chair of Board of Directors (7.41 )

Co announces the appointment of William D. Anderson as Chair of the Company's Board of Directors. Mr. Anderson, who joined the Board in February 2007, will continue to serve as a member of the Company's Special Committee and steps down as Chair of the Audit Committee.

08:06

OSIS OSI Systems unit has been awarded an ~$25 million contract from the US Government for the purchase of multiple advanced security screening systems from the Company's cargo and vehicle inspection product line (26.47 )

08:06

KTOS Kratos Defense and Security awarded $5 mln in new security system, life safety, and automation contracts (9.51 )

08:05

ZZ Sealy announces intention to redeem $35 mln of senior secured notes (2.98 )

08:04

ENT Enterra Energy announces its capital expenditure budget for 2010, which includes a capital budget of $40 mln (1.79 )

Co announces that its capital expenditure program for 2010 which includes a capital budget of $40 mln. This represents an 85% re-investment rate on Enterra's forecast cash flow of approximately $45 mln. Price assumptions underlying this cash flow include US$77.50/bbl WTI oil and US$4.50/mmbtu natural gas at NYMEX. Any surplus cash flow is expected to be used to advance successful drilling programs, acquire additional assets or to reduce debt. This program is conservatively designed within anticipated cash flow, while still sufficiently flexible to direct investment to the Trust's best opportunities. Enterra's current production is approximately 9,550 boepd and the forecast is for a relatively flat production profile with an average 2010 production range from 9,200 to 9,700 boe per day. This forecast does not take into account the re-activation of our Ricinus natural gas well which has been shut-in since July 2009 due to low commodity prices. The Ricinus well would add up to 500 boe per day for the full year and would be brought back on production in a sustained higher gas price environment than forecast.

08:03

CRNT Ceragon beats by $0.02, beats on revs (11.79 )

Reports Q4 (Dec) earnings of $0.09 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.07; revenues fell 6.0% year/year to $53.4 mln vs the $50 mln consensus. Gross margin on a non-GAAP basis in the fourth quarter of 2009 was 34.1% of revenues. "The revenue growth resumed in Q3 and accelerated in Q4. We expect this momentum to continue during 2010, driven primarily by ongoing demand for high capacity backhaul for cellular networks. Geographically, we expect continued strength in Asia Pacific, augmented by improvement in most other regions. Increasingly, wireless carriers of all types are expecting backhaul vendors to deliver a complete network including a host of professional services. We will continue to invest, as we did in Q4, in more R&D, pre-sales, sales as well as services resources, particularly in North America, to accommodate the trend toward more turnkey projects. With continued strong focus on expense control, we expect profits to grow more rapidly than revenues, with a target of 30-35% revenue growth for 2010 over 2009 (cons: +22.6%)."

08:02

SMOD Smart Modular Tech raises 2Q10 guidance and provides 3Q10 guidance for EPS of $0.09-$0.11 vs. $0.08 First Call consensus (6.08 )

Co raises guidance for Q2 (Feb), sees EPS of $0.14-0.16, excluding non-recurring items, vs. $0.08 First Call consensus, up from $0.09-0.11 previously; sees Q2 (Feb) revs of $140-145 mln vs. $131.14 mln consensus, up from $125-135 mln previously. Co issues upside guidance for Q3 (May), sees EPS of $0.09-0.11, excluding non-recurring items, vs. $0.08 consensus, with Q3 (May) revs flat QoQ from $140-145 mln vs. $132.97 mln consensus.

08:02

SYY Sysco beats by $0.03, reports revs in-line (27.99 )

Reports Q2 (Dec) earnings of $0.45 per share, $0.03 better than the First Call consensus of $0.42; revenues fell 3.1% year/year to $8.87 bln vs the $8.83 bln consensus. "I am encouraged by our operating performance this quarter," said Bill DeLaney, Sysco's chief executive officer. "While the business environment remains challenging, deflation pressures appear to be moderating from highs we saw early in the quarter and case volume trends continue to improve. I want to recognize our associates for their efforts during the quarter, as they continued to provide excellent service to our customers, improve productivity and maintain strong cost controls."

08:02

ITI Iteris Holdings announces MAN Nutzfahrzeuge AG has signed a three-year contract extension (1.34 )

Co announced that European heavy truck manufacturer, MAN Nutzfahrzeuge AG, has signed a three-year contract extension to continue to offer Iteris' AutoVue(R) Lane Departure Warning (LDW) Systems as a factory installed option on its heavy trucks and buses. The new contract covers 2010 through 2012.

08:01

GSX Gasco Energy announces agreement to sell its Riverbend project midstream assets (0.41 )

Co announces that it has entered into an asset purchase agreement with Monarch Natural Gas, LLC, a portfolio company of Metalmark Capital Partners, in which Gasco has agreed to sell substantially all of its Riverbend midstream assets, and its salt water evaporative facilities, for total cash consideration of $23 mln subject to certain adjustments. The closing of the transactions is subject to the satisfaction of a number of conditions. Gasco expects closing to occur during the first quarter of 2010.

08:01

CSC Computer Sciences received two contract modifications to continue providing information technology and logistics services under the Army's Logistics Modernization Program (LMP) contract (51.30 )

Co announced that the U.S. Army Materiel Command (AMC) issued the company two contract modifications to continue providing information technology and logistics services under the Army's Logistics Modernization Program (LMP) contract. Both modifications have two-year periods of performance and an estimated combined total value of $261 million. These contracts were won during CSC's third quarter ending January 1, 2010.

08:01

BSX Boston Scientific settles patent disputes with J&J; BSX will make $1.725 bln payment to JNJ (8.63 )

Co announces the settlement of three patent disputes with Johnson & Johnson (J&J). The disputes date back to 2003 and cover Boston Scientific's Jang patent and J&J's Palmaz and Gray patents, all of which involve intellectual property in the cardiovascular arena. Boston Scientific will make a $1.725 billion payment to J&J in connection with the settlement. The first dispute involved a claim by J&J that Boston Scientific's Express, TAXUS Express and Liberte stents infringed its Palmaz and Gray patents. The second involved a claim by Boston Scientific that J&J's Cypher, BX Velocity and Genesis stents infringed its Jang patent. Under the settlement, BSX will pay JNJ $1 bln today and the balance on or before the first week of Jan 2011. The company plans to post a $745 mln letter of credit, which will cover the $725 mln balance and interest. The payments will not have an appreciable impact on the company's debt covenants. After the payments, the company will still have significant liquidity under its credit facilities, and it continues to expect to refinance its 2011 debt maturities in the middle of this year. The company expects to fund the $725 mln remaining balance from cash on hand, unless it refinances at an earlier date.

07:57

ACV Alberto-Culver beats by $0.03, misses on revs; raises quarterly dividend by 13.5% to $0.85 (28.39 )

Reports Q1 (Dec) earnings of $0.46 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.43; revenues rose 2.9% year/year to $363 mln vs the $370.7 mln consensus. The co's gross profit margin was 53.4% in the first quarter compared to 51.6% in the prior year quarter. Gross margin improved primarily as a result of lower commodity costs. Co also announced the co's board of directors increased the regular quarterly cash dividend by 13.3% to 8.5 cents per share.

07:56

MOG.A Moog reports EPS in-line, misses on revs; guides FY10 EPS in-line, revs in-line (30.18 )

Reports Q1 (Dec) earnings of $0.47 per share, in-line with the First Call consensus of $0.47; revenues rose 11.0% year/year to $495 mln vs the $507.8 mln consensus. Co issues in-line guidance for FY10, sees EPS of $2.15-2.35 vs. $2.26 consensus; sees FY10 revs of $2.12 bln vs. $2.11 bln consensus. "Our Company is in the early stages of a recovery from the recession-impacted results of last year," said R.T. Brady, Chairman and CEO. "Our recent acquisitions have provided sales momentum and the segments that were most affected last year are slowly improving their profitability. We're anticipating slow but steady improvement as the year progresses."

07:46

COMDX Gold and Silver trade to best levels of the morning; Gold now higher by $2.70 to $1086.50, Silver is up 18.5 cents to $16.375

07:32

ALGT Allegiant Travel announces increased common stock repurchase authority to bring remaining authority to $25 million (51.20 -1.00)

07:31

RLOG Rand Logistics expects to exceed previously provided FY10 earnings guidance (3.24 )

Co announces that it expects its operating income before depreciation, amortization and a one-time charge for a loan amendment fee, for the fiscal year ended March 31, 2010, to be in the range of $20.5 to $21.0 mln based on current exchange rates, which will be the highest in the company's history. Total sailing days for the nine months ended Dec 31, 2009 equaled 2,977 or 90.2% of the theoretical maximum, versus 3,066 for the same year-ago period. The company anticipates that, based on current exchange rates, capital and dry-dock expenditures for the 2010 winter season ending March 31, 2010 will be in the range of $7.5 to $8.0 mln. The company said that the increase in its earnings guidance is a result of a modest improvement in demand from certain of its customers, a continued focus on expense control, relatively benign weather conditions in the fiscal third quarter and effective vessel scheduling and utilization.

07:31

RMX Ready Mix will sell substantially all of its assets comprising its ready-mix concrete business (3.02 )

Co announced that on January 29, 2010, it and Skanon Investments entered into an Asset Purchase Agreement pursuant to which the Company will sell substantially all of its assets comprising its ready-mix concrete business to Skanon for a purchase price of $9,750,000 in cash, subject to certain adjustments. Skanon also will assume certain of the Company's liabilities. RMI will retain certain assets, including the Company's office building, as well as certain liabilities.

07:30

DCO Ducommun announces award of $2.3 mln electromechanical assembly contract with Raytheon (17.98 )

Co announces it has been awarded the first in potentially a series of contracts from Raytheon (RTN) totaling $2.3 mln for the manufacture and integration of electromechanical assemblies for the combat-proven Patriot Air and Missile Defense System. This initial contract is for assemblies to be delivered during 2010. Co also announces that its Ducommun Technologies, subsidiary, has received a new contract from Boeing Space & Intelligence Systems (BA). The initial purchase order is for the design and manufacture of a new resolver to be used on the TDRS K/L satellite mission.

07:30

AMSC Am Superconductor receives $70 mln order for wind turbine electrical control systems from China's Shenyang blower works (38.02 )

Co announces that it has received an initial order for full wind turbine electrical control systems from China's Shenyang Blower Works that is worth approximately $70 mln. The systems will be deployed in the 2 megawatt doubly fed induction wind turbines that were co-developed with AMSC Windtec, a wholly owned subsidiary of AMSC. This is the largest initial electrical control system order that AMSC has received to date from any wind turbine customer.

07:27

INDXCH S&P announces changes to U.S. indices

S&P MidCap 400 constituent Urban Outfitters (URBN) will replace Affiliated Computer Services (ACS) in the S&P 500 index, and Intrepid Potash (IPI) will replace Urban Outfitters in the S&P MidCap 400 index on a date to be announced.

07:19

SIA says global chip sales decline in 2009

The Semiconductor Industry Association (SIA) reports that worldwide semiconductor sales in 2009 were $226.3 billion, a decline of 9 percent from 2008 when sales were $248.6 billion. Total sales for 2009 surpassed the SIA forecast of $219.7 billion. December sales were $22.4 billion, an increase of 29 percent from December 2008, when sales were $17.4 billion. December sales declined by 1.2 percent from November when sales were $22.7 billion. All monthly sales numbers represent a three-month moving average. "2009 turned out to be a better year for the global semiconductor industry than expected," said SIA President George Scalise. "A strong focus on inventories throughout the supply chain mitigated the impact of the worldwide economic downturn and positioned the industry for growth as the global economy recovers. "Sales in the final quarter of 2009 were supported by healthy demand in a variety of end markets including PCs, cell phones, and consumer electronics. In 2010, unit sales of personal computers and cell phones - which account for approximately 60 percent of total semiconductor consumption - will grow in the low-to-mid teens, providing a solid platform for chip sales. Consumer electronics are expected to grow in the mid-single digits," Scalise continued. "We are also seeing the effects of recovery in the enterprise sector and we believe this trend will continue," Scalise noted. SIA expects a return to normal seasonal patterns, which suggests a modest slowdown in the first quarter.

07:10

On The Wires

ION Geophysical (IO) announces that on January 29, 2010, the jury in a patent infringement lawsuit filed by ION against seismic equipment provider Sercel in the United States District Court for the Eastern District of Texas returned a verdict in its favor. The jury found that Sercel infringed the ION patent and awarded ION $25.2 mln in past compensatory damages. ION intends to ask the court to issue a permanent injunction to prohibit Sercel from making, using, selling, offering for sale or importing any infringing products into the United States... Graymark Healthcare (GRMH) announces it has entered into a management agreement with Coryell Memorial Healthcare System, Gatesville, Texas, to provide sleep diagnostic and treatment services to patients in the Memorial Hospital's sleep center... MEDNAX (MD) announces that it has completed the acquisition of two neonatal physician group practices, one in Spokane, Washington, and another in Shreveport, Louisiana. The physicians joining as a result of both transactions will practice as part of MEDNAX's Pediatrix Medical Group.

07:10

HEW Hewitt Associates misses by $0.03, reports revs in-line; reaffirms FY10 guidance (39.48 )

Reports Q1 (Dec) earnings of $0.71 per share, $0.03 worse than the First Call consensus of $0.74; revenues fell 0.1% year/year to $770.1 mln vs the $763 mln consensus. Co reaffirms guidance for FY10, sees EPS of $2.85-2.95 vs. $2.93 consensus and low-to mid-single digit total co net rev growth (cons: +2.4%), with solid growth in Consulting, a flat performance in Benefits Outsourcing, and a decline in HR BPO; During the first quarter, the co repurchased 323,000 of its outstanding common shares at an average price of $39.56 per share for a total of $12.8 million. From January 1, 2010 through January 29, 2010, the co repurchased an additional 249,000 shares at an average price of $41.20 per share for a total of $10.3 million. At January 29, 2010, the co had approximately $203 million remaining under its current $300 million authorization.

07:08

HHGP Hudson Highland Grp expects to report that revenue in the fourth quarter of 2009 was eight percent above the third quarter of 2009 (4.09 )

Co expects to report that revenue in the fourth quarter of 2009 was eight percent above the third quarter of 2009 (current consensus calls for 4.5% sequential growth), with improvements in temporary contracting and permanent placement in virtually all of its major markets. In addition, the company expects to report adjusted EBITDA of approximately breakeven for the fourth quarter of 2009. The company also expects to report reorganization expenses of between $5.5 and $6 mln and depreciation and amortization of approximately $3.2 mln.

07:02

WES Western Gas Partners acquired certain midstream assets located in southwest Wyoming from Anadarko Petroleum Corporation (19.99 )

Co announced that it has acquired certain midstream assets located in southwest Wyoming from Anadarko Petroleum Corporation (APC) for total consideration of $254.4 million. Western Gas purchased Anadarko's 100% ownership interest in two systems: (i) the Granger Gathering System - a 750-mile gathering system with related compression and other facilities, and (ii) the Granger Plants - two cryogenic trains with combined capacity of 200 million cubic feet per day (MMcf/d), two refrigeration trains with capacity of 145 MMcf/d, an NGL (natural gas liquids) fractionation facility with capacity of 9,500 barrels per day, and ancillary equipment. The average throughput on these systems for the fourth quarter of 2009 was approximately 240 MMcf/d, with Anadarko throughput representing nearly half of this amount.

07:01

WBC WABCO Holdings announced that the Munich District Court in Germany has ruled against Knorr-Bremse Systeme fur Nutzfahrzeuge GmbH (25.85 )Co announced that the Munich District Court in Germany has ruled against Knorr-Bremse Systeme fur Nutzfahrzeuge GmbH (Knorr) in proceedings concerned with Knorr's approach to a mutual customer of WABCO and Knorr. In a decision on January 20, 2010, the court confirmed a preliminary injunction of October 19, 2009, which orders Knorr to cease and desist from alleging that one of WABCO's brake systems infringed Knorr's patents and at the same time imposing a confidentiality obligation on the customer to prevent that customer from informing WABCO about Knorr's approach. The court held that Knorr had intentionally made it impossible for WABCO's customer to dialogue with WABCO about Knorr's allegations surrounding patents. As a result, WABCO was deprived of the opportunity to clarify the allegations, which amounts to a violation of competition law in Germany. WABCO states that the Munich District Court in Germany has now on two occasions ruled consistently in favor of WABCO in this matter. Knorr has a right to appeal.

07:01

CUB Cubic announces it will supply equipment for testing the power units that quick-start the engines of KC-135 Stratotanker refueling planes under a new contract with the U.S. Air Force (39.05 )

07:01

CEPH Cephalon Announces Agreement to Acquire Mepha AG for an estimated $590 mln (63.84 )

Co announces that has signed an agreement to acquire Mepha AG and its subsidiaries, a profitable, privately-held, Swiss-based pharmaceutical company. Mepha has specific expertise in innovative dosage formulations and markets both generic and branded generic products. Under the terms of the agreement, Cephalon will purchase Mepha AG for CHF 622.5 mln, or an estimated $590 mln USD, from the Merckle family-owned Mepha Holding AG, subject to adjustments upon closing. The transaction is expected to close in the next 10-12 weeks upon completion of certain closing conditions, including receipt of applicable antitrust approvals. Cephalon expects that the acquisition will be accretive to adjusted earnings per share in 2010 and will update its 2010 guidance when it reports full year 2009 financial results on February 11, 2010. In the interim, the company withdraws its full year 2010 guidance issued on October 27, 2009.

06:26

S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +8.00.

06:26

Asian Markets

Nikkei...10205.02...+7.00...+0.10%. Hang Seng...20243.75...+121.80...+0.60%.

06:26

European Markets

FTSE...5195.20...+6.70...+0.10%. DAX...5607.71...-1.00...0.00.

06:20

DEP Duncan Energy misses by $0.01, misses on revs (24.15 )

Reports Q4 (Dec) earnings of $0.40 per share, $0.01 worse than the First Call consensus of $0.41; revenues fell 22.3% year/year to $251.2 mln vs the $273 mln consensus.

06:18

ARTG Art Technology reports EPS in-line, beats on revs (4.48 )

Reports Q4 (Dec) earnings of $0.06 per share, excluding non-recurring items, in-line with the First Call consensus of $0.06; revenues rose 14.5% year/year to $49.7 mln vs the $47 mln consensus.

06:17

On The Wires

THQ Inc. (THQI) and Sony Pictures Consumer Products (SNE) announce two multi-year licensing agreements granting THQ the exclusive worldwide rights to develop and publish video games based on Sony Pictures Television's popular game show properties, "JEOPARDY!" and "Wheel of Fortune".... MediciNova (MNOV) announces that Kirk Johnson, Ph.D. has joined MediciNova as its Chief Scientific Officer, reporting directly to Dr. Yuichi Iwaki, MediciNova's President and Chief Executive Officer.

06:15

HDY Hyperdynamics extends letter of intent with Repsol (0.90 )

Co announces that it has extended the term of its previously announced letter of intent with Repsol YPF, (REP) until March 11, 2010. In addition, Repsol has agreed to pay Hyperdynamics $2.7 mln for its pro rata share of work performed to date on the Company's ongoing 2-D seismic program. Repsol has also agreed to pay its pro rata share of the remaining work on the seismic program, estimated to be approximately $1.0 mln, upon its completion. These monies would be repaid to Repsol at its option if the Production Sharing Agreement clarification has not been ratified by September 10, 2010.

06:14

UTSI UTStarcom announces it has entered into agreements for a strategic relationship with Beijing E-town International Investment and Development (2.16 )

Co announces it has entered into agreements for a strategic relationship with Beijing E-town International Investment and Development, an investment company established by the Beijing Municipality which includes an investment of $48.5 mln by BEIID and two unrelated investment funds, Ram Max Group Limited and Shah Capital Management. The three investment parties are advised by Yellowstone Capital. As part of the investment, UTStarcom will issue approx 22 mln shares of common stock at a price of $2.20 per share, with BEIID investing $25 mln, Ram Max Group Limited investing $12.5 mln and Shah Capital investing $11 mln. In connection with the transaction and in furtherance of UTStarcom's strategic goals in China, Mr. Jack Lu has been appointed the new Chief Executive Officer and President of the Company effective the later date of three months after the closing of the investment or June 30, 2010. From the closing of the transaction until he assumes the CEO position, he will be the Company's Chief Operations Officer. Mr. Peter Blackmore will retire as CEO and President of UTStarcom upon Mr. Lu's assumption of the CEO position.

06:12

HUM Humana reports EPS in-line, misses on revs; guides Q1 EPS above consensus; guides FY10 EPS below consensus, revs in-line (48.62 )

Reports Q4 (Dec) earnings of $1.48 per share, in-line with the First Call consensus of $1.48; revenues rose 1.9% year/year to $7.63 bln vs the $7.78 bln consensus. Co issues upside guidance for Q1, sees EPS of $1.10-1.20, excluding non-recurring items, vs. $1.03 consensus. Co issues guidance for FY10, sees EPS of $5.15-5.35 (prior range $5.05-5.25), excluding non-recurring items, vs. $5.40 consensus; sees FY10 revs of $33.0-34.0 bln vs. $33.08 bln consensus. Medicare Advantage membership grew to 1,508,500 at December 31, 2009, an increase of 72,600 members, or 5% from 1,435,900 at December 31, 2008, and relatively unchanged from 1,514,800 at September 30, 2009. Medicare Advantage premiums of $4.07 billion in 4Q09 increased 12% compared to $3.62 bln in 4Q08, primarily the combined result of a 6% increase in average Medicare Advantage membership and the introduction of member premiums for most of the co's Medicare Advantage products. Commercial Segment medical membership declined to 3,410,800 at December 31, 2009, a decrease of 210,000, or 6%, from 3,620,800 at December 31, 2008 and relatively unchanged from 3,426,900 at September 30, 2009. The year-over-year decline primarily reflected the impact of the economic recession and increased unemployment across various of the company's fully-insured group medical lines of business, a competitive environment including the loss of two large ASO accounts totaling approximately 95,400 members on January 1, 2009.

<p>06:11

EPD Enterprise Products beats by $0.03, beats on revs (30.67 )

Reports Q4 (Dec) earnings of $0.52 per share, excluding $0.08 consisting of $24 mln, or $0.04 per unit, related to the settlement of a rate case for our Mid-America pipeline; $16 mln, or $0.03 per unit, for proceeds received from insurance associated with the effects of Hurricanes Ike and Katrina; and $9 mln, or $0.01 per unit, for insurance proceeds associated with the 2008 repairs to the flex joint at Independence Trail pipeline, $0.03 better than the First Call consensus of $0.49; revenues rose 41.8% year/year to $8.4 bln vs the $6.24 bln consensus.

06:06

CLNE Clean Energy Fuels announces Yellow Cab awards a 10-year contract to build and operate two compressed natural gas fueling stations to serve is CNG Taxi fleet (16.74 )

Co announces Taxi Affiliation Services, which operates Yellow Cab Chicago, has awarded Clean Energy Fuels a new 10-year contract to build and operate two new CNG fueling stations and sell fuel to the company's growing CNG taxi fleet. Yellow Cab Chicago and its affiliates plan an initial deployment of 100 new CNG taxis.

03:16

CYOU Changyou.com appoints Dewen Chen as President (33.59 ) -Update-

02:17

EEP Enbridge Energy Partners, LP misses by $0.05, beats on revs (51.93 )

Reports Q4 (Dec) earnings of $0.64 per share, excluding non-recurring items, $0.05 worse than the First Call consensus of $0.64; revenues fell 12.2% year/year to $1.63 bln vs the $1.41 bln consensus. The increases in operating revenue were partially offset by $10.8 mln of increased adjusted operating costs that are primarily due to co's expanded system, but also include the costs for leasing additional short term pipeline capacity from an affiliate, increased repair and maintenance activities and additional pipeline integrity work.

01:52

GSK GlaxoSmithKline's TYKERB receives accelerated approval for first-line combination treatment of metastatic breast cancer (39.01 )

Co announces the FDA has granted accelerated approval for a new combination regimen using TYKERB as a first-line, all-oral treatment for women with metastatic breast cancer. TYKERB is now indicated in combination with letrozole for the treatment of postmenopausal women with hormone receptor positive metastatic breast cancer that overexpresses the HER2 receptor for whom hormonal therapy is indicated.

01:44

VCI Valassis and News America agree to settle all outstanding lawsuits (20.93 )

Co announces that it has reached an agreement to settle its outstanding lawsuits against News America Marketing, a division of News Corp. (NWS). Under the terms of the settlement, NAM will pay Valassis $500 mln and will also enter into a 10-year shared mail distribution agreement with Valassis Direct Mail, a Valassis subsidiary. In addition, the judge will issue a permanent injunction related to certain business practices at issue in the lawsuits.

01:41

LFT Longtop Financial reaffirms 3Q10 and 4Q10 EPS guidance (34.66 )

Co reaffirms 3Q10 and 4Q10 EPS guidance (consensus $0.44 and $0.26, respectively). "Closing the Giantstone acquisition is an important milestone for Longtop to lead our entry into the core banking area and a suitably positive conclusion to our fiscal third 2010 quarter," commented Weizhou Lian, CEO. "While we are still in the process of finalizing our financial results for the quarter ended December 31, 2009, we feel confident we will be able to achieve the current First Call revenue and Adjusted Earnings Per Share consensus for both fiscal Q3 and Q4 2010. The changes and prospective changes to the People's Bank of China reserve ratio or the possibility that non-performing loans may increase had no negative impact on our Q3 results and we believe these factors will also have no negative impact on our Q4 2010 results."

01:37

On The Wires

The CIRCOR Aerospace Products Group, a business unit of CIRCOR Int'l (CIR), has been selected by SAFRAN/Messier-Bugatti to design, develop, and manufacture a complete suite of new, integrated speed sensing and control solutions for the Airbus A350 XWB, including the landing gear wheel tachometers and cockpit brake pedal transmitter units... West Coast Bancorp (WCBO) announces the commencement of its previously announced $10 mln rights offering of up to 5 mln shares of common stock... Columbia Banking System (COLB) announces its wholly owned subsidiary, Columbia State Bank, has acquired substantially all of the deposits and assets of American Marine Bank from the FDIC, which was appointed receiver of the institution... OSI Systems (OSIS) announces that its Security division, Rapiscan Systems has received notice of a deobligation of funds for a $17.6 mln order from the U.S. government for multiple cargo and vehicle inspection systems. The original order was announced in October, 2009.

16:54

CAT Caterpillar announced that a jury awarded $56.3 mln against the co and Holt Texas (52.24 +0.38) -Update-

16:42

NLX Overture Acquisition announces termination of master agreement (10.05 +0.01)

Co announced that the proposed business combination will not occur. While a majority of the shareholders approved the business combination, the percentage of no votes exceeded the 30% threshold amount set froth in the Company's amended and restated memorandum and articles of association and therefore the required approval was not obtained, despite the support of the co's warrantholders. The co will promptly notify the trustee to begin distributing proceeds from the trust account as soon as practicably possible.

16:38

CBEH China Bio Energy files $125 mln mixed securities shelf offering in an S-3 (8.08 +0.22)

16:18

TDSC 3D Systems announces revocation by German Federal Supreme Court of DSM German patent (10.50 -0.29)

Co announced that the German Federal Supreme Court has issued a final decision revoking the German part of DSM Desotech's European Patent No. 0 830 928. DSM had filed a complaint in Germany in 2005 claiming that 3D Systems' Accura Bluestone stereolithography material infringed this German patent. Following DSM's appeal of prior decisions, the German Federal Supreme Court issued its decision invalidating this patent on January 28, 2010. As a result of this decision, a related 2005 decision that DSM obtained in an infringement action before the Frankfurt District Court should be dismissed based upon this complete revocation of DSM's patent.

16:12

ADPT Adaptec beats by $0.03, beats on revs (3.06 +0.01)

Reports Q3 (Dec) loss of $0.01 per share, excluding non-recurring items, $0.03 better than the First Call dual-analyst est of ($0.04); revenues fell 40.1% year/year to $16.9 mln vs the $16.6 mln consensus.

16:01

ATML Atmel: Court preliminarily approves partial settlement of 'in re atmel corporation derivative litigation' (4.64 -0.12) -Update-

The co announces that the United States District Court for the Northern District of California has preliminarily approved a settlement agreement (the "Agreement") to settle previously disclosed litigation related to Atmel's historical practices regarding the timing of stock option grants. The Agreement provides, on behalf of all current Atmel shareholders, for the full settlement and release of all claims against all of the defendants, except Atmel's former general counsel, James Michael Ross, related to the allegations and/or matters set forth in three consolidated shareholder derivative actions and two actions to compel production of company books and records, currently pending in the U.S. District Court for the Northern District of California, the Superior Court of the State of California, County of Santa Clara, and the Court of Chancery of the State of Delaware... The terms of the Agreement provide for: (i) a direct financial benefit to Atmel of $9.65 million; (ii) the adoption and/or implementation of a variety of corporate governance enhancements, particularly in the way Atmel grants and documents grants of employee stock option awards; (iii) the payment by Atmel of plaintiffs' counsels' attorneys' fees, costs, and expenses in the amount of $4.94 million; and (iv) the dismissal with prejudice of all claims by and between the settling parties and releases of all claims against the settling defendants.

16:00

PPC Pilgrim's Pride announces settlement agreement with U.S. Department of Labor over 'donning and doffing' time collection practices (8.87 +0.10)

Co announced it has reached a settlement agreement with the U.S. Department of Labor regarding the federal government's review of time collection practices at the company's Dallas, Texas, processing facility. The review focused specifically on pay for the minimal time employees spend in putting on and taking off protective work clothing such as smocks, aprons and gloves required for their jobs at the plant. Under the terms of the agreement, the company will pay approximately $1 million to the Department of Labor; the federal government will distribute those funds as overtime compensation to approximately 800 current and former employees of the company's Dallas facility. Both Pilgrim's Pride and the Department of Labor acknowledge that the agreement does not constitute any admission that the company violated any provision of the Fair Labor Standards Act.

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