Briefing.com: Hourly In Play (R) – 20:00 ET
Mar 10, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 10-Mar-10 20:00 ET
18:43
EQT EQT Corporation announces pricing of 12.5 mln shares of common stock offering at $44 (44.68 -2.69)
18:32
FCEL FuelCell Energy reports EPS in-line, misses on revs (2.95 +0.05)
Reports Q1 (Jan) loss of $0.18 per share, in-line with the First Call consensus of ($0.18); revenues fell 32.7% year/year to $14.6 mln vs the $26.3 mln consensus.
18:27
CBB Cincinnati Bell prices offering of $625 mln of 8.75% senior subordinated notes due 2018 (3.15 -0.04) -Update-
Co announced that it has priced a public offering of $625 mln aggregate principal amount of senior subordinated notes due 2018, which represents an increase of $225 mln from the preliminary prospectus supplement. The notes will bear interest at a rate of 8.75 percent per annum, payable semi-annually on March 15 and September 15, and the first interest payment date will be September 15, 2010.
18:24
Futures are mixed after hours with S&P 500 futures 0.14 points above fair value of 1145.16 and Nasdaq 100 futures 0.72 points below fair value of 1917.47
18:13
CNK Cinemark Holdings to significantly expand digital and 3D installations following DCIP funding (18.16 +0.54) -Update-
Co announced the completion of the Digital Cinema Implementation Partners, LLC ("DCIP") financing transactions, which are expected to cover the cost of conversion for a large portion of the Company's U.S. screens. DCIP is a non-consolidated investment of Cinemark.
18:11
GEOY GeoEye signs commitment letter with Cerberus Capital Management for preferred stock issuance and debt financing (24.73 -0.23)
Co announced that on March 4 it entered into a binding commitment letter (the "Commitment Letter") with Cerberus Capital Management, L.P. (together with its affiliates, funds and managed accounts, "Cerberus"), pursuant to which Cerberus committed to purchase from the Co and the Co agreed to sell to Cerberus, subject to certain conditions, (i) up to 115,000 shares of a newly issued series of convertible preferred stock of the Co (the "Preferred Stock"), having an initial liquidation preference of $1,000 per share (the "Equity Financing") and an initial conversion price of $30.00 per common share; and (ii) if the Co so elects, $100.0 mlnin aggregate principal amount of newly issued senior unsecured notes of the Co.
17:36
VITA Orthovita reports EPS in-line, revs in-line; guides FY10 revs below consensus (3.80 -0.40)
Reports Q4 (Dec) loss of less than $0.01 per share, in-line with the First Call consensus of ($0.01); revenues rose 17.3% year/year to $24.4 mln vs the $24.5 mln consensus. Co issues downside guidance for FY10, sees FY10 revs of $106-112 mln vs. $113.27 mln consensus; sees bottom line ranging from breakeven to $2 mln of net income.
17:30
CSR China Security and Surveillance file to sell 20 mln in common stock in a Form S-3 (33.72 +0.35)
17:24
CNK Cinemark Holdings registers to sell 10 mln shares of common stock for holders (18.16 +0.54)
Co announced that it is filing a prospectus supplement to its existing shelf registration statement with the U.S. Securities and Exchange Commission relating to an underwritten public offering by Madison Dearborn Capital Partners IV, L.P. of 7,733,076 shares, Syufy Enterprises, LP of 1,266,924 shares and the Mitchell Special Trust of 1,000,000 shares of its common stock. Upon completion of the offering, Madison Dearborn Capital Partners IV, L.P., Syufy Enterprises, LP and the Mitchell Special Trust will own approximately 32.1%, 5.3% and 4.9%, respectively, of Cinemark's common stock. Cinemark will not receive any proceeds from this sale of its common stock.
17:15
RE Everest Re Group provides preliminary loss estimates for the Chile earthquake and the European windstorm Xynthia (8.52 -0.52)
Co announced that its preliminary loss estimate for exposures relating to the earthquake in Chile is $225 mln. In addition, the Co estimates its loss for expected claims from the European Windstorm Xynthia to be ~$25 mln . Both of these loss estimates are being provided net of tax and reinstatement premiums. The Co's current estimates for these events are based on underwriters' preliminary analyses and judgments, client input and discussion, event modeling and profiling of exposed limits. Current industry loss estimates for the magnitude 8.8 earthquake in Chile range between $4-10 bln while the range of industry losses for the European Windstorm Xynthia is $2-4 bln. The Co expects it will be several months before relative clarity emerges with respect to its ceding companies' underlying losses from these two events and as new information emerges these estimates may need to be adjusted.
17:14
AFCE AFC Enterprises beats by $0.03, beats on revs; guides FY10 EPS in-line (8.52 -0.52)
Reports Q4 (Dec) earnings of $0.16 per share, $0.03 better than the First Call consensus of $0.13; revenues fell 9.5% year/year to $32.5 mln vs the $30.7 mln consensus. Co issues in-line guidance for FY10, sees EPS of $0.73-0.77 vs. $0.75 consensus. Over the course of the next five years, the Company believes the execution of its Strategic Plan will deliver on an average annualized basis the following results: same-store sales growth of 1 to 3 percent; net new unit growth of 4 to 6 percent; and earnings per diluted share growth of 13 to 15 percent.
17:09
HEOP Heritage Oaks Bancorp to raise $60 mln through private placement (3.45 -0.30)
Co accredited investors, including board members, pursuant to which it expects to raise aggregate gross proceeds of $60 mln. The proceeds will be used for working capital, augmenting the balance sheet and for general corporate purposes, including increasing the capital of the Bank. The Co presently expects the transaction to close on Friday, March 12, 2010.
17:08
CPC Chemspec Intl reports EPS in-line, beats on revs; co sees Q1 higher YoY (7.39 +0.05)
Reports Q4 (Dec) earnings of $0.14 per share, in-line with the First Call consensus of $0.14; revenues fell 36.4% year/year to $25.9 mln vs the $25.5 mln consensus. Q1 sales are expected to reach between RMB 205-210 mln in Q1 of 2010, which would represent an increase of between 2.3-4.8% from Q1 of 2009 and an increase of between 15.8% and 18.6% from Q4 of 2009. The increase is primarily expected to be driven by a strong recovery in demand in various end markets that incorporate the Co's products. Gross profit margin is expected to be at the Co's normal operational level of above 40%. Co said, "In terms of financial performance, we believe we began to experience a positive turn-around in early 2010 as we started to see a recovery in demand in various end markets that incorporate our products. Our guidance for Q1 2010 sales would represent a record for that period. Although there are still some visibility issues in terms of demand in the coming quarters for some of our products, we have a high degree of confidence that we can achieve quarter-over-quarter sales growth in the next few quarters based on our usual seasonal quarterly-sales fluctuations, our understanding of global market trends in 2010 as well as feedback from our long-term and new customers."
17:05
BPO Brookfield Properties announces modifications to Canadian Office REIT conversion proposal (14.65 +0.10)
The co and its Canadian-based subsidiary BPO Properties Ltd. announced that BPP will be shortly mailing its information circular to shareholders containing some modifications to the previously announced proposal to create Canada's pre-eminent office real estate investment trust (REIT), to be named Brookfield Office Properties Canada. After consultation with a number of interested parties, including the independent committee of the board of directors and its financial advisor, Brookfield Office Properties Canada has agreed to pay $100 mln of the purchase price for Brookfield Properties' interest in Brookfield Place in cash instead of solely through the assumption of debt and units in the new REIT, as originally announced. The remainder of the purchase price will be paid by the assumption of debt and units valued at approximately $20.90 per unit. In light of this change, Brookfield Office Properties Canada will not pay the previously announced special distribution to unitholders on closing of the transaction. The impact of the above cash payment is a reduction in the number of units outstanding by ~5 mln to 93 mln and an increase in expected funds from operations available to unitholders on an annualized basis in 2010 to $1.27 per unit from $1.20 per unit. In addition, Brookfield Office Properties Canada's monthly distributions commencing on closing of the transaction as modified will increase to $0.07 per unit, or $0.84 per unit on an annualized basis.
17:02
VHI Valhi reports Q4 loss of $0.03 vs. a loss of $0.25 in the prior year's quarter; revs rose 19.6% to $341.1 mln (18.59 -0.13)
17:02
LIFE Life Technologies announces scientists identified specific causative mutation associated with Charcot-Marie-Tooth Disease with technologies from Life Technologies (52.28 +0.10) -Update-
Scientists using advanced genomic analysis technologies from Life Technologies have sequenced an individual's genome and identified the specific causative mutation associated with Charcot-Marie-Tooth Disease. In a paper published today by The New England Journal of Medicine (NEJM), Baylor College of Medicine doctors Richard Gibbs and James R. Lupski used whole genome sequencing for the first time to identify the cause of an inherited disease.
17:01
SPH Suburban Propane announces pricing of public offering of $250 mln 7 3/8 % senior notes (46.80 -0.31)
17:00
UTX United Technologies Board authorizes repurchase program for 60 mln shares worth ~$4.3 bln (71.79 +0.01)
16:58
AAU Almaden Minerals provides Tuligtic copper-molybdenum project update (0.93 0.00) -Update-
The co and its Mexican subsidiary Minera Gavilan S.A. de C.V. announce results of a 2,973.05 meter seven hole preliminary diamond drilling program now completed at the Tuligtic copper-molybdenum project, Mexico. The exposed alteration is interpreted to represent a quartz-sericite-pyrite cap to a large porphyry copper-molybdenum system. Highlights of the drill program include 38 meters of 0.13% copper from 164 to 202 meters and 46 meters of 0.11 copper from 416 to 462 meters in hole DDH-01, 20 meters of 0.17% copper from 94 to 114 meters and 26 meters of 0.14% copper from 316 to 342 meters in hole DDH-02, 58 meters of 0.17% copper from 366 to 424 meters in hole DDH-03 (including 14 meters of 0.27% copper from 410 to 424 meters), 2 meters of 0.63% copper from 18 to 20 meters in hole DDH-04 and 20 meters of 0.11% copper from 276 to 296 meters and 8 meters of 0.13% copper in hole DDH-05. Molybdenum values were anomalous ranging up to 801 ppm (0.08%). Elevated gold values were also encountered including 2 meters of 1.34 g/t from 178-180 meters in hole DDH-01.
16:44
HIL Hill International reports EPS in-line, beats on revs (6.11 +0.09)
Reports Q4 (Dec) earnings of $0.12 per share, in-line with the First Call consensus of $0.12; revenues rose 5.4% year/year to $110.3 mln vs the $103 mln consensus. Total backlog at the end of 2009 increased to $620 million, from $597 million at the end of the third quarter of 2009. Twelve-month backlog at the end of 2009 increased to $282 million, from $276 million at the end of the third quarter of 2009.
16:41
FCEL FuelCell Energy awarded $2.1 mln for fuel cell to be incorporated into Air Products' (APD) renewable hydrogen fueling station in California (3.12 +0.22)
Co announced subcontract awards totaling $2.1 mln from Air Products (APD). The prime contract to demonstrate a renewable hydrogen fueling station was awarded to Air Products (APD) by the California air resources board and supported by the south coast air quality management district, and U.S. Department of Energy. The project is to demonstrate an Air Products' concept which incorporates FuelCell Energy's DFC-H2 technology in a hydrogen fueling station. The DFC-H2 can produce clean power, heat and renewable hydrogen.
16:41
DRC Dresser-Rand expands two-year-old policy to prohibit subsidiaries from taking new business in Iran to now cover aftermarket parts and services (31.43 -0.30)
Co announced that it was expanding its previous decision in January 2008 barring its subsidiaries from entering into new contracts for any new units from states designated as sponsoring terrorism, such as Iran, to now cover all new business, including for replacement parts and services. "The decision today to discontinue the supply of aftermarket parts and services is believed to be of little financial consequence to our company, and is being made given the recent political events over the past several months. "It should also be noted that the replacement parts and services provided to such states were primarily for petrochemical, refinery and gas processing equipment, the products of which principally serve domestic energy markets for use in applications such as transportation and the heating of homes, and was in any case not destined for use in any type of nuclear facilities. We believe that these parts and services will now either be provided by the local equipment operators in country or by those of our overseas competitors who continue to serve these markets." The Company expects that the financial impact of today's decision will not be material to the Company.
16:36
CLF Cliffs Natural Resources announces pricing of $400 mln 5.9% public offering of senior notes due March 2020 (59.57 +0.39) -Update-
16:34
SMTC Semtech beats by $0.08, beats on revs; guides Q1 EPS above consensus, revs above consensus (17.35 +0.16)
Reports Q4 (Jan) earnings of $0.30 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.22; revenues rose 35.6% year/year to $85 mln vs the $77 mln consensus. Co issues upside guidance for Q1 (Apr), sees EPS of $0.27-0.30, excluding non-recurring items, vs. $0.21 consensus; sees Q1 revs up 7-13% sequentially, which computes to $91-96 mln vs. $79.5 mln consensus.
16:31
BRNC Bronco Drilling announces monthly operating results (5.17 -0.24)
Co announced its drilling fleet was 45% for the month of February compared to 34% for the month of January and 31% for the fourth quarter of 2009. The co had an average of 37 marketed drilling rigs in February compared to 37 in January and 37 for the fourth quarter of 2009. The average dayrate on operating drilling rigs as of February 28, 2010, was $15,445 compared to $15,442 as of January 31, 2010.
16:30
BARI Banc Rhode Island announces increase to loan loss provision (29.48 +0.38)
Co announces that, as a result of information obtained after its January 28, 2010, announcement of year-end 2009 results and before filing its 2009 Annual Report on Form 10-K, it will record, in the fourth quarter of 2009, an increase to the provision for loan and lease losses totaling $1.5 million. The Company also will recognize a charge-off in an equal amount. The Company expects the increase to the provision will reduce its previously reported earnings for the fourth quarter 2009 by a net after-tax amount of $923,000, resulting in adjusted net income of $1.1 million, or $0.24 diluted earnings per share. The increase to the provision also will reduce net income for the year ended December 31, 2009, resulting in adjusted net income of $5.5 million, or $0.70 diluted EPS, after preferred stock dividends and discount accretion. Nonperforming assets as of December 31, 2009 will increase by $4.0 million to $20.0 million or 1.26% of total assets.
16:29
HUN Huntsman to issue up to $250 mln in senior subordinated notes due 2020 (13.52 +0.16)
16:28
MFB Maidenform Brands announces that one of its stockholders, Ares Corporate Opportunities Fund, is selling 3,187,351 shares of Maidenform common stock that it currently owns in an underwritten public offering (21.29 +0.26)
16:17
CLRT Clarient reports Q4 net loss per share of ($0.03) vs ($0.02) consensus; revs rose 6% YoY to $23.3 mln vs $24 mln consensus (2.49 +0.05)
Co sees FY10 revs of $108-$115 mln vs $113 mln consensus. The co also indicated that it is expecting to report net income for the 2010 fiscal year.
16:16
MVC MVC Capital announces sale of Dakota Growers to Viterra for $18.28 per common share (13.15 -0.22)
The co announces that its portfolio company, Dakota Growers Pasta Company ,has signed a definitive merger agreement with Viterra pursuant to which a subsidiary of Viterra will acquire all of the outstanding shares of Dakota Growers, a leading producer and marketer of dry pasta products in North America. The all-cash transaction, structured as a tender offer followed by a merger of a Viterra subsidiary and Dakota Growers, has been unanimously approved by the Boards of Directors of both companies. The transaction represents a total enterprise value of $240 million, which includes equity value and anticipated net cash/debt at closing, subject to certain adjustments for transaction costs and other closing adjustments. Dakota Growers reported revenues and EBITDA of approximately $275 million and $42 million respectively for the latest twelve months ended October 31, 2009. As further described below, the anticipated gross proceeds of approximately $38 million to the Fund resulting from this transaction would exceed the Fund's current carrying value of its investment in Dakota Growers.
16:16
CAR Avis Budget amends existing credit facility and completes offering of senior notes (11.20 -0.18)
Co reports: The credit facility amendment and senior notes offering would extend the maturity of nearly $1.0 bln of revolving credit commitments (under which no borrowings are currently outstanding) by two years, to 2013; revise the financial and non-financial covenants in the credit facility to provide significantly greater flexibility to the co; result in the repayment of ~$450 mln of outstanding term loan borrowings; and extend the maturity of approximately $275 mln of remaining term loan borrowings by two years, to 2014.
16:15
AAU Almaden Minerals provides shareholders details of its 2010 corporate and exploration plans (0.93 +0.02)
Co provides shareholders details of its 2010 corporate and exploration plans and a brief review of its most important projects. "projects include the copper-gold porphyry portion of the Caballo Blanco project, now called El Cobre, in partnership with Goldgroup. We look forward to reporting drill results from this and other projects in what will be a busy year for the company." Co has no debt and as of January 10, 2010 had $C13.0 Million in cash, $C2.5 Million in equity holdings and 1,590 ounces of refined gold. Co plans to spend $2 mln in exploration including property work and drilling as well as regional exploration. At present Almaden holds an undivided 100% interest in 24 projects in Mexico, Canada and the United States including the Elk gold deposit in British Columbia where the company has defined a 43-101 compliant resource.
16:13
FXCB Fox Chase Bancorp announces adoption of plan of conversion and reorganization (9.66 +0.16) -Update-
Co unanimously adopted a Plan of Conversion and Reorganization pursuant to which Fox Chase Bank will reorganize from the two-tier mutual holding company structure to the stock holding company structure and will undertake a "second-step" stock offering of shares of common stock of a new corporation formed in connection with the conversion. Fox Chase Bank converted from a mutual savings bank to the two-tier mutual holding company structure and offered and sold a minority of the shares of the mid-tier stock holding company in 2006. (stock is halted)
16:11
IPAR Inter Parfums misses by $0.01, reports revs in-line; guides FY10 EPS below consensus, revs below consensus (13.51 +0.06)
Reports Q4 (Dec) earnings of $0.18 per share, $0.01 worse than the First Call consensus of $0.19; revenues rose 12.5% year/year to $112.9 mln vs the $113.6 mln consensus. Co issues downside guidance for FY10, sees EPS of ~$0.78, incl $0.05 in charges, vs. $0.80 consensus; sees FY10 revs of $440 mln vs. $446.39 mln consensus. Co said, "Assuming the dollar remains at current levels, and no new acquisitions, licenses and/or specialty retail agreements, we remain confident that we will achieve our current guidance The co's guidance ance factors in the costs associated with the development and launch of the Burberry cosmetics line which requires a significant investment in the first year to develop the product, build cosmetic counters, and hire and train personnel. As previously indicated, these expenses are expected to affect 2010 net income attributable to IPAR by ~$0.05 per diluted share."
16:11
GHM Graham awarded $6 million in condenser orders (19.05 +2.17)
16:11
GYMB Gymboree beats by $0.01, reports revs in-line; guides Q1 EPS in-line; announces international expansion agreement (46.29 +1.00)
Reports Q4 (Jan) earnings of $1.11 per share, $0.01 better than the First Call consensus of $1.10; revenues rose 3.8% year/year to $299.6 mln vs the $299.9 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.90-0.94 vs. $0.90 consensus. As previously reported, comparable store sales for the quarter decreased 2% versus the fourth quarter of the prior year. Gross profit for the fourth fiscal quarter of 2009 was $140.0 million or 46.7% of net sales compared to $124.3 million or 43.0% of net sales for the fourth fiscal quarter of 2008. Excluding the impact of the prior year $6.0 million write-off of merchandise inventories, gross profit increased 180 basis points. During the first quarter, the co plans to open 35 new stores consisting of 3 Gymboree stores, 6 Gymboree Outlets, and 26 Crazy 8 stores. Co announces it has entered into a multi-year franchise agreement with Azadea G Group Limited, a wholly-owned subsidiary of Azadea Group Holding SAL, to launch the Gymboree retail brand in the Middle East. The first stores are scheduled to open in Dubai during the third fiscal quarter of 2010.
16:10
FXCB Fox Chase Bancorp halted, news pending (9.66 +0.16)
16:10
ADK AdCare Health Systems to acquire two Alabama nursing homes for $18.5 mln (5.84 -0.11)
Co has signed a definitive purchase agreement for two privately-held nursing homes in Alabama for $18.5 mln. The facilities have a total of 312 beds and currently generate ~$18 mln in annualized revenue. The acquisitions, which represent the co's first expansion outside of Ohio, are expected to increase AdCare's annualized revenue by 60% and be immediately accretive to earnings. Management expects to close the transaction in the second quarter of 2010.
16:09
NABI NABI Biopharma beats by $0.13, beats on revs (5.70 +0.14)
Reports Q4 (Dec) earnings of $0.02 per share, $0.13 better than the First Call consensus of ($0.11); revenues were $10.5 mln vs First Call consensus ests of $2.21 mln. Revenues reflect payments recognized from the sale of PentaStaph to GlaxoSmithKline Biologicals S.A. (GSK). This includes $3.1 mln from the initial $21.5 mln payment received from GSK which is being recognized as revenue ratably over the term of the transition services agreement, a $5 mln payment for the successful achievement of a PentaStaph performance milestone and $2.4 mln related to services provided under the transition services agreement.
16:09
ROVI Rovi to offer $400 mln convertible senior notes due 2040 (36.34 +0.52) -Update-
16:07
IDSY I.D. Systems misses by $0.02, beats on revs (3.10 +0.17)
Reports Q4 (Dec) loss of $0.21 per share, $0.02 worse than the First Call consensus of ($0.19); revenues fell 63.3% year/year to $2.9 mln vs the $2.3 mln consensus. Gross margin for the qtr was 28%. Excluding the inventory reserve charge, gross margin for the period was 50%.
16:06
MW Men's Wearhouse beats by $0.05, misses on revs; guides Q1 EPS above consensus (24.83 +0.08)
Reports Q4 (Jan) loss of $0.11 per share, excluding non-recurring items, $0.05 better than the First Call consensus of ($0.16); revenues fell 4.0% year/year to $457.2 mln vs the $465.9 mln consensus. Gross margin before occupancy costs, as a percentage of total net sales, decreased 105 basis points from 53.7% to 52.7%. Co issues upside guidance for Q1, sees EPS of $0.12-0.16, excluding non-recurring items, vs. $0.09 consensus. Capital expenditures for the full year are targeted in a range of $55 million to $60 million and depreciation and amortization is estimated at $75 million.
16:06
HOTT Hot Topic reports EPS in-line, revs in-line; issues Q1 guidance (6.55 +0.02)
Reports Q4 (Jan) earnings of $0.18 per share, in-line with the First Call consensus of $0.18; revenues fell 10.0% year/year to $214.2 mln vs the $214.6 mln consensus. Co issues guidance for Q1, sees EPS of (0.02)-(0.05), which includes approximately $0.02 of expense related to ShockHound, may not be comparable to ($0.02) consensus. This guidance is based upon a comp store sales decline in the high-single-digit percentage range.
16:06
KTOS Kratos Defense and Security awarded fully funded foreign military sales weapon systems contract valued at over $48 million (14.21 +0.02)
16:05
TBBK The Bancorp announces $45.2 mln repayment of TARP funds (7.96 -0.01)
Co repurchased all of the outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series B, issued to the United States Treasury Department under its Capital Purchase Program (TARP). As a result of the $45.2 mln repayment, $3.7 mln of annualized dividends and accretion which previously reduced earnings per share will be eliminated. Those charges equate to approximately $5.6 mln of additional earnings potential available to common shareholders on a pre-tax basis. As a result of the repayment, a one-time, non-cash, charge of $5.6 mln, comprised of the remaining accretion, will be recognized in the first quarter of 2010. After repaying the TARP funds, Bancorp's leverage capital ratio as of December 31, 2009 continued to exceed 10%, compared to a well capitalized requirement of 5%.
16:05
CLNE Clean Energy Fuels beats by $0.01, beats on revs (19.32 +0.34)
Reports Q4 (Dec) loss of $0.03 per share, $0.01 better than the First Call consensus of ($0.04); revenues rose 49.1% year/year to $42.2 mln vs the $40.3 mln consensus. Gasoline gallon equivalents (Gallons) delivered during the fourth quarter of 2009 totaled 29.5 million, up 58% from 18.7 million Gallons in the same period a year ago. For the year, volume increased 37% to 101.0 million Gallons, compared with 73.5 million Gallons in 2008. Gallons include the Company's sales of CNG, LNG, and biomethane and the Gallons associated with providing operations and maintenance services. "We are pleased with our improved financial results and our volume growth for the year, which was achieved through growth in each of our key markets of refuse, regional trucking, airports and transit. This is particularly noteworthy in light of the tough economic climate in 2009. The fact that we saw acceleration in station construction and deal flow at a time when all of our customers were focused on cutting their costs is really a testament to the elevated importance of cleaner fuels that we are seeing in this country. With $67.1 million in cash and cash equivalents on hand at year end, we believe we are well positioned to continue to grow our business in 2010."
16:02
JAS Jo-Ann Stores beats by $0.03, reports revs in-line; guides FY11 EPS in-line (40.01 +0.72)
Reports Q4 (Jan) earnings of $1.36 per share, $0.03 better than the First Call consensus of $1.33; revenues rose 5.3% year/year to $602.2 mln vs the $600.4 mln consensus. Co issues in-line guidance for FY11, sees EPS of $2.75-2.90 vs. $2.85 consensus. "During fiscal year 2010, the Jo-Ann team effectively executed our strategic objectives. These included: revitalizing our store base, expanding our gross margin rate, capitalizing on changes in the competitive environment, and leveraging our new systems capabilities. We achieved all of this while maintaining tight control of our expenses, inventory, and capital spending, which allowed us to report significant expansion of operating margin and record earnings."
16:02
MBLX Metabolix beats by $0.05, misses on revs (10.93 +0.30)
Reports Q4 (Dec) loss of $0.39 per share, $0.05 better than the First Call consensus of ($0.44); revenues fell 50.0% year/year to $0.2 mln vs the $0.5 mln consensus. The Company also commented on the status of its ongoing Food Contact Notification with the FDA. The Company noted that it had responded to two sets of comments by the FDA and continues to be confident that it can satisfy the needs for any additional commentary and data that may be requested as this process continues. While it cannot be certain, the Company expects to be selling product for food contact applications during the current fiscal year and is already working with select food contact customers in product prototyping and taste and sensory testing.
16:01
CA CA Inc to acquire Nimsoft for $350 mln (22.60 -0.29)
Co announced it has signed a definitive agreement to acquire privately-held Nimsoft, Inc.--a provider of IT performance and availability monitoring solutions for emerging enterprises and Managed Service Providers (MSPs)--in an all-cash transaction valued at $350 mln. The acquisition significantly extends CA's ability to meet the unique IT management needs of emerging enterprises and MSPs, both of which are playing leading roles in the growth of cloud computing. CA estimates that emerging enterprises, which it categorizes as organizations with annual revenues from $300 mln to $2 bln, will account for approximately a quarter of the software spending in CA's market space by 2013. By leveraging Nimsoft's market expertise and technology, CA expects to add an entirely new set of customers to its base, which historically has been comprised of large enterprises.
16:00
HIBB Hibbett Sporting promotes Rosenthal to CEO (24.50 -0.16)
The co announces that Mickey Newsome, the co's Chairman and CEO, will become Executive Chairman of the Company. Jeffry Rosenthal, the co's President and COO, has been promoted to President and CEO. Both moves are effective March 15, 2010.
15:52
ARG Airgas issues $300 mln of 2.85% senior notes due 2013 (64.64 +0.10) -Update-
15:50
FAA Late day global & sector ETF view -Technical-
Actively Traded Leading Global & Sector ETF Plays:
US airlines- FAA +2.25%, Solar power- TAN +2.25%, Commercial banks- KBE +2.25%, Semis- SMH +2.0%, IGW +2.0%, SPDRS oil & gas exploration & prod.- XOP +1.50%, Regional banks- KRE +1.50%, RKH +1.25%, Nat gas- UNG +1.50%, Heating oil- UHN +1.25%, iShares Malaysia- EWM +1.0%, iShares Germany- EWG +1.0%, SPDRS biotech- XBI +1.0%, India- INP +1.0%, Financials- XLF +1.0%, IYF +1.0%, Casinos- BJK +1.0%, RBOB gas- UGA +1.0%, Clean energy- PBW +1.0%
Actively Traded Lagging Global & Sector ETF Plays:
Silver- SLV -1.75%, Gold miners- GDX -1.50%, Gold- GLD -1.25%, Base metals- DBB -0.75%, Yen currency shares- FXY -0.50%, Livestock commods- COW -0.50%, iShares Japan- EWJ -0.50%, Russia- RSX -0.25%, SPDRs cons stpls- XLP -0.25%, Food & Beverage- PBJ -0.25%
15:45
PSYS Psychiatric Solutions begins trading on NASADQ after afternoon halt (29.60 +5.69) -Update- -Technical-
15:45
Conferences and Shareholder/Analyst Meetings of Interest -Update- -Technical-
Events of interest for tomorrow, March 11, include: XOM Analyst Meeting; BMTI Analyst and Investor Meeting; IT Investor Day; V Investor Day; CERN Investor Community Meeting; HELE, BONT, NILE, PNRA at Bank of America Merrill Lynch Consumer Conference; ENOC at CERAWeek 2010; NYB, HBAN, PNC, SNV at Citi Financial Services Conference; CBRX, GILD, TSON, LGND at Cowen and Company Healthcare Conference; SONS, ATHR, CRNT at Credit Suisse Communication Equipment & Networking Conference; RGC, CNK, CKEC, IMAX at Gabelli & Company, Inc. Digital Cinema & Movie Conference; CPN, EXC, WR at Morgan Stanley Utilities Conference; ACM, CBI, URS, MDR at UBS Engineering & Construction One-on-One Conference; STEC, SHOR, KOPN, SY at Wedbush Morgan Securities New York MAC: Management Access Conference. Fed: Fed's Dudley. Treasury: $13 bln 30-yr Treasury Bonds Auction
15:37
SPY Trading volume analysis with chart-- NYSE volume still tracking well above yesterday's tally -Technical-
With under 30 min. remaining today, NYSE volume remains noticeably heavy compared to recent sessions this month. For much of March thus far, many sessions struggled to reach 900M shares traded, but yesterday & today paint a different picture suggesting mutual fund & hedge fund participation in broader, listed issues.
Furthermore, the increase in volume could be a result of traders preparing for the 'roll' in index futures from the Mar (H) contract into the Jun (M) contract beginning tomorrow.
As of 3:30p.m. ET, nearly 878.5M shares have trade vs. 826M at this point yesterday.
NYSE 60 min volume chart
15:37
ICO International Coal's Tygart No. 1 Complex receives approval to proceed (4.45 +0.17)
Co announced that the West Virginia Surface Mine Board has issued an order upholding a May 2009 decision by the West Virginia Department of Environmental Protection to reinstate a surface mining permit for its ICG Tygart Valley subsidiary's Tygart No. 1 deep mine complex in Taylor County, near Grafton, West Virginia. At full output, the Company expects production to reach 3.5 million tons of high quality thermal and premium high-volatile metallurgical coal.
15:33
HTZ Hertz Global expands online cars sales with Rent2Buy program (9.86 -0.03)
The Rent2Buy program which allows customers to reserve a rental car they might want to buy for a three-day test drive.
15:32
SPY Choppy trade continues with stock indices sliding back off afternoon highs -- Dow -12, S&P +2.5, Nasdaq +12 -Update- -Technical-
Relative weakness during this move has been noted in Finance XLF / RKH, Materials XLB, Gold Miners GDX, Steel SLX, Ag/Chem MOO, Solar TAN.
15:26
PSYS Psychiatric Solutions confirms approach from third parties regarding potential sale (28.35 +4.44) -Update-
Co confirms that it has been approached by third parties in connection with a potential acquisition of PSI. In order to consider possible responses, PSI has formed a special committee of the Board of Directors, which has retained Goldman Sachs and Shearman & Sterling LLP as its financial and legal advisors, respectively. (Stock is halted)
15:17
EEI Ecology and Environment awarded $40 mln Navy contract (16.75 +1.15)
Co announced that it has been awarded an indefinite-delivery/indefinite-quantity contract with a ceiling of $40 mln for environmental planning and engineering services by the Naval Facilities Engineering Command.
15:06
EAG American Defense Systems received a follow-on order for Crew Protection Kits from Caterpillar (CAT) (0.41 +0.04)
15:05
KBR KBR Inc. awarded contract with BP-Husky to provide engineering, procurement and other project related services for BP-Husky Refining $400 Million Reformer 3 equipment upgrade (21.19 -0.42)
14:57
FSLR NASADQ 100 (NDX) leaders & laggards moving into today's final hour of trading -Technical-
NDX 100 Best % Performers:
FSLR +5.0%, BRCM +4.0%, LINTA +3.25%, FLEX +3.25%, SHLD +2.75%, LLTC +2.75%, GOOG +2.50%, SBUX +2.50%, NIHD +2.25%, RIMM +2.25%, VRTX +2.25%
NDX 100 Worst % Performers:
STX -2.0%, CA -1.50%, CSCO -1.0%, TEVA -0.75%, WCRX -0.75%, JBHT -0.50%, COST -0.50%
NASDAQ TRIN @ +0.60
NASDAQ A/D @ +680
14:56
COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices -Update-
May corn closed lower by 3.5 cents to $3.655 per bushel, May soybeans closed higher by 10.5 cents at $10.58 per bushel, May wheat closed lower by 8 cents to $4.815 per bushel, May ethanol closed lower by $0.004 cents at $1.627, May world sugar futures closed 0.63 cents lower to 19.69cents.
14:55
BA Dow 30 (INDU) leaders & laggards moving into today's final hour of trading -Technical-
INDU 30 Best % Performers:
BA +3.75%, BAC +2.0%, JPM +1.50^, INTC +1.25%, XOM +1.0%, KFT +0.75%
INDU 30 Worst % Performers:
TRV -1.25%, MRK -1.0%, CSCO -1.0%, WMT -0.75%, CVX -0.75%, VZ -0.50%
NYSE TRIN @ +0.65
NYSE A/D @ +1035
14:49
SPY S&P 500 +7.2 and Nasdaq Comp +19.5 working back near morning highs -Update- -Technical-
14:48
GOOG Google notches new session high of 574.16 approaching the 50% retracement of the Jan/Feb decline at 574.75 (574.01 +13.82) -Update- -Technical-
14:43
COMDX Nymex Energy Closing Prices
Crude oil settled higher by 60 cents to $82.09, nat gas ended up 3.8 cents to $4.554, heating oil gained 2.36 cents to close at $2.1161 and RBOB gasoline finished higher by 2.33 cents to $2.2836.
14:37
IMN Imation Extends commitment to ProStor Systems and RDX removable hard disk format (10.82 +0.09)
Co announced Imation has extended its RDX license agreement with ProStor Systems. Under the terms of the agreement, Imation will have a license to manufacture, market and sell RDX removable hard disk systems through 2020. Further underscoring the co's commitment, Imation also announced that it has invested $5 mln to help advance ProStor's technology.
14:31
SPY Market start the afternoon session with a bid (115.14 +0.68) -Update- -Technical-
Seeing buyers step back into the market here during the early afternoon, pushing the S&P back up towards its morning range highs along the 1148-level. Note the Nasdaq 100 (NDX) is already challenging its morning range top along the 1917/1918 area. If the SPX takes out the 1148 high, next level of interest lies at the highly watched January peak of 1150.
14:17
PSYS Psychiatric Solutions halted, news pending (28.35 +4.44) -Update-
See our 12:53 and 13:20 comments for earlier WSJ story regarding PSYS.
14:16
PABK PAB Bankshares announces filing of registration statement for the offering of $85 mln of common stock (1.15 -0.08)
14:11
PKBK Parke Bancorp promotes Elizabeth Milavsky to COO and John F. Hawkins to CFO (9.19 -0.07)
13:40
SNN Smith & Nephew announces next steps in patent infringement litigation; will continue to pursue its invalidity claims before the district court (50.77 -1.23) -Update-
Co notes the decision returned today by a jury in the patent litigation brought by Kinetic Concepts (KCI) before the U.S. District Court for the Western District of Texas. In that case, the jury found U.S. Patent Nos. 5,645,081 and 7,216,651 to be infringed by Smith & Nephew's RENASYS-F (Foam) Dressing Kit, which delivers Negative Pressure Wound Therapy (NPWT) to patients in need. The jury also returned an advisory verdict that the '081 and '651 patents are not invalid. Because that verdict is merely advisory, the Court will later decide whether Smith & Nephew proved that the patents are invalid. Smith & Nephew was "surprised and disappointed by the jury findings, which Smith & Nephew believes are contrary to the facts and the law. Smith & Nephew will continue to pursue its invalidity claims before the district court, which will make its own determination regarding invalidity. Smith & Nephew will also pursue post-trial motions seeking to overturn the infringement verdict and damages award."
13:36
EGY Vaalco Energy announces that the contracted rig "Sapphire Driller" will commence drilling the first of four wells today (4.37 +0.01)
Co announces that the contracted rig "Sapphire Driller" is on location at the Ebouri Platform offshore Gabon and will commence drilling the first of four wells today, March 10, 2010. The Company's subsidiary VAALCO Gabon Etame, Inc. operates and owns a 28.07% net interest in the Etame Field. Other field partners are Addax Petroleum Etame Inc. (31.36%), Sasol Petroleum Etame Limited (SSL 27.75%), Sojitz Etame Limited (2.98%), PetroEnergy Resources Corp. (2.34%) and Tullow Oil Gabon SA (7.5%).
13:34
PNK Pinnacle Entertainment agrees to settle president casino licensing issue (8.83 +0.28)
Co announced it has reached a settlement agreement with the Missouri Gaming Commission regarding the license of the co's subsidiary President Riverboat Casino-Missouri, Inc., which operates The President Casino at Laclede's Landing in downtown St. Louis, Missouri. Under the terms of the settlement, the co will voluntarily surrender The President's Class B gaming license and cease operations at that property no later than July 1, 2010. The commission, in turn, has agreed to withdraw and dismiss its preliminary order issued Jan. 27, 2010.
13:33
COMDX COMEX Metals Closing Prices
April gold ended lower by $14.10 to $1108.20, May silver lost 2.8 cents to finish at $17.31 and May copper shed 4.35 cents to $3.368.
13:21
SPY Stock indices extend push off midday lows -- Dow +0.9, S&P +4.2, Nasdaq Comp +16 -Update- -Technical-
The Dow reached as high at 10570.
13:15
DIA Dow bounces 35 points off low, hovering modestly under flat line -Update- -Technical-
The index broke below it mid-morning range lows and like yesterday afternoon headed lower intraday with relative ease. Also similar to yesterday is the length of the decline as yesterday's high to afternoon low was 73 points while today's slide off the morning high to recent low was 75 points). It has bounced as much as 35 points off the low but thus far has not been able to reach positive territory. Intraday sustained follow through above roughly 10565/10575 would improve the intraday pattern (Click for 5 min chart).
13:04
The Association of American Railroads reports Feb U.S. freight railroads saw a 1.5% y/y decline in carloads and a decline of 15.6% m/m
12:51
KCI Kinetic Concepts resumes trading (50.98 +7.66) -Update-
12:45
KBE Midday global & sector ETF view -Technical-
Actively Traded Leading Global & Sector ETF Plays:
Commercial banks- KBE +1.75%, US airlines- FAA +1.75%, Semis- SMH +1.75%, IGW +1.50%, Solar power- TAN +1.50%, iShares Malaysia- EWM +1.0%, iShares Singapore- EWS +1.0%, iShares Germany- EWG +1.0%, Financials- IYF +0.75%, IYF +0.75%, Biotech- XBI +1.0%, IBB +0.75%, REgional banks- KRE +0.75%, RKH +1.25%, Casinos- BJK +0.75%
Actively Traded Lagging Global & Sector ETF Plays:
Gold miners- GDX -1.50%, Gold- GLD -1.25%, Silver- SLV -1.0%, Base metals- DBB -1.0%, Russia- RSX -0.75%, iShares Japan- EWJ -0.50%, US bonds-TLT -0.50%, YEN currency shares- FXY -0.50%, Nat gas- UNG -0.50%, Basic materials- XLB -0.50%, IYM -0.50%, Food & Beverage- PBJ -0.50%, Oil HLDRS- OIH -0.50%, Commods- DBC -0.50%
12:45
KCI Kinetic Concepts confirms it won patent case against Smith & Nephew (43.99 +0.68) -Update-
Co cofirms that a United States District Court jury has found that a negative pressure wound therapy product marketed and sold by Smith & Nephew plc (SNN) infringes two patents owned by Wake Forest University Health Sciences, which are exclusively licensed to KCI. The jury held that each of the patents in the case are valid and has awarded KCI and Wake Forest damages related to the infringement. KCI will be seeking an injunction in the United States District Court in post-trial proceedings to prevent further infringement by Smith & Nephew. (KCI is still halted)
12:36
SPY Trading volume analysis with charts-- Exchange trading volume running ahead of yesterday's tally, especially heavy on NYSE thus far -Technical-
Total exchange trading volume at this point in today's trading session is running at a heavier clip than yesterday's total. The increase is most notable on NYSE, which has actually languished for much of the month this far with many session barely eclipsing the 900M mark. Much of the volume may be attributed to nearing the 'roll' in the index futures where traders move out of Mar. (H) contracts & into Jun. (M) contracts which becomes the front-month beginning tomorrow.
As we progress through the session, we will monitor volume in relation to price to get an idea of what funds & institutions may be up to after yesterday's 'bullish accumulation' day.
As of 12:30p.m. ET, nearly 568M shares have traded on NYSE vs. 454M yesterday, while over on NASDAQ 1.28b shares have changed hands vs. 1.23b at this point in yesterday's session.
NYSE 60 min volume chart
NASDAQ 60 min volume chart
12:30
DIA Dow lags holding just above short term area of interest -Update- -Technical-
As noted earlier the Dow's lack of confirmation to confirm the new high in the S&P/Nasdaq Comp at 11 ET and the Nasdaq Comp again at 11:30 ET suggest some weakening of intraday momentum. This index has slipped slightly into the red leaving it modestly above short term support at yesterday's late day and session lows at 10539/10533 (today's low 10541). A breach and close under this area would be a near term negative (Click for chart).
12:22
HIL Hill International awarded three contracts worth $2.5 mln from the Delaware River joint toll bridge commission (6.02 +0.02)
12:18
Rumor Round Up
Today marked another heavy rumor morning. This morning it was rumored that Aetna (AET 31.69 +0.46) could be interested in Health Net (HNT 24.34 -0.01). We note HNT shares were not able to hold onto their gains. F5 Networks (FFIV 63.07 +1.41) showed strength after it was rumored that Hewlett Packard (HPQ 51.70 -0.18) could be interested in the co. Renewed takeover chatter circulated on Newell Rubbermaid (NWL 15.24 +0.23), with the speculated acquirer being Proctor Gamble (PG 62.98 -0.32). We note NWL calls are seeing interest with 16.4K total calls traded vs 360 puts. Myriad Genetics (MYGN 23.05 +0.08) shares popped following renewed takeover chatter. MYGN shares could not hold onto their gains. Waters Corp (WAT 64.90 +0.86) shares spiked ~$0.50 following a rumor that Danaher (DHR 77.60 +0.05) could be interested in the co. 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.
12:10
DIA Stock indices extending slide off morning highs -- Dow -9, S&P +2.8, Nasdaq +13 -Update- -Technical-
The Dow has dropped as much as 50 points off the high. A new bounce high in the Dollar Index has been noted with intraday relative weakness noted in Energy/Commodity in recent action.
12:10
COMDX Gold, silver, crude oil all drop to fresh lows
Gold is currently down $16.50 to $1105.80, silver is off 22.8 cents to $17.11 and crude is now lower by 39 cents to $81.10.
12:06
GGP Gen Growth Prop: Fairholme confirms it proposed equity investment in General Growth Properties (14.70 +0.15) -Update-
Fairholme Capital Management confirms a proposal pursuant to which the Funds would acquire ~271.3 mln shares (or ~$2.713 bln) of new equity capital of the reorganized General Growth Properties at $10.00 per share to facilitate GGP's emergence from bankruptcy. In addition, under the proposal, the Funds would provide funding of ~$67.5 mln in connection with the $250 mln rights offering of General Growth Opportunities, a new subsidiary of GGP, at $5 per share. The Funds currently hold ~$1.83 bln in face amount of GGP's unsecured indebtedness. The proposal responded to a request by GGP of its largest stakeholders concerning their interest in making a commitment to subscribe for new common stock of GGP upon the effectiveness of GGP's anticipated plan of reorganization, with the proceeds to be applied to redeem existing unsecured creditors at par plus accrued interest and to provide funds to pay for emergence costs and working capital needs after emergence. The proposal was designed to respond to GGP's additional request that the commitment be consistent with the parallel equity investment proposed by Brookfield Asset Management (BAM) on February 24, 2010.
12:00
MACE Mace Security to explore the sale of its Digital Media Marketing business (1.05 +0.12)
Co announces it has retained Northside Advisors, a boutique investment banking firm, to explore the sale of the Company's Digital Media Marketing Segment. The Company's Digital Media Marketing Segment is an e-commerce and online marketing business which has two operating divisions: (1) e-commerce, the sale of products on internet promotional sites, and (2) online marketing, which publishes internet promotional sites that offer the Company's and third party products for sale. Co says "the Company has not made a decision to sell the Digital Media Marketing Segment but is exploring the possibility of a sale dependent on the level of interest and offers the Company receives. If Mace sells the Digital Media Marketing Segment, it will use the funds in the operation of and to grow its Security Segment. We are committed to executing our strategy of focusing on our core security business and building a company for future growth."
11:48
DIA Dow +11 paces minor slip off morning highs -- S&P +5.5, Nasdaq +16 -Technical-
Noted in the 11:08 update that while the S&P and Nasdaq edged to new highs the Dow did not confirm implying some limited loss of momentum. Consolidative trade followed with the Dow extending the slip to roughly the 50% retrace of the rally of Tuesday's late low at 10570 (62% at 10563).
11:35
COMDX Gold sells off, over past ~30 min, to give back its gains and trade back into negative territory; currently off $4.50 to $1117.80
Silver is on the same path as gold, but remains in positive territory; currently up 11.2 cents to $17.45. Note that the dollar index remains in negative territory but is attempting to bounce off of its session lows.
11:20
KCI Kinetic Concepts halted news pending (43.99 +0.68)
11:08
SPY Minor new session highs for S&P +7.2 and Nasdaq +19 -Update- -Technical-
The lagging Dow +27 is hovering near its best level of the day (10601) but has not yet confirmed the new session highs in Nasdaq/S&P. It has also has yet to take out yesterday's peak at 10612.
10:56
UUP Dollar Index slips to new session low, seeing relative strength in Energy/Commodity -Technical-
10:55
COMDX Crude oil continues to surge, following inventory data, and has put in new highs at $82.82; now higher by $1.22 to $82.71
Note that the dollar index has just traded into negative territory, helping spur crude's rally.
10:54
OMC Omnicom: U.S. Second Circuit Court of appeals affirms lower court's decision for Omnicom Group (38.77 +0.55)
10:51
CELH Celsius announces debt conversion (2.95 -0.03)
Co announced that in three different transactions the company has converted to common stock approximately $5.1 million of its convertible debt and all of the remaining preferred shares. CDS Ventures of South Florida, company controlled by Carl DeSantis, agreed to convert $4.5 million of the $6.5 million outstanding balance of its convertible debt to common stock at a conversion price of $10.20, and will be issued 441,176 shares. CDS also converted all of its series A preferred shares to 2,103,446 shares of common stock. Also, another holder of $615,000 in convertible debt elected to convert it to 176,659 shares of common stock.
10:35
FAA 1st hour global & sector ETF view -Technical-
Actively Traded Leading Global & Sector ETF Plays:
US airlines- FAA +3.25%, Commercial banks- KBE +3.0%, SMH +2.25%, IGW +2.0%, Solar power- TAN +2.0%, iShares Transports- IYT +1.50%, Steel- SLX +1.50%, iShares Germany- EWG +1.50%, Regional banks- KRE +1.50%, RKH +2.0%, iShares Singapore- EWS +1.50%, Financials- XLF +1.50%, IYF +1.50%, Coal- KOL +1.25%, iShares Brazil- EWZ +1.25%
Actively Traded Lagging Global & Sector ETF Plays:
VIX vol index- VXX -2.25%, Yen currency shares- FXY -0.75%, Ag commods- DBA -0.75%, US bonds- TLT -0.50%, Russia- RSX -0.50%, Livestock commods- COW -0.50%, Pound/Sterling currency shares- FXB -0.25%, Food & Beverage- PBJ -0.25%
10:35
TECHX Relative Sector Strength on recent intraday run -Update- -Technical-
Sectors that are outperforming the S&P as the indices run to new session highs include: Finance XLF / RKH, Semi SMH, Airline, Solar TAN, Steel SLX, Gold Miners GDX, Materials XLB.
10:32
SPY Minor new highs for stock indices -- Dow +29, S&P +6, Nasdaq +15 -Update- -Technical-
10:30
OIH Crude oil spikes to highs following inventory data; now up 42 cents to $81.93
HoD at $81.99
10:30
CVM CEL-SCI Corp receives payment from marketing partner (0.72 -0.01)
Co has received a $125,000 payment from Byron Biopharma under its licensing agreement where CEL-SCI granted Byron an exclusive license to market and distribute the Company's cancer drug Multikine in the Republic of South Africa. Under the agreement, Byron will also be responsible for registering the product in the Territory. Once Multikine has been approved for sale, CEL-SCI will be responsible for manufacturing the product, while Byron will be responsible for sales in the Territory. Revenues will be split 50/50 between CEL-SCI and Byron.
10:29
SPY Brief pause near minor secondary level for S&P -Update- -Technical-
The morning run has test and paused near a secondary resistance noted in The Technical Take at 1146. The obvious resistance above is at the 52-wk peak from Jan at 1150.
10:28
FSLR NASADQ 100 (NDX) leaders & laggards moving through today's 1st hour of trading -Technical-
NDX 100 Best % Performers:
FSLR +2.75%, SNDK +2.75%, BRCM +2.50%, VRTX +2.25%, SHLD +2.0%, CTXS +2.0%, YHOO +2.0%, RIMM +1.50%, BIIB +1.50%, DELL +1.50%
NDX 100 Worst % Performers:
CSCO -0.75%, WCRX -0.50%, SRCL -0.50%, VOD -0.50%, TEVA -0.25%, DTV -0.25%, GRMN -0.25%
NASDAQ TRIN @ +0.60
NASDAQ A/D @ +585
10:25
FSLR First Solar notches a new session high of 109.32, approaching this week's peak at 109.49 (109.26 +3.04) -Technical-
Note that last week's peak, which also marks its initial recovery high off the Feb low comes into play thereafter at 110.15.
10:23
BAC Dow 30 (INDU) leaders & laggards moving through today's 1st hour of trading -Technical-
INDU 30 Best % Performers:
BAC +2.50%, INTC +1.50%, BA +1.50%, JPM +1.50%, XOM +0.50%
INDU 30 Worst % Performers:
CSCO -0.75%, MRK -0.50%, DD -0.50%, PG -0.25%
NYSE TRIN @ +0.40
NYSE A/D @ +815
10:20
SMH Semiconductors Hldrs extends to new two month high (27.29 +0.49) -Update- -Technical-
Noted relative strength in the 09:40 update with the SMH testing this week's high at 27.15. The solid advance has been extended in recent trade to a new two month high of 27.33 with the next short term resistance zone at 27.40/27.46. As noted in the early update leadership has been coming from SNDK, ADI, AMD, AMKR, LSI, MU.
10:08
QQQQ Leading Nasdaq 100/Nasdaq Comp edge above yesterday's highs -Technical-
10:02
SPY Stock indices see mildly firmer response to inventory data -- Dow +14, S&P +3.5, Nasdaq +10.2 -Update- -Technical-
10:01
FO Fortune Brands announces agreement to sell Cobra golf brand to PUMA (46.68 +0.22)
Co announced a definitive agreement for the sale of its Cobra golf brand to PUMA AG. The sale includes the Cobra brand, as well as related inventory, intellectual property and endorsement contracts. Fortune Brands expects the sale to be approximately two cents dilutive to 2010 earnings per share before a one-time gain on sale of approximately five cents per share. Financial terms of the pending transaction were not immediately disclosed. The cos anticipate the transaction will close early in the second quarter.
10:00
RKH Regional Bank HOLDRs sets new five month high, pauses near Oct gap at 83.85/83.98 -- session high 83.80 (83.64 +0.99) -Technical-
Strong performance out of Finance this morning (XLF +.08%, KBE +1.8%, RKH +1.2%, KRE +0.6%, IYG +1.1%) with the RKH pushing up to a fresh 5 month high to probe the Oct gap. Short term resistance above is in the 84.25/84.35 area.
09:47
UAUA New 52-wk high for the Airline Index -XAL- as it broke above Tues/last week highs -Technical-
Top performers include: UAUA +3.6%, CAL +3.5%, DAL +5.3%, JBLU +3.4%, XJT +2.4%, AAI +3.3%, LCC +4.9%, LUV +2.5%, CPA +1.6%, RYAAY +1.4%, GOL +1.7%, ALK +4.2%, SKYW +1.4%.
09:46
MLR Miller Industries initiates annual cash dividend policy for its Common Stock; declared the first such annual cash dividend of $0.10 per share (11.93 +0.17)
09:45
ECONX Reminder: Wholesale Inventories data due out in about 15 min at 10:00ET
09:43
ALN American Lorain has engaged RedChip Companies to lead its investor relations programs. (3.68 -0.01)
09:40
SMH Semiconductors Hldrs provides early leadership with it testing the high for the week at 27.15 -- session high 27.14 (27.10 +0.30) -Technical-
Top performers include: SNDK +3.4%, ADI +2.5%, AMD +1.6%, AMKR +1.3%, LSI +1.6%, MU +3.8%.
09:38
KBX Kimber Resources announces mineral resource estimate for Carotare Deposit and provides Monterde and warrants update (1.01 0.00)
Co announce a new mineral resource estimate for the Carotare Deposit, located approximately 2 kilometres west of the Carmen Deposit, at its 100% owned Monterde project, located in Mexico's Sierra Madre mining district. This Carotare mineral resource estimate is based on 60 drill holes and 18 metallurgical samples, and has been created after a geological review. Carotare esimates; Tonnes (000s):2,520; In situ Gold Grade:0.75; In Situ Silver Grade:16.2; Contained in Situ Gold (oz):60,500; Contained in Situ Silver (oz):1,310,100
09:36
SPY Solid performance off the open with the indices recouping some Tuesday's late slide -- Dow +14, S&P +2.1, Nasdaq +4.7 -Technical-
Resistance for the S&P in the 1142/1143 area has been tested on this early push (session high 1143.03).
09:33
EQY Equity One prices offering of 4.2 million shares of its common stock, resulting in ~$76.1 million of net proceeds (18.50 -0.52) -Update-
09:31
DMC Document Security Systems entered into a Distributor Agreement with Masterpiece Graphix (3.92 +0.04)
Co entered into a Distributor Agreement with Masterpiece Graphix, the provider of customized pre-coated, print-enhanced substrates for digital printing, to distribute DSS's new line of digital press-compatible AuthentiGuard Security Papers to HP Indigo users and other digital press operators.
09:29
SGMS Scientific Games: Italian State Council rules on the lottery tender (14.69 )
Co announces that the Italian State Council issued its ruling on the Gratta & Vinci court case. The initial opinion issued late on March 9th will be followed by a more detailed opinion outlining the rationale and full direction of the court. In its initial opinion, however, the court agreed with the appeal submitted by AAMS, the Italian Gaming regulatory body and by Consorzio Lotterie Nazionali, in which the Company holds a 20% interest. The State Council also accepted a portion of the appeal submitted by Sisal and ruled that art. 21, paragraph 5 of the law 102/2009 regulating the tender is not applicable. Paragraph 5 related to the interim period whereby Consorzio Lotterie Nazionali would have managed the existing instant lottery games under its current concession through January 31, 2012.
09:22
PBH Prestige Brands announces $150 mln senior note offering due 2018 & tender offer and consent solicitation (8.54 )
Co announced that it is making a private placement offering of $150 mln in aggregate principal amount of new senior notes due 2018 Co announced that it had commenced a cash tender offer and consent solicitation for any and all of its $126 mln outstanding aggregate principal amount of 9 1/4% Senior Subordinated Notes due 2012.
09:05
S&P futures vs fair value: +0.10. Nasdaq futures vs fair value: +1.80.
After a two-day break from economic data, participants will get their hands on the January Wholesale Inventories Report at 10:00 AM ET. Inventories are expected to return to growth in January, given that the consensus estimate calls for a 0.2% increase. Such an increase would follow the 0.8% decline in December. That would keep with the notion that inventory growth typically moves in cycles, but economists note that the drop in December inventories was due to firms halting farm product stockpiles after farm product inventories spiked some 33% in November. While they decreased 4.5% in December, another decline in farm products is widely expected for January. At 2:00 PM ET, the Treasury will release its latest Budget Statement, which is expected to show a deficit of $222.0 billion for February after the January deficit came in at $193.9 billion. The Congressional Budget Office (CBO) offered a deficit forecast for February of $223.0 billion. The CBO has also stated that it expects federal outlays to increase to $327 billion for February from $281 billion the year before. At the same time, tax revenues are expected to increase to $103 billion from $87 billion. Stock futures remain flat ahead of the announcements.
09:03
On The Wires
CACI (CACI) awarded $31 mln task order to help business transformation agency modernize defense financial systems.. AmazonWireless, an Amazon (AMZN) website offering easy, rebate-free shopping and free Two-Day Shipping of cell phones and service plans, announces that it has expanded its offering from T-Mobile (DT)... Echelon Corporation (ELON) announces the shipment of its two millionth Networked Energy Services smart meter.
09:00
COMS 3Com wins three-year, multi-million dollar contract from the Department of Education and Training in Australia's Northern Territory (7.73 )
Co announces it has won a three-year, multi-million dollar contract with the Department of Education and Training in Australia's Northern Territory. 3Com will provide a broad range of high-value H3C enterprise networking solutions to fulfill DET NT's wireless and networking needs for unified communications and multimedia learning.
08:57
ARG Airgas announces a $250 mln sr notes offering (64.54 )
08:42
PVR Penn Virginia Resource Partners, LP announces agreement to provide gathering and compression services in Marcellus Shale for Range Resources (22.98 )
The midstream division of Penn Virginia Resource Partners, LP, PVR Midstream, enters into an agreement with a subsidiary of Range Resources (RRC) to construct and operate gas gathering pipelines and compression facilities servicing Range's Marcellus Shale natural gas production primarily in Lycoming County, PA. PVR Midstream and Range have agreed to an area of mutual interest that covers parts of Lycoming, Tioga and Bradford Counties in north central PA, in which Range currently holds a substantial acreage position. The agreement provides Range significant firm gathering capacity in the system, and PVR Midstream will be compensated for the gathering and compression services provided to Range through a combination of volumetric fees, with no direct commodity exposure. PVR Midstream's total capital investment in this system is anticipated to range from $170 to $200 mln and will be expended between 2010 and 2015, with $35-40 mlnplanned for 2010. PVR Midstream expects the project to be accretive to distributable cash flow once the system is operational.
08:41
CPIX Cumberland Pharma reports EPS in-line, misses on revs (12.00 )
Reports Q4 (Dec) earnings of $0.01 per share, in-line with the First Call consensus of $0.01; revenues rose 9.2% year/year to $10.7 mln vs the $11.5 mln consensus. The decrease in net income is due primarily to a $0.9 million increase in net revenues offset by a $1.7 million increase in operating expenses and increased interest expense associated with the Company's new credit facility. This change in earnings per share was due to the decrease in net income and an increase in shares outstanding from Cumberland's initial public offering.
08:36
On The Wires
EA Sports, a label of Electronic Arts (ERTS), announces that EA Sports Active 2.0* is now in development and will be available this fall on PlayStation3, Wii, iPhone and iPod touch... ActivIdentity Corporation (ACTI) announces the launche of a "PIV-interoperable" initiative to enable non-federal organizations to issue employee identity cards that are technically interoperable with Federal government Personal Identity Verification systems, and issued in a manner that allows Federal government relying parties to trust the cards... Zix Corporation (ZIXI) announces that it has renewed and expanded its contract with Wake Forest University Baptist Medical Center. This latest agreement is a 42-month extension of Wake Forest Baptist's original agreement... Uroplasty (UPI) announces the introduction of a newly designed endoscopic injection needle that can be used in conjunction with the system used to inject Macroplastique... MarketAxess Holdings (MKTX) announces that James N.B. Rucker has been named Chief Operations, Credit and Risk Officer and Antonio L. DeLise will succeed him as Chief Financial Officer, effective March 8, 2010... AspenBio Pharma (APPY) announces that it has entered into a strategic manufacturing relationship with BBInternational to complete commercial development and manufacture of the AppyScore consumable test cassette.
08:35
TRA Terra Industries confirms it has determined that proposal submitted by CF Industries constitutes a Superior Proposal (45.83 ) -Update-
Co confirms that its Board of Directors, in consultation with its independent financial and legal advisors, has unanimously determined that the proposal submitted by CF Industries Holdings (CF) on March 10, 2010 to acquire all of the outstanding common stock of Terra for $37.15 in cash and 0.0953 of a share of CF Industries common stock for each Terra share constitutes a Superior Proposal under the terms of the Agreement and Plan of Merger, dated as of February 12, 2010, by and among Terra, Yara International and Yukon Merger Sub. In accordance with the terms of the Yara Agreement, Terra has provided notice to Yara of its intention to terminate the Yara Agreement subject to Yara's right to propose, within five business days, changes to the terms of the Yara Agreement that make it at least as favorable to Terra stockholders as the CF Proposal.
08:31
FLS Flowserve announces $15 mln valve order from state nuclear power engineering co in China (105.36 )
Co announced an order in excess of $15 mln from State Nuclear Power Engineering co in China for ASME Section III safety-related globe and gate valves and Flowserve Limitorque actuators. Flowserve booked the order in the first quarter of 2010.
08:31
GBE Grubb & Ellis Healthcare REIT II acquires Lacombe medical office building near New Orleans (1.88 )
08:30
SUTR Sutor Technology signs four new contracts for 52,000 metric tons or ~$40 mln in revenue (2.96 )
Co announces that it has signed four annual contracts totaling approximately 52,000 metric tons of processed steel products for an aggregate contract amount of approximately US$40 million based on current market prices. The contracts are for one year beginning from March and the products sold through the contracts will be priced at the market at the time of shipment.
08:19
HCN Health Care REIT announces pricing of $342 mln of convertible senior notes (43.63 )
08:15
OCLS Oculus Innovative Sciences receives first FDA clearance for microcyn-based HydroGel for dermatology market (1.81 )
Co announced that it has received new 510(k) clearance from the U.S. Food and Drug Administration (FDA) for new dermatology indications for Microcyn(R) Skin and Wound HydroGel. The Rx product, under the supervision of a healthcare professional, Microcyn Skin and Wound HydroGel is intended for management of wounds including itch and pain relief associated with dermal irritation, sores, injuries and ulcers of dermal tissue.
08:12
CBB Cincinnati Bell announces that it intends to publicly offer $400 mln in aggregate principal amount of senior subordinated notes due 2018 (3.19 )
08:11
On The Wires -Update-
Madonna and Iconix Brand Group (ICON) announce the formation of MG Icon, a joint venture to be owned 50% by Iconix and 50% by an entity controlled by Madonna and Guy Oseary. MG Icon will develop and explore business initiatives in the United States and around the world including the creation and acquisition of brands as well as exploring opportunities within the Iconix portfolio... Cancer patients in Kent will gain access to advanced radiotherapy treatments with the decision by the Kent Oncology Centre to acquire two fully-equipped treatment machines from Varian Medical Systems (VAR)... The National Stock Exchange of India and CME Group (CME) announce a cross-listing arrangement, including license agreements covering benchmark indexes for U.S. and Indian equities. The parties have also entered into a Memorandum of Understanding with respect to other areas of potential cooperation, including related to development and distribution of financial products and services... Andatee China Marine Fuel (AMCF), announce that it has successfully achieved breakthrough in research on the company's proprietary pour point depressant LDY-103, which will be used as a marine fuel additive to improve the fuel's performance in winter. In addition, the Company's PPD product is expected to reduce marine fuel production cost by RMB60-RMB70 ($8.80-$10.20), and to increase gross margin by 1.2% based on a market price of RMB5,000 ($735.30) per ton... China Medicine (CHME.OB) announces that it has received comments from Nasdaq's Listing Qualifications Department in response to its application for listing its common stock on the NASDAQ Global Market. Comments focused on confirmation and supporting details related to factual matters; co hopes to receive approval in the near future... Clark Holdings (GLA) announces new $6 mln credit facility with Cole Taylor Bank... Target (TGT) announces that it is the first national retailer to offer a scannable mobile coupon program that allows guests to receive exclusive offers directly on their mobile phones. Coupons are redeemed by scanning a barcode on the phone at checkout... Biologics (RTIX) is launching two new biologic implants for use in sports medicine surgeries. BTB Select, an innovative allograft that provides precision sized tendons for ACL reconstruction, and BioCAP Select, a composite allograft plug for customized bone void filling, will be introduced.... Equinix (EQIX) announces that BOX is moving its operations, featuring an ultra-fast matching engine, within the Equinix NY4 International Business Exchange data center. The deployment provides a secure, high performance trading environment that BOX requires for its present and future plans.... Unilife Corporation (UNIS) announces that it has signed an exclusive five-year agreement with Stason Pharmaceuticals to market the Unitract 1mL safety syringe in Japan, China and Taiwan...
08:05
HWK Hawk Corp misses by $0.06, beats on revs; guides FY10 revs in-line (19.80 )
Reports Q4 (Dec) earnings of $0.18 per share, $0.06 worse than the First Call consensus of $0.24; revenues fell 21.2% year/year to $45.6 mln vs the $44.6 mln consensus. Co issues in-line guidance for FY10, sees FY10 revs of $190.0-200.0 mln vs. $198.80 mln consensus. Co forecasts FY10 income from operations of $18.0-19.0 mln. The decrease in sales during 4Q09 compared to 4Q08 was primarily the result of volume decreases, which had remained strong during the 4Q08. However, starting in 2H09, the co saw improvements in a number of its markets, particularly in its construction and mining and truck markets.
08:05
LM Legg Mason reports Feb preliminary assets under management flat m/m at $679 bln (28.97 )
08:04
AGL AGL Resources reports on death of executive (36.82 )
Co reported that one of its executives, Sequent Energy Management President Douglas N. Schantz, was found deceased yesterday after apparently falling accidentally into the Mississippi River in New Orleans.
08:03
EIX Edison unit orders 200 megawatts of SunPower panels for large utility solar project (33.56 )
Co reports: Southern California Edison (SCE), an Edison International company (EIX), and SunPower (SPWRA) announced that SunPower has won a contract to provide solar technology for generating up to 200 megawatts, or 80%, of the solar power capacity needed for the utility's large solar photovoltaic installation program. During the next five years, SCE plans to install, own and operate 250 megawatts of solar generating capacity, most of it on otherwise unused large warehouse rooftops. The large one- to two-mln-watt solar installations will be connected directly to neighborhood distribution circuits where the leased rooftops are located.
08:03
MTN Vail Resorts misses by $0.02, reports revs in-line (37.29 )
Reports Q2 (Jan) earnings of $1.11 per share, $0.02 worse than the First Call consensus of $1.13; revenues fell 22.7% year/year to $300.5 mln vs the $299.6 mln consensus. Commenting on the company's outlook for the remainder of fiscal 2010 and guidance, "While we are experiencing a number of favorable operating trends during this year, we currently believe the slow start to the ski season, which lasted through the beginning of the Christmas holiday period, will make it challenging for us to reach the top end of the guidance we issued in September 2009 and reiterated on December 8, 2009 for Resort Reported EBITDA and net income attributable to Vail Resorts, Inc."
08:03
AEO American Eagle reports EPS in-line, revs in-line; guides Q1 EPS in-line (17.15 )
Reports Q4 (Jan) earnings of $0.33 per share, excluding non-recurring items, in-line with the First Call consensus of $0.33; revenues rose 7.3% year/year to $972 mln vs the $969.3 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.15-0.17, excluding non-recurring items, vs. $0.15 consensus. Fourth quarter comparable store sales increased 5% vs the +2.7% consensus, compared to a 16% decline last year. Gross profit for the fourth quarter was $388.2 million, or 39.9% as a rate to sales, compared to $311.6 million, or 34.4% as a rate to sales last year. The merchandise margin increased by 600 basis points, primarily due to lower markdowns. As a rate to sales, buying, occupancy and warehousing costs increased by 50 basis points. This was due primarily to the de-leveraging of rent and buying expense. "In 2010, we will build upon the progress and momentum that began during the second half of 2009. Our goal is to achieve on-going margin improvement each quarter, returning to a minimum of mid-teen operating margin by 2011. This will be achieved through a combination of top line sales growth, on-going margin recovery, and focusing on new concepts which have demonstrated the highest potential. AEO is financially strong, as we ended the year with total cash and investments of $896 million. We are confident about our future earnings potential and our ability to create long-term value for shareholders."
08:03
MDR McDermott announces B&W and Thermax form Indian joint venture (25.04 )
Co announces that one of its subsidiaries, Babcock & Wilcox Power Generation Group and Indian energy-environment solutions provider Thermax Ltd. have formed a joint venture to build highly efficient subcritical and supercritical boilers and pulverizers for the Indian utility boiler market.
08:02
MRX Medicis increases cash dividend to $0.06/share from $0.04/share (23.34 )
08:01
AIV Apt Inv & Mgt purchases 256 unit apartment complex in Dallas (17.89 )
08:01
AFFY Affymax receives $5 mln milestone payment on initiation of Phase 3 clinical trials for Hematide in Japan (20.47 )
Co announces that it has received a $5 mln development milestone payment from Takeda Pharmaceutical Company as part of the companies' exclusive global agreement to develop and commercialize Hematide, Affymax's investigational drug for the treatment of anemia in chronic renal failure patients. The milestone was achieved with the initiation of Phase 3 clinical testing of Hematide to treat anemia in chronic renal failure patients in Japan. Affymax and Takeda are collaborating on the development of Hematide and will co-commercialize the product in the United States. Takeda holds an exclusive license to develop and commercialize Hematide outside the United States, including Japan.
08:01
WPI Watson Pharm announces Actos patent challenge settlement (40.18 )
Co announces that it has reached a settlement agreement with Takeda Pharmaceutical Company Limited and Takeda Pharmaceuticals North America resolving outstanding patent litigation related to Watson's generic equivalent version of Actos (Pioglitazone Hydrochloride) 15mg, 30mg and 45mg tablets. Under terms of the agreement, Takeda granted Watson a non-exclusive royalty free license to its U.S. patents covering Actos. Under the terms of the agreement, Watson is permitted to launch its generic equivalent version of Actos on August 17, 2012, or earlier under certain circumstances. Actos had approx $3.4 bln in brand sales for the twelve months ending December 31, 2009, according to IMS Health.
08:00
TSL Trina Solar signs sales agreement with U.S. wholesale distributor Essco (22.77 )
Co announces that its subsidiary, Changzhou Trina Solar Energy, has signed a sales agreement with Essco Wholesale Electric. Under the terms of the agreement, Trina Solar is expected to supply Essco with approximately 25 MW of PV modules and an additional 4 MW at the option of Essco, to be delivered during 2010. With the signing of this sales agreement, the Company has now secured a total of approximately 40 MW of PV modules from customers in the United States during 2010, all with agreed prices.
08:00
HTGC Hercules Tech commits $25 Million to Velocity Technology Solutions (10.25 )
The co announces that it has committed $25 million in debt financing of a $45 million syndicated credit facility to Velocity Technology Solutions, a leading application service provider of cloud-based technologies for the enterprise software market. Hercules served as the agent leading a $45 million credit facility to finance Velocity's acquisition of the Lawson/Kronos hosted solution provider Managed Application Services business of NaviSite... Hercules partnered with TCW Special Situations, provider of the additional $20 million, to conduct due diligence, structure and negotiate this transaction. The acquisition broadens Velocity's existing portfolio of applications management expertise, increases its annual revenue run rate by 60% to reach more than $50 million and makes Velocity the largest provider and clear market leader for Lawson-hosted solution providers in North America.
07:51
SAI SAIC awarded contract by the U.S. Navy (19.49 )
Co announced it has been awarded a prime contract by the U.S. Navy's to develop DoD command and control software, as well as modification and enhancement of existing C2 systems. The multiple award, indefinite-delivery/indefinite-quantity contract, has a three-year base period of performance, two one-year options and a ceiling value of more than $625 million for SAIC.
07:31
CYTK Cytokinetics announces orphan drug designation granted to CK-2017357 for the treatment of Amyotrophic Lateral Sclerosis (3.33 )
Co announces that its fast skeletal muscle troponin activator, CK-2017357, has been granted orphan-drug designation by the U.S. Food and Drug Administration for the potential treatment of amyotrophic lateral sclerosis, also commonly known as Lou Gehrig's Disease. CK-2017357 is the lead drug candidate that has emerged from the company's skeletal sarcomere activator program. Cytokinetics plans to initiate a Phase II Evidence of Effect clinical trial for CK-2017357 in ALS patients in the first half of 2010.
07:30
HELE Helen of Troy announces acquisition of Pert Plus & Sure Brands From Innovative Brands (24.80 )
Co announced that it has entered into an agreement with Phoenix-based Innovative Brands, a portfolio company of Najafi Companies, to acquire the Pert Plus hair care and Sure anti-perspirant and deodorant businesses from Innovative Brands. Co states "We estimate that the Pert Plus and Sure brands will generate approximately $65 million in annual sales for our Idelle Labs division. division. We also expect the acquisition to be accretive upon integration into our Idelle Labs division. "
07:30
CHINA CDC Corp, its subsidiaries and officers have purchased ~2.8 mln shares of CDC Common Stock since January 2008 (2.56 )
Co announced that the company and its subsidiaries have purchased an aggregate total amount of ~2.3 million shares of CDC Corporation common stock since January 2008, at an average price of ~$1.53 per share. In addition, since January 2008, management and related affiliates have purchased a net amount of ~492,602 shares at an average price of ~$2.80 per share. "We believe that CDC Corporation has a sum-of-parts valuation and its price is not reflective of the value contained in the company's underlying assets of its four key businesses. We are currently considering possible strategic alternatives. These strategic alternatives may include strategic transactions, a dividend policy or periodic distribution of registered shares of our underlying publicly listed subsidiaries to CDC Corporation shareholders that could allow them to benefit from our recent efforts to unlock shareholder value as well as to enhance the liquidity of the publicly listed subsidiaries, in an orderly and tax effective manner. Our share purchases demonstrate the confidence we have in the company's strategy and long-term prospects."
07:23
SOL ReneSola beats by $0.02, beats on revs; guides Q1 revs above consensus; reiterates FY10 shipment guidance (5.26 )
Reports Q4 (Dec) loss of $0.06 per share, excluding non-recurring items, $0.02 better than the First Call consensus of ($0.08); revenues rose 13.4% year/year to $179.9 mln vs the $166.6 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of $195-205 mln vs. $180.72 mln consensus. Total solar product shipments in Q4 2009 were 202.9 MW, an increase of 38.1% from 146.9 MW for Q3 2009, exceeding the co's guidance. Total solar wafer and module shipments were 187.4 MW and 14.6 MW, respectively, representing increases of 39.5% and 35.2%, respectively, from Q3 2009, with a gross margin of 2.7% vs (82.0%) last yr. The co has witnessed robust market demand in the beginning of 2010, which it expects to remain through the first half of 2010, with stabilizing polysilicon prices and increased wafer spot pricing. For Q1 2010, ReneSola expects total solar product shipments in the range of 215 MW to 230 MW, revenues in the range of US$195-205 million and gross profit margin to be in the range of 16% to 18%. Although the co anticipates solar wafer price declines in the range of 10% to 15% in the second half of 2010 due to increased competition and feed-in tariff cuts in international markets such as Germany, the Company maintains its full year 2010 total solar product shipment guidance to be in the range of 900 MW to 950 MW. The co expects to be profitable with average gross profit margin in the range of 17% to 20% for the full year 2010. "Our two recent solar module OEM contracts represent important milestones for ReneSola as the company transitions into a leading global wafer company with expanded downstream OEM services. These contracts also demonstrate our ability to leverage our solid relationships with existing wafer customers to win additional OEM business."
07:16
SOLR GT Solar Prices of secondary offering of 25 mln shares of common stock at $4.85/share by a selling stockholder (5.16 )
07:16
NJ NIDEC announces authorities reached a mutual agreement with respect to a transfer pricing issue relating to the Company's Singapore operations (25.16 )
Co announced that it received a notice from the National Tax Agency of Japan that the relevant taxation authorities of Japan and Singapore reached a mutual agreement with respect to a transfer pricing issue relating to the Company's Singapore operations. Under the mutual agreement, the Company expects to be notified by ORTB of an abatement of the tax assessment associated with the Company's transactions with the Singapore subsidiary. The Company also expects to avoid double taxation in respect of its Thailand operations through a comparable mutual agreement procedure under the income tax treaty between Japan and Thailand.
07:07
TWC Time Warner Cable released statement confirming petition asking FCC to establish a new framework for resolving retransmission consent disputes (49.10 )
Co released statement: "broad coalition of non-profit organizations and cable, satellite and telecommunications companies filed a petition for rulemaking asking the Federal Communications Commission to establish a new framework for resolving retransmission consent disputes... In today's filing, the 14 petitioners asked the FCC to implement new dispute resolution mechanisms --such as compulsory arbitration or an expert tribunal -- and require continued carriage of broadcast signals during negotiations or disputes, to help ensure uninterrupted programming for consumers. The petitioners implore the FCC to act expeditiously to help prevent further consumer harm. The diverse group of petitioners is comprised of the American Cable Association, Bright House Networks, Cablevision, Charter Communications, DIRECTV (DTV), DISH Network (DISH), Insight Communications, Mediacom Communications, New America Foundation, Organization for the Promotion and Advancement of Small Telecommunications Companies, Public Knowledge, Suddenlink Communications, Time Warner Cable (TWC), and Verizon (VZ).
07:06
GRO Agria gives update on ongoing strategic review (2.27 )
Co notes that in Sept 2009, in conjunction with the appointment of senior management, Agria announced that it would conduct a strategic review led by the new CEO, Mr Xie Tao. The core operations of Agria have experienced a significant decline since 2008 as greater strategic focus and scale are needed for each of the three business segments, corn seeds, sheep breeding and seedling. The company's management now believes a repositioning of the company is required to restart growth. Agria expects the repositioning will include bringing additional management resources to sustain development of necessary competences and drive the potential synergies among business lines. Management believes that Agria's growth has been delayed, but the company's potential is not fundamentally impaired. Further, management believes that market conditions if changed have improved, and strong foreign and domestic investment flows into the sector confirm a belief that government and business are aligned in seeking dramatic improvement in agricultural productivity in the current decade. Agria will focus on taking the following important steps: 1) Assemble a strong strategic leadership team; 2) Create an intellectual property asset base from their investment in core competencies focused on seed genetic R&D, production, and distribution; 3) Capitalise on strategic co-operation with PGG Wrightson; 4) Continually improve corporate governance regime; and 5) Maximise shareholder value from underperforming assets.
07:06
On The Wires
CalAmp (CAMP) announces that it has entered into an agreement with Space Data Radio, LLC to lease a 100 KHz portion of licensed 900 MHz radio frequency spectrum across the entire United States, subject to execution of a definitive agreement and FCC filings... SkyBitz and Iridium Communications (IRDM) announce a strategic partnership that will position Iridium as the first-ever provider of two-way global MSS for SkyBitz. Through this partnership, the companies are developing a unique, two-way, remote asset tracking and monitoring solution through the integration of SkyBitz Global Locating System technology with the recently announced Iridium 9602 satellite data transceiver.
07:04
PLCE Children's Place reports EPS in-line, revs in-line; guides Q1 EPS in-line; guides FY11 EPS in-line (40.92 )
Reports Q4 (Jan) earnings of $1.03 per share, excluding non-recurring items, in-line with the First Call consensus of $1.03; revenues rose 4.8% year/year to $462.8 mln vs the $462.8 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.85-0.90 vs. $0.87 consensus, with flat comps. Co issues in-line guidance for FY11, sees EPS of $2.90-3.10 vs. $3.00 consensus, with positive low-single digit comps. Q4 comps were flat vs the -2.0% consensus.
07:03
LHCG LHC Group signs definitive agreement to acquire Salem hospital home care (31.82 )
Co announced that it has signed a definitive agreement to acquire 100% of the assets of Salem Hospital Home Care located in Salem, Oregon. The primary service area of this acquisition spans six counties in Oregon. The estimated population of the service area is 1 mln, with almost 12% over the age of 65. Net revenue for the Salem, Oregon, agency during the most recent 12 months was ~$5.5 mln. This acquisition is expected to be completed on March 31, 2010, and is not expected to add materially to LHC Group's earnings in 2010.
07:02
GWW Grainger reports February 2010 sales results (107.56 )
Co reports sales results for the month of February 2010. Daily sales increased 12% vs February 2009. Results for the month included a 5% positive contribution from acquisitions, a 1% benefit from the sales of seasonal products and 2% contribution from foreign exchange. Excluding acquisitions, seasonal sales and foreign exchange, daily sales for the company increased 4%.
07:01
QLTI QLT Inc announces results from Phase II clinical trials and a device study for the punctal plug delivery system (4.93 )
Co announces results from Phase II clinical trials and a device study for the punctal plug delivery system. These studies are part of a development program that is being conducted by QLT's wholly-owned subsidiary, QLT Plug Delivery. QLTI also announced its plans to expand the program to evaluate a second drug for a new target indication. Recent clinical data on the third-generation punctal plug designs demonstrate a retention rate of 81%, based on available data from 185 eyes with 12 weeks of follow-up. Retention data are derived from a study of healthy volunteers testing several punctal plug prototype designs and from Phase II studies of the latanoprost punctal plug delivery system in patients with open-angle glaucoma or ocular hypertension, in which the third-generation prototypes were used. Punctal plug designs are continuing to be refined to maximize retention rates. The Company will provide an update on retention rate results by year-end. In parallel with the punctal plug device refinements, additional activities are focused on optimizing an insertion tool and development of a simple home-use detection system that would allow patients to confirm the presence of the punctal plugs. "Although we did not see the dose response in our on-going L-PPDS studies, we now know that there are multiple factors that affect drug delivery from a punctal plug and our research efforts for the latanoprost PPDS will be focused on addressing those factors. Building on that knowledge, the next step for this platform technology will be a clinical trial with olopatadine, a compound which targets ocular tissue on the surface of the eye."
07:00
ABT Abbott Labs receives U.S. FDA approval for new Cataract multifocal intraocular lens (54.42 )
Co announced it has received FDA approval for the TECNIS Multifocal 1-Piece intraocular lens for cataract patients with and without presbyopia.
06:39
CRZO Carrizo Oil & Gas beats by $0.05 (25.60 )
Reports Q4 (Dec) earnings of $0.37 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.32; revenues rose 3.6% year/year to $37.5 mln vs the $48.3 mln consensus. Adjusted revs, including hedges, were $50.6 mln. Production volumes during the three months ended December 31, 2009 were 8.7 Bcfe, 20 percent higher compared to 7.2 Bcfe during the fourth quarter of 2008. The increase was largely due to new production contributions from the Barnett Shale development. "We are looking forward to the beginning of the development of our Marcellus acreage position with our partner, Avista Capital, as we move from the land acquisition phase to the drilling phase in 2010."
06:36
GWR Genesee & Wyoming reported traffic volumes for February 2010 (33.53 )
Co reported traffic volumes for February 2010. GWI's traffic in February 2010 was 63,583 carloads, a decrease of 6,261 carloads, or 9%, compared with February 2009. GWI's traffic in the first quarter of 2010 through February was 127,445 carloads, a decrease of 13,184 carloads, or 9.4%, compared with the first quarter of 2009 through February.
06:34
FSIN Fushi Intl beats by $0.07, beats on revs; guides Q1 EPS in-line; guides FY10 EPS above consensus (11.42 )
Reports Q4 (Dec) earnings of $0.34 per share, $0.07 better than the First Call consensus of $0.27; revenues rose 25.8% year/year to $51.7 mln vs the $50.3 mln consensus, primarily due to a recovery in copper prices and continued strong demand across the board for our CCA products in China, particularly RF cable to support the ongoing 3G network buildout and expansion into the utility market. Volume at the Company's Dalian facility increased 27.1% as compared to the fourth quarter 2008. On a consolidated basis, the co experienced an increase of 18.0% in metric tons sold. Consolidated gross margin increased to 33.3% from 21.6% in the prior year period, driven by cost reductions in manufacturing at the Company's Fayetteville facility, product mix and the absence of extreme volatility in raw material prices experienced in fourth quarter 2008. Co issues in-line guidance for Q1, sees EPS of $0.22-0.24, excluding non-recurring items, vs. $0.22 consensus. Co issues upside guidance for FY10, sees EPS of $1.20-1.25, excluding non-recurring items, vs. $1.16 consensus. The 2010 first quarter is seasonally the co's weakest quarter due to the timing of the Chinese New Year, during which the Company's operating facilities are closed for two weeks. The Company expects profitability in subsequent quarters to improve over the first quarter due to higher revenues with the absence of the Chinese New Year, increased profitability at the Fayetteville facility as a result of cost saving initiatives, and continued incentives from China's stimulus package.
06:24
S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +2.30.
06:23
Asian Markets
Nikkei...10563.92...-3.70...0.00. Hang Seng...21208.29...+0.70...0.00.
06:23
European Markets
FTSE...5613.38...+11.10...+0.20%. DAX...5900.81...+15.30...+0.30%.
06:06
THM International Tower Hill Mines increases indicated resources at Livengood Gold Project, Alaska (6.48 )
International Tower Hill Mines (THM) announces the results of the updated independently prepared resource estimate for the Livengood gold project, Alaska. Data used in this resource update includes the final 64 drill holes completed in late 2009. Successful infill drilling targeted several previously un-estimated mineralized areas of the Northeast and Sunshine Zones of the deposit. Results are anticipated to have a positive impact on the strip ratio and mining economics (current low strip ratio of 0.8-1, waste-ore). The Money Knob deposit is still open in several directions (including at depth). Using a 0.5 g/t gold cut-off grade, the new estimate yielded an Indicated Resource of 9.3M ounces of gold and an Inferred Resource of 3M ounces of gold. Using a 0.7 g/t gold cut-off, which the Company envisions as a possible milling cut-off grade, the Indicated Resource is 5.8M ounces of gold and the Inferred Resource is 1.8M ounces of gold . Using a 0.3 g/t gold cut-off grade, which is approximately the average grade for the heap leach described in the Company's November, 30, 2009 heap leach PEA study, the Indicated Resource is 13.5M ounces of gold, and the Inferred Resource is 5M ounces of gold.
06:04
RMIX U.S. Concrete misses by $0.15, misses on revs (0.58 )
Reports Q4 (Dec) loss of $0.46 per share, excluding non-recurring items, $0.15 worse than the First Call consensus of ($0.31); revenues fell 30.9% year/year to $119.9 mln vs the $121.7 mln consensus.
06:04
DSGX Descartes reports Q4 EPS of $0.08 vs $$0.08 consensus, revs rose 20$ YoY to $18.9 mln vs $18.5 mln consensus (6.19 )
05:14
SOL ReneSola appoints Julia Xu as Chief Financial Officer (5.26 )
04:39
ESLT Elbit Systems misses by $0.03, misses on revs (59.50 )
Reports Q4 (Dec) earnings of $1.24 per share, $0.03 worse than the First Call consensus of $1.27; revenues rose 2.4% year/year to $714.7 mln vs the $761.5 mln consensus.
02:37
NYX NYSE Euronext announces trading volumes for February 2010 (28.62 )
Co announces trading volumes for its global derivatives and cash equities exchanges for February 2010. European derivatives volumes increased 44.2% and U.S. options trading volumes increased 56.4%. Cash equities trading volumes were mixed in February 2010, with European cash transactions increasing 9.1% and U.S. cash equities trading volumes declining 35.7% from prior year elevated levels. Both European and U.S. cash trading volumes, however, remain above fourth quarter 2009 levels.
01:53
On The Wires
Denbury Resources (DNR) announces that it has closed its acquisition of Encore Acquisition (EAC), entered into a new $1.6 bln 24-bank credit facility, and briefly extended its tender offers for Encore senior subordinated notes... Ness Technologies (NSTC) announces that it has been chosen by Raiffeisenbank as strategic partner and supplier of a Document Management System, which will run on the Documentum platform.
01:48
TRH Transatlantic Hldngs prices stock repurchase and secondary offering of AIG's remaining shares of TRH common stock (53.65 )
Co announces they will purchase 2 mln shares of its common stock from American Home Assurance in the offering pursuant to a stock offering agreement at a price of $52.52 per share, which is the initial price to the public in the offering. TRH also announces that an underwritten public offering of 8,466,693 shares of its common stock owned by AHAC, a subsidiary of AIG (AIG), was priced at a public offering price of $53.35 per share.
01:46
ROVI Rovi reports confirmation of a $2.4 bln tax loss from 2008 sale of TV Guide (35.82 )
Co announces the IRS has completed its review under its Pre-Filing Agreement Program of the tax loss recognized from the co's December 2008 divestiture of TV Guide Magazine. The co and the IRS executed a closing agreement which confirmed that ROVI recognized an ordinary tax loss of approx $2.4 bln from the TV Guide Magazine sale. As a result of signing the closing agreement with the IRS, the co anticipates recognizing a significant tax benefit in its 1Q10 GAAP financial statements. The benefit recognized will be net of any required valuation allowance. The co is currently evaluating what valuation allowance, if any, would be appropriate. The total Federal income tax cash benefit which could be realized from the $2.4 bln tax loss is approx $836 mln under current tax rules.
01:43
AGN Allergan: BOTOX receives FDA approval for treatment of upper limb spasticity in adults (61.35 )
Co announces the FDA has approved BOTOX for the treatment of increased muscle stiffness in the elbow, wrist and fingers in adults with upper limb spasticity.
01:42
OMAB Grupo Aeroportuario del Centro Norte reports February 2010 traffic (15.37 )
Co reports that terminal passenger traffic at its 13 airports decreased 12.5% in February 2010, as compared to February 2009. Domestic traffic decreased 13.4%, and international traffic decreased 8.7%.
01:39
BALT Baltic Trading prices 16.3 mln share IPO at $14.00/share
Co was expected to price IPO between $14-16 per share.
01:37
MON Monsanto Chief Technology Officer will discuss co's R&D efforts to increase farm productivity at Credit Suisse Global Agrochemicals Conference (71.28 )
The CTO's presentation will be available at http://www.monsanto.com/investors; presentation begins at at 3:05 a.m. C.T.
18:46
Futures are lower after hours with S&P 500 futures 0.08 points below fair value of 1139.88 and Nasdaq 100 futures 0.15 points below fair value of 1901.4
18:40
CLF Cliffs Natural Resources announces redemption of rights under shareholder rights plan; shareholder rights plan is effectively terminated immediately (5.23 +0.43)
Co announced that its Board of Directors has approved the redemption of the rights accompanying its outstanding common stock under its Shareholder Rights Plan. The Shareholder Rights Plan was set to expire by its terms on Oct. 29, 2011. With this action, the Shareholder Rights Plan is effectively terminated immediately. The Company will pay a redemption price equal to $0.001 per right in cash on June 1, 2010.
18:18
EROC Eagle Rock announces amendment to revolving credit facility in support of the recapitalization and related transactions (6.17 -0.04)
As part of this amendment, Eagle Rock management has agreed to make a mandatory repayment of debt of not less than $100 mln using the proceeds from the sale of its minerals business, that is contemplated in the Minerals Business Sale Agreement filed on Form 8-K with the SEC on December 21, 2009. Simultaneous with, and contingent upon the occurrence of, the proposed debt repayment, Eagle Rock management and its lender group have agreed to reduce the total committed capital under the Partnership's $971 mln credit facility by $100 mln, to $871 mln. The amendment did not involve a direct fee or changes to the credit facility's pricing.
18:06
EXLS pops 8.7% to $19.00 following earnings
18:01
PLD ProLogis prices $1.5 bln of senior notes (13.40 +0.29) -Update-
Co that it has priced an offering of $400 mln aggregate principal amount of 3.25% convertible senior notes due 2015. The co granted to the underwriters an option to purchase up to an additional $60 mln aggregate principal amount of convertible senior notes to cover over-allotments. In addition, the co announced that it has concurrently priced $1.1 bln aggregate principal amount of fixed-rate senior notes.
17:46
MGM MGM MIRAGE prices $845 mln in senior secured notes (11.54 +0.07) -Update-
Co announced that it has priced $845 mln in aggregate principal amount of its 9% senior secured notes due 2020 at par. The transaction is expected to close on March 16, 2010. The co plans to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under its senior credit facility and related fees and expenses.
17:28
USGS reports 5.1 magnitude quake offshore Valparaiso, Chile
17:27
TDW Tidewater Announces Promotion of Jeffrey M. Platt as COO (47.30 +0.11)
Co announced that Platt joined Tidewater in 1996 as General Manager of Tidewater's business activities in Brazil. In November 2001, Platt was promoted to the position of corporate Vice President with responsibility for all of Tidewater's business activities in South America, Mexico and the Caribbean.
17:19
OLP One Liberty Properties announced that its Board of Directors has reinstituted its cash dividend policy (10.35 -0.01)
Co declared a quarterly cash dividend on the co's common stock of $.30 per share, 36% over the level of the quarterly dividends paid in 2009.
17:17
HBAN Huntington Banc reaffirms 2010 guidance in 8-K; says co expects to report a return to profitable quarterly performance at some time in 2010. Co says this would be earlier than most analysts expect (5.03 +0.07)
17:13
ADM Archer-Daniels announces pricing of tender offers for $500 mln of Its outstanding debt (30.64 -0.06)
17:11
SPLS Staples announces 9% increase in quarterly cash dividend to $0.09 from $0.0825 (22.98 +0.23)
17:10
JAH Jarden Corporation announces an increase in stock repurchase program of up to $150 mln (34.65 +0.38)
Co said this authorization increases the remaining capacity under its previously authorized $100 mln repurchase program, of which ~$52 mlnhad been utilized.
17:03
BRKR Bruker and Agilent Technologies announce agreement for Bruker to acquire certain Varian product lines (13.95 -0.36)
Co and Agilent Technologies (A) announced that BRKR and A have entered into a definitive asset purchase agreement. Pursuant to this agreement, BRKR will acquire certain product lines of Varian, which A has committed to divest in connection with obtaining regulatory approval for A's previously announced acquisition of Varian. The transaction is subject to customary closing conditions and regulatory approvals, and is expected to close shortly after A completes its acquisition of Varian (which A anticipates to occur by April 30, 2010, following the completion of regulatory reviews and clearances). There is no financing condition to closing the transaction. Transaction pricing was not disclosed; the transaction is not material to Agilent. In connection with the transaction, A and BRKR also intend to enter into a transitional services agreement and a supply agreement to facilitate the uninterrupted delivery of high-quality products and services to new and existing customers of these three businesses.
17:03
RSYS RadiSys and Astute Networks entered into an original equipment manufacturer agreement (8.92 +0.12)
Astute Networks and RadiSys announced that the two companies have entered into an original equipment manufacturer (OEM) agreement to supply cutting-edge Advanced Telecommunications Computing Architecture (ATCA) solutions to communications and mil/aero customers worldwide. Under the partnership, the companies will provide integrated solutions based on RadiSys' Promentum ATCA chassis and server blade products and Astute Networks' edge storage blades, bundled with application-specific software. The combination of RadiSys' systems and product expertise, and Astute Networks' Caspian Edge Storage Blades, will provide an innovative product offering for demanding mission-critical network environments. The companies will market these combined solutions in the communications and mil/aero marketplaces.
17:01
BAS Basic Energy Services reports selected operating data for February 2010 (9.93 +0.04)
During the month, the co's well servicing rig count remained unchanged at 405 as of February 28, 2010. Well servicing rig hours for the month of February 2010 were 41,700 producing a rig utilization rate of 47%, an increase from 43% and 46% in January 2010 and February 2009, respectively. Drilling rig days for the month of February 2010 were 123 producing a rig utilization of 49%, an increase from 48% and 22% in January 2010 and February 2009, respectively. Basic's fluid services truck fleet increased to 792 trucks as of February 28, 2010.
17:01
AEO American Eagle resumes trading (17.15 +0.35) -Update-
16:59
AGN Allergan: FDA confirms approval of Botox to treat spasticity in flexor muscles of the elbow, wrist and fingers (61.35 -0.19) -Update-
16:52
FACT Facet Biotech: Abbott to acquire Facet for $27/cash (16.21 -0.30) -Update-
Abbott and the co announce definitive agreement for Abbott to acquire Facet, enhancing Abbott's early- and mid-stage pharmaceutical pipeline. Abbott will acquire Facet for $27 per share in cash for a net transaction value of approximately $450 million, which includes a purchase price of approximately $722 million less Facet's projected cash and marketable securities at closing of approximately $272 million... Under the terms of the agreement, Abbott will promptly commence a tender offer to purchase all outstanding shares of Facet Biotech at $27 per share. The closing of the tender offer is conditioned on the tender of a majority of the outstanding shares of Facet's common stock on a fully diluted basis and the satisfaction of regulatory and other customary conditions. The transaction has been approved on behalf of the boards of directors of Facet and Abbott. Approval of the transaction by Abbott's shareholders is not required. The transaction is expected to close in the second quarter of 2010. Abbott would expect to incur one-time specified charges following the closing of the acquisition, which will be defined at a later date. This transaction does not impact Abbott's previously issued ongoing earnings-per-share guidance for 2010. (stock is halted)
16:51
FACT Facet Biotech trading halted - news pending (16.21 -0.30)
16:51
AREX Approach Resources misses by $0.06 (9.62 +0.67)
Reports Q4 (Dec) earnings of $0.03 per share, excluding non-recurring items, $0.06 worse than the First Call consensus of $0.09; revenues fell 20.0% year/year to $14.6 mln vs the $13 mln consensus. Co sees 2010 production guidance of 8,900-9,400. Co said, "We currently are operating two rigs in Cinco Terry and one rig in Ozona Northeast. Average daily production for February 2010 was 22.6 MMcfe/d. Our 2010 capital budget for exploration and development expenditures currently is $53 million. We intend to fund 2010 capital expenditures, excluding any acquisitions, primarily out of internally-generated cash flows and, as necessary, borrowings under our credit facility. Approximately $48.5 million, or 92%, of the capital budget is allocated to our core development areas of operation in the Permian Basin, where we plan to drill 48 gross (24 net) wells in Cinco Terry and 36 gross (36 net) wells in Ozona Northeast."
16:45
ITMN InterMune resumes trading at $33.50 (23.30 unch) -Update-
16:37
STKL SunOpta reports Q4 adjusted EPS of $0.06, ex-items, vs. $0.03 First Call consensus; revenue was flat y/y to $245.5 mln (3.33 +0.03)
Co states that results for 4Q09 reflect significant improvement in operating performance versus 4Q08 and continued operating performance improvement versus 3Q09. Gross margins increased to 15.9% for the quarter versus 11.7% in 4Q08.
16:37
BPL Buckeye Partners announces that it is currently holding a non-binding open season through March 31, 2010 for its previously announced Union Pipeline project. (58.91 -0.44)
16:35
VRSK Verisk Analytics beats by $0.02, reports revs in-line (28.45 -0.58)
Reports Q4 (Dec) earnings of $0.32 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.30; revenues rose 14.5% year/year to $265.1 mln vs the $265.7 mln consensus. In Decision Analytics, co continues to see a strong performance from its mortgage analytics business, among others.
16:35
IMKTA Ingles Markets authorizes authorizes one million share repurchase program (14.60 -0.06)
16:34
IDCC Interdigital Comm signs Casio Hitachi mobile communications to worldwide 2G and 3G patent license agreement (26.86 +0.78)
Co announced that its patent licensing subsidiaries have entered into a worldwide, non-exclusive, patent license agreement with Casio Hitachi Mobile Communications, headquartered in Japan. The license agreement covers the sale by CHMC of all wireless end-user terminal devices, such as mobile handsets, computers, compliant with 2G and 3G cellular standards through the earlier of June 30, 2010 or the establishment of the announced mobile phone handset joint venture involving NEC, Casio Computer, and Hitachi Ltd. InterDigital expects to benefit from a one-time recognition of revenue related to past sales under this agreement and, based on the announced structure of the new joint venture, sales for covered products by the new joint venture will be included in InterDigital's total per unit royalty revenues once the new joint venture begins to operate. In addition, InterDigital has identified additional royalty obligations in a routine audit of an existing licensee. The new patent license agreement and resolution of the audit issues combined will add approximately $40 mln in royalty revenue between the first and second quarters of 2010. The allocation of this revenue will depend on final resolution of the accounting treatment.
16:31
OMG OM Group announces new $250 mln revolving credit facility (33.82 -0.73)
Co announced it has entered into a new $250 mln secured revolving credit facility with a syndicate of lenders, led by PNC Bank, N.A. The new facility replaces the previous $100 mln facility which was due to expire in December of 2010. The new, three-year revolving credit facility includes an "accordion" feature under which OMG may increase the availability by $75 mln to a maximum of $325 mln.
16:31
BEE Strategic Hotels & Resorts names Diane M. Morefield new CFO effective April 12, 2010 (3.72 +0.19)
16:31
AVAV AeroVironment misses by $0.02, misses on revs; guides FY10 revs below consensus (23.80 -0.97)
Reports Q3 (Jan) earnings of $0.30 per share, $0.02 worse than the First Call consensus of $0.32; revenues rose 16.7% year/year to $60.9 mln vs the $73 mln consensus. Co issues downside guidance for FY10, sees FY10 revs of $245.00 mln vs. $290.67 mln consensus. Co sees operating margins of 9-11%. Co said, The quarter produced 18% sequential growth over Q2, even though severe weather conditions limited acceptance testing of many Raven systems and the sales those systems would have generated. Continued weakness in the capital equipment markets for our EES products and delays in orders for Puma and Wasp unmanned aircraft systems also adversely impacted the quarter... The Raven systems that were not shipped in Q3 have already been shipped in Q4, contributing to what we expect to be record quarterly revenue for the co. However, because of the late signing of the 2010 Defense budget and extended government order processing time, most of the digital Raven purchase orders we expected to receive are still in the procurement process, and they are not likely to arrive in time to convert into Q4 revenue. We expect the delayed Raven orders to move into our FY2011, providing us with a strong foundation for achieving growth next year. Our fundamental market position, customer relationships and long-term growth prospects remain strong, yet I acknowledge the impact of order timing on our short-term results."
16:31
AEO American Eagle announces plans to close its MARTIN+OSA concept (17.15 +0.35)
The co announces that after an extensive evaluation and review of strategic alternatives, it plans to close its MARTIN+OSA concept, including all 28 stores and the online business. Although performance improved from fiscal 2008, management determined that the brand was not achieving performance levels that warrant further investment. In fiscal 2009, MARTIN+OSA generated an after-tax loss of approximately $44 million, including a non-cash impairment charge of approximately $11 million, net of tax. The company will focus its efforts and resources on the American Eagle family of brands including, AE, aerie and 77kids, which have a greater potential of creating long-term shareholder value... Store closures are expected to be substantially complete by the end of the second quarter of fiscal 2010. In conjunction with the closing of MARTIN+OSA, the company expects the fiscal 2010 cash outflow, net of associated tax benefits, to be approximately $10 to $40 million. This is comprised of pre-tax charges of $32 to $77 million for lease-related, severance and other charges. In addition, the company estimates approximately $29 million of non-cash, pre-tax impairment charges and inventory write-downs. These charges are expected to be recognized primarily over the first and second quarters of fiscal 2010. These estimates are preliminary and based on a number of significant assumptions and could change materially.
16:23
ITMN InterMune confirms that FDA advisory committee recommends approval with 9-3 vote of InterMune's Esbriet (pirfenidone) for idiopathic pulmonary fibrosis (23.30 0.00) -Update-
16:23
WNC Wabash Natl announced confirmation of a three year purchase agreement with Swift Transportation (5.04 +0.86)
Co announced confirmation of a three year purchase agreement with Swift Transportation Co., which calls for building 3,100 new DuraPlate HD dry vans over the next 12 months. Trailer production for the 3,100 units will begin at the end of March.
16:21
EQY Equity One announces offering of 4.2 million shares of common stock (19.02 +0.09)
16:20
ICFI ICF International beats by $0.06, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY10 EPS in-line, revs in-line
Reports Q4 (Dec) earnings of $0.37 per share, $0.06 better than the First Call consensus of $0.31; revenues rose 7.5% year/year to $174.1 mln vs the $168 mln consensus. Backlog was $1.4 bln at the end of 4Q09, comparable to backlog levels at the end of the prior quarter. Funded backlog was $536 mln, or 39.4% of the total. Co issues mixed guidance for Q1, sees EPS of $0.27-$0.30 vs. $0.30 consensus; sees Q1 revs of $170-$175 mln vs. $176.35 mln consensus. Co issues in-line guidance for FY10, sees EPS of $1.33-$1.43 vs. $1.40 consensus; raises FY10 revs guidance to $740-$775 mln vs. $759.19 mln consensus.
16:19
TM Toyota Motor responds to "inaccurate reports of future Prius recall for floormat entrapment" (76.67 -1.27) -Update-
Co says "Media reports, citing a Wall Street Journal article, have incorrectly reported that Toyota plans to announce a new recall for the 2004-2009 Prius to address the potential risk for floor mat entrapment of accelerator pedals. There is no new recall being planned for the Prius to address this issue. To be clear, the 2004-2009 Prius was part of Toyota's November 2, 2009 announcement of a voluntary safety recall campaign to address floor mat entrapment in certain Toyota and Lexus vehicles."
16:18
SAM Boston Beer Co misses by $0.06, misses on revs; guides FY10 EPS in-line
Reports Q4 (Dec) earnings of $0.52 per share, $0.06 worse than the First Call consensus of $0.58; revenues rose 2.3% year/year to $107.2 mln vs the $110.8 mln consensus. Co issues in-line guidance for FY10, sees EPS of $2.35-2.65 vs. $2.47 consensus.
16:17
CRME Cardiome Pharma reports Q4 EPS of $0.20 vs $0.05 First Call consensus; (5.63 +0.13)
The net income in Q4-2009 reflects recognition of revenue from our collaborative partner, Merck in the quarter, and lower research and development expenditures for Q4-2009 compared with Q4-2008.
16:17
DXCM Dexcom beats by $0.03, beats on revs (9.69 +0.02)
Reports Q4 (Dec) loss of $0.25 per share, included $16.4 million in non-cash expenses, $0.03 better than the First Call consensus of ($0.28); revenues rose 156.1% year/year to $10.5 mln vs the $9.4 mln consensus.
16:11
SPH Suburban Propane announces a $225 mln sr notes offering (47.11 -0.07)
16:10
AONE A123 Systems misses by $0.02, beats on revs; announces capacity increase (16.75 +0.00)
Reports Q4 (Dec) loss of $0.22 per share, $0.02 worse than the First Call consensus of ($0.20); revenues rose 3.8% year/year to $24.5 mln vs the $20.8 mln consensus. During the fourth quarter of 2009, transportation revenue was $11.3 million, electric grid revenue was $4.8 million and consumer revenue was $3.8 million, compared to a revenue mix of $7.6 million, $2.9 million and $10.9 million, respectively, in the fourth quarter of 2008. During the fourth quarter of 2009, A123 Systems recorded product shipments equivalent to 21.7 million watt hours, compared to 13.3 million in the year ago quarter. "We are today announcing a further capacity increase of 200 megawatt-hours, which is expected to increase A123's final cell manufacturing capacity to approximately 560 megawatt-hours when the new capacity moves into production. Demand is strong across our expanded portfolio of customers, and 2010 will be a year of focus on execution and establishing the foundation to support significant growth in 2011 and 2012 as customer programs are expected to move into full scale production."
16:09
HTGC Hercules Tech provides an additional $3.0 mln of capital to InfoLogix (IFLG) (10.25 -0.01)
Co announced that it has increased its commitment to grow the operations of InfoLogix (IFLG), a leading technology provider of enterprise mobility solutions for the healthcare and commercial industries. Hercules invested an additional $3.0 mln of capital to fund the launch of two new strategic product offerings with high growth potential.
16:08
PLX Protalix BioTherapeutics appoints Mr. Zeev Bronfeld interim chairman of the board of directors (7.12 -0.08)
16:07
EQT EQT Corp raises its 2010 production sales growth guidance from 20% to 26%; announces common stock offering (47.37 +0.27)
Co announces a 12.5 mln share common stock offering, pursunt to an effective shelf. EQT will use the net proceeds from the offering to accelerate development of its Marcellus and Huron/Berea plays. As a result, the co is raising its capital expenditures estimate for 2010 from $850 mln to $1.2 bln, excluding acquisitions. The company is also raising its 2010 production sales growth guidance from 20% to 26%. Consistent with the fact that most of the volumes associated with this investment will show up in late 2010 or in 2011, they would also expect that the growth rate in 2011 would at least match that 2010 growth rate. The revised CAPEX estimate for 2010 includes $900 mln for drilling wells, $260 mln for pipeline and compression to gather and transport the gas to markets and $40 mln for distribution infrastructure projects and other corporate items.
16:07
FLOW Flow misses by $0.01, beats on revs (3.28 +0.06)
Reports Q3 (Jan) loss of $0.01 per share, ex-items, $0.01 worse than the First Call consensus of ($0.00); revenues fell 6.8% year/year to $45.4 mln vs the $44.1 mln consensus. Co states, "While we feel that our business is stabilizing, we expect that, until the overall macroeconomic environment significantly improves, this stability will represent historically low levels."
16:06
ACAD ACADIA Pharmaceuticals reports Q4 results (1.41 +0.05)
ACADIA Pharmaceuticals reports Q4 earnings of ($0.23), which included charges of $1.3 mln in connection with ACADIA's restructuring announced in October, vs ($0.19) First Call consensus; revs increased over 450% to $1.8 mln vs $2.50 mln First Call consensus.
16:06
AONE A123 Systems signs battery system development agreement with Navistar (16.75 +0.00) -Update-
Co announces an agreement with Navistar (NAV) to develop lithium ion battery systems for electric vehicles for the Navistar Modec Electric Vehicle Alliance, a joint venture between Navistar and Modec. According to the agreement, A123 will develop battery systems for Navistar's EV and it is expected that these A123 battery systems will be manufactured in A123's Livonia, Mich. facility, slated to open in March 2010. Rather than converting an existing, conventional fossil fuel powered truck, Navistar's EV is a commercial electric vehicle that is purpose-built to be electric as it balances the needs of business and the environment. With zero tailpipe emissions, the Navistar EV can potentially reduce greenhouse gas emissions by as much as 10 tons annually, when compared to an equivalent diesel-powered vehicle.
16:05
AGO Assured Guaranty commences secondary public offering on behalf of Dexia SA (20.50 -0.25)
Co announced that it has commenced a secondary public offering of 16,400,000 AGL common shares owned by Dexia SA.
16:05
JCG J. Crew beats by $0.15, beats on revs; guides Q1 EPS at upper end of consensus; guides FY11 EPS above consensus (46.99 -0.41)
Reports Q4 (Jan) earnings of $0.61 per share, $0.15 better than the First Call consensus of $0.46; revenues rose 18.7% year/year to $460.6 mln vs the $443.1 mln consensus. Co issues guidance for Q1 at high end of consensus, sees EPS of $0.48-0.53 vs. $0.48 consensus. Co issues upside guidance for FY11, sees EPS of $2.20-2.30 vs. $2.13 consensus. Co reports Q4 comps of +17% vs +10.10% consensus; co guided for high single digit growth. Co reports Q4 gross margin of 43.9% vs 42.00% consensus; reported Q3 gross margin of 48.4%.
16:05
BIDZ Bidz.com misses by $0.01, misses on revs; guides Q1 revs below consensus (2.17 +0.09)
Reports Q4 (Dec) earnings of $0.01 per share, $0.01 worse than the First Call consensus of $0.02; revenues fell 21.7% year/year to $27.5 mln vs the $30 mln consensus. Co issues downside guidance for Q1, sees Q1 revs of $26-28 mln vs. $30.71 mln consensus, with gross pfoit margin of 24-26%. Gross margin in 4Q09 was 29.6%, within the Company's guidance range, compared with 34.4% in the same period of 2008. The decrease in gross profit as a percentage of sales was primarily due to lower gross margins from B2B revenues, partially offset by higher gross margins from the Company's online revenue. During the quarter, the Company reported B2B sales of $2.4 million, compared with no sales in the prior year period. Net revenues for the fourth quarter were adversely affected by the migration of the Company's proprietary enterprise operating system to a Microsoft Dynamics AX ERP system, due to some unexpected difficulties during the implementation. In the fourth quarter, the Company also saw improvements in its key revenue metrics. During the quarter, the average selling price per order increased over 11.8% to $189 from $169, average items sold per transaction increased approximately 28.7% to 4.3 items and the Company's acquisition cost per new buyer decreased by 9.4% to $48 from $51.
16:04
PSS Collective Brands beats by $0.08, beats on revs (23.96 +0.32)
Reports Q4 (Jan) loss of $0.18 per share, excluding non-recurring items, $0.08 better than the First Call consensus of ($0.26); revenues rose 0.9% year/year to $741.7 mln vs the $724.7 mln consensus. For 2010, co sees capital expenditures in 2010 are expected to total ~$100 mln and retail store count is expected to decline by ~15 stores, net of store openings. Co said, "Our results were strong as we delivered fresh, innovative product throughout our portfolio of brands both domestically and internationally. This focus on the consumer led to improved gross margins that, combined with actions that lowered operating costs, drove an 11% increase in adjusted operating profit for the year.
16:01
MITI Micromet announces 10 mln share proposed public offering of common stock (7.61 -0.32)
16:01
SAI SAIC: NASA extends Johnson safety and mission assurance contract (19.49 +0.16)
Co reports: NASA has exercised a $60 mln, one-year extension option for a contract with Science Applications International Corporation of Houston to provide support to safety and mission assurance activities at the agency's Johnson Space Center.
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