Briefing.com: Hourly In Play (R) – 21:00 ET
Feb 02, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 02-Feb-10 21:00 ET
18:15
AUXL Auxilium Pharma: FDA approves Xiaflex for debilitating hand condition (28.08 +0.05)
Co announced the The U.S. Food and Drug Administration approved Xiaflex (collagenase clostridium histolyticum) as the first drug to treat a progressive hand disease known as Dupuytren's contracture, which can affect a person's ability to straighten and properly use their fingers.
17:58
CPT Camden Property Trust announces reduced development activity and related charges to earnings (39.98 +0.81)
Co announced a reduction in the number of planned development projects it anticipates undertaking and the charges related to such actions. These decisions were the result of CPT's quarterly strategic review taking into consideration the current and anticipated economic climate. The co will recognize a charge of ~$85.6 mln in Q4 of 2009. The charge reflects a $72.2 mln non-cash reduction to the previous carrying value of $109.9 mln for land holdings for eight future projects the co has put on hold for the foreseeable future, and a $13.4 mln charge associated with a land development joint venture. These reductions primarily reflect the decline in fair market value below the carrying value of these investments. CPT will also cease capitalizing interest and expenses associated with these assets. CPT currently has five wholly-owned land parcels held for future development, with a total cost basis of ~$89.6 mln, which are not affected by these actions.
17:57
DNEX Dionex moves Q2 2010 earnings review to Tuesday, February 9, 2010, from Feb 4, 2009 (69.98 -0.01)
Co said, is moving its previously scheduled Second Quarter 2010 earnings announcement to Tuesday, February 9, 2010, in order to allow the Company time to complete validation of its records after conversion to Oracle in its European operations.
17:56
INDXCH Standard & Poorâ??s Announces Change to U.S. Indices
NTELOS Holdings (NTLS) will replace Chattem (CHTT) in the S&P SmallCap 600 index on a date to be announced. Chattem is being acquired by S&P Global 100 constituent Sanofi-aventis in a deal expected to be completed soon, pending final approvals.
17:54
ATO Atmos Energy beats by $0.09; guides FY10 EPS in-line (27.67 +0.07)
Reports Q1 (Dec) earnings of $1.00 per share, $0.09 better than the First Call consensus of $0.91. Co reaffirms in-line guidance for FY10, sees EPS of $2.15-2.25 vs. $2.19 consensus. Net income from regulated operations is expected to be in the range of $153-159 mln, and net income from nonregulated operations is expected to be in the range of $48-52 mln. Capital expenditures for fiscal 2010 are expected to range from $520-535 mln.
17:49
JLL Jones Lang LaSalle misses by $0.15, beats on revs (57.99 -0.27)
Reports Q4 (Dec) earnings of GAAP $1.19 per share, including restructuring and certain non-cash co-investment charges in the quarter, $0.15 worse than the First Call consensus of $1.34; revenues rose 2.3% year/year to $815.1 mln vs the $700.4 mln consensus.
17:41
NLC Nalco reports EPS in-line, beats on revs; guides Fy10 EPS (24.51 +0.17)
Reports Q4 (Dec) earnings of $0.30 per share, excluding non-recurring items, in-line with the First Call consensus of $0.30; revenues fell 2.2% year/year to $1.01 bln vs the $980.9 mln consensus. Co issues guidance for FY10, sees EPS of more than $1.25, compared to the consensus of $1.30 consensus. Co said, "We continue to make progress toward our stated goal of achieving 6-8% organic sales growth as a run rate by the end of 2011 and will be working to get closer to that mark as we go through 2010. Separately, co said, "Earnings reflect a tax rate of 50% for the year (45% in Q4), approx three points higher than earlier expected largely due to write-downs of deferred tax assets in certain foreign entities "We continue to make progress toward our stated goal of achieving 6-8% organic sales growth as a run rate by the end of 2011 and will be working to get closer to that mark as we go through 2010."
17:34
SNPS Synopsys acquires VaST Systems Technology Corp; does not expect the transaction to have a material impact on 2010 revenue or EPS (21.34 -0.02)
Co announced it has acquired VaST Systems Technology Corporation to extend its virtual prototyping solutions into the automotive and consumer application space. The acquisition adds a comprehensive set of processor sub-system models frequently found in automotive and consumer applications to Synopsys' virtual prototyping portfolio. Processor sub-system models allow developers to accelerate the virtualization of electronic systems and to start software development nine to 12 months prior to the availability of silicon. The terms of the deal, which closed February 1, are not being disclosed. SNPS does not expect the transaction to have a material impact on 2010 revenue or EPS.
17:31
CMP Compass Minerals announces price increase on sulfate of potash specialty fertilizer (65.89 +0.39)
Great Salt Lake Minerals, a subsidiary of Compass Minerals (CMP), has announced a $30 per-short-ton increase in the selling price of all sulfate of potash specialty fertilizer products effective with shipments on April 1, 2010, or as contracts allow. This increase will apply to both standard and granulated products shipped to all locations worldwide.
17:31
GVA Granite Constr has been awarded a $31.4 mln contract by the Nevada Department of Transportation (30.73 +0.06)
17:31
JKHY Jack Henry beats by $0.02, misses on revs (22.76 +0.26)
Reports Q2 (Dec) earnings of $0.35 per share, $0.02 better than the First Call consensus of $0.33; revenues rose 10.9% year/year to $210.9 mln vs the $213.7 mln consensus. Co said, "We continue to see interest from our existing in-house customers to migrate to our OutLink model, along with the majority of new core customer wins also continue to select the outsourcing delivery model, which is reflected in our 11% increase in outsourcing backlog compared to a year ago. In-house backlog jumped up 25% compared to a year ago, which is primarily due to some rather large license sales during the quarter that due to the nature of the product and the related revenue recognition rules, these will be recognized as milestones are hit during future quarters."
17:08
PLL Pall Corp launches next generation blood filter that simultaneously reduces prions and leukocytes (35.72 +0.33)
Co announced the launch of the Leukotrap Affinity Plus Prion and Leukocyte Reduction Filter System. The new blood filter reduces prions and leukocytes in a single step. The Leukotrap Affinity Plus System is CE marked in accordance with requirements set out in the Medical Devices Directive (93/42/EEC).
17:05
CTRP Ctrip.com misses by $0.01, beats on revs (33.23 +0.76)
Reports Q4 (Dec) earnings of $0.19 per share, $0.01 worse than the First Call consensus of $0.20; revenues were $83 mln vs the $80.8 mln consensus. For the first quarter of 2010, the Company expects to continue the year-on-year net revenue growth at a rate of approximately 30%. "Year 2009 was a year of challenges and opportunities. We continued to increase our market share, strengthen our vendor relationships, and enhance our customer service," said Min Fan, President and Chief Executive Officer of Ctrip. "With the increasing travel demand in China, Ctrip is committed to working diligently to capture the opportunities ahead of us."
17:04
OESX Orion Energy Systems reports 3Q10 EPS of $0.04 vs. ($0.02) First Call consensus; revenue increased 16% y/y to $22.4 mln vs. $17.5 mln consensus (5.14 +0.44)
Co issues guidance for 4Q10, seses EPS of ($0.01)-$0.04 vs. breakeven consensus, sees revs of $18-$21 mln vs. $19.1 mln consensus.
17:01
CTRP Ctrip.com: For the first quarter of 2010, the Company expects to continue the year-on-year net revenue growth at a rate of approximately 30% (33.23 +0.76) -Update-
16:52
HR Healthcare Realty declares quarterly dividend of $0.30; down from $0.385 previously (21.68 +0.32)
16:52
AJG Arthur J. Gallagher misses by $0.02, beats on revs (22.70 -0.08)
Reports Q4 (Dec) earnings of $0.21 per share, $0.02 worse than the First Call consensus of $0.23; revenues rose 4.0% year/year to $435 mln vs the $420.3 mln consensus.
16:50
TTMI TTM Tech provides update on regulatory status of proposed acquisition (10.65 +0.19)
Co announced that the Committee on Foreign Investment in the United States ("CFIUS") has completed its review of the proposed acquisition by TTM Hong Kong, a subsidiary of the Company, of certain indirect wholly owned subsidiaries of Meadville Holdings that are engaged in PCB operations. CFIUS has informed the Company that there are no unresolved national security concerns for this acquisition. The Company and Meadville had previously voluntarily filed a notice for CFIUS's review.... Co received a letter from the U.S. Federal Trade Commission in January 2010 indicating that its request for early termination of the Hart-Scott-Rodino review process had been granted. The Company's application previously submitted to antitrust regulators in the People's Republic of China is currently under review.
16:49
CORE Core-Mark announces refinancing of debt (29.93 -0.30) -Update-
The co announces that it has amended and extended for four years its credit facility in the amount of $200 million. JP Morgan Chase Bank, N.A. and BMO Capital Markets served as Co-Lead Arrangers and Joint Bookrunners.
16:37
AFL AFLAC beats by $0.03, misses on revs; guides FY10 EPS above consensus (49.70 +0.52)
Reports Q4 (Dec) earnings of $1.18 per share, $0.03 better than the First Call consensus of $1.15; revenues rose 7.9% year/year to $4.6 bln vs the $4.99 bln consensus. No impairment charges were recorded on a statutory accounting basis for these perpetual securities because Aflac's credit analysis indicates the issuers of the perpetual securities that were impaired on a GAAP basis will be able to meet their contractual obligations for payment. Realized investment losses in the fourth quarter also included charges of $110 million for the impairment of the company's holdings of Takefuji Corp., a Japanese consumer finance company, and $7 million for the impairment of other securities. In addition, the company incurred net realized investment losses of $64 million from sales and redemptions, which primarily reflected the previously announced exchange of two Lloyds Banking Group securities. Co issues upside guidance for FY10, sees EPS of $5.29-5.43, excluding yen impact, vs. $5.29 consensus. 'Economies around the globe appear to be recovering, but the timing of full recovery remains uncertain. As such, we have set targets of flat sales to a 5% increase in both our U.S. and Japanese operations'.
16:35
PSE Pioneer Southwest Energy reports adjusted EPS of $0.79 vs. $0.67 First Call consensus; revenue fo $48.5 mln vs. $37.9 mln consensus (22.92 +0.25)
First quarter 2010 production is forecasted to average 5,800 BOEPD to 6,200 BOEPD. First quarter production costs (including production and ad valorem taxes) are expected to average $20.00 to $23.00 per BOE based on current NYMEX strip prices for oil, NGLs and gas. Depreciation, depletion and amortization expense is expected to average $5.00 to $6.00 per BOE. General and administrative expense is expected to be $1 mln to $2 mln. Interest expense is expected to be $400-$600K. Accretion of discount on asset retirement obligations is forecasted to be nominal.
16:31
LYTS LSI Industries will close its LSI Marcole component manufacturing facility (5.80 -0.05)
Co announced that it will close its LSI Marcole component manufacturing facility located in Manchester, Tennessee effective April 2, 2010. Because of weak domestic demand for wire harness components and the loss of high volume business to offshore competitors, it was determined that this facility was no longer economically viable. For the six months ended December 31, 2009, LSI Marcole had net customer sales of $1,798,000 and an operating loss of $(218,000). LSI will outsource its wire harness needs to existing domestic suppliers.
16:31
ISLE Isle of Capri Casinos and Greektown Casino terminate consulting agreement (7.93 -0.07)
Co announces that it has, together with the management board of Greektown Casino, LLC, mutually agreed to terminate the proposed agreement under which Isle of Capri would provide transitional marketing and operational consulting services to Greektown Hotel-Casino in Detroit, Michigan through the property's emergence from its current Chapter 11 reorganization process. The Company made the announcement today following the confirmation on January 22, 2010 of a plan of reorganization to exit Greektown Casino-Hotel from bankruptcy. Upon exiting from Chapter 11 reorganization, the property will be under new ownership and management.
16:30
SLGN Silgan Holdings beats by $0.09, misses on revs; guides Q1 EPS below consensus; guides FY10 EPS in-line
Reports Q4 (Dec) earnings of $0.63 per share, excluding non-recurring items, $0.09 better than the First Call consensus of $0.54; revenues fell 4.9% year/year to $705.3 mln vs the $737.3 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.60-0.70 vs. $0.71 consensus. Co issues in-line guidance for FY10, sees EPS of $4.25-4.45 vs. $4.30 consensus. In 2010, the Company announced plans in its plastic container business which provide for the shutdown of its Port Clinton, Ohio facility and consolidation of this plant's operations into other production sites. The total estimated cost of this rationalization plan is approximately $5.0 million, or $0.08 per diluted share. The Company also expects to write down its net assets in its Venezuelan operations due to the recently announced change to the official Bolivar exchange rate. The impact of this remeasurement is currently estimated to be $0.08 per diluted share.
16:28
USGS reports 5.3 magnitude quake in Easter Island region
16:25
CRY CryoLife increases stake in acquisition target Medafor to approx 11% (6.36 +0.02)
Co announced today that it has purchased approximately 740,000 additional shares of Medafor's common stock from Medafor shareholders for $2.00 per share. Based on the most recent information available to CryoLife, the company now owns approximately 11 percent of Medafor and continues to be Medafor's largest shareholder. CryoLife has proposed acquiring the remaining outstanding common stock of Medafor for $2.00 per share in a combination of cash and CryoLife stock, subject to completion of reasonable due diligence. With its purchase of these additional shares of Medafor common stock, CryoLife now has the right to call a special shareholders meeting pursuant to Medafor's bylaws. CryoLife remains committed to entering into friendly negotiations with Medafor's board and management; however, in the event that Medafor's board continues to delay, a special shareholders meeting would afford CryoLife the opportunity to seek to replace the Medafor board in order to maximize value for all Medafor shareholders. CryoLife received a letter from Medafor's board on January 22, 2010 that stated that Medafor's board was considering its options. CryoLife has not heard from Medafor's board since that communication.
16:20
PNC PNC Bank to repay TARP preferred shares; plans to offer $3 bln of common stock (54.65 -1.21) -Update-
Co announced that it reached an agreement with its banking regulators and the U.S. Treasury permitting it to redeem the $7.6 billion of preferred shares held by the U.S. Treasury under the Troubled Asset Relief Program (TARP) Capital Purchase Program. PNC also announced plans to offer $3.0 billion of its common stock. The common stock offering and the previously announced plan to sell PNC Global Investment Servicing are part of the agreement. Additionally, PNC plans to offer senior notes to provide additional liquidity in connection with the redemption. As previously announced, PNC signed a definitive agreement to sell PNC Global Investment Servicing, a leading provider of global fund processing products and services, to BNY Mellon (BK) for $2.3 billion in cash. The transaction is currently anticipated to close in the third quarter of 2010, subject to regulatory approvals and certain other closing conditions. Upon completion of the sale, PNC expects to report an after-tax gain of approximately $.5 billion and an increase in Tier 1 common capital of approximately $1.6 billion after the release of capital of $1.1 billion primarily related to goodwill and other intangible assets. The completion of the sale of PNC Global Investment Servicing, the proposed offering of common stock and the redemption of the TARP preferred shares are estimated to result in a net increase of approximately $4.3 billion in Tier 1 common capital. As a result, on a pro forma basis at December 31, 2009, PNC's Tier 1 common capital ratio would have increased by approximately 200 basis points to an estimated 8.0% and the Tier 1 risk-based capital ratio would have been an estimated 10.3%.
16:20
CHRW C.H. Robinson falls ~8.5% after hours to $52.55 following its Q4 earnings miss... see 16:17 comment -Update-
16:19
ACE ACE Limited beats by $0.08, beats on revs (49.56 )
Reports Q4 (Dec) earnings of $2.01 per share, excluding net realized gains (losses), $0.08 better than the First Call consensus of $1.93; net premiums written rose 8.3% year/year to $3.31 bln vs the $3.19 bln consensus. Book value per share now stands at $58.44. Annualized return on average equity for the quarter was 14.2% The property and casualty (P&C) combined ratio for the quarter was 89.6%. "ACE had very strong fourth quarter income. Operating income was up 9% over prior year, contributing to record income for the year, and net income exceeded $900 million for the quarter. Our book value grew 36% in the year while tangible book grew 47%; both are now at all-time highs. In fact, over the last five years, we have grown our book and tangible book value at a compound annual rate of 15% and 17%, respectively... Our P&C combined ratio for 2009 was 88.3% - a world-class result - and in terms of capital efficiency, we achieved an operating return on equity for the year of more than 16%. We are confident we can continue to produce superior ROEs barring unforeseen events."
16:19
EDAP EDAP TMS SA announces that the FDA at its meeting on Jan 28, 2010 confirmed the recommendations of the Gastroenterology and Urology Devices Panel of the Medical Devices Advisory Committee Meeting of the FDA (2.37 +0.01)
Co announces that the FDA at its meeting on Jan 28, 2010 confirmed the recommendations of the Gastroenterology and Urology Devices Panel of the Medical Devices Advisory Committee Meeting of the FDA. The Company met with the FDA to discuss alternatives to the cryoablation comparative arm and guidelines for a submission of an amended protocol for the U.S. ENLIGHT trial. The FDA favoured the concept of broadening HIFU enrollment inclusion criteria by including higher-risk patients as well as increasing flexibility in the procedures to treat larger prostates. As previously communicated, this inclusion criteria change could significantly increase the available eligible patient population and further improve the pace of enrollment in the Ablatherm-HIFU arm of EDAP's ongoing trial. In discussing alternatives to the cryo comparative arm, the FDA was open to a change for a brachytherapy control arm, as recommended by the Panel in December 2009. The FDA also reiterated the Panel's concerns regarding the concept of patient randomization and the follow-up period. Given the FDA's feedback, EDAP still continues to evaluate the best options to keep the ENLIGHT study within an acceptable cost and timeframe for the Company and its shareholders.
16:18
WBSN Websense beats by $0.02, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY10 EPS below consensus, revs in-line (19.41 +0.82)
Reports Q4 (Dec) earnings of $0.26 per share, $0.02 better than the First Call consensus of $0.24; revenues fell 3.2% year/year to $82.5 mln vs the $82.5 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.24-0.28 vs. $0.32 consensus; sees Q1 revs of $81-83 mln vs. $84.03 mln consensus. Co issues mixed guidance for FY10, sees EPS of $1.16-1.23 vs. $1.27 consensus; sees FY10 revs of $338-346 mln vs. $341.87 mln consensus.
16:17
SOLR GT Solar beats by $0.10, beats on revs; guides FY10 EPS above consensus, revs above consensus (6.00 +0.22)
Reports Q3 (Dec) earnings of $0.25 per share, $0.10 better than the First Call consensus of $0.15; revenues rose 66.6% year/year to $173.6 mln vs the $145.4 mln consensus. Co issues upside guidance for FY10, sees EPS of $0.52-$0.60 vs. $0.49 consensus; sees FY10 revs of $500-$550 mln vs. $502.12 mln consensus. The company reiterated its gross margin guidance for the fiscal year of approximately 39%. Co states, "We have seen an increase in business activity over the last four months from our key customers in Asia, indicating that their utilization rates are climbing and, as a result, the supply environment for low cost, high quality wafers is expected to tighten. We believe recent orders, including some from new customers, provide further evidence that GT Solar remains the technology leader in the market and that our systems continue to be the choice of leading PV manufacturers."
16:17
NMM Navios Maritime Partners announces public offering of 3,500,000 common units (16.40 +0.17)
16:17
ALJ Alon USA Energy selected as 'Stalking Horse' bidder for the Bakersfield Refinery (7.44 +0.12)
Co announces that it has been selected as the "stalking horse" bidder for the Bakersfield, California refinery from Big West of California, a subsidiary of Flying J Inc. Completion of the acquisition is subject to an auction process, bankruptcy court approval and customary regulatory approval.
16:17
BPZ BPZ Energy intends to offer $140 million aggregate principal amount of convertible senior notes due 2015 (6.24 +0.27)
16:17
CHRW C.H. Robinson misses by $0.04, reports revs in-line; reports flat net revs for January (57.42 +0.02)
Reports Q4 (Dec) earnings of $0.52 per share, $0.04 worse than the First Call consensus of $0.56; revenues rose 2.7% year/year to $2.01 bln vs the $2.01 bln consensus. CO said, "On a per business day basis, in January 2010 our total net revenues are roughly flat. Although we're pleased with our continued volume growth, our margin comparisons will continue to be challenging."
16:17
NWSA News Corp beats by $0.05, beats on revs
Reports Q2 (Dec) earnings of $0.25 per share, excluding non-recurring items, $0.05 better than the First Call consensus of $0.20; revenues rose 9.8% year/year to $8.64 bln vs the $8.23 bln consensus.
16:16
GSX Gasco Energy announces an amendment to its Credit Agreement (0.43 +0.01)
Co announces an amendment to its Credit Agreement led by JPMorgan. The Credit Agreement was amended to no longer require special redeterminations of the Company's borrowing base. Borrowing base redeterminations will now revert to the regular redetermination schedule of every six months on or about May 1 and November 1 each year. Additionally, the interest rate margin (as more fully described below) was increased by 0.25% effective February 1, 2010. Furthermore, the Ninth Amendment includes a reduction of the Company's borrowing base to $16 million from $35 million to be effective April 1, 2010. The Company anticipates using a portion of the expected $23 million in gross cash proceeds from its recently announced asset sales (expected to close in the first quarter of 2010) to repay the outstanding loans in an amount sufficient to conform to the reduced borrowing base. As of January 31, 2010, the Company had cash on hand of approximately $11 million and had outstanding borrowings under its credit facility of approximately $35 million. Interest on borrowings under the Amended Credit Agreement accrues at
16:15
QSFT Quest Software beats by $0.01, beats on revs (17.36 +0.08)
Reports Q4 (Dec) earnings of $0.40 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.39; revenues fell 3.5% year/year to $194.5 mln vs the $188 mln consensus. The non-GAAP operating margin was 24.8% in the fourth quarter of 2009, resulting in non-GAAP operating income of $48.3 million, compared to non-GAAP operating margin and operating income of 26.1% and $52.6 million, respectively, for the corresponding period in 2008.
16:13
APKT Acme Packet beats by $0.01, beats on revs; guides FY10 EPS above consensus, revs above consensus (10.67 )
Reports Q4 (Dec) earnings of $0.11 per share, $0.01 better than the First Call consensus of $0.10; revenues rose 35.0% year/year to $41.3 mln vs the $39.6 mln consensus. Co issues upside guidance for FY10, sees EPS of $0.44-0.47 vs. $0.42 consensus; sees FY10 revs of $182-186 mln vs. $168.56 mln consensus. "We are pleased to report strong fourth quarter results which were highlighted by record revenues and solid earnings growth. Accelerating demand for our solutions over the last year has led to growing momentum in all areas of the business," said Andy Ory, President and Chief Executive Officer of Acme Packet, Inc. "Looking ahead, we now expect to deliver revenue and earnings growth of approximately 30% in 2010 with operating margin, excluding stock-based compensation and amortization of acquired intangible assets, approaching 30% by the fourth quarter."
16:12
RSYS RadiSys beats by $0.06, beats on revs; guides Q1 EPS below consensus, revs in-line (7.52 -0.08)
Reports Q4 (Dec) earnings of $0.19 per share, $0.06 better than the First Call consensus of $0.13; revenues fell 12.0% year/year to $78.1 mln vs the $75 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.00-$0.05, excluding non-recurring items, vs. $0.09 consensus; sees Q1 revs of $63 mln - $70 mln vs. $69.78 mln consensus.
16:12
MET MetLife beats by $0.01, beats on revs; says it is actively searching to make acquisitions
Reports Q4 (Dec) earnings of $0.96 per share, $0.01 better than the First Call consensus of $0.95; revenues rose 13.0% year/year to $13.32 bln vs the $12.56 bln consensus. Earnings include a $104 million ($0.13 per share), after income tax, charge to International business earnings as a result of changes in assumptions for measuring the effects of inflation on certain inflation-indexed fixed maturity securities; and strong variable investment income, which was above plan by $40 million ($0.05 per share), after income tax and the impact of deferred acquisition costs. Premiums, fees & other revenues of $9.3 billion, up 14% from the fourth quarter of 2008, driven by growth across the company's businesses. Co reported strong U.S. annuity sales of $4.2 billion. During the quarter, an improvement in MetLife's own credit spread contributed approximately $213 million, after income tax, to the derivative losses. Derivative losses related to the tightening of MetLife's own credit spread do not have a direct economic impact on the company and reflect the reversal of derivative gains that occurred in late 2008 and early 2009, when MetLife's credit spread widened. The remainder of the derivative losses was mostly due to increases in interest rates, which are, in general, offset on an economic basis across various assets and liabilities. Currently, MetLife is in discussions with American International Group, Inc. about acquiring its subsidiary, American Life Insurance Company (ALICO), an international life insurance company. No agreement has been reached and there are no assurances that an agreement will be reached. "Because MetLife is financially strong and has a deep management team, we are in a very good position to pursue acquisitions that are strategic and would accelerate our long-term growth. If we reach an agreement, it will be because the transaction meets our criteria for acquisitions, including having the potential to generate long-term value for both shareholders and customers," said Henrikson.
16:11
NLY Annaly Mortgage beats by $0.03 (17.68 +0.23)
Reports Q4 (Dec) earnings of $0.79 per share, $0.03 better than the First Call consensus of $0.76. During the quarter ended December 31, 2009, the Company sold $3.0 billion of Mortgage-Backed Securities, resulting in a realized gain of $91.2 million.
16:10
UMPQ Umpqua Holdings announces $215 mln public offering of common stock (11.69 -0.17)
16:09
MMLP Martin Midstream announces 1.65 mln common unit offering (34.25 +0.30)
16:09
KNXA Kenexa misses by $0.02, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY10 EPS below consensus, revs below consensus (11.00 +0.84)
Reports Q4 (Dec) earnings of $0.13 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.15; revenues fell 13.3% year/year to $39.1 mln vs the $39.6 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.08-0.09 vs. $0.16 consensus; sees Q1 revs of $38-40 mln vs. $40.29 mln consensus. Co issues downside guidance for FY10, sees EPS of $0.52-0.66 vs. $0.77 consensus; sees FY10 revs of $160-168 mln vs. $168.27 mln consensus.
16:08
BCH Banco de Chile reports Q4 results (56.64 +1.34)
Co reports Q4 r net income reached Ch$66,659 million in the 4Q09, slightly below the 3Q09 and 4Q08 figures. Similarly, ROAE reached 17.4% in the 4Q09, below the 18.6% and 18.9% recorded in the 4Q08 and 3Q09, respectively. During 4Q09, co posted a q/q growth of 4.62% in loan volumes, which reversed the negative trend observed during 1H09, improving the Bank's market share by 41 bp as compared to 3Q09.
16:08
VASC Vascular Solutions reports EPS in-line, revs in-line; guides Q1 EPS below consensus, revs above consensus; guides FY10 EPS in-line, revs in-line (8.68 +0.61)
Reports Q4 (Dec) earnings of $0.10 per share, in-line with the First Call consensus of $0.10; revenues rose 11.0% year/year to $18.2 mln vs the $18 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.07-0.08, including R&D expenses in the first quarter that are projected to be approximately $0.02 per share (tax affected) higher than customary, vs. $0.09 consensus; sees Q1 revs of $17.7-18.0 mln vs. $17.48 mln consensus. Co issues in-line guidance for FY10, sees EPS of $0.40-0.44 vs. $0.43 consensus; sees FY10 revs of $76-78 mln vs. $75.75 mln consensus. The Board of Directors has authorized a stock repurchase plan under which up to 1,000,000 shares of the Company's common stock may be repurchased prior to December 31, 2010.
16:08
RVBD Riverbed Technology beats by $0.03, beats on revs (23.72 +0.47)
Reports Q4 (Dec) earnings of $0.21 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.18; revenues rose 22.4% year/year and 11% sequentially to $112.9 mln vs the $106.5 mln consensus.
16:08
VRSN VeriSign misses by $0.03, reports revs in-line (23.42 +0.23)
Reports Q4 (Dec) earnings of $0.31 per share, $0.03 worse than the First Call consensus of $0.34; revenues rose 5.7% year/year to $263 mln vs the $260.6 mln consensus. "We had a good year in 2009 in which we delivered solid top line revenue growth while increasing the operating leverage in our core businesses and completing the divestitures of our non-core businesses, I believe we're well positioned for 2010 and beyond."
16:08
NETL NetLogic beats by $0.17, beats on revs, reports better than expected gross margin (43.33 +0.84)
Reports Q4 (Dec) earnings of $0.59 per share, $0.17 better than the First Call consensus of $0.42; revenues rose 124.9% year/year to $69.5 mln vs the $61.9 mln consensus. NETL reports Q4 gross margin of 65.7% vs 63.7% consensus. "2009 was truly a transformative year for the company... Outstanding engineering achievement in our knowledge-based processor and physical layer solutions allowed us to achieve record numbers of design wins, unprecedented competitive positioning and a further extension of our technology leadership. In addition, 2009 marked a major step in the company's growth with our successful merger with RMI Corporation, a technology leader and true innovator in the rapidly emerging high-end multi-core processor market and the ultra-low power embedded processor market. The integration of our companies is proceeding very smoothly and we are excited about the opportunities that the merger has presented for us to integrate our best-in-class physical layer products, knowledge-based processors and multi-core processors into highly-advanced platform-level solutions. This capability is a significant competitive advantage and will further strengthen our customers' ability to develop next-generation equipment to support the expected exponential growth in converged IP traffic."
16:08
MYGN Myriad Genetics beats by $0.02, beats on revs (23.90 +0.12)
Reports Q2 (Dec) earnings of $0.36 per share, $0.02 better than the First Call consensus of $0.34; revenues rose 10.5% year/year to $92.8 mln vs the $91.6 mln consensus. Co said, "We also announced that Dr. Mark Skolnick has elected to step down as a member of Myriad's Board of Directors on February 2, 2010. Dr. Skolnick will remain with the Company as a part-time employee in the capacity of senior scientist emeritus and scientific visionary."
16:07
JDSU JDS Uniphase beats by $0.03, beats on revs; guides Q3 revs above consensus (8.37 +0.21)
Reports Q2 (Dec) earnings of $0.12 per share, $0.03 better than the First Call consensus of $0.09; revenues rose 15.1% year/year to $343.8 mln vs the $334.2 mln consensus. Non-GAAP gross margin was 44.6% compared to 44.0% in the prior quarter and 43.5% in second quarter of fiscal 2009. Co issues upside guidance for Q3, sees Q3 revs of $325-$350 mln vs. $322.68 mln consensus.
16:07
TRMB Trimble Navigation reports EPS in-line, beats on revs (23.27 +0.06)
Reports Q4 (Dec) earnings of $0.21 per share, excluding non-recurring items, in-line with the First Call consensus of $0.21; revenues rose 3.5% year/year to $277.5 mln vs the $268.6 mln consensus. Co said, "The macroeconomic environment represented a significant challenge for Trimble throughout 2009. Although difficult, we saw improving stability in the second half of the year which provided us with the opportunity to demonstrate year-over-year progression in the fourth quarter... This reinforces our anticipation of meaningful revenue growth in 2010, with strong operating leverage providing the potential to grow earnings significantly faster than revenue. Trimble employees have distinguished themselves in a historically unprecedented period by confronting the needs of the short term while continuing to develop the platform for future growth. As a result, our fundamental long-term strategy and financial model remain intact and have not been impaired by the cost reductions taken during the recession".
16:05
PRE PartnerRe increases the annual dividend to $2.00 per common share, from $1.88 per common share (74.50 +0.25)
16:05
MIL Millipore beats by $0.06, beats on revs (71.79 +1.76)
Reports Q4 (Dec) earnings of $1.00 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.94; revenues rose 7.4% year/year to $426 mln vs the $421.6 mln consensus. Co said, "we are in a strong position and as we look ahead to 2010, we are confident in our ability to deliver attractive revenue growth, margin expansion, and strong cash flow. We expect our Bioprocess Division will benefit from continued demand from our global biotechnology customers, while our Bioscience Division will deliver improved performance as its end markets recover and it sees higher contributions from new products.
16:05
FISV Fiserv reports EPS in-line, beats on revs; guides FY10 EPS in-line (46.40 +0.60)
Reports Q4 (Dec) earnings of $0.94 per share, excluding non-recurring items, in-line with the First Call consensus of $0.94; revenues rose 2.1% year/year to $1.06 bln vs the $1.04 bln consensus. Co issues in-line guidance for FY10, sees EPS of $3.96-4.07, excluding non-recurring items, vs. $4.05 consensus.
16:04
TCM Tongjitang Chinese Medic acquires Guiyang liquor factory (3.68 -0.03)
The co announces that it has set up a joint venture with a third party to acquire 100% of state-owned Guiyang Liquor Factory ("Guiyang Liquor") for RMB120.6 million in cash. Tongjitang owns 95% of the joint venture and will pay its share of the consideration in full by February 2010. This acquisition is expected to be completed in the first quarter of 2010. Guiyang Liquor manufactures and sells 3 brands of Chinese liquors: "Guiyang Da Qu," "Qian Chun Liquor" and "Gui Liquor." According to its audited financial statements, Guiyang Liquor was profitable and achieved revenues of RMB18.9 million in 2008. Guiyang Liquor was founded in 1958 and is located in Guiyang City, Guizhou Province, China.
16:03
IVAC Intevac beats by $0.07, misses on revs (14.55 +0.36)
Reports Q4 (Dec) earnings of $0.09 per share, $0.07 better than the First Call consensus of $0.02; revenues rose 108.5% year/year to $34.2 mln vs the $34.8 mln consensus. Co noted it returned back to profitability this quarter. Co said, "Customers and analysts are predicting ongoing growth for 2010 and indicative of these positive market dynamics are our recently-announced multiple-system orders for incremental new capacity and legacy tool retirements."
16:02
ACTU Actuate beats by $0.01, reports revs in-line (5.12 )
Reports Q4 (Dec) earnings of $0.12 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.11; revenues fell 6.0% year/year to $31.2 mln vs the $31.5 mln consensus. Non-GAAP operating margin for the fourth quarter of 2009 was 24.9%. For the full fiscal year non-GAAP operating margins were a record 21.5%, compared with 18.6% for the prior year. Booked transactions greater than $100,000 with 87 customers during Q4, versus 76 a year ago.
16:02
MANH Manhattan Assoc beats by $0.04, reports revs in-line (21.64 -0.01)
Reports Q4 (Dec) earnings of $0.31 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.27; revenues fell 17.9% year/year to $62.1 mln vs the $61.7 mln consensus. Due to continued economic uncertainty in 2010, the Company is continuing its suspension of earnings guidance.
16:02
UNM Unum Group beats by $0.02, misses on revs (20.65 +0.55)
Reports Q4 (Dec) earnings of $0.66 per share, excluding net realized after-tax investment losses, $0.02 better than the First Call consensus of $0.64; revenues rose 7.4% year/year to $2.5 bln vs the $2.56 bln consensus. The Company is maintaining its previously stated outlook for full year 2010 and anticipates operating earnings growth for the year to be in a range of four percent to six percent.
16:01
IVAC Intevac receives orders for eight 200 Lean Systems scheduled for delivery in the second and third quarters of 2010 (14.47 +0.28)
16:01
PAG Penske Auto sees Q4 EPS of $0.20-$0.23 vs $0.17 consensus (14.38 +0.34)
Co announces that it sees Q4 EPS of $0.20-$0.23 (vs $0.17 consensus). "I'm pleased with the strong results achieved by our business in the fourth quarter. These results were driven by our brand mix, a strong performance from our UK operations and the continuing benefit from our cost-saving initiatives."
16:00
OB Onebeacon Insurance agrees to sell Personal Lines business to Tower Group (13.81 +0.81)
Co announces that it has entered into a definitive agreement to sell its Personal Lines business to Tower Group (TWGP). The transaction will include two insurance companies containing the personal lines business, and two attorneys-in-fact managing the reciprocal insurance exchanges which write the personal lines business in New York and New Jersey. Net written premiums for the affected books total approximately $420 mln for the year ended December 31, 2009. As consideration, OneBeacon will receive an amount equal to the statutory surplus in the reciprocal exchanges (approximately $103 mln at December 31, 2009), including the par value of the surplus notes issued by the exchanges to OneBeacon, the GAAP equity in the insurance companies and attorneys-in-fact (approximately $45 million at December 31, 2009), plus $32.5 mln.
15:49
Earnings Calendar
Today after the close of the many companies scheduled to report, some of the bigger names include: ACE, AFL, CHRW, SOLR, KNXA, LCRD, MEE, MYGN, NWSA, RVBD, VRSN, and WBSN. Tomorrow before the open, of the many companies scheduled to report, some of the bigger names include: ATMI, BDK, CMCSA, DBD, LAZ, NOV, PFE, RL, SLAB, TWX, TZOO, UMC, WU.
15:49
ATPG ATP Oil & Gas updates production and reserves (15.90 +0.38)
Co announces a recent production increase in 2010 of ~32% over the fourth quarter 2009 and a reserve replacement ratio of approximately 376% for 2009. In addition, ATP released updates on its 2009 production, year-end 2009 oil and gas reserves, development projects, recent acquisitions, monetizations and initial estimated CAPEX for 2010. ATP also outlined the terms of a recent amendment to its credit facility. The current producing rates are averaging between 17.0-19.0 MBoe/d, an increase of approximately 32% from production during the fourth quarter which averaged 13.6 MBoe/d. Through performance driven volume revisions, extensions and discoveries, ATP added 22.1 MMBoe of proved reserves during 2009... Co continues active discussions with parties to explore opportunities to monetize ATP's investment in the ATP Titan and other assets. During December 2009, ATP sold the deep exploratory rights below the productive horizons at MC 941 for an undisclosed amount resulting in a gain. ATP had no reserves booked or future development plans in the depths sold.... On January 29, 2010, ATP and its Lenders amended the Credit Agreement associated with its Senior Secured Term Loan. Co expects to be in compliance with its covenants associated with the Senior Secured Term Loan at December 31, 2009 and throughout 2010.
15:47
LXU LSB Industries subsidiaries were awarded Internal Revenue Code 48C tax credits (13.74 +0.07)
Co announced that two of the Company's subsidiaries, Climate Master and ClimaCool were awarded Internal Revenue Code 48C tax credits (also referred to as Advanced Manufacturing Energy Credits or Clean Energy Manufacturing tax credits), which are subject to executing definitive agreements with the IRS and making certain qualified investments. Climate Master's credit is in the amount of $8.9 million and was awarded for expanding the capacity of the existing manufacturing facilities that produce water-source heat pumps. ClimaCool's credit is in the amount of $.7 million and was awarded for the purchase of machinery and equipment to be used to produce green, modular chillers, including chillers that can be used as central components in geothermal systems, used in commercial and industrial HVAC applications.
15:45
XHB Sector ETF strength & weakness approaching today's closing bell -Technical-
Actively Traded Leading Sector ETF Plays:
SPDRS homebuilders- XHB +5%, RBOB gas- UGA +4%, Heating oil- UHN +3.75%, Crude/WTI oil- USO +3%, OIL +3.25%, Commods- GSG +2.75%, DBC +2%, SPDRS biotech- XBI +2.5%, US airlines- FAA +2.5%, Solar power- TAN +2%, Global shippers- SEA +2%, Pharma HLDRS- PPH +2%, Insurers- KIE +2%, SPDRS US retaielrs- XRT +1.75%, Healthcare- IHF +1.75%, XLV +1.75%, IYH +1.75%, SPDRS industrials- XLI +1.75%
Actively Traded Lagging Sector ETF Plays:
Regional banks- KRE -.75%, India- INP -.25%, US Dollar index- UUP -.25%
15:37
LLL L-3 Comms increases cash dividend to $0.40 per share from $0.35 per share (86.89 +2.29)
15:28
HIL Hill International joint venture received a contract from the Ministry of Culture's Supreme Council of Antiquities of the Arab Republic (5.58 +0.01)
Co announced that a joint venture between Hill and EHAF Consulting Engineers has received a contract from the Ministry of Culture's Supreme Council of Antiquities of the Arab Republic of Egypt to provide project management services during the design and construction of the Grand Egyptian Museum. The five-year contract has an estimated value to the Hill/EHAF joint venture of approximately $50.0 million. Hill has a 70% interest in the joint venture and EHAF has a 30% interest.
15:28
NAV Navistar runs to fresh highs as it lifts up into its Dec-Jan range/4-mth high of 41.00-41.52 -- see 14:37 (41.19 +2.71) -Technical-
15:05
ATRC AtriCure to pay U.S. $3.76 mln to resolve medicare fraud allegations (5.80 -0.06)
Co announces it has agreed to pay the United States $3.76 mln to resolve civil claims in connection with the alleged promotion of its surgical ablation devices, the Justice Department announced today. Surgical ablation devices use focused energy to create controlled lesions or scar tissue on a patient's heart or other organs. The settlement resolves allegations that the West Chester, Ohio-based company marketed its medical devices to treat atrial fibrillation, a use that is not approved by the FDA. Atricure also allegedly promoted expensive heart surgery using the company's devices when less invasive alternatives were appropriate, advised hospitals to up-code surgical procedures using the company's devices to inflate Medicare reimbursement, and paid kickbacks to health care providers to use its devices. The United States asserted that by engaging in this conduct, Atricure knowingly violated the Food, Drug, and Cosmetic Act and caused the submission of false and fraudulent claims in violation of the False Claims Act.
15:04
Moody's says US budget first step, not solution, to debt sustainability
The US government budget presented on February 1 was a small start to the big task of returning to a sustainable debt trajectory, but further measures will be necessary if that task is to be accomplished, Moody's Investors Service says in an issuer comment. Unless further measures are taken to reduce the budget deficit further or the economy rebounds more vigorously than expected, the federal financial picture as presented in the projections for the next decade will at some point put pressure on the Aaa government bond rating. "Freezing part of discretionary spending for a three-year period beginning in the next fiscal year is a positive step from a rating perspective, says Moody's Senior Credit Officer Steven Hess. "However, the deficits projected in the budget do not stabilize debt levels in relation to GDP, and the portion of government expenditures going to pay interest on the debt shows a steady rise." The government is constrained for the time being by the high unemployment rate. A big fiscal adjustment right now would be politically difficult and could slow the economic recovery. In addition, extra spending for employment creation in the current fiscal year adds to the long-term debt trajectory. Entitlement programs will also put significant pressure on the government's fiscal position toward the end of the current decade and thereafter, regardless of the new budget proposals. "The debt trajectory is clearly continuously upward if further measures are not implemented," Moody's Hess says.
15:02
SCHW Charles Schwab slides back near its morning low and 200 day ema at 18.14 (18.15 -0.28) -Technical-
Note that its 200 day sma comes into play just below at 18.08
14:58
HOLX NASDAQ 100 (NDX) leaders & laggards heading into today's final hour of trading -Technical-
NDX 100 Best % Performers:
HOLX +8.75%, WCRX +4.5%, MICC +3.5%, FLEX +3.5%, STX +3.5%, FAST +3%, NTAP +3%, FWLT +2.75%, GRMN +2.5%, ORCL +2.5%, CEPH +2.5%, XRAY +2.25%
NDX 100 Worst % Performers:
NRG -1.75%, WYNN -1.5%, QCOM -1%, DISH -1%, JBHT -1%, AMZN -.5%, GOOG -.5%, HANS -.5%, EBAY -.5%, KLAC -.25%, PPDI -.25%, CTXS -.25%
NASDAQ TRIN @ +.60
NASDAQ A/D @ +235
14:54
GE Dow (INDU) leaders & laggards heading into today's final hour of trading -Technical-
INDU Best % Performers:
GE +3.75%, AA +3%, MRK +2.75%, PFE +2%, HD +1.75%, HPQ +1.75%, AXP +1.5%
INDU Best % Performers:
BA -.25%
NYSE TRIN @ +.70
NYSE A/D @ +1460
14:51
SPY NYSE & NASDAQ trading volume pacing ahead of yesterday's tally while the indices post broad gains-- See volume chart -Technical-
Both primary exchanges are posting heavier volume than yesterday @ this point in the trading session while the broad indices hold firm gains with under 90 min. left in today's session. At this point, if volume surpasses yesterday's total by day end while the markets maintain their gains, 'bullish accumulation' will be seen in the price/volume pattern/relationship.
As of 2:30ET, 696M shares have changed hands vs. 610M yesterday while over on NASDAQ, 1.75B shares have traded vs. 1.6B yesterday.
NYSE 60 min volume charts
NASDAQ 60 min volume charts
14:46
COMDX NYMEX Energy Closing Prices
Crude oil rallied for $2.74 to close at $77.17, natural gas finished up 2.9 cents to $5.463, heating oil settled higher by 7.68 cents to $2.0317 and RBOB gasoline gained 8.77 cents to end at $2.0198 (all March contracts).
14:25
Mazda North American reports January sales increased 1.8% y/y to 15,694, and up 6.0% on daily selling rate basis
14:10
ING ING Group: Moody's confirms ING Bank's Aa3 rating with a stable outlook (10.19 +0.39)
14:02
GM confirms total sales increased 14%
U.S. dealers for GM's brands reported retail sales increased 3% y/y to 102,420. These results were driven by the continued strong growth of new GM crossovers and passenger cars. For the month, GM dealers reported 146,825 total sales (including other brands), representing a total sales increase of 14% from the previous year. "In the U.S., we are seeing a strong rebound in manufacturing and stabilization of consumer confidence, which will support a slow but steady improvement in the vehicle market." Based on the strengthening U.S. economy, co is increasing 2010 CY sales outlook to 11.5 to 12.0 million (total vehicle).
13:44
SPY Another round of minor new highs for the stock indices -- Dow +103, S&P +13, Nasdaq +17 -Update- -Technical-
A pause near the 1099/1100 resistance area in midday trade merely resulted in tight range near the highs reflecting little selling interest. The break to a new high has been extended modestly to 1102 in recent trade leaving it back near last week's peak (1103) with its 50 day ema coming into play thereafter at 1106. Intraday supports are at 1098 and 1094.
13:42
TM Toyota Motor: Toyota Motor Sales U.S.A. reported January sales decreased 8.7% y/y to 98,796 vehicles (78.01 -1.93) -Update-
Toyota Motor Sales U.S.A. reported January sales of 98,796 vehicles, a decrease of 8.7 percent over last January, on a daily selling rate basis. The Toyota Division posted January sales of 83,279 units, a decrease of 12 percent over the same period last year. On January 26, Toyota suspended sales of the eight models involved in the accelerator pedal recall, impacting the Division's January sales. The eight models represented more than 60% of Toyota inventory.
13:38
HMC Honda Motor: American Honda Motor reports January vehicle sales increased 2.9% y/y to 67,479 (34.20 +0.42)
13:37
NSANY Nissan Motor: Nissan North America confirms January sales increased 16.1% y/y to 62,572 units (16.69 +0.47)
13:35
COMDX COMEX Metals Closing Prices
April gold closed higher by $13.20 to $1118.20, March silver gained 8 cents to end at $16.74, and March copper finished up 1.55 cents to $3.099.
13:27
GE General Electric notches a fresh session high of 16.87, nearing its Jan/five month high at 16.92 (16.87 +0.62) -Technical-
13:20
IDCC Interdigital Comm announced the promotion of Naresh Soni to the position of Chief Technology Officer (25.21 +0.04)
13:00
BC Brunswick to consolidate aluminum boat production (11.58 +0.68)
Co announced that it will consolidate a portion of its aluminum boat production within its current manufacturing footprint as part of its ongoing efforts to be more agile and responsive to marine market demand. Over the next several months, Brunswick will transfer production of its Crestliner and Triton aluminum boats, now made in Little Falls, Minn., to three other manufacturing plants. As a result, the Little Falls manufacturing facility will phase down production and close sometime this fall. Production of Crestliner and Triton fishboats and pontoons will be integrated into Brunswick manufacturing plants in New York Mills, Minn., Lebanon, Mo., and Fort Wayne, Ind. Both the Crestliner and Triton brands and dealer networks will remain intact, and this change is expected to be transparent to the dealer network.
12:50
WHR Whirlpool breaks to fresh gap up highs on a pick up in relative volume as it pushes back through the 82.00 level (82.58 +6.49) -Update- -Technical-
The Dec-Jan/52-wk range highs are overhead near 85.00-85.17.
12:49
DAI Daimler AG reports an increase of 26.4% with a total of 15,436 cars sold for the Mercedes-Benz Cars division in the U.S. for January 2010 (47.20 +0.41)
Co reported sales for the Mercedes-Benz Cars division in the U.S. (Mercedes-Benz and smart combined) of 15,436 units, an increase of 26.4% compared to January 2009. All sales figures in this release are on an unadjusted basis unless otherwise noted. Mercedes-Benz USA today reported January sales of 15,158 vehicles, a 45.3% improvement over January 2009, starting 2010 with robust momentum. Strong demand in both the Mercedes sedan and light-truck categories fueled the increase in sales volume for the month.
12:45
XHB Sector ETF strength & weakness here @ midday trading -Technical-
Actively Traded leading Sector ETF Plays:
SPDRS homebuilders- XHB +4%, RBOB gas- UGA +3.25%, Heating oil- UHN +2.75%, Crude/WTI oil- USO +2.5%, OIL +2.75%, Commods- GSG +2.5%, DBC +1.75%, US airlines- FAA +2.25%, Solar power- TAN +2%, iShares Japan- EWJ +2%, Global shippers- SEA +1.75%, iShares Brazil- EWZ +1.5%, SPDRS US retailers- XRT +1.5%, Ag/chem- MOO +1.5%, Insurers- KIE +1.5%, SPDRS biotech- XBI +1.5%
Actively Traded Lagging Sector ETF Plays:
India- INP -.5%, iShares S Korea- EWY -.5%, Regional banks- KRE -.5%, US dollar index- UUP -.25%, Coal- KOL -.25%
12:37
COMDX Crude oil extends rally to notch fresh highs at $76.97; now up $1.44 to $76.87
12:34
SPY S&P 500 reaches 1100 level -Update- -Technical-
The upside extension has reached the top of the 1099/1100 congestion/psych level noted earlier with the 38% retracement of the Jan slump just above at 1101. Short term levels above are at 1103 (last week's high) and 1106 (50 day ema). Initial intraday supports are at 1096 and 1094.
12:24
PENN Penn Natl Gaming prepares for the introduction of table games at Charles Town Races & Slots (27.45 +0.10)
Co announced two property management changes as Charles Town Races & Slots prepares for both the introduction of table games and the re-branding of the property as a Hollywood casino.
12:23
AIG American Intl named new executives to corporate officer positions (24.15 +0.19)
Co announced it has named executives to corporate officer positions. Thomas Russo was named AIG Executive Vice President, Legal, Compliance, Regulatory Affairs and Government Affairs and General Counsel. Jeffrey J. Hurd was named AIG Senior Vice President, Human Resources and Communications. Sandra P. Kapell was named AIG Vice President and Global Head of Talent Strategy and Performance Systems. Michael R. Cowan was named AIG Senior Vice President and Chief Administrative Officer, succeeding Mr. Hurd. Christina Pretto was named AIG Senior Vice President, Communications, reporting to Mr. Hurd.
12:21
SPY Fresh session highs for stock indices in midday trade -- Dow +81, S&P +10, Nasdaq +13 -Update- -Technical-
Relative sector strength on this latest push has been noted in Materials XLB, Telecom IYZ, Retail XRT, Housing XHB, REITs IYR, Ag/Chem MOO, Gold Miners GDX, Coal KOL, Steel SLX, Casino.
12:07
UUP Dollar Index on defensive after recent run to resistance zone -Technical-
The Dollar Index was up for the fifth session in a row in early trade Monday bringing the rally off the Jan low to nearly 4%. It pulled back from a resistance zone yesterday and has slipped further today. For near term levels of interest see the daily chart.
12:02
Porsche Cars North America reports January sales in the U.S. increased 8% y/y to 1,768
12:01
BCON Beacon Power accelerating production plans to build nation's first full-scale flywheel energy storage plant (0.46 +0.02)
Co announced that it plans to hire ~50 new employees this year at its Tyngsboro, Massachusetts, headquarters, as it ramps up production of its grid-scale flywheel energy storage systems. The decision to expand the workforce comes following a series of positive developments, including more than a full year of successful operation on the New England grid; a $43 mln conditional loan guarantee commitment from the U.S. Department of Energy (DOE); and the award of a $24 mln DOE smart grid stimulus grant. Beacon also raised $20 mln in equity investment in December, a portion of which will provide the remaining capital required to close the DOE loan and build the Company's first full-scale 20 MW plant.
12:00
F Ford Motor reports January sales of +24.6% vs. +34% Street expectation (11.36 +0.24) -Update-
Co reports January U.S. sales of +24.6% vs. +34% Street expectation. Ford cars were up 43%, crossovers were up 20%, sport utilities were up 8%, and trucks and vans were up 14%. Among brands, Ford sales were up 26%, Lincoln sales were up 16% and Mercury sales were up 6%. Ford estimates its January U.S. total market share was approximately 16% - about 2 percentage points higher than in January 2009. Last year, Ford posted its first full-year U.S. market share increase since 1995. In January, Ford sales to fleet customers more than doubled last January's depressed levels (up 154%) when most fleet owners deferred vehicle purchases due to the credit crunch and uncertain business and economic conditions.
11:53
MOSY MoSys announces breakthrough bandwidth engine ICs and serial chip-to-chip communications interface for next generation networking applications (4.73 +0.17)
Co announces a roadmap for its new Bandwidth Engine integrated circuit, which will combine MoSys' patented 1T-SRAM) high-density embedded memory with its ultra high-speed 10 Gigabits per second SerDes interface technology and an arithmetic logic unit. MoSys' Bandwidth Engine promises to deliver bandwidth performance in next-generation networking systems for storing, manipulating and accessing packets, control information and statistics at breakthrough rates. In conjunction with the announcement of this new product initiative, MoSys also today announced the expansion of its overall business model to become a fabless semiconductor company supplying high-performance ICs, in addition to differentiated IP.
11:43
CDR Cedar Shopping Centers announces sale of additional stock to RioCan (6.72 -0.45) -Update-
Co announces that as a result of its underwritten public offering of 7,500,000 shares of its common stock, RioCan Real Estate Investment Trust has agreed to purchase 1,250,000 additional shares of common stock which, together with the 6,666,666 shares previously purchased by RioCan at $6.00 per share and the warrant to purchase an additional 1,428,570 at $7.00 per share, as previously announced, will result in an approximate 14.3% pro rata percentage ownership of Cedar shares on a fully diluted basis. In connection with Cedar's previously announced transaction with RioCan, subject to certain exceptions, RioCan contractually has the right to purchase its pro rata interest, up to approximately 14.6% of any new shares of common stock proposed to be sold by Cedar. The purchase price for the shares is the same as the $6.60 per share net offering price in Cedar's public offering, resulting in proceeds to Cedar of approximately $8.25 million. The proceeds will be used to repay amounts outstanding under Cedar's secured revolving credit facility for stabilized properties.
11:38
AAI Air Tran Holdings: AirTran Airways reports January traffic (4.88 +0.02)
AirTran Airways, a subsidiary of AirTran Holdings, Inc. (NYSE: AAI), today reported traffic for the month of January. The airline reported that revenue passenger miles (RPMs), available seat miles (ASMs) and enplaned passengers represent new monthly records for the month of January. For January, traffic grew by 6.8% to more than 1.3 bln RPMs and the airline enplaned over 1.7 mln passengers.
11:37
COMDX Crude oil and natural gas are also trading at their best levels of the day
Crude is higher by $1.89 to $76.32 and nat gas is up 8.6 to $5.52.
11:33
GLD streetTRACKS Gold Shares ETF sees highest 1 min. volume of the day as price trades to fresh session highs (109.36 +1.01) -Technical-
GLD +.95% vs. USO +1.5%, & SPX +.75%.
HoD @ 109.60
11:32
COMDX Gold futures spike to fresh highs; now up $12.80 to $1117.80
11:16
Rumor Round Up
The rumor mill picked up today after staying quiet for the majority of yesterday's session. At the open renewed Nike (NKE 64.06 -0.02) for Under Armour (UA 26.83 +0.86) chatter made the rounds. This rumor hasn't been speculated for quite some time, however UA shares are up 3% today. Renewed takeover chatter circulated about Mosaic (MOS 55.80 -0.42), with Cargill the rumored acquirer. However, MOS shares have remained range bound since the open. Sonic Automotive (SAH 10.16 +0.25) was rumored to be hearing interest from AutoNation (AN 18.42 +0.17). As mentioned before, while many rumors circulate during the day, and the validity of the source of these rumors can be questionable, the speculation may increase volatility in the near term.
11:02
PPH Continued intraday relative strength in Pharmaceutical and Health - PPH / DRG / XLV - -Technical-
BMY +1%, MRK +1.9%, PFE +1.4%, LLY +1.3%, ABT +1.7%, FRX +1.8%, HSP +1.6%, KG +1.3%, MHS +1.2%, VRX +1%, CI +2.8%, HUM +1.3%.
11:00
AIS Antares Pharma Partner, Teva USA, introduces new resources to support use of ANTARES' patient-friendly injector for growth hormone deficiency in children (1.24 +0.07)
Co announced that Teva USA has introduced new patient support resources for the Tjet device and TEV-TROPIN. Antares licensed its novel delivery device to Teva, branded as Tjet for delivering TEV-TROPIN brand human growth hormone (hGH) to children who have growth failure due to inadequate secretion of normal endogenous growth hormone.
10:49
AGL AGL Resources, DTE Energy (DTE) and TECO Energy (TE) launched joint venture to provide home warranty products and services under the brand name "UtiliPRO" (35.99 +0.37)
10:48
SPY S&P 500 pauses after run near resistance zone -Update- -Technical-
Highlighted intraday support for the S&P at 1087 in the 09:57 update and the pullback to that level at 10:00 was followed by an upside extension near resistance noted at 1099/1100 (session high 1098.54, currently at 1096.49). Initial intraday support from here is bumped up to 1092 in front of 1087. Last week's high comes into play at 1103.
10:45
MOT Motorola announced an investment in Scanbuy; terms of the investment were not disclosed (6.34 +0.01)
Co announced an investment in Scanbuy. Motorola acted as lead investor and was joined by Masthead Venture Partners, Hudson Ventures and select private investors. Financial terms of the investment were not disclosed.
10:38
Fidelity eliminates tiered brokerage pricing; cuts online trade commissions by up to 60% to flat rate of $7.95
Fidelity Investments announced it will reduce U.S. online equity commissions to $7.95 for all customers beginning February 3, 2010. The new commission rate eliminates tiered pricing, and reduces some customers' commissions by as much as 60 percent. (AMTD, ETFC, OXPS, SCHW, IBKR, TRAD)
10:36
CVX Chevron approaches the high of Friday's low bar and its 200 day ema at 74.07/74.05 -- session high 73.97 (73.84 +0.26) -Technical-
10:35
XHB Sector ETF strength & weakness through today's first hour of trading -Technical-
Actively Traded Leading Sector ETF Plays:
XHB +4.5%, US Airlines- FAA +2.25%, iShares US broker/dealers- IAI +1.5%, RBOB gas- UGA +1.5%, iShares Japan- EWJ +1.75%, SPDRS US retailers- XRT +1.5%, Ag/chem- MOO +1.5%, SPDRS industrials- XLI +1.5%, Solar power- TAN +1.5%, iShares Brazil- EWZ +1.5%, Steel- SLX +1.25%, Oil HLDRS- OIH +1.25%, Global shippers- SEA +1.25%
Actively Traded Lagging Sector ETF Plays:
iShares S Korea- EWY -.5%, India- INP -.5%, Regional banks- KRE -.25%, US Dollar index- UUP -.25%
10:34
COMDX Crude oil extends rally, putting in fresh highs at $75.77; now higher by $1.29 to $75.73
10:28
HOLX NASDAQ 100 (NDX) leaders & laggards moving through today's 1st hour of trading -Technical-
NDX 100 Best % Performers:
HOLX +7%, fwlt +3.5%, WCRX +3.25%, FLEX +3.25%, ORCL +2.25%, FAST +2%, MICC +2%, SIAL +1.5%, ERTS +1.5%, ISRG +1.5%, GRMN +1.5%
NDX 100 Worst % Performers:
AMZN -3%, WYNN -1.75%, NRG -1.25%, DISH -1%, EXPE -1%, SYMC -1%, DTV -.75%, QCOM -.75%, KLAC -.5%, DELL -.25%
NASDAQ TRIN @ +.65
NASDAQ A/D @ +455
10:26
AA Dow (INDU) leaders & laggards moving through today's 1st hour of trading -Technical-
INDU Best % Performers:
AA +2.75%, AXP +2%, JPM +2%, KFT +1.75%, PFE +1.5%, GE +1.25%
INDU Worst % Performers:
MMM -.25%, MCD -.25%
NYSE TRIN @ +.75
NYSE A/D @ +1070
10:22
TECHX Sector leadership on move in market averages to new highs -Update- -Technical-
Sectors displaying intraday relative strength include: Housing XHB, Materials XLB, Health XLV, REITs IYR, Solar TAN, Ag/Chem MOO, Shipping SEA, Coal KOL.
10:19
LMT Lockheed Martin awarded a contract extension from NASA with delivery order value of approximately $230 million (76.35 +1.48)
Co announced that it has been awarded a contract extension from the National Aeronautics and Space Administration (NASA) to continue ODIN (Outsourcing Desktop Initiative for NASA) services to support NASA Headquarters and all major NASA centers. The ODIN modification is a phased extension beginning in February 2010 and continuing through Oct. 31, 2011, for an estimated delivery order value of approximately $230 million.
10:17
SPY New highs for stock indices following limited morning pullback off opening highs -- Dow +36, S&P +5.1, Nasdaq +3.4 -Update- -Technical-
10:16
RTN Raytheon showing relative strength as it climbs higher off the opening on increased volume (53.82 +0.85) -Technical-
Next level of resistance lies around the $54.00 area, followed by the December peak of 54.87.
10:15
LVS Have seen some relative weakness in Casino in recent trade but attempting to stabilize -Technical-
LVS -3.9%, WYNN -2.5%, MGM -2%, PENN -0.9%.
10:13
UAUA Relative strength in early trade and in recent action for Airline Index -XAL- -Update- -Technical-
Highlighted support at its 50 day sma/ema last Thursday and while it lifted slightly it could not buck the market's negative bias on Friday. It outperformed yesterday as it reclaimed its 50 day averages and is exhibiting relative strength again today -- UAUA +4.6%, DAL +2.8%, CAL +2.7%, ALK +2.3%, JBLU +1%, XJT +2.7%, LCC +2.3%, AAI +1.2%, GOL +1.5%.
10:06
CDR Cedar Shopping Centers prices offering of 7,500,000 newly issued shares of common stock at $6.60 per share (6.65 -0.52)
10:04
HEB Hemispherx Biopharma receives favorable notice via its subcontractor that the FDA Seattle district accepts Ampligen manufacturing response (0.77 +0.13)
Co announces, via its manufacturing subcontractor, it received a favorable response from the FDA Seattle District Office related to the latest response to the Prior Approval Inspection submitted on Dec.11, 2009. Co says the DO has accepted that certain manufacturing issues noted in the pre-approval inspection at the facility have been fully addressed and has made a recommendation for manufacturing approval with the Company's subcontractor listed as a manufacturing site to the FDA Office of Compliance in Washington, DC. The referenced response on Ampligen, an experimental therapeutic being developed for potential treatment of Chronic Fatigue Syndrome, is the combined work-product of the staffs at Hemispherx and its subcontractor.
10:02
SPY Limited, slightly weaker response from the market averages following the home sales data -- Dow +4, S&P +0.3, Nasdaq -4.1 -Update- -Technical-
10:01
JBT JBT Corp announces order for the land-based air conditioner program with United States Navy (16.16 -0.06)
Co announced that its JBT AeroTech business was awarded production options for the United States Navy Land-based Air Conditioner (LBAC) program. This order for 130 units and support equipment is valued at $21.4M with equipment being delivered throughout 2010-2012.
10:00
THC Tenet Healthcare signed a multi-year agreement with MultiPlan (5.53 +0.04)
Co announced that it signed a multi-year agreement with MultiPlan, effective Jan. 1, 2010. The agreement includes participation in the PHCS (formerly Private Healthcare Systems) Network, the MultiPlan Network and, in select markets, PHCS Savility, which is MultiPlan's newest primary PPO network.
09:57
SPY Firmer start for S&P 500 range trading near first level resistance -Update- -Technical-
The index opened on a slightly firmer note following Monday's bounce with it probing first level resistance noted in The Technical Take in the 1092/1093 area (at 1091, session high 1092). There is a minor resistance near 1095 with the next short term area of note at 1099/1100. Intraday supports are at 1087 and 1084.
09:50
COMDX Crude oil ticks to fresh highs at $75.48; now higher by 89 cents to $75.32
09:50
AA Alcoa gaps higher after upgrade, range trading modestly under last week's high at 13.95 -- session high 13.90 (13.75 +0.39) -Update- -Technical-
09:46
XLF Financial Select Sector SPDR stalls again slightly under the recovery high off Jan low and 50 day ema/sma at 14.50/14.59 -- session high 14.46 (14.38 -0.04) -Technical-
AXP +1.3%, JPM +0.4%, GS +0.7%, MS +0.5%, WFC -0.1%, USB -0.7%, BK -0.7%, BAC -0.2%, TRV -0.6%, MET -0.4%.
09:41
ECONX Reminder: Pending Home Sales data due out in about 19 min at 10:00ET
09:40
AA Alcoa re-aligns engineered products and solutions business to accelerate growth initiatives (13.82 +0.46) -Update-
Co announced a re-alignment of its Engineered Products and Solutions (EPS) business to accelerate its growth. The EPS business is composed of Alcoa units that serve the aerospace, automotive, commercial transportation, building and construction, and oil and gas markets. The EPS businesses reported revenues totaling nearly $4.7 billion in 2009. As part of the restructuring, two new chief operating officer positions have been created. Effective February 1, 2010, Chris L. Ayers and Olivier M. Jarrault have been named to the new posts.
09:37
GS Goldman Sachs shares challenge three day range top resistance near the 155~155.20 level (154.96 +1.83) -Update- -Technical-
HoD near the top @ 155.19
09:35
AMZN Amazon.com shares display relative price weakness versus the widely watched NDX 100 components for the 2nd straight session -Update- -Technical-
AAPL, BIDU, GOOG, & RIMM all holding a bid while AMZN -1.3%.
09:35
XHB SPDR Homebuilders strong out of the gate, tests/pauses near the 50% retracement of the Jan decline at 15.57 -- session high 15.56 (15.54 +0.38) -Technical-
LEN +5%, MDC +3.2%, MTH +1.2%, PHM +4.2%, SPF +2.1%, TOL +2.8%, LOW +0.6%, MHK +1.9%.
09:32
IYR iShares DJ Real Estate tests/pauses near its 50 day ema and six day range top at 44.47/44.49 in early trade (44.26 +0.04) -Technical-
09:32
SBGI Sinclair Broadcast updates on status of ABC affiliation agreements (5.60 +0.06)
Co announced that the affiliation agreements with the ABC Network for nine stations it owns and/or operates have been extended until February 28, 2010 while the two sides continue to negotiate. The network affiliation agreements were due to expire on December 31, 2009 and, as Sinclair had previously announced, had been extended by one-month.
09:31
SXL Sunoco Logistics announced that the 2.2 mln unit offering by its general partner priced at $68.85/unit (68.70 -2.29)
09:31
ACE ACE Limited unit received product approvals from the Saudi Arabia Monetary Authority (49.14 +0.12)
ACE Arabia Cooperative Insurance Company (AACIC) has announced that it has now received product approvals from the Saudi Arabia Monetary Authority (SAMA) for the majority of the product lines that it wishes to provide. This follows the January announcement that ACE had received regulatory consent to conduct insurance operations in the Kingdom. In view of this positive development, AACIC is pleased to announce that it commenced underwriting operations on 1st February 2009.
09:18
BA Boeing moves 787 Dreamliner fatigue test airframe to testing rig (61.70 )
Co announced it moved the 787 Dreamliner fatigue test airframe to its structural test rig. The test rig is located in the northwest corner of the Everett, WA, site. Test set up is expected to begin immediately, with tests commencing midyear. "Unlike static tests, where loads are applied to the airplane structure to simulate both normal operation and extreme flight conditions, fatigue testing is a much longer process that simulates up to three times the number of flight cycles an airplane is likely to experience during a lifetime of service," said Scott Fancher, 787 vice president and general manager, Commercial Airplanes. "This testing is instrumental in confirming the longevity of the airplane."
09:10
MYRX Myriad Pharma announces that FDA accepts Javelin Pharmaceuticals' submission and files new drug application for Dyloject (4.60 )
Co announces that the U.S. Food and Drug Administration has accepted Javelin Pharmaceuticals' submission and filed a New Drug Application for Dyloject, an investigational, injectable NSAID for the management of acute moderate-to-severe postoperative pain in adults. "We are pleased that the FDA has accepted the Dyloject NDA submission for filing, which is an important milestone in our proposed merger with Javelin Pharmaceuticals," noted Adrian Hobden, PhD, President and CEO of Myriad Pharmaceuticals. "The Javelin team deserves congratulations and credit for assembling a thorough and comprehensive application."
09:07
On The Wires
RELM Wireless (RWC) announces that it has received an order totaling approximately $6.6 mln from the U. S. Department of Agriculture Forest Service. This order is comprised of RELM's long-time flagship D-Series digital P-25 portable and mobile radios. It is anticipated that the order will be fulfilled during the first quarter of 2010... Ivanhoe Energy (IVAN) announces that the co's first appraisal well in the Pungarayacu field in Ecuador has reached total depth with extensive oil shows in both the Napo and Hollin formations. The initial results from this well are highly significant and, as a result, IVAN will be deferring releasing any information until independent laboratory analysis is received... Reed's (REED) announced that it has expanded its relationship with The Kroger Co. (KR). Kroger has authorized Virgil's Diet Root Beer, Virgil's Diet Cream Soda and Virgil's Orange Cream Soda. Product is expected to be in stores beginning in February. By May, Reed's expects the new SKU's to be rolled out into approximately 795 Kroger stores nationwide... Herley Industries (HRLY) announces that a major U.S. Prime contractor has awarded Herley New England division a contract valued at approximately $1.5 mln for the production of integrated microwave assemblies to be used in the U.S. Navy's P-8A aircraft... eHealth (EHTH), parent of eHealthInsurance.com announces a partnership with LegalZoom.com... Rick's Cabaret International (RICK) has signed a mobile applications agreement with On The Go Girls, a smart phone entertainment co... AXT Inc (AXTI) announces that it has been awarded a 5-year contract for germanium substrates with AZUR SPACE Solar Power GmbH... Star Bulk Carriers (SBLK) announces that it has entered into an agreement to sell the Star Beta, a 174,691 dwt Capesize vessel, to a third party for a contracted sale price of $22 mln...
09:04
ATEC Alphatec unit receives CE Mark for its OsseoScrew Spinal Fixation System and Its GLIF/ ARC portal access system (4.40 )
09:03
CDY Cardero Resource provides an update on its corporate strategy and key mineral projects (1.30 )
Co provides an update on its corporate strategy and key mineral projects following the recently completed sale of the Pampa de Pongo Iron Deposit in Peru for total gross proceeds of USD 100 million. Co continues to advance its Pampa El Toro Iron Sands deposit in southern Peru as ongoing discussions and technical reviews with potential strategic partners progress. Strengthening iron ore markets have triggered an increased interest in this iron deposit that is strategically situated in close proximity to substantial infrastructure including highways, power, a deepwater port and an operating iron ore mine. Given the Company's current working capital of ~$93.5 million (prior to payment of the as-yet unquantified taxes in connection with the Pampa de Pongo sale) and significant marketable securities portfolio (current gross market value ~$31 million), Cardero is also actively reviewing potential mineral project acquisitions. Advanced-stage projects in both the base and precious metals sectors are currently being evaluated with the impetus to identify assets that will contribute significantly to increasing the market value of the Company.
09:03
SHW Sherwin-Williams Chairman and CEO Establishes 10b5-1 Trading Plan (64.62 )
Co announced that its CEO has established a trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act. Under the plan, Mr. Connor intends to exercise 246,067 employee stock options and sell a portion of the underlying shares of Sherwin-Williams common stock beginning in March and continuing from time to time during 2010
09:02
OKS ONEOK Partners priced a public offering of 5.25 million of its common units at $60.75 per unit (62.80 )
09:02
CATY Cathay Bancorp prices ~13.06 mln share common stock offering at $8.80/share (9.59 ) -Update-
09:01
PNC PNC Bank confirms it will sell PNC Global Investment Servicing (55.86 ) -Update-
Co confirms that it has signed a definitive agreement to sell PNC Global Investment Servicing, a provider of processing, technology and business intelligence services to asset managers, broker-dealers, and financial advisors worldwide, to BNY Mellon (BK) for $2.3 bln in cash. Upon completion of the sale, PNC expects to report an after-tax gain of approximately $.5 bln and an increase in Tier 1 common capital of approximately $1.6 bln after the release of capital of $1.1 bln primarily related to goodwill and other intangible assets. As a result, on a pro forma basis, PNC's Tier 1 common capital ratio at December 31, 2009 would have increased by approximately 70 basis points to an estimated 6.7%.
09:01
ALTR Altera increases share repurchase authorization by 10 mln shares; now 14.7 mln shares authorized for repurchase (21.88 )
09:01
TRIT Tri-Tech Holding announces that it has received 11 new contracts for flood control and river monitoring worth RMB8.7 mln (approxy US$1.27 mln) (14.27 )
08:55
JAV Javelin Pharmaceutic says FDA accepts its Dyloject New Drug Application for formal review (1.19 )
Co announces that its New Drug Application submitted on December 2, 2009 to the FDA for its investigational product candidate, Dyloject Injection, has been accepted for formal review. The co expects to learn the Dyloject NDA's PDUFA date from the FDA in the next few weeks. The NDA is in support of US marketing approval and registration of Dyloject for the management of acute moderate-to-severe pain in adults.
08:55
MRO Marathon Oil misses by $0.19, beats on revs (30.65 )
Reports Q4 (Dec) earnings of $0.32 per share, excluding non-recurring items, $0.19 worse than the First Call consensus of $0.51; revenues rose 9.3% year/year to $16.07 bln vs the $13.69 bln consensus. E&P segment income totaled $439 million in the fourth quarter of 2009 compared to $240 million in the fourth quarter of 2008, with 2009 benefiting from higher liquid hydrocarbon realizations and sales volumes plus operating cost reductions, which were partially offset by lower natural gas realizations and sales volumes. Production available for sale averaged 403,000 boepd for the fourth quarter of 2009 and 405,000 boepd for the year, compared to 388,000 boepd and 371,000 boepd respectively for the same periods in 2008, all periods exclude Gabon and Ireland. Marathon estimates 2010 E&P production available for sale will be between 390,000 and 410,000 boepd, excluding the effect of any future acquisitions or dispositions. The Oil Sands Mining segment reported income of $41 million for the fourth quarter of 2009 and $44 million for the full year, compared to income of $100 million and $258 million respectively for the same periods in 2008. For the three-year period ended Dec. 31, 2009, Marathon added net proved reserves of 872 mmboe, excluding dispositions of 44 mmboe, while producing 411 mmboe, resulting in an average reserve replacement ratio of 212 percent. Marathon anticipates providing greater detail about its proved reserves in a mid-February news release.
08:47
TSEM Tower Semicon and Soitec sign agreement to offer backside illumination platform for high-end image sensors (1.15 )
The co and Soitec Group (Euronext Paris) announce that they have signed an agreement that will enable a turn-key solution for high-end backside illuminated (BSI) CMOS image sensors (CIS) for industrial, medical and automotive applications. "The market for BSI CMOS image sensors replacing current Front Side Illumination (FSI) technology is expected to reach $800M in 2013," according to Jerome Baron, principal analyst at Yole Developpement. "The BSI image sensor market will be mainly driven by digital cameras and cell-phone applications, but high performance imaging applications such as medical, industrial and automotive vision sensors are also an important segment. We estimate the market for high-end BSI image sensors to reach $120M in the same time frame."
08:46
XOMA XOMA Limited announces $21 million underwritten offering of common shares and warrants (0.64 )
Co announces the pricing of an underwritten offering of 42 million units at a price to investors of $0.50 per unit for gross proceeds of approximately $21.0 million. After underwriting discounts and commissions and estimated offering expenses payable by the company (and assuming no exercise of the warrants), XOMA expects to receive net proceeds of approximately $19.3 million.
08:45
MAG MagneTek receives first production order for new technology liquid cooled wind inverters; valued at nearly $1.5 mln (1.46 )
08:33
RWC Relm Wireless receives order totaling $6.6 mln from U.S. Department of Agriculture (3.12 )
Co announces that it has received an order totaling approximately $6.6 mln from the U. S. Department of Agriculture Forest Service. This order is comprised of RELM's long-time flagship D-Series digital P-25 portable and mobile radios. It is anticipated that the order will be fulfilled during the first quarter of 2010.
08:32
EP El Paso reports 44% increase in risked unproved resources (10.45 )
Co announces that as of December 31, 2009, it had 5.1 trln cubic feet equivalent of estimated total risked unproved resources , or 8.9 Tcfe unrisked, in addition to its 2.75 Tcfe of proved natural gas and oil reserves. The company's risked total unproved resources rose approximately 1.6 Tcfe, or 44%, from year-end 2008 levels. The majority of the increase was due to the addition of extensive drilling opportunities in the Haynesville Shale and Eagle Ford Shale programs. Unproved resources and proved reserves include the company's proportionate share of Four Star Oil & Gas Company and represent the company's net interest. The corporation's future drilling inventory, which includes proved undeveloped reserves, is approx 6.0 Tcfe of risked resource potential, or almost 6,000 drilling locations. At current activity levels, this represents more than 10 years of drilling inventory.
08:31
CPST Capstone Turbine acquires Calnetix Power Solutions 100kW Microturbine Business and enters into an exclusive agreement to distribute the 125kW Zero Emission Waste Heat Recovery Generator (1.16 )
The co announces it has acquired the TA100 microturbine product line from Calnetix Power Solutions, Inc. ("CPS") and entered into a Manufacturing Sub-contract agreement and an Original Equipment Manufacturer ("OEM") agreement with selected exclusive rights to package a combined microturbine and Waste Heat Recovery Generator ("WHG") product. Under the purchase agreement Capstone acquired, subject to certain reserved rights relating to an existing license retained by CPS, all of the rights and assets related to the manufacture and sale of the CPS TA100 100kW microturbine generator including intellectual property, designs, tooling, drawings, patents, know-how, distribution agreements and supply agreements. Under a separate agreement Capstone and CPS also entered into a Manufacturing Sub-contract arrangement under which CPS will continue to manufacture the TA100 turbines for Capstone from existing CPS TA100 backlog and selected new orders received. CPS had approximately $7.5 million in product and aftermarket parts backlog at the time of closing.
08:30
ICE IntercontinentalExchange reports record January futures ADV, up 23%; fecord ADV at ICE Futures Europe; over $5 trillion cleared in CDS (97.93 )
Co reports average daily volume (A.D.V.) for ICE's futures markets was a record 1,211,286 contracts, an increase of 23% from January 2009. ICE Futures Europe established a monthly ADV record of 811,477 contracts, up 21% from the first month of 2009. Total futures volume in January 2010 was 23 mln contracts. Since launch, ICE's credit default swaps (C.D.S.) clearing houses have cleared over $5 trillion in gross notional value across nearly 74,000 transactions.
08:30
AMB AMB Property beats by $0.01, beats on revs; guides FY10 FFO in-line (54.59 )
Reports Q4 (Dec) funds from operations of $0.32 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.31; revenues rose 2.5% year/year to $163 mln vs the $147.3 mln consensus. Co issues in-line guidance for FY10, sees FFO of $1.26-1.33, ex-items, vs. $1.30 consensus. "In 2009 we successfully executed on the key priorities we identified in 2008. We are well positioned to take advantage of emerging opportunities in 2010 and beyond. We believe the leading indicators of demand for industrial real estate reached an inflection point during the fourth quarter. Against a strengthening macroeconomic backdrop, we're seeing increased interest from both investors and customers as they actively re-engage in discussions and decisions regarding new investments and space requirements."
08:20
On The Wires
Comtech Telecommunications (CMTL) announces that its New York-based subsidiary, Comtech PST Corp., received a $2.4 mln order for broadband, solid-state, high-power RF microwave amplifier systems from an international OEM... Richmont Mines (RIC) announces that it will begin a first phase 5,000 metre drilling program at its 100% owned Cripple Creek Gold Project. Drilling efforts on the 6.94 km2 property will target depths below 400 metres, as the company hopes to confirm favorable gold mineralization trends obtained at depth on properties in the vicinity... The Board of Dejour Enterprises (DEJ) has approved the 2010 operating plan for Dejour USA, which concentrates on low risk well defined development opportunities on its properties located primarily in the natural gas prone Piceance Basin... Lannett Company (LCI) announces plans to submit its New Drug Application for its Morphine Sulfate products to the FDA at the end of the month... Pyramid Oil Company (PDO) announces that it has concluded drilling operations on its Anderson #10 development well, located in the Carneros Creek field. The well was drilled to a total depth of 3,351 feet, and successfully encountered the two dominant oil and gas zones in the field... WidePoint Corporation (WYY) announces that it has retained Hayden IR, a New York-based national investor relations consulting firm, to provide guidance and execute a strategic investor relations campaign designed to increase awareness and enhance shareholder value... Digi-Key Corporation announces the expansion of its partnership with Avago Technologies US (AVGO) to offer Avago's products to customers in Europe... Energy Recovery (ERII) announces that ERI PX Pressure Exchanger devices will be implemented at the desalination plant currently under construction in Port Stanvac, Australia... Level 3 Communications (LVLT) announces that it will provide live compressed and uncompressed high-definition television broadcast video services to CBS for Super Bowl XLIV.
08:20
TDW Tidewater misses by $0.04, reports revs in-line (48.68 )
Reports Q3 (Dec) earnings of $1.16 per share, $0.04 worse than the First Call consensus of $1.20; revenues fell 20.9% year/year to $286.5 mln vs the $287.7 mln consensus.
08:08
ARM ArvinMeritor beats by $0.07, beats on revs; guides Q2 revs in-line (10.09 )
Reports Q1 (Dec) net of breakeven, $0.07 better than the First Call consensus of ($0.07); revenues fell 6.1% year/year to $1.15 bln vs the $1.06 bln consensus. For the second quarter of FY10 the firm expects revenues, EBITDA and income before taxes to be flat compared to 1Q10. In addition the firm expects free cash flow to be slightly negative primarily due to the company's semi-annual interest payment on its fixed debt securities.
08:07
PTRY Pantry misses by $0.05, beats on revs (13.38 )
Reports Q1 (Dec) loss of $0.27 per share, excluding $0.90 in non-cash inpairmant charges, $0.05 worse than the First Call consensus of ($0.22); revenues rose 6.4% year/year to $1.74 bln vs the $1.7 bln consensus. First quarter fiscal 2010 results were impacted by a below-average fuel margin, a soft grocery margin and non-cash impairment charges. The year-over-year comparison was particularly challenging due to the exceptional fuel margin of 25.8 cents per gallon in the first quarter of fiscal 2009. Merchandise revenues for the first quarter increased 7.0% overall and 5.2% on a comparable store basis from the corresponding period last year. The merchandise gross margin was 32.6%, compared with 35.5% a year ago, primarily reflecting reduced margins on cigarettes and other tobacco products due to last year's tax increases, a mix shift toward tobacco products, and lower margins in the grocery category. Retail fuel gallons sold in the first quarter increased 3.7% overall and 0.8% on a comparable store basis. Retail fuel revenue increased 6.2%, in part reflecting a 3.7% increase in the average retail price per gallon to $2.52 from $2.43 in last year's first quarter. Total fuel gross profit for the quarter was $57.3 million, down 56% from a year ago. CO reiterates FY10 outlook for merchandise and retail fuel sales, margins, depreciation, amortization and expenses.
08:05
FOH Frederick's of Hollywood enters into agreement to extinguish $22.6 mln in debt and preferred stock (1.20 )
08:05
CMTL Comtech Telecom awarded a $2.4 mln order for communications jamming high-power amplifier systems (35.54 )
08:05
CBY Cadbury Schweppes trading halted - news pending (53.44 )
08:04
ONXX Onyx Pharma announces agreement with the FDA on a special protocol assessment for planned phase 3 carfilzomib combination trial in relapsed multiple myeloma (28.62 )
Co announces it reached an agreement with the FDA on a Special Protocol Assessment for the Phase 3 international randomized trial. This pivotal trial, which is expected to begin in the first half of 2010, will enroll patients with relapsed multiple myeloma following treatment with one to three prior regimens. It is designed to evaluate the efficacy of carfilzomib in combination with lenalidomide and low dose dexamethasone, versus lenalidomide and low dose dexamethasone alone. "The SPA enables us to initiate this carfilzomib Phase 3 combination trial in the first half of this year with increased clarity on the full approval pathway, in the Phase 2b data reported at the American Society of Hematology meeting last December, carfilzomib showed promising response rates and good tolerability with this three-drug combination in patients with relapsed or refractory myeloma."
08:03
STAA STAAR Surgical announced regulatory approval from the Japanese Ministry of Health, Labor and Welfare to market the co's Visian Implantable Collamer Lens in Japan (3.42 )
Having achieved ICL approval, STAAR now intends to file a partial change application for approval of the Visian Toric ICL approval in Japan as soon as practicable following discussions with the Pharmaceuticals and Medical Device Agency. MHLW generally requires up to one year to fully process a partial change application, although that timeline can change based on the nature of the product under review.
08:03
TECH Techne misses by $0.02, misses on revs (66.18 )
Reports Q2 (Dec) earnings of $0.66 per share, $0.02 worse than the First Call consensus of $0.68; revenues rose 5.9% year/year to $65.5 mln vs the $67.3 mln consensus. The increase in net earnings for the quarter was due to increased Biotechnology sales, improved gross margins and lower selling, general and administrative expenses partially offset by decreased interest income.
08:03
USB US Bancorp and Santander form a merchant services alliance in Mexico (25.18 )
Elavon, a wholly owned subsidiary of U.S. Bancorp (USB) and has extended its relationship with Santander (STD) through the establishment of a joint alliance in Mexico. The alliance establishes a new global foothold for Elavon in a burgeoning credit card market and capitalizes on an existing relationship with Santander in Spain, the UK and Puerto Rico. Under the terms of the marketing alliance, acquiring services will be offered to existing and prospective Santander merchants, backed by the combination of the trusted Santander brand and Elavon's payments industry expertise.
08:02
UTI Universal Technical Institute beats by $0.12, reports revs in-line (45.96 )
Reports Q1 (Dec) earnings of $0.38 per share, $0.12 better than the First Call consensus of $0.26; revenues rose 14.9% year/year to $103.5 mln vs the $103.4 mln consensus. Co states, "We are pleased with our first quarter results as we achieved record average student enrollment of 18,782 students as well as record revenues and earnings per share for an individual quarter. Additionally, we achieved the highest net income for an individual quarter since fiscal 2006. Capacity utilization increased 900 basis points, helping us further leverage our fixed costs, and driving our operating margins up to 14.5%."
08:00
AEIS Advanced Energy Lands Second-Phase Contract for Expanded 6 MW Solar Plant (13.47 )
Co announces that it has been awarded the second-phase contract for a newly expanded 6 MW solar plant installed at Aerojet's corporate headquarters in Sacramento, CA. The Solaron PV inverters were selected by Solar Power, Inc. for the expansion because of their industry leading efficiency ratings, as well as their ability to deliver maximum power and lowest LCOE
08:00
BSDM BSD Medical Corporation reports publication of hyperthermia article by Journal of the National Cancer Institute (1.67 )
Co reports publication of a news article by the Journal of the National Cancer Institute on the evolving role of hyperthermia in cancer therapy titled, "International Study of Hyperthermia Spurs Hope in U.S." The article reviewed the history of hyperthermia in cancer therapy, including the challenges faced by hyperthermia advocates and the progress that has been made in addressing these challenges. The article reviewed the EORTC/NCI Phase III multicenter randomized study on 341 high risk soft-tissue sarcoma patients, which showed a significant improvement in disease-free survival and demonstrated that patients were 30% more likely to be alive and cancer-free almost three years after starting treatment if hyperthermia was added to their chemotherapy treatment. All institutions who participated in the study, including Duke University Medical Center, used the BSD 2000 Deep Regional Hyperthermia System to administer hyperthermia. The article quoted Rolf Issels, M.D., Ph.D., a professor of medical oncology at Klinikum Grosshadern Medical Center at the University of Munich and the lead researcher on the Phase III sarcoma study, who stated that the findings, "provide a new standard treatment option, and we believe they are likely to change the way many specialists treat these tumors." Dr. Issels discussed the impact of the results of the Phase III sarcoma study on the field of hyperthermia and concluded, "...the implications of these findings are more far-reaching." "This is also the first clear evidence that targeted heat therapy adds to chemotherapy."
07:58
FLR Fluor selected by Petrobras Affiliate for U.S. refinery study (45.96 )
Co announces that Pasadena Refining System, a subsidiary of Petroleo Brasileiro S.A. - PETROBRAS (PBR), has selected Fluor to provide front-end engineering study services for a prospective U.S. refinery project. Fluor booked the undisclosed contract value in the fourth quarter of 2009. Fluor will provide engineering, estimating and project management services for the conceptual engineering phase of the prospective project that would enhance the performance of the 100,000 barrel-per-day Pasadena, Texas, refinery.
07:51
RRST RRSAT Global reports EPS in-line, misses on revs; guides Q1 revs in-line; guides FY10 revs in-line (11.56 )
Reports Q4 (Dec) earnings of $0.22 per share, ex-contract termination, in-line with the 2 analyst estimate of $0.22; revenues rose 12.7% year/year to $24.8 mln vs the $25.2 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $25.5-26.5 vs. $26.78 mln 1 analyst estimate. Co issues in-line guidance for FY10, sees FY10 revs of $107-110 mln vs. $107.26 mln consensus. On February 1, 2010, the Company's Board of Directors declared a cash dividend in the amount of $0.23 per ordinary share.
07:50
COCO Corinthian Colleges beats by $0.04, beats on revs; guides Q3 revs and EPS above consensus; raises FY10 EPS and revs guidance (14.34 )
Reports Q2 (Dec) earnings of $0.44 per share, $0.04 better than the First Call consensus of $0.40; revenues rose 30.2% year/year to $414.3 mln vs the $404.5 mln consensus. Total student starts were 29,156 versus 26,334, an increase of 10.7%. Co issues upside guidance for Q3, sees EPS of $0.45-0.47 vs. $0.44 consensus; sees Q3 revs of $470-480 mln vs. $431.03 mln consensus. "We expect new student growth in Q3 10 of 6% - 8% compared with the third quarter of the prior year. This expected growth rate includes Heald on a pro forma basis. Excluding Heald from the Q3 09 base, but adding Heald students for Q3 10, the projected growth rate would be 18% - 20%." Co raises guidance for FY10, sees EPS of $1.63-1.68 vs. $1.59 consensus, up from $1.55-1.60 previously; sees FY10 revs of $1.74-1.76 bln vs. $1.66 bln consensus, up from $1.62-1.64 bln previously. "We continue to expect new student growth in fiscal 2010 of 11% - 13% in fiscal 2010 compared with fiscal 2009. This expected growth rate includes Heald on a pro forma basis. Excluding Heald from the fiscal 2009 base, but adding Heald students for fiscal 2010, the projected growth rate would be 17% - 19%."
07:49
PRGO Perrigo beats by $0.04, misses on revs; guides FY10 EPS above consensus (44.20 )
Reports Q2 (Dec) earnings of $0.70 per share, $0.04 better than the First Call consensus of $0.66; revenues rose 8.6% year/year to $583.2 mln vs the $589.6 mln consensus. Co adjusts range for FY10 EPS range, now sees EPS of $2.55-$2.65 (vs. $2.43 consensus), up from its previous range of $2.35-$2.45.
07:49
UPS UPS beats by $0.01, beats on revs; guides FY10 EPS in-line; sees FY10 capex $1.8 bln (58.39 )
Reports Q4 (Dec) earnings of $0.75 per share, $0.01 better than the First Call consensus of $0.74; revenues fell 2.5% year/year to $12.38 bln vs the $12.25 bln consensus. Co issues in-line guidance for FY10, sees EPS of $2.70-3.05 vs. $2.81 consensus. Co sees FY10 capital expenditures totaling $1.8 billion, says "This is well below our historical range but still supports growth opportunities."
07:47
NRGY Inergy misses by $0.14, misses on revs (36.00 )
Reports Q1 (Dec) earnings of $0.49 per share, excluding non-recurring items, $0.14 worse than the First Call consensus of $0.63; revenues fell 6.0% year/year to $501.7 mln vs the $510.1 mln consensus.
07:46
TKR Timken beats by $0.23, beats on revs; guides FY10 EPS in-line
Reports Q4 (Dec) earnings of $0.31 per share, excluding non-recurring items, $0.23 better than the First Call consensus of $0.08; revenues fell 29.4% year/year to $774.6 mln vs the $727.4 mln consensus. Co issues in-line guidance for FY10, sees EPS of $0.85-1.15, excluding non-recurring items, vs. $1.07 consensus.
07:46
ANN AnnTaylor increases expectations for 4Q09; sees net sales approaching $470 mln vs. prior guidance of sales declining slightly from $462.4 mln (13.39 )
Co raises guidance for 4Q09, says total net sales are expected to approach $470 mln (consensus $453.3 mln), and as compared to the company's prior outlook for sales to decline slightly from the $462.4 mln reported in 3Q09. Comparable store sales for 4Q09 are expected to be approximately flat. By division, comparable store sales at Ann Taylor are now expected to be down approximately 7%, ahead of the previous outlook for comparable store sales to be down in the low-to-mid teens. Gross margin rate is expected to approach 52%, which is higher than the company's previous outlook and significantly stronger than the 35.7% gross margin rate reported in the fourth quarter of 2008. Co states, "Our fourth quarter performance exceeded our earlier expectations, and I am especially pleased that much of the upside was a result of improved product assortments at both brands. Overall, our top-line improvement and healthy gross margin performance also reflected the success of our planned promotional strategy and the benefit of our clean inventory position. Moreover, recent sales trends at Ann Taylor give us further confidence that the evolution of this brand is on the right track, while LOFT continues to successfully deliver on its offering of high quality, casual fashion at great value for our clients."
07:41
On The Wires
NICE Systems Ltd. (NICE), announces that Avaya has presented NICE with the Avaya Certification Award for successful testing of NICE Perform 3.2, part of NICE SmartCenter, with Avaya Aura Communication Manager R5.2.1 and Avaya Aura Application Enablement Services 5.2... Descartes Systems Group (DSGX) announces New Trend International Logistics Technologyhas signed its first customer, Jiangsu Tobacco... Abraxas Petroleum Corporation (AXAS) announces that it has closed three separate divestitures for total net proceeds of approximately $5.4 mln to certain undisclosed buyers. All of the net proceeds were used to repay outstanding indebtedness under the term loan portion of the Company's credit facility... Mitsubishi Corporation (ADR:MSBHY) and Weyerhaeuser Company (WY) announce that the two companies signed a Strategic Memorandum of Understanding to explore the possibilities of collaborating in the biomass-to-energy business... Jacada Ltd (JCDA) announces that it has has established a Swedish subsidiary, Jacada Nordic AB, and opened operations in Sweden to support the company's growing portfolio of customers in the region... Amadeus and Concur (CNQR) announces that they have entered into a long-term alliance to bring key technologies together for a combined travel and expense management solution to extend their core offerings... Dyax Corp. (DYAX) announces that KALBITOR for the treatment of acute attacks of hereditary angioedema in patients 16 years of age and older is now commercially available in the United States.
07:40
RSG Republic Services: Action Carting Environmental to acquire select New York City assets of Republic Services (27.00 )
Action Carting Environmental announced that it has reached a definitive agreement to acquire select New York City assets of Republic Services, Inc. (RSG). Action Carting Environmental ("Action Carting") also announced that it has completed the acquisition of privately-held East End Sanitation, Inc. Terms of both transactions were not disclosed. The transactions are expected to close in the second quarter, subject to customary regulatory approvals.
07:38
AMSC Am Superconductor beats by $0.06, beats on revs; guides FY10 EPS above consensus, revs above consensus (39.75 )
Reports Q3 (Dec) earnings of $0.20 per share, $0.06 better than the First Call consensus of $0.14; revenues rose 95.4% year/year to $80.7 mln vs the $76.7 mln consensus. Co issues upside guidance for FY10, sees EPS of $0.65-$0.67 vs. $0.58 consensus; sees FY10 revs of $312-$315 mln vs. $306.90 mln consensus. Co also states, We delivered better-than-expected financial results for the third fiscal quarter as wind-related revenues continued to grow and our cost management initiatives provided additional bottom-line benefits. With several wind turbine manufacturing customers in volume production, many others set to begin production over the next 12 months and new power grid orders continuing to be closed, the foundation has been set for further growth in fiscal 2010 and beyond..." As co detailed at its Analysts' Day in Nov 2009, co expects growth to continue in FY11. Co expects revenue to exceed $400 mln (vs consensus of $419.5 mln) and non-GAAP net income to exceed $54 mln, or $1.15 per diluted share (vs consensus of $1.15) for FY11.
07:36
DNR Denbury Resources announces offering of $1 bln of senior subordinated notes (14.46 )
07:36
CMI Cummins beats by $0.60, beats on revs; guides FY10 revs above consensus (46.94 )
Reports Q4 (Dec) earnings of $1.36 per share, $0.60 better than the First Call consensus of $0.76; revenues rose 3.4% year/year to $3.4 bln vs the $2.83 bln consensus. Co issues upside guidance for FY10, sees FY10 revs of $11 bln vs. $10.23 bln consensus. The co's fourth quarter results were driven by continued strength in China, India and Brazil, along with a significant increase for on-highway truck engines and components in North America in advance of new emissions standards that took effect at the beginning of 2010... The increase in truck engine and components sales in the United States during the fourth quarter was largely the result of OEM customers buying 2009 engines in advance of the EPA emissions regulations, which took effect on Jan. 1, 2010. Based on current orders and forecasts for the first part of this year, North American truck and bus engine shipments could fall by as much as 80 percent in the first half of 2010, compared to the second half of 2009. This translates into a 50 percent drop in externally reported revenue for heavy-duty truck and medium-duty truck and bus in the first half of 2010 compared to the second half of 2009. That weakness also will affect the Company's components businesses, although higher Cummins component content on the 2010 engines and improved truck sales in emerging markets will partially offset this drop in demand. In addition, the Company is expecting its Power Generation business to perform at levels consistent with 2009. This late-cycle segment bottomed out in the third quarter of 2009 but has yet to resume strong growth. The weakness in these segments will be offset by continued strong growth in the Company's distribution business and further improvement in China, India and Brazil. Cummins also expects to see growth across all its business segments in the second half of the year, compared to the first six months.
07:34
ADP Automatic Data beats by $0.02, beats on revs; reaffirms FY10 EPS in-line, sees flat to slightly down revenue (41.07 )
Reports Q2 (Dec) earnings of $0.60 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.58; revenues were unchanged from the year-ago period at $2.2 bln. Co reaffirms in-line guidance for FY10, sees EPS of $2.34-2.39, excluding non-recurring items, vs. $2.39 consensus. Co expects to achieve high end of this range. Co anticipates FY10 revenues to be flat to slightly down vs previous estimate of down 1.0-2.0% (consensus $8.78 bln).
07:33
CME CME Group volume averaged 11.2 mln contracts per day in January 2010, up 19% from January 2009 (291.22 )
Co announces January volume averaged 11.2 mln contracts per day, up 19% from January 2009. Total volume was 213 mln contracts for January, of which 82% was traded electronically. Electronic volume averaged 9.2 mln contracts per day, up 25% from the prior January. Average daily volume cleared through CME ClearPort was 516,000 contracts for January 2010, down 7% compared with January 2009, but up 28% compared with December 2009.
07:32
TAROF Taro Pharmaceutical Ind. receives FDA approval for levetiracetam tablets (10.01 )
Co reported that it has received approval from the FDA for its Abbreviated New Drug Application for Levetiracetam Tablets, 250 mg, 500 mg, 750 mg and 1000 mg. Taro's levetiracetam tablets is a prescription product used in the treatment of epilepsy, and is bioequivalent to UCB's Keppra(R) Tablets. According to industry sources, levetiracetam tablets had U.S. sales of over $700 million in 2009.
07:32
ALGT Allegiant Travel reports Jan 2010 traffic (51.20 )
Co reported preliminary passenger traffic results for January 2010. Passengers rose 16.7% to 388,757, Revenue passenger miles rose 21.6% to 368,502 and Available seat miles rose 19.9% to 408,000. Co's load factor was 90.3% up 1.3 pts.
07:32
AXE Anixter misses by $0.02, reports revs in-line (41.31 )
Reports Q4 (Dec) earnings of $0.50 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.52; revenues fell 16.5% year/year to $1.22 bln vs the $1.21 bln consensus.
07:31
LIFE Life Technologies responds to challenge of detecting vesivirus 2117 contamination in mammalian cell culture manufac (49.46 )
Co announced a new molecular test for the detection of Vesivirus 2117, a potential contaminant of mammalian cell culture based biopharmaceutical manufacturing. The Applied Biosystems ViralSEQTM Vesivirus Detection Kit is a test that enables the quick isolation and detection of Vesivirus 2117 from cell culture samples. It is expected that biopharmaceutical companies will use the kit to detect this potential contamination early in production, safeguarding the manufacturing processes.
07:31
TLVT Telvent to implement light rail priority system in Morocco (37.17 )
Co announces that it will implement its Telvent SmartMobility Light Rail solution in the new light rail system that will connect the Moroccan cities of Rabat and Sale. The new light rail system, comprising a total of 32 stations along its 18 kilometer extension, is scheduled to begin operating by 2011. The contract is valued at 2.3 mln euros.
07:28
MPEL Melco Crown Entertainment misses by $0.02, misses on revs (3.76 )
Reports Q4 (Dec) loss of $0.17 per share, $0.02 worse than the First Call consensus of ($0.15); revenues rose 57.9% year/year to $400.2 mln vs the $447.8 mln consensus. Adjusted EBITDA was US$2.7 million for the fourth quarter of 2009, as compared with US$22.4 million in the fourth quarter of 2008. "The YoY decrease in EBITDA in the fourth quarter of 2009 was primarily attributable to low table hold in the co's rolling chip operations and a temporary slowdown in rolling chip volume at Altira Macau. The co-wide mass market table games hold percentage (non rolling chip) in 4Q09 was 17.5%, which is in-line with our target hold percentage range of 16.0% to 18.0%. The combined rolling chip table games hold percentage (calculated before discounts and commissions) across City of Dreams and Altira Macau in the fourth quarter of 2009 was 2.4%, below our expected rolling chip hold percentage range of 2.7% to 3.0%. If we normalize fourth quarter EBITDA using 2.85%, the mid-point of the commonly expected rolling chip hold range, we would have reported Adjusted EBITDA of $56 million in the fourth quarter... I am pleased to report that gaming volume has bounced back in January at Altira Macau to approximately 30 billion MOP for the month which, combined with reduced junket commission rates, is driving much improved profitability at Altira Macau. Additionally, our efforts to accelerate growth in our mass market business at City of Dreams have gained traction over the past two months. Bolstered by a moderate benefit from high rolling chip hold percentage in the past four weeks, our market share in gross gaming revenue terms has improved and our total EBITDA in January 2010 is estimated to be in excess of US$40 million."
07:25
PLX Protalix BioTherapeutics announces NDA submission update for taliglucerase alfa for treatment of Gaucher disease (7.05 )
Co announces, in connection with the New Drug Application filed by the co in December 2009 for taliglucerase alfa for the treatment of Gaucher disease, the FDA has requested additional data regarding the Chemistry, Manufacturing and Controls section of the NDA. No additional Clinical or Preclinical information was requested. The request focused primarily on validation of the manufacturing process in the Company's upgraded manufacturing facility.
07:22
RCII Rent-A-Center correction: Beats by $0.10
Yesterday, we incorrectly reported that RCII had beat by $0.03. We have deleted the original comment. Co actually reported Q4 (Dec) earnings of $0.66 per share, $0.10 better than the First Call consensus of $0.56; revenues fell 3.8% year/year to $672.9 mln vs the $665 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $692-712 mln vs. $709.30 mln consensus, with comps down 0.5-2.5%. Co raises EPS guidance for FY10, issues FY10 revs guidance in-line, sees EPS of $2.35-2.55, ex-items vs. $2.37 consensus, up from $2.30-2.50; sees FY10 revs of $2.70-2.76 bln vs. $2.72 bln consensus, with comps up ~1%. The decrease in Q4 revenues was primarily the result of a 3.2% reduction in same store sales, predominantly attributable to a decrease in the number of units per customer, and the anticipated revenue attrition from approximately 365 stores that received customer agreements from stores closed in the 2007 restructuring plan.
07:21
FMCN Focus Media announces $200 mln share repurchase program (13.53 )
07:18
ART Artio Global Investors beats by $0.14, reports revs in-line (24.06 )
Reports Q0 earnings of $0.60 per share, excluding non-recurring items, $0.14 better than the First Call consensus of $0.46; revenues rose 23.4% year/year to $89.6 mln vs the $89.8 mln consensus. Net client cash outflows for the fourth quarter of 2009 were $1.0 billion compared to $2.0 billion for the fourth quarter of 2008, driven primarily by reduced net client cash outflows from the International Equity I strategy, net client cash inflows to the High Grade Fixed Income strategy compared with net client cash outflows in the fourth quarter of 2008, and higher net client cash inflows to the High Yield strategy. Partly offsetting the overall decrease in net client cash outflows were net client cash outflows from the International Equity II strategy in the fourth quarter of 2009, which primarily resulted from a partial redemption of approximately $0.8 billion by a sub-advisory client, compared with net client cash inflows in the fourth quarter of 2008.
07:14
ETR Entergy beats by $0.20; reaffirms FY10 EPS guidance (77.23 )
Reports Q4 (Dec) earnings of $1.75 per share, excluding non-recurring items, $0.20 better than the First Call consensus of $1.55; revenues fell 16.7% year/year to $2.5 bln vs the $3.71 bln consensus. Co reaffirms guidance for FY10, sees EPS of $6.40-7.20, excluding non-recurring items, vs. $6.70 consensus.
07:10
HSY Hershey Foods beats by $0.03, reports revs in-line; reaffirms 2010 growth outlook (36.81 )
Reports Q4 (Dec) earnings of $0.63 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.60; revenues rose 2.2% year/year to $1.41 bln vs the $1.42 bln consensus, driven primarily by pricing and improvements in our international business, including an approximate one point benefit from foreign currency exchange rates. Importantly, base business volume trends, while down due to volume elasticity associated with the U.S. pricing action, sequentially improved in the fourth quarter, net of the previously communicated decisions to close our on-line gifts business and discontinue certain premium chocolate products... "U.S. retail takeaway for the 12-weeks and 52-weeks ended January 2, 2010, in channels that account for over 80 percent of our U.S. retail business, was up 6.0 percent and 7.2 percent, respectively. In the channels measured by syndicated data, U.S. market share increased 0.1 points for the full year and, as expected, declined 0.4 points for the 12-weeks ended January 2, 2010. These results were driven by the investments we have made behind our core brands, including advertising, up about 50 percent in both the fourth quarter and full year... Increased levels of consumer investment and brand support, as well as collaborative efforts with retail customers in all classes of trade will continue and should deliver improvement in net sales within our 3 to 5 percent long-term objective (we calculate this to be FY10 revs of $5.46-5.56 bln vs the $5.50 bln consensus). Additionally, we have good visibility into our full-year cost structure and expect our ongoing growth in adjusted earnings per share-diluted to be within our long-term objective of 6 to 8 percent (we calcualte this to be adjusted EPS of $2.30-2.34 vs. the $2.28 consensus)."
07:07
STEL StellarOne beats by $0.11 (10.17 )
Reports Q4 (Dec) net of breakeven, $0.11 better than the First Call consensus of ($0.11). StellarOne's risk-based capital ratios remain well above regulatory standards for well-capitalized banks. The period-end tangible common equity ratio was 9.23% at December 31, 2009 compared to 9.35% at September 30, 2009. Tier 1 risk-based and total risk-based capital ratios were 13.21% and 14.46%, respectively, at December 31, 2009 compared to 13.15% and 14.41% at September 30, 2009. Excluding the $30 million in preferred stock issued in connection with participation in the TARP program, StellarOne's Tier 1 risk-based common ratio was 12.01% compared to 11.95% at September 30, 2009. Shareholder's equity, excluding the preferred stock, represented 12.88% of total assets at December 31, while book value per common share at December 31, 2009 was $17.24 per share.
07:06
WEC Wisconsin Energy beats by $0.07, misses on revs (49.13 )
Reports Q4 (Dec) earnings of $0.96 per share, $0.07 better than the First Call consensus of $0.89; revenues fell 11.0% year/year to $1.07 bln vs the $1.31 bln consensus.
07:05
PNR Pentair beats by $0.04, beats on revs; guides Q1 EPS in-line; guides FY10 EPS in-line (31.35 )
Reports Q4 (Dec) earnings of $0.47 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.43; revenues fell 8.5% year/year to $702.3 mln vs the $661.8 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.32-0.35 vs. $0.33 consensus. Co issues in-line guidance for FY10, sees EPS of $1.75-1.90 vs. $1.80 consensus.
07:04
DHX Dice Holdings beats by $0.02, beats on revs (5.90 )
Reports Q4 (Dec) earnings of $0.06 per share, $0.02 better than the First Call consensus of $0.04; revenues fell 24.8% year/year to $26.7 mln vs the $25.4 mln consensus. Scot Melland, Chairman, President and Chief Executive Officer, said, "Recruitment activity continues to improve in our core technology and finance sectors. This improvement built gradually through the latter part of 2009 and was most apparent in the U.S. and the U.K., our two largest markets." Mr. Melland added, "Given the improvement in activity levels and our sizeable customer opportunity, we are increasing investment in product development and marketing to bring more value to our customers and professionals and to capitalize on the better market conditions."
07:04
ADM Archer-Daniels beats by $0.16, misses on revs (30.16 )
Reports Q2 (Dec) earnings of $0.88 per share, $0.16 better than the First Call consensus of $0.72; revenues fell 4.6% year/year to $15.91 bln vs the $16.54 bln consensus. months. For the quarter, decreased average selling prices were offset by increased sales volumes and the impact of foreign exchange translation. YTD net sales decreased due principally to lower average selling prices. Average selling prices decreased in line with year-over-year declines in underlying commodity costs. YTD total sales volumes were comparable.
07:03
RSCR Res-Care announces two home care acquisitions (9.17 )
Co announces it has expanded its footprint for ResCare HomeCare operations in Delaware and Pennsylvania and made its initial entry into Alaska and Montana through the acquisition of two home care operations. ResCare has acquired RP Home Care with operations in Pennsylvania and Delaware. The Company provides personal care, housekeeping, meal preparation and other home care services to more than 1,000 people in those states. Annual revenues are expected to be approx $15 mln. ResCare has also acquired Progressive Personal Care, a provider of similar home care services to more than 400 people in Anchorage and Fairbanks, Alaska, and Missoula, Montana. Annual revenues are expected to be approx $7 mln.
07:02
CITP Comsys IT Partners: Manpower to acquire COMSYS for $17.65 per share (13.24 )
Manpower (MAN) announced it has entered into an agreement to acquire COMSYS IT Partners (CITP). The agreement has been approved by the boards of directors of both companies. Subject to the terms of the agreement, the value of the consideration for each outstanding share of COMSYS common stock would be $17.65, for a total enterprise value of $431 million, including net debt assumed by Manpower. COMSYS' professional IT staffing services will be integrated into the Manpower Professional offering, and when combined with Elan, Manpower's European IT staffing business, creates an entity with total revenues of more than $2.5 billion. The combined entities increase Manpower's professional consultants on assignment to over 25,000. With 4,000 offices around the globe, the addition of COMSYS increases Manpower's professional staffing services geographic footprint to more than 400 offices worldwide.
CGEN Compugen discovers novel protein for treatment of autoimmune diseases (3.95 )
Co announced today the discovery and experimental validation of CGEN-15001 for the treatment of autoimmune disorders. CGEN-15001 is the extracellular region of a previously unknown membrane protein in the B7/CD28 family. The existence and potential utility of the newly discovered parent protein from which CGEN-15001 is derived was predicted in silico utilizing Compugen's LEADS Platform and other proprietary algorithms.
07:01
STE Steris beats by $0.21, beats on revs (26.08 )
Reports Q3 (Dec) earnings of $0.69 per share, $0.21 better than the First Call consensus of $0.48; revenues rose 2.6% year/year to $327.8 mln vs the $309.7 mln consensus.
07:01
ARWR Arrowhead Research announced publication of a study using Nanotope's lead compound for cartilage regeneration (0.57 )
Co announced publication in Proceedings of the National Academy of Sciences (PNAS) of a study using Nanotope's lead compound for cartilage regeneration. The study's authors, which include Nanotope co-founder Dr. Samuel Stupp, showed that Nanotope's bioactive nanofiber system promotes the growth of new cartilage in a rabbit model. The treatment is engineered to repair cartilage defects by working with an animal's own bone marrow stem cells to stimulate the production of new natural cartilage. This is an area of intense interest for the medical community because of the large number of joint injuries and, unlike bone, damaged cartilage does not naturally grow back in adults.
07:00
FTEK Fuel-Tech announces a receipt of a commercial FUEL CHEM order from an existing domestic electric utility customer (7.41 )
07:00
AMED AMEDISYS acquired De Queen Home Health Agency (57.07 )
Co announced that it has acquired De Queen Home Health Agency located in De Queen, Arkansas, a Permit of Approval state. The acquisition will expand Amedisys' coverage to all or part of eight new counties, bringing our total coverage of Arkansas to 32 counties. De Queen had annualized revenue of $2.9 million, but is not expected to add materially to Amedisys earnings in 2010.
06:50
RDWR Radware beats by $0.01, beats on revs (15.67 )
Reports Q4 (Dec) earnings of $0.21 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.20; revenues rose 28.9% year/year to $32.1 mln vs the $31.7 mln consensus. "We are confident that with continuous execution on the growth opportunities in our market and specifically with next-generation enterprise data center and mobile data drivers, we will be able to continue to grow our market share, revenues and profits in 2010."
06:48
HZO MarineMax beats by $0.22, misses on revs (9.59 )
Reports Q1 (Dec) loss of $0.42 per share, excluding an $0.86 tax benefit, $0.22 better than the First Call consensus of ($0.64); revenues rose 0.2% year/year to $100.4 mln vs the $104.7 mln consensus. Same-store sales increased approximately 13% compared with a 52% decline in the comparable quarter last year. At December 31, 2009, inventory was $190.2 million compared with $440.9 million at December 31, 2008, a $250.0 million or 57% decline. Short-term borrowings declined 69%, or $227.0 million, to $102.0 million compared with $329.0 million as of December 31, 2008. "The actions we took during fiscal 2009 to reduce inventory, reduce our workforce, streamline expenses, and optimize our store count allowed us to report significantly improved results for the first quarter compared with the year ago quarter. It is encouraging that we were able to produce a double digit increase in same-store-sales with gross margins above the levels we experienced in most of fiscal 2009. We believe our December quarter same-store sales growth once again outpaced our industry, yielding market share gains. While we have been encouraged to see hints of stabilization in the industry, we expect conditions to remain challenging for some time, and we will remain focused on continuing to tightly control our expenses and inventory."
06:46
PTEN Patterson-UTI reports drilling activity for January 2010 (16.10 )
Co reports that for the month of January 2010, PTEN had an average of 136 drilling rigs operating, including 122 rigs in the U.S. and 14 rigs in Canada. Average drilling rigs operating reported in the co's monthly announcements represent the average number of the co's drilling rigs that were operating under a drilling contract.
06:42
EMR Emerson beats by $0.14, beats on revs; guides FY10 EPS above consensus, revs above consensus (42.48 )
Reports Q1 (Dec) earnings of $0.56 per share, $0.14 better than the First Call consensus of $0.42; revenues fell 7.5% year/year to $5.01 bln vs the $4.69 bln consensus. Co issues upside guidance for FY10, sees EPS of $2.20-2.40 vs. $2.11 consensus; sees FY10 revs of $20.9-21.5 bln vs. $20.58 bln consensus. Underlying sales in the quarter declined 13 percent, which excludes a 3 percent favorable impact each from currency exchange rates and acquisitions. Underlying sales in emerging markets declined only 4 percent in the quarter, helped by growth in Asia of 4 percent, compared to a decline of 18 percent in mature markets. Despite the decline in sales, gross profit margin expanded 110 basis points to 38.0 percent and operating profit margin was even with the prior year at 14.8 percent, impacted positively by cost reduction initiatives and restructuring benefits.
06:40
SMG Scotts Miracle-Gro beats by $0.07, beats on revs; reaffirms FY10 EPS guidance (40.00 )
Reports Q1 (Dec) loss of $0.76 per share, $0.07 better than the First Call consensus of ($0.83); revenues rose 5.6% year/year to $302.2 mln vs the $288.3 mln consensus. Co reaffirmed guidance for FY10, sees EPS of 3.00-3.10 vs. $3.12 consensus. Global Professional, which serves specialty agriculture and professional growers, reported sales of $55.4 mln, compared with $59.5 million for the same period a year earlier. Scotts LawnService reported revenues of $33.0 million, compared with $38.8 million for the same period a year ago. Adjusted gross margin rate declined to 21.8 percent from 27.5 percent. This decline was in line with the Company's expectations and due primarily to results in the Global Professional business. The Company continues to expect its full-year gross margin rate to be comparable with prior year as selling price reductions in Global Professional reach their anniversary and the benefits of declining commodity costs are realized.
06:34
PNC PNC Bank: BNY Mellon to acquire PNC's global investment servicing business for $2.31 bln (55.86 )
BNY Mellon (BK), annonces a definitive agreement to acquire PNC's Global Investment Servicing business. The acquisition will enhance BNY Mellon's leadership position supporting fund managers and financial advisors globally across several business lines while providing the potential for significant revenue and expense synergies. The purchase price of $2.31 bln includes the purchase of $1.57 bln of stock and repayment of intercompany debt from PNC. BNY Mellon plans to raise approximately $800 million in equity as part of the transaction. The all-cash acquisition, which will be accretive in the first year, is expected to close in the third quarter of 2010, subject to necessary regulatory approvals.
06:34
DOW Dow Chemical beats by $0.07, beats on revs (28.63 )
Reports Q4 (Dec) earnings of $0.18 per share, excluding non-recurring items, $0.07 better than the First Call consensus of $0.11; revenues rose 14.9% year/year to $12.47 bln vs the $11.81 bln consensus. Sales in the fourth quarter of 2009, excluding completed divestitures, increased 4 percent compared to the same period last year, driven by a 10 percent increase in volume, partially offset by a 6 percent decrease in price. Growth was reported in all operating segments except Hydrocarbons and Energy. From a geographic perspective, volume trends favored emerging regions. Volume grew more than 20 percent versus the same period last year in Asia Pacific, Latin America, Eastern Europe, and IMEA. "We see demand in emerging geographies continuing to show sustained growth, which bodes well for global growth. Growth will continue to lag in the U.S. and Europe, however, as high unemployment persists and questions about the sustainability of government stimulus spending remain."
06:20
S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +0.30.
06:20
Asian Markets
Nikkei...10371.09...+166.10...+1.60%. Hang Seng...20272.18...+28.40...+0.10%.
06:20
European Markets
FTSE...5259.99...+12.50...+0.20%. DAX...5687.89...+33.40...+0.60%.
06:17
On The Wires
IBM (IBM) and Jones Lang LaSalle (JLL) announces a seven-year information technology services deal. IBM will provide full infrastructure support services for JLL across 19 countries throughout Europe, the Middle East and Africa. The contract is similar to an existing agreement with JLL in the United States and Asia-Pacific... Medco Health Solutions, (MHS) announces the acquisition of DNA Direct, financial details of the acquisition were not released.... Acacia Research Corporation (ACTG) announces that a subsidiary has acquired the rights to patents for portable credit card processing technology. This patented technology generally relates delivering an order to a residence and validating credit card information using a portable device... eQuest announces that it has extended its partnership with Taleo (TLEO) and Taleo Recruit.
06:16
SUF Sulphco closes $6 mln registered direct common stock offering (0.48 )
Co announces it has closed on its previously announced registered direct offering of approx 11.76 mln equity units consisting of common stock and warrants at $0.51 per unit, resulting in gross proceeds of approx $6 mln.
06:14
SPPI Spectrum Pharma licenses belinostat, a novel anticancer drug in a pivotal registrational trial (4.51 )
Co announces it has entered into a co-development and commercialization agreement with TopoTarget A/S for Belinostat, a novel histone deacetylase inhibitor. Belinostat is currently in a registrational trial, under a Special Protocol Assessment, as a monotherapy for relapsed or refractory Peripheral T-Cell Lymphoma, an indication in which it has been granted Orphan Drug and Fast Track designation by the FDA. Under terms of the agreement, Spectrum licensed the rights to Belinostat for North America and India, and an option for China, in exchange for an upfront cash payment of $30 mln, potential milestone payments of up to $320 mln, and one mln shares of Spectrum common stock based upon the successful achievement of certain development, regulatory and commercial milestones, as well as double-digit royalties on net sales of Belinostat. Spectrum and TopoTarget will jointly fund development activities, whereby clinical trial costs will be 70% borne by Spectrum, and 30% by TopoTarget for new trials to be initiated.
06:10
ZGEN Zymogenetics announces new publication supports safety profile of RECOTHROM thrombin, topical in numerous surgical settings (5.65 )
Co announces the publication of pooled safety and immunogenicity observations from eight clinical trials of RECOTHROM in the February issue of the Journal of the American College of Surgeons. The authors concluded that RECOTHROM is a well-tolerated topical hemostatic agent in numerous surgical settings and has a low rate of anti-product antibody formation. In the pooled data from all trials, less than one percent of treated patients developed product-specific antibodies. None of the antibodies neutralized native coagulation proteins. "These pooled safety data are significant, as they provide a robust clinical trial data set for a topical hemostat, The adverse events observed were consistent with those expected in the surgical populations studied, and immune response to RECOTHROM was consistently low, with no development of antibodies that neutralized native human thrombin."
06:10
TNB Thomas & Betts beats by $0.07, reports revs in-line; guides FY10 EPS in-line (34.44 )
Reports Q4 (Dec) earnings of $0.70 per share, excluding $0.19 in non-recurring items, $0.07 better than the First Call consensus of $0.63; revenues fell 13.7% year/year to $492.8 mln vs the $488 mln consensus. Co issues in-line guidance for FY10, sees EPS of $2.20-2.60, excluding non-recurring items, vs. $2.38 consensus. "While the major global economies appear to have stabilized, we remain cautious on the macro environment. We anticipate little year-over-year change in our full year consolidated sales as pockets of growth in certain markets will be offset by declines in others
06:06
WHR Whirlpool misses by $0.08, beats on revs; guides FY10 EPS above consensus (76.06 )
Reports Q4 (Dec) earnings of $1.24 per share, including $0.40 in expenses related to a legal action pertaining to a collection dispute, $0.08 worse than the First Call consensus of $1.32; revenues rose 12.7% year/year to $4.86 bln vs the $4.44 bln consensus. Co issues upside guidance for FY10, sees EPS of $6.50-7.00 vs. $6.45 consensus, with FCF of $400-500 mln. Excluding the impact of foreign exchange translation, the co's fourth-quarter sales increased approximately 5 percent.
06:03
EVR Evercore beats by $0.03, beats on revs (30.21 )
Reports Q4 (Dec) earnings of $0.41 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.38; adjusted pro forma revenues rose 216.2% year/year to $109.1 mln vs the $101.4 mln consensus. 4Q09 was driven by record revenues in the Advisory business, with continued strength from both M&A advisory and restructuring assignments. The Investment Management business reported substantially improved revenues from the same period last year as the businesses launched in late 2008 and early 2009 have both increased assets under management and fee-based revenues.
05:59
CPO Corn Products beats by $0.07, beats on revs; guides FY10 EPS in-line (29.27 )
Reports Q4 (Dec) earnings of $0.74 per share, $0.07 better than the First Call consensus of $0.67; revenues rose 6.5% year/year to $958.6 mln vs the $870.4 mln consensus. Co issues in-line guidance for FY10, sees EPS of $2.25-2.60 vs. $2.38 consensus. The three primary contributors to changes in net sales in the fourth-quarter were a positive $60 million from stronger foreign currencies; a positive $48 million from improved volumes; and a negative $49 million from lower price/mix, approximately half of which was related to lower co-product selling prices "While the North American business environment remains challenging, we expect modest volume growth in North America driven by sweetener sales in our Mexican business," said Ilene Gordon, chairman, president and chief executive officer. "North America contracting was largely completed by 2009 year-end. Soft demand and lower corn costs resulted in lower pricing and a low single digit reduction in spreads; however, we expect North America gross profit and operating income to improve on higher volumes and manufacturing efficiencies."
04:08
CEO CNOOC Ltd announces 2010 business strategy and development plan (145.30 )
The total targeted net production of the co in 2010 is 275-290 million barrels of oil equivalent. Net production for 2009 is estimated to be 226-228 million BOE. During the year, nine new projects are expected to come on stream, including major projects such as JinZhou 25-1 and BoZhong 19-4. These new projects are all located in offshore China and are expected to support production growth in 2010. In the meantime, a mild decline rate on certain producing oilfields, achieved with the effective measures on enhanced oil recovery, is also expected to be an important driver for the production growth in 2010. In order to maintain a sustainable growth, CNOOC will further enhance its exploration efforts in 2010. Co will budget $7.93 bln in capital expenditure in 2010.
02:23
ARMH ARM Holdings reports 4Q09 results
Reports Q4 (Dec) earnings of 1.79 pence/share vs 1.94 pence/share in 4Q08; revenue declined 6% year/year to $140.0 mln vs $130.85 mln consensus. Co expects group dollar revenues for the full-year to be at least in line with current market expectations.
02:17
BEAV BE Aerospace wins $100 mln+ award from global airline -Update-
Co announces that it has been selected by a global airline to outfit one of its new wide-body aircraft types and to retrofit certain of its existing international wide-body aircraft with B/E Aerospace Super First Class suites. This award is initially valued in excess of $100 mln. Deliveries under the retrofit portion of the program represent in excess of 50% of the value of the initial program and are expected to commence early in 2011.
02:14
BEAV BE Aerospace beats by $0.02, beats on revs; guides Q1 EPS below consensus; guides FY10 EPS below consensus, revs in-line (22.90 )
Reports Q4 (Dec) earnings of $0.33 per share, includes $0.02/share debt extinguishment expense, $0.02 better than the First Call consensus of $0.31; revenues fell 9.0% year/year to $479.4 mln vs the $459.9 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.32 vs. $0.34 consensus. Co issues guidance for FY10, sees EPS of $1.40, includes approx $0.04/share for AIT costs, vs. $1.43 consensus; sees FY10 revs of $1.85 bln vs. $1.85 bln consensus. BEAV expects an expansion in orders and backlog in 2010 due to an expected improvement in demand for consumables and commercial aircraft spares, the conversion of a portion of unbooked SFE awards to bookings and an expected increase in orders for cabin interior products for both new build and retrofit aircraft arising from the recent increase in RFQ activity related thereto. Co expects FCF in excess of $140.0 mln in FY10. BEAV expects a significant increase in revenues, earnings and cash flows beginning in 2011.
01:26
ISTA ISTA Pharm issues upside FY09 revenue guidance (3.74 )
Co issues upside guidance for FY09 (Dec), sees FY09 (Dec) revs of $110.6 mln vs. $108.60 mln First Call consensus. Growth of its Xibrom 0.09% and Istalol 0.5% franchises, in addition to initial orders for ISTA's treatment for allergic conjunctivitis, Bepreve 1.5%, led to the 33% increase in revenue as compared to 2008 net revenue.
01:20
On The Wires
Mitsubishi and Weyerhaeuser (WY) announce that the two companies signed a Strategic Memorandum of Understanding to explore the possibilities of collaborating in the biomass-to-energy business. The companies are specifically interested in assessing the feasibility of jointly investing in and operating a commercial-scale bio-pellet production facility in the U.S. by 2011.
01:18
COST Costco appoints Craig Jelinek as President and Chief Operating Officer, effective immediately (57.91 )
18:34
SPN Superior Energy Services and Shell sign bullwinkle decommissioning deal (23.65 +0.68)
Co announces it now has ownership of Shell's Gulf of Mexico Bullwinkle platform, and related assets. SPN will plug and abandon the 29 wells associated with Bullwinkle, which is the deepest fixed-leg production platform on the Outer Continental Shelf. Installed in 1988, Bullwinkle produces 4,000 barrels of oil equivalent per day and serves as a processing hub for third parties.
18:33
CAL Continental Airlines reports January 2010 operational performance (19.29 +0.90)
Co reported a January consolidated (mainline plus regional) load factor of 77.2%, 4.0 points above the January 2009 consolidated load factor, and a mainline load factor of 78.0%, 4.0 points above the January 2009 mainline load factor. Both January load factors were records for the month. The carrier reported a domestic mainline January load factor of 78.2 percent, 1.6 points above the January 2009 domestic mainline load factor, and a record international mainline load factor of 77.8%, 6.1 points above January 2009.
18:26
CPE Callon Petroleum announces increase in 2009 year-end reserves with net proved reserves of 58 bln cubic feet (2.76 +0.47)
Co announced that it ended 2009 with estimated net proved reserves of 58.0 bln cubic feet of natural gas equivalent (Bcfe), compared to 2008 year-end proved reserves of 54.8 Bcfe, a 6% increase. The 2009 year-end reserves were 67% crude oil. CPE added 15.0 Bcfe of net proven reserves replacing 127% of the reserves produced in 2009.
18:08
SIMO Silicon Motion misses by $0.26, misses on revs; guides Q1 revs in-line (3.20 +0.04)
Reports Q4 (Dec) loss of $0.28 per share, excluding excluding stock-based compensation, acquisition-related charges, foreign exchange gain, and other items, $0.26 worse than the First Call consensus of ($0.02); revenues fell 29.3% year/year to $22.8 mln vs the $24.8 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of down 5% to up 5% sequentially, which equates to ~$21.7-23.9 mln vs. $22.38 mln consensus. Co says, "Although we are entering the seasonally slow part of the year especially relating to our mobile storage business, we are seeing continued signs of improvement in our business and design pipeline and are confident that our business will improve as the year progresses."
17:23
GLAD Gladstone misses by $0.01 (7.45 +0.07)
17:15
TMO Thermo Fisher Scientific signs agreement to acquire high-performance PCR solution provider, finnzymes (46.92 +0.77)
Co announced that it has signed a definitive agreement to acquire Finnzymes, a well-recognized provider of integrated tools for molecular biology analysis, including reagents, instruments, consumables and kits. Headquartered in Espoo, Finland, Finnzymes has 90 employees and generated revenue of $20 mln in 2009.
17:13
CCK Crown Hldgs beats by $0.04, misses on revs (23.64 -0.17)
Reports Q4 (Dec) earnings of $0.27 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.23; revenues rose 2.1% year/year to $1.92 bln vs the $1.96 bln consensus. Co says, "We expect 2010 to be another solid year of improving performance for our co. Demand in our mature packaging markets of North America and Western Europe is expected to recover from 2009 levels and operating improvements and cost reductions are anticipated to continue throughout 2010. We expect our emerging markets businesses in China, Southeast Asia, Brazil, Eastern Europe and the Middle East will continue to grow. Additionally, the numerous capacity expansions we have undertaken are completed or well underway, and are expected to contribute to production and sales in 2010. We continue to believe that we are exceptionally well positioned for profitable growth in 2010 and beyond."
17:10
DST DST Systems misses by $0.16, misses on revs (45.27 -0.06)
Reports Q4 (Dec) earnings of $0.92 per share, excluding non-recurring items, $0.16 worse than the First Call consensus of $1.08; revenues fell 1.0% year/year to $399.7 mln vs the $406.4 mln consensus. On January 29, 2010, DST began implementation of a plan to reduce its workforce during 2010. The plan will result in a reduction of ~7% of the employee workforce, affecting all DST domestic and international business units. The co anticipates a reduction in annual pre-tax operating costs of ~$67 mln as a result of the reduction. The reduction in workforce is part of the co's ongoing cost management initiatives which have included a general freeze on hiring and management salaries, and other controls over operating expenses. As a result of this workforce reduction, the co anticipates a pre-tax charge in 2010 of ~$21 mln in connection with its payment of related termination benefits. Approximately $18 mln in pre-tax charges will occur in the first half of 2010, with the remaining charges occurring throughout the remainder of 2010.
17:05
OHB Orleans Homebuilders announces third limited waiver letter and limited unaudited financial information (1.43 -0.03)
Co announced that on January 25, 2010 theit executed a third limited waiver letter to its $375 mln Second Amended and Restated Revolving Credit Loan Agreement. Under the terms of the Waiver Letter, the Credit Facility size was reduced from $375 mln to $350 mln, the maximum cash covenant was reduced from $12 mln to $10 mln, and the lenders were granted a security interest in certain additional collateral. Lenders holding ~68% of the commitments under the Credit Facility approved the Waiver Letter... Co continues to pursue other strategic alternatives including a potential sale or recapitalization of the Company, and has presented potential transaction alternatives to its lending group. There can be no assurance that the Company will be able to consummate any transaction on terms acceptable to it, and any such transaction may provide little or no value for either the Company's unsecured creditors or equity holders, or may result in substantial dilution to the equity holders... Co also reports Total residential revenue for the three months ending December 31, 2009 was approximately $78.5 mln (217 homes) as compared to approximately $87.8 mln (199 homes) for the three months ending December 31, 2008, a decrease of approximately 10.6% versus the prior year period. Net new orders for the three months ending December 31, 2009 were approximately $59.1 mln (162 homes) as compared to approximately $41.2 mln (113 homes) for the three months ending December 31, 2008.
17:03
TUP Tupperware beats by $0.18, beats on revs; guides Q1 EPS in-line; guides FY10 EPS in-line (43.38 +0.92)
Reports Q4 (Dec) earnings of $1.22 per share, $0.18 better than the First Call consensus of $1.04; revenues rose 20.0% year/year to $626 mln vs the $615.2 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.55-0.60 vs. $0.60 consensus. Co issues in-line guidance for FY10, sees EPS of $3.41-3.51 vs. $3.43 consensus. The outlook for full year local currency sales growth remains at up 6 to 8%, and with a 1% benefit from foreign exchange is an increase of 7 to 9% on a reported basis. The local currency increase foreseen for units operating in emerging markets is 12 to 14%, and the increase for units operating in established markets is 1 to 2%. The Company's board today increased the Company's share repurchase authorization by $200 million to $350 million, and extended the term of the program to February 1, 2015.
17:02
RGA Reinsurance Group of America beats by $0.12, beats on revs (49.12 +0.40)
Reports Q4 (Dec) earnings of $1.70 per share, excluding non-recurring items, $0.12 better than the First Call consensus of $1.58; revenues rose 42.1% year/year to $1.94 bln vs the $1.8 bln consensus.
17:02
TRGL Toreador Royalty enters into exchange agreement for $22.2 mln of its 5.00% convertible senior notes
17:01
CE Celanese announces 15% price increase for Ticona GUR products (30.05 +0.95)
16:50
BBOX Black Box issues notice of proposed settlement of derivative litigation (27.02 -0.47)
Co announced that the United States District Court for the Western District of Pennsylvania has preliminarily approved the previously-disclosed proposed settlement of In re Black Box Corporation Derivative Litigation, a consolidated action of two substantially identical stockholder derivative lawsuits originally filed in November 2006 against Black Box itself, as a nominal defendant, and several of the Company's current and former officers and directors, relating to certain stock options issued during the period 1996-2002, and related matters.
16:49
NOA North American Energy beats by $0.22, beats on revs (7.07 +0.56)
Reports Q3 (Dec) earnings of CDN$0.40 per share, excluding non-recurring items, CDN$0.22 better than the First Call consensus of CDN$0.18; revenues fell 13.9% year/year to CDN$222.7 mln vs the CDN$186.5 mln consensus. The co's outlook for the three months ending March 31, 2010 is for continued strong operating performance despite weak economic conditions. In particular, recurring services volumes are expected to continue to gradually strengthen as a result of the return to normal overburden removal activity levels at Canadian Natural's Horizon project and steady demand from Shell Albian's oil sands sites. The co also continues to pursue opportunities with other oil sands customers.
16:47
ATK Alliant Tech says President's budget proposal is the first step in a long process that will ultimately require Congressional approval (79.43 +0.46)
Co released the following statement on the GFY11 NASA Budget Proposal: The President's budget proposal is the first step in a long process that will ultimately require Congressional approval. It is not clear why at this time the nation would consider abandoning a program of such historic promise and capability - with so much invested. We anticipate additional detail on the budget proposal's impact on the nation's space policy to unfold in the coming weeks as the Congress and industry are provided an opportunity to review these recommendations. Members of Congress from both sides of the aisle have expressed their concern over this apparent change in policy direction. NASA and its industry partners have made significant progress in Constellation's development, culminating in the successful Ares 1-X test flight. Ares is meeting all major milestones. The Ares I launch vehicle is an innovative and now proven design with an overriding concern for crew safety. It is 10 times safer than any launch vehicle in existence or on the drawing board. NASA's own Aerospace Safety Advisory Panel recently concluded that "The Ares I vehicle has been designed from the beginning with a clear emphasis on safety. To abandon Ares I as a baseline vehicle for an alternative without demonstrated capability nor proven superiority (or even equivalence) is unwise and probably not cost-effective." In the weeks and months ahead we are hopeful that the Congress and Administration will work together to deliver a budget that supports a program that capitalizes on the investments the nation has made in the Constellation program, closes the gap in US capability to return to space, and best assures continued US leadership in space. We believe ATK will continue to play a significant role in America's future space exploration.
16:46
VCLK ValueClick announced the divestiture of the Web Clients promotional lead generation business; issues prelim Q4 results (9.56 +0.31)
Co announced the divestiture of the Web Clients promotional lead generation business. The divestiture is a continuation of the Company's strategy to focus on growing its core online marketing services and technology businesses through organic initiatives and acquisitions... Co sees Q4 revs of ~$130.16 mln vs $133.07 mln First Call consensus. For the fourth quarter of 2009, the Company's display, affiliate marketing and technology businesses performed above the Company's expectations, with sequential revenue growth from the third quarter of 2009 of 30 percent, 20 percent, and 13 percent, respectively.
16:45
ANH Anworth Mortgage announced that its Board of Directors has authorized it to acquire up to 5,850,000 shares of its common stock (6.90 )
16:44
PMT PennyMac Mortgage misses by $0.08 (16.25 +0.15)
Reports Q4 (Dec) loss of $0.07 per share, $0.08 worse than the First Call consensus of $0.01. During the last quarter of 2009, the company continued to pursue high yield investment opportunities and completed acquisitions of residential whole loans with unpaid principal balances of approximately $40.1 mln and $23.6 mln in fair value of residential mortgage-backed securities. These transactions bring the total amount invested in residential mortgage whole loans and residential mortgage-backed securities by PMT to $119.1 mln, or 37% of the proceeds of the company's initial public offering. The whole-loan acquisition by the company in 2009 consisted of a portfolio of performing residential mortgage loans that was purchased at a discount on the approximate $40 mln in unpaid principal balances.
16:44
RTEC Rudolph Tech misses by $0.13, beats on revs; co announced record bookings (6.77 +0.50)
Reports Q4 (Dec) loss of $0.20 per share, which includes includes the restructuring charge, litigation, and stock-based compensation, $0.13 worse than the First Call consensus of ($0.07); revenues rose 76.8% year/year to $29 mln vs the $26.6 mln consensus. Co reported record book-to-bill ratio of 2.6 exceeded industry averages by more than 2X.
16:35
IDI SearchMedia appoints Paul Conway as CEO (6.05 -0.04)
Co announced that it has appointed Mr. Paul Conway as Chief Executive Officer of the Company, effective today. Conway joins SearchMedia from Oppenheimer & Co., where he was Managing Director of Media Investment Banking. Prior to joining Oppenheimer, Conway served in various banking positions for five years with SunTrust Bank.
16:35
ARRY Array Biopharma beats by $0.11, beats on revs (2.40 +0.01)
Reports Q4 (Dec) loss of $0.44 per share, $0.11 better than the First Call consensus of ($0.55); revenues rose 24.7% year/year to $9.6 mln vs the $6.7 mln consensus. "We continued to implement our partnering strategy with our Amgen deal, which significantly added to our cash balance and reduced our burn. Our partnerships, which include seven Array-invented drugs in clinical trials, provide Array with significant upside of $1.9 billion in potential milestones and royalties that range up to 15 percent. As a result of our partnering efforts, we are revising our guidance for the second half of the fiscal year, increasing our revenue and reducing our loss per share."... GK activator for type 2 diabetes: Array entered into an agreement with Amgen Inc. for Array's small-molecule glucokinase activator program, including AMG 151 / ARRY-403, which is currently being tested in a Phase 1 multiple ascending dose clinical trial in patients with type 2 diabetes. Under the terms of the agreement, Array received an upfront payment of $60 million and additional contingent payments up to $666 million if clinical and commercial milestones are achieved for AMG 151 and at least one back-up compound. Amgen is responsible for future clinical development and commercialization for AMG 151 and any resulting back-up compounds, with Array having an option to co-promote in the United States. Array will receive double digit royalties on sales of AMG 151. In addition, Amgen is providing research funding over the next two-years to identify and advance second-generation glucokinase activators.
16:32
IBNK Integra Bank: United Community Bank and Integra Bank announce agreement for purchase of branches and loans from Integra (0.75 +0.04)
United Community Bancorp (UCBA) and Integra Bank Corporation (IBNK) announced that United Community Bank, the wholly-owned subsidiary of United Community Bancorp, has agreed to purchase three banking offices of Integra Bank Corporation's wholly-owned bank subsidiary, Integra Bank N.A. ("Integra"). The offices are located in Milan, Osgood and Versailles, Indiana. In addition, United has agreed to acquire a group of commercial and residential mortgage loans from Integra. United will assume approximately $54.4 million of deposit liabilities related to the three branches, as well as $38.6 million of branch loans and $12.3 million of additional commercial and residential mortgage loans selected by United that were originated in other Integra offices.
16:25
SXL Sunoco Logistics announced a 2.2 mln share common unit owned by its general partner Sunoco Partners (71.04 +2.02)
16:22
APC Anadarko Petro beats by $0.01, beats on revs (65.10 +1.32)
Reports Q4 (Dec) earnings of $0.04 per share, excluding $0.42 of non-recurring items, $0.01 better than the First Call consensus of $0.03; revenues fell 17.4% year/year to $2.42 bln vs the $2.36 bln consensus.
16:17
TXCC TranSwitch announces a workforce reduction and other cost savings initiatives (1.82 +0.27)
Co announces it recently effected a restructuring to be implemented and concluded during the first quarter of 2010. This workforce reduction primarily affects personnel based in Fremont, California, New Delhi and Bangalore, India and Shelton, Connecticut. TranSwitch expects that these restructuring actions and other cost reduction initiatives will result in annual savings of approx $4.0 mln, and that these savings will begin to be recognized in first quarter of 2010. Of this amount, TranSwitch expects annual savings of approximately $2.4 mln in reduced employee related costs including base salary reductions and $1.6 mln from other cost savings initiatives. In connection with the restructuring, TranSwitch expects to incur pre-tax restructuring charges of approx $1.4 mln which will be cash expenditures primarily for employee related costs. The Company expects these charges to be recorded in the first quarter of 2010.
16:16
ADVS Advent Software misses by $0.02, reports revs in-line (38.55 +0.80)
Reports Q4 (Dec) earnings of $0.28 per share, $0.02 worse than the First Call consensus of $0.30; revenues fell 0.3% year/year to $66.3 mln vs the $65.9 mln consensus.
16:15
CDR Cedar Shopping Centers commences 7.5 mln share common stock offering (7.17 +0.19)
16:10
HOLX Hologic beats by $0.03, beats on revs; guides Q2 EPS in-line, revs above consensus; raises FY10 guidance (15.25 )
Reports Q1 (Dec) earnings of $0.29 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.26; revenues fell 3.9% year/year to $412.4 mln vs the $403.7 mln consensus. The decrease in revs was primarily attributable to the decline in sales of Selenia full field digital mammography systems, as the Company did not realize the full impact of the declining economic environment and the resulting delays and reductions in hospital capital spending until the second quarter of fiscal 2009. Co issues mixed guidance for Q2, sees EPS of ~$0.29, excluding non-recurring items, vs. $0.29 consensus; sees Q2 revs of $410-415 mln vs. $406.17 mln consensus. Co raises guidance for FY10, sees EPS of $1.16-1.20, excluding non-recurring items, vs. $1.18 consensus, up from $1.15-1.19 previously; sees FY10 revs of $1.640-1.665 bln vs. $1.65 bln consensus, up from $1.625-1.650 bln previously. "Our first quarter order rate for digital mammography signaled early signs of stabilization. I believe uncertainty still exists in the capital equipment market, but I am encouraged by both domestic and international order activity. In addition, we enjoyed solid quarter-over-quarter revenue growth in our Diagnostics and GYN Surgical segments. While we remain cautious in our outlook for the state of our markets, we are focused this year on driving growth in our core businesses through increased customer demand, market awareness, new product launches and international expansion."
16:06
EXTR Extreme Networks beats by $0.03, beats on revs (2.54 +0.07)
Reports Q2 (Dec) earnings of $0.05 per share, $0.03 better than the First Call consensus of $0.02; revenues fell 9.3% year/year to $79.4 mln vs the $76.7 mln consensus. "Operating under a simpler and more functional structure, we worked with our suppliers to resolve supply chain constraints and improved operational execution across the company," said Bob Corey, CFO and acting President & CEO of Extreme Networks. "In early December, we announced our Data Center vision to help Customers migrate from the physical to the virtual to the cloud, all without forcing a technology or operating methodology on the Customer. In January, we announced the most current additions to our Data Center product line, the Black Diamond 8900 XL modules and the X480 stackable switches, both of which are expected to be available in Q3."
16:04
LDSH Ladish reports breakeven quarter, ex-item; beats on revenue (15.58 +0.13)
Reports Q4 (Dec) net of breakeven, excluding reversal of a $5.3 million valuation allowance, may not compare to the First Call consensus of $0.04; revenues fell 26.0% year/year to $83.2 mln vs the $78.8 mln consensus. Co states, "Looking ahead to 2010, we are guardedly optimistic most of the inventory de-stocking is over. As OEM build rates more closely reflect order levels, we can confidently say the worst is behind us. We anticipate relatively stable business conditions throughout the first half of the year. After a few months of moving 'sideways,' we believe the second half of 2010 can bring opportunities for growth. Our manufacturing facilities have available capacity, and our employees are poised to take care of our customers' increasing demand."
16:04
MNKD Mannkind misses by $0.13 (10.14 +0.02)
Reports Q4 (Dec) loss of $0.53 per share, $0.13 worse than the First Call consensus of ($0.40). Co has no rev this quarter or in 4Q08. Cash, cash equivalents and marketable securities were $32.5 million at December 31, 2009 and $46.5 million at December 31, 2008. Currently, the Company has $185.0 million of available borrowings under the loan agreement with an entity controlled by the Company's principal stockholder.
16:03
SFN Spherion announes the acquisition of CFO executive services firm Tatum (5.87 +0.23)
Co announces the acquisition of Tatum, LLC , a leading executive services firm focused on the office of the chief financial officer. Total consideration for the transaction is $46 mln, comprised of $11 mln in Spherion stock and the remainder in cash and assumed liabilities. Spherion will fund the transaction by utilizing its existing cash resources and revolving line of credit and by issuing approximately 1.8 mln shares of Spherion common stock. Total borrowings after closing will be approximately $45 mln with debt to capitalization of less than 15%. Tatum's field operations will remain independent and its back-office operations will be consolidated into Spherion's existing service center. The integration and consolidation are expected to be substantially completed by March 31, 2010. Once the integration and consolidation are completed, there should be approximately $6 mln of annualized cost savings. With this level of cost synergies, Spherion estimates that the purchase price of $46 mln is approximately 5.5x estimated 2009 pro forma earnings before interest, taxes, depreciation and amortization of Tatum. Assuming 2010 revenues about flat with 2009 and realization of approximately 65% - 75% of the $6 million cost synergies, Tatum should be approximately $0.03 to $0.05 per share accretive to Spherion in 2010.
16:03
OCLR Oclaro misses by $0.03, beats on revs; guides Q3 revs above consensus (1.77 +0.12)
Reports Q2 (Dec) loss of $0.01 per share, $0.03 worse than the First Call consensus of $0.02; revenues rose 10.0% year/year to $93.6 mln vs the $91.1 mln consensus. Co issues upside guidance for Q3, sees Q3 revs of $97-102 mln, including ~$2.0 million to $3.0 million of Xtellus related revenues vs. $92.99 mln consensus. "We expect to grow our revenue and are driving to increase our gross margins in what is traditionally a seasonally weaker March quarter," said Alain Couder. "Improving our gross margins in the quarter when our industry experiences the bulk of its annual pricing re-negotiations would demonstrate our ability to continually drive costs out of our products and leverage our global skill and infrastructure."
16:02
CATY Cathay Bancorp has commenced a $100 mln common stock offering (9.34 -0.24)
16:02
TBAC Tandy Brands announces consolidation of distribution operations (2.90 -0.01)
The co announces a consolidation of its distribution operations which is expected to improve customer service, increase operational efficiencies, and reduce annualized operating expenses by approximately $3-$4 million. Tandy said that its distribution operations will be consolidated into the company's Dallas distribution center, which was recently expanded and renovated to include the company's corporate headquarters. As part of the consolidation, the company said that it is closing its Yoakum, Texas distribution facility and office. In the past, the Yoakum sites were a significant manufacturing center for Tandy, but that function has been largely phased out since 2007. "Given we have successfully shifted our business model from product manufacturing to international sourcing, Yoakum is no longer an efficient hub for our distribution," said Mr. Rod McGeachy, President and Chief Executive Officer of Tandy. "Consolidating our distribution operations and our new corporate headquarters into our expanded Dallas distribution center will better serve our retail partners both in terms of efficiency and cost effectiveness. These two moves together will reduce our fiscal year 2011 SG&A expenses by $4 to $5 million annually."
16:01
ICUI ICU Medical beats by $0.02, beats on revs; guides FY10 EPS below consensus, revs in-line (34.39 -0.39)
Reports Q4 (Dec) earnings of $0.50 per share, $0.02 better than the First Call consensus of $0.48; revenues rose 23.1% year/year to $69.8 mln vs the $64.5 mln consensus. Co issues mixed guidance for FY10, sees EPS of $1.80-$1.90 vs. $1.98 consensus; sees FY10 revs of $265-$275 mln vs. $270.71 mln consensus. "Entering 2010, we are confident that our strengthened and focused portfolio of products, expanding industry relationships and strong balance sheet has us well positioned to achieve record sales and net income results this year."
16:01
CIT CIT Group announced that Alexander T. Mason, President and Chief Operating Officer, will be leaving the organization effective February 26, 2010 (31.38 -0.44)
16:01
AKS AK Steel announces a $325 per ton surcharge for electrical steel products shipped in March 2010 (21.64 +1.30)
16:01
PRAA Portfolio Recovery Assoc. and Mark Johnson announce that a mutually agreeable resolution to the lawsuit filed (45.28 -0.30)
Mark Johnson and Portfolio Recovery Associates, LLC, a wholly owned subsidiary of Portfolio Recovery Associates, announce that a mutually agreeable resolution to the lawsuit filed by Mr. Johnson has been reached. Any accusations that have resulted from this misunderstanding are unfortunate and regrettable. After carefully considering all of the circumstances, the parties have decided to put the matter behind them.
16:01
ACHN Achillion Pharma announces license agreement for Elvucitabine development in China (2.42 +0.06)
Co announced the execution of a license agreement for elvucitabine, the company's nucleoside reverse transcriptase inhibitor (NRTI) for the treatment of both hepatitis B virus (HBV) infection and human immunodeficiency virus (HIV) infection with GCA Therapeutics (GCAT) of Jersey City, New Jersey. The exclusive license grants GCAT the right, through its Chinese joint venture with Tianjing Institute of Pharmaceutical Research, to clinically develop and commercialize elvucitabine in mainland China, Hong Kong, and Taiwan. In Phase 2 clinical trials elvucitabine has demonstrated to be safe and well tolerated and to be efficacious in both HBV and HIV infected patients. Under the terms of the agreement, GCAT, through a sublicense agreement with its Chinese joint venture, T & T Pharma, formed with Tianjing Institute of Pharmaceutical Research, will assume all development and regulatory responsibility and associated costs for elvucitabine, and Achillion will be eligible to receive development milestones and double-digit royalties on net sales in those territories.
16:00
BMTI Biomimetic Therapeutics announces that European Patent Office intends to grant patent (11.62 -0.20)
Co announces that the European Patent Office intends to grant patent application No. 05803356 titled "Platelet-Derived Growth Factor Compositions and Methods of Use Thereof". The allowed claims cover compositions of platelet derived growth factor combined with matrix materials having defined characteristics, which cover the Company's novel recombinant protein-device combination product candidates, including Augment Bone Graft and Augment Injectable Bone Graft, as well as GEMESIS, which the Company previously sold to Luitpold Pharmaceuticals, Inc. The new patent, which expires in 2025, will provide protection against the marketing of similar or generic versions of Augment, Augment Injectable, and GEMESIS in Europe. This notice from the EPO enhances the Company's existing, strong patent portfolio, which includes a similar patent in the United States effective through 2025.
Briefing.com is the leading Internet provider of live market analysis for U.S. Stock, U.S. Bond and world FX market participants. 1-800-752-3013 or http://www.briefing.com
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News