Briefing.com: Hourly In Play (R) – 21:00 ET

May 26, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)

Updated: 26-May-10 21:00 ET

19:05

IFLG InfoLogix anounces independent committee formed to review strategic alternatives (7.32 +0.17)

Co announced that its board of directors has initiated a review of strategic alternatives to address various financial and operational challenges facing the Co and to identify the most effective means for optimizing value for stockholders, including reviewing proposals for additional financing, further restructuring its debt and effecting one or more strategic transactions.

18:04

USO July crude oil is trading 0.9% lower at $70.84 per barrel in after hours trading (32.59 +0.74) -Update-

18:02

Futures move lower after hours with S&P 500 futures now 8.28 points below fair value of 1066.68 and Nasdaq 100 futures now 9.9 points below fair value of 1796.15

18:00

SSRI Silver Standard Resources announces the appointment of John Smith as President and Chief Executive Officer (17.79 +0.41)

Co announce the appointment of John Smith as Chief Executive Officer of the co, effective August 6, 2010. Mike Anglin will continue to be Interim President and Chief Executive Officer until that time, when he will revert to his previous role as director. Smith has over 30 years of varied experience in the resources industry. He started his career in the North Sea oil industry and has spent the last 18 years with BHPBilliton, most recently as Vice President, Resourcing and Development, based in Melbourne, Australia

17:57

RMBS Rambus: ITC extends target date of final determination in Rambus matter regarding NVIDIA products (24.89 +0.74) -Update-

Co announced that it has received notification from the International Trade Commission (ITC) extending the target date for completion of the investigation until July 26, 2010. The ITC has requested further briefing regarding a license agreement between Rambus and Samsung Electronics

17:51

SA Seabridge Gold: Drilling commences at Seabridge Gold's KSM project (34.41 -1.01)

Co announced that drilling is now underway at its 100% owned KSM project as previously announced in the news release of April 19, 2010, this year's drill program is designed to (i) convert more of the existing mineral resources to proven and probable reserves, and (ii) conduct resource definition drilling at the Iron Cap zone where drilling by previous operators identified the potential for a fourth large deposit at KSM. Drilling to be conducted at the Mitchell and Sulphurets during 2010 is expected to increase reserves by 2-3 mln ounces of gold. At Iron Cap, SA's geologists believe that this new zone has the potential to host 250-500 mln tonnes of mineralized material at grades similar to the Mitchell zone.

17:26

Futures are lower after hours with S&P 500 futures 6.08 points below fair value of 1066.68 and Nasdaq 100 futures 5.65 points below fair value of 1796.15

17:19

DLTR Dollar Tree announces 3-for-2 stock split (62.03 -1.41)

17:13

AFCE AFC Enterprises beats by $0.01, beats on revs; guides FY10 EPS below consensus (10.01 -0.20)

Reports Q1 (Mar) earnings of $0.23 per share, $0.01 better than the Thomson Reuters consensus of $0.22; revenues fell 8.6% year/year to $43.8 mln vs the $42.5 mln consensus. Co reaffirms downside guidance for FY10, sees EPS of $0.73-0.77 vs. $0.78 Thomson Reuters consensus. The Co continues to project global same-store sales to be in the range of negative 1.0 to positive 2.0 percent for 2010, given the continuing challenges of the global economic environment and the intensely competitive restaurant sector.

17:05

ABT Abbott Labs announced stenting and surgery had similar initial safety and longer-term outcomes for symptomatic and asymptomatic men and women (47.17 -0.06)

Data from the CREST (Carotid Revascularization Endarterectomy vs. Stenting Trial) study were published today in The New England Journal of Medicine. In this trial, stenting and surgery had similar initial safety and longer-term outcomes for symptomatic and asymptomatic men and women. Adverse event rates of death, stroke and heart attack were also similar for both therapies. Co plans to file application by end of year seeking an expanded indication to treat standard-surgical-risk patient population.

17:04

CHRM Charm Communications reports Q1 proforma ADS of $0.21 vs. $0.02 in the prior year's quarter; revs grew 73% to $42 mln (7.65 -0.12)

17:00

AN AutoNation authorizes additional $250 mln for share repurchases (19.08 -0.08)

17:00

CPN Calpine signs 7-year, 200 megawatt power purchase agreement with Xcel Energy subsidiary Southwestern Public Service (13.55 +0.54)

16:59

MGA Magna provides clarification regarding potential battery investments (66.76 -0.67)

Co issued certain points of clarification in response to recent media reports regarding Magna's potential future investment in battery plants. Co stated: "We believe that the market for hybrid and electric vehicles will continue to grow and we hope to capitalize on the opportunities that such growth could provide to capable suppliers. We are reviewing with potential joint venture partners some of the opportunities available."

16:55

AINV Apollo Investment misses by $0.03 (10.41 )

Reports Q4 (Mar) earnings of $0.28 per share, $0.03 worse than the First Call consensus of $0.31. Total Assets: $3.5 billion Investment Portfolio: $2.9 billion

16:51

MCK McKesson raises quarterly dividend by 50% to $0.18/share (68.08 +0.27)

16:36

CSTR Coinstar Sells E-Payment Services Business to InComm for $40 mln (52.98 -0.05)

16:34

SMTC Semtech beats by $0.07, beats on revs; guides Q2 EPS above consensus, revs above consensus (17.94 +0.07)

Reports Q1 (Apr) earnings of $0.35 per share, excluding non-recurring items, $0.07 better than the Thomson Reuters consensus of $0.28; revenues rose 69.6% year/year to $101.9 mln vs the $94.6 mln consensus. Co issues upside guidance for Q2, sees EPS of $0.37-0.39, excluding non-recurring items, vs. $0.29 Thomson Reuters consensus; sees Q2 revs growth of 6-10% sequentially, which calcualtes to ~$108.0-112.1 mln vs. $97.70 mln Thomson Reuters consensus. (Stock is halted)

16:31

MPG MPG Office Trust eliminates debt obligation; loan was scheduled to mature on June 30 (2.70 -0.05) -Update-

Co extinguished the $26.4 million construction loan obligation secured by 17885 Von Karman in Irvine, California. Co contributed ~$2.0 million in reduction of the loan and turned the property over to the lender. Co was relieved of the $26.4 million obligation and a $6.7 million repayment guaranty. The loan was scheduled to mature on June 30, 2010.

16:29

BKR Michael Baker unit Receives GSA Energy Reduction and Sustainability BPA; maximum aggregate capacity of all BPAs awarded is $500 million (36.14 -0.27)

16:21

BPZ BPZ Energy announced Perupetro accepted Nov 30, 2010 as new First Date of Commercial Production for Block Z-1 and its Corvina field in northwest Peru; co plans to apply for gas flaring permits (4.80 +0.12)

16:19

CPST Capstone Turbine named Makon Power Systems Nigeria distributor and sold two C65 microturbines (1.11 +0.03)

16:17

CVV CVD Equipment signs exclusive Distribution Agreement with Graphene Laboratories for Chemical Vapor Deposited Graphene products (3.36 -0.05)

16:17

DAC Danaos and Hanjin Heavy Industries & Construction agree to cancel three 6,500 TEU newbuilding containerships (3.84 -0.01)

16:12

HOKU Hoku misses by $0.01, misses on revs (3.05 -0.12)

Reports Q4 (Mar) loss of $0.04 per share, $0.01 worse than the Thomson Reuters consensus of ($0.03); revenues rose 592.9% year/year to $0.8 mln vs the $1.4 mln consensus. Co says "...we are not prepared to give revenue guidance at this time. That said, depending on the exact timing of our polysilicon ramp-up and the commencement of commercial shipments, and our relatively low fixed cost for Hoku Solar, we are aiming to break even, or achieve profitability this fiscal year."

16:11

AVGO Avago Tech reports beats by $0.04, beats on revs (20.02 +0.79)

Co reports Q2 EPS of $0.47, $0.04 better than the $0.43 Thomson Reuters consensus; revs rose 13% year/year to $515 mln vs $510 mln Thomson Reuters consensus.

16:10

ALXA Alexza Pharma secures $25 mln committed equity financing facility with Azimuth Opportunity (3.14 +0.09)

Co announced that it has obtained a committed equity financing facility under which it may sell up to $25 mln of its registered common stock to Azimuth Opportunity, Ltd. over a 24-month period. Alexza is not obligated to utilize any of the $25 mln facility.

16:08

HOKU Hoku receives $20 mln loan from China Merchants Bank (3.05 -0.12)

Co announced it had entered into a $20 mln credit agreement with the New York branch of China Merchants Bank. The proceeds will be used primarily to pay for capital expenses for the polysilicon production plant under construction by Hoku's subsidiary, Hoku Materials. Co has up to one month to borrow all $20 mln that is available under the credit agreement, and must repay all borrowed amounts on the two-year anniversary of the effective date of the credit agreement. Interest on borrowed amounts will accrue at the three-month LIBOR rate plus 2%, and is payable in arrears every three months. Co will also pay a facility fee of 0.5% of the total loan amount per annum, payable in arrears with the interest payments, and will reimburse Tianwei for its fees and expenses in providing the standby letter of credit.

16:07

CDXS Codexis reports Q1 ($0.50) vs. ($2.35) in the prior year's quarter; revs grew 32% to $25.7 mln (11.54 -1.10)

16:07

NDN 99 Cents Only beats by $0.07, reports revs in-line (15.16 +0.53)

Reports Q4 (Mar) earnings of $0.24 per share, $0.07 better than the Thomson Reuters consensus of $0.17; revenues rose 3.1% year/year to $339.3 mln vs the $340.3 mln consensus. For fiscal 2011 the co expects positive same-store sales in the low single digits and plans to open approximately 5% more stores in its existing markets, primarily in the second half of the year. The co believes that rev growth in fiscal 2011 will primarily result from new store openings and increases in same-store sales. With continued improvements anticipated from its profit improvement plan, the co expects to increase its fiscal 2011 income before taxes to approximately 7.5% of sales, compared to 6.9% for fiscal 2010.

16:06

JAS Jo-Ann Stores beats by $0.22, reports revs in-line; raises FY11 EPS guidance above consensus (42.70 -0.18)

Reports Q1 (Apr) earnings of $0.66 per share, $0.22 better than the Thomson Reuters consensus of $0.44; revenues rose 4.4% year/year to $480.3 mln vs the $479.7 mln consensus. Co issues raises guidance for FY11, sees EPS of $2.95-3.10 vs. $2.95 Thomson Reuters consensus. Co sees FY11 gross margin rate improvement of 40 to 70 basis points for the year versus the previously announced range of approximately 20 to 50 basis points. Expects same-store sales increase of approximately 2.5% to 3.5% for the year.

16:06

FSII FSI Intl raises Q3 guidance (2.75 +0.11)

Co now expects Q3 orders toof $28-30 mln, up from $25-27 mln prior guidance, vs $22.8 mln in Q2 2010. Co sees Q3 revenues of $27-29 million, up from $23-25 mln, vs $24.15 mln Thomson Reuters consensus. Assuming co can achieve anticipated gross profit margin and the operating expense levels, co sees Q3 net income of $5.0-6.0 mln, up from $2.5-3.0 mln prior guidance.

16:06

ALXA Alexza Pharma: Staccato Loxapine (AZ-004) reduced signs and symptoms of agitation as early as ten minutes after dosing in patients with schizophrenia or bipolar disorder (3.00 -0.05)

Results of clinical studies in patients with schizophrenia or bipolar disorder demonstrated that Staccato loxapine (AZ-004) reduced agitation in patients, regardless of the level of agitation at baseline. Improvement in agitation levels were observed as early as 10 minutes after dosing on the standard components of agitation as measured by the Positive and Negative Syndrome Scale - Excited Component (PEC). Staccato loxapine also had no significant hemodynamic effect in subjects taking chronic antipsychotic treatment and did not significantly prolong the QT interval at therapeutic doses.

16:05

INMD IntegraMed announces expansion of credit facility from $10 mln to $35 mln (8.33 +0.29)

16:04

NTAP NetApp beats by $0.06, beats on revs; guides Q1 EPS above consensus, revs above consensus (33.31 +0.22)

Reports Q4 (Apr) earnings of $0.50 per share, $0.06 better than the Thomson Reuters consensus of $0.44; revenues rose 33.2% year/year to $1.17 bln vs the $1.09 bln consensus. Co issues upside guidance for Q1, sees EPS of $0.43-0.47 vs. $0.37 Thomson Reuters consensus; sees Q1 revs of $1.1-1.14 bln vs. $1.04 bln Thomson Reuters consensus.

16:04

PAY Verifone beats by $0.03, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY10 EPS above consensus, revs above consensus (17.31 +0.49)

Reports Q2 (Apr) earnings of $0.29 per share, $0.03 better than the Thomson Reuters consensus of $0.26. Co issues upside guidance for Q3, sees EPS of $0.29-0.30 vs. $0.28 Thomson Reuters consensus; sees Q3 revs of $245-250 mln vs. $235.62 mln Thomson Reuters consensus. Co issues upside guidance for FY10, sees EPS of $1.12-1.15 vs. $1.09 Thomson Reuters consensus; sees FY10 revs of $960-970 mln vs. $930.33 mln Thomson Reuters consensus.

16:04

DBRN Dress Barn beats by $0.01, beats on revs (26.63 -0.84)

Reports Q3 (Apr) earnings of $0.60 per share, $0.01 better than the Thomson Reuters consensus of $0.59; revenues rose 77.1% year/year to $665.5 mln vs the $645.8 mln consensus. Consolidated comparable sales increased 14%.

16:03

SIGM Sigma Designs beats by $0.06, beats on revs (10.41 +0.19)

Reports Q1 (Apr) earnings of $0.29 per share, $0.06 better than the Thomson Reuters consensus of $0.23; revenues rose 27.3% year/year to $65.2 mln vs the $62.7 mln consensus.

16:03

ZIOP Ziopharm Oncology announced that it is offering to sell shares of its common stock in an underwritten public offering (5.35 -0.23)

16:03

PED Petroflow Energy announces subsidiaries' reorganization filings under United States Bankruptcy Code (0.25 0.00)

Co's subsidiaries, North American Petroleum Corporation and Prize Petroleum filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court

16:02

TGI Triumph Group announced that it intends to offer $350 million in aggregate principal amount of senior notes due 2018 (66.36 -0.58)

16:01

OLP One Liberty Properties enters into an amended and restated loan agreement (14.80 0.00)

The amended and restated loan agreement reduces One Liberty's permitted borrowings from $62.5 million to $40 million, extends the maturity date to March 31, 2012, and increases the interest rate to the greater of 90-day LIBOR plus 3% or 6% per annum.

16:00

XPRT LECG Corp announces new Chief Financial Officer and General Counsel (3.20 -0.02)

The co announces that in conjunction with the move of its headquarters from Emeryville, California to suburban Philadelphia, Steve Fife, LECG's Chief Financial Officer, and Deanne Tully, LECG's General Counsel, will step down from their roles this summer. Mr. Fife will remain CFO until August 15, 2010 in order to facilitate an orderly transition to Warren Barratt, whom the firm has appointed as its new Chief Financial Officer. Deanne Tully will continue as General Counsel until June 30, 2010, when Yuri Rozenfeld will replace her.

16:00

QGEN Qiagen and Roche (RHHBY) reach settlement over distribution agreement for TheraScreen Companion Diagnostics (20.09 -0.28)

Roche maintained its rights to distribute the two assays it currently distributes (KRAS and EGFR) under the DxS TheraScreen label and QIAGEN obtained rights to distribute these assays under the QIAGEN label and also obtained exclusive distribution rights for all other assays, including future assays, developed and manufactured at QIAGEN's Manchester subsidiary.

15:54

TKS Tomkins PLC's Gates Corporation settled suit against Dorman Products (13.30 +0.16)

Gates Corporation settled its litigation against Dorman Products related to marketing statements by Dorman directed to its automatic belt tensioners.

15:52

Earnings Calendar

Today after the close look for the following companies to report: NDN, AFCE, AVGO, DBRN, HOKU, JAS, NTAP, RUE, SMTC, SIGM, and PAY. Tomorrow before the open look for the following companies to report: BIG, BRLI, CMCO, CCM, CONN, COST, FREE, GCO, GIGM, HGG, HNZ, MNRO, MOV, NM, and TIF.

15:50

USO Global & sector ETF movers- Crude oil (USO, OIL) now leads all sectors while Spain (EWP) underperforms the global space in late day trading -Technical-

The Actively Traded Leading Global & Sector ETFs:

crude oil- USO +2.75%, OIL +2.75%, iShares Chile- ECH +2.50%, heating oil- UHN +2.0%, airlines- FAA +2.0%, coal- KOL +1.75%, Russia- RSX +1.50%, clean energy- PBW +1.50%, commods- GSG +1.75%, DBC +1.25%, iShares Mexico- EWW +1.75%, oil HLDRS- OIH +1.25%, RBOB gas- UGA +1.50%, iShares transports- IYT +1.25%, ISE Revere natural gas index- FCG +1.25%

The Actively Traded Lagging Global & Sector ETFs:

iShares Spain- EWP -4.50%, VIX vol index- VXX -2.50%, VXZ -1.75%, biotechnology- BBH -2.50%, IBB -1.50%, iShares France- EWQ -2.0%, junk bonds- JNK -1.75%, iShares Hong Kong- EWH -1.75$, SPDRS retailers- XRT -1.75%, iShares Germany- EWG -1.75%, iShares Japan- EWJ -1.50%, Euro currency shares- FXE -1.0%

15:49

CLF Cliffs Natural Resources comments on proposed merger announcement from KWG Resources and Spider Resources; co believes proposed merger provides little if any value to either companies shareholders (53.20 +1.53)

Co believes this proposed share-exchange merger between the two junior mineral exploration companies provides little, if any, value to either KWG or Spider shareholders. CLF believes that its proposals of $0.13/share in cash to the shareholders of each co are clearly superior to the proposed KWG-Spider combination from the standpoint of both co's shareholders. CLF believes neither KWG nor Spider currently possesses the technical or financial ability to develop the Big Daddy deposit.

15:44

Conferences and Shareholder/Analyst Meetings of Interest

Events of interest for tomorrow, May 27, include: BRS Analyst Meeting; NEM Investor Day; HSP, BDX, MCK, WLP at Citi Global Healthcare Conference; HERO, SD at UBS Global Oil and Gas Conference; BGCP to Host Investors and Analysts; PSSI Investor Day; CAVM, CTV, BRCM, NTGR at Barclays Capital Communications, Media and Technology Conference; HON at JPMorgan HVAC Conference; BMTI at Mozaic IR InvestTennessee Equity Conference; AEL Investor Day; NVLS Q2 Mid-Quarter Update. Fed/Treasury: $31 bln 7-yr Treasury Notes Auction; Fed's Bullard.

15:27

SPY S&P slides further off early high -Update- -Technical-

Highlighted resistance at 1090/1091 in The Technical Take and in first hour updates. At 11:06 indicated that it was possible to consider the 1050 to 1090 run as complete with the 38% retrace of this move 1075.54. It hit 1075.56 and stabilized but some follow through has been noted in recent trade. The 50% and 62% retracements are at 1070a nd 1066 -- Click for chart.

15:04

CIDM Cinedigm Digital Cinema expands credit facility to $47 mln from $8.9 mln for Phase 2 Digital Cinema Conversions (1.74 +0.04)

14:56

VRTX NASDAQ 100 (NDX) strength & weakness- Biotechnology name (VRTX) & Machinery name (JOYG) continue to lead the index heading into the final hour of trading -Technical-

NDX 10 Best % Performers:

VRTX, JOYG, ILMN, NIHD, PCAR, BMC, VRSN, LINTA, SNDK, MYL

NDX 10 Worst % Performers:

MICC, APOL, AMGN, GILD, TEVA, SHLD, STX, MSFT, GRMN, CELG

NASDAQ A/D +1005

NASDAQ TRIN +1.30

14:54

DIS Dow 30 (INDU) strength & weakness- Consumer Disct. (DIS) leads index heading into the final hour of trading -Technical-

INDU 5 Best % Performers:

DIS, CAT, GE, MRK, BA

INDU 5 Worst % Performers:

MSFT, VZ, MCD, CSCO, AXP

NYSE A/D +1520

NYSE TRIN +1.10

14:44

COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices -Update-

July corn closed higher by 7.25 cents to $3.715 per bushel, July soybeans closed higher by 7.5 cents at $9.38 per bushel, July wheat closed 1.25 cents higher at $4.6175 per bushel, July ethanol closed $0.023 higher at $1.605, July world sugar futures closed 0.11 cents higher to 15.36 cents.

14:43

COMDX NYMEX Energy Closing Prices

July crude oil settled higher by $2.76 to $71.51, July natural gas finished up 5.8 cents to $4.172, June RBOB gasoline gained 3.96 cents to end at $1.9704 and June heating oil closed up 5.21 cents to $1.9236.

14:37

GRMN Garmin extends steady afternoon slide back near yesterday's low and its early May/three month low at 32.00/31.99 -- session low 32.06 (32.16 -0.84) -Technical-

14:35

SPY Stock indices pull back near midday range lows -- Dow +38, S&P +6.3, Nasdaq +16.1 -Update- -Technical-

14:30

EMCI EMC Insurance Group announced COO William Murray will retire (21.62 +0.23)

14:19

FRPT Force Protection's Ocelot light protected patrol vehicle has been down-selected by Australian Government to compete in Land 121 Phase 4 Project (4.26 +0.04)

14:10

SERV Servidyne secured an exclusive two-year demand response services contract with CPS Energy (3.36 +0.46)

13:48

DIS Walt Disney issues statment regarding insider trading investigation; " co has been fully cooperating with this investigation; reference in the complaint to conversations were and are false" (33.65 +1.33)

13:33

BJ BJ's Wholesale pushes to daily highs as it lifts up to probe its late Apr momentum-May range high near $39.85 (39.79 +1.78) -Technical-

13:32

COMDX COMEX Metals Closing Prices

June gold ended higher by $12.60 to $1210.60, July silver gained 56.4 cents to finish at $18.345, and July copper closed up 3.85 cents to $3.0805.

13:30

FSS Federal Signal unit awarded contract With Defense Logistics Agency; maximun value of the contract is estimated at ~$2.7 mln (6.61 +0.26)

13:12

MEE Massey Energy says the various media reports saying the co is for sale are not true (32.29 +1.03) -Update-

The co continues to have discussions with several entities regarding various asset sales and/or Joint Venture opportunities that it feels will bring value to the shareholders.

13:00

VMW VMware: Following an Upgrade (see 09:44), stock pushes to daily highs as it lifts above its May high of $64.59 and into fresh 52-wk high territory (65.64 +4.35) -Update- -Technical-

12:56

CKR CKE Restaurants reported Q1 SSS were -3.9% vs -1.8% last year and gave operational expectations (12.31 +0.04)

Co anticipates consolidated occupancy and other costs as a percentage of company-operated restaurants revenue for Q1 will be 105-115 bps higher than the results reported in Q1 of FY10 primarily due to an increase in depreciation expense of ~70 bps related to our ongoing remodel program and the deleveraging impact of our blended same-store sales decline during Q1 of FY11. Co expects interest expense for the Q1 to be ~$5 mln.

12:45

FAA Global & sector ETF movers- Airline names (FAA) now lead all sector while VIX vol measurements (VXX, VXZ) still lag here @ midday -Technical-

The Actively Traded Leading Global & Sector ETFs:

airlines- FAA +4.0%, coal- KOL +3.50%, clean energy- PBW +3.25%, Russia- RSX +3.0%, crude/WTI oil- USO +2.50%, OIL +2.75%, homebuilders & home construction- XHB +2.50%, ITB +2.50%, solar power- TAN +2.75%, iShares Chile- ECH +2.75%, ISE Revere natural gas index- FCG +2.25%, iShares Mexico- EWW +2.25%, iShares transports- IYT +2.0%, iShares Brazil- EWZ +2.0%, natural gas- UNG +2.0%

The Actively Traded Lagging Global & Sector ETFs:

VIX vol index- VXX -6.25%, VXZ -3.75%, biotech HLDRS- BBH -1.25%, iShares Hong Kong- EWH -1.25%, US bonds/fixed income- TLT -0.75%, BWX -1.0%, BND -0.25%, Euro currency shares- FXE -1.0%, iShares Japan- EWJ -1.0%, copper- JJC -0.50%, iShares Germany- EWG -0.50%

12:34

DE Deere raises quarterly dividend to $0.30 from $0.28 a share (56.90 +1.00)

12:32

BIDU Baidu.com slides more than 4% off early high, vacillating near the flat line (69.09 +0.01) -Technical-

12:28

VRTX NASDAQ 100 (NDX) strength & weakness- Biotechnology (VRTX) & Machinery (JOYG) names lead the index @ midday -Technical-

NDX 10 Best % Performers:

VRTX, JOYG, NIHD, SNDK, PCAR, NVDA, BMC, ISRG, ILMN, ATVI

NDX 10 Worst % Performers:

MICC, TEVA, AMGN, SHLD, GILD, CELG, APOL, BIIB, URBN, GENZ

NASDAQ A/D +1575

NASDAQ TRIN +0.40

12:26

CAT Dow 30 (INDU) strength & weakness- Machinery (CAT) still leads the index @ midday -Technical-

INDU 5 Best % Performers:

CAT, DIS, BA, GE, INTC

INDU 5 Worst % Performers:

MCD, VZ, KO, JNJ, TRV

NYSE A/D +2145

NYSE TRIN +0.95

12:07

CEMJQ Chemtura announces sales control and 30-day maximum price validity (1.58 +0.21)

Co announced that it will place Tetrabromobisphenol A (BA-59PR), Decabromodiphenyloxide (DE-83RR) and Decabromodiphenylethane (FiremasterR 2100R) on sales control while implementing 30-day maximum price validity on these product lines. Co says it was necessary due to higher than anticipated demand for these product lines coupled with supply constraints on several key raw materials.

11:48

European Markets Closing Prices

European markets are now closed; stock markets across Europe performed as follows: UK's FTSE: +2.0% Germany's DAX: +1.6% France's CAC: +2.5% Spain's IBEX: +0.6% Portugal's PSI: +3.5%

11:45

TECHX Euro currency futures vacillating near support between its 52-wk close low/this week's low set yesterday -Update- -Technical-

A steady slide off the overnight high in the Euro continuous futures contract into late morning action but it is attempting to stabile near its 52-wk close low from last week and yesterday's low between 1.2207 and 1.2181 (session low 1.2195) -- Click for daily chart.

11:28

SPY S&P +7.8 and Nasdaq +25 extend pullback off resistance -- Dow +47 -Update- -Technical-

See 11:06 for chart.

11:16

YHOO Yahoo! and Zynga announce partnership; Zynga that will integrate its social games through Yahoo!'s global network (15.75 +0.44)

11:06

SPY S&P 500 +9.8 and Nasdaq Comp +28 retreat from retrace -Update- -Technical-

The solid follow through on Tuesday's recovery rally for both indices has stalled near retracement resistances. The S&P hit the Fri/Mon highs and the 38% retrace off 1173 noted ealier at 1090/1091. The Nasdaq Comp also retraced 38% from the May rebound high and this lined up with the 50% retrace off last week's high as well. From an Elliott Wave perspective it is possible to consider the rally a complete pattern off yestereday's afternoon (possibly off early low -- Click for chart) which leaves the door open for further short term corrective trade.

10:40

KNSY Kensey Nash receives FDA 510(k) Clearance for ECM Product, Meso BioMatrix Surgical Mesh (23.19 +0.96)

10:38

COMDX Crude oil ticks to fresh highs at $71.07; now up $2.23 to $70.98

10:37

WPZ Williams Partners announces contracts by execution of precedent agreements for proposed expansion of its Transco pipeline (36.77 +0.77)

Co anticipates filing an application with FERC this fall seeking approval to construct the Mid-South Expansion project. The capital cost of the project is estimated to be $214 million. Williams (WMB) owns 84 percent of Williams Partners, including the general-partner interest. Most of Williams' interstate gas pipeline and midstream assets are held through its ownership interest in Williams Partners.

10:35

XHB Global & sector ETF movers- Homebuilder & Home Construction (XHB, ITB) names lead while VIX (VXX, VXZ) vol measurements lag through the 1st hour of trading -Technical-

The Actively Traded Leading Global & Sector ETFs:

homebuilders & home construction- XHB +3.75%, ITB +3.50%, airlines- FAA +3.75%, coal- KOL +3.50%, natural gas- UNG +3.25%, clean energy- PBW +3.50%, Russia- RSX +3.25%, iShares Brazil- EWZ +3.0%, iShares Latin America- ILF +3.0%, iShares Mexico- EWW +3.0%, steel- SLX +2.50%, iShares Chile- ECH +2.50%, SPDRS metals & mining- XME +2.50%

The Actively Traded Lagging Global & Sector ETFs:

VIX vol index- VXX -7.25%, VXZ -3.50%, US bonds/fixed income- TLT -0.75%, BND -0.25%, BWX -0.25%, Euro currency shares- FXE -0.75%, iShares Hong Kong- EWH -0.75%, iShares Japan- EWJ -0.50%, Yen currency shares- FXY -0.50%

10:31

OIH Crude oil sees no immediate reaction to inventory data, despite larger-than-expected build; currently higher by $1.70 to $70.45

10:29

XLK Technology Select Sector extends to tests gap bottom/200 ema resistance at 21.71 -- session high 21.71 (21.62 +0.31) -Technical-

The top of the bear gap from last week and its 200 sma are at 21.83/21.87. Components outperforming this morning include: INTC +2.6%, CSCO +1.1%, MSFT +0.9%, GOOG +2.1%, AAPL +2.6%, HPQ +1.6%, QCOM +1.2%, ORCL +1.1%.

10:27

SNDK NASDAQ 100 (NDX) strength & weakness- Storage (SNDK) & Biotechnology (VRTX) names lead the index through the 1st hour of trading -Technical-

NDX 10 Best % Performers:

SNDK, VRTX, FWLT, NIHD, JOYG, PCAR, NVDA, MRVL, CERN, BMC

NDX 10 Worst % Performers:

MICC, TEVA, AMGN, INTU, SHLD, AMZN, ADBE, QGEN, GILD

NASDAQ A/D +1840

NASDAQ TRIN +0.50

10:24

BA Dow 30 (INDU) strength & weakness- Aerospace (BA) & Machinery (CAT) names lead through the 1st hour of trading -Technical-

INDU 5 Best % Performers:

BA, CAT, INTC, GE, AA

INDU 5 Worst % Performers:

MCD, TRV, VX

NYSE A/D +2310

NYSE TRIN +0.85

10:13

UUP Dollar Index extends to new session high, Euro futures drops to new session low -Technical-

The Dollar Index is hovering modest below its 52-wk high from last week at 87.45 (session high 87.05) while the Euro futures contract is modestly above its 52-wk low from last week at 1.214 (session low 1.2235).

10:06

SPY S&P 500 +13.5 follows through on early run after data, tests 1090/1091 resistance -Update- -Technical-

Noted resistance earlier in the 1090/1091 area (Fri-Mon highs, 38% retrace of slide off May recovery high) and have seen a test and pause in recent action (session high 1090.01).

10:04

XHB SPDR Homebuilders sets new high for the week (17.35 +0.63) -Technical-

The sector has been one of the better performers in today's strong market with it recently pushing to a fresh high following the data. Minor chart resistance is at 17.36/17.42 -- LEN +5%, PHM +2.8%, MTH +2.6%, SPF +8.7%, TOL +4.7%, DHI +3.8%KBH +3.7%, HOV +9.4% LOW +1.7%, HD +2.6%, MHK +2.7%, SHW +1.7%.

10:01

NCR NCR Corp anounced Blockbuster branded DVD rental kiosks in Texas (13.53 +0.40)

announced the first major introduction of Blockbuster (BBI) Express-branded DVD-rental kiosks in Texas through the replacement of kiosks at 105 Tom Thumb and Randalls stores in Dallas, Houston, and Austin.

10:01

IPXL Impax Labs and IGI Laboratories (IG) enters into development and supply agreement with (20.12 +0.21)

The cos entered into a product development and supply agreement. IGI will be responsible for developing two topical drug products, obtaining FDA marketing approvals, and manufacturing the commercial products. Impax will market and distribute the products through Global Pharmaceuticals, its generics division. The products and terms of the agreement were not disclosed.

09:58

SPY New session highs for stock indices -- Dow +108, S&P +13.9, Nasdaq +37 -Update- -Technical-

09:57

SNDK SanDisk displays Relative Strength as its pushes higher this morning to challenge its 4-week resistance along the $45-level (45.33 +2.16) -Update- -Technical-

09:55

GE General Electric signed a corporate procurement agreement with Saudi Aramco (16.35 +0.39)

Co signed a corporate procurement agreement with Saudi Aramco, the national oil company of Saudi Arabia, which establishes a long-term framework for the supply of GE turbomachinery equipment and services to support the production of oil and gas in Saudi Arabia.

09:52

ECONX Reminder: New Home Sales data due out in about 8 min at 10:00ET

09:51

TECHX Opening Point Gainers/Losers -Technical-

Point Gainers: GOOG (+7.34), AAPL (+5.20), PCLN (+5.56), CME (+5.68), CJBK (+3.84), MA (+3.38), NFLX (+2.71), CETV (+2.73), UA (+2.62), VRTX (+2.52), XEC (+2.57)

Point Losers: MICC (-4.48), CEO (-1.62), AEO (-1.63), TM (-1.40), TEVA (-1.51), KB (-1.12), GTXI (-1.02), AZO (-1.14)

09:42

SPY S&P +12 extends strong start -Technical-

The index has edged through it first level resistance with the next short term area of interest at 1090/1091. This approximates Friday/Monday highs and the 38% retracement of the slide off the May rebound high (1173 to 1040) -- session high 1086.92.

09:37

BAC Bank of America is a Dow component leader, approaches its high for the week at 16.08 -- session high 16.03 (16.00 +0.51) -Technical-

09:35

C Citigroup gaps higher off the open extends to 3.99 (3.99 +0.21) -Technical-

Note that its mid-month gap and 200 day sma come into play between 4.04 and 4.08.

09:32

KRNY Kearny Financial announced new stock repurchase program to acquire up to 889,506 shares or 5% of its current outstanding common stock (9.35 +0.03)

09:31

LVS Las Vegas Sands gap up start, testing its 50 day ema and Monday's high at 22.10/22.05 (22.12 +0.75) -Technical-

Its 50 day sma comes into play at 22.85.

09:30

QTWW Quantum Fuel awarded contract by Lockheed Martin (LMT) to supply fuel metering and energy storage technology (0.69 +0.13)

09:25

CSR China Security and Surveillance announces pricing of public offering of 15 mln shares at $4/share (4.18 )

09:17

FSIN Fushi Intl subsidiary signs agreement to acquire Shanghai Hongtai (9.22 )

Co announced that its subsidiary, Fushi International Bimetallic Cable has entered into a definitive agreement to acquire 100% of Shanghai Hongtai Industrial, for ~$3.9 million.

09:15

GCOM Globecomm Systems receives a $7.9 mln increased scope under a four year contract with U.S. Government contractor (7.90 )

09:15

On The Wires

Cardiovascular Systems (CSII) announces the first patient enrollment in its ORBIT II Investigational Device Exemption clinical trial... Kyocera Corporation (KYO) announced that it has supplied roughly 9,000 solar modules for a large-scale solar power plant in the Czech Republic. Covering an area of more than 28,000 m, the plant delivers an output of 1.2 megawatts... Jamba (JMBA) announced the sale of nine restaurants in California and Arizona, and the signing of purchase agreements for 28 restaurants primarily outside of California... Luminus Devices, developer and manufacturer of PhlatLight LEDs, and Avnet Electronics Marketing Asia, part of the global technology distributor Avnet (AVT) announced a partnership through which Avnet Electronics Marketing will distribute Luminus PhlatLight LEDs to customers in Asia. EBV Elektronik, an Avnet company, distributes Luminus' products throughout Europe, the Middle East and Africa. Avnet also represents Luminus in the Americas... GSI Commerce Inc. (GSIC) extended and expanded a multiyear agreement to provide The Timberland Company (TBL), with e-commerce technology, order processing and customer care services for their U.S. and European Web stores.

09:02

AZK Aurizon Mines signs letter of intent with Azimut Exploration for Azimut's Rex South property (4.96 )

The proposed agreement entitles Aurizon to earn an initial 50% interest in the property by incurring exploration expenditures of $5.0 million over a 5 year period, and an additional 15% interest upon delivery of a bankable feasibility study and making additional payments and expenditures. The co must make an initial cash payment of $150,000 on signing, and making further cash payments for an aggregate of $580,000 over four years.

09:01

PSEC Prospect Energy announces $20,000,000 share repurchase plan (9.88 )

09:01

TRR TRC Co awarded $800K contract by CenterPoint Energy (CNP) to prepare Spill Prevention, Control and Countermeasure plans for over 500 sites (2.82 )

09:01

SHAW Shaw Group been awarded a contract from Marathon Oil to provide construction management services for a benzene reduction project at its refinery in Robinson, Ill. (30.62 )

08:56

OCNF Oceanfreight announces equity infusion by its principal shareholder, raising $20 mln (0.52 )

Basset Holdings Inc., a company controlled by our Founder and CEO, Mr. Anthony Kandylidis, has agreed to provide an equity infusion of $20 million to the co. An aggregate of 50,000,000 common shares will be issued.

08:53

KBX Kimber Resources updates exploration activities at Monterde gold-silver and Pericones silver properties (0.92 )

Co announcedthat permits to drill have now been received for three new areas of mineralization discovered at the co's Monterde gold-silver project in Mexico. Co is considering a small diamond drill program, totaling 2,000m to 3,000m, to drill test these new targets once the rainy season ends during August 2010. Co recently completed a 2,190m drill program on its 100% owned Pericones Project.

08:50

UNH UnitedHealth Board raises shareholder dividend and authorizes quarterly payment (28.87 )

Co announces it increased its cash dividend to shareholders and moved the co to a quarterly dividend payment cycle. The first quarterly dividend of $0.125 per share will be paid on June 21, 2010. Most recently, the Company paid a $0.03 per share annual dividend in April, 2010.

08:46

CVU CPI Aerostructures announed increase in existing credit facility to $4 mln from $3.5 mln and extending the term to August 2013 (8.60 )

08:33

ANDS Anadys Pharma retains Lazard as strategic advisor; company pursuing avenues to maximize recognition of ANA598 value (2.23 ) -Update-

Co announces that it has retained Lazard as its strategic advisor as it pursues various avenues aimed at value recognition for its stockholders from its non-nucleoside polymerase inhibitor, ANA598, in development for the treatment of hepatitis C.

08:31

WFR MEMC Elec reinstates share repurchase program for up to $550 mln (10.89 )

08:31

ANDS Anadys Pharma announces $12.5 mln registered direct offering with certain institutional investors (2.23 )

The co announces that it has entered into definitive agreements with certain institutional investors to raise approximately $12.5 million in gross proceeds in a "registered direct" offering through the sale of a total of 5,813,954 shares of its common stock at an offering price of $2.15 per share.

08:31

TECHX E~mini index futures in GLOBEX stay bid, near premarket highs following 8:30 econ. data -Technical-

ES (S&P 500) +12.50

NQ (NDX 100) +21.25

YM (INDU 30) +98

08:22

GFI Gold Fields announced plans to sell Certified Emissions Reductions (13.17 )

Co announced plans to sell Certified Emissions Reductions (CERs). Gold Fields will derive the CERs from the capture of methane gas at its Beatrix Gold Mine in South Africa's Free State province. The company will sell 1.7 mln CERs to European energy trading company Mercuria Energy Trading SA under forward contracts which will run until 2016. At current CER values and exchange rates, the CER contract is worth about R200 mln.

08:13

AEO American Eagle reports EPS in-line, revs in-line; guides Q2 EPS below consensus (15.38 )

Reports Q1 (Apr) earnings of $0.17 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.17 and guidance of $0.15-0.17; revenues rose 7.8% year/year to $659.5 mln vs the $656.3 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.12-0.16, excluding non-recurring items, vs. $0.21 Thomson Reuters consensus, reflecting margin pressure related to weaker business trends early in the quarter. Comps were +5%.

08:11

OCLR Oclaro (OCLRD) accelerates 100 Gb/s Coherent product development through alliance with ClariPhy (12.10 )

Co announced it has made a $7.5 million strategic investment in ClariPhy Communications. The cos also signed a Co-Marketing and Development Agreement leveraging ClariPhy's industry-leading 40nm, single-chip products with Oclaro's optical technology.

08:11

ECONX Reminder: Durable Orders data due out in about 19 min at 8:30ET

08:04

COV Covidien announces agreement to sell Specialty Chemicals for $280 mln; expected to dilute reported EPS by ~$0.09-$0.11 a share in each of FY10 and FY11 (41.75 )

Co announced agreement to sell its Specialty Chemicals business to an affiliate of New Mountain Capital for $280 mln. FY09 sales of the Specialty Chemicals product line were $414 mln, for the first six months of FY10, sales of this unit were $216 mln. Co will now report the this line as a discontinued operation. The reclassification to discontinued operations will reduce the co's previously reported FY09 diluted EPS from continuing operations by ~$0.07-$0.08. Transaction expected to close by the end of FY10. The transaction is expected to dilute reported EPS by ~$0.09-$0.11 a share in each of FY10 and FY11.

08:03

API Advanced Photonix enters into a debt conversion agreement

Co announced that it entered into a debt conversion agreement with the Michigan Economic Development Corporation and Michigan Strategic Fund. An aggregate of $562,337 of principal and interest owed by Picometrix is to be converted into 1.04 mln shares of class A common stock at a conversion price of $0.54 per share. The balance of the loan, $2.2 mln, will be amortized over approximately 4.5 years at an interest rate of 4%, which was reduced from 7%. Total interest saved from this transaction over the life of the loan is expected to be approximately $120,000.

08:03

SYNO Synovis Life Tech beats by $0.03, beats on revs (13.65 )

Reports Q2 (Apr) earnings of $0.11 per share, $0.03 better than the Thomson Reuters consensus of $0.08; revenues rose 18.9% year/year to $17.6 mln vs the $17.4 mln consensus.

08:02

SY Sybase: SAP commences tender offer for all outstanding shares of Sybase (64.11 )

SAP announced that its indirectly wholly-owned subsidiary, Sheffield Acquisition Corp, has commenced its cash tender offer for all outstanding shares of common stock of SY at a price of $65.00 per share.

08:00

SWKS Skyworks retires an additional $20.4 million of principal convertible debt (14.91 )

The co announces that over the past week, the Company retired an additional $20.4 million of convertible notes with an original maturity date of March 2012. With the early retirement of this debt, Skyworks eliminated potential future dilution of 2.1 million shares and, at a higher level, continues to enhance its overall capital structure.

07:57

BMO Bank of Montreal beats by Cdn$0.13 (55.65 )

Reports Q2 (Apr) cash earnings of Cdn$1.28 per share, Cdn$0.13 better than Thomson-Reuters consensus of Cdn$1.15. Net income was was Cdn$745.0 mln, up Cdn$387.0 mln from year ago period.

07:52

On The Wires

N-Viro International entered into a new supply agreement with FirstEnergy Corporation (FE) for a portion of reagent used at its Toledo, Ohio facility currently producing N-Viro Soil... Oracle (ORCL) has agreed to acquire certain pre-paid assets of eServGlobal, a provider of IT-based, pre-paid charging solutions for the communications industry. The transaction is expected to close in the second half of 2010... Sterling Financial Corporation (STSA), announced that it has received U.S. Treasury approval of Sterling's definitive investment agreements with private equity firms Warburg Pincus Private Equity X and Thomas H. Lee Partners... Volcano Corporation (VOLC) announced that it has received CE Mark approval for the VIBE RX Vascular Imaging Balloon Catheter. The co also announced that it has completed its first clinical cases with the VIBE RX in New Zealand.

07:49

FRED Fred's beats by $0.01, reports revs in-line; guides Q2 EPS in-line, revs above consensus; raises FY11 EPS guidance (13.17 )

Reports Q1 (Apr) earnings of $0.21 per share, $0.01 better than the Thomson Reuters consensus of $0.20; revenues rose 2.9% year/year to $471.6 mln vs the $468.9 mln consensus. Co issues mixed guidance for Q2, sees EPS of $0.12-0.15 vs. $0.14 Thomson Reuters consensus; sees Q2 revs +5-7%, which calculates to $455.9-464.6 mln vs. $449.99 mln Thomson Reuters consensus. Co raises guidance for FY11, sees EPS of $0.72-0.79 vs. $0.74 Thomson Reuters consensus, from $0.68-0.75 previously.

07:44

On The Wires

Transaction Network Services (TNS) ans EZX announce partnership for Foreign Exchange market data and trading capabilities... Millicom International Cellular S.A. (MICC) announces that, at a meeting of the Board of Directors following the AGM on 25 May 2010, Mr. Allen Sangines-Krause was elected Chairman... Oncolytics Biotech (ONCY) announced that the Cancer Therapy & Research Center at the University of Texas Health Science Center in San Antonio has started patient enrolment in a U.S. Phase 2 clinical trial using intravenous administration of REOLYSIN in combination with gemcitabine in patients with advanced pancreatic cancer... Qiao Xing Universal Resources (XING) announced that its wholly-owned subsidiary Chifeng Zhongtai has signed a letter of intent with Chifeng Xingu Mining to acquire the 100% equity interest in Balinzuo Banner Xinyuan Mining for a purchase price not to exceed $107 mln in cash to be paid in several installments... Deer Consumer Products, Inc. (DEER) reports no negative European market trends or euro currency risks.

07:33

MYL Mylan Labs receives approval for generic version of Valtrex (19.15 )

Co has received final approval from the U.S. Food and Drug Administration for its abbreviated new drug application for Valacyclovir Hydrochloride Tablets, 500 mg and 1000 mg, the generic version of GlaxoSmithKline's (GSK) Valtrex, a treatment for the herpes virus infection.

07:32

DSX Diana Shipping beats by $0.02, beats on revs (13.22 )

Reports Q1 (Mar) earnings of $0.36 per share, $0.02 better than the Thomson Reuters consensus of $0.34; revenues fell 0.8% year/year to $62.2 mln vs the $57.9 mln consensus. The Company has further announced that the Board of Directors has reauthorized the share repurchase program announced on November 12, 2008 for up to U.S. $100 million of the Company's common shares which may be repurchased from time to time until December 31, 2011.

07:31

PRGO Perrigo acquires rights to generic Version of HalfLytely from Novel Laboratories (56.10 )

Co announced that it has acquired rights to Novel Laboratories' pending ANDA for HalfLytely and Bisacodyl Tablets Bowel Prep Kit.

07:31

HRL Hormel Foods announced the Board of Directors authorized the buyback of up to 5 mln shares of common stock (39.53 )

07:30

SHOO Steven Madden announced that its Board of Directors had approved a continuation of its stock repurchase program for up to an additional $50 mln (32.70 )

07:30

Growth rising faster than expected but risks increasing too, says OECD Economic Outlook

Economic activity in OECD countries is picking up faster than expected but volatile sovereign debt markets and overheating in emerging-market economies are presenting increasing risks to the recovery, according to the OECD's latest Economic Outlook. Gross domestic product (GDP) across OECD countries is projected to rise by 2.7% this year and by 2.8% in 2011. These are upward revisions from the previous, November 2009, forecasts of OECD-wide GDP growth of 1.9% in 2010 and 2.5% in 2011. In the US, activity is projected to rise by 3.2% this year and by a further 3.2% in 2011. Euro area growth is forecast at 1.2% this year and 1.8% next while, in Japan, GDP is expected to expand by 3.0% in 2010 and by 2.0% in 2011.

07:27

On The Wires

ChinaNet Online Holdings (CNET) announced its Board of Directors has elected Mr. Kai Chu as COO, effective May 12, 2010. Mr. Chu replaces Mr. Xuanfu Liu, who has resigned as COO and Secretary to pursue other interests... UMB Bank, the lead bank of UMB Financial Corporation (UMBF), announces the acquisition of 5Star Bank's credit card portfolio. The agreement closed on April 26, 2010, and included $66 mln in assets and 63 agent bank credit card relationships... Brigham Exploration Company (BEXP) announced the completion of the Jack Cvancara 19-18 #1H and the Tjelde 29-32 #1H at early 24 hour peak flow back rates of 5,035 and 3,171 barrels of oil equivalent, respectively. To date, Brigham has successfully completed 23 consecutive long lateral, high frac stage wells at an average early 24 hour peak flow back rate of 2,679 barrels of oil equivalent... Medtronic (MDT) presented new clinical data that demonstrated positive long-term performance and durability for CoreValve transcatheter aortic valve replacement system... Boston Scientific Corporation (BSX) initiated PLATINUM PLUS clinical trial to study designed to compare the performance of the PROMUS Element Everolimus-Eluting Coronary Stent System to the XIENCE PRIME Everolimus-Eluting Coronary Stent System... Micro Identification Technologies signed an agreement with OSI Systems (OSIS) subsidiary to manufacture its microbial rapid identification system, the MIT 1000.

07:23

COMDX Select commodities, including crude oil, gold and silver are all pushing higher this morning and are currently trading right around their best levels

Crude oil is higher by $2.07 to $70.82 (note that inventory data will be released at 10:30am ET); gold is up $15.00 to $1213 and silver is higher by 50.4 cents to $18.285.

07:11

SSN Samson Oil & Gas advises on Gary #1-24H well (0.55 )

Co advises that the Nabors (NBR) 688 rig spudded the Gary #1-24H well on May 24th. As of 0800 hours on May 25th, the rig was drilling at a depth of 2,250 feet. The plan is for the rig to drill to a depth of approx 2,365 feet, at which point surface casing will be run and cemented into the hole prior to drilling deeper. This will be Samson's third Bakken well in the North Stockyard Field. The Gary #1-24 well will be drilled as a 5,500 ft horizontal well, with an anticipated total measured depth of 17,000 feet. Based on the previous well drilled by the operator, the Gary #1-24H is expected to take approx 18 days to drill.

07:09

V Visa and Monitise launch joint venture in India (72.97 )

Co and Monitise plc announce the formation of a joint venture that will provide a technology platform for financial institutions and mobile network operators in India to offer mobile financial services to consumers.

07:03

BPHX Blue Phoenix misses by $0.04, misses on revs (1.50 )

Reports Q1 (Mar) earnings of $0.01 per share, excluding non-recurring items, $0.04 worse than the Thomson Reuters consensus of $0.05; revenues fell 15.4% year/year to $17.4 mln vs the $18.4 mln consensus.

07:03

ACM Aecom Tech wins $10 mln construction-inspection contract from N.J. Department of Transportation (24.85 )

07:01

IPCM IPC The Hospitalist acquires Michigan practice group (28.43 )

06:38

APPA AP Pharma announces it has hired a leading consulting practice in pharmaceutical regulatory affairs to lead FDA review process (0.77 )

Co announces it has hired a leading consulting practice in pharmaceutical regulatory affairs to lead the FDA review process and formed a special committee of the Board to oversee the Company's regulatory affairs. These actions have been taken to maximize the probability of approval by the FDA of APF530, its lead product candidate for the prevention of acute- and delayed-onset chemotherapy-induced nausea and vomiting. APF530 is a long-acting formulation of granisetron that utilizes the Company's proprietary Biochronomer drug delivery system. In March 2010, A.P. Pharma received a Complete Response Letter from the FDA regarding its New Drug Application submitted in May 2009. The Complete Response Letter outlined several issues that would need to be addressed prior to FDA approval of APF530.

06:33

MELA MELA Sciences announces FDA panel to review MelaFind PMA application on August 26, 2010 (6.04 )

Co announces that their pre-market approval application for MelaFind will be reviewed by the General and Plastic Surgery Devices Panel appointed by the FDA on August 26, 2010.

06:25

S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +10.80.

06:25

Asian Markets

Nikkei...9522.66...+62.80...+0.70%. Hang Seng...19196.45...+211.00...+1.10%.

06:25

European Markets

FTSE...5019.16...+78.50...+1.60%. DAX...5754.86...+85.00...+1.50%.

05:43

SOLF Solarfun Power beats by $0.21, beats on revs (6.27 )

Reports Q1 (Mar) earnings of $0.40 per share, $0.21 better than the Thomson Reuters consensus of $0.19; revenues rose 115.9% year/year to $216.2 mln vs the $191.7 mln consensus. SOLF has already reached its previously announced module capacity target of 700 MW. Due to anticipated demand from customers for 2H10, the co plans to further expand module capacity to 900 MW by August 30, 2010. For 2Q10, the co expects total module shipments to be 160MW to 170MW, of which approx 35% will be for PV module processing services. Co expects ASP for PV module shipments to stay flat in constant currency but decline by approx 6.5% from 1Q10 on the assumption that the Euro/US dollar exchange rate stays at approx 1.25 for the rest of the quarter. For 2010 full year shipment, SOLF is raising its guidance from 600MW to 650MW based on strong demand from customers for 2010.

05:20

TOL Toll Brothers misses by $0.01, misses on revs (20.61 )

Reports Q2 (Apr) loss of $0.24 per share, $0.01 worse than the Thomson Reuters consensus of ($0.23); revenues fell 21.9% year/year to $311.3 mln vs the $321.9 mln consensus. 2Q10 results included pre-tax write-downs totaling $42.3 mln, compared to FY09's pre-tax write-downs totaling $119.6 mln. Excluding write-downs, 2Q10's pre-tax loss was $9.5 mln, compared to a pre-tax loss of $2.3 mln in 2Q09. Approx $24 mln of 2Q10's impairments were attributable to unique events impacting three of the co's communities and the anticipated closing and potential sale of one other community. Co believes that their cost of sales as a percentage of revenues, before interest and write-downs, for the remainder of FY10 will be approx equal to or lower than FY09's comparable period.

03:32

DT Deutsche Telekom: CEO of T-Mobile USA, Robert Dotson, will leave co in May 2011; Philipp Humm named as CEO designate (10.99 )

01:15

EMMS Emmis Communications announces going private merger agreement; Class A common shares to be acquired for $2.40/share (2.14 )

Co announces that it has signed a definitive merger agreement which will result in Emmis being taken private by JS Acquisition, LLC. The financing for the transaction will be provided by an affiliate of Alden Global Capital, a private asset management co, pursuant to a definitive agreement with JS Acquisition that was signed last night. The going private transaction will be effectuated through a cash tender offer for its Class A Common Stock at $2.40 per share, an exchange offer of 12% Senior Subordinated Notes due 2017 for its Preferred Stock, amendments to its Articles affecting the Preferred Stock and a back-end merger. Any Class A Common Stock that is not tendered pursuant to the offer will be cashed out at $2.40 per share in the back-end merger.

01:11

CJBK Kearny Financial to acquire Central Jersey Bancorp for $7.50/share in cash (3.08 )

Kearny Financial (KRNY 9.35), the holding co for Kearny Federal Savings Bank, and Central Jersey Bancorp, the holding co for Central Jersey Bank, N. A., jointly announce the execution of a definitive merger agreement which provides for the acquisition of Central Jersey by Kearny in an all cash transaction valued at $7.50 per share and an aggregate deal value of approx $72.3 mln. Kearny's management projects that the transaction will be $0.05 per share accretive to annual GAAP EPS in the first full year of combined operations.

01:00

HAFC Hanmi Financial to receive $240 mln capital infusion from Woori Finance Holdings; announces rights and public offering (2.03 )

Co reports that it has entered into a securities purchase agreement with Woori Finance Holdings Co. Ltd. for an investment by Woori in Hanmi of up to $240 mln. Under the agreement, Woori will purchase a minimum of $210 mln of Hanmi common stock at a purchase price of $1.20 per share. Woori also has the option to purchase up to an additional $30 mln of Hanmi common stock. In addition to Woori's investment, Hanmi intends to commence a $120 mln offering that will be comprised of a $60 mln rights offering to existing stockholders and a $60 mln registered best efforts offering of common stock (plus any additional shares of common stock that are not subscribed for in the rights offering) to the public.

00:58

On The Wires

Edwards Lifesciences (EW) announces the receipt of CE Mark for the Edwards SAPIEN pulmonic transcatheter heart valve... EpiCept (EPCT) announces that the targeted enrollment in a Phase IIb trial for EpiCept NP-1 in chemotherapy-induced peripheral neuropathy has been attained... Top Image Systems (TISA) was awarded 5-year contract for 2011 Indian population census project.

18:58

FIS Fidelity National Information Services extends gains after hours from share repurchase news (see 18:45 post); stock now 7.1% higher at $28.44 (26.56 +0.44) -Update-

18:49

FIS Fidelity National Information Services pops 3.2% to $27.41 following share repurchase news (see 18:45 post) (26.56 +0.44) -Update-

18:45

FIS Fidelity National Information Services Board authorizes $2.5 bln share repurchase plan in the range of $29-31/share (26.56 +0.44) -Update-

Co annonced to effect the proposed recapitalization, the Co intends to incur ~$2.5 bln of incremental debt in the form of additional term loans and long-term bonds and will seek to amend and refinance its existing credit facilities. The Co expects to complete the refinancing and repurchase of shares in the next eight to ten weeks, subject to FIS' ability to incur additional debt on satisfactory terms (including obtaining any required amendment or waiver of the Co's existing credit facilities) and other customary conditions to the completion of the tender offer.

18:42

GLD June gold is trading 0.4% higher after hours at $1202.60 per ounce (117.36 +0.52) -Update-

18:40

USO July crude oil is trading 1.8% higher at $70.02 per barrel after hours; Crude ETF USO is 0.9% higher at $32.15 after hours (31.85 -0.32)

18:38

Futures are higher after hours with S&P 500 futures 6.96 points above fair value of 1081.10 and Nasdaq 100 futures 12.69 points above fair value of 1814.31.

18:10

KBH KB Home names Jeff Kaminski Chief Financial Officer (14.70 -0.02)

Co announced that Jeff Kaminski has been named executive vice president and chief financial officer effective June 7, 2010. Prior to joining KB Home, Kaminski was senior vice president, chief financial officer and a member of the Strategy Board of Federal-Mogul Corporation (FDML).

18:00

AMRI AMRI repositions for growth, expansion in emerging markets (6.32 -0.25)

Co announced that it is repositioning itself to meet a continued shift in demand from customers for services in Asia and Europe. Overall for 2009 and 2010, the co anticipates investing in excess of $30 mln on international facility and capability expansions and estimates its non-US workforce will increase by ~180 positions in order to meet known and anticipated customer demand. The co expects a cost savings of ~$7 mln for the remainder of 2010 and an annualized savings of $10 million beginning in 2011.

17:27

LEN Lennar repurchases $289 mln of its senior notes (17.16 -0.14)

Co announced that it has repurchased $289,398,000 principal amount of its outstanding senior notes through a debt tender that expired today. In the debt tender offer, which was commenced on April 27, 2010, LEN originally sought to purchase up to a total of $200,000,000 principal amount of its 5.95% Senior Notes due 2011, 5.95% Senior Notes due 2013 and 5.125% Senior Notes due 2010, in that order of priority.

17:14

UFI Unifi calls for partial redemption of its 11.5% senior ecured notes due 2014 (3.44 -0.10)

Co announced that it is calling for redemption on June 30, 2010, an aggregate principal amount of $15,000,000 of its outstanding 11.5% Senior Secured Notes due 2014, in accordance with the terms of the indenture agreement dated May 26, 2006.

17:12

HEI HEICO beats by $0.03, beats on revs; guides FY10 EPS in-line, revs above consensus (37.88 -1.23)

Reports Q2 (Apr) earnings of $0.37 per share, $0.03 better than the Thomson Reuters consensus of $0.34; revenues rose 18.1% year/year to $153.8 mln vs the $141.5 mln consensus. Co issues mixed guidance for FY10, sees EPS of $1.44-1.48 vs. $1.46 Thomson Reuters consensus; sees FY10 revs of $585-595 mln vs. $583.36 mln Thomson Reuters consensus. "We continue to expect fiscal 2010 cash flow provided by operating activities to remain strong and to ~$75-$80 million. Capital expenditures in fiscal 2010 are anticipated to ~$12 - $15 mln."

17:07

PHHM Palm Harbor reports Q4 ($0.94) vs. ($0.43) in the prior year's quarter; revs fell 12% to $69.4 mln (2.33 -0.01)

Co said, "we are encouraged with the overall increase in activity and are cautiously optimistic that demand may be starting to turn around. Year to date industry shipments were almost flat compared with the same period a year ago, however, shipments in the month of March were actually higher, another favorable indicator that we may have reached an inflection point."

17:02

PERY Perry Ellis International announces it will resume manufacturing dress shirts (22.84 -0.42)

Co announced that it has agreed with Smart Apparel (U.S.) to end its license agreement for men's dress shirts under the Perry Ellis and Perry Ellis Portfolio brands. Under the amended agreement Smart Apparel will continue to manufacture and distribute Perry Ellis dress shirts until December 31, 2010. Effective January 1, 2011, Perry Ellis International will take over all aspects of its dress shirt business.

17:00

DY Dycom beats by $0.04, beats on revs (8.50 +0.07)

Reports Q3 (Apr) GAAP earnings from cont. operations of $0.04 per share, $0.04 better than the Thomson Reuters consensus of ($0.00); revenues fell 10.1% year/year to $231.6 mln vs the $227.2 mln consensus.

16:52

WFD Westfield Financial announces second stock repurchase program of up to 10% or2,924,367 shares of the Co's common stock (8.04 -0.02)

16:41

WPI Watson Pharm confirms Renvela patent challenge (42.57 -0.04)

Co confirmed that its subsidiary, Watson Laboratories, filed an ANDA with the FDA seeking approval to market sevelamer carbonate 800mg tablets. Co's sevelamer carbonate tablet is the generic version of Genzyme's (GENZ) Renvela. For the twelve months ending March 31, 2010, Renvela had U.S. sales of ~$200 mln according to IMS Health data.

16:37

PHYS Sprott Physical Gold Trust announces follow-on offering of 18,000,000 trust units (12.46 +0.25)

16:35

ZN Zion Oil & Gas signs agreement for field seismic acquisition and agreement enabling drilling of the Ma'anit-Joseph #3 well (5.13 -0.04)

Co announced today that it recently signed an agreement with Kibbutz Ma'anit, the leaseholder of the land containing Zion's planned next well, the Ma'anit-Joseph #3 well. Under the terms of the agreement, Kibbutz Ma'anit grants Zion access to Kibbutz land and permission to drill the Ma'anit-Joseph #3 well.

16:33

IXYS Ixys beats by $0.05; guides Q1 revs well above consensus (8.47 )

Reports Q4 (Mar) earnings of $0.13 per share, $0.05 better than the First Call consensus of $0.08; revenues rose 31.4% year/year to $76.6 mln vs the $67.2 mln consensus. Co issues upside guidance; co sees Q1 revs of $79-81 mln vs. the $71.5 mln consensus.

16:21

POZN POZEN announces receipt of $20 mln milestone payment from AstraZeneca (AZN) (41.34 -0.06)

Co announced receipt of a $20 mln milestone payment from AstraZeneca (AZN) for the FDA approval of VIMOVO delayed-release tablets on April 30th. Co will transfer ownership of the Investigational New Drug application (IND) and NDA for VIMOVO to AstraZeneca over the next few weeks. An additional $25 mln milestone will be payable if VIMOVO receives marketing approval in a major ex-U.S. market. Co will pay POZEN royalties on net sales of VIMOVO worldwide and POZEN could receive up to $260 mln in sales performance milestones, if certain sales thresholds are achieved. AZN has responsibility for all commercialization activities.

16:16

ATAC Aftermarket Tech announced that its ATC Logistics & Electronics subsidiary has signed a five-year contract with U.S. Cellular (17.63 -0.47)

Co Under the terms of the new contract, ATC Logistics & Electronics will provide supply chain support to U.S. Cellular in the areas of retail and customer fulfillment, reverse logistics, and test and repair services. The program is scheduled to launch in June 2010.

16:10

RODM Rodman & Renshaw: Board of Directors approves repurchase of up to $5 mln of common shares (2.50 -0.08)

16:09

XRM Xerium Tech ch 11 plan becomes effective (1.00 -0.04)

Co's pre-packaged chapter 11 plan of reorganization has become effective. Co has obtained a financing facility providing revolving loans of up to $20 million and a term loan of $60 million, to be used to fund its emergence from chapter 11 and provide ongoing working capital requirements. Co is in ongoing discussions with the NYSE regarding its financial status and the listing status of its common stock.

16:07

UTSI UTStarcom plans to sell IP messaging and US PDSN Assets to NewNet Communication Technologies; transaction expected to close in June 2010 (1.98 -0.04)

Co is selling its IP Messaging and US PDSN Assets to NewNet Communication Technologies who will also become a reseller of the UTStarcom core IP-based product portfolio in the North America and Latin American regions. Terms of the agreement were not disclosed. The transaction is expected to close in June of 2010.

16:07

CNVO Convio reports Q1 Non-GAAP EPS of $0.11 vs. Non-GAAP ($0.03) in the prior year's quarter; revs grew 14% to $16.7 mln (9.46 -0.38)

16:04

NZ Netezza beats by $0.03, beats on revs (13.19 -0.03)

Reports Q1 (Apr) earnings of $0.08 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $0.05; revenues rose 28.2% year/year to $58.2 mln vs the $51.3 mln consensus. Netezza said "we are increasingly confident with our previously issued 20% annual revenue growth guidance, which and we expect year over year operating margin improvement." The 20% growth calculates to ~$228.8 mln vs. $229.7 mln consensus.

16:03

VRTX Vertex Pharm: 75% of treatment-naive patients with chronic hepatitis C achieve SVR (Viral Cure) with Telaprevir-Based treatment in phase 3 trial (33.94 -0.31)

Co announced that 75% of people chronically infected with genotype 1 hepatitis C virus achieved a sustained viral response after receiving a 12-week telaprevir-based combination regimen, followed by treatment with pegylated-interferon and ribavirin alone, in the Phase 3 ADVANCE trial. The safety and tolerability profile of telaprevir in the ADVANCE trial was consistent with the profile reported in Phase 2 studies, with an improvement in treatment discontinuation rates due to adverse events.

16:03

GTXI GTX drops 30% in after hours following release of study results (3.02 -0.23) -Update-

16:02

GTXI GTX announces top line results of Phase III clinical trial evaluating toremifene 20 mg for the prevention of prostate cancer in men with high grade PIN; incidence of prostate cancer was lower but not statistically significantly different (3.01 -0.24)

The co announces top line results of the Phase III clinical trial evaluating toremifene 20 mg for the prevention of prostate cancer in men with high grade prostatic intraepithelial neoplasia, or PIN, a premalignant lesion of the prostate. Incidence of prostate cancer was lower in men receiving toremifene 20 mg compared to placebo but not statistically significantly different (p=0.385). A 10.2% relative risk reduction at three years was observed. The primary endpoint of the study was the development of prostate cancer among men who had received at least one dose of study drug and had undergone at least one on-study prostate biopsy.

16:02

NSFC Northern States Financial Fred Abdula retires as chairman of the board (3.22 +0.45)

Co announced that Fred Abdula, Chairman of the Board of both Northern States Financial Corporation and NorStates Bank, disclosed his retirement as Chairman of the Board of Directors of the Company and the Bank. Mr. Abdula will remain a director of the co and maintain an office at the Bank.

16:01

KOG Kodiak Oil & Gas announces new $200 mln credit facility (3.00 -0.09)

16:00

QGEN Qiagen acquires 70 molecular food safety tests; No financial details were disclosed (20.38 0.00)

16:00

SPY S&P moves into positive territory (+0.59), regaining over 30 pts from today's low (107.81 +0.10) -Technical-

The Dow is -19 after regaining 270 pts from today's low. The Nasdaq composite finished -2.60.

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