Briefing.com: Hourly In Play (R) – 22:00 ET
Apr 13, 2010 (Briefing.com via COMTEX) -- Hourly In Play (R)
Updated: 13-Apr-10 22:00 ET
18:06
OHI Omega announces new $320 mln credit facility (20.28 +0.41)
Co announced the new credit facility replaces Omega's previous senior secured credit facility. The New Credit Facility matures in four years, on April 13, 2014; provided, the Company has refinanced or repaid its $310 million, 7% Senior Notes due April 2014, prior to December 31, 2013. In the event the Senior Notes have not been refinanced or repaid on or prior to December 31, 2013, the maturity date of the New Credit Facility will become December 31, 2013. The New Credit Facility includes an "accordion feature" that permits the Company to expand its borrowing capacity to $420 million during its first three years.
17:56
GOL GOL and Delta Air Lines file request to implement code-share agreement (13.19 -0.35)
GOL Linhas Aereas Inteligentes S.A. (GOL), the largest low-cost and low-fare airline in Latin America, announces that it has filed with Delta Air Lines, a request for authorization to implement a code-share agreement with Brazilian and U.S. authorities.
17:07
LLTC Linear Tech beats by $0.13, beats on revs (29.65 +0.31)
Reports Q3 (Mar) adjusted earnings of $0.52 per share, $0.13 better than the Thomson Reuters consensus of $0.39; revenues rose 21.4% year/year to $311.3 mln vs the $279.1 mln consensus. "Bookings remained strong throughout the quarter and our book-to-bill ratio for the quarter was once again firmly positive. Though it is likely that certain customers may have begun to restock inventory from unsustainably low levels, or have reacted to longer lead times within the industry, we believe that new programs at both new and existing customers as well as expanding end-customer demand at continuing programs have been the primary catalyst for our current growth. Inventories in the distribution channel are still relatively lean and inventory turns remain higher than normal. Looking ahead we remain upbeat about our growth prospects and currently believe we can continue to keep our lead times at modest levels of 4 to 6 weeks and grow revenues another 7-10% in our fiscal fourth quarter."
17:02
BECN Beacon Roofing Supply announces acquisition of Tampa, Florida-Based Phoenix Sales (19.94 +0.19)
Co announced that it has acquired Phoenix Sales, a distributor of commercial roofing systems and related accessories with four branches located in Tampa, Orlando, Pompano and Ft. Myers, Florida and sales of ~$20 mln in 2009.
17:01
KLIC Kulicke & Soffa announces Q2 revs of ~$153 mln vs. $146.4 mln Thomson Reuters consensus; guides Q3 revs of $205 mln vs. $143.1 mln consensus (7.86 -0.26)
Co said, "We are able to give revenue guidance for the June quarter a few weeks earlier than normal because of unprecedented demand for both ball bonders and wedge bonders. Based on booked orders, we expect June quarter revenue of ~$205 mln. This same strength in demand gives us visibility into the beginning of the September quarter and while it is too early to give guidance for that quarter, so far we are seeing a continuation of current customer demand patterns."
17:01
HCC HCC Insurance estimates first quarter catastrophe losses to be ~$20.0 mln pretax and $13.0 mln after-tax will reduce Q1 EPS by ~$0.11 (27.93 +0.44)
Co announced that it estimates losses from first quarter catastrophes, which include the Chilean earthquake, the Haitian earthquake, and European windstorm Xynthia, to be approximately $20.0 mln pretax and $13.0 mln after-tax. These amounts include estimated losses and loss expenses net of reinsurance recoverable and also include estimated reinsurance reinstatement premiums. The estimated loss is primarily from the Chilean earthquake. HCC estimates the total after-tax loss will reduce the Company's first quarter earnings by approximately $0.11 per diluted share.
17:00
BMR BioMed Realty trading ~4% lower following trade resumption (18.08 +0.67) -Update-
17:00
HOFT Hooker Furniture will resume trading at 17:15 ET (16.66 -0.06) -Update-
16:35
HCSG Healthcare Services Group misses by $0.04, misses on revs; increases dividend (23.32 +0.25)
Reports Q1 (Mar) earnings of $0.17 per share, $0.04 worse than the Thomson Reuters consensus of $0.21; revenues rose 14.6% year/year to $183.8 mln vs the $186.1 mln consensus. Additionally, co declared a regular quarterly cash dividend of $0.22 per common share, a 5% increase over the dividend declared for the 2009 Q4 and a 22% increase over the dividend declared for the same 2009 period payment.
16:34
ART Artio Global Investors reports preliminary month-end assets under management of $56.4 billion as of March 31, 2010, compared to $52.9 billion as of February 28, 2010 (24.03 +0.05)
16:31
Moody's says U.S. commercial real estate markets continue improvement
Commercial real estate markets across the U.S. continued to show signs of improvement, according to Moody's Investors Service Red-Yellow-Green study for first quarter 2010, which incorporates 12-month forecasts. The supply pipeline of new properties continued to shrink across almost all sectors while projected demand improved. "This quarter's numbers maintained the positive theme that began last quarter," says Moody's Vice President-Senior Analyst Keith Banhazl. "While vacancy rates remain high, generally due to the poor absorption experienced in 2009, projections show a slowdown in negative absorption over the next year." All but the two hotel sectors showed better market conditions and had higher Red-Yellow-Green scores than they did in the previous quarter. Although the largest share of markets--43%-- remain in red territory, the proportion is an improvement from the final quarter of 2009 when a majority of the markets--51%--were in red territory, according to Red-Yellow-Green. The share of markets that are green increased from 13% to 17% and that are yellow from 36% to 41%.
16:30
IOSP Innospec announces collaboration with Huntsman on Innovative New Surfactant (12.35 +0.07)
The co announces the launch of a major new collaborative venture with Huntsman Corporation (HUN) in the personal care market. The collaboration brings together Huntsman's novel isethionate surfactant technology and Innospec's global sales and applications expertise in the personal care market. Under an exclusive agreement, Innospec and Huntsman will co-operate to continue developing and to commercialize Innospec's new, innovative mild surfactant: Iselux. Huntsman will focus on manufacturing the surfactant's key raw material, and Innospec will manufacture and market the finished surfactant, initially from its plant in Spencer, North Carolina.
16:29
RPC Roberts Pharm announced the second closing of a 12% Convertible Promissory Note and Warrant financing (1.70 -0.49)
Co announced the second closing of a 12% Convertible Promissory Note and Warrant financing for the sale of additional Notes in the aggregate principal amount of $5,524,425. The first financing, which closed on March 26, 2010, included one Note in the original principal amount of $925,000 and Warrants to purchase up to 1,100,000 shares of RPC common stock. Net proceeds for the first financing were approximately $540,000. The second Convertible Promissory Note financing was offered to 25 accredited investors with similar discount terms and lender fees to that of the first financing. Net proceeds from the sale of Notes in second closing after payment of fees and discounts were ~$3,225,000. Warrants to purchase 6,569,585 shares of RPC common stock were also issued as a part of the second closing.
16:20
INTC Intel beats by $0.05, beats on revs; guides Q2 revs, margins above consensus (22.76 +0.23)
Reports Q1 (Mar) earnings of $0.43 per share, $0.05 better than the Thomson Reuters consensus of $0.38; revenues rose 44.2% year/year to $10.3 bln vs the $9.83 bln consensus. Intel reports Q1 gross margins of 63% vs 61.3%. The average selling price (ASP) for microprocessors was slightly up. Co issues upside guidance for Q2, sees Q2 revs of $9.8-10.6 bln vs. $9.69 bln Thomson Reuters consensus. Co guides Q2 gross margins of 64%, plus or minus a couple percentage points, vs 60.4% consensus. Co guides FY10 gross margins to 64%, plus or minus a couple percentage pts, vs 61.6% consensus, up from 61%, plus or minus 3% pts... Spending (R&D plus MG&A) was $12.4 billion, plus or minus $100 million. The company's prior expectation was $11.8 billion, plus or minus $100 million. R&D spending was approximately $6.4 billion. Tax rate was approximately 31% for the second, third and fourth quarters. Depreciation was approximately $4.4 billion, plus or minus $100 million. Capital spending is expected to be $4.8 billion, plus or minus $100 million. "The investments we're making in leading edge technology are delivering the most compelling product line-up in our history... These leadership products combined with growing worldwide demand and continued outstanding execution resulted in Intel's best first quarter ever. Looking forward, we're optimistic about our business as Intel products are designed into a variety of new and exciting segments."
16:18
CLD Cloud Peak Energy reports Q1 production results for its partilaly owned mine decreasing ~4.6% YoY to 21.7 mln short tons vs 22.7 mln short tons (16.75 +0.20)
Co announced that it has submitted its first quarter 2010 coal production to Rio Tinto (RTP) plc on behalf of Cloud Peak Energy Resources LLC. Cloud Peak Energy Inc. owns a 51.7% controlling interest in Cloud Peak Energy Resources LLC. Rio Tinto owns the remaining interest in Cloud Peak Energy Resources LLC.
16:17
GFC Gerova Financial: Marshall Manley, Chief Executive Officer and Chairman of the Board of Directors of GEROVA, resigned from all positions held with GEROVA (6.53 +0.48)
The co announces that Marshall Manley, Chief Executive Officer and Chairman of the Board of Directors of GEROVA, resigned from all positions held with GEROVA. In addition, the Board accepted the resignation of Tore Nag as Chief Operating Officer of GEROVA. Dr. Gary T. Hirst, President and a Director of GEROVA, was appointed as Chairman of the Board, and Stuart LR Solomons was appointed as Managing Director and a member of the Board. Dr. Hirst agreed to accept the position of Chairman and Mr. Solomons agreed to accept the position of Managing Director on an interim basis until suitable permanent candidates for these positions are appointed by the Board.
16:16
SGI Silicon Graphics announced a strategic partnership with Nimbis Services (10.25 -0.14)
Co announced a strategic partnership with Nimbis Services, which will provide easy access to SGI Cyclone, the first large-scale, on-demand cloud computing service specifically dedicated to technical applications. Cyclone's HPC cloud services will be available May 2010 for small and mid-sized U.S. companies via Nimbis Services' ecommerce portal.
16:16
NBIX Neurocrine Biosci announces that it has received approval from Health Canada to commence its second Phase I clinical trial of its proprietary Vesicular Mono-Amine Transporter 2 compound, NBI-98854 (2.79 unch)
16:15
MET MetLife announced it will incur a non-cash charge for the reduction of deferred tax assets in an amount of ~$75 mln in the quarter ending March 31, 2010 (45.46 -0.17)
In an 8-K, the Co announced The Patient Protection and Affordable Care Act, signed into law on March 23, 2010, and The Health Care and Education Reconciliation Act of 2010, signed into law on March 30, 2010 (together, the "Act"), reduce the tax deduction available to MET for retiree health care costs. The federal government currently provides a subsidy, on a tax-free basis, to companies, including the Co and its subsidiaries, that provide certain retiree prescription drug benefits (the "Medicare Part D subsidy"). The Act reduces the tax deductibility of retiree health care costs to the extent of any Medicare Part D subsidy received beginning in 2013. Because the deductibility of future retiree health care costs is reflected in the Co's financial statements, the entire future impact of this change in law must be recorded as a charge in the period in which the legislation was enacted. Therefore, in order to reflect the increase in taxes due to this change in law, the Co will incur a non-cash charge for the reduction of deferred tax assets in an amount of ~$75 mln n in the quarter ending March 31, 2010. The charge will reduce net income, as determined under generally accepted accounting principles in the United States of America ("GAAP"), and also will reduce operating earnings.
16:15
RPM RPM names Robert L. Matejka as CFO (21.33 +0.21)
Co announced that P. Kelly Tompkins, executive vice president and CFO, will be resigning effective April 30, 2010, to accept the position of executive vice president of legal, government affairs and sustainability for Cleveland-based Cliffs Natural Resources (CLF). Robert L. Matejka, who had previously served as RPM's CFO from 2001 through 2007 has been named the company's CFO.
16:07
CSX CSX Corp beats by $0.09, beats on revs (54.92 )
Reports Q1 (Mar) earnings of $0.78 per share, $0.09 better than the Thomson Reuters consensus of $0.69; revenues rose 11.0% year/year to $2.5 bln vs the $2.38 bln consensus, with gains across most of the co's markets. The combination of higher revenues and productivity also resulted in a record first quarter operating ratio of 74.5 percent and record first quarter operating income of $634 million. "CSX drove strong efficiencies in its operations and produced outstanding results as the economy continued to recover. We are particularly proud of our excellent safety performance in the quarter, as our employees achieved record results in one of America's safest industries."
16:06
BMR BioMed Realty announces public offering of 9,000,000 shares of common stock (18.11 +0.67) -Update-
...(Stock is Halted)
16:06
NTCT NetScout Systems sees FY10 Non-GAAP revs of $261-262 mln vs. $260.9 mln Thomson Reuters consensus; sees EPS of $0.85-0.86 vs. $0.89 consensus (14.61 -0.02)
Co said, "We gained significant momentum in the second half of the year and achieved the bookings and revenue targets that we set a year ago. We set a record for bookings and deferred revenue and achieved our full year revenue guidance. EPS was slightly below guidance for the year because of sales incentive expenses principally associated with higher than anticipated service renewal bookings in advance of the contract start date. Those service renewal bookings drove $16 mln in Q4 deferred revenue growth but provided no FY10 revenue. We do not expect this increased level of sales expense to continue in FY11. Most importantly, our deferred revenue strength gives us additional revenue and profit visibility for which the associated sales expense has already been recognized... Cash and marketable securities also hit a record high of over $170 mln, increasing by more than $19 mln in the quarter, and we anticipate record Q1 FY11 cash growth due to high receivables at March 31. In fiscal 2010 bookings were up 12 percent year-over-year. We expect that momentum to continue into fiscal 2011 driven by growth in the wireless service provider sector and returning strength in the financial services sector. We have yet to see enterprise sector growth, however we anticipate that it will return as the economy continues to recover. Our preliminary expectation is for FY11 revenue growth of 7-13% and EPS growth of 10-20%.
16:01
QKLS QKL Stores provides update to 2010 store opening plan; two new super markets opened in 1Q10 (5.95 +0.17)
The co says two new supermarkets were opened in the 2010 first quarter and one department store was opened during the first week of April bringing the total number of Company store locations to 39 for an aggregate total of 160,303 sq. meters of store space. This is comprised of 30 supermarkets totaling 85,000 sq. meters, 6 hypermarkets totaling 42,000 sq. meters and 3 department stores totaling 33,000 sq. meters. The Company plans on opening 20 locations and a minimum total of 100,000 sq meters of new store space in 2010. Currently, over twenty projects are under construction or are about to start construction along with two store renovations and two store relocations that are designed to increase the general size of each individual location. Further, the Company's new Harbin-based 19,600 sq. meter distribution center is scheduled to open in the second half of April 2010. Once opened, this new DC will accelerate the Company's store opening schedule, deliver a greater variety of products to new store locations and enhance overall efficiency.
16:01
LSE Capital Lease Funding announces cash tender offer for any and all of its 7.50% convertible senior notes (5.52 +0.02)
16:01
EXAS EXACT Sciences announces 3.5 mln common stock offering (4.69 -0.04)
16:01
DLLR Dollar Financial announces acquisition of 4th largest pawn lending business in the United Kingdom (24.72 +0.19)
Co announces the acquisition of the fourth largest pawn broking business in the United Kingdom, Suttons & Robertsons. Two of the three acquired stores were founded in the year 1770 and 1797 and are reputed to be the oldest pawn broking stores in London. Co says "we expect to leverage this solid expertise against our existing store-based international pawn operations, as well as to further grow and expand this well-recognized brand and provider of high end pawn lending services in the U.K. and other countries around the world." The purchase price of the acquisition, including approximately 6.0M of net assets, was 15.0M with additional payouts potentially amounting to another 2.5M over two years. The acquired stores are anticipated to generate approximately 2.5M of EBITDA over the twelve months following acquisition.
16:00
HOFT Hooker Furniture halted, news pending (16.66 -0.06)
16:00
BMR BioMed Realty halted, news pending (18.06 +0.65)
15:50
UNG Late day global & sector ETF movers... Nat Gas strongest play & Ag/Chem weakest space -Technical-
The Actively Traded Leading Global & Sector ETF Plays:
nat gas- UNG +3.50%, iShares REITS & real estate- ICF +2.75%, IYR +2.50%, copper- JJC +1.25%, semis- IGW +1.0%, XSD +1.0%, SMH +0.75%, homebuilders & home construction- ITB +1.0%, XHB +0.50%, base metals- DBB +1.0%, solar power- TAN +0.75%, livestock commods- COW +0.75%, SPDRS cons disct- XLY +0.75%
The Actively Traded Lagging Global & Sector ETF Plays:
ag/chem- MOO -1.25%, commercial banks- KBE -1.0%, regional banks- KRE -1.0%, oil HLDRS- OIH -1.0%, iShares Malaysia- EWM -1.0%, gold miners- GDX -0.75%, iShares Taiwan - 0.75%, iShares Chile- ECH -0.50%, global shippers- SEA -0.50%, iShares healthcare providers- IHF -0.50%
15:48
Earnings Calendar
Today after the close look for the following companies to report: ADTN, CSX, HCSG, INTC, and LLTC. Tomorrow before the open look for the following companies to report: IGTE, JPM, MTOX, PGR, and GWW.
15:42
SLF Sun Life: S&P lowers ratings on most Sun Life companies by one notch (32.14 -0.38)
Standard & Poor's Ratings Services said that it lowered its long-term counterparty credit and financial strength ratings on Sun Life Financial Inc.'s (SLF) core insurance subsidiaries--Sun Life Assurance Co. of Canada (SLA), Sun Life Assurance Co. of Canada (U.S.) (SLUS), and Sun Life Insurance & Annuity Co. of New York--to 'AA-' from 'AA'. Standard & Poor's also said that it lowered its financial strength ratings on Independence Life & Annuity Co., which benefits from an explicit claims guarantee for policyholder obligations provided by SLUS--to 'AA-' from 'AA'. The outlook on these companies is stable. In addition, Standard & Poor's lowered its long-term counterparty credit rating on SLF to 'A' from 'A+'. The outlook on SLF in negative. The ratings and outlook on SLF's Hong Kong subsidiary, Sun Life Hong Kong Ltd. (A+/Stable/---), remain unchanged
15:31
BAX Baxter and New York-Presbyterian/Weill Cornell announce 18-month data from phase II study of GAMMAGARD in patients with Alzheimer's disease (58.74 +0.58)
Co announced results of an 18-month Phase II clinical study of GAMMAGARD LIQUID and GAMMAGARD S/D for mild-to-moderate Alzheimer's disease. After 18 months, patients who received GAMMAGARD continuously averaged approximately 1.36 points higher than patient who initially received placebo on the ADCS-CGIC. Patients who received GAMMAGARD continuously declined by approximately 9.15 fewer ADAS-Cog points than patients who initially received placebo. Being presented for the first time, MRI analyses showed that patients who received GAMMAGARD continuously for 18 months experienced decreased mean annual ventricular enlargement rates in their brains, compared to control patients who initially received placebo. The decreased rates of ventricular enlargement correlated with clinical outcomes in patients who received continuous GAMMAGARD for 18 months, as measured using the ADCS-CGIC and the ADAS-Cog. In addition, patients who received GAMMAGARD continuously for 18 months experienced lower mean annual whole brain atrophy rates, compared to control patients who initially received placebo. The decreased rates of whole brain atrophy correlated with clinical outcomes in patients who received continuous GAMMAGARD for 18 months, as measured using the ADCS-CGIC and the ADAS-Cog.
15:21
SPY Stock indices break above narrow afternoon range highs with Dow +26 joining Nasdaq Comp +8.9 at fresh 52-wk highs -Update- -Technical-
S&P +1.7 still hovering slightly under yesterday's yearly high at 1199.20 (session high 1198.31). Sector relative strength on the latest push has been led by Energy OIH / XLE, Commodity, Retail XRT, Finance XLF, REITS IYR, Ag/Chem MOO.
15:21
KBALB Kimball Int'l announced that its Indiana production facility has met all the necessary requirements for AS9100 registration (7.38 +0.12)
15:10
COP ConocoPhillips confirms E-GasTM Technology selected for POSCO gasification project (55.45 -0.50)
Co confirms the completion of an agreement with POSCO (PKX) to use ConocoPhillips' E-Gas Technology in POSCO's Gwangyang coal-to-substitute natural gas project. The project will allow POSCO to produce 500,000 metric tons of pipeline quality SNG annually from the gasification of ~1.8 million tons of coal. Preliminary design work began in 2008 and site preparation is now underway.
15:05
AVNR Avanir Pharmaceuticals presents Zenvia long-term efficacy data (3.11 -0.06)
Co announced long-term efficacy data from the 12-week double-blind phase and the 12-week open-label extension phase of the confirmatory Phase III STAR trial evaluating Zenvia in the treatment of pseudobulbar affect (PBA) in patients with underlying multiple sclerosis or amyotrophic lateral sclerosis. Poster highlights include: POSTER HIGHLIGHTS -- Zenvia 30/10 mg demonstrated persistent long-term efficacy and tolerability as a therapy for PBA with 92.9% of patients completing the 12-week treatment period of the open-label extension study -- Patients who continued on Zenvia 30/10 mg or titrated up from Zenvia 20/10 mg to Zenvia 30/10 mg demonstrated statistically significant incremental improvement in their CNS-LS scores at end of study compared to open-label baseline (p<0.0001 for both groups) -- Patients originally on placebo in the double-blind phase who initiated Zenvia 30/10 mg in the open-label phase demonstrated statistically significant improvement in their CNS-LS scores at end of study compared to open-label baseline -- At the last study visit (Day 84) of the open-label extension, the mean CNS-LS score was below the cut-off value indicative of clinical PBA. CONCLUSIONS: In the open-label phase, Zenvia 30/10 mg continued to improve CNS-LS scores over the additional 12-week treatment period demonstrating that the new low-dose formulation provides long-term efficacy as a treatment for reducing the frequency and severity of PBA.
14:57
APOL NASDAQ 100 (NDX) leaders & laggards approaching today's final hour of trading -Technical-
NDX 100 Best % Performers:
APOL +4.0%, CTSH +3.75%, NWSA +3.50%, ISRG +3.50%, RIMM +2.75%, YHOO +2.50%, GOOG +2.50%, INFY +2.50%, VRTX +2.25%
NDX 100 Worst % Performers:
STX -3.50%, FLEX -2.25%, SPLS -2.0%, FLIR -1.75%, BIIB -1.75%, SYMC -1.75%, PCLN -1.75%, ATVI -1.50%, DELL -1.50%, CERN -1.50%, CTXS -1.50%
NASDAQ TRIN @ +0.65
NASDAQ A/D @ -180
14:54
HD Dow 30 (INDU) leaders & laggards approaching today's final hour of trading -Technical-
INDU 30 Best % Performers:
HD +2.75%, GE +1.50%, KFT +1.0%, PG +0.75%, AXP +0.75%, MMM +0.75%
INDU 30 Worst % Performers:
AA -3.0%, T -0.75%, PFE -0.75%, BA -0.75%, UTX -0.75%, DD -0.50%, CAT -0.50%
NYSE TRIN @ +1.40
NYSE A/D @ -155
14:45
COMDX NYMEX Energy Closing Prices
Crude oil settled lower by 33 cents to $84.01, natural gas gained 14.1 cents to finish at $4.149, heating oil shed 0.45 cents to close at $2.2144 and RBOB gasoline ended up 1.1 cents to $2.3068 (all May contracts).
14:40
COMDX CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices -Update-
May corn closed higher by 1.75 cents to $3.465 per bushel, May soybeans closed higher by 7 cents at $9.5325 per bushel, May wheat closed 3.25 cents higher at $4.66 per bushel, June ethanol closed higher by $0.005 cents at $1.555, May world sugar futures closed 0.44 cents higher to 16.98 cents.
14:07
COMDX Crude oil recoups most of its losses to trade back towards the flat line with less than 25 min to go in pit trade; currently off 16 cents to $84.17
13:56
JBLU Jetblue Airways reports march traffic increased 9.1% from March 2009, on a capacity increase of 6.4% (5.87 -0.01)
Co reported its preliminary traffic results for March 2010. Traffic in March increased 9.1% from March 2009, on a capacity increase of 6.4%. Load factor for March 2010 was 81.3 percent, an increase of 2.0 points from March 2009. JetBlue's preliminary completion factor was 97.2% and its on-time performance was 72.1 percent. JetBlue's preliminary passenger revenue per available seat mile for the month of March increased 17% year over year.
13:48
QQQQ Nasdaq paces recovery, S&P lags amid Energy/Commodity weakness -Technical-
The Nasdaq 100 +6.2 has edged slightly above yesterday's peak with the Nasdaq Comp +4.7 retesting in recent trade. The Dow +8 came within 10 points of Monday's peak while the S&P -0.6 continues to lag amid pressure in Energy XLE -0.8%, Materials XLB -0.6%.
13:32
COMDX COMEX Metals Closing Prices
<p>June gold finished the session lower by $14.40 to $1147.80, May silver ended down 32.4 cents to $18.09 and May copper gained 3.6 cents to close at $3.6005.
13:29
EGI Entree Gold is initiating exploration programs on several of its globally diversified projects (3.02 -0.03)
Co is initiating exploration programs on several of its globally diversified projects... In Mongolia, a field crew has been mobilized to commence the 2010 Lookout Hill exploration program on Entree's 100%-owned western portion of the Shivee Tolgoi mining licence. Geophysical re-evaluation will be combined with further geochemical and geological surface work to generate new drill targets. Approximately 5,000 metres of follow-up drill testing is planned for later in 2010... At Bisbee, Arizona, recently completed induced polarization surveys have outlined an area of high chargeability coincident with the 2 kilometre x 3 kilometre magnetic low that defines the Dixie exploration target... Field work has commenced on the Blackjack property located in the historic Yerington copper camp of Nevada... On the Crystal copper-molybdenum project in central British Columbia, a contract has been signed with Aeroquest Limited for a 550 line kilometre airborne magnetic and electromagnetic geophysical survey covering the Crystal claims.
13:17
AA Alcoa back hovering between its 50-day ema and early session low at 14.16/14.11 (14.13 -0.44) -Update- -Technical-
Its three week reaction low from late March and the bull breakout point from early March are at 14.08/14.02.
13:11
BEN Franklin Resources shows strong relative strength today as it continues to climb higher midday, extending its 6-month breakout over the 116-level (118.43 +3.37) -Update- -Technical-
13:04
SPY New intraday bounce highs for stock indices with Nasdaq +1.1 joining Dow +5 in positive territory-- S&P -1.7 -Update- -Technical-
Relative sector strength (outperforming the S&P) in recent trade has been noted in Semi SMH (INTC), Finance XLF / RKH, Retail XRT, REIT IYR, Steel SLX, Airline, Rail, Solar TAN.
13:01
PAAS Pan Am Silver's Huaron Mine on strike (24.97 -0.42)
Co announced that an illegal strike declared by the union of mine workers has resulted in a work stoppage at the co's Huaron mine in Peru. The illegal strike started on Saturday April 10, 2010 and all production activities at the mine have now been shut down. The union is disputing the amount of the 2009 worker's profit-sharing payment. In addition, there was a negative impact on profits due to the, as yet unrecovered amounts owed to the co by the Doe Run Peru smelter which was forced to close in the first quarter of 2009 and has yet to reopen. Profit sharing concerns and related work stoppages are not isolated to the Huaron mine and have arisen at a number of other operations in Peru in recent weeks. At this time, the Huaron mine is the only Pan American mine affected by the strike. The co is continuing its efforts to resolve the dispute with the Huaron union.
12:59
INTC Intel working up toward morning high and Monday's peak at 22.71/22.73 (22.69 +0.15) -Update- -Technical-
Note that its March/52-wk high is at 22.75. INTC is scheduled to report earnings after the close
12:45
COMDX Natural gas trades to its best levels of the day at $4.128; now up 11.2 cents to $4.12
12:45
UNG Midday global & sector ETF movers... Nat Gas strongest play & Gold Miners weakest play -Technical-
The Actively Traded Leading Global & Sector ETF Plays:
nat gas- UNG +2.0%, iShares REITS & real estate- ICF +1.75%, IYR +1.50%, copper- JJC +1.25%, VIX vol index- VXX +0.75%, base metals- DBB +0.75%, iShares homebuilders & home construction- ITB +0.50%, livestock commods- COW +0.50%, solar power- TAN +0.50%, wind energy- FAN +0.50%, high yield corp debt- HYK +0.50%, US bonds- TLT +0.25%
The Actively Traded Lagging Global & Sector ETF Plays:
gold miners- GDX -1.75%, oil HLDRS- OIH -1.75%, airliners- FAA -1.75%, ag/chem- MOO -1.50%, SPDRS oil & gas equip & services- XES -1.50%, commercial banks- KBE -1.25%, global shippers- SEA -1.25%, coal- KOL -1.25%, iShares Taiwan- EWT -1.25%, regional banks- KRE -1.25%, BRIC countries- BKF -1.0%, iShares Malaysia- EWM -1.0%, ISE Rever nat gas companies- FCG -1.0%, iShares healthcare providers- IHF -1.0%, China 25- FXI -1.0%
12:39
RNN Rexahn Pharmaceuticals announces Phase IIa study results of Serdaxin in major depressive disorder, patients showed significant improvement in Montgomery-Asberg Depression Rating Scale (2.97 -0.68)
Co announced clinical results with its investigational new drug, Serdaxin for the treatment of major depressive disorder. The results of the subgroup analysis are compelling and warrant further study in a larger phase 2 trial. In the subgroup analysis, the study showed that patients with severe MDD taking 5 mg of Serdaxin had significant improvement in Montgomery-Asberg Depression Rating Scale (MADRS) scores after 8 weeks of treatment, compared to placebo. Among the 77 patients, 53 patients were classified as having severe MDD. Of the 14 patients treated with 5 mg of Serdaxin MADRS scores improved by 55.6%, compared to only 34.0% in the placebo group, which was statistically significant on an intent to treat basis. In addition, 64.3% of patients with severe MDD treated with the 5 mg of Serdaxin were considered Responders compared to 28.6% in the placebo group. A Responder is a patient with a change from baseline in MADRS score of greater than or equal to 50% after treatment. Additionally, 42.9% of patients in the treatment group were in remission with a MADRS score of less than or equal to 12 after treatment, at 8 weeks versus 14.3% in the placebo arm. Co stated "Even though the overall study did not achieve statistical significance, we believe, based on the statistically significant subgroup results, Rexahn plans to commence a Phase IIb clinical trial in the second half this year."
12:34
CTSH NASDAQ 100 (NDX) leaders & laggards @ midday -Technical-
Early Afternoon % Gainers:
CTSH, FAST, ISRG, NWSA, APOL, GOOG, RIMM, YHOO, GRMN, NVDA, CELG
Early Afternoon % Decliners:
STX, PCLN, FLEX, ATVI, SPLS, CERN, BIIB, DELL, CTXS, FLIR, ILMN, LOGI, CSCO
12:32
HD Dow 30 (INDU) leaders & laggards @ midday -Technical-
Early Afternoon % Gainers:
HD, GE, MMM, IBM, AXP, JNJ, TRV
Early Afternoon % Decliners:
AA, CSCO, T, BA, PFE, DD, UTX, CVX
12:22
SPY Fresh rebound highs for stock indices, Dow +4.4 reaches positive territory -- S&P -2.5, Nasdaq -2.4 -Update- -Technical-
The Dollar Index pause near intraday resistance noted earlier (80.69, session high 80.75) and has pulled back over the last 30 minutes allowing the stock indices to extend the bounce off morning lows. Relative sector strength on this move has come from Energy/Commodity (XLE, OIH, GDX, SLX) along with REITs IYR and Rail.
12:19
DAL Airline Index - XAL - a sector laggard after setting new yearly high -Technical-
The XAL extended to a new 52-wk high in opening trade but dropped as much as 2.6% off the high before stabilizing near yesterday's low at 38.59 (session low 38.64). Individual names on the defensive today include: TAM -3.6%, DAL -3.7%, CAL -3.4%, LCC -3.4%, AMR -2.7%, AAI -2.3%, LUV -1.2%, XJT -2%, CPA -2.7%, GOL -2.5%
12:15
RAI Reynolds American's R.J. Reynolds Tobacco Company resolves Canadian government contraband claims (54.12 -0.41)
R.J. Reynolds Tobacco Company has entered into a comprehensive settlement agreement with the Canadian federal, provincial and territorial governments to resolve all of the governments' civil claims related to cigarette smuggling in Canada during the 1980s and 1990s. As part of the civil settlement, R.J. Reynolds has agreed to pay the governments C$325 mln. Additionally, should R.J. Reynolds decide to sell tobacco products in Canada in the future, co has agreed to adopt packaging, marking and other measures that will assist the Canadian governments in their efforts to combat the movement of contraband tobacco products in Canada.
12:14
RJET Republic Airways announces details of brand unification plan for Frontier and Midwest Airlines (6.29 +0.03)
Co revealed that the Frontier name and "spokesanimals" will be the face of the unified branded airline. Republic expects the integration process to take 12-18 months. Co states: "The 2010 growth includes ten new destinations out of the Denver hub and five new destinations out of the Milwaukee hub. As a result, the carrier will grow by seven percent in seat miles this year, three times the industry average."
12:00
Rumor Round Up
Another day, another round of rumors; today turned out to be a tad quieter then yesterday, but chatter circulated none the less. MetroPCS (PCS 7.54 +0.02) shares saw increased volatility following a rumor private equity could be interested in the co. We note it has been widely speculated for some time that PCS would be the acquirer of Leap Wireless (LEAP). Marathon Oil (MRO 31.94 -0.25) shares spiked ~$0.40 following a rumor that Total S A (TOT 59.05 -0.46) could be interested in the co. MRO calls are seeing interest following TOT for MRO takeover chatter. So far today 20.1K total calls have traded vs 2.2K puts. 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
11:59
OIH Oil Service HOLDRS Trust puts together limited bounce off 50 day (123.99 -2.39) -Technical-
The sector ETF has been a laggard today but it did hold near its 50-day ema during the mid-morning downside extension at 123.59 (session low 123.50). Only a limited bounce has been noted thus far (hit 124.18) with near term resistances at 124.40/124.50 and 124.90/125.00. Next support if follow through pressure develops is at 122.96/122.94 (April 1st gap bottom, 50-day sma) -- BHI, BJS, CAM, DO, ESV, HAL, NBR, NE, NOV, RDC, RIG, SII, SLB, TDW, WFT.
11:57
EPE Enterprise GP Holdings increased quarterly dividend paid to $0.545 per unit, a 12.4% increase from the $0.485 per unit (47.78 -0.06)
11:55
DEP Duncan Energy increases quarterly cash distribution rate to $0.4475/share from $0.43/share (27.57 -0.19)
11:54
CHLN China Housing & Land Correction: Xi'an market statistics were taken out of context (3.70 -0.02)
On April 6, in conjunction CHLN's Q1 contract sales, we incorrectly took commentary regarding the Xi'an real estate market and attributed it as the co's results. The Xi'an market commentary read: "According to data from E-house (China) and the Xi'an Bureau of Statistics, which track sales statistics in China's real estate market, due to seasonal factors, Xi'an's residential sales in the first quarter of 2010 totaled 2.37 mln square meters for an average selling price of RMB 5,521, a 58% decrease in sales volume and 11% increase in price compared to fourth quarter 2009 results of 5.6 mln square meters in sales for an average selling price of RMB 4,996 per square meter. This performance reflects a 37% increase in sales volume and 23% increase in price compared with first quarter 2009 results of 1.7 mln square meters for an average price of RMB 4,496 per square meter."... The original comment has been removed... The comment should have read: The co reported that Q1 contract sales totaled RMB 289.1 mln (US$42.3 mln) of residential and commercial unit sales as well as parking space sales for a total of 58,248 square meters (~flat QoQ and up ~170% YoY). The co's average residential selling price per square meter in 1Q10 was RMB 5,099, which is a 9% sequential increase over the residential selling price of RMB 4,635 in the 4Q09 and 6% residential selling price increase compared to RMB 4,797 in 1Q09.
11:53
EPD Enterprise Products increases quarterly cash distribution rate to $0.5675/share from $0.5375/share; Co also commits to reinvest $50 mln of May 2010 distributions (35.49 -0.90) -Update-
11:51
WMT Wal-Mart continues to stabilize at support (54.90 -0.12) -Update- -Technical-
The stock has lagged behind the overall market thus far in April but over the last three sessions it has been able to hold near an important zone marked by its 50-day ema/sma (54.68/54.45), its Feb and early March highs/bull breakout point at 54.50 and the Nov/Feb trendline -- Friday-Tuesday lows 54.64, 54.58, 54.70 -- Click for chart. Short term a sustained move back through 55.21/55.30 improves the bias off the March high.
11:49
European Markets Closing Prices: FTSE: 5767.8 -9.8 -0.2%, DAX: 6232.7 -18.0 -0.3%, CAC: 4032.0 -18.5 -0.5%, Spain's IBEX: Unch, Portugal's PSI: -0.4%
11:44
COMDX Gold, silver, and crude oil are all attempting to retrace their recent sell-offs as the dollar index ticks back towards the flat line
Gold is currently off $11.10 to $1151.10, silver is down 34.4 cents to $18.07, and crude oil is lower by $1.22 to $83.12.
11:28
DIA Dow paces way off morning low, bounces as much as 46 points -Technical-
Top performers include: HD +1.6%, GE +1%, TRV +0.7%, AXP +0.5%, PG +0.4%, JNJ +0.4%.
11:27
IYR REITS displaying notable relative strength in recent action -- IYR, SPG, PSA, EQR, MAC, BXP, VNO, CPT, HME (51.97 +0.52) -Technical-
Would note that the IYR is currently approaching a test of its Apr range/52-wk high of 52.19.
11:15
TTGT Techtarget acquires BeyeNETWORK, global network of business intelligence experts (4.90 +0.11)
Co announces the acquisition of global BeyeNETWORK which includes websites BeyeNETWORK.com, BeyeBLOGS.com, BeyeRESEARCH.com and the related international-language sites.
11:15
JNJ Johnson & Johnson confirmed FDA approves New Drug Application for PANCREAZE (65.28 +0.18)
11:11
BKR Michael Baker unit has been selected to conduct an I-95 Corridor Planning and Finance Study (35.06 +0.23)
Co's unit has been selected to conduct an I-95 Corridor Planning and Finance Study by the North Carolina Department of Transportation (NCDOT). Baker is responsible for the large public involvement campaign, including a project website and social media outreach, as well as other public workshops and small group meetings. In addition, Baker will be completing an environmental screening of the entire I-95 corridor through North Carolina and providing technical assistance in the development of a traffic model for I-95.
11:08
CVG Convergys renews relationship management contract with telecommunications company (12.87 -0.12)
Co announced that a telecommunications co has renewed its longstanding contract for Convergys Smart BSS Solutions for five years. Convergys will continue to provide the client account management services through a customized software solution that Convergys designed specifically for the client. Convergys will also continue to provide data processing, application support and development of this customized solution that assists business customers with the sale of voice products.
11:00
NEXM NexMed and Angstrom Pharmaceuticals to Present Data on A6 Drug at AACR (0.47 +0.03)
Co announced that Bio-Quant, its wholly-owned subsidiary, and Angstrom Pharmaceuticals will jointly present data. The poster presentation, entitled, "A6 peptide binds to CD44 and inhibits migration and metastasis of CD44+ cell lines in in vitro and in vivo studies," covers pre-clinical work completed by Bio-Quant on Angstrom's lead product, A6, currently in Phase 2 development for ovarian cancer... "A6 has demonstrated activity in in vitro models of cell migration, invasion and angiogenesis, as well as in breast, prostate and brain tumor models. Similar activity was also seen in animal models of ocular disease. The results support the efficacy of A6 across various cancer cells, which suggests that the drug is addressing a fundamental pathway for proliferative and invasive diseases."
10:55
AB AllianceBernstein reports preliminary assets under management increased by ~3.5% to $501 bln at March 31, 2010 (31.93 -0.06)
Positive investment performance was slightly offset by modest net outflows, as net inflows in the Retail channel partially offset net outflows in the Institutions channel.
10:55
SPY Stock indices lift slightly off lows/support -- S&P -5.7, Nasdaq -7.4 -Update- -Technical-
Highlighted supports in The Technical Take at 2450/2441 Nasdaq Comp (session low 2445) and 1189/1188 S&P (session low 1188.82) and have seen the indices stabilize and edge off the lows/supports. Need to see a push back through 1193 S&P in order to neutralize the weaker price action. A similar level for the Nasdaq Comp is at 2453/2455. Still keeping an eye on the Dollar Index as it probes resistance noted in the 10:38 update at its overnight high, Monday's high and last Thursday's low near 80.69.
10:50
CPRX Catalyst Pharma signs definitive agreement with the National Institute on Drug Abuse to conduct U.S. Phase II clinical trial for cocaine (2.40 +0.52)
Co announced that it has signed a definitive Clinical Trial Agreement (CTA) with the National Institute on Drug Abuse (NIDA) to jointly conduct a U.S. Phase II clinical trial evaluating CPP-109, Catalyst's formulation of vigabatrin, for the treatment of cocaine addiction. As part of the CTA, NIDA, under their agreement with Veteran's Administration Cooperative Studies Program, will provide substantial resources for the estimated $10 mln trial cost. Catalyst will contribute approximately $2.8 mln in resources.
10:44
CODI Compass Group announces pricing of 6,400,000 share offering at $15.10/share (14.95 -1.19)
10:40
GDX 1st hour global & sector ETF movers... VIX strongest & Gold Miners weakest -Technical-
The Actively Traded Leading Global & Sector ETF Plays:
VIX vol index- VXX +2.50%, high yield corp debt- HYK +0.50%, US bonds- TLT +0.50%, BND +0.25%, livestock commods- COW +0.50%, Yen currency shares- FXY +0.50%, iShares homebuilders & home construction- ITB +0.25%, solar pwoer- TAN +0.25%
The Actively Traded Lagging Global & Sector ETF Plays:
gold miners- GDX -2.50%, oil HLDRS- OIH -2.0%, regional banks- KRE -2.0%, crude/WTI oil- USO -1.50%, OIL -1.75%, iShares Taiwan- EWT -1.50%, ag/chem- MOO -1.50%, global shippers- SEA -1.50%, iShares healthcare providers- IHF -1.50%, iShares Brazil- EWZ -1.50%, coal- KOL -1.25%
10:38
SPY Stock indices slide to fresh lows across the board -- Dow -56, S&P -7.4, Nasdaq -11.7 -Update- -Technical-
Relative sector weakness has been noted in Energy/Commodity (XLE, OIH, Commodity Index, MOO, GDX, SLX) along with Shipping SEA, Utility UTIL, Airline. Dollar Index gains have played a role in this downside leadership, watching the Dollar Index as it flirts with the overnight high, Monday's high and last Thursday's low near 80.69.
10:31
NUHC Nu Horizons Elec: Marvell expands agreement with Nu Horizons to UK (3.32 +0.09)
Co announced that Marvell (MRVL) has expanded its distribution agreement with Nu Horizons to the United Kingdom. Nu Horizons now has full franchised rights for Marvell's complete product portfolio of switching, transceiver, communications controller, wireless and storage solutions in the UK, Germany, Austria, the US, Canada, Mexico and India.
10:28
FAST 1st hour NASDAQ 100 (NDX) leaders & laggards -Technical-
NDX 100 Best % Performers:
FAST +4.25%, CTSH +4.0%, ISRG +2.75%, APOL +2.50%, INFY +2.25%, RIMM +1.50%, NWSA +1.75%, NVDA +1.25%, CELG +1.25%
NDX 100 Worst % Performers:
STX -3.25%, PCLN -3.0%, DELL -1.50%, FLEX -1.50%, CERN -1.50%, ESRX -1.25%, VRSN -1.25%, CTXS -1.25%, VMED -1.25%, ILMN -1.25%
NASDAQ TRIN @ +0.55
NASDAQ A/D @ -755
10:25
GE 1st hour Dow 30 (INDU) leaders & laggards -Technical-
INDU 30 Best % Performers:
GE +1.0%, AXP +1.0%, IBM +0.50%, TRV +0.50%, INTC +0.25%
INDU 30 Worst % Performers:
AA -2.50%, BA -1.50%, CVX -1.0%, XOM -0.75%, PFE -0.75%, UTX -0.75%
NYSE TRIN @ +0.50
NYSE A/D @ -1135
10:22
SPY Stock indices slip back off morning bounce highs, S&P -3.9 slides to new session low -- Dow -15, Nasdaq -4.2 have not yet confirmed new lows -Update- -Technical-
10:22
COMDX Crude oil trades to its lowest levels in ~2 weeks, at $82.80; now off $1.50 to $82.84
Sell-off coincides with continued bounce in dollar index.
10:18
WLP WellPoint continues its recent pullback lower intraday as it dips down to challenge the 60.00 support area (60.10 -1.17) -Technical-
10:13
CECO Career Education aggressive early gain, tests 52-wk close high at 32.92 -- session high 32.90 (32.82 +1.38) -Technical-
Noted relative strength in the sector in the 09:45 update with follow through gains reaching up near its 52-wk close high. The 52-wk intraday high from March comes into play at 33.07.
10:12
IHG Intercontinental Hotels Group announced today that it has consolidated its global customer marketing agency services with Ogilvy & Mather (16.31 +0.07)
Co announced today that it has consolidated its global customer marketing agency services with Ogilvy & Mather. This consolidation of marketing services follows a process designed to align IHG's marketing communications strategies and agencies to maximize the company's global marketing investment. As part of that process, earlier last year, IHG awarded its consolidated media account to MindShare - also part of the WPP network (WPPGY).
10:06
UUP Dollar Index works well off low, seeing some relative weakness in Energy/Commodity in recent action -- GDX, GLD, SLV, XLE, OIH, PTM -Technical-
10:03
PCLN Priceline.com under pressure this morning on a downgrade, currently challenging its 20-day exponential moving average along 251.86 (252.27 -7.95) -Technical-
Next area of key support lies around $250.00 followed by the late-March breakout area near 246.00.
10:02
COMDX Bounce in the dollar index pushes gold and silver back towards their respective lows
Gold is currently lower by $13.30 to $1148.90 and silver is down 33.4 cents to $18.08.
10:01
COIN Converted Organics announces a 65% increase in Q1 sales and elimination of going concern qualification (0.98 +0.09)
Co announces that sales of its organic fertilizer products and tip fees totaled $811,600 for the first quarter of 2010, a figure that boosts Company sales 65% from its reported 2009 first quarter earnings of $492,000. The Company also announced that its financial statements for the fiscal year ended December 31, 2009, included in the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2010, did not contain a going concern qualification from its independent public accountants, CCR LLP. "We are pleased with the significant progress our Company has demonstrated with our first quarter earnings and we are happy to report the elimination of the going concern qualification, We expect to see this growth continue while our priorities remain increasing sales of our organic fertilizer products, expanding through acquisition opportunities, and increasing manufacturing efficiency."
10:01
CPIX Cumberland Pharma announces ibuprofen compares favorably to acetaminophen in newly published meta-analysis (0.98 +0.09)
Co announced results from a meta-analysis comparing the efficacy and safety of ibuprofen and acetaminophen, which was published in the March edition of the peer-reviewed journal The Annals of Pharmacotherapy. The publication notes that in a majority of evaluated studies ibuprofen demonstrated superior efficacy compared to acetaminophen for the treatment of pain and fever, and found no significant safety differences between the drugs. The data supports findings from several previously published studies on the effectiveness of Caldolor (ibuprofen) Injection for the treatment of pain and fever.
09:54
XRT SPDR Retail edges just above Monday's peak of 42.84 to set a fractional new 52-wk high of 42.87 after a weaker start (42.83 +0.15) -Technical-
DBRN +0.8%, HSNI +1%, NFLX +1.1%, PLCE +1%, GPS +1%, JCG +2.5%, GYMB +1.1%, PSS +0.9%.
09:51
ORCL Oracle testing its March peak and yesterday's 52-wk high at 26.25/26.28 -- session high 26.27 (26.27 +0.07) -Technical-
09:51
GT Goodyear Tire's new President and Chief Executive Officer Richard J. Kramer said he is confident in Goodyear's ability to grow as global economies recover (13.05 +0.09)
09:51
TECHX Opening Point Gainers/Losers -Technical-
Point Gainers: ESI (+8.10), GOOG (+5.75), DV (+4.84), MIPI (+2.56), FAST (+2.30), CTSH (+2.01), INFY (+1.71), WCC (+1.71), APOL (+1.63), TLB (+1.05)
Point Losers: PCLN (-7.75), CBD (-5.00), CF (-2.54), FAV (-2.23), ADC (-1.50), LZ (-1.30), RGLD (-1.24), AVP (-1.30), CODI (-1.10)
09:50
SPY S&P 500 -1.4 stabilizes at first level support -Update- -Technical-
Noted support at 1193/1192 in The Technical Take and the 09:35 update and have seen the index stabilize after reaching 1193.20. A rebound back through initial resistance near 1197 neutralize the slide action off yesterday's high with obvious next resistance at the 1200 level (Monday high 1199.20). The upper end of a short term resistance band is at 1203.
09:45
TECHX Sector Watch -Update- -Technical-
Sectors weighing on the early action include: Bank KBE -1%, Gold Miners GDX -1.3%, Shipping SEA -1.1%, Computer-Hardware -1%, Ag/Chem MOO -1%, Oil Service OIH -0.9%, Coal KOL -0.5%. Groups showing relative strength include: Rail +0.6%, Solar TAN +1%, Housing XHB +0.5%, REITs IYR +0.3%, Retail XRT +0.3%, Education (ESI, DV, COCO, APOL, CECO, STRA, LOPE) and selected Casino/Gaming (MGM, LVS, PNK, WYNN, BYI).
09:37
COMDX Crude ticks to fresh lows at $83.10; now off $1.21 to $83.13
09:35
CF CF Industries gaps lower off the open as it dips down to challenge its month-long range low/200-day ema near 90.00/89.69 (89.71 -2.18) -Technical-
09:35
SPY Modest early pressure, S&P -2.7 probing first level support in the 1193/1192 area -- Dow -16, Nasdaq -4.4 -Technical-
09:32
GNBT Generex Biotech announces new treatment IND site for the USFDA expanded access treatment IND program for Generex Oral-lyn in the US (0.46 0.00)
Co announced that John Muir Physician Network Clinical Research Center has agreed to participate in the FDA Expanded Access Treatment Investigational New Drug (IND) Program for the Company's flagship product, Generex Oral-lyn, a proprietary buccal insulin spray product. In September 2009, the FDA approved the treatment use of Generex Oral-lyn under the FDA's Treatment IND Program. This Treatment IND is open to patients who comply with the selection criteria of the treatment protocol, including those who are taking currently approved anti-diabetic medications. There are no oral or injectable medications contraindicated for this treatment use program.
09:31
GBE Grubb & Ellis announced that it will expand its presence in Ohio with the opening of company-owned offices in Columbus and Cincinnati (2.06 -0.06)
09:30
LEI Lucas Energy announces drilling begins on Wilson County re-entry well (1.45 +0.10)
Co announced that IT began the re-entry of the Stobb No.1 well on April 9, 2010. The well is a re-entry of a straight hole well in the Austin Chalk formation. The well is expected to be completed within the next few weeks.
09:30
VNO Vornado Rlty Trust announces its share of Toys "R" Us fourth quarter financial results (78.27 +0.03)
Co announced that it has recorded its 32.7% share of Toys "R" Us' fourth quarter financial results in its first quarter ended March 31, 2010. Vornado's results include net income of $125,870,000, or $0.62 per diluted share, compared to net income of $97,147,000, or $0.54 per diluted share recorded in the quarter ended March 31, 2009. Vornado's share of Funds From Operations ("FFO") before income taxes for the quarter ended March 31, 2010 is $193,081,000 or $0.95 per diluted share, compared to FFO before income taxes of $166,818,000, or $0.92 per diluted share in the prior year's quarter. Vornado's share of FFO after income taxes for the quarter ended March 31, 2010 is $137,246,000, or $0.67 per diluted share, compared to FFO after income taxes of $107,924,000, or $0.60 per diluted share in the quarter ended March 31, 2009.
09:30
TXCC TranSwitch announces that it intends to effect a common stock rights offering to its stockholders in order to raise approximately $10 million of equity capital for general corporate and working capital purposes (2.89 )
09:29
ADC Agree Realty prices public offering of 1.3 mln shares of common stock at $22/share (24.66 )
09:25
DSX Diana Shipping Signs Shipbuilding Contracts for the Purchase of Two Newcastlemax Dry Bulk Carriers (15.11 )
Co announced that it has signed, through its 100% owned subsidiaries, two shipbuilding contracts with China Shipbuilding Trading Company, Limited and Shanghai Jiangnan-Changxing Shipbuilding Co., Ltd for the construction of two Newcastlemax dry bulk carriers of approximately 206,000 dwt each for a contract price of US$59 million per vessel. The Company expects to take delivery of the vessels during the second and third quarters of 2012, respectively.
09:16
HTCO Hickory Tech seeks broadband stimulus funding (8.56 )
HTCO, through its Enventis subsidiary, has applied for $16.8 million in federal stimulus grants to extend its middle mile fiber-optic network connecting community anchor institutions across Minnesota to an advanced high capacity broadband network. HickoryTech would provide $7.2 million in funding or 30 percent of the total project cost of $24 million under the grant application submitted to the Broadband Technology Opportunities Program administered by the U.S. Department of Commerce's National Telecommunication and Information Administration
09:15
VSR Versar awarded contract extensions in Iraq totaling $7.5 mln
Co announced it was awarded two task order contract extensions totaling $7.5 mln by the Gulf Region District of the U.S. Army Corps of Engineers for its personal services contract supporting the reconstruction efforts in Iraq. These task order extensions will allow Versar to provide six months of additional support to the US Army in the fields of Engineering, Project Management, Logistics, and Construction Management. All work under these extensions will be completed by October 5, 2010, contributing approximately $1.2 mln in revenue each month during the six month period.
09:04
On The Wires
China Ritar Power (CRTP) announces that it has been selected to power the Brazil Pavilion at the World Expo 2010 in Shanghai. China Ritar will supply its Ritar CL2300H batteries for use in two battery power storage plants which will be set up to ensure the Brazil Pavilion will have sufficient power during the World Expo... World Heart (WHRT) announces that Inova Fairfax Hospital has successfully implanted its first Levacor Ventricular Assist Device... Palm (PALM) announced that the Palm Pre Plus and Palm Pixi Plus phones will be available in Germany on both o2 and Vodafone on April 28... Cooper Industries (CBE) announced the acquisition of substantially all of the assets of Eka Systems. Terms of the transaction were not disclosed... Peregrine Pharmaceuticals (PPHM) announced that data from four clinical studies of bavituximab and Cotara have been accepted for presentation at the 46th Annual Meeting of the American Society of Clinical Oncology.
09:04
PAA Plains All Amer increases cash distribution to $0.9350 per unit, up from quarterly distribution of $0.9050 per unit on all of its outstanding limited partner units (59.08 )
09:02
PSEC Prospect Energy has invested $12.3 million in secured debt in Seaton Corp (11.85 )
09:01
KV.A K-V Pharmaceutical announced it has appointed Stephen Stamp as Chief Financial Officer and Treasurer, effective April 7, 2010 (1.57 )
The co announces it has appointed Stephen Stamp as Chief Financial Officer and Treasurer, effective April 7, 2010. Mr. Stamp will report directly to David Van Vliet, interim CEO of the Company. Mr. Stamp has over twenty seven years of finance experience, including his tenure at Xanodyne Pharmaceuticals where he most recently served as Chief Operating Officer and Chief Financial Officer.
09:01
CGR Claude Resources announces the finalization of Joint Venture Agreement with St. Eugene Mining Corporation, (1.27 )
Co annunces the finalization of a 65:35 Joint Venture Agreement with St. Eugene Mining Corporation, "St. Eugene", on the Amisk Gold Project. The 12,000 hectare property is located 20 kilometres southwest of Flin Flon, Manitoba and hosts the Amisk-Laurel Gold Deposit. Pursuant to the Agreement, Claude is operator of the joint venture and for 2010 has initiated a $1.1 million exploration program on the property. The program is focused on the Amisk-Laurel Gold Deposit, specifically expanding the deposit and evaluating the bulk mining potential of the system. As a first stage, an eleven hole, 2,300 metre, winter drill program has been completed and results are pending.
09:01
BPHX Blue Phoenix: Arik Kilman apointed CEO (2.43 )
The co announces that Arik Kilman was appointed Chief Executive Officer replacing Yaron Tchwella who is leaving the position of Chief Executive Officer for personal reasons. Mr. Tchwella was nominated by the Board of Directors to serve as a Director. If approved by the Company's shareholders at the shareholders meeting which is expected to be held prior to the end of June 2010, Yaron will join the board and will serve as an executive focused on growing the Company's partner network and on strategic customers. Gur Shomron, a member of the Board of Directors was appointed to replace Mr. Kilman as Chairman of the Board.
09:00
MPR Met-Pro Corp Strobic Air Business Unit Receives $550,000 Equipment Order (10.07 )
Co announces that its Strobic Air business unit has received an order, totaling approximately $550,000, from a premier University in Western Canada. This order is expected to ship in the second quarter of the Company's current fiscal year.
08:59
EPD Enterprise Products announces pricing of 12 mln shares at $35.55 (36.39 )
08:56
MEE Massey Energy reports efforts to recover miners from upper Big Branch mine concluded (46.03 )
08:51
PENN Penn Natl Gaming selected for $75 mln for Mason Dixie Resort project (29.06 )
Mason-Dixon Resort & Casino announced that it has selected a subsidiary of Penn National Gaming to develop and manage all resort and gaming operations in connection with the co's Category 3 resort license application filed with the Pennsylvania Gaming Control Board. Mason-Dixon Resort & Casino plans to develop a world-class category 3 venue in southern Adams County, about two miles from the Maryland border. Situated in Cumberland Township at what is currently the Eisenhower hotel and conference center and Allstar Funland, the planned $75 mln Mason-Dixon Resort & Casino will feature a hotel with more than 300 guest rooms, 20,000 square feet of meeting and exposition space, and ample parking.
08:51
HIL Hill International receives contract for project management services on $200 mln natural gas facility in Egypt (5.98 )
Co announces that an affiliate company, Hill International Petrol Egypt, has entered into a contract with the Egyptian Natural Gas Holding Company to provide project management services for a new $200 million natural gas compression station in Dahshur, Egypt. The one-year contract has an estimated value to Hill Petrol of $1.0 million.
08:48
ABAT Advanced Battery Tech announces ~$1.6 mln in new orders for electric vehicles (3.81 )
08:48
AZK Aurizon Mines announces that a gold exploration drilling program will commence shortly (5.06 )
Co announces that a gold exploration drilling program will commence shortly on its 100% owned Kipawa Gold-Rare Earth project, in north-western Quebec, Canada. The work planned includes 6,500 metres of drilling, comprising 26 holes, on 3 different targets. The Kipawa project is an early stage exploration project located ~100 kilometres south of Rouyn-Noranda, in the Temiskaming region. It was initially acquired by Aurizon for its gold potential on the basis of a government regional stream sediment survey. Exploration programs performed from 2007 to 2009 included regional till sampling, prospecting, geophysics, soil geochemistry and limited drilling.
08:47
CVU CPI Aerostructures to take $10 million in additional work under its A-10 wing long-term requirements contract from the Boeing Company (8.22 )
Co announces that the Boeing Defense, Space & Security unit of The Boeing Company (BA) has expanded the scope of work that CPI Aero will perform under its previously announced long-term requirements contract to support Boeing's A-10 Wing Replacement Program. In June 2007, Boeing received an Air Force contract worth up to $2 billion to produce up to 242 enhanced wings for the United States Air Force's A-10 "Thunderbolt" attack jet. The initial $70 million contract to CPI Aero from Boeing, announced in July 2008, was for the production of leading edges, wingtips, trailing edges, main landing gear pods and various other structures.
08:38
AAPL Apple confirms updated MacBook Pro line (242.29 )
Co confirms updated MacBook Pro line with faster processors, powerful next-generation NVIDIA (NVDA) graphics and even longer battery life. The 13-inch MacBook Pro features the new NVIDIA GeForce 320M graphics processor for up to 80% faster graphics and a 10-hour built-in battery. The new 15-inch and 17-inch MacBook Pro models feature Intel (INTC) Core i5 and i7 processors and Apple's new automatic graphics switching technology that toggles between NVIDIA GeForce GT 330M and Intel HD Graphics processors.
08:36
PRGO Perrigo and Graceway settle litigation and name Perrigo as the authorized generic distributor for Aldara (59.91 )
Co and Graceway Pharmaceuticals announce that they have entered into an agreement to settle all existing patent litigation regarding Perrigo's ANDA filing No. 78-837 or generic imiquimod. As part of this agreement, Perrigo will be named Graceway's authorized generic distributor for the Aldara? product through February 24, 2011 and, under certain circumstances, will be able to launch its own generic product after that date. Perrigo will begin shipping the authorized generic product within the next few weeks.
08:36
CRY CryoLife: Medafor abandons efforts to deny shareholder status to CryoLife CEO (6.05 )
Co announced that the lawsuit filed by Medafor, Inc. against Steven G. Anderson, CryoLife's chairman, president and CEO, in November 2009 was settled. The matter was mediated on April 6, 2010, with Myron S. Greenberg serving as mediator. The settlement does not require that Mr. Anderson make any payments to Medafor, give Medafor any of the relief that Medafor demanded of Mr. Anderson when it sued him or make any payments to any party to the lawsuit including Medafor's CEO and CFO. It does require that Medafor honor the legitimate business transaction by which Mr. Anderson purchased the shares. Medafor has agreed to dismiss with prejudice all of its claims against Mr. Anderson and Mr. Zerban in the Lawsuit and has agreed to register the 1,000 shares in Mr. Anderson's name effective as of May 13, 2009. Medafor also retracts the allegations it has made on its website and elsewhere that the Transaction was wrongful. Mr. Anderson, in turn, has agreed to dismiss with prejudice all of his counterclaims against Medafor and all of his third-party claims against Mr. Shope and Mr. Thomson. As part of the dismissal, both parties withdraw the allegations they have made against one another in the Lawsuit. No party admits or acknowledges liability or wrongdoing in this matter. The Lawsuit was settled to the Parties' mutual satisfaction.
08:36
On The Wires
Caliper Life Sciences (CALP) announced a non-exclusive original equipment manufacturer agreement with Access Genetics to market Caliper's LabChip GX microfluidic system for molecular diagnostic applications... Through its US-based subsidiary AMDL Diagnostics, Radient Pharmaceuticals (RPC) announced it continues to grow its partnership with GenWay Biotech and has signed an exclusive 5-yr marketing, sales and distribution agreement with the company for the commercialization of RPC's Onko-Sure in vitro diagnostic cancer test in Greece... Mellanox Technologies (MLNX) announced that it is seeing growth in demand for its 10 Gigabit Ethernet and end-to-end 40Gb/s InfiniBand connectivity products and advanced technology from leading Asian server and storage manufacturers, supercomputing centers, cloud computing providers, and enterprise customers... Iteris (ITI) announced a strategic partnership with Meritor WABCO Vehicle Control Systems to allow information captured by Meritor WABCO's SmartTrac and OnGuard active safety systems to be available through Iteris' SafetyDirect driver performance reporting software.
08:35
S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -4.00.
Stock futures have pared a portion of their losses, but a slightly lower start to the session still looks to be in order. Just announced, the February trade deficit deepened to $39.7 billion from an downwardly revised $37.0 billion in the prior month. On average, economists had expected a February deficit of $38.5 billion. Import prices increased 0.7% in February. They were expected to increase 1.0% after an upwardly revised 0.2% decline in January.
08:33
PPCO Penwest Pharma and Endo enter into agreement with Barr to settle patent litigation over Opana ER, cos agreed to grant Barr a license to sell a generic of Opana ER on or after Sept. 15, 2012, or earlier under certain circumstances (3.61 )
Co and Endo Pharmaceuticals (ENDP) announced that the companies have settled litigation with Barr Laboratories (BRL) regarding the production and sale of generic formulations of Opana ER Extended Release Tablets CII. Under the terms of the settlement, Penwest and Endo have agreed to grant Barr a license to sell a generic of Opana ER on or after Sept. 15, 2012, or earlier under certain circumstances.
08:32
UEC Uranium Energy Completes Sale of Interest in Cebolleta Uranium Project in New Mexico for $11 Million (3.29 )
Co announced that the it has received a cash payment of US$11,000,000 as complete consideration for the sale of the Company's 49%-interest in Cibola Resources LLC (the "LLC") to Neutron Energy, Inc. ("Neutron"), a Nevada corporation. Neutron has exercised its option to make this purchase in accordance with an option agreement between the Company and Neutron announced November 12, 2009, which was subsequently extended.
08:31
DLR Digital Realty Trust announces strong first quarter 2010 leasing results (56.32 )
The co announces strong leasing results for the first quarter of 2010. For the quarter ended March 31, 2010, the Company commenced leases totaling approximately 116,000 square feet of space. This includes approximately 108,000 square feet of Turn-Key Datacenter? space leased at an average annual GAAP rental rate of $139.00 per square foot and approximately 7,500 square feet of non-technical space leased at an average annual GAAP rental rate of $37.00 per square foot. The Company signed leases during the first quarter of 2010 totaling approximately 241,000 square feet of space. This includes over 171,000 square feet of Turn-Key Datacenter space leased at an average annual GAAP rental rate of $141.00 per square foot, and more than 69,000 square feet of non-technical space leased at an average annual GAAP rental rate of $25.00 per square
08:21
EGT Elixir Gaming announces Machine Participation Agreement with Grand Golden (0.23 )
Yesterday evening, EGT announced that it has entered into a Machine Participation Agreement with Grand Golden, to place approximately 60 electronic gaming machine seats on a participation basis at its new Grand Golden casino in Kampong Cham Province, Cambodia near the Vietnam border. The Company anticipates the full deployment of the 60 gaming machines seats in November 2010 following the completion of the renovations of the designated floor space by the venue owner. Under the terms of the Agreement, Elixir Gaming will have joint control over the operation of all the Company's electronic gaming machine seats, including full audit rights. Elixir Gaming and Grand Golden will share the revenue and marketing costs, at a 30% / 70% split, respectively, and Elixir Gaming will receive on a monthly basis its relevant portion of the daily win in cash. The contract duration is five years commencing once the 60 gaming machine seats become operational.
08:17
On The Wires
AEterna Zentaris (AEZS) announces that it will make an oral presentation, as well as a poster presentation on Erk/PI3K inhibitor compounds at the American Association for Cancer Research Annual Meeting... Trina Solar Limited (TSL) announced that its board of directors appointed Mr. Liping Qiu, an independent director of the co, as a member of the audit committee of the board effective April 1, 2010 to replace Mr. Jerome Corcoran... SpringSource, a division of VMware (VMW), announces the acquisition by VMware of Rabbit Technologies. Terms of the deal were not disclosed... CDC Software (CDCS) announces it has agreed to make a strategic investment in Marketbright. In addition, CDC Software has agreed to develop a strategic relationship with Marketbright whereby both companies are expected to resell each other's solutions and potentially expand the relationship into other strategic activities... DigitalGlobe (DGI) announces that it has contracted with Raytheon (RTN) to provide an enhanced constellation collection management system... Foster Wheeler (FWLT) announces that a subsidiary of its Global Engineering and Construction Group has been awarded contracts by PETROM S.A. for investments which form part of PETROM's Petrobrazi Modernization Project, a refinery modernization project being implemented at the Petrobrazi Refinery in Ploesti, Romania.
08:14
ECONX Reminder: Export Prices, Import Prices, and Trade Balance data due out in about 16 min at 8:30ET
08:13
On The Wires
Infosys (INFY) announces that it will manage internal IT services for Microsoft (MSFT) worldwide. As part of this managed services agreement, Infosys will streamline implementation processes, simplify support and service, while at the same time lowering the enterprise costs through the use of the latest Microsoft solutions such as Windows 7. Rorke Data, wholly owned subsidiary of Bell Microproducts (BELM), announced at NAB that it has partnered with FalconStor Software (FALC) for a high-performance shared storage solution-HyperDrive... Cadence Design Systems (CDNS) announces that LSI (LSI) signed a multi-year agreement for Cadence mixed-signal technology... Longtop Financial Technologies Limited (LFT), announced that it has won a contract with a leading national commercial bank customer in China to develop an Operational Risk Management system... China GrenTech (GRRF) announced that it has won its first bid for base station system integration services from Guangzhou Mobile, China Mobile Limited's provincial subsidiary. GrenTech will provide Guangzhou Mobile local fiber transmission network and access integration services.
08:04
AMRI Albany Molecular announces funded research collaboration with Navigen Pharmaceuticals (8.40 )
Co announces that it has initiated a research collaboration with Navigen Pharmaceuticals focused on the development of new drug therapies. Under the terms of the multi-year agreement, AMRI will provide fully integrated drug discovery services including assay development, screening, in vitro ADMET, computer-aided drug discovery and medicinal chemistry.
08:03
ADK AdCare Health Systems to purchase privately-held assisted living facility in Hoover, Alabama (5.70 )
Co has signed a definitive purchase agreement for a privately-held assisted living facility in Hoover, Alabama for $5.0 million. The 105-unit facility, which AdCare is purchasing from a bank, is currently 59% occupied. At 85% occupancy, the facility is capable of producing annual revenue of more than $3.0 million. Management expects to close the transaction within 45-60 days.
08:03
NRG NRG Energy awarded contract from New York State for biomass use at the company's Dunkirk power plant (22.41 )
Co announces it has received a 10-year contract from the New York State Energy Research and Development Authority for power generated using renewable biomass fuel at its Dunkirk Generating Station in western New York. The project, which is expected to come online by the end of 2011, will produce up to 15 megawatts of the station's total output by co-firing with clean wood biomass.
08:02
KNDI Kandi Technologies Anticipates Government Funded Subsidies Will Jump-Start Domestic Consumer COCO Sales Under New Business Model (4.89 )
Kandi Technologies, announced an anticipated local and regional government initiative to move the revolutionary project forward with the issuance of government funded subsidies to the first 3000 purchasers of Kandi's electric COCO vehicles.
08:01
LM Legg Mason reports AUM as of Mar 31. 2010 of $684.5 bln, up from $681.6 bln in Dec 2009 (31.32 )
08:01
ALKS Alkermes submits Supplemental New Drug Application for VIVITROL for the Treatment of Opioid Dependence (13.34 )
The co announces that it has submitted a supplemental New Drug Application (sNDA) for VIVITROL (naltrexone for extended-release injectable suspension) to the U.S. Food and Drug Administration (FDA) for approval as a treatment for opioid dependence. The company requested a priority review for its sNDA and if granted by the FDA, it would mean a six month review timeline. The sNDA is based on the positive results from a recent phase 3 study assessing the efficacy and safety of VIVITROL for opioid dependence. VIVITROL is an opioid antagonist administered once-monthly by intramuscular injection and is approved in the U.S. for the treatment of alcohol dependence. If approved by the FDA for the treatment of opioid dependence, VIVITROL would be the first and only non-narcotic, non-addictive drug agent available in a once-monthly formulation.
08:01
CASM CAS Medical announces grant of patent in Japan for FORE-SIGHT Technology (1.63 )
The co announces that that the Japanese Patent Office has granted a new patent for the Company's LASER-SIGHT technology used in the FORE-SIGHT Oximeter. The newly granted patent (JP 4,465,271), entitled "Method for spectrophotometric blood oxygenation monitoring," includes 28 claims broadly covering methods for non-invasively determining biological tissue oxygenation in general, and for non-invasive methods utilizing near-infrared spectroscopy (NIRS) techniques.
07:58
On The Wires
Gilead Sciences (GILD) announced that it has dosed the first patient in the Phase III clinical program evaluating its investigational fixed-dose, single-tablet "Quad" regimen of elvitegravir, cobicistat, emtricitabine and tenofovir disoproxil fumarate... Level 3 Communications (LVLT) announced the expansion of its Vyvx network into Central Europe, and the celebration of its three millionth Vyvx reservation booked... Merck (MRK) and Plastic Logic GmbH announced plans to jointly develop, test and commercialize Merck's new organic semiconductors in Plastic Logic's displays. The production and launch of these new materials are planned for 2011... Ascent Media Group (ASCMA) and BT have entered into a strategic alliance to form a global broadcast switching platform offering 24/7 connectivity between the world's two largest video switch communities... Chyron (CHYR) announced the purchase of its complete graphics workflow and infrastructure systems by BSkyB... Centene Corporation (CNC) announced was notified by the Wisconsin Department of Health Services that its Wisconsin subsidiary, Managed Health Services, was not awarded the Southeast Wisconsin BadgerCare Plus Managed Care contract.
07:55
FAST Fastenal beats by $0.05, beats on revs (51.90 )
Reports Q1 (Mar) earnings of $0.38 per share, $0.05 better than the Thomson Reuters consensus of $0.33; revenues rose 6.4% year/year to $520.8 mln vs the $511.4 mln consensus. "The daily sales to our manufacturing customers grew ~15.7% in the first quarter of 2010. In the first, second, third, and fourth quarters of 2009, this business contracted 16.0%, 25.2%, 22.8%, and 10.1%, respectively. Our non-residential construction customers have historically represented 20% to 25% of our business. This business contracted approximately 14.7% in the first quarter of 2010. In the first, second, third, and fourth quarters of 2009, the contraction was 6.4%, 19.6%, 25.3%, and 24.8%, respectively. The total sales contraction for 2009 was 19.4%. On a sequential basis (that is, comparing a period to the immediately preceding period), the daily average sales to our manufacturing customers have improved each month since May 2009 (with the exception of July and December 2009 due to the holiday impact and February 2010 due to the impact of poor weather). This reversed the negative trend which began in October 2008. This improvement has been partially offset by continued weakening in our non-residential construction business in 2009 and in the first three months of 2010."
07:34
VRUS Pharmasset discusses follow up data; nucleoside RG7128 in combination with SOC is effective in retreatment of HCV genotype 2/3 relapsers/nonresponders (27.94 ) -Update-
Co announces the oral presentation of new sustained virologic response (SVR) follow-up data in hepatitis C virus (HCV) genotype 2 and 3 non-responder patients treated for 28 days with RG7128 in combination with the standard of care (SOC), Pegasys and Copegus, and presentation of an in vitro combination study with PSI-7977 and PSI-938. Both presentations are at the 45th Annual Meeting of the European Association for the Study of the Liver (EASL) in Vienna, Austria (April 14-18, 2010). Data from this trial suggest that the nucleoside RG7128 in combination with SOC is effective in retreatment of HCV genotype 2/3 relapsers/nonresponders and may provide an attractive option for treatment of prior non-responders and treatment-naive patients with HCV genotype 2/3. Larger studies are required to confirm these findings, determine the optimal duration of RG7128 therapy, and evaluate utility in treatment-naive genotype 2/3 patients. On April 17, Dr Veronique Zennou, a Pharmasset scientist, will present a poster entitled "Combination of two complementary nucleotide analogues PSI-7977 and PSI-938 effectively clears wild type and NS5B S282T HCV replicons - comparison with combinations of other antiviral compounds" (Poster 1034). The data indicate that in vitro combinations of two nucleotides targeting NS5b effectively suppress resistant replicons with no emergence of resistance. The poster will include comparative data on combinations of other direct acting antivirals (DAA) targeting different HCV proteins.
07:33
GMXR GMX Resources announces results of Haynesville/Bossier horizontal wells; says 2010 production guidance is 17.5 Bcfe ; expects Q1 production to meet previously announced guidance of 3.2 Bcfe to 3.3 Bcfe (9.15 )
Co announces the partial completion of the Bosh #19H Haynesville/Bossier ("H/B") horizontal well ("Hz") with a 10.1 million cubic feet of gas per day initial production rate. The well was drilled with a 4,153 foot lateral, and stimulated with 12 frac stages, however during the process of drilling out the plugs an obstruction prevented the last 5 stages from being accessed. After several attempts the co made a decision to cease current efforts to drill out the remaining plugs and produce the well from approximately 6 stages across 2,174 feet of the open lateral. Additionally, the Blocker Heirs 20H has been successfully completed with a 4,450 foot lateral, stimulated with 11 frac stages and 11 perforations per stage. The Company expects to drill and complete five additional H/B horizontal wells for a total of seven completions in Q2 2010. The Company expects Q1 production to meet previously announced guidance of 3.2 Bcfe to 3.3 Bcfe and reconfirms Q2 2010 production guidance of 4.2 Bcfe to 4.4 Bcfe which will be a sequential growth of approximately 34%. Completed Well Costs are expected to decline from Q1 2010 to Q2 2010 by approximately 10% to $8.2 million. The cost reductions reflect increased drilling efficiencies. 2010 production guidance is 17.5 Bcfe which will result in operating cash flow of approximately $62 million including income from hedges. The Company has agreed to sublease its fourth Helmerich and Payne FlexRig 3 to another major operator for a period of 180 days. The co has executed a Joint Operating Agreement with EXCO Operating Company to jointly develop H/B leasehold rights in the Scottsville area of Harrison County, Texas. Under the JOA, the co is contributing its H/B leasehold rights in the Verhalen Prospect and EXCO is contributing its H/B leasehold rights in the Hamilton Unit, creating a 3,850 acre block of contiguous leasehold with a potential of 49 H/B Horizontal locations on 80 acre spacing. The JOA adds an additional 9 H/B Hz drilling locations. The co will operate the joint leasehold with an 84.3% working interest and EXCO will participate with a 15.7% working interest representing the pro rata shares of each co's leasehold contribution under the JOA. The reduction in the Co's capital expenditures, production, and operating cash flow and the increase in liquidity related to the JOA already has been included in the published production guidance of 17.5 Bcfe, capital expenditures of $175 mln, and operating cash flow of $62 mln.
07:32
BSMD BioSphere Medical announces study of gynecologist-interventional radiologist referral relationships published in Journal of Minimally Invasive Gynecology (2.45 )
Co announces that the Journal of Minimally Invasive Gynecology (JMIG) has published a study in its March/April issue which concluded that establishing a referral relationship with an interventional radiologist for comprehensive uterine myoma (fibroid) treatment supports a trusting, collaborative, long-term, noncompetitive ''win-win'' relationship between the gynecologist and radiologist, meets the patient's desire for full disclosure of all myoma treatment options, improves the patient's overall medical care and physician/patient experience, and has been demonstrated to improve patient flow to a gynecologist practice.
07:31
RA RailAmerica reports March monthly carloads; freight carloads increased 8.7% (12.20 )
Co reported that its total freight carloads for the month ended March 31, 2010 were 75,295, up 8.7% from 69,285 in March 2009. These results exclude the discontinued Ottawa Valley Railway operation. Co had increased shipments in March 2010 in six out of twelve commodity groups compared to March 2009. Much of the increase was due to shipments of Agricultural Products, Chemicals and Metallic Ores and Metals. The Agricultural Products carloads increased primarily due to higher shipments in the West and Central regions. Chemical carloads were up primarily due to higher shipments in the Midwest region. Metallic Ores and Metals carloads increased primarily due to higher shipments in the Northeast and Southeast regions. The largest declines were in Coal and the Other commodity group. Coal was down primarily due to lower shipments in the Central U.S. Other was down primarily due to lower shipments in the Midwest and Southeast regions.
07:31
SIG Signet Jewelers appoints Ronald Ristau as Chief Financial Officer (33.08 )
The co announces that it has appointed Ronald ("Ron") Ristau as Chief Financial Officer ("CFO") with effect from June 26, 2010. He will join Signet on April 15, 2010 as Chief Financial Officer Designate and will be based in Akron, Ohio. He succeeds Walker Boyd who retires, as previously announced, on June 25, 2010.
07:22
HDNG Hardinge: From Romi presentation regarding offer to acquire Hardinge (9.05 )
Romi filed an investor presentation with the SEC in connection with its fully funded cash tender offer to acquire all of the outstanding shares of Hardinge for $8.00 per share. Highlights of the presentation include Romi management's view: That Romi's $8.00 per share offer, which was made on the basis of publicly available information, offers superior value and immediate liquidity for Hardinge shareholders. Romi's offer represents an attractive public market premium relative to comparable small-cap public transactions(1): # 37% one-day average premium (vs. Romi's offer of a 46% premium to Hardinge's close on February 3, 2010) # 42% four-week average premium (vs. Romi's offer of a 63% premium to Hardinge's close on December 14, 2009). Romi's offer is compelling relative to the valuation levels in recent acquisitions by Hardinge. Romi's offer is supported by an analysis applied to Hardinge based on key assumptions of YoY annual revenue growth consistent with the industry outlook toward cyclical recovery; gross margins adjusted for the impact of the U.S. distribution contracts previously announced by Hardinge; and SG&A, capital expenditure and working capital levels consistent with recent corporate initiatives
07:17
GOOG Google: comScore releases March 2010 U.S. search engine rankings (572.73 ) -Update-
comScore released its monthly comScore qSearch analysis of the U.S. search marketplace. In March 2010, Americans conducted 15.4 billion core searches, with Google Sites (GOOG) accounting for 65.1% search market share. Google Sites led the U.S. core search market in March with 65.1% of the searches conducted, followed by Yahoo! Sites (YHOO)(16.9%), and Microsoft Sites (MSFT) (11.7%). Ask Network (IACI) captured 3.8% of the search market, followed by AOL with 2.5%.
07:12
SSN Samson Oil & Gas reports interim flowback rate Gene 1-22H (0.83 )
Co provides operational advice on the Gene 1-22H frac and initial flowback. Fracture stimulation operations at the Gene #1-22H well located in Williams County, ND have been successfully completed. The operation placed 2,000,000 pounds of propannt in the middle Bakken formation reservoir, using 92,000 barrels of frac fluid. The final stage was pumped on Sunday April 11th and the flow back operation is currently underway. The oil rate at 1600 hours CST was 960 BOPD, along with a gas rate of 1,075 MSCFD, which is a combined rate of 1,139 BOEPD. The flow back is in the early stage of the recovery of the frac fluid and at the report time the oil cut was 40%. As the oil cut is expected to reach 70%, this rate should be considered preliminary. Further advice will be made available in 24 hours time.
07:09
TRMP Trump Entertainment (TRMPQ) announced court confirmed the Plan of Reorganization (0.13 )
Trump Entertainment Resorts announced that the Bankruptcy Court for the District of New Jersey entered an order confirming the Plan of Reorganization supported by the Company and the Ad Hoc Committee of the Company's bondholders. In considering the ruling, Judge Wizmur heard and reviewed extensive testimony and documents from the Company and the Ad Hoc Committee, as well as from Icahn Partners, which filed a competing plan that was not confirmed by the Court. The Company expects final emergence from reorganization later this year, upon regulatory approval. Avenue Capital Group served as the lead bondholder throughout the reorganization process, and will become the largest shareholder in the Company upon emergence. The Plan confirmed by the Court was also supported by Donald J. Trump and his daughter, Ivanka Trump. Under the confirmed plan $225 million of new equity will be injected into the Company and the Company will benefit from improved liquidity and capital resources. Additionally, the Company will be able to retain the Trump brand for Atlantic City operations.
07:07
On The Wires
Acorda Therapeutics (ACOR) announces that four new analyses of clinical trial data on AMPYRA Extended Release Tablets 10 mg are being presented at the 62nd American Academy of Neurology Annual meeting. AMPYRA is an oral medication approved by the FDA on January 22, 2010 as a treatment to improve walking in patients with multiple sclerosis. This was demonstrated by an improvement in walking speed... IVAX Diagnostics (IVD) and Biomerica (BMRA), have signed a two-year agreement for the distribution of Biomerica's products in the U.S. and globally, with certain country and product exclusions... Vital Images (VTAL) is collaborating with Arkansas Children's Hospital to develop a Vitrea pediatric cardiac application. The software is an advanced visualization tool designed specifically to meet the unique cardiac features and patient care requirements presented by pediatric patients... Gilat Satellite Networks (GILT) announces that it is providing a broadband satellite communications network to Ethiopian Telecommunications Corp, Ethiopia's national telecom operator... Applied Materials (AMAT) opened its new Singapore Operations Center, Applied's first facility in Asia for manufacturing its advanced semiconductor equipment...Starbucks (SBUX) announces Starbucks VIA product availability in 870 Starbucks stores in Japan.
07:05
BIIB Biogen Idec and Elan Corporation will present highlights the ability of TYSABRI (56.00 )
Biogen Idec (BIIB) and Elan Corporation, plc (ELN) announced 15 company-sponsored platform and poster presentations. The presented data, based on post-hoc analyses and patient-reported outcomes studies, highlights the ability of TYSABRI (natalizumab), in some multiple sclerosis (MS) patients, to improve sustained visual function, disability, overall quality of life (QoL), cognition and fatigue. Data from the 15 company-sponsored presentations at the conference show that TYSABRI, in some patients, improves sustained visual function, disability, overall QoL, cognition and fatigue. The presentations also include results from two studies related to the JC virus (JCV) and a follow-up study in pregnant women.
07:02
CSIQ Canadian Solar awarded contract offers for 176 MW (AC) of distributed solar power projects by Ontario Power Authority via Feed-in Tariff Program (24.24 )
Co announces it has been awarded Contract Offers for 176 megawatts (MW) of open field photovoltaic power generation projects under the new Feed-in Tariff (FIT) program that is part of the landmark Green Energy and Green Economy Act. Once final approval is obtained, these projects are expected to be completed in 2011 and 2012. The projects were developed, in partnership, with several leading renewable energy developers in the Ontario market, including 3G Energy Corp., Axio Power Inc., Saturn Power and UC Solar. Canadian Solar expects that it will establish a state-of-art module manufacturing facility in Ontario by Q1 2011, which is expected to employ approximately 500 people. Further, the company will continue to supply installed solutions that meet Ontario FIT program content requirements for 2010 and 2011. Once final approval is obtained, the Ontario Power Authority will buy 100 percent of the power and renewable energy credits from the Canadian Solar projects under the FIT program.
07:01
SKYW SkyWest reports March traffic; RPMs increased 16.8% (14.35 )
Co reported a 16.8% increase in revenue passenger miles (RPMs) for March, while available seat miles (ASMs) increased 11.9 percent compared to the same period last year. The combined airlines generated 1.63 billion RPMs for the month, while ASMs increased to 2.02 billion. Load factor was up 3.4 percentage points to 81.0 percent compared to 77.6 percent for the same period last year. Passenger boardings for March totaled 3,292,598 a 17.7 percent increase from March 2009.
07:01
ME Mariner Energy acquires interest in 54,000 acres in Wyoming's DJ Basin (17.55 )
Co announces that it has acquired 100% working interest in approximately 54,000 net acres in the Denver Julesburg Basin (DJ Basin) from an undisclosed third party. Financial terms of the transaction are confidential. The acreage comprises fee, state and federal leases located in Southern Wyoming in Laramie County. Mariner believes the acreage is on trend with and contains shales with petrophysical properties similar to the commercial Niobrara Shale discoveries of the Jake 2-01H well and Silo Field.
07:00
PXD Pioneer Natural Resources continues successful Eagle Ford Shale Drilling Program (60.84 )
Co announces its fourth successful well in the Eagle Ford Shale in South Texas. The Handy Gas Unit #1 well, which is located in Karnes County, Texas, tested at an initial production rate of 19.9 million cubic feet of gas equivalent per day (including 7.7 mln cubic feet of gas per day and 2,030 barrels of condensate per day) on a 22/64 inch choke with approx 6,300 pounds per square inch wellhead flowing pressure. This equates to a condensate yield of 263 barrels per mln cubic feet of gas. The liquids-rich gas contains 1,300 British thermal units per cubic foot. The well was drilled to a vertical depth of approxi 13,100 feet and completed in a 4,400-foot lateral section with a 12-stage fracture stimulation. The well is expected to be connected to a sales line by early May.
07:00
ENMD EntreMed initiates Phase 2 study for ENMD-2076 in ovarian cancer (0.75 )
Co announces the initiation of a multi-center Phase 2 study with its lead oncology product candidate, ENMD-2076, in patients with platinum resistant ovarian cancer. The primary objective of the study will be to determine the progression-free survival (PFS) rate of patients at six months. A total of 60 patients are expected to be enrolled in the study. Additional endpoints will include response rate and overall survival.
06:25
S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -5.80.
06:25
Asian Markets
Nikkei...11161.23...-90.70...-0.80%. Hang Seng...22103.53...-34.60...-0.20%.
06:25
European Markets
FTSE...5758.79...-18.90...-0.30%. DAX...6226.51...-24.20...-0.40%.
06:21
DVAX Dynavax Technologies announces 30.293 mln unit offering at $1.4525/unit (1.39 )
06:18
MKC McCormick reiterates long-term outlook; will resume share repurchases in FY10 (38.37 )
Co projects 4 to 6% annual growth in net sales and a 9 to 11% increase in EPS in 2011 and beyond. Combined with a targeted dividend yield of 2%, the co believes this performance should result in an 11 to 13% annual return to shareholders over time. Co plans to resume share repurchases under a current authorization program as an offset to the impact of stock option activity.
06:13
On The Wires
Delcath Systems (DCTH) announces that the American Society of Clinical Oncology has accepted an abstract for oral presentation of Delcath's Phase III Trial Data comparing percutaneous hepatic perfusion with melphalan to the best alternative care for patients with hepatic metastases from ocular or cutaneous melanoma for ASCO's 2010 Annual Meeting... Perceptive Informatics, an eClinical solutions provider and a subsidiary of PAREXEL International (PRXL), announces that it has expanded its leading medical imaging capabilities with an enhanced reporting solution... XOMA Ltd. (XOMA) announces that the U.S. Patent and Trademark Office has issued two new patents that expand the co's intellectual property portfolio relating to its anti-inflammatory antibody, XOMA 052, that targets interleukin-1 beta (IL-1 beta). One of the patents covers methods of treating Type 2 diabetes with high affinity antibodies and antibody fragments that bind to IL-1 beta, including XOMA 052. A second patent covers methods of treating IL-1 related inflammatory diseases, including rheumatoid arthritis and osteoarthritis, with XOMA 052 and other antibodies and antibody fragments with similar binding properties for human interleukin-1 beta
06:09
HK Petrohawk Energy announces 340 mln barrel risked resource potential in Eagle Ford Shale (22.61 )
Co announces that it will transition capital toward its 225,000 net acres in the oil and condensate windows of the Eagle Ford Shale, prompting a reallocation and overall reduction in its 2010 capital budget. The capital budget adjustments are expected to significantly increase the oil and condensate component of Petrohawk's production. "Petrohawk now holds equal amounts of acreage in the Haynesville and Eagle Ford Shales -- approximately 360,000 net acres each. Our ability to access oil and condensate opportunities in the Eagle Ford Shale at a time of depressed natural gas prices will enhance our business plan. Petrohawk is not necessarily perceived to have this kind of flexibility in its portfolio, but with approximately 225,000 net acres of oil and condensate-rich property in the Eagle Ford Shale to access, we do," said Floyd C. Wilson, Chairman and CEO. Co also announced the results of its second well in the Eagle Ford Shale Black Hawk prospect, the Lanik #1H, which initially produced 2.7 Mmcf/d and 930 Bbls/d on a restricted 12/64" choke with 6,950 pounds of flowing casing pressure. The well is located in DeWitt County, TX, approximately 20 miles southwest of the Black Hawk discovery well, the Krause #1H. Of the co's total Eagle Ford Shale holdings of approx 360,000 net acres, approx 225,000 net acres are located within those areas prone to significant crude oil and condensate production. In addition to natural gas resource potential from these areas, HK currently estimates that these 225,000 net acres represent approx 340 million barrels of risked resource potential.
06:05
KMP Kinder Morgan Energy Partners, LP to purchase 50% of Haynesville Shale midstream operations for $875 mln from Petrohawk Energy
Co announces it has entered into a definitive agreement to purchase a 50% interest in Petrohawk Energy's (HK 22.61) natural gas gathering and treating business in the Haynesville Shale for $875 mln in cash. The assets consist of more than 170 miles of pipeline currently in service, which is expected to increase to about 375 miles of pipeline with projected throughput of over 800 million cubic feet per day by year-end 2010. Additionally, the system's amine treating plants have a projected capacity of approximately 2,635 gallons per minute by year end. Petrohawk will continue to operate the business during a short transition period, after which a new company, KinderHawk Field Services LLC, owned 50/50 by Petrohawk and Kinder Morgan, will assume operations. The transaction will not have an impact on KMP's distribution in 2010. It is expected to be accretive to cash available to unitholders beginning in 2011 and significantly accretive thereafter.
01:57
On The Wires
WHX (WXCO) expects to report sales from continuing operations of approx $146 mln, net loss from continuing operations of between $2.7 to $1.9 mln, and Adjusted EBITDA of $10.7 to $11.1 mln in the 1Q10 (no estimates available)... Biogen Idec (BIIB) and Elan (ELN) announce 15 company-sponsored platform and poster presentations at the American Academy of Neurology's 62nd Annual Meeting in Toronto, April 10 - 17, 2010. The presented data, based on post-hoc analyses and patient-reported outcomes studies, highlights the ability of TYSABRI (natalizumab), in some multiple sclerosis patients, to improve sustained visual function, disability, overall quality of life, cognition and fatigue... Abraxis BioScience (ABII) announces that following a full submission, the Scottish Medicines Consortium has accepted ABRAXANE for restricted use within the National Health Service for Scotland in patients who would otherwise receive docetaxel or 3-weekly solvent-based paclitaxel as second-line treatment for metastatic breast cancer... IMAX (IMAX) announces that Gaumont Pathe Movie Theatres, an exhibitor in France, has signed an agreement to install four new IMAX digital theatre systems at premier EuroPalaces locations in Paris/Peripherie, and three regional cities throughout France.
01:40
ATPG ATP Oil & Gas announces $1.5 bln offering of senior second lien notes due 2015 in a private offering (20.11 )
ATP intends to use the net proceeds of this offering to repay its existing senior secured term loans in full, to pay associated fees and expenses and for general corporate purposes. Concurrently with the consummation of this offering, ATP intends to replace its existing senior secured credit facility with a new senior secured credit facility.
18:17
CVC Cablevision announces pricing of $1.25 bln of senior notes (25.92 +0.22) -Update-
Co announced that it has priced a public offering of $1.25 billion of senior notes, including $750 million aggregate principal of 7.75% senior notes due 2018 and $500 million aggregate principal amount of 8% senior notes due 2020.
18:15
XJT ExpressJet reports March 2010 performance; RPM totaled 813 mln (4.08 +0.06)
During the month, ExpressJet revenue passenger miles (RPM) totaled 813 million, and available seat miles (ASM) flown were 1,023 million. ExpressJet's March load factor for Partner Flying was 79.4%. The company flew 65,323 block hours and operated 36,078 departures during the month as Continental Express and United Express. During March 2010, ExpressJet operated an average of 208 aircraft as Continental Express and an average of 22 aircraft as United Express.
17:50
DFS Discover Financial Services announces pricing of subordinated debt offering of $500 mln at 7.0% (15.60 +0.10)
17:46
ROSE Rosetta Resources prices $200 mln of 9 1/2% senior notes due 2018 (24.12 -0.88) -Update-
17:36
CVI CVR Energy files 55.738 mln share common stock offering (8.10 -0.24)
17:31
JNJ Johnson & Johnson: FDA approves pancreatic enzyme product, Pancreaze (64.11 -0.03)
The U.S. Food and Drug Administration today approved Pancreaze Delayed Release Capsules, a pancreatic enzyme product (PEP). It is the third such product to receive FDA approval. Pancreatic enzyme products improve food digestion in patients whose bodies do not produce enough pancreatic enzymes. This includes people who have conditions such as cystic fibrosis, chronic pancreatitis, pancreatic tumors, or removal of all or a part of the pancreas.
17:24
GWR Genesee & Wyoming reports traffic for March 2010 and the first quarter of 2010; carloads rose 6.9% (34.61 +0.00)
Co's traffic in March 2010 was 74,923 carloads, an increase of 4,820 carloads, or 6.9 percent, compared with March 2009. GWI's traffic in the first quarter of 2010 was 202,368 carloads, a decrease of 8,364 carloads, or 4.0 percent, compared with the first quarter of 2009.
17:07
LOW Lowe's prices $1.0 bln notes offering; $500 mln of 4.625% Notes due 2020 and $500 mln of 5.80% Notes due 2040 (25.60 -0.03)
Co announced that it has agreed to sell $500 million of 4.625% Notes due 2020 and $500 million of 5.80% Notes due 2040. The company estimates that the net proceeds from this offering will be approximately $990.7 million, after deducting estimated offering expenses and the underwriters' discounts. Lowe's plans to use $500 million of the net proceeds from the sale of the notes to repay its 8.25% Notes due June 1, 2010 at maturity, and to use the balance for general corporate purposes, including capital expenditures and working capital needs, and to fund repurchases of shares of its common stock.
17:06
GTF Cytomedix announces going concern qualification (0.66 +0.12)
Co announced that its audited financial statements for the fiscal year ended December 31, 2009, included in its Annual Report on Form 10-K filed on March 29, 2010, contained a going concern qualification from its independent registered accounting firm. This announcement is required by NYSE Amex Company Guide Section 610(b), which requires separate disclosure of receipt of an audit opinion containing a going concern qualification. This announcement does not represent any change or amendment to the company's financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2009.
17:04
BPOP Popular Inc sees Q1 net loss of $85 mln, narrowing from Q4 loss of $213.2 mln (3.05 -0.03) -Update-
Co announced a preliminary net loss of approximately $85 mln for the quarter ended March 31, 2010 (consensus is for net loss of $152.0 mln). This compares with a net loss of $213.2 mln for the quarter ended December 31, 2009 and a net loss of $52.5 mln for the quarter ended March 31, 2009. The principal items impacting the Corporation's unaudited preliminary financial results for the quarter ended March 31, 2010, when compared with the quarters ended December 31, 2009 and March 31, 2009, were as follows: Net interest income for the first quarter of 2010 is estimated at approximately $269 mln, compared with net interest income of $269.3 mln for the quarter ended December 31, 2009 and $272.5 mln for the quarter ended March 31, 2009. The net interest margin is estimated at 3.43% for the quarter ended March 31, 2010, compared with 3.28% for the quarter ended December 31, 2009 and 3.07% for the quarter ended March 31, 2009. Average earning assets for the quarter ended March 31, 2010 are estimated at approximately $31.5 bln, compared with $32.7 bln for the quarter ended December 31, 2009 and $35.6 bln for the quarter ended March 31, 2009. The provision for loan losses for the first quarter of 2010 is expected to be approximately $240 mln or 107% of net charge-offs, compared with $352.8 mln or 118% of net charge-offs for the quarter ended December 31, 2009 and $372.5 mln or 188% of net charge-offs for the quarter ended March 31, 2009. The ratio of allowance for loan losses to loans held-in-portfolio is estimated to be approximately 5.53% at March 31, 2010, compared with 5.32% at December 31, 2009 and 4.19% at March 31, 2009. The decrease in the provision for loan losses for the quarter ended March 31, 2010 compared with the quarter ended December 31, 2009 reflects lower estimated net charge-offs by approximately $75 mln, mainly in the Puerto Rico construction and commercial loan portfolios, and in the United States mainland home equity lines of credit portfolio, combined with higher reserve provisioning during the fourth quarter of 2009, particularly for the commercial loan sector.
17:04
DG Dollar General files for 22 mln share common stock offering (26.24 -0.23)
16:59
HRB H & R Block initiating search for new CFO (18.18 -0.15)
Co reported that it is initiating a search for a new chief financial officer (CFO). Current CFO Becky Shulman will be leaving the company on April 30, 2010. Jeff Brown, corporate controller, will then assume the role of interim CFO until a replacement can be found.
16:57
TSO Tesoro to Temporarily Curtail Anacortes Refinery Operations (13.05 -0.15)
Co will temporarily curtail operations at its Anacortes, Washington refinery by shutting down crude processing until treating capacity involved in the recent incident can be returned to service. Unit shutdowns will begin later this month. We plan for all Tesoro employees at the facility to continue to be employed and receive full benefits. Since the incident, the refinery has been producing primarily unfinished intermediate products that cannot be upgraded until the affected units have been returned to service or an alternate plan is developed. All available options are being considered. Tesoro cannot predict when operations could resume; however, progress on the various investigations of the incident and the completion of unit repairs are both necessary for a restart. While the refinery operation is reduced, Tesoro expects to meet its customers' needs for refined products. Supplies from the company's other refineries in Hawaii, Alaska, Los Angeles, San Francisco and Salt Lake City will be utilized as well as purchases from third parties if necessary. The temporary reduction of the Anacortes refinery operations is not expected to have a material impact on the company's financial performance.
16:40
LMT Lockheed Martin submits Littoral combat ship proposal to U.S. Navy (82.70 -0.09)
Co submitted its proposal for the Littoral Combat Ship fiscal year 2010-2014 contract to the U.S. Navy today. Lockheed Martin is one of two industry teams competing for the contract. The Navy will award the winning team a fixed-price incentive fee contract to provide up to 10 ships as well as combat systems for five additional ships. Two of the 10 ships would be acquired in fiscal 2010 and the rest via options through fiscal 2014.
16:32
MXIM Maxim Integrated to acquire Teridian for $315 mln (19.89 +0.05)
Co announced that it has entered into a definitive agreement to acquire privately held Teridian Semiconductor Corporation for approximately $315 million in cash. Maxim projects its serviceable available market (SAM) for the energy measurement portion of Smart Meters to reach $380 million by 2014. In addition, the Company estimates an additional $375 million of SAM in fiscal year 2014 for other Maxim support and communications products used in Smart Meters and related Smart Grid applications.
16:31
TNC Tennant sees Q1 EPS of $0.19-0.21 vs $0.07 Thomson Reuters consensus; revs of $148-150 mln vs $140.37 mln Thomson Reuters consensus (28.73 +0.24)
Tennant sees FY10 EPS of $0.90-1.20 vs $0.91 Thomson Reuters consensus; sees revs of $630-660 mln vs $632.29 mln Thomson Reuters consensus. "We are very pleased with the robust sales growth in our business in the first quarter. The double-digit increase over the 2009 first quarter net sales of $129 million was due primarily to continued demand for our proprietary ec-H2O(TM) technology platform and sales to strategic account customers, many of whom have recently designated Tennant as one of their preferred suppliers."
16:30
BEN Franklin Resources reports preliminary month-end assets under mgmt by its subsidiaries of $586.8 billion at March 31, 2010, compared to $556.3 billion at February 28, 2010 and $391.1 billion at March 31, 2009. (115.06 +0.24)
16:30
CMP Compass Minerals Intl Reports first quarter highway deicing sales volume and snow-event data (77.84 -1.19)
Co published its first-quarter highway deicing sales volume and regional weather data on its website at www.compassminerals.com/marketdata. Compass Minerals' highway deicing sales volume, which includes sales for all highway maintenance products sold in the U.S., Canada and the U.K., as well as rock salt sold to the chemical industry, totaled 3,900,000 tons in the three months ended March 2010 compared to sales of 3,729,000 tons in the first quarter of 2009. To provide investors with insight into how winter weather affects the company's sales performance, the company has reported that there were 108 snow events in 11 representative cities in the company's primary North American highway deicing service area compared to 99 snow events in the same cities in the 2009 period.
16:30
BPOP Popular Inc commences public offering (3.06 +0.03)
Co announced that it has commenced a public offering of depositary shares, each representing an interest in a share of Contingent Convertible Perpetual Non-Cumulative Preferred Stock, Series D, which is intended to raise $900 million.
16:24
PRGS Progress Software CFO, Bud Robertson, announces plans to retire (32.25 +0.38)
Co announced that Norman "Bud" R. Robertson, the company's senior vice president, finance and administration, and CFO, intends to retire this year. Robertson joined Progress Software as its CFO in 1996. He will continue in his current role until his successor is in place and may continue to provide transition support thereafter.
16:23
GPI Group 1 Auto acquires Toyota/Scion dealership in South Carolina (31.41 +0.33)
Co announces that it acquired Harrelson Toyota/Scion in Rock Hill, S.C. The dealership is expected to generate approximately $55 million in estimated annual revenues.
16:14
AA Alcoa reports EPS in-line, misses on revs (14.57 +0.18)
Reports Q1 (Mar) earnings of $0.10 per share, excluding $0.29 in non-recurring items, in-line with the Thomson Reuters consensus of $0.10; revenues rose 17.8% year/year to $4.89 bln vs the $5.24 bln consensus. Realized aluminum and alumina prices increase 8 and 13 percent, respectively, from 4th quarter 2009. Higher realized prices were offset by more normalized buy/re-sell activity compared to the fourth quarter; lower shipments in alumina and primary metals; and the impact of the Company's strategy to improve long-term profitability in the rigid packaging business. "Our markets are gradually improving and both policy trends and consumer sentiment bode well for aluminum demand. Just a few days ago, the U.S. finalized new rules that require increased fuel efficiency and for the first time set greenhouse gas emissions standards for cars and light trucks. In addition, a growing number of customers are requesting sustainable products. Factors like these play to aluminum's superior advantages as a light, strong, versatile and infinitely recyclable material."
16:11
USAP Universal Stainless/Alloy announces resignation of CFO effective April 30 (24.27 +0.28)
Co announces that Richard Ubinger has submitted his resignation as Vice President of Finance, CFO and Treasurer effective April 30, 2010. Ubinger has decided to leave the company in order to pursue other business opportunities. The company noted that a search for a new CFO has commenced and that Ronald Hauck, who joined the company as Controller in 2005, will serve as the company's principal financial officer on an interim basis through the conclusion of the search process. Prior to joining Universal Stainless, Hauck held several senior financial positions, including various positions held during his 24 years with PNC Financial Services Inc.
16:10
SHS Sauer Danfoss announces amended tender offer materials regarding increase in cash offer price to $14.00 per common share (13.96 +0.25)
Co announced today that it has filed Amendment No. 5 to its Solicitation/Recommendation Statement on Schedule 14D-9 and Amendment No. 5 to its Rule 13e-3 Transaction Statement, both originally filed with the SEC on March 19, 2010, in response to the cash tender offer of $13.25 per common share commenced on March 10, 2010 by Danfoss Acquisition, a wholly owned subsidiary of Danfoss. The amendments have been issued in response to the increase in the cash offer price with respect to the Offer to $14.00 per common share announced by Danfoss and the Purchaser on April 9, 2010.
16:09
MPW Medical Properties Trust announces 24 mln common share offering; tender offer for 2011 exchangeable notes and syndication of new credit facility (10.86 +0.08)
The co announces that it has begun to secure commitments from a syndicate of lenders for a new credit facility of up to $450 million, including a $300 million revolving credit facility and a $150 million term loan. As of April 12, 2010, the Company has received written commitments totaling $230 million from five lenders for the revolving credit facility.
16:08
OPTC Optelecom Announces Electro Optics Business Sale, Establishes New Account Receivables Credit Line, and Sets Annual Shareholder Meeting Date for April 30, 2010 (2.38 0.00)
Co announced an agreement with Connecticut based Nufern, a wholly owned subsidiary of Rofin-Sinar Technologies, Inc. (Nasdaq: RSTI), for the sale of its Electro Optics coil manufacturing business at $1,400,000 U.S. dollars. Under the terms of the agreement, Optelecom-NKF will receive $1,150,000 at the closing of the business deal, with the balance of $250,000 held in escrow, subject to completion of a technology transfer. Optelecom-NKF also announced it has established an accounts receivable revolving line of credit of $750,000 U.S. dollars with Presidential Financial in Alpharetta, Georgia, USA.
16:08
EPD Enterprise Products announces the commencement of a public offering of 11.5 mln common representing limited partner interests (36.39 +0.11)
Co announces the commencement of a public offering of 11.5 mln common units representing limited partner interests. Enterprise Products has also granted the underwriters a 30-day option to purchase up to 1,725,000 additional common units to cover over-allotments, if any. Enterprise intends to use the net proceeds from this offering, including any exercise of the over-allotment option by the underwriters, to pay a portion of the purchase price of its previously announced, pending acquisition of natural gas gathering assets in the Haynesville Shale area from M2 Midstream LLC and for general partnership purposes.
16:07
MIPI Molecular Insight Pharmas' Onalta phase 2 data published in Journal of Clinical Oncology (1.97 +0.46)
Co announces results from a completed Phase 2 clinical trial of Onalta (Yttrium-90 edotreotide) have been published in the Journal of Clinical Oncology. Results from the Phase 2 clinical trial of 90 patients show that treatment with Onalta improved symptoms associated with metastatic carcinoid tumors. Patients enrolled in the Phase 2 clinical study suffered from malignant metastatic carcinoid tumors and were refractory to conventional treatment with the somatostatin analogue, octreotide. Y-90-edotreotide therapy resulted in objective tumor response or stable disease in 67 (74.4%) of 90 patients with metastatic carcinoid refractory to octreotide therapy. Median progression-free survival and overall survival were 16.3 and 26.9 months, respectively. Furthermore, there appeared to be a correlation with prolongation of the period of progression free survival in those patients who had durable diarrhea improvement.
16:05
TWLL Techwell: HSR waiting period expires for Intersil's proposed acquisition of Techwell (18.62 +0.01)
16:04
CODI Compass Group announces 5.1 mln common share offering and a 1.3 mln share offering by a selling shareholder (16.40 +0.40)
The co announces it has commenced a public offering of 6,400,000 trust shares, representing a primary offering of 5,100,000 trust shares by CODI and a secondary offering of 1,300,000 trust shares by a selling shareholder.
16:04
EGT Elixir Gaming announces civil action complaint filed against the company (0.24 0.00)
The co announces that on March 26, 2010, certain shareholders of the Company including Prime Mover Capital Partners, Strata Fund, Strata Fund Q.P., and Strata Offshore Fund filed in the United States District Court for the Southern District of New York a complaint against the Company and certain current and former directors and officers of the Company.
16:02
CF CF Industries plans $1.6 bln senior notes offering (92.03 -0.87) -Update-
16:01
TCM Tongjitang Chinese Medic establishes special committee to evaluate buyout proposal (4.38 -0.02)
The co announces that it has established a special committee (the "special committee") to evaluate the proposal presented on April 8, 2010 by Hanmax Investment Ltd. and Fosun Industrial Co., Ltd. If the proposal is accepted, Hanmax Investment Ltd. and Fosun Industrial Co., Ltd. will acquire all of the outstanding ordinary shares of the Company (including ordinary shares outstanding in the form of American Depositary Shares) in a merger transaction under Cayman Islands law that would result in the Company becoming a privately-held company.
16:01
ADC Agree Realty announces public offering of 1 mln shares of common stock (24.66 +0.31)
16:01
AFFY Affymax names John Orwin President and Chief Operating Officer (22.70 -0.12)
The co announces that that John Orwin, an executive with over 20 years of experience in the biotechnology and pharmaceutical industries, has joined the company as president and chief operating officer. In this newly created position which will report to Arlene M. Morris, chief executive officer of Affymax, Mr. Orwin will provide broad leadership to the organization, particularly related to the areas of commercial, manufacturing and medical affairs. Prior to joining Affymax, Mr. Orwin was senior vice president, BioOncology Business Unit for Genentech.
16:00
CF CF Industries launches 10.8 mln common share offering (91.25 -1.65)
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