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Market Update: Stocks Sharply Lower, Dow's 200-Plus Point Drop Deepest Since August
4:22 PM, Mar 10, 2011 --
• NYSE down 179.37 (-2.1%) to 8,200.07
• DJIA down 228.48 (-1.9%) to 11,985
• S&P 500 down 24.91 (-1.9%) to 1,295
• Nasdaq down 50.70 (-1.8%) to 2,701
GLOBAL SENTIMENT
• Hang Seng down 0.82%
• Nikkei down 1.46%
• FTSE down 1.53%
UPSIDE MOVERS

(+) GMCR, SBUX in pack tie-up.

(+) HGSI, GSK gain on FDA approval of lupus drug.

(+) FCEL beats with results.

(+) CBEH beats with results, guidance.

(-) SFD beats with EPS.

DOWNSIDE MOVERS

(-) SCON reports sales drop.

(-) JTX cancels Q3 earnings due to ongoing discussions with creditors.

(-) ARYX to close after FDA delays guidance for study.

(-) PEET downgraded.

(-) UL downgraded.

(-) GM says CFO leaving.

(-) ARMH subject of negative analyst note on tablets.

(-) NTAP downgraded.

MARKET DIRECTION

Stock averages close deeply in the red, as the DJIA has fallen below the 12,000 line and logs its worst drop since early August. Already lower stock trading weakened anew after a report hit saying Saudi Arabian police had opened fire on protesters in the country.

The Associated Press reported news of the police action in the eastern city of Qatif. Witnesses reported gunfire and stun grenades being fired at several hundred protesters, according to the AP.

Earlier, disappointing news on unemployment claims and anxieties about the trade deficit in China and European sovereign debt after a downgrade for Spain's credit rating combined to send global and U.S. stocks lower.

All three major indexes broke through their 50-day moving averages for the first time since the summer and the averages are now lower for the week and month-to-date.

Commodities finished trading lower as crude oil futures ended lower, but pared some early losses amid reports of violence against Saudi Arabian protesters, while gold also finished lower on dollar pressure.

Light, sweet crude oil for April delivery finished down $1.68, or 1.6%, to $102.70 a barrel. In other energy futures, heating oil was down 0.38% to $3.05 a gallon while natural gas was down 2.8% to $3.92 per million British thermal units.

Meanwhile, gold futures ended in the red, paring modest prior-session gains, as the dollar gained strength. Gold for April delivery finished down 1.2% to $1,412.50 an ounce. In other metal futures, silver was down 2.7% to $35.07 a troy ounce while copper traded down $0.01 to $4.20.

The U.S. dollar index (DXY) is up 0.71% to $77.27.

On the U.S. economic front, weekly jobless claims rose by a higher-than-expected 26,000 new claims to 397,000, but the four-week rolling average, which smooths out volatility, is still near a three-year low, the Labor Department reported. According to economists polled by MarketWatch, first-time claims were expected to rise to a seasonally adjusted 378,000 from last week's upwardly revised level of 371,000.

The U.S. trade deficit grew by 15.1% to $46.3 billion, which was wider than economists had predicted. Also, China posted a $7.3 billion trade deficit in February, a surprise to financial markets that had predicted a surplus. Export and import growth slowed sharply, partly due to the impact from the Chinese New Year holiday during the month. China said that its monthly exports in February grew only 2.4% from the year-earlier period, while imports rose 19.4%. The growth represented a sharp slowdown from January.

In company news:

Green Mountain Coffee Roasters (GMCR) jumped some 38%, after Starbucks (SBUX), up 8%, says it will produce and sell its coffee and its Tazo brand tea via GMCR's K-Cup portion packs for use in the Keurig single-cup brewing system. The move is in line with the Seattle coffee chain's strategy to expand the reach of its single-cup coffee selections. Last year, SBUX introduced Via Ready Brew single-cup coffee.

Shares of Human Genome Sciences (HGSI) were higher after it and GlaxoSmithKline PLC (GSK) said the U.S. Food and Drug Administration (FDA) approved BENLYSTA to treat adult patients with active, autoantibody-positive systemic lupus erythematosus (SLE) who are receiving standard therapy.

Rio Tinto fell after it raised its cash offer for Riversdale Mining to $16.50 per share, up from the $16 offered in December. The higher price is contingent on Rio gaining acceptances from holders of more than half of Riversdale shares by March 23. Rio Tinto, which extended the offer period to April 1, said it would not raise its offer in the absence of a competing offer.

Shares of Jackson Hewitt Tax (JTX) plunged after it cancelled its earnings conference call and webcast in light of ongoing discussions between JTX and lenders under its senior secured credit agreement.

AOL (AOL) fell as Reuters reports that the company will cut about 20% of its global workforce to restructure in a bid to catch up with faster moving rivals, a source close to the company said. More than 900 of the company's 5,000 workers will lose their jobs, Reuters reports. AOL will cut about 400 employees in India, outsource another 300 positions and eliminate 200 jobs in the United States, the story said.

Ingram Micro (IM) gained after saying it has been selected by privately held Acronis to sell, market and support its product suite of data backup and recovery solutions to resellers and managed service providers throughout the Americas. Under the distribution agreement, IM channel partners will have access to a wider range of data protection and business continuity programs for Acronis, which provides backup, recovery and security solutions for physical, virtual and cloud environments.

Superconductor Technologies (SCON) fell after saying it expects to mention concerns about its ability to continue as a going concern due to past losses and negative cash flow, in its upcoming annual filing. It also said Q4 sales fell to $789,000 from $2.2 million a year ago. Net loss per share was $0.11, narrower than the $0.16 loss a year ago.

Smithfield Foods (SFD) gained after it reported 2011 Q3 adjusted EPS of $0.84, up sharply from the year-ago period and handily beating the Thomson Reuters mean analyst estimate for $0.66. Sales rose 10% to $3.2 billion, in line with the Street view. The company said that even though raising costs will increase going forward, low global red meat inventories are supporting a significantly higher live hog futures curve throughout fiscal 2012.
http://seekingalpha.com/article/257646-stocks-sharply-lower-dow-s-200-plus-point-drop-deepest-since-august

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4:30 pm : Following a barrage of negative headlines the S&P 500 closed below its 50-day moving average for the first time in six months, but its one-month low of 1294 remained intact.
Stocks slumped at the start of trade as the tone turned decidedly negative among participants. The force of the sell-off was the culmination of several key headlines. Among them, China reported a surprise trade deficit of about $7 billion for February. Additionally, Japan revised its fourth quarter GDP downward to reflect a 1.3% drop. Asia's major averages all moved sharply lower and the yen lost ground against the greenback.
Europe also had a hand in stirring selling interest. Analysts at Moody's downgraded Spain's debt and issued a negative outlook. That sent Spain's IBEX to a 1.2% loss. The downgrade also weighed on Europe's other major bourses. Mixed industrial production data out of the continent and a downturn in Germany's trade balance to 10.1 billion euros during January didn't help the tone of trade there.
Selling in Europe extended to the continent's chief currency, the euro, which fell 0.8% to $1.379. The British pound was imbued by the weakness, such that it fell 0.9% to $1.605. The pound was uninspired by news that the Bank of England opted to keep its target interest rate at 0.5% and leave its 200 billion pound asset purchase plan intact.
As for domestic data, initial jobless claims for the week ended March 5 totaled 397,000. They had been expected, on average, among economists polled by Briefing.com to come in at 382,000. A negative bias among participants framed the tally as being greater than expected, rather than remaining below 400,000.
Trade deficit data didn't do anything to help improve the mood among traders. The deficit for January totaled $46.3 billion, up from $40.3 billion in the prior month. A $41.5 billion deficit had been widely expected.
Despite widespread weakness at the open of trade, stocks tried to gradually trim their losses. However, sellers redoubled their efforts and dropped the broad market to a session low when it was reported that shots were fired at protestors in Saudi Arabia. The reaction was indicative of the headline risk related to the social and political volatility in the Middle East and North Africa.
Prior to the report out of Saudi Arabia, oil prices had been under sharp pressure. The energy component had actually fallen below $101 per barrel, but quickly rallied back in response to the news. It still finished with a 1.6% loss at $102.70 per barrel. Though trade in recent sessions was largely determined by the price of oil, its drop today mattered less to a market that returned its focus toward macro-related headlines.
There weren't many advancing issues this session. In fact, about 95% of the names in the S&P 500 logged losses as the benchmark index settled near session lows, which were just above the key one-month low set about two weeks ago.
Advancing Sectors: (None)
Declining Sectors: Energy (-3.6%), Materials (-2.2%), Financial (-2.1%), Tech (-2.0%), Industrials (-2.0%), Health Care (-1.6%), Utilities (-1.2%), Consumer Discretionary (-1.0%), Consumer Staples (-0.7%), Telecom (-0.6%)DJ30 -228.48 NASDAQ -50.70 NQ100 -1.7% R2K -2.6% SP400 -1.9% SP500 -24.91 NASDAQ Adv/Vol/Dec 383/2.37 bln/2257 NYSE Adv/Vol/Dec 474/1.15 bln/2511
3:30 pm : Commodities finished lower across the board, with softs leading all decliners. May sugar prices fell 5.6% to close at $0.2781 per pound in the broad based sell off. Strength in the dollar also weighed on sugar prices.
April crude oil settled lower by 1.6% to $102.70 per barrel, well above its session lows at $100.62 per barrel. Crude oil spiked sharply in afternoon trade following reports that Saudi police in the eastern city of Qatif fired shots and stun grenades at several hundred protestors. Note that the eastern portion of the country is where the largest population of the minority Shiites is located. The protestors were defying a ban put in place by the Saudi government ahead of the planned "Day of Rage" rallies, one of which is scheduled for tomorrow. April natural gas shed 2.3% to close at $3.83 per MMBtu. This morning's smaller than expected draw down in sent prices to lows, and natural gas was never able to recover from there.
Weakness in the dollar and weakness in crude oil weighed on precious metals today. April gold finished lower by 1.1% to $1412.50 per ounce, while April silver dropped 2.4% to close at $35.27 per ounce. Both metals did spike on the heels of crude oil's rally, but finished largely lower on the day. DJ30 -221.14 NASDAQ -49.94 SP500 -23.85 NASDAQ Adv/Vol/Dec 387/1.9 bln/2219 NYSE Adv/Vol/Dec 450/793.3 mln/2531
3:00 pm : The S&P 500 is having a hard time pushing past the the 1300 line, but the dollar has extended its advance so that it now trades at a fresh session high with a 0.7% gain against competing currencies, namely the euro and British pound. The euro's slide stems from news that Moody's downgraded the debt of Spain and issued a negative outlook. The pound has been imbued by the euro's retreat, but it hasn't helped that the Bank of England announced this morning that it will keep its target interest rate at 0.5% and leave its 200 billion pound asset purchase plan intact.DJ30 -191.85 NASDAQ -42.57 SP500 -20.39 NASDAQ Adv/Vol/Dec 407/1.76 bln/2186 NYSE Adv/Vol/Dec 479/741 mln/2490
2:30 pm : The Dow is still down 200 points. Of its 30 members, only McDonald's (MCD 76.96, +1.18) and Wal-Mart (WMT 52.88, +0.21) are in higher ground. IBM (IBM 162.20, -3.66) is one of the weakest Dow components today.
While widespread weakness has taken its toll on blue chips, small-cap stocks are in even worse shape. Specifically, the Russell 2000 Small-Cap Index is down 2.2%; its decliners outnumber its advancing issues by almost 16-to-1. Princeton Review (REVU 0.54, -0.28) is one of the worst performing small-cap plays. DJ30 -203.43 NASDAQ -44.59 SP500 -21.57 NASDAQ Adv/Vol/Dec 376/1.66 bln/2203 NYSE Adv/Vol/Dec 436/695 mln/2521
2:00 pm : Stocks extended their recent pullback to fresh session lows. The move took the S&P 500 down to the 1294 line, which matches the monthly low that was set two weeks ago. Support there has helped stocks make a modest rebound effort, though.
In the wake of the stock market's downturn, which followed reports of shots fired on protestors in Saudi Arabia, the Volatility Index is back up to a 7% gain. It had been up about 8% this morning, but had pulled back as stocks attempted to pare losses during trade this morning and early afternoon. DJ30 -210.89 NASDAQ -45.66 SP500 -22.38 NASDAQ Adv/Vol/Dec 359/1.53 bln/2207 NYSE Adv/Vol/Dec 405/642 mln/2542
1:30 pm : A sudden bout of selling pressure has knocked stocks off of recently reached session highs. The reversal coincides with a bounce in oil prices, which are now back at $103 per barrel with a 1.3% loss. The rebound by oil has been attributed to news that police have fired on Saudi protestors.
The stock market's pullback has helped Treasuries extend a recent rally, which began on the back of results from an auction of 30-year Bonds. The auction drew a bid-to-cover of 3.02, dollar demand of $39.3 billion, and an indirect bidder participation rate of 40.7%. For comparison, the prior auction drew a bid-to-cover of 2.51, dollar demand of $40.2 billion, and an indirect bidder participation rate of 43.1%. The reason the bid-to-cover looks so strong is that last month's results were based off an auction size of $16 billion versus this month's $13 billion.DJ30 -212.78 NASDAQ -47.77 SP500 -22.69 NASDAQ Adv/Vol/Dec 442/1.35 bln/2093 NYSE Adv/Vol/Dec 522/555 mln/2396
1:00 pm : Stiff selling at the open dropped the S&P 500 below its 50-day moving average for the first time in more than three months amid several disappointing headlines, which have overshadowed a sharp pullback in oil prices.
All major overseas markets moved lower in response to China's surprise $7 billion trade deficit, Japan's downwardly revised fourth quarter GDP figure, and Moody's decision to downgrade Spain's debt and issue a negative outlook. That brought about a negative bias even before domestic data was posted.
The latest initial weekly jobless claims count came in at 397,000, which is more than what had been widely expected. The silver lining, though, is that the count stayed below 400,000. Separately, the U.S. trade deficit for January increased to $46.3 billion from $40.3 billion in the prior month. The Treasury's monthly budget statement is due at 2:00 PM ET.
The flurry of negative news items after a dearth of data during recent days stirred widespread selling. Although stocks have gradually worked their way off of session lows, more than 90% issues in the S&P 500 are still in the red.
The dramatic drop this session has come without regard for a sharp pullback in oil prices, which are currently down 2.5% to $101.75 per barrel after they had been at a two-year high near $107 per barrel earlier this week amid escalated concerns about the implications of social and geopolitical volatility in the Middle East and North Africa.
The confluence of weak broad market action and a retreat by oil has cut the energy sector down to a 2.8% loss. Energy is currently the worst performing sector in the broader market.
However, lower oil prices have helped airline stocks ascend above the broader market's bloodshed. As such, the Amex Airline Index is up 0.4%.
Corporate news has been of little consequence to the broader market, but Starbucks (SBUX 37.78, +3.24) and Green Mountain Coffee (GMCR 60.90, +17.23) have both spiked after announcing a strategic relationship. H&R Block (HRB 15.97, +0.78) is also a top performer following its latest quarterly report. DJ30 -148.22 NASDAQ -34.22 SP500 -16.23 NASDAQ Adv/Vol/Dec 369/1.22 bln/2161 NYSE Adv/Vol/Dec 419/510 mln/2498
12:30 pm : Stocks have slipped a bit in recent trade. Buyers had been defending many of the market's dips during the past couple of hours.
Treasuries have eased back in recent trade, too. They are still up with slight gains ahead of results from an auction of 30-year Bonds at the top of the hour.
Volatility has cooled since this morning, when the Volatility Index (VIX) was up about 8%. The VIX is now up less than 3%. DJ30 -178.68 NASDAQ -44.48 SP500 -19.96 NASDAQ Adv/Vol/Dec 356/1.11 bln/2162 NYSE Adv/Vol/Dec 439/465 mln/2470
12:00 pm : Stocks are at their best levels since the stock market's gap down at the open. Weakness is still widespread in that more than 90% of the names in the S&P 500 are in the red.
NetApp (NTAP 47.94, -3.60) and Peabody Energy (BTU 61.93, -3.38) are the two worst performing stocks in the S&P 500 by percent lost. They are down about 7.2% and 5.3%, respectively. At the other end of the spectrum is Starbucks (SBUX 37.14, +2.60), which is up more than 7% after announcing it has entered into a strategic relationship with Green Mountain Coffee (GMCR 57.90, +14.26). H&R Block (HRB 16.23, +1.04) is also a top performer following its latest quarterly report. DJ30 -145.61 NASDAQ -39.02 SP500 -16.39 NASDAQ Adv/Vol/Dec 349/993 mln/2133 NYSE Adv/Vol/Dec 406/427 mln/2477
11:30 am : Stocks are trying to trim their losses, but the effort has been slow moving. In turn, stocks continue to trade with steep losses.
Of the major sectors in the S&P 500, energy is in the worst shape. The sector's 3.1% loss is largely underpinned by a concerted push against oil and gas equipment plays (-3.4%) and oil and gas drillers (-3.2%) amid oil's 2.7% drop to $101.57 per barrel. At its session low, oil contracts traded hands at $100.62 per barrel. Oil's retreat in the past few sessions comes after it had staged a torrid rally to almost $107 per barrel amid fears about the implications of social and geopolitical volatility in the Middle East and North Africa. Although the region still carries considerable headline risk, the market's concern has cooled a bit. DJ30 -178.80 NASDAQ -43.81 SP500 -19.22 NASDAQ Adv/Vol/Dec 301/853 mln/2173 NYSE Adv/Vol/Dec 335/372 mln/2530
11:00 am : Semiconductor stocks continue to get slammed. Their 1.8% drop today comes on top of a 3.0% dive yesterday. Although semiconductor issues eked out a 0.1% gain on Tuesday, that was really a lackluster follow-up to their 2.7% loss on Monday and 1.1% loss on the Friday before.
Among semiconductor-related names, Micron (MU 9.75, -0.56) is in the worst shape as it endures a 6% loss. In contrast, Cree (CREE 47.83, +0.84) is a top performer as it sports a near 2% gain after being upgraded by analysts at Credit Agricole. DJ30 -171.64 NASDAQ -45.03 SP500 -18.94 NASDAQ Adv/Vol/Dec 277/700 mln/2174 NYSE Adv/Vol/Dec 310/310 mln/2532
10:30 am : Like stocks, commodities are caught up in a broad-based sell-off. As such, every single commodity in the CRB Commodity Index is in the red. That has taken the CRB down 1.6%, which makes for its worst single-session slide since January.
A 3.0% drop in oil prices to $101.25 per barrel is putting the most pressure on the CRB Index. Oil prices are now down more than 5% from the two-year high that they set earlier this week.
Natural gas prices have extended their downturn to trade with a 3.3% at $3.80 per MMBtu in the wake of inventory data for the week ended March 4. Inventories had a draw of 71 bcf, which is less than the expected draw of 78 bcf.
Precious metals have been hit hard. Specifically, gold prices are down 1.2% to $1412 per ounce. Silver prices have slumped to a 2.5% loss at $35.14 per ounce. DJ30 -201.35 NASDAQ -48.56 SP500 -21.76 NASDAQ Adv/Vol/Dec 255/485 mln/2135 NYSE Adv/Vol/Dec 280/225 mln/2519
10:00 am : Stocks are attempting to stabilize after suffering a precipitous drop at the open. Losses remain deep and broad, though. In fact, 95% of the issues in the S&P 500 are in the red.
Amid the bloodshed, airline stocks have actually put together a 0.1% gain, as measured by the Amex Airline Index. The bid for airline shares comes as oil prices push down to $102 per barrel, which makes for a 2.3% loss.
Advancing Sectors: (None)
Declining Sectors: Energy (-3.0%), Materials (-2.2%), Industrials (-1.9%), Tech (-1.8%), Financial (-1.7%), Health Care (-1.4%), Consumer Discretionary (-1.2%), Utilities (-0.8%), Telecom (-0.7%), Consumer Staples (-0.6%)DJ30 -195.60 NASDAQ -46.99 SP500 -21.28 NASDAQ Adv/Vol/Dec 237/255 mln/2067 NYSE Adv/Vol/Dec 233/125 mln/2496
09:45 am : Early selling has taken the S&P 500 beneath its 50-day moving average so that it trades within close range of its one-month low. Weakness is widespread.
Volatility has been stoked by this morning's slide. As such, the Volatility Index, often euphemistically tagged as the "Fear Gauge," is up more than 7%.
Weakness among stocks and heightened expectations for volatility has helped drive Treasuries higher. In turn, the yield on the benchmark 10-year Note is down to 3.44%, which puts it weekly lows. DJ30 -191.13 NASDAQ -47.15 SP500 -20.97 NASDAQ Adv/Vol/Dec 269/60 mln/1870 NYSE Adv/Vol/Dec 246/45 mln/1934
09:15 am : S&P futures vs fair value: -13.60. Nasdaq futures vs fair value: -28.80. Participants had taken their cues from oil prices in recent sessions, but this morning they are ignoring oil's drop below $103 per barrel because of several disappointing headlines, including Moody's decision to downgrade Spain's debt and issue a negative outlook, China's surprise $7 billion trade deficit, and Japan's downwardly revised fourth quarter GDP figure. U.S. data hasn't been encouraging either; initial weekly jobless claims may have stayed below 400,000, but they were greater than expected at 397,000. Meanwhile, the U.S. trade deficit for January increased to $46.3 billion from $40.3 billion in the prior month. The Treasury's monthly budget statement is due at 2:00 PM ET. Weakness among stocks has given a lift to Treasuries, which are only up fractionally at the moment. Treasuries staged a strong rally in the prior session with help from a successful auction of 10-year Notes. Results from an auction of 30-year Bonds are due today at 1:00 PM ET. As for the dollar, it is currently sitting at session highs as it sports a 0.6% gain against a collection of competing currencies.
09:05 am : S&P futures vs fair value: -12.70. Nasdaq futures vs fair value: -27.30. Disappointing data out of Asia and the decision by Moody's to downgrade Spain's debt and issue a negative outlook have dragged down Spain's IBEX to a 1.3% loss. Financials, down 2.0%, are the worst performers there. As such, Banco Santander (STD) is a primary source of weakness; it has dropped to a 2.3% loss so that it trades at its lowest level in almost two months. Europe's other major market averages have been imbued by the announcement, such that Germany's DAX is down 1.1%. Infineon Tech and Commerzbank having the most damaging impact on broad market action. SAP AG has been a source of support, though. According to data, Germany's January trade balance came in at 10.1 billion euros, down from 12.2 billion euros in December. France's CAC is currently off by 0.8% amid relatively widespread weakness. Total (TOT), BNP Paribas, and Societe Generale are the heaviest drags on trade. Sanofi-Aventis (SNY) has snapped back from its prior session loss, though. France reported that industrial production during January increased by 1.0%, which isn't quite as strong as the 0.2% increase recorded for December. France's manufacturing production increased 1.8% in January after a 0.2% decline in December, though. Britain's FTSE has fallen to a 1.2% loss. Metals and mining plays Rio Tinto (RIO), BHP Billiton (BHP), and Anglo American are in some of the worst shape. GlaxoSmithKline (GSK) and Vodafone (VOD) have managed to attract buying interest, however. To little surprise, the Bank of England left its benchmark lending rate at 0.5% and kept intact its 200 billion pound asset purchase plan. Industrial production in the United Kingdom during January increased by 0.5% after a 0.6% increase in December. Manufacturing in the United Kingdom increased 1.0% in January following a 0.1% decline in December.
Asia's major averages all logged sharp losses amid widespread weakness. Japan's Nikkei tumbled 1.5% as more than 90% of its issues succumbed to selling pressure amid news that the country revised its fourth quarter GDP downward to reflect a 1.3% decline. Fanuc Corp, Softbank, KDDI Corp, and Fast Retailing led the downward push. Canon (CAJ) and Nippon Electric Glass were among the few that managed to garner support. News that China had a trade deficit of $7.3 billion in February also fueled selling interest in the region. China's Shanghai Composite responded with a 1.5% loss. China Shenhua, Industrial & Commercial Bank, Bank of China, and PetroChina (PTR) had the most hurtful impact on broad market action. Kweichow Moutai and Shanxi Xinghua were leading issues. Hong Kong's Hang Seng shed 0.8% as heavyweights HSBC (HBC), CNOOC (CEO), and China Mobile moved lower. However, Hutchison Whampoa and Esprit Holdings displayed strength in the face of broad market pressure.
08:35 am : S&P futures vs fair value: -11.10. Nasdaq futures vs fair value: -22.80. Stock futures have reacted negatively to news that initial jobless claims for the week ended March 5 totaled 397,000. Although that is still below the 400,000 mark, it is greater than the 382,000 initial claims that had been broadly expected. Moreover, initial claims for the prior week were revised upward to reflect 371,000 initial jobless claims. As for continuing claims, they fell by 20,000 to 3.77 million from the prior week. Separately, the trade deficit for January increased to $46.3 billion from $40.3 billion in the prior month. It had been expected, on average, among economists polled by Briefing.com to come in at $41.5 billion.
08:05 am : S&P futures vs fair value: -8.10. Nasdaq futures vs fair value: -19.00. A pullback in oil prices below $103 per barrel has helped stock futures fight through some selling pressure, but they continue to trail fair value as overseas markets stage broad losses following news that China's trade data showed a surprise $7.3 billion deficit for February. The U.S. reports its own trade data for January at the bottom of the hour, along with the latest weekly jobless claims tally. Selling interest has also been stirred by news analysts at Moody's downgraded Spain's debt rating from AA1 to AA2 with a negative outlook. That news has put pressure on the euro, even though data out of Europe has featured some relatively strong industrial production figures. Germany did report a decline in its January trade balance, though. The yen has also come under pressure following news that Japan's fourth quarter GDP was revised downward to a 1.3% decline. Weakness in the euro and the yen has helped drive the Dollar Index to a 0.5% gain. Still on the calendar for today are results from an auction of 30-year Bonds at 1:00 PM ET and the monthly Treasury budget statement at 2:00 PM ET.
06:29 am : [BRIEFING.COM] S&P futures vs fair value: -10.90. Nasdaq futures vs fair value: -24.80.
http://finance.yahoo.com/marketupdate/update
5:58PM Walter Energy: Western Coal and Walter Energy receive court approval in connection with proposed acquisition (WLT) 115.03 :
5:43PM BankFinancial announces $152 million performing loan acquisition (BFIN) 8.42 -0.38 : This loan portfolio consists of multi-family loans originated by Citibank, N.A. and its predecessor by merger, Citibank, F.S.B. The loans are secured by real estate collateral located in the Chicago metropolitan market area. The portfolio consists of 466 loans with an overall weighted average rate of 6.13% and an overall weighted average effective yield of 6.90%. All loans in the portfolio were current on all payments as of February 28, 2011.
5:43PM Citizens reports Q4 EPS of $0.19 vs $0.04 Thomson Reuters consensus (CIA) 6.95 -0.36 :
5:38PM Eastman Kodak prices private placement of $250 million 10.625% senior secured notes due 2019 (EK) 3.22 -0.15 :
5:35PM Alliance Fiber Optic amends and restates stockholder rights plan (AFOP) 11.00 -1.18 :
5:28PM Deloitte announces alliance agreement with MicroStrategy to deliver business intelligence and analytic solutions (MSTR) 119.10 -2.48 : Under the agreement, Deloitte will combine MicroStrategy's advanced business intelligence (BI) technology with its broad array of consulting, advisory and implementation services to assist their mutual clients in meeting information, business intelligence and analytic needs. The alliance includes collaboration on solution, service and market development, education, training, sales and delivery.
5:22PM Walter Energy announced updates to its previously announced Alabama expansion initiatives (WLT) 115.34 -4.07 : Co said it has successfully concluded negotiations to lease approximately 75 million tons of recoverable Blue Creek coking coal reserves in Tuscaloosa County, Ala. from a subsidiary of Chevron Corporation (CVX). Terms of the leases include royalty rates that are in line with existing agreements.
5:21PM Noble Corp awarded contracts for six of its jackup units with Pemex Exploracion y Produccion in Mexico (NE) 42.79 -1.26 :
5:19PM Resource America extends and increases existing corporate credit facility and enters into new revolving credit facility (REXI) 6.67 -0.09 : Co reported that it extended the maturity of its revolving credit facility with TD Bank to August 31, 2012 from October 15, 2011 and increased the maximum facility amount to $14.5 million from $12.9 million. In addition to the term extension and increased facility size, the amended and restated TD Facility provides additional flexibility resulting from (i) converting the loan from a term loan to a two-tier facility that will include a $5.0 million term loan and a $9.5 million revolving component; (ii) a reduction of the interest rate spread from Libor plus 4.50% or the prime rate plus 3.00%, to Libor plus 3.00% or the prime rate plus 2.25%; (iii) a reduction of the minimum interest spread from 7.50% for Libor-based loans and 7.00% for prime-based loans, to 6.00% for both; and (iv) a modification to apply asset sale prepayments solely to the term loan portion of the loan. The Company also reported that on February 25, 2011, it entered into a new $3.5 million revolving credit facility with Republic First Bank.
4:58PM First Ind. Rlty promotes Scott Musil to Chief Financial Officer; Musil has served as the co's acting chief financial officer since December 2008 (FR) 10.77 -0.61 :
4:45PM GP Strategies to acquire RWD Technologies for approximately $28 mln (GPX) 12.28 -0.31 : Co announces that its principal operating subsidiary has signed an agreement to acquire certain operating assets of the consulting business of R.W.D Technologies as specified in the asset purchase agreement. R.W.D generated consulting revenue in excess of $65 million for the year ending December 31, 2010, and GP Strategies anticipates that the acquired business will be accretive to earnings per share. Under the terms of the agreement, the purchase price is expected to be approximately $28 million. The transaction is expected to close within the next 60 days. Completion of the transaction is subject to customary conditions, including obtaining certain consents and agreements. GP expects to pay for the acquisition using cash on hand and, if necessary, borrowing under its $35 million revolving credit facility. As of December 31, 2010, GP had cash and cash equivalents of $28.9 million, no short-term borrowings or long-term debt outstanding and $29.8 million of available borrowings under its revolving credit facility.
4:42PM Jamba misses by $0.06, beats on revs (JMBA) 2.31 +0.06 : Reports Q4 (Dec) loss of $0.21 per share, $0.06 worse than the Thomson Reuters consensus of ($0.15); revenues fell 16.8% year/year to $42.1 mln vs the $39.2 mln consensus. FY11 outlook: Deliver positive comparable store sales of 2-4%; deliver Operating Profit margin of 18-20%; develop 50-70 locations in traditional, non-traditional, and express formats.
4:41PM United Community Bancorp announces that co's Board and co's mutual holding company parent adopted a Plan of Conversion and Reorganization (UCBA) 7.25 -0.01 : Co announces that the Boards of Directors of the Company, United Community MHC, the Company's mutual holding company parent, and the Bank have adopted a Plan of Conversion and Reorganization providing for the MHC's conversion from mutual to stock form and the concurrent sale to the public of the MHC's ~59.3% ownership interest in the Company in a transaction commonly referred to as a "second step" conversion. As a result of the second step conversion, the Bank will reorganize as a wholly-owned subsidiary of a new stock holding company organized under Indiana law, also named United Community Bancorp, and the MHC and the Company will merge out of existence.
4:38PM Bronco Drilling announces Feb operating results: fleet utilization 95% vs 96% last month; average of 24 marketed drilling rigs; average dayrate on operating drilling rigs as of Feb$18,150 vs $17,529 last month (BRNC) 9.39 -0.65 :
4:37PM Emergent BioSolutions beats by $0.09, beats on revs; reaffirms FY11 revs guidance (EBS) 22.50 -0.41 : Reports Q4 (Dec) earnings of $0.76 per share, $0.09 better than the Thomson Reuters consensus of $0.67; revenues rose 91.8% year/year to $103.2 mln vs the $102 mln consensus. Co reaffirms guidance for FY11, sees FY11 revs of $320-340 mln vs. $325.21 mln Thomson Reuters consensus. Co also reaffirms net income of $35-45 mln.
4:35PM Alamo Group announced that its Founder and Chairman of the Board, Donald Douglass will not stand for re-election and will retire from the Board after the Annual Meeting of Shareholders (ALG) 26.46 -2.19 : CO announces that its Founder and Chairman of the Board, Donald J. Douglass will not stand for re-election and will retire from the Board after the Annual Meeting of Shareholders on May 5, 2011. A search is under way to elect a new director to fill the vacancy that will be created by Mr. Douglass' departure. It is the intent of the Board to elect an independent Chairman when Mr. Douglass retires.
4:31PM Tetra Tech Controller Steve Burdick succeeds David King as CFO (TTEK) 23.05 -0.55 : Co announces that David King has resigned from his role as Chief Financial Officer and Treasurer to accept a position with a NYSE-listed solar company headquartered in China. The Company has also announced that Steve Burdick, Senior Vice President and Corporate Controller of Tetra Tech, has been named acting Chief Financial Officer and Treasurer, effective immediately. Mr. King will remain with the Company until April 1, 2011 for transition purposes
4:31PM Artio Global Investors reports preliminary month-end AUM of $53.1 billion as of February 28, compared to $52.8 billion as of January 31 (ART) 15.86 +0.07 :
4:25PM Thor Industries misses by $0.11, reports revs in-line (THO) 32.14 -0.29 : Reports Q2 (Jan) earnings of $0.10 per share, $0.11 worse than the Thomson Reuters consensus of $0.21; revenues rose 22.4% year/year to $526.2 mln vs the $524.7 mln consensus. "Aided by its acquisition of Heartland RV in September, 2010, Thor delivered solid revenue growth in the seasonally slower second quarter that was offset by discounting due to market pricing pressures and increases in raw material costs. We are well positioned to capitalize on what we believe will be a much more robust second half of the fiscal year. Order backlogs are healthy, we continue to gain market share, our RV companies enacted product price increases in February to cover higher material input costs, and importantly, the discounting that we have seen thus far this year is now abating and we expect a normalized RV promotional environment in our prime spring and summer selling season."
4:19PM Ashford Hospitality Trust forms a new joint venture with an institutional partner to take ownership of the 28-hotel Highland Hospitality portfolio for total consideration of $1.277 billion (AHT) 9.96 -0.11 : The total consideration equates to a purchase price of $158,000 per key compared with $244,000 per key before capital improvement funding when the portfolio was acquired in 2007 in a privatization of publicly traded Highland Hospitality. Based on 2010 results, the purchase price equates to an EBITDA multiple of 13.4x and a capitalization rate of 6.1% utilizing NOI that is ~36% below its peak levels. During the next 10 months the venture intends to invest approximately $43 million in a capital improvement program to upgrade these hotels.
4:16PM iGo reports Q4 EPS of $0.01 vs. $0.00 in 4Q09; revs rose 33% YoY to $13.2 mln - no ests (IGOI) 3.81 -0.13 :
4:15PM Steel Dynamics sees Q1 EPS in-line; increases Q1 dividend 33% QoQ to $0.10 (STLD) 17.85 -0.30 : Co sees Q1 EPS of $0.37-0.42 vs $0.40 Thomson Reuters consensus. In recent months the co has experienced increased volumes and margins in all of its operations, although to a much smaller extent at its Structural and Rail Division and fabrication operations, which are more directly impacted by the commercial construction markets. The demand for sheet and special bar quality steels remains robust and the increase in steel utilization rates continues to strengthen demand for recycled ferrous materials. Co also increases Q1 dividend 33% QoQ to $0.10 (pre-recessionary level).
4:15PM Lime Energy beats by $0.05, beats on revs; guides Q1 and FY11 revs to the upside (LIME) 4.96 +0.01 : Co reports Q4 EPS of $0.08, $0.05 better than the $0.03 Thomson Reuters consensus; revs $38.2 mln vs $36.88 mln Thomson Reuters consensus. Co sees FY11 revs $122-128 mln vs $119.03 mln Thomson Reuters consensus. Co sees Q1 revs $16-17.5 mln vs $15.51 mln Thomson Reuters consensus.
4:15PM Energy Conversion issues a statement regarding recent events in the European solar market, most notably changes to the solar incentive regime in France and Italy, two of co's key markets (ENER) 3.17 -0.25 : "The dramatic and abrupt shift in the French and Italian solar incentive structures has impacted our business and forced us to reconsider our near-term financial outlook... Recent events have injected disruptive uncertainty into the markets which is causing financing sources to put projects on hold and may impact as much as 50% of this quarter's forecasted revenue. We expect better visibility on the timing of our projects after the announcement of the new Italian feed-in-tariff program and the French tender process. Nevertheless, for the quarter ending March 31, 2011, we are reducing production to 25 megawatts and are also aggressively pulling back on our cost structure. Thus our financial results will be affected due to restructuring and factory under-utilization charges... we will continue to diversify our go-to-market capabilities, including penetrating emerging markets like North America, Asia, the Middle East and Africa, and cultivating new channel partner and distributor relationships."
4:14PM CreXus Investment announces Q1 dividend of $0.24/share, prior $0.22/share (CXS) 12.86 -0.24 :
4:13PM Orexigen Therapeutics reports Q4 EPS of ($0.24) vs ($0.29) Thomson Reuters consensus (OREX) 2.72 -0.12 : As of December 31, 2010, Orexigen had $24.9 million in cash and cash equivalents and an additional $67.4 million in marketable securities, for a total of $92.3 million.
4:11PM Comtech Telecom beats by $0.12, beats on revs (CMTL) 26.77 -0.21 : Reports Q2 (Jan) earnings of $0.52 per share, $0.12 better than the Thomson Reuters consensus of $0.40; revenues fell 4.9% year/year to $162.8 mln vs the $152.5 mln consensus. "We continue to focus our acquisition efforts on a number of opportunities that we believe would complement our existing businesses and that would align with our long-term strategy."
4:10PM Cardiome Pharma misses by $0.04, misses on revs (CRME) 5.42 -0.13 : Reports Q4 (Dec) loss of $0.12 per share, $0.04 worse than the Thomson Reuters consensus of ($0.08); revenues fell 98.7% year/year to $0.3 mln vs the $2.9 mln consensus.
4:08PM Shuffle Master beats by $0.01, misses on revs (SHFL) 8.96 -0.11 : Reports Q1 (Jan) earnings of $0.09 per share, $0.01 better than the Thomson Reuters consensus of $0.08; revenues rose 8.7% year/year to $43.8 mln vs the $44.7 mln consensus.
4:08PM Optimer Pharma beats by $0.02, beats on revs (OPTR) 11.67 -0.20 : Reports Q4 (Dec) loss of $0.31 per share, $0.02 better than the Thomson Reuters consensus of ($0.33); revenues fell 25.1% year/year to $156.4 mln vs the $0.3 mln consensus. "With the progress we made in 2010, we believe fidaxomicin, if approved, is positioned to become a first line treatment for CDI for patients at risk of recurrence. We expect 2011 to be a year of commercial execution marked by the potential launch of fidaxomicin... The rapid progress we've made so far in 2011 is a testament to the strength of the fidaxomicin program," added Lichtinger. "In 2011 we have signed a partnership agreement with Astellas to commercialize fidaxomicin in Europe and certain other countries in the Middle East, Africa and CIS, added key commercialization capabilities to our management team and published Phase 3 data in The New England Journal of Medicine." The Company expects to provide 2011 financial guidance after obtaining further clarity on the outcome of the Advisory Committee Meeting and achieving an FDA registration.
4:08PM Clean Energy Fuels beats by $0.01, beats on revs (CLNE) 13.00 -0.36 : Reports Q4 (Dec) earnings of $0.17 per share, $0.01 better than the Thomson Reuters consensus of $0.16; revenues rose 97.2% year/year to $83.2 mln vs the $70.2 mln consensus.
4:07PM XOMA Limited misses by $0.02, misses on revs (XOMA) 5.00 -0.05 : Co reports Q4 EPS of ($0.84) vs ($0.82) Thomson Reuters consensus; revs fell 56% yr/yr to $9.6 mln vs $7.78 mln Thomson Reuters consensus. XOMA will not be providing specific guidance on overall revenues or cash receipts for 2011 so as to best manage its ongoing business development discussions and other activities. The company currently expects that cash used in operating activities in 2011 may range from $30 million to cash neutral.
4:07PM Regeneron Pharms and Sanofi-aventis (SNY) Report top-line results from Phase III study with aflibercept; data showed aflibercept did not meet the pre-specified criteria for the primary endpoint (REGN) 39.26 -0.58 : Sanofi-aventis and Regeneron Pharmaceuticals announce results from the Phase III VITAL trial evaluating the investigational agent aflibercept for the second-line treatment of non-small cell lung cancer. The data showed that adding aflibercept to the chemotherapy drug docetaxel did not meet the pre-specified criteria for the primary endpoint of improvement in overall survival compared with a regimen of docetaxel plus placebo.
4:06PM Air Methods beats by $0.23, beats on revs (AIRM) 58.50 -0.33 : Reports Q4 (Dec) earnings of $0.99 per share, $0.23 better than the Thomson Reuters consensus of $0.76; revenues rose 24.0% year/year to $150.4 mln vs the $136.7 mln consensus.
4:05PM Deltek announces that it is expanding its reach to the Belgian and Luxemburg markets by opening a new office in Diegem, Belgium (PROJ) 7.16 -0.25 : "Opening an office in Belgium is part of our European growth strategy... It is a logical step for us, since we already have a notable group of Belgian customers using Deltek solutions."
4:05PM Aeropostale beats by $0.01, reports revs in-line; guides Q1 EPS below consensus; guides FY12 EPS below consensus (ARO) 24.693 -0.29 : Reports Q4 (Jan) earnings of $0.98 per share, $0.01 better than the Thomson Reuters consensus of $0.97; revenues rose 4.8% year/year to $839.3 mln vs the $834.6 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.35-0.38 vs. $0.43 Thomson Reuters consensus. Co issues downside guidance for FY12, sees EPS of $2.20-2.40 vs. $2.54 Thomson Reuters consensus. "Our outlook for the first quarter reflects the impact from clearing through holiday inventories, and our outlook for the full year reflects industry wide inflationary pressures. As we look forward into 2011, we recognize that the entire sector faces near term challenges. We are, however, focused on leveraging our flexible promotional business model to navigate through the current environment and delivering on our initiatives to position ourselves for future growth."
4:04PM Ulta Salon beats by $0.04, beats on revs; guides Q1 EPS above consensus, revs below consensus (ULTA) 42.11 +0.98 : Reports Q4 (Jan) earnings of $0.48 per share, $0.04 better than the Thomson Reuters consensus of $0.44; revenues rose 19.5% year/year to $473.7 mln vs the $467.3 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.29-$0.31 vs. $0.27 Thomson Reuters consensus; sees Q1 revs of $364-$370 mln vs. $371.04 mln Thomson Reuters consensus. For FY11, ULTA expects to open ~61 new stores, generate free cash flow, and reduce inventory by ~3% on an average per store basis by year end.
4:03PM STR Holdings beats by $0.03, reports revs in-line; guides Q1 EPS in-line, revs in-line; guides FY11 EPS in-line, revs above consensus (STRI) 16.33 -0.16 : Reports Q4 (Dec) earnings of $0.39 per share, $0.03 better than the Thomson Reuters consensus of $0.36. Co issues in-line guidance for Q1, sees EPS of $0.31-0.33 vs. $0.33 Thomson Reuters consensus; sees Q1 revs of $88-94 mln vs. $93.96 mln Thomson Reuters consensus. Co issues guidance for FY11, sees EPS of $1.63-1.71 vs. $1.65 Thomson Reuters consensus; sees FY11 revs of $440-463 mln vs. $437.96 mln Thomson Reuters consensus.
4:02PM Quiksilver reports EPS in-line, beats on revs (ZQK) 4.40 -0.22 : Reports Q1 (Jan) loss of $0.05 per share, in-line with the Thomson Reuters consensus of ($0.05); revenues fell 1.4% year/year to $426.5 mln vs the $414 mln consensus. Addressing its outlook, the co confirmed that it continues to expect full-year revenues to be slightly above those of fiscal 2010 and pro-forma Adjusted EBITDA to be roughly in line with last year.
4:02PM Zumiez beats by $0.01, reports revs in-line; guides Q1 EPS below consensus (ZUMZ) 28.18 +0.66 : Reports Q4 (Jan) earnings of $0.49 per share, $0.01 better than the Thomson Reuters consensus of $0.48; revenues rose 18.0% year/year to $156.2 mln vs the $155.7 mln consensus. Co issues downside guidance for Q1, sees EPS of ($0.03)-(0.00) vs. $0.01 Thomson Reuters consensus, with a comp increase in the mid to high single digits.
4:02PM Clearwire names Chairman John Stanton as Interim CEO, effective immediately; Stanton resigns as CEO, citing personal reasons (CLWR) 5.79 +0.41 : Co announces changes to the company's executive leadership team. John Stanton, chairman of Clearwire's board of directors and former CEO of Western Wireless and VoiceStream Wireless, has been named CEO of Clearwire on an interim basis, effective immediately. Stanton will continue to serve in his role as board chairman. Stanton replaces Bill Morrow who has resigned as CEO and as a director of the board, citing personal reasons. Morrow will continue to serve as an advisor to the company during the transition period. The company has appointed a search committee, chaired by board member Dennis Hersch, to lead the hiring process for a new CEO.
4:01PM Omnicom announces partnership with AOL (AOL) and Microsoft (MSFT) (OMC) 48.68 -0.70 : Co and Microsoft Corp. announce plans to establish a global creative exchange - a first of its kind for Omnicom and Microsoft - in which Microsoft will provide technology ambassadors to Omnicom's agencies to help them simplify the process of developing advertising content that can be utilized across multiple screens. In addition, co and AOL announce a partnership to infuse digital technology into the beginning of the creative process and enrich creative executions through a more cohesive use of technology in campaigns.
4:00PM Red Lion Hotels announces plans to offer for sale its Red Lion Colonial Hotel, located in Helena, MT (RLH) 7.97 -0.23 : Co announces plans to offer for sale its Red Lion Colonial Hotel, located in Helena, MT. "We plan to maintain our presence in Helena, where the Red Lion brand has significant history and relevance... With the debt on this property maturing this summer, we have a unique opportunity to redeploy the equity in the property and reinvest in our brand." The 149-room Red Lion Colonial Hotel has 15,500 square feet of meeting space, the largest group space in the market, and underwent a major renovation in 2006
3:47PM Phillips-Van Heusen and USA Legwear enters into a licensing agreement under which USA Legwear will market and distribute men's and boys' hosiery under co's Van Heusen brand (PVH) 61.47 -1.35 : The initial term of the licensing agreement runs through 2014 and provides for a renewal at co's option.
3:31PM Oil Service HOLDRS Trust set fractional new session low of 152.02, flirting with its 50 ema/sma at 152.23/151.68 (OIH) 152.14 -6.05 : BHI, CAM, DO, ESV, EXH, HAL, NBR, NE, NOV, RDC, RIG, SLB, TDW, WFT.
3:19PM Afternoon rebound attempt losses momentum after failing to reach midday range highs, working back toward lows -- Dow -231, S&P -24, Nasdaq -53 (SPY) :
3:17PM Currency Chart Watch: Euro/Yen Futures slipping back toward breakout point/support (FXE) : (Click for Euro/Yen daily chart).
3:15PM Medtronic announces a registered offering of $500 million of its 2.625% Senior Notes due 2016 and $500 million of its 4.125% Senior Notes due 2021 (MDT) 38.58 -1.22 : Co intends to use the net proceeds for working capital and general corporate purposes, which may include repayment of its indebtedness.
3:04PM Cablevision announces that Rainbow Media executive Josh Sapan will become president and CEO of the new public company, and that it will be named AMC Networks, following the spin-off (CVC) 35.21 -0.41 :
2:58PM Franklin Street Properties announced its acquisition of two office buildings in Plano, Texas for a purchase price of $37 mln (FSP) 14.51 -0.34 :
2:53PM JPMorgan Chase reaches back to midday range highs (JPM) 45.61 -0.95 : Noted in the 12:28 update that JPM was near a minor support with a more important secondary floor at 45.26/45.19 area (congest, 50 sma, March close low). It extended the early afternoon dip to 45.26 and rebound in recent trade near its midday range highs at 45.71/45.75 (hit 45.72). A limited pause this afternoon following the test of the range high (45.54/45.43 intraday support) would keep the door open for another bounce attempt. Resistance above is at 45.96/46.03.
2:50PM El Paso Pipeline Partners announced that the underwriters of its previously announced public offering of 12 mln common units have exercised in full their option to purchase an additional 1.8 mln common units at a public offering price of $34.30 per unit (EPB) 34.86 +0.03 :
2:50PM Air Products signs an agreement with Samsung Electronics to provide gaseous nitrogen to Samsung's fabs in the Hwaseong-Giheung area, Gyeonggi Province, South Korea (APD) 88.26 -1.33 :
2:48PM El Paso Pipeline Partners has elected to acquire an additional 3-percent general partner interest in Southern Natural Gas from El Paso Corporation (EP) for ~$80 mln (EPB) 34.92 +0.09 : Co announced that it has elected to acquire an additional 3-percent general partner interest in Southern Natural Gas from El Paso Corporation (EP) for ~$80 mln, pursuant to the partnership's option to purchase an additional interest in connection with its previously announced acquisition of a 22-percent general partner interest in SNG. The total purchase price of the acquisition of the 25-percent general partner interest in SNG is ~$667 mln. The closing of the acquisition is expected to occur on March 14, 2011.
2:47PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : May corn finished down 18.25 cents to $6.8275, May wheat dropped 18.25 cents to close at $7.402, May soybeans gained 4 cents to close at $13.53, May ethanol closed lower by 4.0 cents at $2.485, while May world sugar futures closed down 1.71 cents to 28.71 cents.
2:37PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled lower by $1.68 to $102.70, natural gas shed 10.3 cents to close at 3.829, heating oil finished off 2.66 cents to $3.0441 while RBOB gasoline ended down 0.81 cents to $3.0191 (all April contracts).
2:30PM Entertainment Ppties increases common share dividends by ~8% to $0.70 per share (EPR) 46.33 -0.44 :
2:27PM With approx 4 min left in pit trade, crude drops below the $103 area; now down $1.59 to $102.79 (COMDX) :
2:19PM Dendreon spikes a point following New Jersey manufacturing facility approval news (DNDN) 33.31 +1.08 :
2:18PM Dendreon announced that the FDA approved the remainder of its New Jersey manufacturing facility (DNDN) 33.59 +1.30 : Co announced that the FDA approved the remainder of its New Jersey manufacturing facility, allowing the company to increase the availability of PROVENGE. "Last April, upon receiving FDA approval of PROVENGE, Dendreon launched the world's first patient-specific prostate cancer immunotherapy from 12 workstations in its New Jersey facility. With the FDA approval of 36 additional workstations, the New Jersey facility will now have a total of 48 approved workstations. Dendreon will bring these new workstations online in a staged approach. In anticipation of the availability of the additional workstations, Dendreon expects to have approximately 225 infusion centers prepared to treat their first patient by the end of the second quarter, approximately 450 infusion centers upon entering the fourth quarter, and approximately 500 by the end of 2011." Dendreon also plans to file a post-approval supplement for its third facility in Atlanta, which is expected to come online in mid-2011.
2:15PM COMEX Metals Closing Prices (COMDX) : April gold finished off $17.10 to $1412.50, May silver shed 98.1 cents to close at $35.066, while May copper ended off 1.5 cents to $4.1975.
2:07PM Ur-Energy entered into its first long-term uranium sales agreement with one of the largest producers and transporters of energy in the US (URG) 2.37 0.00 : Co announced that it has entered into its first long-term uranium sales agreement with one of the largest producers and transporters of energy in the United States. The purchaser has nuclear power plants in several states. The agreement relates to production from the Company's Lost Creek project in Sweetwater County, Wyoming. The long-term contract calls for deliveries over a three-year period at a defined price for the term of the agreement.
1:58PM EV Energy intends to offer $250 million in aggregate principal amount of senior notes due 2019 in a private placement to eligible purchasers (EVEP) 41.70 -2.06 : Co intends to use the net proceeds from the offering to repay indebtedness under its existing revolving credit facility.
1:37PM Fractional new low for Dow -204 and S&P -22 on the Mid-East headlines/oil spike but the Nasdaq Comp -48 did not confirm the new low (SPY) :
1:32PM WTI crude oil approaching flat line; now off 48 cents to $103.90 (COMDX) :
1:31PM Wal-Mart confirms expansion of multichannel offering with national rollout of 'pick up today' (WMT) 53.16 +0.51 : Co announced plans to further expand its U.S. multichannel platform by launching a full-scale, national rollout of "Pick Up Today" later this month. The service enables customers to purchase items online and receive free same-day pickup at a local Walmart store, providing even more savings and convenience to customers.
1:19PM Dresser-Rand prices its offering of $375 million in aggregate principal amount of 6.5% Senior Subordinated Notes due 2021 (DRC) 49.48 -1.97 : Co intends to use the net proceeds from the offering to fund the previously announced cash tender offer for any and all of its outstanding 7-3/8% Senior Subordinated Notes due November 1, 2014 or otherwise purchase or redeem such notes.
1:07PM Jetblue Airways reported traffic in February increased 9.0% from February 2010, on a capacity increase of 1.4% (JBLU) 5.85 +0.09 :
1:02PM Phillips-Van Heusen announces licensing agreement with Comfort Revolution for IZOD memory foam bedding (PVH) 61.99 -0.83 : The co and Comfort Revolution have entered into a licensing agreement under which Comfort Revolution will market and distribute memory foam bedding and stadium seat cushions under PVH's IZOD brand. The licensing agreement has an initial term of just over two years and provides for a three year renewal at PVH's option.
1:01PM World Wrestling and Score Media Inc. expand partnership with multi-year agreement (WWE) 13.92 +0.24 : The deal builds on Score Media and WWE's already exclusive television relationship to include online, mobile and VOD rights. In addition, theScore and WWE will work together to bring new original WWE content to Canadians across all platforms.
1:00PM Harris receives $11 mln in orders from Government of France for Falcon III multiband manpack and handheld tactical radios (HRS) 45.04 -0.34 :
12:57PM Dow -155 and S&P -16 edge up toward rebound highs, Nasdaq Comp -35 has set a minor new recovery high (SPY) : Relative strength has been noted in Semi SMH, Reg Bank KRE, Materials XLB, Rail, Transports IYT, Ag/Chem MOO, Discretionary XLY.
12:39PM B Communications notifies its subsidiary, Bezeq - The Israel Telecommunication Corp, that today it purchased 15,072,168 of Bezeq's outstanding ordinary shares in brokerage transactions on the Tel Aviv Stock Exchang (BCOM) 30.81 -0.80 : The purchases bring B Communications' ownership interest in Bezeq to approximately 30.83% of its outstanding shares.
12:30PM Hewlett-Packard discusses rumors regarding its PC business (HPQ) 41.60 -0.45 : "Irresponsible reporting by Taiwan's Commercial Times, suggesting that HP might sell its PC business, should be dismissed as market rumor and speculation. HP runs the world's largest PC business and it is core to HP's strategy for the connected world."
12:28PM JPMorgan Chase slides to new session low (JPM) 45.51 -1.05 : Important component of the Finance sector has not participated in the morning bounce attempt with it recently sliding to a new session low of 45.48. A minor support is at 45.44/45.38 prior to the 45.26/45.19 area (congest, 50 sma, March close low).
12:20PM Orbital Sciences has been awarded a major new contract by the U.S. Missile Defense Agency to supply Intermediate-Range Ballistic Missile target vehicles (ORB) 18.52 -0.53 : Co has been awarded a major new contract by the U.S. Missile Defense Agency (MDA) to supply Intermediate-Range Ballistic Missile (IRBM) target vehicles for use in future tests of missile defense systems. The seven-year contract, which covers development and production of up to 22 target rockets and related systems over the 2011-2018 period, has a firm value of approximately $230 million for the first eight vehicles to be delivered by 2015, with up to $870 million in contract options for 14 additional vehicles, countermeasures equipment, modeling and simulation support, logistics activities and launch services to be provided from 2012 to 2018.
11:40AM Stock indices lift to fresh rebound highs -- Dow -153, S&P -16, Nasdaq Comp -39 (SPY) : Relative sector strength on this move has been noted in Retail XRT (JCP, GPS), Energy XLE, Networking IGN, Solar TAN, Industrial XLI.
11:23AM McDonald's continues strong performance, leading Restaurant Index higher (MCD) 77.00 +1.22 : Stock held above Wed low off the open and has bounced as much as 2.3% to reach 77.00 in recent trade. It March/two month high is at 77.24 -- YUM +0.6% (set new 52-wk high).
11:14AM Financial Select Sector SPDR underperforms on bounce, Reg Bank KRE slides to new low (XLF) :
10:52AM Currency Chart Watch: Dollar Index climbs back above longer term trendline (UUP) : (Click for Dollar Index chart).
10:42AM New low Nasdaq Comp -54 but S&P -22 and Dow -198 have not confirmed the move (SPY) :
10:34AM S&P -22 rebounds off low but thus far unable to reclaim its 50 sma at 1300 -- bounce high 1300 (SPY) :
10:30AM Natural gas drops ~6 cents to new lows following inventory data; now lower by 12.6 cents to $3.805 (UNG) :
10:28AM Relative Sector Strength (TECHX) : Relative sector strength (outperforming the S&P) as the stock indices attempt to work off lows: Airline (noted early recovery in 10:01 update), Housing XHB, Transports IYT, Rail, Steel SLX, Restaurant.
10:24AM Harris acquired infrastructure assets of the government business of Core180 based in Fairfax, Virginia (HRS) 45.19 -0.19 : Co acquired infrastructure assets of the government business of Core180, Based in Fairfax, Virginia, Core180 is a telecom network integrator that provides wide area networks and management services to government agencies, large enterprises, telecom carriers and systems integrators. The acquired infrastructure will become part of Harris CapRock Communications.
10:24AM HMS Holdings awarded a contract by Health Plus of New York to perform full source overpayment recovery and cost avoidance services (HMSY) 80.15 -0.62 : The contract runs for two years, with the option to extend for future years.
10:22AM New lows for crude oil; now down $2.97 to $101.41 (COMDX) :
10:16AM Qualcomm breaks under 50 ema/sma at 54.86/54.69 but thus far holds near/lifts off its Feb low at 53.81 -- session low 53.90 (QCOM) 54.25 -0.75 :
10:16AM American Medical announced the results Elevate study; results of this study were especially significant given that many of the patients had severe Stage Three or Four prolapse (AMMD) 21.27 -0.31 : Co announces the results of a six-month prospective multi-center study of the Elevate Anterior and Apical Prolapse Repair System. The pelvic organ prolapse quantification exam used to quantify, describe and stage pelvic support, was implemented in the study and concluded efficacy rates of Stage One or less to be 86.3% for Anterior and 98.8% for Apical. When questioned about quality of life benefits after receiving the procedure, 94.7 percent of patients reported feeling some or a lot of improvement. Elevate is a minimally invasive, comprehensive solution to treat anterior and apical defects
10:15AM Deckers Outdoor tests its March low at 83.11 and attempts to stabilize -- session low 83.11 (DECK) 83.79 -2.22 :
10:12AM Apple notches new session low of 344.93, probing its 50 sma/ema 344.84/343.72 (AAPL) 345.83 -6.64 : Note that these averages provided important support in Nov and Feb.
10:10AM Fresh session lows for stock indices with Dow -211 testing its 50 sma/ema at 11989/11972 after holding above in opening trade -- session low 11989 (SPY) : S&P -23, Nasdaq Comp -54
10:08AM InfuSystems acquires Michigan-based Star Infusion and Compression Therapies LLC (INFU) 2.68 : The acquisition, which was for cash, is not expected to materially impact the Company's fiscal 2011 consolidated financial performance. Further details of the acquisition were not disclosed.
10:06AM S&P not getting much mileage out of early test/hold at its 50 ema with the indices slipping back near early lows -- Dow -194 just above -- Nasdaq Comp -48 (SPY) :
10:06AM MedAssets: Atlantic Health signed a multi-year contract extension with MedAssets for supply chain and clinical resource management services (MDAS) 16.06 -0.46 :
10:05AM Crystallex request for arbitration registered by the World Bank's ICSID (KRY) 0.16 +0.01 : Co announced that its February 16, 2011, Request for Arbitration before the Additional Facility of the World Bank's International Centre for Settlement of Investment Disputes against the Bolivarian Republic of Venezuela has been registered. Crystallex's claim is for breach of the Treaty's protections against expropriation, unfair and inequitable treatment and discrimination. Crystallex is seeking restitution by Venezuela of Crystallex's investments, including the MOC, the issuance of the Permit to develop Las Cristinas and compensation for interim losses suffered, or alternatively full compensation for the value of its investment in excess of US$3.8 billion.
10:03AM Iron Mountain comments on Elliott Announcement; co will evaluate Elliott's proposals and make a recommendation in due course (IRM) 28.05 +1.75 : "As the Company previously disclosed in a Form 8-K filing with the Securities and Exchange Commission on March 7, 2011, the Iron Mountain Board will evaluate Elliott's proposals and make a recommendation in due course." J.P. Morgan Securities LLC is serving as financial advisor to Iron Mountain, and Weil, Gotshal & Manges LLP and Sullivan & Worcester LLP are serving as legal advisors.
10:02AM HCA opens for trading at $31.20 after pricing IPO at $30 vs. $27-$30 expected range (HCA) 31.17 -0.03 :
10:02AM Honeywell selected by Premium Renewable Energy Sdn. Bhd. to perform the engineering design for a project that will use Envergent's RTP Rapid Thermal Processing technology (HON) 55.99 -0.72 : The project is part of the Malaysian government's Economic Transformation Program for the palm oil sector in order to create a high-income economy by 2020 while growing in a sustainable manner. The project is projected to create 1,000 new jobs and generate $1 billion in revenue annually by 2020.
10:01AM Seeing some intraday relative strength in Airline as crude oil extends pullback -- LUV, UAL, AMR, ALK, AAI, LCC, AMR (TECHX) :
9:57AM F5 Networks dropped between its 200 ema/sma at 105.77/104.42 in early trade and bounce roughly 2% before pausing -- session low 105.13 (FFIV) 107.15 -1.02 :
9:52AM WTI Crude oil trades below $102 to notch lows at $101.91; now down $2.32 to $102.06 (COMDX) :
9:49AM Agnico-Eagle Mines reports fire at its kitchen facilities at its Meadowbank mine (AEM) 66.16 -1.17 : Co reports that its kitchen facilities to support the employee camp at its Meadowbank Mine in Nunavut, Canada sustained extensive damage early today as a result of a fire. The fire was contained to the kitchen and there were no injuries reported. Emergency measures were implemented and all personnel were assembled in the gymnasium area as a precautionary measure. The process facilities and all other infrastructure, including camp dormitories, were not affected, and operations continue at the mine.
9:49AM S&P -18 and Russell 2000 -16, NYSE Comp -140 hold near 50 day averages, Dow -165 did not test (SPY) :
9:43AM Gold drops an additional ~3 points, silver another ~10 cents as downside move continues (COMDX) :
• April gold now off $18.00 to $1411.60.
• May silver off $1.087 to $34.96.
9:42AM Stock indices extend opening slide -- Dow -197, S&P -22, Nasdaq Comp -51 (SPY) :
9:39AM Sector Watch (TECHX) : Early downside leadership has been noted in Solar TAN -3.9%, Gold Miners GDX -3.6%, Mining XME -3.3%, Oil Service OIH -3.1%, Ag/Chem MOO -2.9%, Disk Drive -2.8%, Steel SLX -2.8%, Energy XLE -2.8%, Natural Gas -2.6%, Semi SOXX -2.3%.
9:39AM WTI crude testing lows at $102.36; currently off $1.85 to $102.51 (COMDX) :
9:38AM FX Energy announces the pricing of its previously announced underwritten public offering of 6 mln shares of its common stock at $7.00 per share (FXEN) 7.10 -0.79 : Macquarie Capital (USA) Inc. is acting as the sole book-running manager for the offering.
9:37AM Research In Motion slips slightly under its 50 sma at 63.62 (RIMM) 63.49 -1.31 :
9:37AM Fresh lows for gold and silver (COMDX) :
• Gold now off $15.10 to $1414.50.
• Silver down 97.2 cents to $35.075.
9:33AM Nasdaq Comp -41 breaks under 50 day averages, S&P -19 probing at 1300/1296 (SPY) :
9:31AM Ingram Micro signs agreement to sell, market and support Acronis' product suite of data backup and recovery solutions to resellers and managed service providers throughout the America (IM) 19.94 -0.28 :
9:19AM On The Wires (WIRES) :
• Liquidmetal Technologies (LQMT) and The Swatch Group announced that they have signed an exclusive licensing agreement, allowing the Swiss manufacturer to utilize the Liquidmetal alloy technology worldwide.
• Vantage Drilling Company (VTG) announced that it has signed a definitive agreement to provide services related to design, construction and commissioning on behalf of Aker Drilling ASA of two Ultra deepwater drillships being built at Daewoo Shipbuilding & Marine Engineering Co shipyard in Okpo, Korea.
• Flextronics (FLEX) announced that it will expand its range of infrastructure capabilities to include services for data center I/O connectivity products through a new customer relationship with Emulex, the leader in converged networking solutions for the data center. Flextronics will provide Emulex with vertically integrated offerings, such as manufacturing, and configure to order services, primarily from Flextronics' Zhuhai, China location. Flextronics will also provide worldwide logistics support for Emulex.
9:04AM Virgin Media repurchases 400,000 shares of common stock on March 9, 2011 at $27.67-28.12 (VMED) 28.00 :
9:04AM Deluxe announced the pricing of $200 million principal amount of its Senior Notes due 2019 in an unregistered offering (DLX) 26.52 : Co announced the pricing of $200 million principal amount of its Senior Notes due 2019 in an unregistered offering. The notes will pay interest semi-annually at a rate of 7.00% per annum and will be unsecured obligations of the Company.
9:02AM Steiner Leisure agrees to sell Mandara Spa Brand products in Sainsbury's Stores in the UK (STNR) 45.94 : Co announces entry into an agreement with Sainsbury's Supermarkets and Acheson & Acheson, under which co will sell its Mandara Spa brand beauty products in Sainsbury's stores in the UK. Acheson & Acheson will be the manufacturer of those products. Under this three-year agreement, the Mandara Spa product line will be the exclusive premium spa product line carried by Sainsbury's and Sainsbury's shall be the exclusive third party retailer of those products in the UK.
9:01AM Radian Group subsidiary releases Feb data for primary mortgage insurance delinquencies; primary new insurance written $0.7 bln (RDN) 7.41 : Radian Group ended Feb with primary delinquent inventory of 122.9K loans vs 125.4K beginning primary delinquent inventory.
9:01AM Versant CEO Jochen Witte resigns; Bernhard Woebker appointed interim CEO (VSNT) 13.84 : Co announced that Jochen Witte has resigned as the Company's CEO, President and managing director of the Versant GmbH subsidiary. In conjunction with Mr. Witte's resignation, Bernhard Woebker, a Versant board member since 2005 and former employee in various executive roles with the Company from 1994 to 2001, has been named interim CEO of the Company.
8:48AM Warwick Valley Telephone increases Q1 dividend to $0.26 from $0.24 last quarter (WWVY) 14.85 :
8:46AM Transmontaigne Partners reports Q4 revenue increased 10% y/y to $39.5 mln, Thomson Reuters consensus $37.7 mln; net earnings per limited partner unit decreased to $0.24 per unit loss from $0.53 in earnings, may not be comparable to $0.57 consensus (TLP) 38.74 :
8:40AM On The Wires (WIRES) :
• CSC (CSC) announced that the U.S. Navy awarded the company a task order to provide engineering and program support for the DDG 1000 Zumwalt Class Destroyer Program Office. The task order has a one-year base period and four one-year options, bringing the estimated total five-year value to $110 million.
• Apple (AAPL) announced that iPad 2 will be available tomorrow at 5 p.m. local time at all 236 Apple retail stores in the US and through the Apple Store beginning at 1 a.m. iPad 2 with Wi-Fi will be available in the US on March 11 for a suggested retail price of $499 for the 16GB model, $599 for the 32GB model, $699 for the 64GB model. iPad 2 with Wi-Fi + 3G will be available for a suggested retail price of $629 for the 16GB model, $729 for the 32GB model and $829 for the 64GB model. iPad 2 with Wi-Fi + 3G compatible with the Verizon network will be available in the US only for a suggested retail price of $629 for the 16GB model, $729 for the 32GB model and $829 for the 64GB model.
• AT&T (T) announced it will sell iPad 2 in its retail and business channels beginning Friday, March 11 at 5 p.m. local time.
• Verizon Wireless (VZ) announced that iPad 2 will be available in select Verizon Wireless stores nationwide beginning Friday, March 11.
• The Female Health Company (FHCO) is teaming up with state and local health departments and local community-based organizations to provide Houston women with access to the FC2 Female Condom.
• Aliant Techsystems (ATK) has received a $54 mln order for 120mm training tank ammunition from the U.S. Army. The award is for the fourth year of a four-year contract.
8:39AM Iron Mountain: Elliott Management calls for a strategic review of Iron Mountain's capital allocation and operational efficiency in letter to Board of co (IRM) 26.30 : Elliott Management Corporation submitted a letter to the Board of Directors of Iron Mountain Incorporated. As the beneficial owner of slightly under 5% of Iron Mountain's common stock, Elliott has called for a strategic review of Iron Mountain's capital allocation and operational efficiency. Elliott has submitted a minority slate of four independent nominees to join the Board of Directors to bring independent perspectives and additional insights to this review process.
8:33AM Mylan Labs subsidiary receives FDA approval under PEPFAR for Zidovudine tablets, 100 mg (MYL) 22.65 : Co announces that its subsidiary Matrix Laboratories Limited has received final approval from the FDA under the President's Emergency Plan for AIDS Relief for its New Drug Application for Zidovudine Tablets, 100 mg. The NDA is based on the reference listed drug Retrovir Tablets, by ViiV Healthcare.
8:31AM Aryx Therapeutics announced last night additional delay by FDA and begins wind-down of operations (ARYX) 0.19 : Co announces that the FDA has informed the Company of an additional delay in providing needed guidance on the Phase 3 development of ARYx's product candidate for the treatment of various gastrointestinal disorders, naronapride. In this latest communication with ARYx, the FDA suggests a response will not be forthcoming until July 2011 at the earliest. As a consequence, the board of directors has determined that continued operations of ARYx is not possible due to lack of funding, and the orderly wind-down of operations is to begin immediately. This wind-down will be executed in cooperation with ARYx's largest secured creditors, including Lighthouse Capital Partners V and MPM Capital.
8:31AM Gammon Gold provided an update on recent activities at the El Cubo mine; review has been completed and mine conditions were found to be better than originally anticipated (GRS) 9.25 : Co provided an update on recent activities at the El Cubo mine. As previously announced on February 23, the labour disruption at the El Cubo mine was successfully resolved after a more productive and standardized Collective Agreement was negotiated with the union. Since February 22, management regained access to the mine facilities and immediately began an exhaustive infrastructural and ground control assessment to develop an operations plan that would allow production to recommence as soon as possible. This review has been completed and mine conditions were found to be better than originally anticipated such that the Company fully expects to begin development work in April.
8:19AM On The Wires (WIRES) :
• Gradient Resources announced that it has executed an engineering, procurement and construction contract with Science Applications International's (SAI) wholly-owned, design-build subsidiary, Benham Constructors for the delivery of a new 60 MW modular binary cycle power plant at its Patua project in northern Nevada.
• Arena Pharmaceuticals (ARNA) announced that it was issued United States Reissue Patent with claims to methods of identifying compounds that modulate the activity of the GPR119 receptor.
• JA Solar Holdings (JASO) announced that it has signed a strategic investment agreement with the city of Hefei, in China's Anhui province, to set up a new state-of-the-art photovoltaic production facility for solar cells and PV products.
• Jack Henry & Associates (JKHY) announced that its Jack Henry Banking division has established a new strategic alliance with Redi Enterprise Development.
• Hughes Network Systems (HUGH) announced its commercial satellite router, the HX280, has achieved Federal Information Processing Standards 140-2 Security Level 2 certification (certificate #1491), which is a cryptographic hardware and software accreditation given by the National Institute of Standards and Technology.
8:17AM Roche Hldg: Genentech's Phase III study of Lucentis showed rapid vision improvements sustained for two years in patients with Diabetic Macular Edema (RHHBY) 35.44 : Co announces that two-year results from a pivotal Phase III trial showed patients with diabetic macular edema who received Lucentis experienced rapid and sustained improvement in vision compared to those who received a placebo injection. According to the data, there was a significantly greater number of people able to read at least 15 additional letters on the eye chart compared to baseline after 24 months; significant improvement in average eye chart reading scores at 24 months; significant improvement in average eye chart reading scores demonstrated as early as seven days; and significantly decreased retinal swelling. Patients receiving Lucentis experienced fewer adverse events associated with diabetic retinopathy including retinal neovascularization. Preliminary analysis indicates no new findings related to non-ocular or systemic safety. The incidence of serious adverse events potentially related to systemic VEGF inhibition was 10.6% of patients in the sham injection group, 5.6% of patients in the 0.3 mg Lucentis dose group and 11.9% of patients in the 0.5 mg Lucentis dose group.
8:16AM General Motors Vice Chairman and CFO Chris Liddell announced that he will leave the co April 1, 2011 (GM) 32.25 : General Motors Vice Chairman and Chief Financial Officer Chris Liddell announced that he will leave the company April 1, 2011. Dan Ammann will succeed Liddell as General Motors chief financial officer, effective April 1, 2011. Ammann, 38, is currently GM vice president, finance and treasurer.
8:15AM Vertex Pharm announced results from completed Phase 2 study of VX-765; Results support continued development of VX-765 in people with treatment-resistant epilepsy (VRTX) 47.43 : Co announced results from a recently completed Phase 2 study of VX-765 in 60 people with treatment-resistant epilepsy. The primary endpoint of the study was safety and tolerability, and results from the study showed a similar safety profile for VX-765 as compared to placebo. Secondary endpoints and additional analyses evaluated the clinical activity of VX-765, and results support the initiation of a larger and longer-duration Phase 2b study of VX-765 in people with treatment-resistant epilepsy. Vertex expects to begin this trial as early as the fourth quarter of 2011.
8:06AM Ciber names Claude Pumilia as CFO effective April 4, 2011 (CBR) 5.78 : Co announces that Peter Cheesbrough is leaving CIBER after nine years with the company to pursue his interest in participating on other public company boards. CIBER named Claude Pumilia, a former Hewlett-Packard senior financial officer, as Chief Financial Officer effective April 4, 2011.
8:05AM Legg Mason reports AUM for Feb 2011 of $673 bln (LM) 34.86 :
8:04AM Pulse Electronics directors unanimously rejected the unsolicited proposal from Bel Fuse (BELFA) to acquire all of Pulse's outstanding shares for $6 per share (PULS) 6.13 : Co announces its board of directors unanimously rejected the unsolicited proposal from Bel Fuse Inc. to acquire all of Pulse's outstanding shares for $6 per share. The proposal was received on February 28, 2011. Co states "...we believe the current time is not opportune for our shareholders and the company. We believe the Bel Fuse offer does not reflect the recent and planned strategic actions we are taking to improve the company's performance and its shareholder value."
8:03AM LECG Corp transitions parts of Forensic Accounting Practice Group to FTI (FCN) (XPRT) 0.32 : Co announced that it has transitioned its San Francisco forensic accounting practice to FTI Consulting. The transition involves approximately 25 employees. Terms were not disclosed. LECG will use the proceeds from all practice group transitions to repay the $27.8 million in principal outstanding under its credit facility. The company will use the balance of any proceeds to make payments to other creditors. Contractually, if there is any remaining value available to equity holders, it would be first allocated to the company's outstanding preferred stock. The company believes that the transitions and these transactions will not result in any proceeds for the common shareholders.
8:02AM Covidien receives FDA approval for South African-produced medical isotope based on low-enriched uranium (COV) 53.46 :
8:02AM Hi-Tech Pharmacal beats by $0.16, beats on revs (HITK) 19.81 : Reports Q3 (Jan) earnings of $0.79 per share, $0.16 better than the Thomson Reuters consensus of $0.63; revenues rose 28.9% year/year to $50 mln vs the $45.3 mln consensus.
8:02AM Sinovac Biotech reports positive preliminary Phase I clinical trial results for EV71 vaccine in adult group (SVA) 4.52 : Co announces the unblinding of the Phase I clinical trial results for the adult population for its proprietary inactivated vaccine against human enterovirus 71 (EV71), which causes hand, foot, and mouth disease (HFMD). The preliminary Phase I results for the EV71 vaccine in adults showed a good safety profile and preliminary immunogenicity profile. Sinovac subsequently initiated the inoculations in the young children and infant groups. The results are anticipated to be provided in the coming months.
8:01AM RF Monolithics appoints Farlin A. Halsey President, CEO and a director of co (RFMI) 1.55 : Co appoints Farlin A. Halsey President, CEO and a director of RFM. Halsey's prior position was Senior Vice President of Marketing and M2M Business. Halsey succeeds David M. Kirk, who will continue his employment until March 31, 2011 to facilitate the transition of his responsibilities to Halsey. Kirk resigned to become the President, CEO and a director of Murata Electronics North America, Inc., a subsidiary of Murata Manufacturing Co.
8:01AM Amylin Pharma, Eli Lilly (LLY) and Alkermes (ALKS) announced positive results from a phase 2 study evaluating the effects of a once-monthly injectable suspension formulation of exenatide on glycemic control in patients with type 2 diabetes (AMLN) 11.34 : AMLN, LLY, and ALKS announce positive results from a phase 2 study evaluating the effects of a once-monthly injectable suspension formulation of exenatide on glycemic control in patients with type 2 diabetes. After 20 weeks of treatment (five injections), patients randomized to the exenatide once monthly treatment arms experienced average reductions in A1C ranging between 1.3-1.5 percentage points from baseline. In the once-weekly BYDUREON treatment arm, the reduction was 1.5 percentage points. A1C is a measure of average blood sugar over three months. More than 90% of patients overall completed the study. The most common adverse events among the exenatide once monthly treatment groups were headache and nausea. Headache and diarrhea were most common among the once-weekly BYDUREON group. No major or minor hypoglycemia was reported in the study.
7:48AM Wyndham Worldwide expires and reports final results of tender offer for 3.50% Convertible Notes due 2012 (WYN) 31.58 : Co announces the expiration and final results of its previously announced cash tender offerto purchase any and all of its outstanding 3.50% Convertible Notes due 2012. The Tender Offer expired at 12:00 midnight, New York City time, at the end of Wednesday, March 9, 2011. As of the Expiration Time, $91,215,000 in aggregate principal amount of the Convertible Notes, representing ~78.8% of the aggregate principal amount outstanding of Convertible Notes, were validly tendered and not validly withdrawn. The co has accepted for purchase all Convertible Notes that were validly tendered and not validly withdrawn.
7:48AM AllianceBernstein announces that preliminary AUM increased to $487 billion from $482 billion during February 2011 (AB) 22.71 :
7:45AM Northern Trust has been appointed by the Dyfed Pension Fund to provide global custody and investment accounting services for GP 1.2 billion (~US$2 billion) in pension fund assets (NTRS) 52.06 :
7:43AM Deer Consumer Products beats by $0.02; beats on revs; sees FY11 EPS and revs below consensus (DEER) 11.24 : Reports Q4 (Dec) EPS of $0.32 vs $0.30 Thomson Reuters consensus; revs increased 91% YoY to $62.2 mln vs $58.4 mln Thomson Reuters consensus. Co issues downside guidance for FY11 (Dec), sees EPS of $1.08-1.12 vs. $1.15 Thomson Reuters consensus; sees FY11 (Dec) revs of $200-220 mln vs. $226.01 mln Thomson Reuters consensus.
7:39AM April WTI crude drops ~60 cents to its lowest levels of the morning at $102.63; now off $1.66 to $102.72 (COMDX) :
7:35AM On The Wires (WIRES) :
• Sunesis Pharmaceuticals (SNSSD) announced that the European Patent Office has granted European Patent No. 1725233, claiming the co's pharmaceutical compositions of lead drug candidate vosaroxin.
• Tyler Technologies (TYL) has signed a seven-year software as a service contract with Columbia County, NY for co's Munis enterprise resource planning solution. The agreement, valued at ~$1.2 mln, includes hosting services, related professional services, maintenance and support.
7:35AM Aircastle beats by $0.02, misses on revs; announces $60 mln share repurchase plan (AYR) 12.50 : Reports Q4 (Dec) earnings of $0.25 per share, including items, $0.02 better than the Thomson Reuters consensus of $0.23; revenues fell 0.8% year/year to $134.7 mln vs the $138.5 mln consensus. The co's Board of Directors authorized the repurchase of up to $60 mln of the co's common shares.
7:33AM Aurizon Mines reports a 44% increase in mineral reserves for the Casa Berardi mine (AZK) 7.22 : Co reports a 44% increase in mineral reserves and an updated mineral resource estimate for its Casa Berardi mine. The mine life was extended from six years to ten years. The co also reported an increase of 44% in mineral reserves to 1,457,000 ounces of gold.
7:33AM ReneSola prices $175 mln of Convertible Senior Notes due 2018 (SOL) 8.61 : Co anticipates using the proceeds for a capped call transaction as described below and expansion of polysilicon production capacity.
7:30AM El Paso announces mandatory conversion of its 4.99% convertible perpetual preferred stock; conversion does not impact FY11 EPS guidance (EP) 17.82 : Upon mandatory conversion, holders of Preferred Stock will be entitled to receive 77.2295 shares of El Paso common stock, par value $3.00 per share for each share of Preferred Stock converted. A total of up to 57,922,125 shares of Common Stock will be issued upon conversion of the Preferred Stock. Cash will be paid in lieu of fractional shares of Common Stock. The conversion does not impact the company's previously announced 2011 adjusted diluted earnings per share guidance.
7:13AM Citadel Broadcasting: Cumulus Media (CMLS) to purchase co at a price of $37.00 per share (CDELA) 5.10 : This consideration is payable in cash and shares of Cumulus stock, and values Citadel as an enterprise at ~$2.4 bln. CMLS has obtained commitments for up to $500 million in equity financing from Crestview Partners and Macquarie Capital, and commitments from a group of banks for up to $2.525 billion in senior secured credit facilities and $500 million in senior note bridge financing, the proceeds of which will be used to pay the cash portion of the merger consideration, and effect the refinancings. CMLS states estimated synergies of at least $50 million with a capitalized value of ~$1.50 to $2.00 per share. As a result of the merger, each outstanding share of Citadel common stock will be converted into the right to receive, at the election of its holder, (1) $37.00 in cash or (2) 8.525 shares of Cumulus common stock.
7:08AM On The Wires (WIRES) :
• eDiets.com (DIET) announced that the NASDAQ Listing Qualifications Panel has granted the Company's request for an extension of time to satisfy the $1.00 bid price requirement for continued listing on The NASDAQ Stock Market.
• Rentrak (RENT) announced London Broadcasting Company has expanded their partnership with Rentrak by adding two more markets to its StationView Essentials local market measurement contract.
7:06AM Celera will file with the SEC requesting a 15 calendar day extension to file its 2010 Annual Report on Form 10-K (CRA) 6.34 : The delay in filing has been caused by an analysis of certain accounting issues that impact bad debt expense. The Company will also delay its fourth quarter and full year 2010 earnings release and investor conference call, previously scheduled for later today, until the Form 10-K is filed. The Company does not anticipate any significant impact on its consolidated financial statements for the year ended December 25, 2010 and does not expect any impact on 2010 net loss as a result of these issues.
7:05AM Westmoreland Coal declares a dividend of $0.53125 per depositary share payable on April 1, 2011 to holders of record as of March 21 (WLB) 14.46 :
7:04AM Buckle beats by $0.05, reports revs in-line (BKE) 37.57 : Reports Q4 (Jan) earnings of $1.05 per share, $0.05 better than the Thomson Reuters consensus of $1.00; revenues rose 10.5% year/year to $303.1 mln vs the $301.7 mln consensus.
7:03AM Ultralife will exit and close its Energy Services business; issues revised FY11 rev guidance (ULBI) 5.17 : Co announces it will exit and close its Energy Services business. For the past two years, cautious spending and continued delays in implementing large capital projects by customers in the lead acid standby power industry have negatively impacted results for the co's Energy Services segment. In connection with exiting its business, the co expects to incur closing costs of ~$3.2 mln of which ~$1.2 mln will be recorded in the first quarter of 2011. The cash component of the closing costs is ~$2.2 mln and is expected to be offset by cash received from accounts receivables and liquidated assets. Seperately, co issues guidance for FY11 (Dec), sees FY11 (Dec) revs of ~$168 mln, may not be comparable to $187.47 mln Thomson Reuters consensus. Operating income is expected to be no less than $10.5 mln, excluding Energy Services closing costs of ~$3.2 mln, representing an operating margin of 6.3%.
7:03AM Smithfield Foods beats by $0.18, reports revs in-line (SFD) 22.75 : Reports Q3 (Jan) earnings of $0.84 per share, excluding non-recurring items, $0.18 better than the Thomson Reuters consensus of $0.66; revenues rose 10.4% year/year to $3.19 bln vs the $3.16 bln consensus. "Industry fundamentals are very encouraging. Solid earnings in fresh pork will continue to be driven by balanced supply and demand dynamics and strong exports, which are likely to continue. We anticipate that the Hog Production segment will be profitable in fiscal 2011 and beyond, despite higher grain prices. Even though raising costs will increase going forward, low global red meat inventories are supporting a significantly higher live hog futures curve throughout fiscal 2012. Furthermore, the Hog Production Cost Savings Initiative will improve our cost structure $90 million annually by fiscal 2014."
7:03AM Bank of England leaves benchmark rate at 0.50% and GBP200 bln purchase steady as expected (FXB) :
7:02AM Teleflex announces FDA clearance to market Arrow NextStep Antegrade Catheter for Chronic Hemodialysis (TFX) : Co expects to launch the product in the United States later this year.
7:01AM Wesco Board of Directors appoints John J. Engel Chairman of the Board effective May 25, 2011 (WCC) 60.25 :
7:01AM Given Imaging receives FDA clearance for expanded PillCam SB indications (GIVN) 18.94 : Co announces updated clearance from the FDA for the PillCam SB video capsule, including clearance to promote its use in monitoring lesions that may indicate Crohn's disease. The PillCam SB capsule has been cleared since 2001 for the visualization of the small bowel mucosa and may be used as a tool in the detection of abnormalities of the small bowel in adults and children from two years of age. The updated labeling reflects the expansive body of clinical data supporting the use of PillCam capsule endoscopy for the visualization of lesions in a variety of important conditions, such as Crohn's disease, Iron Deficiency Anemia and obscure gastrointestinal bleeding.
6:59AM ENGlobal misses by $0.01, beats on revs (ENG) 4.67 : Reports Q4 (Dec) loss of $0.02 per share, $0.01 worse than the Thomson Reuters consensus of ($0.01); revenues rose 12.6% year/year to $93.2 mln vs the $87.6 mln consensus. Co estimates its current backlog, $244.2 million as of December 31, 2010, is approximately 8% higher than the $227.0 million reported for the same prior year period. "We continue to be disappointed in our financial performance. We are looking closely at our under-performing operations as well as those divisions that are not performing up to their current budget... On a positive note, we were awarded approximately $28 million worth of business in January 2011. This compares to $25 million and $21 million worth of awards in all of the fourth and third quarters, respectively. We believe that our performance will improve over the course of the year as we begin the project work from these awards, gain additional backlog, and continue to provide quality execution to our clients. In addition, we have recently seen an increase in proposal activity for larger projects and have identified several large, sole-sourced opportunities."
6:44AM China Yuchai announces that its key subsidiary, Guangxi Yuchai Machinery Co, to issue of RMB-denominated unsecured short term financing bonds amounting to RMB 1.7 bln (CYD) 26.37 : The Bonds will be issued in two tranches and the first tranche of the Bonds amounting to RMB 1 billion will be issued on March 9, 2011 and mature on March 9, 2012. The par value and issue price of each Bond is RMB 100.
6:39AM Sony announces executive appointments and realignment of key businesses (SNE) 34.99 : Co announces executive appointments and realignment of its core electronics and networked service businesses effective April 1, 2011. These changes are intended to facilitate the next phase of co's transformation into the world's leading provider of networked entertainment and solutions. Sir Howard Stringer, Representative Corporate Executive Officer, Chairman, Chief Executive Officer and President, has extended his commitment to lead co through the next stage in its transformation. Under Stringer, co will realign its core electronics and networked service operations into two key business groups. After the realignment, all of co's consumer electronics and networked service functions will reside in one group, named the "Consumer Products & Services Group", and the growing B2B, component and semiconductor businesses will form the second group, the "Professional & Device Solutions Group".
6:25AM On The Wires (WIRES) :
• Acacia Research Corporation (ACTG) announced that a subsidiary has acquired DRAM patents from a major semiconductor company.
• INX Inc (INXI) announced that it has been awarded a portion of the $2.3 million contract for The Port Commission of the Port of Houston Authority.
• RADCOM Ltd. (RDCM) announced that a major Asia-Pacific Operator who provides high-speed mobile broadband services, has placed an order for expansion of their deployment of RADCOM's Service Assurance Solution.
• Santarus (SNTS) announced that it has initiated a Phase I clinical study with SAN-300, its anti-VLA-1 antibody.
• Bridgepoint Education (BPI) has notified the Senate Committee on Health, Education, Labor, and Pensions that, while the Company continues to review and comply with the Committee's various information requests, at this time it could not accept the Committee's request to provide witnesses for the March 10, 2011 hearing stating it could not make individuals available or respond publicly to questions concerning a matter in which it is engaged in non-public discussions and negotiations with FSA.
• First Republic Bank (FRC) announced the opening of a second office in Menlo Park on Sand Hill Road to serve the needs of venture capital and private equity clients in Silicon Valley.
6:14AM Tyco Electronics to change its name to TE Connectivity; expects to receive approval March 25 (TEL) 35.40 :
6:13AM Starbucks and Green Mountain Coffee Roasters (GMCR) enter into strategic manufacturing, marketing, distribution and sales relationship (SBUX) 34.54 : SBUX and GMCR announce a strategic relationship for the manufacturing, marketing, distribution and sale of Starbucks and Tazo tea branded K-Cup portion packs for use in GMCR's Keurig Single-Cup brewing system. The new relationship furthers SBUX stated goals of expanding its presence in premium single-cup coffee. SBUX is the exclusive, licensed super-premium coffee brand produced by GMCR for the Keurig Single-Cup brewing system. SBUX and GMCR plan to make Starbucks K-Cup portion packs available through food, drug, mass, club, specialty and department store retailers throughout the U.S. and Canada beginning in the fall of 2011.
6:10AM Canadian Solar misses by $0.07, beats on revs; reaffirms FY11 shipment guidance (CSIQ) 13.70 : Reports Q4 (Dec) earnings of $0.58 per dilluted share, $0.07 worse than the Thomson Reuters consensus of $0.65; revenues rose 57.7% year/year to $452.7 mln vs the $417.6 mln consensus. Co reports Shipments of 237 MW for 4Q10, compared to shipments of 200 MW for 3Q10. Gross margin of 17.0% for 4Q10 compared to gross margin of 17.3% for 3Q10. With regard to 1Q11 Guidance: Co expects shipments will be approximately level with 4Q10, despite seasonality caused by unfavorable weather conditions in both Europe and North America. Co expects gross margin for 1Q11 to be between 14-15%, primarily due to declines in module ASP, higher costs in certain raw materials, and low production volume during the Chinese New Year holiday period. With regard to Full Year Guidance for 2011: Co reiterates previous guidance of shipments of ~1,200-1,300 MW.
6:02AM E-House China misses by $0.03, beats on revs; guides Q1 revs below consensus (EJ) 11.79 : Reports Q4 (Dec) earnings of $0.25 per share, $0.03 worse than the Thomson Reuters consensus of $0.28; revenues rose 6.9% year/year to $125.2 mln vs the $116.8 mln consensus. Co issues downside guidance for Q1, sees Q1 revs of $80-82 mln vs. $82.23 mln Thomson Reuters consensus.
5:52AM Ameron Int'l responds to Barrington Group proxy contest; states a number of Barrington's issues will be resolved near-term upon hiring of new CEO (AMN) 70.98 : Co addresses issues in response to Barrington Group's proxy contest to elect stockholder rep to Board. Co reitterates that it performed well in relative and absolute terms even after considering the impact of the global recession. States that its mgmt continuously review the co's strategies and strategic options. Co states that a number of the issues claimed by Barington will be resolved in the near term when a new CEO is hired. Lastly co feels Mr. Mitarotonda is not the right director for co as they feel he lacks competence and the right experience, and the Board has questions about his integrity.
5:06AM Elbit Medical Imaging reports an off-market take over bid by its indirect subsidiary for EDT shares (EMITF) 11.50 : Co announces that its indirect subsidiary, EPN Investment Management, has announced an off-market takeover bid by EPN GP or an entity affiliated with it to acquire all of the outstanding units of EDT Retail Trust that EPN affiliates do not already own. EPN's unconditional offer is to buy all outstanding units of EDT that EPN does not already own (approximately 52%) for AUD0.078 cash per EDT unit. The total consideration which will be paid by EPN, in the event of full take up of EDT units by EPN, shall be ~$190 mln.
4:36AM China Real Estate Info reports EPS in-line, beats on revs; guides Q1 revs above consensus (CRIC) 7.02 : Reports Q4 (Dec) earnings of $0.12 per share, in-line with the Thomson Reuters consensus of $0.12; revenues rose 51.0% year/year to $62.4 mln vs the $57.5 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of $39-41 mln vs. $30.69 mln Thomson Reuters consensus.
4:30AM UK Jan Industrial Production +0.5% vs revised +0.6% in Dec (prior +0.5%) (EWU) 18.14 : Jan Manufacturing Production +1.0% vs -0.1% in Dec
4:20AM Human Genome and GlaxoSmithKline (GSK) receive FDA approval for Benlysta for treatment of Lupus (HGSI) 25.68 : GSK and co announce that the FDA has approved Benlysta, the injectable drug is designed to relieve flare-ups and pain caused by lupus, a little-understood and potentially fatal ailment in which the body attacks its own tissue and organs. Co spent 15 years developing Benlysta and will co-market it with GSK. This is the first new drug to treat lupus in over 50 years. The cos estimate there are at least 200,000 lupus patients in the US who could benefit from the drug.
4:09AM China Integrated Energy beats by $0.05, beats on revs; guides FY11 revs above consensus (CBEH) 6.18 : Reports Q4 (Dec) earnings of $0.39 per share, $0.05 better than the Thomson Reuters consensus of $0.34; revenues rose 26.5% year/year to $118 mln vs the $116.1 mln consensus. Co issues upside guidance for FY11, sees FY11 revs of $588.1 mln vs. $545.97 mln Thomson Reuters consensus. Co sees net income of $72.2 mln vs $69.7 mln Thomson Reuters consensus.
4:01AM ECB Monthly Bulletin largely in line with ECB's March 3 press conf (VGK) 51.87 : For details of this report, click here
3:18AM On The Wires (WIRES) :
• A woman filed suit in the federal court assigned to handle the multi-district litigation over a failed hip replacement system from Johnson & Johnson (JNJ) and its unit DePuy Orthopaedics that was recalled from the market.
• STAAR Surgical (STAA) announced that it has entered into an agreement with Ellex Australia for the exclusive distribution of STAAR intraocular lenses in Australia. California
• Pizza Kitchen (CPKI) announced the opening of its second restaurant in India. Baker Hughes (BHI) announced the commercial launch of its GeoForm sand management system with shape memory polymer technology.
• 3M Taiwan, a subsidiary of 3M (MMM), announced that it will establish a customer technology and innovation center in Yang-Mei City, Taoyuan County, to help bring innovation closer to its customers in Taiwan.
• Medtronic (MDT) announced the official opening of its new manufacturing facility, Medtronic Singapore Operations.
• Lenovo (LNVGY) and Intel (INTC) announced the Lenovo Classmate+ PC, a purpose-built laptop designed to improve learning for students in grades K-8.
• Deere & Co (DE) announced it plans to double the manufacturing space at its Domodedovo production facility near Moscow and establish its own leasing company in Russia for the sale of agriculture, construction and forestry machinery.
• Tenaska Solar Ventures selected Soitec's Concentrix CPV Solar Power Technology To Produce 150 Megawatts of Clean Energy For San Diego Gas & Electric, a unit of Sempra Energy (SRE).
• Oxygen Biotherapeutics (OXBT) announced it has entered into an agreement with independently owned and operated Comercial Uni2 of Mexico, for the sale of DERMACYTE products.
2:05AM Delek US Holdings beats by $0.01, beats on revs (DK) 11.09 : Reports Q4 (Dec) loss of $0.14 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of ($0.15); revenues rose 16.5% year/year to $989.5 mln vs the $539.3 mln consensus. Same-store merchandise sales increased 4.4% in 4Q10, compared to a same-store sales increase of 5.0% in 4Q09. Same-store food service sales increased 14.3% during 4Q10, driven by increased penetration of fresh and prepared food concepts throughout retail network. Same-store private label sales were ~4% of total merchandise sales during 4Q10, increasing more than 60% when compared to prior-year period. Same-store sales of fuel (gallons) declined less than 1% in 4Q10, versus an increase of 4.2% in prior-year period.
1:45AM Cell Therapeutics FDA provides guidance for design of co's Pixantrone pivotal trial (CTIC) 0.22 : Co announces the final clinical trial design of a randomized pivotal trial of pixantrone for the treatment of diffuse large B-cell lymphoma following discussions with the FDA's Division of Hematologic Products. The new clinical trial, referred to as the PIX-R or PIX 306 trial, will compare a combination of pixantrone plus rituximab to a combination of gemcitabine plus rituximab in patients with relapsed or refractory DLBCL who have received one to three prior lines of therapy, utilizing progression free survival and Overall Survival as co-primary endpoints of the study.
1:39AM CEMEX S.A. prices Convertible Subordinated Notes (CX) 8.68 : Co announces the pricing of $800 mln aggregate principal amount of 3.25% convertible subordinated notes due 2016 and $600 mln aggregate principal amount of 3.75% convertible subordinated notes due 2018.
1:37AM Golden Star Resources COO retires; will remain as consultant; appoints Sam Coetzer as COO (GSS) 2.95 : Co announces that Scott Barr has retired as COO. He will continue with the co as Consulting Technical Advisor to the CEO/COO. Co also announces that Sam Coetzer has joined the co as EVP and COO effective March 9, 2011.
1:31AM Financial Inst. prices 2,446,500 shares of its common stock at a price of $16.35 per share (FISI) 16.79 : The co expects to use a portion of the net proceeds from this offering to repurchase the remaining outstanding shares of the co's Series A Fixed Rate Cumulative Perpetual Preferred Stock and associated warrant to purchase up to 378,175 shares of the co's common stock issued to the US Department of the Treasury as part of the TARP Capital Purchase Program. The co expects to use the remaining portion of the net proceeds of this offering for general working capital purposes.
1:29AM NXP Semi files for secondary offering of ~25 mln shares of common stock; no shares are being issued or sold by the co; will not receive any proceeds from this offering (NXPI) 27.78 :
1:27AM Logic Devices transitions to OTCQB marketplace effective March 10; ticker to remain LOGC (LOGC) 0.70 :
1:23AM Exelixis prices 15 mln share public offering at $11.00 (EXEL) 11.28 :
1:20AM Cisco Systems prices $4 bln of Senior Unsecured Notes (CSCO) : Co announces the pricing of three series of senior unsecured notes for an aggregate principal amount of $4 bln. The offering is expected to close on March 16, 2011. Of these notes, $2.0 bln will mature in March 2014 and will bear interest at an annual rate of 1.625%, $1.25 bln will mature in March 2014 and will bear interest at a floating rate equal to three-month LIBOR plus 25 basis points, and $750 mln will mature in March 2017 and will bear interest at an annual rate of 3.150%. Co intends to use the net proceeds from this offering for general corporate purposes.
1:15AM Jackson Hewitt cancels quarterly earnings conference call in light of ongoing discussions between co and lenders under its senior secured credit agreement (JTX) 1.25 :
1:11AM TCF Financial prices 13,114,755 shares of its common stock has priced at $15.25 per share (TCB) 15.58 : Co expects to use the net proceeds of the offering to repay its senior unsecured notes, redeem trust preferred securities upon the occurrence of a future capital treatment event and for general corporate purposes, including to enhance co's capital ratios and therefore, co's ability to pursue growth and acquisition opportunities.
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