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Re: 3xBuBu post# 66317

Monday, 04/18/2011 7:25:18 PM

Monday, April 18, 2011 7:25:18 PM

Post# of 72979
Market Update: 110418
4:30 pm : The major equity averages worked their way up from session lows, but still settled with losses on the order of 1%. Negativity was initially the result of weakness among Europe's bourses, but it was then exacerbated by news that S&P lowered its outlook on U.S. debt to negative.

Stocks opened trade sharply lower. The initial sell-off came as a culmination of concerns stemming from speculation about debt restructuring for less fiscally responsible eurozone nations like Greece, Ireland, and Portugal and news that analysts at S&P lowered their outlook on U.S. debt to Negative. The AAA rating currently held by the U.S. was affirmed, though.

Those headlines completely overshadowed the latest round of earnings results, which included upside earnings surprises from Citigroup (C 4.42, +0.00), Halliburton (HAL 47.14, +0.32), and Eli Lilly (LLY 35.62, -0.39). As has been the case since the start of earnings season one week ago, strong announcements didn't necessarily translate to gains, especially in the face of broad market selling interest.

At the depths of this session's slide, the Dow was down more than 200 points and the S&P 500 was down more than 20 points so that it traded below the 1300 line at 1295.

Stocks gradually worked their way higher in afternoon trade. There wasn't a single sector that made its way back to the flat line, but tech stocks and consumer staples stocks did the best job of limiting losses. Each sector finished with a loss of 0.7%. Tech's relative strength came even though only three stocks in the sector -- Akamai Tech (AKAM 39.73, +1.64), Apple (AAPL 331.85, +4.39), and Qualcomm (QCOM 53.29, +0.15) -- managed to make gains. Meanwhile, grocers propped up consumer staples stocks after Supervalu (SVU 10.67, +0.05) issued upside guidance.

News of the change to the U.S. debt outlook caused knee-jerk selling among Treasuries this morning, but their ability to rebound to solid gains suggested that the news was largely priced in.

The dollar was also dropped in morning trade, but it quickly reclaimed gains and then some. In turn, the Dollar Index climbed to a 0.9% gain. Most of the advance came against the euro, which was quoted 1.3% lower at $1.423 as of the close of today's trade.

Despite the dollar's advance, precious metals were able to put together strong performances amid this session's volatility. Gold settled with a 0.5% gain at $1492.90 per ounce after it set a record high of $1498.60 per ounce. Silver settled 0.9% higher at $42.98 per ounce after it hit $43.56 per ounce, which is its highest level in more than 30 years.

Advancing Sectors: (None)
Declining Sectors: Consumer Staples (-0.7%), Tech (-0.7%), Utilities (-0.9%), Consumer Discretionary (-0.9%), Health Care (-1.2%), Telecom (-1.3%), Materials (-1.3%), Industrials (-1.3%), Financials (-1.4%), Energy (-1.5%)DJ30 -140.24 NASDAQ -29.27 NQ100 -0.7% R2K -1.6% SP400 -1.7% SP500 -14.54 NASDAQ Adv/Vol/Dec 531/1.80 bln/2089 NYSE Adv/Vol/Dec 577/1.04 bln/2445

3:30 pm : Commodities finished the session mixed today, with gains (+2.2%) leading gainers and energy (-1.6%) leading all decliners.

Risk aversion, following S&P's outlook revision on the US earlier this morning, caused May crude oil to drop 2.3% to close at $107.12 per barrel. Crude oil spent most of the session chopping around near its lows. May natural gas shed 1.7% to close at $4.13 per MMBtu.

The outlook revision sent the precious metals higher today, in a flight to safety. June gold finished higher by 0.5% to $1492.90 per ounce, while May silver ended up 0.9% to $42.98 per ounce. Gold approached $1500, but came up just shy after notching highs at $1498.60, a fresh all-time high. Silver rallied to a new ~31 yr high at $43.56. DJ30 -143.27 NASDAQ -30.64 SP500 -14.24 NASDAQ Adv/Vol/Dec 455/1.4 bln/2142 NYSE Adv/Vol/Dec 500/748.4 mln/2492

3:00 pm : After taking a bit of a breather, the stock market has extended its upturn so that it is now at its best level of the day. Even though the effort is reducing the severity of today's sell-off, which was looking like it would be the stock market's worst single day drop in a month when stocks were at their session low, each major equity average is still down by more than 1%.

Only an hour remains in today's trade. Participants can look forward to results from Texas Instruments (TXN 34.93, -0.06) after the close. Goldman Sachs (GS 153.94, -1.19) and Johnson & Johnson (JNJ 60.60, +0.04) report tomorrow morning. DJ30 -151.14 NASDAQ -33.04 SP500 -14.92 NASDAQ Adv/Vol/Dec 474 /1.30 bln/2126 NYSE Adv/Vol/Dec 494/655 mln/2478

2:30 pm : The stock market's recent upturn has stalled, but tha hasn't invited any kind of renewed selling effort. Rather, stocks continue to rest near their afternoon highs.

Consumer staples stocks are in the best shape today -- the group's 0.7% loss is the least severe of any major sector. Although the consumer staples sector is down markedly, its relative strength is consistent with the recent sessions, during which the sector has frequently outperformed the broader market. Supervalu (SVU 10.66, +0.04) and Safeway (SWY 24.98, +0.14) are primary leaders in the consumer staple space today, thanks to upside guidance from Supervalu. DJ30 -177.40 NASDAQ -40.89 SP500 -18.01 NASDAQ Adv/Vol/Dec 431/1.21 bln/2162 NYSE Adv/Vol/Dec 425/610 mln/2545

2:00 pm : Buyers have started to show some signs of life. Their timid entry into early afternoon action has taken the stock market out of its recent trading range to its best level since the early going. The market still has a long way to go before it can fully offset today's decline, though.

The stock market's recent upturn comes after Treasuries recently recorded a session high. Buying in Treasuries has taken the yield on the benchmark 10-year Note down to a multi-week low of 3.37%. The one-month low for the yield is just below 3.26%; it was set on March 18.DJ30 -182.43 NASDAQ -40.75 SP500 -18.13 NASDAQ Adv/Vol/Dec 386/1.11 bln/2186 NYSE Adv/Vol/Dec 370/565 mln/2600

1:30 pm : Steady trade has left the stock market to continue its sideways drift, which has kept it in a relatively narrow trading range for the past couple of hours.

This session's sell-off has come amid healthy volume. In fact, more than a half billion shares have already been traded on the NYSE. What's more, the pick up in participation comes after many trading activity had seen a surge with the expiration of monthly options this past Friday. Declining volume currently outnumbers advancing share volume by 4-to-1. DJ30 -213.35 NASDAQ -51.45 SP500 -21.48 NASDAQ Adv/Vol/Dec 382/1.03 bln/2190 NYSE Adv/Vol/Dec 351/530 mln/2610

1:05 pm : Weakness abroad set the stage for sellers this morning. Their case was bolstered by news that analysts at S&P slapped a negative outlook on U.S. debt ratings. Stocks have since descended to their lowest level in weeks.

Although officials tried to shoot down speculation about debt restructuring in Greece, recognition of such a possibility prompted questions about whether a restructuring would lead to similar action in Ireland and Portugal, then thoughts of the implications for the overall eurozone. Such concerns took their toll on the euro.

The euro won some temporary support with news that the AAA rating of the U.S. was affirmed, but its outlook was deemed negative by analysts at S&P. That announcement was made shortly before the open of trade and positioned stocks for a sharply lower start.

Selling pressure slowed only momentarily as the S&P 500 came near the 1300 line, but it quickly traded down through that area before later setting a session low at 1295.

Few stocks have been unable to escape this session's concerted selling effort. Financial plays Citigroup (C 4.47, +0.05) and M&T Bank (MTB 87.31, +1.96) have both been able to put together gains on the back of better-than-expected earnings reports. An upside earnings surprise from oil services outfit Halliburton (HAL 47.60, +0.78) has also moved higher after overcoming some early volatility, but Eli Lilly (LLY 35.67, -0.34) has failed to find any support after the pharmaceutical play exceeded what Wall Street had forecasted for its bottom line.

Both the dollar and Treasuries were undercut by news of the S&P revision to the U.S. debt rating outlook, but they have since rebounded. In turn, the yield on the benchmark 10-year Note is back at 3.40% and the Dollar Index is up 0.9%.

Volatility today has helped precious metals shine in the face of a stronger dollar. Gold was last quoted with a 0.6% gain at $1494 per ounce. Silver was last priced with a 0.8% gain at $42.90 per ounce. Both are down from morning highs, however. DJ30 -215.09 NASDAQ -49.73 SP500 -21.00 NASDAQ Adv/Vol/Dec 376/965 mln/2185 NYSE Adv/Vol/Dec 349/500 mln/2602

12:30 pm : The S&P 500 has spent the past two hours drifting along in a four-point range. Although that range would sometimes make for a fair range of movement, today the span appears relatively tight because of the scope of this morning's opening drop, which took the S&P 500 down about 20 points in little more than five minutes.

The dramatic drop at the open of trade was largely the culmination of weak action in Europe and news that analysts at S&P assigned a negative outlook on the AAA rating of the U.S. The latter headline also undercut Treasuries, but they have managed to rebound so that the yield on the benchmark 10-year Note is back at 3.40%. DJ30 -211.08 NASDAQ +49.59 SP500 -20.95 NASDAQ Adv/Vol/Dec 360/895 mln/2170 NYSE Adv/Vol/Dec 339/460 mln/2597

12:00 pm : Although stocks remain deeply into the red, pressure has eased a bit in the last 30 minutes. That has helped the stock market gradually ease up from its session low.

Today's decline has stoked volatility, such that the Volatility Index, often euphemistically dubbed the Fear Gauge, is up 18%. At its session high, the VIX was above its 50-day average for the first time in a little more than two weeks. DJ30 -202.96 NASDAQ -48.93 SP500 -20.13 NASDAQ Adv/Vol/Dec 344/800 mln/2159 NYSE Adv/Vol/Dec 335/417 mln/2594

11:30 am : The overall tone of trade has been negative since the opening bell, but a handful of stocks have managed to tick higher. Akamai Technologies (AKAM 39.37, +1.28) is among them; the stock's 3% surge comes even though there has been now headline or other catalyst to account for the move. Meanwhile, financial plays Citigroup (C 4.46, +0.04) and M&T Bank (MTB 87.15, +1.80) are up after the pair posted upside earnings surprises for the latest quarter.DJ30 -213.05 NASDAQ -50.84 SP500 -20.97 NASDAQ Adv/Vol/Dec 313/685 mln/2166 NYSE Adv/Vol/Dec 305/359 mln/2596

11:00 am : The S&P 500 pushed through the 1300 line after only a brief pause above it. It attempted to stage a bit of a bounce, but failed to sustain the move so that stocks are now sitting at back at session lows.

Although weakness is widespread, energy stocks have suffered the worst losses this session. In turn, the sector is down 2.3%. Integrated plays like Chevron (CVX 103.73, -2.51) and ConocoPhillips (COP 77.46, -1.66) are primary sources of weakness, but even Halliburton (HAL 46.42, -0.40) is down nearly 1% after the company announced an upside earnings surprise for the latest quarter.DJ30 -209.94 NASDAQ -50.74 SP500 -20.50 NASDAQ Adv/Vol/Dec 295/565 mln/2147 NYSE Adv/Vol/Dec 307/298 mln/2578

10:35 am : The dollar index has erased all of its losses in recent trade, which has weighed on commodities. While the commodities complex is getting hit, some commodities with the most exposure to China are seeing, or may see, additional pressure after China raised banks' reserve requirements for the fourth time this year. These commodities include soybeans (-0.6%), copper (-1.1%) and crude oil (-2.4%).

Crude oil has been in the red all session. In recent activity, crude hit new session lows of $106.74/barrel and is currently down 2.4% at $107.06/barrel.

Natural gas was slightly lower overnight and in the early morning session. At 8:00am ET, the energy component gained steam and rallied into positive territory. However, this was short-lived as natural gas erased all of its gains and fell to new session lows of $4.12/MMBtu. Nat gas is now 1.4% lower at $4.14/MMBtu.

Precious metals have been volatile as well this morning. Gold and silver both just pulled back sharply, falling back into negative territory. In current action, gold is 0.1% lower at $1484.70/ounce, while silver is down 0.7% at $42.26/ounce.DJ30 -192.69 NASDAQ -47.60 SP500 -18.57 NASDAQ Adv/Vol/Dec 305/407.0 mln/2102 NYSE Adv/Vol/Dec 272/224.3 mln/2565

10:00 am : After stabilizing for a few minutes, stocks have started to slide lower. The descent has the S&P500 sitting just above the psychologically significant 1300 line. The stock market hasn't been below that point in more than three weeks.

Treasuries have failed to attract much support, even though stocks have been shunned. The weakness surrounding Treasuries comes in the wake of news that analysts at S&P assigned a negative outlook to the AAA rating of the U.S.

Advancing Sectors: (None)
Declining Sectors: Energy (-2.0%), Materials (-1.9%), Industrials (-1.9%), Tech (-1.8%), Consumer Discretionary (-1.8%), Financials (-1.5%), Telecom (-1.0%), Consumer Staples (-0.9%), Utilities (-0.7%)DJ30 -213.34 NASDAQ -50.10 SP500 -19.53 NASDAQ Adv/Vol/Dec 274/185 mln/2035 NYSE Adv/Vol/Dec 260/120 mln/2478

09:45 am : A concerted selling effort has taken stocks down sharply in the first few minutes of trade. The effort has been broad based, but financials are suffering from some of the hardest hits as they trade with a 1.9% loss.

Despite weakness in the financial sector, Citigroup (C 4.48, +0.06) is still up more than 1% this morning. The stock's resilience comes in the wake of an upside earnings surprise. DJ30 -170.78 NASDAQ -38.06 SP500 -17.05 NASDAQ Adv/Vol/Dec 247/50 mln/1951 NYSE Adv/Vol/Dec 222/50 mln/1894

09:15 am : S&P futures vs fair value: -13.60. Nasdaq futures vs fair value: -23.10. News that analysts at S&P have issued a negative outlook on U.S. ratings, which were affirmed at AAA status, has sent stock futures another leg lower. Stock futures had already been imbued by weakness in Europe, where pessimism has been spurred by speculation of a debt restructuring in Greece. Concern about the financial health of countries in the eurozone contingent had put pressure on the euro, but news of the outlook change for U.S. debt has helped the euro cut its loss against the greenback so that the euro is now down 0.6% at $1.43. Meanwhile, precious metals have moved higher so that gold is now out of the red to a 0.5% gain at $1494 per ounce and silver is up 1.4% to more than $43 per ounce. Oil prices are still down 1.7% to just below $108 per barrel. Corporate news has been of secondary concern. In turn, upside earnings surprises from Citigroup (C), Eli Lilly (LLY), and Halliburton (HAL) have been shrugged off by permarket participants.

09:05 am : S&P futures vs fair value: -12.10. Nasdaq futures vs fair value: -22.90. A barrage of selling pressure has knocked stock futures a leg lower. The action comes in response to news that analysts at S&P have affirmed the ratings on the U.S., but issued a negative outlook. The news has caused the greenback to give up some of its gain against the euro, which is now down 0.6% at $1.43.

08:35 am : S&P futures vs fair value: -5.80. Nasdaq futures vs fair value: -7.30. Europe's major bourses are presently under stiff pressure. The backslide comes amid speculation about a possible debt restructuring by Greece, although officials from the country have refuted those reports. Naturally, some shifted their suspicion toward Portugal and Ireland. Several of Irelands financial institutions, including Allied Irish Bank (AIB) and Bank of Ireland (IRE), were downgraded by analysts at Moody's after the rating firm revised downward the country's debt rating last week. Ireland's ISEQ is currently off by 0.7%. Spain's IBEX has sunk to a 1.5% loss. Meanwhile, Germany's DAX is down 1.1%. France's CAC is off by 1.5%. Britain's FTSE is off by 1.0%. Amid concerns about the finances of countries in the eurozone contingent, the euro is down a sharp 0.9% against the dollar. The euro was last quoted at $1.43.

Overnight action in Asia concluded with Japan's Nikkei down 0.4%, Hong Kong's Hang Seng down 0.7%, and China's Shanghai Composite up 0.2%. Banks in China and Hong Kong encountered some of the most pressure after traders digested news that the Peoples Bank of China tacked on another 50 basis points to their reserve requirement ratio. The hike came after data last week showed rapid growth and a sharp increase in inflation.

08:05 am : S&P futures vs fair value: -5.90. Nasdaq futures vs fair value: -7.30. Stock futures are down this morning. Their retreat comes as Europe's major bourses move lower in response to rekindled concerns about sovereign debt, namely that of Greece. Speculation about a possible restructuring of the country's debt has caused spreads on that debt to widen. Many of Asia's major averages settled lower overnight, although China's Shanghai Composite managed to eke out a narrow gain after traders there shrugged off news that the Peoples Bank of China added another 50 basis points to the reserve requirement ratio following the GDP and inflationary readings that were reported late last week. On the earnings front, Citigroup (C) just reported a slim upside earnings surprise. Halliburton (HAL) and Eli Lilly (LLY) also exceeded what Wall Street had expected for earnings. The latest Housing Market Index is the only piece of data on today's economic calendar. It is due at 10:00 AM ET.

06:26 am : [BRIEFING.COM] S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -8.40.

06:26 am : Nikkei...9556.65...-34.90...-0.40%. Hang Seng...23830.31...-177.80...-0.70%.
http://finance.yahoo.com/marketupdate/update

6:50PM Whirlpool Corp increases quarterly dividend 16.3% to $0.50 (WHR) 84.88 -0.82 :

6:27PM Teck Resources beats by $0.03 (TCK) 50.68 -1.26 : Reports Q1 (Mar) adjusted earnings of $0.76 per share, $0.03 better than the Thomson Reuters consensus of $0.73; revenues rose 24.9% year/year to $2.37 mln vs the $2.3 bln consensus. Co said, "As a result of the recently settled labour disruption at our Elkview operation and unusually difficult winter weather conditions, which have impacted production and shipments in Q1, we expect coal sales in 2011 to be between 23.5-24.5 million tonnes. We now expect the unit mining cost of product sold at Teck Coal to be in the range of $63-67 per tonne for the year, due primarily to lower coal volumes. This annual production and cost guidance does not reflect any provision for other potential labour disruptions. We expect annual copper sales to be in the range of 330,000-340,000 tonnes. Work continues to assess the extent of the ore hardness issue at our Carmen de Andacollo operation and to optimize the mill circuit of the new plant to increase throughput. As a result of the recent earthquake and tsunami in Japan, we have carried out an initial review with our customers and currently expect minimal impact on sales of our core commodities of copper, steelmaking coal and zinc to Japan."

5:57PM Brown & Brown misses by $0.01, misses on revs (BRO) 25.96 -0.18 : Reports Q1 (Mar) earnings of $0.32 per share, $0.01 worse than the Thomson Reuters consensus of $0.33; revenues rose 3.9% year/year to $262.2 mln vs the $267.4 mln consensus.

5:42PM Neutral Tandem announces plans concerning $50 mln self tender offer (TNDM) 14.41 -0.58 : Co announced that it has reached an agreement with institutional shareholder Clinton Group, Spotlight Advisors, LLC and certain additional parties. Following its 2011 annual meeting of shareholders, the CO will appoint two new independent directors. One director will be selected by the Board from a list of nominees suggested by the Clinton Group and Spotlight. Co said, "We look forward to working with two new experienced and independent directors." The co also agreed to convert its existing $50 mln stock buyback program into a "Dutch auction" tender offer within the next sixty days and to form a Capital Allocation Committee, a new Board committee that will be responsible for considering key issues regarding the co's capital structure and capital allocation. The investors have agreed, among other things, to withdraw their notice of intent to nominate individuals for election as directors at the 2011 annual meeting and not to take certain actions during a "standstill" period.

5:37PM Cardero receives additional positive drill results from Longnose Resource definition drilling & updates Trevali Mining Corp share position (CDY) 1.78 : Co announces positive analytical results from on-going resource definition drilling at the Longnose Ferro-Titanium project, north-eastern Minnesota, USA. Following completion of the 2011 drilling program at Longnose, SRK Consulting will complete an initial NI 43-101 compliant resource estimate. Initial results confirm continued semi-massive to massive iron and titanium oxide mineralization beyond the known limits of mineralization.

5:34PM Steel Dynamics pops 3.9% to $18.14 following Q1 earnings results (see 17:33 comment) (STLD) 17.46 -0.32 :

5:33PM Steel Dynamics beats by $0.05, beats on revs (STLD) 17.46 -0.32 : Reports Q1 (Mar) earnings of $0.46 per share, $0.05 better than the Thomson Reuters consensus of $0.41; revenues rose 29.6% year/year to $2.02 bln vs the $1.81 bln consensus. "Looking ahead for 2011, our view remains optimistic. We are seeing the continuation of improvements in the U.S. economy and still anticipate increased steel consumption throughout the year as sectors, such as automotive, transportation, energy, industrial, agricultural, and construction equipment, maintain momentum. We also expect Q2 to be solid and will provide quantitative guidance in June."

5:30PM Granite awarded $41 mln rail relocation project in Northern California; co booked the project into its Q1 2011 backlog (GVA) 25.91 -0.64 :

5:20PM Crane beats by $0.16, beats on revs; raises FY11 EPS above consensus, revs above consensus (CR) 47.08 -0.018 : Reports Q1 (Mar) earnings of $0.81 per share, $0.16 better than the Thomson Reuters consensus of $0.65; revenues rose 15.2% year/year to $611 mln vs the $576.7 mln consensus. Co raises guidance for FY11, sees EPS of 3.05-3.25, excluding non-recurring items, vs. $2.96 Thomson Reuters consensus; raises FY11 revs to growth of ~10-12%, which calculates to ~$2.44-2.48 bln vs. $2.41 bln Thomson Reuters consensus, up from +7-9%, which calculated to $2.37-2.42 bln.

5:09PM Pinnacle Airlines Releases March Performance Data; load factor fell 3.4 pts. to 73.3% (PNCL) 5.26 -0.19 : Co reported March available seat miles growth of 69.2% to 1,043,481, reports revenue passanger miles rose 61.6% to 764,419.

5:02PM Packaging Corp misses by $0.02, beats on revs; guides Q2 EPS below consensus (PKG) 27.57 -0.60 : Reports Q1 (Mar) earnings of $0.39 per share, excluding non-recurring items, $0.02 worse than the Thomson Reuters consensus of $0.41; revenues rose 14.3% year/year to $629.5 mln vs the $619.1 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.35 vs. $0.45 Thomson Reuters consensus. "we will complete the bulk of our annual maintenance and major capital project work in Q2 which will result in production losses totaling 39,000 tons, or 17,000 tons higher than the first quarter. The higher production losses will also result in higher outage related costs, including repairs. Costs for chemicals, transportation and energy are also expected to increase. Corrugated products shipments are expected to increase and energy usage will be lower with warmer weather. Considering these items, we currently expect second quarter earnings of about $0.35 per share."

5:00PM China Agritech received notice of delisting from Nasdaq and has filed an appeal (CAGC) 6.25 :

4:45PM FSI International receives multiple ANTARES system orders (FSII) 3.86 -0.09 : Co announced that it received orders for multiple ANTARES Cryokinetic cleaning systems. The logic and foundry chip providers that placed these orders currently use the ANTARES system for various BEOL particle removal processes including particle removal after in-line wafer testing and other high defectivity steps to focus on improving overall device yield. Unlike aqueous technologies, Cryokinetic cleaning technology is uniquely qualified for these applications because of its all-dry defect removal method. FSI has over 150 ANTARES process modules in production at foundry and logic device producers worldwide. The systems are expected to ship in the second half of fiscal 2011.

4:42PM Boeing selected for 2nd round of NASA commercial crew development worth $92.3 mln (BA) 72.79 +0.19 : Co has been selected for the second round of NASA's Commercial Crew Development program. Under a $92.3 mln CCDev-2 contract, the company will further mitigate program risk and mature the system design of its Crew Space Transportation-100 spacecraft.

4:37PM Copano Energy announces 400,000 Mcf per day expansion of its Houston Central Processing Capacity (CPNO) 36.29 0.00 : Co announced plans to expand processing facilities at its Houston Central complex, located in Colorado County, Texas, in response to producer demand in the rapidly developing Eagle Ford Shale play. The expansion project will consist of a new 400,000 Mcf per day cryogenic processing plant and will bring Copano's total processing capacity at its Houston Central complex to 1.1 Bcf per day. Anticipated capital spending for the expansion is estimated to be ~$145 mln, with an expected in-service date in early 2013. Start-up of the new plant is anticipated to coincide with commencement of Copano's firm capacity at Formosa Hydrocarbons Company's Point Comfort petrochemical facility under a previously announced NGL fractionation and sales agreement.

4:33PM Texas Instruments misses by $0.03, reports revs in-line; guides Q2 revs in-line, Q2 EPS Expected to see Negative 5 Cent Impact from Japan Earthquake (TXN) 34.79 -0.20 : Reports Q1 (Mar) earnings of $0.55 per share, $0.03 worse than the Thomson Reuters consensus of $0.58; revenues rose 5.8% year/year to $3.39 bln vs the $3.4 bln consensus. TXN reports Q1 Gross Margin of 50.9 % vs 52.8% Street Expectations. Co issues guidance for Q2, sees EPS of $0.52-0.60, which includes a $0.05 negative impact from the impact of the Japanese earthquake and aftermath, may not be comparable to $0.63 Thomson Reuters consensus; sees Q2 revs of $3.41-3.69 bln vs. $3.53 bln Thomson Reuters consensus.

4:33PM UNITIL Corporation confirms Independent review concludes co's management practices are sound (UTL) 23.51 -0.22 :

4:32PM Lincare reports EPS in-line, revs in-line (LNCR) 30.76 +0.35 : Reports Q1 (Mar) earnings of $0.49 per share, in-line with the Thomson Reuters consensus of $0.49; revenues rose 5.3% year/year to $431.6 mln vs the $431.5 mln consensus.

4:32PM Altria: Philip Morris USA said a federal judge rejected a request by a group of California plaintiffs seeking class certification in a medical monitoring lawsuit saying that there was no reliable way to identify the class members (MO) 26.55 -0.46 :

4:31PM RTI Biologics announces processing and supply agreement with Alphatec Spine (ATEC) for BioCleanse-sterilized spinal allografts (RTIX) 2.77 -0.01 : Under the agreement, which is effective immediately and has a three year term with the option to renew, co will process allograft implants for use in spine made from assembled cortical allograft.

4:31PM American Intl announced that an affiliate of Perella Weinberg Partners' will acquire AIG Rail Services; Financial terms of the transaction were not disclosed (AIG) 31.31 -0.15 :

4:31PM Quad/Graphics plans to invest in and restructure its book manufacturing platform (QUAD) 40.84 -0.63 : Co plans to invest more than $15 million over the next several months to strengthen its book manufacturing platform in Martinsburg, W.Va. This investment is in addition to previously announced capital expenditures to enhance its book-component manufacturing capabilities in Leominster, Mass., as well as recent investments in digital press technology at the company's Fairfield, Pa., and Dubuque, Iowa, book facilities. Co will close its Buffalo, N.Y., book facility in the fourth quarter of 2011.

4:29PM Neoprobe reaches agreement with Platinum on Board nominations (NEOP) 4.41 +0.37 : Co announces that it has reached an agreement with Platinum Montaur Life Sciences and its affiliate Platinum Partners Value Arbitrage Fund regarding the nomination of Neoprobe directors and other matters related to Neoprobe's 2011 Annual Meeting. The co and Platinum have agreed to appoint Peter Drake, and Jess Emery Jones, to fill two current board vacancies with terms expiring at the 2012 annual meeting of stockholders. The Company also agreed to nominate Drs. Drake and Jones for election as directors of the Company for terms expiring at the Company's 2014 Annual Meeting.

4:27PM RenaissanceRe announces $220 mln initial estimated net negative impact from the Tohoku Earthquake (RNR) 68.54 -0.54 : The co's estimates are based on a review of its potential exposures, preliminary discussions with certain counterparties and catastrophe modeling techniques. Given the magnitude and recent occurrence of this event, limited claims data received to date, the contingent nature of business interruption and other exposures, potential uncertainties relating to reinsurance recoveries and other uncertainties inherent in loss estimation, meaningful uncertainty remains regarding losses from this event. Accordingly, the co's actual net negative impact from this event will likely vary from this preliminary estimate, perhaps materially so.

4:26PM Harleysville Group sees Q1 EPS well below consensus due to unusually severe weather (HGIC) 32.48 -0.29 : Co expects to report first quarter diluted operating income approximating last year's first quarter results of $0.28 per share after taxes (consensus $0.66). The current quarter's results will be reduced $0.21 per share by catastrophe losses, while the prior year's quarter was reduced $0.49 per share by catastrophe losses. At the same time, Harleysville Group anticipates a statutory combined ratio -- adjusted for the non-recurring impact of the pool change effective January 1, 2011 -- approximating the level reported in the first quarter of 2010. The combined ratio will reflect significant winter losses not meeting the catastrophe definition, as well as 4.5 points of catastrophe losses for the quarter. In the first quarter of 2010, Harleysville Group reported a statutory combined ratio of 107.8 percent, which reflected 10.0 points of catastrophe losses. Both years' catastrophe losses exceed the company's long-term average. "During the first quarter, we experienced unusually severe winter weather throughout much of the Mid-Atlantic and Northeast, especially in New England and New York. The number of events--coupled with their frequency and closeness to one another in time--combined to produce elevated catastrophe and non-catastrophe claims activity throughout commercial and personal lines. We saw an abnormal increase in water damage, ice dams, roof collapses and fire losses in property, automobile claims, and weather-related casualty losses."

4:25PM RLI Corp beats by $0.19, reports revs in-line (RLI) 58.43 -0.30 : Reports Q1 (Mar) earnings of $1.11 per share, excluding non-recurring items, $0.19 better than the Thomson Reuters consensus of $0.92; revenues fell 1.8% year/year to $136.8 mln vs the $137.8 mln consensus.

4:16PM Silicon Graphics announces that Japan's Semiconductor Energy Laboratory has purchased a high performance computing solution consisting of an SGI Altix ICE 8400 to accelerate the research and development of semiconductor technology (SGI) 17.50 -1.17 :

4:15PM Constellation Energy Partners confirms court approves settlement in Alabama lawsuit (CEP) 2.28 -0.07 : Co announced that the Circuit Court of Tuscaloosa County, Alabama has approved the settlement between the company, Trust Venture Company and Torch Energy Royalty Trust. In its order, the court acknowledged receiving the report from counsel for the trustee of the Trust that no objections to the proposed settlement had been received, confirmed after review that the settlement is fair, reasonable and adequate, and ordered that the derivative lawsuit that is the subject of the settlement be dismissed, with prejudice. The anticipated effective date of the settlement is June 13, 2011, absent appeal of the court's order.

4:15PM Hewlett-Packard announced that Thomas E. Hogan, executive vice president, Enterprise Business Sales and Marketing, has decided to leave the company (HPQ) 39.75 -0.51 :

4:14PM Badger Meter misses by $0.21, misses on revs (BMI) 37.85 -0.90 : Reports Q1 (Mar) earnings of $0.22 per share, $0.21 worse than the Thomson Reuters consensus of $0.43; revenues fell 7.1% year/year to $57.4 mln vs the $68.2 mln consensus. "This was a challenging quarter for Badger Meter. Increased sales of manually read water meters and specialty products were not enough to offset lower sales of automatic meter reading (AMR) and advanced metering infrastructure (AMI) technology products. In addition, our profit margin was affected by higher copper costs and product mix... We are seeing a slowing of the decision-making process in the municipal water market as discussions about potential spending cutbacks continue at the local, state and federal levels, and we believe some customers are waiting for the release of the new Badger ORION SE two-way fixed network system. The severe winter in the Midwest and Northeast also impacted our sales. Municipal budgets were strained by snow removal costs and meter installations declined as manpower was shifted to plowing operations. Other factors affecting first quarter sales included the continued lag in housing starts and tightness in the municipal bond market... While we are disappointed with the slowdown in the municipal water market, we believe this is a temporary occurrence that will improve as the year progresses. We are seeing a strengthening of orders and margins as we move into Q2 which we hope will continue."

4:08PM 3D Systems expands technical partnership with Lotus Renault GP Formula 1 team following last year's refresh of its SLA production printer fleet at Advanced Digital Manufacturing Centre in England (TDSC) 47.45 -1.41 :

4:08PM James River Coal announces termination of tender offer for and call for redemption of outstanding 9.375% senior notes due 2012 (JRCC) 21.74 -0.57 :

4:06PM Molina Healthcare beats by $0.09, misses on revs; reaffirms FY11 EPS guidance (MOH) 39.22 -1.95 : Reports Q1 (Mar) earnings of $0.56 per share, $0.09 better than the Thomson Reuters consensus of $0.47; revenues rose 15.8% year/year to $1.12 bln vs the $1.14 bln consensus. Co reaffirms guidance for FY11, sees EPS of $2.20 vs. $2.25 Thomson Reuters consensus. "Although the co's first quarter financial performance was strong, budgets in every state in which the co operates its health plans are in deficit and are likely to remain so through state fiscal year 2012. Given this uncertainty in the rate environment, any adjustment to our guidance is unwarranted at this time." Medical care costs as a percentage of premium revenue (the medical care ratio, or MCR) was 84.5% in the first quarter of 2011 compared with 82.7% in the fourth quarter of 2010.

4:06PM Ligand Pharma names Matthew Foehr COO effective today (LGND) 9.97 +0.06 :

4:05PM ICU Medical beats by $0.10, beats on revs; raises FY11 EPS in-line, reaffirms FY11 revs guidance (ICUI) 43.31 : Reports Q1 (Mar) earnings of $0.57 per share, $0.10 better than the Thomson Reuters consensus of $0.47; revenues rose 11.0% year/year to $71.5 mln vs the $70.4 mln consensus. Co issues guidance for FY11, raises EPS to $2.30-2.50, up from $2.25-2.45 seen previously vs. $2.38 Thomson Reuters consensus; sees FY11 revs of $295-305 mln vs. $305.79 mln Thomson Reuters consensus.

4:03PM Smart Modular Tech confirms PTO rejects 50 Claims of Netlist's 912 Patent (SMOD) 7.98 -0.04 : Co announced that the US PTO has rejected 50 of 51 claims in Netlist's (NLST) U.S. Patent No. 7,619,912 in a first office action in SMART's reexamination of the '912 patent. Netlist's '912 patent relates to "rank multiplication" technology associated with high density registered DIMMs that support the high growth server market. The PTO rejected Netlist's '912 patent claims on multiple grounds including that SMART's Patent Application No. 2006/0117152 invalidates claims.

4:02PM AXIS Capital estimates net financial impact of Japan earthquake and tsunami at $285 mln (AXS) 35.49 -0.33 : Co estimated that the total net financial impact of the Japan earthquake and tsunami is expected to be $285 mln, net of tax, reinsurance recoveries and reinstatement premiums. Losses related to the Japan earthquake and tsunami are expected to primarily impact the reinsurance segment of the Co. The Co has assumed a total loss to a significant local reinsurance program that provides coverage to a cooperative mutual with significant market share in the regions affected by the earthquake and tsunami. The net loss from the Japan earthquake to the Company's insurance segment is not expected to exceed $25 mln due to reinsurance coverage limiting net retentions in the segment.

4:01PM Amicus Therapeutics announces transition of John Crowley from Chairman and CEO to Exec Chairman; Matthew Patterson, President and COO, has been appointed Acting CEO (FOLD) 7.21 +0.01 : Co announces that John F. Crowley will transition from Chairman and Chief Executive Officer to Executive Chairman in order to devote more time to interests related to public policy, civic service, and philanthropic endeavors. In his role as Executive Chairman, Crowley will continue to perform his duties as Chairman of the Board of Directors and will advise the current Amicus management team on corporate strategy and the further advancement of the Company's product development pipeline. Matthew R. Patterson, President and Chief Operating Officer of Amicus, has been appointed Acting Chief Executive Officer in addition to his duties as President, effective immediately. The Amicus Board of Directors intends to shortly initiate a search for a full-time Chief Executive Officer and will include MrPatterson as a candidate for the position.

4:01PM MHI Hospitality announces three year extension of credit facility, issuance of preferred stock and warrant and bridge financing (MDH) 2.78 +0.08 : Co has entered into a sixth amendment to its credit agreement. Co also announced that it has entered into a Securities Purchase Agreement with affiliates and related parties of Richmond Hill Investment Company, LP under which the co issued and sold in a private placement 25,000 shares of the Company's Series A Cumulative Redeemable Preferred Stock for a purchase price of $25.0 million and a Warrant to purchase 1.9 mln shares of the common stock at an exercise price of $2.25 per share. Additionally, the Company entered into a Note Agreement with a related party to Richmond Hill pursuant to which the Company has the right to borrow up to $10.0 million at an annual fixed interest rate of 9.25%. "We are pleased with the modification to our credit agreement, as it significantly reduces our Company's near-term debt maturity risk and provides us with the ability to restart our dividend as our hotels continue to improve performance."

4:01PM Argonaut Group announced its preliminary pre-tax loss est for the March 11, 2011, earthquake and tsunami in Japan is approximately $60 mln (AGII) 31.76 +0.14 : Co announces today its preliminary pre-tax loss estimate for the March 11, 2011, earthquake and tsunami in the Tohoku region of Japan is approximately $60 million, net of reinsurance and reinstatement premiums. In reaching this estimate, the company has relied on information currently available from portfolio modeling and assessments of the exposures insured under individual policies and industry loss estimates.

4:00PM J&J Snack Foods entered agreement to acquire the frozen handheld business of ConAgra Foods (CAG) for an undisclosed price (JJSF) 47.15 -0.45 : Co said that it does not expect the acquired business to contribute operating income to the Company over the short term. The business is presently generating sales at an annual rate of approximately $50 million. Closing of the transaction is expected to be in May 2011.

4:00PM ATS Corp announces new contract award totaling $46 mln with Department of Housing and Urban Development (ATSC) 4.49 +0.06 : Co announced that it has been awarded a new contract totaling $46 mln over a five-year term with the U.S. Department of Housing and Urban Development. This contract represents the continuation of the Co's application systems support for HUD's Single Family Computerized Homes Underwriting System and FHA Connection as well as the potential for an expanded scope of services.

4:00PM United Mobile Homes enters into a definitive agreement to acquire 3 manufactured home communities located in Tennessee for ~$3.3 mln (UMH) 10.22 -0.13 :

3:57PM Banro provides update although it is general policy not to comment on market activity or rumors (BAA) 3.04 +0.21 : Co confirms that a document recently circulated purportedly from the Company regarding corporate activity was not prepared by and is not from the Company. Co has no knowledge of the source of this document. While it is Banro's general policy not to comment on market activity or rumours, the co is in preliminary discussions only. Co has not entered into any formal agreement and there is no assurance that any such agreement will be entered into or that any transaction will be pursued or completed. (stock is halted)

3:38PM Banro halted, news pending (BAA) 3.04 +0.21 :

3:30PM Taro Pharmaceutical Ind. receives FDA approval for Imiquimod Cream, 5% (TAROF) 14.36 -0.14 : Taro's imiquimod cream is bioequivalent to Aldara Cream, 5% of Graceway Pharmaceuticals.

3:25PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : Continuous corn futures rose 11 cents to $7.52/bu, cont. wheat rose 30 cents to close at $7.75, cont. soybeans rose 12 cents at $13.44, cont. ethanol closed higher by 0.02 cents at $2.66, while cont. world sugar futures closed flat at 23.00 cents.

3:23PM U.S. Steel attempting to reclaim 200 sma (X) 50.29 -0.23 : The previous four sessions the stock has been flirting with its 200 sma as support. The early gap down start resulted in a quick penetration of this average but it has attempted to rebound back through this afternoon (50.27).

2:51PM Further afternoon recovery for stock indices -- Dow -153, S&P -15, Nasdaq Comp -33 (SPY) : Noted the constructive price action off the low (higher low) in the 13:55 update with the resistance highlighted (1304/1305) tested in recent trade (rebound high 1305). The index needs to maintain a posture above 1301/1300 during any intraday corrective action in order to keep the door open to further upticks. Next resistance is at 1308 (50 DAY ema and 50% retrace of Fri-Mon decline).

2:50PM YM BioSciences reports positive updated anemia response data for its JAK1/JAK2 inhibitor CYT387 disclosed at First Annual Florence Meeting on Myeloproliferative Neoplasms in Florence, Italy (YMI) 2.93 +0.19 : Co announces that updated interim anemia response data were reported for the first 60 patients enrolled in the Phase I/II trial of its JAK1/JAK2 inhibitor, CYT387, for the treatment of myelofibrosis. The results were disclosed by Dr. Ayalew Tefferi, Chair of the Study, during the First Annual Florence Meeting on Myeloproliferative Neoplasms held in Florence, Italy on Saturday, April 16th, 2011. "These results continue to highlight the potential for CYT387 to induce durable anemia responses, as demonstrated using these more rigorous measurement standards... We look forward to reporting updated interim data on CYT387's safety and efficacy profile at the ASCO conference in June." Co reports that the overall anemia response rate was 58% in 33 transfusion-dependent patients. In this assessment, anemia response required a transfusion-free period of >=12 weeks while on protocol drug therapy, with a minimum hemoglobin level of 8 g/dL. The median duration of transfusion independence was reported to be 6 months (range 4-15 months). Only 2 (11%) of the 19 patients who achieved transfusion-independency were reported to require single episodes of PRBC transfusions.

2:48PM Whitestone REIT purchases Desert Canyon Shopping Center in McDowell Mountain Ranch, located in northern Scottsdale, Arizona, for $3.65 million, or $58 per leasable square foot. (WSR) 14.03 -0.02 :

2:43PM IAMGOLD reports Essakane Mine continues to operate without interruption in Burkina Faso (IAG) 19.19 -0.14 : Co provided an update on its Essakane Mine in Burkina Faso, West Africa. "We have not had any disruption to the Essakane operation. We have had no interruptions to our supply chain. More importantly, all of our employees, including 1,800 Burkinabe nationals, are safe and going about their normal routines."

2:43PM Giga-tronics received $1.2 mln order from US Marines for its VXI Synthesizer, the Giga-tronics Model 5008A (GIGA) 2.87 +0.14 :

2:36PM NYMEX Energy Closing Prices (COMDX) : Crude oil dropped $2.54 to settle at $107.12, natural gas shed 6.6 cents to close at $4.138, heating oil finished lower by 3.99 cents to $3.1846, while RBOB gasoline ended down 3.53 cents to $3.2539 (all May contracts).

2:32PM Sigma Designs and Vietnam Multimedia Corporation reached agreement to establish joint venture to develop and market set-top boxes for digital television, smart energy products and home connectivity solutions (SIGM) 12.19 -0.29 :

2:25PM Las Vegas Sands edges above last week's high of 44.88 (LVS) 44.96 +0.83 : Noted relative strength in Casino earlier this morning with LVS continuing to advance. It recently edges above last week's peak with the April high not coming into play until 45.60.

2:15PM Southern Co reports it is increasing its annual dividend rate by $0.07 per share to $1.89 per share (SO) 38.24 -0.09 :

2:00PM America Srvc Gr announced the expiration of the 45-day go-shop period pursuant to the terms of the previously announced Agreement and Plan of Merger (ASGR) 25.76 +0.01 : Co announced the expiration of the 45-day go-shop period pursuant to the terms of the previously announced Agreement and Plan of Merger, dated March 2, 2011, under which the Company and Valitas Health Services, the parent company of Correctional Medical Services, Inc., would be combined. Pursuant to the terms of the Merger Agreement, the Company had the right to solicit alternative acquisition proposals from third parties for a period of 45 calendar days continuing through April 16, 2011.

1:59PM Relative Sector Strength (TECHX) : Sectors that are outperforming the S&P on the bounce extension include: Disk Drive, Computer-Hardware, Software IGV, Technology XLK, Silver SLV, Casino BJK, Internet FDN.

1:55PM Stock indices push above midday range peaks to set minor new recovery highs -- Dow -184, S&P -18, Nasdaq Comp -41 (SPY) : The indices did form constructive higher low patterns off the morning lows with minor new rebound highs established. Initial resistance above the 1300/1301 area for the S&P is at 1304/1305.

1:48PM Live Nation's Ticketmaster partners with MarketShare to develop pricing tools (LYV) 9.74 -0.13 : The tools will use a wide range of data sources, from historical ticket sales to search and video activity and social media data, allowing clients to see a snapshot of meaningful data that would be otherwise impractical to track.

1:46PM Horizon Lines and APMT issue statement on Houston ship incident (HRZ) 1.53 -0.20 : "The Horizon Challenger experienced an unfortunate incident while docking at the APM Terminals facility in Houston on April 15, 2011. After being released by the tug, the vessel clipped the dock and damaged an APM Terminals crane. APM Terminals and Horizon Lines amicably and very quickly resolved the damage issue as part of a normal process that modestly delayed the ship's departure for San Juan, Puerto Rico. The Challenger is currently expected to arrive in San Juan on schedule."

1:41PM Semi Manufacturing announces a definitive investment agreement between SMIC and China Investment Corporation; under the terms of the agreement, CIC will invest US$250 million in SMIC, acquiring 360,589,053 convertible preferred shares at HK$5.39 per convertible preferred share (SMI) 3.88 0.00 : After issuance and conversion of the new shares, CIC will own ~11.6% of SMIC's outstanding share capital. The agreement also provides CIC with warrants for investing an additional US$50 million in SMIC on the same terms, and entitles CIC to nominate one member of SMIC's board of directors. (stock is halted)

1:37PM Celgene displays some relative strength on a slight pick up in intraday volume as it lifts to fresh highs just under its 3-mth high near $58.00 (CELG) 57.50 +0.57 :

1:31PM COMEX Metals Closing Prices (COMDX) : June gold finished higher by $6.40 to $1492.60, May silver gained 24.4 cents to end at $42.815, while May copper shed 6.1 cents to close at $4.1965.

1:07PM AEP Industries announces early settlement of tender offer and consent solicitation and announces closing of $200 million senior notes offering (AEPI) 28.15 -0.69 : Co announced today the early settlement of its previously announced cash tender offer and consent solicitation with respect to any and all of its outstanding $160,160,000 aggregate principal amount of 7.875% Senior Notes due 2013. Co also announced today that it consummated its private placement offering of $200 million aggregate principal amount of 8 1/4% Senior Notes due 2019.

1:01PM Lockheed Martin announced that the National Security Agency has conditionally recognized completion of critical design for the Airborne and Maritime/Fixed Station Joint Tactical Radio System (LMT) 77.17 -1.02 :

1:00PM Wal-Mart announced it has signed a definitive agreement to acquire Kosmix social media company (WMT) 53.29 -0.26 : Kosmix, based in Mountain View, Calif., has developed a social media technology platform that filters and organizes content in social networks to connect people with real-time information that matters to them. The transaction is subject to customary closing conditions and the company anticipates it will close during the first half of this year.

1:00PM Huntington Ingalls Continental Maritime division awarded U.S. Navy overhaul contract (HII) 40.03 -0.11 : The firm-fixed-price, indefinite-delivery/indefinite-quantity, multiple-award contract, awarded with two other companies, has an estimated value of $120 million for all three prime contractors. The contract will have an ordering period of five years, and each order will be competed among the three awardees.

1:00PM Canon U.S.A. announces termination of patent infringement lawsuit (CAJ) 43.10 -0.82 : Co announces that it is pleased and satisfied with the agreed upon Consent Order that will terminate its U.S. International Trade Commission proceeding against 20 Respondents, including Ninestar Image Int'l Ltd. and Zhuhai Seine Technology Co., Ltd. concerning certain toner cartridges and their photosensitive drums sold for use in Canon or Hewlett Packard laser beam printers. That Consent Order, which was approved by the Administrative Law Judge in charge of the proceeding on April 8, 2011 and is expected to be entered by the ITC about thirty-days thereafter, acknowledges the validity of the involved patent claims, and acknowledges that the Respondents may not import into the U.S. or sell in the U.S. the accused toner cartridges and their photosensitive drums without a license or consent from Canon. Canon has no present intention to grant a license to Ninestar or the other Respondents. Canon initiated its proceeding to obtain an Order from the ITC prohibiting Ninestar and the other Respondents from importing into the U.S. and selling in the U.S. the accused toner cartridges and their photosensitive drums, which is precisely what the Consent Order shall do.

12:15PM Ebix reports elimination of convertible debt; updates on share repurchase program (EBIX) 21.94 -0.60 : Co reports that it's short-term convertible debt has been eliminated completely. Co made a payment of $6,760,648 in cash today to Rennes Foundation towards that effect, to cover for the principal amount of $5,000,000 and the conversion gain of $1,760,648. Regarding co's share repurchases, in the year 2011, co announced that it has repurchased 280,273 shares of Ebix common stock for an aggregate consideration in the amount of $6,286,524 million, representing an average price of $22.44 per share.

12:13PM Seeing some intraday relative strength in Casino in recent action -- WMS, LVS, PNK, MGM (TECHX) : Relative sector strength, as the indices hovering near their intraday bounce highs, has also been noted in Airline FAA, Computer-Hardware, Rail, Coal KOL, Finance XLF

11:48AM Rock-Tenn announces today a $50 per ton price increase on all grades of uncoated recycled paperboard; price increases are effective with shipments on May 16, 201 (RKT) 68.91 -0.65 :

11:47AM Gold Fields subsidiary, Gold Fields Corona, announces that it had increased its stake in Gold Fields La Cima S.A.A. from 80.7% to 98.5% following a voluntary offer to minorities in La Cima to acquire their shares at a cost of US$379 million (GFI) 17.50 -0.38 :

11:26AM Emerson announces that it is partnering with Sanmina-SCI (SANM) to build Emerson solar power inverters at Sanmina-SCI's Ottawa, Ontario, manufacturing facility (EMR) 55.97 -1.59 :

11:26AM Transmontaigne Partners announces formation of Brownsville joint venture with P.M.I. services North America (TLP) 36.22 -0.39 : Co announced that it has entered into a joint venture with P.M.I. Services North America, an indirect subsidiary of Petroleos Mexicanos, the Mexican state-owned petroleum company, at its Brownsville, Texas terminal. TLP will contribute ~1.5 mln barrels of light petroleum product storage capacity, as well as related ancillary facilities, to the joint venture in exchange for a cash payment of ~$25 million and a 50% ownership interest. PMI will acquire a 50% ownership interest in the joint venture for a cash payment of ~$25 mln. The joint venture assets will be operated by TLP. The impact of forming this joint venture on TLP's distribution coverage ratio is expected to be nominal over the long-term. TLP will continue to own and operate 946,000 barrels of tankage in Brownsville independent of the joint venture.

11:18AM Systemax reported that it has notified Gilbert Fiorentino, Chief Executive, Technology Products Group and Director of the Company, that it intends to terminate his employment (SYX) 12.81 -0.26 : Co reported that it has notified Gilbert Fiorentino, Chief Executive, Technology Products Group and Director of the Company, that it intends to terminate his employment, pursuant to the terms of his employment contract. Fiorentino has been placed on administrative leave, effective immediately. Systemax has named Robert Leeds to serve as Interim Chief Executive, Technology Products, reporting to Systemax Chairman and CEO Richard Leeds. Robert Leeds was the founding CEO of Systemax's Technology Products business and currently serves as Vice Chairman of the Board of Directors. Co's action followed the conclusion of its independent investigation of anonymous whistleblower allegations concerning the Company's Miami, Florida operations. Systemax reported that the investigation, which was conducted by the Audit Committee with the assistance of independent counsel, determined that the issues giving rise to the allegations did not have a material impact on Systemax's previously reported financial results and were limited to the Company's Miami operations. Co expects normal business operations to continue for its Technology Products Group businesses. (stock halted)

11:16AM Seabridge Gold has entered into a formal agreement granting Calico Resources an option to acquire a 100% interest in the Grassy Mountain Project (SA) 33.49 -0.13 : To exercise the option, Calico must issue to Seabridge 2,000,000 of its common shares following TSX Venture Exchange approval; 4,000,000 shares at the first anniversary and 8,000,000 shares when the Project has received the principle mining and environmental permits necessary for the construction and operation of a mine. In addition, after the delivery of a NI 43-101 compliant Feasibility Study on the Project, Calico must either grant Seabridge a 10% Net Profits Interest or pay Seabridge Cdn$10 mln cash, at the sole election of Seabridge.

11:16AM Financial Select Sector dips to new low of 15.82, holding just above its four month low from March at 15.79 (XLF) 15.85 -0.29 : Note that its 200 ema and the Nov peak/Dec bull breakout point is slightly below at 15.69/15.68 -- BAC testing its Dec gap at 12.25/12.07 (session low 12.25), BK (testing its 200 ema at 28.97 session low 29.00), JPM (fell to 43.53, its March low is at 43.40), WFC (held near its Dec gap bottom at 29.37 session low 29.35).

11:10AM Systemax halted, news pending (SYX) 12.81 -0.26 :

11:07AM Fractional new session lows for Dow -240 and S&P -24, Nasdaq Comp -56 has not yet confirmed the new low (SPY) :

11:01AM Semi Manufacturing: Trading halted before the open -- News Pending (SMI) 3.88 :

11:01AM Dean Foods is actively seeking a buyer for its milk processing, selling, marketing and distribution business located in Waukesha, Wis. (DF) 9.78 -0.09 : Co agreed to sell the plant and related business as part of the March 29, 2011, settlement agreement reached with the U.S. Department of Justice (DOJ) and the States of Wisconsin, Illinois and Michigan. The divestiture includes the 170,000-square-foot fluid dairy processing facility and equipment, the Golden Guernsey and La Vaca Bonita brands, and other related assets.

10:58AM Starbucks sets new session low of 35.00, testing its 50 ema at 35.00 (SBUX) 35.01 -1.37 : Its 50 sma comes into play at 34.81 with its March gap between 34.72/34.60.

10:56AM Grains remain near session highs after spiking when pit trading open at 10:30am ET; wheat +3.7%, corn and soybeans modestly higher (COMDX) : Corn, wheat and soybeans are some of the best in the CRB Commodity Index. Wheat futures are leading the CRB Index with 3.7% in gains at $7.71/bushel. Corn is +0.6% at $7.46/bushel and soybeans are +0.5% at $13.39/bushel (all continuous contracts). Related ag names include POT, MOS, CF, AGU, IPI, DE, CNH, AGCO, ANDE, ADM. Ag ETFs include JJG, JJA, DBA, FUD.

10:55AM Timken increasing capacity across steel plants; Company adding 120,000 tons of capacity over the next 6 to 12 months (TKR) 47.79 -2.20 : Co said it will increase its annual steelmaking capacity by 120,000 tons across its steel manufacturing facilities in Canton, Ohio.

10:52AM Semiconductor Hldrs ETF slides to new session low of 33.67 but holding above last wk/early month lows at 33.63/33.53 -- session low 33.67 (SMH) 33.74 -0.62 : Similar posture for INTC with it holding above support at last wk/early month lows at 19.41/19.36 (session low 19.46).

10:36AM Pullback in precious metals continues (COMDX) :

* June gold now up 30 cents to $1486.30.
* Silver off 17.6 cents to $42.395.

10:35AM Stock indices attempting to extend bounce off morning lows/retracements (SPY) : Noted in the 10:22 update that the indices were edging off the lows amid an oversold/divergent technical posture. The S&P -18 and Nasdaq Comp -48 held this morning near the 50% retracement of the March/April rally while the Dow -197 has attempted to rebound near the 38% retracement level.

10:22AM Second morning rebound attempt for stock indices amid oversold/divergent technical posture -- Dow -205, S&P -19, Nasdaq Comp -48 (SPY) :

10:15AM Currency Chart Watch -- Aggressive extension of pullback in Euro / Yen futures (TECHX) : The Euro / Yen stalled at an extension target zone noted earlier in the month with the retreat aggressively extended this morning (Click for daily chart).

10:13AM Silver drops sharply into negative territory; now down 6.6 cents to $42.505 (COMDX) :

10:03AM Crude drops below $107 to notch session lows at $106.74; now down $2.85 to $106.81 (COMDX) :

10:02AM Stock indices slide to new session lows after housing data -- Dow -226, S&P -22, Nasdaq Comp -51 (SPY) :

10:01AM Geopetro Resources updates Bengara-II plans; first well of 2011 is now set to be the Muara Makapan-2 well (GPR) 0.67 0.00 : Co provided an update today on the 2011 plans for the Bengara-II Block, Indonesia, owned by its 12% subsidiary, Continental-GeoPetro. The acquisition of 178 square kilometers of new 3D seismic data in the Bengara-II Block is now over 60% complete. Surface damage claim disputes with prawn farm operators in the area of the company's new seismic acquisition program have been largely resolved. Preparatory work is in progress for the planned acquisition of 920 line kilometers of 2D seismic data. Recording of the 2D program will follow completion of recording of the 3D program and will likely coincide with the first 2011 drilling. The first well of 2011 is now set to be the Muara Makapan-2 well. CGB2 expects a late third quarter spud of MM-2 which is budgeted at $22.5 mln. An additional well of similar cost is included in CGB2's preliminary budget for 2011 but will not be confirmed until after the MM-2 well is completed.

10:01AM General Dynamics has been awarded a $32.5 million contract for 30mm ammunition by the U.S. Army Contracting Command in Rock Island, Ill (GD) 70.75 -1.13 :

10:00AM Market Vectors Coal ETF retests 50 day sma (KOL) 48.11 -1.39 : Last week noted that the Coal ETF (KOL) was testing its 50 day sma. Today's opening decline has brought that average back into play again today at 48.15. Last week's four week low is at 47.95 -- ANR, ACI, CNX, JOYG, BTU, WLT, MEE.

10:00AM Hughes Communications: Vodacom Business Services expands with Hughes Broadband Satellite Solutions (HUGH) 59.70 +0.01 : Co announced that it was selected by Vodacom Group to help propel Vodacom's expansion of converged service offerings in South Africa and throughout the continent.

9:55AM Bounce attempt loses steam, Dow -192 sets new low of 12142 near its 50 ema at 12139 (SPY) : Nasdaq Comp -42 has set a fractional new low as well, S&P -19 hovering just above its opening low/support near 1300.

9:53AM Fresh lows for crude oil at $107.54; now down $2.07 to $107.58 (COMDX) :

9:51AM Minor new rebound highs in recent action for Finance XLF, Semi SMH, Housing XHB, Oil Service OIH (XLF) :

9:48AM Amazon.com flirts with top of today's gap at 179.02 after opening hold above its 50 day averages (AMZN) 178.38 -1.63 :

9:48AM Mad Catz received securities purchase agreements for the private placement of ~6.35 mln shares of stock at $1.92/share and warrants to purchase ~2.54 mln additional shares (MCZ) 1.97 -0.15 : Co announced that it has received securities purchase agreements from accredited investors for the private placement of ~6.35 mln shares of its common stock at $1.92 per share and warrants to purchase approximately 2.54 mln additional shares of its common stock. The warrants to purchase additional shares will be exercisable at a price of $2.56 per share for 5 years commencing six months and one day following their issue date. The net proceeds of the private placement along with borrowings under the Company's credit facility will be used to repay in full the $14.5 mln of principal and $0.2 mln interest on the convertible notes payable issued in November 2007 as partial consideration of the Company's acquisition of Saitek. Roth Capital Partners served as exclusive placement agent for the transaction.

9:45AM Sector Watch (TECHX) : Pressure is broad based with little other than Silver SLV +1.2%, Gold GLD +0.5%, Platinum PTM +0.4% on the plus side.

9:42AM Google extends decline back near its seven month low from Oct at 518 -- session low 519.00 (GOOG) 522.02 -8.68 : The next support zone if follow through develops is at 515/513 (extension target, 62% retrace of July-Jan rally).

9:39AM FirstEnergy unit announced its Perry Nuclear Power Plant in Perry, Ohio, shut down earlier today for scheduled refueling and maintenance (FE) 38.00 -0.41 :

9:39AM Dow -171 slips under last week's low at 12163 but thus far holding above its 50 ema at 12139 -- session low 12154 (DIA) :

9:37AM Silver spikes to fresh session and ~31 yr highs at $43.45; now higher by 86 cents to $43.44 (COMDX) :

9:35AM Hecla Mining provides an update on the localized fall of ground in a stope which occurred at its Lucky Friday mine in Northern Idaho on April 15; an employee is unaccounted for (HL) 9.14 -0.47 : Lucky Friday mine has ceased mining to focus on rescue operations. Co does not know how long the rescue efforts will continue or if it will impact the 2011 production guidance

9:35AM CONSOL Energy and Veolia (VE) announce partnership (CNX) 49.82 -1.01 : The co and Veolia Water Solutions & Technologies announce an agreement to design and build a state-of-the-art Zero Liquid Waste Discharge system to treat mine water. The parties are also completing an agreement for operation and maintenance of the facility. The system will be located near Mannington, W.Va., and will treat mine water from CONSOL's Blacksville #2, Loveridge, and Robinson Run mines.

9:34AM Opening pressure brings the S&P to support area at 1302/1300 -- session low 1301 (SPY) :

9:33AM Celera announces settlement with putative class action plaintiffs regarding acquisition by Quest Diagnostics (DGX) (CRA) 8.03 : Co reports that on April 18, 2011, in connection with the MOU, Celera, Quest Diagnostics and Spark Acquisition Corporation entered into an amendment to the Merger Agreement that reduces the fee payable by Celera in the event of its termination of the Merger Agreement from $23.45 mln to $15.6 mln.

9:32AM Gold futures give back some gains to trade to just above unchanged; now up $3.90 to $1489.90 (COMDX) :

9:30AM Xerox has acquired Premier Office Equipment, Inc., one of Iowa's largest office equipment dealers (XRX) 10.56 -0.17 :

9:26AM DryShips signs $800 mln loan facility by Ocean Rig UDW and Fleet Expansion (DRYS) 4.73 : Co announces its majority-owned subsidiary Ocean Rig UDW of the $800 mln syndicated secured term loan facility to partially finance the construction costs of the Ocean Rig Corcovado and Olympia. This facility has a 5 year term and 12 year repayment profile, and bears interest at LIBOR plus a margin. The co concluded an order for two Capesize 176,000 DWT dry bulk carriers, with the leading state owned Chinese shipyard, for a price of $54.2 mln each. The vessels are expected to be delivered in the third and the fourth quarter of 2012, respectively.

9:20AM Tomotherapy announces that two of the first TomoTherapy TomoHD treatment systems in the United States were purchased and installed by the University of Virginia Health System (TOMO) 4.62 :

9:18AM Principal Fincl announces a definitive agreement to acquire a majority stake in Finisterre Capital LLP, and Finisterre Holdings Limited, (together Finisterre Capital), an established emerging markets investor based in London (PFG) 31.40 : Founded in 2002, Finisterre Capital has ~$1.63 billion in assets under management primarily across three funds: Global Opportunity Fund, Sovereign Debt Fund and Credit Fund.

9:10AM On The Wires (WIRES) :

* InfoPrint Solutions, a Ricoh company, announced that Frederic Printing, a Consolidated Graphics (CGX) company in Aurora, Colo., has completed its second installation of the market-leading InfoPrint 5000 inkjet production system to enable the printing of high-quality print-on-demand textbooks, direct mail pieces and election ballots.
* InnerWorkings (INWK) announced a multi-year print management contract extension with Walgreen Co. (WAG).
* American Electric Technologies (AETI) announced its membership with Texas Renewable Energy Industries Association.
* Sourcefire (FIRE) expanded its IPS solutions portfolio on three fronts with: Sourcefire IPSxTM, Sourcefire 4.10 software release and Sourcefire 3D8000 Series Appliances
* StemCells (STEM) announced that it has entered into a collaboration with Frank LaFerla, Ph.D., a world renowned leader in Alzheimer's disease research, to study the therapeutic potential of the Company's HuCNS-SC human neural stem cells in Alzheimer's disease. The goal of this collaboration is to replicate these results using the co's human neural stem cells.
* Sovcombank has chosen Diebold (DBD) to provide more than 200 Opteva ATMs for its ATM network. The installation process is expected to be completed within the next few months.
* IHS (IHS) announced it has acquired ODS-Petrodata, a premier provider of data, information and market intelligence to the offshore energy industry.
* Thales Alenia Space has awarded a contract to Lockheed Martin (LMT) to develop, test and support integration of payload application software for the Iridium NEXT satellites.
* Entergy Corporation (ETR) will hold a teleconference at 10 a.m. ET / 9 a.m. CT today to discuss the complaint filed by Entergy Nuclear Vermont Yankee, LLC and Entergy Nuclear Operations, Inc. in U.S. District Court for the District of Vermont seeking a judgment to prevent the state of Vermont from forcing the Vermont Yankee nuclear power plant to cease operations on March 21, 2012.
* China TransInfo (CTFO) announced that PRC Ministry of Transport has recently issued "Transportation Vehicle Positioning Terminal" and "Transportation Vehicle Positioning System Platform Technical Requirement" standards that the Company expects will benefit its commercial vehicle location-based services business.
* TBS International plc (TBSI) agreed to modify certain financial covenants through December 31, 2011. Pursuant to the new modifications, the minimum consolidated interest charges coverage ratio has been reduced for the fiscal quarters ending June 30, 2011 through December 31, 2011 from 3.35 to 1.00 to 2.50 to 1.00. In addition, the modifications increased the maximum consolidated leverage ratio for the same periods from 4.00 to 1.00 to 5.10 to 1.00, and reduced the minimum cash requirement from $15 million to $10 million for the period from July 1, 2011 to December 31, 2011.

9:07AM Gold, silver spiking sharply on back of S&P revised outlook on US (COMDX) :

* Gold now higher by $5.70 to $1491.70.
* Silver up 47 cents to $43.04.

9:04AM Fuwei Films receives Nasdaq delisting letter and announces appeal (FFHL) 3.29 : Co announces it received a letter from The Nasdaq Stock Market indicating that the co's ordinary shares are subject to delisting based on the determination by NASDAQ that continued listing is no longer warranted under NASDAQ Rule 5101 and would be inconsistent with the public interest. This decision was based principally upon the fact that the co's three controlling shareholders were convicted of crimes in the People's Republic of China several years ago and the timing of the confiscation of their shares by the PRC government is uncertain. The co has appealed the Staff's determination to the Nasdaq Listing Qualifications Panel.

9:03AM France Telecom and Deutsche Telekom to form procurement joint venture (FTE) 22.59 : Deutsche Telekom AG and France Telecom-Orange have agreed to combine their procurement activities of customer equipment, network equipment, service platforms and - starting with four pilot-projects - IT-Infrastructure in a 50/50 joint venture. For this purpose they have today signed a non-binding Term Sheet which will be the basis for final contracts yet to be negotiated. For Deutsche Telekom and France Telecom-Orange the run-rate after three years of implementation in potential global savings is estimated at above 400 million Euros and below 900 million Euros respectively. Savings from alignment for commercial benefit in network equipment in the first three years of the joint venture operations will be balanced out.

9:02AM Metalink shares to be delisted from NASDAQ; Metalink does not intend to appeal the delisting determination (MTLK) 0.83 : Co announced that it had received notice from the staff of the NASDAQ Stock Market, on April 12, 2011 indicating that the Company has failed to regain compliance with the minimum $1.00 per share requirement for continued listing as set forth in NASDAQ's Listing Rule 5550(a)(2) by April 11, 2011 and that, unless the Company appeals, the Company's ordinary shares will be delisted from The NASDAQ Capital Market at the opening of business on April 21, 2011. Metalink does not intend to appeal the delisting determination.

9:01AM Gleacher & Co appointed Thomas Hughes as Chief Executive Officer of the co; will assume the office on May 2, 2011 (GLCH) 1.85 :

9:00AM TBS International announces that it and its various lender groups have agreed to modify certain financial covenants through December 31, 2011 (TBSI) 1.77 : Co announced that it and its various lender groups have agreed to modify certain financial covenants through December 31, 2011. Pursuant to the new modifications, the minimum consolidated interest charges coverage ratio has been reduced for the fiscal quarters ending June 30, 2011 through December 31, 2011 from 3.35 to 1.00 to 2.50 to 1.00. In addition, the modifications increased the maximum consolidated leverage ratio for the same periods from 4.00 to 1.00 to 5.10 to 1.00, and reduced the minimum cash requirement from $15 million to $10 million for the period from July 1, 2011 to December 31, 2011.

8:39AM On The Wires (WIRES) :

* Ironwood Lithographers and Heritage Graphics, two Consolidated Graphics (CGX) companies located in the Phoenix, AZ, area, have announced their merger into one graphic communications company. The two companies combine complementary graphic communications capabilities and, together, provide an even greater range of services to their clients. The combined company will operate under the Ironwood Lithographers name.
* Lithia Motors (LAD) announcedit acquired Rasmussen BMW MINI, Mercedes-Benz of Portland and Mercedes-Benz of Wilsonville, located in metropolitan Portland, Oregon. The stores add $176 million in estimated annual revenues.
* Grubb & Ellis Company (GBE) closed the $18 million credit facility. Co has drawn the initial $9 million tranche under the facility, and anticipates that the second $9 million tranche will fund subsequent to May 15, 2011. In conjunction with this financing, co was granted an exclusive 60-day period, which commenced on March 30, 2011, to evaluate a potential larger strategic transaction with Grubb & Ellis. Should the company and Colony enter into a definitive agreement for a strategic transaction, the company retains the right to solicit competing strategic transactions for a period of 25 business days thereafter.
* QKL Stores (QKLS) announced the opening of a new hypermarket store, the co's 51st store, situated in Hailin County, Heilongjiang Province.
* Graymark Healthcare (GRMH) has joined forces with the Oklahoma Heart Institute of the Hillcrest Medical Center in Tulsa, Oklahoma to offer comprehensive sleep medicine services to city residents and the surrounding area.

8:36AM L&L Energy entered into two purchase contracts to supply in total 700,000 tons of coal to Kunming Iron & Steel Group (LLEN) 6.65 :

8:35AM CardioGenesis: CryoLife (CRY) announces expiration of go-shop period related to its proposed acquisition of Cardiogenesis Corporation (CGCP) 0.45 : Co announced the expiration of the 20-day "go-shop" period that is part of its definitive agreement with Cardiogenesis, whereby CryoLife is conducting a cash tender offer for 49.9 percent of the outstanding shares of Cardiogenesis. During the "go-shop" period, Cardiogenesis was permitted, under the terms of the definitive agreement, to initiate, solicit and encourage proposals from, and engage in discussions with, third parties related to alternate acquisition proposals for a period of 20 days, which continued through April 17, 2011. Despite these solicitation efforts, Cardiogenesis did not receive any alternative acquisition proposals.

8:35AM Baxter acquires Prism Pharma for total consideration of up to $338 mln; $170 mln upfront (BAX) 54.96 : CO announces that it has entered into a definitive agreement to acquire privately-held Prism Pharmaceuticals. The terms of the agreement include a total consideration of up to $338 mln, consisting of an upfront cash payment of $170 mln at closing and up to $168 mln in future sales-based milestone payments. This transaction is not expected to have a material impact on co's 2011 financial results.

8:33AM Radient Pharm announces that due to requests for financial information from and related to co's deconsolidated Chinese subsidiary Jade Pharmaceuticals, co was not able to complete its audited financial statements for the fiscal year ended December 31, 2010 in a timely manner, and is therefore unable to file its Form 10-K with the SEC by April 15, 2011 as required (RPC) 0.38 : Co announces that on April 14, 2011, that due to requests for financial information from and related to its deconsolidated Chinese subsidiary Jade Pharmaceuticals, the co was not able to complete its audited financial statements for the fiscal year ended December 31, 2010 in a timely manner, and is therefore unable to file its Form 10-K with the SEC by April 15, 2011 as required. J.P.I indicated they are gathering the requested data and information and RPC expects to receive it shortly. RPC will therefore require additional time to file its Form 10-K for fiscal 2010 with the SEC and expects to file the Form 10-K within the next 30 days. While the Form 10-K has been delayed, RPC provided in the April 14, 2011 Form 8-K, an unaudited consolidated balance sheet as of December 31, 2010 which was presented as an exhibit. The co expects to report a net loss in the range of $68M-$74M compared with net loss of approximately $17M for fiscal 2009. They also expect to report approximately $7M-$7.5M as net cash used in operating activities of continuing operations in fiscal 2010 compared to approximately $3.2M in fiscal 2009.

8:32AM Keryx Biopharma announces commencement of Phase 3 program of Ferric Citrate in Japan by partner; Keryx will receive a non-refundable milestone payment of $5 mln from JT/Torii for the achievement of this milestone (KERX) 5.13 : Co announces that its Japanese partner, Japan Tobacco and Torii Pharmaceutical, JT's pharmaceutical business subsidiary, has commenced the Phase 3 clinical program of ferric citrate in Japan for the treatment of patients with hyperphosphatemia. Under the license agreement with JT/Torii, within 30 days, Keryx will receive a non-refundable milestone payment of $5 million from JT/Torii for the achievement of this milestone. Zerenex, a ferric iron-based phosphate binder, is also in Phase 3 clinical development in the United States for the treatment of hyperphosphatemia in patients with end-stage renal disease on dialysis.

8:31AM Tenet Healthcare Board of Directors to review $6 all cash revised unsolicited proposal from Community Health Systems (CYH) (THC) 6.66 : The co confirmed that it has received a revised proposal from Community Health Systems to acquire all of the outstanding shares of Tenet for $6.00 per share in cash. Consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, Tenet's Board of Directors will review the revised proposal to determine the course of action that it believes is in the best interests of the Company and its shareholders. Tenet's shareholders are advised to take no action at this time pending the review of the revised proposal by the Tenet Board of Directors. Tenet noted that the Community Health revised proposal is for the same price as a previous Community Health proposal received by Tenet on November 12, 2010. On December 6, 2010, the Tenet Board of Directors, after consultation with its financial and legal advisors, sent a letter to Community Health stating that it had unanimously determined that the Community Health proposal grossly undervalued Tenet and was not in the best interests of Tenet or its shareholders.

8:30AM Cereplast raises Q1 revenue guidance above dual est; raises FY11 revs in-line (CERP) 4.16 : Co expects to report Q1 2011 revs of $7.2 mln, vs dual est of $6.8 mln, exceeding the high-end of its previous Q1 guidance of $5.0-6.5 mln. Based on these preliminary results, the company has raised its FY11 revenue guidance to $28.0-34.0 mln, vs dual est of $31.75 mln, up from its previously stated 2011 guidance of $24-32 mln. "We are executing on our stated growth strategy to secure strategic partnerships with large distributors... Our better than expected revenue is primarily a result of the five new distribution agreements we signed during the quarter, which helped to expand our footprint into the European market, where legislation is a key driver in the rise of demand for biobased alternatives to petroleum-based plastics... We began shipping to our new customers in the first quarter of 2011 and expect these contracts to ramp in size and scope throughout the year. This momentum is expected to continue through next year and ultimately result in increased capacity utilization at our manufacturing facility in Indiana. This increasing volume will help leverage our overall cost structure and move the company towards its goal of profitability."

8:30AM Cytokinetics enters agreement to sell 5.3 mln shares of common stock at 1.50 per share and 8,070 shares of its Series A Convertible Preferred Stock at a price of $1,500.00 per share to Deerfield Management (CYTK) 1.50 : Co announces that it has entered into a definitive agreement to sell 5.3 million shares of its Common Stock at a price of $1.50 per share, and 8,070 shares of its Series A Convertible Preferred Stock at a price of $1,500.00 per share, to entities affiliated with Deerfield Management. In addition, Cytokinetics agreed to issue warrants to these entities to purchase an aggregate of 6,685,000 shares of the company's Common Stock at an exercise price of $1.65 per share.

8:22AM Greif President David Fischer will add the title of CEO at the start of the company's 2012 fiscal year, Nov. 1, 2011 (GEF) 63.96 :

8:19AM VCG Holding halted, news pending (VCGH) 2.24 -0.01 :

8:14AM On The Wires (WIRES) :

* AECOM Technology Corporation (ACM) announced that an AECOM-led team has been awarded a US$40-million on-call contract by the California Department of Water Resources to provide aquatic and hydrodynamic technical services for the agency's activities in the Sacramento-San Joaquin Delta.
* Chelsea Therapeutics International (CHTP) reaffirmed NORTHERA (droxidopa) new drug application filing strategy following correspondence with the U.S. Food and Drug Administration regarding recent data from Northera Study 306A and protocol amendments to ongoing Northera Study 306B comparing the rate of patient reported falls associated with symptomatic neurogenic orthostatic hypotension in patients with Parkinson's disease taking Northera versus placebo.
* Sanofi-aventis (SNY) announced that it has entered into a multi-year research collaboration agreement through the Stanford University Bio-X program that supports, organizes, and facilitates interdisciplinary, collaborative and innovative research projects in the early phases of development.
* Anthera Pharmaceuticals (ANTH) announced that enrollment in the Phase 3 VISTA-16 study of varespladib in Acute Coronary Syndromes will continue based on the positive outcome of an interim biomarker analysis and review of available patient safety data.
* H.B. Fuller (FUL) announced that it has completed the acquisition of the assets of privately held Liquamelt, an Ohio based manufacturer and marketer of the patented Liquamelt adhesive system. The Liquamelt system is expected to generate less than $1 mln in revenue in 2011.
* Tech Data (TECD) Canada announced that it has partnered with Ruckus Wireless to offer Ruckus "Smart Wi-Fi" systems and technology to its 5,000 reseller and solution provider customers across Canada.
* GlaxoSmithKline (GSK) and Valeant Pharmaceuticals (VRX) submitted the response on 15 April 2011 to the FDA Complete Response letter received on November 30, 2010 for the New Drug Application for ezogabine.

8:11AM A-Power Energy signs MOU to develop a heat and power generation plant in China's Jilin Province (APWR) 4.09 : Co announced that on April 13, 2011, it signed a Memorandum of Understanding with Liaoyuan Zhongneng Electrical Equipment, for an engineering, procurement, and construction contract to develop a combined heat and power generation plant consisting of two 25 megawatt power generation units. The plant, to be located in the city of Huinan in the Jilin province of China, will provide both heat and electricity to the local economic and technology development district. The total cost of the project is currently estimated to be RMB500 mln (~$75 mln), according to the Memorandum.

8:10AM Citigroup beats by $0.01, misses on revs (C) 4.42 : Reports Q1 (Mar) earnings of $0.10 per share, $0.01 better than the Thomson Reuters consensus of $0.09; Citigroup net income was $3.0 bln, compared to $1.3 bln in Q4 and $4.4 bln in 1Q10. Revenues rose 7.4% year/year to $19.73 bln vs the $20.55 bln consensus. Revenues were down 22% q/q; The year over year decline was mainly driven by lower revenues in Fixed Income Markets and North America Regional Consumer Banking, as well as negative CVA. Citicorp revs of $16.5 bln were up 16% sequentially, driven by a 70% increase in Securities and Banking. Citi Holdings revs of $3.3 bln declined 17% sequentially, driven primarily by the impact of the asset transfer in Special Asset.

Citicorp generated 62% of its revenues and 72% of its net income from its international operations in Q1. Citicorp end of period loans grew 10% YoY, with 6% growth in consumer loans and 16% growth in corporate loans.

In the first quarter 2011, Citigroup transferred $12.7 billion of assets in the Special Asset Pool in Citi Holdings from HTM to trading. This transfer permits the sale of those assets, which have disproportionately higher risk-weightings under Basel III. The transfer resulted in a net $709 mln pre-tax charge to revenues, from the recognition of $1.7 billion in pre-tax losses ($1.0 after-tax) which were previously reflected in accumulated other comprehensive income (AOCI), partially offset by $946 million of mark-to-market and realized gains on those assets.

Credit continued to improve during the quarter, as Citigroup net credit losses declined for the seventh consecutive quarter to $6.3 billion. In addition, the current quarter included a net $3.3 bln release of allowance for loan losses and unfunded lending commitments. Citigroup expenses of $12.3 billion were down 1% sequentially. Expenses increased 7% year over year reflecting higher legal and related costs, the impact of foreign exchange2, continued investment spending and increased business volumes, partially offset by productivity saves and a decline in Citi Holdings. Citigroup provisions for credit losses and for benefits and claimsimproved by $5.4 billion, or 63%, year over year to $3.2 billion. Consumer net credit losses declined 32% from the prior year period.

Citi continued to improve its capital strength, with a Tier 1 Common ratio of 11.3%, book value per share of $5.85 and tangible book value per share of $4.69, each as of the end of the first quarter 2011.

8:09AM Diamondrock Hospitality raises $100 million through secured financing on the Hilton Minneapolis (DRH) 10.84 : Co announces that it has closed on a new $100 million loan. The Loan is limited recourse and secured by a mortgage on the Hilton Minneapolis. The Loan has a 10-year term, bears interest at an annual fixed rate of 5.464% and will amortize on a 25-year schedule. The Company acquired the Hilton Minneapolis in June 2010 for approximately $157 million and the hotel was previously unencumbered by debt.

8:08AM Cytokinetics presents data from a phase IIa clinical trial of CK-2017357; recent analyses showed that dose-related increases in the change from the Day 1 baseline in percent predicted muscle strength achieved nominal statistical significance for elbow flexion, shoulder flexion, and knee extension (CYTK) 1.50 : Co presents data from clinical trial of CK-2017357 in patients with ALS. The results presented at this meeting relate to the effects of CK-2017357 on the strength of selected muscle groups, as well as concentration-response relationships for key outcome measures. Recent analyses showed that, at 24 hours after each of the 250 and 500 mg doses of CK-2017357, dose-related increases in the change from the Day 1 baseline in percent predicted muscle strength achieved nominal statistical significance for elbow flexion, shoulder flexion and knee extension. In addition, a statistically significant relationship to the CK-2017357 plasma concentration was observed for improvements in both the patients' and investigators' Global Assessments of Change, and in the Sniff Inspiratory Pressure. Furthermore, there was a clear relationship between improvements in Global Assessments and the CK-2017357 plasma concentration. Patients were more than twice as likely to assess themselves as "better" when their plasma concentrations were above 9 mcg/mL than on placebo, while the investigators were almost four times more likely to assess their patients as "better" when the patients' plasma concentrations were in that range.

8:06AM Jiangbo Pharma signs letter of intent to acquire regional wholesale drug distributor in Shandong Province (JGBO) 3.83 : Co announces that Laiyang Jiangbo Pharmaceutical Co., Ltd., a limited liability company organized under the laws of PRC and controlled by Jiangbo through contractual arrangements has entered into a letter of intent with Shandong Xinkangqi Medical Company, a regional wholesale drug distributor in Shandong Province, pursuant to which Laiyang Jiangbo plans to acquire 100% of the outstanding equity of Xinkangqi. Xinkangqi's unaudited revenue and net income in 2010 are estimated to be ~$180 million and $4.4 million, respectively.

8:06AM McMoRan Expl reports EPS in-line, beats on revs (MMR) 17.65 : Reports Q1 (Mar) loss of $0.17 per share, in-line with the Thomson Reuters consensus of ($0.17); revenues rose 3.4% year/year to $137 mln vs the $129.1 mln consensus. First-quarter 2011 production averaged 195 MMcfe/d net to McMoRan, compared with 190 MMcfe/d in the first quarter of 2010. Production in the first quarter of 2011 was above McMoRan's previously reported estimates of 175 MMcfe/d in January 2011 and 190 MMcfe/d in March 2011 because of improved performance at certain fields and lower than expected downtime for maintenance. Production is expected to average approximately 190 MMcfe/d in the second quarter of 2011 and 175 MMcfe/d for the year, higher than the previous 2011 annual estimate of 160 MMcfe/d, reflecting favorable production performance and projected start up at Laphroaig. McMoRan's estimated production rates are dependent on the timing of planned recompletions and start ups, production performance and other factors.

8:06AM Babcock & Wilcox wins waste-to-energy plant contracts in West Palm Beach, Fla. totaling $900 mln (BWC) 31.38 : Co and its consortium partner, BE&K Construction Company, a subsidiary of KBR (KBR), have been awarded a contract worth more than $668 mln to engineer, design, procure and construct a new, state-of-the-art waste-to-energy power plant for the Solid Waste Authority (SWA) of Palm Beach County in West Palm Beach, Fla. B&W also was awarded a contract to provide operation and maintenance (O&M) services for the new facility. The first 10-year phase of the 20-year O&M agreement is valued at ~$235 mln.

8:04AM ARCA biopharma agrees to sell ~$3 million of its common stock and warrants to institutional investors in a registered direct offering (ABIO) 2.10 : Co announces that it has agreed to sell approximately $3 million of its common stock and warrants to institutional investors in a registered direct offering. ARCA will issue an aggregate of approximately 1.68 million shares of common stock to investors together with warrants to purchase approximately 1.18 million shares of common stock. Each unit, consisting of one share of common stock and a warrant to purchase 0.7 of a share of common stock, will be sold at a purchase price of $1.785, which is a 15% discount to the consolidated closing bid price of $2.10 for the common stock as reported on the Nasdaq Capital Market on April 15, 2011.

8:04AM St. Jude Medical announces European approval of Accent MRI pacemaker system (STJ) 52.96 : Co announces that it has received European CE Mark approval for its Accent MRI pacemaker and Tendril MRI lead. The system, designed and tested for safe use in a Magnetic Resonance Imaging environment and approved as MR-Conditional, allows patients to undergo full-body, high-resolution MRI scans.

8:03AM RIT Technologies: Co's controlling shareholder grants 12 month extension to Convertible Loan Agreement (RITT) 5.54 : Co and Stins Coman, RiT's controlling shareholder, announced that they have extended the term of their convertible loan agreement by an additional 12 months until June 11, 2012. During this extended period, RiT may call for any additional portion of the loan. The terms of the loan remain unchanged from the original agreement signed in June 2009.

8:03AM Amedisys signs definitive agreement to acquire Beacon Hospice for ~$125 mln; transaction expected to add $0.05 to $0.07 to Amedisys' earnings in 2011 excluding one-time transaction related costs (AMED) 34.55 : Co announces it has signed a definitive agreement to acquire Beacon Hospice. Total annualized revenue for Beacon in 2010 was approximately $80 million. This transaction remains subject to customary closing conditions, including regulatory approvals, and is expected to add $0.05 to $0.07 to Amedisys' earnings in 2011 excluding one-time transaction related costs. The parties have agreed in the definitive agreement to a purchase price of approximately $125 million, subject to customary adjustments.

8:02AM Fresh lows for crude oil at $108.01; now off $1.55 to $108.11 (COMDX) :

8:01AM Trident Microsystems has divested five patents to Innovus Prime; financial terms of the agreement were not disclosed (TRID) 1.02 :

8:01AM Sonoco Products will increase the price of coreboard and uncoated recycled board in Europe by 40 Euros/ 35 GBP effective May 9, 2011 (SON) 35.31 :

8:00AM Sensient reports EPS in-line, beats on revs; raises FY11 EPS guidance in-line (SXT) 36.82 : Reports Q1 (Mar) earnings of $0.53 per share, in-line with the Thomson Reuters consensus of $0.53; revenues rose 11.3% year/year to $349.7 mln vs the $341.9 mln single est. Co raises EPS guidance in-line for FY11, sees EPS of $2.28-2.34 vs. $2.33 Thomson Reuters consensus, up from $2.26-2.32 sees previously.

7:56AM BioSante announces it has licensed its Pancreas Cancer Vaccine and Prostate Cancer Vaccine to Aduro BioTech (BPAX) 2.08 : Co will receive milestone and royalty payments after commercialization of combination cancer vaccines using co's cancer vaccine technology. Aduro also has an option to additional BioSante Cancer Vaccine indications, all for use in combination with Aduro's proprietary vaccine platform.

7:56AM M&T Bank beats by $0.19 (MTB) 85.35 : Reports Q1 (Mar) earnings of $1.59 per share, $0.19 better than the Thomson Reuters consensus of $1.40. The provision for credit losses was $75 million in the first quarter of 2011, compared with $105 million and $85 million in the first and fourth quarters of 2010, respectively. Net charge-offs of loans during the recent quarter were $74 million, down from $95 million in the first quarter of 2010 and $77 million in the final 2010 quarter.

7:40AM Gramercy Capital announces two-week extension of maturity dates of Gramercy Realty Loans (GKK) 3.96 : Co announced a two-week extension of the maturity dates of its (i) $240.5 million mortgage loan and (ii) $549.7 million senior and junior mezzanine loans. The new maturity date of the Goldman Mortgage Loan and the Gramercy Realty Mezzanine Loans is April 29, 2011. No extension fee was paid by the Company to the Mortgage Lenders or the Mezzanine Lenders for the extension. The Gramercy Realty Loans are secured by mortgages on certain properties owned by the Company's Gramercy Realty division and by pledges of equity interests in substantially all of the entities constituting Gramercy Realty division. Gramercy Capital Corp.

7:36AM On The Wires (WIRES) :

* KVH Industries (KVHI) announced that it has received an order valued at more than $3.7 million for its TACNAV TLS tactical navigation system for use by an international customer. These TACNAV systems will be used to upgrade existing light armored vehicles already in the field. Shipment of this order is expected to take place in the second quarter of 2011.
* FirstService (FSRV) announced it has expanded its market leading North American residential property management business with the acquisitions of Vancouver Condominium Services and Abbott Enterprises. The acquisitions add a total of 30,000 units to co's portfolio that includes over 4,800 properties comprising 1.2 mln residential units. Terms of the two transactions were not disclosed.
* Deckers Outdoor Corporation (DECK) announced the appointment of Stephen Murray as the company's President of Europe, Middle East and Africa, effective June 1.
* Microsemi Corporation (MSCC) has been granted Class H & K certifications as prescribed by the MIL PRF 38534 specification, defined by the Defense Logistics Agency.

7:35AM Concur Tech announced its entry into a strategic alliance with privately held Cleartrip (CNQR) 54.92 +0.14 : Co announced its entry into a strategic alliance with privately held Cleartrip, India's leading online travel portal, which consists of both a marketing partnership and a $40 million strategic investment for a minority interest in Cleartrip. This alliance perfectly aligns with Concur's strategic initiatives to expand its existing customer base while also expanding into new geographic markets, including Concur's new operations in India. This partnership also provides Concur with access to enhanced travel content and technology integration between the two companies' offerings to better serve the burgeoning Indian business travel market.

7:32AM Amylin Pharma misses by $0.03, misses on revs (AMLN) 13.09 : Reports Q1 (Mar) loss of $0.26 per share, including restructuring, $0.03 worse than the Thomson Reuters consensus of ($0.23); revenues fell 12.3% year/year to $152.7 mln vs the $156.8 mln consensus. Co reports for the quarter ended March 31, 2011 net sales of $128.0 mln for BYETTA vs $127.3 mln consensus and $22.8 mln for SYMLIN injection vs consensus of $24.5 mln. This compares to net product sales of $172.3 mln, consisting of $149.8 mln for BYETTA and $22.5 mln for SYMLIN for the same period in 2010.

7:31AM Intelli-Check announces that Dr. Nelson Ludlow, co's CEO, has been appointed Chairman of the Board of Directors (IDN) 1.12 :

7:31AM Regeneron Pharms FDA grants Priority Review for VEGF Trap-Eye for the treatment of wet age-related macular degeneration (REGN) 453.84 : Co announces that the U.S. Food and Drug Administration has accepted for review the Company's Biologics License Application for VEGF Trap-Eye for the treatment of the neovascular form of age-related macular degeneration. The FDA also granted the Company's request for priority review of its BLA. A Priority Review designation is given to drugs that offer major advances in treatment, or provide a treatment where no adequate therapy exists. Under priority review, the target date for an FDA decision on the VEGF Trap-Eye BLA is August 20, 2011.

7:19AM Sharp rally in silver futures continued in overnight trade with the May contract trading to a fresh ~31 yr high at $43.38; it has since pulled back from those levels and is currently up 24.9 cents to $42.82 (COMDX) :

7:17AM May crude oil it attempting to bounce off its overnight lows at $108.11; currently off $1.25 to $108.41 (COMDX) :

7:09AM On The Wires (WIRES) :

* AU Optronics Corp (AUO) announced that its multi-crystalline solar modules EcoDuo PM220P00, EcoDuo PM240P00, and mono-crystalline solar module GreenTriplex PM250M00 have been added to the California Energy Commission's List of Solar Eligible Equipment to officially enter into the U.S market. AUO will provide solar modules to residential users, solar system integrators, and local distributors to meet customers' diverse needs.
* Spacenet Inc., a wholly owned subsidiary of Gilat Satellite Networks (GILT), announced that it has acquired CICAT Networks, a nationwide provider of broadband network solutions based in Chantilly, Virginia. Financial terms were not disclosed.
* Concur (CNQR) announced the establishment of operations in India, a move that aligns with the co's strategic initiatives to expand its existing customer base while also expanding into new geographic markets.

7:05AM Bank of Hawaii beats by $0.16 (BOH) 47.67 : Reports Q1 (Mar) earnings of $0.88 per share, $0.16 better than the Thomson Reuters consensus of $0.72. Results included a provision for credit losses of $4.7 mln vs $5.3 mln in Q4 of 2010 and $20.7 mln yr ago. The provision for credit losses equaled net charge-offs during the first quarter of 2011 and Q4 of 2010. The provision for credit losses exceeded net charge-offs of $18.0 mln by $2.7 mln in the first quarter of 2010. Overall credit quality continues to improve and reflects a recovering Hawaii economy, with most metrics showing positive movement through 2010 and the first quarter of 2011. Non-performing assets were $34.6 mln at March 31, 2011, down from $37.8 mln at December 31, 2010, and down from $41.6 mln at March 31, 2010. The improvement was primarily due to the return to accrual of previously modified residential mortgages. Net charge-offs during the first quarter of 2011 were $4.7 mln or 0.36 percent annualized of total average loans and leases outstanding. The net interest margin was 3.24% for the first quarter of 2011.

7:05AM Rentrak announces that Cathy Hetzel has added the responsibilities of Corporate President to her current duties as President of Rentrak's Advanced Media and Information (RENT) 23.91 :

7:04AM Titan Machinery beats by $0.21, beats on revs; guides FY12 EPS, revs above consensus (TITN) 26.94 : Reports Q4 (Jan) earnings of $0.57 per share, $0.21 better than the Thomson Reuters consensus of $0.36; revenues rose 45.9% year/year to $368.1 mln vs the $294.8 mln consensus. Co issues upside guidance for FY12, sees EPS of $1.50-1.60 vs. $1.38 Thomson Reuters consensus; sees FY12 revs of $1.275-1.350 bln vs. $1.2 bln Thomson Reuters consensus. All three of the co's main revenue sources--equipment, parts and service--contributed to this period-over-period revenue growth. "We achieved our Construction Business Action Plan goals by delivering annual same store sales growth of 25% for our Construction segment and reduced our pre-tax loss by half compared to last fiscal year."

7:02AM Tenet Healthcare: Community Health Systems (CYH) confirms it is now offering $6.00/share in cash to acquire outstanding shares of Tenet Healthcare; previous offer $5.00/share in cash and $1.00 per share in CYH common stock (THC) 6.66 : Co confirmed that it is now offering $6.00 per share in cash to acquire all outstanding shares of Tenet Healthcare Corporation (THC). The previous CHS offer was for $5.00 per share in cash and $1.00 per share in CHS common stock. The new offer was made in a letter to Tenet's Board of Directors today. "We are confident that our business practices are appropriate and we will respond in detail to Tenet's claims in due course... Tenet shareholders should be outraged by the billions of dollars in shareholder value that the Tenet Board has destroyed for its own shareholders and the industry at large as a result of its reckless and self-serving allegations. We are confident that Tenet shareholders will hold the entrenched Tenet Board accountable for this scorched earth response to our acquisition proposal."

7:02AM Chesapeake Energy provides early tender results for its cash tender offers; increases of the tender offer series maximum with respect to its 6.250% Euro-Denominated Senior Notes due 2017 (CHK) 32.73 : Co announces the early tender results for its previously announced cash tender offers to purchase a portion of the outstanding principal amount of each series of its senior notes. Co also announced that it has increased the tender offer Series Maximum with respect to its 6.250% Euro-denominated Senior Notes due 2017.

7:02AM Idera Pharma publishes data demonstrating novel gene-silencing oligonucleotide technology (IDRA) 2.58 : Idera Pharmaceuticals announced the online publication in the Journal of Medicinal Chemistry of its studies of a novel class of compounds, which co refer to as gene-silencing oligonucleotides. In these studies, Idera's GSOs efficiently inhibited gene expression while overcoming some of the most intractable issues associated with other gene-silencing technologies: stability, specificity, and systemic delivery. "The data reported in the publication demonstrate the robust gene-silencing activity of our proprietary GSOs and their efficient systemic delivery without the use of any delivery technology..."

7:01AM Shanda Interactive submits confidential submission of draft registration statement of Cloudary (SNDA) 43.96 : Co announces that Cloudary (formerly known as Shanda Literature Corporation), a Cayman Islands company which is currently wholly owned by Shanda and operates co's online literature business, submitted a draft registration statement on a confidential basis to the SEC for a possible IPO.

6:57AM Halliburton beats by $0.03, beats on revs (HAL) 46.82 : Reports Q1 (Mar) earnings of $0.61 per share, excluding a $0.05 charge from Libya, $0.03 better than the Thomson Reuters consensus of $0.58; revenues rose 40.4% year/year to $5.28 bln vs the $4.89 bln consensus. "North America delivered strong performance as margins progressed due to increased activity while Eastern Hemisphere operating income was significantly impacted by geopolitical events in North Africa, delays in Iraq, and typical seasonality. In North America, rig activity increased 2% from the prior quarter, while revenue and operating income grew 13% and 16%, respectively. This is a result of our continued strategic investment in oil and liquids-rich growth areas where service intensity continues to grow... We expect our Eastern Hemisphere margins to improve in the second quarter but they will continue to be impacted by the situation in Libya and by competitive pricing. As activity accelerates during the second half of the year, we anticipate margins will return to the levels seen in 2010. In North Africa, we expect that Libya will continue to be challenged while Egypt appears to be returning to prior activity levels. In Iraq, our delayed integrated drilling projects are now scheduled to begin in the second or third quarter of this year. We remain very optimistic about this market and expect to be profitable in 2011."

6:38AM On The Wires (WIRES) :

* Endeavour International (END) announced agreement of commercial terms for the processing and transportation of East Rochelle production on the Scott Platform, in the Central North Sea.
* Lattice Semiconductor (LSCC) announced the immediate availability of the new LatticeECP3 Versa Development Kit, which is ideal for developing leading edge applications in a variety of markets such as industrial networking, industrial automation, computing, medical equipment, defense and consumer electronics.
* NaviSite (NAVI) announced that iSentry has selected NaviSite's Managed Cloud Services (MCS) to support and deliver its Digital Content Exchange solution.
* Broadridge Financial Solutions (BR) announced the launch of its unique international Affiliate Matching & Settlement solution.
* Inovio Pharmaceuticals (INO) announced it has signed a collaboration agreement with Transgene S.A. and ChronTech Pharma AB to evaluate a novel therapeutic vaccination strategy against genotype 1 hepatitis C virus in a phase I clinical study.
* Agria (GRO) announced an investment by New Zealand-based Ngai Tahu Holdings. Ngai Tahu Holdings has agreed to acquire shares in Agria Asia Investmentsvalued at ~$11.8 mln from Agrai.
* Acacia Research (ACTG) announced that its subsidiary Advanced Processor Technologies has entered into a settlement and license agreement with Cirrus Logic (CRUS) resolving a patent litigation that was pending.
* Genpact (G) and SmartStream announced a partnership to combine Genpact's finance and accounting services expertise with SmartStream's new TLM Account Reconciliation solution to bring unparalleled levels of visibility and control to CFOs, while shortening the financial closing process.
* Ashford University, a Bridgepoint Ed (BPI) co, has introduced the Bachelor of Arts in Health and Wellness, offering another educational option for aspiring healthcare professionals.
* Meru Networks (MERU) announced that Mount St. Mary College has chosen Meru's scalable and high-density virtualized wireless LAN solution to deliver 24x7 reliable wireless access to its 1,000 student residents.
* Volvo (VOLVY) Technology Transfer has sold its share of TranSiC AB to the US co Fairchild Semiconductor (FCS). VTT first invested in TranSiC AB shares in autumn 2006 and has since been an active shareholder. The transaction will not have a material impact on the Volvo Group's earnings or financial position.

6:34AM Eli Lilly beats by $0.08, beats on revs; reaffirms FY11 EPS guidance (LLY) 36.01 : Reports Q1 (Mar) earnings of $1.24 per share, excluding non-recurring items, $0.08 better than the Thomson Reuters consensus of $1.16; revenues rose 6.4% year/year to $5.84 bln vs the $5.7 bln consensus. This 6% revenue growth was comprised of an increase of 5% in volume and 1% due to the impact of foreign exchange rates. Pricing changes had a negligible impact on rev growth. Total revenue in the U.S. increased 1% to $3.076 billion primarily due to higher prices, partially offset by lower volume. Total revenue outside the U.S. increased 13% to $2.763 bln due to increased volume and, to a lesser extent, the positive impact of foreign exchange rates, partially offset by lower prices. Co reaffirms guidance for FY11, sees EPS of $4.15-4.30, excluding non-recurring items, vs. $4.24 Thomson Reuters consensus. Cash flows are still expected to be sufficient to fund capital expenditures of between $800-900 mln, as well as anticipated business development activity and the co's dividend.

6:16AM Warner Chilcott plans to restructure Western European Operations; impact to 2011 adjusted cash net income expected to be neutral to slightly accretive (WCRX) 24.02 : Co announces its plans to restructure its Western European operations in Belgium, the Netherlands, France, Germany, Italy, Spain, Switzerland and the United Kingdom. The co determined to proceed with the restructuring following the completion of a strategic review of its operations in its Western European markets where its product ACTONEL lost exclusivity in late 2010. Co states impact to 2011 Adjusted Cash Net Income expected to be neutral to slightly accretive. ACTONEL accounted for ~70% of the co's Western European revenues in 2010. In connection with the restructuring, the co expects to record aggregate restructuring charges in 2011 and 2012 consisting of employee severance and other charges of ~$120-130 mln based on current exchange rates. All of these charges will result in future cash expenditures for the co. The substantial majority of the restructuring charges are expected to be recognized in 2011 and relate to employee severance. Approximately $43 mln ($42 million after-tax or ~$0.16 per diluted share) in employee severance charges are expected to be recorded in the quarter ended March 31, 2011. Separately, the co has announced that it expects to record in the quarter ended March 31, 2011 aggregate charges of approximately $33 mln, net of tax, (or $0.13 per diluted share) in connection with its decision to repurpose its Manati, Puerto Rico manufacturing facility, including ~$26 mln in non-cash charges resulting from the write-down of certain property, plant and equipment assets and ~$7 mln of employee severance charges.

6:13AM Goodrich Petroleum announces it repurchased $145.9 mln of outstanding 3.25 conertible senior notes due 2026 (GDP) 21.43 : The repurchase was made using a portion of the net proceeds from the co's recently completed offering of $275 mln 8.875% senior notes due 2019.

6:11AM Men's Wearhouse Provides Succession Plan Update; Douglas Ewert to become CEO June 15, 2011 (MW) 27.55 : Co announces that Douglas Ewert, the president and COO of the co, will succeed George Zimmer, co's founder and chairman, and CEO, as president and CEO immediately after the co's Annual Shareholder Meeting to be held on June 15, 2011. This announcement is consistent with the co's succession plan which was previously announced in January 2011.

6:10AM Molycorp acquires rare earth metal and alloy manufacturer Santoku America for all cash deal for $17.5 mln (MCP) 74.22 : Co announces that its wholly owned subsidiary Molycorp Minerals has acquired Arizona-based Santoku America in an all-cash deal for $17.5 mln. The acquisition provides co with the capability to immediately begin manufacturing and selling rare earth alloys for the production of neodymium iron boron magnets and samarium cobalt magnets, as well as a variety of other specialty alloys and products.

5:37AM On The Wires (WIRES) :

* ARCA biopharma (ABIO) announced that it has entered into a license agreement with the University of Cincinnati for exclusive worldwide rights to a portfolio of U.S. and international patents, which includes certain patents covering genetic markers for the co's lead drug candidate, GencaroTM, which is being developed for the treatment of chronic heart failure.
* TransCanada (TRP) has been informed that the U.S. Department of State has published the Keystone XL pipeline's Supplemental Draft Environmental Impact Statement. The Department of State has indicated that the SDEIS public comment period will be open for 45 days.
* Dominion (D) Virginia Power reported Saturday evening that an apparent tornado touched down on the switchyard supporting Surry Power Station and the facility's access road, and cut off the electrical feed from the grid to the station. An off-site power source has been restored to each unit.
* Kyocera Echo launched in all Sprint (S) retail channels.
* Prudential Financial (PRU) announced that following the approvals from China Securities Regulatory Commission and Ministry of Commerce, the Shanghai Administration of Industry and Commerce granted final approval to the investment management business of United States-based Prudential Financial for the purchase of 12% in Everbright Pramerica Fund Management from Everbright Securities.
* Fluor (FLR) announced that the co and Turner Facilities Management Ltd of Scotland have formed a joint venture to execute current work and pursue additional contracts in infrastructure support and other contingency logistic opportunities that support the United Kingdom's armed forces operating in Afghanistan.
* SCM Microsystems, a leading provider of solutions for secure access, secure identity and secure exchange and a business unit of Identive Group (INVE) announced that it has received its first orders for 10,000 eHealth terminals to support the relaunch of the electronic health card program in Germany.
* Biogen (BIIB) and Elan (ELN) announced that the Committee for Medicinal Products for Human Use has adopted a positive opinion for inclusion of an additional risk factor, anti-JC virus antibody status, to the product label for TYSABRI in the European Union

5:04AM DHT misses by $0.02, misses on revs (DHT) 4.54 : Reports Q1 (Mar) earnings of $0.07 per share, $0.02 worse than the Thomson Reuters consensus of $0.09; revenues fell 0.4% year/year to $22.3 mln vs the $23.3 mln consensus.

3:16AM LDK Solar repurchases its 4.75% convertible senior notes due 2013 at an aggregate principal amount of $351,775,000 (LDK) 11.21 :

3:14AM Amarin's AMR101 Phase 3 ANCHOR Trial Meets all primary and secondary endpoints with statistically significant reductions in triglycerides, decrease in LDL-C (AMRN) 8.77 : Co announces The Phase 3 trial met its primary and secondary efficacy endpoints for both the 4 gram and 2 gram daily doses. The study indicated Triglyceride levels decreased 21.5% and 10.1% from baseline versus placebo at 4 gram and 2 gram doses, respectively while LDL-C decreased at both doses within the predefined non-inferiority boundary with a statistically significant 6.2% decrease in LDL-C from baseline versus placebo at 4 gram dose. All results were incremental to background statin therapy. The safety profile similar to placebo and similar to MARINE trial results. Results position AMR101 to be first-in-class product for treatment of high triglycerides and confirm and build upon the positive results for the MARINE Phase 3 trial announced in November 2010.

2:54AM General Motors reports its Chevrolet unit sold 1.1 mln vehicles worldwide in Q1, up 15% YoY; co states its brand's best Q1 ever (GM) 30.24 : Co announces Chevrolet sold 1.1 million vehicles worldwide in the first three months of 2011, a 15% increase over the first quarter of 2010 and the brand's best first-quarter results ever. Additionally, co states Chevrolet is expanding in Asia, as it replaces GM Daewoo in Korea beginning in March.

2:33AM Diametrics Medical enters $10 mln standby equity agreement (DMED) 3.52 : Co announces that it has signed an agreement for a standby equity purchase agreement with YA Global Investments, whereby co would have the option, at its sole discretion, to issue and sell up to $10 mln of its ordinary shares to YA over the course of 24 months

2:28AM Trustmark acquires Heritage Banking Group; expected to be immediately accretive to EPS and tangible book value per share. (TRMK) 23.34 : Co announces its unit, Trustmark National Bank, has acquired the banking operations of Heritage Banking Group in a FDIC assisted transaction. Substantially all loans and other real estate acquired are covered by a loss share agreement in which the FDIC will reimburse co for 80% of the losses incurred. The assets covered by loss sharing agreements total ~$156 mln. Co purchased Heritage for an asset discount of ~$23 mln and a deposit premium of 0.15%. The acquisition is expected to generate a modest one-time gain in the second quarter of 2011 and will be immediately accretive to Trustmark's earnings per share and tangible book value per share.

2:22AM Sulphco plans to implement workforce reductions and pursue strategic alternatives (SUF) 0.11 : Co announces that it was implementing a substantial reduction in its workforce by April 30, 2011. The employees affected by the workforce reduction are primarily comprised of laboratory support and administrative personnel. In addition, the co's Board has instructed the management team and its advisors to pursue all potential strategic alternatives to obtain value for its shareholders. The co is also evaluating various financing alternatives which, if successful, could provide additional capital to be used to fund future research, development and commercial marketing activities. If the co is unable to raise additional financing, its ability to continue to operate will be significantly curtailed and possibly terminated.

2:19AM HeartWare reports additional data from bridge-to-transplant clinical trial and continued access patients (HTWR) 83.91 : Co announces the presentation of updated data from its pivotal bridge to heart transplantation study, ADVANCE, showing 180-day survival, using Kaplan-Meier analysis, for a combined 250 investigational device patients in the original study and the continued access cohort patients was 94%. Results presented aggregated data from the 140 patients in co's ADVANCE clinical trial and an additional 110 patients from Continued Access Protocol allotments granted by the FDA in the past year. The ADVANCE clinical trial is an FDA approved Investigational Device Exemption study designed to evaluate the HeartWare Ventricular Assist System as a bridge to heart transplantation for patients with end-stage heart failure. Co completed submission to the FDA of a premarket approval application, seeking approval of the System for the bridge-to-transplant indication on December 28, 2011.

2:13AM Stewart Enterpr receives requisite consents with respect to its tender offer and consent solicitation for its 6.25% Senior Notes due 2013 (STEI) 8.31 : Co announces that it had received tenders and consents from holders of $194,188,000 (over 97%) of the aggregate principal amount of its outstanding 6.25% Senior Notes due 2013 in connection with its previously announced cash tender offer and consent solicitation for the Notes, which commenced on April 4, 2011. The co intends to execute a supplemental indenture to the indenture governing the Notes to eliminate substantially all of the restrictive covenants, and certain event of default provisions in the indenture.

2:11AM Eli Lilly receives complete response letter from FDA for Liprotamase for the Treatment of exocrine pancreatic insufficiency (LLY) 36.01 : Co receives complete response letter from the FDA for its New Drug Application for liprotamase, a non-porcine pancreatic enzyme replacement therapy, under investigation for the treatment of exocrine pancreatic insufficiency. The complete response letter communicated the need for Lilly to conduct an additional clinical trial prior to a re-submission.

2:07AM Energy Recovery CFO steps down, appoints Alexander Buehler as its CFO effective May 23 (ERII) 3.02 : Co announces the departure of its CFO, Thomas Willardson, effective May 23, 2011, and the appointment of Alexander Buehler as its CFO, effective the same day. Buehler spent the last seven years at Insituform Technologies (INSU) focused on the application of high-tech plastics to enhance water, mining and oil & gas infrastructure. While at Insituform, he held several strategic, executive level positions in the U.S. and abroad.

2:01AM CompuCredit reports results of tender offer to purchase up to 13.125 mln shares of its common stock (CCRT) 4.71 : Co announces the results of its tender offer to purchase up to 13.125 mln shares of its outstanding common stock, no par value per share, at a purchase price of $8.00 per share for a total cost of ~$105.0 mln. The number of shares of Common Stock that co has accepted for purchase represents ~34.5% of the shares of common stock outstanding.

1:55AM International Coal clarifies MSHA production data (ICO) 11.00 : Co clarifies it Q1 production volumes from its ICG Illinois Viper mine and Wolf Run Mining Company Sentinel mine following incorrect production data reported on the Mine Safety and Health Administration website. For the 1Q11, the Viper mine in the Illinois Basin produced a total of 640,000 tons and the Sentinel mine in Northern Appalachia produced a total of 324,000 tons. Volumes produced at each mine were within normal quarterly expectations.

1:47AM Citizens South Banking acquires New Horizons Bank in FDIC assisted transaction (CSBC) 4.49 : Co announces it has acquired the banking operations of New Horizons Bank in a FDIC-assisted transaction. Under the terms of the transaction, co will receive ~$107.6 million in assets, including $76.1 mln in loans, and assume $106.0 mln in liabilities, including $101.9 mln in current deposits of New Horizons Bank.

1:43AM Roche Hldg receives FDA approval for ACTEMRA for the treatment of systemic juvenile idiopathic arthritis (RHHBY) 37.33 : Co's unit, Genentech, announces that the FDA approved ACTEMRA for the treatment of active Systemic Juvenile Idiopathic Arthritis in patients two years of age and older. ACTEMRA can be given alone or in combination with methotrexate in patients with SJIA. ACTEMRA is the first medicine approved by the FDA for the treatment of SJIA, a rare and severe form of arthritis affecting children. This approval was based on positive data from a Phase III study known as TENDER. The results showed that 85% of children with SJIA receiving ACTEMRA experienced a 30% improvement in the signs and symptoms of SJIA and an absence of fever after 12 weeks of therapy, compared with 24% of children receiving placebo. Additional results from the TENDER study, a randomized, double-blind, Phase III study in 112 patients showed significantly more children who received ACTEMRA had improvements in SJIA signs and symptoms. In the study, 71% of children treated with ACTEMRA achieved a JIA ACR70 response at week 12 compared with 8% of those receiving placebo. No new or unexpected safety signals were identified with ACTEMRA.

1:17AM Big Lots announces organizational changes to support future growth (BIG) 43.53 : Co announces certain organizational changes and named a new EVP of Merchandising. Doug Wurl will be joining the co as Executive Vice President, Merchandising. He joins co from Sears Holding (SHLD) where he was Vice President, General Merchandise Manager, Business Unit President, SHC Home Division.

http://finance.yahoo.com/marketupdate/inplay


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