Market Update: 110419
4:30 pm : Stocks spent this morning stuck in listless trade, but they managed to settle with decent gains after natural resource plays provided an afternoon lift.
Early trade was entirely lackluster as participants processed the latest round of earnings results. Several financial players posted results, but most attention was paid to Goldman Sachs (GS 151.86, -1.92) and U.S. Bancorp (USB 25.25, -0.31). Although both exceeded earnings expectations, each succumbed to selling. Shares of GS only trimmed losses after they attracted support near the $150 mark, which made for a multi-month low.
Texas Instruments (TXN 34.54, -0.25) was also clipped. News of its earnings miss first broke last evening. In turn, semiconductor stocks in Asia shared in the company's disappointment during overnight trade. The company also made note during its conference call that earthquakes in Japan took their toll on operations.
Data from abroad featured a mixed bag of PMI Services and Manufacturing readings, but domestic data was limited to monthly housing starts and building permits. Housing starts for March improved to an annualized rate of 549,000, which is greater than the rate of 520,000 units that had been broadly expected. Building permits improved to an annualized rate of 594,000, which is greater than the 540,000 building permit rate that had been forecasted, on average, by economists surveyed by Briefing.com.
Building materials stocks benefited from that news. They combined with steel stocks, which bounced on the back of better-than-expected results from Steel Dynamics (STLD 18.46, +1.00), to drive the overall materials sector to a 1.8% gain.
Though not quite as impressive, energy stocks scored a collective gain of 1.1%. Oil services stocks were leaders in the energy space as they rebounded from the prior session's slide.
Health care stocks and industrial stocks weren't too far behind energy. Both sectors put together a 0.9% gain. Health care was led by Dow component Johnson & Johnson (JNJ 62.69, +2.23), which won strong support after it posted a better-than-expected bottom line and issued an improved outlook. PACCAR (PCAR 52.19, +1.88) was a top performing industrial play after it reported its own quarterly results.
Advancing Sectors: Materials (+1.8%), Energy (+1.1%), Health Care (+0.9%), Industrials (+0.9%), Tech (+0.4%),Financials (+0.4%), Consumer Discretionary (+0.3%), Consumer Staples (+0.2%)
Declining Sectors: Telecom (-0.1%)DJ30 +65.16 NASDAQ +9.59 NQ100 +0.6% R2K +0.2% SP400 +0.5% SP500 +7.48 NASDAQ Adv/Vol/Dec 1304/1.67 bln/1278 NYSE Adv/Vol/Dec 2006/847 mln/980
3:30 pm : June gold finished higher by 0.1% to $1494.20 per ounce, while May silver gained 2.1% to finish at $43.745 per ounce. Both metals rallied on a continued flight to safety over sovereign debt concerns, strength in crude oil, as well as weakness in the dollar. Gold rallied to a new all time high at $1500.05, while silver once again notched fresh ~31 yr highs at $43.97.
June crude oil, the new front month contract, finished higher by 0.4% to $108.24 per barrel. It recouped overnight losses to finish with modest gains, helped by weakness in the dollar. May natural gas finished higher by 3.1% to $4.26 per MMBtu, helped by cooler than average temperatures across the country.DJ30 +57.86 NASDAQ +7.33 SP500 +6.26 NASDAQ Adv/Vol/Dec 1318/1.3 bln/1251 NYSE Adv/Vol/Dec 1962/604.8 mln/1000
3:00 pm : Tonight's list of earnings announcements features the latest from Dow components IBM (IBM 165.36, -0.58) and Intel (INTC 19.84, +0.22). Fellow tech issue Yahoo! is also scheduled to unveil its latest quarterly results.
Tomorrow morning brings the latest from Altria (MO 26.17, -0.38), Freeport McMoRan (FCX 51.72, +1.11), and Wells Fargo (WFC 30.06, +0.54). Dow components United Technologies (UTX 82.34, +0.64) and AT&T (T 30.26, -0.05) are also due to report in the morning. DJ30 +51.43 NASDAQ +4.19 SP500 +5.27 NASDAQ Adv/Vol/Dec 1250/1.20 bln/1304 NYSE Adv/Vol/Dec 1910/530 mln/1055
2:30 pm : Although the Dow and S&P 500 are up with solid gains near session highs, the Nasdaq has been unable to make much of a move away from the flat line. Its relative weakness comes as the likes of Research In Motion (RIMM 53.60, -1.23) and Yahoo! (16.14, -0.20) trade lower. Their weakness has offset strength in regional bank stocks like Zions (24.02, +1.06).DJ30 +51.05 NASDAQ +1.83 SP500 +5.05 NASDAQ Adv/Vol/Dec 1263/1.11 bln/1285 NYSE Adv/Vol/Dec 1888/490 mln/1045
2:00 pm : The stock market has stretched its recent upturn to a session high. Although the advance began in the absence of a clear-cut leader, natural resource plays have shown their ability to provide a broader push. Demand for natural resource plays hasl sent the materials sector to a 1.4% gain and the energy sector 1.1% higher.
Steel continues to be a key source of strength in the materials sector's advance. As such, the Market Vectors Steel ETF (SLX 72.01, +1.52) is up more than 2%. Meanwhile, oil services providers have the Oil Service HOLDRs ETF (OIH 157.83, +2.71) up nearly 2%. DJ30 +52.18 NASDAQ +4.72 SP500 +5.36 NASDAQ Adv/Vol/Dec 1289/1.02 bln/1269 NYSE Adv/Vol/Dec 1874/452 mln/1055
1:30 pm : The Dow and S&P 500 have worked their way up to their best levels in almost three hours. The gradual lift comes without any real source of leadership, though, so the gains could be susceptible to the challenge of sellers.DJ30 +37.54 NASDAQ +1.89 SP500 +3.76 NASDAQ Adv/Vol/Dec 1161/930 mln/1367 NYSE Adv/Vol/Dec 1768/420 mln/1124
1:00 pm : The broad market is mired at the neutral line. The dull day of trade comes amid a lack of leadership.
A barrage of bank earnings was posted this morning, but the overall financial sector has lacked direction. In turn, it has drifted to a 0.1% loss. U.S. Bancorp (USB 25.19, -0.37) and Comerica (CMA 36.59, -0.87) are down sharply, despite uspide earnings surprises from the pair. Widely considered best-in-class, investment bank Goldman Sachs (GS 150.76, -3.02) topped expectations for both its top and bottom line, but its shares have fallen to a six-month low. State Street (STT 46.00, +1.33) has garnered strong support in the wake of its report, though.
Tech stocks collectively represent the largest sector, but action therein has been choppy for most of the trading day. Texas Instruments (TXN 34.69, -0.10) and Seagate Tech (STX 17.52, -0.32) have lagged following their earnings misses. Comments about the adverse impact of earthquakes in Japan on TXN's operations actually exacerbated overnight selling against semiconductor issues in Asia's major averages.
The health care sector is up modestly on the back of a strong report and improved guidance from Johnson & Johnson (JNJ 61.86, +1.30), but materials stocks have put together enviable gains, but the sector lacks the necessary weight to make it a legitimate market leader. Nonetheless, the sector's 1.0% gain stems from strength among steel stocks following an upside earnings surpirse from Steel Dynamics (STLD 18.29, +0.83) and building materials plays in the wake of this morning's stronger-than-expected housing starts report.
Housing starts for March hit an annualized rate of 549,000, which is an improvement from the upwardly revised rate of 512,000 for the prior month. The March rate also exceeds the Briefing.com consensus call for an annualized rate of 520,000 units. Building permits were also better than expected. Permits for March totaled improved to an annualized rate of 594,000, which is greater than the 540,000 building permit rate that had been forecasted.
The latest tally is also up from the February rate of 534,000 permits. Shares of homebuilders like Lennar (LEN 18.57, +0.23) and PulteGroup (PHM 8.13, +0.29) have also been helped by the housing report. DJ30 +24.52 NASDAQ -2.56 SP500 +2.05 NASDAQ Adv/Vol/Dec 1058/850 mln/1435 NYSE Adv/Vol/Dec 1648/383 mln/1239
12:30 pm : Shares of Harley-Davidson (HOG 37.60, -2.11) have tumbled more than 5% to a new one-month low. The stock is among today's worst performers. As a consequence, it has hampered the consumer discretionary sector, which currently trades with a slight loss.
The dramatic downturn by HOG comes after the motorcycle manufacturer announced earnings of $0.51 per share for the latest quarter, but that came short of the Wall Street consensus of $0.53 per share. DJ30 +21.61 NASDAQ -4.71 SP500 +1.02 NASDAQ Adv/Vol/Dec 1076/775 mln/1395 NYSE Adv/Vol/Dec 1633/350 mln/1232
12:00 pm : Lackluster trade has kept the major equity averages near the neutral line.
However, materials stocks have benefited from some strong buying interest. More specifically, the sector is up 0.8%. Steel stocks are in particularly strong shape following an impressive quarterly report from Steel Dynamics (STLD 18.29, +0.83). The materials sector has also been helped by building materials plays in the wake of this morning's stronger-than-expected housing starts report. DJ30 +18.39 NASDAQ -4.16 SP500 +0.95 NASDAQ Adv/Vol/Dec 1072/685 mln/1391 NYSE Adv/Vol/Dec 1603/315 mln/1234
11:30 am : The tone of trade continues to slowly sour. As such, stocks are at session lows, although overall weakness remains moderate.
Financials have fallen under particularly stiff selling in the past few minutes so that the sector is now down 0.3%. U.S. Bancorp (USB 25.05, -0.51) and Goldman Sachs (GS 151.24, -2.54) represent a couple of particularly weak performers in the financial space, even though both firms posted an upside earnings surprise for the latest quarter. In contrast, stronger-than-expected results from State Street (STT 46.05, +1.38) have sent the stock up 3%. DJ30 +3.90 NASDAQ -7.47 SP500 -0.72 NASDAQ Adv/Vol/Dec 1131/585 mln/1304 NYSE Adv/Vol/Dec 1690/271 mln/1144
11:00 am : The Nasdaq has slipped below the neutral line so that it now trades with a fractional loss. Cisco Systems (CSCO 16.57, -0.16) continues to be a laggard in the tech-rich Index and, as such, continues to weigh on it.
Homebuilders are having a strong session following this morning's stronger-than-expected housing starts figures and building permits figures. KB Home (KBH 11.59, +0.29), Lennar (LEN 18.81, +0.47), and PulteGroup (PHM 8.13, +0.29) are not only top performers in their space, but in the broader market as well. DJ30 +16.65 NASDAQ -2.35 SP500 +1.30 NASDAQ Adv/Vol/Dec 1171/460 mln/1191 NYSE Adv/Vol/Dec 1718/218 mln/1035
10:30 am : At the open of pit trading, crude oil rallied for almost $2/barrel, pushing into positive territory and rising near the $108 level. In current activity, crude is up 4 cents at $107.73/barrel.
Natural gas traded right around the unchanged line during the overnight session and in early morning trade. Around 7:00am ET, the energy component began on uptrend and steadily rose almost 2% to almost $4.22/MMBtu. Nat gas is now 2.4% higher at $4.24/MMBtu.
Gold futures rose to session highs of just over $1498/oz. overnight, but pulled back to $1490 this morning. In the last 15 minutes of trade, gold pushed back near the unchanged line and is currently 0.1% higher at $1493.60/oz.
Silver have been in positive territory all morning but have dropped back below the $43 area twice so far this morning. Currently, silver is up 0.6% at $43.22/oz.
In overnight trade, grains rose higher with wheat showing the most gains again. After rising ~4% in trade yesterday, wheat rose 16 cents overnight to $7.91. Corn gained 0.4% to $7.54 and soybeans rose 0.02% at $13.45/bu.DJ30 +46.81 NASDAQ +6.02 SP500 +4.46 NASDAQ Adv/Vol/Dec 1323/302.07 mln/950 NYSE Adv/Vol/Dec 1821/155.8 mln/875
10:00 am : A sudden flurry of selling pressure has dashed stocks' early advance. The major equity averages are now narrowly above the neutral line.
Tech stocks, which collectively make up the largest sector, have been taken down to a 0.2% loss. Texas Instruments (TXN 34.40, -0.39) has been a heavy drag following the semiconductor giant's earnings miss. Seagate Tech (STX 17.35, -0.49) reported an earnings miss of its own. The company's quarterly report was further darkened by a downside forecast. Western Digital (WDC 37.85, -0.82) has fallen sharply in sympathy after it had made an upward push at the open of trade.
Advancing Sectors: Materials (+0.8%), Industrials (+0.6%), Health Care (+0.3%), Energy (+0.2%), Consumer Discretionary (+0.1%)
Unchanged: Utilities, Financials, Telecom
Declining Sectors: Tech (-0.2%), Consumer Staples (-0.2%)DJ30 +18.60 NASDAQ +1.04 SP500 +1.00 NASDAQ Adv/Vol/Dec 1576/140 mln/595 NYSE Adv/Vol/Dec 1961/90 mln/665
09:45 am : The major equity averages are up with modest gains in the first few minutes of action.
Industrial stocks are currently the top performers. The sector has already sprint ahead to a 0.8% gain amid broad buying, but Paccar (PCAR 52.83, +2.52) is in the front following news of an upside earnings surprise for the latest quarter.
In contrast, consumer staples stocks are down 0.1%, which makes them this morning's worst performing sector. The dip by consumer staples plays comes after the sector had outperformed for the past few sessions. DJ30 +31.75 NASDAQ +8.30 SP500 +3.14 NASDAQ Adv/Vol/Dec 1515/40 mln/507 NYSE Adv/Vol/Dec 1791/40 mln/568
09:15 am : S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +4.30. Stock futures suggest that the cash market will open at or slightly above the flat line. Although that may not seem terribly impressive, it marks an improvement from overnight action that was weighed down by an earnings miss from Texas Instruments (TXN) and the comments that the company made regarding the adverse impact of Japan's earthquakes on operations. That direct acknowledgement exacerbated weakness among many semiconductor-related plays in Asia, which were already under selling pressure following Wall Street's sell-off yesterday. The tone at home has been helped, however, by a rebound in Europe's major bourses and a bevy of better-than-expected earnings reports from banks and their ilk. Health and personal care product behemoth and Dow component Johnson & Johnson (JNJ) posted pleasing earnings of its own and complemented the report with an improved outlook. Its shares are up more than 2% ahead of the open. Domestic data has been limited to stronger-than-expected housing starts and building permits figures for March. Overseas data featured a handful of PMI Manufacturing readings out of Europe. They generally showed improvement from the prior month. PMI Services readings were more mixed.
09:00 am : S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +4.00. Europe's major bourses booked marked losses yesterday, but they have bounced back during the latest round of trade. As such, Germany's DAX is up 0.6%, France's CAC has climbed to a 1.0% gain, and Britain's FTSE has fueled its way to a 0.8% gain. According to data, Germany's PMI Manufacturing Index for April improved to 61.7 from 60.9 in March. Its PMI Services Index slipped to 57.7 for April from 60.1 in March, though. France's Manufacturing PMI for April improved to 56.9 from 55.4 in March. Its PMI Services Index improved to 63.4 for April from 60.4 in March. Meanwhile, eurozone Manufacturing PMI for April improved to 57.7 from 57.5 in March. The eurozone PMI Services Index slipped to 56.9 in April from 57.2 in March, though. Eurozone consumer confidence in April had a score of -11.4, down from -10.6 in the prior month.
Asia's major averages slid sharply in overnight trade. Their descent came largely in response to the weakness displayed on Wall Street after analysts at S&P assigned a negative outlook to the AAA rating of U.S. debt. China's Shanghai Composite was one of the worst performers. It tumbled to a 1.9% loss. Coal plays were among the poorest performers. Hong Kong's Hang Seng shed 1.3%. CNOOC (CEO) was among the heaviest drags on trade. Japan's Nikkei suffered a 1.2% loss amid widespread weakness. TDK Corp dropped 8% to close the session as the Nikkei's worst performer. Advantest (ATE) and other semiconductor-related issues were further imbued by comments from Texas Instruments (TXN) regarding the adverse impact that the earthquakes in Japan have had on operations.
08:35 am : S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +4.30. Stock futures got a little bit of help from the latest dose of housing data. Housing starts for March hit an annualized rate of 549,000, which is an improvement from the upwardly revised rate of 512,000 for the prior month. The March rate also exceeds the Briefing.com consensus call for an annualized rate of 520,000 units. Building permits were also better than expected. Permits for March totaled improved to an annualized rate of 594,000, which is greater than the 540,000 building permit rate that had been forecast for the month. The latest tally is also up from the February rate of 534,000 permits.
08:05 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +3.10. Stock futures currently have a narrow lead over fair value. The tepid tone comes amid a bevy of reports from financial firms. Goldman Sachs (GS) is the latest to announce results. The investment bank posted an upside earnings surprise on stronger-than-expected revenue. U.S. Bancorp (USB) also beat on the bottom line, as did Comerica (CMA), Regions Financial (RF), and State Street (STT). Northern Trust (NTRS) came short of the consensus, though. The latest round of earnings reports has also featured better-than-expected earnings from Dow component Johnson & Johnson (JNJ), which complemented the report with improved guidance. Texas Instruments (TXN) failed to meet what had been expected for earnings. Comments regarding disruptions from the earthquakes in Japan during the company's conference call last evening exacerbated weakness among some of the tech plays listed in the major Asian averages in overnight trade. Action in Europe has been generally positive following its prior session slide. Solid PMI data have helped. As for domestic data, the latest housing start data are due at the bottom of the hour. Nothing else of consequence is on the economic calendar today.
06:47 am : [BRIEFING.COM] S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: -0.80.
06:47 am : Nikkei...9441.03...-115.60...-1.20%. Hang Seng...23520.62...-309.70...-1.30%.
06:47 am : FTSE...5900.56...+30.50...+0.50%. DAX...7051.48...+24.50...+0.40%.
5:59PM Flexsteel Ind reports Q3 EPS of $0.35 vs. $0.34 in last year's quarter; revs rose 4.6% to $85.2 mln (FLXS) 33.00 -0.01 :
5:58PM CVR Energy amends offer to purchase up to $100 mln principal amount of first lien senior secured notes and second lien senior secured notes (CVI) 22.84 -0.17 : Co announced that in connection with its previously announced offer to purchase up to $100 million aggregate principal amount of the 9% First Lien Senior Secured Notes due 2015 (the "First Lien Notes") and the 10 7/8% Second Lien Senior Secured Notes due 2017 (the "Second Lien Notes" and, together with the First Lien Notes, the "Notes") issued by its wholly-owned subsidiaries, Coffeyville Resources, LLC and Coffeyville Finance Inc. (the "Issuers"), the Issuers have revised the terms of the offer so that they will be accepting Notes only in denominations of $2,000 and integral multiples of $1,000 thereof. All the other terms and conditions set forth in the offer to purchase dated April 14, 2011 remain in effect.
5:57PM Core Labs beats by $0.02, beats on revs; guides Q2 EPS in-line, revs in-line; guides FY11 EPS below consensus, revs in-line (CLB) 97.27 +1.74 : Reports Q1 (Mar) earnings of $0.77 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.75; revenues rose 9.8% year/year to $206.7 mln vs the $200.3 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.84-0.88 vs. $0.88 Thomson Reuters consensus; sees Q2 revs of $215-220 mln vs. $218.35 mln Thomson Reuters consensus. Co issues mixed guidance for FY11, sees EPS of $3.55-3.60 vs. $3.61 Thomson Reuters consensus; sees FY11 revs of $890-910 mln vs. $891.97 mln Thomson Reuters consensus.
5:38PM AirTran Airways flight attendants ratify collective bargaining agreement (AAI) 7.34 -0.01 : AirTran Airways, a subsidiary of AirTran Holdings, (AAI) announced the successful ratification of a new collective bargaining agreement with its flight attendants. The agreement was overwhelmingly approved by 96 percent of voting members. The agreement takes effect May 1, 2011, and provides for increased compensation, improved benefits and preservation of key service and reliability functions.
5:33PM 1st Mariner Bancorp plans to raise $160 mln in new capital (FMAR) 0.69 +0.03 : 1st Mariner Bancorp, parent co of 1st Mariner Bank (the "Bank"), announced today that it has entered into a definitive agreement with Priam Capital Fund I, LP ("Priam") pursuant to which Priam would invest ~$36.4 mln in the co. Priam's investment is part of an expected aggregate $160 million capital raise by the co that will include other investors. The investment and related transactions, which were unanimously approved by the Company's Board of Directors, are subject to the remaining $123.6 million of capital being raised, regulatory approvals and other conditions. The co also plans to conduct a $15 million rights offering after the closing of the capital raise that will allow shareholders of the Company prior to closing of the transaction to purchase shares of common stock at the same purchase price per share paid by Priam and the other investors.
5:30PM Crown Hldgs beats by $0.06, reports revs in-line (CCK) 39.24 +0.10 : Reports Q1 (Mar) earnings of $0.48 per share, excluding non-recurring items, $0.06 better than the Thomson Reuters consensus of $0.42; revenues rose 5.9% year/year to $1.88 bln vs the $1.89 bln consensus.
5:29PM DST Systems beats by $0.05, misses on revs (DST) 53.01 -0.11 : Reports Q1 (Mar) earnings of $1.08 per share, excluding non-recurring items, $0.05 better than the Thomson Reuters consensus of $1.03; operating revenues rose 4.9% year/year to $429.5 mln vs the $442.9 mln consensus.
5:25PM Renasant beats by $0.12 (RNST) 15.93 -0.04 : Reports Q1 (Mar) earnings of $0.30 per share, $0.12 better than the Thomson Reuters consensus of $0.18. The Co's nonperforming loans were $57,245,000 at March 31, 2011 as compared to $53,858,000 at December 31, 2010 and $54,604,000 at March 31, 2010. Furthermore, loans 30 to 89 days past due as a percent of total loans was 0.86% at March 31, 2011 as compared to 0.98% at December 31, 2010 and 1.80% at March 31, 2010.
5:22PM Energy XXI sees Q3 revs at $259 mln vs. $264.4 mln Thomson Reuters consensus; reports Q3 prelim EBITDA estimated at $155 mln; quarterly volumes rise 63% YoY (EXXI) 33.75 -0.18 : Co issues downside Q3 revs guidance of $259 mln vs. $264.4 mln consensus. Co expects to announce after the market close on April 27, 2011, its results for the fiscal third quarter ended March 31, 2011, and provided unaudited preliminary estimates for certain key data. Earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) for the 2011 fiscal Q3 are estimated at $155 million on revenues of $259 million. Production is estimated to have averaged 41,400 barrels of oil equivalent (BOE) per day for the 2011 fiscal Q3, compared with 25,400 BOE per day for the 2010 fiscal third quarter.
5:21PM Crosstex declares increase in quarterly distribution and dividend by 12% (XTXI) 9.42 -0.04 : The Crosstex Energy companies announced the declaration of the quarterly distribution for Crosstex Energy, L.P. ( XTEX) (the Partnership) and the quarterly dividend for Crosstex Energy, Inc. (XTXI) (the Corp) from Q1 of 2011: The quarterly distribution on the Partnership's common and preferred units will be $0.29 per unit payable May 13 to unitholders of record May 2. The quarterly dividend on the Corp's common stock will be $0.09 per share payable May 13 to stockholders of record May 2. These amounts represent an increase from the prior quarter of ~12% each in the distribution from the Partnership and the dividend of the Corporation.
5:18PM Pacific Mercantile Bancorp reports Q1 EPS of $0.13 vs. ($0.01) in last year's quarter (PMBC) 4.34 +0.22 :
5:04PM BancFirst reports net income of $11.4 mln or $0.72 per share, Thomson Reuters consensus $0.62 (BANF) 39.34 -0.47 : The Company's net interest margin for the quarter was 3.21% compared to 3.38% a year ago as interest rates remain at historically low levels. The loan loss provision for the first quarter of 2011 was $788,000, down from $896,000 a year ago. Nonperforming loans were 0.99% of total assets, down from 1.46% at March 31, 2010. Net charge-offs for the quarter were 0.06% of loans compared to 0.07% for the same period a year ago. Noninterest income totaled $17.7 million, an increase of 11.1% over the $16.0 million reported a year ago. The increased revenues were from commercial deposit revenues, insurance commissions and treasury management services.
4:59PM Almaden Minerals announces the adoption of shareholder rights plan (AAU) 4.28 -0.09 : The Plan will provide the Board and the shareholders with more time to fully consider any unsolicited takeover bids for the Company without any undue pressure, it will allow the Board to pursue other alternatives to maximize shareholder value, and it will allow additional time for competing bids to emerge. On the occurrence of certain triggering events, including the acquisition by a person or group of 20% or more of the votes attached to all outstanding voting shares of the Company in a transaction not approved by the Board, the rights will entitle the holders (other than the acquiring person or group) to acquire shares of the Company at a discount to the market price.
4:44PM Community Health moves to dismiss Tenet (THC) lawsuit (CYH) 31.20 +0.70 : Co filed a motion in the U.S. District Court for the Northern District of Texas to dismiss the lawsuit brought against CYH last week by Tenet Healthcare. Co taken this step in advance of even being served with Tenet's lawsuit. Co believes the Tenet lawsuit is "entirely without merit and contains a number of fatal flaws, including: The CYH all-cash offer eliminates any basis for a federal securities lawsuit. Now that the offer is all cash, and the stock component has been eliminated, so has Tenet's pretext for alleging a securities law violation. For this reason alone, Tenet's claim must be dismissed... Tenet is not seeking to compel CYH to disclose facts, but instead is attempting to compel CYH to confess some sort of culpability, which has no basis under the securities laws. A ruling for CYH will dispose of this case in its entirety." CYH is offering $6.00 per share in cash to acquire all outstanding Tenet shares. Each of Credit Suisse and Goldman SaCYH has informed CYH that, subject to customary terms and conditions, it is highly confident that financing for CYH's all-cash offer for the outstanding shares of Tenet can be obtained in the capital markets.
4:34PM Moog awarded contract to supply structural and fatigue test systems (MOG.A) 41.86 -0.37 : Co has been awarded a contract to supply structural and fatigue test systems to the National Automotive Testing and Research and Development Infrastructure Project (NATRiP) in India.
4:33PM Fulton Fincl reports EPS in-line (FULT) 10.69 -0.14 : Reports Q1 (Mar) earnings of $0.17 per share, in-line with the Thomson Reuters consensus of $0.17. The increase in net income was due to a $2.0 million reduction in t provision for credit losses and a $5.5 million, or 5.1 percent, decrease total other expenses. The favorable impact of these items was partial by a $1.3 million, or 0.9 percent, decrease in net interest income and a $2. million, or 5.3 percent, decrease in total other income. Non-performing assets were $355.1 million, or 2.22 percent of total assets, at March 31, 2011, compared to $361.7 million, or 2.22 percent of total assets, at December 31, 2010 and $312.3 million, or 1.90 percent of total assets, at March 31, 2010.
4:32PM United Rentals misses by $0.20, misses on revs (URI) 31.50 +0.85 : Reports Q1 (Mar) loss of $0.32 per share, excluding non-recurring items, $0.20 worse than the Thomson Reuters consensus of ($0.12); revenues rose 11.3% year/year to $532 mln vs the $551 mln consensus.
4:32PM United Comm Banks successfully completed previously announced plans to sell ~$266 mln in classified substandard and nonperforming loans (UCBI) 2.57 +0.12 :
4:30PM Medical Properties Trust prices $450 mln 6.875% senior notes offering by its operating partnership and MPT Finance Corporation (MPW) 11.83 +0.07 : Co announces that the previously announced private offering of $450 million aggregate principal amount of senior notes due 2021 by its operating partnership, MPT Operating Partnership, L.P., a Delaware limited partnership, and MPT Finance Corporation, a Delaware corporation and wholly owned subsidiary of the Operating Partnership, prices with a coupon of 6.875%, at an issue price of 100%. The Notes will be senior unsecured obligations of the Issuers, guaranteed by the Company and certain subsidiaries of the Operating Partnership.
4:29PM Yahoo! beats by $0.01, reports revs in-line; guides Q2 revs in-line (YHOO) 16.12 -0.22 : Reports Q1 (Mar) earnings of $0.17 per share, $0.01 better than the Thomson Reuters consensus of $0.16; revenues fell 5.8% year/year to $1.06 bln vs the $1.06 bln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $1.075-1.125 bln vs. $1.1 bln Thomson Reuters consensus.
4:25PM Comfort Sys USA issues downside Q1 EPS guidance, revs in-line (FIX) 12.51 +0.02 : Co issues guidance for Q1 (Mar), sees EPS of ($0.16)-(0.19) vs. $0.04 Thomson Reuters consensus; sees Q1 (Mar) revs of ~$283 mln vs. $283.07 mln Thomson Reuters consensus. "The first quarter of each year is our seasonally weakest quarter, and low activity levels combined with broad-based pricing weakness had a substantial negative impact this quarter. We also had losses at our South Alabama location and underperformance at certain jobs in the Mid-Atlantic region. We remain optimistic about the future, and we believe that despite continuing construction industry weakness, 2011 will be a profitable year."
4:22PM Trimas issues upside preliminary Q1 results (TRS) 21.41 +1.08 : Co issues upside guidance for Q1 (Mar), sees EPS of $0.32-0.35 vs. $0.28 Thomson Reuters consensus; sees Q1 (Mar) revs of $268-271 mln vs. $233.11 mln Thomson Reuters consensus. The Company noted that these preliminary first quarter results are slightly ahead of management's original expectations, marking a solid beginning to 2011. Furthermore, the Company continues to expect year-over-year sales and earnings growth in 2011, although growth rates on a year-over-year basis for the remainder of 2011 are not expected to be as high as they were in the first quarter of 2011, given the strong performance experienced in the last three quarters of 2010. (stock is halted)
4:21PM ESB Financial Corp. announces six-for-five stock split (ESBF) 15.65 +0.65 :
4:20PM Targa Resources will commence secondary offering of 5.65 mln shares of its common stock (TRGP) 32.73 -0.74 : Barclays Capital, Morgan Stanley, BofA Merrill Lynch, Citi and Deutsche Bank Securities will act as joint book-running managers... Targa Resources is the the owner of the general partner of Targa Resources Partners LP (NGLS).
4:20PM Trimas announces sale of 4,000,000 shares of common stock by stockholder (TRS) 21.41 +1.08 : Co announces that Heartland Industrial Associates has agreed to sell 4,000,000 shares of its common stock to Deutsche Bank Securities as the sole underwriter in the registered public offering of those shares. All net proceeds from the sale of the common stock will be received by the selling stockholder. (stock is halted)
4:19PM Hancock Holding misses by $0.02 (HBHC) 32.26 -0.20 : Reports Q1 (Mar) earnings of $0.41 per share, $0.02 worse than the Thomson Reuters consensus of $0.43. For the quarter ended March 31, 2011, Hancock's average total loans were $4.9 billion, which represented a decrease of $200.8 million, or 4.0 percent, from the same quarter a year ago and were down $63.8 million, or 1.3 percent, from the fourth quarter of 2010. Average deposits were up $29.0 million from the fourth quarter of 2010 but were down 5.2 percent, or $369.7 million, from March 31, 2010. Net charge-offs for 2011's first quarter were $6.8 million, or 0.57 percent of average loans, down from the $9.8 million, or 0.78 percent, of average loans reported for the fourth quarter of 2010.
4:18PM Juniper Networks reports EPS in-line, revs in-line; guides Q2 EPS below consensus, revs in-line (JNPR) 38.47 +0.21 : Reports Q1 (Mar) earnings of $0.32 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.32; revenues rose 20.7% year/year to $1.1 bln vs the $1.1 bln consensus. Co reports Q1 non GAAP gross margins of 70.6% vs targeted range of 66% and 68%. Co issues downside EPS guidance for Q2, sees EPS of $0.31-0.34, excluding non-recurring items, vs. $0.36 Thomson Reuters consensus; sees in-line Q2 revs of $1.13-1.18 bln vs. $1.16 bln Thomson Reuters consensus.
4:17PM Tri Valley announces $5.035 mln private placement of common stock (TIV) 0.60 -0.03 : In the aggregate, the co will sell 10,070,000 shares of common stock at a price of $0.50 per share, resulting in aggregate gross proceeds of $5,035,000. The co expects net proceeds at closing of approximately $4.7 mln after the deduction of placement agent commissions and offering expenses. The co expects to use the net proceeds from this financing for further development of the first drilling phase at its Claflin oil project, general corporate purposes, and working capital.
4:15PM Forest City Enterprises subsidiary, Forest City California Development,selected as developer by the Port of San Francisco for Pier 70's 25-acre Waterfront Site (FCE.A) 18.14 +0.03 :
4:13PM Wynn Resorts beats by $0.65, beats on revs; doubles dividend YoY to $0.50 (WYNN) 138.93 -1.57 : Reports Q1 (Mar) earnings of $1.38 per share, excluding non-recurring items, $0.65 better than the Thomson Reuters consensus of $0.73; revenues rose 38.7% year/year to $1.26 bln vs the $1.15 bln consensus. In the first quarter of 2011 net revenues were $865.7 mln compared to $590.6 mln in the first quarter of 2010. Adjusted property EBITDA in the first quarter of 2011 was $272.8 mln, up 50.2% from $181.6 mln in the first quarter of 2010. For the first quarter ended March 31, 2011, net revenues for our Las Vegas operations were $394.6 mln, which was 24.0% higher than in the first quarter of 2010. Adjusted property EBITDA of $132.1 mln (with a 33.5% EBITDA margin on net revenue) was up 119.1% vs. the $60.3 mln generated in the comparable period in 2010. Wynn Resorts also announced today that its Board of Directors has approved a cash dividend for the quarter of $0.50 per common share, up from $0.25 last yr.
4:11PM IBM beats by $0.11, beats on revs; raises FY11 EPS above consensus (IBM) 165.40 -0.54 : Reports Q1 (Mar) earnings of $2.41 per share, $0.11 better than the Thomson Reuters consensus of $2.30; revenues rose 7.7% year/year to $24.6 bln vs the $24.02 bln consensus. IBM reports Q1 GAAP gross margins of 44.1% vs 44.7% Thomson Reuters consensus. Software revenue excluding divested PLM operations up 10%, 8% adjusting for currency; 6% including PLM, 4% adjusting for currency; Systems and Technology revenue up 19%, 16% adjusting for currency; System z mainframe revenue up 41%; MIPS up 34%; Services revenue up 6%, 3% adjusting for currency; Services backlog of $142 billion, up $8 billion; Growth markets revenue up 18 percent, 12 percent adjusting for currency; Business analytics revenue up 20 percent; Smarter Planet revenue up 20 percent; Cloud revenue 5 times first-quarter 2010 revenue; Co raises guidance for FY11, sees EPS of at least $13.15, up from at least $13.00 vs. $13.08 Thomson Reuters consensus.
4:11PM Novavax appoints Stanley Erck, its former Exec Chairman, to Pres and CEO; Board member James Young will assume position of Chairman (NVAX) 2.56 +0.02 : Erck has been an active member of Novavax's senior management team for the last year and has had extensive experience in the biotechnology sector and has successfully brought infectious disease product candidates into late-stage clinical trials. He also has had significant experience in managing a large advanced development contract with the Department of Health and Human Services. From 2000-2008 Mr. Erck served as President and Chief Executive Officer of Iomai Corporation
4:10PM Intuitive Surgical beats by $0.10, beats on revs (ISRG) 364.70 +8.12 : Reports Q1 (Mar) earnings of $2.59 per share, $0.10 better than the Thomson Reuters consensus of $2.49; revenues rose 18.1% year/year to $388.1 mln vs the $381 mln consensus. "The growth in instruments and accessories revenue was primarily driven by growth in da Vinci surgical procedures of approximately 30%. First quarter of 2011 systems revenue was $167 million, an increase of 8%, compared to $155 million during the first quarter of 2010. First quarter of 2011 services revenue increased 26% to $64 million from $51 million during the first quarter of 2010, reflecting growth in the installed base of da Vinci Surgical Systems."
4:10PM Stryker reports EPS in-line, revs in-line; guides FY11 EPS in-line, revs in-line (SYK) 61.10 +1.09 : Reports Q1 (Mar) earnings of $0.90 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.90; revenues rose 12.0% year/year to $2.02 bln vs the $2 bln consensus. Co issues in-line guidance for FY11, sees EPS of $3.65-3.73, excluding non-recurring items, vs. $3.72 Thomson Reuters consensus; sees FY11 revs growth of 11-13%, which calculates to ~$8.13-8.27 bln vs. $8.2 bln Thomson Reuters consensus. Co said, If foreign currency exchange rates hold near current levels, it anticipates net sales will be favorably impacted by ~3-4% in Q2 of 2011 and by ~1.5-2.5% for the full year of 2011. Excluding the expected impact from foreign currency as well as acquisitions, sales growth is projected to be 5-7% for the full year of 2011.
4:10PM Riverbed Technology beats by $0.01, beats on revs (RVBD) 33.43 +0.54 : Reports Q1 (Mar) earnings of $0.20 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.19 and vs. guidance of $0.19-0.20; revenues rose 45.5% year/year to $163.6 mln vs the $161.9 mln consensus and vs. $163-164 mln guidance. Co reports record non-GAAP operating margin of 29.3% vs. 20.8% a year ago. Note, co is expected to guide for Q2 on the call at 4:30pm ET... Briefing.com note: RVBD issued guidance on 4/12 for Q1 revs of $163-164 mln (vs $160.1 mln Thomson Reuters consensus at the time), and Non-GAAP EPS of $0.19-0.20 (vs $0.18 consensus at the time).
4:09PM Vascular Solutions reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs in-line; reaffirms FY11 EPS guidance, revs guidance (VASC) 11.30 +0.36 : Reports Q1 (Mar) earnings of $0.10 per share, in-line with the Thomson Reuters consensus of $0.10; revenues rose 17.0% year/year to $21.3 mln vs the $21.1 mln consensus. Gross margin across all product lines was 65.7% in the first quarter of 2011, down from 66.7% in the first quarter of 2010 but essentially equivalent to the fourth quarter of 2010. Co issues in-line guidance for Q2, sees EPS of $0.11-0.13 vs. $0.13 Thomson Reuters consensus; sees Q2 revs of $22.3-22.7 vs. $22.47 mln Thomson Reuters consensus. Co reaffirms guidance for FY11, sees EPS of $0.50-0.54 vs. $0.52 Thomson Reuters consensus; sees FY11 revs of $89-91 vs. $90.86 mln Thomson Reuters consensus.
4:07PM Albemarle beats by $0.19, beats on revs (ALB) 57.84 +0.97 : Reports Q1 (Mar) earnings of $1.15 per share, $0.19 better than the Thomson Reuters consensus of $0.96; revenues rose 20.0% year/year to $696.5 mln vs the $636.3 mln consensus. Co states, "Positive market trends, coupled with continued success in new product development and rigorous cost controls, should provide the basis for strong top and bottom-line growth in 2011."
4:06PM Archipelago Learning's Board of Directors appoints Tim McEwen as Chairman (ARCL) 8.74 +0.08 : This appointment is in addition to Mr. McEwen's current role as President and Chief Executive Officer.
4:06PM VMware beats by $0.06, beats on revs; guides Q2 revs above consensus; guides FY11 revs above consensus (VMW) 85.97 -0.53 : Reports Q1 (Mar) earnings of $0.48 per share, excluding non-recurring items, $0.06 better than the Thomson Reuters consensus of $0.42; revenues rose 33.2% year/year to $843.7 mln vs the $815.5 mln consensus. License revenues for the first quarter of 2011 were $419 million, an increase of 34% from the first quarter of 2010. Service revenues, which include software maintenance and professional services, were $425 million for the first quarter of 2011, an increase of 32% from the first quarter of 2010. Co issues upside guidance for Q2, sees Q2 revs of $860-880 mln vs. $846.21 mln Thomson Reuters consensus. Co issues upside guidance for FY11, sees FY11 revs of $3.55-3.65 bln (up from $3.45-3.55 bln) vs. $3.52 bln Thomson Reuters consensus. "We expect our non-GAAP operating margin for 2011 to expand slightly from 2010."
4:05PM CSX beats by $0.02, beats on revs (CSX) 75.94 +0.59 : Reports Q1 (Mar) earnings of $1.06 per share, $0.02 better than the Thomson Reuters consensus of $1.04; revenues rose 12.4% year/year to $2.8 bln vs the $2.74 bln consensus. "CSX delivered record financial results and achieved growth across nearly all markets in a growing economy... We expect these positive trends to continue, allowing CSX to make critical investments and meet the future transportation needs of our customers and the nation." Consistent with prior guidance, CSX expects to deliver a high-sixties operating ratio in 2011, which keeps the company on a path to a 65 percent operating ratio by no later than 2015.
4:03PM Marten Transport beats by $0.01, beats on revs (MRTN) 21.77 +0.28 : Reports Q1 (Mar) earnings of $0.19 per share, $0.01 better than the Thomson Reuters consensus of $0.18; revenues rose 9.6% year/year to $137.9 mln vs the $133.3 mln consensus.
4:03PM Cree misses by $0.02, reports revs in-line; guides Q4 EPS below consensus, revs below consensus (CREE) 40.81 -0.26 : Reports Q3 (Mar) earnings of $0.27 per share, $0.02 worse than the Thomson Reuters consensus of $0.29; revenues fell 6.4% year/year to $219.2 mln vs the $217.4 mln consensus; reports Q3 non-GAAP gross margin of 42.4% vs. the ~43% guidance and the 43.3% consensus; Inventory increased $24.1 million from Q2 of fiscal 2011 to $169.6 million and represents 119 days of inventory, an increase of 23 days from Q2 of fiscal 2011. Co issues downside guidance for Q4, sees EPS of $0.25-0.31 vs. $0.36 Thomson Reuters consensus; sees Q4 revs of $225-245 mln vs. $243.78 mln Thomson Reuters consensus; non-GAAP gross margin targeted at 40% +/-.
4:03PM Hub Group misses by $0.01, beats on revs; believes FY11 revs will exceed $2.5 bln (HUBG) 37.66 -0.13 : Reports Q1 (Mar) earnings of $0.28 per share, $0.01 worse than the Thomson Reuters consensus of $0.29; revenues fell 65.8% year/year to $485 mln vs the $467.7 mln consensus. Co believes that their operational results, combined with their recent acquisition of Mode Transportation, position the co to have a very strong 2011 with revenue that will exceed $2.5 bln (vs. $2.41 bln Thomson Reuters consensus).
4:03PM VMware -- Earnings Mover (VMW) : Stock jumps a quick 6-pts in initial response. Currently up probing the $90.00 level, with the Feb range highs overhead near $91.50-92.00.
4:03PM Manhattan Assoc beats by $0.02, misses on revs; raised FY11 EPS above consensus, revs in-line (MANH) 35.95 -0.03 : Reports Q1 (Mar) earnings of $0.41 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.39; revenues fell 3.0% year/year to $71.7 mln vs the $75.8 mln consensus. Co raised EPS guidance for FY11 to $1.87-1.92, excluding non-recurring items, vs. $1.80 Thomson Reuters consensus, from $1.77-1.82; sees FY11 revs of $325-330 mln vs. $327.56 mln Thomson Reuters consensus.
4:02PM Sempra Energy unit enters into a 20-year contract for up to 156 MW of renewable power supplied from Energia Sierra Juarez wind project in Baja California, Mexico. (SRE) 52.96 -0.23 :
4:00PM NRG Energy will write down its investment in the development of South Texas Project units 3&4; co expects to record a first-quarter 2011 pretax charge of ~$481 million (NRG) 21.89 +0.40 : Recognizing the diminished prospects for the South Texas Project nuclear development project as a result of the ongoing nuclear incident in Japan, co announces it will write down its investment in the development of South Texas Project units 3&4. As a result, NRG expects to record a first-quarter 2011 pretax charge of ~$481 million, for the impairment of all of the net assets of Nuclear Innovation North America, the Company's nuclear development joint venture with Toshiba American Nuclear Energy Corp. The write down consists of $331 million of NINA net assets funded by NRG along with $150 million of net investment contributed by TANE.
3:38PM Silver trades above $44 in electronic trade to notch fresh highs at $44.16; now up $1.129 to $44.08 (COMDX) :
3:21PM Sunrise Senior Living enters into a purchase and sale agreement with a group of funds affiliated with Morgan Stanley (MS) for the purchase by co of the funds' 80% ownership interest in a JV entity, AL US Development Venture, for a purchase price of ~$45 million. (SRZ) 9.20 +0.26 : Co announces that certain of its subsidiaries have entered into a purchase and sale agreement with a group of funds affiliated with Morgan Stanley for the purchase by the Company of the funds' 80% ownership interest in a joint venture entity, AL US Development Venture, LLC, that owns 15 senior living facilities, for a purchase price of ~$45 million. Average unit occupancy for the portfolio in 2010 was 87.3% and total NOI for the year was ~$25.9 million.
3:18PM Stock indices continues slow grind higher this afternoon with Dow +61 and S&P +6.6 notches fractional new session highs (SPY) : The Nasdaq Comp +8 has reached a new afternoon high but is still three points shy of its early peak.
2:53PM American Campus Communities confirms start of construction on a third-party development project on the campus of Northern Illinois University (ACC) 33.25 +0.37 :
2:46PM Mobile Mini reports that some of its preferred stock automatically converted into an aggregate of 8,182,356 shares of the co's common stock on April 14, 2011 (MINI) 23.10 -0.55 : Co announced that its Series A Convertible Redeemable Participating Preferred Stock, par value $0.01 per share, automatically converted into an aggregate of 8,182,356 shares of the Company's common stock on April 14, 2011.
2:42PM Innovaro appoints Asa Lanum as its Chief Executive Officer and as a member of the Board of Directors, effective April 17, 2011; Lanum has served as the Interim Chief Executive Officer since August (INV) 2.51 +0.11 :
2:42PM NYMEX Energy Closing Prices (COMDX) : May crude oil, which expired at the close of pit trade, settled higher by $1.03 to $108.15. The new front month, June, finished up 55 cents to $108.24. May natural gas rallied for 13 cents to close at $4.26, May heating oil closed unchanged at $3.16, while May RBOB gasoline gained 0.1 cents to finish at $3.23.
2:25PM Crude oil pulling back with approx 5 min left in pit trade; now up 74 cents to $108.43 (COMDX) :
2:01PM Michael Baker has been awarded a five-year, $5 million contract by the Maryland Aviation Administration to provide on-call construction management and inspection services to Baltimore/Washington International Thurgood Marshall Airport (BKR) 25.90 +0.57 :
1:47PM Relative Sector Strength (TECHX) : Relative strength (outperforming the S&P) on the recent modest push higher for the averages has come from: Energy XLE, Materials XLB, Oil Service OIH, Commodity Index, Steel SLX, Silver SLV, Disk Drive, Computer-Hardware, Biotech IBB and to a lessor extent Finance XLF.
1:43PM S&P +5.4 and Dow +52 edge slightly above morning highs, Nasdaq +6 still 5 points from its high (SPY) :
1:34PM COMEX Metals Closing Prices (COMDX) : June gold finished higher by $1.50 to $1494.40. It traded to a new all time high at $1500.05 today. May silver gained 81 cents to close at $43.76, while May copper gained 4.9 cents to end at $4.247.
1:28PM CF Industries reaches settlement resolving EPA complaint; Cowill pay a civil penalty of $625,000 (CF) 134.65 +1.69 : Under the terms of the settlement, the company will pay a civil penalty of $625,000 and undertake capital projects to achieve lower nitrous oxide emission limits at its nitric acid facilities in Iowa, Mississippi, and Oklahoma. The company estimates that the total cost of emission control and monitoring equipment will be approximately $17 million.
1:26PM Chevron's awarded exploration rights in the Norwegian Sea (CVX) 105.37 +0.87 : Chevron Upstream Europe, a strategic business unit of Chevron's Europe, Eurasia and Middle East Operating Company announces that it has successfully bid for the exploration rights in four blocks awarded in the Norwegian 21st Licensing Round.
1:21PM Windstream announces that it is seeking to amend its senior secured revolving credit facility to, among other things, extend the revolving maturity date to December 2015; J.P. Morgan Chase Bank, N.A., serves as administrative agent (WIN) 14.25 -0.08 :
1:12PM Superior Services announced that the Office of Thrift Supervision closed its subsidiary bank (SUPR) 0.28 : Co announced that the Office of Thrift Supervision closed its subsidiary bank, Superior Bank on April 15, 2011, and appointed the Federal Deposit Insurance Corporation (as receiver. The Corporation is no longer the parent of Superior Bank. Co also announced that it received a letter on April 18, 2011 from the NASDAQ indicating that in accordance with Listing Rules. The delisting is a result of closure of its wholly-owned subsidiary and principal asset, the Bank, by the Office of Thrift Supervision, and the appointment of the FDIC as received of the Bank. Co does not intend to appeal NASDAQ's decision to delist its common stock. (halted)
1:04PM Crude oil to highs at $108.87; now up $1.12 to $108.81 (COMDX) :
1:01PM StoneMor Partners L.P increased qtrly cash distribution to $0.585 per unit, prior $0.575 per unit (STON) 26.00 +0.05 :
12:58PM Netflix sets new session high of 239.94, last week's recovery high is at 240.45 (NFLX) 239.65 +6.32 :
12:30PM Gold pulling back after trading to new all-time high at $1500.00; currently higher by 20 cents to $1493.10 (COMDX) :
12:22PM Brookfield Asset Mgmt received approval for its proposed normal course issuer bid to purchase up to 50 mln Class A Limited Voting Shares (BAM) 32.10 +0.25 : Co has received approval from the Toronto Stock Exchange for its proposed normal course issuer bid to purchase up to 50 mln Class A Limited Voting Shares, representing ~9.2% of the public float of the company's outstanding Class A Shares. The period of the normal course issuer bid will extend from April 21, 2011 to April 20, 2012, or an earlier date should Brookfield complete its purchases. All Class A Shares acquired by Brookfield under this bid will be cancelled. In accordance with the rules of the Toronto Stock Exchange, the maximum daily purchase on the TSX under this bid will be 208,144 Class A Shares. Under its current normal course issuer bid that commenced on April 21, 2010 and expires on April 20, 2011, Brookfield has not purchased Class A Shares through open market purchases on the TSX and the NYSE.
12:19PM Finance XLF, Reg Bank KRE continue to lag, hovering slightly above session lows (XLF) :
12:15PM Spherix approves a reverse split of its common stock at a ratio of 1 for 10, with a planned effective date of May 6, 2011 (SPEX) 0.34 -0.01 :
12:15PM Energy XLE and Oil Service OIH edge to new session highs (XLE) : Materials XLB, Silver SLV, Gold Miners GDX, Steel SLX, Ag/Chem MOO, Commodity Index displaying relative sector strength.
12:09PM Blackboard resumes trading (BBBB) 47.10 +9.90 :
12:07PM Gold puts in highs at $1500.00; now up $6.40 to $1499.30 (COMDX) :
11:59AM American Water's West Virginia American Water granted 4.4% rate increase by Public Service Commission (AWK) 28.23 -0.15 : The Public Service Commission of West Virginia approved new rates yesterday for West Virginia American Water customers, reaching a decision on a rate increase request the company filed in June 2010. The new rates, which were granted at a 4.445 percent increase, took effect today. The decision grants West Virginia American Water an overall increase of $5.1 million in annual revenue - less than one third of the company's requested $15.6 million.
11:56AM Silver to fresh highs; now higher by 70 cents to $43.66 (COMDX) :
11:37AM Air Products' LNG Technology selected for Indonesia energy project (APD) 90.74 +0.23 : Co announces it has signed an agreement with JGC Corporation to supply its proprietary propane pre-cooled mixed refrigerant process and MCR main heat exchanger for a two million ton per year LNG project in Luwuk, Central Sulawesi, Indonesia.
11:36AM Blackboard retains Barclays Capital in response to unsolicited, non-binding offers; Board of Directors to evaluate strategic alternatives (BBBB) 36.96 -0.20 : Co announced that it has retained Barclays Capital as its financial advisor in response to receiving unsolicited, non-binding proposals to acquire the company. Co is evaluating the offers as well as strategic alternatives to enhance shareholder value, including whether other third parties would have an interest in acquiring the company at a price and on terms that would represent a better value for its shareholders than having the company continue to execute its business plan on a stand-alone basis. (stock halted)
11:33AM NYSE Euronext confirms receipt of proposed merger agreement from Nasdaq OMX Group (NDAQ) and IntercontinentalExchange (ICE) (NYX) 38.60 +0.28 : The Board of Directors of NYSE Euronext will review it in due course, consistent with its fiduciary duties and its obligations under its previously announced business combination agreement with Deutsche Boerse AG (DBOEY). See our 8:05 ET comment.
11:30AM Crude to highs at $107.52; now up 28 cents to $107.40 (COMDX) :
11:26AM Further slippage off the morning highs with the S&P -1 joining the Nasdaq Comp -7.6 in the red -- Dow +1 (SPY) :
11:01AM Nanosphere announced today it has initiated commercial launch in Europe (NSPH) 2.76 +0.05 : Nanosphere received CE IVD Mark under the European Directive on In Vitro Diagnostic Medical Devices for its Respiratory Virus Plus Nucleic Acid Test, CYP 2C19 Nucleic Acid Test for Clopidogrel (Plavix?) metabolism, and its Warfarin Metabolism Nucleic Acid Test, all run on the sample-to-result Verigene System. The CE Mark allows commercial distribution in Europe as well as in all countries recognizing the CE Mark.
11:01AM Dynasil Corporation of America appointed Steven Ruggieri the new President, effective May 17, succeeding Craig Dunham (DYSL) 3.87 -0.09 : Dunham is retiring from his executive position but will remain a member of Dynasil's board of directors.
10:55AM Fastenal announces two-for-one stock split (FAST) 63.99 +0.24 : Co announced that its board of directors approved a two-for-one stock split of the Company's outstanding common stock. Holders of the Company's common stock of record at the close of business on May 2, 2011, will receive one additional share of common stock for every share of common stock they own. The stock split will take effect at the close of business on May 20, 2011.
10:53AM Nasdaq Comp -0.9 in the red but holds at retracement (QQQ) : The index has lagged behind the Dow/S&P thus far this morning with the recent slip leaving it back under the flat line. Thus far, however, it has merely tested and held at the 38% retracement of the Monday-Tuesday bounce at 2731 (session low 2731).
10:49AM Dow +21 and S&P +1.3 stall just shy of early highs and slip back, lagging Nasdaq Comp -2.7 back in the red (SPY) :
10:40AM Further relative weakness in casino/gaming in recent trade (TECHX) : SHFL -3.4%, WYNN -2.3%, MGM -2.1%, LVS -2%, BYD -1.9%, WMS -1.8%, PNK -1.3%, BYI -0.7%, IGT -0.6%, ISLE -0.5%.
10:31AM Allied World Assurance announces that Allied World U.S. has expanded its Property & Casualty operations with the launch of a new Inland Marine division (AWH) 62.49 -0.30 :
10:25AM Relative Sector Strength (TECHX) : Noted the relative strength in Semi SMH in a recent update with Energy XLE, Oil Service OIH, Materials XLB, REITs IYR, Solar TAN also firming relative to the S&P.
10:21AM General Electric and GOL Transportes Aereos signed a five-year OnPoint services agreement for the Boeing 737NG aircraft (GE) 20.10 +0.12 : The agreement covers repair services and logistics for all systems provided by GE including various avionics, flight management, instruments and hydraulic systems for the B737NG aircraft operated by GOL.
10:19AM Semiconductor Hldrs ETF displays relative strength in recent trade sets new session high (SMH) 34.15 +0.24 : INTC +1.7%, BRCM +1.7%, LLTC +1.6%, KLAC =1%, AMAT +0.9%, MCHP +0.7%.
10:17AM Crude oil erases losses to trade into positive territory; now up 8 cents to $107.20 (COMDX) :
10:16AM United Mobile Homes announces that, on April 6, 2011, the Board of Directors adopted a resolution to increase the size of the Board from 7 to 9 directors (UMH) 10.15 -0.05 :
10:14AM Travelzoo announced Glen Drury has joined Travelzoo as senior vice president of Travelzoo Local Deals in Europe (TZOO) 76.81 -0.93 : Before joining Travelzoo, Drury co-founded and was CEO of Keynoir, a UK-based daily deals publisher.
10:07AM American Intl down for tenth session in a row, tests its 52-wk low from May 2010 at 32.11 -- session low 32.10 (AIG) 32.13 -0.48 :
10:02AM WPCS Intl announces that it has received ~$7 mln in new contracts (WPCS) 2.68 +0.09 : The new contracts include projects to be completed for Sutter Health, Ridgefield Park Police Department, Millburn Department of Public Works, Tait Radio Communications, Siemens, San Mateo Fire Department, Ohlone Elementary School, Ulster County, George Propane, Pitney Bowes, Leonia Police Department, Chatham Township Police Department, Duquesne Light and Nortech Systems. In Australia, new contracts were awarded for the Southern Queensland Institute of TAFE, Maroochydore Botanical Gardens, Mackay Senior High School, Pacific Pines Development, Toowoomba Watch House, Baralaba Hospital, Caboolture Mental Health Services and the Noosa Heads Fire Station. WPCS also announced a new contract award with the Taishan Gas Group in China.
10:01AM Comtech Telecom receives $1.0 million of orders for ground station equipment from mobile operator in Latin America (CMTL) 27.71 +0.11 :
10:00AM Gap will combine its International operations into one division (GPS) 21.80 +0.01 : Co plans to bring together its company-operated and franchise stores across Europe, the Middle East, North Africa, Asia Pacific and South America.
9:58AM Goldman Sachs on Conference Call (GS) 153.42 -0.34 : Asked about the lower ROA; Says not holding back leverage; says clients remain caution given the economic and regulatory environment... remain committed to recruiting and retaining recruits which led to the higher compensation level... First couple of questions in Q&A has surrounded the weaker ROA and margins the firm is seeing; GS continues to point to weaker client activity given the regulatory and economic uncertainty... says it is too early to say what the capital plan is right now; will look at opportunities; will always run at higher more conservative capital levels; will make those decisions over time... expect to keep lower leverages... looking for opportunities of more client activity which results in them using more capital; other than that it will be opportunities of distressed assets for sale; have only seen minor opportunities over the past few months... says macro economic factors, client confidence, regulatory certainty will drive more opportunities and that is not the environment right now.
9:57AM Extorre Gold Mines Limited jumps 10.4% after announcing a new high grade gold-silver discovery at Cerro Moro (XG) 8.27 +0.78 : Before the open, co announced a high grade to bonanza grade gold-silver results from the first 3 of 21 diamond drill holes completed to date on a discovery named Zoe at Cerro Moro, Santa Cruz Province, Argentina. Visual inspection of the core, without the benefit of assays, suggests that drilling has just entered the mineralized zone and that mineralization continues at depth. Assay highlights include: MD1204 intersected 4.84 metres at 64.6 grams per tonne gold + 7,530 g/t silver, including 1.36 m at 227.3 g/t gold + 25,428 g/t silver.
9:53AM U.S. Steel probes its 200 day ema (X) 52.06 +1.57 : Noted the intraday reversal to the upside yesterday and the attempt to reclaim its 200 day sma yesterday. Today's gap higher extension has brought its 200 day ema into play at 52.14.
9:52AM Silver trades back to flat line; now unchanged at $42.95 (COMDX) :
9:52AM Opening Point Gainers/Losers (TECHX) : Point Gainers: SINA (+3.75), SOHU (+3.28), MICC (+3.75), IPGP (+3.14), ELMG (+2.89), TCK (+2.99), LULU (+2.96), ALV (+2.83), XIV (+2.73), PCAR (+2.41), UA (+2.59)
Point Losers: AGQ (-4.12), FSLR (-2.43), WYNN (-2.04), OMC (-1.92), BTU (-1.25), MCP (-1.18), VMW (-1.07), TVIX (-1.08), CRM (-1.21), SNDA (-1.25), TM (-0.95)
9:50AM Tone firmer but S&P +2.7 and Nasdaq Comp +5.4 stall at first level resistances (SPY) : Minor first level resistances noted in The Technical Take at 1308/1309 S&P (session high 1309) and 2743/2749 Nasdaq Comp (session high 2746) have held in the early going with a limited slip seen in recent trade.
9:42AM Institutional Financial Mkts announces $45 million investment in PrinceRidge Holdings (IFMI) 4.44 0.00 : Co announces it has entered into an agreement with PrinceRidge Holdings LP, under which IFMI will contribute the equity interests in a subsidiary comprising a substantial part of its capital markets segment to PrinceRidge in exchange for a majority equity interest in PrinceRidge.
9:42AM Tri-Tech Holding said today that large institutional ownership of the company's stock has reached nearly 25% (TRIT) 11.15 +0.18 : The company noted that public filings with the Securities and Exchange Commission disclose that institutional shareholders own, in the aggregate, 23.69% of Tri-Tech's outstanding shares, exclusive of any institutional shareholders that are not required to disclose ownership.
9:38AM Crude oil has rallied back to near the flat line; now down 32 cents to $106.80 (COMDX) :
9:35AM Modest strength in early trade for stock indices as they extend recovery off Monday's morning lows -- Dow +42, S&P +3.6, Nasdaq +8.3 (SPY) : Gains are broad based with Steel SLX +15, Airline +1%, Ag/Chem MOO +0.9%, Auto Parts +0.9%, Materials XLB +0.8%, Machinery helping pace the way.
9:31AM China Shen Zhou Mining receives a going concern qualification for the 2010 year (SHZ) 5.95 +0.06 : Co announced that its audited financial statements received a going concern qualification from Sherb, co's independent registered public accounting firm. This announcement is required by NYSE Amex's rules and does not represent any change or amendment to the Company's financial statements or to its Form 10-K for the fiscal year ended December 31, 2010. Subsequent to the 2010 year end, on January 24, 2011, the Company announced the completion of a registered direct offering to several institutional investors for ~$20 mln of common stock. Institutional investors were issued ~2.8 mln common shares together with warrants to purchase up to 851,066 shares of common stock which, if fully exercised for cash, would provide an additional $7.2 mln in gross proceeds to the Company. China Shen Zhou believes working capital raised in January 2011 is sufficient to maintain operations throughout 2011. Further, the Company reported in an 8-K filing in April 2011 that it entered into an equity transfer agreement for its 60% equity ownership interest in Wulatehouqi Qingshan Nonferrous Metal Development for a price of RMB 8.5 mln. Upon completion, this equity transfer agreement will partially offset the Company's debts owed to the purchaser, and reduce the Company's liabilities.
9:31AM LTC Properties signed a new $210 million, four-year Unsecured Credit Agreement (LTC) 28.49 -0.39 : Co announced that it had signed a new $210 mln, four-year Unsecured Credit Agreement, dated April 18, 2011. The Credit Agreement provides for the opportunity to increase the credit amount up to a total of $250 mln.
9:22AM On The Wires (WIRES) :
* Stoneridge (SRI) announced that it has enhanced its current joint venture agreement with the Minda Group to add Stoneridge sensor technology and products in India which will enable the Company to accelerate its expansion in fast-growing end markets in Asia.
* Tenneco (TEN) announced it has been awarded new North America aftermarket business that is expected to generate more than $15 mln in revenue annually. The company will incur $12 mln in changeover costs related to the new business.
* Furiex Pharmaceuticals (FURX) announced that it has acquired full exclusive license rights to develop and commercialize the compound JNJ-Q2 under its existing development and license agreement with Janssen Pharmaceutica N.V. Furiex acquired these rights as a result of Janssen's decision not to exercise its option under the agreement that gave Janssen the opportunity to continue development of JNJ-Q2.
9:16AM Versar announces that Cynthia A. Downes was elected Executive Vice President, Chief Financial Officer and Treasurer (VSR) 3.10 : Downes has been Vice President and Chief Financial Officer of Environmental Design International.
9:11AM On The Wires (WIRES) :
* HARMAN (HAR) has been selected by Geely Motors of China to equip its new luxury segment mid size sedan, the Geely Emgrand EC8, with branded audio systems. HARMAN will provide an ten-speaker premium audio system for the Geely Emgrand EC8.
* athenahealth (ATHN) announced that The California Health Information Partnership & Services Organization has selected athenahealth as one of its EHR vendor partners.
* INTL FCStone (INTL) has agreed with Hudson Capital Energy, that INTL's subsidiary, FCStone, will take on HCEnergy's business and customer relationships. The transaction includes the acquisition of HCEnergy's Swiss subsidiary, HCEnergy Europe GmbH, and certain proprietary software.
* DaVita Clinical Research (DVA) announces the completion of its Phase I-IIa Clean Room to comply with USP 797 high risk regulations. In establishing this distinction, co has demonstrated its Clean Room abides by the requirements set in place for the USP 797 high risk compliance and ensures its ability to handle compounds in a safe and efficient manner.
* PokerTek (PTEK) is partnering with Harrah's Cherokee Casino in North Carolina to host the first World Series of Poker Tournament, entirely on PokerPro.
* Symmetry Medical (SMA) announced a new management reporting structure that streamlines its operations. The implant, instrument and case businesses will now report directly to Thomas J. Sullivan, President and Chief Executive Officer.
* Aoxing Pharmaceutical (AXN) announced that Hebei Aoxing API Pharmaceutical Company, Ltd., the joint venture between Aoxing Pharma and Macfarlan Smith Ltd., a wholly owned subsidiary of Johnson Matthey Plc, has succeeded in adopting advanced process technology from Macfarlan Smith. This technology transfer will allow the JV to produce naloxone hydrochloride API with quality meeting both European and Chinese pharmacopoeia specifications.
* Polk announced that it is now supplying Federal-Mogul (FDML) with vehicle ownership and operation information in support of its product and inventory management efforts around the world.
* China TransInfo Technology Corp. (CTFO) has been recommended and serves as the Director-General of the Zhongguancun Intelligent Transportation Industry Association.
* LifeSize, a division of Logitech (LOGI) has qualified its LifeSize Passport HD video conferencing product to be the first room-based, business-class video conferencing solution to be plugged into Skype, adding the ability for LifeSize Passport users to now conduct video calls with Skype users around the world.
9:06AM On The Wires (WIRES) :
* Spartan Chassis, a subsidiary of Spartan Motors, (SPAR), will integrate and deliver key chassis components for RG-33 Special Operations Command Mine Resistant Ambush Protected vehicles following a subcontract order worth over $3 million by defense contractor BAE Systems. The vehicles are scheduled for delivery in the second and third quarters of 2011.
* Dot Hill Systems (HILL) announced a new distribution agreement with Condre Storage.
* STEC (STEC) announced that its wholly owned subsidiary, STEC India Private Limited, has acquired certain assets of Knowledge Quest Infotech Private Limited, or KQI, a software development company based in Pune, India. The portfolio of acquired assets includes KQI's intellectual property rights. In addition, STEC has hired ~30 key employees of KQI to augment its existing software development team. The financial terms of this transaction are not disclosed.
* Rentech (RTK) announced that it has given notice of exercise of its option to acquire additional equity in ClearFuels Technology. Upon closing of the transaction, Rentech would own a substantial majority of the equity of ClearFuels, with existing ClearFuels investors retaining a minority interest.
* Vobile and Youku.com (YOKU) announced that it has begun offering copyright holders increased protection against copyright infringement through upgrades to its video fingerprinting system, the biggest upgrade since Youku launched its own copyright identification management platform.
* Mosaic (MOS) announced that it has notified the United States District Court for the Middle District of Florida that it plans to conduct uplands-only mining in an area at its South Fort Meade, Florida, phosphate rock mine in Hardee County.
9:04AM Edwards Lifesciences announces that in May 2011 its chairman and chief executive officer, Michael A. Mussallem, will begin exercising stock options that are near expiration under a pre-arranged stock trading plan under Rule 10b5-1 (EW) 81.60 : The plan, which Mussallem adopted in November 2010, will provide a vehicle for him to exercise Edwards stock options due to expire in May 2012, and provides for the exercise and sale of up to 70,000 shares per month. Under this plan, stock sales are intended to be spread evenly over an extended period of time. Rule 10b5-1 allows corporate executives to adopt stock trading plans to buy or sell shares of company stock when they are not in possession of material, non-public information.
9:04AM Clearwire and Sprint (S) announce key enhancements to their long-term wholesale revenue agreements (CLWR) 5.78 : Sprint Nextel (S) and Clearwire (CLWR) announce an amendment to their long-term agreement that establishes new wholesale pricing terms and provides CLWR a minimum of $1 bln from S to be paid during 2011 and 2012 for 4G wholesale services comprised of minimum usage commitments of $300 mln in 2011, $550 mln in 2012 and $175 mln in pre-payments for 4G wholesale services to be used in 2011, 2012 and beyond. The parties expect the agreement to continue to drive the growth and collaboration of both cos' strategic 4G initiatives. In addition, the cos reached an agreement regarding wholesale pricing for Sprint devices that operate on both Sprint's 3G network and Clearwire's 4G network. The agreement includes usage based pricing and volume discounts and is aimed at aligning the interests of both companies to enable growth for customers using smart phones and dual-mode devices. The agreement also includes minimum payments per 4G device.
9:03AM Met-Pro Corp unit has received an order in excess of $620,000 to supply a Duall brand air pollution control system (MPR) 11.20 :
9:03AM El Paso Pipeline Partners increases qtrly cash distribution by 21% YoY to $0.46/unit for 1Q11 (EPB) 36.52 : It is a 5% increase from the $0.44 per unit paid for the fourth quarter 2010.
8:48AM Kimber Resources intercepts 10 etres of 2.2 g/t gold and 98 g/t silver at Carmen deposit and 6 metres of 85 g/t silver at New La Verde Target (KBX) 1.68 : CO announces results from a further 12 holes from its reverse circulation drilling program at its Monterde Project in Mexico. Six holes were drilled at the southern end of the main Carmen and Cob structures and six holes were drilled on three new targets within two kilometres of the main Carmen deposit: La Verde, Veta Norte and Estructura 0409. A three hole program was completed on the La Verde structure to test the silver mineralization identified in surface sampling in 2010. All three drill holes began and ended in felsic, crystal-lithic tuff, similar to that encountered at depth on the Carmen structure. All three drill holes appear to have encountered the projection of the silicified La Verde structure at the planned depth. After reviewing the drill data from the drilling of the 0409 structure it is apparent that the drill hole did not reach the target because of steepening of the hole. Further drilling is being planned in this area to successfully intercept the targeted structure.
8:46AM Orbit Int'l receives new orders in excess of $950,000 (ORBT) 3.13 : Co announces that its Power Group, Behlman Electronics, has received new orders aggregating more than $950,000. The Company also reported that its Power Group, inclusive of these new orders received in March 2011, recorded bookings in the first quarter that were 88% higher than the same period last year.
8:39AM On The Wires (WIRES) :
* GLG Life Tech Corporation (GLGL) announced the first results from its joint venture AN0C's national sales campaign, "Project STORM". Co announced the first six million bottle sales from AN0C national sales campaign. The first phase of AN0C STORM campaign will continually run to April 30th and AN0C expects to ship an additional 9 million bottles AN0CTM Ready to Drink Tea to an additional 200 distributors.
* inContact (SAAS), the leading provider of on-demand call center software and call center agent optimization tools, is a proven technology provider for these organizations, and today announced its largest 2-1-1 contract to date, bringing the total number of 2-1-1 organizations using inContact to 35.
* Forest Laboratories (FRX) announced that its wholly-owned subsidiary Forest Laboratories Holdings Limited and Blue Ash Therapeutics, LLC have entered into an asset purchase agreement, pursuant to which Forest has acquired worldwide rights to azimilide, a novel antiarrhythmic agent originally developed by Procter & Gamble Pharmaceuticals.
* BillFloat announced that it has entered into an agreement with Online Resources Corporation (ORCC). Under the strategic agreement, Online Resources will extend its biller-direct suite of electronic bill payment, presentment and receivables solutions by marketing BillFloat as a consumer payment option. BillFloat helps consumers avoid late fees, bank overdraft charges and expensive loans when paying critical bills during a cash flow crunch.
* Presbyterian Intercommunity Hospital and Bright Health Physicians, PIH's exclusively affiliated medical group, have signed an agreement with Allscripts (MDRX) to deploy the Allscripts Enterprise Ambulatory Electronic Health Record and Practice Management Solution to help its combined team of healthcare providers enhance the quality of patient care, improve patient communications, and better manage the cost of care delivery.
* Novell (NOVL) announced the general availability of Novell Identity Manager 4 Standard Edition to help customers secure the enterprise while controlling costs and meeting regulatory demands.
8:35AM GenVec (GNVCD) declared one for ten reverse stock split becomes effective today prior to the opening of trading on the NASDAQ (GNVC) 0.36 : Co announces that its previously declared one for ten reverse stock split of its outstanding shares of common stock became effective today prior to the opening of trading on the NASDAQ Capital Market. The reverse stock split is effective with respect to stockholders of record at the close of business on Monday, April 18, 2011. As a result of the reverse stock split, each ten shares of common stock were combined into one share of common stock and the total number of shares of common stock outstanding was reduced from approximately 129.1 million shares to approximately 12.9 million shares.
8:34AM Omega Protein announces final settlement of additional $26.2 million for Deepwater Horizon claims (OME) 13.98 : Co announces the final settlement of all of its claims for costs and damages incurred as a result of the oil spill caused by the Deepwater Horizon explosion on April 20, 2010. As a result of the final settlement, on April 18, 2011 the co received an additional payment of $26.2 million, net of fees and expenses, from the Gulf Coast Claims Facility. In total, the co has received payments of $44.8 million, net of fees and expenses, from the GCCF, including emergency payments of $7.3 million and $11.4 million in September and October of 2010, respectively.
8:33AM Kodiak Oil & Gas provides interim corporate update; co is currently negotiating to contract a fourth rig for delivery in the fourth quarter of 2011 (KOG) 6.38 : Co announces is currently negotiating to contract a fourth rig for delivery in the fourth quarter of 2011. Co controls a 40% to 50% working interest in wells being drilled by a non-operated drilling rig as part of its Dunn County, N.D. area of mutual interest with ExxonMobil (XOM). Bakken producer records initial production rate of 3,042 BOE/d. The first well completed on the pad, the Koala #9-5-6-12H3 was successfully completed in 22 stages in the Three Forks Formation. Co also announces that is has completed its semi-annual re-determination of its borrowing base under its $200 mln senior secured revolving line of credit facility. As a result, the co's borrowing base has been increased to $75 mln from the previously available $50 mln. "The increase in our borrowing base is reflective of our continued success in the Williston Basin."
8:32AM CGI Group announced the signing of a 3-yr, $3.1 mln contract with the City of Ottawa to advise and assist the City in support of its Service Ottawa initiative and implementation of the City's Five-Year Technology Roadmap (GIB) 21.41 :
8:32AM Harman announced upcoming electric vehicle from BYD Motors of China and Daimler AG jv will include premium branded audio solutions from HARMAN (HAR) 45.31 :
8:31AM Cavico receives NASDAQ Notice; co did not timely file its 10-K (CAVO) 1.27 : Co announces that it received a letter from The NASDAQ Stock Market stating that the Company is not in compliance with NASDAQ Listing Rule 5250 because the co did not timely file its Annual Report on Form 10-K for the year ended December 31, 2010 with the SEC. The notification of noncompliance has no immediate effect on the listing or trading of the Company's common stock on the NASDAQ Capital Market.
8:31AM inContact announced 2-1-1 contract (SAAS) 3.70 : Co announced its largest 2-1-1 contract to date, bringing the total number of 2-1-1 organizations using inContact to 35. This new 2-1-1 customer will be using inContact call routing and its ECHO post-call survey solution to enhance statewide health services provided via nearly 100 agents.
8:31AM Taseko Mines announces first quarter production, on a 100% basis, of 19.2 mln pounds of copper and 316,000 pounds of molybdenum for its 75% owned Gibraltar Mine (TGB) 5.49 : Molybdenum recovery at Gibraltar continues to improve and is now approaching an average of 40%, up from the 25% achieved in 2010. This is a strong indication that the new molybdenum plant being built as a component of GDP3 will add appreciably to total molybdenum metal production as a result of recovery improvement as well as increased throughput.
8:31AM Crestwood Midstream Partners announces increase in quarterly distribution to $0.44, representing a 12.8% increase over the $0.39 per unit distribution rate paid with respect to the first quarter of 2010 (CMLP) 30.55 :
8:31AM DARA BioSciences reports SurgiVision has received FDA clearance for its MRI-compatible SmartFlow Cannula (DARA) 3.07 : Co reported that SurgiVision, a privately held company and a leader in interventional MRI-guided systems of which DARA owns over 500,000 shares and warrants, has received clearance from the FDA for their SmartFlow neuro ventricular cannula.
8:30AM Iron Mountain reports it is exploring strategic alternatives for digital business; commits to total stockholder payouts of ~$2.2 bln through 2013 (IRM) 33.90 : Co announced a comprehensive strategic plan to enhance stockholder value. In addition, the Company reached an agreement with Elliott Management Corporation to support one of Elliott's nominees at the 2011 Annual Meeting of Stockholders and to add another independent director following the meeting. Co reports it is also exploring strategic alternatives for its digital business, including a potential sale of the Company's digital archiving, eDiscovery and online backup and recovery solutions. Iron Mountain's Board of Directors has committed to stockholder payouts of ~$2.2 bln through 2013, with ~$1.2 bln of capital returned to stockholders within the next 12 months through a combination of share buybacks, ongoing quarterly dividends and potential one-time dividends. Iron Mountain announced its initial dividend in February 2010, which was increased by 200% in December 2010. Iron Mountain currently pays an annual dividend of $0.75 per share and intends to grow the dividend as earnings and Free Cash Flow expand.
8:11AM Peabody Energy beats by $0.07, reports revs in-line; guides Q2 and FY11 EPS, EBITDA below consensus; reaffirms sales volume target (BTU) 63.92 : Reports Q1 (Mar) earnings of $0.67 per share, excluding non-recurring items, $0.07 better than the Thomson Reuters consensus of $0.60; revenues rose 15.1% year/year to $1.75 bln vs the $1.74 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.85-1.10, excluding non-recurring items, vs. $1.37 Thomson Reuters consensus, with EBITDA of $525-625 mln vs. the $649 mln consensus. Co issues downside guidance for FY11, sees EPS of $3.50-4.50, excluding non-recurring items, vs. $5.08 Thomson Reuters consensus, with EBITDA of $2.1-2.5 bln vs. the $2.56 bln consensus. Second quarter results are expected to benefit from increased Australia volumes and higher metallurgical and thermal coal prices, offset by residual effects related to the record Australian rains, a scheduled longwall move in Australia, and reduced production at the co's Twentymile Mine in Colorado. In the last week, the co encountered difficult geology at Twentymile, and Peabody is working with the U.S. Mine Safety and Health Administration on a new operating plan to manage through the conditions and resume production. The range of options could lead to significantly reduced longwall production from the mine in the quarter. Peabody continues to target total 2011 sales of 245 to 265 mln tons including 28 to 30 million tons from Australia, 195 to 205 million tons from the United States and the remainder from Trading and Brokerage activities.
8:10AM On The Wires (WIRES) :
* U.S. Air Force Central Command has awarded Northrop Grumman Corporation (NOC) a five-year contract to perform base security operations and support services at overseas U.S. air bases. The firm-fixed-price contract is valued at $99 million. Under the terms of the contract, Northrop Grumman will perform various training, management and administrative tasks.
* Expedia (EXPE) announced it has signed a marketing and distribution agreement with AirTran Airways (AAI) Under the agreement, AirTran Airways' fares and inventory will continue to be available to the millions of travelers that visit Expedia, Egencia and Hotwire sites in the US each month.
* Precision NanoSystems and Alnylam Pharmaceuticals (ALNY) announced that the two companies have formed an exclusive collaboration focused on the discovery and development of novel lipid nanoparticles, known as small lipid nanoparticles, using microfluidics technology. Based on their small particle size of ~20 nanometers, sLNPs have the potential for broadened biodistribution beyond liver delivery.
* Presbyterian Intercommunity Hospital and Bright Health Physicians, PIH's exclusively affiliated medical group, have signed an agreement with Allscripts (MDRX) to deploy the Allscripts Enterprise Ambulatory Electronic Health Record and Practice Management Solution to help its combined team of healthcare providers enhance the quality of patient care, improve patient communications, and better manage the cost of care delivery.
8:10AM Goldman Sachs beats by $0.74, beats on revs (GS) 153.78 : Reports Q1 (Mar) earnings of $1.56 per share, $0.74 better than the Thomson Reuters consensus of $0.82; revenues fell 6.9% year/year to $11.89 bln vs the $10.18 bln consensus.
Net revenues in Investment Banking were $1.27 billion, 5% higher than the first quarter of 2010 and 16% lower than the fourth quarter of 2010. Net revenues in Financial Advisory were $357 million, 23% lower than the first quarter of 2010. Net revenues in the firm's Underwriting business were $912 million, 23% higher than the first quarter of 2010, due to strong net revenues in debt underwriting, which were significantly higher compared with the first quarter of 2010, as well as higher net revenues in equity underwriting.
Net revenues in Institutional Client Services were $6.65 billion, 22% lower than a strong first quarter of 2010 and 83% higher than the fourth quarter of 2010. Net revenues in Fixed Income, Currency and Commodities Client Execution were $4.33 billion, 28% lower than a particularly strong first quarter of 2010. Client activity levels improved during the first quarter of 2011, resulting in solid performances in credit products, interest rate products, currencies and mortgages, although net revenues in each were lower compared with the first quarter of 2010. Net revenues in commodities were also solid and were higher compared with the same prior year period.
Operating expenses were $7.85 billion, 3% higher than the first quarter of 2010 and 52% higher than the fourth quarter of 2010. The accrual for compensation and benefits expenses (including salaries, estimated year-end discretionary compensation, amortization of equity awards and other items such as benefits) was $5.23 billion for the first quarter of 2011, a 5% decline compared with the first quarter of 2010. The ratio of compensation and benefits to net revenues for the first quarter of 2011 was 44.0%. Non-compensation expenses were $2.62 billion, 23% higher than the first quarter of 2010 and 14% lower than the fourth quarter of 2010.
8:08AM Mindspeed announces departure of Chief Financial Officer Bret W. Johnsen (MSPD) 7.56 : Co announced the resignation of its CFO, Bret W. Johnsen, effective May 6, 2011. The company also announced that Kristen M. Schmidt, executive director, finance, has been appointed interim CFO, effective May 6, 2011. Mindspeed has initiated an immediate search for a permanent chief financial officer with a professional search firm.
8:07AM Chesapeake Energy: a consortium of investors agrees to purchase Frac Tech Holdings; members will own 70% of Frac Tech; CHK will receive a cash distribution and will increase its ownership to 30% from ~26% (CHK) 31.98 : Co announces that consortium of investors, including Maju Investments and RRJ Capital, has reached an agreement to purchase Frac Tech Holdings, LLC, the majority shareholder of Frac Tech Services. At closing, the members of the consortium will own 70% of Frac Tech, while CHK will receive a cash distribution and will increase its ownership to 30% from its current ownership of ~26%. The consortium has received a $1.7 bln debt financing commitment from its financial advisors. The co estimates consolidated EBITDA for the 12 months ending March 31, 2011, was ~$685 mln, and that expected EBITDA for the full year 2011 will be ~$1.1-1.15 bln.
8:05AM NY Comm Bancrp misses by $0.03 (NYB) 17.08 : Reports Q1 (Mar) earnings of $0.28 per share, $0.03 worse than the Thomson Reuters consensus of $0.31. At 3.58%, the margin was 17 basis points wider than the year-earlier measure and three basis points narrower than the margin in 4Q 2010. At the present time, the loan pipeline approximates $3.0 billion, including loans originated for investment of approximately $2.4 billion and loans originated for sale of approximately $560 million. Multi-family loans represent approximately $1.8 billion, or 74.5%, of the current pipeline of held-for-investment loans. Deposits rose $389.1 million over the course of the quarter to $22.2 billion, representing 54.1% of total assets at March 31st. In the first quarter of 2011, the Company's interest rate spread and net interest margin were impacted by the same factors that impacted its net interest income. At 3.54%, the Company's spread was three basis points narrower than the trailing-quarter measure but nine basis points wider than the year-earlier spread.
8:05AM NYSE Euronext: IntercontinentalExchange (ICE) and NASDAQ OMX Group (NDAQ) deliver proposed merger agreement to NYSE Euronext Board; proposal outlined in the proposed merger agreement is valued at $42.67 per NYX share (NYX) 38.32 : NASDAQ OMX and IntercontinentalExchange announce they have taken a series of steps demonstrating their commitment to pursuing their superior proposal with NYSE Euronext and providing greater certainty to the NYSE Euronext Board. A proposed merger agreement has been submitted to the NYSE Euronext Board that is consistent with the terms of the current business combination agreement with Deutsche Boerse; NASDAQ OMX and ICE are prepared to pay a reverse termination fee of $350 million, in the event that they are unable to obtain necessary antitrust and competition approvals; NASDAQ OMX and ICE have received fully committed financing of $3.8 billion from a group of leading institutions; and Actions necessary to start the U.S. antitrust review processes have been taken and those reviews are expected to commence shortly... The NASDAQ OMX/ICE proposal remains superior by a significant and inescapable margin. Based on April 18th closing prices, the NASDAQ OMX/ICE proposal outlined in the proposed merger agreement is valued at $42.67 per NYX share. This is 21%, or $2 billion, above the $35.29 value per NYX share under the Deutsche Boerse transaction.
8:05AM PACCAR beats by $0.04, beats on revs (PCAR) 50.32 : Reports Q1 (Mar) earnings of $0.53 per share, $0.04 better than the Thomson Reuters consensus of $0.49; revenues rose 47.1% year/year to $3.28 bln vs the $2.98 bln consensus. PACCAR is increasing capital investments in 2011 to accelerate comprehensive product development programs. "Capital expenditures are projected to be $400-$500 million and research and development expenses are estimated at $275-$300 million this year as Kenworth, Peterbilt and DAF invest in industry-leading products and services to enable our customers to continue to deliver profitable results in their businesses."
8:04AM Twin Disc beats by $0.01, misses on revs (TWIN) 31.78 : Reports Q3 (Mar) earnings of $0.40 per share, $0.01 better than the Thomson Reuters consensus of $0.39 (2 ests); revenues rose 25.3% year/year to $76.4 mln vs the $79.3 mln consensus (2 ests). "Our six-month backlog at March 25, 2011 was a record $140,239,000 compared to $118,827,000 at December 31, 2010, $84,419,000 at June 30, 2010 and $72,786,000 at March 26, 2010. We are continuing to benefit from very positive demand from oil and gas exploration and development, as well as modest growth in orders from several of our other end markets. Looking forward, we are optimistic the favorable oil and gas market fundamentals will continue as backlog and shipments of the 8500 series remain at record levels. The 7500 transmission is in field testing and results to date are encouraging. We continue to believe we will be shipping initial units in the fiscal 2011 fourth quarter. We remain optimistic that the Company is positioned to achieve very good fiscal 2011 financial results and that the outlook for fiscal 2012 is encouraging."
8:04AM China Botanic Pharma estimates Badger Oil to generate ~$2.3-2.6 mln in sales for the fiscal year 2011 (CBP) 1.56 : Co announced Badger Oil has achieved sales of ~$0.9 mln after only five months on the market. Co estimates Badger Oil to generate ~$2.3-2.6 million in sales for the fiscal year 2011. "The domestic market for bio-pharmaceutical products remains buoyant and we expect market demand for our recently launched Badger Oil to grow in the coming months... We have a strong pipeline of new products under development and our R&D team continues to conduct scientific market research to enable us to develop products which meet our customers' expectations."
8:03AM China North East Petroleum provides response to report allegations; co states actual results cannot be extrapolated from pro forma numbers with regard to allegation that acquisition of Tiancheng is too good to be true (NEP) 4.07 : Co responded today to the research report published online on April 13, 2011 by a short seller operating under the pseudonym "Bigfish Research"... "The Bigfish Report is a good example of how numbers can be misconstrued and manipulated. Bigfish has a fundamental misunderstanding of the nature and purpose of pro forma financial information... Nevertheless, Bigfish uses the pro forma numbers to extrapolate what he claims to be the "actual earnings" of Tiancheng and then calls into question the Company's reported results. Bigfish alleges that the actual revenues of Tiancheng can be determined by merely subtracting the Company's earnings for the three and nine month periods ended September 30, 2009 from the pro forma numbers for the same periods. This is wrong."
8:03AM Chipmos Technology announces automatic conversion of its 8% senior convertible bonds due 2014 and 2015 (IMOS) 8.71 :
8:02AM Journal Commun misses by $0.01, reports revs in-line (JRN) 5.79 : Reports Q1 (Mar) earnings of $0.05 per share, $0.01 worse than the Thomson Reuters consensus of $0.06; revenues fell 3.5% year/year to $83.9 mln vs the $84.7 mln consensus. For the second quarter of 2011, we anticipate that publishing revenues will be down compared to the prior year period reflecting continued challenges with publishing advertising revenue. Excluding political and issue advertising in broadcast, broadcast revenues are expected to be up compared to the prior year period.
8:02AM Orchid Cellmark: Laboratory Corporation of America (LH) commences its cash tender offer for all outstanding shares of the common stock of ORCH for $2.80 per share (ORCH) 2.76 : Laboratory Corporation of America (LH) announced the commencement of its cash tender offer for all outstanding shares of the common stock of ORCH for $2.80 per share. The Board of Directors of Orchid Cellmark has determined that the agreement and plan of merger, the offer and the merger are advisable, fair to, and in the best interests of Orchid Cellmark and its stockholders, approved the agreement and plan of merger and the other transactions contemplated thereby, including the tender offer, and recommended that the Orchid Cellmark stockholders accept the offer and tender their shares in the offer.
8:01AM EMS Tech announces that it has received inquiries from potentially interested acquirers and that its Board of Directors has determined to initiate a formal process to explore strategic alternative (ELMG) 20.77 : Co announced that it has received inquiries from potentially interested acquirers and that its Board of Directors has determined to initiate a formal process to explore strategic alternatives. The Board will evaluate the existing inquiries and seek proposals from other potentially interested parties.
7:53AM Johnson & Johnson beats by $0.09, beats on revs; raises FY11 EPS above consensus (JNJ) 60.46 : Reports Q1 (Mar) earnings of $1.35 per share, $0.09 better than the Thomson Reuters consensus of $1.26; revenues rose 3.5% year/year to $16.17 bln vs the $15.87 bln consensus. Co raises guidance for FY11, sees EPS of $4.90-5.00 vs. $4.83 Thomson Reuters consensus, up from $4.80-4.90 seen previously. Worldwide Pharmaceutical sales of $6.1 bln for the first quarter represented an increase of 7.5% versus the prior year with operational growth of 6.4% and a positive impact from currency of 1.1%. Domestic sales increased 5.8%; international sales increased 9.7%, which reflected an operational increase of 7.3% and a positive currency impact of 2.4%.
7:48AM On The Wires (WIRES) :
* Zix Corp (ZIXI) has established a new channel partnership with Pen Publishing Interactive to offer a secure email option to current and prospective customers in Kansas and throughout the United States.
* Jacobs Engineering Group (JEC) announced that it received a contract from Huntsman Corporation and Zamil Group Holding Company to provide front end engineering and design services for a Morpholine and Diglycolamine Agent unit located in Jubail, Saudi Arabia. Officials did not disclose the contract value. Also, JEC announced that it received a contract from Masan Resources for a major mining and minerals project in Vietnam. Masan Resources Corporation is a subsidiary of Masan Group Corporation. The contract value is estimated at 21.8 mln. Lastly, JEC announced that it is providing construction management agency services for the new, 1.2-mln-sq-ft Veterans Affairs replacement medical center facility for the Eastern Colorado Health Care System/Department of Veterans Affairs in Aurora, CO. Officials did not disclose the contract value.
7:38AM Northern Trust misses by $0.06 (NTRS) 51.40 : Reports Q1 (Mar) earnings of $0.59 per share, excluding $0.02 in a tax benefit from Visa, $0.06 worse than the Thomson Reuters consensus of $0.65; revenues were unchanged from the year-ago period at $898 mln. The ratio of tier 1 common equity to risk-weighted assets, a non-GAAP financial measure, was 13.0% at March 31, 2011 and at December 31, 2010 and 12.8% at March 31, 2010. Noninterest income, which represented 74% of revenue, decreased 1% to $663.5 million from the prior year quarter's $667.5 million. Trust, investment and other servicing fees, which represented 57% of current quarter revenue, were $514.9 million in the current quarter, relatively unchanged from the prior quarter. Net interest income for the quarter on a fully taxable equivalent (FTE) basis totaled $244.9 million compared to $240.1 million in the prior year quarter. Total AUM +2% YoY and +3% QoQ to $662 bln; total assets under custody +17% YoY and +7% QoQ to $4.36 trln.
7:32AM On The Wires (WIRES) :
* Volvo Buses (VOLVY) and Chinese SAIC Motors have agreed to form a new JV co. The new company will be owned by SAIC with 60% and by Volvo with 40%. Volvo will invest RMB40mln and SAIC RMB60 mln in the new co that will be named Shanghai Green Bus Drive System Co. and will be based in Shanghai. It is scheduled to be fully operational in the fourth quarter of 2011.
* EMCOR Group (EME), a Fortune 500 leader in mechanical and electrical construction, energy infrastructure and facilities services for a diverse range of businesses, announced that its subsidiary, Trautman & Shreve Inc., has been awarded a contract for the installation of all the mechanical systems at the new Denver Police Crime Laboratory in Denver, Colorado.
* Cytokinetics (CYTK) announced the opening to enrollment of a Phase IIb clinical trial of an intravenous formulation of omecamtiv mecarbil.
7:31AM TASER announced two follow-on orders for TASER X26 electronic control devices and related accessories (TASR) 3.85 : The first order received provided an unnamed international agency with 1,080 TASER X26 ECDs with 59,000 TASER cartridges and 100 TASER Cam units. The second order received provided an unnamed U.S. agency with 200 TASER X26 ECDs. These orders are anticipated to ship the Second Quarter of 2011. Further customer information is not being released at this time.
7:13AM State Street beats by $0.02, beats on revs (STT) 44.67 : Reports Q1 (Mar) operating earnings of $0.88 per share, $0.02 better than the Thomson Reuters consensus of $0.86; revenues on an operating basis rose 10.1% year/year to $2.33 bln vs the $2.29 bln consensus. Operating-basis expenses increased to $1.683 billion, up 7.5% from $1.566 billion in the first quarter of 2010. On an operating basis, comparing the first quarter of 2011 with the first quarter of 2010, the Company achieved 260 basis points of positive operating leverage. On an operating basis, return on average common shareholders' equity was 9.9% in the first quarter of 2011, down slightly from 10.0% in the first quarter of 2010. Tier 1 common 17.5%. AUM +5.5% QoQ, +7.7% YoY to $2.12 trln; assets under custody and administration +5.0% QoQ, +18.7% YoY to $22.61 trln. "In the first quarter the performance of our core asset servicing and asset management businesses continued to be strong... The performances of our securities servicing business that we acquired from Intesa Sanpaolo and the acquired Mourant business are exceeding the goals we set; and, as a result of our expanded capabilities, we have added new clients in both of these businesses. Also, the Bank of Ireland's asset management business, which we acquired in January, is off to a good start, leveraging its capabilities in active equity strategies with the distribution strengths at State Street Global Advisors."
7:11AM On The Wires (WIRES) :
* Millicom International Cellular S.A. (MICC) announced that it intends to consolidate the listing of its shares onto one single exchange, NASDAQ OMX Stockholm. The Company will maintain the current listing of its shares as Swedish Depository Receipts on NASDAQ OMX Stockholm, which will become Millicom's primary listing.
* Accenture (ACN) is collaborating with Anheuser-Busch InBev on a digital merchandising pilot aimed at enhancing the efficiency of the leading global brewer's merchandising activities at the point of sale, and increasing product sales. Financial terms were not disclosed.
* Acorda Therapeutics (ACOR) announced that the United States Patent and Trademark Office has allowed U.S. Patent Application No. 11/010,828 entitled "Sustained Release Aminopyridine Composition."
* Autoliv (ALV) announced that it is acquiring technologies, for automotive forward-looking vision systems, from Hella Aglaia Mobile Vision GmbH, a subsidiary of Hella KGaA Hueck & Co. and that the parties will cooperate to further develop these technologies. Co expects to integrate Hella's technologies into its monovision hardware by early 2012.
* Elster (ELT) announced that Comision Federal de Electricidad has selected the company's EnergyAxis Smart Grid solution to power the utility's first advanced metering infrastructure project in Mexico City.
* SXC Health Solutions (SXCI) announced that it has been awarded a three-year Health Care Information Technology service contract from Health Alliance Plan of Michigan, a health plan with an annual health spend of approximately $250 mln.
* Yingli Green Energy (YGE) announced that it has entered into an exclusive agent agreement, and a 10 MW PV module distribution contract, with YHS, a joint venture of West Holdings and with Super Tool.
* eFuture Information Technology (EFUT) announced that it has launched its upgraded corporate website.
* Eaton (ETN) and GridPoint announced an Original Equipment Manufacturer software licensing collaboration to deliver networking monitoring and intelligent charging applications for Eaton's electric vehicle supply equipment offering.
7:05AM NovaBay Pharma spotlights positive results from NeutroPhase study of 26 patients with chronic non-healing wounds (NBY) 2.32 : The poster, entitled "NeutroPhase with Sorbact Dramatically Enhances the Speed of Wound Healing," was written by researchers at NovaBay and the San Francisco Center for Advanced Wound Care at the Seton Medical Center in Daly City, CA. The poster reported on multiple case studies in the clinic in which a combination of 0.01% NeutroPhase, with Sorbact as a wound mesh dressing capable of reducing maceration of adjacent skin and binding and inactivating pathogenic microorganisms, in conjunction with Negative Pressure Wound Therapy administered to 26 patients with chronic non-healing wounds.
7:05AM Regions Fincl beats by $0.11 (RF) 6.98 : Reports Q1 (Mar) earnings of $0.01 per share, $0.11 better than the Thomson Reuters consensus of ($0.10). Delinquencies declined for the fourth straight quarter; while Business Services Criticized loans, which include Classified loans, have declined for five consecutive quarters and were down 7% for the quarter. Inflows of non-performing loans declined 23 percent linked quarter to $730 million; non-performing loans, excluding loans held for sale, declined 2 percent linked quarter. Net charge-offs decreased $201 million or 29 percent versus prior quarter. Loan loss provision essentially matched net charge-offs resulting in an increase of 8 basis points to 3.92 percent in the allowance for loan losses to net loans ratio; loan loss allowance coverage of non-performing loans increased to 1.03x at March 31, 2011. Net interest margin continued to improve, expanding 7 basis points to 3.07 percent or an increase of 30 basis points from first quarter 2010; quarterly improvement driven by declining deposit costs of 5 basis points and slower prepayments resulting in lower premium amortization in the securities portfolio. Non-interest expenses decreased 8 percent linked quarter, or 4 percent excluding prior quarter's debt extinguishment costs, driven by declines in professional and legal fees, credit-related expenses and salaries and benefits expense. Solid capital position with a Tier 1 Capital ratio estimated at 12.5 percent and a Tier 1 Common ratio estimated at 7.9 percent
7:05AM Omeros announces publication of MASP-2 Data in proceedings of the National Academy of Sciences (OMER) 5.16 : Co announces that research on mannan-binding lectin-associated serine protease-2 (MASP-2) has been published in the April 18, 2011 Early Online Edition of the Proceedings of the National Academy of Sciences. Researchers demonstrated that blocking MASP-2 function significantly reduces tissue damage caused by ischemia-reperfusion injury. It was also demonstrated that in animal models of cardiac and gastrointestinal ischemia-reperfusion injury that inhibition of MASP-2 function blocked the excessive inflammatory response, resulting in significantly less tissue damage.
7:03AM SciClone Pharma acquires NovaMed Pharmaceuticals for up-front payments of ~$24.7 mln in cash, 8,298,110 shares of co's common stock valued at ~$37.1 million and the right to additional cash consideration of up to $43.0 million (SCLN) 4.48 : Co announces that it has acquired NovaMed Pharmaceuticals, a China-based specialty pharmaceutical company. Under terms of the agreement, NovaMed shareholders are entitled to receive up-front payments of approximately $24.7 mln in cash, 8,298,110 shares of SciClone common stock valued at approximately $37.1 mln and the right to additional cash consideration of up to $43.0 mln, contingent upon the successful achievement of revenue and earnings targets for the 2011 and 2012 fiscal years. The co anticipates that NovaMed and SciClone's combined revenue for fiscal 2011 on a pro forma basis will be between $140 and $145 mln. SciClone's GAAP revenue for fiscal 2011 will exclude NovaMed's revenue prior to the closing of the acquisition. SciClone is updating its guidance to reflect the acquisition and anticipates that its 2011 GAAP revenue will be between $133-$138 mln, and cash, cash equivalents and investments at December 31, 2011 to be greater than $45 million. The Company anticipates updating earnings per share guidance with its first quarter 2011 earnings announcement expected in early May 2011.
7:03AM Entergy sees Q1 EPS above consensus; reaffirms FY11 EPS guidance (ETR) 65.97 : Co sees Q1 EPS of $1.37 vs $1.31 Thomson Reuters consensus; reaffirms FY11 EPS of $6.35-6.85 vs $6.55 Thomson Reuters consensus. The first quarter 2011 operational earnings improvement was due to higher earnings at Utility, which was partially offset by lower operational results at Entergy Wholesale Commodities and Parent & Other. First quarter 2011 earnings also reflect accretion from Entergy's share repurchase programs.
7:03AM A.O. Smith beats by $0.05, beats on revs; reaffirms FY11 EPS guidance (AOS) 42.00 : Reports Q1 (Mar) earnings of $0.52 per share, $0.05 better than the Thomson Reuters consensus of $0.47; revenues rose 13.8% year/year to $417.4 mln vs the $408.5 mln consensus. "The first quarter supports our view of how 2011 will unfold... We are continuing to benefit from market growth and consumer demand in China. In North America, our new high-efficiency water heating products introduced last year will continue to benefit sales. While the U. S. economy is recovering, we are mindful of the twin 'headwinds' of the weak new housing market and rising commodity prices. We responded to the rise in steel costs with a global price increase effective in April. At this time, we are not changing our forecast of earnings from continuing operations." Co reaffirms guidance for FY11, sees EPS of $1.90-2.10 vs. $2.07 Thomson Reuters consensus. Co reports Q1 operating margins of 11.7%, down slightly from the 12.0% operating margins achieved last year principally due to higher selling costs supporting the North American Takagi tankless water heater acquisition and the company's renewable product introductions.
7:02AM Omnicom beats by $0.10, reports revs in-line (OMC) 48.49 : Reports Q1 (Mar) earnings of $0.69 per share, $0.10 better than the Thomson Reuters consensus of $0.59; revenues rose 7.9% year/year to $3.15 bln vs the $3.14 bln consensus. Domestic revenue for the first quarter of 2011 increased 3.8% to $1,652.5 million compared to $1,592.8 million in the first quarter of 2010. International revenue for the first quarter of 2011 increased 12.9% to $1,498.8 million compared to $1,327.2 million in 1Q10.
7:02AM Western Gas Partners increases qtrly cash distribution 3% to $0.39 per unit (WES) 35.21 :
6:55AM On The Wires (WIRES) :
* Acacia Research Corporation (ACTG) announced that a subsidiary has acquired a patent for Power-Over-Ethernet technology.
* Deutsche Bahn and NXP Semiconductors N.V. (NXPI) announced to continue their co-operation on "Touch&Travel" in Germany. "Touch&Travel" is a mobile ticketing scheme which is running in a pilot phase in Germany since 2008. Using Near Field Communication the ticketing system enables e-ticketing based on NFC-enabled mobile phones. Deutsche Bahn and NXP together with other project partners co-operated in the pilot phase and are now joining forces to successfully bring "Touch&Travel" into the market.
6:55AM U.S. Bancorp beats by $0.03, reports revs in-line (USB) 25.56 : Reports Q1 (Mar) earnings of $0.52 per share, $0.03 better than the Thomson Reuters consensus of $0.49; revenues rose 4.6% year/year to $4.52 bln vs the $4.56 bln consensus. Earnings for the first quarter of 2011 were driven by YoY growth in total net rev and a reduction in the provision for credit losses. Included in the first quarter of 2011 was a $46 mln gain related to the acquisition of First Community Bank of New Mexico in a transaction with the FDIC. Average total loan growth of 2.4% (2.1% excluding acquisitions) over the first quarter of 2010. Average total loan growth of 1.1% QoQ (0.7% excluding acquisitions). Average total commercial loan growth of 2.1% over the prior quarter (1.9% excluding acquisitions). Net charge-offs declined 14.1% from the fourth quarter of 2010. Excluding the FCB acquisition, nonperforming assets (excluding covered assets) decreased 4.7% from the fourth quarter of 2010. Tier 1 common ratio of 7.7% under anticipated Basel III guidelines. Higher credit and debit card rev (3.5%), corporate payment products rev (4.2%) and merchant processing services rev (3.1%). An 18.6% increase in commercial products revenue. Book value +12.7% YoY and +3.3% QoQ to $14.83.
6:53AM Comerica beats by $0.09 (CMA) : Reports Q1 (Mar) earnings of $0.57 per share, $0.09 better than the Thomson Reuters consensus of $0.48. "We had an eight percent increase in net income in the first quarter of 2011, when compared to the fourth quarter of 2010, which was primarily driven by reduced credit costs and good control of expenses. "Among the many positive and encouraging signs we saw in the first quarter were loan growth in the Global Corporate Banking, Energy and Middle Market lines of business, and an acceleration of loan growth in Texas. These were more than offset by the continued and planned reductions in Commercial Real Estate, and a decrease in Mortgage Banker Finance."
6:52AM Sterling Banc misses by $0.02 (SBIB) 8.76 : Reports EPS of $0.00, $0.02 worse that $0.02 Thomson Reuters consensus. At March 31, 2011, the total allowance for loan losses was $75.5 mln or 2.90% of period-end total loans, down from $77.1 mln or 2.80% of period-end total loans at December 31, 2010. Net charge-offs for the first quarter of 2011 were $12.4 mln or 1.87% of average total loans, compared to $9.7 mln or 1.36% of average total loans for the fourth quarter of 2010.
6:46AM On The Wires (WIRES) :
* Trimble (TRMB) announced it has entered into a definitive agreement to acquire privately-held Ashtech S.A.S., headquartered in Carquefou, France, and its affiliates. The acquisition is expected to expand Trimble's Spectra Precision portfolio of survey solutions and allow the company to better address emerging markets worldwide. Closing of the transaction, anticipated in the second quarter, is subject to certain closing conditions. Financial terms were not disclosed.
* Cumberland Pharmaceuticals (CPIX) announced that it has entered into an agreement to acquire the rights to ifetroban, a new Phase II development product.
* Autoliv (ALV) announced that it is acquiring technologies, for automotive forward-looking vision systems, from Hella Aglaia Mobile Vision GmbH, a subsidiary of Hella KGaA Hueck & Co. and that the parties will cooperate to further develop these technologies. Co expects to integrate Hella's technologies into its monovision hardware by early 2012.
6:36AM Wolverine beats by $0.06, beats on revs; guides FY11 EPS in-line, revs in-line; above prior guidance (WWW) 37.59 : Reports Q1 (Mar) earnings of $0.72 per share, $0.06 better than the Thomson Reuters consensus of $0.66; revenues rose 16.1% year/year to $330.9 mln vs the $324.4 mln consensus. Co issues in-line guidance for FY11, sees EPS of $2.40-2.50 vs. $2.43 Thomson Reuters consensus and above $2.35-2.45 prior guidance; sees FY11 revs of $1.38-1.42 bln vs. $1.39 bln Thomson Reuters consensus and above $1.35-1.39 bln prior guidance. The co repurchased ~142,000 of its own shares in the quarter for an aggregate cost of $5.1 mln. "We experienced strong consumer demand for our products across all geographic regions. Our Outdoor Group, especially the Merrell brand, and the Heritage Group both delivered impressive results during the quarter...Inventory at the end of the quarter increased $78.2 mln, or 45.5%, compared to the prior year and reflects the continued strength of our order backlog."
6:18AM On The Wires (WIRES) :
* Velti plc (VELT) announced that it has entered into an agreement with Johnston Press plc to supply and manage premium mobile services including SMS applications.
* Acacia Research (ACTG) announced that its subsidiary Advanced Processor Technologies has entered into a settlement and license agreement with Micrel resolving a patent litigation that was pending.
* Canadian Solar (CSIQ) announced that the co has supplied 8 MW of solar modules to a solar power plant constructed by EOSOL Energies and the Caisse des depots et consignations in Villeneuve de Marsan, Aquitaine, France.
6:11AM Hudbay Minerals' JV with Aquila sees recent success of drill program at Back Forty Project will delay its project economics to further assess the magnitude of the deposit (HBM) 15.74 :
6:06AM Mercantile Bank reports Q1 EPS of $0.12 vs ($0.13) Thomson Reuters consensus and ($0.35) last yr (MBWM) 8.29 : Mercantile returned to profitability during the first quarter of 2011 after reporting net losses during 2009 and 2010. A record high net interest margin and a significantly lower provision for loan losses were the key drivers of the improved performance. The decreased provision expense for the quarter reflects lower volumes of loan rating downgrades and nonperforming loans, as well as progress in the stabilization of economic and real estate market conditions and resulting collateral valuations.
6:06AM NetList Comments on US Patent Office communication; states 'in no way changes outlook' (NLST) 2.36 : Co says that it is confident it will ultimately prevail in the ongoing legal actions related to its rank multiplication technologies. Co states a recent communication received from the US Patent & Trademark Office in early April "in no way changes Netlist's outlook or the fact that its core technologies are protected and enforceable under the law."
6:03AM Range Resources Q1 production volume +17% YoY, +1% QoQ; nat gas price realization $4.40, crude oil $81.35 (RRC) 52.57 : First quarter production volumes averaged 545.5 Mmcfe net per day, a 17% increase YoY and 1% higher QoQ. The record production marked the co's 33rd consecutive quarter of sequential production growth. Production was 79% natural gas, 16% natural gas liquids (NGLs) and 5% crude oil. Targeted drilling to the liquids-rich portion of the Marcellus Shale play in Pennsylvania and the Midcontinent regions drove the production growth. Q1 production was 16% NGLs versus 12% for first quarter of 2010. The co also announced that its preliminary first quarter 2011 commodity price realizations averaged $5.46 per mcfe. This represents a 2% decrease YoY, but a 2% increase QoQ. Preliminary Q1 production and realized prices by each commodity are: natural gas - 429.9 Mmcfe per day ($4.40), natural gas liquids - 14,338 barrels per day ($47.96) and crude oil - 4,924 barrels per day ($81.35). "Despite the unusually cold weather conditions we incurred in the first quarter, we were able to reach the mid-point of our production guidance. Adjusting for the weather related downtime, we would have exceeded the high end of our guidance."
6:02AM Susser expects to report same-store merchandise sales growth for the Q1 of ~5.6%; retail average per-store fuel volumes are expected to increase by 3.2% YoY (SUSS) 13.77 :
5:42AM LM Ericsson acquires assets from Telenor Connexion to strengthen offering within M2M Communication (ERIC) 12.18 : Co announces it has entered an agreement to acquire Telenor Connexion's M2M technology platform. Telenor Connexion is wholly owned by Telenor Group, one of the world's major mobile operators with 203 mln mobile subscribers. No financial details about acquiring the assets have been announced.
4:19AM Seagate Tech misses by $0.02, beats on revs (STX) 17.84 : Reports Q3 (Mar) non-GAAP earnings of $0.25 per share, $0.02 worse than the Thomson Reuters consensus of $0.27; revenues fell 11.6% year/year to $2.69 bln vs the $2.66 bln consensus.
4:05AM Seagate Tech and Samsung enter in to broad strategic alliance; co expects transactions and agreements to be meaningfully accretive to non-GAAP diluted earnings per share and cash flow within the first full year (STX) 17.84 : Co and and Samsung Electronics announce that they have entered into a definitive agreement under which STX and Samsung will significantly expand and strengthen their strategic relationship by further aligning their respective ownership, investments and key technologies. Major elements of the agreement include: 1) Samsung combining its hard disk drive operations into Seagate; 2) Extending and enhancing the existing patent cross-license agreement between the companies; 3) A NAND flash memory supply agreement under which Samsung will provide STX with its market-leading semiconductor products for use in Seagate's enterprise solid state drives, solid state hybrid drives and other products; 4) A disk drive supply agreement under which STX will supply disk drives to Samsung for PCs, notebooks and consumer electronics; 5) Expanded cooperation between the companies to co-develop enterprise storage solutions; 6) Samsung receiving significant equity ownership in STX; 7) A shareholder agreement under which an executive of Samsung will be nominated to join co's Board. The combined value of these transactions and agreements is ~$1.375 bln , which will be paid by STX to Samsung in the form of 50% stock and 50% cash. Additionally, these transactions and agreements to be meaningfully accretive to non-GAAP diluted earnings per share and cash flow within the first full year does not expect any material restructuring costs in connection with them.
2:07AM Biogen Idec receives positive opinion from the CHMP; recommends approval; authorisation from Health Canada on AVONEX PE (BIIB) 82.61 : Co announces that the European Medicines Agency's Committee for Medicinal Products for Human Use has issued a positive opinion recommending the approval of AVONEX PEN for patients with relapsing multiple sclerosis and patients with a single demyelinating event. The CHMP recommendation provides the basis for a European Commission licensing decision, which is expected within 75 days from the opinion. The co also announced an authorisation for AVONEX PEN from Health Canada.
2:03AM On The Wires (WIRES) :
* NETGEAR (NTGR) announced two new wireless access point platforms that meet exploding wireless demands in growing business networks.
* Samson Oil & Gas (SSN) advises on the three active wells in the North Stockyard Oilfield. The Earl #1-13H has been under flow back since April 13th but the 19 frac plugs have yet to be drilled out. The flow rates will be published later this week when the plugs are expected to be removed.
* Amazon.com (AMZN) announced a new Print-on-Demand program for Books, which dramatically expands the selection of titles available to customers and offers publishers a cost-effective way to make the broadest possible range of their authors' titles available.
* Micron Technology (MU) announced the expansion of its operations in Xi'an, China.
* SANYO Semiconductor, an ON Semiconductor (ONNN) co, announced the introduction of a new 8-bit flash microcontroller with USB 2.0 Full-Speed interface function and built-in DC-DC converter with selectable output voltages.
1:52AM Air Lease prices 30,283,020 share IPO of its Class A Common Stock at $26.50 per share, at the mid-point of the $25.00-28.00 expected range (AL) :
1:36AM Pinnacle Finl beats by $0.03, misses on revs (PNFP) 15.84 : Reports Q1 (Mar) earnings of $0.06 per share, $0.03 better than the Thomson Reuters consensus of $0.03; revenues fell 1.6% year/year to $44.3 mln vs the $45.1 mln consensus. Additionally, co reports Net charge-offs were $9.73 mln for the quarter ended March 31, 2011, compared to $15.12 mln for the quarter ended March 31, 2010, and $7.15 mln for the 4Q10. The allowance for loan losses represented 2.46% of total loans at March 31, 2011, compared to 2.57% at Dec. 31, 2010, and 2.59% at March 31, 2010. Nonperforming loans plus other real estate were 4.04% of total loans plus other real estate at March 31, 2011, compared to 4.29% at Dec. 31, 2010, and 4.45% at March 31, 2010. Co reduced nonperforming loans by $4.5 mln during the first quarter of 2011, a linked-quarter reduction of 5.6% and the fourth consecutive quarterly reduction. Nonperforming loans are down 41.9% from a year ago. Potential problem loans also decreased from $223.1 mln at Dec. 31, 2010, to $170.6 mln at March 31, 2011, a linked-quarter decrease of 23.5%.
1:24AM Hecla Mining provides update on settlement negotiations for the Coeur d'Alene Basin Environmental litigation (HL) 8.86 : Co provides an update on the previously announced settlement negotiations with the US, the Coeur d'Alene (CDE) Indian Tribe, and the State of Idaho regarding the Coeur d'Alene Basin environmental litigation and related claims. Co states if the Court enters the Consent Decree, co will have settled its environmental liability in the Basin and the remaining obligations in the Box and would make the following payments: 1) $102 mln of cash, $55.5 mln of cash or Hecla stock, and ~$9.5 mln in proceeds from series 3 warrants received by co to date and referred to below, all payable 30 days after entry of the Consent Decree; 2) $25 mln of cash 30 days after the first anniversary of entry of the Consent Decree; 3) $15 mln of cash 30 days after the second anniversary of entry of the Consent Decree; 4) Approximately $56.4 mln by August 2014, as quarterly payments of the proceeds from the exercise of any outstanding Series 1 and Series 3 warrants (which have an exercise price of between $2.45 and $2.50 per share) during the quarter, with the remaining balance, if any, due in August 2014. Although co is optimistic the Consent Decree will be entered, there can be no assurance that the parties will be successful in negotiating and agreeing on the final terms.
1:16AM Gerova Financial intends to delist its securities from the NYSE (GFC) 5.28 : Co announces that it has advised the NYSE of its intention to file a Form 25 with the SEC in order to voluntarily delist from trading on the NYSE its common stock, warrants and units and to deregister its Securities. Recall on Wednesday, February 23, 2011, the NYSE implemented a trading halt in the Securities pending the disclosure of additional information relative to co's operations, management restructuring and business plans, and the staff of the NYSE has been evaluating the suitability for continued listing of the co's securities on the NYSE. Based on continuing discussions with the staff and evaluation of the circumstances, including the prospect of the continuation of the trading halt or delisting proceedings, the co's Board has determined that it is in the best interest of the co to voluntarily discontinue the NYSE listing of the Securities.