Market Update InPlay
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9:33AM Eastman Kodak discloses in 8-K that co and Matsushita Electric, Victor Company settled their patent infringement claims (EK) 22.60 +0.12 : Co discloses in an 8-K that it and Matsushita Electric Industrial (MC) entered into an agreement settling their patent infringement claims against each other. No monetary consideration was paid under the settlement agreement. Pursuant to the settlement, EK agreed to dismiss its patent infringement action against MC. Separately, EK entered into a technology cross license agreement with MC. The license agreement, which will allow each co access to the other's patent portfolio, is royalty bearing to EK. Also, on Dec 21, 2007, EK and Victor Company of Japan, entered into an agreement settling their patent infringement claims against each other. In consideration for J.V.C's release of its claims against EKo and other non-material consideration received by EK from J.V.C, EK agreed to dismiss its patent infringement action against J.V.C. Separately, EKodak entered into a technology cross license agreement with J.V.C.
9:30AM Ultra Petroleum increases full year 2007 production growth target to 31% (UPL) 68.70 -0.24 : Co announces that for the third time this year, it is increasing 2007 production guidance. The new production guidance for 2007 is 120.0 bln cubic feet of gas equivalent increased from the previous guidance of 116.5 Bcfe. This represents a 31% increase over 2006 inclusive of substantial shut-ins during the year and the sale of the Chinese asset. Production guidance for the fourth quarter 2007 is 32.3 Bcfe, which is an increase from the previous 28.8 Bcfe guidance.
9:18AM Newspaper Notable Mentions (WIRES) : The Hindu Business Line: UBS said that it would not proceed with the planned acquisition of Standard Chartered Bank's mutual fund business in India. UBS had agreed to buy StanChart's MF mgmt business for $118 mln in Jan this year. But with the Sale and Purchase Agreement expiring, the two sides decided to end negotiations in this regard, UBS said... Chicago Tribune: The U.S. Air Force must provide a better explanation for why it gave BA a $1.1 bln contract to maintain KC-135 tanker aircraft, the Government Accountability Office said, upholding part of a protest from rival bidder Pemco Aviation... NY Post: When asked recently whether he saw any opportunities to make yet another deal to expand his financial services empire, BAC's CEO Ken Lewis casually answered, "Nothing that comes to mind."... Times of London: Gazprom has renewed its campaign against foreign ownership of Russian gas resources with an attack on XOM's Sakhalin-1 project in Eastern Siberia, the last remaining Russian gas venture under foreign control... RDS.A is investing in Chinese coal, buying a controlling stake in a coalbed methane project, an alternative resource that China's Govt is keen to promote as it seeks to diversify its country's energy supplies... Pacific Epoch: Google China (GOOG) plans to cooperate with Internet cafes in Chengdu to promote Google services, reports West China City Daily quoting Google China president special assistant and strategy officer Guo Quji. The cooperating Internet cafes will set google.com as the homepage on their PCs as well as install the Google toolbar on their cafes' machines, according to the report.
9:16AM U.S. Global Investors says 'major' pension plan selects its fund (GROW) 18.05 : Co announces that one of its mutual funds in the natural resources sector has been chosen as a retirement-plan option for participants in a major public-employees pension program.
9:15AM S&P futures vs fair value: +11.5. Nasdaq futures vs fair value: +9.3. :
9:13AM Clearwire annouced that Arvind Sodhani tendered his resignation from the Board (CLWR) 14.86 : After the close last night, Clearwire (CLWR) announced that Arvind Sodhani tendered his resignation from the CLWR board. Intel (INTC) intends to appoint a new representative to CLWR's board of directors as soon as practicable, replacing Arvind Sodhani, who joined the CLWR board in 2006. Sodhani serves as president of Intel Capital and executive vice president of INTC, and has been one of two members of the CLWR board that are appointed by Intel. Because of the scope of Sodhani's responsibilities as president of Intel Capital and executive vice president of INTC, Sodhani believed that it was prudent that he resign from the CLWR board to avoid any conflicts of interest that might arise.
9:08AM Centerline Holding completes securitization of $2.8 billion tax-exempt affordable housing bond portfolio with Freddie Mac; reduces CAD guidance for 2007 to $1.70-$1.75 (CHC) 10.27 : Co announces the completion of a securitization of its $2.8 bln tax-exempt affordable housing bond portfolio with Freddie Mac. The co also announced a $131 million equity investment commitment from an affiliate of Related Companies, its largest shareholder. Centerline used the proceeds from the Freddie Mac bond securitization to redeem its existing financing arrangements, retire corporate debt and pay the costs and expenses associated with the transaction... In connection with the transaction, CHC expects to record net, one-time charges of $45-$55 mln in 4Q07. Net of minority interest allocations, the co expects these charges to reduce net income by $30-$40 mln. These transaction-related costs of approximately $95 mln will impact the com's 2007 Cash Available for Distribution. CHC has reduced its previous CAD per share guidance for 2007 from $1.89 to a range of $1.70-$1.75, exclusive of the transaction related costs associated with the securitization.
9:08AM On The Wires (WIRES) : Penn Treaty American (PTA) announces that the New York Stock Exchange has approved the co's request for a 45- day trading extension until Feb 16, 2008... GSC Investment (GNV) nnounces that its Board of Directors has declared a special dividend of $0.18 per share payable on Jan 28, 2008 to common shareholders of record on Jan 18, 2008.
9:00AM S&P futures vs fair value: +11.9. Nasdaq futures vs fair value: +12.5. : Futures dip a bit, but still point to a higher start.
8:33AM On The Wires (WIRES) : Empire Financial Holding (EFH) announces that on Jan 2, 2008 it will change its name to Jesup & Lamont... Par Pharmaceutical Companies (PRX) provided an update on the development status of its three, in-licensed, proprietary pipeline products: pafuramidine, Loramyc, and Zensana.
8:31AM Boston Scientific announces CE Mark approval for next-generation cardiac resynchronization therapy defibrillator (BSX) 11.71 : CO announces CE Mark approval for its LIVIAN cardiac resynchronization therapy defibrillator.
8:31AM Lincare reports intention to file shelf registration statement (LNCR) 35.48 : Co announces that it intends to file with the SEC a resale shelf registration statement on or before January 29, 2008 on Form S-3 pursuant to the terms of a registration rights agreement Lincare entered into on October 31, 2007 in connection with the sale of its $275 mln principal amount of convertible senior debentures due 2037 - Series A and $275 mln principal amount of convertible senior debentures due 2037 - Series B and the shares of Lincare common stock issuable upon conversion of the Debentures.
8:30AM Advanced Battery forms development partnership with Shenzhen HuaJin Science & Technology (GBT) 4.69 : Co announces that it has entered into a cooperation agreement with Shenzhen HuaJin Science & Technology. Under the agreement, the companies will collaborate to develop and manufacture innovative energy-saving lamps for multiple uses.
8:30AM Adolor announces investigational New Drug Application for novel delta agonist ADL5747 (ADLR) 4,64 : Co announces that clinical testing will be permitted under an Investigational New Drug Application for ADL5747, a novel oral compound that targets the Delta opioid receptor. Co expects to initiate Phase 1 clinical testing in the first quarter of 2008. ADL5747 is the second delta compound that will enter clinical investigation under Adolor's worldwide collaboration with PFE to develop novel pain compounds. A lead compound, ADL5859, is in Phase 2 clinical testing in several pain conditions.
8:30AM S&P futures vs fair value: +14.5. Nasdaq futures vs fair value: +15.5. : It is still shaping up to be a higher start. On the economic front, December Chicago PMI will be released at 9:45 ET, and November new home sales will be released at 10:00 ET. Economists expect the PMI reading to dip to 52.0 and 715K new home sales.
8:29AM Genesco announces that Court orders specific performance of merger agreement by The Finish Line (GCO) 33.06 : Co announces that the Chancery Court for the State of Tennessee has ordered The Finish Line (FINL) to specifically perform the terms of its Merger Agreement with GCO. In relevant part, the Court's order states: "It is therefore ordered that the Court declares that all conditions to the Merger Agreement have been met. The Court declares that Finish Line has breached the Merger Agreement by not closing and declares that Finish Line is not entitled to invoke the December 31, 2007 termination procedures of Section 8 of the Merger Agreement. The Court ORDERS that Finish Line shall specifically perform the terms of the Merger Agreement..."
8:25AM Sybase: Sandell notifies Sybase of intention to nominate alternative slate of directors at 2008 annual meeting (SY) 25.88 : Sandell Asset Management announces that it has notified SY of its intention to nominate three highly qualified independent candidates for election to the board of directors at the 2008 annual meeting of stockholders. This action follows the letter and presentation sent to SY on Oct 12th, 2007 that detailed specific actions Sandell believed the co should take to improve value for all shareholders. Specifically, Sandell requested that the co's mgmt and board of directors immediately take one or more of the following actions: 1) IPO and spin-off 100% of Mobility segment; 2) aggressive use of the balance sheet to repurchase shares' 3) sale of the co in whole or in part. "We have attempted to encourage the Company, both publicly and privately, to take action to improve its current discounted share price, but have been very frustrated by the apparent complacency of the board and management toward creating value. We feel that shareholder representation on the board is warranted to ensure that all alternatives are considered and a course of action is taken to close the gap between the current share price and its inherent value."
8:19AM Shaw Group announces completion of SEC inquiry (SGR) 59.77 : Co announces that it has received notification from the SEC that the SEC's Division of Enforcement has completed its informal inquiry, which the company announced in June 2004, and that the Division of Enforcement does not intend to recommend any enforcement action.
8:02AM Millennium Pharm to receive $40 mln milestone payment for achievement of sales threshold for Velcade (Bortezomib) for injection (MLNM) 15.13 : Co announces that it will receive a $40 mln payment from Ortho Biotech Products for achieving a material sales milestone in 2007 for Velcade outside the U.S. Milestone payments are recorded in the strategic alliance revenue line on the co's income statement.
8:01AM S&P futures vs fair value: +15.0. Nasdaq futures vs fair value: +17.0. : Stocks are poised to start the day on a positive note. There is not a specific news item that accounts for the positive sentiment, although there is a sense that the market over-reacted to the news of Benazir Bhutto's death. Reports that Berkshire Hathaway (BRK.A) is buying a reinsurance unit from ING is making headlines this morning.
8:00AM Computer Sciences wins $613 mln Defense Information Systems Agency contract for Information Systems Network Support (CSC) 49.61 : Co announces that it has been awarded the Defense Information System Network Network Management Support Services-Global Recompete Network Engineering contract from the Defense Information Systems Agency. The indefinite-delivery/ indefinite-quantity contract, which has a two-year base period and three one-year options, has a contract ceiling amount of $613 mln if all options are exercised. This contract is the result of a competed acquisition, and is a continuation of the previous DISN Network Management Support Services-Global Network Engineering Contract. The DNMSS-G contract was awarded to CSC in June 1999.
8:00AM Curis announces sale of its BMP-7 assets to Stryker (CRIS) 1.02 : Co announces that it has entered into an agreement to sell and assign its remaining BMP-7 technologies to Stryker. CRIS will receive an initial payment of $1 mln, which is net of a payment to be made by Curis to a former third party collaborator of Creative BioMolecules, a predecessor company involved in the 2000 merger that formed Curis. In addition to the initial payment, Stryker has agreed to make cash payments to Curis upon the successful achievement of specified clinical development and drug approval objectives. In lieu of royalty payments, Stryker has also agreed to pay additional cash payments upon the achievement of specified net product sales targets, should such targets be achieved within contractually-specified time periods that are based on the expiration of valid claims of Curis' BMP-7 intellectual property. Assuming that at least one product is successfully developed and commercialized by Stryker on a global basis, Curis could receive up to approximately $41 mln in such payments. However, in connection with its receipt of such payments, Curis would be required to make payments of up to approximately $14 mln to the former third-party collaborator if such product candidates or products are designed to treat certain indications affecting chronic kidney disease patients.
7:30AM CDC Corp says co insiders purchased 467,825 shares during last nine trading days (CHINA) 4.11 : Co announces that directors and executives have purchased a net amount of approximately 467,825 shares since the insider trading window was opened on December 17, 2007. Additionally, during the fourth quarter of 2007, the company and its subsidiaries repurchased 366,000 common shares at an average price of US$6.31 per share for a total of US$2,309,246.
7:30AM Mylan Labs announces final FDA approval for Cetirizine Hydrochloride tablets (MYL) 13.80 : Co announces it has received final approval from the FDA for its Abbreviated New Drug Application for Cetirizine Hydrochloride Tablets, 5 mg and 10 mg.
7:02AM Cal-Maine Foods reports Q2 EPS of $1.69 vs $0.27 in yr ago period; revs $223.69 mln vs $137.73 mln in yr ago period (CALM) 25.85 : "Looking ahead, our feed costs remain high, and we expect this trend to continue with the high demand for corn for ethanol use creating additional price pressures. However, both the egg industry and the USDA predict that egg production will be similar to 2007 levels, and this should support profitable egg prices for the year ahead".
7:01AM China Yuchai subsidiary wins major awards in Chinese auto parts convention (CYD) 9.87 : Co announces that its subsidiary, Guangxi Yuchai Machinery, has won three major awards at the China International Summit Forum on the Auto Parts Industry in Beijing.
7:01AM National Coal Corp. announces it has sold two mln shares of its common stock in a private placement netting total proceeds of approx $8 mln (NCOC) 5.74 :
6:20AM S&P futures vs fair value: +8.2. Nasdaq futures vs fair value: +6.8. :
6:19AM European Markets : FTSE...6470.20...-27.60...-0.4%. DAX...8027.40...-11.20...-0.1%.
6:19AM Asian Markets : Nikkei...15307.78...-256.91...-1.7%. Hang Seng...27370.60...-472.33...-1.7%.
5:37AM Community Shore Bank reports Q4 increases in loan loss provision (CSHB) 6.36 : Co announces that it will take an additional provision in Q4 for the impairment of one commercial loan that is part of a $5 mln relationship. In addition to the C&I loan, this relationship includes loans collateralized by commercial real estate and one residential construction project. Community Shores is also increasing its reserve allocation for loans to residential real estate and land developers due to deteriorating conditions in the Bank's local market. The co estimates its Q4 provision for loan losses to be approx $1.0 mln. This estimate provides for a specific allocation of $689,000 related to the impairment of the previously-mentioned C&I loan. Additionally, an increased allocation of $100,000 has been made on its $15 mln portfolio of residential and land development loans. The increased provision should lower pre-tax earnings by approx $0.68 per diluted share when CSHB reports its financial results for Q407 and FY07.
12:43AM On The Wires (WIRES) : On December 26, 2007, the Directorate-General for Competition of the European Commission has notified LAN Cargo S.A. and LAN Airlines S.A. (LFL) of the initiation of proceedings against 25 cargo airlines, among them LAN Cargo S.A., for allegations of anti-competitive behavior in the air freight business.
12:42AM Mesa Air delays release of Q407 results (MESA) 3.40 : Co announces that it is delaying the release of its financial and operating results for Q407 until on or about January 15, 2008 and canceling the earnings conference call originally scheduled for Friday, December 28. In its Form 12b-25 filing with the SEC on December 14, 2007, MESA reported that it was delaying the filing of its Form 10-K pending completion of its review of certain estimates and reserves that may affect the financial statements. The co's review of such estimates and reserves remains ongoing and is not expected to be completed until early next week.
12:39AM SLM announces the pricing of its public offering of common stock and mandatory convertible preferred (SLM) 19.65 : Co announces the pricing of the public offerings of 101,781,170 shares of its common stock at $19.65 per share and of $1.0 bln aggregate liquidation preference of 7.25% mandatory convertible preferred stock, series C. Each share of mandatory convertible preferred stock, series C, represents a $1,000 liquidation preference and is subject to mandatory conversion on December 15, 2010, into between 41.7188 and 50.8906 shares of SLM common, unless previously converted at the option of the holder. Both offerings are expected to close on December 31, 2007.
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