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TRP TransCanada confirmed that 75% of Keystone XL Pipe would be 'made in North America' (42.16 +0.03)
Co confirmed the vast majority of the pipe for Keystone XL would be manufactured in North America. In addition, the company intends to purchase approximately 90 per cent of all other goods for the $7.6 billion project from companies on the continent. "Seventy-five per cent of the pipe used to build Keystone XL in the U.S. would come from North American mills, including half made by U.S. workers in Arkansas," said Alex Pourbaix, TransCanada's president, Energy and Oil Pipelines. "In addition, we have already sourced goods for the pipeline valued at approximately $800 million from U.S. manufacturers." Pourbaix points out that the American Iron and Steel Institute recently sent a letter to the U.S House of Representatives and Senate stating its support of Keystone XL, describing it as vital to the national economic recovery. The Institute's member companies represent 80 per cent of both U.S. and North American steel capacity.
16:30
JWN Nordstrom Board of Directors authorizes $800 mln share repurchase program and increases its regular quarterly dividend by 17% to $0.27/share (51.14 -1.04) -Update-
Co announced that its board of directors has authorized a repurchase program of up to $800 million of the Company's outstanding common stock, through February 1, 2014. The shares are expected to be acquired through open market transactions. The Company intends to fund the repurchase program from existing cash on hand. The actual number and timing of share repurchases, if any, will be subject to market conditions and applicable Securities and Exchange Commission rules. This program is in addition to the Company's existing repurchase program that was approved by the board in May 2011. The existing repurchase program has $280 million outstanding, as of February 16, 2012, and will expire on February 2, 2013. Nordstrom also announced today that its board of directors has approved a quarterly dividend of 27 cents per share, an increase of 17% over the previous quarter's dividend. The dividend is payable on March 15, 2012 to shareholders of record on March 1, 2012.
Read more: http://www.briefing.com/Platinum/InDepth/InPlay.htm#ixzz1mtwUZBYI
MRKTX EoD ETF Performance: Greece rally's sharply into weekend (GREK); Nat. gas futures surge (UNG, GAZ); Clean Energy (TAN, PBW), Uranium (URA, PKN, NLR), Capital Mkts. (KCE), Energy Services (XES, OIH, FCG) sector outperform; VIX futures drop on OpEx. (TVIX, VXX); Copper futures decline (JJC); Biotech. (XBI, IBB, BBH), Metal Miners (GDX, GDXJ, XME) weakest sectors
DMD Demand Media: Guidance reflects tough Panda comps; buyback a positive - tgt lowered to $9 at RBC Capital Mkts (7.80 +1.86)
RBC Capital Mkts lowers their DMD tgt to $9 from $11 following earnings. They note that mgmt's focus continues to be on resetting the growth of the content business after the Google (GOOG) algorithm changes in 1Q11 and 2Q11. Video content will be a focus of the studio going forward. As they lap the Google Panda traffic hit, co's content business should reaccelerate, and the registrar segment should benefit from the introduction of the gTLD initiative next year. They believe the registrar business, buyback, and cash balance should support the valuation here, but co's model remains in transition mode; Outperform.
15:45
BRCD Brocade drops to lows; pullback attributed to headlines suggesting Blackstone ended talks to buy co (5.49 -0.30)
On Feb 3 Bloomberg reported Blackstone (BX) was looking at a potential LBO of BRCD.
15:45
NASDAQ had previously granted the Company an exception until February 29, 2012 to file its Form 10-Q for the period ended August 6, 2011. The Company has submitted an update on February 17, 2012 to its previously submitted plan to regain compliance. If NASDAQ accepts the Company's updated plan, NASDAQ can extend the previously granted exemption to March 19, 2012 to regain compliance.
15:47
NOBH Nobility Homes receives NASDAQ notice of non-compliance (7.00 +0.32)
On February 10, 2012, the co received a letter from The NASDAQ Stock Market stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) because it did not timely file its Annual Report on Form 10-K for the period ended November 5, 2011 with the SEC. The notification of non-compliance has no immediate effect on the listing or trading of the co's common stock on the NASDAQ Global Market.
TECHX Market View- TLT ETF seeing some late day bids to session highs ahead of long, 3-day wknd; TLT nearing unch. after being under pressure for most of the session; TNX closes @ 2.010%
15:49
CBK Christopher & Banks Corp announces resignation of Larry Barenbaum as CEO (2.78 +0.08)
Co reported that Larry Barenbaum has resigned all of his positions with the Co effective today. In connection with Mr. Barenbaum's resignation as Chief Executive Officer, the Company's Board of Directors announced that Joel Waller, President, has been named Chief Executive Officer. In addition, the Company's Board formed a committee to commence a search for a permanent CEO. In addition, the co also announced that, effective immediately, Jules Rouse, Senior Vice President, General Merchandise Manager, is no longer with the Company. The position of GMM has been replaced with a Divisional General Merchandise Manager position for each of the Christopher & Banks and CJ Banks divisions. Tricia Perket and Ann McDermott have held these roles since late November and have spent considerable time working with Mr. Waller on establishing the merchandise strategy. These individuals bring strong retail expertise and product development disciplines that will benefit the organization
Today's In Play
15:58
CDXS Codexis appoints Peter Strumph as interim Chief Executive Officer (4.58 -0.07)
Co announced that effective immediately, the Board of Directors has appointed Peter Strumph as the company's interim Chief Executive Officer. Alan Shaw, Ph.D. has resigned as President and Chief Executive Officer and from the Board of Directors to pursue other interests. Mr. Strumph was the Senior Vice President and Business Head of Pharmaceuticals.
16:05
FMC FMC Corp authorizes $250 mln of share repurchases and increases quarterly dividend by 20% to $0.18/share (96.62 +1.43)
Co announced that its Board of Directors authorized the repurchase of up to an additional $250 million of the company's common shares. The company's Board also declared a regular quarterly dividend of 18 cents per share, payable on April 19, 2012, to shareholders of record at the close of business on March 30, 2012. This represents an increase of 3 cents per share, or 20 percent, over the dividend declared on December 16, 2011.
16:06
CORT Corcept Therapeutics: FDA approves Korlym for patients with endogenous Cushing’s syndrome- stock is halted (3.03 +0.15) -Update-
Click here for FDA story.
16:20 CORT Corcept Therapeutics halted (3.03 +0.15)
16:17
PBNY Provident New York files a $75 mln mixed securities shelf offering (9.10 -0.01)
16:20
This week's 20 % losers
Technology: ACOM (24.34 -24.92%), YGE (4.74 -23.9%), WFR (4.7 -19.38%), STP (3.65 -19.38%), FSLR (42.59 -19.01%), LDK (5.97 -18.06%), TSL (9.64 -16.71%), VG (2.45 -16.44%), IO (7.16 -16.22%), JASO (2.02 -15.91%)
Services: CAR (13.09 -16.08%), OWW (3.02 -15.56%)
Industrial Goods: MY (2.52 -15.82%), PPO (40.4 -15.25%), GTI (15.47 -14.18%)
Healthcare: PLX (5.61 -16.15%)
Financial: AB (13.61 -16.29%), FBP (3.77 -15.78%)
Consumer Goods: MNST (53.2 -51.08%), TRLG (26.88 -25.83%)
16:24
This week's top 20 % gainers
Technology: EMKR (5.33 +336.03%), TNGO (17.32 +21.72%), ALU (2.45 +21.65%), LNKD (93.05 +20.43%), JIVE (19.87 +19.39%), SYNT (54.62 +18.82%), MOVE (8.85 +18.47%), NXPI (25.37 +17.46%)
Services: KORS (41.82 +24.37%), WNS (11.02 +19.04%), LPSN (14.96 +17.25%)
Healthcare: PCYC (24.48 +24.29%)
Financial: AEA (10.38 +28.73%)
Consumer Goods: CIGX (4.05 +17.72%), FOSL (118.19 +16.81%), POST (30.8 +16.78%)
Basic Materials: CIE (34.03 +43.6%), EGY (8.38 +30.59%), CRK (15.25 +21.23%), XEC (82.78 +19.25%)
SCANX This week's biggest % gainers/losers
The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).
Read more: http://www.briefing.com/Platinum/InDepth/InPlay.htm#ixzz1mtvgzrEW
TECHX Market View- Late day run to HoD for fins. & banks here; XLF now +0.70%; FAS now +1.8%
NSC Norfolk Southern files mixed securities shelf offering (69.00 +0.56)
15:25
MDT Medtronic announces that the FDA approved Resolute Integrity Drug-Eluting Stent for the treatment of coronary artery disease (39.88 +0.30)
The new heart device's FDA approval stems from the results of a global series of studies involving the Resolute DES, which showed consistently powerful clinical performance across a broad spectrum of patients.
15:28
TECHX Market View- TVIX, VXX futures proxies drop to session lows ahead of long, 3-day weekend; TVIX now -4.8%; CBOE VIX @ 17.83 -7.25%
15:31
BONDX Small Weekly Losses: 10-yr: -09/32..2.010%..USD/JPY:79.47..EUR/USD: 1.3157
Treasuries saw small losses this week as traders moved out of the complex amid hope that a resolution to the Greek debt crisis will come to fruition this weekend. Selling had the biggest impact on shorter dated paper as the 3-yr yield ticked up 4 bps on the week to 0.416%. According to CNBC's Rick Santelli, primary dealers are longer in the 3-yr maturity than at any point over the previous decade. Light selling of the 10-yr made for a rise of 2 bps in yield as it settled above the 2.00% threshold. Interestingly, the wings of the curve (2- and 30-yr) were little changed, rising just 1 bp each. U.S. markets are closed on Monday and data is light in the upcoming week, but action should be fast and furious as traders react to the Greek developments. The yield curve swung steeper this week as the 2-10-yr spread widened to 173 bps. Meanwhile, precious metals finished lower with gold at $1726 and silver near $33.25. Markets are closed on Monday in observance of Presidents Day.
15:35
WRAPX Commodities Close: Energy Prices Climb, but Precious Metals Get Clipped
Oil prices pushed up to new multi-month highs before settling at $103.27 per barrel for a 0.9% gain. Meanwhile, natural gas extended its prior session climb by tacking on another 4.7% to settle the week at $2.69 per MMBtu... Precious metals were bid up this morning, but were clipped as trade progressed. That left gold to settle pit trade with a 0.2% loss at $1725.70 per ounce, while silver shed 0.4% to settle at $33.24 per ounce... Higher energy prices underpinned a 0.3% advance by the CRB Index today. Although modest, that gain contributed to a 1.7% weekly gain, which comes after two consecutive weekly losses.
15:35
STP Suntech Power: 4Q guidance update reveals shipment upside and healthy operating cash flow, but unchanged outlook for gross margin of ~10% still implies eps loss; 1Q guidance a risk - Maxim (3.63 +0.26) -Update-
Maxim notes STP jumped ~10% in intraday trading on both 1) better than expected 4Q shipments and 2) a ($200m) decline in net debt driven by working capital gains. However, its guidance for gross margin held at 9-11% still implies an EPS loss of ~($0.18), while they do not believe inventory draw-downs and A/R collections represent a sustainable source of cash flow. They raise their 4Q11 and 2012 estimates incrementally but believe further 1H upside for the shares will be evasive; Sell.
15:36
MSG Madison Square Garden trades higher on headlines that co has settled dispute with TWC (32.72 -0.18)
15:37
Friday
Eaton (ETN) Investor Day
San Francisco Fed President John Williams (voting FOMC member) to speak at 10:45
Saint Louis Fed President James Bullard (not a voting FOMC member) to speak at 11:30
15:38
Thursday
VDI Educational Seminar
Scheduled to appear: PLUS
Morningstar Ibbotson Conference
7 Year Treasury Auction
Wednesday
Jefferies 2012 Global Clean Technology Conference
Scheduled to appear: WPT, KIOR, DD, ALB, JASO
Credit Suisse Global Paper and Packaging Conference
Scheduled to appear: NP, SEE, PCH, RYN
Gennett Co (GCI) Analyst Meeting
Tuesday
Enercom Oil and Gas Services Conference
Scheduled to appear: GEOI, FXEN, UNT, EGY, BAS
Mylan (MYL) Investor Day
Ecofin Meeting with EU Finance Ministers
Monday
US Equity and Bond Markets Closed For Presidents Day
Eurogroup meeting of eurozone finance ministers
Events of Interest for Feb 20-24
Events and conferences of interest for next week, Feb 20-24th, are listed below. For a complete list of next week's events, please see the events calendar.
Read more: http://www.briefing.com/Platinum/InDepth/InPlay.htm#ixzz1mtuBK05y
FINL Finish Line initiation details (23.72 )
As mentioned earlier, Deutsche Bank initiates FINL with a Buy and price target of $28 as FINL is well positioned to produce sustainable 20% EPS growth driven by 1) industry-leading MSD-HSD SSS, 2) strong occupancy leverage aided by robust ecommerce sales (~60% growth YoY), and 3) $5+ in cash per share (20% of market cap) that can be utilized for an accelerated buyback program. In addition, the recent acquisition of The Running co adds to its high mix of running assortment which has secular tailwinds. While shares have traded well YTD, they see additional upside.
COMDX NYMEX Energy Closing Prices
March crude closed $0.93 higher at $103.27, nat gas closed rose 12 cents at $2.69, heating oil closed fell 2 cents at $3.19 and while RBOB gasoline fell 2 cents to $3.02 (rest are all Feb contracts).
14:30
FL Foot Locker initiation details (28.35 +0.18)
As mentioned eariler, Deutsche Bank initiated FL with a Hold and price target of $30; they are impressed with CEO Hicks's execution of the turnaround plan, which has led to 5 yr. goals achieved in half the time. However, after substantial SSS and margin gains, they believe growth will moderate, driven by rising marketing expenses and necessary Internet investments. Also, they are concerned strong SSS at Champs/FL are being hampered by European exposure and weak non-core banners, which contribute ~30% of sales. Ahead of the upcoming strategic update, they believe the sidelines is the prudent approach, for now.
14:33
DIA DIA index leaders & laggards into today's final hour: INTC +2.3% on big vol. breakout; DD, MRK, JPM, HD, VZ, GE index outperform; AA, BAC, HPQ, KFT, PFE, MSFT index weakness; NYSE A/D now +447 (+1.5:1); NYSE TRIN reading neutral @ 0.95
14:37
MAR Marriott: 2012 to benefit from North Amercia and group demand; tgt raised to $38 at Barclays (35.02 +0.20)
Barclays is encouraged by the improving trends in the group business as well as stable growth coming out of N. America and certain international markets. Japanese market is recovering, but Europe and Washington DC remain challenging. With the timeshare spin now behind the co, they expect investors to focus on cash generation and capital deployment; tgt to $38 from $37.
14:52
QQQ QQQ index leaders & laggards into today's final hour: FSLR, VRTX, NWSA, INTC, BBBY, CMCSA, EBAY, PCLN index outperform; GILD -14% on heavy vol.; LIFE, NVDA, BIDU, LRCX, BIIB, ALXN, FFIV index weakness; NASDAQ A/D now -85; NASDAQ TRIN reading neutral @ 1.05
14:53
CP Canadian Pacific files for assistance of Federal Conciliator in negotiations with TCRC (73.96 +0.79)
Citing business imperatives as the reason to address the railway's legacy pension, co requested the Federal Minister of Labour appoint a conciliator to assist in progressing discussions on a new labour agreement with the union which represents the co's Canadian train crew employees and rail traffic controllers. 'These are difficult and complex issues for both parties. CP believes that expert, third-party support, with a focused time table, will offer the best opportunity to achieve a settlement.' The co noted that its existing contract with the union, which represents 4,800 engineers, conductors and rail traffic controllers, expired on Dec 31, 2011. CP has been in negotiations since early Oct 2011 with the union on a number of topics ranging from wages to work rule changes and pensions, all intended to further drive service, productivity, and efficiency. No unions, including this one, are in a legal strike position.
14:53
JAZZ Volume alert: Jazz Pharma drops 4 points on spike in volume (45.58 -3.81)
15:03
MN Manning & Napier Advisors target raised to $16 at Needham following earnings (13.38 -0.16)
Needham notes the quarter came in mixed, with rev a shade light but EPS above ests on the back of higher margins. AUM rebounded from the 3Q level but came in below their expectations, with client flows offsetting the positive impact from the market rebound in 4Q. They have trimmed their ests to reflect lower AUM levels entering FY12, although they believe there could be upside from the recent market strength and potential from improved client flows; tgt to $16 from $15.
15:09
NWE NorthWestern files mixed securities shelf offering (35.31 -0.24)
15:12
SPY Outperforming Dow +53 has established a minor new session high, S&P +3.2 has not confirmed while Nasdaq Comp -8.3 remains in the red -Update-
15:15
GMCR Green Mtn Coffee: Chairman files Form 4 related to sales of 500K shares at 65.93 (69.12 +0.07)
Note that this was disclosed in a Form 144 yesterday -- see 2/16 7:57 comment in archive.
15:18
Friday: ANR, ENDP, JCP, NEM, POM, and AWK.
15:20
Thursday: BRY, CKP, CMS, DANG, DISH, KSS, PCS, OMX, ZEUS, PKD, SWY, TASR, WWE, JOBS, MGA, MRVL, MDAS, MCP, NDSN, CRM, SD, TIVO, WBMD, and WMGI.
Wednesday: CHS, CWEI, CLH, DLTR, EV, GRMN, MGM, TX, TOL, ZLC, SAM, BEAT, CBOU, ESRX, FLR, HPQ, KBR, NUVA, PVA, QCOR, PPO, SMSI, and AUY.
Tuesday: BKS, BYD, CCO, HL, HD, JAKK, M, MDT, MYL, RSH, SKS, SHOO, WMT, WFT, CAKE, CQB, DELL, FST, HLF, KFT, LZB, GAME, TXRH, and WINN.
names include:
Monday: Markets are Closed
SUMRX Earnings Preview for the week of Feb 20th-24th
Of the hundreds of companies reporting earnings the week of Feb 20th-24th some of the bigger
Read more: http://www.briefing.com/Platinum/InDepth/InPlay.htm#ixzz1mtsxC61g
FIO Fusion-io states that its policy is to not comment on unusual market activity
Shares pushed higher today on above average volume following comments from CNBC's Najarian that it would command a price "north of $40" were another company to try to acquire it.
COMDX COMEX Metals Closing Prices
Apr gold fell $2.80 to finish at $1725.70, March silver lost $0.15 at $33.24, while March copper lost $0.09 at $3.71.
13:50
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