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What do you mean?
Terrible service, terrible earnings, overall a dying company, I got out at 1.77 after hours on Tuesday glad I did because this will get even worse after the split :/
FTR Earnings Date
Earnings announcement* for FTR: May 02, 2017
Frontier Communications Corporation is expected* to report earnings on 05/02/2017 before market open. The report will be for the fiscal Quarter ending Mar 2017. According to Zacks Investment Research, based on 7 analysts' forecasts, the consensus EPS forecast for the quarter is $-0.05. The reported EPS for the same quarter last year was $0.01.
Read the latest:
Quarter End Date
Reported Earnings
Per Share Consensus
EPS* Forecast %
Dec2016 02/27/2017 -0.04 -0.03 -33.33
Sep2016 11/01/2016 -0.04 -0.04 Met
Jun2016 08/01/2016 -0.02 -0.05 60
Mar2016 05/03/2016 0.01 -0.09 111.11
Read more: http://www.nasdaq.com/earnings/report/ftr#ixzz4fZQ4dwvA
Way to good to be true, Financials ... i'd sell and forget out this one.
Based on L2 and recent institution disclosed of purchases at $1;15. i believe it's time to get in.
i would wait a little longer, it is still pulling back. this might see $29 by the end of this month.
One it trades as an OTC (negative one its own)
second new company (negative on its own)
third "Peoples Republic of China" (negative overall)
Thank you, but i went ahead and bought some ED stock, safer route.
Brilliantly hilarious. this had me laughing all day long, Thank you.
Definitely getting a great price /share at this point. I'm still waiting to see how low this will get before i buy my second half :)
Thanks for the insight. i definitely will not even consider touching the stock. i just wanted to see if others shared my option that its financials are a little over the top. Had my accounting professor look at it and he said the same thing.
I know the last thing you guys want to hear is about is another Chinese stock but you need to check out this so called gem "cough cough bs". its called SUTR and like LPH its undervalued and shows extremely generous earnings. any thoughts?
let us prosper :)
Just Look at LPH and enough is said. I trade it based on its financials and earnings, everything seemed "ok" then 2 days prior i notice huge volume and i thought "well that cant be good", Monday i place a sell order and Wednesday they are provide to be a fraud. I followed the stock for 1 1/2 years. Honestly speaking just invest into solid companies like ED or VISA you can never go wrong with them. Personally I'm looking at SUTR and i would stay away.
Postive day on Tuesday. I agree.
I'm seeing a lot of holding at this point, As soon as market opens on Tuesday expect us to be in the green for 5% to 10%. and any additional information would just be the gravy.
honestly this look like it will pull back to .90 cents a share by the end of next week. there isn't much backing this company ATM. there financial are weak, i suggest you wait and see. otherwise Monday is another 15% drop.
I'm just looking for an entry point. I already missed out this week on a 50% return so I'm out and about look for my next investment. still debating this one.
@1.40 Sells are exceeding buys. Downtrend indicated.
I guess I'm not leaving this trend after all. i called its at a flop. anyway ill buy in at 1.20 on Thursday.
I hold to my word @ rivervalley.
i wanna know what your having for breakfast :) because i don't see what you're getting at. its financial don't seem to speak of a tomorrow.
you truly are an entertainer. If it does break $2 ill quit posting on this trend. i must be missing something that you see.
you must be feeling foolish right about now, the only thing that this stock has on it right now is its volume, you must be really ambitious about this stock.
Well someone looks foolish. The only thing that i like about this stock would be its volume.
L2 Showing Huge Sell Orders one 41100 @ 1.52
28100 @ 1.52 ... dont know how this would go any higher today. Waiting and watching
Talk about "deja vu" same response when i warned about another stock a few weeks back, hey you do what you want, I'm here to give my 2 cents and leave. I've seen reputable companies fall in the Chinese market.
OK, so they turned a Profit this quarter, what about long term commitment? what sort of plan do they have in place for expansion of product and service?
This might be one of those Chinese scams again, i would stay away from this stock. Just look at LPH and its recent fraudulent activity.
Where would one find the financial information regarding this venture? I've looked at their website and i keep getting error or page doesn't exist. How much has changed since they acquired the rights from Disney and so forth.
American Greed on CNBC more like...
Link to Show
No great points here, He was just planning on holding it longer and hoping the price of the stock hits $4 or $5 and then dumping it all. Unfortunately Geo posted their finds and yes with his pants to his ankles. I don’t see trade resuming for a long while with this.
The only way investors can get their money back at this point would be to travel to china and take back what is rightfully theirs. Start by selling the trucks (if there are any) and then the facility (by the pictures it seems to be made of twigs) ...
What i'm trying to get at is that it will be a very very long time before anyone see's a penny. This ship has sunk .
that's Hilarious Zester,
I also believe that they are just stalling this amazing fall of a stock. Cai deserves to go to prison if the investigation proves to be legit.
Any sell orders place on Wednesday before noon should have gone through with TD ameritrade. The only good news I have for those that sold earlier.
100% agree with you.
Red Chip is where the problems festered, They were the ones who feed us the BS news on LPH. They should have verified their numbers before presenting it to investors (fancy power points and sec filings). I can definitely say no one know what was going on. I’m extremely grad for watching this stock on a day to day base. Alpha seeker disclosed their finds today but YET there were massive sale blocks in mid December when LPH (PR) released Oct and Nov reports with amazing revenue (Red Flag followed by massive dumping). I lost about $100 and learned a valuable lesson. I wouldn’t touch another Chinese’s stock as long as I trade.
Sidenote: I don’t remember when it was posted but I remember someone wanted to invest their entire 401k into this disaster. I truly hope that person didn’t.
I'd like to thank God for telling me to get out at $2.15. guys is this really happening? Fraud ? wow i could have lost it all.
what kind of fraud are we talking about?
Great earnings report, amazing monthly projections, facilities up and running… this current price of share is completely … BS. I blame the fiscal cliff and the rich people for selling >)
btw following this board for a while now and i gotta says there are some characters on here.
Longwei Petroleum reports November sales volume increase at Huajie facility
Longwei Petroleum announced that its November product sales volume increased 23.2% month-over-month at its Huajie facility. Longwei reported its product sales volume at its newly acquired Huajie facility increased 23.2% month-over-month to approximately 8,990 metric tons, compared to 7,300mt for the month ended October 31. The increase in sales volume is attributable to the increase in new customer business at the Huajie facility, which profitably contributed $9.5 million in product revenues during November.
InPlay: Longwei Petroleum November 2012 product sales volume increased 23.2% MoM at its Huajie facility
8:59AM Longwei Petroleum November 2012 product sales volume increased 23.2% MoM at its Huajie facility (LPH) :
8:51AM FBR & Co. announces preliminary results of self-tender offer to purchase up to 4 million shares of its common stock at a price between $3.25-3.50 (FBRC) 3.59 : Co announced the preliminary results of its previously announced modified "Dutch auction" tender offer to purchase up to 4 million shares of its common stock at a price between $3.25 and $3.50, which expired at 12:00 midnight, New York City time, on Tuesday, December 18, 2012. Based on a preliminary count by American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, a total of 194,193 shares of FBR common stock were properly tendered and not withdrawn in the tender offer at a price of $3.50 per share (or by shareholders electing to tender at the ultimate purchase price determined under the tender offer terms), including 30,399 shares that were tendered through notice of guaranteed delivery. Accordingly, based on the preliminary results, FBR expects to purchase 194,193 shares, for a total cost of $679,676, excluding fees and expenses relating to the tender offer. These shares represent ~0.4% of the shares outstanding as of December 18, 2012.
8:51AM On The Wires (WIRES) :
NETGEAR (NTGR) announced that its CG4500TM Voice/Data Gateway has received the CableLabs DOCSIS 3.0 certification. This unit has the capability for 24 x 4 channel bonding.
Real Goods Solar (RSOL) has recently secured more than 5 megawatts in solar power projects across Arizona and California in education, municipal, and commercial market segments.
General Steel Holdings (GSI) announced that its Audit Committee of the Board of Directors has appointed Friedman as the co's independent registered public accounting firm, effective immediately.
CPI Aerostructures (CVU) has been selected by Sikorsky Aerospace Services, a business of Sikorsky Aircraft, a subsidiary of United Technologies (UTX), to overhaul and repair outboard stabilator assemblies for the H-60 SEAHAWK helicopter.
Cryptography Research, a division of Rambus (RMBS), announced the accreditation of Riscure as an independent testing lab to conduct evaluations for the Differential Power Analysis Countermeasure Validation Program.
8:36AM Intl Game Tech has completed its $400 mln accelerated stock buyback which was announced on June 14, 2012 (IGT) 14.58 :
8:33AM Mercury General estimates total losses from Hurricane Sandy to be ~ $30 mln (MCY) 42.40 : Co announces estimates of its total losses from Hurricane Sandy which made landfall in New Jersey on October 29, 2012 and caused significant damage to large portions of the Northeastern US. Co estimates total losses from Hurricane Sandy to be ~$30 mln. The after-tax effect on fourth quarter 2012 net income is estimated to be ~$20 mln ($0.36 per diluted share).
8:33AM Vertex Pharm is down 8% (or -$3.33) at $40.00 pre-market following negative INCIVEK news (see 08:32 post) (VRTX) 43.33 :
8:32AM Vertex announced that the INCIVEK label in the US has been updated to include a Boxed Warning stating that fatal and non-fatal serious skin reactions have been reported in patients taking INCIVEK combination treatment (VRTX) 43.33 : Co annunces the INCIVEK label in the United States has been updated to include a Boxed Warning stating that fatal and non-fatal serious skin reactions have been reported in patients taking INCIVEK combination treatment. Fatal cases of serious skin reactions have been reported in patients with progressive rash and systemic symptoms who continued to receive INCIVEK combination treatment after a serious skin reaction was identified.
Rash and serious skin reactions are known adverse events associated with INCIVEK combination treatment and were previously included in the warnings and precautions section of the label. Given the severity of the events reported in the post-marketing setting, and the importance of discontinuing INCIVEK combination treatment in the event of one of these reactions, the information has been given greater prominence through a boxed warning.
8:32AM IPC The Hospitalist acquires Michigan practice; financial terms not disclosed (IPCM) 40.57 : Co announced that it has acquired AHCP, P.C., an acute/post-acute care practice group operating in southeastern Michigan. The practice represents an annualized volume of approximately 35,000 patient encounters.
8:31AM Advanced Cell Tech. elects not to complete reverse split (ACTC) 0.06 : Co announced that it will allow the shareholder approval it had received to complete a reverse split of its common stock prior to year-end to lapse, primarily due to market conditions and other corporate factors. If the Company decides to pursue a reverse split at a later date, it will need to file another proxy statement with the Securities and Exchange Commission, and seek shareholder approval. Shareholders had previously given the Company the discretion to complete a reverse stock split prior to December 31, 2012.
8:31AM Martha Stewart Living Omnimedia CEO Lisa Gersh to step down after transition period; search for successor underway (MSO) 2.58 : President and Chief Executive Officer Lisa Gersh plans to step down from that role and that a search is underway to name a successor. The leadership transition is expected to further drive the company's strategy of expanding its merchandising business alongside its successful media properties, both domestically and internationally.
The co is also focused on building its higher margin merchandising businesses by expanding into new product categories, adding new distribution partners and entering new international markets. As stated on the co's most recent earnings call, fourth quarter merchandising revenue is expected to be 15% higher than the same period last year with adjusted EBITDA margins of ~70%. In early 2013, the company will begin to realize the revenue and brand building benefits of its agreement with J.C. Penney (JCP), which was entered into in late 2011 -- "digital business hit an all-time high of 8.3 million unique visitors in November".
8:30AM Timberline Resources announces proposed public offering (TLR) 0.35 : Co intends to use the net proceeds from the offering for exploration of our Lookout Mountain Project in Nevada, exploration and development of other existing or acquired mineral properties, working capital requirements, acquisitions, or for other general corporate purposes.
8:30AM Market View: Front-month eMini equity index futures continue to hold a bid following the 8:30 am ET release of Nov. Housing Starts & Building Permits- ES H3 currently trades 1445.00 +4.00 (TECHX) :
8:30AM Reed's moves to the New York Stock Exchange (REED) 5.22 : Co announced the pending transfer of the listing of its common stock from the NASDAQ Global Market to the NYSE Euronext's NYSE MKT. The Co expects to begin trading on the NYSE MKT on January 2, 2013. The Co's common stock will continue to trade under the ticker symbol "REED."
8:27AM Rocky Mountain Chocolate (halted, will resume at 8:45) has discovered numerous issues with respect to Schedule TO claims that PST Capital has made a $13.50 offer (RMCF) 10.60 : Co notes the Schedule TO claims that PST has made an offer to RMCF's Board of Directors (the "Board") to acquire all outstanding shares of RMCF's common stock for $13.50 per share.
There are numerous issues that RMCF has discovered with respect to the Offer. First, while the Schedule TO claims that an offer has been made to RMCF's Board, in fact RMCF previously received an unusual letter from PST addressed to RMCF's shareholders. The envelope in which the letter was received was handwritten and addressed to RMCF's Chairman of the Board, Franklin Crail, though Mr. Crail's name was misspelled as "Krail". Furthermore, the return address listed a well-known law firm. However, this law firm confirmed by email that they do not represent PST. Finally, Internet searches for PST and the contact person listed in the Letter returned no information, and the address for PST listed in the Schedule TO appears to be to Speedy Parcel Post, a mailbox and shipping store in London. Similarly, Internet searches for the legal counsel listed on the Schedule TO, William Hogan of Lauby & Hogans LLP, returned no information. The address listed for the law firm appears to be a Pacific Mail mailbox store in Irvine, CA.
In the event that RMCF's Board determines that the approach by PST reflected in the Offer is credible, the Board will consider the matter with its legal and financial advisors to determine an appropriate response to PST, and the Board will communicate further with RMCF's shareholders in due course. RMCF has also notified the SEC, FINRA and Nasdaq regarding the unusual nature of the Offer.
8:26AM On The Wires (WIRES) :
Masimo (MASI) announced that Ogden Regional Medical Center has standardized to Masimo rainbow Pulse CO-Oximetry and sensor technologies for advanced patient monitoring.
Agree Realty (ADC) has acquired a LA Fitness and an AutoZone. The aggregate cost of the two acquisitions was ~ $11.6 mln.
AudioCodes (AUDC) announced that the co's Mediant Enterprise 3000 Session Border Controller has achieved certification with AT&T (T) IP Flex Reach SIP Trunking for use with Genesys IP contact center applications.
ADVENTRX Pharmaceuticals (ANX) announced that ANX-188 drug product for use in the phase 3 clinical study of ANX-188 (purified poloxamer 188), manufactured using the co's proprietary purification process, has passed quality control release specifications at Patheon, the co's contract manufacturer, and currently is in the quality assurance release process.
Cempra (CEMP) announced the initiation of its global Phase 3 clinical trial of orally-administered solithromycin, the co's fluoroketolide antibiotic candidate, in patients with community-acquired bacterial pneumonia.
Unilife (UNIS) announced that another U.S. based pharmaceutical co has commenced stability and evaluation studies of the Unifill syringe for use with multiple injectable drugs.
8:25AM On The Wires (WIRES) :
W. P. Carey (WPC) announced that CPA:17 - Global has acquired four self storage facilities in western Texas. The total purchase price of the properties, which will be managed by CubeSmart (CUBE), was ~ $33 mln.
ModusLink Global Solutions (MLNK) has become a full member of the Electronic Industry Citizenship Coalition.
Government Acquisitions in partnership with Symantec (SYMC) announced that the U.S. Patent and Trademark Office has selected the Clearwell eDiscovery Platform to streamline its electronic discovery processes. -Stamps.com (STMP) recently surpassed the $1 bln threshold in total postage printed for its customer base for 2012.
GreenHunter Energy (GRH) announced that its subsidiary, GreenHunter Water, has ordered new rolling stock equipment assets to service oil and gas operators who are active in the Marcellus and Utica Shale plays located in the states of Pennsylvania, Ohio and West Virginia.
Crossroads Systems (CRDS) announced the creation of a Crossroads Systems Federal Sales Unit as aided by a newly formed Federal Business Advisory Board.
KB Home (KBH) has acquired 65 lots in Fuquay-Varina, N.C.
Emirates Integrated Telecommunications and Qualys (QLYS) announced an agreement to deliver vulnerability and compliance management services to businesses in the UAE.
8:16AM Eastman Kodak announces sale of patents for ~ $525 mln (EKDKQ) 0.21 : Co has completed a series of agreements that successfully monetizes its digital imaging patents. Co will receive approximately $525 million, a portion of which will be paid by 12 intellectual property licensees organized by Intellectual Ventures and RPX Corporation, with each licensee receiving rights with respect to the digital imaging patent portfolio and certain other Kodak patents. Another portion will be paid by Intellectual Ventures, which is acquiring the digital imaging patent portfolio subject to these new licenses, as well as previously existing licenses.
8:12AM DISH Network subsidiary plans to commence an offering of its senior notes (DISH) 35.79 : Co announced that its subsidiary, DISH DBS Corp, plans to commence an offering, subject to market and other conditions, of its senior notes. The net proceeds of the offering are intended to be used for general corporate purposes, which may include spectrum-related strategic transactions.
8:11AM Actuant misses by $0.01, misses on revs; guides Q2 EPS below consensus, revs below consensus; reaffirms FY13 EPS guidance, guides FY13 revs below consensus (ATU) 29.60 : Reports Q1 (Nov) earnings of $0.49 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.50; revenues fell 3.9% year/year to $377.3 mln vs the $395.65 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.34-0.38 vs. $0.47 Capital IQ Consensus Estimate; sees Q2 revs of $360-370 mln vs. $392.81 mln Capital IQ Consensus Estimate. Co issues mixed guidance for FY13, sees EPS of $2.20-2.30 vs. $2.27 Capital IQ Consensus Estimate; sees FY13 revs of $1.600-1.625 bln vs. $1.68 bln Capital IQ Consensus Estimate.
Outlook:
Co states: "The economic picture remains cloudy as we start the second quarter of fiscal 2013. Our customers remain cautious with ordering patterns, and most OEMs are continuing to reduce inventory by ordering at a slower pace than their end market sell-through levels. Although these conditions make organic growth more challenging in the near-term...
While we are seeing indications that market conditions are firming up in some areas, volatility and uncertainty also persist. At this point, our full year EPS guidance remains unchanged, yet we believe that the probability of attaining the high end of the range is low if current economic conditions and uncertainty continue...we expect to see the continued impact of economic uncertainty including customer inventory reductions, most notably in the Engineered Solutions segment. However, we are forecasting year-over-year sales growth in both the Industrial and Energy segments."
8:09AM General Motors: Follow-up on Treasury exit plans (GM) 25.49 : As mentioned earlier, the U.S. Dept of the Treasury announced its intent to fully exit its investment in GM within the next 12-15 months, subject to market conditions.
Treasury currently holds 500.1 million shares of GM common stock.
Treasury intends to exit that investment through the following means:
GM will purchase 200 million shares of GM common stock from Treasury at $27.50 per share. This transaction is expected to close by the end of the year.
Treasury intends to sell its other remaining 300.1 million shares through various means in an orderly fashion within the next 12-15 months, subject to market conditions.
Treasury intends to begin its disposition of those 300.1 million common shares as soon as January 2013 pursuant to a pre-arranged written trading plan. The manner, amount, and timing of the sales under the plan are dependent upon a number of factors.
GM is +7% at $27.16. Peer F is +1.2% at $11.80.
8:09AM Vringo provides summary of recently filed motions in I/P engine v. AOL, Google (GOOG) et al. Litigation; Vringo requests post-judgment royalties of 7% (VRNG) : Co provided a summary of three motions filed with the Court last night in its wholly-owned subsidiary I/P Engine, Inc.'s litigation against AOL (AOL), Google (GOOG), IAC Search & Media, Gannett (GCI), and Target (TGT) (collectively, "Defendants").
8:08AM E*TRADE November DARTs +5% QoQ and -8% YoY; total special mention delinquencies (30 to 89 days) increased 3% from Sept 30, 2012 to Nov 30, 2012 and decreased 2% from Oct 31, 2012 to Nov 30, 2012 (ETFC) 8.78 : Daily Average Revenue Trades for November were 130,202, a five% increase from October and an eight% decrease from the year-ago period. The co added 26,312 gross new brokerage accounts in Nov, ending the month with ~2.9 million brokerage accounts -- an increase of 7,361 from October. Total accounts ended the month at ~4.5 million. Net new brokerage assets were positive $0.8 billion in the month. During the month, customer security holdings increased by one%, or $1.3 billion, and brokerage-related cash increased by $0.2 billion to $31.9 billion, while customers were net buyers of ~$0.3 billion in securities. Bank-related cash and deposits ended the month unchanged, at $7.1 billion. The co also updated delinquency statistics in its loan portfolio. For the co's entire loan portfolio; total special mention delinquencies (30 to 89 days delinquent) increased three% from Sept 30, 2012 to November 30, 2012 and decreased two% from October 31, 2012 to November 30, 2012, while total "at risk" delinquencies (30 to 179 days delinquent) increased two% from Sept 30, 2012 to Nov 30, 2012 and decreased two% from October 31, 2012 to November 30, 2012.
8:06AM Endeavour Silver drilling extends high grade silver-gold mineralization on the San Sebastian Property in Jalisco State, Mexico (EXK) 8.00 : Co announces that exploration drilling on the San Sebastian property in Jalisco State, Mexico has now extended the recently discovered high grade silver-gold mineralization in the Terronera vein to more than 900 meters (m) long by 300 m deep, still open for expansion. The latest drilling highlights at San Sebastian include 301 grams per tonne (gpt) silver and 0.32 gpt gold over a 16.2 m true width (9.2 ounces per ton (opT) silver equivalents over 53.2 feet (ft)) in hole TR9-1 based on a silver: gold ratio of 50:1; including a very high grade interval of 4,460 gpt silver and 2.24 gpt gold over 0.42 m true width (133.3 opT silver equivalents over 1.4 ft).
8:05AM Active Power shareholders approve 5-for-1 reverse stock split (ACPW) 0.72 : Co announced its shareholders have approved a 5-for-1 reverse stock split of the company's outstanding and authorized common and preferred stock at a special shareholders meeting held on Monday, Dec. 17, 2012.
The co expects the reverse stock split will take effect before the end of December 2012. The principal purpose of the reverse split was to bring Active Power into compliance with NASDAQ's minimum bid price requirement.
8:04AM Asia Pacific Wire & Cable announces the commencement of its previously announced $2 mln share repurchase program (APWC) 3.08 :
8:03AM PLX Tech, IDT combination recommended to be blocked by FTC (PLXT) 4.50 : Co announced the Federal Trade Commission has issued an administrative complaint seeking to block the proposed merger between PLX and Integrated Device Technology announced on April 30, 2012, and is authorized to pursue a preliminary injunction in federal district court or other relief necessary to stop the deal pending a full administrative trial.
8:01AM Alterra Capital: Markel to acquire co for ~$31 per share in stock and cash (ALTE) 23.15 : Markel (MKL) and Alterra Capital Holdings Limited (ALTE) announced that their respective boards of directors have each unanimously approved a definitive merger agreement. Under the terms of the agreement, the aggregate consideration for Alterra is ~$3.13 billion, based on a closing price of $486.05 for Markel common stock on December 18, 2012.
At closing, each Alterra common share will be converted into the right to receive 0.04315 Markel common shares (with cash paid for fractional shares) plus a cash payment of $10. Following the merger, Markel's existing shareholders will own ~69% of the combined company on a fully diluted basis, with Alterra's shareholders owning ~31%. Completion of the transaction is contingent upon customary closing conditions, including shareholder and regulatory approvals, and it is expected to close in the first half of 2013.
8:01AM Cempra announces initiation of oral solithromycin global Phase 3 Clinical trial in patients with community-acquired bacterial pneumonia (CEMP) 6.29 : The primary endpoint will be non-inferiority of early response at 72 hours, which is specified by the proposed FDA guidance.
7:46AM On The Wires (WIRES) :
Foster Wheeler (FWLT) announced that its Global Engineering and Construction Group has been awarded a $500 mln project management and consultancy services contract by Kuwait National Petroleum for its Clean Fuels Project at the Mina Al-Ahmadi and Mina Abdullah Refineries in Kuwait.
ViroPharma (VPHM) and Halozyme Therapeutics (HALO) announced that ViroPharma has initiated its Phase 2b double blind, multicenter, dose ranging study to evaluate the safety and efficacy of subcutaneous administration of Cinryze (C1 esterase inhibitor [human)] in combination with Halozyme's Enhanze technology, in adolescents and adults with hereditary angioedema for prevention of HAE attacks.
7:41AM FedEx beats by $0.09 (ex-Sandy impact), beats on revs; guides Q3 EPS just below consensus; reaffirms FY13 EPS guidance (FDX) 92.36 : Reports Q2 (Nov) earnings of $1.50 per share, excluding an $0.11 negative impact from Superstorm Sandy, $0.09 better than the Capital IQ Consensus Estimate of $1.41; revenues rose 4.8% year/year to $11.1 bln vs the $10.82 bln consensus.
Co issues downside guidance for Q3, sees EPS of $1.25-1.45 vs. $1.46 Capital IQ Consensus Estimate.
Co reaffirms guidance for FY13, sees EPS of $6.20-6.60, excluding non-recurring items, vs. $6.32 Capital IQ Consensus Estimate.
For Q2, the FedEx Express segment reported: Revenue of $6.86 bln, up 4% from last year's $6.58 bln. Operating income of $230 mln, down 33% from $342 mln a year ago. Operating margin of 3.4%, down from 5.2% the previous year. Revenue increased primarily due to this year's business acquisitions and growth at FedEx Trade Networks, as core express revenue growth was constrained by global economic conditions and the impact of Superstorm Sandy. U.S. domestic revenue per package grew 1% as higher rate per pound was partially offset by lower fuel surcharges.
For Q2, the FedEx Ground segment reported: Revenue of $2.59 bln, up 11% from last year's $2.34 bln. Operating income of $412 mln, up 4% from $398 mln a year ago. Operating margin of 15.9%, down from 17.0% the previous year FedEx Ground average daily volume grew 8% in the second quarter driven by increases in both FedEx Home Delivery and business-to-business services.
For Q2, the FedEx Freight segment reported: Revenue of $1.38 bln, up 4% from last year's $1.33 bln. Operating income of $76 mln, up 90% from $40 mln a year ago.
"Operating income for the quarter improved at FedEx Freight and FedEx Ground due to increased volumes and higher yields, while persistent weakness in the global economy and increased demand for lower-yielding international services limited profits at FedEx Express."
7:31AM Amarin announces submission of supplemental new drug application for Chemport as an additional vascepa active pharmaceutical ingredient supplier (AMRN) 8.57 : Co announced today the submission of a Supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration (FDA) seeking approval for Chemport, Inc. as an additional Vascepa (icosapent ethyl) active pharmaceutical ingredient supplier.
This submission contributes to the planned expansion of the Vascepa manufacturing supply chain and is additional progress toward Amarin's goal to protect the commercial potential of Vascepa to beyond 2030 through a combination of patent protection, regulatory exclusivity, trade secrets and by taking advantage of manufacturing barriers to entry
7:31AM First Majestic Silver enters into $50 mln forward sale contract with Bank of America Merrill Lynch (BAC) on a portion of its future lead and zinc production (AG) 20.38 : Co has executed the forward sale contract at fixed prices of $1.01 per pound ($2,236 per metric tonne) for lead and $0.96 per pound ($2,116 per metric tonne) for zinc. The contract term is valid from Jan 2013 to Jun 2016, with a six month repayment holiday from Jan to Jun 2013. The forward sale of base metals can be repaid with metal from any of First Majestic's operations and represents ~ 26% of the Company's total estimated lead production and 33% of its estimated zinc production over this period. The purpose of this contract is to fund continuing expansion plans and for general working capital.
7:31AM Knight Capital Group confirms GETCO deal; KCG shareholders (other than GETCO) will have the right to elect to receive $3.75 per share in cash or one share of common stock of the new holding co (KCG) 3.33 : KCG and GETCO Holding Co announced they have entered into an agreement for a strategic business combination whereby GETCO and Knight will be combined under a new publicly traded holding company.
Under the agreement, existing Knight shareholders (other than GETCO) will have the right to elect to receive $3.75 per share in cash or one share of common stock of the new holding company. The cash consideration will be subject to pro-ration if the holders elect to receive more than $720 million in cash in the aggregate.
Jefferies & Company, Inc. and its affiliates, the largest shareholders in Knight, have agreed to limit their cash election to 50 percent of their Knight shares to the extent it is necessary to ensure that other Knight shareholders can receive their desired cash level up to the 720 million dollar aggregate amount.
GETCO members will receive 233 million shares of the new holding company and the 57 million shares of Knight currently owned by GETCO will be retired.
Based on the tangible net worth of GETCO and Knight as of September 30, 2012, pro forma tangible book value of the combined company would be approximately $3.75 per share.
Mr. Coleman will become the Chief Executive Officer of the combined firm, while Mr. Joyce will serve as Executive Chairman of the Board of Directors. Steven Bisgay, Knight's Chief Financial Officer, will continue in that role for the combined company.
The $1.4 billion purchase price represents a 51% premium to Knight's closing share price on November 23, 2012. The amount also equates to a 15 percent premium to Knight's tangible book value, as of September 30, 2012.
KCG is halted.
7:31AM Anixter announces a change in segments (AXE) 63.02 : Co announces that it is furnishing certain historical business segment information to reflect its realigned segment reporting structure, which the co changed effective for the fourth quarter ending December 28, 2012. While this financial data reflects the change in the co's reportable segments described above, the co has not in any way revised or restated its historical financial statements for any period.
Under the realigned structure, the Company's reportable segments are as follows: Enterprise Cabling and Security Solutions, Electrical and Electronic Wire and Cable, OEM Supply and Corporate.
7:21AM On The Wires (WIRES) :
ENGlobal (ENG) entered into a "Second Amendment to Revolving Credit and Security Agreement, Waiver and Forbearance Extension" with its lender. The extension will be in place through April 30, 2013 and requires co's compliance with certain terms and conditions
NewStar Financial (NEWS) completed a $325 mln term debt securitization known as NewStar Commercial Loan Funding 2012-2. All classes of notes were priced at par and the transaction was upsized from $300 mln.
PowerSecure International (POWR) has received $15 mln of new business for distributed generation systems, utility infrastructure projects, energy efficiency lighting products and solar project installations.
The Carlyle Group (CG) completed the sale of Metaldyne to an affiliate of American Securities. Financial terms were not disclosed.
Intercept Pharmaceuticals (ICPT) has completed enrollment in POISE, its pivotal Phase 3 clinical trial of obeticholic acid in primary biliary cirrhosis. Results from the 12-month double-blind portion of POISE are anticipated to be available in the second quarter of 2014.
7:12AM Johnson Controls sees FY13 EPS towards upper end of expectations, FY13 rev above consensus (JCI) 29.22 : Co issues guidance for FY13 (Sep), sees EPS of $2.60-2.70 vs. $2.61 Capital IQ Consensus Estimate; sees FY13 (Sep) revs of ~$43.5 bln vs. $42.18 bln Capital IQ Consensus Estimate.
From a market perspective, Johnson Controls said that compared with 2012 markets, it expects slightly higher 2013 automotive production in North America and China with lower production in Europe. Global non-residential construction spending is forecast to be relatively flat in 2013 as strength in emerging markets, especially Asia, offsets anticipated softness in North America and Europe. The co said it believes it is positioned to grow faster than its underlying markets with improved profitability over the long term.
Automotive Seating 2013 sales are forecast to gain ~2%, reflecting higher production volumes in North America, partially offset by the lower production environment in Europe. Segment margins are expected to be ~4.2 to 4.4% in 2013 as the negative impact of lower European production offsets improvements in operational efficiency and the benefits from recent cost reduction initiatives.
Automotive Electronics and Interiors 2013 sales are projected to increase ~2%, reflecting higher volumes in Asia, partially offset by lower electronics sales in Europe. Operating leverage and operational improvements, offset by investment in electronics product development are forecast to result in margins of ~1.9 to 2.1% in 2013. The combined automotive backlog for 2013 to 2015 is $3.7 billion, ~level with the 2012 to 2014 period due to a lower assumed auto production rate in Europe.
Power Solutions 2013 sales are estimated to increase ~10 to 12% due to higher battery volumes across all regions and channels, led by higher production in China, market share growth and increasing market demand for AGM batteries which are used in Start-Stop vehicles. Segment margins are expected to be ~14.6 to 14.8% in 2013 led by operating leverage, an improved product mix and continued operational improvements, offset by lead recoveries.
Building Efficiency sales are forecast to increase 2 to 4% in 2013 due to growth in emerging markets and a moderate recovery in North America Systems and Service. Segment margins are expected to increase ~50 basis points to 6.4 to 6.5% in 2013, due to improved operating leverage, pricing actions and the benefits of earlier cost reduction initiatives.
Johnson Controls expects to make capital investments of $1.4 billion in 2013 vs. $1.8 billion in 2012. ~80% of the co's capital expenditures in 2013 are associated with growth and margin expansion opportunities.
7:12AM Constant Contact Correction: Co did not appoint John J. Walsh as Chief Technology Officer (CTCT) 14.69 : We previously reported that Constant Contact appointed John J. Walsh as CTO, which was incorrect. We have since deleted the comment.
7:07AM General Mills beats by $0.07, reports revs in-line; raises FY13 EPS, in-line (GIS) 41.77 : Reports Q2 (Nov) earnings of $0.86 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $0.79; revenues rose 5.6% year/year to $4.88 bln vs the $4.88 bln consensus. Pound volume contributed 7 points of net sales growth, primarily reflecting the addition of Yoki and Yoplait Canada. Price realization and mix reduced the net sales growth rate by 1 point. Foreign currency exchange had no impact on the rate of net sales growth in the quarter. Pound volume contributed 7 points of net sales growth, primarily reflecting the addition of Yoki and Yoplait Canada. Price realization and mix reduced the net sales growth rate by 1 point. Foreign currency exchange had no impact on the rate of net sales growth in the quarter.
Gross margin +120 bps YoY to 35.7%.
Co issues in-line guidance for FY13, raises EPS to $2.65-2.67, excluding non-recurring items, from ~$2.65 vs. $2.67 Capital IQ Consensus Estimate. General Mills said it anticipates fiscal 2013 supply chain inflation will be at the high end of its forecasted 2 to 3% range, with the past summer's drought expected to modestly increase second-half inflation rates. The company's second-half outlook assumes a higher tax rate than in the first half, reflecting the timing of tax expense for the year. The co also is anticipating possible currency devaluation in Venezuela during the second half of the fiscal year.
7:05AM CareFusion provides update on Form 10-K, 10-Q filings; co completed the majority of the analysis to be used in determining the impact of an accounting modification on its financial statements (CFN) 28.43 : Co announces it has completed the majority of the analysis to be used in determining the impact of an accounting modification on its financial statements. Based on the analysis to date, the co has not identified information that would lead it to conclude that its previously issued financial statements should no longer be relied upon. As previously disclosed, co is modifying the manner in which it applies lease accounting principles to sales-type leases in its Pyxis medication and supply dispensing product lines, delaying the filing of its Form 10-K for fiscal 2012 and Form 10-Q for the quarter ended Sept. 30. The matter does not affect CareFusion customers or the underlying fundamentals and cash flows of the company or its Pyxis business.
Co states: "While restatement will continue to be a possibility until our analysis is complete, we have not identified any information that would lead us to conclude that our previously issued financial statements should no longer be relied upon or that the financial guidance we provided for fiscal 2013 should be changed."
7:05AM Magal Security major shareholder purchases additional 7% of co (MAGS) 3.99 : Co announces that its major shareholder, the Kirsh Group, which is controlled by Mr Natie Kirsh, has acquired the entire shareholding of the Even Ezra family at $5.00 per share, a 26% premium to co's closing share price on Dec 14, 2012. This brings the Kirsh Group's holding in Magal to 44.4%.
7:04AM Gastar Exploration provides update on results of 2012 operations; co is on track to achieve its guidance target of 38 gross (17.5 net) operated horizontal Marcellus wells on production by year-end (GST) 0.89 : Co provided an update on results of its 2012 operating activities.
Marcellus Shale
Gastar currently has 34 gross (15.5 net) operated horizontal Marcellus Shale wells on production in Marshall County, West Virginia and is on track to achieve its guidance target of 38 gross (17.5 net) operated horizontal Marcellus wells on production by year-end. Gastar also has 19 operated horizontal Marcellus wells in various stages of drilling or awaiting completion, of which four gross (2.0 net) wells are expected to be on production by year end. Based on a third party engineer's estimate of our 34 producing operated wells, our average operated Marcellus 5,000-foot horizontal lateral well EUR has been confirmed and increased modestly from 6.4-6.5 Bcfe, of which 34% is liquids, while current estimated gross drilling and completion costs have decreased from $7.3-7.0 mln.
Mid-Continent Oil Play
Gastar's first non-operated well in the Mid-Continent began flow-back operations on October 5, 2012. Based on a recent 30 day average, the well is producing at a stabilized daily gross rate of ~84 barrels of oil, 428 barrels of completion fluids and 94 Mcf of 1,496 Btu natural gas, yielding ~105 barrels of oil equivalent per day after processing. To date, ~19% of the completion fluids from the 13-stage fracture stimulation have been recovered. Drilling and completion costs on the well to date are approximately $4.8 gross ($3.0 net) mln.
Oil and Gas Reserve Additions
Gastar expects to report a 50% to 60% year-over-year increase in total proved reserve volumes for 2012 based on third-party evaluations of reserves in Appalachia, East Texas and the Mid-Continent. Gastar expects to report its complete reserve volume and valuation results for the year-end 2012 in mid-February 2013. Approximately 28% of the 2012 year-end total is expected to be attributable to NGLs, oil and condensate, and 72% to natural gas. Co expects its reserve replacement ratio for FY12 to be approximately 500% of 2012 production. Co is increasing its guidance of estimated average daily total net production in Q4 of 2012 from the previous guidance of 38-40 MMcfe per day to 42-43 MMcfe per day as a result of placing wells on production earlier, shallower decline on existing wells coupled with less third-party pipeline and processing facility downtime.
7:04AM Vanguard Natural Resources provides update on previously announced definitive agreement of Bakken Assets; 3rd party chose to exercise their preferential rights to purchase (VNR) 26.68 : Co announces a third party chose to exercise their preferential rights to purchase certain non-operated oil and natural gas assets in the Bakken trend of Montana. The co had previously announced entering into a definitive agreement in November with an undisclosed seller to acquire these Bakken assets for a purchase price of $131.0 mln.
7:03AM Gulfport Energy prices underwritten public offering of 11 mln shares of its common stock at $38.00 per share (GPOR) 39.39 :
7:02AM Sirius XM Radio announces James E. Meyer has been appointed CEO, on an interim basis, effective immediately (SIRI) 2.96 : Mr. Meyer, SiriusXM's President of Sales and Operations, succeeds Mel Karmazin, who, as previously announced, informed the Board of Directors that he will not be renewing his current employment agreement. Mr. Meyer will also join the SiriusXM Board of Directors.
7:01AM Idera Pharma reports positive top-line results from Phase 2 trial of IMO-3100 in patients with moderate-to-severe plaque psoriasis (IDRA) 0.77 : Co announce that 48% of patients with moderate-to-severe plaque psoriasis (12 of 25) treated with IMO-3100, a selective antagonist of Toll-like Receptors 7 and 9, demonstrated improvements in Psoriasis Area Severity Index scores of 35% to 90% from baseline at the completion of a randomized, double-blind, placebo-controlled Phase 2a clinical trial of two dose levels of IMO-3100 administered for four weeks, with a four-week follow-up period. None of the 12 placebo-treated patients had improvement in this range; this difference was statistically significant. The co believes the results of this trial provide clinical proof-of-concept for the mechanism of action of selective TLR inhibition in patients with psoriasis and potentially other autoimmune and inflammatory disorders.
6:50AM Kosmos Energy provides operations update; Jubilee field production is currently in excess of 105,000 barrels of oil per day (KOS) 12.17 : Significant production growth has resulted from additional acid stimulation operations performed on some of the Phase 1 wells, as well as the startup of the Jubilee Phase 1A development plan. Two additional acid stimulation operations on Jubilee Phase 1 production wells have been recently performed, at a gross cost of ~ $8 million per well. In total, seven acid stimulation operations have been performed in 2012, with all treated wells showing substantial productivity increases. Final preparations to begin drilling at the Sipo-1 prospect, located on the Ndian River Block, onshore Cameroon, are underway. The drilling rig is currently being assembled on location, with plans to initiate drilling around the end of 2012 and results expected in the first quarter of 2013. Offshore Mauritania, Kosmos anticipates initiating a large 2D seismic data acquisition, covering portions of the Company's deepwater blocks C8, C12, and C13, in the first half of 2013.
6:42AM On The Wires (WIRES) :
Information Services Group (III) announced the doubling of its India workforce in the last 15 months. ISG now employs 200 people in India, up from 100 in Aug 2011.
ImmunoGen (IMGN) announced that Amgen (AMGN) has licensed the exclusive right to use the co's maytansinoid TAP technology to develop anticancer therapeutics to a third target, which is undisclosed.
6:41AM Career Education disclosed earlier that ACCSC vacated the June 2012 show cause order for all ten of the co's ACCSC-accredited campuses (CECO) 3.52 : Co disclosed that on Dec 5, 2012, the Accrediting Commission of Career Schools and Colleges (ACCSC) sent letters notifying the co that at its recent meeting, ACCSC vacated the June 2012 show cause order for all ten of the co's ACCSC-accredited campuses. These campuses are now free to pursue new program approvals. These campuses were asked to provide additional data regarding the reporting of employment placements and independent re-verification of placements on a periodic basis. ACCSC also granted a five-year renewal of accreditation for Le Cordon Bleu College of Culinary Arts in Miramar, FL (going forward from August 2011) and, for Brown College in Mendota Heights, MN, a four-year renewal of accreditation (going forward from January 2011), approval of a change of location and approval of two new academic programs.
6:37AM PetroLogistics announced earlier temporary outage at its production facility (PDH) 13.20 : Co announced earlier that it temporarily brought its propane dehydrogenation facility down for unscheduled repairs on Mon, Dec 17, 2012 as a result of damage to a compressor. The Partnership believes that all repairs can be completed in ~ 3 weeks and at a cost of ~ $2 mln, however, at this time the Partnership cannot provide assurances as to the exact amount of time for repairs or the total cost of repairs. For the balance of Dec, the Partnership intends to supply its propylene customers' nominations out of its inventory.
6:31AM Oncothyreon announces that L-BLP25 (Stimuvax) did not meet primary endpoint of improvement in overall survival in pivotal Phase 3 trial in patients with non-small cell lung cancer (ONTY) 4.50 : Co announced that the pivotal Phase 3 clinical trial of L-BLP25 (formerly referred to as Stimuvax) known as START did not meet its primary endpoint of an improvement in overall survival in patients with unresectable, locally advanced stage IIIA or stage IIIB non-small cell lung cancer. The trial was conducted by Merck Serono, a division of Merck KGaA, under a license agreement with Oncothyreon. Despite not meeting the primary endpoint, notable treatment effects were seen for L-BLP25 in certain subgroups. Further analyses are planned in the coming weeks to explore the potential benefit-risk profile of L-BLP25 in certain populations. Merck Serono will discuss these data with external experts and regulatory authorities over the coming months.
6:24AM Aviva reaches settlement with Bankia for EUR 608 mln (AV) 12.38 : Co has reached a settlement with Bankia S.A by which Aviva will transfer its entire holding in Spanish joint venture Aseval to Bankia for EUR608 million (GBP494 million) in cash, which will be held in escrow. The transfer of Aseval shares to Bankia is subject to customary regulatory approvals and release of the cash proceeds to Aviva is expected no later than April 30, 2013. As a result of the settlement, Aviva and Bankia have applied to the Arbitration Court in Madrid, Spain, to terminate the legal proceedings between the parties and issue an award which reflects the settlement agreed.
6:23AM S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +10.50. :
6:23AM European Markets : FTSE...5972.04...+36.10...+0.60%. DAX...7676.30...+22.70...+0.30%.
6:23AM Asian Markets : Nikkei...10160.40...+237.40...+2.40%. Hang Seng...22623.37...+128.60...+0.60%.
6:21AM BP to sell its 34.3% interest in Yacheng gas field to KUFPEC for $308 mln in cash (BP) 42.02 : Co announced that it has agreed the sale of its 34.3% interest in the Yacheng gas field in the South China Sea to Kuwait Foreign Petroleum Exploration Company (KUFPEC) for $308 million cash. Subject to regulatory, CNOOC and third party approvals, BP expects the deal to close in the second half of 2013. Following completion, the Yacheng partnership will consist of CNOOC (51%), and Kuwait Foreign Petroleum Exploration Company (49%).
6:17AM On The Wires (WIRES) :
LULAC and Time Warner Cable (TWC) will join efforts in order to provide Latino communities across the U.S. access to broadband.
Joe's Jeans (JOEZ) announced the opening of its tenth California retail store at the Fashion Valley shopping center in San Diego, California.
National Technical Systems (NTSC) successfully completed testing of all of the "Golden Units" for the enhanced ZigBee 2012 specification.
Life Technologies (LIFE) announced a new 400 base-pair sequencing kit for the Ion PGM Sequencer that produces reads 60% longer than comparable high-throughput benchtop sequencers.
Imperial Holdings (IFT) announced it and all other relevant parties have executed a non-binding term sheet to settle the shareholder class action lawsuits and derivative demands instituted against the co and certain of its current and former directors and officers.
6:01AM Harman signs agreement to acquire entertainment lighting co Martin Professional for EUR 110 mln (HAR) 43.40 : The deal is expected to close early in 2013.
5:55AM UBS AG authorizes settlements of LIBOR-related claims with US and UK authorities; Swiss regulator to issue order (UBS) 16.76 : Co announces that Board of Directors has authorized settlements with the US DOJ and CFTC in connection with their investigations of benchmark interest rates. The proposed settlement with the CFTC is subject to the Commission's approval. Co has reached a settlement with the UK Financial Services Authority concerning its investigation. The Swiss Financial Market Supervisory Authority will also issue an order concluding its formal proceedings with respect to UBS.
Thus, UBS agrees to pay a total of approximately CHF1.4 bln in fines and disgorgement. UBS will pay GBP160 mln in fines to the FSA and CHF59 mln as disgorgement of estimated profits to FINMA. The Board has authorized a payment of fines totaling $1.2 bln to the DOJ and CFTC, and expects those authorities to make further announcements later today. These monies would be paid according to specified payment schedules.
5:38AM On The Wires (WIRES) :
Elbit Systems (ESLT) announced that it has been awarded a contract by the Israel Ministry of Defense to upgrade the Israeli Air Force's C-130H transport aircraft. The contract value is in an amount that is not material to Elbit Systems.
Accenture (ACN) has won a new five-year contract with Unilever (UL, UN) to provide human resources business process outsourcing services that benefit more than 130,000 Unilever employees in over 100 countries and introduce a series of service improvements focused on enhancing the user experience. Financial terms of the contract were not disclosed.
Mecox Lane (MCOX) announced that the proposal of a transaction with Giosis to form a joint venture, Giosis Mecoxlane, to operate a dynamic online marketplace in China on the M18.com domain was approved at the co's extraordinary general meeting of shareholders held in Hong Kong on December 19, 2012.
CUI Inc, a subsidiary of CUI Global (CUI), announced that it significantly expanded its Novum Advanced Power portfolio in 2012, adding 4 new product families covering isolated and non-isolated power products.
3:49AM On The Wires (WIRES) :
Realty Income (O) announced that its Board of Directors has declared an increase in the Company's common stock monthly cash dividend to $0.15175 per share from $0.1514375 per share. The dividend is payable on January 15, 2013 to shareholders of record as of January 1, 2013.
Sirona (SIRO) announced that Sirona and Patterson Dental have extended and expanded their technology partnership with Pacific Dental Services
Fortress Investment Group (FIG) announced the successful close of Fortress Japan Opportunity Fund II, at its cap of JPY130 bln, or ~$1.65 bln. FJOF II is a successor fund to the Fortress Japan Opportunity Domestic Fund, which closed in June 2010 at its cap of ~$800 mln.
CME Group (CME) announced the launch of new foreign exchange futures contracts based on the Indian Rupee. The target launch date for these contracts is for a trade date of Monday, January 28, 2013. INR futures will be listed on and subject to the rules and regulations of CME, pending regulatory approval.
EPAM Systems (EPAM) announced it has acquired Empathy Lab, a digital strategy and multi-channel experience design firm. Financial terms were not disclosed.
GameStop (GME) and Capcom teamed up to deliver an exclusive edition of the highly anticipated video game DmC Devil May Cry.
3:10AM Guidewire Software sees 20% customer growth in Europe (GWRE) 31.85 : Co announces announced that its customer base across Europe has increased 20% in 2012. Co states that over the course of the past year Guidewire has added four new customers (representing six product selections) in Europe. Guidewire now has 19 customers in seven countries across Europe. Ten insurers across the region are in production with a Guidewire system, including: Beazley, Direct Line UK, LV=, NFU Mutual, Towergate, Rosgosstrakh, QBE Europe and a top three French insurer among others.
3:07AM Volvo reports Nov 2012 Truck deliveries decreased 15% YoY to 19,104 vehicles (VOLVY) 13.87 :
3:03AM Ciena announces private exchange transactions for Convertible Senior Notes (CIEN) 15.64 : Co announces it has entered into separate, privately negotiated exchange agreements under which it will retire $187.5 mln in aggregate principal amount of its outstanding 4.0% Convertible Senior Notes due 2015 in exchange for its issuance of a new series of 4.0% Convertible Senior Notes due 2020 in an aggregate original principal amount of $187.5 mln. The 2020 Notes will mature on Dec 15, 2020. Following these transactions, $187.5 mln in aggregate principal amount of the 2015 Notes will remain outstanding with terms unchanged.
2:59AM Greenbrier Board determines Icahn's proposal grossly undervalues the co (GBX) 20.37 : Co discloses that it and its advisors have been engaged in discussions with Carl Icahn and his associates regarding an acquisition of Greenbrier by American Railcar Industries (ARII) or an acquisition of American Railcar by Greenbrier.
Co states that while Icahn's 13D/A disclosed a conditional proposal to acquire Greenbrier for $20 per share in cash, the Company noted that in previous conversations with Greenbrier, Mr. Icahn talked about an acquisition of Greenbrier at a price of between $20 and $22 per share in cash. The Greenbrier Board of Directors believes a price range of $20-22 per share is inadequate, grossly undervalues the co and is not in the best interests of Greenbrier stockholders.
Co states that it "...has repeatedly made clear to Mr. Icahn its interest in acquiring American Railcar at a modest premium, taking into account the current full valuation of American Railcar's stock. The Greenbrier Board believes that a combination of Greenbrier and American Railcar could be beneficial to both companies and their stockholders, and that there could be substantial synergies achieved through such a combination."
Co states the Board remains ready and willing to continue discussions with Icahn and to consider any combination of Greenbrier and American Railcar that would be in the best interest of the Company's stockholders. However, the Board will not support a transaction that undervalues the Company and the potential benefits to American Railcar, or overvalues American Railcar.
2:51AM Vishay Precision to acquire George Kelk Corporation for ~CAD50 mln (VPG) 13.34 : Co announces the signing of a definitive agreement to acquire the assets of George Kelk Corp, of Toronto Canada, a privately held company. KELK is a designer and manufacturer of highly accurate, high technology mission critical electronic measurement and control equipment used by metals rolling mills and mining applications throughout the world. The purchase price for this business is ~CAD50 mln, sub. VPG will finance the acquisition through a combination of cash on hand and third party borrowings. KELK experienced an average of ~CAD30.0 mln in annual net sales and an average of ~CAD8.0 mln in annual EBITDA over the last two years. Co stated, "Beyond the complementary products, KELK will widen and strengthen our geographic footprint in the steel market, in which VPG is mainly in Europe while KELK is strong in Asia, Latin America and North America and certain emerging markets. This will enable us to achieve synergies in the steel industry on a worldwide basis."
2:45AM Hillshire Brands to sell its Australian bakery business to McCain Foods (HSH) 28.40 : Co announces it has signed an agreement to sell 100% of the shares of its Australian subsidiary Kitchens of Sara Lee to a subsidiary of McCain Foods. Also included in the transaction are license rights to certain intellectual property used in the Australian Bakery business in the Asia-Pacific region. The total amount of consideration payable in connection with the transaction is AUD82 mln in cash (~$85 mln based on recent exchange rates). The transaction is expected to close in the first half of calendar year 2013, and is subject to customary closing conditions and regulatory clearance.
2:36AM Kanye Anderson Midstream increases its quarterly distribution by 1.7% to $0.4425 per Share for Q4 (KMF) 28.66 : The distribution will be payable on January 11, 2013 to common stockholders of record on December 28, 2012, with an ex-dividend date of December 26, 2012.
2:34AM Home Loan Servicing prices follow-on equity offering of 25.3 mln ordinary shares at $19.00 per share (HLSS) 19.45 :