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Market Update 110127

4:30 pm : The Dow and S&P 500 had a lackluster finish that came after they had wavered near key technical levels, but the Nasdaq managed to score a solid gain following a couple of exceptional quarterly announcements.

Netflix (NFLX 210.87, +27.84) and Qualcomm (QCOM 54.90, +3.04) helped the Nasdaq Composite lock in a nice lead over its counterparts for the entire session. The two stocks were distinguished by their bottom line beats and upside forecasts. Shortly before the closing bell Microsoft (MSFT 28.87, +0.09) posted an upside earnings surprise that pushed the Nasdaq to a session high, but the move was sold into the final minutes of the session.

The surprise announcement from MSFT also helped the S&P 500 clear 1300 and the Dow eclipse 12,000, but neither could hold the move. Both settled slightly below their psychologically significant lines.

Broad market participants were generally uninspired by stronger-than-expected earnings from Dow components Caterpillar (CAT 96.63, +0.88), AT&T (T 28.13, -0.60), and Procter & Gamble (PG 64.18, -1.93), as well as upside surprises from the likes of Eli Lilly (LLY 35.47, +0.52) and Colgate-Palmolive (CL 77.39, -2.61). The primary reason is that simply beating the consensus earnings estimate has become expected, especially in light of the stock market's climb in the past couple of months to two-year highs.

Murphy Oil (MUR 65.74, -7.49) failed to meet the consensus earnings estimate. Bristol-Myers Squibb (BMY 26.35, +0.42) also came short of the call, but compounded the offense with downside guidance. Starbucks (SBUX 33.03, -0.04) beat expectations, but issued downside guidance.

Data today was mixed. Durable goods orders for December dropped 2.5% in an ugly follow up to the 0.1% decline that was recorded in the prior month. The sharp decline in December came as a surprise considering that the Briefing.com consensus called for a 1.5% increase. Excluding transportation, durable goods orders increased 0.5%, but that still is not as strong as the 0.6% increase that had been expected among economists polled by Briefing.com or the 4.5% spike that had been recorded for the prior month.

The latest initial jobless claims tally for the week ended January 22 came in at a three-month high of 454,000, which is well above the 410,000 claims that had been widely expected. Continuing claims came in at 3.99 million, up from 3.90 million.

Pending home sales proved to be a much more positive surprise. They climbed 2.0% when a 0.5% decline had been expected.

The Dollar Index was down fractionally at the end of the trading day. Most of its slip was due to a narrow gain by the euro, although the yen fell a sharp 0.9% to 82.90 yen per dollar after S&P's downgrade of Japan's debt to AA- from AA.

Treasuries had a quiet session that ended with muted gains. An auction of 7-year Notes attracted a bid-to-cover of 2.85, dollar demand of $82.7 billion, and an indirect bidder participation rate of 52.1%.

Advancing Sectors: Financials (+0.9%), Consumer Discretionary (+0.8%), Tech (+0.5%), Industrials (+0.5%), Utilities (+0.4%), Health Care (+0.3%)
Declining Sectors: Energy (-0.5%), Materials (-0.7%), Consumer Staples (-0.9%), Telecom (-0.9%)DJ30 +4.39 NASDAQ +15.78 NQ100 +0.7% R2K +0.2% SP400 +0.5% SP500 +2.91 NASDAQ Adv/Vol/Dec 1348/2.04 bln/1284 NYSE Adv/Vol/Dec 1675/987 mln/1311

3:30 pm : Commodities finished mixed today. Energy (-1.9%) was the largest declining sector, while industrials (+1.6%) was the largest advancer. Sugar futures were, once again, the largest advancing future after they tacked on 3.2% to close at $0.3418 per pound.

Energy futures ended down sharply today, led lower by a 3.8% decline in March natural gas -which closed at $4.32 per MMBtu. This morning's inventory data show a draw down that was more-or-less inline with expectations and that was not enough to stem the recent drop in prices. March crude oil shed 1.9% to close at $85.64 per barrel. It notched lows at $85.51, its worst levels since early Dec.

Feb gold finished down 1.2% to $1318.40 per ounce, while March silver closed lower by 0.4% to $27.03 per ounce. Both metals dropped sharply in morning trade and were unable to recoup those losses. In afterhours trade both metals continue to trend lower. Gold's lows, currently at $$1311.10, mark its worst levels in almost 4 months.DJ30 +8.48 NASDAQ +17.66 SP500 +2.79 NASDAQ Adv/Vol/Dec 1359/1.6 bln/1253 NYSE Adv/Vol/Dec 1652/705.4 mln/1304

3:00 pm : A recent slip took the Dow into the red and both the S&P 500 and Nasdaq out of their recent ranges, but stocks have since recovered. All three major equity averages are now back near their afternoon highs.

Semiconductor stocks have had an exceptionally strong session. As such, the Philadelphia Semiconductor Index is up 1.9%, which puts it back near the three-year high that it set last week. Applied Materials (AMAT 16.05, +0.59) has been a primary leader among semiconductor issues. DJ30 +13.02 NASDAQ +17.46 SP500 +2.66 NASDAQ Adv/Vol/Dec 1350/1.45 bln/1237 NYSE Adv/Vol/Dec 1659/645 mln/1288

2:30 pm : The major equity averages have been stuck in a sideways drift for more than an hour. The lack of movement has made for some rather unexciting action this afternoon.

Shares of retailers are in solid shape. They've collectively climbed to a 1.4% gain. Most of that move is owed to strength in Netflix (NFLX 210.40, +27.37), which has spiked about 15% to a record high following a stronger-than-expected earnings report and upside forecast.

In contrast, telecom continues to trail as it trades with a 1.5% loss amid weakness in shares of AT&T (T 27.86, -0.87), which has fallen 3% despite better-than-expected earnings. DJ30 +6.39 NASDAQ +16.93 SP500 +2.39 NASDAQ Adv/Vol/Dec 1351/1.35 bln/1233 NYSE Adv/Vol/Dec 1621/591 mln/1335

2:00 pm : Stocks continue to hover near afternoon highs, unable to add to their gains. The major sectors that make up the S&P 500 remain rather mixed.

Share volume has generally been solid this session, but by no means impressive. Thus far, about 550 million shares have traded hands on the NYSE. At that pace, total share volume for the session should be something on the order of 1 billion at the Big Board. DJ30 +8.14 NASDAQ +16.94 SP500 +2.12 NASDAQ Adv/Vol/Dec 1355/1.26 bln/1222 NYSE Adv/Vol/Dec 1641/550 mln/1281

1:30 pm : The S&P 500 is back near the 1300 line, but at the moment there isn't any real leader to take it above that mark. In turn, the Index has been hovering there for the past 30 minutes.

Treasuries have had a quiet session. Although the benchmark 10-year Note is in positive territory after being down in the early going, its gain came in a gradual, muted move. The Note is only up a couple of ticks at the moment.

Results from an auction of 7-year Notes were released at 1:00 PM ET. It attracted a bid-to-cover of 2.85 for dollar demand of $82.7 billion. The indirect bidder participation rate was 52.1%. For comparison, the average of the six past auctions has a bid-to-cover of 2.89, dollar demand of $83.9 billion, and an indirect bidder participation rate of 51.0%. DJ30 +11.65 NASDAQ +17.36 SP500 +2.58 NASDAQ Adv/Vol/Dec 1378/1.16 bln/1190 NYSE Adv/Vol/Dec 1671/510 mln/1225

1:00 pm : Early buying interest took the S&P 500 up to 1300 and the Dow past 12,000 for the first time in more than two years, but action has become more mixed in recent trade.

The major averages were flat in the first few minutes. Broad market participants seemed unsatisfied with another big batch of strong earnings reports, including those of Caterpillar (CAT 97.19, +1.44), Eli Lilly (LLY 35.40, +0.45), AT&T (T 27.87, -0.86), Procter & Gamble (PG 63.93, -2.18), and Colgate-Palmolive (CL 78.00, -2.00).

Early data disappointed. December durable goods orders dropped a surprisingly dramatic 2.5% and orders less transportation made a smaller-than-expected 0.5% increase. Initial jobless claims climbed more than expected to 454,000.

Shortly after the open pending home sales for November were released. They showed made a surpriseing strong 2.0% month-over-month increase. That encouraging piece of data helped lift the major averages to morning highs.

However, the failure of the S&P 500 to push above 1300 invited some selling action that took the S&P 500 and Dow into the red. The Nasdaq found support at the neutral line and has since led the other averages higher. Although earnings haven't been broader market drivers, Netflix (NFLX 210.47, +27.44) and Qualcomm (QCOM 54.90, +3.04) have distinguished themselves with a combination of bottom line beats and upside forecasts. Both stocks have surged and, in doing so, helped give the Nasdaq a lead over its counterparts.

The dollar has oscillated against a basket of major foreign currencies today, but it has held on to a strong lead over the yen, which is presently down 0.9% to 82.90 yen per dollar following S&P's downgrade of Japan's debt to AA- from AA.DJ30 +10.90 NASDAQ +16.90 SP500 +1.96 NASDAQ Adv/Vol/Dec 1392/1.08 bln/1166 NYSE Adv/Vol/Dec 1644/470 mln/1258

12:30 pm : The Dollar Index is back into positive territory, though it is up only 0.1%. It had traded with a modest gain at the open, but slipped into the red around mid-morning. While the yen remains exceptionally weak against the greenback following the downgrade of Japan's debt, the euro and British pound have only encountered mild selling interest.DJ30 +8.93 NASDAQ +1.25 SP500 +0.75 NASDAQ Adv/Vol/Dec 1272/958 mln/1271 NYSE Adv/Vol/Dec 1564/425 mln/1320

12:00 pm : Shares of Netflix (NFLX 208.77, +25.74) have spiked sharply this session for their best single-session move in nine months. The stock's 14% surge follows better-than-expected earnings and upside guidance and helped shares set a new all-time high above $211 per share.

As for the broader market, it has slowly made its way back to the neutral line after slipping to a slight loss earlier. There was no clear catalyst to account for that decline, but it came amid broad-based selling. DJ30 +3.33 NASDAQ +8.27 SP500 +0.07 NASDAQ Adv/Vol/Dec 1139/875 mln/1353 NYSE Adv/Vol/Dec 1484/385 mln/1403

11:30 am : A sudden flurry of selling has sent the Dow and S&P 500 into negative territory, where they now trade with modest losses. The Nasdaq has paused near the neutral line.

Selling has really intensified around the materials sector, which had already lagged the broader market, but is now down 1.2% to trade at a new session low. Steel play Nucor (NUE 45.14, -1.36) has been dumped, despite better-than-expected earnings. The stock had rallied 3.5% yesterday, ahead of its quarterly report this morning. Fellow steel plays U.S. Steel (X 58.00, -1.48) and Steel Dynamics (STLD 18.28, -0.75) have been imbued by the weakness in shares of NUE. DJ30 -7.53 NASDAQ +3.07 SP500 -1.28 NASDAQ Adv/Vol/Dec 989/765 mln/1500 NYSE Adv/Vol/Dec 1347/340 mln/1516

11:00 am : After backing down a couple of points the S&P 500 is back near the 1300 line. All the while, the Dow has held above 12,000. There hasn't been any concerted form of leadership this session, but industrial stocks, financial stocks, and consumer discretionary plays are all in solid shape as their relative sectors each sport gains on the order of 0.6%.

The dollar has pulled back in recent trade. It now trails a collection of competing currencies by about 0.2%, although the Japanese yen is still under stiff pressure that has left it to contend with a 0.9% loss at 82.89 yen per dollar. The yen is down about 2.2% so far this year. DJ30 +20.70 NASDAQ +10.08 SP500 +2.20 NASDAQ Adv/Vol/Dec 1233/612 mln/1221 NYSE Adv/Vol/Dec 1574/265 mln/1230

10:35 am : The dollar index is modestly lower, which isn't helping natural gas futures ahead of inventory data.

March natural gas futures have been in negative territory all session and, minutes ago, hit new session lows of $4.39 per MMBtu. Following the data, which showed a draw of 174 bcf versus consensus of a draw down of 170 bcf, natural gas bounced off session lows and is now 2.9% lower at $4.37 per MMBtu.

March crude oil spent all morning in the red, excluding one brief moment at the top of the hour. Session lows of $86.30 per barrel were hit overnight and, currently, the energy component is 0.3% lower at $87.05 per barrel.

February gold rose to session highs of $1347.50 per ounce overnight and have been in a downtrend since. Currently, it's back near the unchanged line at $1333.00 per ounce. Meanwhile, March silver has trended higher over the last few hours and is now 1.9% higher at $27.63 per ounce.

Overnight, March cotton futures hit another all-time high of $1.7283/lb after rising the exchange limit. Currently, cotton is 2.8% higher at $1.7150/lb. Cotton is 133% higher YoY as China demand continues to be the primary driver. In 2010, China cotton imports rose 86%.

March cocoa futures hit a new contract high of $3,420/metric ton and is up for nine consecutive sessions following the Ivory Coast export ban. It's currently, 0.4% higher at $3,366/metric ton.DJ30 +21.15 NASDAQ +10.37 SP500 +2.44 NASDAQ Adv/Vol/Dec 293.8/439.6 mln/136.7 NYSE Adv/Vol/Dec 110.6/195.3 mln/79.7

10:00 am : Stocks made a nice push higher in recent trade. The move took the S&P 500 to the 1300 line for the first time in more than two years, but the benchmark measure has paused there.

November pending home sales were just released. They showed a month-over-month increase of 2.0%, which is stronger than the 0.5% decline that had been expected, on average, among economists polled by Briefing.com.

Advancing Sectors: Consumer Discretionary (+0.6%), Financials (+0.5%), Industrials (+0.3%), Tech (+0.3%), Health Care (+0.3%), Utilities (+0.2%) Unchanged: Energy
Declining Sectors: Telecom (-1.4%), Consumer Staples (-0.5%), Materials (-0.2%)DJ30 +16.04 NASDAQ +13.15 SP500 +3.04 NASDAQ Adv/Vol/Dec 1235/280 mln/1024 NYSE Adv/Vol/Dec 1629/132 mln/1039

09:45 am : Qualcomm (QCOM 54.11, +2.25) has helped give the Nasdaq a nice lead over its counterparts, which remain mired near the neutral line in the first few minutes of trade. Better-than-expected earnings and an upside forecast have shares of QCOM at a fresh two-year high.

In contrast, AT&T (28.00, -0.73) has been hit hard. Its slide comes in the face of an upside earnings surprise of its own. Weakness in shares of T have dragged down the telecom sector to a 1.3% loss, which makes it the worst performing sector this morning. Telecom is also the worst performing sector of the new year; it is down 2.2% since the start of 2011.DJ30 +8.43 NASDAQ +11.07 SP500 +1.25 NASDAQ Adv/Vol/Dec 1132/190 mln/1081 NYSE Adv/Vol/Dec 1472/95 mln/1120

09:15 am : S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +8.00. Stock futures point to a relatively flat start for trade. The mixed action ahead of the open comes as a disappointing dose of data -- a surprisingly dramatic 2.5% drop in December durable goods orders and a greater-than-expected initial jobless claims tally of 454,000 for the week ended January 22 -- overshadows a big batch of better-than-expected earnings that has included the latest results from Dow components Caterpillar (CAT), AT&T (T), and Procter & Gamble (PG). Also in the mix is overseas action, which features modest gains in Europe after the continent's major bourses had opened lower. Germany's DAX is currently up 0.3% amid strength in financial plays like Allianz (AZ), which is up more than 3% to a new two-year high. Financials are also strong in France, where the CAC is up 0.3%. Societe Generale and BNP Paribas are individual leaders there. Britain's FTSE is up 0.2% with help from natural resouce plays like Rio Tinto (RTP), BG Group, and Royal Dutch Shell (RDS.A). BP Plc (BP) has been a laggard there, though. Overnight action in Asia had already settled before S&P slapped a downgrade on Japan's debt, which is now at AA-. So, Japan's Nikkei, which advanced 0.7% amid leadership from Fanuc Corp, Honda Motor (HMC), and Canon (CAJ), has yet to show a reaction to the downgrade. However, the yen has reacted with a sharp 1% drop. Broad-based buying helped mainland China's Shanghai Composite climb 1.5%, but PetroChina (PTR) and China Petroleum (SNP) were primary drivers of the move. Hong Kong's Hang Seng shed 0.3%. It was led lower by China Construction Bank, Hutchison Whampoa, and Tencent Holdings.

08:45 am : S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +6.20. Stock futures initially slid with the release of the latest dose of data, but they have since stabilized near the neutral line. Durable goods orders for December dropped 2.5%, which is an ugly follow up to the 0.1% decline that was recorded in the prior month. The sharp decline for December took many economists by surprise, given that the Briefing.com consensus called for a 1.5% increase. Excluding transportation, durable goods orders increased 0.5%, which is not quite as strong as the 0.6% increase that had been expected, on average, among economists polled by Briefing.com, but not as strong as the 4.5% spike that had been recorded for the prior month. As for initial jobless claims, they spiked to 454,000 in the week ended January 22 after a tally of 403,000 in the prior week. The latest initial claims count is the highest tally since October and comes as a disappointment relative to the anticipated initial claims total of 410,000. Continuing claims came in at 3.99 million, up from 3.90 million.

08:15 am : S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +10.50. Stock futures are up narrowly amid a heavy flow of headlines. Morning participants have been digesting a deluge of earnings reports and preparing for the next round of data. Caterpillar (CAT), Eli Lilly (LLY), AT&T (T), Procter & Gamble (PG), Colgate-Palmolive (CL), and Potash (POT) all posted upside earnings surprises. Netflix (NFLX), Qualcomm (QCOM), and Under Armour (UA) also posted bottom line beats, but augmented their reports with strong forecasts. Bristol-Myers Squibb (BMY) and Murphy Oil (MUR) both missed the consensus earnings estimate. Durable goods orders data for December are due at the bottom of the hour, along with weekly initial jobless claims. Pending home sales for December are due at 10:00 AM ET. Results from an auction of 7-year Notes are due at 1:00 PM ET. As for overseas action, gains in Europe are modest after a lower start. Overnight action in Asia was more mixed, although things settled before S&P announced that it lowered its rating on Japan to AA- from AA. In the wake of that announcement Japan's yen has fallen 1.0% to 83.02 yen per dollar. Despite that drop, the Dollar Index is still flat.
http://finance.yahoo.com/marketupdate/update

7:03PM Glacier Bancorp beats by $0.01 (GBCI) 15.09 +0.05 : Reports Q4 (Dec) earnings of $0.13 per share, $0.01 better than the Thomson Reuters consensus of $0.12. Co said, "Although the economy is showing some signs of improvement and asset quality looks to be stabilizing, the current rate environment will continue to challenge our net interest margin as it has the past seven quarters," Blodnick said. "Hopefully in 2011 loan demand will improve which would really help our margin. Until that time we will continue to deploy our excess liquidity by purchasing short duration agency mortgage-backed-securities. Unfortunately this type of structure with its low return places further stress on our asset yield."

6:19PM Overstock.com Proceeds with amended complaint that includes racketeering claim Against Goldman Sachs and Bank of America Subsidiary Merrill Lynch (OSTK) 12.42 -0.42 : Co announced that it filed its amended complaint against defendants Goldman Sachs and Bank of America subsidiary Merrill Lynch. The amended complaint includes a claim under New Jersey's Racketeer Influenced and Corrupt Organizations (RICO) Act. Civil RICO claims carry the possibility of treble damages. OSTK announced in December it had applied to the court to allow the RICO claim. That amended complaint has now been filed, and Goldman Sachs and Merrill Lynch have 30 days to answer or challenge the amended complaint.

6:11PM DCP Midstream Partners declares increase in quarterly Distribution to $0.6175 from $0.61 (DPM) 38.65 -0.05 :

6:05PM Investors Bancorp beats by $0.01 (ISBC) 13.42 +0.12 : Reports Q4 (Dec) earnings of $0.16 per share, $0.01 better than the Thomson Reuters consensus of $0.15.

6:02PM DiamondRock Hospitality announces the exercise of the underwriter's option to purchase additional shares (DRH) 12.35 +0.22 : Co announced that the underwriter of its public offering of 11 mln shares of common stock has exercised its option to purchase an additional 1,418,662 shares of common stock from the Co. Subject to customary closing conditions, the closing for the additional shares is expected to occur on or about Jan 31, 2011. After deducting the underwriting discount and offering expenses, the Co will have received total net proceeds of ~$149.6 mln from the sale of its 12,418,662 shares of common stock, including the purchase of additional shares by the underwriter. A prospectus supplement relating to these securities has been filed with the Securities and Exchange Commission. Goldman, Sachs & Co. served as sole book-running manager for the offering.

6:02PM Cytec beats by $0.22, misses on revs; guides FY11 EPS below consensus, revs below consensus; co resumes stock buyback, raises dividend (CYT) 51.23 -0.26 : Reports Q4 (Dec) earnings of $0.83 per share, excluding non-recurring items, $0.22 better than the Thomson Reuters consensus of $0.61; revenues rose 8.0% year/year to $700 mln vs the $799.6 mln consensus. Co issues downside guidance for FY11, sees EPS of $3.15-3.50, excluding non-recurring items, vs. $3.73 Thomson Reuters consensus; sees FY11 revs of $2.9-3.0 bln vs. $3.48 bln Thomson Reuters consensus. The Co's Board of Directors has approved the resumption of our stock buyback program, which has $44 million remaining on its current authorization, and also approved an additional stock buyback authorization of $150 million. In addition, the Board of Directors approved an increase in the dividend level to $0.1250 from its prior level of $0.0125 and is effective with the first payment in February 2011.

5:53PM North American Palladium announces C$22 mln financing of flow-through shares (PAL) 6.70 -0.19 : Co North American Palladium Ltd. (PAL) entered into an agreement with a syndicate of underwriters under which such underwriters have agreed to act as agents to sell 2,667,000 flow-through shares (the "Flow-Through Shares") of NAP on a guaranteed basis at a price of C$8.25 per Flow-Through Share (the "Offering").

5:48PM Alexander & Baldwin's Q1 2011 dividend authorized (ALEX) 41.00 +0.37 : Board of Directors of ALEX announced a first quarter 2011 dividend of 31.5 cents per share. The dividend is payable on March 3, 2011 to shareholders of record as of the close of business on February 10, 2011.

5:38PM Borders Group initially pops 33% to $1.08 following news it received financing from GE Capital (See 17:35 comment) - stock is now at $1.04 (BGP) 0.81 -0.03 :

5:35PM Borders receives refinancing commitment of $550 mln from GE Capital (BGP) 0.81 -0.03 : Co announced that it has received a commitment from GE Capital, Restructuring Finance to provide a $550 million senior secured credit facility that, upon completion, including the obtaining of $125 million of additional junior debt financing via the conversion of vendor payables and/or external sources, will provide Borders with the financial flexibility and an appropriate level of liquidity to move forward with its strategy to reposition its business model and the Borders brand. GE Capital provided its financing commitment following a comprehensive review of the company's strategic plan to restructure its business model by focusing on core business areas in order to improve profitability and cash flow. The new $550 million senior secured credit facility, once funded, will mature in 2014, and will replace the company's existing revolving senior credit and term loan facilities.

5:28PM First Bancshares announced that on January 21, 2011 a jury verdict was entered against the Company and the Bank in the Circuit Court of Ozark County, Missouri (FBSI) 6.70 +0.20 : First Bancshares (FBSI), the holding co for First Home Savings Bank ("Bank"), announced that on January 21, 2011 a jury verdict was entered against the Co and the Bank in the Circuit Court of Ozark County, Missouri, following a jury trial in a claim made by a former employee of the Bank relating to her termination from the Bank in 2007. The former employee claimed that the Bank wrongfully terminated her as a result of her reporting to superiors and Board members what she believed to be illegal activities of two former presidents of the Bank. This alleged cause of action in Missouri is commonly known as a whistleblower lawsuit. Protection for whistleblowers has been carved out as a protected class of employees who, as with certain other classes, such as gender, age, and race for example, cannot be terminated as a result of reporting alleged illegal activities. The jury verdict was against the Bank for $182,000 in compensatory damages (lost wages) and for punitive damages in the amount of $235,000. The Bank believes that the verdict relating to the alleged reporting by the former employee of illegal activities is contrary to the facts and the law and the Bank intends to file post-trial motions including a motion for a new trial and other relief.

5:22PM U.S. Bancorp prices remarketing of 3.442% remarketed junior subordinated notes due 2016 (USB) 26.96 +0.36 : Co announced the successful remarketing of $676,378,000 aggregate principal amount of 3.442 percent Remarketed Junior Subordinated Notes, due 2016 (the "Remarketed Notes"). We issued the Remarketed Notes originally as 5.539% Remarketable Junior Subordinated Notes, due 2042 (the "Junior Subordinated Notes"), to USB Capital IX, a Delaware statutory trust (the "Trust"), in connection with the offering of the Trust's 6.189 percent Fixed-to-Floating Rate Normal Income Trust Securities, liquidation amount $1,000 per security, in March 2006. In connection with the remarketing, the interest rate on the Junior Subordinated Notes was reset to 3.442 percent and the stated maturity shortened to February 1, 2016, along with certain other changes

5:22PM Eagle Rock Energy declared cash distribution of $0.15 per common unit for the quarter, prior $0.025 per common unit (EROC) 9.22 +0.03 :

5:22PM Popular agrees to settle securities class action lawsuits (BPOP) 3.25 -0.05 : Co announced that it and the other named defendants have entered into two memoranda of understanding in connection with the settlement of five putative securities class actions filed in the United States District Court for the District of Puerto Rico and the Puerto Rico Court of First Instance, San Juan Part.

5:20PM Kimberly-Clark announced the pricing of a $700 mln senior note offering; The 10-year notes were priced at 99.148% of the principal; 30-year priced at 99.132% of principal (KMB) 653.13 0.00 : Kimberly-Clark intends to use the net proceeds from the offering for general corporate purposes, including but not limited to purchasing shares of company common stock pursuant to publicly announced share repurchase programs, funding of pension plans and redeeming outstanding commercial paper. The offering was comprised of $250 million of 10-year notes due March 1, 2021, and $450 million of 30-year notes due March 1, 2041. The 10-year notes were priced at 99.148 percent of the principal amount to yield 3.978 percent. The 30-year notes were priced at 99.132 percent of the principal amount to yield 5.358 percent. The joint book-running managers for the offering are Citigroup Global Markets Inc., Goldman, Sachs & Co., Morgan Stanley & Co. Incorporated and J.P. Morgan Securities LLC.

5:17PM Patterson-UTI Energy announces sale of electric wireline business for $22.5 mln (PTEN) 22.39 +1.05 : Co announced that it sold the stock of its electric wireline subsidiary, Universal Wireline, Inc., to Gray Wireline Services, Inc. in a cash transaction for $25.5 mln. Except for inventory, the working capital of Universal Wireline, Inc. was excluded from the sale and has been retained by a Patterson-UTI subsidiary. Expenses related to the sale of ~$2.2 mln will be reflected in results of discontinued operations for the fourth quarter of 2010. No other significant gain or loss is expected to result from this transaction.

5:15PM The J. M. Smucker Co raises dividend to $0.44 from $0.40 and announces additional shares for repurchase by five mln shares (SJM) 61.73 -0.61 :

5:15PM Yum! Brands announces an additional $750 mln share repurchase authorization (YUM) 47.59 -0.18 :

5:12PM Sara Lee Sara to provide update on strategic initiatives (SLE) 17.64 -0.88 : Co announced that it will hold an investor call tomorrow Jan 28 at 10am ET to provide an update on strategic initiatives and the outlook for the remainder of fiscal 2011.

5:11PM Black Hills Corp increased quarterly dividend by $0.005 per common share to $0.365 per share (BKH) 31.38 +0.20 :

5:10PM Danvers Bancorp reports Q4 $0.25 vs. $0.22 Thomson Reuters consensus (DNBK) 21.74 -0.10 :

5:01PM Parker-Hannifin increases quarterly dividend 10% to $0.32 per share (PH) 88.65 +0.46 :

4:53PM Steelcase to issue $250 million of senior notes (SCS) 10.97 -0.02 : Co announces that it has agreed to sell $250 million aggregate principal amount of 6.375% senior notes due February 15, 2021 in an underwritten public offering in which J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers.

4:52PM Terremark Worldwide: Verizon (VZ) to acquire Terremark for $19/share or $1.4 bln (TMRK) 14.05 +0.35 : The cos announced a definitive agreement under which Verizon will acquire Terremark for $19.00 per share in cash, or a total equity value of $1.4 bln. Pursuant to the agreement, Verizon anticipates that it will commence a tender offer between Feb. 10, 2011, and Feb. 17, 2011, for all shares of common stock of Terremark. The Board of Directors of Terremark has unanimously approved the transaction, and the transaction was unanimously approved by the directors of Verizon present and voting. Verizon has also entered into agreements with three stockholders of Terremark to tender their shares into the offer, representing ~27.6 percent of the outstanding voting shares of Terremark. Verizon expects to close the tender offer late in the first quarter of 2011.

4:46PM Tower Bancorp, Inc. appoints Jeffrey Renninger to the position of president and COO (TOBC) 23.04 -0.06 :

4:42PM Sanofi-Aventis reports randomized Phase III trial evaluating iniparib in patients with metastatic triple-negative breast cancer did not meet the pre-specified criteria for significance for co-primary endpoints of overall survival and progression-free survival (SNY) 35.25 +0.06 : Importantly, the results of a pre-specified analysis in patients treated in the second- and third-line setting demonstrate an improvement in overall survival and progression-free survival, consistent with what was seen in the Phase II study. The overall safety analysis indicates that the addition of iniparib (BSI-201) did not significantly add to the toxicity profile of gemcitabine and carboplatin. "While this trial did not meet its primary goal, we believe that the improvement in overall survival and progression-free survival in patients in the second- and third-line setting are important findings... We are conducting in-depth analysis to gain further insight into these Phase III results."

4:38PM Avalon Rare Metals reports increase in indicated resources in the Nechalacho rare earth elements deposit, NWT (AVL) 5.79 +0.17 : Co is pleased to provide an update on development work on the Nechalacho Rare Earth Elements (deposit, Thor Lake, NWT. The updated resource estimate for the key Basal Zone part of the deposit has resulted in an increase in Indicated Mineral Resources to 57.49 million tonnes grading 1.56% TREO with 20.72% HREO/TREO using the base case $260 Net Metallurgical Return cut-off. This compares with the Indicated Resources of 20.45 million tonnes grading 1.75% TREO with 23% HREO/TREO reported for the Basal Zone in the September 2010 update. More significantly, the proportion of Indicated Mineral Resources estimated at the much higher $600 NMR cut-off, now total 14.67 million tonnes at 2.19% TREO and 24.68% HREO/TREO. This tonnage is similar to the total Indicated Mineral Resources estimated for the prefeasibility study at the $260 NMR but with a 20% higher TREO grade and a 35% higher HREO

4:36PM Monsanto: USDA authorizes resumption of the sale and planting of co's Roundup Ready alfalfa (MON) 73.68 +0.14 :

4:35PM Citizens Rep Bancorp misses by $0.15 (CRBC) 0.69 0.02 : Reports Q4 (Dec) ($0.28) per share, $0.15 worse than the Thomson Reuters consensus of ($0.13).

4:34PM ZOLL Medical beats by $0.02, misses on revs (ZOLL) 43.59 +0.73 : Reports Q1 (Dec) earnings of $0.18 per share, $0.02 better than the Thomson Reuters consensus of $0.16; revenues rose 7.6% year/year to $113.2 mln vs the $115.6 mln consensus. As previously disclosed, the first quarter of fiscal 2010 contained an extra week, contributing both incremental revenue and expenses of ~$2 mln. Co said, "we remain confident we will grow in the North American hospital market this year. Conversely, our North American pre-hospital business results have experienced softness as we anticipated, and we see this continuing throughout the year. Our LifeVest revenue continues to perform well. Adjusting for the extra week in the prior year, LifeVest revenues increased in line with our 60% goal. Temperature Management also experienced solid growth as we gain traction with our transition to a direct sales force in Germany. Lastly, AutoPulse sales continued to improve with strong results from our International team. We were pleased with our overall results for the quarter, and did a little better at the bottom line with the benefit of the R&D tax credit. Moving through the year, we expect to continue to increase our overall level of profitability as we gain leverage. We believe we are on track for the year and our outlook for 2011 is unchanged."

4:33PM Airgas announces, beginning 3/1/2011, its operating units will increase prices on bulk and packaged industrial, medical, and specialty gases 10-12% on avg, and up to 10% for delivery and other service charges (ARG) 62.10 +0.13 :

4:33PM Computer Prgms & Syst beats by $0.18, beats on revs; guides Q1 EPS in-line, revs above consensus (CPSI) 45.81 -0.64 : Reports Q4 (Dec) earnings of $0.61 per share, $0.18 better than the Thomson Reuters consensus of $0.43; revenues rose 27.5% year/year to $43.1 mln vs the $39.6 mln consensus. Co issues guidance for Q1, sees EPS of $0.42-0.46 vs. $0.44 Thomson Reuters consensus; sees Q1 revs of $38-41 mln vs. $37.97 mln Thomson Reuters consensus.

4:31PM Sunoco Logistics increases quarterly distribution to $1.18 per limited partnership, up $0.01 sequentially (SXL) 87.25 -0.01 :

4:31PM Bunge names Drew Burke CFO (BG) 68.37 -0.63 : Mr. Burke has served as interim CFO for the co since September 2010. He will also continue in his role as the co's Global Operational Excellence Officer.

4:30PM Microchip beats by $0.01, beats on revs; guides Q4 EPS in-line, revs above consensus (MCHP) 37.89 : Reports Q3 (Dec) earnings of $0.58 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.57; revenues rose 47.1% year/year to $367.8 mln vs the $361.8 mln consensus. Co issues guidance for Q4, sees EPS of $0.56-0.58, excluding non-recurring items, vs. $0.57 Thomson Reuters consensus; sees Q4 revs of $367.8-378.9 mln vs. $362.00 mln Thomson Reuters consensus.

4:30PM Perceptron selected for new premium vehicle program (PRCP) 5.28 -0.01 :

4:28PM Telular reports Q1 EPS of $0.02 vs. $0.06 from last year's quarter; revs fell 7.2% to $12.01 mln (WRLS) 7.70 +0.16 : Co reiterates its increased fiscal 2011 net income guidance before non-cash items of $8.5-9.5 million.

4:28PM PartnerRe provides January 2011 non-life renewal data: treaty renewal season it expects to write and bind ~$1.8 billion (PRE) 83.18 +0.46 : Co announces that during the January 1, 2011 treaty renewal season it expects to write and bind ~$1.8 billion of Non-Life treaty premium. In addition, ~$50 million of expected written premium is still in process. The Company renews ~55% of its total annual Non-Life treaty business on January 1. The remainder is comprised of treaty business that renews at other times during the year. In addition to treaty business, the Company writes ~$430 million of facultative business which renews through the year.

4:26PM SanDisk falls ~2 pts upon resumption of trading following earnings... now at 49.00 in after-hours (SNDK) 51.22 +1.35 :

4:25PM CreXus Investment beats by $0.01 (CXS) 13.46 -0.02 : Reports Q4 (Dec) earnings of $0.25 per share, $0.01 better than the Thomson Reuters consensus of $0.24.

4:25PM Varian Semi beats by $0.08, beats on revs; guides Q2 EPS above consensus, revs above consensus (VSEA) 43.54 +1.38 : Reports Q1 (Dec) earnings of $0.95 per share, $0.08 better than the Thomson Reuters consensus of $0.87; revenues rose 100.0% year/year to $282.6 mln vs the $276.2 mln consensus. Co issues upside guidance for Q2, sees EPS of $1.02-1.07 vs. $0.81 Thomson Reuters consensus; sees Q2 revs of $315-325 mln vs. $274.73 mln Thomson Reuters consensus.

4:25PM Cavco Industries reports Q3 EPS of 0.004 vs. ($0.16) in 3Q10; revs rose 9% YoY to $36.4 mln - no ests (CVCO) 44.22 -0.53 :

4:24PM Infinera beats by $0.03, reports revs in-line (INFN) 8.98 -0.21 : Reports Q4 (Dec) earnings of $0.07 per share, $0.03 better than the Thomson Reuters consensus of $0.04; revenues rose 29.8% year/year to $117.1 mln vs the $117.6 mln consensus.

4:24PM Oplink Comms beats by $0.11, beats on revs; guides Q3 EPS above consensus, revs above consensus (OPLK) 19.32 -0.40 : Reports Q2 (Dec) earnings of $0.52 per share, $0.11 better than the Thomson Reuters consensus of $0.41; revenues rose 4.8% year/year to $52 mln vs the $49.9 mln consensus. Co issues upside guidance for Q3, sees EPS of $0.49-0.55 vs. $0.38 Thomson Reuters consensus; sees Q3 revs of $52-56 mln vs. $47.67 mln Thomson Reuters consensus.

4:24PM Micros Systems beats by $0.04, reports revs in-line; guides FY11 revs in-line, increases FY11 net income guidance (MCRS) 45.25 -0.24 : Reports Q2 (Dec) earnings of $0.45 per share, $0.04 better than the Thomson Reuters consensus of $0.41; revenues rose 9.5% year/year to $247.1 mln vs the $245.6 mln consensus. Co issues in-line guidance for FY11, sees FY11 revs of $1-1.005 bln vs. $1.01 bln Thomson Reuters consensus. Co also guides for FY11 net income of $145-$147 million, up from its prior guidance of $140-$142 mln. Using its current weighted-average number of shares outstanding, on a diluted basis, this would equate to EPS of $1.75-$1.77. Thomson Reuters consensus for FY11 EPS is $1.76.

4:22PM GSI Technology beats by $0.06, beats on revs; guides Q4 revs in-line (GSIT) 9.96 +0.23 : Reports Q3 (Dec) earnings of $0.20 per share, $0.06 better than the Thomson Reuters consensus of $0.14; revenues rose 50.6% year/year to $26.2 mln vs the $24.6 mln consensus. Co issues in-line guidance for Q4, sees Q4 revs of $23.5-24.5 mln vs. $23.75 mln Thomson Reuters consensus, with gross margin of approximately 45%; operating expenses are expected to be approximately $150,000 lower than in the third quarter.

4:22PM VeriSign beats by $0.01, reports revs in-line (VRSN) 32.90 -0.06 : Reports Q4 (Dec) earnings of $0.31 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.30; revenues rose 12.7% year/year to $178.8 mln vs the $177.6 mln consensus.

4:21PM Sonic Foundry reports Q1 EPS of $0.07 vs. ($0.12) in 1Q10; revs rose 32% YoY to $5.9 mln - no ests (SOFO) 15.00 +0.32 :

4:21PM Gladstone Commercial announces that it plans to sell 675K shares of its common stock in an underwritten public offering (GOOD) 19.25 +0.20 : Janney Montgomery Scott LLC is serving as the sole book-runner and lead manager for the offering. J.J.B. Hilliard, W.L. Lyons, LLC is serving as a co-manager.

4:20PM First Financial beats by $0.04 (FFIN) 50.42 -0.14 : Reports Q4 (Dec) earnings of $0.74 per share, $0.04 better than the Thomson Reuters consensus of $0.70. The provision for loan losses was $1.99 million in the fourth quarter of 2010, down from $4.37 mln in the same quarter last year and unchanged from the third quarter of this year. Nonperforming assets as a percentage of loans and foreclosed assets totaled 1.53 percent at December 31, 2010, compared with 1.45 percent at September 30, 2010. Subsequent to December 31, 2010, a loan totaling $2.1 mln, which was past due 90 days and still accruing paid off. The continued provision for loan losses in the fourth quarter of 2010 reflects the growth in loans and higher levels of nonperforming assets.

4:20PM Ariba reports EPS in-line, beats on revs (ARBA) 25.05 +0.15 : Reports Q1 (Dec) earnings of $0.18 per share, in-line with the Thomson Reuters consensus of $0.18; revenues rose 20.2% year/year to $90.4 mln vs the $86.6 mln consensus. Co reports 12-month subscription software backlog of $166 million, up 19% percent year-over-year.

4:20PM Anaren Microwave beats by $0.06, reports revs in-line; guides Q3 EPS in-line, revs in-line (ANEN) 21.16 : Reports Q2 (Dec) earnings of $0.38 per share, $0.06 better than the Thomson Reuters consensus of $0.32; revenues rose 5.9% year/year to $43.4 mln vs the $43.8 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.30-0.36 vs. $0.33 Thomson Reuters consensus; sees Q3 revs of $42-46 mln vs. $45.04 mln Thomson Reuters consensus. Co anticipates comparable sales for the Wireless Group and an increase in sales for the Space & Defense Group compared to second quarter levels.

4:17PM Columbia Sportswear beats by $0.12, beats on revs (COLM) 62.60 +0.82 : Reports Q4 (Dec) earnings of $0.77 per share, $0.12 better than the Thomson Reuters consensus of $0.65; revenues rose 27.6% year/year to $457.3 mln vs the $438.6 mln consensus. Co reports for 1Q11 it expects a mid- to high-single-digit increase in net sales compared with first quarter 2010 (Current consensus calls for an 11.75% YoY increase in sales) reflecting the previously disclosed 12 percent increase in Spring 2011 wholesale backlog and increased direct-to-consumer sales, partially offset by lower sales volumes of close-out products and the effect of the timing shift of shipments of U.S. wholesale and international distributors' Spring 2011 orders into the fourth quarter of 2010. The company expects first quarter 2011 operating margin to approximate first quarter 2010 operating margin of 4.2 percent, with a 175 basis point expansion of gross margins and increased licensing income offset by up to 250 basis points of SG&A expense expansion as a percentage of sales.

4:17PM Accuray beats by $0.08, beats on revs; reaffirms FY11 revs guidance (ARAY) 6.86 +0.05 : Reports Q2 (Dec) earnings of $0.07 per share, $0.08 better than the Thomson Reuters consensus of ($0.01); revenues fell 5.4% year/year to $54.2 mln vs the $49.7 mln consensus. Co reaffirms guidance for FY11, sees FY11 revs of $210-225 mln vs. $218.14 mln Thomson Reuters consensus. During Q2, 19 orders for CyberKnife Robotic Radiosurgery Systems were added to backlog, two orders were cancelled by customers, and two orders aged beyond two and a half years and are no longer reported in backlog. Net orders to backlog totaled $83.9 mln during the second quarter: $53.6 mln for systems and $30.2 mln for service. System backlog totaled $170 mln at the end of the second quarter, up 12% and 27%, respectively, from the prior qtr and prior year qtr.

4:17PM KLA-Tencor beats by $0.04, beats on revs (KLAC) 44.68 +0.15 : Reports Q2 (Dec) earnings of $1.10 per share, $0.04 better than the Thomson Reuters consensus of $1.06; revenues rose 74.1% year/year to $766 mln vs the $717.9 mln consensus.

4:16PM QLogic beats by $0.06, reports revs in-line (QLGC) 17.93 +0.24 : Reports Q3 (Dec) earnings of $0.53 per share, $0.06 better than the Thomson Reuters consensus of $0.47; revenues rose 4.5% year/year to $155.8 mln vs the $155.6 mln consensus.

4:15PM Rambus and Panasonic (PC) sign patent license agreement (RMBS) 20.95 +0.32 : This five year agreement covers Panasonic's products with DRAM memory controllers for SDR, DDR, DDR2, DDR3, and other DRAM devices. Rambus will receive royalty payments based on the shipment of these memory controllers.

4:15PM Compuware reports EPS in-line, revs in-line (CPWR) 11.57 -0.14 : Reports Q3 (Dec) earnings of $0.15 per share, in-line with the Thomson Reuters consensus of $0.15; revenues rose 7.4% year/year to $247 mln vs the $247 mln consensus.

4:15PM BPZ Energy announces $40 million secured debt financing (BPZ) 4.71 -0.01 :

4:15PM Arthur J. Gallagher increases quarterly cash dividend 3% to $0.33 Per Share (AJG) 30.00 +0.33 :

4:14PM Applied Micro beats by $0.01, beats on revs (AMCC) 10.64 +0.24 : Reports Q3 (Dec) earnings of $0.10 per share, $0.01 better than the Thomson Reuters consensus of $0.09; revenues rose 16.2% year/year to $62.4 mln vs the $61.3 mln consensus.

4:14PM TeleNav beats by $0.07, beats on revs; guides Q3 revs above consensus; guides FY11 EPS in-line (TNAV) 7.37 -0.12 : Reports Q2 (Dec) earnings of $0.24 per share, $0.07 better than the Thomson Reuters consensus of $0.17; revenues rose 18.5% year/year to $48 mln vs the $46.2 mln consensus. Co issues guidance for Q3, sees EPS of $0.16-0.18, may not be comparable to $0.16 Thomson Reuters consensus; sees Q3 revs of $48-50 mln vs. $46.25 mln Thomson Reuters consensus. Co issues guidance for FY11, sees EPS of $0.84-0.88 vs. $0.75 Thomson Reuters consensus; sees FY11 revs of $195-200 mln, may not be comparable to $190.01 mln Thomson Reuters consensus. Co also announces two-year extension of AT&T agreement with no change in terms

4:14PM Airgas: P. Schoenfeld Asset Management sends letter to Airgas Board and management (ARG) 62.10 +0.13 : "...This letter updates the views expressed in our letter of December 10, 2010 regarding the offer by Air Products and Chemicals, Inc. to acquire all of the shares of Airgas. The market has been inundated with so much information from the Airgas poison pill litigation that some of the most important disclosures have largely gone unnoticed. A striking example is the shocking revelation that beginning in 2007 and extending into 2008, Airgas management attempted to do a leveraged buyout of the Company, which it actively pursued until the financing market collapsed the following year.... This attempted management buyout puts management's opposition to the Air Products offer in a completely different light. As an Airgas shareholder, we are concerned that Mr. McCausland continues to nourish the hope of buying the Company with other members of management...."

4:13PM ResMed beats by $0.01, reports revs in-line (RMD) 33.05 +1.05 : Reports Q2 (Dec) earnings of $0.37 per share, $0.01 better than the Thomson Reuters consensus of $0.36; revenues rose 11.2% year/year to $305.9 mln vs the $306.9 mln consensus.

4:13PM Vistaprint beats by $0.12, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY11 EPS in-line, revs above consensus (VPRT) 46.92 +0.54 : Reports Q2 (Dec) earnings of $0.89 per share, excluding non-recurring items, $0.12 better than the Thomson Reuters consensus of $0.77; revenues rose 20.3% year/year to $234.1 mln vs the $225.1 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.46-0.49, excluding non-recurring items, vs. $0.54 Thomson Reuters consensus; sees Q3 revs of $190-196 mln vs. $195.73 mln Thomson Reuters consensus. Co issues mixed guidance for FY11, sees EPS of $2.19-2.27, excluding non-recurring items, vs. $2.21 Thomson Reuters consensus; sees FY11 revs of $785-800 mln vs. $786.44 mln Thomson Reuters consensus.

4:13PM Fidelity National beats by $0.28, beats on revs (FNF) 14.15 +0.12 : Reports Q4 (Dec) earnings of $0.58 per share, $0.28 better than the Thomson Reuters consensus of $0.30; revenues fell 89.0% year/year to $1.61 bln vs the $1.39 bln consensus.

4:13PM AeroVironment announces establishment of 10b5-1 trading plan by Chief Executive Officer (AVAV) 28.23 -0.07 : Under its Rule 10b5-1 Plan, the Trust may sell up to 300,000 shares over a period of approximately nine months. If the Trust completes all the planned sales under its Rule 10b5-1 Plan, Mr. Conver would beneficially own approximately 3,905,087 shares of co common stock (including all options currently exercisable by Mr. Conver), or approximately 18.45% of the co's current outstanding shares.

4:12PM HCP increases quarterly dividends to $0.48/share, compared with $0.465 per share in the previous quarter (HCP) 36.96 +0.47 :

4:12PM Thoratec misses by $0.02, misses on revs; guides FY11 EPS below consensus, revs below consensus (THOR) 26.13 +0.29 : Reports Q4 (Dec) earnings of $0.28 per share, $0.02 worse than the Thomson Reuters consensus of $0.30. Co issues downside guidance for FY11, sees EPS of $1.35-1.45 vs. $1.50 Thomson Reuters consensus; sees FY11 revs of $410-425 mln vs. $443.75 mln Thomson Reuters consensus.

4:12PM Myriad Genetics reports EPS in-line, beats on revs; guides FY11 EPS below consensus, revs in-line (MYGN) 22.41 +0.53 : Reports Q2 (Dec) earnings of $0.26 per share, in-line with the Thomson Reuters consensus of $0.26; revenues rose 8.2% year/year to $100.4 mln vs the $98.9 mln consensus. Co issues mixed guidance for FY11, sees EPS of $0.95-1.00 vs. $1.02 Thomson Reuters consensus; sees FY11 revs of $380-400 mln vs. $390.91 mln Thomson Reuters consensus.

4:12PM Amazon.com beats by $0.03, reports revs in-line; guides Q1 revs in-line, operating income below expectations (AMZN) 184.45 +9.06 : Reports Q4 (Dec) earnings of $0.91 per share, $0.03 better than the Thomson Reuters consensus of $0.88; revenues rose 36.0% year/year to $12.95 bln vs the $13.01 bln consensus. Reports Q4 gross margin of 20.3% vs 20.8% consensus; reported 23.47% last qtr and 20.76% a year ago. Q4 marketing costs as % revs were 2.9%; reported 3.2% last qtr... Co issues in-line rev guidance for Q1, sees Q1 revs of $9.1-9.9 bln vs. $9.31 bln Thomson Reuters consensus. Operating income is expected to be between operating income $260-385 mln vs $473.8 mln consensus, between 34% decline and 2% decline compared with first quarter 2010.

4:11PM Buckeye Partners commences a secondary public offering of 4,250,000 limited partner units representing limited partnership interests owned by BGH GP Holdings, LLC (BPL) 67.34 +0.48 : Co will not receive any of the proceeds from this offering and the number of outstanding LP Units of Buckeye will remain unchanged. BofA Merrill Lynch, Barclays Capital, Citi, Goldman, Sachs & Co. and Wells Fargo Securities are acting as joint book-running managers for the LP Unit offering.

4:11PM Bottomline Tech beats by $0.06, beats on revs (EPAY) 20.37 +0.30 : Reports Q2 (Dec) earnings of $0.25 per share, ex-items, $0.06 better than the Thomson Reuters consensus of $0.19; revenues rose 10.5% year/year to $44.3 mln vs the $43.3 mln consensus.

4:10PM Arena Pharm announces a reduction of its US workforce of ~25%, or 66 employees, and provides Lorcaserin regulatory update (ARNA) 2.00 -0.03 : In December 2010, coreported on its discussions with the US Food and Drug Administration (FDA) at the end-of-review meeting for the lorcaserin New Drug Application (NDA), including co and Eisai's plans to address the lorcaserin Complete Response Letter (CRL) and the expectation to resubmit the NDA to the FDA by the end of 2011. Co is continuing its discussions with the FDA to finalize protocols for activities that are designed to address the issues raised by the FDA or that otherwise are related to the assessment of the benefit-risk profile of lorcaserin. The FDA has requested that co submit protocols prior to initiating certain studies and expects to provide Arena with its comments and recommendations within approximately one month of each protocol submission.

4:09PM Riverbed Technology beats by $0.01, beats on revs (RVBD) 34.91 +0.62 : Reports Q4 (Dec) earnings of $0.19 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.18; revenues rose 46.5% year/year to $165.4 mln vs the $158.6 mln consensus. We enter 2011 with significant momentum and expect it to be another year of strong revenue growth and expanding non-GAAP operating margins."

4:09PM Electro Scientific beats by $0.08, beats on revs; guides Q4 EPS above consensus, revs in-line (ESIO) 15.81 -0.09 : Reports Q3 (Dec) earnings of $0.21 per share, $0.08 better than the Thomson Reuters consensus of $0.13; revenues rose 72.3% year/year to $67.2 mln vs the $65.2 mln consensus. Co issues guidance for Q4, sees EPS of $0.20-0.24 vs. $0.15 Thomson Reuters consensus; sees Q4 revs of around $70 mln vs. $67.50 mln Thomson Reuters consensus.

4:09PM SanDisk beats by $0.19, beats on revs (SNDK) 51.32 +1.35 : Reports Q4 (Dec) earnings of $1.27 per share, $0.19 better than the Thomson Reuters consensus of $1.08; revenues rose 6.9% year/year to $1.33 bln vs the $1.3 bln consensus. Reports gross margins of 43.4% compared to 45.2% street expectations

4:09PM Men's Wearhouse Approves Succession Plan: Douglas Ewert, the president and COO of co, will succeed George Zimmer, co's founder and chairman of the board and CEO, as president and CEO of co (MW) 26.48 +0.08 : Under the plan, Ewert, will become the president and chief executive officer in mid 2011, and Zimmer, age 62, will continue as executive chairman of the board of directors. Zimmer will assist Ewert in matters related to the strategic direction of the co and he will continue to be involved in the co's marketing activities. Zimmer will remain a pivotal architect of the co's customer and employee oriented culture. After Ewert's transition to president and chief executive officer, the chief operating officer position will not be filled.

4:09PM Rambus misses by $0.01, beats on revs (RMBS) 20.95 +0.32 : Reports Q4 (Dec) earnings of $0.29 per share, $0.01 worse than the Thomson Reuters consensus of $0.30; revenues rose 195.1% year/year to $90.9 mln vs the $89.3 mln consensus.

4:07PM Digital River reports EPS in-line, revs in-line; guides Q1 EPS in-line, revs above consensus; guides FY11 EPS below consensus, revs below consensus (DRIV) 35.51 +0.00 : Reports Q4 (Dec) earnings of $0.29 per share, in-line with the Thomson Reuters consensus of $0.29; revenues fell 6.9% year/year to $97.7 mln vs the $96.8 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.29 vs. $0.31 Thomson Reuters consensus; sees Q1 revs of $98 mln vs. $97.29 mln Thomson Reuters consensus. Co issues downside guidance for FY11, sees EPS of $0.95-$1.13 vs. $1.35 Thomson Reuters consensus; sees FY11 revs of $404 mln vs. $407.06 mln Thomson Reuters consensus.

4:07PM MetLife originates more than $8 billion in commercial mortgages in 2010 (MET) 47.16 +0.60 :

4:07PM PMC-Sierra misses by $0.01, beats on revs (PMCS) 8.91 +0.02 : Reports Q4 (Dec) earnings of $0.15 per share, excluding non-recurring items, $0.01 worse than the Thomson Reuters consensus of $0.16; revenues rose 14.2% year/year to $159.3 mln vs the $157 mln consensus. "In 2010, we experienced a broad recovery following a difficult recession the prior year. Revenue growth resumed across all of our major businesses including enterprise storage and WAN infrastructure,"

4:06PM Chubb beats by $0.45, beats on revs; guides FY11 EPS below consensus (CB) : Reports Q4 (Dec) earnings of $2.02 per share, $0.45 better than the Thomson Reuters consensus of $1.57; revenues rose 2.5% year/year to $2.85 bln vs the $2.8 bln consensus. Co issues downside guidance for FY11, sees EPS of $5.35-5.75 vs. $5.80 Thomson Reuters consensus. Chubb's first quarter 2011 catastrophe losses will be impacted by flooding in Australia that has occurred in January, particularly in and around the city of Brisbane. Although it is still early in the loss estimation process and available information currently is limited, Chubb's preliminary estimate of the losses from this flooding is in the range of $75 million to $100 million before tax. Net written premiums dor 2011 to be 0-2%. Book value per share was $52.24 at December 31, 2010 compared to $52.41 at the end of the third quarter. The fourth quarter combined loss and expense ratio was 87.0% in 2010 and 84.7% in 2009. The impact of catastrophes on the combined ratio was 1.4 percentage points in 2010 and negligible in 2009. Excluding the impact of catastrophes, the combined ratio was 85.6% in 2010 and 84.7% in 2009. The expense ratio for the fourth quarter was 30.9% in 2010 and 30.1% in 2009.

4:06PM Fed Investors beats by $0.02, misses on revs (FII) 27.99 +0.77 : Reports Q4 (Dec) earnings of $0.45 per share, $0.02 better than the Thomson Reuters consensus of $0.43; revenues fell 7.4% year/year to $245.3 mln vs the $253.1 mln consensus.

4:06PM Vascular Solutions acquires Zerusa Limited and the Guardian Hemostasis Valves for $4.3 mln (VASC) 10.91 -0.16 : Co expects the acquisition to be accretive to earnings by approximately $0.01 per share in 2011, with insubstantial transition and integration costs incurred in the first quarter of 2011.

4:04PM Dollar Financial beats by $0.02, reports revs in-line; guides FY11 EPS in-line (DLLR) 30.84 +0.59 : Reports Q2 (Dec) earnings of $0.53 per share, $0.02 better than the Thomson Reuters consensus of $0.51; revenues rose 13.6% year/year to $182.5 mln vs the $183.2 mln consensus. Co issues in-line guidance for FY11, sees EPS of $2.20-2.32 vs. $2.24 Thomson Reuters consensus. Co anticipates FY11 adjusted EBITDA of between $215.0-220.0 million versus previously issued guidance of between $205.0-215.0 million vs consensus of $211.9 mln

4:04PM Microsemi reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs in-line (MSCC) 23.68 -0.60 : Reports Q1 (Dec) earnings of $0.37 per share, in-line with the Thomson Reuters consensus of $0.37; revenues rose 63.5% year/year to $184.4 mln vs the $183.8 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.44-$0.46 vs. $0.44 Thomson Reuters consensus; sees Q2 revs growing 10-13% sequentially, which equates to approx $202.84-208.37 mln vs. $203.56 mln Thomson Reuters consensus.

4:04PM OPNET beats by $0.07, beats on revs; guides Q4 EPS in-line, revs in-line (OPNT) 25.62 +0.27 : Reports Q3 (Dec) earnings of $0.23 per share, $0.07 better than the Thomson Reuters consensus of $0.16; revenues rose 18.2% year/year to $39.7 mln vs the $36.7 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.16-0.19 vs. $0.17 Thomson Reuters consensus; sees Q4 revs of $37.5-40.5 vs. $38.43 mln Thomson Reuters consensus.

4:03PM Lattice Semi beats by $0.03, reports revs in-line; guides Q1 revs above consensus (LSCC) 5.94 +0.13 : Reports Q4 (Dec) earnings of $0.11 per share, $0.03 better than the Thomson Reuters consensus of $0.08; revenues rose 32.7% year/year to $73.1 mln vs the $73.6 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of +2-7% QoQ to ~$74.6-78.2 mln vs. $73.07 mln Thomson Reuters consensus. Gross margin of 62.7%, compared to 59.1% in 3Q10 and 55.3% in 4Q09.

4:03PM Coherent beats by $0.16, beats on revs; guides FY11 revs above consensus (COHR) 47.47 -0.37 : Reports Q1 (Dec) earnings of $0.85 per share, $0.16 better than the Thomson Reuters consensus of $0.69; revenues rose 49.1% year/year to $183.1 mln vs the $176.8 mln consensus. Co says due to the combined impact of record orders, record backlog and the completion of the Hypertronics transaction, it sees FY11 revs of revs of $760-780 mln vs. $715.96 mln Thomson Reuters consensus.

4:03PM Renaissance Learning beats by $0.02, misses on revs (RLRN) 12.26 +0.06 : Reports Q4 (Dec) earnings of $0.26 per share, $0.02 better than the Thomson Reuters consensus of $0.24; revenues rose 5.6% year/year to $34.2 mln vs the $35.2 mln consensus. Renaissance Learning added approx 500 new customer schools during the quarter, and total schools worldwide that are actively using the Company's products number over 70,000. Of these, approximately 34,000 are actively using at least one product running on the Renaissance Place platform.

4:02PM Informatica beats by $0.02, beats on revs (INFA) 42.57 -1.22 : Reports Q4 (Dec) earnings of $0.39 per share, $0.02 better than the Thomson Reuters consensus of $0.37; revenues rose 31.2% year/year to $198 mln vs the $184.4 mln consensus.

4:02PM Omnicell misses by $0.01, reports revs in-line (OMCL) 13.88 +0.05 : Reports Q4 (Dec) earnings of $0.11 per share, excluding non-recurring items, $0.01 worse than the Thomson Reuters consensus of $0.12; revenues rose 1.8% year/year to $57.2 mln vs the $57.1 mln consensus.

4:02PM MarkWest Energy increases quarterly cash distribution to $0.65/unit, an increase of $0.01 YoY (MWE) 42.59 +0.05 :

4:01PM Hub Group reports EPS in-line, revs in-line (HUBG) 37.04 +0.29 : Reports Q4 (Dec) earnings of $0.34 per share, in-line with the Thomson Reuters consensus of $0.34; revenues rose 17.6% year/year to $480 mln vs the $475.4 mln consensus.

3:50PM Microsoft beats by $0.09, beats on revs (MSFT) 29.33 +0.56 : Reports Q2 (Dec) earnings of $0.77 per share, $0.09 better than the Thomson Reuters consensus of $0.68; revenues rose 4.7% year/year to $19.9 bln vs the $19.15 bln consensus. Co reaffirms operating expense guidance of $26.9-27.3 bln

3:43PM New session high for S&P +4.2 and Nasdaq Comp +21 (SPY) :