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Market Update 110225

4:05 pm : Buyers stepped back in after watching the broader market fall more than 2% during the course of the prior session. Although headline risk related to social and political turmoil in the Middle East and North Africa continues, the flow of news out of the region has been less unsettling to investors. That had a hand in dropping the Volatility Index, often euphemistically dubbed the Fear Gauge, for a 9.3% loss.

Despite the stock market's strong gain and the drop in volatility, Treasuries still managed to attract some buying interest. That sent the yield on the benchmark 10-year Note down to 3.412%.

All 10 of the stock market's major sectors staged gains this session, but financials and materisld were the best performers. They both swung to a 1.4% gain.

Energy lagged in the early going, but rallied in the afternoon to settle with a 1.2% gain. Its swing higher came after oil prices advanced 0.7% to settle at $97.97 per barrel. Though that makes for a solid gain, oil's trade today was less volatile than it had been in recent sessions.

Fourth quarter GDP was revised downward to reflect growth of 2.8% after the advance reading showed a 3.2% growth rate. Economists polled by Briefing.com had expected, on average, growth of 3.3%. Despite the surprisingly large downward revision, participants continued to pursue stocks.

The final Consumer Sentiment Survey for February from the University of Michigan bolstered buying. It came in at 77.5, which is the best reading since January 2008.

Corporate news was still of little overall concern, but it caused some stock-specific swings. Autodesk (ADSK 42.75, +2.32) staged one of the strongest moves after it posted better-than-expected earnings.

Gap (GPS 22.75, +0.26) and J.C. Penney (JCP 34.16, -2.39) posted upside earnings surprises of their own and announced share repurchase plans. Gap complemented its report with a dividend hike. Despite that, retailers advanced a relatively tame 0.3%.

Participation hasn't been as strong today as it has in the past three sessions, when total share volume on the NYSE exceeded 1 billion shares with ease. DJ30 +61.95 NASDAQ +43.15 SP500 +13.80 NASDAQ Adv/Vol/Dec 2023/1.62 bln/604 NYSE Adv/Vol/Dec 2458/721.0 mln/526

3:50 pm : Some of the more widely watched commodities put on a mixed performance today, but the CRB COmmodity Index still swung to a 1.6% gain, which makes for its best single-session performance in more than a month.

Oil futures prices were less volatile than they have been in the past couple of days. After a couple of pullbacks to the neutral line the energy component still managed to settle at $97.97 per barrel with a 0.7% gain.

Natural gas had an impressive session. The commodity closed 3.5% higher at $4.01 per MMBtu.

Gold prices finished pit trade fractionally lower at $1409.70 per ounce. Silver shed 0.5% to settle pit trade at $33.01 per ounce.

Cotton futures were limit up to trade at $1.84 per pound after their prices had tumbled in each of the past four sessions. DJ30 +62.52 NASDAQ +41.61 SP500 +13.85 NASDAQ Adv/Vol/Dec 2041/1515.3 mln/587 NYSE Adv/Vol/Dec 2456/661.3 mln/531

3:00 pm : Stocks have been drifting along in a narrow range for the past couple of hours. Though that has made for some rather dull theatre, it allows for broad market gains to consolidate.

Steady gains continue to keep down volatility, though. As such, the Volatility Index is down more than 10%.

Participation hasn't been that strong this session, however. Only an hour remains before trade will close for the week and less than 600 million shares have traded hands on the NYSE. DJ30 +66.68 NASDAQ +40.49 SP500 +13.07 NASDAQ Adv/Vol/Dec 1972/1.31 bln/631 NYSE Adv/Vol/Dec 2436/570 mln/546

2:30 pm : This week has been characterized by instability in the Middle East and North Africa, fears of inflation, and a slew of quarterly reports. Though the former two themes continue to carry more headline risk than the latter item, it is worth checking up on the corporate scorecard.

Of the 369 companies Briefing.com covered this week, 50% of companies beat expectations for the top line. Some 54% beat EPS expectations.

Approximately 250 companies will be covered next week. There are a few widely held names in that bunch, but the overall quality of the names scheduled to report is inferior to what has been seen earlier this earnings season. DJ30 +72.39 NASDAQ +41.05 SP500 +13.38 NASDAQ Adv/Vol/Dec 1960/1.24 bln/634 NYSE Adv/Vol/Dec 2422/530 mln/547

2:00 pm : The S&P 500 is having some difficulty pushing past the 1320 line. Still, strength remains broad based.

Although the broader market is sitting at its session high, financials, tech stocks, and materials stocks -- early leaders -- are back a bit from their best levels of the day. Nonetheless, the trio continues to sport gains in excess of 1%.

Participation hasn't been as strong today as it has in the past three sessions, when total share volume on the NYSE exceeded 1 billion shares with ease. DJ30 +67.89 NASDAQ +40.83 SP500 +13.40 NASDAQ Adv/Vol/Dec 1954/1.13 bln/616 NYSE Adv/Vol/Dec 2416/482 mln/554

1:30 pm : Stocks have made a move to fresh session highs. The latest leg higher marks an extension of the push that stocks made from the midsession low that they set shortly before noon ET.

Treasuries have had a quiet session today. The subdued action surrounding that space stems from a new sense of calm among market participants. That calm is apparent in the precipitous drop in volatility, which has taken the Volatility Index down more than 10%. DJ30 +73.98 NASDAQ +40.40 SP500 +13.34 NASDAQ Adv/Vol/Dec 1894/1.05 bln/673 NYSE Adv/Vol/Dec 2400/445 mln/558

1:00 pm : The broad market fell in each of the past three sessions for a cumulative loss of 2.6%, but buyers have stepped back in with a strong bid as oil prices steady and news flow out of the Middle East and North Africa slows.

Social and political turmoil in the Middle East and North Africa continues to carry considerable headline risk, but after suffering through the selling of the past few sessions participants are scooping up stocks. The improved mood among traders has taken the Volatility Index down 10%.

The willingness to return to riskier trades has come in the face of a significant downward revision to fourth quarter GDP. Fourth quarter GDP had been expected to show a 3.3% increase after the advance reading showed 3.2% growth, but instead it showed growth of just 2.8%.

The final Consumer Sentiment Survey for February from the University of Michigan proved stronger than expected, though. It came in at 77.5, which is the best reading since January 2008.

Financials, basic materials, and tech stocks have found the most favor among participants today. Each of the three sectors is up in excess of 1%.

Autodesk (ADSK 43.12, +2.69) is one of today's top performers. Better-than-expected earnings have helped the stock recover all of its losses this week. It has also provided leadership to the Nasdaq, which is out in front of the other headline indices for the second straight session.

Gap (GPS 22.79, +0.30) and J.C. Penney (JCP 34.80, -1.75) posted upside earnings surprises of their own and announced share repurchase plans. Gap complemented its report with a dividend hike. Despite that, retailers are up a relatively tame 0.5%. DJ30 +60.43 NASDAQ +37.06 SP500 +11.98 NASDAQ Adv/Vol/Dec 698/768 mln/698 NYSE Adv/Vol/Dec 2354/400 mln/583

12:30 pm : The major equity averages continue to gradually reclaim their gains, but they haven't yet returned to the session highs that were set almost two hours ago.

For the second straight session the Nasdaq Composite has a nice lead over its two counterparts. In fact, its gain is more than triple that of the Dow. The Nasdaq's strength is largely owed to a rebound in tech issues, namely semiconductor stocks, which are collectively up 2.0%. DJ30 +53.35 NASDAQ +36.07 SP500 +11.10 NASDAQ Adv/Vol/Dec 1814/880 mln/719 NYSE Adv/Vol/Dec 2296/372 mln/632

12:00 pm : Stocks started to extend a recent pullback, but buyers were quick to step back in to provide support and help the major averages reclaim gains. Stocks are still off of session highs, however.

Retailers have been backed down to only a fractional gain. The group's relative weakness comes after it had outperformed in the prior session and follows strong reports from Gap (GPS 22.67, +0.18) and J.C. Penney (JCP 34.97, -1.58).DJ30 +37.81 NASDAQ +29.79 SP500 +9.02 NASDAQ Adv/Vol/Dec 1738/785 mln/765 NYSE Adv/Vol/Dec 2203/334 mln/697

11:30 am : A sudden flurry of selling has abruptly pulled stocks down from their recent trading range. The overall market is still up nicely for the session, but stocks are now at their lowest level in about 90 minutes.

The recent slip coincided with an upward push by oil prices, which recently made their way to a 0.5% gain. Oil prices have since handed back that gain so that they are now flat at $97.30 per barrel. DJ30 +45.15 NASDAQ +32.42 SP500 +9.21 NASDAQ Adv/Vol/Dec 1850/662 mln/632 NYSE Adv/Vol/Dec 2297/280 mln/564

11:00 am : The Volatility Index is down a sharp 10% as participants return to stocks after the losses of the past three sessions. Interest is broad, but the strongest buying has been seen in the basic material and financial sectors.

Materials stocks fell more than 4% during the course of the three previous sessions. The sector has rebounded to a 1.5% gain today. Even though all 30 names in the sector are in positive ground, CF Industries (CF 138.94, +4.92) and DuPont (DD 54.19, +1.15) have been primary leaders in the move.

As for financials, they fell nearly 4% over the past three sessions, but are up 1.4% today. Wells Fargo (WFC 32.66, +1.22), which was upgraded and added to a Conviction Buy List by analysts at Goldman Sachs, is a standout among financials. Fellow regional banks SunTrust (STI 30.86, +0.92), Fifth Third (FITB 14.84, +0.53), and KeyCorp (KEY 9.27, +0.24) are sharing in its strength. Of the 81 issues that make up the financial sector, only AIG (AIG 38.91, -1.52) is in the red. DJ30 +65.43 NASDAQ +36.73 SP500 +11.54 NASDAQ Adv/Vol/Dec 1763/499 mln/663 NYSE Adv/Vol/Dec 2255/225 mln/559

10:35 am : The dollar index is near session highs, but this is only pressuring select commodities this morning. April crude oil rose to overnight highs of $99.20 per barrel, but lost steam following news that Saudi Arabia was raising production. Supply shortfalls in Libya are still a concern though. On its pullback, crude fell into negative territory and new session lows of $96.17 per barrel. In current trade, crude is just below the unchanged line at $97.18 per barrel.

April natural gas trended lower from the overnight session and into the morning session. After hitting current session lows of $3.83 per MMBtu about 40 minutes before pit trading began, it rallied back into positive territory and just popped to new session highs of $3.90 per MMBtu a few minutes ago. Currently, it's up 0.5% at $3.89 per MMBtu.

Precious metals have been in the red all session as equity markets continue to trade near session highs. Gold is currently up 0.2% at $1405.40 per ounce, while silver is down 2% at $32.82 per ounce.DJ30 +58.85 NASDAQ +31.53 SP500 +10.25 NASDAQ Adv/Vol/Dec 1768/350.1 mln/594 NYSE Adv/Vol/Dec 2238/167.5 mln/512

10:00 am : Stocks recently started to chop along in a narrow range, but a better-than-expected Consumer Sentiment Survey has taken the broad market to a fresh morning high. The final Consumer Sentiment Survey for February from the University of Michigan came in at 77.5, which is not only better than the 75.1 that had been expected, on average, among economists polled by Briefing.com, but the best reading since January 2008.

Advancing Sectors: Financial (+1.2%), Materials (+1.2%), Tech (+1.1%), Consumer Discretionary (+0.9%), Industrials (+0.6%), Energy (+0.6%), Telecom (+0.3%), Utilities (+0.3%), Health Care (+0.3%), Consumer Staples (+0.3%)
Declining Sectors: (None)DJ30 +48.10 NASDAQ +25.46 SP500 +9.25 NASDAQ Adv/Vol/Dec 1475/143 mln/748 NYSE Adv/Vol/Dec 2105/90 mln/535

09:45 am : Strong buying in the first few minutes of trade has the major equity averages up nicely. Support is broad based, but consumer discretionary stocks and financial stocks have attracted the most interest -- both sectors are up about 1%.

Defensive-oriented issues are early laggards. Specifically, utilities and health care stocks are up 0.1% while consumer staples stocks and telecom stocks are up 0.2%.

Support for energy stocks is also lacking this morning. As such, the sector is only up 0.1%. The subdued action comes after a volatile few days for the sector. On Tuesday energy stocks collectively fell 0.7%, but rallied to a 1.9% gain on Wednesday. Yesterday they tumbled 1.4%. DJ30 +34.40 NASDAQ +20.13 SP500 +6.53

09:15 am : S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +14.80. Stocks head into Friday facing their worst weekly loss in six months, but renewed support ahead of the open has helped prop up stock futures so that a strong start to this week's final session looks to be in order. Strength is underpinned by a positive tone among most major overseas markets and more stable oil prices. After climbing to a new two-year high above $103 per barrel less than 36 hours ago, oil futures prices currently trade at $97.35 per barrel with only a fractional gain. Corporate news flow has slowed, but it has been generally good -- Gap (GPS) and J.C. Penney (JCP) both posted upside earnings surprises and announced plans to add to their share repurchase plans. Data today featured a significant downward revision to fourth quarter GDP, which increased 2.8%, but early morning buying interest has been undeterred. Still to come is the final consumer sentiment reading for February from the University of Michigan at 9:55 AM ET.

09:05 am : S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +14.30. Germany's DAX is up 0.5% at the moment. Automakers BMW and Volkswagen have been primary leaders. Deutsche Telekom (DTEGY) has been a laggard following the firm's fourth quarter operating results. France's CAC has climbed to a 1.3% gain amid broad-based buying. BNP Paribas and Societe Generale have led the advance. EADS and Essilor International are the only two names in the 40-member Index that have failed to put together any kind of a gain. Britain's FTSE is up 0.9%. HSBC (HBC) has been a key source of strength, but Lloyds Group (LYG) has been a laggard following its six-month results through December. Metals and mining plays Rio Tinto (RIO), BHP Billiton (BHP), and Anglo American continue to attract strong support. Fourth quarter GDP for the United Kingdom fell 0.6%, according to the preliminary reading. That follows a 0.5% decline in the third quarter. The Gfk Consumer Confidence Report for the United Kingdom came in at -28 for February. That follows a -29 reading for January.

In Asia, Japan's Nikkei put together a 0.7% gain. It was led by Fast Retailing, Softbank, and Honda Motor (HMC). Fanuc Corp and CSK Corp were laggards. Mainland China's Shanghai Composite finished flat after a wavering during the session. Strength in Industrial & Commercial Bank and Citic Securities was offset by weakness in PetroChina (PTR) and China Petroleum (SNP). China's MNI Business Confidence Survey for February came in at 58.2 after a reading of 61.1 in January. Hong Kong's Hang Seng benefited from broad-based support. It settled with a 1.8% gain after 43 of its 45 members staged gains. Belle International and Wharf Holding were the only two names to log losses. Banking issues HSBC, Industrial & Commercial Bank, and China Construction Bank led the long list of advancing issues.

08:35 am : S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +13.30. Stock futures initially slipped in response to the second reading on fourth quarter GDP, but they have since stabilized. The second reading indicated that the U.S. economy expanded at an annualized rate of 2.8% from October through December. The consensus among economists polled by Briefing.com had called for growth of 3.3% after the advance reading showed growth of 3.2%. Personal consumption for the fourth quarter was revised downward to reflect growth of 4.1% after it had initially been reported as growth of 4.4%. Core personal consumption expenditures were revised upward to a 0.5% increase from a 0.4% increase in the advance reading. The GDP Price Index for the fourth quarter increased by 0.4% after the advance reading had reported a 0.3% increase. Economists surveyed by Brieifng.com had expected, on average, that the GDP Price Index would go unrevised.

08:05 am : S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +12.00. Stock futures have steadily worked their way higher overnight. They now point to a strong start to this week's final trading session. Stocks head into Friday with a week-to-date loss of 2.6%, though. That currently makes for the stock market's worst weekly performance since August. Renewed support this morning comes amid solid gains abroad. It has also helped that headlines out of the Middle East and North Africa have slowed, at least for now. Even though oil prices are up 0.6% to $97.90 per barrel, the energy component is still more than $5 below the heights that reached less than 36 hours ago. Corporate news this morning hasn't been terribly exciting, but nonetheless positive. More specifically, Autodesk (ADSK) posted an upside earnings surprise and issued in-line guidance. Applied Materials (AMAT) issued upside guidance after it posted an upside earnings surprise of its own. Gap (GPS) also bested earnings expectations then announced plans to put $2 billion into its share repurchase program and raise its dividend by 13%. CIGNA (CI) added $500 million to its share repurchase plan. As for data, the second reading on fourth quarter GDP is due at the bottom of the hour. The final February Consumer Sentiment Survey from the University of Michigan follows at 9:55 AM ET.

http://finance.yahoo.com/marketupdate/update

5:14PM General Growth Properties amends existing $300 mln secured revolving credit facility (GGP) 15.58 +0.37 : Co announced an amendment to its existing $300 million three-year senior secured revolving credit facility (the "Revolver"). The amendment increases the Revolver commitment amount to ~$720 million and adds an "accordion" feature that, subject to satisfaction of certain conditions, allows the co to further increase the commitment amounts up to $1 billion. The amendment also provides a step-down in interest rates and collateral requirements as the overall leverage of the co improves. The commitments under the Revolver will be undrawn at close and will provide additional liquidity for the Company.

5:13PM NovaGold responds to copper canyon press release (NG) 13.81 +0.65 : NovaGold Resources (NG) is issuing this press release in response to the press release of Copper Canyon Resources Ltd. ("Copper Canyon") issued on February 24, 2011. As previously announced, NovaGold has extended to March 8, 2011 its offer for all of the outstanding shares of Copper Canyon. NovaGold's offer, which is on the basis of 0.0425 of a NovaGold common share for each Copper Canyon common share, represents a premium of ~41.8%, based on the closing prices of NovaGold's and Copper Canyon's shares on the TSX and TSX-V on December 17, 2010, the last trading day prior to NovaGold's announcement of its intention to make an offer for Copper Canyon, and a premium of approximately 33.4% based on the 20-day volume-weighted average prices of both companies on the TSX and TSX-V ending December 17, 2010. NG intends to pursue its application to cease trade Copper Canyon's shareholder rights plan (the "Plan"). The British Columbia Securities Commission is scheduled to hear this application on March 4, 2011. It is a condition of the offer that the Plan be waived, invalidated or cease traded prior to the expiry of the offer. NovaGold believes that Copper Canyon shareholders should be given the opportunity to decide for themselves whether they wish to accept NovaGold's offer.

5:02PM Celanese to increase prices of emulsion polymers in EMEA (CE) 41.02 +1.25 : Co announced it will increase the price of all emulsions sold in Europe, the Middle East and Africa by 150 EUR/tonne effective April 1, 2011, or as contracts allow. This price increase includes all emulsions and affects applications including, but not limited to, adhesives, paint and coatings, building and construction, nonwovens, glass fiber, carpet and textiles.

5:02PM Public Storage misses by $0.04, misses on revs (PSA) 110.57 +1.61 : Reports Q4 (Dec) funds from operations of $1.33 per share, $0.04 worse than the Thomson Reuters consensus of $1.37; revenues rose 2.4% year/year to $360.4 mln vs the $382.5 mln consensus.

4:59PM Lorillard Suit Alleges Financial Conflict and Bias Among FDA Advisory Committee Members (LO) 77.19 +0.03 : LO announced that highlighting conflicts of interest and bias among members of a Food and Drug Administration (FDA) scientific advisory committee, the co filed suit to stop FDA from receiving or relying on recommendations from the advisory committee, including recommendations regarding the use of menthol in cigarettes. In the complaint, Lorillard also asks the Court to enjoin the FDA from making available to the advisory committee any trade secret or confidential commercial documents submitted by the company to FDA until the advisory committee is lawfully constituted. The lawsuit was filed jointly by Lorillard and R.J. Reynolds Tobacco Company in the United States District Court for the District of Columbia. The advisory committee is expected to submit a non-binding recommendation on the use of menthol in cigarettes to the FDA by March 23, 2011.

4:37PM Kraft Foods announced the U.S. appellate court upholds district court ruling; denies the co's request for reversal (KFT) 31.71 -0.07 : KFT announced that the U.S. Court of Appeals for the Second Circuit upheld a lower court's ruling denying Kraft's request for a preliminary injunction against Starbucks Coffee Company. The injunction would have stopped Starbucks from unilaterally ending its strategic partnership with Kraft before a mandatory arbitration proceeding decides the core issues in this dispute. The arbitration process is already underway and will continue over the next several months. Today's Court decision does not affect Kraft Foods' vigorous defense of its rights in arbitration.

4:34PM Noah Education receives offer for electronic learning product business from founder; following offer, founder will resign as COO (NED) 2.05 +0.03 : Co announced that the board of directors of the Co (the "Board") has received an indicative non-binding offer (the "Offer") from Mr. Benguo Tang, one of Noah's founders, to acquire Noah's Electronic Learning Product ("ELP") business and operating assets (excluding cash and the office building in Chengdu). In connection with the submission of the Offer, Mr. Tang has also resigned from his role as Noah's President and Chief Operating Officer ("COO") and the Board has appointed Mr. Ruchun Zhang as the interim President and COO of the Company, effective immediately. Tang submitted the Offer to the Board on February 22, 2011. The Offer indicated a preliminary price range of RMB90 million to RMB120 million. In connection with the Offer, Tang has resigned from his role as Noah's President and COO, effective immediately, but will remain with the Company in the capacity of a non-executive director. Tang will refrain from attending any Board meetings discussing the Offer or the other alternatives for the ELP business.

4:33PM American Water misses by $0.01, beats on revs; confirms FY11 EPS in-line (AWK) 27.37 +0.29 : Reports Q4 (Dec) earnings of $0.23 per share, $0.01 worse than the Thomson Reuters consensus of $0.24; revenues rose 11.2% year/year to $664.5 mln vs the $654.8 mln consensus. Co confirms in-line guidance for FY11, sees EPS of $1.65-1.75 vs. $1.68 Thomson Reuters consensus.

4:30PM Cbeyond amends credit facility (CBEY) 13.81 +0.03 : Co announced that it has amended its credit facility with Bank of America. The amended credit facility increases the amount available to borrow to $75 million from $40 million, extends the maturity by approximately three years to February 2016 and generally reduces borrowing rates.

4:25PM Ur-Energy releases amended preliminary assessment on Lost Creek (URG) 2.85 +0.12 : cO announces that it has released an amended Preliminary Assessment in accordance with National Instrument 43-101 for the Company's Lost Creek project located in Sweetwater County, Wyoming as required by the Ontario Securities Commission. The Prelim Assessment of the Lost Creek project, initially prepared in 2008 by Lyntek Incorporated ("Lyntek"), is being re-released in amended form following a review of the Prelim Assessment by the Ontario Securities Commission, which required the correction of certain deficiencies under the National Instrument. When prepared in 2008, the Preliminary Assessment relied upon an earlier resource estimate, prepared by C. Stewart Wallis (Technical Report on the Lost Creek Project, Wyoming, June 15, 2006)(the "2006 Report"). Compared to the original 2006 resource estimate, shown below, the indicated in-situ pounds and the inferred in-situ pounds have decreased by 6% and 4%, respectively.

4:21PM United Continental annouced that Continental flight attendants ratify agreement (UAL) 23.95 -0.16 : Continental Airlines, a wholly owned subsidiary of United Continental Holdings (UAL), announced that its flight attendants, represented by the International Association of Machinists and Aerospace Workers (IAM), ratified their collective bargaining agreement with the company.

4:12PM Medicis reports EPS in-line, misses on revs; guides Q1 EPS below consensus, revs below consensus; guides FY11 EPS in-line, revs below consensus (MRX) 25.82 +0.46 : Reports Q4 (Dec) earnings of $0.60 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.60; revenues rose 1.7% year/year to $182.1 mln vs the $184.2 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.45-0.50, excluding non-recurring items, vs. $0.61 Thomson Reuters consensus; sees Q1 revs of $160-170 mln vs. $189.47 mln Thomson Reuters consensus. Co issues mixed guidance for FY11, sees EPS of $2.40-2.60, excluding non-recurring items, vs. $2.56 Thomson Reuters consensus; sees FY11 revs of $730-770 mln vs. $801.42 mln Thomson Reuters consensus.

4:05PM Herley Industries announced that Kratos Defense & Security Solutions (KTOS) commences cash tender offer for HRLY at $19.00 per share (HRLY) 18.99 +0.02 : Kratos Defense & Security Solutions, Inc. (KTOS), a leading National Security Solutions provider, today announced that its indirect wholly-owned subsidiary, Lanza Acquisition Co., has commenced its tender offer for all outstanding shares of Herley Industries, Inc. (HRLY) at a price of $19.00 per share in cash, without interest, less any applicable withholding taxes.

4:00PM Universal American Corp enters into stipulation of settlement to resolve 2005 shareholder's derivative action (UAM) 20.79 +0.33 : Co announces that it entered into a Stipulation of Settlement to resolve a 2005 shareholder's derivative action brought by Arthur Tsutsui against certain of the Company's officers and directors. The proposed settlement was preliminarily approved by the Court on February 10, 2011 and is subject to the final approval of the Court. A hearing has been scheduled on April 15, 2011 to determine whether final approval should be granted.

4:00PM FMC Tech announces two-for-one stock split (FTI) 92.70 +3.20 : Co announced that its Board of Directors has approved a two-for-one stock split of the Company's common stock in the form of a stock dividend, payable on March 31, 2011, to shareholders of record as of March 14, 2011.

3:14PM Small- and Mid-Cap indices edge to new afternoon/session highs, Nasdaq +42 and S&P +14 hovering just under highs -- Dow +74 (SPY) :

3:07PM Goodrich Petroleum prices a private placement of $275 million of 8.875% senior unsecured notes due 2019 (GDP) 20.69 +0.97 : The notes were sold at 100% of par to yield 8.875% to maturity. The offering is expected to close on March 2, 2011, subject to customary closing conditions. Co intends to place $175 million of the net proceeds of this offering into escrow, to be used for the redemption in December 2011 of its $175 million outstanding 3.25% convertible senior notes due 2026 or to repurchase such convertible notes prior to redemption. Any remaining net proceeds are intended to be used for general corporate purposes, including funding a portion of the Company's 2011 capital expenditure program.

3:05PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices; Wheat +3.7%, Corn +3.7% (COMDX) : May corn finished up 25.5 cents (or +3.7%) to $7.22/bu, May wheat rose 28.75 cents (or 3.7%) to close at $8.1125, May soybeans rose 45.75 cents (or 3.4%) to close at $13.75, Apr ethanol closed up 0.054 at $2.55, while May world sugar futures closed up 0.91 cents to 28.74 cents.

2:31PM Gerova Financial: Ticonderoga Securities, announces that, in light of recent developments it is no longer pursuing a possible transaction with Gerova Financial (GFC) 5.28 : (stock halted)

2:31PM Toyota Motor announces $64 million investment to add 6-speed automatic transmission capacity at its plant in Buffalo (TM) 91.68 +1.58 :

2:28PM New session highS in Energy XLE, Oil Service OIH (TECHX) : XOP, XES, IEO.

2:02PM Hologic announces that the US Court of Appeals for the Federal Circuit has ruled in favor of co, by reversing the previous decisions reached by the US District Court for the Northern District of California, in favor of SenoRx (HOLX) 20.55 +0.72 : In the patent infringement lawsuit filed in 2008 by Hologic, Inc., Cytyc Corp., and Hologic L.P. against SenoRx, acquired by C.R. Bard (BCR) in July, 2010, alleging infringement of claims 1 and 8 of Hologic's U.S. Patent 6,482,142 by the SenoRx Contura breast brachytherapy product, the district court had granted SenoRx summary judgment of invalidity as to claim 1 and, following a jury verdict on December 17, 2009, entered a judgment of invalidity as to claim 8.

1:49PM Index Change Reminders (INDXCH) : S&P MidCap 400 constituent Navigant Consulting (NCI) will replace Genoptix (GXDX) in the S&P SmallCap 600 index, and Northern Oil and Gas (NOG) will replace Navigant Consulting in the S&P MidCap 400 after the close today.

1:36PM Aetna announced today that Chairman Ronald A. Williams, 61, will retire on April 8, 2011 (AET) 37.49 -0.44 : Co announced today that Chairman Ronald A. Williams, 61, will retire on April 8, 2011. At that time, Mark T. Bertolini, 54, CEO and president, will become chairman of the Board of Directors. Upon Williams' retirement, the number of directors will be reduced from 14 to 13.

1:22PM Apache appoints Rod Eichler to president and COO and Roger Plank to president and chief corporate officer (APA) 122.26 +1.76 :

1:15PM Stock indices edges above morning peaks to set new session highs -- S&P +13, Dow +74, Nasdaq Comp +40 (SPY) :

12:49PM May cotton futures rose limit-up (+7 cents) to $1.8423/lb in recent trade; this follows a 4-day decline, from new all-time highs, which racked up 12.2% in losses (BAL) 96.25 +5.10 :

12:44PM Stock indices creeping slowly back toward highs but this is midday trade -- Dow +54, S&P +11.4, Nasdaq Comp +36 (SPY) : Sector relative strength in recent action (outperforming the S&P) has been noted in Retail XRT, Telecom IYZ, Materials XLB.

12:42PM April nat gas spikes to new session highs of $4.04 per MMBtu; now at $4.01 +0.14 (UNG) 5.37 +0.20 :

12:26PM Arbinet-thexchange announced that the company's stockholders have approved and adopted Arbinet's merger agreement with Primus (ARBX) 9.15 +0.15 :

11:53AM Corn, wheat and soybeans (all May contracts) are showing strong gains on bullish USDA export sales report (JJG) 55.02 +2.21 : Wheat +4.7% at $8.195/bu, Corn +3.7% at $7.225/bu and Soybeans +3.5% at $13.76/bu are the top three performing commodities in the CRB Commodity Index in late morning trade following a bullish USDA export report earlier this morning, which showed that international demand remains strong.

The report showed that net sales of corn rose 46%, a marketing year high, from the prior week and 62% from the prior 4-week avg. Increase were for Mexico, Japan, Egypt, Israel, Saudi Arabia and South Korea.

11:32AM Tollgrade announced relocation of corporate headquarters to Cranberry Township effective February 28 (TLGD) 9.99 +0.02 : This move comes after careful study and review of the company's future operating needs in light of its growth prospects.

11:31AM AgFeed Industries has appointed Milton Webster to its Board of Directors and as a member of its Audit Committee (FEED) 2.22 +0.01 :

11:29AM Minor slippage off the highs/resistances noted earlier in recent trade for stock indices -- Dow +45, S&P +9.4, Nasdaq +32 (SPY) : See 10:06 and 10:50 updates. Crude Oil has jumped roughly $0.50 over the last few minutes, to approach its day session high

11:25AM Rosetta Resources misses by $0.24, beats on revs; announces sale of two separate agreements to sell nat gas assets in the Sacramento Basin in CA and the DJ Basin in CO, for $255 mln (ROSE) 44.76 +2.08 : Reports Q4 (Dec) loss of $0.02 per share, $0.24 worse than the Thomson Reuters consensus of $0.22; revenues rose 16.9% year/year to $89.4 mln vs the $85.3 mln consensus. Production for Q4 averaged 147 MMcfe/d, up 15 percent from the fourth quarter of 2009. The Proved reserves as of December 31, 2010 were 12.4 million barrels of crude oil and condensate, 19.3 million barrels of natural gas liquids and 289 Bcf of natural gas. Rosetta has entered into two separate purchase and sale agreements for its assets in the Sacramento Basin in California and the DJ Basin in Colorado. The two operating areas hold a total of 80 Bcfe of proved reserves and currently produce about 40 MMcfe/d. The combined purchase price for the properties totals $255 mln, subject to customary closing adjustments based on an effective date in both transactions of January 1, 2011, with both transactions expected to close by the end of the second quarter. The favorable timing of the divestitures will allow the Company the option to accelerate development in the Eagle Ford, acquire additional leasehold in and around our core areas, and/or accelerate exploration in the Southern Alberta Basin. The Company earlier announced a 2011 capital program of $360 million. More than 90 percent of this planned spending will be allocated to the co's assets in the Eagle Ford shale in South Texas. The capital program also includes funds for the continued evaluation of the Southern Alberta Basin... Stock is halted and will resume trading at 11:40 ET.

11:05AM American Defense Systems announces that it has signed a letter of intent with its Series A Preferred Stockholders to cancel 100% of the co's preferred stock obligations (EAG) 0.15 0.00 :

11:01AM Peabody Energy entered into an agreement with Indonesia's PT Cahaya Energi Mandiri to source 2 mln tons of coal for Asian export through Peabody COALTRADE's trading hub in Singapore (BTU) 64.36 +1.22 : The contract marks the third term agreement Peabody has secured in recent months, which together account for 5.5 million tons of Indonesian coal. Coal from PT CEM will be secured over two years from a mine in East Kalimantan, and the relationship could be expanded over time.

11:00AM Cummins extends its partnership with the U.S. Army (CMI) 102.32 +1.45 : Cummins Power Generation dedicated the production line for its newest line of mobile power generators for use by the U.S. Army. The event marks the beginning of the third phase of the partnership between Cummins Power Generation and the Army for production of Cummins Power Generation's Advanced Medium Mobile Power Sources.

10:55AM April gold lifts to new session highs of $1412.40 per ounce; now -$5.00 at $1410.8 per ounce (GLD) 137.57 +1.09 :

10:50AM New highs for stock indices, vacillating near short term resistances (SPY) : The solid opening push has been extended further in recent trade bringing resistances noted in The Technical Take into play at 12130/12140 Dow (session high 12139), 2769/2779 Nasdaq Comp (session high 2276) and 1319/1320 S&P (session high 1318.70). These mark retracements of this week's slide and/or congest/intraday moving averages.

10:49AM Emergent BioSolutions announce a delegation of Members of the European Parliament and reps from the Oxford-Emergent Tuberculosis Consortium visited the trial site where MVA85A is being studied in a Phase IIb infant efficacy clinical trial (EBS) 20.67 -0.20 :

10:32AM Heritage Finl names David Durland Executive VP and Chief Banking Officer (HBOS) 13.01 -0.11 : Co also announced the addition of Robert E. Krimmel as Senior Vice President and Chief Accounting Officer.

10:27AM April natural gas pops to new session highs of $3.899/MMBtu; now at $3.892 +0.02 (UNG) 5.20 +0.02 :

10:24AM Wal-Mart extends to/attempting to stabilize near support (WMT) 51.80 -0.29 : Noted the breach of its 200 sma yesterday with the bears retaining control this morning bringing the 62% retracement of the entire July-Jan surge into play at 51.63 (session low 51.60). The decline off last week's close reached 6.8% at this morning's trough.

10:20AM American Intl: Following earnings, stock breaks to opening lows as it sinks into fresh 5-mth low territory (AIG) 38.80 -1.75 :

10:12AM Teradyne extends solid opening push to an early week gap top at 18.82 -- session high 18.80 (TER) 18.74 +0.58 : Its 52-wk close high is slightly above at 18.92 with the 52-wk intraday peak from last week at 19.11.

10:06AM S&P +11.6 extends to new high of 1317.86, next short term resistance is at 1319/1320 (SPY) : This marks the 50% retracement of the slide off the high as well as an hourly moving average (50 ema).

10:02AM Sector Watch (TECHX) : Sectors displaying relative strength in recent trade include: Energy XLE, Oil Service OIH, Finance XLF, Semi SMH.

10:00AM Cedar Fair amends its senior secured term debt facility; rate reduction provides an annualized cash interest savings of ~$18 mln at today's interest rate levels (FUN) 19.49 +0.23 :

9:56AM Stock indices push to fresh highs after sentiment data -- Dow +45, S&P +9, Nasdaq Comp +25 (SPY) :

9:49AM Guggenheim Solar ETF displaying some relative weakness (TAN) 8.60 -0.09 : FSLR -5.1%, CSIQ -2.4%, STP -2.1%, YGE -1.7%, TSL -1.1%, SPWRA -0.8%.

9:48AM Opening Point Gainers/Losers (TECHX) : Point Gainers: CRM (+8.82), AGQ (+7.25), CMG (+6.78), OVTI (+5.20), HANS (+4.32), ACOM (+3.87), FFIV (+3.94), SINA (+3.27), PPO (+3.12), ADSK (+2.58), ACTG (+3.05)

Point Losers: FSLR (-7.18), MDAS (-6.29), NTRI (-6.05), PLX (-2.41), MED (-2.16), GMCR (-1.75), NAK (-1.87), DWA (-1.12), CLD (-1.33), WTW (-1.18)

9:46AM Dreamworks Animation on defensive after reporting slumps to new eight month low of 26.78 (DWA) 26.98 -1.13 : Note that its 52-wk close and intraday lows from June are at 27.08/26.61

9:45AM Gold issues starting to display some relative strength here -- GDX, GLD, AEM, GG, GFI, RGLD, GOLD, ABX, IAG, KGC, SA, NEM (TECHX) :

9:38AM Ford Motor testing the highs of the last two days at 14.99/15.04 after this week's hold at its 200 ema support (F) 14.99 +0.28 :

9:37AM Early broad based strength for the market with the indices extending to fresh highs (Dow +42, S&P +7.6, Nasdaq Comp +22 (SPY) : Top performing sector in the early going include: Silver SLV +2.3%, Ag/Chem MOO +1.6%, Semi Equip XSD +1.6%, Reg Bank RKH +1.5%, Software IGV +1.3%, Steel +1.3%, Retail XRT +1.3%, Auto Parts -1.3%, Machinery.

9:30AM Furiex Pharmaceuticals confirms Takeda receives approval of additional NESINA combination therapies with Sulfonylurea and Biguanide (FURX) 16.00 +0.34 : Co confirmed that Takeda Pharmaceutical Company Limited's applications for two additional indications for NESINA, combination therapy with sulfonylurea and combination therapy with biguanide for type 2 diabetes, were approved by the Japanese Ministry of Health, Labour and Welfare. Under Furiex's agreement with Takeda, these two approvals do not trigger a milestone payment to Furiex. However, Furiex is entitled to receive royalty payments on sales of NESINA resulting from these approvals.

9:25AM Cushing MLP Total Return Fund prices a total of 6 mln common shares for sale at a price to the public of $10.00 per share (SRV) 10.53 :

9:07AM On The Wires (WIRES) :

* Medtronic (MDT) announced that it has completed the purchase of rights to a chitosan-dextran gel technology from Adelaide Research & Innovation Pty in Australia, Robinson Squidgel, and Otago Innovation in New Zealand. Medtronic is acquiring this technology for potential use in developing future products for functional endoscopic sinus surgery.
* SuperMedia (SPMD) announced the appointment of Matthew J. Stover as Executive Vice President - Chief Marketing Officer, effective March 7th.
* The Babcock & Wilcox Company's (BWC) Denmark-based subsidiary, Babcock & Wilcox Volund A/S (B&W Volund), has been awarded a $35 million contract with Finland-based EkoKem OY to supply key equipment for a 36 megawatt waste-to-energy, combined heat and power plant in Riihimaki, Finland.
* ConocoPhillips (COP) announced that Australia Pacific LNG Pty and China Petrochemical Corporation have signed an agreement establishing non-binding key commercial terms for the supply of up to 4.3 million tonnes per annum of LNG for 20 years.
* DCT Industrial Trust (DCT) announced it has acquired a well-located distribution building in Miami's Airport West submarket. The 100,000 square foot building was acquired for $7.5 mln which is ~10% below estimated replacement cost.

9:03AM Enbridge Clarifies Dates for Proposed 2-for-1 Stock Split; expected to be May 25, 2011 (ENB) 58.01 : Date is contingent on approval at co's Annual and Special Meeting May 11, 2011.

9:02AM SAVVIS Comm appoints Bill Fathers To President (SVVS) 32.29 : Co announces that Bill Fathers, SVP and global head of sales and marketing, has been promoted to the position of president of co.

9:00AM Limelight Networks announces pricing of public offering of 10 mln common stock at $7.10/share (LLNW) 7.77 : Jefferies & Company, Inc. and Piper Jaffray& Co. are acting as joint book-running managers for the offering. FBR Capital Markets Corporation., D.A. Davidson & Co. and Wedbush Securities Inc. are acting as co-managers for the offering.

8:53AM Horsehead Holding beats by $0.10, beats on revs (ZINC) 14.62 : Reports Q4 (Dec) earnings of $0.15 per share, excluding an $0.18 insurance recovery, $0.10 better than the Thomson Reuters consensus of $0.05; revenues rose 40.0% year/year to $96.3 mln vs the $92 mln consensus. "The level of our EAF dust receipts continues to be paced by the output from the steel industry. Steel industry capacity utilization has been operating in the 73% range during the past few weeks, which is above the fourth quarter average of approximately 69%. We expect to operate our facilities near full capacity during the first quarter with intermittent outages on some kilns based on inventory levels. We are pleased to have successfully renewed annual contracts with all of our major zinc oxide customers for 2011. We expect shipments of zinc oxide to increase significantly in 2011 versus 2010 as we have completely restored our production capabilities. We anticipate a ramp-up of zinc oxide shipments during the first quarter of 2011 as we complete re-qualification testing with some customers and as other customers work down safety stocks"

8:50AM Arch Capital announces additional $1 bln share repurchase authorization (ACGL) 87.56 : Co announced that its Board of Directors authorized the Company to invest up to an additional $1 bln in the Company's common shares. This authorization is in addition to the $84.4 mln available at February 24, 2011 under the Board's previous share repurchase authorization.

8:46AM Unifi appoints William L. Jasper as Chairman and R. Roger Berrier, Jr. as President and COO (UFI) 18.94 :

8:42AM Crude oil sinks to morning lows, now -0.62 at 96.65 (COMDX) :

8:36AM Mediacom Comm reports Q4 results, meeting of stockholders will be held on March 4, 2011 to vote on the merger agreement (MCCC) 11.84 : Co reports adj. OBIDA flat YoY at $138.3 mln; rev +1.9% YoY to $378.9 mln vs. the $380.9 mln consensus. On November 15, 2010, the co announced that it had entered into a definitive merger agreement with Rocco Commisso, Mediacom's founder, Chairman and Chief Executive Officer, and an entity formed by Mr. Commisso. A special meeting of stockholders will be held on March 4, 2011 to vote on the merger agreement, pursuant to which all outstanding shares of Mediacom common stock that Mr. Commisso does not already own will be converted into $8.75 per share in cash. Mediacom is releasing these preliminary results to provide its stockholders with additional financial information prior to the upcoming special meeting of stockholders. The co anticipates that if the merger agreement is adopted by the requisite vote of stockholders, the merger will be consummated on or about the date of the stockholder meeting. In light of that expectation, the co does not plan to make a further earnings release after the 2010 audit is complete or to hold an investors' conference call.

8:35AM IntercontinentalExchange set an exchange-wide daily volume record of 1,698,258 contracts yesterday, Feb 24 (ICE) 123.64 :

8:34AM On The Wires (WIRES) :

* NCI (NCIT) announced that it has signed a definitive agreement to purchase 100% of the stock of AdvanceMed Corporation, an affiliate of CSC. AdvanceMed is a provider of healthcare program integrity services focused on the detection and prevention of fraud, waste, and abuse in healthcare programs. Additional financial and acquisition information will be disclosed upon closing, which is anticipated to occur on or about April 2.
* Amerigroup Corporation (AGP) announced that Patrick Blair has been named chief marketing officer, charged with business and product development, marketing operations and communications, multimedia and e-business.

8:33AM Kaydon beats by $0.01, reports revs in-line (KDN) 38.92 : Reports Q4 (Dec) earnings of $0.37 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.36; revenues fell 3.6% year/year to $105 mln vs the $105.9 mln consensus. Q4 Orders were $100.8 mln vs $77.2 mln yr ago. "Through Q4, and continuing thus far into 2011, we see continued evidence, both tangible and anecdotal, of further improvement in most of our industrial businesses, notably in the heavy equipment, industrial machinery, medical and semiconductor markets. This strength will help offset moderation in wind energy, as the renewable energy business awaits the substantive energy policy required for sustained growth, and the expected decline of certain military programs, which had been in a "ramp up" mode in the prior year... Both sales and orders from our industrial end markets increased over 20 percent in the fourth quarter of 2010. With increased order and quotation activity in traditionally later cycle sectors, such as heavy equipment and industrial machinery, we should continue to see strengthening in shipments as the year progresses."

8:32AM IntercontinentalExchange announces acquisition of Ballista; integration with YellowJacket to expand on existing derivatives capabilities (ICE) 123.64 : Co announced it has acquired Ballista Securities. Ballista is a registered broker/dealer that offers an electronic options platform for the execution of block-sized and complex multi-leg options transactions. Ballista will augment ICE's existing initiatives in the options market, which began with YellowJacket's entry into the off-exchange negotiated market last year.

8:31AM Kaydon enters into agreement to acquire HAHN-Gasfedern GmbH (KDN) 38.92 : HAHN, located in Aichwald, Germany, manufactures and sells gas springs, tension springs and dampers for diverse industrial markets. HAHN had sales of ~$20 million in 2010. Co expects the transaction to be accretive within the first twelve months of ownership.

8:19AM Rowan Cos beats by $0.13, beats on revs; CEO expects to begin a process soon to either spin off or sell manufacturing operations (RDC) 39.83 : Reports Q4 (Dec) earnings of $0.42 per share, excluding non-recurring items, $0.13 better than the Thomson Reuters consensus of $0.29; revenues rose 14.8% year/year to $458.8 mln vs the $425.4 mln consensus. "Our contract drilling operations provided solid results in the fourth quarter, exceeding consensus expectations primarily due to continued success in managing our costs. Similarly, our manufacturing results were above expectations, with the out-performance again led by the mining products group. We expect demand for our mining products to continue to strengthen in 2011... We have repeatedly stated that our strategy is to separate LeTourneau from Rowan when suitable market conditions exist. We believe favorable conditions now exist and expect to begin a process soon to either spin off or sell our manufacturing operations. Likewise, the land rig market in the US has been strengthening, particularly for more capable land rigs like those that characterize the Rowan fleet, and we expect to begin a process to monetize this business in the near future as well. As always, we will look at all alternatives for both businesses with the objective of maximizing shareholder value." Briefing.com note: RDC has expressed interest in divestitures in the past.

8:11AM Neoprobe Corporation reports Phase 2 results of Lymphoseek; demonstrates the tracing agent's ability to identify tumor-draining lymph nodes in breast cancer and melanoma patients (NEOP) 4.37 : CO announces that results from a Phase II study of Lymphoseek have been published online in the Annals of Surgical Oncology and demonstrate the tracing agent's ability to identify tumor-draining lymph nodes in breast cancer and melanoma patients. For those who underwent lymphoscintigraphy (55 patients; 70.5%), a tumor draining lymph node was identified in 94.5% of patients prior to surgery. Intraoperatively, Lymphoseek identified at least one regional lymph node in 96.2% of patients (97.9% in melanoma and 93.5% in breast cancer patients). The tissue specificity of Lymphoseek was 100% and displayed 95.1% mapping sensitivity by localizing in 173 out of 182 nodes removed during surgery.

8:08AM On The Wires (WIRES) :

* SunEdison, a subsidiary of MEMC Electronic Materials (WFR), has been awarded 31 Megawatts AC of solar photovoltaic projects by The Ontario Power Authority as part of the province's landmark Feed-in Tariff program.
* Alaska Airlines (ALK) announced that SkyWest Airlines will begin flying six West Coast routes currently operated by Horizon Air, starting May 14. The Utah-based carrier will fly the routes using five 70-seat Bombardier CRJ-700 regional jets it is acquiring from Horizon.
* Jefferies Group (JEF) announced that Jefferies and Massachusetts Mutual Life Insurance Company have doubled their equity commitments to Jefferies Finance LLC, the commercial finance joint venture the two firms founded in October 2004. With an incremental $250 million from each partner, the new total committed equity capitalization of the finance company is $1 bln. In addition, they have entered into a $1 blnSecured Revolving Credit Facility to be funded equally by the two firms to support large loan underwritings by Jefferies Finance.
* Crocs (CROX) announced that it has named Andrew Davison as chief marketing officer. Davison will be responsible for leading all aspects of Crocs' marketing including the company's advertising, consumer promotions and online communications campaigns.

8:02AM IPG Photonics beats by $0.03, beats on revs; guides Q1 above consensus (IPGP) 51.86 : Reports Q4 (Dec) earnings of $0.56 per share, $0.03 better than the Thomson Reuters consensus of $0.53; revenues rose 86.0% year/year to $101 mln vs the $98.8 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.37-0.44 vs. $0.37 Thomson Reuters consensus; sees Q1 revs of $89-95 mln vs. $86.64 mln Thomson Reuters consensus.

8:01AM Verenium President and CEO to retire; current CFO appointed as replacement; appoints new CFO from with in co (VRNM) 3.31 : Co announces a a series of changes within its senior management team to take effect March 31. Carlos Riva, currently Director, President and CEO, will be retiring from his position at the co . He will continue to be available to the co as a consultant for a period of time. James Levine, currently CFO, will be promoted to President and CEO, succeeding Riva. He will also be elected to the co's Board. Jeffrey Black, currently SVP and Chief Accounting Officer, will be promoted to CFO.

8:00AM Cytori Therapeutics has been issued Patent No. 4653952 from the Japan Patent Office covering devices for extracting and concentrating the stem and regenerative cells which naturally exist within adipose tissue (CYTX) 5.57 :

7:36AM Solar Senior Capital prices 8.0 mln share IPO at $20, in-line with expectations (SUNS) :

7:34AM Constellation Energy beats by $0.48, misses on revs (CEP) 2.75 : Reports Q4 (Dec) loss of $0.28 per share, $0.48 better than the Thomson Reuters consensus of ($0.76); revenues fell 66.3% year/year to $16 mln vs the $27.2 mln consensus. At the level of previously announced CapEx budget of $10-12 mln, the co forecasts it will complete between 30-35 net wells. Net production is forecast to range between 13.4-14.2 Bcfe for 2011, with operating costs expected to range between $48-52 mln for the year. "In 2011, we expect to use operating cash flows to continue a capital program that is limited in scope while reducing debt an additional $25 million to $30 million."

7:34AM Tenet Healthcare beats by $0.06, misses on revs; reaffirms FY11 adj. EBITDA guidance (THC) 6.97 : Reports Q4 (Dec) earnings of $0.14 per share, $0.06 better than the Thomson Reuters consensus of $0.08; revenues rose 1.8% year/year to $2.3 bln vs the $2.35 bln consensus. "Our volume trends showed significant improvement in November and December compared to the first ten months of the year. Those strengthening trends have continued into January and February 2011. In the fourth quarter of 2010 we achieved a 3.2% YoY increase in paying outpatient visits. Strong pricing growth and continued excellent cost performance also contributed to a solid quarter... We are reconfirming our 2011 outlook for adjusted EBITDA in a range of $1.150-$1.250 bln [may not compare to the $1.17 bln EBITDA consensus] and we are introducing our 2011 outlook for net cash provided by operating activities in the range of $570-740 mln."

7:33AM TETRA Tech beats by $0.03, beats on revs (TTI) 12.63 : Reports Q4 (Dec) earnings of $0.10 per share, $0.03 better than the Thomson Reuters consensus of $0.07; revenues rose 0.7% year/year to $213.2 mln vs the $211.1 mln consensus.

7:30AM TeleComm Sys announces dismissal of reexamination for inter-carrier messaging patent (TSYS) 4.33 : Co announces that the reexamination of U.S. patent "Inter-Carrier Messaging Service Providing Phone Number Only Experience" number 6,985,748 ('748) has been dismissed by the U.S. Patent and Trademark Office. TCS patent '748 was previously the subject of a successful patent litigation where a jury unanimously found the '748 patent valid and willfully infringed. The litigation resulted in a $23 million settlement in January 2011. All litigated claims remain valid and enforceable.

7:18AM Abovenet beats by $0.24, beats on revs; guides FY11 revs in-line (ABVT) 61.81 : Reports Q4 (Dec) earnings of $0.85 per share, $0.24 better than the Thomson Reuters consensus of $0.61; revenues rose 14.6% year/year to $108.1 mln vs the $106.3 mln consensus. Co issues in-line guidance for FY11, sees FY11 revs of $460-470 mln vs. $460.76 mln Thomson Reuters consensus. The co's guidance for its projected Adjusted EBITDA Margin for the full year 2011 is expected to be ~in line with the full year 2010 actual Adjusted EBITDA Margin. The co's guidance for cash used for capital expenditures guidance for full year 2011 is from $140-150 mln. Management stated that Adjusted EBITDA is expected to exceed cash used for capital expenditures in full year 2011.

7:15AM On The Wires (WIRES) :

* Savient Pharmaceuticals (SVNT) announced the official full U.S. commercial launch of KRYSTEXXA, which has been approved by the U.S. Food and Drug Administration for the treatment of chronic gout in adult patients refractory to conventional therapy.
* Western Digital (WDC) announced that it has established a research and development center in Singapore, where the company will leverage the local talent pool and expertise of research organizations, such as Singapore's A*STAR Data Storage Institute, and universities in the development of advanced hard drive technologies.

7:14AM Southern Union misses by $0.04, beats on revs; guides FY11 EPS in-line (SUG) 26.91 : Reports Q4 (Dec) earnings of $0.53 per share, excluding non-recurring items, $0.04 worse than the Thomson Reuters consensus of $0.57; revenues rose 11.0% year/year to $670.3 mln vs the $579.3 mln consensus. Co issues in-line guidance for FY11, sees EPS of $1.75-1.95, ex-items, vs. $1.95 Thomson Reuters consensus. "Our business units produced solid results in 2010 and I expect they will do so again in 2011. I am happy to announce that within the next few days, we plan to restart our Halley processing facility in the Permian Basin, adding over 60 million cubic feet per day of much needed processing capacity. We are also making excellent progress on the second phase of the Halley restart which will add another 50 million cubic feet per day of capacity during the third quarter of 2011. Given the high level of producer activity in the Bone Spring and Avalon Shale plays adjacent to our system, we expect significant growth opportunities to arise over the next several years."

7:11AM Pepco Hldgs beats by $0.03 (POM) 18.46 : Reports Q4 (Dec) earnings of $0.14 per share, $0.03 better than the Thomson Reuters consensus of $0.11.

7:10AM Interpublic beats by $0.05, beats on revs; initiates $300 mln stock repurchase plan and a $0.06 quarterly dividend (IPG) 11.62 : Reports Q4 (Dec) earnings of $0.36 per share, $0.05 better than the Thomson Reuters consensus of $0.31; revenues rose 11.7% year/year to $2.01 bln vs the $1.91 bln consensus. On February 24, 2011 the IPG Board of Directors authorized a program to repurchase from time to time up to $300.0 million of IPG common stock. The share repurchase program will take effect immediately and has no expiration date. The co expects to begin purchases under the program in the first quarter of 2011. The IPG Board of Directors also announced that the co has initiated a quarterly dividend on IPG common stock and declared a common stock cash dividend of $0.06 per share, payable on March 25, 2011 to holders of record at the close of business on March 11, 2011.

7:06AM Savient Pharma beats by $0.27, misses on revs (SVNT) 9.46 : Reports Q4 (Dec) earnings of $0.01 per share, $0.27 better than the Thomson Reuters consensus of ($0.26); revenues rose 11.6% year/year to $1 mln vs the $1 mln consensus. The increased net sales resulted primarily from the co's branded product Oxandrin. As expected, sales of KRYSTEXXA were minimal subsequent to its marketplace availability during the month of December 2010. The objective of making the product available in the distribution channel was to provide access if there was an immediate medical need in this orphan population. "Since receiving FDA approval for KRYSTEXXA, we have focused on preparing for a successful U.S. launch."

7:03AM AMAG Pharma beats by $0.10, beats on revs; reaffirms 2011 Feraheme revs guidance (AMAG) 17.24 : Reports Q4 (Dec) loss of $0.94 per share, $0.10 better than the Thomson Reuters consensus of ($1.04); revenues rose 31.3% year/year to $17.2 mln vs the $16.8 mln consensus. As previously announced, AMAG expects to realize the following in 2011: $55 to $60 mln of Feraheme net product revenues; $12 to $15 mln cost of Feraheme product sales; $62 to $68 mln in research and development expenses, including $42 to $48 mln in external costs related to clinical trials, the majority of which is related to the global IDA registrational program; $72 to $78 mln in selling, general and administrative expenses; and $215 to $220 mln in cash, cash equivalents and investments at the end of 2011. The year-end 2011 cash guidance does not include $33 mln in potential milestones associated with the approval and launch of Feraheme for CKD patients with IDA in the EU and Canada, which AMAG could receive in 2011... The co also expects to achieve the following in 2011: Grow Feraheme market share and increase provider demand in non-dialysis sites of care for U.S. CKD patients; Complete enrollment in the global registrational program for iron deficiency anemia by the end of 2011; Receive a decision by the end of 2011 on the marketing authorization application in the EU; and Respond to the Notice of Non-compliance from Health Canada regarding the regulatory application in Canada for CKD patients.

7:03AM Warner Chilcott beats by $0.07, beats on revs (WCRX) 23.21 : Reports Q4 (Dec) earnings of $0.81 per share, excluding non-recurring items, $0.07 better than the Thomson Reuters consensus of $0.74; revenues rose 1.2% year/year to $694.4 mln vs the $674.3 mln consensus.The primary drivers of the increase in revenue were products acquired from P&G and Novartis, primarily ASACOL and ENABLEX, which together contributed $91.4 million of revenue growth in the quarter ended December 31, 2010, compared to the prior year quarter.

7:02AM Northrop Grumman intends to offer up to $1.175 billion in aggregate principal amount of senior unsecured notes due 2018 and senior unsecured notes due 2021 (NOC) 67.00 : Co announces that its wholly owned subsidiary, Huntington Ingalls Industries, intends to offer up to $1.175 billion in aggregate principal amount of senior unsecured notes due 2018 and senior unsecured notes due 2021. The offering is part of the financing for an anticipated spin-off of HII from Northrop Grumman. HII is also in discussions with lenders to arrange up to $650 million of senior secured revolving credit due 2016 and a senior secured term loan due 2016 of up to $600 million.

7:01AM Interpublic initiates quarterly common stock dividend of $0.06 per share and announces a $300 mln new share repurchase program (IPG) 11.62 : Co announces that its Board initiated a quarterly dividend on its common stock and declared a common stock cash dividend of $0.06 per share, payable on March 25, 2011 to holders of record at the close of business on March 11, 2011. Additionally, the co announces its Board authorized a program to repurchase from time to time up to $300 mln. The share repurchase program has no expiration date. Co expects to begin purchases under the program in the first quarter of 2011.

7:00AM Coach announces Michael F. Devine, III, will retire as Chief Financial Officer (COH) 54.12 : Co announces Michael F. Devine, III, will retire as Chief Financial Officer after nearly 10 years with the company. Devine is expected to stay until August 2011. The company is commencing a search for his successor.

6:54AM Lloyds TSB plc reports H2 results (LYG) 4.18 : Reports 6 months ended (Dec) GBP0.41 vs 0.45 Thomson Reuters consensus; revs increased 2.7% to GBP12.35 bln vs GBP12.19 bln Thomson Reuters consensus. Co reports achieved a significant reduction in the impairment charge, which fell 45%, with the deterioration in some of our International businesses more than offset by a substantial improvement in the rest of the Group, notably in the Wholesale division.

6:30AM Protalix BioTherapeutics receives from FDA a Complete Response Letter regarding co's New Drug Application for taliglucerase alfa; FDA requests additional data (PLX) 9.36 : Co announced that the FDA issued a Complete Response Letter (CRL) regarding the Company's New Drug Application (NDA) for taliglucerase alfa for the treatment of Gaucher disease. "The main questions raised by the FDA regarding the NDA relate to clinical and chemistry, manufacturing and controls. In the clinical section, the FDA requested additional data from the Company's switchover trial and long-term extension trial. At the time the NDA was submitted, full data from these trials was not available. In the CMC section, the FDA requested information regarding testing specifications and assay validation... While we are disappointed by the receipt of the Complete Response Letter, we appreciate the FDA's efforts to complete the review of our NDA. We noted that the FDA did not request additional clinical studies. Moreover, the FDA inspected our manufacturing facilities finding them acceptable. FDA also did not identify any issues in its audit of our clinical sites." Co will host a conference call and webcast, February 25, 2011, at 08:00am ET.

6:22AM On The Wires (WIRES) :

* Acacia Research Corporation (ACTG) announced that its subsidiary, Lambda Optical Solutions LLC, has entered into a settlement agreement with ECI Telecom. This agreement resolves patent litigation that was pending in the United States District Court for the District of Delaware.
* Elan Corporation (ELN) and Celgene (CELG) announced that Elan subsidiary Elan PharmaInternational Limited has entered into a settlement and license agreement with Celgene resolving the patent infringement litigation involving ABRAXANE. Elan initiated legal action in 2006 against Abraxis BioScience.
* Adobe Systems (ADBE) announced that Adobe Digital Publishing Suite will support both Apple App Store Subscriptions and Google One Pass for magazine and newspaper publishers.
* CGGVeritas (CGV) and JSC Geotech are pleased to announce, that they have signed a term sheet to create a joint venture to operate 2D and 3D marine seismic vessels, primarily in Russian and CIS waters.
* Superior Energy Services (SPN) announced that its Board of Directors has elected David Dunlap as President and Sam Hardy as an Executive Vice President.

6:06AM NW Natural Gas and Encana (ECA) sign gas reserves venture (NWN) 45.52 : NWN and ECA announce the signing of an agreement for NW Natural to invest in a joint venture to develop gas reserves that will provide long-term supplies for NWN's Oregon utility customers over a 30-year period. During the first 10 years of the joint venture, NWN expects the volume of gas produced to provide ~8-10% of the co's average annual requirements for its utility customers. These gas reserves come from the Jonah Field in Wyoming, located north of Rock Springs. Under terms of the agreement, NWN will pay ~$45-55 mln a year, for a five-year period, for a total investment of about $250 mln, which will cover expected drilling costs in exchange for working interests in certain sections of the Jonah Field. The sections include both future and currently producing wells.

6:04AM NW Natural Gas misses by $0.01; guides FY11 EPS below consensus (NWN) 45.52 : Reports Q4 (Dec) earnings of $1.11 per share, $0.01 worse than the Thomson Reuters consensus of $1.12. Co issues downside guidance for FY11, sees EPS of $2.45-2.65 vs. $2.83 Thomson Reuters consensus.

6:03AM Hollywood Media accepts final results of tender offer to purchase 8 mln shares of common stock at $2.05 (HOLL) 1.78 :

5:37AM Portland Gen Elec misses by $0.05, misses on revs; guides FY11 EPS in-line (POR) 22.58 : Reports Q4 (Dec) earnings of $0.34 per share, $0.05 worse than the Thomson Reuters consensus of $0.39; revenues fell 6.2% year/year to $455 mln vs the $497.8 mln consensus. Co issues in-line guidance for FY11, sees EPS of $1.80-1.90 vs. $1.83 Thomson Reuters consensus. Revenues decreased in the fourth quarter of 2010 compared to the fourth quarter of 2009, primarily due to: 2.7%, decrease in Retail revenues, 33%, decrease in Wholesale revenues, consisting of a 21% decrease in average price and 25% decrease in volume; and a 60%, decrease in Other operating revenues, which is primarily due to decreased sales of excess fuel oil.

2:23AM Quanex misses by $0.06; slight beat on revs (NX) 18.90 : Reports Q1 (Jan) EPS of ($0.04), ex-items, vs $0.02 Thomson Reuters consensus; revs increased 5.5% to $159.8 mln vs $158.2 mln Thomson Reuter consensus. With regard to co's 2011 outlook, co states: "Our financial guidance for 2011 remains unchanged even after taking into account the costs recognized in the first quarter. We continue to believe that residential repair & remodeling activity and housing starts will be lackluster in 2011. The spike in demand we saw in November and December was associated with the expiration of the tax credit for energy efficient windows, and was followed by soft demand in January. High foreclosure activity, tight credit markets, large inventories of homes available for sale and continued high unemployment leave us with a very challenging business environment in the near term."

2:15AM Buenaventura SA misses by $0.03; beats on revs (BVN) 45.64 : Reports Q4 (Dec) EPS of $0.88 vs $0.91 Thomson Reuters consensus; revs increased 25% YoY to $396.8 mln vs $289.0 mln Thomson Reuters consensus.

2:08AM Assured Guaranty misses by $0.03, beats on revs (AGO) 15.38 : Reports Q4 (Dec) earnings of $0.81 per share, $0.03 worse than the Thomson Reuters consensus of $0.84; revenues fell 13.2% year/year to $397 mln vs the $366 mln consensus. December 31, 2010 book value was $20.67, an 8% increase compared to December 31, 2009.

2:03AM DCP Midstream misses by $0.12, misses on revs (DPM) 41.43 : Reports Q4 (Dec) earnings of $0.28 per share, $0.12 worse than the Thomson Reuters consensus of $0.40; revenues rose 16.0% year/year to $348.4 mln vs the $369.6 mln consensus.

1:40AM 3M receives acceptance of tender offer for Winterthur Technologie AG to result in majority ownership (MMM) 90.03 : Co announces that it has received acceptances of its offer for shares of Winterthur Technologie that, when considered together with shares purchased by co, will result in co owning close to two-thirds of the shares of Winterthur. Based on the current rate of tenders, co expects to be substantially above two-thirds at the end of the additional acceptance period. The additional acceptance period for the tender offer expires on Friday, Feb. 25, at 4:00 p.m.

1:36AM Hecla Mining reports increased silver reserves & resources; provides exploration update (HL) 10.09 : Co reports silver reserves and resources as at December 31, 2010 of 142 mln ounces and 248 mln ounces respectively, the highest in the co's history. Co is also provides an exploration update on its four large silver districts. Greens Creek's 200 South continued to define high-grade resources contributing 85% of the 24 mln ounces of new silver resources. Drilling at the Lucky Friday continued to define strong veining to the east and at depth resulting in an addition of over 17 million ounces of silver resources and conversion of an additional 4 million ounces of silver reserves at the mine. A new resource was defined at the Noonday project in the Silver Valley. Discovered multiple zones of gold/silver-bearing veins and breccias with ore grades at the intersection of the Amethyst and Equity veins at the San Juan Silver JV in Colorado. In Mexico, new intersections of precious-metal veining on the Andrea vein that are in close proximity to previous mining and potentially represent a new ore shoot at the San Sebastian property. Additionally, co announces it is increasing its exploration budget to ~$27 mln in 2011, including exploration at Lucky Friday and Greens Creek operations.

1:29AM Sup Energy Svcs elects David Dunlap as President (SPN) 35.06 : Co announces its Board has elected David Dunlap as President. He joined the co as CEO in April of 2010 and will continue in that position.

1:26AM California Coastal Commu. obtains court confirmation of plan of reorganization; expects to exit bankruptcy on March 1, 2011 (CALC) 0.01 :

1:17AM BankAtlantic enters into agreements with the OTS (BBX) 1.06 : Co announces that it has entered into agreements with the Office of Thrift Supervision to continue taking actions to strengthen their financial condition and operations. Each agreement is a formal action by the OTS requiring corrective measures in a number of areas. No fines or penalties were imposed in connection with the Orders. Co comments: "we don't rely on brokered deposits or have plans to increase our asset size. We see no meaningful impediment to our expected operations and anticipate Core Earnings will continue to remain steady. With regard to capital, despite the reported losses and challenges of the recession, our capital ratios have remained relatively stable over the past four years - the result of a variety of strategies including capital raises, core earnings focus and reduction and sale of assets."

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