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Market Update 110307

4:30 pm : The Nasdaq Composite led its counterparts lower as participants dumped semiconductor stocks and other tech related issues. However, the ability of the S&P 500 to hold steady above last week's lows helped pull the Nasdaq back above its 50-day moving average.
The major U.S. averages logged losses last Friday, but they all made a strong upward push in the final minutes of that session. That and a pullback by oil prices from a two-year high of almost $107 per barrel at the start of pit trade helped stocks start the new week on a positive note. It didn't take long for sellers to step in, though.
At first, sellers were focused on tech stocks. Their effort took the Nasdaq down to a 2.0% loss so that it traded below its 50-day moving average once again. As selling spread, the broader S&P 500 flirted with last week's low, but its ability to hold steady above that mark caused selling pressure to ease a bit so that it could slowly pare its loss. That helped lift the tech-rich Nasdaq back above the key trend line.
Semiconductor stocks still finished with a collective loss of 2.7%, but Ciena (CIEN 25.98, -2.83) suffered a near 10% loss after it issued disappointing guidance. Its upside earnings surprise for the latest quarter was completely ignored.
Consumer credit data made up the only item on the economic calendar, but the figures were of little consequence to the broader market. Consumer credit for January increased by $5.0 billion, which is greater than the $3.3 billion increase that had been expected among economists surveyed by Briefing.com. December's consumer credit was revised downward to reflect an increase of about $4.1 billion.
Advancing Sectors: Utilities (+0.4%)
Declining Sectors: Materials (-1.8%), Tech (-1.4%), Consumer Discretionary (-1.0%), Health Care (-0.9%), Industrials (-0.8%), Financial (-0.7%), Energy (-0.7%), Consumer Staples (-0.3%), Telecom (-0.1%)DJ30 -79.85 NASDAQ -39.04 NQ100 -1.4% R2K -1.5% SP400 -1.3% SP500 -11.02 NASDAQ Adv/Vol/Dec 610/2.19 bln/2050 NYSE Adv/Vol/Dec 702/1.04 bln/2315
3:40 pm : Commodities were mixed today, with grains (-2.2%), livestock (-0.9%), and industrials (-0.8%) all closing in negative territory, while precious metals (+1.2%), softs (+1.1%), and energy (+0.4%) all finished with gains.
April crude oil closed higher by 0.9% to $105.44 per barrel, well below its overnight highs at $106.95 per barrel, a fresh ~2.5 year high. There was a report that Libyan leader Muammar Gadhafi was negotiating with the rebels to his departure and that sent crude oil back toward the flat line. April natural gas rallied for 2.5% to end at $3.93 per MMBtu, its best levels in a week.
The pull back in crude oil and a rebound in the dollar index weighed on April gold, which closed higher by 0.5% to $1434.50 per ounce, and May silver, which closed up 1.9% to $35.87 per ounce. In early session trade, gold prices traded to a new all-time high at $1445.70 per ounce, while silver put in fresh 30 yr highs at $36.70 per ounce. DJ30 -47.49 NASDAQ -32.47 SP500 -7.99 NASDAQ Adv/Vol/Dec 597/1.7 bln/2032 NYSE Adv/Vol/Dec 731/710.6 mln/2218
3:00 pm : Stocks are slowly working their ways off of session lows, but they are still down sharply for the day.
The latest consumer credit data was just posted. According to that data, consumer credit increased by $5.0 billion in January. Economists polled by Briefing.com had expected, on average, that consumer credit would increase by $3.3 billion. Data for December was downwardly revised to reflect an increase of about $4.1 billion, not the $6.6 billion increase that had been reported initially.
Neither the stockmarket, bond market, the dollar has reacted to the consumer credit numbers. DJ30 -99.07 NASDAQ -46.49 SP500 -12.94 NASDAQ Adv/Vol/Dec 542/1.59 bln/2105 NYSE Adv/Vol/Dec 633/637 mln/2315
2:30 pm : Stock may have opened on a mildly firmer note as they rode Friday's late session bounce and reacted to oil's pullback from its morning high, but that early momentum proved short lived as the major averges started to roll over within after the first 30 minutes of action.
Steady pressure has left the S&P 500 down markedly, but support has kept it from penetrating last week's low around 1302. Technical traders point out that it will take a sustained push back through 1308 and the 1312-1313 zone to begin to neutralize the negative pattern off recent highs. Below the psychologically significant 1300 there is support in around 1297 and 1294, which align with the stock market's 50-day moving average. The lagging Nasdaq is already back below its 50 moving average; it has not closed under that average in about six months. DJ30 -94.11 NASDAQ -47.02 SP500 -12.36 NASDAQ Adv/Vol/Dec 529/1.48 bln/2110 NYSE Adv/Vol/Dec 583/586 mln/2354
2:00 pm : The S&P 500 continues to trade just two points above its session low, which was set at the 1304 line. At last week's low the S&P 500 probed similar depths.
Many commodities have pulled back in recent trade, such that the CRB Commodity Index is now flat after it had been up 1% this morning. On the line is the CRB's seventh straight gain. Although many other commodities have pulled back in recent trade, natural gas prices are at session highs with a 2.6% gain at $3.91 per MMBtu. DJ30 -101.45 NASDAQ -51.85 SP500 -13.41 NASDAQ Adv/Vol/Dec 525/1.37 bln/2116 NYSE Adv/Vol/Dec 586/541 mln/2358
1:30 pm : Oil prices have pulled back a bit in recent trade, but the market has made no real reaction to the commodity's turn lower. Oil prices, though still up 0.7% for the session, now trade at $105.15 per barrel.
With stocks stuck at session lows amid steady pressure, volatility has continued to climb. The Volatility Index is now up 13% amid the widespread weakness. DJ30 -113.30 NASDAQ -57.56 SP500 -15.42 NASDAQ Adv/Vol/Dec 523/1.24 bln/2099 NYSE Adv/Vol/Dec 556/484 mln/2366
1:00 pm : Stocks opened in higher ground after oil prices pulled back from new two-year highs, but subsequent selling interest has taken stocks into the red to trade with varied losses. Tech issues have been hit particularly hard.
Although overall gains were only modest in the early going, the general tone was broadly positive. The improved mode came after oil prices pulled back from levels near $107 per barrel to start pit trade with only a modest gain. Oil prices have since reclaimed some of their gains; they are up 1.2% to $105.70 per barrel. Oil's strength is still largely underpinned by concerns about social and political turmoil in the Middle East and North Africa.
The positive tone of early trade was short lived, though. As participants put pressure on tech stocks the Nasdaq drifted into negative territory. Selling therein quickly intensified so that the tech-rich Index soon led its counterparts lower. All three major averages now sit at session lows, although the Nasdaq's loss is double that of the Dow.
Selling has stoked expectations for volatility, such that the Volatility Index is up more than 10% at the moment.
The tech sector, which is the largest by market weight, is leading losses. It is down 1.9%. Semiconductor stocks, down 3.4%, are especially weak. Their descent only slowed when the Philadelphia Semiconductor Index came into contact with its 50-day moving average.
Defensive-oriented sectors telecom and utilities represent the only two sectors that are still in higher ground. Their gains currently stand at 0.1% and 0.5%, respectively.
The dollar has made a modest move into higher ground amid the stock market's downturn. It is now up just 0.1% against a basket of competing currencies.
Treasuries have also turned higher, such that the yield on the benchmark 10-year Note is now a few basis points below 3.50%.
Precious metals, also traditional safe havens, have also fared well this session. In fact, gold in the continuous contract hit a new record high near $1446 per ounce before pulling back to $1434 per ounce to trade with a 0.4% gain. Silver prices set a new 30-year high above $36.70 per ounce before pulling back to $36.18 per ounce to trade with a 2.4% gain. DJ30 -108.30 NASDAQ -56.01 SP500 -15.29 NASDAQ Adv/Vol/Dec 557/1.13 bln/2050 NYSE Adv/Vol/Dec 644/442 mln/2259
12:30 pm : Stocks recently made a halfhearted attempt to lift off of session lows, but sellers were quick to keep them at session lows.
Telecom and utilities, both defensive oriented, have managed to put together gains, though. The two sectors are up 0.2% and 0.6%, respectively. Other defensive-oriented sectors like consumer staples (-0.2%) and health care (-1.0%) haven't been as fortunate.
Tech stocks and materials stocks represent this session's worst performing sectors. Both are down 1.7% at the moment. DJ30 -72.26 NASDAQ -48.23 SP500 -11.47 NASDAQ Adv/Vol/Dec 575/1.0 bln/2022 NYSE Adv/Vol/Dec 677/393 mln/2211
12:00 pm : Stocks have extended their downturn so that all three of the major equity averages are at fresh session lows. Pressure continues to be concentrated around tech stocks. In turn, the tech-rich Nasdaq is down with a loss that is at least double that of its counterparts.
Semiconductor stocks continue to succumb to selling pressure so that the Philadelphia Semiconductor Index is down 3.5%. The lack of support has left the Semiconductor Index to trade near its 50-day moving average. DJ30 77.73 NASDAQ -47.15 SP500 -11.39 NASDAQ Adv/Vol/Dec 670/872 mln/1903 NYSE Adv/Vol/Dec 804/341 mln/2069
11:30 am : Recent selling pressure has stoked volatility, such that the Volatility Index is up 7%. It is still shy of the levels that it reached amid last week's volatile action, though.
Semiconductor stocks have sunk deeper into the red so that the sector is now down 3.0%, but Ciena (CIEN 25.92, -2.89) is the worst performing name among tech issues. The stock's 10% slump follows the company's downside guidance, which has completely overshadowed news of better-than-expected earnings for the latest quarter. DJ30 -50.48 NASDAQ -35.68 SP500 -8.15 NASDAQ Adv/Vol/Dec 653/699 mln/1872 NYSE Adv/Vol/Dec 829/273 mln/1994
11:00 am : Stocks have fallen into negative territory. The Nasdaq's descent has been more steep and more rapid than either of its counterparts. Its weakness stems from pressure against tech issues, namely semiconductor stocks, which are down 2.5% after the space had been given an analyst upgrade late last week.
The broad market pullback has undercut the energy sector, which is now up just 0.3% after it had been up more than 1% at its morning high. Utilities, up 0.7%, make up the only other major sector in higher ground. Treasuries have attracted interest amid the stock market's downturn.
In turn, the benchmark 10-year Note is now near the neutral line so that its yield is fractionally below 3.50%. DJ30 -35.38 NASDAQ -37.48 SP500 -7.20 NASDAQ Adv/Vol/Dec 821/594 mln/1657 NYSE Adv/Vol/Dec 1029/235 mln/1748
10:30 am : Oil prices have rebounded from the slip that was made at the open of pit trade. Oil prices are back to a 1.2% gain at $105.70 per barrel, but still about $1 shy of the morning highs that they set.
Natural gas prices have swung to a 1.2% gain at $3.85 per MMBtu. They had been down in the early going.
Precious metals continue to perform well. Gold prices set a new record high of $1445.70 per ounce in the continuous contract this morning. The yellow metal has since eased back to trade with a 0.7% gain at $1438.30 per ounce. As for silver, it set a new 30-year high of $36.73 per ounce this morning; it has since eased back to $36.55 per ounce, which translates to a 3.5% gain.
Cotton futures prices are limit up again. The move takes cotton prices to $3.29 per pound.
The CRB COmmodity Index is off of its session high, but still up 0.8%. That puts it on pace for its seventh straight advance. DJ30 +26.98 NASDAQ -10.14 SP500 +0.77 NASDAQ Adv/Vol/Dec 1127/368 mln/1280 NYSE Adv/Vol/Dec 1391/152 mln/1321
10:00 am : Energy stocks have moved out in front of the broader market. The sector is now up 1.0% as Newfield Exploration (NFX 73.36, +1.35), Occidental Petroleum (OXY 104.88, +1.73), and Peabody Energy (BTU 70.48, +1.13) provide leadership.
Energy stocks have also provided support to overseas markets. More specifically, Total (TOT 62.24, +0.65) has helped France's CAC climb to a 0.7% gain after it had wavered earlier today. BP Plc (BP 49.07, +0.51) has been a leader in Britain's FTSE, which is presently up 0.8%. PetroChina (PTR 141.23, +1.98) led China's Shanghai Composite to an overnight gain of 1.8%.
Advancing Sectors: Energy (+1.0%), Utilities (+0.9%), Materials (+0.5%), Industrials (+0.5%), Consumer Staples (+0.4%), Consumer Discretionary (+0.3%), Financial (+0.3%), Telecom (+0.3%)
Unchanged: Tech
Declining Sectors: Health Care (-0.1%)DJ30 +62.21 NASDAQ +0.65 SP500 +5.20 NASDAQ Adv/Vol/Dec 1364/168 mln/877 NYSE Adv/Vol/Dec 1769/86 mln/843
09:45 am : Stocks are extending an opening advance as oil prices pull back to trade below $105 per barrel after they had been up near $107 per barrel in electronic trade this morning.
Although overall gains are relatively modest, overall strength is broad as nine of the 10 major sectors in the S&P 500 sport gains. Health care, which is down fractionally, is the only major sector currently in the red. Pharmaceuticals, down 0.4%, are presently the heaviest drag on the health care space. DJ30 +55.78 NASDAQ +7.24 SP500 +5.99
09:15 am : S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +9.60. Stock futures point to a solid start for the week, although ongoing social and geopolitical turmoil in the Middle East and North Africa has sent oil prices another leg higher. Since the open of pit trade oil prices have pulled back a bit so that they are now up 1.3% at $105.60 per ounce; they had been near $107 per barrel at their morning high. Precious metals have also been bid higher. While precious metals are widely regarded as safe havens, neither the dollar nor Treasuries have seen buying interest this morning. Of course, that dichotomy has prompted some to postulate that U.S. is losing its position as the leader in reserve currency. With that theme in mind, China's Shanghai Composite climbed sharply overnight as participants there responded positively to a new economic outline from the country's officials. Other major markets abroad have seen mixed action.
09:05 am : S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: +9.80. Oil prices have pulled back with the open of pit trade. The energy component now trades with a 1.4% gain at $105.90 per barrel after it had been near $107 per barrel only minutes ago. In contrast, natural gas prices are down 0.5% to $3.79 per MMBtu. Precious metals continue to perform well. As such, gold prices are up 0.9% to $1441.60 per ounce after they set a new record high of almost $1446 per ounce earlier this morning. Silver prices are up 3.1% to $36.40 per ounce, but down about $0.30 from the 30-year high set earlier this morning. Meanwhile, cotton futures prices are limit up again, so that they trade just below $2.20 per pound. Amid such broad strength in the commodity space, the CRB Commodity Index is up 1.0%, which puts it on pace for its seventh straight gain.
08:35 am : S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +7.60. Futures for the S&P 500 currently trade with a narrow lead over fair value. As for action abroad, Germany's DAX is currently up 0.4% after drifting off of its session high. BASF and Infineon Tech continue to provide it with support, but Volkswagen and Commerzbank have under mined their efforts in recent action. France's CAC overcame a lower start to put together a modest gain, but has wavered in recent trade. After a slip back into the red it now trades with a 0.1% gain. Sanofi-Aventis (SNY) has been a source of weakness following news it has revised its offer for Genzyme (GENZ) for $74 per share in cash without interest and less any required holding taxes and one contingent value right. Meanwhile, energy giant Total (TOT) has shown strength amid the latest spike in oil prices. Higher oil prices have also helped BP Plc (BP), which has helped keep Britain's FTSE in positive territory with a 0.5% gain. HSBC (HBC) has also helped, but Lloyds Group (LYG) has been a laggard. In other regional news, Greece's debt has been downgraded to B1 from Ba1 by analysts at Moody's. The outlook on the country's debt remains negative, although a bailout has already been issued.
More than 90% of the names in the Nikkei ended lower in Japan's latest round of trade. Amid such widespread weakness the Nikkei suffered a 1.8% loss. News of the resignation of a Foreign Minister in response to illegal political donations further undermined sentiment. Fast Retailing, Honda Motor (HMC), Softbank, and Kyocera (KYO) led the move lower. Konami, OKI Electric, and Inpex Corp led the short list of advancing issues. In stark contrast, China's Shanghai Composite climbed to a 1.8% gain. Buying was largely encouraged by a positive response to the latest economic plan from the country, and comments from officials that pointed to softened inflation expectations. That news combined with higher oil prices helped PetroChina (PTR) and China Shenhua lead the upward push. Industrial & Commercial Bank complemented the effort. PetroChina was also a source of support in Hong Kong's Hang Seng, which fell to a 0.4% loss. CNOOC (CEO) was also strong. However, their gains were more than offset by weakness in HSBC, Tencent Holdings, and Sun Hung Kai Properties.
08:05 am : S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: +1.10. Broad market stock futures have slipped to the neutral line as oil prices push higher ahead of pit trade. Crude oil prices in the generic contract are now up 2.4% to a new two-year high of $106.90 per barrel amid ongoing social unrest and political turmoil in the Middle East and North Africa. Consumer credit data for January are due at 3:00 PM ET. No other items are on the economic calendar for today. Action abroad has made for a mixed backdrop to morning trade, although China's Shanghai Composite spiked overnight by 1.8% in response to economic policies from China's officials. Analysts at Moody's downgraded Greece's debt to B1 from Ba1 and issued a negative outlook.
06:47 am : [BRIEFING.COM] S&P futures vs fair value: +4.40. Nasdaq futures vs fair value: +10.60.
06:47 am : Nikkei...10505.02...-188.60...-1.80%. Hang Seng...23313.19...-95.70...-0.40%.
http://finance.yahoo.com/marketupdate/update
6:39PM LTC Properties announces agreement to purchase four skilled nursing properties; aggregate initial purchase price is $41.0 mln (LTC) 28.65 -0.17 :
6:33PM Hertz Global announces pricing of $500 mln private offering of senior notes by The Hertz Corporation (HTZ) 14.81 -0.18 : Co announced that its wholly-owned subsidiary, The Hertz Corporation, had entered into an agreement to sell $500 million aggregate principal amount of 6.75% Senior Notes due 2019 in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended. Giving effect to the issue price, the Notes will yield 6.69%. The Notes are expected to constitute a further issuance of, will be fungible with and will be consolidated and form a single series with the $500 million aggregate principal amount of 6.75% Senior Notes due 2019 issued by Hertz on February 8, 2011. The closing of the Offering is expected to occur on or about March 21, 2011, subject to customary closing conditions.
6:25PM United Continental Holdings reports February 2011 operational performance for United and Continental; announces consolidated capacity reduction due to rising fuel prices (UAL) 23.31 +1.05 : United and Continental's combined consolidated traffic (revenue passenger miles) in February 2011 decreased 1.1 percent versus pro forma February 2010 results on a consolidated capacity (available seat miles) increase of 1.8 percent. The carriers' combined consolidated load factor in February 2011 was down 2.3 points compared to the pro forma results from the same period last year. United and Continental's February 2011 combined consolidated passenger revenue per available seat mile (PRASM) increased an estimated 10.5 to 11.5 percent compared to the pro forma results from February 2010, while combined mainline PRASM in February 2011 increased an estimated 11.0 to 12.0 percent compared to the pro forma results from the same period last year. Due to the recent increase in fuel prices, the company plans to reduce consolidated capacity from its previous 2011 projections by approximately 1 percent effective with its May schedule and 4 percent effective with its September schedule. With these reductions, fourth quarter 2011 consolidated domestic capacity is expected to decrease 5 percent and consolidated international capacity is expected to increase 2 percent compared to the pro forma capacity for the same period last year. The capacity changes will be accomplished through reducing flight frequencies, indefinitely postponing the start of flights to certain markets and exiting less profitable routes. The company now expects its full-year 2011 consolidated capacity to be roughly flat year-over-year, down from its prior guidance of up 1 to 2 percent. The company now expects full-year 2011 international capacity to be up 2.5 to 3.5 percent and full-year 2011 domestic capacity to be down 1.5 to 2.5 percent year-over-year.
6:21PM Agree Realty announces reduction in dividend rate (ADC) 23.99 -0.31 : Co announced that its Board of Directors declared a first quarter 2011 dividend on the Company's common stock in the amount of $0.40 per share. The first quarter dividend will be payable April 12, 2011, to stockholders of record at the close of business on March 31, 2011. The first quarter dividend reflects a reduction of the Company's annualized dividend rate from $2.04 to $1.60.
6:16PM Wright Medical announces the commercial launch of the PRO-TOE(TM) VO Hammertoe Fixation System (WMGI) 16.47 -0.19 : Co announced the full commercial release of the PRO-TOE VO Hammertoe Fixation System. This system was designed in cooperation with world-renowned foot and ankle surgeons to offer a simple and efficient means to surgically repair the lesser toes following correction of a hammertoe deformity.
6:06PM Reinsurance Group of America enters into share repurchase agreement (RGA) 59.76 +0.01 : Co announced that it has entered into a definitive agreement with Barclays Bank PLC, acting through its agent, Barclays Capital, Inc., to purchase shares of its common stock under an accelerated share repurchase ("ASR") program. Pursuant to the agreement, the company purchased 2.5 million shares from Barclays for $149.4 million, or $59.76 per share. Under the ASR agreement, Barclays plans to purchase an equivalent number of shares of common stock in the open market from time to time until it has acquired that number. At the end of this period, RGA may receive, or may be required to remit, a purchase price adjustment based upon the volume weighted average price of its common shares during the period. The purchase price adjustment can be settled, at the election of RGA, in cash or in shares of its common stock.
5:41PM Bancolombia S.A. reported consolidated net income of $1.14 per ADR vs $0.98 Thomson Reuters consensus (CIB) 59.00 -0.10 :
5:28PM VimpelCom announces payment of an interim dividend (VIP) 14.20 -0.17 : Co announced that its Supervisory Board declared the payment of a dividend of US$0.19 per American depositary share ("ADS") in relation to its interim 2010 results. Each ADS represents one common share. The total interim dividend payment will be approximately US$250 million. In December 2010, the Company paid a US$600 million dividend relating to its interim 2010 results, and the Company expects to pay an additional dividend in relation to its final 2010 results later this year.
5:06PM Grupo Aeroportuario del Pacifico reports passenger traffic increase of 0.02% for February 2011 (PAC) 40.70 +0.83 : Co announced preliminary terminal passenger traffic figures for the month of February 2011 compared to traffic figures for February 2010. During February 2011, total terminal passengers increased 0.02% compared to the previous year; domestic passenger traffic increased 2.9%, while international passenger traffic decreased 3.9% compared to February 2010.
5:04PM Perfect World misses by $0.10, reports revs in-line; announces $100 mln buyback (PWRD) 21.62 +0.03 : Reports Q4 (Dec) earnings of $0.43 per share, $0.10 worse than the Thomson Reuters consensus of $0.53; revenues fell 2.0% year/year to $89.8 mln vs the $90.4 mln consensus. "While 2010 was clearly a challenging year, we believe our decisions were necessary for the healthy growth of our company in the long run. And we are confident that we have now emerged as a much stronger business. Having confidence in our outlook, the board has also authorized Perfect World to repurchase up to USD100 million of the Company's own American Depositary Shares between March 2011 and March 2012."
5:04PM PulteGroup announces preliminary signup results; totaled 2,674 homes for the two months ended February 28 (PHM) 6.54 -0.10 : Co announced preliminary signups for the two months ended February 28, 2011. The Company is announcing these results in advance of investor meetings scheduled over the next several weeks. Preliminary net signups for the two months totaled 2,674 homes compared with 2,415 signups in the comparable prior year period. As previously disclosed, a change in the Company's signup process reduced reported first quarter 2010 results by approximately 450 homes. Inclusion of these units would result in a year-over-year decrease of slightly less than 7% in reported two-month signups on an 8% decrease in community count.
5:03PM Home Inns beats by $0.15, beats on revs; guides Q1 revs in-line (HMIN) 37.86 : Reports Q4 (Dec) earnings of $0.36 per share, excluding non-recurring items, $0.15 better than the Thomson Reuters consensus of $0.21; revenues rose 14.1% year/year to $120.9 mln vs the $115.6 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of $114-117 mln vs. $115.07 mln Thomson Reuters consensus.
5:02PM Sun Hydraulics beats by $0.01, beats on revs; guides Q1 EPS and revs above two analyst estimate (SNHY) 37.71 : Reports Q4 (Dec) earnings of $0.37 per share, $0.01 better than the Thomson Reuters consensus of $0.36; revenues rose 53.1% year/year to $41.8 mln vs the $38.3 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.50-0.53 vs. $0.40 two analyst estimate; sees Q1 revs of ~$50 mln vs. $43.44 mln two analyst estimate.
4:51PM MCG Capital announces sale of Superior International Industries Holdings (MCGC) 6.39 -0.45 : announced today that Superior Industries Investors, a majority-owned, control investment of MCGC, sold all outstanding shares of its capital stock of Superior International Industries Holdings, to a newly formed acquisition entity owned by Pfingsten Partners and management. After transaction expenses, the cash proceeds in connection with the exit of this investment are expected to be ~$42.3 million.
4:47PM Coleman Cable reports EPS in-line, beats on revs; guides Q1 EPS above consensus (CCIX) 7.38 -0.18 : Reports Q4 (Dec) earnings of $0.12 per share, in-line with the Thomson Reuters consensus of $0.12; revenues rose 32.9% year/year to $186.2 mln vs the $174.1 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.18-0.27 vs. $0.15 Thomson Reuters consensus.
4:41PM Kinross announces appointment of new Chief Financial Officer (KGC) 15.79 +0.15 : Co announced the appointment of Paul H. Barry as Executive Vice-President and Chief Financial Officer. He is expected to join Kinross effective March 31, 2011. Mr. Barry replaces Thomas M. Boehlert, who will be leaving the Company by mutual agreement to pursue other opportunities. Mr. Boehlert will remain with the Company for an appropriate period to ensure a smooth transition.
4:33PM Broadsoft beats by $0.14, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY11 EPS above consensus, revs above consensus (BSFT) 34.90 -2.67 : Reports Q4 (Dec) earnings of $0.44 per share, $0.14 better than the Thomson Reuters consensus of $0.30; revenues rose 85.5% year/year to $35.8 mln vs the $31.7 mln consensus. Co issues upside guidance for Q1, sees EPS of 0.04-0.11 vs. $0.04 Thomson Reuters consensus; sees Q1 revs of $27-29 mln vs. $24.31 mln Thomson Reuters consensus. Co issues upside guidance for FY11, sees EPS of 0.56-0.66 vs. $0.56 Thomson Reuters consensus; sees FY11 revs of $116-120 mln vs. $113.89 mln Thomson Reuters consensus.
4:33PM Griffon Announces $500 mln offering of senior notes due 2018 (GFF) : Co expects to use the proceeds from the offering to repay and terminate its senior secured term loan facility, to pay down any outstanding borrowings under its senior secured revolving credit facilities, to pay related fees and expenses and for general corporate purposes.
4:32PM Financial Inst. announced the commencement of an underwritten public offering of approximately $40 mln of its common stock (FISI) 18.14 -0.65 : The Company expects to use the net proceeds from this offering for general working capital purposes and to repurchase the remaining shares of the Company's Series A Fixed Rate Cumulative Perpetual Preferred Stock, and the related warrant to purchase up to 378,175 shares of the Company's common stock, issued to the U.S. Department of the Treasury as part of the TARP Capital Purchase Program. There can be no assurance that the Treasury will approve the Company's applications to repurchase the Preferred Stock or the Warrant, or that an acceptable price for repurchasing the Warrant can be agreed upon. Keefe, Bruyette & Woods, Inc. is acting as sole book-running manager for the offering
4:30PM Elecsys announces remote monitoring system order for U.S. Department of Defense (ESYS) 4.40 +0.00 : Co announced that it received an order for remote monitoring systems to be delivered to the United States Department of Defense. This initial order for fifty (50) WatchdogVIP remote monitoring units will be deployed to monitor cathodic protection systems used by the United States Navy and the United States Marine Corps throughout the world. Elecsys expects to ship the systems within the next two months. Roughly half of the equipment is destined for use on domestic military bases and the other half is slated for deployment overseas.
4:29PM MFA Mortgage announces offering of 60 mln shares of common stock (MFA) 8.49 -0.09 : Morgan Stanley and Deutsche Bank Securities are acting as joint book-running managers.
4:21PM Hudson Highland Grp announces that Manuel "Manolo" Marquez has signed an agreement to become chief executive officer (HHGP) 6.62 -0.04 : Marquez also has been appointed to the Board of Directors, effective immediately, and will serve as Chairman of the Board once his term as chief executive officer begins.
4:18PM Exelixis announces proposed public offering of 12.5 mln shares of its common stock (EXEL) 11.34 -0.41 : Goldman, Sachs & Co. and Cowen and Company, LLC are acting as the joint book-running managers of the offering. Citi and Lazard Capital Markets LLC are acting as co-managers of the offering.
4:17PM Mueller Water: Appaloosa discloses 5.77% stake in 13G filing (MWA) 3.78 -0.12 :
4:16PM Full House Resorts beats by $0.02, beats on revs (FLL) 3.94 -0.12 : Co reports Q4 EPS of $0.11 vs $0.09 Thomson Reuters consensus; consolidated revs $7.89 mln vs $7.18 mln Thomson Reuters consensus. " For 2011, Full House is providing the following guidance: For the full year 2011, we expect the combined SG&A expense for Stockman's and corporate to be consistent with 2010 at approximately $6.5 to $6.8 million. Depreciation and amortization, including the Grand Victoria, for the final three quarters of the year is expected to be between $5.0 and $5.5 million. Interest expense for the full year 2011 is expected to be between $2.3 and $2.5 million, which includes the amortization of deferred loan fees. Income tax rate for the full year 2011 is expected to be between 44 and 46 percent."
4:15PM Calamos Asset announces planned departure of Chief Financial Officer (CLMS) 16.97 -0.10 : Co announces the planned departure of Cristina Wasiak, Senior Vice President and Chief Financial Officer, effective April 30, 2011. Co is in the process of initiating a search for her successor.
4:14PM Pzena reports Feb AUM of $16.7 bln vs $16.1 bln at the end of Jan (PZN) 7.25 -0.28 :
4:14PM Jazz Pharma beats by $0.03, beats on revs; guides FY11 EPS above consensus, revs above consensus (JAZZ) 27.30 +0.19 : Reports Q4 (Dec) earnings of $0.63 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $0.60; revenues rose 39.4% year/year to $53.4 mln vs the $51.1 mln consensus. Net sales of Xyrem (sodium oxybate) oral solution increased 36% to $42.9 mln for 4Q10. Co issues upside guidance for FY11, sees EPS of $2.70-2.90, excluding non-recurring items, vs. $2.38 Thomson Reuters consensus; sees FY11 revs of $232-245 mln vs. $224.19 mln Thomson Reuters consensus. "In 2010, our first full year of profitability, our progress included strengthening our balance sheet, enhancing our commercial business management team, significantly increasing Xyrem sales, and broadening our patent protection for sodium oxybate..."
4:13PM Assured Guaranty announces COO Sean McCarthy to leave on March 31st to pursue other opportunities (AGO) 14.31 +0.49 : Co's operating units will report directly to Dominic Frederico, President and Chief Executive Officer of co.
4:11PM Arkansas Best unit is expanding its RPM service to the western one-third of the U.S., providing increased shipment velocity to 95% of the lanes between major markets in the West (ABFS) 23.71 -0.22 :
4:10PM Endwave: Steel Partners discloses 6.6% stake in 13D filing (ENWV) 2.70 -0.04 : Based upon their initial review of the proposed merger of Aerie Acquisition Corporation, a wholly-owned subsidiary of GigOptix (GGOX), with and into the Issuer, Steel Partners have significant and serious concerns regarding the Merger. In particular, the Reporting Persons are concerned with the adequacy of the Merger consideration in light of the Merger's potential to cause an annual limitation on the utilization of the Issuer's significant net operating loss carryforward.
4:10PM Dollar Financial announced the U.K. Office of Fair Trading has approved the previously announced acquisition of Purpose U.K. Holdings Limited (DLLR) 21.29 +0.02 :
4:09PM Plains All Amer commences an underwritten public offering of 6.4 mln shares of common units representing limited partner interests (PAA) 65.33 -0.24 : Co intends to use the net proceeds from the offering, including the proceeds from any exercise of the over-allotment option, to reduce outstanding borrowings under its credit facilities and for general partnership purposes. Amounts repaid under the Partnership's credit facilities may be reborrowed to fund its ongoing capital program, potential future acquisitions, or for general partnership purposes. Citi, BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities will act as joint book-running managers of the offering.
4:06PM SGI announces dismissal of shareholder derivative action lawsuit (SGI) 18.46 +0.35 : Co announced that on Tuesday, Feb 15, the Superior Court of the State of California for Alameda County dismissed with prejudice the shareholder derivative action lawsuit captioned Milo v. Barton, et al, Case No. R30944-0474, filed on March 10, 2009. Plaintiffs stipulated to a voluntary dismissal of the case. SGI is pleased that this milestone was favorably achieved.
4:06PM Universal Technical Institute promotes Eugene S. Putnam, Jr. to President and CFO from executive VP and CFO (UTI) 17.49 -0.20 :
4:05PM MarkWest Liberty announces long-term agreement with Statoil (STO) to provide midstream services in the Marcellus Shale (MWE) 45.56 +0.02 :
4:04PM IPC The Hospitalist beats by $0.03, beats on revs; guides FY11 EPS in-line, revs above consensus (IPCM) 43.02 -0.62 : Reports Q4 (Dec) earnings of $0.42 per share, $0.03 better than the Thomson Reuters consensus of $0.39; revenues rose 18.2% year/year to $97.2 mln vs the $95.9 mln consensus. Co issues mixed guidance for FY11, sees EPS of 1.78-1.86 vs. $1.80 Thomson Reuters consensus; sees FY11 revs of 446-455 mln vs. $444.25 mln Thomson Reuters consensus.
4:04PM Urban Outfitters misses by $0.07, reports revs in-line (URBN) 34.84 -3.69 : Reports Q4 (Jan) earnings of $0.45 per share, $0.07 worse than the Thomson Reuters consensus of $0.52; revenues rose 13.6% year/year to $668.4 mln vs the $674.9 mln consensus. For the fourth quarter ended January 31, 2011, gross profit margin percentage declined by 208 basis points versus the prior year's comparable period. "This decrease was primarily due to increased merchandise markdowns to clear seasonal inventory associated with changing women's apparel fashion trends, along with higher shipping costs associated with increased penetration of international direct-to-consumer business."
4:03PM Casey's General misses by $0.13, beats on revs (CASY) 40.55 -0.55 : Reports Q3 (Jan) earnings of $0.37 per share, excluding $0.03 in non-recurring items, $0.13 worse than the Thomson Reuters consensus of $0.50; revenues rose 23.3% year/year to $1.37 bln vs the $1.29 bln consensus. Earnings in the quarter were impacted by compressed margins due to a competitive cigarette environment, rising commodity costs and increased operating expenses related to store openings. "Although rebranding a large number of stores in such a short period of time put a temporary strain on our operations, we are encouraged with our ability to drive same store customer traffic nearly 5%, resulting in double digit sales increases across all lines of our business. We believe we are gaining market share and the Company is positioned well for future revenue and earnings growth."
4:02PM Mistras Group's acoustic leak detection device has been approved for use in meeting the EPA's Mandatory reporting of greenhouse gas emissions rule 40 CFR Part 98 (MG) 15.17 -0.29 : Co announces their Acoustic Leak Detection Device has been approved for use in meeting the EPA's Mandatory Reporting of Greenhouse Gas Emissions Rule 40 CFR Part 98. The Mandatory Report Rule requires entities in the oil and gas industry exceeding certain emissions thresholds to monitor and report their greenhouse gas emissions to the Environmental Protection Agency.
4:02PM Essex Rental announces the details of the exercise and expiration of co's warrants entitling the holder the right to purchase one share of common stock at a price of $5.00 per warrant (ESSX) 7.55 +0.15 : As of December 31, 2010, 4,059,556 warrants set to expire on March 4, 2011 at 17:00 ET remained outstanding. Since December 31, 2010 and prior to their expiration, ~3,950,000 warrants were exercised at a price of $5.00 per warrant for total cash proceeds to Essex of ~$19.8 million. As a result of the warrants that were exercised, ~3,950,000 shares of common stock were issued, resulting in total outstanding shares of common stock of ~24,400,000 as of March 7, 2011.
4:01PM Group 1 Auto acquires metro Volkswagen dealership in Dallas area (GPI) 39.81 -1.16 : Co announces it acquired Metro Volkswagen in Irving, Texas. The dealership will augment Group 1's four existing dealerships in the Dallas-metro area and is expected to generate approximately $25.0 million in estimated annual revenues.
4:00PM Cubist Pharma names Kenneth Bate non-executive Chair of the Board (CBST) 22.00 +0.23 : Mr. Bate has served as a director for co since June 2003.
3:50PM In electronic trade, crude oil ticks back toward morning lows around $104.56; now up 45 cents to $104.87 (COMDX) :
3:31PM Insignia Sys confirms that the payment date for the previously announced $2.00 per share special dividend will be May 2, 2011 (ISIG) 6.80 +0.01 :
3:19PM Additional upticks off early afternoon lows -- Dow -69, S&P -9.8, Nasdaq Comp -39 (SPY) : Relative sector strength on this move has been noted in: Disk Drive, Computer-Hardware, Industrial XLI, Internet FDN, Networking IGN, Rail, Semi SMH
3:15PM Semtech reports grants of inducement awards (SMTC) 23.64 -0.52 : Co announced that as an inducement to enter into employment with Semtech, it has made awards effective March 1, 2011 of restricted stock units ("Inducement Awards") to two recently hired employees under the Semtech 2009 Long-Term Equity Incentive.
3:08PM Peabody Energy announces the Mongolian gov placed co in the top tier of the short list of companies that pre-qualify to invest and cooperate in development of the Tavan Tolgoi coal deposit (BTU) 67.74 -1.61 :
2:40PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : May corn finished down 11.25 cents to $7.16.75, May wheat dropped 31.75 cents to close at $8.005, May soybeans ended lower by 19 cents to close at $13.95, May ethanol closed lower by 2.9 cents at $2.576, while May world sugar futures closed up 0.11 cents to 36.80 cents.
2:31PM Air Products announced that effective April 4, 2011, it will be increasing prices of its Tomamine surfactant, Tomadry surfactant and Tomadyne surfactant by $0.05/lb (APD) 89.54 -1.68 :
2:28PM Atheros Communications announces adjournment of special stockholder meeting; stockholders urged to vote for the proposed acquisition by QUALCOMM (QCOM) (ATHR) 44.74 +0.01 : At the time of the adjournment, a preliminary count indicated that the holders of approximately 73% of Atheros' outstanding shares were represented at the special meeting in person or by proxy, and approximately 73% of Atheros' outstanding shares intended to vote in favor of the merger. The results of voting at the special meeting, once reconvened on March 18, 2011, could differ from this preliminary count.
2:27PM Ford Motor afternoon decline brings its 200 sma in to play at 14.02 -- session low 14.03 (F) 14.07 -0.35 : Ford has remained above its 200 day sma/ema on a close basis since last July.
2:21PM Stock indices run to new afternoon rebound highs -- Dow -94, S&P -12, Nasdaq Comp -47 (SPY) : Not seeing any fresh headlines to underpin.
1:34PM COMEX Metals Closing Prices (COMDX) : April gold ended higher by $6.80 to $1435.40, May silver gained 70.3 cents to end at $36.03, while May copper fell 15.1 cents to finish at $4.3345.
1:30PM Bravio Brio filed a registration statement with the SEC for a proposed public offering of 4,161,020 shares of common stock (BBRG) 17.39 -0.73 : Jefferies & Company, Piper Jaffray & Co. and Wells Fargo, are acting as joint book-running managers for the offering. KeyBanc and Morgan Keegan, are acting as co-managers for the offering.
1:28PM Ciena hammered after disappointing guidance but it is attempting to stabilize near its 50 sma at 24.92 in recent trade -- session low 24.99 (CIEN) 25.36 -3.45 :
1:15PM Stock indices continue to trend lower intraday -- Dow -116, S&P -15.9, Nasdaq Comp -56 (SPY) : The underperforming Nasdaq Comp has edged slightly under its 50 sma/ema (2740/2727 -- session low 2724). It also broke under these averages on an intraday basis in late Feb but did not close below and rebounded. The last time it did close under was early Sep.
1:10PM Radio One announces launch of transactions designed to refinance senior credit facility (ROIA) 2.15 +0.05 : Co announces that it has engaged Credit Suisse and Deutsche Bank to arrange a new senior secured credit facility. The new senior secured credit facility is to be comprised of a $25.0 million "super-priority" revolving credit facility and a $386.0 million term loan. Upon completion, the proceeds of the New Senior Credit Facility will be used to refinance all of the Company's outstanding indebtedness under its existing senior credit facility and for working capital and general corporate purposes. Co anticipates that affiliates of Credit Suisse and Deutsche Bank will provide the $25.0 million "super-priority" revolving credit facility and will use commercially reasonable efforts to syndicate the $386.0 million term loan.
1:02PM Great Panther Silver increases mineral resources at the Topia Mine (GPL) 4.68 +0.13 : Co announces that Roscoe Postle Associates has delivered an update to the ongoing mineral resource development at the co's 100% owned Topia Silver-Gold-Lead-Zinc Mine in Durango, Mexico. The 2011 RPA mineral resource estimate comprises Measured & Indicated Mineral Resources of 171K tonnes at 864g/t silver, 1.56g/t gold, 7.53% lead and 4.37% zinc (7.44 mln silver equivalent ounces), a 36.3% increase over the 2009 resource estimate. In addition, RPA estimates 285K tonnes of 868g/t silver, 1.5g/t gold, 6.5% lead and 3.7% zinc (11.91 mln silver equivalent ounces) in the Inferred category, a 109.3% increase over the previous estimate. The production rate from the Topia mines is increasing each year and is planned at 36K tonnes in 2011. By applying reasonable estimates of 50% mining dilution and 80% mining recovery, management expects the current resources to support a mine life of at least fifteen years. (stock is halted)
12:52PM China Education Alliance signs management and loan agreements with the Nanchang Institute of Technology (CEU) 2.05 -0.02 : Under the terms of the agreements, co will loan NIT RMB 50 million to establish a center in NIT. Co will manage the daily operations of NIT, which are focused on vocational training and market-oriented education, for the next ten years. In return, NIT will pay co RMB 10 million annually. When the agreements terminate, NIT will repay RMB 50 million to co.
12:52PM Stock indices slide below late morning troughs to set new session low -- Dow -97, S&P -14, Nasdaq Comp -53 (SPY) :
12:33PM Financial Select Sector slides to new session low at 16.40 to test Friday's trough (XLF) 16.41 -0.11 : Last week's intraday low and the late Feb intraday low (2 week range lows) come into play thereafter at 16.33/16.34.
12:29PM SWS Group's subsidiary, Southwest Securities, enters into a Letter of Acceptance, Waiver and Consent with FINRA to settle allegations involving violations of Municipal Securities Rulemaking Board rules between October 2006 and April 2009 (SWS) 5.28 -0.14 : Under the AWC, Southwest accepts and consents to FINRA's findings without admitting or denying them. Southwest also agrees to a censure and payment of a $500,000 fine and written certification by an officer of Southwest that the firm has reviewed its procedures with respect to all applicable MSRB rules and has established systems and procedures designed to achieve compliance with them. The AWC was executed on the condition that FINRA not bring any future actions against Southwest alleging violations based on the same factual findings described in the AWC.
12:00PM American Greetings announced that it will keep its corporate headquarters in northeast Ohio (AM) 21.96 -0.41 :
11:56AM DR Horton tests/attempting to stabilize near its 200 sma at 11.22 -- session low 11.23 (DHI) 11.26 -0.20 :
11:53AM Arthur J. Gallagher acquires Risk Planners; Terms of the transaction were not disclosed (AJG) 30.68 -0.24 :
11:48AM S&P -11.4 testing Aug - Nov trendline (SPY) : The index remains within the range of the last two weeks but it is flirting with a trendline off the late Feb/early March lows as well as off the Aug-Nov lows near the 1310 area. Congestion and last week's low come into play thereafter at 1304/1302 (50 sma 1297) -- Click for chart.
11:43AM Air Products announced that effective March 1 it will be increasing the price of its Dabco TEDA based catalysts in all geographic regions (APD) 90.31 -0.91 :
11:35AM Semi continues to be a drag on underperforming Nasdaq, XSD, XLK and Nasdaq Comp near their 50 day averages (TECHX) : The Semi sector has been a drag throughout the session with the XSD slipping under its 50 day ema/sma for the first time since last Sep (held on intraday basis in late Feb). The SMH is off 3.1% but is holding above last week's low at 35.16 (session low 35.26). The Semi declines also leaves the XLK back near its 50 sma/ema at 26.16/26.09 (session low 26.08). As noted earlier the Nasdaq Comp -38 is just above its 50 day sma at 2750.
11:32AM Goldcorp increases monthly dividends to $0.034 per share, which reflects the 11% increase co announced on 2/24 (GG) 50.32 +0.25 :
11:16AM Biovest awarded orphan drug status for its personalized cancer vaccine for the treatment of mantle cell lymphoma in European Union (BVTI) 0.69 +0.05 : Co announced that BiovaxID has been designated as an "Orphan Medicinal Product" by the European Medicines Agency (EMA) for the treatment of mantle cell lymphoma, which is an aggressive form of non-Hodgkin's lymphoma.
11:04AM Stock indices continue to extend intraday slide led by Nasdaq -33.8, Dow -32, S&P -5.6 (SPY) : Nasdaq Comp is probing support noted earlier at 2752/2747. Note that its 50 sma is at 2740 (50 ema 2728).
11:02AM Research In Motion broke under its 20 day ema, hovering near its three week close low at 65.17 (RIMM) 65.23 -1.26 : Intraday reaction lows over the last three weeks are at 64.65 and 64.25.
10:54AM Nasdaq Comp -26 continues to pace way lower, breaks under last Fri/Thur low (QQQQ) : It has thus far held near the 62% retracement of the Tues-Thursday rally last week (2758). Next short term support from The Technical Take is in the 2752/2747 area. This marks an intraday gap from last week as well as a trendline off the lows of the last two weeks -- session low 2757. It takes a recovery back through 2768 and 2775/2778 to improve the recent weaker price patterns.
10:45AM Merck announces new data analyses for VICTRELIS to be presented (MRK) 32.91 -0.15 : Co announced that several new data analyses from Phase III studies of VICTRELIS, its investigational oral hepatitis C protease inhibitor, will be presented at The International Liver CongressTM / 46th European Association for the Study of the Liver (EASL) annual meeting.
10:45AM Metalline Mining announce that drilling and airborne geophysics have commenced at co's Sierra Mojada project in Coahuila, Mexico (MMG) 1.42 +0.08 :
10:42AM WPCS Intl announces that it has been awarded a $13.7 million contract from the Camden County Improvement Authority (WPCS) 2.84 +0.09 :
10:37AM streetTRACKS Gold Shares range trading slightly under its day session high of 140.37 (GLD) 140.25 +0.90 : Its 52-wk peak from last week is at 140.55 -- KGC +2.3%, GFI +1.2%, ABX +1.1%, GG +1%, IAG +1%, HMY +0.8%, NEM +0.4%, AU +0.4%, AEM +0.4%.
10:33AM Relative Strength in Dow Jones Utility Index (TECHX) 416.11 +3.55 : The Utility index is outperforming this morning with the UTIL working up toward its early month/52-wk peak at 417.22 (session high 416.71). Components include: EIX +1.7%, EXC +1.9%, FE +1.1%, NI +1%, PEG +0.6%, AEP +1%, PCG +1.3%, SO +0.7%, AEP +1%, CNP +1.1%, D +0.5%.
10:32AM Force Protection announced the establishment of a Canadian subsidiary company, Force Protection Survivability Solutions Canada (FRPT) 4.93 -0.01 :
10:31AM Century Casinos applies for a Casino license in the Canton of Neuchatel, Switzerland (CNTY) 2.69 +0.05 : Co expects a total investment amount of approx. $30 million if the casino concession will be granted.
10:18AM Gammon Gold reports numerous new drill intercepts at Guadalupe y Calvo Rosario vein northwest extension (GRS) 9.06 +0.08 : Co reports numerous new drill intercepts at the Guadalupe y Calvo Rosario Vein Northwest Extension, including 5.0 metres grading 8.96 grams per tonne gold and 587 grams per tonne silver and 2.0 metres grading 8.64 grams per tonne gold and 656 grams per tonne silver. "We are very encouraged by the mineralization discovered in the Rosario Northwest Extension as it increases the length of the high grade mineralization a further 500 meters from the 2008 drilling program. The Northwest Extension has never been previously explored as the vein occurs below the post-mineral tuffs... Due to the success of the drilling program over the past 8 months, the Board of Directors have approved a budget of $4.0 to $5.0 million for 2011 to develop this new discovery. In addition, the Preliminary Economic Assessment is now being expanded to include these new and encouraging drill results."
10:09AM Relative Sector Weakness as stock indices slip back off early highs -- Dow +37, S&P +2.8 (TECHX) : Stock indices has edged back slightly with Nasdaq -4 continuing to underperform amid relative weakness in Semi SMH, Networking, Technology XLK. Also underperforming the S&P in recent trade are: Housing XHB, Retail XRT, Reg Bank KRE, Finance XLF, Discretionary XLY, Transports IYT, Casino (WMS, BYI, BYD, SHFL, MGM, ISLE, PNK, PENN, IGT, WYNN),
10:05AM 3M run to new session high of 93.55, its Feb/52-wk high is at 93.65 (MMM) 93.52 +1.33 :
10:04AM Oil Service HOLDRS Trust notches new high of 164.37, its 52-wk high from last week is at 165.98 (OIH) 164.26 +1.82 : CAM, DO, ESV, EXH, HAL, NBR, NE, NOV, RDC, RIG, SLB, TDW, WFT.
10:00AM Energy Select Sector tests/slightly exceeds last week/52-wk high of 79.08 -- session high 79.10 (XLE) 79.10 +0.77 : BHI, CVX, COP, DVN, XOM, MRO, OXY, SLB, RIG, APA, APC.
9:55AM United Tech and GE's JV, Engine Alliance, announces agreement with Etihad Airways to sell GP7200 engines and for a Fleet Management Agreement for the engines; agreement are worth up to $1.5 bln (UTX) 83.33 +0.47 :
9:53AM Seeing relative weakness in Internet related names in recent trade -- AMZN, GOOG, BIDU (FDN) :
9:53AM Opening Point Gainers/Losers (TECHX) : Point Gainers: WDC (+5.29), IOSP (+5.19), PCLN (+4.01), ATRN (+3.03), JRCC (+2.97), SODA (+2.89), SVVS (+2.86), WLT (+2.61), DECK (+2.20), VRUS (+2.59)

Point Losers: SXCI (-2.43), COO (-2.50), AMZN (-1.67), WMS (-1.54), CIEN (-1.42), DIN (-1.07), APKT (-1.21), RVBD (-1.23), RGEN (-1.21), JOE (-1.23), DIN (-1.03)
9:46AM Minor new highs in Dow +58 and S&P +6.1 but Nasdaq Comp +6.4 does not confirm amid relative weakness in Semi SMH -0.4% (SPY) :
9:44AM Cisco Systems lagging Dow component slips slightly under previous 52-wk low from Feb at 18.23 but attempting to stabilize -- session low 18.21 (CSCO) 18.24 -0.16 :
9:40AM Disk Drive Index -DDX- pacing the way in early trade (TECHX) : Consolidation / M&A chatter have underpinned off the open with top performers led by HTCH +11.2%, STX +10%, STEC +5.9%, IMN +3.3%.
9:40AM Gold drops ~5 points to its lowest levels of the morning; now up $3.00 to $1431.70 (COMDX) :
9:37AM WTI crude oil continues pullback; now up 58 cents to $105.02 (COMDX) :
9:33AM Republic Airways' Frontier Airlines reports Feb traffic (RJET) 6.00 -0.05 : Frontier Airlines reported preliminary traffic results for February 2011. Frontier's traffic increased 2% to 853 million revenue passenger miles (RPMs) while capacity was down 3% to 1.11 billion available seat miles (ASMs). Frontier Airlines served 961k passengers in February, a slight increase from February 2010. Frontier also achieved its twelfth consecutive record monthly load factor this month. February's load factor was 77% compared to 73% in the same month last year.
9:32AM Atrinsic trading up 42% after announcing before the open breakthrough for Kazaa subscribers for iPhone and iPad users (ATRN) 4.99 +2.00 : Co announced before the open that subscribers to its Kazaa digital music subscription service are already entitled and can access the Kazaa music service on the iPad, iPhone and on Android compatible mobile devices by simply navigating to www.kazaa.com, without the requirement of downloading and installing a dedicated application.
9:25AM On The Wires (WIRES) :
• Calix (CALX) announced that Tbaytel, the leading telecommunications solutions provider in Northern Ontario, Canada, has selected the Calix B6 Ethernet Service Access Node for its launch of advanced IPTV services.
ZAGG (ZAGG) announced their ZAGG sportLEATHER is now available through AT&T (T) company owned retail stores nationwide.
9:17AM Natural gas erases overnight losses to trade into positive territory; now up 0.1 cents to $3.81 (COMDX) :
9:16AM Hutchinson receives 510(k) clearance of the InSpectra StO2 Spot Check from the FDA (HTCH) 3.02 :
9:13AM Copart acquires Barodge Auto Pool (CPRT) 41.12 : Co announces it has acquired Barodge Auto Pool, a privately-held automotive auction company located in Hartford City, IN. The acquisition expands co's presence to suppliers in Indiana as well as customers in western Ohio, southern Michigan, and eastern Illinois.
9:08AM On The Wires (WIRES) :
• Fiserv (FISV) announced that IBERIABANK will implement a full suite of Fiserv debit solutions to help reduce its processing and network expenses and improve both its back office and customer facing operational efficiency.
• Realty Income (O) to acquire up to 33, single-tenant, retail, distribution, office and manufacturing properties under long-term, net-lease agreements for ~$544 million. While Realty Income's acquisition of these properties is subject to a number of conditions, it is anticipated that the majority of the properties will close during the first half of 2011.
• Build-A-Bear Workshop (BBW) announced a new partnership with St. Jude Children's Research Hospital.
• TRC Companies (TRR) announced that it is authorized by the California Air Resources Board to provide Greenhouse Gas verification services under the State's Mandatory GHG Reporting Regulations.
• Harris (HRS) has signed a $15 mln contract with Dane County, Wisconsin to upgrade the county's public safety communication system with a Harris P25IP solution.
9:05AM April WTI continues pullback following open; now up $1.41 to $105.83 (COMDX) :
9:04AM Virgin Media announces the repurchase of 500K shares of common stock on March 3; the highest price paid per share was $27.49 and the lowest price paid per share was $27.13 (VMED) 27.35 :
9:03AM Sourcefire confirms that Immunet has surpassed one million users (FIRE) 27.04 +0.08 :
9:03AM Crown Media appoints Andrew Rooke as CFO (CRWN) 2.71 : Co reported the CFO is responsible for planning, directing and controlling the financial functions of Crown Media Holdings, and its correlating networks
9:02AM April WTI crude oil sees quick ~50 cent pull back following open of pit trade; now up $1.93 to $106.35 (COMDX) :
9:01AM YRC Worldwide announces co's CFO has decided to leave the company effective March 31 to pursue opportunities outside of the less-than-truckload industry (YRCW) 2.50 : Co announced that Sheila Taylor, Executive Vice President and CFO, has decided to leave the company effective March 31 to pursue opportunities outside of the less-than-truckload industry. Ms. Taylor has been CFO since October 2009 and prior to that was Vice President of Investor Relations and Treasurer.
8:46AM Southwest Air reports Feb traffic: 5.6 bln RPM, +13% YoY; 7.3 bln ASM, +8.3% YoY; 76.9% load factor, +300 bps YoY (LUV) 11.80 :
8:40AM On The Wires (WIRES) :
• Allpoint Network, a Cardtronics (CATM) affiliate has entered into an agreement with Intuit Inc. to provide surcharge-free ATM access at 43,000 Allpoint ATMs for all Intuit Refund Card and Intuit Pay Card customers.
• KBR (KBR) announced that it has been awarded a front-end engineering and design contract by KM LNG Operating General Partnership for the Kitimat Liquefied Natural Gas Development near Kitimat, British Columbia, Canada.
• Keryx Biopharmaceuticals (KERX) announced that the final dataset from the Phase 3 short-term clinical trial of Zerenex for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis has been selected for oral presentation at the upcoming National Kidney Foundation Spring Clinical Meetings, to be held April 26-30, 2011 in Las Vegas, Nevada.
• Partner Communications Company (PTNR) announced that it was served with a lawsuit and a motion for the recognition of this lawsuit as a class action, filed against Partner on March 6, 2011 in the Central District Court.
• CleanBrands has teamed up with national pest control leader Orkin, a unit of Rollins (ROL), for bed bug protection for homeowners.
• CashEdge announced that it has signed a deal with The Huntington National Bank (HBAN) to provide Popmoney, CashEdge's person-to-person email and mobile payments service, to its customers.
8:35AM China Shengda Packaging to purchase the land in Yancheng City, Jiangsu Province, China for $11.4 mln in order to build a paper manufacturing plant (CPGI) 3.31 : Co announces that on March 7, 2011, the co signed a Letter of Intent to purchase the land use rights for a 166,533 square meter plot of land in Yancheng City, Jiangsu Province, China for $11.4 mln in order to build a paper manufacturing plant. China Shengda Packaging plans to build the new plant in two phases. Phase I, which is expected to be completed by the end of 2011, will entail the construction of 100-150K tons per annum of paper capacity and is expected to require capital expenditures of $34.2 mln, including the cost of acquiring the land use rights. Phase II, which is expected to be completed by the end of 2012, will entail the construction of 100-150K tons per annum of paper capacity and is expected to require $18.2 mln. The co plans to fund the purchase of the land use rights and construction of the new plant through the proceeds received from its recently closed equity financing and internal cash generation. "We had initially explored opportunities to acquire a paper manufacturing co with an annual capacity of 250-300K tons to achieve vertical integration of our production process. However, given the increase in valuations among potential targets and the level of proceeds from the co's recent equity raise, we concluded it would be more cost effective for the Company and our shareholders to build a new plant in order to fulfill our strategic objectives."
8:34AM Boston Scientific receives European Approval and Launch of OMEGA Platinum Chromium Stent System (BSX) 7.53 : Co announced it has received CE Mark for its OMEGA Platinum Chromium Bare-Metal Coronary Stent System, the Company's third-generation coronary stenting technology. It incorporates Boston Scientific's platinum chromium (PtCr) alloy designed specifically for coronary stenting and is intended to provide interventional cardiologists with a bare-metal stent with improved acute performance in treating patients with coronary artery disease. The Company will immediately begin marketing the OMEGA Stent System in the European Union and other CE Mark countries.
8:33AM NovaGold Resources and Copper Canyon agree to plan of arrangement transaction; offere represents a purchase price of CAD1.05 per Copper Canyon common share (NG) 14.17 : NG and Copper Canyon Resources (TSX VENTURE: CPY) announced that they have entered into a binding letter agreement providing for NovaGold to acquire all of the outstanding common shares of Copper Canyon by way of a plan of arrangement under the Business Corporations Act (Alberta). The NovaGold share consideration being offered represents an effective purchase price of C$1.05 per Copper Canyon common share based on the 20-day volume-weighted average price of NovaGold common shares on the Toronto Stock Exchange for the period ending March 4, 2011.
8:32AM Daxor Corporation announces research article demonstrating that use of BVA-100 Data to guide shock resuscitation led to significantly improved survival in critically ill patients (DXR) 10.71 : Co announced the publication of a research article titled "A Prospective Randomized Trial Using Blood Volume Analysis in Addition to Pulmonary Artery Catheter, Compared with Pulmonary Artery Catheter Alone, to Guide Shock Resuscitation in Critically Ill Surgical Patients" in the medical journal Shock (2011; 35(3):220-8). Patients in the control group demonstrated statistically significant untreated volume abnormalities and red blood cell deficiencies more often than patients in the blood volume measurement group.
8:31AM FelCor Lodging closes a new $225 million secured line of credit with a group of seven banks. J.P. Morgan and BofA Merrill Lynch acted as joint lead arrangers (FCH) 7.24 :
8:31AM Air Methods announces acquisition of United Rotorcraft Solutions (AIRM) 58.77 : Co announces the acquisition of United Rotorcraft Solutions by its Products Division. URS is a full-service helicopter and fixed-wing completions center and Maintenance Repair Operation. URS' facilities, consisting of two hangars for a total of 54,000 square feet of space, are located in Decatur, Texas. URS currently employs a staff of 43. URS will continue to operate as a stand-alone facility serving its customers, while developing new ones. URS' new relationship with the Products Division will provide URS with additional financial resources and engineering support to facilitate solid growth trajectory.
8:30AM O2Micro confirms Patent for EEFL Protection System Granted to O2Micro (OIIM) 8.26 : Co announces it was issued 20 claims under United States patent number 7,888,889 for its External Electrode Fluorescent Lamp System Protection architecture; a continuation of the invention issued June 2009 under United States patent number 7,554,273.
8:28AM Arotech reports new and follow-on orders of $3.1 mln in batteries and chargers (ARTX) 1.47 : Co announces that its Battery and Power Systems Division has received new and follow-on orders of ~$3.1 mln for battery and charger products for military foreign and domestic consumption. These orders are expected to ship before the end of the third quarter 2011.
8:26AM Atlas Pipeline Holdings announces that International Resource Partners LP enters into an agreement to be acquired by James River Coal Company (JRCC) for $475 million in cash (AHD) 16.65 : Co announces that International Resource Partners LP, a metallurgical and steam coal business formed by Lightfoot Capital Partners, has entered into an agreement to be acquired by James River Coal Company (JRCC) for $475 million in cash. Atlas and its partners formed Lightfoot in 2007 to acquire investments in energy-related assets and businesses, and Lightfoot also is the general partner and largest limited partner of IRP. Atlas owns 18% of the general partner of Lightfoot. Lightfoot will continue to operate its existing assets and will pursue further opportunities to expand its business. Atlas Energy, L.P. (AHD) is a master limited partnership which owns and operates the general partner of Atlas Pipeline Partners (APL), through which it owns a 2% general partner interest, all the incentive distribution rights and ~5.75 million common limited partner units of APL.
8:25AM Calix Networks CFO steps down for personal reasons; appoints Michael Ashby as CFO (CALX) 19.63 : Co announces it has appointed Michael Ashby as EVP and CFO effective immediately. He succeeds Kelyn Brannon, who is stepping down for personal reasons after serving nearly three years with the co. A long time member of the co's Board, Ashby returns permanently to the CFO role he previously held at co for over five years until his retirement in 2008.
8:24AM Inphi files a Registration Statement on Form S-1 for a proposed public offering of 5.5 mln shares of its common stock (IPHI) 25.60 : Co proposes to sell 100,000 shares in the offering and the selling stockholders propose to sell 5,400,000 shares. Morgan Stanley & Co. Incorporated and Deutsche Bank Securities Inc. are acting as book-running managers for the offering. RBC Capital Markets, LLC, Stifel, Nicolaus & Company, Incorporated, Needham & Company, LLC, and Oppenheimer & Co. Inc. are acting as co-managers for the offering.
8:17AM On The Wires (WIRES) :
• Mellon Capital Management, part of BNY Mellon Asset Management (BK), has launched its Commodity Alpha Long-Bias Strategy, a commodities strategy designed to provide institutional investors with diversification beyond equities and fixed income and to provide a hedge against inflation.
• Starwood Hotels & Resorts Worldwide (HOT) announced that its global powerhouse Sheraton Hotels & Resorts has opened a new hotel in Milan, Italy, further expanding the brand's international portfolio.
• Raytheon Company (RTN) was selected to supply a radar system to replace legacy equipment at Manchester Airport in the United Kingdom under an extension to NATS' Radar Site Services program.
• ECOtality (ECTY) announced the company's partnership with food retail chain Fred Meyer, a division of The Kroger Co.
• Kratos Defense & Security Solutions (KTOS) announced that it is part of a team that has been awarded a multi-million dollar multiple-award, indefinite-delivery indefinite-quantity cyber contract by an agency of the Department of Defense. Additional information on the contract award was not released due to certain customer sensitivities.
• Salesforce.com (CRM) announced that EnerNOC (ENOC) is using Salesforce CRM (the Sales Cloud and Service Cloud) and the Force.com platform across its entire organization to gain mobile access and real-time visibility into its marketing, sales, finance and customer service operations.
• DRC (DRCO) announced that it was selected by the IRS as one of 33 awardees for the Department of Treasury's Total Information Processing Support Services Information Technology Services contract. The $4 bln ceiling, 10-year, indefinite-delivery, indefinite-quantity contract has a base year and nine, one-year options.
• Oceaneering International (OII) announced it has entered into a definitive purchase agreement to acquire Norse Cutting & Abandonment AS, for ~$60 million.
• Endeavour Silver (EXK) announced that it has received approval to list its common shares on the New York Stock Exchange. Trading is scheduled to commence on March 14, 2011 under the ticker symbol EXK.
• Foster Wheeler AG (FWLT) announced that a subsidiary of its Global Engineering and Construction Group together with the subsidiary's consortium partners comprising A. Al-Saihati, A. Fattani & O. Al-Othman Consulting Engineering Co., and Saudi Consolidated Engineering Company - Khatib & Alami have signed a contract with Saudi Aramco for the provision of services associated with Saudi Aramco's General Engineering Services Plus (GES+) initiative for a duration of five years with options available for extensions. The terms of the contract were not disclosed.
• Anacor Pharmaceuticals (ANAC) and the Institute for OneWorld Health announced the establishment of a joint research agreement to discover antibacterial compounds for treating shigellosis.
8:14AM Zhongpin announces follow-on common stock offering (HOGS) 18.94 : Co announces that it has begun a follow-on common stock offering. Zhongpin will offer 5 million shares of common stock and non management stockholders will offer 530,000 shares of common stock, with an over-allotment option of up to 15 percent of the offering size. Credit Suisse Securities is acting as the sole bookrunner for the offering.
8:12AM Hawaiian Holdings reports Feb traffic statistics; RPM's +26.6% YoY; ASM's +22.5% YoY (HA) 6.68 :
8:06AM OSI Systems receives FDA clearance for enhanced flow meter used in anesthesia delivery (OSIS) 38.94 :
8:05AM Genzyme board unanimously recommends that shareholders accept sanofi-aventis (SNY) revised offer and tender shares (GENZ) 75.65 : Co announces that its Board of Directors unanimously recommends that Genzyme shareholders accept the sanofi-aventis revised tender offer to purchase all outstanding shares of Genzyme common stock for $74.00 and one contingent value right, per share. The Board recommends that all Genzyme shareholders tender their shares into the revised tender offer.
8:03AM Paramount Gold and Silver reports more positive results from Nevada Project (PZG) 4.15 : Co announces that assay results from 14 new core and reverse circulation drill holes at its 100% owned Sleeper Gold Mine Project in Nevada have likely expanded the project`s resources and enhanced its economic potential. A new NI 43-101 compliant resource estimate will now be prepared incorporating all available data. Completion of the resource estimate is expected in June, 2011. Drill testing of the Facilities Target was designed to off-set previously drilled gold intersections in order to establish projected extensions of the mineralized structures in this zone. A total of nine holes were completed, all of which encountered mineralized intervals. Paramount's interpretation is that several of these intersections, in conjunction with previous drilling, will show continuity of structures within the Facilities Target zone, enabling the calculation of additional resources. All of these intersections are also likely to reduce the-ore-to-waste ratio within the Facilities Target. The full impact of these results will not be known until the current resource model is modified to incorporate these new data.
8:03AM Metabolix demonstrates improved PHA production in tobacco (MBLX) 9.43 : Co announces the publication of its most recent scientific achievements in the development of advanced genetic engineering approaches to achieve high levels of polyhydroxyalkanoate in non-food biomass crops. The plastid genome of the research crop tobacco was engineered using Metabolix's multi-gene expression technology, resulting in fertile transgenic plants producing PHA at levels of up to nine percent of the total plant weight. PHA levels of up to 17 percent were found in leaf tissue. Metabolix's engineered tobacco plants produce 10 times more PHA bioplastic than previously published reports for tobacco. These findings continue to demonstrate the Company's ground-breaking scientific capabilities and continued progress on using new tools to improve its programs to develop advanced biomass crops as biorefinery feedstocks.
8:03AM Nokia jv Nokia Siemens Networks enters into agreement with Skorpios Technologies (NOK) 8.49 : Skorpios Technologies announced it has entered into a strategic development agreement with Nokia Siemens Networks (NOK, SI), expanding the business relationship between both companies. Together the companies will deliver optical networking solutions to communications customers.
8:03AM OCZ Tech issues upside guidance (OCZ) 7.90 : Co sees Q4 revs up 100% YoY to $64 mln vs $53.36 mln Thomson Reuters consensus. In addition to the record quarterly and full year revenue expectations, the company's SSD products for fiscal fourth quarter are expected to be approximately $58 million compared to $12.1 million during the same period last year, and $41.5 million in the Company's third quarter ending November 30, 2010. This represents approximate increases of 380% year over year and 40% sequentially.
8:01AM Rexahn Pharmaceuticals announces CEO Ahn transition to CSO; co has initiated a search for a new CEO (RNN) 1.50 : Co announces that Chang Ahn has made a personal decision to transition his role as CEO to Chief Science Officer. He will continue to serve as Chairman of Rexahn's Board of Directors. Rexahn has initiated a search for a CEO to succeed Dr. Ahn and expects to make that appointment by the end of September 2011. Dr. Ahn will serve as both CEO and CSO until the new CEO is named to ensure a smooth transition. "I founded this Company as a personal mission to develop new medical treatments for cancer. Going forward, I believe that I can best contribute to the success of the Company as its Chairman and CSO."
8:01AM Oceaneering Intl to acquire Norse Cutting & Abandonment AS, for approximately $60 million; reaffirms 2011 EPS guidance (OII) 82.99 : The purchase is expected to close by March 31, 2011. NCA is an oilfield technology company that specializes in providing subsea tooling services used in the plugging, abandonment, and decommissioning of offshore oil and gas production platforms and subsea wellheads. In addition, NCA performs specialized maintenance and repair services on Norwegian offshore production platforms. For the year 2010, NCA generated total revenue of approximately $56 million, split almost evenly between the North Sea and the U.S. Gulf of Mexico. "We intend to retain key NCA management and the qualified work force as we endeavor to explore growth opportunities and realize facility cost savings. We are not changing our current annual 2011 EPS guidance range of $3.45 to $3.75 as a result of this acquisition."
8:01AM Curtiss-Wright awarded development contract for Sikorsky CH-53K helicopter (CW) 38.02 : Co announces that it has received a contract from Sikorsky Aircraft Corporation to develop and supply blade fold distributor units and digital air data computers for the CH-53K heavy lift helicopter for use by the U.S. Marine Corps. The contract has a total potential value of $16 million if development and all aircraft production options and phases are completed.
8:01AM WuXi PharmaTech and Bristol-Myers Squibb (BMY) collaborate for a new analytical and stability testing facility (WX) 15.90 : BMY and co announce they have entered a strategic partnership to conduct stability studies of small-molecule new chemical entities to support global marketing applications. Under the agreement, co will build, equip and operate a dedicated, fully cGMP-compliant 25,000-square-foot analytical testing facility in Shanghai to store and test stability samples and to perform other services for BMY.
7:57AM Hertz Global announces proposed $300 million private offering of Senior Notes by The Hertz Corporation (HTZ) 14.99 : Co announces that its wholly-owned subsidiary, The Hertz Corporation, intends to offer $300 million aggregate principal amount of 6.75% Senior Notes due 2019 in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended, subject to market and other conditions. The Notes are expected to constitute a further issuance of, will be fungible with and will be consolidated and form a single series with the $500 million aggregate principal amount of 6.75% Senior Notes due 2019 issued by Hertz on February 8, 2011. Co intends to use the proceeds from the issuance of the Notes to redeem a portion of its 8.875% Senior Notes due 2014.
7:45AM Rex Energy announces borrowing base increase to $160 million from $125 mln (REXX) 12.02 : The bank group is comprised of KeyBank N.A., which continues to lead and serve as Administrative Agent of the facility; Royal Bank of Canada; Manufacturers and Traders Trust Company; Capital One, N.A.; Bank of Montreal; Union Bank, N.A.; and Wells Fargo Bank, N.A.
7:38AM On The Wires (WIRES) :
• Rentrak Corporation (RENT) announced a TV Essentials contract with Hallmark Channel and Hallmark Movie Channel.
• Spartan Motors (SPAR) announced the acquisition of Ocala, FL-based Classic Fire.
• TASER International (TASR) announced that it received three orders for its revolutionary new evidence capture and management platform.
• TeleCommunication Systems (TSYS) announced that it has been awarded a contract by the state of Tennessee to provide Next Generation 9-1-1 management and integration services.
• SodaStream (SODA) announced the launch of an all-natural line of "classic" flavors to join the current Sparkling Naturals products in its flavor portfolio.
• Global Industries (GLBL) announced that it has been awarded multiple projects by McMoRan Oil & Gas(MMR) for the decommissioning and abandonment of seven production platforms located in the central Gulf of Mexico in water depths ranging from 100 to 400 FSW.

7:36AM Repligen Reports Phase 2b Results for RG2417 for Bipolar Depression; did not demonstrate a statistically significant improvement in the symptoms (RGEN) 4.89 : Co announces results of a Phase 2b clinical trial of RG2417, an oral formulation of uridine, in patients with bipolar depression. The study did not demonstrate a statistically significant improvement in the symptoms of depression in all patients receiving RG2417 when compared to placebo over the eight-week treatment period. RG2417 was well tolerated and there were no serious adverse events related to drug treatment. A preliminary analysis indicates that the subset of patients enrolled through academic medical centers showed a clinically meaningful improvement on the Montgomery-Asberg Depression Rating Scale score from weeks 2 through 8 when compared to placebo. No difference was observed between RG2417 and placebo for patients enrolled at the commercial clinical trial sites. A similar pattern of response was observed with several of the secondary endpoints.
7:35AM Zix Corp authorizes $15 mln share repurchase program (ZIXI) 3.63 : Co announces its board of directors approved a share repurchase program that enables the co to purchase up to $15 mln of its shares of common stock from time to time in the open market. The share purchases will be funded from existing cash resources and may be suspended or discontinued at any time, however, the share repurchase program will expire on September 30, 2011.
7:35AM MF Global announces Bradley Abelow, the firm's current global COO, will assume the additional role of president; Henri Steenkamp, the firm's current chief accounting officer and global controller, has been appointed CFO (MF) 8.68 : Steenkamp will succeed Randy MacDonald, who has served as CFO for the past three years and was recently appointed global head of the firm's retail operations.
7:33AM PharMerica reports the amending and restating of the master pharmacy provider agreement with Kindred Healthcare Operating (PMC) 12.54 : Co announced that the Master Pharmacy Provider Agreement with Kindred Healthcare Operating, has been amended. Under the amendment, the parties agreed to contract terms effective January 1, 2011, through December 31, 2013. During the contract period, the contract is not subject to competitive bidding. The Company is maintaining its 2011 guidance.
7:18AM Gold trades to a new all-time high at $1444.00; now higher by $15 to $1443.60 (COMDX) :
7:18AM April WTI and Brent crude oil contracts are trading substantially higher this morning (COMDX) :
• WTI put in a fresh ~2.5 yr high at $106.82; currently higher by WTI put in a fresh ~2.5 yr high at $106.82; currently higher by $2.01 to $106.43.
• Brent traded to $118.50, which is shy of its recent ~2.5 yr high at $119.79; now up $1.96 to $117.93.
7:12AM FX Energy releases details from the Lisewo-1 discovery well: well flowed at an initial rate of 7.7 million cubic feet per day and a calculated maximum open flow of 13.4 mmcf/d (FXEN) 11.25 : Co releases details from the Lisewo-1 discovery well, a Rotliegend structural trap in the Fences concession in west central Poland. The well flowed at an initial rate of 7.7 million cubic feet per day and a calculated maximum open flow of 13.4 mmcf/d. The initial plateau production rate is forecast to be set at ~4.5 to 5.0 mmcf/d once production facilities and pipeline are completed. Fraccing could increase the initial plateau production rate two to four times, and is under consideration. The Company's independent reservoir engineers have assigned the Lisewo-1 well proved reserves of 26 Bcf and most likely reserves of 36 Bcf, with present values, discounted at 10% annually, of $43 million and $52 million, respectively. The
7:08AM China Fire & Sec Grp announces receipt of 'Going Private' proposal from a PE firm (CFSG) 6.26 : Co announces that the Special Committee of its Board of Directors has received a non-binding letter from a leading global private equity firm, pursuant to which the PE proposes to acquire all of the outstanding shares of common stock of China Fire in cash at a price which represents a premium over the current stock price. According to the Proposal, the PE is willing to structure the proposed acquisition to allow the existing members of co's management to exchange all or part of their equity interests in the co into equity securities in the post-acquisition company. The Special Committee, which was formed to consider certain potential transactions involving co, has retained Barclays Capital as its financial advisor and Shearman & Sterling LLP as its legal counsel to assist it in consideration of such matters.
7:07AM AMR issues private offering of $1 bln Senior Secured Notes (AMR) 6.14 : Co announced the private offering of $1,000,000,000 aggregate principal amount of its senior secured notes. The notes are expected to be secured by certain of the Company's route authorities, airport landing and take-off slots, and rights to use or occupy space in airport terminals, and proceeds from the offering of the notes are expected to be used for general corporate purposes. The notes are expected to be guaranteed by AMR.
7:06AM Hitachi: Western Digital (WDC) to acquire Hitachi Global Storage Technologies in transaction valued at ~$4.3 bln (HIT) 61.24 : Western Digital and Hitachi entered into a definitive agreement whereby Western Digital will acquire Hitachi Global Storage Technologies in a cash and stock transaction valued at ~$4.3 billion. Under the terms of the agreement, WD will acquire Hitachi GST for $3.5 billion in cash and 25 million WD common shares valued at $750 million, based on a WD closing stock price of $30.01 as of March 4, 2011. Hitachi will own ~10% of Western Digital shares outstanding after issuance of the shares and two representatives of Hitachi will be added to the WD board of directors at closing. The transaction has been approved by the board of directors of each company and is expected to close during the third calendar quarter of 2011, subject to customary closing conditions, including regulatory approvals. WD plans to fund the transaction with a combination of existing cash and total debt of approximately $2.5 billion. Western Digital expects the transaction to be immediately accretive to its earnings per share on a non-GAAP basis, excluding acquisition-related expenses, restructuring charges and amortization of intangibles.
7:06AM Gran Tierra Energy provides update on drilling operations in Colombia and Peru; Kanatari-1 in Peru finds reservoir but no oil; Moqueta-4 flows 1,674 barrels of oil per day without pumps (GTE) 9.43 : Co announces the Kanatari-1 exploration well in Peru encountered a thick, excellent reservoir-quality section with a thick top-seal section, but no hydrocarbons. In addition, in Colombia, initial testing of the Moqueta-4 delineation well in the Moqueta oil discovery flowed 1,674 barrels of oil per day without pumps from two reservoirs, and additional oil was recovered from a third reservoir by swabbing. No evidence of an oil-water contact has been identified, leaving open the potential for additional reserves down-dip.
7:05AM Vista Gold announces repayment of its 10% senior secured convertible notes due March 4, 2011 (VGZ) 3.66 :
7:04AM Compugen announces positive animal model results for novel peptide predicted to block protein-protein interaction (CGEN) 5.12 : Co announces positive animal model results for CGEN-25068, a novel peptide predicted and selected in silico to block a specific protein-protein interaction known to play an important role in various immune-related disease conditions. CGEN-25068 is one of a number of novel peptides predicted and selected as part of the validation activities for co's Protein-Protein Interaction Blockers Discovery Platform and is the first of these peptides to complete animal model testing. Additional peptides predicted to block targeted interactions in other pathways, primarily cancer-related, are at various stages of validation.
7:04AM GT Solar settle two putative securities class-action lawsuits related to co's IPO for $10.5 Million (SOLR) 10.97 : Co anounces announced that it has reached an agreement in principle to settle two putative securities class-action lawsuits related to the Company's initial public offering on July 24, 2008. The terms of the proposed settlement, which includes no admission of liability or wrongdoing by the co or by any other defendant, provide for a full and complete release of all claims that were or could have been brought against all defendants in both the federal and state securities actions. The Company will pay $10.5 million into a settlement fund. Of this amount, the co will contribute $1 million and the co's liability insurers will contribute the remaining $9.5 million. The co's contribution represents its contractual indemnification obligation to its underwriters. Both the terms of the proposed settlement and the plan of distribution for the settlement fund are subject to further documentation and Court approval.
7:04AM BPZ Energy Chairman retires effective March 1, 2011; appoints James Taylor elected Chairman (BPZ) 6.65 : Co announces announces that Fernando Zuniga y Rivero, 83, Executive Chairman of the Board, has informed co that he has elected to retire effective March 1, 2011. As a result of his retirement, he will step down from all positions with the co and its subsidiaries, including as a member of the Board and executive officer of the co. In recognition of his contribution and service to the co, the Board of Directors has awarded him the title of Chairman Emeritus. James Taylor, current lead independent director of the co , has been appointed as the Chairman.
7:03AM Ciena beats by $0.02, beats on revs; guides Q2 revs below consensus (CIEN) 28.81 : Reports Q1 (Jan) loss of $0.14 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of ($0.16); revenues rose 146.3% year/year to $433.3 mln vs the $421.9 mln consensus. Co issues downside guidance for Q2, sees Q2 revs of $415-435 mln vs. $438.54 mln Thomson Reuters consensus, with an adj. gross margin on the low 40s ragne. "We continue to be encouraged by strong end user demand and recent customer awards that validate our technology and solutions and leave us well positioned for growth. In the short term, however, we are mindful of the effects of our back office integration activity, which -- while extremely well-executed -- resulted in some revenue acceleration into the first quarter and minor ERP-related supply chain constraints at the beginning of our second quarter."
7:03AM Duff & Phelps appoints Patrick Puzzuoli to succeeds Silverman as executive VP and CFO; appoints Silverman as leader of the Investment Banking segment (DUF) 15.70 : Michael Cochrane, who preceded Silverman as segment leader for Investment Banking, has decided to leave the company to pursue other interests.
7:01AM Allied Healthcare acquires ScotHomecare, the homecare business of Health and Lifecare Options (AHCI) 2.40 : Co announced that its UK subsidiary, Allied Healthcare Group Limited, has acquired the homecare business of Health and Lifecare Options Limited (HALO). Allied has acquired the entire share capital of HALO for a total of GBP2.5 mln ($4.1 mln). This was funded through Allied's cash on hand. GBP0.8 mln ($1.3 mln) initial consideration was paid on completion of the transaction, GBP0.2 mln ($0.3 mln) was deferred for three months to finalize completion accounts, and GBP1.5 mln ($2.4 mln) of liabilities will be repaid by Allied. In addition, GBP250,000 ($407,000) of working capital and sundry fixed assets associated with the business are included on completion.
7:01AM Tomotherapy to be acquired by Accuray (ARAY) for $4.80/share; ~$277 mln in cash and stock (TOMO) 3.67 : Accuray (ARAY), and TOMO announced that they have signed a definitive agreement under which Accuray will acquire TomoTherapy for $4.80 per share in cash and stock, or a total of approximately $277 million. The combined revenue of the two companies in calendar year 2010 exceeded $400 million, 30 percent of which was generated from service of the installed base. The acquisition is expected to be accretive to Accuray earnings per share in its fiscal year beginning July 1, 2012.
6:53AM St. Joe Company discloses that it has authorized and adopted Amendment No. 1 to the Shareholder Protection Rights Agreement (JOE) 27.42 : Do disclosed on March 4, 2011, co authorized and adopted Amendment No. 1, dated as of March 4, 2011, to the Shareholder Protection Rights Agreement, dated as of February 15, 2011. Amendment No. 1 amends the definition of "Expiration Date" under the Shareholder Rights Agreement to mean "March 4, 2011".
6:50AM On The Wires (WIRES) :
• MedQuist Holdings (MEDH) announced that it has extended the expiration date for its exchange offer for all issued and outstanding shares of MedQuist Inc. (MEDQ) common stock until 17:00 ET, on Friday, March 11, 2011. The Exchange Offer had previously been scheduled to expire at 17:00 ET, on Friday, March 4, 2011.
• Acacia Research Corporation (ACTG) announced that a subsidiary has acquired from a major telecommunications company rights to over 200 patents covering 3G and 4G cellular air interface and infrastructure technologies. These technologies may be found in mobile handsets, base stations, routers and other related equipment. Additionally, Access and co's unit, Smartphone Technologies, announced today that they licensed to Samsung a portfolio of patents related to smartphones.
6:30AM On The Wires (WIRES) :
• TowerJazz (TSEM) announced it has signed contracts for two phases of development with the US Army RDECOM CERDEC Night Vision Electronics and Sensors Directorate for CMOS low light image sensor development for Army portable systems.
• PMC-Sierra (PMCS) announced 10G-EPON OLT devices with industry-leading traffic management, packet processing, on-chip redundancy and the industry's most advanced optical diagnostic technologies.
• Marriott International (MAR) announced its Autograph Collection, is coming to Europe with the addition of four new hotels in Spain. The co states it is on track to double overall european presence by 2015.
6:25AM On The Wires (WIRES) :
• Partner Communications Company (PTNR) announced that it was served with a lawsuit and a motion for the recognition of this lawsuit as a class action, filed against Partner on March 2, 2011 in the Tel-Aviv District Court. If the lawsuit is recognized as a class action, the total amount claimed is estimated by the plaintiff to be approximately NIS 200 million.
• ZIOPHARM Oncology (ZIOP) and Solasia Pharma K.K. announced that they have entered into a license and collaboration agreement to develop and commercialize ZIOPHARM's darinaparsin product and related organic arsenic molecules in specified Pan-Asian/Pacific territories.
• Acacia Research Corporation (ACTG) announced that a subsidiary has acquired from a major telecommunications company rights to over 200 patents covering 3G and 4G cellular air interface and infrastructure technologies
• China Jo-Jo Drugstores (CJJD) announced the opening of a new store in Shanghai, marking the Company's entry into one of the wealthiest cities in Southeast China. The Company plans to open additional locations in Shanghai over the long-term.
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6:09AM FirstEnergy unit FirstEnergy Nuclear Operating reports it Beaver Valley Power Station Unit 2 shut down for scheduled refueling and maintenance (FE) 37.01 :
6:08AM RadNet to acquire imaging centers in Maryland from Diagnostic Health (RDNT) 3.47 : Co announces it has executed a definitive agreement to acquire five multi-modality imaging centers in Maryland from Diagnostic Health Corporation for an undisclosed combination of cash and the assumption of certain liabilities. The facilities operate a combination of MRI, CT, ultrasound, mammography, x-ray and other related modalities. The five centers should add ~$10 mln of revenue to co on an annualized basis.
6:06AM Ultra Clean Holdings appoints Dr Gino Addiego President and COO (UCTT) 10.02 : Co announces announced the appointment of Dr. Gino Addiego to the position of President and COO, effective March 8, 2011. Before joining co, he was at Novellus Systems (NVLS) for six years where he most recently held the position of EVP and Chief Administrative Officer and previously, EVP of Corporate Operations.
6:05AM Clayton Williams intends to offer $300 mln Senior Notes due 2019 (CWEI) 105.20 : CO announces that it intends to offer, subject to market and other conditions, up to $300 mln aggregate principal amount of its senior notes due 2019 in a private placement to eligible purchasers. Co intends to use the net proceeds from the offering to repurchase its outstanding 7 3/4% Senior Notes due 2013 pursuant to its previously announced tender offer, and to repay borrowings under its revolving credit facility.
5:28AM Daqo New Energy beats by $0.24, beats on revs; guides Q1 revs above consensus (DQ) 12.18 : Reports Q4 (Dec) earnings of $0.95 per ADS, $0.24 better than the Thomson Reuters consensus of $0.71; revenues rose 29.6% year/year to $81.9 mln vs the $75.3 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of $81.5-83.5 mln vs. $79.85 mln Thomson Reuters consensus. Q4 Polysilicon shipments were ~966 metric tons, or MT. Photovoltaic module shipments were 3.5 MW. The co also shipped ~20.5 MT polysilicon to toll into PV wafer. The co expects to ship between 1075-1100 MT of polysilicon and generate revenues from the sales of polysilicon in an amount between $74-76 mln in the first quarter of 2011. The co also expects its revenue for the PV module sales to be ~$7.5 mln with the sales of ~4 MW PV modules under the co's own brand and sales of ~8 MW PV modules outsourcing for its customers.
4:06AM Inovio Pharma initiatiates Phase II clinical trial with SynCon DNA vaccine for cervical dysplasia caused by HPV (INO) 1.22 : Co announces it is initiating a Phase II clinical trial for its VGX-3100 DNA vaccine for cervical dysplasia and cancer caused by human papillomavirus. The study will assess adult females with CIN 2/3 or CIN 3 and biopsy-proven HPV 16 or 18. The primary endpoints of this study are to assess regression of cervical lesions to CIN 1 or less and clearance of HPV 16 or 18. The study will evaluate the efficacy of the vaccine in patients who receive VGX-3100 at 0, 4 and 12 weeks compared to placebo recipients, based on a biopsy performed six months after the final vaccine dose. The study will also explore humoral and cell mediated immune responses to VGX-3100 in blood samples taken prior to the first vaccine dose and periodically thereafter.
2:54AM NXP Semi issues $500 mln covenant light term loan transaction (NXPI) 30.75 : Co announces that its subsidiary, NXP B.V., together with NXP Funding, has concluded a new $500 mln Senior Secured Term Loan Facility due in 2017. The transaction is scheduled to close within a month. The new loan has a margin of 3.25% above LIBOR, combined with a LIBOR floor of 1.25%, and was priced at 99.5%. Co separately announced that it intends to issue redemption notices for all $362 mln outstanding of its 7.875% Senior Secured Notes due 2014, together with $100 mln of its US dollar-denominated Floating Rate Notes due 2013 and $200 mln of its Euro-denominated Floating Rate Notes due 2013.
2:51AM DHT contemplates Norwegian bond issuance (DHT) 4.67 : Co announces that it is contemplating to issue a new unsecured bond loan in the Norwegian bond market with a maturity date in March 2016. The net proceeds from the bond issue is intended for general corporate purposes, with the current expectation being that most of the net proceeds will be used to fund future growth and vessel acquisitions. If the bond loan is issued, the bond loan proceeds will be converted into USD for the entire tenor of the loan.
2:04AM Advantage Oil and Gas reports 2010 year end reserves; production and test results at Glacier are exceeding expectations (AAV) 8.14 : Co announces its year end reserves as of December 31, 2010. Proved plus probable reserves (mboe) were 244,291, up 4.7% YoY. Co's 2010 capital program added 26.4 mmboe of Proven & Probable reserves at a Finding and Development cost of $10.97/boe including the change in Future Development Capital. Reserve additions in 2010 were driven by co's continued success at Glacier where total 2P reserves now exceed 1 Tcf and comprise 69% of total co working interest reserves. Production and test results at Glacier are exceeding expectations with a 2010 exit production rate of 10,000 boe/d. An additional 19,667 boe/d of production capacity currently exists which includes test results from 22 of our 28 Phase III Montney wells. The remaining 6 Phase III Montney wells have been drilled and are waiting on completions and testing which is expected to be undertaken by the end of Q2 2011. Proven reserves represent 59% of total Company 2P reserves compared to 46% in 2009 due primarily to our 2010 development program at Glacier which led to a significant increase in proven reserves.
1:33AM James River Coal acquires International Resource Partners and Logan & Kanawha Coal in all cash transaction for $475 mln (JRCC) 20.25 : Co announces that it has signed a definitive agreement to purchase International Resource Partners, a privately held partnership including Kayne Anderson (KED) and Tortoise Capital Resources (TOO), as well as Logan & Kanawha Coal, a unit of IRP, and their affiliated cos for $475 mln in an all-cash transaction. Co will acquire IRP/L&K free of debt. Co has secured $375 mln in committed financing from Deutsche Bank and UBS Investment Bank, which in addition to existing cash balances, is expected to be sufficient to finance the cash consideration to IRP owners. Co will consider long-term financing options between signing and closing in place of the committed financing. IRP had consolidated 2010 revenue of $490.3 mln and Pro-Forma EBITDA of $84.8 mln.
1:30AM Stifel Financial approves three-for-two stock split (SF) 73.06 : Co announces its Board has approved a three-for-two stock split of the co's common stock, which will be made in the form of a 50% stock dividend. Shareholders of record at the close of business on March 22, 2011 will receive one additional share of co common stock for every two shares owned. These additional shares will be distributed beginning April 5, 2011. Cash will be distributed in lieu of fractional shares based on the closing price on the record date. The co has ~35.9 mln shares outstanding and, after the split, the co will have ~53.9 mln shares outstanding.
1:20AM Elbit Medical Imaging: Midroog ratifies co's debt offering of A2/Negative (EMITF) 11.45 : Co announces that Midroog has ratified its rating of "A2/Negative", on a local scale, for all of co's outstanding notes. In addition, the above mentioned credit rating was also ratified for expansion of existing debt of par value NIS120 mln. Co is examining the possibility of a future debt offering, but there is no certainty that any such debt offering will be executed.
1:19AM Smith & Nephew unit voluntarily recalls selected lots of IV PREP Antiseptic Wipes (SNN) 58.12 : Co announces a U.S. voluntary nationwide recall of selected lots of IV PREP Antiseptic Wipes manufactured for co by The Triad Group. This recall follows an earlier nationwide recall initiated by The Triad Group for alcohol prep products, pads, wipes and swabs due to concerns about potential microbial contamination with Bacillus cereus. As a precautionary measure, and out of concern for patient safety, co contracted an independent laboratory to test all lots of IV PREP Antiseptic Wipes manufactured for co by The Triad Group. The results showed there is no data to suggest that co's IV PREP Antiseptic Wipes have been compromised.
1:15AM Triangle Petroleum commences public offering of 16.5 mln shares (TPLM) 9.16 : Co announces that it has commenced a public offering of 16.5 mln shares of its common stock. The shares will be sold pursuant to a prospectus supplement filed as part of an existing shelf registration. The co expects to use the net proceeds from this offering along with cash on hand to fund its drilling and development expenditures, leasehold acquisitions, including its recently announced proposed leasehold acquisitions, and general corporate purposes, including working capital.
1:10AM Barrett Business considers possible change in accounting treatment for workers' compensation costs (BBSI) 15.07 : Co announces that it is evaluating its accounting for legal expenses related to its self-insured workers' compensation program to determine whether a restatement of the co's financial statements for up to the previous five-year period may be required. The co currently recognizes legal expenses as they are incurred, but may be required to instead include an estimate of such expenses in its accrued liabilities for open workers' compensation claims, as well as incurred but not reported claims, based on estimates of its independent actuar. Management expects that any potential change will have limited impact on current and future earnings. The co expects to complete its analysis by the end of this month.
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