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Market Update: 110318
4:30 pm : Buying faded in afternoon trade after a heavy flow of encouraging headlines had initially helped the major equity averages ascend more 1%. Stocks still settled with varied gains, though.

Given the economic consequences that could arise from a rapidly rising yen, the G7 announced a coordinated plan to intervene on behalf of the Japanese currency after it set a record high against the greenback yesterday. Although the yen pulled back against the dollar, other currencies continued to climb so that the Dollar Index dropped to its lowest level in more than a year. An increase in Japan's nuclear accident alert level from 4 to 5 on a scale of 7 was given less attention.

News that Libya's Foreign Minister announced intentions for an immediate ceasefire following the UN's decision to implement a no-fly zone over the country was also met with a positive response, although it cauised oil prices to retreat and spend pit trade in the red.

The diminution of headline risk encouraged broad-based buying in the early going, such that the stock market was able to extend its rally from the prior session to fully offset the steep loss that was suffered this past Wednesday. However, once the buzz of morning trade started to subside, stocks began to surrender some of their gains then gradually drifted into the close.

Part of the afternoon drift is due to a loss of support from large-cap tech issues. Their weakness caused the Nasdaq Composite to trail its counterparts and actually sent the Nasdaq 100 to a 0.2% loss.

Airline shares were able to climb even though the broader market lost its momentum. As a group, airlines ascended almost 4%.

A few bank stocks were able to hold on to most of their gains following word that the Federal Reserve completed its Comprehensive Capital Analysis and Review. Favorable findings prompted JPMorgan Chase (JPM 45.74, +1.18), Wells Fargo (WFC 31.83, +0.47), and US Bank (USB 26.65, +0.30) to approve share repurchase plans and increase regular dividend payments, or at least issue special dividends.

Cisco Systems (CSCO 17.14, +0.14) announced plans for its own quarterly cash dividend, which will be first ever for the firm.

Nike (NKE 77.59, -7.82) found only negative attention this session. The company disappointed its investors by delivering an earnings miss for its latest quarter. Its shares were then downgraded by analysts at Goldman Sachs.

Participation was robust this session quadruple witching options expiration. Heightened activity drove share volume on the NYSE to 1.9 billion. DJ30 +83.93 NASDAQ +7.62 NQ100 -0.2% R2K +1.2% SP400 +0.5% SP500 +5.49 NASDAQ Adv/Vol/Dec 1786/2.59 bln/843 NYSE Adv/Vol/Dec 2135/1.90 bln/827

3:30 pm : Commodities, save for energy (-0.4%), finished higher today. Grains once again were the largest advancing sector, tacking on 3.2%, and rallying for 8.6% over the past two sessions. May corn closed higher by 5.7% to $6.83 per bushel.

Volatile trade returned for April crude oil, which finished lower by 0.4% to $101.07 per barrel. In overnight trade, crude oil rallied on news that the UN had passed the no-fly zone resolution. Heading into the open of pit trade, however, crude oil sold off after the Foreign Minister of Libya said it would call for an immediate ceasefire. It was a quiet session there after with crude ending near unchanged. April natural gas ended near unchanged at $4.16 per MMBtu.

April gold closed higher by 0.8% to $1416.10 per ounce, while May silver rallied for 2.3% to finish at $35.05 per ounce. Both metals moved higher as money sought a safe haven amidst G-7 intervention on the behalf of the yen. DJ30 +71.21 NASDAQ +5.80 SP500 +3.69 NASDAQ Adv/Vol/Dec 1729/1.8 bln/872 NYSE Adv/Vol/Dec 2044/955.5 mln/889

3:00 pm : Buying interest continues to wane. That has left the stock market to drift to a fresh session low with only an hour left in trade.DJ30 +68.94 NASDAQ +8.89 SP500 +4.28 NASDAQ Adv/Vol/Dec 1781/1.68 bln/827 NYSE Adv/Vol/Dec 2191/900 mln/759

2:30 pm : Stocks are gradually giving back some of their gains. That has left the major equity averages to trade at session lows. However, airline stocks continue to sport rich gains. Specifically, airline stocks are up 3.7% as a group. Their ascent this session stems from a combination of broad market support and a pullback in oil prices.DJ30 +80.90 NASDAQ +12.00 SP500 +6.37 NASDAQ Adv/Vol/Dec 1745/1.58 bln/832 NYSE Adv/Vol/Dec 2122/849 mln/795

2:00 pm : Although the G7 has announced plans to make a coordinated intervention in the yen in order to stymie its climb against the greenback, favor for other foreign currencies has cut down the Dollar Index so that it now trades at 75.6, which marks its lowest level since December 2009.

Weakness in the dollar likely helped spur precious metals higher this session. Gold prices closed pit trade at $1416.70 per ounce, up $12.50, and silver settled at $35.05 per ounce, up $0.79. DJ30 +105.27 NASDAQ +18.09 SP500 +9.22 NASDAQ Adv/Vol/Dec 1846/1.47 bln/737 NYSE Adv/Vol/Dec 2239/801 mln/687

1:30 pm : Europe's major equity averages are now closed for the week. Most settled off of session highs, but still successfully extended their prior session advance, which came only after many of them fell in six straight sessions. Among Europe's top performing bourses and indices for Friday, Portugal's PSI spiked 1.3%, France's CAC climbed 0.6%, and Britain's FTSE advanced 0.4%. Germany's DAX advanced only 0.1%.

As for action in Asia, Japan's Nikkei bounded to a 2.7% gain after it had rallied more than 5% in the prior session. Hong Kong's Hang Seng mustered a mere 0.1% gain. China's Shanghai Composite wasn't much better; it gained just 0.3% in its final session of the week. DJ30 +111.33 NASDAQ +16.44 SP500 +9.76 NASDAQ Adv/Vol/Dec 1812/1.38 bln/747 NYSE Adv/Vol/Dec 2262/763 mln/658

1:00 pm : Stocks have extended the prior session's bounce as participants return with a broad-based bid following news that the G7 will intervene in the yen's climb against the greenback and UN efforts to quell social turmoil in Libya. Dividend hikes have been of additional support to banking plays.

The Japanese yen set a record high against the greenback yesterday, but in order to prevent negative economic consequences of a continued climb the G7 announced coordinated plans to intervene in the currency. That news helped Japan's Nikkei extend its prior session rally by another 2.7% and overshadowed an increase in Japan's nuclear accident alert level.

The mood among market participants has also been helped by the diminution of headline risk related to social unrest in North Africa after Libya's Foreign Minister announced intentions for an immediate ceasefire following the UN's decision to implement a no-fly zone over the country. The announcement also sent oil prices retreating into the red, where they trade with a 0.8% loss at around $100.60.

Completion of the Federal Reserve's Comprehensive Capital Analysis and Review has opened the door for many of the more capitalized banks to hike their dividend payments and share repurchase plans. JPMorgan Chase (JPM 45.73, +1.17), Wells Fargo (WFC 32.00, +0.64), and US Bank (USB 26.95, +0.60) all announced plans for either increases to regular dividend payments or special dividend payments as well as share repurchase plans.

Cisco Systems (CSCO 17.22, +0.22) announced plans for its own quarterly cash dividend, which will be the firm's first ever.

In other corporate news, Nike (NKE 77.70, -7.71) posted an earnings miss for its latest quarter. Analysts at Goldman Sachs have downgraded the stock.

Stocks are off of session highs, but strength remains broad based. That has helped suppress volatility for the second straight session. The Volatility Index is now down about 20% from the multi-month high that was set this past Wednesday.

Volatility may be down, but share volume is up sharply with today's quadruple witching options expiration. DJ30 +107.50 NASDAQ +12.42 SP500 +8.72 NASDAQ Adv/Vol/Dec 1763/1.29 bln/779 NYSE Adv/Vol/Dec 2223/725 mln/668

12:30 pm : Stocks have reclaimed some of their gains, but remain off of session highs. The Dow continues to sport a lead over its counterparts -- the S&P 500 and the Nasdaq Composite.

Volatility is down for the second straight session. Two consecutive sessions of solid buying interest has the Volatility Index down about 20% from the eight-month high that was set this past Wednesday. DJ30 +119.99 NASDAQ +13.77 SP500 +10.27 NASDAQ Adv/Vol/Dec 1769/1.20 bln/756 NYSE Adv/Vol/Dec 2237/681 mln/637

12:00 pm : The Federal Reserve announced that it has completed the Comprehensive Capital Analysis and Review, which is its cross-institution study of the capital plans of the 19 largest U.S. bank holding companies. As a result of the Fed's findings, some firms are expected to increase or restart dividend payments, buy back shares, or repay government capital.

As such, JPMorgan Chase (JPM 46.15, +1.59) raised its quarterly dividend to $0.25 from $0.05 and announced that it has authorized a $15 billion share repurchase plan. Wells Fargo (WFC 32.14, +0.78) announced that a special dividend of $0.07 will be added it its regular quarterly dividend of $0.12 per share. The bank has also announced authorization for a 200-million share buyback plan. US Bank (USB 27.04, +0.69) increased its quarterly dividend to $0.125 from $0.0425 per share and a 50-million share buyback authorization. BB&T Corp (BBT 27.32, +0.45) hiked its quarterly dividend to $0.16 per share and announced that it will pay a special $0.01 dividend in the second quarter.

Shares of the diversified and regional banks have reacted positively to the news. Most of their shares are now at or near session highs. DJ30 +110.68 NASDAQ +8.05 SP500 +8.94 NASDAQ Adv/Vol/Dec 1690/1.09 bln/808 NYSE Adv/Vol/Dec 2147/630 mln/702

11:30 am : Stocks have surrendered some of their gains in recent trade. That has left the major equity averages to trade at their lowest levels since this morning.

Of the headline indices, the Nasdaq Composite has made the deepest downturn. Although it is still up with a healthy gain, it has handed back about half of what it had achieved. Apple (AAPL 331.54, -3.10) has been a particularly heavy drag on the tech-rich Nasdaq. The stock's downturn today hasn't been deep enough to take shares back to the one-month low that was set on Wednesday, but it has nearly offset the gain that it was recorded on Thursday. DJ30 +99.93 NASDAQ +9.91 SP500 +8.79 NASDAQ Adv/Vol/Dec 1806/940 mln/665 NYSE Adv/Vol/Dec 2280/565 mln/549

11:00 am : Stocks continue to trade with strength. Cisco Systems (CSCO 17.34, +0.34) is a top performer among blue chips for the first time in several weeks. The stock's upward push this session comes amid news that the companany plans to pay its first ever quarterly cash dividend of $0.06 per share. The dividend will be paid on April 20, 2011 to all shareholders of record as of the close of business on March 31, 2011. As an aside, Cisco has about $40 billion of cash and 5.5 billion shares outstanding.

McDonald's (MCD 73.39, -0.01) is currently the only Dow component to trade with a loss. Shares are only down by a penny, though.DJ30 +127.75 NASDAQ +16.40 SP500 +11.63 NASDAQ Adv/Vol/Dec 1761/790 mln/632 NYSE Adv/Vol/Dec 252/508 mln/519

10:30 am : Crude oil fell sharply about 20 minutes before pit trade was to begin after the Libyan Foreign Minister said it will close all air space and have decided on an immediate ceasefire. That pulled crude ~$2.50/barrel lower to around $101.40, into negative territory and new session lows. Crude put in new session lows of $100.32 in recent trade and is now down 0.2% at $100.48 per barrel.

April natural gas followed crude along, losing ~1.7% and pulling the energy component into negative territory and new session lows of $4.11. It's currently 2% lower at $4.12 per MMBtu.

Precious metals have remained steadily higher this morning. April gold is up 1.1% at $1419.10 per ounce, while May silver is up 2.7% at $35.17 per ounce.

Grains are sharply higher, largely on strong Asian imports and unfavorable weather in the Americas. May corn is +5.1% at $6.7925/bu, May wheat is +4.5% at $7.42/bu and May soybeans are +1.0% at $13.4825/bu.DJ30 103.34 NASDAQ 11.17 SP500 9.82 NASDAQ Adv/Vol/Dec 1729/623.0 mln/603 NYSE Adv/Vol/Dec 2190/447.0 mln/538

10:05 am : Retailers are trading as laggards for the second straight session. The group is up only 0.2% following an earnings miss by Nike (NKE 77.70, -7.71) and a subsequent downgrade of the stock by analysts at Goldman Sachs. Shares of NKE now sit near six-month lows.

Share volume in early trade is robust. The near 400 million shares that have already traded hands on the NYSE is due to today's quadruple witching options expiration. In addition to share volume, options trading could also stoke volatility. DJ30 +120.48 NASDAQ +17.40 SP500 +12.28 NASDAQ Adv/Vol/Dec 1846/410 mln/413 NYSE Adv/Vol/Dec 2238/380 mln/441

09:50 am : Stocks are up with strong gains in the first few minutes of trade. The bid has been broad based, but airline stocks are seeing some of the strongest interest. In turn, airline shares are collectively up 2.9%. Their ascent comes amid a combination of broad market support and a pullback in oil prices to $101.10 per barrel, which makes for a 0.3% loss.DJ30 +118.33 NASDAQ +20.99 SP500 +12.21 NASDAQ Adv/Vol/Dec 1839/264 mln/331 NYSE Adv/Vol/Dec 2076/328 mln/309

09:15 am : S&P futures vs fair value: +16.30. Nasdaq futures vs fair value: +26.10. Stock futures suggest a strong start to the final session of the week is in order. The bid comes amid serveral headlines, including news that concerns about economic implications compelled the G7 to intervene in the yen's climb against the greenback -- just yesterday the yen set a record high against the greenback. Also, Libya's Foreign Minister announced intentions for an immediate ceasefire following the UN's decision to implement a no-fly zone over the country. Those events have helped overshadow an increase in Japan's nuclear accidident alert level to 5 from 4 [on scale of 7] and another 50 basis point increase in China's reserve requirement ratio.

09:05 am : S&P futures vs fair value: +15.20. Nasdaq futures vs fair value: +20.70. Oil prices in the April contract had been above $103 per barrel in electronic trade amid news that the UN Security Council established a no-fly zone over Libya, but they have retreated sharply to about $101 per barrel, where they trade with a $0.40 loss, in the wake of reports that Libya's Foreign Minister said all air space in the country will be closed and that an immediate ceasefire will be implemented. Natural gas prices in the April contract are down little more than $0.02 to just below $4.16 per MMBtu. Precious metals have attracted support this morning. Specifically, gold prices in the May contract are up $13.90 to $1418.70 per ounce, while May silver prices are up sharply by $0.84 to $35.10 per ounce.

08:35 am : S&P futures vs fair value: +9.20. Nasdaq futures vs fair value: +15.70. Futures for the S&P 500 continue to sport a strong lead over fair value. The tone of trade in Europe also remains upbeat. As such, Germany's DAX is up 0.4%. The country's PPI increased by 0.7% in February after it had increased by 1.2% in January. France's CAC has climbed to a 0.7% gain and Britain's FTSE has advanced to a 0.5% gain. The United Kingdom's Nationwide Consumer Confidence poll for February came in at 38, down from 48 in January. Strength in Europe comes as currency volatility is quelled by news that the G7 will make a coordinated intervention in the yen due to the economic implications of the yen's rapid rise in recent sessions to record levels against the greenback. The news helped Japan's Nikkei extend its prior session bounce by climbing another 2.7% in a broad-based move. Fast Retailing was atop the list of leading issues. Hong Kong's Hang Seng eked out a mere 0.1% gain. PetroChina (PTR) proved to be a heavy drag on trade following the company's latest quarterly report yesterday.

08:05 am : S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +17.40. Stock futures suggest that the market will extend its prior session advance. Renewed support comes as overseas markets push higher in the wake of news that the G7 has agreed to coordinated intervention in the yen, which had moved to record highs against the greenback yesterday. Japan also announced that it has raised its nuclear safety alert level to 5 from 4. In response to ongoing social and political turmoil in Libya the UN Security Council has officially established a no-fly zone in the country and has authorized the use of force to protect civilians. In other headlines, China's central bank raised its reserve requirement ratio by another 50 basis points.

06:46 am : [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +12.40.

06:45 am : Nikkei...9206.75...+244.10...+2.70%. Hang Seng...22300.23...+15.80...+0.10%.

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

4:45PM Windstream expands revolving credit agreement (WIN) 12.93 +0.21 : Co announced that the capacity under its senior secured revolving credit facility had been increased from $750 million to $1,250 million. The revolver commitments will terminate on July 17, 2013. Windstream expects to use proceeds from the revolver for general corporate purposes, including repayment of certain indebtedness.

4:17PM Chesapeake Utilities exploring nagural gas expansion to serve Worcester County, Maryland (CPK) 40.97 +0.26 : Co announced that it is exploring natural gas service to Worcester County, Maryland as a result of increasing community interest. "We are currently assessing the economic viability of expanding our pipeline and distribution infrastructures. If deemed economically viable and pending any required regulatory approvals and franchise agreements, natural gas could be available in northern Worcester County by the end of 2011."

4:16PM ATP Oil & Gas receives deepwater Gulf of Mexico drilling permit (ATPG) 18.31 +0.81 : Co announced that it has received a permit to resume drilling the Mississippi Canyon ("MC") Block 941 #4 well in the deepwater Gulf of Mexico. "This permit for the ATP Titan drilling and production platform is the first for a stationary deepwater facility since deepwater drilling was allowed to resume on February 28, 2011. The previous two permits to drill oil and gas wells approved by BOEMRE in 2011, both of them in the last 18 days, are for wells drilled by Mobile Offshore Drilling Units," ATP's CEO. "We are ready and eager to return to work. ATP has always drilled safely and environmentally soundly. We are looking forward to delivering on our objectives to generate near-term production growth from these developments."

4:15PM Lattice Semiconductor announces CFO transition (LSCC) 5.91 +0.03 : Co announced the transition of Michael G. Potter, Lattice's Corporate Vice President and Chief Financial Officer, who will leave the Company effective April 15, 2011. As part of the transition, Joe Bedewi will join Lattice, effective April 11, 2011 as Corporate Vice President, Finance, assuming the role of Chief Financial Officer on April 15, 2011. Bedewi is a financial professional with extensive operations experience at industry leading, multinational companies and at small-to-mid-size entrepreneurial, growth companies. During his 17 year tenure at Intel Corp, Bedewi served as Financial Controller for several groups, and held various other financial and operational management roles.

4:06PM TPC Group announces new CEO (TPCG) 26.82 +0.03 : Co announced that Michael T. McDonnell has been elected by the Board of Directors to be the co's new President and Chief Executive Officer and to serve as a member of the Board of Directors effective March 22, 2011, replacing Charlie Shaver in those roles. McDonnell formerly served as President and Chief Executive Officer for Pregis Corporation, a leading global provider of innovative protective, flexible, and food service packaging and hospital supply products.

4:05PM China Automotive receives NASDAQ notification letter indicating co not in compliance (CAAS) 9.13 +0.32 : Co previously announced that it is reviewing the complex accounting treatment of the Company's convertible notes issued on February 15, 2008. CAAS expects that the review will be completed during the second quarter of 2011. The notification letter from NASDAQ has no immediate effect on the listing or trading of CAAS' shares on the NASDAQ Stock Market.

4:03PM Ventrus Biosciences announces improved, FDA-recommended endpoints proposed for phase III hemorrhoid study (VTUS) 10.83 +0.13 : Co has filed a revised protocol with the FDA under a Special Protocol Assessment with new, more robust definitions for efficacy endpoints that were recommended by the FDA in a recent meeting with the company for the first pivotal study of the company's iferanserin (VEN 309) ointment, the first prescription product candidate for the treatment of hemorrhoids. The pivotal Phase III clinical study for the treatment of hemorrhoids is expected to start on schedule, in mid-summer of this year.

3:35PM Covidien announces that the FDA Neurological Devices Advisory Panel voted to recommend approval for Pipeline Embolization Device (COV) 51.33 -0.35 : Co announces that the U.S. Food and Drug Administration (FDA) Neurological Devices Advisory Panel voted to recommend approval for Pipeline Embolization Device, intended for the endovascular treatment of large or giant wide-necked intracranial aneurysms in the cavernous and paraclinoid regions of the internal carotid artery. Pipeline is a new class of embolization device designed to divert blood flow away from the aneurysm in order to provide a complete and durable aneurysm embolization while maintaining patency of the parent vessel.

3:30PM Genworth Financial names Martin P. Klein CFO (GNW) 12.72 +0.27 : Co announces that it has named Martin P. Klein as its new senior vice president and chief financial officer. He will join the company as senior vice president on April 11, 2011 and become chief financial officer following the filing of Genworth's 10-Q quarterly report for the first quarter.

3:18PM Fifth Third receives no objection from regulators to common stock dividend increase (FITB) 14.05 +0.24 : Co announces that the Board of Governors of the Federal Reserve System did not object to the proposed capital actions in its capital plan, which included an increase in the quarterly common stock dividend in the first quarter of 2011 and the possible future redemption of certain trust preferred securities. The board of directors is expected to consider the dividend matter at its next scheduled meeting on Tuesday, March 22, 2011.

3:16PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices; corn +5.7% (COMDX) : May corn finished up 37 cents (+5.7%) to $6.835, May wheat rose 12.75 (or +1.8%) cents to close at $7.23, May soybeans gained 27.25 cents (or +2%) to close at $13.625, April ethanol closed higher by 0.082 cents at $2.485, while May world sugar futures closed up 0.97 cents (or +3.6%) to 27.71 cents.

2:42PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled lower by 35 cents to $101.07, natural gas closed higher by 0.3 cents to $4.161, heating oil shed 4.08 cents to finish at $3.0241 while RBOB gasoline ended down 0.15 cents to to $2.9491 (all April contracts).

2:34PM Index Change Reminders (INDXCH) : S&P will make the following changes to S&P 100 & S&P SmallCap 600 Indices after the close of trading today: S&P 500 constituents Visa (V), Union Pacific (UNP), Emerson Electric (EMR), and Apache (APA) will replace S&P 500 constituents Campbell Soup (CPB), Sara Lee (SLE), Regions Financial (RF) and NYSE Euronext (NYX) in the S&P 100 index. All companies being removed from the S&P 100 index will remain in the S&P 500 index... Meadowbrook Insurance Group (MIG) will replace Jo-Ann Stores (JAS) in the S&P SmallCap 600 index.

2:20PM ShengdaTech receives NASDAQ notification due to its inability to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2010 with the SEC (SDTH) 3.50 -0.05 : Co announced that on March 16, 2011, it received a letter from the Listing Qualifications Department of Nasdaq advising the Company that due to its inability to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2010 with the SEC in a timely manner, the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1). The Company currently intends to submit a plan to regain compliance with the Nasdaq Listing Rules and a response to the information and document request as soon as reasonably practicable.

2:14PM Relative Sector Weakness as Dow +88 and S&P +7 slip back toward their midday range lows (TECHX) : Underperforming the S&P on a relative basis in recent action are Energy XLE, Oil Service OIH, Coal KOL, Commodity Index, Pharma PPH, Solar TAN

2:00PM Regions Fincl issues statement on Comprehensive Capital Analysis and Review Results; not proposing any immediate capital action (RF) 7.19 -0.16 : As part of the CCAR process, Regions did not propose any immediate capital action. The company's position of repaying the government's TARP investment in a prudent manner, on shareholder-friendly terms, remains unchanged. The company continues to believe a return to sustainable profitability and continuing improvement in asset quality are key conditions that will enable repayment of TARP.

1:31PM COMEX Metals Closing Prices (COMDX) : April gold ended higher by $12.50 to $1416.70, May silver closed up 78.7 cents to $35.045, while May copper finished off 0.2 cents to $4.342.

1:30PM Boeing, Korea Air announced an order for two new 747-8 Freighters; The order value is $639 million at Boeing list prices (BA) 69.20 +0.90 :

1:20PM State Street announces an increase in the quarterly dividend and an authorization to purchase up to $675 mln of common stock (STT) 44.53 +1.13 : Co announces a quarterly dividend of $0.18 per share of common stock, payable April 15, 2011, to stockholders of record as of April 1, 2011. Today's announced common stock dividend represents an increase of $0.17 per share from the $0.01 per share dividend paid on January 18, 2011. State Street also announced that its Board of Directors has approved a new common stock purchase program authorizing the purchase of up to $675 mln of common stock in 2011. This new program supersedes the Board's prior common stock purchase authorization under which it has not engaged in purchases since January 2008.

1:18PM Goldman Sachs confirms it will redeem preferred stock issued to Berkshire Hathaway (GS) 159.66 +3.93 : Co announced that the Federal Reserve has concluded that it has no objection to Goldman Sachs' proposed 2011 capital actions, which include the redemption in full of the 50,000 shares of the Company's 10% Cumulative Perpetual Preferred Stock, Series G held by Berkshire Hathaway (BRK.A), the repurchase of outstanding common stock and a potential increase in our quarterly common stock dividend. The redemption includes a one-time preferred dividend of approximately $1.64 bln which will be reflected in the Company's first quarter results. This is expected to reduce reported diluted earnings per common share for the first quarter by approximately $2.80 per share. The redemption also results in the acceleration of $24 mln of preferred dividends that are payable from April 1 to the redemption date, which will reduce reported diluted earnings per common share for the first quarter by approximately $0.04. While the Preferred Shares were outstanding, the Company incurred a dividend expense of $125 mln per quarter, or $500 mln annually, which reduced diluted earnings per common share by $0.85 in 2010.

12:57PM SWS Group Board of Directors unanimously rejects unsolicited conditional proposal from Sterne Agee (SWS) 5.94 -0.18 : Co announced that its Board of Directors has unanimously rejected the unsolicited, highly conditional and opportunistic proposal from Sterne Agee to acquire the Company. The Board, after a careful and thorough review of the proposal with the assistance of its financial and legal advisors, unanimously determined that the proposal substantially undervalues the future potential of SWS Group, and is not in the best interests of SWS Group stockholders.

12:48PM United Continental unit reached a tentative agreement on a contract for the 5,500 aircraft technicians and related employees throughout the U.S. (UAL) 23.09 +0.92 : Co announced that it has reached a tentative agreement on a labor contract with the International Brotherhood of Teamsters, representing United's technicians and related employees. Details of the contract will not be released until after it has been presented to and reviewed by the membership in the coming weeks.

12:47PM Lorillard responds to FDA advisory committee conclusions (LO) 86.36 +7.58 : TPSAC is an advisory committee to FDA and was charged with issuing a non-binding report and recommendations on the issue of menthol's impact on the public health by March 23, 2011. In its meeting held today, TPSAC members concluded that the removal of menthol cigarettes from the marketplace would benefit public health in the U.S., despite the fact that they found there was no difference in disease risk between smokers of menthol cigarettes and smokers of non-menthol cigarettes. TPSAC did acknowledge that the potential for an illegal market in menthol cigarettes exists and therefore noted that should FDA choose to take some policy action that restricts the availability of menthol cigarettes, that the FDA consult with the appropriate experts and carry out relevant analysis in this area. "While we fundamentally disagree, we are not surprised by what we believe is TPSAC's unsubstantiated conclusion relative to the impact of menthol cigarettes on public health... Most importantly, TPSAC's report is just the first step in what we believe will be a very long process that ultimately does not result in the removal of menthol cigarettes from the marketplace, especially when contraband and other unintended consequences are seriously considered."

12:42PM Capital One expects to maintain $0.05 quarterly common stock dividend for Q1 2011 (COF) 51.98 +1.24 : Co expects to maintain its current quarterly common stock dividend of $0.05 per share for the first quarter of 2011, subject to final approval by the Board of Directors in May. The company also announced that it expects its Tier 1 Common Equity ratio to be ~8% and its Tangible Common Equity (TCE) ratio to be ~7.3% at the end of Q1. Co continues to believe that its capital and expected capital trajectory are strong. Co expects its TCE ratio, which is unaffected by regulatory accounting, to rise to ~7.3% at the end of Q1, from 6.9% at the end of 2010 and from 5.5% Q1 yr ago. Co now expects that its Tier 1 Common Equity ratio will be ~8% at the end of the first quarter of 2011 using Basel I standards and definitions. Following the temporary accounting-driven decline in the first quarter, Capital One expects regulatory capital ratios to grow through both retained earnings and the recapture of disallowed DTA. Co continues to expect that capital generation will support growth, provide appropriate resilience to stress, and be available for increased deployment in the interest of shareholders. Based on its expected strong capital and capital trajectory, co expects that returning capital to shareholders will be an increasingly important source of shareholder value.

12:37PM Capital Gold confirms amendment to merger agreement with Gammon Gold (GRS) which increases cash component of merger consideration payable to CGC's stockholders $1.09 from from $0.79 (CGC) 5.50 +0.14 : (CGC reaffirmed yesterday before the open support for Gammon transaction with an increased cash component)

12:28PM KeyCorp announces $625 mln common stock offering, plan to repay TARP and capital actions (KEY) 9.13 +0.28 : Co has commenced an underwritten public offering of $625 mln of its common stock in connection with its plan to repurchase the $2.5 bln of the Series B Fixed-Rate Cumulative Perpetual Preferred Stock it issued to the U.S. Treasury under the TARP Capital Purchase Program. Proceeds from both offerings, together with other available funds, will be used to repurchase such preferred stock upon receiving the U.S. Treasury's authorization. Key's Plan, which was approved prior to submission by Key's Board of Directors, requested authority to increase its quarterly common stock dividend from $0.01 per share to $0.03 per share effective in the second quarter of 2011 (calc to ~1.3% yield). The Federal Reserve did not object to that request and Key's Board will consider the dividend increase at its regular May meeting. Future increases will be evaluated by the Board of Directors, based on our earnings, financial condition, capital requirements, and other factors. (stock is halted)

12:20PM Utah Medical has purchased all of the common shares of Femcare Holdings Limited of the United Kingdom, including its trading subsidiaries, Femcare-Nikomed Ltd. of Southampton, England and Femcare Australia (UTMD) 26.52 -0.19 : Femcare is best known for its leading global brand the Filshie Clip System - a female surgical contraception device (tubal ligation) which is placed on the fallopian tubes. In 2004, Femcare's management underwent a leveraged buy-out. Backed by UTMD's guarantee, some of Femcare's existing debt will be refinanced with the help of JP Morgan Chase in the UK, and the rest will be retired by an investment from UTMD. The UTMD investment will be financed by $15 million from UTMD's excess cash reserves and another $14 million from a loan by JP Morgan Chase in the U.S. Before interest expense and income taxes, both companies are similarly profitable. UTMD expects to be able to pay off all the newly acquired debt in five years. UTMD was ably assisted in the transaction by Osborne Clarke in London and Palo Alto, CA, along with Sideman & Bancroft, LLP, in San Francisco, CA and Kruse, Landa, Maycock & Ricks LLC in Salt Lake City, UT. Financial details of the transaction will be disclosed in SEC Form 8-K filings next week and by June 3. "If we can effectively integrate the two businesses, the result should be immediately accretive to UTMD's earnings per share performance looking forward." (Stock is halted)

12:17PM SunTrust Banks confirms completion of comprehensive capital review; commences $1 bln common stock offering and plans to repurchase TARP Preferred Stock (STI) 28.42 +0.14 : Co announced that the Federal Reserve has completed its review and has not objected to SunTrust's capital plan submitted in connection with the Comprehensive Capital Analysis and Review. Co also said it has commenced an ~$1 billion common stock offering today, a key step in the Company's planned repurchase of its preferred stock issued to the U.S. Treasury under the TARP Capital Purchase Program. Co intends to use the net proceeds of this offering, together with those of a planned $1 billion senior debt offering and other available funds, to repurchase its $3.50 billion of Fixed Rate Cumulative Preferred Stock, Series C and $1.35 billion of Fixed Rate Cumulative Preferred Stock, Series D issued under TARP. Goldman, Morgan Stanley and SunTrust Robinson Humphrey are acting as joint book-running managers of the common stock offering. SunTrust Robinson Humphrey is acting as sole transaction coordinator between the equity and debt offerings.

12:08PM PNC Bank receives no objection from regulators to raise common stock dividend, repurchase shares; co will consider dividend increase next month (PNC) 63.34 +1.33 : Co announces that the Board of Governors of the Federal Reserve System accepted its capital plan and did not object to its capital actions, which included recommendations to increase the quarterly common stock dividend in the second quarter of 2011 and to purchase shares under PNC's existing common stock repurchase program. The board of directors is expected to consider an increase in the co's quarterly common stock dividend at its next scheduled meeting on April 7, 2011.

12:01PM Bank of NY confirmed that the Federal Reserve did not object to its comprehensive capital plan (BK) 29.27 +0.48 : Co confirmed that the Federal Reserve did not object to its comprehensive capital plan, which provides for Q2 capital actions, including a dividend increase and share repurchases. "We are pleased that, after a review of our capital plan, the Fed has no objection to the execution of our plan to return capital to our shareholders by increasing our dividend and resuming our share repurchase program."

11:59AM Radio One announces that 2Q11 core radio revenues are pacing up mid to high single digits YoY (ROIA) 1.76 0.00 : Co announces that core radio revenues for 2Q11 are pacing up mid to high single digits YoY. "Q2 is historically our biggest quarter for radio revenues, so it is encouraging that we are pacing strongly compared to prior year. May and June pacings have been strengthening over the past few weeks and both months are now pacing up double-digits. This data is helpful in the context of the full year guidance that we have previously provided, and which we continue to affirm."

11:54AM JPMorgan Chase confirms to increase quarterly common stock dividend to $0.25/share; authorizes $15 bln stock repurchase program (JPM) 45.72 +1.16 : Co confirmed it declared a quarterly dividend of $0.25 per share on the corporation's common stock, an increase of $0.20 per share. The dividend is payable on April 30, 2011 to stockholders of record at the close of business on April 6, 2011. The company also authorized a new $15 bln multi-year common stock repurchase program, of which up to $8.0 bln of common stock repurchases is approved for 2011. "Our current expectation is to return to a payout ratio of approximately 30% of normalized earnings over time. We will operate the business with the objectives of maintaining a Basel I Tier 1 Common ratio of at least 9.0% and meeting the Basel III requirements substantially ahead of time... We expect, though at a minimum, essentially to repurchase the same amount of shares that we issue for employee stock-based incentive awards. Beyond this, we intend to repurchase stock only when we are generating capital in excess of what we need to fund our organic growth and when we think it provides excellent value to our existing shareholders." The Federal Reserve has approved utilization of up to $8.0 bln in 2011 of the $15 bln repurchase program. The share repurchase program replaces the prior $10 bln program that had ~$3.2 bln of remaining authorization.

11:38AM U.S. Bancorp announces 150% increase in annual dividend to $0.50; authorizes new 50 mln share repurchase program (USB) 27.21 +0.89 : Co approved a 150 percent increase in the dividend rate on U.S. Bancorp common stock to $0.50 on an annualized basis, or $0.125 on a quarterly basis. Additionally, the board of directors of U.S. Bancorp today approved an authorization to repurchase up to 50 mln shares of its outstanding common stock. This new authorization replaces the company's current share repurchase program.

11:35AM Dow +96 and S&P ++8.6 stall shy of early highs and slide to minor new morning pullback lows -- Nasdaq Comp +9 (SPY) : Sloppy action after the opening surge with headlines and quarterly expiration related gyrations appearing to drive the action.

11:34AM Wells Fargo increases quarterly cash dividend rate to $0.12, including a special Q1 cash dividend of $0.07, and increases common stock repurchase authority (WFC) 32.10 +0.74 : Co announces a special first quarter 2011 cash dividend on its common stock of $0.07 per share, which together with the $0.05 per share dividend declared on January 25, 2011, brings the total dividend declared for the first quarter to $0.12 per share. The special dividend is payable March 31, 2011, to stockholders of record on March 28, 2011. The Board of Directors also increased the Company's authority to repurchase common stock by an additional 200 million shares. The quarterly dividend rate increase to $0.12 per share was part of the capital plan the Company submitted to the Federal Reserve Board in January 2011. Also included in the capital plan were common stock repurchases, the redemption of certain trust preferred capital securities and the continued open market repurchases of common stock warrants.

11:25AM BB&T Corp declared a $0.01 increase in the 2011 second-quarter dividend to $0.16, as well as a special $0.01 dividend (BBT) 27.35 +0.45 :

11:24AM Federal-Mogul announces that it has retained Lazard to assist the company in evaluating strategic alternatives to enhance shareholder value; co does not intend to comment further with respect to the process (FDML) 24.75 +2.13 :

11:21AM Ferrellgas Partners announces that it will redeem for cash $98 mln aggregate principal amount of their outstanding 8 5/8% Senior Notes due 2020 (FGP) 25.95 -0.02 : The Issuers will pay a redemption price of $1,086.25 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest to March 28, 2011.

11:07AM SAP AG recommends to increase dividend by 20% to Euro 0.60/share (SAP) 57.96 +2.00 :

11:06AM Relative sector strength (TECHX) : The bounce off pullback lows has been led by Finance XLF, Reg Bank KRE, Oil Service OIH, Energy XLE, Computer-Hardware, Disk Drive. As noted earlier this morning, the XLF is probing support at its recent range low and 50 ema at 16.33/16.40 (session high 16.37).

11:03AM Dow +140 lifts back near early high, S&P +13 lagging a bit but improving (SPY) : The Nasdaq Comp +18 has underperformed after the open surge but has bounced 10 points off its pullback low.

11:01AM 3M filed a joint motion for preliminary approval of a class action settlement regarding the Whitaker et al. vs. 3M lawsuit; MMM to pay up to $12 mln (MMM) 89.73 +1.00 :

11:01AM AeroVironment selected to help lead the way to a cleaner transportation future through an $820,000 contract from the Hawaii EV Ready Grants Program (AVAV) 33.88 +0.69 :

10:58AM Crude oil pushes into positive territory; now up 20 cents to $101.62 (COMDX) :

10:53AM New Oriental halted, news pending (NOEC) 0.63 0.00 :

10:32AM Jo-Ann Stores reports its shareholders approved the adoption of the merger agreement between an affiliate of Leonard Green & Partners (JAS) 60.97 +0.06 : Co anticipates the closing of the transactions contemplated by the merger agreement, including the merger, will occur later today. With the closing of the merger, shares of the Company's common stock will no longer trade on the New York Stock Exchange and will be delisted.

10:31AM Nissan Motor reports Nissan Americas manufacturing operations plan to follow a normal production schedule for at least the next seven days (NSANY) 17.96 -0.35 : Based on the currently available supply chain, Nissan Americas manufacturing operations plan to follow a normal production schedule for at least the next seven days. The supply chain is being continuously assessed and the next update will be provided on Friday, March 25. Nissan Americas has suspended all employee travel to Japan until further notice. The company is working with its expatriate Americas employees as they make their own personal choices to stay or leave the country during the crisis.

10:21AM Ford Motor sells Norfolk assembly plant property to Jacoby Development (F) 14.50 +0.24 :

10:18AM Netflix slides back near its 50 day sma at 207.24 and stabilizes -- session low 207.57 (NFLX) 208.67 -5.23 :

10:13AM Relative Sector Weakness -- Retail XRT slides into the red, Semi SMH back near unch (TECHX) :

10:10AM Stock indices slip back off early highs with Nasdaq Comp +12 pacing the way -- Dow +119, S&P +11 (SPY) : The major averages held near second level resistances (09:38 update) and has slipped back but thus far no short term chart damage has been done.

10:01AM Caterpillar says disruption to the supply chain in Japan has not stopped production at other Caterpillar facilities around the world; (CAT) 105.17 +2.05 : Caterpillar's facilities in Tokyo, Akashi and Sagami were not damaged by the earthquake, and are outside of the current area the Japanese government has declared as a mandatory evacuation zone. Both the Sagami and Akashi facilities have continued to operate and produce product, although the current situation in Japan is having some impact on production, which has varied day to day over the last week. To date, the disruption to the supply chain in Japan has not stopped production at other Caterpillar facilities around the world; although moving forward, it is possible those facilities may be sporadically impacted as a result of the situation in Japan. Caterpillar is focusing resources from around the world to determine the full scope and impact to the company's supply chain. We are also actively developing alternative sources for components produced by Japanese-based suppliers, should some suppliers not be able to provide components to Caterpillar operations inside and outside of Japan.

9:58AM Acme Packet broke down to new session/monthly low this morning of 67.00 (APKT) 67.20 -1.67 : Note that its late Feb reaction low is at 66.71 with its 50 ema/sma at 66.63/66.51.

9:42AM Financial Select Sector SPDR providing early leadership, probing important resistance area (XLF) 16.33 +0.24 : The XLF is a top performing economic sector this morning with it reaching as high as 16.33. This leaves it back at resistance of note at its recent trading range floor (16.33) and 50 day ema (16.40) -- AXP, JPM, WFC, BAC, C, GS, MS, BK, STT, USB.

9:38AM Stock indices run to second level resistances in early trade -- Dow +143, S&P +14, Nasdaq Comp +26 (SPY) : Strong performance in the early going with the stock indices reaching second level resistances noted in The Technical Take at 2664/2669 Nasdaq (session high 2665), 1288/1290 S&P (session high 1288) and 11895/11915 Dow (session high 11920).

9:35AM Digital River appoints CFO Tom Donnelly as President (DRIV) 34.87 +0.56 :

9:35AM ViroPharma announces positive CHMP opinion for Cinryze in EU (VPHM) 18.75 +0.33 : Co announced that the Committee for Medicinal Products for Human Use of the European Medicines Agency has adopted a positive opinion at its plenary meeting in March 2011 recommending approval of a Centralized Marketing Authorization for Cinryze in adults and adolescents with hereditary angioedema for routine prevention, pre-procedure prevention and acute treatment of angioedema attacks. The recommendation includes a self administration option for appropriately trained patients included in the proposed Summary of Product Characteristics. Specifically, the CHMP-recommended the approved therapeutic indication to include treatment and pre-procedure prevention of angioedema attacks in adults and adolescents with hereditary angioedema, and routine prevention of angioedema attacks in adults and adolescents with severe and recurrent attacks of hereditary angioedema, who are intolerant to or insufficiently protected by oral prevention treatments or patients who are inadequately managed with repeated acute treatment.

9:34AM Amazon.com attempting to rebound after just minor penetration of its early week low of 160.76 in opening trade -- session low 160.59 (AMZN) 162.01 +1.04 : Note that its 200 ema comes into play below at 159.48.

9:16AM CSS Industries announces new revolving credit facility (CSS) 16.51 : Co announces a new five-year revolving credit facility with Wells Fargo Bank, National Association and Citizens Bank of Pennsylvania. Borrowing availability under the new revolving credit facility fluctuates from a low of $50,000,000 during times when the Company historically has had little or no debt outstanding to a maximum level of $150,000,000 during the Company's historical seasonal peak borrowing periods. This new structure is expected to provide ample borrowing capacity while reducing the Company's costs during historically low borrowing periods.

9:15AM Argonaut Group provides preliminary loss estimate for the Christchurch Earthquake to be in range of $35-45 mln; too early to make estimate on Japan (AGII) 31.97 : Co announces its preliminary pre-tax loss estimate for the February 22, 2011, earthquake in Christchurch, New Zealand is in the range of $35-45 mln, net of reinsurance and reinstatement premiums. Additionally, co is in the process of assessing its exposure to the devastating earthquake and tsunami that struck the northeast coast of Japan. The co is reviewing exposures from in force contracts in both its insurance and reinsurance businesses, but believes based on the limited available information and the significant uncertainties regarding the extent and nature of the damages resulting from the events it is too early to issue an estimate at this time.

9:11AM Hatteras Financial prices a public offering of 14.5 mln shares of its common stock at a price to the public of $28.50 per share (HTS) 29.45 :

9:07AM Polypore Intl prices 4.5 mln shares of its common stock by certain selling stockholders, including Warburg Pincus Private Equity VIII, L.P., Warburg Pincus International Partners, L.P. and certain executive officers of co, at a public offering price of $52.75 per share (PPO) 55.69 :

9:04AM Bacterin International signs LOI to acquire assets of Robinson MedSurg for transaction valued at $1 mln (BONE) 4.10 : Co announces that it has agreed in terms to acquire Robinson MedSurg. The proposed transaction will involve an initial exchange of BONE common stock valued at $1 mln at the closing date, in exchange for all the assets of Robinson MedSurg including ~$500,000 of inventory, existing commercial agreements and intellectual property. In addition, upon the achievement of certain revenue goals by RMS over a two year period, additional BONE common stock valued at $1 mln may be remitted to RMS.

9:01AM Willis Group announces redemption of remaining 12.875% senior notes due 2016 (WSH) 39.00 : Co announces that it has called for redemption the $35 million aggregate principal amount of 12.875% Senior Notes due 2016 that remain outstanding after the Company's recently completed $800 million Senior Notes offering and the related repurchase of $465 million aggregate principal amount of the 12.875% Senior Notes. The redemption date will be April 17, 2011.

9:01AM Alexander & Baldwin sees Q1 net income below consensus (ALEX) 41.30 : Co sees Q1 net income of ~breakeven, consensus $8.3 mln (EPS of $0.19). The recent surge in global fuel prices related to the unprecedented unrest in the Middle East and North Africa is negatively impacting Matson Navigation co's financial results, and that Matson is expected to post an operating loss for 1Q11. Alexander & Baldwin's Real Estate and Agribusiness segments are performing as expected and continue to have a positive outlook for the year. "Increased fuel prices are having a disproportionate effect on transportation cos as fuel is an unavoidable and significant component of operating costs. Matson's ability to employ fuel price adjustment mechanisms to limit the impact of price fluctuations on its first quarter earnings has been outpaced by the steep acceleration in fuel prices... We expect to recoup a large percentage of fuel cost increases through surcharge mechanisms in 2011; however, an environment of continually escalating fuel costs could impair timely recovery of these costs and further impact financial results... In addition, we are paying close attention to the potential impacts of the recent tragic events in Japan on the Hawaii and Mainland economies, and how that may affect our businesses. There was no damage to A&B's assets following the Pacific tsunami triggered by the earthquake. An update of our full-year outlook, including an assessment of the impact of the factors described above, will be provided on our first quarter earnings call."

9:01AM Celanese announces a price increase in Europe, Middle East and Africa for the polyester products Celanex PBT, Vandar PBT, Impet PET and Riteflex TPC-ET by EUR0.15/kg, or higher on selected products (CE) 39.42 : These increases take effect on customer shipments beginning April 4, 2011, or as contracts allow.

9:00AM Biomarin Pharm study suggests importance of routine mental health screening in the care of patients suffering from genetic disease PKU (BMRN) 23.84 : Co announced preliminary results from ADAPT in an abstract presented by Barbara Burton, MD at the 2011 annual American College of Medical Genetics (ACMG) conference in Vancouver, Canada. ADAPT, which was funded by a grant from BioMarin, is the first multi-center study suggesting the importance of mental health screening at clinics for patients suffering from PKU. Although numerous studies have demonstrated a definite correlation between blood Phe levels -- currently the sole indicator used to assess PKU treatment -- and psychiatric impairment, very few PKU clinics in the U.S. screen patients for neuropsychiatric function. As a result, PKU patients with psychiatric impairment may go undiagnosed and untreated.

8:45AM Buckeye Partners announces agreement to acquire refined products terminals and pipelines from BP for total purchase price of $225 mln (BPL) 63.98 : Co announces that it has signed a definitive agreement with BP Products North America Inc. and its affiliates to acquire 33 refined petroleum products terminals with total storage capacity exceeding 10 million barrels and ~1,000 miles of refined petroleum products pipelines, including BP's ~50% interest in Inland Corporation, for a total transaction purchase price of $225 million. The terminal and pipeline assets are located in the Midwestern, Southeastern, and Western United States, further extending Buckeye's operations into new, key geographic markets. Buckeye's proposed acquisition of BP's interest in Inland, which represents $60 million of the total transaction purchase price, is subject to Inland's other shareholders' existing rights of first refusal.

8:40AM Crude futures drops 1.5 points on back of Libyan Foreign Minister comments; now lower by 3 cents to $101.39 (COMDX) :

8:35AM Teva Pharma and Merck (MRK) receives positive opinion for NOMAC/E2 from the European Committee for medicinal products (TEVA) 47.95 : Co and Merck (MRK) announce that the Committee for Medicinal Products for Human Use of the European Medicines Agency adopted a positive opinion for NOMAC-E2, an investigational contraceptive pill combining 1.5 mg of 17-beta-estradiol with 2.5 mg of nomegestrol acetate in a 24/4 monophasic regimen. The CHMP issued its positive opinion following a review of data derived from clinical trials evaluating NOMAC-E2. If approved for marketing by the European Commission, NOMAC-E2 will be marketed by Teva/Theramex in select European markets.

8:34AM On The Wires (WIRES) :

* Banco Santander Chile (SAN) announced that it has established a US$5.5 billion Medium Term Notes Program.
* ViaSat (VSAT) received delivery orders from PM Force XXI Battle Command Brigade and Below totaling $71.1 mln under its Blue Force Tracking 2 IDIQ contract.
* Nexxus Lighting (NEXS) announced the Nexxus' Array brand of premium LED light bulbs will be offered on Lowes.com and in 1,100 Lowe's (LOW) stores across the United States. The bulbs will be available to consumers beginning June 2011.

8:31AM Cisco Systems announces first ever cash dividend; quarterly dividend of $0.06 per common share will be paid on April 20, 2011 (CSCO) 17.00 : Co announced that on March 17, 2011, its Board of Directors approved the initiation of quarterly cash dividends to its shareholders. This is the first cash dividend paid to shareholders in the company's history. A quarterly dividend of $0.06 per common share will be paid on April 20, 2011, to all shareholders of record as of the close of business on March 31, 2011... Briefing.com note: CSCO has $40 bln in cash and 5.5 bln shares outstanding (~$7.30 in cash per share).

8:31AM Affymax prices public offering of 8,474,576 shares of its common stock at a price to the public of $5.90 per share. (AFFY) 6.45 : Co announces the pricing of an underwritten public offering of 8,474,576 shares of its common stock at a price to the public of $5.90 per share. The gross proceeds to co from this offering are expected to be ~$50.0 mln.

8:30AM Westell Tech to sell substantially all of the assets of Westell's Customer Networking Solutions division to NETGEAR (NTGR) for $33.5 million in cash (WSTL) 2.92 : For the 12 months ended December 31, 2010, revenue attributable to the CNS business being sold was ~$39.5 million and revenue attributable to the retained CNS business was ~$40.4 million. The retained business is expected to account for significant revenue in Westell's fiscal year ending March 31, 2012. Westell Management will address questions regarding the CNS transaction and Westell during an investor conference call on Tuesday, March 22, 2011 at 9:30 ET.

8:30AM Westell Tech halted, news pending (WSTL) 2.92 :

8:26AM Novartis AG gains positive CHMP opinion for Lucentis (ranibizumab) to treat vision loss due to macular edema secondary to RVO (NVS) 53.79 : Co has received a positive opinion from the Committee for Medicinal Products for Human Use for Lucentis (ranibizumab) to treat patients with visual impairment due to macular edema secondary to retinal vein occlusion (RVO).

8:09AM Amgen EMA has adopted a negative opinion for co's application to extend the marketing authorization in Europe for Vectibix; co issues statment (AMGN) 53.56 : Co received notice that the Committee for Medicinal Products for Human Use of the EMA has adopted a negative opinion for co's application to extend the marketing authorization in Europe for Vectibix to include combination with chemotherapy for the treatment of patients with wild-type KRAS metastatic colorectal cancer. Co states it will review the CHMP opinion and consider appropriate next steps, as co believes that Vectibix in combination with chemotherapy provides an important treatment option for patients with wild-type KRAS mCRC. Co states it remains committed to patients with this aggressive disease, for whom there are limited treatment options.

8:07AM Lockheed Martin announces U.S. Navy awards a Lockheed Martin-led industry team $376 million to construct the nation's seventh Littoral Combat Ship (LMT) 80.41 :

8:02AM On The Wires (WIRES) :

* Teledyne Technologies Incorporated (TDY) announced that its subsidiary, Teledyne Scientific & Imaging, has acquired a majority interest in Nova Research. Nova Sensors, located in Solvang, Calif., designs integrated circuits, highly-integrated camera electronics, and manufactures compact mid-wave and short-wave infrared camera systems. Terms of the transaction were not disclosed.
* EMCOR Group (EME) announced that its Dynalectric subsidiary Georgia branch has been awarded a contract for the installation of all the electrical systems for Fort Stewart's Soldier Family Care Clinic.
* ViaSat (VSAT) has received delivery orders from PM Force XXI Battle Command Brigade and Below totaling $71.1 mln under its Blue Force Tracking 2 IDIQ contract.

8:01AM Chipmos Technology reports Feb rev +19.7% YoY to $45.5 mln (IMOS) 7.64 : Co reports revenue for the month of February 2011 was NT$1,353.8 mln or $45.5 mln, a decrease of 12.6% MoM and an increase of 19.7% YoY.

7:47AM Hawaiian Holdings prices a $75.0 million aggregate principal amount of its 5.00% Convertible Senior Notes due 2016 (HA) 6.11 : The notes will be unsecured, unsubordinated obligations of the Company, and interest will be payable semi-annually at a rate of 5.00% per year. The notes will mature on March 15, 2016, unless earlier converted or repurchased. Company, and interest will be payable semi-annually at a rate of 5.00% per year. The notes will mature on March 15, 2016, unless earlier converted or repurchased. The initial conversion rate is 126.8730 shares of common stock per $1,000 principal amount of notes (which is equivalent to an initial conversion price of approximately $7.88 per share). The initial conversion price represents a conversion premium of approximately 29% relative to the last reported sale price of the Company's common stock of $6.11 per share on March 17, 2011.

7:37AM Eli Lilly receiveds a complete response letter from the FDA for their New Drug Application for Amyvid, a Positron Emission Tomography imaging agent under investigation for the detection of beta-amyloid plaque in the brains of living patients (LLY) 34.13 : The complete response was primarily focused on the need to establish a reader training program for market implementation that helps to ensure reader accuracy and consistency of interpretations of existing Amyvid scans. "Lilly and Avid have been engaged in an active and ongoing dialogue with the FDA... We remain confident in the data submission package for Amyvid."

7:36AM Zhongpin announces that it has priced a follow-on underwritten registered public offering of 5 mln shares of common stock at a price of $14.10 per share (HOGS) 14.50 :

7:33AM On The Wires (WIRES) :

* IMAX (IMAX), Warner Bros Pictures and Legendary Pictures announce Sucker Punch will be released in the immersive IMAX format on Friday, March 25th.
* NF Energy Saving (NFEC) announced that it has signed a contract with China Guodian for the supply of butterfly valves control systems. The contract value is RMB3.08 mln.

7:31AM China Marine Food responds to radiation concerns (CMFO) 4.00 : "Our supplies of raw fish and seafood come from the Taiwan Strait, which is located between Taiwan and Fujian Province, China and thus pose no threat of contamination. In addition, this area maintains a separate ocean current from those of the East Japan Sea. According to the nuclear radiation-monitoring station in Shanghai, large-scale and long-distance radiation spread is unlikely as the primary containment vessel and fuel rods in the nuclear plant in Japan were not damaged. Under the current circumstances, only those residents within 110 miles of the nuclear plant will be affected... Furthermore, there has been no disruption in the buying pattern of our customers and we do not anticipate one will occur."

7:25AM On The Wires (WIRES) :

* Kitimat LNG facility partners Apache (APA) and EOG Resources (EOG) through their Canadian subsidiaries, announced that Encana has agreed to acquire a 30% working interest ownership in the planned natural gas liquefaction and export facility on British Columbia's west coast and the associated Pacific Trail Pipelines. Under the new ownership agreement, Apache will sell down 11% of the equity in Kitimat LNG and PTP, retaining operatorship and a 40% working interest. EOG will sell 19%, keeping a 30% working interest. Financial terms of the contract were not disclosed.
* The Board of Directors of Ameron International Corporation (AMN) issued the following statement regarding the reports of proxy advisory services Egan-Jones Proxy Services and Institutional Shareholder Services on the Barington Capital's proxy solicitation.
* Fronteer Gold (FRG) announced that ISS Proxy Advisory Services and Glass Lewis & Co., have each published a report recommending that their subscribers vote "FOR" the resolution approving the plan of arrangement pursuant to which Newmont Mining Corporation (NEM) will indirectly acquire all of the issued and outstanding common shares of Fronteer Gold. ISS and Glass Lewis have also recommended that their subscribers vote "FOR" the resolution approving the Pilot Gold Inc. stock option plan.

7:06AM Pall Corp announced last night that its board of directors has separated the roles of chairman of the board and chief executive officer and elected Ronald L. Hoffman, non-executive chairman; effective immediately (PLL) 55.84 : Hoffman, a Pall director since 2008, succeeds Eric Krasnoff as chairman. Krasnoff, who recently announced his intention to retire on the earlier of March 2012 or the election of a new CEO, continues as president and CEO. A search committee composed of independent Pall directors has retained a leading national recruitment firm and the CEO search is well underway.

7:05AM Perry Ellis beats by $0.02, reports revs in-line; guides FY12 EPS below consensus, reaffirms FY12 revs guidance (PERY) 26.30 : Reports Q4 (Jan) earnings of $0.69 per share, $0.02 better than the Thomson Reuters consensus of $0.67; revenues rose 5.3% year/year to $206.9 mln vs the $207.8 mln consensus. Co issues guidance for FY12, sees EPS of $2.30-2.40 vs. $2.47 Thomson Reuters consensus and $2.50-2.65 previously, due to its recent offering; reaffirmsFY12 revs of $1 bln vs. $984.49 mln Thomson Reuters consensus.

7:01AM Corp Exec Bd announces that it has entered into a five-year, $100 mln senior unsecured revolving credit facility with a syndicate of banks led by Bank of America and JP Morgan Chase (EXBD) 36.50 :

6:55AM Hertz Global's Hertz Corp and Hertz Equipment Rental Corp completed the refinancing of their existing senior secured credit facilities under a new $1.8 billion asset-based revolving credit facility and a new $1.6 billion senior secured term loan and letter of credit facility (HTZ) 14.99 :

6:53AM Pall Corp announced last night that its GeneDisc Rapid Microbiology system has been validated by the AOAC Research Institute for detection of non-O157 STEC in meat (PLL) 55.84 :

6:49AM Solta Medical announces that Clint Carnell is resigning as Chief Operating Officer to become Chief Executive Officer at MyoScience, Inc. (SLTM) 3.04 : Co's Chairman, President and Chief Executive Officer, Stephen J. Fanning, is assuming Mr. Carnell's responsibilities and the company does not intend to name a replacement for Mr. Carnell at this time.

6:05AM On The Wires (WIRES) :

* Clean Energy Fuels (CLNE) has signed an agreement with major contract freight carrier Dillon Transport to build, operate and supply an LNG/CNG fueling station on Dillon-owned property in Dallas, Texas.
* China-Biotics (CHBT) announced that the co has entered into an agreement with a US based nutritional product company.

6:02AM Coherent reports final results of its tender offer; co acquires 454,682 shares at $59.00 per share (COHR) 52.87 : Co reports, based on the final count by the depositary for the tender offer, co accepted for payment an aggregate of 454,682 shares of its common stock at a purchase price of $59.00 per share. These shares represent ~1.8% of the shares issued and outstanding. Co offered to purchase up to 1,271,000 shares at a price not less than $53.00 per share and not greater than $59.00 per share.

4:54AM Coca-Cola Hellenic proposes capital return of EUR0.50 per share (CCH) 27.24 : Co announces a proposed capital return to its shareholders of EUR0.50 per share. The proposed transaction is expected to be financed from the cash position of the co and is subject to shareholder and regulatory approval. The proposed capital return is expected to be paid out on June 21, 2011 with a record date on June 15, 2011.

3:41AM General Mills to enter exclusive negotiations with PAI and Sodiaal on acquisition of Yoplait Interests (GIS) 36.13 : Co announces it has entered into exclusive negotiations with PAI Partners and Sodiaal to purchase interests in Yoplait and affiliated companies. Co's binding offer includes a controlling role in the operating company and a 50% interest in the entity which owns Yoplait and related brands. Negotiations are in progress, and consultation procedures with the respective works' councils are being initiated. Under the proposed transaction, Co will partner with Sodiaal in expanding and growing the Yoplait brand and businesses in France, Europe and around the world.

1:48AM On The Wires (WIRES) :

* Naturally Advanced Technologies (NADVF) has agreed to a ten-year CRAiLAR fiber supply agreement with Hanesbrands (HBI) that will commercialize NAT's proprietary fibers. Terms of the agreement were undisclosed.
* Hagens Berman Sobol Shapiro announced an investigation into Finisar (FNSR) for securities fraud and insider selling.
* Blizzard Entertainment and NetEase.com (NTES) announced that open beta testing for StarCraft II in mainland China will begin on March 29, 2011.
* Dolby Laboratories (DLB) announced a collaboration with Tata Sky supporting Dolby Digital Plus as the audio codec for Tata Sky+ HD, the new-generation personal video recorder.

1:28AM Longtop Financial authorizes up to $50 mln share repurchase program; expires March 31, 2013 (LFT) 29.92 :

1:21AM El Paso commences cash tender offers for Senior Notes; commences cash tender offer and consent solicitation for 9% debentures due 2012 and 7 1/4% debentures due 2025 (EP) 17.40 : Co announces the commencement of cash tender offers to purchase the seven series of its outstanding senior notes. Co is offering to purchase the Maximum Tender Offer Notes such that the aggregate amount of the consideration paid for the Maximum Tender Offer Notes tendered is equal to $470 mln less the aggregate amount of the consideration paid for the Any and All Notes tendered and accepted for purchase. Additonally, El Paso Tennessee Pipeline announces that it commenced cash tender offers to purchase any and all of its 9% Debentures due 2012 and 7 1/4% Debentures due 2025. The aggregate principal amount outstanding of the Debentures is $24,355,000. Co intends to use available cash on hand to fund the purchase of the Debentures in connection with the tender offers and consent solicitations.
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