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Market Update: 110322
4:30 pm : The S&P 500 faltered in the face of resistance near the 1300 zone during the early going. That left it to muddle along with a modest loss for the rest of the session as buyers sat on their gains from the prior session.

Although there is still headline risk related to the military action in Libya and the status of damaged nuclear facilities in Japan, the lack of deterioration of relative conditions in those countries has made them less threatening, for the time being, to market participants. That theme helped the major equity averages advance more than 1% yesterday. However, there wasn't any follow through this morning. The lack of early buying interest left stocks to slip into the red, which is where they spent the rest of the session.

Overall selling pressure was rather mild today. Declining share volume outpaced advancing volume by just 3-to-2 -- total share volume on the NYSE barely broke 800 million.

Corporate headlines drove action in a few individual names, but did little for the overall market. Walgreen (WAG 39.21, -2.76) slumped to one of its worst single-session losses in about nine months following in-line earnings results. Meanwhile, Express (EXPR 18.42, +1.02) hit a one-month high following news of its upside earnings surprise. Bristol Myers Squibb (BMY 26.29, +0.29) initially bounced to a one-month high in response to news that one of its drugs met a primary endpoint in a Phase III study, but the stock gradually gave back a chunk of its gain.

Renewed pressure against the greenback dropped the Dollar Index to a new 52-week intraday low, but the buck battled back for a flat finish.

No economic data of consequence was out today. Tomorrow brings the latest monthly new home sales figures, though. Also on tomorrow's agenda are weekly crude oil inventories and a speech from Fed Chairman Bernanke. DJ30 -17.90 NASDAQ -8.22 NQ100 -0.2% R2K -0.5% SP400 -0.7% SP500 -4.61 NASDAQ Adv/Vol/Dec 1051/1.65 bln/1540 NYSE Adv/Vol/Dec 1262/822 mln/1703

3:30 pm : Commodities, save for softs, finished higher again, led by a 1.3% rally in energy commodities. May WTI crude oil surged 1.9% to close at $105.04 per barrel as unrest in the Middle East continued to push prices higher. The ongoing no-fly zone in Libya, more protests in Yemen and Syria, and renewed tensions at the Israel-Gaza border were the focus of the market today. April natural gas gained 2.1% to close at $4.25 per MMBtu, closing higher for the third time in four sessions. The possibility of increased demand from Japan, coupled with cooler-than-avg temps across some parts of the country, help nat gas trade to its best levels in 6 weeks.

It was an uneventful session for April gold, which ended just above the flat line at $1427.60 per ounce. May silver ended up 1% to $36.26 per ounce. DJ30 -9.47 NASDAQ -7.07 SP500 -3.57 NASDAQ Adv/Vol/Dec 1018/1.3 bln/1521 NYSE Adv/Vol/Dec 1281/560.1 mln/1651

3:00 pm : Only an hour remains before the closing bell will toll. That has many market watchers looking ahead on the calendar of events.

After the close, Adobe Systems (ADBE 32.77, +0.43), Jabil Circuit (JBL 18.90, -0.61), and Discover Financial Services (DFS 22.59, -0.05) post their latest quarterly results. Tomorrow's agenda features earnings from General Mills (GIS 36.86, -0.26), the latest new home sales report, the weekly crude oil inventory data, and a speech from Fed Chairman Bernanke. DJ30 -11.28 NASDAQ -7.48 SP500 -3.53 NASDAQ Adv/Vol/Dec 987/1.19 bln/1561 NYSE Adv/Vol/Dec 1241/514 mln/1678

2:30 pm : The stock market continues to sit near session lows with narrow losses. The action comes after the S&P 500 failed to find any follow through buying interest near the 1300 line then failed to sustain a mid-session bounce that had only temporarily pared losses.

Sprint (S 4.51, +0.15) continues to see some of the most action this session. The stock was shunned yesterday, but today it is up sharply in high volume trade. Next to Citigroup (C 4.41, -0.02), shares of S are actually seeing the second most trading volume of any stock in the NYSE today. DJ30 -25.47 NASDAQ -11.65 SP500 -5.33 NASDAQ Adv/Vol/Dec 992/1.09 bln/1547 NYSE Adv/Vol/Dec 1242/473 mln/1663

2:00 pm : Financials are lagging for the second straight session. After the sector staged only a modest advance in the prior session it has succumbed to some relativey stiff selling today. In turn, financials are collectively down 0.9%.

The sector's relative weakness comes in the wake of news that 19 banks were given the go-ahead by the Fed to move forward with capital redistribution efforts, including dividend increases and share repurchases. That news has actually been viewed by some analysts as a source of support amid the volatile action of last week. Prior to the turbulent events that unfolded, there was some concern that headlines connected to bank capital redeployment would prompt a sell-the-news type of response. DJ30 -3.75 NASDAQ -6.72 SP500 -2.88 NASDAQ Adv/Vol/Dec 966/1.02 bln/1562 NYSE Adv/Vol/Dec 1221/440 mln/1668

1:30 pm : Renewed selling pressure has the stock market back near session lows. Oil prices have also pulled back so that it now trades just below $104 per barrel with a $0.90 per barrel.

The dollar's doldrums continue as it loses ground to competing currencies. Weakness in the greenback has the euro up to $1.421 and the yen at 80.920 yen per dollar. DJ30 -21.20 NASDAQ -12.07 SP500 -4.88 NASDAQ Adv/Vol/Dec 963/920 mln/1536 NYSE Adv/Vol/Dec 1162/400 mln/1718

1:00 pm : Pressure has been limited, but stocks have spent almost all session mired in the red with modest losses.

The stock market started the session on flat footing, but backed down after it failed to attract the follow through buying necessary to push the S&P 500 through resistance in the 1300 zone. Subsequent selling has been modest as many traders consider it good news that there haven't been any headlines detailing further deterioration in the status of Japan or Libya.

There haven't been any economic data of consequence to motivate participants, but a few corporate news items have led to some increased activity in individual names.

In-line earnings from Walgreen (WAG 39.40, -2.57) have been met with a concerted selling effort that has left the stock to sufer its worst single-session slide since June. In contrast, retailer plays Express (EXPR 18.31, +0.91) and Dollar General (DG 30.94, +0.56) are up sharply in response to stronger-than-expected earnings results.

Bristol Myers Squibb (BMY 26.39, +0.39) bounced to a one-month high at the open, but has gradually forfeited gains. Initial strength was underpinned by news that one of its drugs met a primary endpoint in a Phase III study.

Even though gold prices have spent the session mostly unchanged around $1426 per ounce, a few gold stocks are faring quite well. As such, Newmont Mining (NEM 52.73, +1.03) is up 2% and Kinross Gold (KGC 15.86, +0.57) is up almost 4%.

Oil prices have pushed past $104 per barrel, but energy stocks have been unable to shake free from broad market weakness. As such, the Energy Select SPDR ETF (XLE 77.55, 0.13) is down with a slight loss. DJ30 -17.18 NASDAQ -7.99 SP500 -3.50 NASDAQ Adv/Vol/Dec 1010/845 mln/1471 NYSE Adv/Vol/Dec 1209/370 mln/1656

12:30 pm : Stocks have extended their rebound off of morning lows, but the tight range of today's action has made the move appear only modest in scope. What's more, the stock market is still in negative territory with a narrow loss.

Although action among stocks remains generally lackluster, Treasuries haven't attracted any real support this session. Instead, the benchmark 10-year Note is down five ticks so that its yield is now at 3.35%. Meanwhile, the 2-year Note's yield is at 0.66%. DJ30 -6.48 NASDAQ -3.39 SP500 -1.97 NASDAQ Adv/Vol/Dec 999/756 mln/1456 NYSE Adv/Vol/Dec 1223/334 mln/1618

12:00 pm : Stocks have managed to limit their losses all session. That has kept the major equity averages just below the neutral line.

Gold stocks are glistening, though. Specifically, shares of Newmont Mining (NEM 52.79, +1.09) and Kinross Gold (KGC 15.96, +0.67) are up more than 2% and 4%, respectively. The jump by KGC has the stock at a fresh one-month high after it set a 52-week low just a few sessions ago. Strength among gold plays comes even though the underlying price of gold is down narrowly to about $1426 per ounce. DJ30 -6.89 NASDAQ -4.31 SP500 -2.00 NASDAQ Adv/Vol/Dec 974/669 mln/1447 NYSE Adv/Vol/Dec 1194/297 mln/1609

11:30 am : Shares of Sprint (S 4.50, +0.14) have snapped back after their prior session slump, which came in response to concerns that the firm will fall farther behind competitors with AT&T's (T 28.16, -0.10) decision to acquire T-Mobile from Deutsche Telekom. According to reports, Verizon (VZ 36.73, +0.27) is not interested in partnering with Sprint.DJ30 -13.48 NASDAQ 6.50 SP500 -3.00 NASDAQ Adv/Vol/Dec 914/566 mln/1494 NYSE Adv/Vol/Dec 1084/255 mln/1669

11:00 am : The stock market has extended its downward drift. Overall losses remain moderate, though.

Meanwhile, oil prices continue to climb. The energy component was last quoted with a 0.9% gain at $104 per barrel, which makes for a new session high.

Even though oil prices are pushing higher, energy stocks haven't been able to shake free from broad market weakness. As such, oil services plays like Schlumberger (SLB 88.65, -1.07) and Halliburton (HAL 45.06, -0.67) are both down by more than 1%. DJ30 -16.58 NASDAQ -7.11 SP500 -3.65 NASDAQ Adv/Vol/Dec 974/450 mln/1356 NYSE Adv/Vol/Dec 1212/205 mln/1513

10:30 am : The dollar index rallied in the last couple of hours, pushing into positive territory and adding pressure on select commodities.

Most of the CRB Commodity Index is in negative territory and the few commodities trading higher are showing only modest gains. Grains and soft commodities are the worst performers in the CRB with O.J. -2.7%, sugar -2.6%, wheat -1.9%, corn -1.5%, coffee -1.4%, soybeans -1.4%.

Energy markets are mixed with natural gas trading about 1% higher and crude, heating oil and RBOB gasoline modestly lower. May crude oil spent most of today's session in negative territory and put in sesion lows of $102.10 an hour ago and is now +$0.06 at $103.15/barrel.

April natural gas has been higher all morning and, while crude was putting in lows an hour ago nat gas was pushing to session highs of $4.23 per MMBtu around the same time. Currently, nat gas is $0.02 higher at $2.26 per MMBtu.

April gold is back near the flat line at $1426.50 per ounce, while May silver is $0.27 at $36.27 per ounce.DJ30 -2.80 NASDAQ -1.94 SP500 -1.11 NASDAQ Adv/Vol/Dec 1084/287.2 mln/1178 NYSE Adv/Vol/Dec 52.7/144.7 mln/87.9

10:00 am : Stocks have been backed down a bit, but selling pressure is still far from intense. The action has left the major equity averages to trade with only minor losses.

Utilities have caught a modest bid this morning. In turn, the Dow Jones Utility Average is up 0.3%. Dominion Resources (D 44.79, +0.30) is a primary leader in the pack.

The Dow Jones Transportation Index is down 0.3%, however. Its weakness comes as Expeditors International of Washington (EXPD 47.01, -1.32) drops in response to an analyst downgrade. DJ30 -8.21 NASDAQ -4.12 SP500 -2.13 NASDAQ Adv/Vol/Dec 980/150 mln/1177 NYSE Adv/Vol/Dec 1227/90 mln/1362

09:45 am : The major equity averages have slipped after hugging the neutral line for the first few minutes of trade. The action comes as the S&P 500 continues to contend with resistance in the 1300 zone.

Retailers are showing relative strength, though. As a group, retailers are up 0.4%, according to the SPDR S&P Retail ETF (XRT 48.90, +0.10). A strong quarterly report from apparel and accessories retailer Express (EXPR 18.25, +0.85) has helped support positive sentiment in that space.

In-line earnings from Walgreen (WAG 38.60, -3.37) have made the stock one of this morning's worst performers. Its weakness has imbued shares of CVS (CVS 33.28, -0.45) and Rite Aid (RAD 1.06, -0.01). DJ30 -7.19 NASDAQ -3.85 SP500 -1.98 NASDAQ Adv/Vol/Dec 1010/46 mln/974 NYSE Adv/Vol/Dec 1201/50 mln/1101

09:15 am : S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: +0.20. Stock futures point to a flat follow up to the prior session's bounce. The moderated mood comes amid mixed action in Europe, although Asia's major averages added to their recent gains. Military action in Libya continues and Japan still faces the consequences of damaged nuclear facilities, but the absence headlines suggesting deterioration in either situation has been treated as a positive. There hasn't been any economic data of consequence; none is scheduled for release either. Corporate news has picked up a bit. The latest round of quarterly reports features upside earnings surprises from Express (EXPR) and Dollar General (DG), but Walgreen (WAG) posted in-line earnings. Bristol Myers Squibb (BMY) pleased investors with news that one of its drugs met a primary endpoint in a Phase III study.

09:05 am : S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +0.30. Stock futures are now hugging the flat line, but commodities are rather mixed. Among the more widely followed items, oil prices were recently quoted 0.7% lower at $102.35 per barrel. April futures contracts expire at the close of pit trade today. Meanwhile, natural gas prices are up more than 1% to $4.30 per MMBtu. Gold prices are down about 0.3% to $1422 per ounce.

08:35 am : S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: -1.20. Action in Europe has settled down after strong buying yesterday helped the major bourses stage strong gains. Germany's DAX is currently down 0.1%. Following weekend news that it will sell T-Mobile to AT&T (T) in a $39 billion deal, Deutsche Telekom was upgraded by analysts at RBS. France's CAC is currently up fractionally. Sanofi-Aventis (SNY) is seeing mixed interest following news that Bristol Myers Squibb (BMY) met a primary endpoint in a Phase III drug study. Britain's FTSE is off by 0.2%.

In Asia, Japan's Nikkei rallied 4.4%. Most of that move is owed to pent up buying interest after the Nikkei was closed for holiday observance on Monday, when most of the world's major equity averages bounced on the back of broad-based buying. Tokyo Electric Power surged almost 16% to add to the 19% spike that it had staged last Friday. Toyota Motor (TM) announced recently that it will extend its vehicle production halt. In economic data, Japan's All Industry Activity Index for January increased by 2.9% after a 0.3% decline in December. Action outside of Japan was strong, but less impressive. Hong Kong's Hang Seng advanced 0.8%. China Telecom was a leader following a strong profit report. China's Shanghai Composite climbed just 0.3%. Banks showed strength, but Kweichow Moutai tumbled after its profit disappointed.

08:05 am : S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: -4.70. Stock futures currently point to a flat to slighly lower start for the session. However, Bristol Myers Squibb (BMY) shares are up 5% in premarket trade as morning participants respond to news that one of the company's drugs met its primary endpoint in a Phase III study. In-line earnings from Walgreen (WAG) have been shrugged off, but retailers are seeing some strong interest after Express (EXPR) posted an upside earnings surprise and issued an in-line forecast to help drive its shares up more than 3% ahead of the open. The resignation of Hot Topic's (HOTT) CEO has sent shares of the apparel and accessories retailer up more than 6% in premarket trade. Dollar General (DG) shares are up 7% in premarket trade following better-than-expected earnings and upside guidance. Canadian Pacific (CP) shares were recently quoted 5% lower in response to downside guidance. Fellow rail carrier Norfolk Southern (NSC) is under more moderate pressure following an unfavorable ruling. The economic calendar is essentially empty for today.

07:00 am : [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: -5.50.

06:59 am : Nikkei...9608.32...+401.60...+4.40%. Hang Seng...22857.90...+172.70...+0.80%.

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

5:56PM Genworth Financial prices $400 mln debt offering (GNW) 12.91 -0.06 : Co announced that it has priced a public offering of 10.5 year senior notes in an aggregate principal amount of $400 million and with an interest rate of 7.625% per year. Genworth intends to use the net proceeds from this offering for general corporate purposes. Deutsche Bank Securities Inc. and Goldman, Sachs & Co. are joint book-running managers for this offering, which is expected to close on March 25, 2011.

5:50PM Sensient Technologies announces private placement debt transaction (SXT) 34.94 +0.03 : Co announced that it has entered into an agreement with investors for the issuance of $75 million in fixed-rate, senior notes. The dollar-denominated debt will have a six-year average life with a final maturity in November 2018. Proceeds from the offering will be used to repay maturing debt.

5:44PM Danaher Extends Cash Tender Offer for Beckman Coulter (BEC) for $83.50 per share in cash (DHR) 51.27 -0.02 : Co announced that its previously announced tender offer to acquire all of the outstanding shares of Beckman Coulter (BEC) for $83.50 per share in cash ("the Offer") has been extended and will now expire at 12:00 midnight, New York City time, at the end of April 27, 2011, unless further extended. All other terms and conditions of the Offer remain unchanged, and Danaher anticipates completing the acquisition in the second quarter of 2011.

5:38PM China Vesting upgrades China Direct Industries to the China Dragon Undervalued Index (CDII) 1.37 +0.04 : China Vesting announced that is has reconstituted its index of U.S.-listed Chinese Public Companies. Florida-based China Direct Industries (CDII) was added to the China Dragon Undervalued Index. China Direct operates two main segments, Magnesium and Basic Materials. The Magnesium segment produces and distributes various magnesium products, such as magnesium ingots, magnesium powders, magnesium alloys, various grades of magnesium slabs, and magnesium scraps. The Basic Materials segment involves in the sale and distribution of industrial grade synthetic chemicals, steel and non-ferrous metals. Further, China Direct Industries offers consulting services to United States and Chinese companies. China Direct Industries has given public guidance estimates for FY11 with revenue of $180 mln and net income of $12 mln. China Vesting added CDII to its Dragon Undervalued Index based on the company being one of the only Chinese Companies based in America with senior management that are American Citizens, who live and reside in the U.S. and thus must obey American laws and standards.

5:22PM Fisher Communications spikes ~4% to $30.15 following 17:21 news (FSCI) 29.01 +1.50 :

5:21PM Fisher Communications retains financial advisor to explore alternatives for maximizing the value of Fisher Plaza (FSCI) 29.01 +1.50 : Co announced that it has retained Moelis & Company, LLC as its financial advisor to explore alternatives for maximizing the value of Fisher Plaza, its mixed-use facility located near downtown Seattle, Washington, which may include a potential financing or sale transaction. The co intends to use the proceeds from any sale or financing transaction to, among other things, redeem the Co's outstanding 8 5/8% Senior Notes or repurchase common stock. The Indenture for the Co's Senior Notes currently allows the redemption of Senior Notes at 102.8750% of par value and the repurchase of up to ~$32 million of common stock. While the Co and its advisors are actively engaged in the exploration of alternatives for Fisher Plaza, no definitive timetable for the completion of its analysis has been set and there can be no assurance that the process will result in any transaction.

5:12PM GM prices $1.0 bln sale of Ally preferred shares (GM) 30.74 -0.54 : GM announced the sale of all of its shares of Fixed Rate Perpetual Preferred Stock, Series A, of Ally Financial Inc. in a registered public offering for a total of $1.0 billion. The shares, which represent 100% of the Ally Series A preferred stock outstanding, have an aggregate liquidation preference of $1 billion. The co said, "Today, we are taking another step forward in our strategy to strengthen and simplify the co's balance sheet. The transaction will result in a book gain of $0.3 billion to be recorded in the first quarter of 2011. Following the sale, GM's investment in Ally Financial will consist of a 9.9 percent interest in Ally common stock. The offering was underwritten by Credit Suisse, BofA Merrill Lynch, Deutsche Bank Securities and Barclays Capital.

5:08PM Harry Winston Diamond reports Q4 $0.12 vs. ($0.04) in last year's quarter; rose 615 to $215.4 mln (HWD) 14.22 +0.44 : Co said, "Although the commercial impact of the human tragedy in Japan has yet to be measured, we are thankful that our personnel and retail salons there are all unharmed. Last year Japan was 11% of global diamond jewelry consumer demand and 18% of our own luxury brand sales. For fiscal 2012 we expect a continued advance in luxury brand revenues and earnings driven by demand. Mining revenues will advance with higher diamond prices and improved ore mix. Mining costs will increase as open pit tonnage is supplemented by underground production, but to a lesser extent than originally expected due to the implementation of lower cost mining methods."

5:04PM Vectren, Citizens Energy Group receive regulatory approval for ProLiance Energy's continued role as gas portfolio manager through Mar 2016 (VVC) 26.70 -0.08 : Vectren Energy Delivery of Indiana (Vectren) (VVC) and Citizens Energy Group received regulatory approval last week from the Indiana Utility Regulatory Commission (IURC) to continue to utilize ProLiance Energy, LLC (ProLiance) to perform portfolio management services for their natural gas supply needs through March 2016.

4:57PM Energy Transfer Partners and Regency Energy Partners enter into agreement to acquire midstream assets from Louis Dreyfus Highbridge Energy for ~$1.925 bln (RGNC) 26.55 +0.11 : Energy Transfer Partners, L.P. (ETP) ("ETP") and Regency Energy Partners LP (RGNC) announced that they have formed a joint venture to purchase LDH Energy Asset Holdings LLC ("LDH") from Louis Dreyfus Highbridge Energy LLC ("Louis Dreyfus") for ~$1.925 bln in cash. The acquisition of LDH is expected to significantly expand ETP's and Regency's asset portfolios, adding an NGL platform with storage, transportation and fractionation capabilities. Additionally, this acquisition will provide both ETP and Regency with additional consistent fee-based revenues.

4:46PM REX Energy reaffirms its Q1 2011 and full year 2011 operational guidance (REXX) 14.36 +0.09 : Appalachian Basin - Butler County, Pennsylvania: In Butler County, where Rex Energy operates and owns a 70% working interest (WI), the company is fracture stimulating the fourth of five wells on its Drushel pad. The company expects to sell natural gas and associated liquids from the Drushel wells by April 30, 2011. Appalachian Basin - Westmoreland & Clearfield Counties, Pennsylvania: Williams Companies is the operator of Rex Energy's acerage in Westmoreland and Clearfield Counties, where Rex Energy owns a 40% non-operated working interest. Illinois Basin - ASP Progress: In the Illinois Basin, the company is conducting a pilot of an akalai-surfactant-polymer waterflood project. The company has completed a 25% pore volume injection of alkali-surfactant-polymer in its 15-acre Middagh Unit and has begun the polymer push phase of the project with another 23% of pore volume injection. The company will report a project update of the pilot during its first quarter earnings conference call.

4:37PM Southwest Airlines and Teamsters Union announce contract ratification (LUV) 12.32 +0.04 : Southwest Airlines and the International Brotherhood of Teamsters (IBT) Airlines Division, representing the carrier's Material Specialists (formerly known as Stock Clerks), announced today that the IBT membership ratified a mutually beneficial tentative agreement. The agreement is for a new, five-year contract through Aug. 16, 2013. The current contract became amendable on Aug. 16, 2008. One year ago, Southwest and the Teamsters agreed to seek assistance from the National Mediation Board through the mediation process as defined by the Railway Labor Act. IBT represents more than 170 Southwest Airlines Employees.

4:30PM Innovaro issues "no comment" on increased market activity in its common stock (INV) 2.85 +0.60 : Innovaro (INV) reported that the NYSE Amex has contacted the Company and, in accordance with its usual practice, requested that the Company issue a press release regarding the increased market activity in the Company's common stock. As a matter of policy, the Company does not comment on such matters.

4:27PM PC Mall confirms it will be carrying the BlackBerry PlayBook tablet from Research In Motion (RIMM) (MALL) 9.74 -0.11 :

4:21PM Cintas beats by $0.05, beats on revs; raised FY11 EPS above consensus, revs above consensus (CTAS) 28.14 +0.06 : Reports Q3 (Feb) earnings of $0.41 per share, $0.05 better than the Thomson Reuters consensus of $0.36; revenues rose 8.8% year/year to $937.8 mln vs the $907.6 mln consensus. Co raised guidance for FY11, sees EPS of $1.60-1.63 vs. $1.58 Thomson Reuters consensus, up from $1.55-1.63; raised FY11 revs of $3.75-3.77 bln vs. $3.73 bln Thomson Reuters consensus, up from $3.55-3.75 bln.

4:21PM Discover Financial Services beats by $0.27; raises quarterly dividend to $0.06 per share (DFS) 22.25 -0.39 : Reports Q1 (Feb) earnings of $0.84 per share, $0.27 better than the Thomson Reuters consensus of $0.57. Credit quality continued to improve as the credit card net charge-off rate declined sequentially 99 basis points to 5.96%, and credit card loans over 30 days delinquent declined 47 basis points to 3.59%. Total loans ended the quarter at $51.7 billion, up 3% compared to the prior year, reflecting the acquisition of $3.1 billion in private student loans partially offset by a decline in credit card loans. Credit card loans ended the quarter at $44.3 billion, a 3% decline from the prior year, driven by an increase in the payment rate partially offset by a 7% year over year increase in Discover card sales volume. Net interest margin increased 21 basis points from the prior year to 9.22%, principally due to a decrease in funding related costs, which resulted in a $25 million increase in net interest income. Net interest income increased $46 million from the prior quarter, primarily driven by an increase in total loan balances related to the student loan acquisition. Provision for loan losses of $418 million decreased $969 million from the prior year, driven by lower charge-offs and a reduction in the allowance for loan losses. Improvement in the outlook for credit performance over the next 12 months led to a reduction in the loan loss reserve rate, which resulted in a reserve release of $271 million in the first quarter of 2011 versus a reserve build of $305 million in the first quarter of 2010. The co raised its quarterly dividend to $0.06 per share which represents a yield of approx 1% and approx 10% of earnings.

4:21PM XOMA Limited announced that its Phase 2b trial of XOMA 052 in Type 2 diabetes patients did not achieve the primary endpoint (XOMA) 5.02 +0.28 : Co announced that its Phase 2b trial of XOMA 052 in Type 2 diabetes patients did not achieve the primary endpoint of reduction in glycosylated hemoglobin, or HbA1c, after six monthly treatments with XOMA 052 compared to placebo. Biological activity of XOMA 052 supporting its potential in cardiovascular disease was observed with highly significant (p < or = 0.0005) decreases in C-reactive protein, or CRP, a biomarker for the risk of heart attack, stroke and other cardiovascular diseases, in all dose groups versus placebo. In addition, statistically significant improvements in high-density lipoprotein, or "good" cholesterol were observed in two of four XOMA 052 dose groups versus placebo. XOMA 052 was well-tolerated in this trial, with no serious drug-related adverse events and a safety profile consistent with previous trials. XOMA is developing XOMA 052 in collaboration with Servier. (stock halted)

4:19PM Sonic misses by $0.01, reports revs in-line; key metrics for fiscal 2011 remains mostly unchanged (SONC) 9.08 -0.12 : Reports Q2 (Feb) earnings of $0.02 per share, excluding non-recurring items, $0.01 worse than the Thomson Reuters consensus of $0.03; revenues rose 0.2% year/year to $113.5 mln vs the $114.5 mln consensus. The Q2 system-wide same-store sales increased 1.2% and same-store sales at franchise drive-ins increased 1.0%... The outlook for certain key performance metrics for fiscal 2011 remains mostly unchanged from that reported in January and includes: opening of a total of ~40 new franchise drive-ins; improvement in same-store sales trends throughout fiscal year; Slightly unfavorable restaurant-level margins as a result of: Investments in product quality improvements along with higher commodity costs, partially offset by improving sales trends and labor efficiencies; Selling, general and administrative expenses of $66 to $67 mln; Depreciation and amortization of $41 to $42 mln; Interest expense of $33 to $34 mln; and Capital expenditures in the range of $20 to $25 mln. Assuming no change in cost structure, each percentage-point change in same-store sales impacts diluted earnings per share by ~$0.03, based on fiscal 2010 average unit volumes.

4:19PM Limited increased previously announced offering of $750 mln aggregate principal amount of senior notes due 2021 to $1 bln (LTD) 31.20 -0.05 : The 2021 Notes were priced at 6.625% of the aggregate principal amount at par. As announced earlier today, the company intends to use the proceeds of the Notes offering, after the payment of fees and expenses, to repurchase $500 mln of the company's shares pursuant to a new share repurchase program and for general corporate purposes. The sale of the 2021 Notes was underwritten by Merrill Lynch, Pierce Fenner & Smith Incorporated, J.P. Morgan Securities and Citigroup Global Markets as joint book-running managers.

4:15PM Natl Instruments reports Japan update; offices in Japan were undamaged (NATI) 31.95 +0.19 : Co has accounted for all employees working in and traveling to Japan, and its offices in Japan were undamaged. The offices in Nagoya and Osaka are fully functional, and the Tokyo office is largely operational, with some employees working remotely.

4:13PM Jabil Circuit also reports update related to Japan operations; may have an impact on the supply of components (JBL) 18.93 -0.58 : "Our employees and site in Gotemba, Japan were not directly impacted by the natural disaster. However, many of our employees as well as suppliers were impacted. We extend our heartfelt condolences to those who have suffered losses as a result of this tragedy." Revenue from Jabil's Gotemba site is not material to overall results. The natural disaster in Japan may have an impact on the supply of components to Jabil's global manufacturing operations. However, the extent of this impact is not known at this time. Therefore, Jabil is expressing expectations regarding its third quarter results excluding the impact of potential supply disruptions on these results. These expectations include the recently acquired sites in Italy and France on a fully consolidated basis.

4:11PM Newcastle Investment plans to make a public offering of 15 mln shares of its common stock (NCT) 6.66 +0.04 : Co expects to use the net proceeds from this offering to make investments in real estate securities and/or other real estate related assets and for general corporate purposes. UBS Investment Bank and Barclays Capital are the joint book-running managers for the offering. Macquarie Capital and Stifel, Nicolaus & Company, Incorporated are co-managers for the offering.

4:10PM Duoyuan Global Water also includes third party review update (DGW) 8.18 +0.19 : As previously disclosed in September 2010, the Audit Committee retained advisors and commenced an internal review into whether the Company's internal controls and processes met the standards required of a NYSE-listed company. Provided that the Audit Committee and its advisors receive complete access to requested documents, the review can be concluded by the end of the second quarter of 2011. Accordingly, the Board of Directors is not in a position to approve or otherwise ratify the Company's presentation of the unaudited results for the fourth quarter and fiscal year ended December 31, 2010 at this time.

4:08PM Adobe Systems beats by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus (ADBE) 32.88 +0.54 : Reports Q1 (Feb) earnings of $0.58 per share, excluding non-recurring items, $0.01 better than the Thomson Reuters consensus of $0.57; revenues rose 19.7% year/year to $1.03 bln vs the $1.03 bln consensus. Q1 non-GAAP operating margin of 38.9% vs. the 37.6% consensus and 37-38% guidance. Co issues downside guidance for Q2, sees EPS of $0.47-0.54, excluding non-recurring items, vs. $0.56 Thomson Reuters consensus; sees Q2 revs of $970 mln-$1.02 bln vs. $1.03 bln Thomson Reuters consensus. "Although Adobe has a very diversified business, Japan is our second largest country from a revenue perspective and March is typically our biggest revenue month of the year there due to fiscal year-end spending. Given the uncertain business environment in Japan, we are being prudent and have reduced our revenue expectation for our second quarter by $50 mln -- or roughly one-third of our original Q2 revenue expectation for Japan."

4:08PM IESI-BFC announces commencement of public secondary offering of common shares by TC Carting III, L.L.C. (BIN) 23.60 -0.38 : Co announced that it has filed a preliminary prospectus supplement relating to a public secondary offering of 9,483,648 of the Company's common shares currently owned by TC Carting. BofA Merrill Lynch, J.P. Morgan, and Raymond James are acting as joint book-running managers for the offering.

4:06PM Sunpower and Hawaiian Electric sign solar power agreement (SPWRA) 15.71 -0.40 : Hawaiian Electric (HE) and SunPower (SPWRA) announced an agreement for SunPower to sell solar photovoltaic power to the utility under a fixed price contract for 20 years. The power will be generated from a five-megawatt solar farm that SunPower will design, build and operate at Kalaeloa in West Oahu. The purchase power agreement is before the Hawaii Public Utilities Commission for approval. Upon

4:06PM Duoyuan Global Water misses by $0.02, reports revs in-line (DGW) 8.18 +0.19 : Reports Q4 (Dec) earnings of $0.30 per share, $0.02 worse than the Thomson Reuters consensus of $0.32; revenues rose 13.7% year/year to $33.4 mln vs the $33.1 mln consensus. "As we move into 2011, our competitive position remains strong and we are poised for future growth supported by our trusted brand name and extensive distribution network. With this in mind, we expect to generate revenue of approximately RMB195 million in the first quarter of 2011." (Briefing.com note: Rev guidance implies a -11.5% sequential change, vs. consensus expectations for a -15% change).

4:05PM Jabil Circuit beats by $0.03, reports revs in-line; guides Q3 EPS above consensus, revs above consensus (JBL) 18.93 -0.58 : Reports Q2 (Feb) earnings of $0.54 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $0.51; revenues rose 30.8% year/year to $3.93 bln vs the $3.91 bln consensus. Co issues upside guidance for Q3, sees EPS of $0.55-0.59, excluding non-recurring items, vs. $0.53 Thomson Reuters consensus; sees Q3 revs of $4.1-4.2 bln vs. $4.03 bln Thomson Reuters consensus. Jabil Circuit reports Q2 core operating margin of 4.3% vs. the 4.2% consensus

4:05PM James River Coal announces tender offer and consent solicitation for outstanding 9.375% senior notes due 2012 (JRCC) 23.60 +0.37 :

4:04PM G-III Apparel beats by $0.05, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY12 EPS in-line, revs in-line (GIII) 35.44 +1.02 : Reports Q4 (Jan) earnings of $0.62 per share, $0.05 better than the Thomson Reuters consensus of $0.57; revenues rose 39.4% year/year to $270.2 mln vs the $256.5 mln consensus. Co issues guidance for Q1, sees EPS of $0.00-0.05 vs. $0.02 Thomson Reuters consensus; sees Q1 revs of ~$195 mln vs. $191.30 mln Thomson Reuters consensus. Co issues in-line guidance for FY12, sees EPS of $3.15-3.25 vs. $3.25 Thomson Reuters consensus; sees FY12 revs of ~$1.2 bln vs. $1.18 bln Thomson Reuters consensus.

4:03PM Sucampo Pharma acquires additional development and commercialization rights to unoprostone isopropyl in European Union and Switzerland from R-Tech Ueno (SCMP) 3.95 -0.05 : Co announces that its wholly owned subsidiary, Sucampo Manufacturing & Research AG, and R-Tech Ueno, have entered into a license agreement for RESCULA eye drops, expanding Sucampo's rights beyond its previously agreed territory of the United States and Canada to all countries in Europe and the rest of the world except Japan, Korea, Taiwan and the People's Republic of China. This alliance insures state of the art global development and commercialization between the Sucampo family of companies and R-Tech Ueno for all current and potential indications.

4:01PM Platinum Underwriters expects Australian floods and Cyclone Yasi and the 2011 New Zealand earthquake to have net negative impact of ~$25 mln and $135 mln, respectively (PTP) 36.77 -0.09 : The net negative impact of these events includes estimates of losses and loss adjustment expenses, net of reinstatement premiums, taxes, retrocessional coverage and the expected impact of foreign exchange rates. The Company's preliminary estimates are based on currently available industry loss estimates, market share analysis, the Company's portfolio modeling and a review of the Company's in-force contracts, as well as claims information and analysis received from certain brokers and clients. The Company currently believes the reserves it carries for natural catastrophe events that occurred in the year ended December 31, 2010, including the earthquakes in Chile and New Zealand, are adequate.

4:01PM Books-A-Million reports Q1 revenues fell 2.6% y/y to $153.2 mln; net income fell to $0.44 per share from $0.76 in prior year; estimates not available (BAMM) 5.16 +0.09 :

4:00PM Anadarko Petro agrees to purchase BP (BP) America Production Company's 93% interest in the Wattenberg Processing Plant for ~$575.5 mln (APC) 80.75 +0.77 : Wattenberg Plant, located in Adams County in northeast Colorado, has the capacity to process ~195 million cubic feet per day (MMcf/d) of natural gas and 15,000 barrels per day of natural gas liquids and gas condensate. Upon closing, co will operate and have 100% ownership of the plant.

3:31PM Minor lift off afternoon lows for stock indices -- Dow -11, S&P -3.4, Nasdaq -7 (SPY) : Relative sector strength on this modest move has been noted in Materials XLB, Oil Service OIH, Energy XLE, Commodity Index, REITs IYR, Solar TAN, Gold Miners GDX, Internet FDN.

3:31PM Enterprise Products enters into a 10-year agreement with two producers in the Eagle Ford Shale play of South Texas to provide firm crude oil transportation and marketing services (EPD) 42.44 +0.29 : The transaction represents a commitment of 50,000 barrels per day (BPD) of capacity on the new 140-mile, 24-inch diameter crude oil pipeline being constructed by Enterprise. Scheduled to begin service in the second quarter of 2012, the pipeline has a capacity of 350,000 BPD and will offer shippers the flexibility to access major storage hubs and refining centers.

3:19PM F5 Networks extends near its six month close low from Oct at 90.99 -- session low 91.10 (FFIV) 91.31 -4.29 :

3:10PM Level 3 announces an agreement with INTERNEXA to expand co's content delivery network services to Colombia, Ecuador, Venezuela and Peru (LVLT) 1.34 +0.04 :

3:01PM AgFeed Industries announces Raymond Cesca will serve as President and assume his responsibilities on April 1, 2011 (FEED) 1.92 -0.06 : Most recently, Cesca served as Managing Director of World Trade for the McDonald's Corporation (MCD).

2:56PM Lannett announces results of FDA's facilities inspection; inspections concluded with "minor" observations, seven at the co's facilities in Philadelphia and five at co's wholly owned subsidiary (LCI) 5.48 +0.08 : Co announces that the FDA recently completed an inspection of the company's manufacturing facility in Philadelphia, Pennsylvania and Cody, Wyoming. The inspections concluded with "minor" observations, seven at the company's facilities in Philadelphia and five at Lannett's wholly owned subsidiary, Cody Laboratories, a manufacturer/supplier of pain management pharmaceutical products.

2:45PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : May corn finished up 0.25 cents to $6.8675, May wheat rose 1.25 cents to close at $7.2225, May soybeans gained 2.5 cents to close at $13.655, April ethanol closed higher by 0.001 cents at $2.488, while May world sugar futures closed down 0.32 cents to 24.88 cent.

2:39PM NYMEX Energy Closing Prices (COMDX) : May crude oil, the new front month, settled higher by $1.95 to $105.04, April natural closed up 9.3 cents to $4.254, April heating oil ended higher by 2.55 cents to $3.078, while April RBOB gasoline finished up 0.95 cents to $3.0069.

2:36PM Minor new S&P -4.6 and Nasdaq Comp -9.7 lows, thus far not confirmed by Dow -22 (SPY) :

2:31PM Raven Industries and NovAtel announce a new strategic partnership (RAVN) 57.36 +0.82 : NovAtel and Raven Industries announce a new strategic partnership that will see NovAtel's Global Navigation Satellite System positioning technology integrated into Raven's comprehensive line of precision agriculture products. The convergence of these is expected to drive new growth opportunities for both companies, and benefit customers by achieving further efficiencies in their agricultural operations.

2:31PM Alere authorized $50 mln repurchase of common or preferred stock from time to time (ALR) 36.90 -0.33 :

2:30PM Relative sector weakness as stock indices vacillating near lows -- Dow -25, S&P -5.2, Nasdaq Cop -11 (TECHX) : Underperforming the S&P in recent trade are: Disk Drive, Oil Service OIH, Housing XHB, Retail XRT, Gold GLD, Silver SLV.

2:29PM May WTI ticks to session highs, at $105.04, with ~2 min left in pit trade; now up $1.91 to $105.00 (COMDX) :

2:19PM Flowers Foods reported new vision for growth for the next five years at analyst conf (FLO) 26.58 +0.19 : At an event hosted for financial analysts, co unveiled the new vision for growth for the next five years. Co says that going forward, it will grow more aggressively by expanding into new territories from existing bakeries, by merging with independent bakers, by making strategic acquisitions, and by building greenfield bakeries. By 2016, the goal is that at least 75% of the population will have access to its Nature's Own brand. Co has reset its long-term (five-year) goals. New sales growth goals are 5-10% annual growth (inc acquisitions), up from the current long-term goals of 5-8% (ex acquisitions). Co said the new sales growth goals are comprised of two key components: organic growth in core markets and expansion markets that are expected to add 3-5% annually, and acquisitions that are expected to add 2-5% annually. As a result, co now projects double-digit EPS growth annually during the five-year period. A charge of ~$0.04-0.05 related to the closing will be recorded in the first quarter of 2011. The effect on the full year will be neutral to slightly dilutive.

2:15PM S&P -5.1 and Nasdaq Comp -11 hovering just above session low, Dow -22 holding up slightly better thus far (SPY) :

2:15PM Fifth Third increases quarterly dividend to $0.06 from $0.01 per share (FITB) 13.94 -0.08 : Note: The new annual $0.24 dividend increases the dividend yield to ~1.7%.

2:08PM Manitex Intl appoints Coast Crane to distribute boom truck product line; Coast Crane places initial stock order of ~$2.0 mln (MNTX) 6.16 -0.11 : Co announces that its boom truck and sign crane subsidiary Manitex, has appointed Coast Crane Company to distribute its entire boom truck product line for the states of Washington, Oregon, Alaska, Hawaii, Idaho and Montana, the provinces of British Columbia and the Yukon, the territory of Guam and the Republic of the Marshall Islands. In concert with this agreement, Coast Crane has placed an initial stock order of ~$2.0 million targeted for its rental fleet replacement and retail sales opportunities.

1:45PM Telephone & Data announces sale of $300 million of 7% notes (TDS) 31.91 -0.26 : Co announces that, on March 21, 2011, it sold $300 million of 7% Senior Notes due 2060. The notes are callable at par on and after March 15, 2016. Closing is expected to occur on March 28, 2011. Co expects to use the net proceeds to redeem all of TDS' 7.6 percent Series A Notes due 2041, of which $282.5 million in aggregate principal amount remains outstanding, and to use the remaining net proceeds for general corporate purposes. BofA Merrill Lynch, Citigroup, Wells Fargo Securities and UBS Investment Bank were joint book-running managers.

1:32PM COMEX Metals Closing Prices (COMDX) : April gold ended higher by $1.00 to $1427.40, May silver gained 33.9 cents to finish at $36.34, while May copper closed up 2.6 cents to $4.312.

12:47PM ISTA Pharm reports additional results from the Company's BEPREVE Phase 3 clinical studies; data shows support for the clinical effectiveness in reducing nonocular symptoms (ISTA) 9.15 +0.13 :

12:40PM Stock indices continuing to watch Nikkei performance (SPY) : Highlighted last week the test/rebound of an equality target for the Nikkei continuous futures contract at 8200 (Click for daily chart) with the market here continuing to monitor the short term action in the Nikkei (Click for 5 min chart ).

12:32PM Markel Corp announces that Ellicott Dredge Enterprises, a Markel Ventures co, has acquired the European and U.S. operations of Rohr Bagger GmbH and its affiliate; terms not disclosed (MKL) 407.94 +1.94 :

12:31PM May crude oil to fresh highs at $104.75; now up $1.59 to $104.68 (COMDX) :

12:26PM Minor new rebound highs for stock indices after hold at first level supports (SPY) : The indices held near first level supports noted in The Technical Take and the 11:15 update with the rebound (Dow as much as 37 points off low) extended slightly in recent action -- Dow +0.9, S&P -1, Nasdaq Comp -1.8

12:21PM SWS Group subsidiary, Southwest Securities, enters into a settlement with FINRA, resolving an investigation by FINRA of risk management of the firm's Clearing Services operation (SWS) 5.93 -0.01 : Under the terms of a Letter of Acceptance, Waiver and Consent, and without admitting or denying FINRA's findings, Southwest Securities consented to a censure and the entry of certain findings relating to risk management of correspondent clearing relationships and trading activity. There were no allegations of monetary harm to investors. Southwest Securities also agreed to pay a fine of $650,000, and to certain undertakings. The amount of the settlement has been provided for with reserves previously set aside by co.

12:07PM Market Vectors Gaming & Casino displaying intraday relative weakness -- SHFL, WMS, IGT, LVS, WYNN, PNK, ISLE, PENN, BYD (BJK) :

11:58AM Stock indices lift further off first level supports -- Dow -9, S&P -2, Nasdaq Comp -4 (SPY) : Noted first level support in The Technical Take and the 11:15 update at 2684/2677 Nasdaq Comp (session low 2681), 1295/1294 S&P (session low 1293.32) and 12006/11990 Dow (session low 12002) and have seen a minor upside extension in recent trade.

11:54AM Relative strength in Tobacco Index -TOB- again (TECHX) 1040.19 +13.87 : The index (TOB) is up for the fourth session in a row bringing the move during this period to roughly 7%. Top performers today include: LO +2.4%, PM +2.1%, AOI +2%, UVV +1%, VGR +0.7%, RAI +1.3%.

11:34AM LodgeNet announces successful amendment of credit facility (LNET) 3.34 -0.03 : Co announces that it has successfully completed the previously announced amendment of its existing Credit Facility. The amendment modifies certain terms of the Credit Facility, including an increase in the permitted leverage under the Facility, the creation of a specific preferred stock dividend payment basket, and the potential to extend the term of the Credit Facility beyond its current expiration in April, 2014. In return for the foregoing, the amendment reduces the commitments under the Company's Revolving Credit Facility, increases the interest rate and required amortization under the Facility and adjusts other covenants.

11:34AM Peerless Systems Correction: PRLS has no relation to the USPTO rejection of TNDM's patent (PRLS) 3.22 -0.10 : Yesterday we reported that Peerless Systems (PRLS) confirmed that on March 11, 2011, the United States Patent and Trademark Office (USPTO) issued a final rejection of Neutral Tandem's (TNDM) Patent 7,123,708. In their decision, the USPTO not only rejected Neutral Tandem's original claims but also all additional claims made in the re-examination process... Peerless Network confirmed this news, which has no relation to Peerless Systems (PRLS). The original comment has been edited.

11:22AM Magal Security receives a contract from a research organization, associated with a large US gas utility, to enhance the capabilities of its PipeGuard system (MAGS) 3.11 +0.08 :

11:15AM Stock indices slide back near first level supports (SPY) : Noted first level supports in The Technical Take at 2684/2677 Nasdaq Comp (session low 2682), 1295/1294 S&P (session low 1293.32) and 12006/11990 Dow (session low 12002). Only limited bounce attempt has been noted thus far and if some follow through develops there are second level supports of interest at 2665/2662, 1288/1287 and 11949/11931, respectively.

11:07AM Nike continues its recent pullback lower intraday as it begins to near a test of the $75.00 support level (NKE) 75.50 -1.32 : Stock is now down over roughly 17% since its early March intraday high, so it could begin to find some potential stabilization down along this $74.00-75.00 zone.

11:00AM 3M: Department of Energy awards co $4.4 million to reduce cost of photovoltaic energy systems (MMM) 90.84 -0.11 :

11:00AM Converted Organics reports receipt of revenue from its Industrial Wastewater Resources division (COIN) 0.32 -0.01 : Co announced that it has begun to receive revenue from the Company's Industrial Wastewater Resources (IWR) operation at the South Canyon Landfill in Colorado. Under this agreement, Converted Organics is paid a per-gallon fee for the amount of industrial wastewater (IW) that is treated. This facility is designed to treat 15,000 gallons of aqueous waste per day and is fueled by the combustion of biomass diverted from disposal in the landfill. The expected annual volume of industrial wastewater to be treated is at this facility is 5,000,000 gallons.

10:53AM Intraday relative sector weakness (TECHX) : Sectors that are underperforming the S&P as the stock indices hover slightly above session lows and yesterday's range lows include: Housing XHB, Retail XRT, Discretionary SLY, Airline FAA, Transports IYT, Rail.

10:50AM May WTI breaks through $104 to notch new highs at $104.08; now up $0.88 to $103.97 (COMDX) :

10:40AM Humana subsidiary, Concentra, expands its presence in the Portland, Ore. market with the acquisition of the assets of Cascade Occupational Medicine Physicians, which includes five medical centers (HUM) 65.85 +0.61 :

10:39AM May crude to highs at $103.72; now up $0.51 to $103.60 (COMDX) :

10:37AM Silver Trust ETF displaying relative strength, notches new session high of 35.57, its 52-wk high from early March is at 35.78 (SLV) : PAAS, SIL, SLW, SSRI

10:35AM Bank of NY announced a 44% increase in its quarterly dividend to $0.13 from $0.09; increases share repurchase authorization (BK) 29.03 -0.04 : Co announced a 44% increase in its quarterly dividend and plans to repurchase up to $1.3 bln worth of shares through the end of 2011. The board of directors authorized an increase in the quarterly dividend from the current $0.09/share of BNY Mellon common stock to $0.13/share, which is payable on May 10, 2011, to holders of record as of the close of business on April 29, 2011. Additionally, the board of directors approved an increase to the current share repurchase program authorization that brings the total common shares available for repurchase to nearly 47% shares, which represents approximately 4% of common shares outstanding.

10:32AM World Wrestling Studios and Vivendi Entertainment sign exclusive deal with Walmart (WWE) 12.09 +0.04 : Co and Vivendi Entertainment announced they are extending their relationship and as part of the deal, Walmart (WMT) will be the exclusive retailer for WWE Studios' films. Vivendi Entertainment will continue to be WWE's North American retail and rental distribution partner.

10:19AM China Century Dragon Media receives preliminary information request from NYSE Amex (CDM) 4.80 0.00 : Co received a preliminary information request from the NYSE Amex on March 21, 2011 requesting additional information. The NYSE Amex requested that the Company provide information responsive to the request on or before March 24, 2011. "Co is providing the NYSE Amex with all of the requested information and intends to cooperate fully with the NYSE Amex regarding this matter." (stock halted)

10:18AM Fractional new session lows for stock indices, hovering near low end of yesterday's afternoon range -- Dow -15, S&P -2.8, Nasdaq Comp -5.1 (SPY) :

10:15AM Copano Energy announces public offering of $360 million of senior notes due 2021 (CPNO) 34.01 -0.01 : Co intends to use the net proceeds from the 2021 Notes offering to fund its pending tender offer for any and all of the $332,665,000 aggregate principal amount outstanding of its 8.125% Senior Notes due 2016 and redeem any of the 2016 Notes not acquired in the tender offer related to such notes, although it has no legal obligation to do so and the selection of any particular redemption date is in its discretion. Any remaining net proceeds will be used to provide additional working capital for general corporate purposes. J.P. Morgan, BofA Merrill Lynch, Deutsche Bank Securities, RBC Capital Markets and Wells Fargo Securities are acting as joint book-running managers for the 2021 Notes offering.

10:06AM China Automotive announces its subsidiary, Wuhan Jielong Power Steering Co, is receiving growing interest in its electric power steering systems in the large Chinese automotive market (CAAS) 8.83 +0.22 : For 2010, sales of electric power steering products reached ~40,000 units and CAAS expects its electric power steering sales will reach 150,000 units for 2011.

10:06AM ZAGG introduced new ZAGGskins protective accessories for Apple's (AAPL) new iPad 2 device and cover (ZAGG) 6.53 -0.09 :

10:04AM Hi-Tech Pharmacal receives final approval for ranitidine syrup (HITK) 20.10 +0.22 : Co announced that the FDA granted final approval for the Abbreviated New Drug Application, (ANDA) for ranitidine syrup 15mg/mL, the generic for GlaxoSmithKline's (GSK) Zantac syrup. Ranitidine syrup had sales of $21 million for the 12 months ended December 2010 according to IMS sales data. The product is indicated for the treatment of duodenal ulcers. Hi-Tech currently has 13 products awaiting approval at the FDA, targeting brand and generic sales of ~$1.0 billion. In addition, Hi-Tech has 20 products in active development targeting brand sales of over $3 billion, including sterile ophthalmic products, oral solutions and suspensions and nasal sprays.

10:02AM Stock indices see limited reaction to house price data, holding slightly above low end of yesterday's ranges -- Dow -10, S&P -2, Nasdaq -5 (SPY) :

9:55AM Semiconductor Hldrs ETF holds at first level support (SMH) 33.53 -0.17 : Highlighted first level support at 33.50/33.41 in The Technical Take and the lagging SMH tested and is attempting to rebound off this area (session low 33.42). A push back above 33.62/33.70 would neutralize the weaker action off yesterday's early high. The next short term resistance zone of note if able to build on the push off support is at 30.90/30.96.

9:54AM Apricus Biosciences will present two posters at the American Association for Cancer Research meeting to be held April 2-6, 2011 (APRI) 4.35 -0.10 : The presentations will include poster discussing how NexACT technology improves the pharmacokinetic profile of PrevOnco, Apricus Bio's proprietary drug for human hepatocellular carcinoma or liver cancer, in different species in mice, beagle dogs and cynomolgus monkeys. The second poster discusses the anti-tumor activity of PrevOnco in in vitro and in vivo human tumor models using a combination therapy of PrevOnco and Doxorubicin that resulted in a better efficacy profile with enhanced survival rate in a liver cancer model.

9:49AM Brunswick entered into a new $300 mln revolving credit facility replacing existing $400 mln revolving credit facility and $100 mln Mercury Marine receivables facility (BC) 23.65 0.00 :

9:48AM Opening Point Gainers/Losers (TECHX) : Point Gainers: NFLX (+6.08), DTG (+1.96), STJ (+2.25), HS (+1.61), MCP (+1.67), VMW (+1.19), AMT (+1.28), REE (+1.33), NFX (+1.50), NUS (+1.12), DG (+1.15)

Point Losers: WAG (-3.45), CP (-2.32), CRM (-2.34), CF (-1.72), AMZN (-1.86), AGP (-1.54), SI (-1.46), EXPD (-1.34), CHRW (-1.45), HMC (-1.32), APKT (-1.48)

9:42AM Semiconductor Hldrs ETF displaying some early relative weakness (SMH) 33.49 -0.21 : BRCM, NVDA, LRCX, KLAC, AMAT, ALTR, INTC, LLTC.

9:40AM Mixed to slightly firmer action thus far -- S&P +0.4, Dow +10, Nasdaq Comp +2.3 (SPY) : The indices still remain confined to the narrow ranges that dominated for the last several hours yesterday reflecting continued limited selling interest despite the aggressive three day push.

9:37AM Some early relative strength in Education -- CPLA, APEI, ESI, DV, CECO, STRA, EDMC, APOL (TECHX) :

9:35AM Apple early strength brings its 50 ema into play at 342.86 -- session high 342.62 (AAPL) 341.99 +2.69 :

9:30AM Elster files a registration statement with the SEC for a proposed secondary offering by its largest shareholder, Rembrandt Holdings S.A., of 16 million ADSs (ELT) 17.13 : Assuming that the sale proceeds as planned, Rembrandt's interest in co would be reduced to 63.8%. Each ADS represents one-fourth of an ordinary share of co.

9:25AM Carnival reports EPS in-line, beats on revs; guides Q2 EPS below consensus; raises FY11 EPS guidance (CCL) 41.01 : Reports Q1 (Feb) earnings of $0.19 per share, in-line with the Thomson Reuters consensus of $0.19 and the $0.19 preannouncement; revenues rose 7.6% year/year to $3.42 bln vs the $3.32 bln consensus. Co issues downside guidance for Q2, sees EPS of $0.20-0.24 vs. $0.33 Thomson Reuters consensus. Second quarter constant dollar net revenue yields are expected to increase in the 1.5 to 2.5 percent range (4.5 to 5.5 percent on a current dollar basis) compared to the prior year. Net cruise costs excluding fuel per ALBD for the second quarter are expected to be 2.0 to 3.0 percent higher on a constant dollar basis. Fuel costs for the second quarter are expected to increase $140 mln compared to the prior year, costing an additional $0.18 per share. Co raises guidance (downside) for FY11, sees EPS of $2.55-2.65 vs. $2.77 Thomson Reuters consensus, vs. $2.50-2.60 given on March 11, down from $2.90-2.310 from December. The co expects full year net revenue yields, on a constant dollar basis, to increase 2.5 to 3.5 percent compared to 3 to 4 percent in its December guidance. The co expects net cruise costs, excluding fuel, per ALBD for the full year 2011 to be flat to up slightly on a constant dollar basis compared to flat in its December guidance due to increasing inflation expectations. Slightly lower expectations in other cost categories are expected to offset the slightly higher net cruise costs guidance. Since the start of the calendar year, booking volumes and prices for the remaining three quarters are running higher than the prior year. At this point in time, cumulative advance bookings for the remainder of the year are at higher prices with slightly lower occupancies vs. last year.

9:23AM Copano Energy announces cash tender offer and consent solicitation for its 8.125% senior notes due 2016 (CPNO) 34.02 :

9:22AM StemCells announced the launch of nine new products and three related kits to facilitate stem cell research (STEM) 0.85 : Co announced the launch of nine new products and three related kits to facilitate stem cell research. The Company's new line of purified nucleic acid and protein stem cell lysate products will enable stem cell researchers to more accurately test and validate stem cell lines and associated genes and gene products. These new reagents are serum-free and are produced by purification of the DNA, RNA or protein content of the lysates of homogenous mouse stem cell lines. Prior to the launch of these reagents, researchers have had to rely on crude lysates created from mixed cell populations, which often contain contaminants such as animal-serum components and other factors that can significantly impair the reliability of analytical performance.

9:21AM Swisher Hygiene enters into private placement to sell 12 mln at at price of $5 per share (SWSH) 6.16 : Co we intends to use the proceeds from this transaction to further its organic and acquisition growth strategy, as well as for working capital purposes.

9:21AM Globus Maritime Limited agrees to purchase from an unaffiliated third party a 58,790 DWT Supramax dry bulk carrier for a purchase price of $30.3 million (GLBS) 8.48 :

9:18AM Limited to sell $750 million aggregate principal amount of senior notes due 2021; authorizes a new $500 million share repurchase program (LTD) 31.25 : Co announces that it is offering to sell $750 million aggregate principal amount of senior notes due 2021 in a public offering underwritten by Merrill Lynch, Pierce Fenner & Smith Incorporated, J.P. Morgan Securities LLC and Citigroup Global Markets Inc. as joint book-running managers. company also announced that its board of directors has authorized a new $500 million share repurchase program.

9:18AM EastGroup entered into sales agency financing agreements (EGP) 42.56 : Co announced that it has entered into sales agency financing agreements pursuant to which it will issue and sell shares of its common stock from time to time as provided in the Agreements. Sales of common stock under the Agreements, if any, will be made pursuant to a prospectus supplement, dated March 21, 2011, to the Company's prospectus, dated May 18, 2009 as part of the Company's automatic shelf registration statement. Co may offer and sell up to an aggregate of 2,000,000 shares of its common stock from time to time under the Agreements. Any shares of common stock sold under the Agreements will be offered at market prices prevailing at the time of sale.

9:17AM On The Wires (WIRES) :

* Wabtec Corporation (WAB) has signed a $27 million contract with Parsons to provide equipment and services for the implementation of Positive Train Control at Metrolink, a commuter rail agency that serves Southern California. Parsons was awarded a contract in 2010 to manage and implement PTC across Metrolink's 512-mile system.
* Procera Networks (PKT) announced its expanded presence in Asia Pacific with two new regional offices covering Australia and New Zealand, and in Hong Kong also covering Greater China; as well as three new ProceraPro channel partners in the region.
* Orbitz for Business, the corporate travel group of Orbitz Worldwide Inc. (OWW), announced a new partnership with GlobalStar Travel Management to extend Orbitz for Business capabilities into 75 new countries across Europe, Latin America, Africa, Asia and the Pacific Rim.
* American DG Energy (ADGE) entered into an agreement with Global Partners LP (GLP). According to the terms of the agreement, Global's network of salespeople and agents will introduce American DG Energy's On-Site Utility energy solution to both Global's existing clients as well as new customers. Additionally, American DG Energy, will act as an agent for Global, and will now market Global's natural gas and electricity.
* Silicon Valley Bank (SIVB) announced the addition of offshore Renminbi to its tradable currencies at SVB's Foreign Exchange Trading Desk
* Global Alert Network, a unit of Global Traffic Network (GNET) announced that its hands-free mobile application providing hyper-local traffic and weather alerts is now available to consumers nationwide.
* Lockheed Martin (LMT) recently delivered the 8,000th AN/UYQ-70 combat console suite to the U.S. Navy, marking a key milestone for a system that is currently installed on 90% of the Navy's commissioned ships.

9:15AM Invesco Mortgage Capital prices a public offering of 19 mln shares of its common stock (IVR) 22.17 :

9:07AM Labopharm announced that it has reduced its workforce, eliminating 38 positions (DDSS) 0.54 : Following the reduction, Labopharm will have 94 employees to support its current operations. The reduction in workforce is expected to result in annual cost savings of approximately $3.8 million. The Corporation expects to incur a restructuring charge related to the reduction in workforce of ~$1.9 million in the first quarter of 2011. Co also announced that Sylvain Guenette has been appointed Chief Financial Officer of the Corporation.

9:07AM Hancock Holding prices a public offering of 6,201,500 shares of its Common Stock has priced at $32.25 per share (HBHC) 32.67 :

9:05AM Main Street Capital prices a public offering of 3.5 mln shares of its common stock in an underwritten public offering; pricing was set at $18.35 per share (MAIN) 19.08 :

9:03AM Generex Biotech will conduct press conference on March 30 to discuss its strategic development plan for future growth (GNBT) 0.20 :

9:01AM TD Ameritrade names Marvin Adams new COO (AMTD) 20.96 : Co announces Marvin Adams as the co's new COO. He will join the co in April. He most recently served as the executive vice president of shared services for TIAA-CREF, where he oversaw technology and led IT strategy and policy.

9:01AM Exeter Resource reports positive results from Caspiche Project Sulfide Testwork (XRA) 5.44 : Co announces positive results from its metallurgical test program on sulfide mineralization at its Caspiche project. Highlights of testwork conducted by independent laboratories include: Reduction Roasting -Testwork by both Outotec and Technip reduced arsenic levels in concentrate samples to 0.2% arsenic, a level considered commercially acceptable in most smelter contracts; High Temperature/Pressure Oxidation: Testwork solubilised 99% of the copper, leaving the arsenic as the residue mineral scorodite. Leaching of the residue yielded gold dissolutions that averaged 96%. These results strongly suggest that high quality cathode copper and gold- silver bullion can be produced from a plant that uses pressure oxidation to treat concentrates, and the recoveries will be very high.

9:01AM AutoNavi Holdings acquires PDAger Mobility for a total cash consideration of ~$8.3 mln (AMAP) 17.89 : Co announced it has entered into an agreement to fully acquire PDAger Mobility, a location-based service provider in China and major partner in China Telecom's mobile navigation business. Under the terms of the agreement, AutoNavi, which had previously made a strategic investment resulting in a 20% ownership stake in PDAger, will acquire the remaining 80% stake from other PDAger shareholders for a total cash consideration of ~$8.3 mln.

9:01AM Seattle Genetics announces antibody-drug conjugate collaboration with Abbott; SGEN to receive $8 mln upfront payment (SGEN) 14.55 : Co announced that it has entered into a collaboration agreement with Abbott (ABT) under which Abbott will pay an upfront fee of $8 mln for rights to utilize Seattle Genetics' antibody-drug conjugate technology with antibodies to a single oncology target. Seattle Genetics is eligible to receive from Abbott up to approximately $200 mln in milestone payments, as well as royalties on worldwide net sales of any resulting ADC products. Seattle Genetics also will receive annual maintenance fees and research support payments for assistance provided to Abbott under the collaboration.

9:01AM IBM to acquire privately-held TRIRIGA, provider of facility and real estate management software solutions; Financial terms were not disclosed. (IBM) 157.68 :

8:50AM On The Wires (WIRES) :

* Itron (ITRI) announced that it has started the delivery of 120,000 smart water meters to Malta's Water Services, as part of a contract that will continue through 2013.
* Advocat (AVCA) announced that it has engaged Raymond James to assist the co, with emphasis on identifying potential acquisition opportunities.

8:48AM Neogen reports EPS in-line, beats on revs (NEOG) 39.98 : Reports Q3 (Feb) earnings of $0.21 per share, in-line with the Thomson Reuters consensus of $0.21; revenues rose 24.9% year/year to $42.2 mln vs the $39.8 mln consensus.

8:36AM May WTI crude drops to its lowest levels of the morning; now down 70 cents to $102.39 (COMDX) : Note that the May contract becomes the front month at the close of pit trade today.

8:35AM On The Wires (WIRES) :

* Symmetricom (SYMM) and Nokia Siemens Networks, a JV between Nokia (NOK) and Siemens (SI), announced that they have now successfully deployed IEEE 1588-2008 in more than 50 networks globally
* CGI Group (GIB) announced it was selected to provide it's Medicaid Electronic Health Record Incentive Payment Program solution, Medicaid Incentive360, for the Ohio Department of Job and Family Services in a competitive procurement.
* Black & Veatch announced its collaboration with Samsung Telecommunications America (Samsung Mobile) to perform a major U.S. wireless network upgrade program for Sprint (S). The program spans multiple states and will implement Network Vision, the next evolution of the Sprint network.
* Integral Systems (ISYS) announced that its wholly-owned subsidiary, SAT Corporation, has been awarded a contract by O3b Networks Limited, the developer of a new global, high-speed, satellite-based Internet network for telecommunications operators and Internet Service Providers.

8:33AM Keegan Resources appoints new CFO (KGN) 8.77 : Co announces the appointment of Greg McCunn as CFO. He most recently spent three years as CFO of Farallon Mining during which time the co completed construction and commissioning of the G-9 mine in Mexico.

8:31AM CPEX Pharmaceuticals: Mangrove Partners notes CPEX stock trading above offer price (CPEX) 27.58 : Mangrove Partners, owners of 149,373 shares representing approximately 5.71% of the outstanding shares of CPEX, questions "CPEX's apparent desperate plea to stockholders asking them to support a merger that will pay management over $7 million dollars, or approximately 10% of the total deal compensation. Mangrove Partners further notes that CPEX's stock price has been trading consistently above the offer price, with more than 75% of shares traded this month having transacted above the offer price of $27.25 per share."

8:31AM Apple announces iPad 2 will go on sale in 25 additional countries this Friday, March 25 (AAPL) 339.30 : Co announced that the iPad 2, will go on sale in 25 additional countries this Friday, March 25. iPad 2 will be available at Apple retail stores and select Apple Authorized Resellers at 5 p.m. local time, and online through the Apple Store beginning at 1 a.m. Apple also announced that all models of iPad 2 will be available in Hong Kong, Korea, Singapore and additional countries in April.

8:30AM Radient Pharm receives additional deficiency notice from NYSE Amex (RPC) 0.44 : Co announced it has received a deficiency notice from the NYSE Amex indicating the Exchange's belief RPC omitted material information in a written submission to the Exchange in support of its pending appeal to the Listing Qualifications Panel of the Exchange's Committee on Securities and from certain press releases discussing RPC's collaboration with a third party not-for-profit group practice.

8:24AM On The Wires (WIRES) :

* POZEN (POZN) announced that it has filed a motion for a preliminary injunction seeking to prevent Par Pharmaceuticals (PRX) from launching a generic version of Treximet.
* Foster Wheeler (FWLT) announced that its Global Engineering and Construction Group has been awarded a detail design contract by Enbridge Offshore Facilities for the deepwater Walker Ridge Gathering System export gas pipelines and the deepwater Big Foot export oil pipeline located in the Walker Ridge area of the Gulf of Mexico. The contract value, which was not disclosed, will be included in the co's first-quarter 2011 bookings.
* The Babcock & Wilcox (BWC) announced that it is in discussions with Toshiba Group to provide nuclear technical assistance and services to secure and maintain the safety of the nuclear power plants at Fukushima Daiichi in Japan. The scope of work has not yet been defined.

8:09AM Endeavour Silver reports Q4 net income of $0.11 per share, single analyst estimate $0.10; revenue increased 70% y/y to $86.5 mln, no estimate (EXK) 9.68 : 2011 Forecast: Silver production forecast of 3.7 million oz; Gold production forecast of 19,000 oz; Silver and equivalents production forecast of 4.7 million oz; Cash cost forecast of less than $5.70 per oz of silver produced, net of by-product gold credits; Capital cost forecast of $36.7 million and exploration budget of $9.2 million; Revenue forecast of $113.9 million assuming $24 silver and $1,320 gold.

8:09AM On The Wires (WIRES) :

* United Solar, a wholly owned subsidiary of Energy Conversion Devices (ENER), announced that the United States Patent and Trademark Office issued U.S. Patent 7,902,049, "Method for depositing high-quality microcrystalline semiconductor materials" to Subhendu Guha, Jeff Yang and Baojie Yan for United Solar.
* Actuant Corp (ATU) announced that certain of its executives have adopted prearranged trading plans in accordance with guidelines specified by Rule 10b5-1. The stock is being sold for personal financial planning purposes including portfolio diversification.
* EasyLink Services International Corporation (ESIC) announced that it has filed a patent infringement lawsuit against j2 Global Communications, Inc. (JCOM). The suit, filed in the U.S. District Court for the Northern District of Georgia, alleges that j2 Global infringes U.S. Patent No. 5,872,640 entitled "Facsimile Form Generation System" and U.S. Patent No. 7,804,823 entitled "Systems and Methods for Communicating Documents Via an Autonomous Multi-Function Peripheral Device."
* Sierra Wireless (SWIR) announced that NETGEAR (NTGR) has selected Sierra Wireless AirPrime embedded wireless modules to provide high-speed connectivity for a new series of mobile broadband routers that are specifically designed to take advantage of 4G LTE and Dual-Carrier HSPA+ networks.
* Transera Communications announced its partnership with NICE Systems (NICE) to impact business performance, reduce financial risk, and ensure safety and security.
* DemandTec (DMAN) announced that Schwan's Consumer Brands North America has renewed its subscription to DemandTec's Customer Trade Planning software service.
* Concurrent (CCUR) announced it is working in partnership with China Digital TV Holding (STV) to roll out a cloud-based interactive TV platform created to drive video delivery throughout the country.
* Amyris, Inc. (AMRS) announced that it has entered into a manufacturing agreement with Paraiso Bioenergia S.A., a renewable energy company producing sugar, ethanol and electricity headquartered in Sao Paulo State, Brazil. Under the agreement, Amyris will construct fermentation and separation capacity to produce Amyris products and Paraiso will supply sugar cane juice and other utilities; Amyris will retain the full economic benefits enabled by the sale of Amyris renewable products over the lower of sugar or ethanol alternatives.
* SRS Labs, Inc. (SRSL) announced the completion of a licensing agreement with Qualcomm Incorporated (QCOM) for the distribution of SRS audio technologies within Qualcomm's Snapdragon chipsets.
* Yongye International (YONG) announced it has entered into an official partnership with China Agricultural University to provide technical support to Chinese farmers.
* Cellular Dynamics announced today that their two-year collaboration with Roche (RHHBY) to substantiate CDI's iCell Cardiomyocytes as a predictive tool for assessing the potential cardiotoxic effects of developing drug candidates was completed early and is now transitioning into a standard supply agreement. Moving forward, iCell Cardiomyocytes, induced pluripotent stem cell-derived human heart cells, will be incorporated into Roche's drug development decision-making process.
* DigitalTown, Inc. (OTCQB: DGTW) and Daktronics Inc. Brookings, S.Dak. (DAKT), announced the creation of a marketing partnership to extend Daktronics' reach into the high school market and strengthen DigitalTown's access to statistical data.

8:08AM Medicis increases quarterly dividend by 33% or $0.02 to $0.08 per share to stockholders of record at the close of business on April 1, 2011 (MRX) 30.06 :

8:05AM Kratos Defense and Security unit announces proposed private offering of 10% Senior Secured Notes Due 2017 (KTOS) 14.03 :

8:04AM Sunpower: KB Home (KBH) to provide solar power systems for its new homes as a standard feature in 10 Southern California communities; Sunpower to provide the solar technology (SPWRA) 16.11 : No financial terms disclosed.

8:03AM Valeant Pharmaceuticals extends contract with Michael Pearson as CEO; appoints him as Chairman of the Board (VRX) 41.55 : Co announced the appointment of J. Michael Pearson, currently Valeant's CEO, as Chairman of the Board of Directors, replacing Robert A. Ingram, who remains on the Valeant Board as an independent Board Director and Lead Director. Mr. Pearson will continue in his role as CEO and has agreed to extend his contract through to February 2017.

8:02AM Jefferies Group beats by $0.06, beats on revs (JEF) 24.54 : Reports Q1 (Feb) earnings of $0.42 per share, $0.06 better than the Thomson Reuters consensus of $0.36; revenues rose 28.4% year/year to $742 mln vs the $636.8 mln consensus. Investment Banking revenues of $239 mln, up 21% YoY; global trading revenues of $495 mln, up 32% YoY

8:02AM Goodyear Tire provides targets ahead of confernece; targets $1.6 bln segment operating income in 2013 (GT) 15.39 : Co at an investor conference today will discuss its strategies to capitalize on industry and economic trends to achieve record levels of profitability. Goodyear said it is targeting 2013 segment operating income in its North American Tire unit of $450 mln... In total, Goodyear is targeting record segment operating income of $1.6 bln in 2013... Going forward, the company anticipates making capital investments of between $1.1-1.3 bln per year in 2012 and 2013, up slightly from an expected $1.1 bln to $1.2 bln in 2011. Between $500 mln and $600 mln each year will be focused on profitable growth opportunities through plant modernizations, expansions and new construction. Goodyear expects to reduce its underfunded pension obligations to $1.2 bln, by 2013. It expects to make pension contributions of $550 mln in 2012 and $525 mln in 2013 in addition to contributions of approximately $275 mln in 2011. As a result of these planned actions, the company's pension expense is expected to decrease by $100 mln a year by 2013.

8:02AM World Energy renews $3 million credit facility (XWES) 3.73 : This Agreement renews the amended credit facility with SVB, which expired on March 7, 2011. World Energy did not take advances under the previous facility.

8:01AM Express-1 names John Welch as its new CFO (XPO) 2.27 : Co announces that it has named John Welch as its new Chief Financial Officer. Mr. Welch has served as the Interim Chief Financial Officer of XPO since April of 2010.

7:48AM On The Wires (WIRES) :

* Zix Corporation (ZIXI) is recognized as compliant with the Payment Card Industry Data Security Standard. ZixCorp has achieved the highest standard with Level 1 compliance based on DSS version 2.0.
* HP (HPQ) Enterprise Services announced a five-year, $176 million services agreement with the Nevada Division of Health Care Financing and Policy to strengthen Medicaid operations and help position the state for healthcare reform. The new agreement calls for HP to become Nevada's Medicaid fiscal agent and to upgrade and manage the state's Medicaid Management Information System. HP also will help the agency enhance service delivery to Medicaid clients and improve staff productivity.
* Jacobs Engineering Group (JEC) announced that the Denver, Colo. Regional Transportation District approved the budget for co's continued services as the FasTracks' Program Support Services Consultant for 2011. Officials estimate the contract value at over $17 mln, and also noted that the RTD Board of Directors authorized execution of a six-year option to extend the contract term through July 2017. Additionally, co announced that it was awarded a four year contract from United Utilities for the provision of AMP5 topographical and utility surveying services. The total framework agreement is valued at ~$2.5-3.0 mln.

7:37AM Walgreens reports EPS in-line, revs in-line (WAG) 41.97 : Reports Q2 (Feb) earnings of $0.80 per share, in-line with the Thomson Reuters consensus of $0.80; revenues rose 8.9% year/year to $18.5 bln vs the $18.39 bln consensus. Total sales in comparable stores (those open more than a year) increased 4.1% in the quarter, while front-end comparable drugstore sales increased 4.3% in the quarter. Gross profit margins held steady versus the year-ago quarter at 28.8% despite an environment of increasing prices for many commodities. Front-end margins benefited from the cough/cold and flu season as well as holiday season performance, offset by a higher LIFO provision. "we remain on track to deliver $1 billion in savings this fiscal year compared with our base year of fiscal 2008." During the second quarter, the co bought back $300 mln in co stock as part of its share repurchase program.

7:32AM On The Wires (WIRES) :

* Unigen Inc. announced that it has entered into an exclusive product license and supply agreement with a subsidiary of The Estee Lauder Companies Inc. (EL), relating to the development and commercialization of Unigen's proprietary natural ingredients. Under the agreement, Unigen granted the Estee Lauder Companies exclusive rights to groundbreaking discoveries. Financial details of the agreement were not
* Conmed Healthcare (CONM) has signed a new three-year contract with St. Mary's County, Maryland, to provide correctional healthcare services for its adult detention center. The contract includes an initial one-year term, with two one-year mutually agreed option periods. The first year of the contract is expected to generate annual revenues of ~$560,000.

7:27AM On The Wires (WIRES) :

* Sonic Foundry (SOFO) announced the co has been granted its third patent by the U.S. Patent and Trademark Office for its flagship Mediasite product line.
* CECO Environmental Corp. (CECE) announced that it recently received new orders totaling ~$3.0 million.

7:13AM Shire Plc reports data presented further support the safety and efficacy of FIRAZYR (icatibant) for the treatment of acute attacks of hereditary angioedema (SHPGY) 89.19 : The data presented at AAAAI further demonstrate the efficacy of FIRAZYR on a number of clinically important parameters: Median time to onset of symptom relief for FIRAZYR compared to placebo was reported: 2.0 hours vs. 19.8 hours; p<0.001 (50% reduction in a composite VAS symptom score assessed by the patient) and 1.5 hours vs. 18.5 hours; p<0.001 (30% reduction in primary VAS symptom score assessed by the patient); Median time to initial symptom improvement for FIRAZYR compared to placebo was reported... FIRAZYR also accelerated near resolution of attack as measured by median time to "almost complete symptom relief" compared to placebo (8.0 hours vs. 36.0 hours) (p=0.012).

7:11AM On The Wires (WIRES) :

* Auxilium Pharmaceuticals (AUXL) and Asahi Kasei Pharma Corporation announced that they have entered into a long-term strategic alliance for the development, commercialization and supply of XIAFLEX, a novel, first-in-class biologic for the treatment of Dupuytren's contracture and Peyronie's disease. Asahi Kasei Pharma will pay Auxilium $15 million upfront. Under the terms of the agreement, Asahi Kasei Pharma will also make up to $247 million in potential milestone payments, with $37 million tied to development and regulatory milestones and $210 million based on sales milestones. Auxilium will receive increasing tiered double-digit royalties based on sales of XIAFLEX in Japan and will supply product to Asahi Kasei Pharma at a predetermined cost.
* Leap Wireless International (LEAP) and LightSquared announced that they have entered into a long-term 4G roaming agreement.
* Sandvine announced that it is collaborating with virtual computing and networking leader Citrix Systems (CTXS) to offer mobile packet core offload solutions for mobile carriers.
* WABCO Holdings (WBC) has entered into a long term agreement with IVECO to supply WABCO's innovative air processing unit technology for IVECO's complete range of trucks in Brazil and Argentina starting in 2012.
* The Hain Celestial Group (HAIN) announced the debut of several new personal care products as well as updated packaging and enhanced formulations.
* Mylan Inc. (MYL) announced that its subsidiary UDL Laboratories, part of the Mylan Institutional business, has entered a license agreement with Humeca, a leading plastic surgery and burn treatment products company, for the exclusive U.S. distribution rights of Humeca products.
* NICE Systems (NICE) announced enhancements to its open security situation management solution, NICE Situator.
* Novatel Wireless (NVTL) announced that it has been granted certification from the Digital Living Network Alliance for its MiFi 2372 Intelligent Mobile Hotspot.

7:09AM Cubic received $2.5 mln contract to provide an optical data link system for the Defense Advanced Research Projects Agency (CUB) 52.51 :

7:06AM Photronics intends to offer $100 mln in Convertible Senior Note Offering (PLAB) 8.48 : Co announces that it intends to offer, subject to market and other considerations, $100 mln of convertible senior notes maturing in 2016. Substantially concurrent with this offering, co intends to acquire up to $30 mln of its outstanding 5.50% convertible senior notes due 2014 in individually negotiated transactions, by delivering cash and/or shares of its common stock as consideration. In addition, following this offering the co intends to repay up to $23 mln of other outstanding higher interest bearing debt. The co intends to use the remaining net proceeds to acquire from time to time additional 2014 notes in the open market and for general corporate purposes, which may include, among other things, working capital and capital expenditures.

7:03AM Harvest Natural sells Utah oil and gas assets for $215 mln to affiliate of Newfield Exploration (NFX) (HNR) 13.99 : Co announces it has entered into a definitive agreement with an affiliate of Newfield Exploration (NFX) to sell all of the co's oil and gas assets in Utah's Uinta Basin for $215 mln in cash. The oil and gas assets are located in Harvest's Antelope project area in the Uinta Basin of Utah and consist of ~69,000 gross acres. Harvest owned a working interest of approximately 70% in the Uinta assets. The transaction includes wells operated by both Harvest and Newfield.

7:02AM Spectrum Pharma announces FDA has accepted for review the Prior Approval Supplement containing data providing for the removal of the Indium-111 ZEVALIN pre-treatment imaging evaluation (SPPI) 7.91 : A decision is expected by November 20, 2011.

6:57AM Ares Capital plans to make a private offering of $200 million aggregate principal amount of its Convertible Senior Notes due 2016 (ARCC) 16.76 :

6:54AM On The Wires (WIRES) :

* Trimble (TRMB) introduced a new version of its Trimble SNM940 Connected Site Gateway. Co also announced the release of Trimble GCS900 Grade Control System version 12.0, allowing more configuration options for heavy and highway contractors involved in earthmoving and excavation.
* The Hertz Corporation (HTZ) and its Car Rental Unit is expanding its franchisee network as part of a Company-wide strategy aimed at increasing its presence in the airport and off airport car rental markets.

6:52AM HCP commences a public offering of 24 million shares of its common stock (HCP) 37.60 : Co anticipates that the net proceeds from this offering will be used to fund a portion of the consideration for the previously announced HCR ManorCare acquisition, including $852 million to fund all of the stock portion of the consideration in cash in lieu of issuing 25.7 million shares of our common stock to HCR ManorCare. Any additional net proceeds will be used for general corporate purposes. BofA Merrill Lynch will act as sole book-running manager for the offering.

6:39AM Express beats by $0.06, beats on revs; guides Q1 EPS; guides FY12 EPS in-line (EXPR) 17.40 : Reports Q4 (Jan) earnings of $0.55 per share, excluding non-recurring items, $0.06 better than the Thomson Reuters consensus of $0.49; revenues rose 13.7% year/year to $621.5 mln vs the $589.9 mln consensus. Co issues guidance for Q1, sees EPS of $0.38-0.41 vs. $0.38 Thomson Reuters consensus. Co issues in-line guidance for FY12, sees EPS of $1.48-1.60 vs. $1.52 Thomson Reuters consensus, with comps up in the mid single digits, including e-commerce, for Q1 and FY12.

6:31AM Cogo Group adds Great Wall Motors as customer; expects over 10% unit growth in China automotive market in 2011 (COGO) 7.80 : Co announces the addition of a new automotive customer, Great Wall Motor, to its portfolio. This win follows co's recent automotive customer wins with BYD, Geely and Chery, and co now serves four of the largest domestic Chinese auto vendors. Cogo expects to start recording revenue from the Great Wall relationship in the third quarter of 2011. Great Wall is expected to increase its automobile shipments by ~50% to nearly 600,000 units in 2011.

6:27AM Finisar to make a recommended cash offer to acquire Ignis at NOK 8 per share (FNSR) 22.02 : Co and Ignis ASA jointly announce that they have entered into a transaction agreement under which co will make a recommended voluntary public cash offer to acquire all of the outstanding shares of Ignis not currently owned by Finisar for NOK 8 per share, or an aggregate purchase price of up to ~NOK 425 million (USD $76 million). Finisar also announced that, on March 21 and 22, 2011, Finisar acquired an aggregate of 18.3 million Ignis shares from certain existing Ignis shareholders, for NOK 8 per share in cash, or an aggregate purchase price of NOK 147 (USD $26 million). These purchases bring co's total ownership to ~25.7 million shares (~32.6% of the outstanding Ignis shares on a fully-diluted basis).

6:24AM MarkWest Energy and Sunoco (SXL) expand project Mariner to transport Marcellus ethane to Canadian markets (MWE) 46.00 : MarkWest Liberty Midstream & Resources, a partnership between co and The Energy & Minerals Group, and Sunoco Logistics Partners (SXL) announced the development of Project Mariner West, a pipeline project to deliver Marcellus Shale ethane from MarkWest Liberty's Houston, Pennsylvania processing and fractionation complex to Canada markets. Mariner West will utilize new and existing pipelines and is anticipated to have a maximum capacity to transport up to 65,000 barrels per day of ethane by 3Q12. Mariner West is an expansion of Project Mariner, a pipeline and marine project developed to transport ethane produced in the Marcellus Shale basin to US Gulf Coast and international markets by mid-2013.

6:18AM W&T Offshore responds to report of Oil Sheen in Gulf of Mexico; oil sheen was not the Matterhorn platform or any other nearby co operated facilities (WTI) 20.36 : Co announces that it responded to reports of an oil sheen in the Gulf of Mexico that was said to be near a co operated platform in Mississippi Canyon block 243. Following an onsite and aerial investigation by the co, it was determined that the source of a reported oil sheen was not the Matterhorn platform or any other nearby co operated facilities, as speculated in several media reports.

6:06AM Dollar Thrifty sees Q1 revs below consesnsus; FY11 adjusted EBITDA above consensus (DTG) 57.49 : Co provides updated guidance and now sees expects FY Corporate Adjusted EBITDA, excluding merger-related expenses, to be within a range of $235-260 mln vs $201 mln Thomson Reuters consesnsus, an increase of $60 mln, or ~30%, from the co's previously announced guidance range. The Company noted that the primary driver of the improvement is lower fleet cost expectations and confidence in the upcoming summer rental season. The co expects rental revenue for 1Q11 to be flat to down 1% YoY or ~$344.8-348.3 mln vs $350.3 mln Thomson Reuters consensus. The unfavorable impact of the winter storms on rental revenues for the quarter is estimated at $5-10 mln. Corporate Adjusted EBITDA, excluding merger-related expenses, is expected to range from $25-30 mln for the first quarter of 2011. Corporate Adjusted EBITDA, excluding merger-related expenses of $1.7 mln in the first quarter of 2010 totaled $51.1 mln. The co noted that it expects gains from sales of vehicles to be only $7 mln in the first quarter of 2011, compared to $25.7 mln of gains in the first quarter of 2010 as the co plans to dispose of ~7,300 fewer risk vehicles in the first quarter of 2011 compared to first quarter of 2010.

5:56AM On The Wires (WIRES) :

* The Scotts Miracle-Gro (SMG) launched new initiatives involving product changes and consumer education efforts to improve water quality and conservation in the United States.
* EchoStar Europe (SATS) announced that it has supplied a new HD, satellite STB to Telefonica in Chile. The new product will enable consumers to access an array of digital television services including HD channels.
* Research In Motion (RIMM) announced plans to make the highly-anticipated BlackBerry PlayBook tablet available in more than 20,000 retail outlets in the U.S. and Canada.
* Best Buy (BBY), a preferred retailer for the BlackBerry PlayBook, announced the pricing and launch date for the tablet in the U.S. and Canada. The BlackBerry PlayBook with Wi-Fi will come in three models, featuring 16GB, 32GB or 64GB of storage at $499, $599 and $699 respectively.

5:54AM Volvo provides update on Japan; facilities in Tokyo should be able to resume on a limited scale on March 28 (VOLVY) 17.07 : Co provides assessment of the earthquake in Japan. Following the inspections and repairs that have been implemented, it is estimated that production at UD Trucks' facilities in the Tokyo area should be able to resume on a limited scale on March 28. Co states that the problems among Japanese sub-suppliers will, however, affect Volvo Construction Equipment, which sources key hydraulic components from Japan. The disruptions are expected to impact on VCE's production of primarily excavators in Korea and China from April onwards.

3:48AM On The Wires (WIRES) :

* American States Water (AWR) reported that its Golden State Water subsidiary has executed an agreement with Sutter County, California, a group of developers in Sutter County and a group of water customers in Sutter County to allow GSWC to provide retail water service in a new development being proposed in the southern part of Sutter County.
* St. Jude Medical (STJ) opened the St. Jude Medical Advanced Technology Center Asia Pacific, located in Beijing, China.
* iPass (IPAS) announced an update to its Open Device Framework, a set of XML-based APIs that reduces the complexity, cost and time to deployment of integrating wireless cards from any carrier into the iPass Open Mobile Platform.
* Nokia (NOK) introduced the Nokia Astound which will be available exclusively from T-Mobile USA beginning April 6.
* Merck (MRK) and sanofi-aventis (SNY) announced the mutual termination of their agreement to form a new animal health joint venture by combining Merial, the animal health business of sanofi-aventis, with Intervet/Schering-Plough, Merck's animal health unit.
* Carrier Corp, a unit of United Technologies (UTX), has entered into an agreement to sell its bus air-conditioning business in the United States and Canada to Mobile Climate Control.

3:13AM Arcelor Mittal signs a $6 bln 5 year Revolving Credit Facility (MT) 35.68 : Co announces it signed signed a $6 bln 5 year Revolving Credit Facility. The Facility will replace the EUR5 bln Revolving Credit Facility under co's existing EUR17 bln Credit Facility Agreement dated 30 November 2006, and will be used for the general corporate purposes of the MT group.

3:10AM Cellcom Israel reports Netvision agrees to enter merger negotiations (CEL) 32.09 : Co announces that following its previous announcement it has approached Netvision, with a proposal to negotiate a merger between the co's subsidiary and Netvision, Netvision notified the co of its decision to enter such negotiations with the co. Consummation of the transaction is subject to various conditions and the co can provide no assurances that it will enter into any transaction.

1:36AM Breitburn Energy extends 8.625% Senior Notes Exchange offer (BBEP) 21.49 : Co announces it has extended the expiration date for its previously announced exchange offer relating to its outstanding $305 mln aggregate principal amount of 8.625% Senior Notes due 2020. The exchange offer, which was initially scheduled to expire on March 21, 2011, has been extended until March 30, 2011.

1:21AM Samson Oil & Gas advises on Rodney #1-14H and Everett #2-14 Wells; stimulation job has progressed satisfactorily with 1.1 mln pounds proppant placed (SSN) 3.76 : Co advises that the fracture stimulation of the Rodney #1-14 well has pumped 15 of the 16 stages planned. Operations have taken longer than anticipated largely because of mechanical teething problems. However, the stimulation job has progressed satisfactorily with 1.1 mln pounds proppant placed in the 15 stages. Following the completion of pumping of Stage 16 which is being undertaken currently, flow back operations will commence. The Rodney #1-14 well was drilled to a total measured depth of 17,222 feet and is Samson's fourth Bakken production well in the field. The spud date of Everett #2-15 has been brought forward and is now expected to occur on March 28th. The Everett will be the final well to develop the Bakken Formation on a 640 acre spacing.

1:18AM Seaspan accepts delivery of 58th containership (SSW) 16.23 : Co announces that it accepted delivery of the COSCO Prince Rupert, an 8500 TEU containership. The new containership expands the Company's operating fleet to 58 vessels. The COSCO Prince Rupert is on charter to COSCO Container Lines under a twelve-year, fixed-rate time charter with options to COSCON to extend the charter term up to an additional three years.

1:17AM American Capital Agency prices 28 mln shares for gross proceeds of ~$780 mln (AGNC) 29.10 : Co expects to use the net proceeds from this offering to acquire additional agency securities as market conditions warrant and for general corporate purposes.

1:12AM Clean Harbors; increases deal size by $50 mln; prices $250 mln Senior Secured Notes due 2016 (CLH) 97.21 : The Notes, which carry an interest rate of 7.625%, were priced at 104.5% of the aggregate principal amount, representing a yield of 6.132%. The co intends to use the net proceeds from the offering of the Notes, together with a portion of the co's available cash, to pay the purchase price for the co's previously announced proposed acquisition of Badger Daylighting. If such proposed acquisition is not consummated, the co plans to use the net proceeds from the offering for general corporate purposes, which may include other acquisitions.
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