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Market Update: 110407
4:30 pm : Trade was sloppy this session, but the major equity averages still settled near the neutral line. The action came in the wake of the first rate hike by a major central bank and news of another earthquake in Japan. Reports from retailers had little impact on the overall market.

Stocks started the session flat as participants assessed an in-line initial jobless claims tally of 382,000, news that late yesterday Portugal requested foreign financial aid, and the first rate hike by the European Central Bank since mid-2008. The ECB's key lending rate now stands at 1.25%. According to comments from ECB President Trichet, the vote for the increase was unanimous.

The Bank of England and the Bank of Japan both concluded meetings of their own today. England's central bank kept target rates unchanged at 0.5% and held in place its 200 billion pound asset purchase program. Japan's central bank announced that a special lending program will be made available to companies adversely affected by the massive earthquake that hit the country last month.

News of another earthquake in Japan today was met with some knee-jerk selling that took the Dow down to a loss of almost 100 points. Some buyers were brought back into the fold by follow-up reports that the quake wasn't as severe as it had been feared and that nuclear facilities weren't damaged. Still, stocks struggled to put together a sustainable rebound. In turn, they spent the rest of the session chopping along without much direction. The action made for another flat finish.

Even though the overall market continued its sideways crawl, shares of several retailers put together impressive gains with help from stronger-than-expected same-store sales results for March. Bed Bath & Beyond (BBBY 29.99, +0.24) was a top performer, but its strength came on the back of better-than-expected earnings and an upside forecast. In contrast, Gap (GPS 22.72, -0.34) issued downside guidance, which combined with disappointing same-store sales to take the stock to a loss.

Muddled action in the overall market mired energy stocks, which only mustered modest gains as oil prices climbed to new two-year highs above $110 per barrel. The energy component settled pit trade at $110.30 per barrel. It is now up more than 20% year to date.

Financials fell to a 0.4% loss after the sector outperformed in the prior session with a gain of more than 1%. Although weakness was widespread, most of the pushback was made against insurance issues.

Telecom finished the day flat, but it had one of the strongest finishes. At its session low the sector was off by more than 1%.

Advancing Sectors: Energy (+0.2%), Consumer Staples (+0.1%), Tech (+0.1%)
Unchanged: Telecom
Declining Sectors: Materials (-0.2%), Health Care (-0.2%), Consumer Discretionary (-0.3%), Financials (-0.4%), Utilities (-0.5%), Industrials (-0.5%)DJ30 -17.26 NASDAQ -3.68 NQ100 +0.00% R2K -0.6% SP400 -0.6% SP500 -2.03 NASDAQ Adv/Vol/Dec 935/1.81 bln/1658 NYSE Adv/Vol/Dec 1116/910 mln/1872

3:30 pm : Industrials (+1.4%) and softs (+1%) led all gainers in commodities today. Coffee futures rallied 2.9%.

May crude oil finished higher by 1.4% to $110.30 per barrel. It broke above $110 to notch highs at $110.44, a fresh ~2.5 yr high. Crude last traded at these levels back in on Sept 22, 2008, when crude surged to $130, after the dollar was crushed by news of the $700 bln Wall St bailout package from the government. Today's rally comes on concerns out events in the Middle-East (Israel-Gaza) and Africa (Nigeria). May natural gas fell 2.3% to close at $4.06 per MMBtu. The selloff marked the fifth consecutive session in natural gas's recent sell off and stemmed from this morning's inventory data, which showed a smaller-than-expected draw down.

It was a relatively uneventful session for the precious metals. June gold ended up 0.1% to $1459.30 per ounce, while May silver gained 0.4% to $39.55 per ounce.
DJ30 -40.49 NASDAQ -6.03 SP500 -4.20 NASDAQ Adv/Vol/Dec 983/1.4 bln/1598 NYSE Adv/Vol/Dec 1131/604 mln/1815

3:30 pm : Industrials (+1.4%) and softs (+1%) led all gainers in commodities today. Coffee futures rallied 2.9%.

May crude oil finished higher by 1.4% to $110.30 per barrel. It broke above $110 to notch highs at $110.44, a fresh ~2.5 yr high. Crude last traded at these levels back in on Sept 22, 2008, when crude surged to $130, after the dollar was crushed by news of the $700 bln Wall St bailout package from the government. Today's rally comes on concerns out events in the Middle-East (Israel-Gaza) and Africa (Nigeria). May natural gas fell 2.3% to close at $4.06 per MMBtu. The selloff marked the fifth consecutive session in natural gas's recent sell off and stemmed from this morning's inventory data, which showed a smaller-than-expected draw down.

It was a relatively uneventful session for the precious metals. June gold ended up 0.1% to $1459.30 per ounce, while May silver gained 0.4% to $39.55 per ounce. DJ30 -35.91 NASDAQ -3.83 SP500 -3.42 NASDAQ Adv/Vol/Dec 973/1.4 bln/1599 NYSE Adv/Vol/Dec 247.3/600.1/342.3

3:00 pm : The pace of trade has slowed as participants enter the final hour of today's session. Share volume had seen an increase when newswires were flooded earlier today with reports about another earthquake in Japan, but trade has since settled down.

Leadership remains lacking, although telecom stocks have almost completely erased a 1% loss now that the sector is down just 0.1% for the day. Still, the lack of weight in the sector has made it less of a leader.

Consumer credit figures for February was just released, but there has been no real reaction to the data. It showed an increase of $7.6 billion, which is far greater than the $2.5 billion increase that had been expected, on average, among economists polled by Briefing.com. Consumer credit for the prior month had increased by $5.0 billion. DJ30 -42.61 NASDAQ -3.43 SP500 -3.91 NASDAQ Adv/Vol/Dec 983/1.33 bln/1588 NYSE Adv/Vol/Dec 1087/556 mln/1849

2:30 pm : The major equity averages continue to plod along with modest losses, but Netflix (NFLX 232.80, -7.08) is grappling with some rather stiff selling pressure. Its weakness comes after analysts on CNBC's Fast Money segment issued cautious commentary.

Global phone and handset maker Nokia (NOK 8.94, -0.08) is also under considerable pressure after the stock had set a new one-month high yesterday. Its retreat comes after analysts at Moody's downgraded its rating on the company. DJ30 -61.99 NASDAQ -7.55 SP500 -5.77 NASDAQ Adv/Vol/Dec 1015/1.25 bln/1548 NYSE Adv/Vol/Dec 1117/515 mln/1800

2:00 pm : Stocks recently drifted down to an afternoon low. Financials have become a coniderable drag on broad market action.

Financials offered leadership in the prior session, when they climbed to a gain of more than 1%. However, recent selling interest in the sector has backed it down to a 0.5% loss. Banks have become particularly burdensome this session. As such, the KBW Bank Index is down 0.7%. Regional lenders like Fifth Third (FITB 13.86, -0.20) are in especially weak shape. DJ30 -54.19 NASDAQ -4.02 SP500 -4.45 NASDAQ Adv/Vol/Dec 965/1.17 bln/1582 NYSE Adv/Vol/Dec 1078/480 mln/1837

1:30 pm : Stocks are on the backslide as they continue to seek direction. Oil prices seem to only be going higher, however. As such, crude oil futures prices have pushed above the $110 per barrel mark. Prices for the energy component recently set a new two-year high of $110.16 per barrel.DJ30 -56.75 NASDAQ -5.50 SP500 -4.73 NASDAQ Adv/Vol/Dec 1028/1.08 bln/1488 NYSE Adv/Vol/Dec 1192/440 mln/1704

1:00 pm : News of another earthquake in Japan induced some knee-jerk selling among participants, but buyers have stepped back in to help the major equity averages rebound.

In the early going stocks traded near the neutral line as participants brooded over the implications of the European Central Bank's decision to increase its key lending rate to 1.25%. The increase is the first since mid-2008. It also marks the first rate hike by a top central banks. As such, both the Bank of England and the Bank of Japan kept target rates unchanged. Japan's central bank announced that a special lending program will be made available to companies adversely affected by the massive earthquake that hit the country last month.

News of another earthquake in Japan today spooked participants and, as a result, brought about a barrage of selling. The effort took the Dow down to a loss of almost 100 points before it stabilized. Concerns about the quake were quelled by reports that indicated it wasn't terribly severe and that initial assessments of nuclear facilities didn't show any damage.

The willingness of participants to buy the market's dips has helped stocks work their way up from their session lows. The major averages are now mixed near the neutral line, though.

Although the broader market is mired at the moment, retailers are having a strong session. The group's near 2% gain, as measured by the SPDR S&P Retail ETF, stems from a serious of stronger-than-expected same-store sales results. Gap (GPS 22.93, -0.13) has been a laggard in the group after it failed to report the same success as its peers.DJ30 -24.14 NASDAQ +4.80 SP500 -0.83 NASDAQ Adv/Vol/Dec 1077/1.00 bln/1422 NYSE Adv/Vol/Dec 1279/415 mln/1600

12:30 pm : The Nasdaq Composite recently came in touch with the flat line, but it has yet to poke back into positive territory. Tech has been a primary driver behind the Nasdaq's rebound.

Tech stocks are now up fractionally after falling to a sizable loss when the broad market rolled over in response to reports about another earthquake in Japan. NVIDIA (NVDA 18.14, +0.68) is a top performer among Nasdaq components, but fellow semiconductor stocks haven't been as fortunate. Weakness in the rest of the space actually has the Philadelphia Semiconductor Index down 0.4%. DJ30 -39.77 NASDAQ -1.12 SP500 -2.69 NASDAQ Adv/Vol/Dec 976/920 mln/1519 NYSE Adv/Vol/Dec 1168/385 mln/1688

12:00 pm : Sellers recently redoubled their efforts, taking the Dow down to a fresh session low. Neither the S&P 500 nor the Nasdaq Composite confirmed the move, though. Before the pair could test session lows participants stepped back in to buy the dip and send stocks up on another rebound effort.

This session's swings have caused the Volatility Index to push higher. It was last quoted with a 4.4% gain.

Participation has picked up from the anemic pace seen in recent session. Overall share volume still isn't impressive, though. As things currently stand, only about 350 million shares have traded hands on the NYSE today. DJ30 -39.36 NASDAQ -7.13 SP500 -3.29 NASDAQ Adv/Vol/Dec 797/820 mln/1667 NYSE Adv/Vol/Dec 930/346 mln/1929

11:30 am : Momentum behind the stock market's recent rebound has slowed. That has left the major equity averages to remain in the red with modest losses.

Leadership is now lacking. Of the major sectors that make up the S&P 500, not one of them has successfully held on to a gain. Even materials stocks, which were up with enviable gains in the early going, now trade with a collective loss of 0.2%.

Telecom, down 1.0%, is in the worst shape. Its weakness over the past few sessions comes after the sector had outperformed last week. DJ30 -75.25 NASDAQ -13.22 SP500 -5.75 NASDAQ Adv/Vol/Dec 1022/695 mln/1394 NYSE Adv/Vol/Dec 1139/290 mln/1679

11:00 am : Stocks recently rolled over in response to reports that Japan has been hit by another earthquake, but the major averages have begun to rebound with news that the integrity of nuclear facilities has not been compromised by the latest quake. Just this morning Japan's central bank announced that a lending program would be made to companies adversely affected by last month's quake.

The dollar remains stronger against the Japanese yen, which currently trades with a 0.4% loss at $85.10.

Treasuries haven't made much of a move in response to the headlines. Instead, the benchmark 10-year Note continues to trade near the neutral line. DJ30 -41.63 NASDAQ -4.17 SP500 -2.49 NASDAQ Adv/Vol/Dec 832/545 mln/1546 NYSE Adv/Vol/Dec 990/230 mln/1816

10:35 am : Ahead of this morning's natural gas data, the underlying futures rallied back into positive territory off session lows of $4.11/MMBtu. Following the data, which showed a draw of 45 bcf compared to the consensus of a draw of 62 bcf, May natural gas fell sharply to new session lows of $4.05 and is now down 2% at $4.06/MMBtu.

May crude oil has been chopping around in recent trade slightly above the unchanged line. In current activity, crude at $108.97/barrel, up $0.14.

Precious metals are higher this morning with June gold showing gains of 0.4% at $1464.20/oz. while May silver is up 0.5% at $39.59/oz.DJ30 -25.32 NASDAQ +2.52 SP500 -0.45 NASDAQ Adv/Vol/Dec 1282/378.7 mln/1022 NYSE Adv/Vol/Dec 1593/161.5 mln/1101

10:00 am : Bed Bath & Beyond (BBBY 54.15, +4.76) shares surged to a new all-time high this morning. It has since eased back from that mark, but remains this morning's top performing stock as it sports a gain of almost 10%. The surge in shares comes after the retailer reported better-than-expected earnings for the latest quarter and then went on to issue upside guidance.

Shares of Constellation Brands (STZ 21.16, +0.78) aren't as strong as BBBY this morning, but better-than-expected earnings and upside guidance has also helped the stock outperform the broader market with ease. The company complemented its quarterly report and forecast with news that it has authorized $500 million for share repurchases.

Advancing Sectors: Tech (+0.4%), Materials (+0.3%), Energy (+0.2%), Health Care (+0.2%), Financials (+0.2%), Industrials (+0.2%), Consumer Discretionary (+0.1%)
Unchanged: Consumer Staples
Declining Sectors: Utilities (-0.5%), Telecom (-0.5%), DJ30 +10.56 NASDAQ +11.63 SP500 +2.27 NASDAQ Adv/Vol/Dec 1141/135 mln/957 NYSE Adv/Vol/Dec 1355/83 mln/1192

09:45 am : Stocks are attempting to push higher in the first few minutes of trade. The Nasdaq has made the strongest move, thanks largely to a bounce by large-cap tech stocks like Cisco (CSCO 18.20, +0.13), which is adding to the gain of nearly 5% that it recorded in the prior session.

Although the weight underlying tech stocks has made the sector the most influential in broad market trade, materials stocks have put together the best gains. They are up 0.7% as a group. Freeport McMoRan (FCX 57.48, +1.23) is a primary leader as it sports a gain of more than 2%. DJ30 -5.22 NASDAQ +7.63 SP500 +0.98 NASDAQ Adv/Vol/Dec 1015/33 mln/849 NYSE Adv/Vol/Dec 971/34 mln/1203

09:15 am : S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: -2.70. During the course of the past hour stock futures have drifted lower so that the cash market is now expected to open with a slight loss. The drift comes in the wake of the decision by the European Central Bank to raise its target interest rate -- for the first time since mid-2008 -- to 1.25%, while the Bank of England and Bank of Japan both left their key lending rates unchanged. A slightly better-than-expected initial jobless claims tally and another decline in continuing jobless claims represent the only actual domestic data posted this morning. Consumer credit (3:00 PM ET) and Fed balance sheet figures (4:30 PM ET) won't be released until later. Corporate news has centered around monthly same-store sales, most of which have been better than expected.

09:05 am : S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -4.20. Europe's major bourses are up with varied gains for the second straight session. Germany's DAX is up 0.2%. France's CAC has put together a 0.4% gain. Britain's FTSE is up just 0.1%. By broad measure, though, the Euro Stoxx 50 is up 0.8%. The action comes after Portugal made a late request yesterday for foreign financial aid. More recently, the European Central Bank (ECB) raised its key lending rate by 25 basis points to 1.25%. During a press conference ECB President Trichet said that the rate hike, which is the first since mid-2008, came on the back of a unanimous vote. The Bank of England also issued a statement this morning, but it left its key lending rate unchanged at 0.5% and that its asset purchase plan will also remain in place.

Japan's Nikkei eked out a 0.1% gain. The country's central bank announced that it will leave its target interest rate unchanged at 0.1%, but has come up with an emergency lending program for companies affected by the massive earthquake last month. Chubu Electric Power and Kansai Electric power were top performers; both gained more than 5%. Pioneer was the session's worst performer; it dropped almost 5%. China's Shanghai Composite closed just 0.2% for the better, but that was still enough to put it at a fresh five-month high. Hong Kong's Hang Seng saw its streak of gains come to an end by finishing the latest round of trade fractionally below the neutral line. Korea's Kospi closed with a 0.2% loss. Index component Samsung was a primary source of weakness after the company issued disappointing comments about expectations for its first quarter results.

08:35 am : S&P futures vs fair value: -0.10. Nasdaq futures vs fair value: -0.70. Stock futures remain flat against fair value in the wake of the latest jobless claims data. Initial jobless claims for the week ended April 2 totaled 382,000, which is down 10,000 from the prior week and slightly less than the 386,000 initial claims that had been widely expected. Continuing claims came in at 3.72 million after they had been at 3.73 million the week before.

08:05 am : S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: +0.80. Stock futures are up slightly amid news that the European Central Bank has increased its benchmark lending rate by 25 basis points to 1.25%. That is the first actual increase since mid-2008. As for the Bank of England and Bank of Japan, both left prevailing interest rates unchanged. Japan did announce that an emergency relief program would be available for those affected by the massive earthquake last month. The latest weekly initial jobless claims tally will be released at the bottom of the hour. Consumer credit figures aren't due until 3:00 PM ET. Details of the Fed's balance sheet will be released after the close at 4:30 PM ET. On the corporate news front, retailers are out with same-store sales. So far their results have been generally solid. A handful of less widely held companies have posted quarterly results, but those reports have been somewhat mixed.

06:32 am : [BRIEFING.COM] S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: -7.00.

06:32 am : Nikkei...9590.93...+6.60...+0.10%. Hang Seng...24281.80...-3.30...0.00.
http://finance.yahoo.com/marketupdate/update

3:55PM Phillips-Van Heusen licenses Weihai Dishang Fashion Brands the right to market IZOD (PVH) 64.99 -0.25 : Co has licensed Weihai Dishang Fashion Brands the right to market IZOD brand men's and women's sportswear, footwear and accessories in China, Hong Kong, Taiwan and Macao. The agreement anticipates that Dishang will establish more than 1,000 points of sale in the licensed territory, including shop-in-shops and 500 or more IZOD brand stores, during its initial five-year term. Dishang has opened the first four IZOD stores in China in Beijing, Shanghai, Weihai and Zinzhuang.

3:49PM Piper Jaffray opens new fixed income sales and trading offices in Charlotte, Cleveland and Dallas, adding five professionals (PJC) 40.24 -0.85 :

3:45PM Home Depot working back toward its session high, two week range high and its March peak at 37.86/37.90 (HD) 37.84 +0.33 :

3:24PM Arthur J. Gallagher acquires Blue Water Benefits; terms of the transaction were not disclosed. (AJG) 31.16 +0.10 :

3:09PM AmSurg announces the signing of a definitive merger agreement for the acquisition of National Surgical Care for $173.5 million in cash (AMSG) 25.59 -0.26 : Co intends to fund the transaction with available cash and additional borrowings and has exercised the accordion feature on its revolving credit facility, allowing the Company to borrow up to $450 million from $375 million previously. Co expects this transaction to be accretive to our 2012 financial results and, excluding transaction costs, to our results for 2011.

2:54PM Stock indices lift off afternoon lows -- Dow -38, S&P -3.4, Nasdaq Comp -2.8 (SPY) : Relative sector strength in recent trade has been noted in: Discretionary XLY, Telecom IYZ, Energy XLE, Housing XHB

2:52PM CME Group announces its E-micro Gold futures contract surpassed cumulative trading volume of 100,000 contracts yesterday (CME) 304.79 -3.81 :

2:52PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices; Corn Hits New All-Time Record (COMDX) : May corn futures fell 4 cents to $7.59/bu, May wheat fell 9 cents to close at $7.7325, May soybeans fell 13 cents to close at $13.635, April ethanol closed lower by 0.01 cents at $2.69, while May world sugar futures closed down 0.21 cents to 26.50 cents.

2:50PM Motorcar Parts of America announces an increase of $15.0 million to its existing $35.0 million revolving credit facility with Union Bank, N.A. and Branch Banking & Trust Company (MPAA) 14.70 +0.01 :

2:39PM NYMEX Energy Closing Prices (COMDX) : Crude oil rallied for $1.47 to settle at $110.30, natural gas fell 9 cents to close at $4.056, heating oil gained 1.25 cents to finish at $3.2037, while RBOB gasoline ended down 1.07 cents to $3.1822 (all May contracts).

2:26PM Cinedigm Digital Cinema announces agreement with Clearview Cinemas for digital cinema deployment (CIDM) 1.83 +0.07 : Co announced a long-term virtual print fee deployment agreement with Clearview Cinemas. The agreement enables the continued conversion of Clearview's theatres to digital cinema, under the terms of Cinedigm's long-term agreements with all the major studios.

1:54PM Motorola Mobility confirms launch of its SocialTV Companion Service (MMI) 24.68 +0.23 : Motorola's SocialTV Companion Service includes interactive games and social experiences enabling viewers to express themselves and interact real-time with their virtual community of friends also watching the TV show.

1:32PM Asia Entertainment proposes amendments to founder's loan and revisions of future incentive share thresholds (AERL) 7.58 +0.23 : Co announces a proposed amendment of certain provisions of the founder's loan to AERL, a proposed increase to the threshold for issuance of future incentive shares and a proposed lock-up of incentive shares to be issued to the founders. In addition, co plans to revise the incentive share thresholds for 2011 and 2012 to align them with net income guidance... The board of directors has approved: converting the $60 mln loan from Lam and Vong, to a three-year, zero-coupon term loan, convertible into ordinary shares at $20 per share; lock-up agreements relating to 60% of the total 2010 incentive shares to be issued to management for a period of one year; and raising the 2011 incentive share target from net income of $49.5 mln to net income of $65 mln while raising the bonus share awards net income target for 2011 to $78 mln from $75 mln, and increasing the 2012 target from net income of $58 mln to $78 mln, while raising the bonus share awards net income target for 2012 to $94 mln from $82.5 mln.

1:32PM COMEX Metals Closing Prices (COMDX) : June gold finished higher by 70 cents to $1459.20, May silver gained 14.3 cents to end at $39.53, while May copper closed up 4.25 cents to $4.4125.

12:58PM Semiconductor ETFs back near highs (SMH) : The SMH has rebounded off morning lows and it is back flirting with last week/this week highs at 35.09/35.14. The SOXX is testing last week's high and its 50 sma at 60.17/60.24 (session high 60.17) while the XSD is near a similar level (last wk high/50 day sma) at 59.23/59.38 (session high 59.22).

12:51PM Verizon statement on Federal Communications Commission order on data roaming (VZ) 37.71 -0.14 : "Today's action represents a new level of unwarranted government intervention in the wireless marketplace. By forcing carriers that have invested in wireless infrastructure to make those networks available to competitors that avoid this investment, at a price ultimately determined by the FCC, today's order discourages network investment in less profitable areas. That is directly contrary to the interests of rural America and the development of facilities-based competition and potential job creation. Therefore, it is a defeat for both consumers and the innovation fostered by true competition... We are also concerned that the FCC is taking this action even though it does not have the statutory authority to do so. Consumers benefit from the deployment of wireless networks that have more capacity to offer new services, and Verizon is committed to working with policymakers to accomplish that goal."

12:47PM New highs for crude oil at $109.63; now up 72 cents to $109.55 (COMDX) :

12:43PM Stock indices continue to work higher with S&P -0.3 back near the flat line, Nasdaq Comp +5.5 (SPY) : Dow -17 has pushed as much as 80 points off the morning low.

12:14PM Nasdaq 100 +2.8 climbs back into positive territory, Nasdaq Comp -1.3 (QQQ) :

12:10PM Nikkei Futures rebound off equality target (TECHX) : The recovery off the March low stalled near its 200 day sma last week at 9860. Today's earthquake related decline matched the length of the first leg lower off the high with it rallying roughly 1.5% off the low in recent trade. Sustained follow through above the 9590/9600 area is needed to help neutralize the weaker pattern that has developed (Click for chart).

12:00PM Gaming Partners unit completes purchase of OMC plastic injection molding assets (GPIC) 7.10 0.00 :

11:41AM S&P does not confirm new Dow low watching 1331 (SPY) : (Click for 5 min chart).

11:38AM Boeing reports first-quarter deliveries: 104 commercial airplanes programs (BA) 73.77 +0.05 :

11:36AM Stock indices sliding back toward news related lows with Dow -93 setting a fractional new low, S&P -8.1, Nasdaq Comp -15 (SPY) :

11:35AM Lionbridge Tech secures new multi-year agreements estimated to generate $12-15 million in annual revenue (LIOX) 3.49 +0.04 :

11:21AM Volatile action continues with Dow -60 sliding 33 points on new quake report (SPY) :

11:15AM Kennedy Wilson announces pricing of additional $50m offering of senior notes (KW) 11.01 +0.03 : Co prices an offering of an additional $50 million of its 8.750% senior notes due 2019. Interest on the Additional Notes will be payable semiannually on April 1 and October 1 of each year, beginning on October 1, 2011.

10:55AM Dow -44 rebounds 50 points off low (DIA) :

10:49AM S&P -4.7 and Nasdaq Comp -9 stabilize near second level supports (SPY) : Highlighted second level supports in The Technical Take at 2785/2778 Nasdaq Comp (session low 2781) and 1325 S&P (session low 1326) and have seen a stabilization attempt near here in recent action after the quake related slide.

10:43AM Crude oil pulling back on earthquake/tsunami headlines; currently off 12 cents to $108.71 (COMDX) :

10:42AM Breakdown in stock indices continues Dow -80 falls as much as 109 points off high -- S&P -6.7, Nasdaq Comp -11 (SPY) :

10:39AM Stock indices see acceleration in pullback off morning highs -- Dow -66, S&P -5.8, Nasdaq Comp -81. (SPY) :

10:37AM Sempra Energy subsidiary enters 20 year contract to supply 21 MW of wind power to Maui Electric from the Auwahi Wind project (SRE) 53.74 -0.36 : Construction on Auwahi Wind is expected to begin in early 2012, creating approximately 150 local construction jobs at peak and about five positions to operate the facility. The project is currently undergoing an extensive environmental review by Maui County, and state and federal agencies. When fully operational in late 2012, Auwahi Wind will be capable of generating clean electricity equivalent to the amount used by 10,000 typical Maui homes. This new source of locally-produced wind energy will help Hawaii reach its clean energy goal of 40 percent of electricity from renewable sources by 2030.

10:32AM Further slippage off morning bounce highs in recent trade for stock indices -- Dow -14, S&P +0.5, Nasdaq Comp +4.2 (SPY) : Relative sector weakness in recent action has been noted in early leader Retail XRT, Discretionary XLY, Reg Bank KRE, Transports IYT, Solar SOL, Coal KOL.

10:30AM CDC Corp announces it has extended its contract with MGame Corporation to operate Yulgang for an additional two years in China (CHINA) 3.61 0.00 :

10:30AM Following inventory data, nat gas drops sharply to lows; now down 8.5 cents to $4.062 (UNG) :

10:11AM Celera: Starboard delivers letter to Celera expressing concern proposed Quest (DGX) transaction value may not properly reflect full value for Celera's royalty interests (CRA) 8.22 +0.01 : In the letter, Starboard expressed its concern that the value of Celera's royalty interests may not be fully reflected in the value of the proposed Quest transaction. Starboard also urged Celera to re-engage with Quest specifically regarding such royalty interests so that shareholders may be presented with a transaction that properly and adequately values the Company. Starboard stated that it intends to continue to evaluate the transaction as more information becomes publicly available.

10:10AM Stock indices slip back off highs after stalling shy of Wednesday's peaks -- Dow -1.7, S&P +1.5, Nasdaq Comp +8.8 (SPY) :

10:04AM Crude oil pulling back toward flat line; currently up 5 cents to $108.88 (COMDX) :

10:02AM Gap has entered new $500 mln revolving credit facility with a syndicate of banks (GPS) 22.56 -0.50 : The new financing matures in 2016 and replaces the Company's existing $500 million revolving credit facility. As part of the same financing agreement, the Company also entered into a $400 million five-year term loan.

10:01AM Gap announced a public bond offering (GPS) 22.50 -0.56 : Co announced a public bond offering, expected to price today. The Company intends to use the net proceeds of the offering for general corporate purposes including share repurchases.

10:01AM Dell invests $1 billion in technology solutions and services (DELL) 14.85 +0.07 : Co announces it is increasing its investments in new technology solutions and services. Co plans to build multiple next generation cloud data centers that operate and deliver hyperscale efficiency. Dell will open 12 Global Solution Centers this year and is planning 10 more over the next 18 months, to better bring open, capable and affordable solutions to organizations around the world.

10:01AM Strong intraday rally/relative strength in Healthcare after mildly weaker start -- HUM, AET, WLP, UNH, WCG, HNT, CVH, AET, CI (TECHX) :

10:01AM Hasbro and Ruckus Mobile Media announced a strategic licensing agreement (HAS) 47.48 +0.22 : The cos will collaborate in developing interactive storybook applications based on Hasbro brands across all digital platforms. The deal marks Hasbro's further expansion into digital publishing, a sector the company has identified as a major strategic focus.

9:59AM Liz Claiborne to accept valid tenders of notes for repurchase in its tender offer for certain of its euro 350.0 mln 5.0% notes due 2013 (LIZ) 5.83 +0.14 :

9:55AM Bank of America early limited upticks bring its 50/200 ema into play at 13.84 -- session high 13.85 (BAC) 13.83 +0.11 : Note that is 50 sma is at 14.08.

9:52AM Newmont Mining extends aggressive early advance to 58.68, its 200 sma is at 58.77 (NEM) 58.65 +2.20 :

9:49AM Oil Service HOLDRS Trust working up toward yesterday's late recovery high at 162.92 after reversing opening weakness (OIH) 162.77 +0.57 : The OIH held again near its 20 day ema yesterday and this morning is testing Wednesday's late rebound high -- RIG, BHI, CAM, DO, ESV, EXH, HAL, NBR, NE, NOV, SLB, TDW, WFT.

9:48AM World Energy enteres into agreements with several institutional investors to issue approximately 1.5 million shares of common stock at $3.60 per share, yielding gross proceeds of more than $5.5 million (XWES) 4.38 0.00 : The Company anticipates using the new capital for strategic initiatives, including investments and acquisitions in the energy management space.

9:48AM Opening Point Gainers/Losers (TECHX) : Point Gainers: GOOG (+5.01), XNPT (+4.32), BBBY (+4.44), BKE (+4.08), MCP (+3.09), CRM (+3.05), COST (+2.60), ACL (+2.01), AMZN (+2.04), AAPL (+1.90), BEAV (+1.50)

Point Losers: NFLX (-5.37), LRCX (-2.50), SI (-2.28), BID (-2.23), FSLR (-2.15), TZOO (-2.07), VRUS (-1.74), RT (-1.69), MDRX (-1.52), SPG (-1.46), NIHD (-1.14)

9:47AM S&P +2 joins Nasdaq Comp +9.9 at news session high above yesterday's late recovery high (SPY) :

9:44AM Nasdaq 100/Comp pacing the way in early trade, set fresh session highs (QQQ) :

9:43AM Buenaventura SA announces strike by contractor workers at the Uchucchacua mine; strick has affected production (BVN) 43.98 -0.11 : Co announces that Contractors at the Uchucchacua Mine commenced a strike related to several labor claims, but were mainly focused on the surrounding Oyon Community's interests. The strike started April 4, 2011 in the morning, and has affected production. This strike has been declared illegal by authorities.

9:42AM Gold to fresh highs; now up $3.50 to $1462.00 (COMDX) :

9:40AM CEL-SCI receives government approval in India to commence phase III clinical trial of multikine in head and neck cancer (CVM) 0.69 +0.06 : Co has received approval to begin enrollment of patients in its Phase III clinical trial of Multikine in India from the Directorate General of Health Services Office of Drug Controller General (India) - the Indian equivalent of the FDA. Co expects to commence the trial in other countries around the world within the next 30-60 days. Multikine is the Company's flagship immunotherapy developed as a first-line standard of care in the treatment of head and neck cancer.

9:35AM Indices mixed in early trade, relative sector strength in Retail XRT, Housing XHB and Reg Bank KRE (TECHX) : The KRE has outperformed the S&P over the last two weeks with it setting a new three month high today of 27.44. Its 11 month high from Jan is at 27.54 -- BOH, CVBF, FMER, FULT, MBFI, ONB, PACW, SBNY, SIVB, UMPQ.

9:32AM U.S. Energy provides drilling program and borrowing base redetermination updates (USEG) 6.46 0.00 : Co receives an updated completion schedule from its partner, Brigham Exploration (BEXP), for the following four wells that have been drilled into the Bakken formation in North Dakota. In addition to the drilling updates, co also announces that its borrowing base under its $75 million credit facility with BNP Paribas was increased to $22.5 million on March 28, 2011, based on co's 2010 year end reserves. Co's plans to utilize the borrowing base to further its exploration and development activities in 2011.

9:32AM McCormick & Schmick's: Tilman Fertitta commences previously announced cash tender offer for McCormick & Schmick's Seafood Restaurants at $9.25 per share (MSSR) 9.47 0.00 : Unless extended, the offer and withdrawal rights will expire at 12:00 Midnight, New York City time, on May 6, 2011.

9:26AM On The Wires (WIRES) :

* BSQUARE Corporation (BSQR) announced it has entered into a new European distribution agreement with Microsoft (MSFT). BSQUARE will now distribute the entire Microsoft Windows Embedded portfolio, such as Windows Embedded CE and Windows Embedded POSReady 7, in Europe.
* nTelos Wireless and Alcatel-Lucent (ALU) announced the completion of an end-to-end 4G Long Term Evolution field trial in Waynesboro, Va.

9:25AM CAMAC Energy announces spudding and progress of ZJS-3 well in China (CAK) 1.30 : Co announces the spudding and progress of its ZJS-3 well in China. Drilling is expected to take between 40 and 60 days to reach the well's target depth of between 4,500 and 5,500 feet. Currently the penetrating depth is 3,300 feet drilled towards the main target formations. Mud logs have already shown gas readings from several penetrated intervals.

9:18AM Natural gas trades up to the flat line; currently unchanged at $4.15 (COMDX) :

9:15AM PNC Bank declared a quarterly cash dividend on the common stock of $0.35/share, a 250% increase from prior $0.10/share dividend (PNC) 63.78 : Co also confirmed that it may begin to purchase common stock under its existing 25 million share repurchase program in open market or privately negotiated transactions. PNC plans to repurchase up to $500 million of common stock during the remainder of 2011.

9:09AM Inhibitex prices public offering of 11,463,415 shares of common stock at $4.10 per shar (INHX) 4.64 : The aggregate offering amount is $47 mln. The co intends to use the net proceeds from the offering for working capital and general corporate purposes, including a Phase 2 clinical trial for INX-189, a nucleotide polymerase inhibitor that it is developing for the treatment of chronic hepatitis C infections, and research and development expenses related to its other development programs.

9:05AM On The Wires (WIRES) :

* BIOLASE Technology (BLTI) announced plans to immediately expand BIOLASE Europe, GmbH to now include a direct sales force, along with service and support operations, for the German market.
* Raytheon's (RTN) SLAMRAAM system successfully destroyed an unmanned aerial vehicle target and intercepted a cruise missile target at White Sands Missile Range, N.M. The limited user test-firing data will be used to validate key system capabilities and potential enhancements in addition to providing operational assessment.\
* China Sky One Medical (CSKI) announced that it, jointly with Heilongjiang Traditional Chinese Medical University, has obtained production licenses for thirteen new medical products from the Heilongjiang Food and Drug Administration in China.

9:01AM BancFirst agrees to acquire FBC Financial (BANF) 42.71 : Co announces that it has entered into an agreement to acquire FBC Financial Corporation and its subsidiary bank, 1st Bank Oklahoma. 1st Bank Oklahoma has approximately $256 million in total assets, $117 million in loans, $187 million in deposits, and $24 million in equity capital. The transaction is scheduled to be completed during July 2011, and is subject to regulatory approval. The bank will operate under its present name until it is merged into BancFirst, which is expected to be during the first half of 2012.

9:00AM Adeona Pharma executes an agreement for the sale of 1,688,782 shares of its common stock at ~$2.0725 per share to a new institutional investor in a registered direct offering for $3.5 million in gross proceeds (AEN) 2.40 : The investor will also receive warrants to purchase approximately 844,391 shares of common stock at an exercise price of $2.0725 per share. The warrants are exercisable upon issuance for a period of 13 months from the closing date. If exercised for cash, the warrants are expected to generate up to an additional $1.75 million in proceeds to Adeona.

8:55AM Qiao Xing confirms shareholder meeting for Qiao Xing Mobile (QXM) was adjourned for lack of quorum; says will wait for further instructions from the Board (XING) 2.29 :

8:55AM Targacept presents statistically significant results for TC-5619 on measures of cognitive dysfunction in schizophrenia and negative symptoms of schizophrenia (TRGT) 26.18 : Co announces the presentation of data from a Phase 2 clinical proof of concept trial to assess TC-5619 as an augmentation therapy to improve cognition in patients with schizophrenia at the International Congress on Schizophrenia Research in Colorado Springs, Colorado. Results presented at ICOSR showed statistically significant superiority of TC-5619 over placebo on secondary efficacy outcome measures assessing improvement on cognitive dysfunction in schizophrenia and negative symptoms of schizophrenia. Co announces that TC-5619 met protocol-defined success criteria on the study's primary efficacy outcome measure, the Groton Maze Learning Task of the CogState Schizophrenia Battery, and other top-line results in January 2011.

8:54AM On The Wires (WIRES) :

* Marina Biotech (MRNA) announced the initiation of patient dosing in the Dose Escalation Phase of its START-FAP clinical trial with CEQ508.
* Hyperdynamics (HDY) announced that AGR Peak Well Management has signed a letter of intent on behalf of Hyperdynamics with Jasper Drilling of Singapore to contract the drill ship Jasper Explorer for exploration drilling in Hyperdynamics' concession offshore the Republic of Guinea.
* China Distance Education (DL) announced that it has signed two new contracts relating to its business start-up training program offering.
* ORBOTECH (ORBK) announced that it has received initial customer acceptances for its new Generation 8 EVision FPD-AOI system. Revenues from sales of these systems that were delivered by March 31, 2011, which are estimated to total ~$20 mln in value, will be recognized during the first quarter of 2011.

8:49AM Kennedy Wilson intends to offer an additional $50 million of its 8.750% Notes due 2019 (KW) 10.98 : Co intends to use the net proceeds from the Additional Notes for general corporate purposes, including future acquisitions and co-investments.

8:45AM Southwest Air flew 7.3 billion RPMs in March 2011, a 9.8% increase from the 6.7 billion RPMs flown in March 2010 (LUV) 12.15 : ASMs increased 8.9% to 9.0 billion from the March 2010 level of 8.2 billion. The load factor for the month was 81.6%, compared to 81.0% for the same period last year. For March 2011, passenger revenue per ASM is estimated to have increased in the 8-9% range compared to March 2010.

8:40AM Crude oil to highs of the morning; now up 37 cents to $109.20 (COMDX) :

8:33AM Crosshair Exp. & Mining announced details of the 2011 exploration program on the Bootheel Property (CXZ) 1.18 : The program, which will consist of 30,000 feet (9,144 metres) of drilling as well as metallurgical and hydrological test work, is expected to commence mid-July and take 3 months to complete. The goal of the program is to upgrade the existing inferred resource to the indicated category as well as capture the remainder of the historic resource. An updated NI 43-101 resource estimate is expected in Q4 2011. The $1.5 million program will utilize 2 drills in order to complete approximately 75 holes being drilled to an average depth of 400 feet. Crosshair will also be continuing with its baseline studies this summer and will be installing a weather station in order to collect climate data required for permitting.

8:32AM Tanger Factory increases annual dividend by 3.2% to $0.80/share from $0.775/share (SKT) 25.72 :

8:32AM Quaterra plans additional drilling at Willow Creek Molybdenum Prospect, Montana (QMM) 1.71 : Co announces plans to deepen one of two holes drilled during 2010 at the Willow Creek porphyry molybdenum prospect in southwestern Montana, 40 miles southeast of Missoula and 10 miles northwest of Phillipsburg. The hole will be deepened a minimum of 500 feet to test a strong copper-fluorine-tungsten-zinc anomaly that could indicate underlying molybdenum mineralization.

8:32AM Granite Constr awarded $72 million highway project in Nevada; co will book the project into backlog during the second quarter of 2011 (GVA) 27.97 :

8:31AM Array Biopharma achieves $10 million clinical milestone in MEK162 oncology program (ARRY) 3.21 : Co announces that a $10 million clinical research milestone was achieved in its development collaboration with Novartis. Array entered into an agreement with Novartis (NVS) in April 2010 for the worldwide development of the small-molecule MEK inhibitors MEK162, its back-up, ARRY-300, and other MEK inhibitors. The milestone was achieved after Novartis had its first patient visit in a Phase 2 clinical trial... After payment of the $10 million milestone, Array is eligible to receive an additional $412 million if certain clinical, regulatory and commercial milestones are achieved.

8:31AM Graymark Healthcare realized a 107% YoY increase in patient resupply shipments in the first quarter of 2011 (GRMH) 0.52 : In the first quarter of 2011, Graymark shipped 2,244 resupply packages relating to its Continuous Positive Airway Pressure (CPAP) machines, versus 1,084 in the same year-ago quarter and 2,220 in the previous quarter. The increase is an extension of the growth in the number of sleep studies performed through the company's higher margin outreach program. The number of sleep therapy setups were also up 10% from the year-ago quarter, from 620 to 680 in the first quarter of 2011.

8:28AM Seattle Genetics Correction: 50% of patients achieved an objective response, including 38% complete remissions; an additional 42% of patients had stable disease (SGEN) 16.13 : Yesterday we reported that patients in the co's pivotal Hodgkin lymphoma trial had all relapsed following autologous transplant, but none had received an allogeneic transplant, that comment has been removed... Yesterday, SGEN announced that data from a case series of Hodgkin lymphoma patients receiving brentuximab vedotin (SGN-35) following allogeneic stem cell transplant were presented in an oral session at the European Group for Blood and Marrow Transplantation (EBMT) Annual Meeting in Paris, France. 50% of patients achieved an objective response (12 of 24 evaluable), including 38% complete remissions; an additional 42% of patients had stable disease.

8:24AM Qiao Xing Mobile says meeting of shareholders to consider the proposal by Qiao Xing Universal Resources was adjourned for lack of quorum; proposed transaction will be abandoned (QXM) 4.44 : Co announces that the meeting of shareholders of QXM convened to consider the proposal by Qiao Xing Universal Resources (XING) to acquire all of the outstanding ordinary shares of QXM not already held by XING was adjourned for lack of quorum. The meeting with respect to the proposed transaction was scheduled to convene at 10:00 a.m., Hong Kong time on April 7, 2011; however, an insufficient number of shareholders attended the meeting to satisfy the quorum requirements. As a result, the meeting was adjourned permanently and the proposed transaction will be abandoned.

8:10AM On The Wires (WIRES) :

* Huron Consulting (HURN) announced the opening of a new document review center in London.
* AMRI (AMRI) announced that it has entered into a development and long term exclusive commercial supply agreement with Parnell Manufacturing Pty Ltd, an Australian company specializing in the research, development and manufacture of veterinary products.
* Vertex Pharmaceuticals Incorporated (VRTX) and Cystic Fibrosis Foundation Therapeutics announced they will collaborate on the continued discovery and development of new medicines known as correctors that aim to treat the underlying cause of cystic fibrosis in people with the most common form of the disease.
* Puda Coal (PUDA) announced that Shanxi Puda Coal Group Co., a 90% subsidiary of Puda Coal, entered into separate coal mining rights and mining assets transfer agreements with three coal mines located in Huozhou County, Shanxi Province, on April 6, 2011, Shanxi Huozhou Jianzhuang Coal Industry Co., Shanxi Huozhou Leijian Coal Industry and Shanxi Huozhou Fengshen Coal Industry Co.
* Kyocera Corporation (KYO) announced that 960-kilowatts (kW) of its solar modules have been installed on the roof of the recently opened AEON Itami-Koya shopping center in Itami City, Hyogo Prefecture, Japan.
* SunPower (SPWRA, SPWRB), in partnership with the City of San Jose, announced that it is offering rebates to all San Jose homeowners and small business owners on purchases of a new, high-efficiency SunPower solar system.
* Clearwire (CLWR) announced a new wholesale agreement that will enable Locus to add prepaid 4G mobile broadband service, via Clearwire's 4G network, to the co's wide array of telecommunications products.
* China Green Agriculture (CGA) announced that Gufeng's new production line with an annual capacity of 200,000 metric tons of fertilizer will begin production on April 7, 2011.

8:04AM LivePerson announces appointment of daniel murphy as CFO (LPSN) 12.95 : Co announces that Daniel Murphy will join the Company as its Chief Financial Officer with an expected start date of May 3, 2011. Murphy will replace outgoing President and CFO Tim Bixby, who announced his intention to leave the Company late last year. Bixby will continue with the Company until May 13, 2011 to ensure a smooth transition to Murphy. Co's CEO said, "I am very pleased to welcome Dan to the LivePerson management team," said Robert LoCascio, LivePerson's Founder and Chief Executive Officer. "He brings more than 20 years of broad experience in senior management, corporate finance and accounting roles, most recently serving as CFO at two marketing technology companies, and previously as CFO of multiple divisions of Thomson Financial."

8:03AM First Majestic Silver announcesthat production in 1Q11 reached 1,825,366 equivalent ounces of silver, representing a 13% YoY increase (AG) 25.37 : Co announces that production in the first quarter of 2011 reached 1,825,366 equivalent ounces of silver, representing a 13% increase over the 1,619,403 equivalent ounces of silver produced in the first quarter of 2010. Production during the quarter consisted of 1,769,209 ounces of silver, making First Majestic's first quarter production 97% pure silver, the highest in the silver mining industry.

8:02AM Mentor Graphics announces redemption of 6.25% convertible subordinated debentures due 2026 (MENT) 14.49 :

8:02AM Tekmira Pharma reports that Alnylam Pharmaceuticals (AMLN) has filed its answer and counterclaim to the lawsuit that Tekmira originally filed on March 16, 2011 (TKMR) 3.10 : Tekmira reports that Alnylam Pharmaceuticals has filed its answer and counterclaim to the lawsuit that Tekmira originally filed on March 16, 2011. Tekmira states, "This filing of a counterclaim is an expected development in this litigation. We have reviewed the counterclaim and remain confident in our position. We are fully committed and prepared to pursue this lawsuit until we have a fair and satisfactory resolution. Our goal is to regain - as soon as possible - control over our proprietary LNP technology and preserve its full value."

8:01AM Hawaiian Holdings reports March traffic statistics; says passengers transported rose 4% YoY, while RPMs rose 20.6% YoY and ASMs gained 22.1% YoY (HA) 5.90 :

7:54AM Crude oil sees modest pullback following ECB rate hike; currently higher by a penny to $108.84 (COMDX) :

7:53AM Newmont Mining plans to increase annual gold production to ~7 mln ounces by 2017 (NEM) 56.45 : Co announcts it will discuss at its annual Investor Day conference the comprehensive plan for the development of its current global portfolio of assets that would increase annual gold production to ~7 mln ounces by 2017. This production target represents a potential aggregate increase of ~35% in anticipated 2017 annual production from the co's previously announced 2011 attributable gold production outlook of 5.1-5.3 mln ounces. The co also announced a new dividend policy that will link its quarterly dividend payment to co's average realized price of gold sales.

7:53AM Pulse Electronics sends letter to shareholders urging shareholders to vote for all of its director nominees (PULS) 6.09 : "... At our May 18, 2011 Annual Meeting of Shareholders, you will decide whether your Company continues on its path to delivering value or is diverted by the self-serving agenda of one of Pulse's direct competitors, Bel Fuse (BELFA). As you may know, through an unsolicited, uncertain and opportunistic takeover proposal and related nomination of its hand-picked directors to the Pulse Board, Bel Fuse is attempting to capture for itself the significant current and future value that rightly belongs to you. Your Board unanimously recommends that shareholders elect the Company's highly qualified nominees - Justin C. Choi, Steven G. Crane, Lawrence P. Reinhold, C. Mark Melliar-Smith, Howard C. Deck and me, Ralph E. Faison. We urge you to vote for your Company's dedicated nominees by telephone, Internet or by signing, dating and returning the WHITE proxy card in the postage-paid envelope provided..."

7:52AM Constellation Brands beats by $0.08, misses on revs; guides FY12 EPS above consensus; authorizes $500 mln share repurchase program (STZ) 20.38 : Reports Q4 (Feb) earnings of $0.35 per share, $0.08 better than the Thomson Reuters consensus of $0.27; revenues rose 1% year/year to $715 mln vs the $724.2 mln consensus. Co issues upside guidance for FY12, sees EPS of $1.90-2.00 vs. $1.89 Thomson Reuters consensus. Reported consolidated net sales increased one percent as a 10 percent organic constant currency net sales increase was essentially offset by the divestitures of the Australian and U.K. wine business and the U.K. cider business. North America net sales on an organic constant currency basis increased 14% due primarily to a combination of U.S. volume growth and favorable U.S. product mix. The fourth quarter fiscal 2010 net sales reflected the impact of inventory reductions at certain U.S. distributors. STZ's Board of Directors has authorized the repurchase of up to $500 mln of the co's common stock. "While our near-term focus is on debt reduction, we believe it is important to have a share repurchase authorization in place to provide flexibility over a multi-year period as part of our ongoing evaluation of the optimal capital structure for our business... We experienced a strong finish to a year where we invested in our business and began building momentum around our product portfolio to drive future growth."

7:48AM ECB raises Marginal lending facility 25 bps to 2.00% (FXE) :

7:47AM ECB raises deposit facility rate 25 bps to 0.50% (FXE) :

7:46AM ECB raises interest rates 25 bps to 1.25%, as expected (FXE) : Trichet Conference Call to follow at 8:30am. Click here for release.

7:40AM On The Wires (WIRES) :

* Alliance Data Systems (ADS) announced it has signed a new long-term agreement with Sycle to provide their patients with credit services for hearing devices and related services.
* AlCana Technologies, The University of British Columbia, and Alnylam Pharmaceuticals (ALNY) announced that Alnylam has elected to extend the cos' RNAi therapeutics research collaboration for a third year.

7:36AM SandRidge Mississippian Trust I prices 15.0 mln unit IPO at $21 vs. expectations for 12.5 mln units at $19-21 (SDT) :

7:35AM RPM Inc beats by $0.06, beats on revs; guides FY11 EPS above consensus, revs above consensus (RPM) 24.42 : Reports Q3 (Feb) earnings of $0.01 per share, $0.06 better than the Thomson Reuters consensus of ($0.05); revenues rose 1.8% year/year to $678.9 mln vs the $626.2 mln consensus. Co updates guidance for FY11, now sees EPS of $1.40-1.45 (vs. $1.37 Thomson Reuters consensus), up from its previous range of $1.35-1.40; now sees FY11 revs of approx $3.5 bln (vs. $3.28 bln Thomson Reuters consensus), up from the prior view of approx $3.25 bln. "During the third quarter, we saw signs of improvement in the commercial construction market, while consumer sales also rebounded from a flat first six months. Both price and availability of raw materials remain challenging, and we expect this environment to continue through the fourth quarter and into the 2012 fiscal year."

7:34AM Rite Aid reports EPS in-line, beats on revs; guides FY12 EPS in-line, revs above consensus (RAD) 1.06 : Reports Q4 (Feb) loss of $0.24 per share, in-line with the Thomson Reuters consensus of ($0.24); revenues fell 0.1% year/year to $6.46 bln vs the $6.38 bln consensus; comps +0.9%. Co issues guidance for FY12, sees EPS of ($0.64)-(0.42) vs. ($0.49) Thomson Reuters consensus; sees FY12 revs of $25.7-26.1 bln vs. $25.0 bln Thomson Reuters consensus, with same stores sales expected to range from an increase of 0.5% to an increase of 2.0% YoY. "We made solid progress this quarter as our initiatives to grow sales and improve customer satisfaction gained momentum. We increased same store sales both in the front end and pharmacy and grew prescriptions in comparable stores. At the same time, our team continued to do a good job of controlling costs."

7:34AM IntraLinks Holdings prices follow-on public offering of 7.5 mln shares of its common stock by co and shareholders at $25.50 per share (IL) 25.58 : The offering includes 1,250,000 shares offered by the company and 6,250,000 shares offered by certain selling stockholders of co. Co intends to use the net proceeds from the shares it is offering for the repayment of debt. Morgan Stanley & Co. Incorporated, Deutsche Bank Securities Inc., Jefferies & Company, Inc. and Credit Suisse Securities (USA) LLC are acting as joint book-runners for the offering. Lazard Capital Markets LLC and Pacific Crest Securities LLC are acting as co-lead managers.

7:33AM Western Copper updates pre-feasibility study on casino project; 8.3 mln ounces of gold and 4.4 bln pounds of copper plus molybdenum and silver in reserve (WRN) 3.56 : Co announces the results of an updated pre-feasibility study on its wholly-owned Casino copper-gold-molybdenum deposit in the Yukon. This study recommends that the project be built as an open pit mine and a mill processing 120,000 tonnes per day producing an average of 435,000 ounces of gold, 234 mln pounds of copper, 13 mln pounds of molybdenum, and 1.6 mln ounces of silver per year over the first four years of production. Co states reserves of: 8.3 mln ounces of gold; 4.4 bln pounds of copper. Co sees After-Tax IRR 16.2% at long term metal prices and After-Tax NPV (8%) $1.0 bln at long term metal prices.

7:32AM Movado Group beats by $0.04, beats on revs (MOV) 14.96 : Reports Q4 (Jan) earnings of $0.05 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.01; revenues rose 23.0% year/year to $101 mln vs the $95 mln consensus. Co issues guidance for FY12, sees EPS of $0.60-0.65, may not be comparable to $0.36 Thomson Reuters consensus. On April 5, 2011 the Company's board of directors decided to reinstate a quarterly cash dividend subject, each quarter, to the board's review of the Company's financial performance and other factors as determined by the board. As a result of Movado Group's strong financial position, the board of directors approved the payment on April 29, 2011 of a cash dividend in the amount of $0.03 for each share of the Company's outstanding common stock and class A common stock held by shareholders of record as of the close of business on April 18, 2011. The Company anticipates a total annualized dividend of $0.12 per share of common stock and class A common stock, or approximately $3 million based on the current number of outstanding shares.

7:30AM Jefferies Group to acquire Prudential Bache for ~$430 Million from Prudential (PRU) (JEF) 25.12 : Co announces that it has entered into a definitive agreement to acquire Prudential Bache's Global Commodities Group from Prudential Financial, Inc. for a purchase price equal to tangible book value, or ~$430 million. Through its Futures Commission Merchant, Prudential Bache Commodities LLC, Prudential Bache offers brokerage and clearing services in listed derivatives on all major futures and options exchanges around the world. Prudential Bache also offers over-the-counter trading in foreign exchange, base and precious metals, and energy and agricultural swap transactions. The business recorded 2010 revenues of ~$220 million and is profitable. The primary assets of the business being acquired are cash, securities, receivables and trading inventory.

7:24AM Fifth Street Finance agrees to sell to initial purchasers in a private offering $150 million aggregate principal amount of its 5.375% convertible senior notes due 2016 (FSC) 13.42 : The convertible senior notes are unsecured and bear interest at a rate of 5.375% per year, payable semiannually. In certain circumstances, the convertible senior notes will be convertible into shares of Fifth Street's common stock at an initial conversion rate of 67.7415 shares of common stock per $1,000 principal amount of convertible senior notes, which is equivalent to an initial conversion price of ~$14.76 per share of Fifth Street's common stock, subject to customary anti-dilution adjustments.

7:18AM On The Wires (WIRES) :

* Global Imaging Systems, a Xerox (XRX) co, acquired the assets of United Business Solutions of Addison, Ill.
* Spectranetics Corporation (SPNC) plans to initiate the EXCITE ISR clinical trial following the recent conditional approval of the Company's investigational device exemption application by FDA.
* INTL FCStone (INTL) announced that INTL Global Currencies Limited, its wholly-owned subsidiary in the United Kingdom, has agreed to acquire 100% of Ambrian Commodities Limited, the London Metals Exchange brokerage subsidiary of Ambrian Capital Plc.
* GE (GE) announced that a full-size, thin film solar panel developed by the company has been independently certified as the most efficient ever publicly reported milestone for the technology. GE intends to manufacture the record-setting solar panels at a new U.S. factory that will be larger than any existing solar panel factory in the country today. When complete, the factory will highlight an expected $600 million plus investment made by GE in solar technology and commercialization and will be complemented by the recently announced acquisition of power conversion company Converteam.
* Willbros Group (WG) announced that the Defense Logistics Agency-Energy awarded a fuel services contract for ~$5 mln to the Willbros Hammer JV at the Naval Station Rota, Spain. The five-year contract includes an option for an additional six-month period.
* BioClinica (BIOC) announced that Trident IWR has been selected by seven new clients in the first quarter of 2011 to help build and deploy complex trials efficiently without the need for programming.

7:08AM Ingersoll-Rand increases dividend by 71% and announces up to $2 billion share repurchase program (IR) 47.82 : Co announces that its board of directors declared a quarterly dividend of $0.12 per ordinary share of the company, reflecting a 71% increase. The board also authorized the repurchase of up to $2 billion of the company's ordinary shares. The dividend is payable June 30, 2011, to shareholders of record on June 17, 2011. The previous quarterly dividend was $0.07 per share.

7:07AM Nexstar enters into Definitive Agreement to Acquire 2 CBS affiliates for $20 mln in accretive transaction; expands its Term-Loan B credit facility by $50 mln to $149.5 mln (NXST) 8.47 : Co announces it entered into a definitive agreement to acquire the assets of WFRV-TV and WJMN-TV, the CBS affiliates serving the Green Bay, Wisconsin and Marquette, Michigan markets, respectively, from an affiliate of Liberty Media Corporation for $20 million. Co states: "The purchase price for the two stations is less than five times the average 2010/2011 pro-forma projected cash flow...on a pro-forma basis the acquisition will be immediately accretive to results and de-leveraging on a debt-to- cash-flow basis." Additionally, co announces its wholly-owned subsidiary, Nexstar Broadcasting is seeking to raise $50 mln to expand its Term-Loan B credit facility to $149.5 mln. Co intends to use the net proceeds of the offering to redeem the remaining ~$33.4 mln of co's outstanding 11 3/8% Senior Discount Notes due 2013, to pay related fees and expenses and for general corporate purposes.

7:04AM MAP Pharma Data from FREEDOM-301 study for LEVADEX orally inhaled migraine drug published; pain relief was observed in 59% of patients (MAPP) 14.78 : Co announces the publication of results from the Phase 3 FREEDOM-301 study of LEVADEX(TM) orally inhaled migraine drug in the peer-reviewed journal 'Headache.' The manuscript, titled MAP0004, Orally Inhaled DHE: A Randomized, Controlled Study in the Acute Treatment of Migraine, has been posted online and will appear in the April edition, Volume 51, Issue 4 of Headache: The Journal of Head and Face Pain. LEVADEX is an investigational acute therapy for migraine that has completed Phase 3 clinical development. LEVADEX was well tolerated, with no drug-related serious adverse events reported during the study. The most common adverse events reported were medication aftertaste (6%) and nausea (5%), both compared to 2% for placebo. Triptan sensations such as chest discomfort (1%), chest pain (0%) and paresthesias (0.5%) were rare in patients treated with LEVADEX and comparable to placebo.

7:02AM Omeros announces publication of data from its PPAR-gamma addiction program (OMER) 4.89 : Co's PPAR-gamma program has demonstrated strong animal data and preliminary human data in opioid, nicotine and alcohol addiction. Importantly, the PPAR-gamma agonists have not shown the detrimental side effects of drugs currently marketed to treat addiction.

6:45AM AU Optronics reports preliminary consolidated March 2011 revenue of NT$35,947 mln; -11.6 YoY; +32.7% sequentially (AUO) 8.94 : In the first quarter of 2011, large-sized panel shipments exceeded 28.40 mln units, an increase of 1.3% from last quarter and an increase of 4.3% YoY. Shipments of small-and-medium-sized panels for the same quarter totaled 43.49 mln units, down by 17.8% QoQ and 23.7% YoY.

6:41AM A-Power Energy explains delay in early reporting of 2010 results; confirms that the delay was not the result of any accounting irregularities or investigation of accounting errors (APWR) 4.23 : Co announces explained the delay of its intended early reporting of the year 2010 results and its related conference call. "The scope of the audit field work that is necessary to bring the audit of our 2010 financial statements to a conclusion was not immediately recognized when the conference call was initially scheduled to discuss our results. After learning from both our internal team and from our outside professional advisers that the work on the financial statements and conclusion of the audit could not be completed prior to the date we had previously scheduled for release, we, of necessity, postponed the conference call and the release of the financial results for 2010. I again confirm that the delay was not the result of any accounting irregularities or investigation of accounting errors, nor do we expect any restatement of A-Power's previously audited financial statements as a result of the ongoing audit processes for 2010."

6:38AM Crosstex Energy completes North Texas gas gathering projects; Reactivates Eunice NGL fractionator in Southern Louisiana (XTEX) 16.47 : The co and Crosstex Energy, Inc. (XTXI) announced today that XTEX has completed two expansion projects on its natural gas gathering system in the Barnett Shale play in North Texas. In addition, XTEX has reactivated its Eunice natural gas liquids (NGL) fractionator in south central Louisiana, which will give Crosstex operational flexibility, increased fractionation capacity and the ability to capture new NGL-related business. The two North Texas projects became operational in late March 2011 and the Euncie NGL fractionator became operational April 5, 2011.

6:35AM On The Wires (WIRES) :

* Palomar Medical Technologies (PMTI) announced the establishment of a subsidiary in Germany to support Palomar's efforts in gaining international market share.
* Valeant Pharmaceuticals (VRX) announced that its subsidiary, Valeant International, received a commitment in principle to license Elidel from Meda in the US, Canada and Mexico. Terms of the license will be disclosed after the parties have executed a definitive agreement.
* China TechFaith Wireless Technology (CNTF) has received approval from the Beijing Daxing Government for the acquisition of ~140,000 square meters (~34.5 acres) of land in XiHong Men, Daxing County for industrial purpose. The total value of the contract is value at ~RMB54 mln (~$8.25 mln).
* Trimble (TRMB) announced that a SITECH Technology Dealer has been established in Italy. Additionally, co released new versions of AllSport GPS, its popular fitness apps for smartphones running Google Android.

6:33AM Alexion Pharma raises FY11 revs guidance to $720-740 mln, up from $715-735 mln, vs $736 Thomson Reuters consensus ; submits applications for Soliris as a treatment for patients with atypical hemolytic uremic syndrome in the United States and European Union (ALXN) 102.00 :

6:26AM Immunogen: Roche (RHHBY) discloses Phase II Trial for T-DM1 significantly improved progression-free survival in HER2-positive metastatic breast cancer (IMGN) 9.30 : Co announces that Roche has disclosed positive top-line results from the first randomized trial assessing trastuzumab emtansine in HER2-positive metastatic breast cancer. T-DM1 consists of ImmunoGen's DM1 cancer cell-killing agent attached using the co linker to the HER2-targeting antibody, trastuzumab, developed by Genentech, a member of the Roche Group. The top-line results disclosed by Roche were that patients treated with T-DM1 had a significant improvement in progression-free survival compared with patients treated with Herceptin plus chemotherapy in the Phase II trial comparing these agents for first-line treatment for HER2-positive MBC. T-DM1 is in Phase III testing for second-line and first-line treatment of HER2-positive MBC. A Phase II trial evaluating the safety of T-DM1 in the neoadjuvant/adjuvant setting began in late 2010.

6:22AM Parametric to acquire MKS for CDN$26.20 per share for an aggregate purchase price of ~CDN$292.5 million in an all cash transaction (PMTC) 22.97 : Co and MKS Inc. (TSX: MKX) announced that they have entered into a definitive acquisition agreement pursuant to which PTC has agreed to acquire MKS for CDN$26.20 per share for an aggregate purchase price of ~CDN$292.5 million in an all cash transaction. Co will finance the transaction by drawing on its existing credit facility in the amount of approximately $250 million and with cash on hand of approximately $54 million. The acquisition is expected to be neutral to co's non-GAAP financial results in fiscal 2011 and slightly accretive to co's non-GAAP financial results in fiscal 2012.

6:17AM Greenbrier Comp reports EPS in-line, beats on revs (GBX) 28.38 : Reports Q2 (Feb) loss of $0.02 per share, in-line with the Thomson Reuters consensus of ($0.02); revenues rose 43.1% year/year to $286.3 mln vs the $268.5 mln consensus. Based on current business trends, mgmt continues to anticipate that both revenues (cons: +63%) and Adjusted EBITDA will be higher in fiscal 2011 compared to fiscal 2010, with the second half of the year being stronger than the first half of the year. Mgmt anticipates the co will be profitable in the second half of the year and for the year as a whole, excluding any one-time charges associated with the repurchase or redemption of the $235 million of outstanding 8 3/8% senior notes due 2015. Profitability is expected to be driven by higher new railcar deliveries, production efficiencies and anticipated higher wheel services and repair volumes. "Our business visibility continues to improve. New railcar orders are continued evidence of the recovery in new railcar manufacturing. Since the beginning of our fiscal year, we have received orders for 10,200 new railcars. We believe the expanding product diversity of new orders signals the next stage of the recovery in the new railcar market. As we strive to meet ongoing demand, we continue to ramp up production and are on track with plans to open an additional production line in July 2011. We continue to expect to deliver between 9,000 and 10,000 new railcars in fiscal 2011."

6:12AM China Gerui reports EPS in-line, beats on revs; reaffirms FY11 EPS, revs guidance (CHOP) 4.76 : Reports Q4 (Dec) earnings of $0.23 per share, in-line with the Thomson Reuters consensus of $0.23; revenues rose 15.6% year/year to $66.1 mln vs the $63.9 mln consensus. Co reaffirms guidance for FY11, sees EPS of $1.20-1.25 vs. $1.10 Thomson Reuters consensus; sees FY11 revs of $330-345 mln vs. $328.53 mln Thomson Reuters consensus.

5:24AM On The Wires (WIRES) :

* ZAGG (ZAGG) announced they have signed an exclusive master license and distribution agreement with Logitech (LOGI) for ZAGG's tablet computer accessory, the ZAGGmate case with keyboard. ZAGG will retain the right to sell the ZAGGmate for both first and second generation iPad products on its website.
* China Mobile (CHL) has selected Ericsson (ERIC) to participate in the world's largest TD-LTE trial network deployment to date. With the approval of the Chinese Ministry of Industry and Information Technology, Ericsson will build a TD-LTE trial network in the city of Shenzhen, one of the most advanced telecommunications markets in China.
* TowerJazz (TSEM) announced an office opening in Shanghai, China to increase business presence and activity in this region.
* Fluor (FLR) announced it was awarded a six-month early engineering works contract by Tata Steel for a new production gas-fired power plant to be built at IJmuiden in The Netherlands. Fluor will book the undisclosed engineering services contract value in the first quarter of 2011.
* NXP Semiconductors (NXPI) announced its latest high-performance UHF and HF offerings, including the UCODE G2iM and G2iM+ ICs, which offer up to 640 bits of segmentable user memory.

5:06AM Ninetowns acquires land use rights; launches of new property development initiative; and share repurchase program (NINE) 1.44 : Co announces the co had the winning bid in a land auction in Huainan, Anhui Province, China and received the right to acquire land use rights for a piece of undeveloped land for a total consideration of ~RMB258 mln ($39 mln). Co intends to develop a mixed-use real estate project tentatively named "Smarter Town" on such land. Co states it is committed to: design, develop, construct, market and sell certain retail and residential units; design and construct an "Internet of Things" exhibition park; and design and construct a community hospital. Additionally, co's Board approved and authorized the co to adopt a share repurchase plan that allows the co to purchase up to $5 mln its outstanding ADS within the next two years.

4:03AM Advanced Semi reports consolidated net revs of NT$16.527 mln; +4.3% YoY; +19.1% sequentially (ASX) 5.70 :

3:55AM On The Wires (WIRES) :

* GSI Technology (GSIT) supplemented its earlier announcement regarding a lawsuit that has been filed by Cypress Semiconductor (CY) against GSI in the US District Court. As previously announced, CY's complaint, filed on March 30, 2011, alleges five counts of patent infringement. Co has not yet been formally served in this matter.
* The Estee Lauder (EL) brand announced a new collaboration with Aerin Lauder and AERIN, her new luxury lifestyle brand. Ms. Lauder will continue to be actively involved in the Estee Lauder brand, serving as creative consultant and becoming its Style and Image Director.
* 3M (MMM) announced a plan to build a manufacturing site for photovoltaic solar materials and renewable energy products in Hefei High-tech Park in China.
* Chemtura (CHMT) announced it will present new additive innovations within its extensive line of antioxidants, UV stabilizers, polymerization inhibitors and flame retardants for plastics and describe the investments it is making in China and emerging markets. The co plans to invest $50-60 mln on the Chinese mainland over the next several years.
* Internet Initiative Japan (IIJI) announced the formation of a partnership with U.S.-based video technology company Ooyala in which IIJI will begin selling Ooyala's Backlot.
* Syngenta (SYT) and Bayer CropScience announced a co-development agreement on an HPPD herbicide tolerance trait for soybeans. The trait is in early development with launch in North America expected in the second half of this decade.
* Effective from January 1, 2011, Statoil (STO) changed its business reporting through the following reporting segments: Development and Production Norway; Development and Production International; Marketing, Processing and Renewable Energy; Fuel & Retail; and Other

1:51AM SuperGen and Astex Therapeutics enter definitive merger agreement (SUPG) 3.23 : Co and Astex Therapeutics, a privately held, U.K.-based biotechnology co, jointly announce that they have entered into a definitive agreement to merge the two cos. Co plans to purchase Astex Therapeutics, paying shareholders $25 mln in cash, plus shares in SUPG common stock representing 35% of the total post closing shares outstanding. Subsequently, co plans to pay deferred consideration in the amount of $30 mln, to be paid in stock or cash at the discretion of the combined entity, over a period of 30 months. The combined co, which is expected to be listed on NASDAQ under the symbol ASTX.

1:45AM Express upsizes offering by 3.3 mln and prices 19.8 mln shares of common stock by certain stockholders at a price of $19.00 per share (EXPR) 19.31 : Co announces the pricing of the offering of 19.8 mln shares of its common stock by certain stockholders at a price of $19.00 per share, reflecting an upsize from the previously announced offering of 16.5 mln shares of its common stock. Co will not receive any proceeds from the offering.

1:38AM Starwood Hotels sells the Westin Gaslamp Quarter for $110 mln to Pebblebrook Hotel Trust (PEB); PEB to invest $23 mln in property enhancements (HOT) 57.29 : Co announces that it has sold The Westin Gaslamp Quarter to a wholly-owned subsidiary of Pebblebrook Hotel Trust (PEB), for $110 mln, with a commitment of ~$23 mln in property enhancements to be completed prior to the end of 2012 for a total investment in the property of $133 mln. The sales price represents a multiple of ~14 times anticipated 2011 Hotel EBITDA exclusive of the capital commitment. HOT will continue to operate the hotel under its upper-upscale Westin flag and will maintain a 20-year management agreement with two ten- year extension options, exercisable by HOT.

1:33AM Public Storage announces partial redemption of 14 mln depositary shares representing interests in its 7.25% Cumulative Preferred Shares, Series I (PSA) 110.77 : Co announces that it is calling for a partial redemption of 14 mln of its outstanding 20.7 mln depositary shares (or ~67.6%) representing interests in its 7.25% Cumulative Preferred Shares, Series I on May 9, 2011 at $25 per share. The aggregate redemption amount, to be paid to the holders of the depositary shares being redeemed is $350 mln.

1:28AM AMERCO redeems its Series A 8 1/2% Preferred Stock at $25.00 per share (UHAL) 97.28 : Co announces that it will call for redemption all of the outstanding shares of its Series A 8 1/2% Preferred Stock. The redemption date of the Preferred Stock will be June 1, 2011, and the redemption price will be $25.00 per share, plus accrued and unpaid dividends up to the date of redemption. "Retiring the Preferred Stock, which carries an 8 1/2% after-tax cost to the co, will accrue significant economic benefit to the common stock owners."

1:22AM Xenoport and GlaxoSmithKline (GSK) receive FDA approval for Horizant (XNPT) 6.38 : GlaxoSmithKline (GSK) and XenoPort (XNPT) announce that the FDA has approved Horizant Extended-Release Tablets for the treatment of moderate-to-severe primary Restless Legs Syndrome in adults. The efficacy of Horizant in the treatment of patients with moderate-to-severe primary Restless Legs Syndrome was demonstrated in two 12-week clinical trials in adults.

1:15AM AstraZeneca: FDA approves orphan drug Vandetanib for advanced medullary thyroid cancer (AZN) 47.88 : Co announces that the FDA approved the orphan drug vandetanib for the treatment of medullary thyroid cancer that cannot be removed by surgery or that has spread to other parts of the body. The approval of vandetanib is based on the results of the ZETA study, a Phase III, double-blind trial that showed a statistically significant improvement in progression-free survival when compared to those randomized to placebo. This difference reflects a 65% reduction in risk for disease progression. Median progression-free survival was 16.4 months in the placebo arm and at least 22.6 months in the vandetanib arm. At the primary PFS analysis, no significant overall survival difference was noted. QT prolongation, Torsades de pointes, and sudden death are included in the boxed warning for vandetanib.

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