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Market Update: 110610
4:10 pm : The major market averages ended the day just above their worst levels of the session after an attempt at an afternoon rally failed. The Nasdaq paced today's declines, slipping 1.5% while Dow and S&P each saw losses of 1.4%. Today marked the sixth consecutive week of losses for the major averages as they closed at their worst levels since mid-March.

The S&P 500 Energy Index was the worst performing of the 10 S&P sectors, closing down 1.9%. None of the stocks in the index closed in positive territory. Heavyweights Exxon Mobil (XOM 79.83, -1.35) and Chevron (CVX 99.67, -1.56) saw losses of 1.4% and 1.5% respectively.

Shares of Toyota Motor (TM 80.68, -1.24) ended down 1.5% after the company issued downside net income guidance for its full year 2012. The company announced it expects full year 2012 revenues of JPY280 billion, well below the Capital IQ consensus of JPY432 billion. Fellow Japanese automaker Honda Motor Corp. (HMC 36.75, -0.45) lost 1.2% on the news.

Financials saw a sharp reversal following reports that the Fed may require "Systemically Important Financial Institutions" to hold an additional 2.2%-2.5% capital buffer when previous reports suggested that number would be 3%. Heavyweights Wells Fargo (WFC 26.27, +0.05), Bank of America (BAC 10.80, +0.15), and Citigroup (C 37.92, +0.15) buoyed the turnaround.

Lululemon Athletica (LULU 89.94, +3.80) gained 4.4% after the company announced strong first quarter earnings. The company made $0.46 per share, topping the consensus estimate of $0.38 per share. Revenues climbed 35.1% YoY to $186.8 million, and the company issued upside guidance of of $0.42-$0.44 versus the Capital IQ consensus of $0.39. The company also raised full year 2012 guidance, seeing earnings per share of $2.10-2.16 and revenues of $915-$930 million.

Harbin Electric (HRBN 16.27, +0.79) closed up 5.1% after the company announced it received a letter from its Chairman and CEO, and Abax Global Capital, reaffirming their proposal to acquire the company for $24.00 per share in cash.

Treasuries finished off their best levels of the day, but still closed with gains. The 10-yr yield slipped below its 2.95% support for the third consecutive session, but was once again unable to close below that level. It finished the week at 2.971%.

The dollar index saw a strong gain today, finishing up close to 0.9% near 74.80. The euro closed just above its worst levels near 1.4340 after a differing of opinions between European Central Bank President Jean Claude Trichet and German Finance Minister Wolfgang Schauble regarding the new Greece rescue package weighed on the single currency.DJ30 -172.45 NASDAQ -41.14 SP500 -18.02 NASDAQ Adv/Vol/Dec 312/1.93 bln/1111 NYSE Adv/Vol/Dec 553/1.02 bln/2213

3:35 pm : Crude oil futures remained deep in the red in the second half of today's session, ultimately hitting session lows of $98.64/barrel. By the end of today's session, crude finished 2.6% lower at $99.30, not much above session lows.

Natural gas showed gains today, while the rest of the energy complex was in negative territory. After trend steadily higher for the majority of today's session, nat gas closed 1.7% higher.

Precious metals sold off sharply lower a few minutes after pit trading began. Gold recovered some of its losses and ended down $13.40 to $1529.20/oz. Silver didn't perform as well and continued to extend losses, ending $1.16 lower at $36.27/oz.DJ30 -138.88 NASDAQ -28.13 SP500 -13.18 NASDAQ Adv/Vol/Dec 361/1620 mln/1062 NYSE Adv/Vol/Dec 610/722.6 mln/2459

3:00 pm : The major market averages continue to trade lower by close to 1.0% as traders prepare for the week's final hour of trading.

Financials have climbed off their worst levels of the day following reports that the Fed may require 'Systemically Important Financial Institutions' to hold an additional 2.2%-2.5% capital buffer when previous reports suggested that number would be 3%. Heavyweights Wells Fargo (WFC 26.38, +0.16), Bank of America (BAC 10.91, +0.26), and Citigroup (C 38.08, +0.31) have all turned positive on the news.DJ30 -134.11 NASDAQ -27.93 SP500 -13.18 NASDAQ Adv/Vol/Dec 361/1.43 bln/1054 NYSE Adv/Vol/Dec 563/622.3 mln/2181

2:30 pm : The major market averages are off their session lows, but still holding losses of close to 1.1%. Stocks moved off their worst levels as the number was released, but that move is being attributed to reports that extra capital required for large financial institutions may be in the range of 2.2-2.5% rather than the 3% previously discussed. The Treasury deficit for May came in at $57.6 billion, which is well below the $135.9 billion deficit posted for the prior year. Economists polled by Briefing.com had expected, on average, that the deficit for May would come in at $59.0 billion.DJ30 -139.26 NASDAQ -30.46 SP500 -14.03 NASDAQ Adv/Vol/Dec 329/1.32 bln/1066 NYSE Adv/Vol/Dec 525/565.4 mln/2221

2:00 pm : The dollar index trades at its best levels of the session, pushing above 74.90. While this recent turnaround has not yet ended the dollar's slide, a move solidly above the 76.00 level should lead to further strength.

The euro trades at its worst levels of the day, down 180 pips near 1.4330. A differing of opinions between European Central Bank President Jean Claude Trichet and German Finance Minister Wolfgang Schauble regarding the new Greek rescue package is weighing on the single currency. Today's sell off has dropped the euro below its 50-day moving average with 1.43 support not too far away. Should that level fail look for a test of 1.4050. German PPI and euro zone current account readings are due out on Monday. Selling has knocked the pound below its 50- and 100- day moving averages as the currency trades on its session lows near 1.6225. Look for British public sector net borrowing to impact Monday's trade.

The yen has recovered most of its losses against the greenback, climbing back up to 80.25 per after briefly slipping below the 80.00 level. The Bank of Japan and Ministry of Finance continue to follow market patterns closely with a sustained move below the 80.00 level likely being a cause for action. Japan's trade balance will be released Sunday evening. The Aussie dollar is on its session low near 1.0530, trading down close to 95 pips. Today's sell off has pushed the Aussie to its lowest level in two weeks and near the critical 1.05 support level. A global slowdown will most likely haunt the currency that gained close to 14% from the mid-March G7 intervention in the yen until its May 1 high at 1.10.DJ30 -182.36 NASDAQ -41.36 SP500 -19.72 NASDAQ Adv/Vol/Dec 282/1.18 bln/1115 NYSE Adv/Vol/Dec 463/484.3 mln/2285

1:30 pm : The major market averages are back near their worst levels of the session, seeing losses of close to 1.3%.

Harbin Electric (HRBN 16.46, +0.98) is off its best levels of the session, but still higher by 6.3% after the company announced it received a letter from its Chairman and CEO, and Abax Global Capital, reaffirming their proposal to acquire the company for $24.00 per share in cash. It also announced that China Development Bank has agreed to provide a $400 million term loan to fund the acquisition.DJ30 -156.10 NASDAQ -36.67 SP500 -17.59 NASDAQ Adv/Vol/Dec 309/1.06 bln/1072 NYSE Adv/Vol/Dec 481/432.4 mln/2251

12:55 pm : The major market averages are off their worst levels, but are still seeing losses of 1.1% or more for the session.

The S&P 500 Financial Index is under pressure, trading down 1.6% and sporting the largest losses among the 10 S&P 500 sectors. Insurance giant Travelers (TRV 59.25, -1.83) is seeing the biggest drop among financials within the S&P 500 with the stock trading down 3.0% after announcing losses related to catastrophes in April and May are estimated at $1.0-$1.5 billion. Among other financials banking giants JP Morgan Chase (JPM 40.27, -0.71) and Wells Fargo (WFC 25.77, -0.45) are each down 1.7%.

Aside from financials, energy is the worst performing sector in the S&P 500, trading down 1.4%. Currently just three of the stocks in the S&P 500 Energy Index are trading in positive territory. Heavyweights Exxon Mobil (XOM 80.08, -1.10) and Chevron (CVX 99.68, -1.55) are seeing losses of 1.4% and 1.5% respectively.

Shares of Toyota Motor (TM 80.75, -1.17) are off 1.4% after the company issued downside net income guidance for its full year 2012. The company announced it is expecting full year 2012 revenues of JPY280 billion, well below the Capital IQ consensus of JPY432 billion. Fellow Japanese automaker Honda Motor Corp. (HMC 36.87, -0.33) is trading down 0.9% on the news.

Lululemon Athletica (LULU 90.31, +4.17) is higher by close to 4.9% after the company announced strong first quarter earnings. The company made $0.46 per share, topping the consensus estimate of $0.38 per share. Revenues climbed 35.1% YoY to $186.8 million, and the company issued upside guidance of of $0.42-$0.44 versus the Capital IQ consensus of $0.39. The company also raised full year 2012 guidance, seeing earnings per share of $2.10-2.16 and revenues of $915-$930 million .

Treasuries are off their best levels of the day, but seeing solid gains on the heels of today's sell off in equities. Buyers are flocking to the long bond as traders are willing to extend their durations in an effort to capture yield. At last look the 30-yr yield was down 4.5 basis points near 4.175%.DJ30 -132.26 NASDAQ -29.78 SP500 -14.59 NASDAQ Adv/Vol/Dec 320/972.5 mln/1047 NYSE Adv/Vol/Dec 525/394.9 mln/2181

12:30 pm : The major market averages hover just above their worst levels of the session, trading lower between 1.1% and 1.2%. Aside from financials, energy is the worst performing sector in the S&P 500, trading down 1.3%. Currently none of the stocks in the S&P 500 Energy Index are trading in positive territory.

Heavyweights Exxon Mobil (XOM 80.21, -0.97) and Chevron (CVX 99.80, -1.43) are seeing losses of 1.2% and 1.4% respectively.DJ30 -133.32 NASDAQ -32.00 SP500 -15.04 NASDAQ Adv/Vol/Dec 300/891.8 mln/1056 NYSE Adv/Vol/Dec 507/360.4 mln/2197

12:00 pm : Stocks are off their worst levels of the session, but are still sharply lower. All three of the major market averages are seeing losses of 1.2%.

Shares of Toyota Motor (TM 80.81, -1.11) are off 1.4% after the company issued downside net income guidance for its full year 2012. The company announced it is expecting full year 2012 revenues of JPY280 billion, well below the Capital IQ consensus of JPY432 billion. Fellow Japanese automaker Honda Motor Corp. (HMC 36.88, -0.32) is trading down 0.9% on the news.DJ30 -138.85 NASDAQ -31.58 SP500 -15.27 NASDAQ Adv/Vol/Dec 291/800.1 mln/1044 NYSE Adv/Vol/Dec 470/323.0 mln/2216

11:30 am : Treasuries have moved to their best levels of the session as U.S. equity markets continue to slide. All three of the major averages are at levels not seen since the days following the joint G7 intervention in the yen. The Nasdaq is now the weakest of the three major indices, trading down 1.3%

Today's flight to safety has Treasuries across the complex pressuring their recent highs, but they have so far been unable to push to new levels. Buyers are flocking to the long bond as traders are willing to extend their durations in an effort to capture yield. At last look the 30-yr yield was near 4.165%. The 2.95% support in the 10-yr yield continues to see tests of its strength as it now sits at 2.945%. This is the third consecutive session to see the 2.95% level violated. After swinging steeper in the early going the 2-10-yr spread is flatter for the session near 254.3.DJ30 -136.27 NASDAQ -33.66 SP500 -14.97 NASDAQ Adv/Vol/Dec 278/688.7 mln/1046 NYSE Adv/Vol/Dec 482/276.8 mln/2171

11:00 am : The major market averages trade just off their worst levels of the morning as all three are lower by close to 1.2%.

The S&P 500 Financial Index is under pressure this morning, trading down 1.6% and sporting the largest losses among the 10 S&P 500 sectors. Insurance giant Travelers (TRV 58.90, -2.18) is seeing the biggest drop among financials within the S&P 500 with the stock trading down 3.6% after announcing losses related to catastrophes in April and May are estimated at $1.0-1.5 billion. Among other financials banking giants JP Morgan Chase (JPM 40.32, -0.66) and Wells Fargo (WFC 25.82, -0.40) are down 1.6% and 1.5% respectively.DJ30 -133.74 NASDAQ -30.65 SP500 -14.10 NASDAQ Adv/Vol/Dec 283/549.6 mln/1020 NYSE Adv/Vol/Dec 500/218.9 mln/2114

10:30 am : Crude oil has been in the red all morning and continues to extend losses after Saudi Arabia said it would boost output following OPEC's decision on Wednesday not to do so. Crude hit new session lows again minutes ago at $98.75/barrel. In current activity, crude is down 2.6% at $99.31/barrel.

Natural gas on the other hand has been in positive territory all morning. In the last hour of trade, it has been trending higher and just touched new session highs of $4.77, up 2%. The energy component is currently up 1.7% at $4.75/MMBtu.

Precious metals sold off this morning, just minutes after pit trading opened. Gold sold off about 1% to $1526.70/oz, while silver fell almost 3% to $36.31/oz. Gold is currently down 0.8% at $1530.10/oz and silver is 2.6% lower at $36.45/oz.

Grain pits just opened with corn moving slightly lower initially following strong gains yesterday; now at $7.80, down 5 cents.DJ30 -106.53 NASDAQ -17.48 SP500 -10.81 NASDAQ Adv/Vol/Dec 302/327.3 mln/965 NYSE Adv/Vol/Dec 506/614.4 mln/2089

10:00 am : The major market averages continue to sport moderate losses in early action. The Dow and S&P lead today's decline, each trading down 0.8%

Shares of Lululemon Athletica (LULU 90.97, +4.83) are higher by close to 5.5% at the open after the company announced strong first quarter earnings. The company made $0.46 per share, topping the consensus estimate of $0.38 per share. Revenues climbed 35.1% YoY to $186.8 million, and the company issued upside guidance of $0.42-$0.44 versus the Capital IQ consensus of $0.39. The company also raised its full year 2012 guidance, seeing earnings per share of $2.10-2.16 vs. $2.08 Capital IQ consensus estimate, up from $1.90-2.00 and full year 2012 revenues of $915-930 mln vs. $924.48 mln Capital IQ consensus estimate, up from $885-900 mln.DJ30 -97.11 NASDAQ -16.47 SP500 -10.00 NASDAQ Adv/Vol/Dec 309/182.5 mln/904 NYSE Adv/Vol/Dec 521/316.6 mln/1988

09:45 am : The major market averages are seeing moderate losses in the opening minutes of trade. The Dow and S&P pace the decline as each are lower by 0.6% while the Nasdaq is seeing light outperformance with its loss of 0.4%. Energy and Financials are the weakest sectors, trading lower by 0.9% and 0.8% respectively. Materials are the best performing sector, sporting a loss of 0.1% DJ30 -77.01 NASDAQ -11.29 SP500 -7.96

09:14 am : [BRIEFING.COM] S&P futures vs fair value: -5.80. Nasdaq futures vs fair value: -11.80. Futures are pointing to a slightly lower open this morning following mixed overseas action. China's trade balance missed expectations as strong import number led to the miss. Shares of Lululemon Athletica (LULU) are up close to 7.0% in pre-market trade after the company announced strong earnings and gave upside guidance. The company's earnings per share of $0.46 topped estimates, as did their $186.8 million in revenues. The company announced it expects earnings per share for the second quarter to come in between $0.42 and $0.44 versus the Capital IQ consensus of $0.39. Also worth a mention is Toyota Motor (TM) lowering its full year 2012 outlook as it now expects net income of JPY280 billion versus the consensus estimate of JPY432 billion.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: -4.10. Nasdaq futures vs fair value: -10.00. Overseas action has been mixed today with markets in Asia (Nikkei +0.5%, Hang Seng -0.8%, Shanghai Composite +0.1%) and Europe (FTSE -0.2%, CAC -0.6%, DAX +0.1%) trading between gains and losses. China's trade balance was softer-than-expected ($13.1 billion actual v. $19.8 billion expected) as a strong import number led to the miss. Elsewhere in the region, Bank of Korea hiked its benchmark interest rate by 25 basis points to 3.25% in a surprise move. Japanese automakers propelled the Nikkei to its fourth consecutive day of gains as Toyota Motor and Honda Motor both added 0.9% ahead of Toyota lowering its full year 2012 guidance. Property stocks provided supported Chinese stocks as Poly Real Estate gained 3.4% in Shanghai while weakness in financials weighed on the Hang Seng. China Construction Bank fell 0.4% on the day.

European stocks are mixed in afternoon trade as the debate about how to approach a Greece bailout continues. Germany's Parliament approved the motion to revise a new plan to aid Greece, but it seems as though European leaders are on both sides of the aisle. French industrial production (-0.3% MoM actual v. 0.4% MoM expected) missed estimates while Germany's Bundesbank had positive revisions to the nation's growth, inflation, and unemployment outlook. In Britain, miners are under pressure with Anglo American pacing the sector's decline with a loss of 0.9%. Power companies are weak in France as Schneider Electric trades down 0.8% while steelmaker ThyssenKrupp is higher by more than 3.0% in Germany to lead the DAX.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -9.00. Stock futures continue to sport small losses. There hasn't been any real reaction to the latest batch of import and export prices. Excluding agricultural items, exports increased by 0.5% during May. That followed a 1.0% increase in April. As for import prices, excluding oil, they increased by 0.2% in May after a 0.6% increase in the prior month.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -8.00. Equity futures are pointing to small losses at the open after a mixed Asian session turned into weakness across Europe. China's trade balance was softer-than-expected ($13.1 billion actual v. $19.8 billion expected), providing more evidence that the global economy is slowing. In Europe, Germany's Parliament approved the motion to revise a new plan to aid Greece. At home, on the earnings front, Lululemon Atletica (LULU) announced first quarter earnings of $0.46 per share, topping the Capital IQ consensus estimate of $0.38 per share. The company said revenues rose 35.1% YoY to $186.8 million and issued upside guidance for the second quarter of $0.42-$0.44 versus the Capital IQ consensus of $0.39. Shares of the company are higher by 4.0% in pre-market activity. A light week of economic data wraps up with export prices-ex ag. And import prices ex-oil which will be released at 8:30 a.m. ET, as well as the Treasury budget which is due out at 2 p.m. ET.

06:37 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -7.00.

06:36 am : Nikkei...9514.44...+47.30...+0.50%. Hang Seng...22420.37...-189.50...-0.80%.

06:36 am : FTSE...5854.15...-2.20...0.00. DAX...7173.41...+13.80...+0.20%.

4:57PM Regal Beloit announced that the co has acquired the Australian Fan and Motor Company (AFMC) headquartered in Melbourne, Australia (RBC) 64.78 -1.62 : For the remainder of 2011, AFMC is expected to add ~$6.0 mlnto sales.

4:55PM Siemens' Biograph mMR receives FDA 510(k) clearance (SI) 2.00 -0.08 : Co reports that the U.S. Food and Drug Administration (FDA) recently granted Siemens Healthcare (SI) 510(k) clearance for the Biograph mMR, the first system worldwide to enable simultaneous whole-body acquisition of data from magnetic resonance and positron emission tomography.

4:54PM Rhino Resource Partners LP announces acquisition of the Elk Horn Coal Co, LLC for ~$120 mln (RNO) 24.05 -0.33 : Co announce the acquisition of the Elk Horn Coal Company, LLC ("Elk Horn") for ~$120 mln in cash with no assumption of debt. Elk Horn is a coal leasing company located in eastern Kentucky with ~156,000 acres of owned mineral. Incorporated in 1915, coal has been mined from its properties for almost 100 years. Elk Horn will broaden Rhino's sources of income by providing a stream of royalty income without the assumption of additional operating risk. Elk Horn is expected to generate annualized run rate EBITDA of $15 mln to $18 mln by late 2011 or early 2012.

4:45PM ADP authorized to purchase an additional 35 mln shares of its common stock (ADP) 51.94 -0.78 :

4:34PM Ness Tech spikes 12.3% to $7.50 following news the co will be acquired (see 16:30 comment) (NSTC) 6.68 +0.09 :

4:33PM Artio Global Investors reported preliminary month-end assets under management of $49.2 bln as of May 31, 2011, compared to $51.8 bln as of April 30, 2011 (ART) 12.44 -0.40 :

4:30PM Ness Technologies to be acquired by an affiliate of CVCI for $7.75 (NSTC) 6.68 +0.09 : NTSC announced that the co has entered into a definitive merger agreement under which an affiliate of Citi Venture Capital International (CVCI), a global private equity investment fund, will acquire the company in an all-cash transaction valued at approximately $307 million. Under the terms of the agreement, Ness stockholders will receive $7.75 per share in cash for each share of common stock they hold, representing a premium of 17.6% over the closing price of the company's shares on the Nasdaq Global Select Market on June 9, 2011.

4:21PM Gilead Sciences drops 3.2% to $38.95 following news that the co received a subpoena from U.S. Department of Justice (see 16:15 news); now at $39.10 (GILD) 40.23 -0.93 :

4:15PM Gilead Sciences receives subpoena from U.S. Department of Justice (GILD) 40.23 -0.93 : Co announced that it has received a subpoena from the United States Attorney's Office for the Northern District of California requesting documents related to the manufacture, and related quality and distribution practices, of Atripla, Emtriva, Hepsera, Letairis, Truvada, Viread and our investigational fixed-dose combination of Truvada and EdurantTM. Gilead is cooperating in this civil and criminal investigation.

4:06PM IVAX Diagnostics entered into a credit facility with a third party lender (IVD) 0.61 0.00 : In order to address certain liquidity needs, Diamedix Corporation, a wholly-owned subsidiary of IVAX Diagnostics which is located in Miami, Florida, entered into a loan agreement, dated June 10, 2011, with City National Bank of Florida which provides for a secured, revolving credit facility of up to $975,000.

4:05PM Tibet Pharmaceuticals announces new CEO (TBET) 2.18 +0.12 : Co announced that effective as of June 6, 2011 its Chairman, Mr. Hong Yu, replaces Mr. Taylor Guo as CEO of Tibet Pharmaceuticals. Taylor Guo leaves Tibet Pharmaceuticals to pursue other interests while Hong Yu, the Chairman of Tibet Pharmaceuticals and founder of its operating entity in China, takes a more active role in the Co's development initiatives and investor outreach. Taylor Guo will remain a director of the Co for the foreseeable future.

4:04PM comScore Releases May 2011 U.S. Search Engine Rankings (SCOR) 25.06 -0.65 : Co released its monthly comScore qSearch analysis of the U.S. search marketplace. Google (GOOG) Sites led the explicit core search market in May with 65.5% of search queries conducted. The May 2011 qSearch data represents the second month of results including the impact of Yahoo! (YHOO) Search Direct, Yahoo!'s new feature that delivers search results in real-time while users type their query. Google Sites led the U.S. explicit core search market in May with 65.5% market share (up 0.1 percentage points), followed by Yahoo! Sites with 15.9% and Microsoft (MSFT) Sites with 14.1%. Ask Network accounted for 2.9% of explicit core searches, followed by AOL, Inc. with 1.5%.

4:02PM Vringo entered into a Strategic Cooperation Agreement with m-Wise (VRNG) 1.60 -0.02 : Co announced that it has entered into a Strategic Cooperation Agreement with m-Wise (bulletin board name MWIS). The Agreement supersedes prior arrangements and proposed transactions between the companies, including the non-binding Letter of Intent entered into between the parties on March 8, 2011, pursuant to which Vringo agreed, subject to certain conditions, to purchase all or substantially all of the assets of m-Wise, which has been terminated.

3:45PM Earnings Preview for the week of June 13th-17th (SUMRX) : Companies reporting earnings the week of June 13th-17th include:

* Monday: CASY.
* Tuesday: BBY, FDS, and CLC.
* Wednesday: CWST, FNSR.
* Thursday: ATU, KR, PIR, SCHS, SFD, JRJC, and RIMM
* Friday: No companies are currently scheduled to report.

3:17PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices; Corn hits new all-time high (COMDX) : Continuous corn futures ended flat at $7.86/bushel after climbing to $8.00 in pit trade today for the frirst time ever, wheat rose 15 cents to close at $7.60, cont. soybeans fell 7 cents at $13.87, cont. ethanol closed 6 cents higher at $2.77, while cont. world sugar futures closed 1 cents higher at 0.26 cents.

3:02PM Valspar announced price increases for the North America Wood Coatings products effective July 1, 2011 (VAL) 35.61 -0.31 : The increases will be up to 10% depending on the product type. This latest action is part of the company's ongoing efforts to offset the impact of rising raw material costs.

2:59PM Fresh afternoon rebound highs for stock indices -- Dow -113, S&P -10, Nasdaq Comp -22 (SPY) : Relative sector strength continues in Finance XLF, Reg Bank KRE, Housing XHB, Semi SMH, Retail XRT, Casino, Solar TAN, Silver SLV, REITs IYR

2:35PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled lower by $2.63 to $99.30, natural gas rose 8 cents to close at $4.76, RBOB gasoline finished lower by 2 cents to $3.02, while heating oil ended down 3 cents to $3.10 (all July contracts).

2:34PM Deutsche Telekom filing with FCC opposition to petitions to deny application seeking approval of AT&T's acquisition of T-Mobile (DTEGY) 14.47 -0.22 : Deutsche Telekom, parent company of T-Mobile USA (T-Mobile), and AT&T filed with the Federal Communications Commission (FCC) a joint opposition to petitions to deny their application seeking approval of AT&T's acquisition of T-Mobile. The filing is supported by comprehensive economic and technical declarations, which highlight the numerous consumer and public interest benefits that will be gained through combining the two companies, and it refutes the arguments set forth by parties opposed to the transaction.

2:34PM Finance XLF edged to minor new recovery high, stock indices have not joined at afternoon highs -- Dow -142, S&P -14, Nasdaq Comp -30 (SPY) :

2:10PM Stock indices rebound led by Finance news, Dow -135 jumped as much as 67 points, S&P -13, Nasdaq Comp -30 (SPY) :

2:05PM Financial Select Sector pushes firmly higher in recent trade amid spike in volume (XLF) 14.75 -0.19 :

1:59PM CenterPoint announced that Texas Supreme Court has denied all motions for rehearing in its true-up appeal (CNP) 18.92 +0.10 : Co announced that the Texas Supreme Court has denied all motions for rehearing in its true-up appeal. The matter will now move to the Texas Public Utility Commission for action consistent with the Court's March 18, 2011 decision.

1:46PM Nasdaq Comp -42 extends to 2642, its 200 ema is just below at 2640 (QQQ) :

1:44PM Stock indices slide to new session lows in recent trade -- Dow -170, S&P -18, Nasdaq Comp -40 (SPY) : The limited counter trend bounce into midday has been wiped out with the indices setting another round of session/multi-month lows.

1:29PM Thoratec announces resignation of Chief Financial Officer; reaffirms guidance (THOR) 30.96 -1.20 : Co announced that David V. Smith, Executive Vice President and Chief Financial Officer, has resigned from his position in order to pursue other business opportunities. Smith will remain with Thoratec through July 1st and assist in the transition process. Roxanne Oulman, Vice President of Finance, will serve as interim Chief Financial Officer until a permanent replacement is named. In conjunction with today's announcement, Thoratec is reiterating its previously issued 2011 financial guidance. (note: prior guidance was for FY11 (EPS of $1.35-1.45 vs. $1.41 Capital IQ Consensus Estimate)

12:56PM Hallador Energy executes letter of intent to sell its leasehold interest in The Bakken-Three Forks for $13.5 mln cash (HNRG) 9.60 -0.13 : Co signed a letter of intent with an undisclosed independent oil and gas company to sell its undeveloped leases in North Dakota covering ~10,000 acres. These leases are in the Bakken-Three Forks oil play. The buyer will be purchasing 90% of our interest or approximately 9,000 net acres at a price of $1,500 per acre or $13.5 million. We will retain a 10% working interest and an approximate 3% average overriding royalty interest in the play. This transaction is subject to a final approval by both parties. We expect to have a signed purchase and sale agreement in the next two week and expect closing to occur on or before July 29, 2011.

12:49PM Seattle Genetics and Takeda's Millennium present clinical data on ADCETRIS (Brentuximab Vedotin) in systemic ALCL (SGEN) 19.52 -0.33 : In a phase II trial of 58 relapsed or refractory sALCL patients, 15 patients also had cutaneous involvement of their disease at the time of enrollment. Based on investigator assessment, 14 of the 15 patients (93 percent) achieved complete resolution of their cutaneous lesions after a median of 4.9 weeks of treatment with ADCETRIS. Based on independent central review, all 15 patients (100 percent) achieved an objective response to their systemic disease, including 13 (87 percent) complete remissions and two (13 percent) partial remissions. The median duration of objective response among these 15 patients was 12.6 months, with nine responses ongoing. ADCETRIS treatment was generally well tolerated, with the most common adverse events being diarrhea (n=9), fever (n=7), constipation (n=6), nausea (n=6) and peripheral sensory neuropathy (n=6). The most common Grade 3 or higher adverse events were neutropenia (n=4), diarrhea (n=2), and peripheral sensory neuropathy (n=2).

12:11PM Corn futures hit new all-time highs at $8.00/bushel (COMDX) : Corn futures continue to move higher following yesterday's bullish USDA report. Currently, corn futures are sitting near new all-time highs of $7.98, +1.6%.

12:08PM Corn futures hit new all-time highs of $7.99/bushel (COMDX) :

11:59AM Intraday relative sector strength as stock indices hover near bounce highs -- Dow -139, S&P -15, Nasdaq Comp -31 (TECHX) : Noted in the 11:23 update the potential for an intraday stabilization attempt. Only limited upticks have been noted thus far, however, with the stock indices currently near their recovery attempt highs. Have seen some intraday relative strength in recent action in Gold Miners GDX, Steel SLX, Solar TAN, Airline, Disk Drive, Materials XLB, Coal KOL, Retail XRT, Semi SMH.

11:47AM Solera Holdings, Inc. Prices and Increases Amount of Senior Notes Private Offering (SLH) 56.67 -0.81 : Co announced that its indirect wholly-owned subsidiary Audatex North America ("Audatex") has priced and increased the amount of a private offering to $450 mln aggregate principal amount of senior notes due 2018 ("Notes"). Co anticipates that the closing of the offering will take place on or about June 14, 2011, subject to customary closing conditions. The Notes will bear interest semiannually at a rate equal to 6.75% and will be guaranteed by Solera and all of Solera's domestic subsidiaries (other than Audatex and an immaterial domestic subsidiary). Audatex intends to use the proceeds from the offering, together with cash on hand (i) to finance the acquisition of Explore Information Services, LLC by Claims Services Group, Inc., a wholly-owned subsidiary of Audatex, (ii) to pay related fees and expenses and (iii) for general corporate purposes.

11:36AM Gulf Resources terminates cooperation agreement with East China University of Science and Technology (GFRE) 2.97 -0.01 : GFRE announced that the Co's subsidiary Shouguang Yuxin Chemical Industry Co., Limited ("SYCI") terminated its cooperation agreement with East China University of Science and Technology on June 7, 2011. The decision to terminate the cooperation agreement was mutual and due to successful completion of cooperative research and development tasks by both parties. Under the agreement, East China University of Science and Technology helped the company to develop many bromine related chemical products for SYCI.

11:31AM Jetblue Airways reported preliminary May traffic; RPMs increased 10.6% y/y, ASMs increased 8.9% and load factor increased 1.3 pts to 82.6% (JBLU) 5.48 -0.02 : For the second quarter of 2011, preliminary passenger revenue per available seat mile is expected to increase between 13 and 15 percent year over year.

11:23AM S&P -15 and Dow -137 hit support zones (SPY) : The indices have dropped to third level supports noted in The Technical Take at 1272/1271 S&P (session low 1270.94) and 11972/11960 Dow (session low 11961). Intraday technicals and patterns suggest potential for a stabilization attempt intraday.

11:08AM No let up yet for stock indices -- Dow -156, S&P -17, Nasdaq Comp -38 (SPY) :

11:06AM Hill International received two contracts to manage the rehabilitation of water and wastewater infrastructure systems for ~$6.1 mln (HIL) 5.09 -0.17 : Co received two contracts to manage the rehabilitation of water and wastewater infrastructure systems in Alba and Braila counties in Romania. The two contracts, from S.C. Apa CTTA S.A. Alba and Dunarea Braila Public Utility Company, have an estimated total value to Hill of ~EUR4.2 million ($6.1 million).

11:03AM Insmed's ARIKACE demonstrates sustained benefit through six cycles of treatment for cystic fibrosis patients with pseudomonas lung infections (INSM) 10.11 +0.01 : Co announced positive data through six treatment cycles (72 weeks total duration) of its Phase 2 clinical trial program for ARIKACE in cystic fibrosis (CF) patients with Pseudomonas lung infections. The data demonstrated that ARIKACE, delivered once-daily for 28 consecutive days, followed by 56 days off-treatment, for a total of six cycles, resulted in statistically significant improvement in lung function that was sustained over a 72 week period. Specifically, inhalation of 560 mg of ARIKACE produced a mean increase in pulmonary function (FEV1) of 11.7% at the end of the 28 day treatment period of the sixth cycle (p<0.0001). During the course of the study, FEV1 improvement was also sustained at the end of 56 days off-treatment in each of cycles one through six, with an estimated relative increase in FEV1 of 5.7% (95% CI +3.0%, +8.5%; p=0.0001). Overall, ARIKACE was well-tolerated during all six cycles, with adverse events reported as consistent with those expected in a population of CF patients receiving inhaled medicines.

11:00AM Vertex Pharm reports Phase 3 STRIVE Study of VX-770 showed durable improvements in lung function and other measures of disease among people with a specific type of cystic fibrosis (VRTX) 48.53 +0.48 : Co announced the final results from its pivotal Phase 3 STRIVE study that evaluated VX-770, a medicine in development that targets the defective protein that causes cystic fibrosis (CF). STRIVE was designed to evaluate VX-770 among 161 people 12 years or older with a mutation known as G551D in the CF gene. Data from the study showed rapid improvements in lung function (FEV1) that were sustained through 48 weeks among those who received VX-770, compared to those treated with a placebo. Significant improvements in all key secondary endpoints were observed among people who received VX-770 compared to placebo. Adverse events that occurred more frequently among those treated with VX-770 compared to placebo were headache, upper respiratory tract infections, nasal congestion, rash, dizziness and bacteria in the sputum.

10:45AM Another round of minor new lows for the stock indices -- Dow -133, S&P -13, Nasdaq Comp -29 (SPY) :

10:44AM Microsoft dips to new low of 23.81, holding just above its Oct low and this week's low at 23.78/23.77 (MSFT) 23.84 -0.12 :

10:30AM Lawson Software reports that ISS recommends Lawson stockholders vote for acquisition by Affiliate of Golden Gate Capital and Infor (LWSN) 11.18 -0.01 :

10:30AM Google pulls back to May/9 month low at 513.40 -- session low 513.48 (GOOG) 514.15 -2.58 :

10:28AM Nasdaq Comp -23 and Nasdaq 100 -18 set minor new session/weekly lows (QQQ) : Dow -122 retesting session low at 12000.

10:23AM Met-Pro Corp Strobic Air business unit has received two international orders, totaling more than $700,000 (MPR) 10.08 +0.06 : Co announced that the Company's Strobic Air business unit has received two international orders, totaling more than $700,000, for research laboratory fume hood exhaust systems at two premier universities. These orders are expected to ship in the third and fourth quarters of the Company's current fiscal year.

10:18AM S&P -11 drops to lowest level since Mid-March (SPY) : A disappointing performance for the S&P in the wake of Thursday's recovery attempt. The extension has met a short term support at 1276/1275 (session low 1275.57) note in The Technical Take with a minor bounce seen but follow through above 1280 and 1282 is needed to help neutralize the pattern off yesterday's high.

10:05AM S&P -11 slips slightly under Wed low at 1277.42 to set new low for the week at 1277.19 (SPY) :

10:04AM Dollar Index extends morning break above pre-market high at 74.45, approaches its 50 sma at 74.74 -- session high 74.63 (UUP) : The next area of note above is at 74.94/75.00 (50% retrace of May-June pullback/50 ema).

10:02AM SunOpta announced the resignation of Eric Davis as the Company's Vice President and Chief Financial Officer effective June 30 (STKL) 7.50 -0.19 : Until such date, Mr. Davis will be available to provide support on transitional matters. The Company is commencing a search for Mr. Davis' successor, which will include a review of both internal and external candidates. Following the resignation of Mr. Davis, Steve Bromley, the Company's President and Chief Executive Officer, will serve as the Company's principal financial officer until the search for Mr. Davis' successor is completed.

10:02AM Crude oil extends losses and falls below the $99 level to new current session lows of $98.96; now at $99.28 -2.64 (COMDX) :

9:56AM Dow -94 and Nasdaq Comp -15 join small-cap and Nasdaq 100 at new weekly lows -- S&P -10 hovering just above (SPY) :

9:54AM Intel breaks under it early month range lows at 21.66 weighing on SMH -- session low 21.50 (INTC) 21.51 -0.25 : A short term support is at 21.49/21.42 with its 200 ema not coming into play until 21.22.

9:50AM Atrinsic receives favorable decision from NASDAQ (ATRN) 2.71 -0.01 : The Company's securities will begin trading on The NASDAQ Capital Market effective with the open of business on Friday, June 10, 2011. The transfer of the Company's listing from The NASDAQ Global Market to The NASDAQ Capital Market should have no impact on trading in the Company's shares, and the Company's stock will continue to trade on NASDAQ under the symbol ATRN.

9:47AM Russell 2000 and Nasdaq 100 set new lows for the week, other indices have not yet confirmed the move -- Dow -83, S&P -8.5, Nasdaq Comp -12 (TECHX) :

9:45AM Radient Pharm expects to see benefits from previously undisclosed new major partnership in India (RPC) 0.22 +0.06 : In an interview, Dr. Umesh Bhatia, Ph.D, senior advisor for the Onko-Sure for Radient Pharmaceuticals' operations in India, has revealed that his group has secured a major new partnership that should clearly benefit Radient and is expected to impact the company's bottom line.

9:45AM Crude sells-off again, falls below the $100 level; now at $99.80 -2.11 (COMDX) :

9:44AM Technology Select Sector SPDR quick slide under weekly low from Wed. and its 200 day before attempting to stabilize -- session low 24.98 (XLK) 25.03 -0.09 : Its 200 sma/ema are at 25.06/25.07 -- CSCO, GOOG, HPQ, IBM, AAPL, ORCL, VZ, S, QCOM, MSFT, INTC.

9:38AM Broad based slide off the open -- Dow -67, S&P -6.8, Nasdaq Comp -10 (SPY) : Nasdaq Comp underperformed on Thursday bounce, slides back to within three points of weekly low.

9:32AM Apple weaker start, holding above its May low at 329.42 -- session low 330.00 (AAPL) 330.51 -0.98 :

9:31AM Synthesis Energy Systems announces $5.0 million strategic equity investment from Zuari Industries Limited of India (SYMX) 2.23 0.00 : Co announced today a $5.0 million strategic investment from Zuari Industries Limited ("Zuari") of India in exchange for approximately 2.2 million shares of SES common stock. Zuari is one of India's leading industrial companies in the fertilizer sector.

9:24AM PharmAthene to sell ~$6.5 mln of its common stock and warrants in a registered direct offering in agreements with certain institutional investors (PIP) 3.61 : Under the terms of the subscription agreements, at closing, PharmAthene will sell an aggregate of 1,857,143 units for a purchase price of $3.50 per unit, with each unit consisting of one share of common stock and one warrant to purchase 0.2 of a share of common stock. The warrants will have a five year term and will be immediately exercisable at an exercise price of $3.50 per share.

9:17AM Crude oil futures just sold off fell to a new session lows of $100.18/barrel; now at $100.34-1.58 (COMDX) :

9:11AM On The Wires (WIRES) :

* IntercontinentalExchange (ICE) reported record daily volume in the ICE U.S. Dollar Index futures contract of 81,814 contracts on June 9, 2011. The previous daily volume record of 77,811 contracts was established on March 12, 2010. For the month of May, ADV was 39,168, up 10% over last year.
* Document Security Systems (DMC) announced that RFID and mass product serialization expert, Gary Andrechak has joined DSS as Manager of RFID Business Development
* General Motors (GM) says starting Saturday, two years of standard maintenance including oil changes will be part of purchasing a Certified Pre-Owned Chevrolet, Buick or GMC vehicle as General Motors moves to tie pre-owned cars, trucks and crossovers to its brands
* Shanda Games (GAME) announced that, starting from mid-May, it has received overwhelmingly positive user feedback from its open beta testing of its latest 2.5D massively multiplayer online role playing game (MMORPG) "Legend of Immortals." The social networking site built for "Legend of Immortals" has been immensely popular and has attracted over 5 mln registered users to date. Due in part to the increased socialization, the game has risen to become one of the co's top 5 games in terms of daily revenue.

9:01AM BSD Medical announces publication of study showing hyperthermia increases effectiveness of other cancer treatments by preventing repair of tumor cells (BSDM) 3.24 : Co announces that a study published in the Proceedings of the National Academy of Sciences demonstrated that hyperthermia can be a powerful tool to inhibit the ability of cancer cells to repair the DNA damage caused by radiation or chemotherapy. The researchers reported that the findings have the potential to significantly increase the clinical use of hyperthermia. The findings suggest that the addition of hyperthermia could expand the use of a number of promising new cancer drugs. Efficient DNA repair mechanisms protect cancer cells from the effects of many anti-cancer therapies, thereby reducing the effectiveness of these therapies. The data showed that hyperthermia could reduce the tumor resistance sometimes observed with these anti-cancer therapies, thus increasing their effectiveness.

9:01AM Grubb & Ellis reaches definitive agreement for sale of assets of Alesco Global Advisors to Lazard Asset Management; terms of the transaction were not disclosed. (GBE) 0.52 :

9:00AM Utd Nat Foods announces divestiture of non-foods & general merchandise business (UNFI) 40.72 : As part of this acquisition, L&R will become co's non-foods distributor of choice.

8:48AM Gasco Energy prices 25 mln unit public offering of common stock and warrants at $0.24 per unit (GSX) 0.30 :

8:47AM Gladstone Commercial increases offering by 200K and prices 1.2 mln shares at $17.55 (GOOD) 18.45 :

8:44AM PPG Industries appoints Controller David Navikas as CFO replacing Robert Dellinger, who has announced his resignation for personal health-related reasons as of June 30 (PPG) 85.26 :

8:40AM On The Wires (WIRES) :

* Strategic Hotels & Resorts (BEE) announced that it has closed a definitive agreement to recapitalize the Fairmont Scottsdale Princess. Under the terms of the transaction, a new joint venture has been established between the Company and an affiliate of Walton Street Capital, a private equity real estate investment firm.
* Life Technologies (LIFE) has signed an exclusive license agreement for novel technology that enables synthetic biologists to effectively program and control the genetic circuitry in engineered pathways and organisms.
* Barrick Gold (ABX) and its wholly-owned subsidiary, Barrick Canada, announced today that an additional 36,221,770 common shares of Equinox Minerals representing ~4% of the outstanding Equinox Shares on a fully diluted basis have now been taken up under the offer by the Offeror to acquire all of the Equinox Shares at a price of CAD8.15 per Equinox Share. The Offeror has now acquired 789,432,464 Equinox Shares pursuant to the Offer, which represents ~91.7% of the outstanding Equinox Shares excluding those owned by Barrick and its affiliates at the date of the Offer.

8:33AM PostRock Energy President and CEO resigns to join SanRidge Energy (SD) as EVP of Ops (PSTR) 5.82 : Co announces David C. Lawler has resigned from his position as the co's President and CEO effective July 15th. He will be leaving to join SandRidge Energy (SD) as Executive Vice President of Operations. At the Board's request, Lawler has agreed to remain CEO until he departs. Chairman of co's Board, and co's Managing Partner responsible for the Fund's investment in PostRock, will lead the Board committee charged with identifying and recruiting the new CEO.

8:31AM Virgin Media reports repurchase of 230K shares of common stock on June 9, 2011 as a part of the co's capital return program in the range of $31.59-32.26 (VMED) 32.03 :

8:31AM Clark Holdings regains compliance with NYSE Amex continued listing standards (GLA) 0.30 :

8:06AM On The Wires (WIRES) :

* Enzo Biochem (ENZ), as part of its continuing program to offer novel molecular tests, announced that its Enzo Clinical Labs subsidiary has reached an agreement with IncellDx for the rights to market a proprietary laboratory test. The US HPV testing market is estimated to be $300 mln and growing at an annual rate of 14%.
* U.S. Bank, lead bank of U.S. Bancorp (USB), in partnership with Visa (V) and Oberthur Technologies, announced its release of a dual interface payment solution that offers enhanced acceptance and compatibility with credit cards systems worldwide.
* MinuteClinic, the retail health care division of CVS Caremark (CVS), and OhioHealth have entered into a clinical affiliation that will enhance the high quality, affordable health care services they provide in central Ohio.

8:02AM Radian Group releases Delinquency data for May (RDN) 3.58 : Primary New Insurance Written $700 mln, flat m/m; Ending Primary Delinquent Inventory 114.1L compared to 115.0K in April... For the months of April and May, the company noted a relative improvement in the impact on reserve development and loss provision as a result of the change in the composition of the delinquent loan inventory. This compares to previous quarters, when Radian's reserves were significantly and negatively impacted by a change in the composition of the delinquent loan inventory, resulting from the higher reserve associated with the aging of delinquent loans and loans moving into pending claim status.

8:02AM Harbin Electric announces reaffirmation of 'Going Private' proposal at $24.00 per share and receipt of financing agreement with China Development Bank (HRBN) 15.48 : Co announced that its Board of Directors has received a letter from its Chairman and Chief Executive Officer, Mr. Tianfu Yang and Abax Global Capital reaffirming their proposal to acquire all of the outstanding shares of Common Stock of Harbin Electric not currently owned by Mr. Yang, Abax and their respective affiliates in a going private transaction for $24.00 per share in cash. Mr. Yang, Abax and their respective affiliates collectively own approximately 40.72% of Harbin Electric's Common Stock. In addition, Harbin Electric today announced that its Board of Directors has received from Mr. Yang and Abax an executed copy of a Facility Agreement between Tech Full Electric Company Limited, the acquisition vehicle formed for use in connection with the proposed acquisition and going private transaction, and China Development Bank Corporation Hong Kong Branch, pursuant to which CDB has agreed to provide to Tech Full a $400 million term loan to fund Tech Full's proposed purchase of all of the outstanding shares of Common Stock of Harbin Electric not currently owned by Mr. Yang, Abax and their respective affiliates, subject to certain conditions. Harbin Electric's Board of Directors has formed a special committee of independent directors consisting of David Gatton, Boyd Plowman and Ching Chuen Chan to consider and evaluate this proposal. (HRBN is halted)

8:01AM Kratos Defense and Security awarded $1.8 mln contracts to provide complex integrated microwave components for key navy aerial platform (KTOS) 10.45 : Co announces it has been awarded contracts to provide complex integrated microwave assemblies for a key U.S. Navy platform. The awards were made to Kratos' subsidiary Herley Industries - New England. This award, totaling $1.8 mln, continues a decade-long relationship with the program and will support the latest variant of its platform. Awards for additional components are expected for a minimum of ten years as the platform is fielded throughout the Fleet.

8:00AM W.W. Grainger May daily sales +11% YoY; +8% in the U.S. (GWW) 143.42 : May daily sales increased 11% YoY. Results for the month included a 1 percentage point positive contribution from acquisitions and a 2 percentage point contribution from FX. Ex-acquisitions and FX, organic sales increased 8%, including 7 percentage points from volume and 2 percentage points from price, partially offset by a 1 percentage point decline from oil spill related sales in 2010. In 2010, Grainger provided safety and related products used to clean up the oil spill in the Gulf of Mexico, which contributed ~1 percentage point to total company sales for the year. U.S. +8%; Canada +24%.

8:00AM SinoHub submits application to Chinese Ministry of Industry and Information Technology for license to sell mobile phones under the Topolo brand name in P.R. China (SIHI) 1.04 : Co announces it has received an application acceptance notice from the Trademark Office of the State Administration for Industry and Commerce of the PRC for the use of the Topolo brand name and logo in China By receiving the application acceptance notice, co is authorized to begin using the Topolo brand name as an unregistered trademark for a period of one year. After one year, the co will be eligible to receive final approval for use of the Topolo brand as a protected registered trademark.

7:59AM Legg Mason reports AUM for May 2011 of $671 bln, down ~$1 bln sequentially (LM) 31.72 :

7:32AM Integra prices $200 mln of 1.625% convertible senior notes due 2016 (IART) 46.70 :

7:30AM Qualcomm to acquire the assets of semiconductor design co Rapid Bridge (QCOM) 55.87 : Co has agreed to acquire substantially all of the assets of Rapid Bridge LLC, a San Diego-based inventor of advanced techniques for the design and development of semi products. The co's technology reduces complexity in integrated circuit (IC) development at advanced technology nodes to enable greater design flexibility and optimized die size and power consumption. Rapid Bridge's San Diego design team and San Diego/Bangalore engineering services operations will be integrated into Qualcomm CDMA Technologies. The asset acquisition, which is subject to regulatory approval and fulfillment of certain terms and conditions, is expected to close by the end of FY11.

7:21AM lululemon athletica beats by $0.08, beats on revs; guides Q2 EPS, revs above consensus; raises FY12 EPS above consensus, raises revs, in-line (LULU) 86.14 : Reports Q1 (Apr) earnings of $0.46 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.38; revenues rose 35.1% year/year to $186.8 mln vs the $180.2 mln consensus; comps +16% in constant dollars. Inventory at the end of the first quarter of fiscal 2011 totaled $64.4 million compared to $50.8 million at the end of the first quarter of fiscal 2010. Co issues upside guidance for Q2, sees EPS of $0.42-0.44 vs. $0.39 Capital IQ Consensus Estimate; sees Q2 revs of $200-205 mln vs. $196.71 mln Capital IQ Consensus Estimate; with comps increase in the mid-to-upper teens on a constant dollar basis. Co raises guidance for FY12, sees EPS of $2.10-2.16 vs. $2.08 Capital IQ Consensus Estimate, up from $1.90-2.00; sees FY12 revs of $915-930 mln vs. $924.48 mln Capital IQ Consensus Estimate, up from $885-900 mln.

7:09AM On The Wires (WIRES) :

* Callidus Software (CALD) announced it has acquired leading Learning Management Systems vendor, Litmos Limited. Financial terms of the transaction were not disclosed.
* Research In Motion (RIMM) announced plans to launch the BlackBerry PlayBook tablet in an additional 16 markets around the world over the next 30 days.
* General Motors (GM) announced Chevrolet dealers in all 50 states will begin taking orders for the 2012 Chevrolet Volt electric car today.
* Smithfield Foods (SFD) announced it has entered into new revolving credit facilities totaling $1.2 bln with Rabobank Nederland, New York Branch, as administrative agent. The new credit facilities replace the co's previous $1.0 bln revolving credit facility.

7:04AM Kenneth Cole names Vice Chairman Paul Blum as CEO (KCP) 10.92 : Co announces that effective June 20, 2011, Paul Blum will be appointed to the position of CEO. Kenneth Cole will continue as Chairman and Chief Creative Officer, maintaining his creative role over design and advertising.

7:04AM Travelers estimates catastrophe losses in April and May to be ~$1.0-1.5 bln; issues book value, share repurchase guidance (TRV) 61.08 : The co estimates its range of catastrophe losses relating to the numerous and severe catastrophes in April and May to be ~$1.00-1.05 bln, after-tax and net of reinsurance. These losses resulted from multiple tornadoes and hail storms, primarily in the Midwest and Southeast regions of the United States, the largest of which occurred in the last week of April and impacted 13 states. These catastrophe losses were concentrated in the co's Business Insurance and Personal Insurance segments. The co currently projects that book value per share at June 30, 2011, assuming no change in after-tax net unrealized investment gains from May 31, 2011, will be slightly higher than at December 31, 2010. As of May 31, 2011, the after-tax net unrealized investment gain was ~$2.4 bln, compared to $1.9 bln at December 31, 2010. Adjusted book value per share, which excludes after-tax net unrealized investment gains, is projected at June 30, 2011, to be generally consistent with adjusted book value per share at December 31, 2010. As a matter of prudence the co has limited its common share repurchases due to the catastrophe losses and now expects total repurchases in Q2 to be less than $250 mln. Furthermore, the co is updating its guidance with respect to 2011 and now expects repurchases in the second half of the year to ~$400 mln in excess of second half operating income.

7:03AM Diana Containerships announces it has priced its public offering of 14.25 mln shares of its common stock at a price to the public of $7.50 per share (DCIX) 7.95 :

7:02AM Intl Game Tech receives award of 7,200 machines in Loto-Quebec's video lottery machine replacement in Canada (IGT) 16.01 : Co announces it has been awarded 56.7% of the video lottery terminal replacement for Societe des loteries video du Quebec, a subsidiary of Loto-Quebec. Co will supply 7,200 of the new VLTs to SLVQ in Canada. The replacement process is expected to start in 2012.

6:32AM On The Wires (WIRES) :

* Pebblebrook Hotel (PEB) announced that it has acquired the W Boston hotel for $89.5 mln. The 235-room, luxury, full-service hotel is located in the Theatre District of downtown Boston, Massachusetts. The property will continue to be managed by Starwood Hotels and Resorts (HOT).
* GLG Life Tech (GLGL) updated the distribution growth and planned product introductions of its AN0C joint venture. AN0C continues to sign-up more large regional 'tier one' distributors to further enhance the growth of retail distribution and sales in time to target the July to September peak season for beverage sales within China. AN0C has increased the number of its distributors from 300 in mid-May to over 400 partners. This growth over the past month has resulted in a three-fold expansion in the distribution reach of AN0C's products to over 65,000 stores.
* Wi-LAN (WILN) announced that Poynt and WiLAN have entered into a partnership that will see WiLAN assist Poynt in the licensing of Poynt's portfolio of patents related to internet advertising.

6:11AM Ziopharm Oncology reports FDA acceptance of Investigational New Drug Application for ZIN ATI-001, a novel DNA-based oncology therapeutic candidate (ZIOP) 6.31 : Co announces that the FDA has accepted the Company's investigational new drug application to begin clinical study of ZIN ATI-001, a novel DNA-based therapeutic candidate also known as Ad-RTS-IL-12 + AL, in oncology. When initiated, the Phase I study will evaluate safety in addition to immunological and biological effects of the therapeutic candidate in patients with melanoma. ZIN ATI-001 is the second clinical oncology product candidate from the ZIOPHARM-Intrexon exclusive synthetic biology channel partnership.

6:09AM Micromet will present data demonstrating co's Blinatumomab produces high single-agent activity in patients with relapsed acute lymphoblastic leukemia (MITI) 5.29 : Co announces that it will show that Micromet's blinatumomab produced a high complete remission rate in adult patients with acute lymphoblastic leukemia who had relapsed following treatment with standard therapy. Interim results from this phase 2 single-arm trial showed that 75% of patients (9 of 12) achieved a complete remission or CR with partial recovery of blood counts following treatment with blinatumomab. All nine responding patients achieved a complete molecular response, or had no evidence of leukemic cells in their bone marrow, a key prognostic factor for patient survival. Notably, four patients with genetic abnormalities typically associated with poorer outcomes all achieved a CR or CRh. Co states: "These results are particularly striking relative to the fact that the majority of enrolled patients had characteristics typically associated with a dismal outlook."

5:56AM On The Wires (WIRES) :

* PPR S.A. and Volcom (VLCM) jointly announced that they have received all necessary antitrust approvals applicable to PPR's tender offer for all of the outstanding shares of common stock of Volcom at a price of $24.50 per share in cash.
* The Goodyear Tire & Rubber (GT) has agreed to sell its global wire business to Hyosung. Co and its affiliates will receive ~$50 mlnfor the business.
* AerCap Holdings N.V. (AER) announced that it has completed an amendment to its revolving debt facility. The $775 mln non-recourse facility, arranged by UBS Securities, was originally put in place during April 2006 and has now been amended to allow for an additional two year revolving period with a three year term-out period, extending the transaction to June 2016.

2:17AM On The Wires (WIRES) :

* International Game Technology (IGT) announced that all conditions for the completion of its cash offer to acquire all shares of Entraction Holding AB have been fulfilled.
* Representatives of the antitrust authorities of the European Commision visited two of Autoliv's (ALV) German facilities to gather information for an inquiry into possible anti-competitive behaviors among certain suppliers to the automotive vehicle industry. Co is cooperating fully with the investigation. At this time, no further information is available regarding the nature or outcome of the inquiry.

2:02AM On The Wires (WIRES) :

* Dynex Capital (DX) announced that On June 3, 2011, the Court of Appeals denied the petition for an immediate appeal in litigation styled Teamsters Local 445 Freight Division Pension Fund versus Dynex Capital. The co has evaluated the allegations that are the subject of the litigation and continues to believe them to be without merit and is defending itself vigorously in this matter. The co believes that the resolution of this litigation will not have a material adverse effect on its consolidated financial position but could have a material impact on the co's reported earnings, results of operations and cash flows in a given quarter.
* Forest Laboratories (FRX) announced that Daliresp will be available in pharmacies throughout the United States by mid-June. Equity
* LifeStyle Properties (ELS) announced that it has executed two rate lock agreements related to $250 million in secured CMBS financing secured by 21 MH and 3 RV communities which the company expects to close within 120 days. The rate lock agreements carry a blended all in interest rate of 5.06% per annum with a 10-year term.

1:53AM Molycorp prices 10 mln shares secondary offering by selling shareholders at $51.00 per share; prices $200 mln 3.25% convertible senior notes due 2016 (MCP) 51.29 :

1:50AM CenturyLink Pricing of $2.0 Billion of Debt Securities (CTL) 40.89 : Co announces that it has agreed to sell $350 mln of newly-issued 6-year, unsecured senior notes and $1.25 bln of newly-issued 10-year, unsecured senior notes. The co has also agreed to sell an additional $400 mln of its 7.60% senior notes due 2039, which will trade interchangeably as a single series with its 7.60% senior notes due 2039 initially issued in September 2009 in the amount of $400 mln.

1:48AM Bona Film adopts CEO share purchase plan (BONA) 3.88 : Co announces its CEO intends to use his personal funds to purchase up to $2 mln worth of the co's American depositary shares in open market transactions during the three month period commencing from the date of this announcement, pursuant to a Rule 10b5-1 plan. The share purchase plan has been approved by the co's board.

1:27AM DCP Midstream and Occidental Petroleum (OXY) announce agreements for pipeline right-of-way and NGL supply (DPM) 39.36 : DCP Midstream (DPM) and Occidental Petroleum (OXY) announce that they have entered into preliminary agreements for Oxy's wholly owned subsidiary Occidental Chemical Corporation to provide right-of-way for the DCP Midstream Sandhills Pipeline and for DPM to provide a supply option for a proposed new Oxy NGL fractionator in Ingleside, Texas. The agreement with OxyChem will provide the Sandhills Pipeline with ~14 miles of right-of-way and key access to the Mont Belvieu, Texas, fractionation complex. It also will help keep the Sandhills Pipeline project on track for a first half of 2013 start-up.

1:26AM Orion Energy Systems CFO resigns for family reasons; co's Chief Account Offier and Treaurer Scott Jensen appointed to CFO (OESX) 4.01 :

1:22AM Green Mtn Coffee increases maturity date and loan capacity of its $350 mln term loan; new line not to exceed $500 mln (GMCR) 76.16 :

1:13AM Integrated Electrical appoints Chairman James Lindstom at Inerim CEO, replacing Michael Calil who will be leaving to pursue other interests (IESC) 3.22 :

1:05AM Ethan Allen comments on business ahead of analyst meetings next week (ETH) 18.89 : In anticipation of questions about business trends at upcoming meetings next week with financial analysts, co commented, "While there are economic headwinds, we have continued to maintain our progress in written business (booked orders) during the months of April and May. We are benefitting from many marketing and operations initiatives taken during the last several years especially during the last three years with the advent of the 'Great Recession'. We also continue to benefit from the leverage of our vertically integrated structure."
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