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Market Update: 110616
4:30 pm : Stocks faltered after fighting through premarket selling pressure before a late rebound effort made for a mixed finish.

The mood among premarket participants this morning was hurt by ongoing concerns related to the fiscal, social, and political troubles of Greece. The same themes weighed heavily on Europe's major bourses, which were all down 1% or more before eventually improving their position in the later part of the session.

The tone ahead of the open turned positive with the release of some encouraging data, though. The latest initial jobless claims tally came in at 414,000, which is less than the 421,000 initial claims that had been expected, on average, among economists polled by Briefing.com. It was the first time in several weeks that the count was actually less than what had been widely expected.

There was also positive news from the downtrodden housing industry. According to data, housing starts during May hit an annualized rate of 560,000, while building permits came in at a clip of 612,000. The consensus among economists polled by Briefing.com had called for a rate of 540,000 housing starts and 548,000 building permits.

Buying interest was tested shortly after the open by an ugly Philadelphia Fed Survey. The Survey slumped to -7.7 in June, after it had been at 3.9 in the prior month. Many economists had expected that the Survey would improve to 7.0.

Some knee-jerk selling followed the release of the Philly Survey, but stocks quickly bounced back. However, the major averages struggled to extend the move. The failure to attract additional buying interest made stocks susceptible to further selling interest, which took the broad market to a new three-month intraday low before buyers started to step back in.

Leadership was either lacking or inconsistent throughout the session. Financials had attempted to stage a couple of bounces after underperforming in each of the past two sessions before it finished with a 0.5% gain. Utilities and consumer staples, both of which are without much market weight, tied for the strongest gains of any major sector by advancing 0.8%. Materials stocks fell 0.9% to finish the day as the worst performing sector.

Concerns about the implications of Greece's precarious situation on the rest of the eurozone weighed on the euro this morning. That helped drive the Dollar Index to its best level in about three. The dollar gave up its gain as the session progressed and eventually finished the day with a 0.1% loss against a basket of major foreign currencies.

Even though the tone of trade today was much improved from that of the prior session, volatility among stocks sent the Volatility Index up to its highest level in about three months.

Increased volatility helped keep traders interested in Treasuries. Buying therein took the yield on the 2-year Note to a record low near 0.30% this morning. The yield on the benchmark 10-year Note hit a multi-month low near about 2.90% in afternoon action.

Advancing Sectors: Utilities +0.8%, Consumer staples +0.8%, Financials +0.6%, Energy +0.3%, Industrials +0.3%, Telecom +0.2%, Health Care +0.2%
Declining Sectors: Consumer discretionary -0.2%, Tech -0.3%, Materials -0.9%DJ30 +64.25 NASDAQ -7.76 NQ100 -0.4% R2K +0.3% SP400 -0.1% SP500 +2.22 NASDAQ Adv/Vol/Dec 1299/1.97 bln/1171 NYSE Adv/Vol/Dec 1367/1.05 bln/1637

3:30 pm : It was a substantially quieter day in the commodities markets as participants took a wait-and-see approach to the events unfolding in Greece. August gold finished higher by 0.3% to $1529.90 per ounce, while July silver added 0.3% to close at $35.50 per ounce. Both metals spent the session chopping around the flat line as they reacted to the fluctuations in the dollar/euro.

Trade in July crude oil, which closed higher by 0.2% to $94.95 per barrel, was similar to that of the precious metals, as traders balanced this morning's econ data with events going on in Europe and movement in the euro/dollar. July natural gas fell 3.6% to close at $4.42 per MMBtu. This morning's inventory data, which was more-or-less inline with expectations acted as the catalyst for today's move to the downside. DJ30 +42.87 NASDAQ -16.58 SP500 -1.12 NASDAQ Adv/Vol/Dec 1183/1.6 bln/1252 NYSE Adv/Vol/Dec 1180/714.9 mln/1818

3:00 pm : Both the Nasdaq and the S&P 500 recently stretched their afternoon slide to fresh session lows. While the tech-rich Nasdaq is down close to 1%, the broad-based S&P 500 has suffered only a relatively modest loss.

Utilities (+0.6%) and consumer staples stocks (+0.6%), both defensive in nature, are helping to limit the S&P 500's move lower. However, their efforts are being undermined by pronounced weakness among materials stocks, which are down a relatively dramatic 1.6%.

Renewed weakness among stocks has caused the Volatility Index, often euphemistically labeled the Fear Gauge, to spike about 15% to a two-month high above 24. DJ30 +18.92 NASDAQ -25.03 SP500 -3.89 NASDAQ Adv/Vol/Dec 1044/1.32 bln/1380 NYSE Adv/Vol/Dec 1027/588 mln/1963

2:30 pm : Weakness among tech stocks has weighed heavily on the Nasdaq, which is down with a marked loss so that it is underperforming its counterparts. Tech stocks are down 0.5%, as a group. Novellus (NVLS 33.59, -1.75), F5 Networks (FFIV 99.44, -4.17), and NVIDIA (NVDA 16.22, -0.55) are among the worst performers in the space. However, Hewlett-Packard (HPQ ) has been a source of support for the tech sector. The blue chip has also helped prop up price-weighted the Dow.DJ30 +23.61 NASDAQ -15.22 SP500 -2.57 NASDAQ Adv/Vol/Dec 1142/1.20 bln/1262 NYSE Adv/Vol/Dec 1188/530 mln/1798

2:00 pm : A recent bout of selling pressure has caused stocks to roll over so that both the S&P 500 and the Nasdaq Composite are in the red. The Dow is still clinging to a very modest gain.

No headline or announcement has been made that can account for the sudden turn in sentiment. Most likely, though, the downturn is owed to the interest among participants to exit their positions since stocks have struggled to add to their gains today. Such action suggests that traders are still inclined to sell into the stock market's downward, rather than try to step in with a firm bid. DJ30 +23.95 NASDAQ -11.14 SP500 -1.57 NASDAQ Adv/Vol/Dec 1192/1.08 bln/1215 NYSE Adv/Vol/Dec 1222/480 mln/1755

1:30 pm : Although stocks continue to chop along with varied gains, action has turned rather dull since this morning. Closer to the open participants were dealing with a deluge of headlines related to data and the precarious situation facing Greece. The flow of news has since dried up, leaving stocks to trade largely with their own volition.DJ30 +60.43 NASDAQ +2.32 SP500 +3.73 NASDAQ Adv/Dec 1493/928 NYSE Adv/Dec 1668/1297

1:00 pm : The mood ahead of the open had been decidedly negative as weakness abroad was renewed amid ongoing concerns related to troubles surrounding Greece, but a few pieces of strong data have helped stocks put together some gains.

Sharp overnight losses in Asia were matched this morning in Europe. That made for a negative backdrop to trade ahead of the open. However, bias improved with the release of weekly initial jobless claims, which fell more than expected to 414,000.

A surprisingly strong improvement in housing starts and building permits for May also helped bolster buying interest. Starts hit an annualized rate of 560,000 while permits hit a clip of 612,000. That news has been particularly helpful to home improvement plays like Dow component Home Depot (HD 34.67, +0.79).

Not all data were strong, however. After all, the Philadelphia Fed Survey for June unexpectedly fell to -7.7 in the face of calls for improvement from the prior month. The Survey was released shortly after the open and was followed by some knee-jerk selling activity, but stocks were quick to recover.

Overall action has been generally choppy. Financials have offered leadership from time to time, but the sector has struggled to sustain gains. Still, it is presently up 0.4%, which makes it one of the better performers.

Consumer staples stocks currently make up the top performing sector. Collectively, they are up 0.8%. In contrast, materials stocks are down 0.3% as a group; steel stocks have weighed heavily on the space.

The Dollar Index had been up to its best level in about three weeks earlier this morning, but it has since drifted back to the flat line. Most of the greenback's gain this morning came against the euro, which has been grappling with the fiscal challenges facing Greece and other countries in the eurozone periphery.

Even though stocks are higher today, Treasuries continue to attract buying interest. Strength in the space drove down the yield on the 2-year Note to a record low near 0.30% this morning. Its yield is now closer to 0.38%. Meanwhile, the yield on the benchmark 10-year Note is down to a multi-month low of about 2.93%. DJ30 +61.83 NASDAQ +3.13 SP500 +3.90 NASDAQ Adv/Vol/Dec 1533/885 mln/852 NYSE Adv/Vol/Dec 1696/395 mln/1254

12:30 pm : Strength in shares of Home Depot (HD 34.67, +0.79), American Express (AXP 48.24, +0.96), and Hewlett-Packard (HPQ 34.90, +0.64) have helped the Dow take a nice lead over each of its primary counterparts, the S&P 500 and the Nasdaq Composite. Strength in HD shares follows stronger-than-expected new home sales and building permits data. Shares of AXP come a day after the company reported further imrovement in its monthly card metrics. As for HPQ, its strength comes amid news that the company has filed suit against Oracle (ORCL 31.10, -0.06).DJ30 +90.40 NASDAQ +7.81 SP500 +7.48 NASDAQ Adv/Vol/Dec 1606/799 mln/800 NYSE Adv/Vol/Dec 1920/364 mln/1034

12:00 pm : Materials stocks make up the only major sector to trade with a loss. As a group, materials plays are down 0.3%. Steel stocks continue to create a considerable drag; AK Steel (AKS 14.62, -0.52) and U.S. Steel (X 41.79, -0.74) are two of the worst performers in the basic materials space.DJ30 +63.99 NASDAQ +5.37 SP500 +4.87 NASDAQ Adv/Vol/Dec 1554/690 mln/810 NYSE Adv/Vol/Dec 1799/320 mln/1127

11:30 am : Despite choppy action during the course of the past hour, the stock market remains in positive territory with a solid gain. Meanwhile, the dollar has continued its pullback so that it now trades flat against a basket of major foreign currencies.

Even though the greenback has given up its gain for today, commodities haven't really shown much of a positive response. As a result, the CRB Commodity Index is down 0.4%.

Treasuries have managed to tick higher, however. The move has taken the yield on the benchmark 10-year Note down to a new multi-month low. DJ30 +84.73 NASDAQ +9.73 SP500 +8.47 NASDAQ Adv/Vol/Dec 1601/600 mln/748 NYSE Adv/Vol/Dec 1918/275 mln/1004

11:00 am : Stocks were hit with selling pressure in the minutes that followed the latest Philadelphia Fed Survey, but they have since battled back. The rebound effort has taken stocks to new session highs for solid gains.

Financials continue to offer leadership to the broader market. The sector is now up 0.8%. Bank of America (BAC 10.63, +0.13) is a top performer in the financial space after the stock traded at its 52-week low in the prior session. DJ30 +65.46 NASDAQ +7.54 SP500 +5.85 NASDAQ Adv/Vol/Dec 1533/439 mln/766 NYSE Adv/Vol/Dec 1818/207 mln/1064

10:35 am : Natural gas futures have been in the red since pit trading began and took another leg down ahead of this morning's inventory data, falling to a new session low of $4.54/MMBtu. Following the data, which showed a build of 69 bcf versus consensus which called for a build of ~70 bcf, natural gas saw little reactions; now trading 2.0% lower at $4.48/MMBtu.

Crude oil has been in positive territory for the vast majority of this morning's pit trading activity, but is back near the flat line. Crude fell to session lows of $94.32/barrel 20 minutes ahead of pit trading and is now down 0.2% at $94.60/barrel.

Precious metals sold off almost an hour ago, which pulled silver ~1.6% lower to new session lows of $35.16/oz, while gold fell 0.7% to $1522/oz. In current activity, gold is down 20 cents at $1526.00/oz., while silver is 0.3% lower at $35.30/oz.DJ30 +54.64 NASDAQ +5.24 SP500 +5.0 NASDAQ Adv/Vol/Dec 1541/288.7/1250 NYSE Adv/Vol/Dec 1346/142.1/950

10:05 am : The stock market has run into a sudden flurry of selling. The effort comes after the Philadelphia Fed Survey was revealed to have produced a score of -7.7 for June. It had been broadly expected to improve to 7.0 from 3.9 in the prior month.

None of the major sectors has managed to avoid the sell-off. Materials stocks are getting hit the hardest; they are now down 0.9%, collectively.

Treasuries have actually pulled back, too. Earlier today buying in the 2-year Note took its yield to a new record low of about 0.30%, but its yield now sits at 0.39%. Meanwhile, the yield on the benchmark 10-year Note stands at 2.96%. DJ30 +10.90 NASDAQ -3.84 SP500 -1.47 NASDAQ Adv/Vol/Dec 1163/135 mln/1008 NYSE Adv/Vol/Dec 1405/75 mln/1372

09:45 am : The broad market is up with a modest gain in the first few minutes of trade. Some volatility could be seen at the top of the hour, though. That's when the latest Philadelphia Fed Survey will be released.

Utilities are in the best shape this morning, as they sport a 0.8% gain. Financials are also solid. Their 0.5% gain comes after the sector suffered a 2% loss in the prior session and even had lagged in the day before.

Tech stocks are relatively weak, though. The sector is currently stuck at the flat line. DJ30 +38.03 NASDAQ -1.44 SP500 +2.93 NASDAQ Adv/Dec 1180/924 NYSE Adv/Dec 1622/1058

09:15 am : S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +2.40. Pleasing housing start and building permit data, along with a smaller-than-expected weekly jobless claim count, have helped stock futures rally out of the red. Still, concerns related to the tenuous fiscal, social, and political conditions facing Greece haven't gone away. In turn, many overseas markets have extended their downward trend. Less risky assets also remain in favor. As such, the yield on the 2-year Note has fallen to a record low near 0.3%. The dollar has surrendered some of its morning gain, though. Relative to a basket of major foreign currencies, it is now up just 0.2%, which is less than half of what it had sported earlier this morning. Still to come this morning is the latest Philadelphia Fed Survey (10:00 AM ET). Corporate news remains minimal.

09:05 am : S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +0.90. Domestic stock futures continue to improve their position. In fact, they now trade with a narrow lead over fair value. However, concern over the tenuous fiscal, social, and political conditions in Greece has dragged down Europe's major bourses for another day of deep losses. As such, the EuroStoxx 50 is down 0.7%. Earlier it was down more than 1%, which put it at its lowest level in nearly three months. Germany's DAX is currently down 0.8%. Automakers Daimler AG and BMW have managed to muster gains, though. Man SE is the only other name in the German bourse that has worked its way into positive territory. France's CAC has fallen to a 1.1% loss. All 40 of its components are in the red, but Carrefour SA, Axa (AXA), Societe Generale, and Credit Agricole are in the worst shape as they contend with losses in excess of 4%. Britain's FTSE has fallen to a 1.0% loss as about 99% of its trade in negative territory. Capita Group Plc is currently the only component that has managed to find higher ground. A disappointing dose of retail sales data hasn't helped the FTSE. It was learned early this morning that retail sales in the United Kingdom fell by 1.4% during May after they had increased by 1.1% in April. Broader eurozone data indicated that consumer prices were flat during May after a 0.6% increase in April.

Overnight action in Asia culminated with sharp losses for several major market averages. Japan's Nikkei ended its trading day with a 1.7% loss, which represented its worst one-day drop in months. Japan Steel suffered the worst loss of any stock with a 6% drop, but Nippon Steel scored a solid gain in the face of widespread weakness. Paper plays like Nippon Paper, OJI Paper, and Mitsubishi Paper also outperformed. Hong Kong's Hang Seng extended its slide to a new multi-month low with a 1.8% loss. Financials were among the heaviest drags there. Mainland China's Shanghai Composite closed 1.5% lower. Natural resource plays succumbed to some of the sharpest selling pressure.

08:35 am : S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -4.40. Stock futures have pared their losses with help from a better-than-expected batch of economic data. Specifically, premarket participants have been encouraged by news that initial jobless claims for the week ended June 11 totaled 414,000, which is less than the 421,000 initial claims that had been expected, on average, among economists polled by Briefing.com. The latest weekly tally is also down by 16,000 from the prior week. Housing starts for May hit an annualized rate of 560,000, which is greater than the expected rate of 540,000 units. Building permits improved to an annualized rate of 612,000 in May from 563,000 in the prior month. They had actually been forecasted to fall to a rate of 548,000.

08:05 am : S&P futures vs fair value: -6.10. Nasdaq futures vs fair value: -9.40. Aggressive selling during the prior session sent the stock market to its lowest level in about three months. The negative tone continues this morning. As such, stock futures trail fair value by a considerable margin. The negative sentiment has been perpetuated by renewed weakness abroad, where many markets continue to react to social and political instability in Greece amid the country's precarious fiscal position. Concerns related to the matter have weighed heavily on the euro, which has fallen another 0.5% against the greenback today. The euro was last quoted at $1.409, which marks its lowest level in three weeks. As has been the case in recent sessions, there has been barely any corporate news of consequence. However, the bottom of the hour brings a dose of economic data with the release of monthly housing starts and weekly initial jobless claims. The Philadelphia Fed Survey follows at 10:00 AM ET.

06:45 am : [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -2.40.

06:45 am : Nikkei...9411.28...-163.00...-1.70%. Hang Seng...21953.11...-390.70...-1.80%.

06:45 am : FTSE...5675.22...-67.30...-1.20%. DAX...7048.02...-67.10...-0.90%.

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

6:38PM GameTech International enters into new loan agreement for its existing credit facility (GMTC) 0.23 +0.02 : Co announced that it has entered into a new loan agreement with its current lenders. The new loan agreement, dated as of June 15, 2011, extends the terms for repayment of the outstanding amounts owed on the Co's existing credit facility and does not impose any additional funding obligations on the lenders. Pursuant to the new loan agreement, the maturity date of the credit facility will be extend to June 30, 2013, provided that the co makes all payments, no event of default has occurred, and the co is in compliance with certain financial covenants as of June 30, 2012.

6:35PM Ascent Media announces stock repurchase program fo $25 mln of its series A common stock (ASCMA) 43.47 +0.40 :

6:35PM Hawaiian Electric announce regulators approve Maui Electric's contract for 21-MW Sempra Generation Wind Energy Project (HE) 2.60 +0.13 : The Hawaii Public Utilities Commission has approved a 20-year contract for Maui Electric Company to purchase 21 megawatts (MW) of wind power from Sempra Generation's Auwahi Wind project on the Ulupalakua Ranch in southeastern Maui. The project is currently undergoing environmental review by Maui County, State of Hawaii and federal agencies. Upon approvals, construction on Auwahi Wind is targeted to begin in early 2012. Construction is expected to take about one year, creating ~150 construction jobs at peak and five full-time positions to operate the facility.

6:05PM SuperGen stockholders approve stock issuance in connection with the proposed acquisition of Astex Therapeutics Limited (SUPG) 2.92 +0.14 : Co announced that stockholders have approved the issuance of shares to be issued in connection with the proposed acquisition of Astex Therapeutics Limited ("Astex"), a privately held, U.K.-based biotechnology company developing targeted therapies. The proposal to approve the share issuances in connection with the proposed acquisition of Astex passed by those voting either in person or by proxy at SuperGen's annual meeting of stockholders on June 16, 2011. On June 13, 2011, the shareholders of Astex voted to approve the transaction.

6:02PM Steel Dynamics guides Q2 EPS at $0.35-0.40 vs. $0.56 Capital IQ Consensus Estimate (STLD) 15.35 -0.60 : On a comparative basis, unrealized hedging gains at the company's metals recycling operations were $9.5 mln in the first quarter 2011, as compared to an estimated second quarter unrealized hedging loss of ~$3 mln, resulting in a non-cash fluctuation in the co's quarter over quarter pretax earnings of $12.5 mln, an estimated impact of ~$0.03 per diluted share. During the quarter, the co has been experiencing reduced metal margins in its metals recycling operations, as the cost of acquiring unprocessed scrap material more than outpaced any price increases, resulting in an estimated 15% quarterly reduction in ferrous margins and an estimated 25% reduction in nonferrous margins (excluding the impact from unrealized hedging adjustments), driven by the copper and stainless steel markets. The impact of Mesabi Nugget on the co's results is estimated to be comparable to that experienced in Q1 2011, due to the previously discussed planned May maintenance outage. In addition, during Q2 the co experienced periods of weaker than expected market dynamics for both its sheet and structural products. April incoming orders for flat-rolled steel were about 25% less than the monthly average achieved in Q1; however, orders since the beginning of May have returned to levels consistent with those achieved earlier in the year and currently the company expects this trend to continue. Unexpectedly, incoming orders for structural steel weakened in the quarter, as the residential and non-residential construction markets remain a challenge. Despite these volume and pricing issues, the company's steel operations' operating results are expected to be further improved from those experienced in Q12011.

5:58PM BPZ Energy provides oil and gas resources estimates and launches partnering process for Block Z-1 (BPZ) 3.02 -0.03 : Co announced the start of the process to identify and select a potential partner for its offshore Block Z-1. The Company also provided Block Z-1 oil and gas resources as estimated by the Company's independent reserve auditor, Netherland, Sewell & Associates. According to the NSAI report, Block Z-1 has a best estimate of 981 million barrels of unrisked prospective oil (MMBO) resources as of March 31, 2011. The report provides low and high estimates of unrisked prospective oil resources of 269 MMBO and 2,750 MMBO, respectively. The report also provides estimates for unrisked prospective gas resources with a best estimate of 8.1 trillion cubic feet (TCF), and low and high estimates of 4.1 TCF and 12.7 TCF, respectively. The prospective resources are based on the evaluation of 12 structures in the Z-1 Block.

5:58PM Avalon enters into negotiation agreement with the Lutsel K'e Dene First Nation (AVL) 6.09 -0.05 : Co now entered into a Negotiation Agreement with the Lutsel K'e Dene First Nation ("Lutsel K'e") regarding the development of the Nechalacho rare earth elements deposit, Thor Lake, NWT. This Negotiation Agreement is similar to the agreements Avalon has entered into with the Yellowknives Dene First Nation, and the Deninu Ku'e First Nation (News Release #11-02 February 8, 2011), the two other Akaitcho Territory First Nations impacted by the proposed development.

5:40PM Miller Energy resources secures drilling Rig for Osprey Platform (MILL) 5.91 +0.09 : Co announced that it has entered into a contract with Voorhees Equipment and Consulting, Inc. for the custom construction and purchase of a drilling rig to be used on Miller's Osprey offshore platform located in the Cook Inlet of Alaska. The contract sets a total purchase price of $17,927,770 for the rig. The addition of the rig will allow Miller to enhance its capabilities on the Osprey Platform, where Miller has had recent success. Earlier this week, Miller announced that it had reworked the RU-1 well and that it is producing 350 barrels of oil per day.

5:33PM Cano Petroleum's CFO resigns (CFW) 0.34 : Co announced that Michael J. Ricketts informed Cano of his decision to resign from his positions as the Senior Vice President and Chief Financial Officer of Cano and from all other positions he holds with Cano or any of its subsidiaries, effective as of the close of business on June 20, 2011. Mr. Ricketts is resigning to accept a position at another company. The Board of Directors of Cano believes that it is in the final stages of its search for a Chief Financial Officer to succeed Mr. Ricketts and expects to announce a successor in the near future.

5:28PM Texas Instruments reports that the co and Eolas Technologies reach licensing agreement covering two Eolas patents for interactive web applications (TXN) 31.32 -0.27 : Internet technology provider Eolas Technologies Inc. has reached a licensing agreement with Dallas-based Texas Instruments (TXN) covering two Eolas patents that enable Internet browsers to host embedded interactive applications. The agreement resolves Eolas' legal claims against Texas Instruments in Eolas Technologies Inc. v. Adobe Systems (ADBE), et al., No. 6:09-cv-446.

5:28PM Spartan Chassis executes agreement with Lion Bus for Type C school bus chassis (SPAR) 4.18 -0.05 : Spartan Chassis, a subsidiary of Spartan Motors (SPAR), has executed a supply agreement with bus manufacturer Lion Bus Inc. of Saint-Jerome, Canada. Under the agreement, Spartan Chassis will supply conventional front-engine diesel chassis for use on Type C school buses in the United States and Canada.

5:18PM Vulcan Materials comments on impact of $1.1 bln bond issuance and $275 mln tender offer (VMC) 38.00 +0.22 : Co commented on the expected effects of its recently completed $1.1 billion bond issuance, the use of the net proceeds of the Issuance, including a tender offer for up to $275 mln of its senior unsecured notes due 2012 and 2013, and fixed-to-floating interest rate swaps. As previously announced, on June 14, 2011 the co issued $500 mln of senior unsecured notes due 2016 and $600 mln of senior unsecured notes due 2021. Also, on June 14, 2011, consistent with the previously communicated intended use of proceeds from the Issuance, the co purchased $275 mln of senior unsecured notes in the Tender Offer. The total cash used for the Tender Offer, including the purchase price above par value of the notes, accrued interest, and fees & expenses, was ~$298.3 mln. Additionally, net proceeds from the Issuance will be used to prepay the co's $450 mln term loan due 2015 and reduce the outstanding borrowings under its revolving credit facility. On June 14, 2011, the co entered into interest rate swaps with a consortium of banks to exchange the fixed rate on the $500 mln notes due 2016 to floating rates in order to rebalance the fixed rate and floating rate interest mix toward the interest mix that existed prior to the Issuance and the resulting use of proceeds. The co will incur a pretax charge of ~$26.5 mln in the second quarter ended June 30, 2011 in connection with the use of proceeds from the Issuance. This charge is due primarily to the difference between par value and the purchase price of notes under the Tender Offer and the non-cash write-off of previously deferred financing costs. Full year 2011 net interest expense is expected to be ~$213 mln, including the second quarter charge just described and ~$2.2 mln and $14.1 mln higher net interest expense in Q2 and second half of the year respectively.

5:03PM Harbinger Group announces expiration of exchange offer for 10.625% senior secured notes (HRG) 5.89 +0.10 : Co announced the expiration of its exchange offer for any and all of its outstanding $350,000,000 in aggregate principal amount of 10.625% Senior Secured Notes due 2015. Wells Fargo Bank, National Association, the exchange agent for the exchange offer, has advised the Company that $349,998,000 aggregate principal amount of the Original Notes were validly tendered and not validly withdrawn prior to the expiration of the exchange offer, which represents 99.99% of the aggregate principal amount of outstanding Original Notes.

5:02PM China Finance Online beats by $0.03, beats on revs; lowers FY11 revs below consensus (JRJC) 3.96 -0.16 : Reports Q1 (Mar) earnings of $0.06 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.03; revenues fell 1.3% year/year to $15 mln vs the $14.7 mln consensus. Co lowers revs guidance for FY11 to of $55.0 mln vs. $58.89 mln Capital IQ Consensus Estimate, down from $58 mln. Co also lowers and non-GAAP net income from $3 million to a loss of $1 million in light of weakening investor sentiment regarding the languishing Chinese stock market and the impact of new Chinese regulations on both the Co's revenues and costs.

4:54PM Capital One (COF) confirms it will acquire ING Direct for $9.0 bln in stock and cash (ING) 49.00 +1.13 : Co announced a definitive agreement under which COF will acquire ING Direct from ING Groep (ING) in a stock and cash transaction valued at $9.0 bln. Upon closing, COF will become the 5th largest depository institution and the leading direct bank in the United States. Under the agreement, COF will purchase ING Direct from ING Groep for $6.2 bln in cash and ~55.9 million COF shares, valued at $2.8 bln , based on a COF share price of $50.07, the 10-day average of Capital One closing prices for the period ending June 15, 2011. COF expects this transaction will be accretive to tangible book value at closing, accretive to EPS in 2012 and result in mid-single digit accretion in 2013. COF expects to finance the cash portion of the consideration, in part, through a public equity raise of ~$2 bln and debt offerings of ~$3.7 billion prior to the close of the transaction.

4:50PM Research In Motion opens for trade; slides to $31 in initial reaction (RIMM) :

4:49PM Brookfield Office Properties announces $250 mln retail plan for the World Financial Center (BPO) 18.47 +0.11 : Co unveiled plans for a $250 million retail redevelopment of the World Financial Center in Lower Manhattan. The broad-scope changes expand the retail offerings and include high-end fashion, a European-style marketplace, and waterfront dining. In addition, a dramatic glass pavilion on West Street will link the Center to Lower Manhattan's new transit hubs and serve as the main entranceway to the eight-million-square-foot complex.

4:46PM Eaton refinances expiring credit facility and prefunds debt maturity (ETN) 46.71 +0.19 : Co announced that it has completed the refinancing of a $500 mln, five-year revolving credit facility and has prefunded term debt maturities due in mid-2012. The new $500 mln revolving credit facility maintains Eaton's long-term revolving credit facilities at a total of $1.5 billion. The revolving credit facilities are used to support commercial paper borrowings. The new facility will expire June 16, 2016, replacing a $500 mln facility that had been set to expire on September 1, 2011. Additionally, co issued $300 mln of floating rate notes, maturing June 16, 2014. These notes will bear interest at a spread to 3-month LIBOR of 33 basis points, initially set at 0.575 percent. With this issuance, co has taken advantage of historically low interest rates to prefund the maturity of its $300 mln, 5.75 percent notes due in July 2012.

4:40PM Aastrom Biosciences files at-the-market offering and new shelf registration statement (ASTM) 2.48 -0.04 : Co announced that it has filed a prospectus supplement to sell shares of its common stock, no par value per share, at an aggregate offering amount of ~$20 mln through an "at-the-market" (ATM) offering. The ATM offering will exhaust the November shelf registration statement. As a result, Aastrom has filed a new shelf registration statement with the SEC that will allow the co, from time to time, to offer and sell up to $100 mln of its securities.

4:35PM Sunpower and Munich Reinsurance America plans 2.5-megawatt sunPower solar power system (SPWRA) 16.88 -0.78 : Munich Reinsurance America (Munich Re) and SunPower (SPWRA, SPWRB) announced that SunPower will design and build a 2.5-megawatt solar power system at Munich Re's Plainsboro, N.J. facility. SunPower will install its high-efficiency solar panels on a carport structure that will provide shade for the facility's parking lot while reducing annual electricity costs by almost $500,000. Most importantly, the Munich Re solar energy system will benefit the environment with an annual carbon footprint reduction equivalent to removing more than 400 cars from the road, according to estimates provided by the U.S. Environmental Protection Agency.

4:34PM Research In Motion beats by $0.01, misses on revs; guides Q2 EPS below consensus, revs below consensus; guides FY12 EPS below consensus; announces buyback (RIMM) : Reports Q1 (May) earnings of $1.33 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.32; revenues rose 15.9% year/year to $4.91 bln vs the $5.14 bln consensus. RIMM reports Q1 gross margins of 43.9%; guidance and street expectations were 41.5%. RIMM reports Q2 smart phones shipped were 13.2 mln; guidance was 13.5-14.5 mln. Co issues downside guidance for Q2, sees EPS of $0.75-1.05 vs. $1.38 Capital IQ Consensus Estimate; sees Q2 revs of $4.2-4.8 bln vs. $5.44 bln Capital IQ Consensus Estimate; sees gross margins of 39%. Co issues downside guidance for FY12, sees EPS of $5.25-6.00 vs. $6.24 Capital IQ Consensus Estimate. Research In Motion Board of Directors approves share repurchase program to purchase for cancellation through the facilities of the NASDAQ or by way of private agreement up to 5% of outstanding common shares.

4:31PM Central Garden approves $100 million share repurchase program (CENT) 9.26 +0.04 :

4:30PM Photronics acquired an additional $5.0 mln aggregate principal amount of its 5.5% convertible senior notes due in October 2014. (PLAB) 8.34 -0.35 :

4:23PM W.P. Carey increases qtrly dividend to $0.55 (WPC) 36.58 -0.01 : Co announced that its Board of Directors has increased the Company's quarterly cash distribution to $0.55 per share for the quarter ending June 30, 2011. Payable on July 15, 2011 to shareholders of record as of June 30, 2011, this marks the Company's 41st consecutive distribution increase and a 7% increase over the prior quarter.

4:16PM Grupo Aeroportuario del Pacifico comments on lawsuit (PAC) 40.40 -0.35 : Co announced the following: It has come to the Co's attention that Grupo Mexico, S.A.B. de C.V. ("Grupo Mexico") has filed a shareholder lawsuit against the Company and its Nominations and Compensations Committee President seeking to void resolutions VII and VIII as adopted during the General Ordinary Shareholders' Meeting that took place April 27, 2011. In this lawsuit, and as requested by the plaintiff, the Tenth District Civil Matters Judge in Mexico City has suspended the effects of resolutions VII and VIII. The Company is currently analyzing the effects of this suspension in order to take the appropriate measures.

4:14PM Rainmaker Sys appoints former PayPal CTO Chuck Geiger to Board of Directors (RMKR) 1.28 +0.07 :

4:13PM ICO Global Comm to change name to Pendrell Corporation (ICOG) 3.00 +0.13 : The new ticker symbol for the Company will be PCO, and it will continue to trade on the NASDAQ stock exchange.

4:11PM F.N.B. Corp confirms it successfully exited MLP Steel Investment (FNB) 9.85 -0.47 :

4:09PM Support.com announced acquisition of SUPERAntiSpyware; Updated Q2 guidance (SPRT) 4.16 +0.10 : The transaction is structured as an acquisition of assets with a cash purchase price of $8.5 mln. Co expects revenue from its current operations, excluding the acquisition, of between $13.2-13.5 mln, prior $12.5-13.5 mln, and a non-GAAP net loss per share of ($0.05)-(0.06), prior ($0.05)-($0.08), vs ($0.07) Capital IQ Consensus Estimate. SUPERAntiSpyware had 2010 revenues of ~$2.5 mln and is profitable. It provides software on a subscription basis, and revenues from SUPERAntiSpyware products will be recognized ratably over the subscription term. As is customary in acquisitions of this nature, a substantial percentage of SUPERAntiSpyware's current deferred revenue will not be recognized by Support.com. Given the foregoing, co expects the acquisition to contribute only trace amounts to second quarter results.

4:09PM Lender Processing Services guides Q2 earnings below consensus (LPS) 23.37 -0.90 : Co issues downside guidance for Q2 (Jun), sees EPS of $0.54-0.56 vs. $0.80 Capital IQ Consensus Estimate. This updated outlook reflects further weakness in default volumes and continued sluggish origination activity, in particular, in the refinancing marketplace. Lower default volumes will in turn impact related revenues in LPS' Other TD&A sub-segment. Also, results are expected to be impacted by higher than expected regulatory and legal-related expenses in the quarter. "While we are experiencing very difficult market conditions, our business model remains intact and we continue to be well-positioned to gain additional market share." Also, the Company noted that its Board of Directors had authorized a new share repurchase program of $100 million that replaced the previous authorization.

4:07PM Beckman Coulter: Danaher (DHR) confirms it obtained European Commission approval to acquire Beckman Coulter for $83.50/share (BEC) 83.37 -0.03 : Danaher continues to anticipate that the transaction will close in June 2011.

4:05PM Cablevision announces offering of $700 mln of Senior Notes (CVC) 35.93 -0.09 : Co announced that it is planning an offering of $700 million aggregate principal of senior notes due 2021. The senior notes offering is in connection with the previously announced leveraged spin-off of AMC Networks by Cablevision.

4:02PM Mitcham Ind announces a common stock offering (MIND) 15.99 -0.52 : Mitcham intends to use the net proceeds from this offering to repay borrowings under its revolving credit facility, to purchase seismic lease pool equipment and for general corporate purposes. Global Hunter Securities is acting as sole book-running manager.

4:00PM Merit Medical intends to offer shares of its common stock in a public offering (MMSI) 18.52 +0.46 : Co announced that it intends to offer shares of its common stock in a public offering. Piper Jaffray & Co. is acting as the sole manager for the offering. Merit expects to use the net proceeds from the offering to partially repay debt under its existing credit facility, to expand manufacturing facilities, for potential strategic acquisitions, and general corporate purposes.

3:56PM General Motors and United Auto Workers will make a 'positive news announcement' on June 17 at 11am ET (GM) 28.54 -0.41 :

3:54PM China Pharma states it knows of no events that could have caused unusual market activity (CPHI) 1.79 -0.46 : Co announced that, in view of the unusual market activity in the common stock of China Pharma, the NYSE Amex has contacted the Company in accordance with its usual practice. Co stated that, while its policy generally is not to comment on unusual market activity, it knows of no event or series of events that could have caused such market activity.

3:41PM Earnings Calendar (SUMRX) : Today after the close JRJC and RIMM are schedule to report. Tomorrow no companies are currently scheduled to report.

3:33PM Meredith jumps following updated guidance; expects FY11 EPS to be at higher end of its previously range (MDP) 30.26 +0.59 : Co said that it will record a special charge of ~$10 mln (~$6 mln after-tax or $0.13/share) in Q4. The charge includes closing the ReadyMade brand due to ongoing weakness in the home category/marketplace, and other selected workforce reductions-for a total of ~75 positions companywide.... Meredith now expects FY11 EPS to be at the higher end of its previously communicated $2.72 to $2.78 range (vs $2.76 Capital IQ Consensus Estimate).

3:32PM China-Biotics provides update; confirms NASDAQ requested certain information (CHBT) 3.46 : Co affirmed that NASDAQ halted trading in its common stock shortly after the co filed for an extension of time to file with the SEC its Annual Report on Form 10-K. NASDAQ has requested certain information and explanations relating to delay in filing the Form 10-K. Co is working to provide the information and explanations that have been requested as promptly as practicable so that it may permit the resumption of trading of its common stock. Once such information and explanations are provided to NASDAQ, NASDAQ may request further information. Co cannot predict when or if NASDAQ will be satisfied with its responses to this inquiry, or when or if NASDAQ will permit resumption of trading of its common stock. (stock remains halted)

3:30PM Final hour upticks for stock indices -- Dow +40 S&P -0.8, Nasdaq Comp -15 (SPY) : After two weeks of generally negative action in the final hour, seeing some follow through upticks after the S&P slide stalled near 1357/1356 support (200 sma/unch for year/2011 close low) and the Nasdaq Comp held at the 2600 psych level.

3:04PM Catalyst Pharma announced initial positive efficacy results from an investigator sponsored study of CPP-115; CPP-115 significantly reduced observed spasms for three times longer than vigabatrin (CPRX) 1.73 -0.03 : Co announced initial positive efficacy results from an investigator sponsored study of CPP-115 in an animal model of infantile spasms (IS). In this study, CPP-115 significantly reduced observed spasms for three times longer than vigabatrin (the active ingredient in Lundbeck's Sabril), which is currently approved for the treatment of infantile spasms. Further, CPP-115 was hundreds of times more potent than vigabatrin, exhibited less side effects, and with a larger margin of safety. "We hope that CPP-115, if approved, will provide a superior therapy for IS than the therapies currently available. Based upon these and previously announced results from our other CPP-115 non-clinical studies conducted to-date, we are proceeding with our plans to file an Investigational New Drug Application for CPP-115 with the FDA and to commence our first human studies with CPP-115 in the third quarter of 2011."

2:59PM Stock indices attempting to work off low (SPY) : The Dow +19 never even reached its morning low, the S&P -4.3 is trying to hold near the 1257/1256 support while the Nasdaq Comp -25 has thus far held near the 2600 psych level.

2:48PM Nasdaq 100 -24 is the weakest performing market average, slips under its March trough at 2188 to set a new intraday low for the year (QQQ) : Nasdaq Comp -27 also slipped to a new low for the year.

2:38PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled higher by 14 cents to $94.95, natural gas fell 15.7 cents to close at $4.42, RBOB gasoline gained 2.54 cents to end at $2.9489, while heating oil finished higher by 1.79 cents to $3.002 (all July contracts).

2:38PM S&P -4.9 slides to 1260 (SPY) : The next support area of note is at 1357/1356 which marks its 200 sma, unchanged for the year and its March/2011 close low.

2:37PM S&P -4.4 joins Nasdaq Comp -19 at new session low, Dow +7 (SPY) :

2:36PM Baidu.com hovering near session low of 116.24 and modestly above its 200 sma/ema at 116.07/115.61 (BIDU) 116.26 -2.58 :

2:34PM The U.S. Senate voted 73 to 27 to end Government incentives for ethanol-- ag sector seeing additional pressure (COMDX) : This is negative for corn prices and negative for many related ag names including: Fertilizer stocks (POT, MOS, CF, AGU), Seed names (MON, SYT) and farm equipment names (CNH , DE, AGCO). However, this data should be bullish for livestock producers including (SAFM, TSN, SFD, HRL).

This is negative since almost 40% of the U.S. corn crop is used to make ethanol. Without receiving some kind of a tax credit, blenders will blend/create less ethanol and this would be expected to reduce corn demand.

2:30PM Toyota Motor reports that North American Toyota production is expected to reach 100% in September (TM) 79.45 -0.04 : Co announced that North American vehicle production levels are expected to return to 100% in September. Production is recovering earlier than originally anticipated following the March 11 earthquake and tsunami in Japan. On average, current production has improved to more than 80% through August. Eight of the company's 12 North American-built models returned to 100% production on June 6. "After September we will focus on making-up lost production as much as possible."

2:27PM Hewlett-Packard displays relative strength against the market as it attempts to push up through the $35.00 area in weak broad-based action (HPQ) 35.03 -0.76 :

2:21PM Sina slips to fresh lows as it dips back under its 200-day ema ($87.83) to probe its June/3-mth low of $84.91 (SINA) 84.50 -2.38 :

2:19PM American Medical Alert announces inception of Medical Advisory Board and appoints Renzulli as Chairman (AMAC) 5.55 +0.03 : The members will provide guidance on how to respond to changes in patient care and new healthcare-related legislation.

2:10PM SAP AG's Sybase and China Comservice form joint venture to provide telecommunications market opportunities across China (SAP) 59.04 -0.48 : Cos announced the signing of an agreement to form a joint venture. The new company will provide telecom operators, enterprises and government agencies data management and analytics offerings, mobile device management and applications, mobile commerce and mobile Internet value-added services.

2:00PM Fractional new session low for the Nasdaq Comp -9.3, S&P -1.1 slides back into the red, Dow +23 slips 70 points off high (TECHX) :

1:54PM Index Change Reminder (INDXCH) : Haynes International (HAYN) will replace Volcom (VLCM) in the S&P SmallCap 600 index after the close of trading today.

1:54PM Stock indices back track off midday highs -- Dow +35, S&P +0.03, Nasdaq Comp -6.5 (SPY) : Relative sector weakness in recent action has been noted in Biotech IBB, Finance XLF, Reg Bank KRE, Energy XLE, Oil Service OIH, Materials XLB, Ag/Chem MOO, Reits IYR, Networking, Steel SLX, Solar TAN, Gold Miners GDX, Coal KOL

1:31PM COMEX Metals Closing Prices (COMDX) : August gold ended higher by $3.70 to $1529.90, July silver gained 9 cents to finish at $35.50, while July copper closed up 0.1 cent to $4.12.

12:49PM Finisar: Following earnings, stock continues its midday retracement higher as it begins to close in on the $16.00 level (FNSR) 15.62 -2.10 :

12:45PM Churchill Downs will raise overnight race purses because of higher than expected all-sources wagering levels (CHDN) 42.78 +0.87 : The co's overnight purses will increase 15% for the final three weeks of the Spring Meet, which concludes its 39-day run on July 4. This follows 10% increase announced June 3. Purses for the final 128 overnight races - which include overnight stakes, allowance, maiden special weight, claiming and maiden claiming events - will rise by an approximate blended average of $5,126 per race. Total overnight purses offered for the meet are projected to be $13.3 mln, up $1.2 mln from the original forecast of $12.1 mln. The daily average purse distribution, not including stakes money, will be ~$340,547 per day, and the number grows to $501,242 when stakes money is included.

12:25PM Seeing some relative strength in Energy/Commodity in recent trade as Dollar Index slips back near day session low (TECHX) : Copper JJC, Silver SLV, Gold GLD, Energy XLE, Oil Service OIH

12:24PM St. Jude Medical's AGA Medical subsidiary files patent infringement lawsuits against Occlutech (STJ) 47.97 +0.23 : The suits, which involve a total of three patents and seek injunctive relief and monetary damages, were filed in Germany and the U.K. at the District Court of Duesseldorf and the High Court of Justice, Chancery Division, Patents Court, respectively.

12:23PM Ener1 and JSC Mobile GTES signed agreement to contemplate the manufacture of lithium-ion-based uninterruptible power supply systems (HEV) 1.42 +0.02 : The co and Russia's JSC Mobile GTES, subsidiary of the Federal Grid Company, have signed a strategic framework agreement to contemplate the manufacture of lithium-ion-based uninterruptible power supply systems as part of a five-year engineering and framework agreement. The proposed uninterruptible power supply systems will provide back-up power for internal substation needs for one hour, including switchgear, lighting, communications and other needs. The cos previously signed a $40-million energy storage supply contract in November 2010. This new framework agreement follows a new Memorandum of Understanding (MOU) signed by both companies in March 2011. The purpose of the framework agreement is to set forth the parameters of what is contemplated to be a five-year supply arrangement.

12:18PM Fresh lows for nat gas at $4.44; now lower by 13 cents to $4.45 (COMDX) :

12:18PM American Intl unit ILFC reports it has entered into 114 lease commitments so far in 2011 (AIG) 28.13 +0.24 :

12:16PM Celgene reports Phase I/II data evaluating clinical benefit of REVLIMID in combination with standard R-CHOP chemotherapy (CELG) 57.96 -0.03 : Co announced that clinical data from two studies evaluating the use of REVLIMID with standard R-CHOP chemotherapy (R2CHOP) in patients with untreated diffuse large B cell (DLBCL) or grade 3 follicular lymphoma were presented. In a phase I/II study conducted by investigators at the Mayo Clinic, 12 patients received REVLIMID at doses of 15 mg, 20 mg or 25 mg on days 1-10 of each 21-day cycle with standard R-CHOP chemotherapy to determine the maximum tolerated dose (MTD) of REVLIMID. There were no dose-limiting toxicities observed.

12:04PM Goldman Sachs elected Debora Spar as independent director effective immediately (GS) 136.42 +1.57 :

11:48AM Celgene announced that clinical data from a Phase I/II study evaluating the combination of Revlimid (lenalidomide) plus rituximab (CELG) 58.05 +0.03 : Co announced that clinical data from a Phase I/II study evaluating the combination of Revlimid (lenalidomide) plus rituximab (R2) in relapsed/refractory mantle cell lymphoma. The combination REVLIMID plus rituximab was well tolerated.

11:38AM AAR Corp has been selected to provide a rotable component support program for Finnair's fleet of Boeing 757 aircraft (AIR) 25.57 +0.31 :

11:22AM S&P +7.7 and Dow +83 push to minor new highs, Nasdaq Comp +8.9 holding just below it high (SPY) :

11:06AM S&P +3.4 stalls at retracement level (SPY) : The index held at yesterday's low during the post data dip and recovered but it has stalled in recent action at the 38% retracement of the slide off Tuesday's high. Dow +47 pushed 14 points above a similar level while the Nasdaq Comp fell four points shy.

11:01AM Home Depot top performing Dow Component notches new session high (HD) 34.71 +0.83 : HD has helped lead the Dow higher today with it recently edging to a new session high of 34.77. Note that the last two rebound attempts this month (7th and 14th) tested but were unable to hold above its 200 day ema (at 34.85 today).

10:56AM Everest Re promotes Dominic Addesso to President (RE) 82.83 +0.49 : Addesso joined Everest two years ago as Executive Vice President and Chief Financial Officer. Co will initiate a search for a new Chief Financial Officer. Until that search is completed, Mr. Addesso will continue in his role as Chief Financial Officer.

10:55AM LinkedIn continues to display early relative weakness as it nears a retest of its IPO low at $70.50 (LNKD) 71.22 -3.40 :

10:54AM Abbott Labs and Reata initiate global Phase 3 study of Bardoxolone Methyl in patients with chronic kidney disease and type 2 diabetes (ABT) 51.25 -0.06 :

10:43AM General Electric unit awarded 4-year, $120 mln subsea service contract to maintain Petrobras' (PBR) Campos Basin, Offshore Brazil fleet (GE) 18.60 +0.36 :

10:39AM Westmoreland Coal Company announced that a new collective bargaining agreement has been reached at Absaloka Mine (WLB) 17.84 -0.38 : Co announced that a new collective bargaining agreement has been reached with the represented employees at Westmoreland Resources Absaloka Mine in Montana. The new agreement with the International Union of Operating Engineers Local 400 is effective retroactive to June 1, 2011, and will expire May 31, 2015.

10:38AM Nasdaq 100 and QQQ hold at their 2011 close lows from March and bounce (QQQ) : The 2011 close low for the Nasdaq 100 is 2202 today's low is 2202. A similar level for the QQQ is at 54.15 (today's low 54.13). Only a limited slide off the morning rebound high that would be a constructive set-up for follow through over the short term.

10:32AM Nat gas now extending slide to downside; currently lower by 9 cents to $4.48 (COMDX) :

10:30AM Natural gas sees little immediate reaction to inventory data; now off 5 cents to $4.52 (UNG) :

10:18AM Magellan Petroleum provides Evans Shoal transaction update; commenced discussions with Santos after conditions to completion were not met by May 31 (MPET) 1.71 -0.06 : The conditions to completion of the Evans Shoal transaction were not satisfied by May 31. Magellan and Santos have acknowledged that the Evans Shoal transaction will now not close. Co has commenced discussions with Santos with the intention of agreeing with Santos, in the near future, on an appropriate resolution of all issues relating to the Evans Shoal transaction. Cos will continue these discussions in good faith, provided there is a basis for reaching an appropriate resolution. In the meantime, MPET will continue to reserve all its rights and claims against Santos. Co does not accept Santos' assertion that "Santos will also retain a $15 million non-refundable deposit paid by Magellan" and regards the treatment of this sum as a matter to be resolved between the parties. Given the discussions with Santos, the Company has elected to forbear upon its rights with regard to completing the final closing under the Securities Purchase Agreement dated August 5, 2010 between the Company and Young Energy Prize SA, as amended, and has reserved its rights under that Agreement. Magellan strongly believes in the future value of Methanol in the world's energy mix. Magellan continues to be focused on maximizing the value of its existing portfolio of assets in Australia, the USA and the UK. As part of their ongoing discussions, Santos and Magellan are exploring rationalization plans for their common interests in the Amadeus and Bonaparte basins, Northern Territory, Australia.

10:16AM Stock indices are notching fresh session highs -- Dow +57, S&P +5.4, Nasdaq Comp +5.8 (SPY) : Seeing relative sector strength on this move in Housing XHB/ITB, Finance XLF, Reg Bank KRE, Disk Drive, Networking, Solar TAN, Steel SLX, Materials XLB.

10:13AM Pandora Media slips below IPO price of $16.00 in recent trade (P) 15.76 -1.66 :

10:11AM Some market resilience after disappointing data (SPY) : The data was well below consensus but the Dow +26 did not set a new session low and has bounced. The S&P +1.6 held near yesterday's low os 1261.90 (session low 1261.89) and the underperforming Nasdaq Comp +2.3 has pushed to a minor new session high after a dip to a minor new low (Semi SMH has continued to hold at its 200 day sma noted in the 09:53 update).

10:10AM Natural gas falls to lows with about 20 min to go until inventory data; now off 3 cents to $4.54 (COMDX) :

10:07AM Rosetta Genomics reports data demonstrating the ability of miRview to identify tissue of origin in Cancer of Unknown Primary was presented at ASCO 2011 (ROSG) 0.32 +0.01 : Co announced that data presented miRview mets test accurately identified the tissue of origin in Cancer of Unknown Primary patients in a post-marketing validation study. Additional studies have been completed demonstrating that decalcified bone specimens can now be tested on the miRview mets platform.

10:01AM Penn Natl Gaming entered into a definitive agreement to sell its joint venture interest in the Maryland Jockey Club (PENN) 38.00 +0.48 : Co announced that it has entered into a definitive agreement to sell its joint venture interest in the Maryland Jockey Club to Stron-MJC Limited Partnership. As announced by MI Developments, Penn National's joint venture partner, an affiliate of MI Developments will also transfer its interest in the Maryland Jockey Club to an affiliate of Stron-MJC Limited Partnership as part of a transaction approved by the shareholders of MI Developments that is scheduled to close on June 30, 2011. Penn National Gaming and MI Developments established the joint venture to own and operate the Maryland Jockey Club's racing assets, training facilities and real estate in mid 2010.

10:01AM Stock indices slump after weaker data, Nasdaq Comp -8 breaks yesterday's low -- Dow -4, S&P -2.9 (SPY) :

10:01AM BSD Medical reports accelerated MicroThermX clinical evaluations (BSDM) 3.24 +0.12 : Co reported positive results from the efforts of its sales and distribution network for the MicroThermX(R) Microwave Ablation (MicroThermX) line of products. At the hospital level, more MicroThermX trained sales representatives are presenting the advantages of the MicroThermX to those physicians interested in using a microwave technology platform for tumor ablations. This increased sales activity has resulted in a full schedule of clinical evaluations over the coming weeks... The medical facilities where BSD initially placed MicroThermX systems continue to reorder disposable microwave antennas, providing early validation of the potential ongoing revenue stream BSD anticipates.

9:59AM Apache expands Egypt's Faghur Basin play with continued drilling successes (APA) 116.23 +0.09 : Co reported five new oil discoveries in its Faghur Basin play in the far southwest of Egypt's Western Desert oil and gas province. Co also said that the AG-96 development well in the Abu Gharadig Concession tested 3,347 barrels of oil and 1 mln cubic feet of natural gas per day from the Lower Bahariya formation. The well is expected to lead to several additional wells before year end.

9:59AM Insituform Tech resumes trading (INSU) 19.02 -2.44 :

9:58AM Mkt Vectors Gold Miners lagging, GDX slides under Monday/10 month low of 52.16 -- session low 51.93 (GDX) 51.99 -1.07 :

9:57AM Gold, silver drop into negative territory (COMDX) :

9:55AM Yingli Green Energy: Etrion signs 10 MW agreement with Yingli Green Energy for solar PV modules (YGE) 8.61 +0.25 : Etrion Corporation announced an agreement whereby Yingli Green Energy Holding Company will supply PV modules for Etrion's 10 MW Helios ITA-3 solar project under construction in Puglia, Italy. The Helios ITA-3 project includes two 5 MW ground-mounted solar PV parks under construction, Brindisi and Mesagne, in the Puglia region of Italy. Etrion has engaged ABB to complete the solar parks using Yingli poly-crystalline PV modules installed on SunPower trackers with power conversion completed through Bonfiglioli inverters. Construction of the solar project is expected to be completed by August 31, 2011.

9:53AM Semiconductor Hldrs underperforms to weigh on Nasdaq but SMH has held thus far near its 200 sma at 32.59 -- session low 32.61 (SMH) 32.70 -0.14 :

9:50AM Dow +45 and S&P +3.6 set new session highs, Nasdaq -0.7 has not been able to test/breach yesterday's late bounce attempt high as Semi SMH -0.7% weighs (SPY) :

9:47AM Opening Point Gainers/Losers (TECHX) : Point Gainers: PVSA (+9.10), MDMD (+5.97), SUG (+4.91), YOKU (+3.22), SINA (+2.14), RITT (+2.23), COG (+1.90), BIDU (+1.79), GR (+1.97), ATU (+1.61), SOU (+1.45), HCA (+1.18)

Point Losers: NFLX (-3.51), FNSR (-3.51), GOLD (-2.16), AMZN (-2.08), XIV (-1.49), WGO (-1.35), MCO (-1.09), DGIT (-1.13), CLF (-0.93), SHPGY (-1.06), JDSU (-1.04), AEM (-1.04)

9:39AM Silver following suit; currently up 37 cents to $35.77 (COMDX) :

9:39AM Limited, mixed action in the early going with the Dow +17 and S&P +2.3 slightly firmer while the Nasdaq Comp -1 dipped (SPY) : From a positive standpoint, all the indices have remained above yesterday's late lows during the early gyrations.

9:38AM Gold to new highs; now up $6.50 to $1532.50 (COMDX) :

9:32AM Thomson Reuters granted patent for universal tax determination engine (TRI) 36.69 -0.08 :

9:30AM DGSE announces execution of a letter of intent to acquire Southern Bullion Trading (DGSE) 6.45 +0.23 : Co has executed a Letter of Intent to acquire 100 % ownership of Southern Bullion Trading. Under the terms of the Letter of Intent, DGSE will acquire SBT for a maximum of 600,000 shares of restricted DGSE common stock, the exact number of shares to be determined following an audit by DGSE. In connection with this transaction, NTR Metals will make an equity investment in DGSE of $2 mln dollars and will receive 400,000 DGSE restricted common shares.

9:12AM China Shengda Packaging announced that the Chairman, Nengbin Fang, has purchased 500,000 shares (CPGI) 1.24 : Co announced that the Company's Chairman, Nengbin Fang, has purchased 500,000 shares of China Shengda Packaging stock on the open market for approximately $0.6 million. Upon the completion of this share purchase, Mr. Fang beneficially owned approximately 5.2 million shares of common stock of the Company, representing an ownership stake of 13.2%.

9:10AM Neoprobe Corporation files response to Citizen Petition; remain confident in approach to filing of the Lymphoseek NDA (NEOP) 3.32 : Co says "the Citizen Petition is premised upon the mischaracterization of Neoprobe's intended label indication for Lymphoseek as 'sentinel lymph node mapping.' This fundamentally mischaracterizes Neoprobe's regulatory focus for the soon to be filed NDA, developed after multiple discussions with FDA during the IND process, for the approval of Lymphoseek... "

9:09AM On The Wires (WIRES) :

* Daxor Corporation (DXR) announced the receipt of a signed trial agreement from Hartford Hospital of Hartford, Connecticut. This will provide Hartford Hospital with a Blood Volume Analyzer.
* Humana (HUM) in its continuing commitment to partnering with leading Electronic Health Record vendors, has formed an alliance with Allscripts (MDRX) to provide eligible physician practices with incentives for implementing EHR technology that enables delivery of advanced clinical-decision support at the point of care.
* Otis Elevator Company, a unit of United Technologies (UTX) and Empire State Building co announced the awarding of a major contract to Otis to fully refurbish and modernize the 68 elevators.
* World Wrestling Entertianment (WWE) has extended its current distribution agreement with Eurosport for another two years.
* Alcoa (AA) re-aligns China strategy to support expanding footprint. The Asia-Pacific regional headquarters will report to Alcoa's Business Excellence and Corporate Strategy organization.
* PolyOne Corporation (POL) announced that it will open a new polymer distribution warehouse and sales facility on July 1 in Shanghai, China. This marks the first entry point for PolyOne Distribution into Asia.

9:05AM IRobot received a $7.4 million order from the U.S. military for Small Unmanned Ground Vehicles (IRBT) 30.31 : Co expects to complete delivery of the robots by the end of June.

9:05AM Generex Biotech provides update on Generex Oral-lyn clinical & regulatory program (GNBT) 0.18 : Generex's new medical/regulatory team has already responded to the FDA, and is in the process of providing the additional information requested for complete clarification. The FDA guidance placed no limitations or restrictions on the types of patients included or trial designs of current or future clinical studies. Generex clinical trial 084 in patients with type 1 diabetes will be closed to allow a final data analysis to guide future clinical trial plans. The Company's new clinical development plan for Generex Oral-lyn will focus on rapid registration in the North American major markets, with its rapid absorption and sharp peak in plasma insulin concentration mimicking normal insulin secretion, and Generex Oral-lyn short duration of activity reducing the potential for hypoglycemia.

9:02AM Shaw Group amends and expands credit facility to $1.45 bln 5-year term (SHAW) 32.75 : Co announces it has amended and expanded its credit agreement to a $1.45 billion unsecured, five-year credit facility. The entire amount is available for the issuance of performance letters of credit, and $1.25 billion is available for financial letters of credit and/or borrowings for working capital needs and general corporate purposes.

9:02AM Canadian Natl Rail to sell assets of IC RailMarine Terminal for $73 million and enter into related 10-year coal transportation agreement (CNI) 75.02 : Co expects the transaction to close in approximately 45 days, following receipt of regulatory approvals. Upon closing, the co would enter a 10-year rail transportation agreement with Savatran, another affiliate of Foresight and Cline, to haul coal from four Illinois mines to the Convent transfer facility. Under the agreement, Savatran would ship a minimum annual volume of coal via CNI.

9:00AM Biolase Technology announces settlement with Philips, resulting in full and final dismissal of litigation (BLTI) 5.70 : Co announced that it reached a final settlement agreement with Koninklijke Philips Electronics N.V. (PHG) and Discus Dental, regarding the litigation that Discus brought against BIOLASE in 2010 All of Discus' and Philips' claims against BIOLASE have been completely dropped and dismissed in their entirety with prejudice.

8:56AM On The Wires (WIRES) :

* LSB Industries (LXU) announced that its Pryor, OK Facility was shut down on May 30, 2011 for unplanned maintenance.
* Neurocrine Biosciences (NBIX) announced that three elagolix presentations have been accepted for the scientific program at 2011 World Congress on Endometriosis.
* Manitex International (MNTX) announced that its Italian subsidiary, CVS Ferrari srl, had received Italian Court approval to acquire certain assets of CVS SpA under the Italian bankruptcy law.
* Agilysys (AGYS) announced that GrandLife Hotels in New York City has selected the Guest 360 property management system.

8:52AM Seattle Genetics announces FDA Advisory Committee to review Brentuximab Vedotin for the treatment of relapsed or refractory Hodgkin Lymphoma and systemic ALCL (SGEN) 19.35 : Co announces that the FDA's Oncologic Drugs Advisory Committee will review its Biologics License Applications for brentuximab vedotin on July 14, 2011. ODAC plans to review the BLA for the treatment of relapsed or refractory Hodgkin lymphoma during the morning session and the BLA for the treatment of relapsed or refractory systemic anaplastic large cell lymphoma during the afternoon session. Brentuximab vedotin is an antibody-drug conjugate directed to CD30, a defining marker of Hodgkin lymphoma and ALCL... The FDA regulations indicate that although the FDA will consider the recommendation of the panel, the final decision regarding the approval of the product is made by the FDA solely, and the recommendations by the panel are non-binding.

8:51AM Kroger beats by $0.06, beats on revs; raises FY12 EPS, comp guidance (KR) 22.95 : Reports Q1 (Apr) earnings of $0.70 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.64; revenues rose 11.0% year/year to $27.46 bln vs the $26.66 bln consensus; comps ex-fuel +4.6%. Co raises guidance for FY12, sees EPS of $1.85-1.95, up from $1.80-1.92 vs. $1.90 Capital IQ Consensus Estimate. Based on the current operating environment, the co expects to achieve results near the top end of this range. The increase reflects the strength of the co's first quarter results and the higher estimated LIFO charge. The co now expects identical supermarket sales growth, excluding fuel, of 3.5% to 4.5% for the year, up from 3-4% perviously. FIFO gross margin was 21.42% of sales for 1Q11. Excluding retail fuel operations, FIFO gross margin decreased 4 bps from the same period last year. Supermarket selling gross margin declined 7 bps without fuel from the same period last year.

8:49AM XL Capital appoints Peter Porrino as CFO (XL) 21.13 : Co announces the appointment of Peter Porrino as CFO. Porrino will join the co in late August. Since 1999, Porrino has served as Ernst & Young's Global Insurance Industry Leader. In that role, he oversees the firm's worldwide insurance industry delivery of client services, thought leadership and strategic planning.

8:46AM Avatar Holdings CEO resigns; names Allen Anderson President and CEO (AVTR) 15.11 : Co announces that that Jon Donnell has resigned as President and CEO. The co's Board announces that Allen Anderson will serve as the new President and CEO. He is currently a Director of co and a Managing Director with JEN Partner, whose funds own 8% of co's outstanding common stock. The Board believes Anderson's familiarity with the co and his previous experience as a public company CEO will provide a smooth transition.

8:42AM Crude ticks to its lowest levels of the morning at $94.29, approaching yesterday's lows at $94.01; now off 42 cents to $94.39 (COMDX) : Pullback coincides with continued strength in dollar.

8:42AM On The Wires (WIRES) :

* Acme Packet (APKT) announced it has completed leasing agreements to expand its worldwide headquarters facility by ~ 75%.
* The Babcock & Wilcox Company (BWC) announced that Generation mPower LLC has signed a letter of intent with the Tennessee Valley Authority that defines the project plans and associated conditions for designing, licensing and constructing up to six B&W mPower small modular reactors.
* Houston American Energy (HUSA) announced that a drilling rig has been moving on the first location of a series of locations on the CPO 4 Block in Colombia.
* IXYS Corporation (NASDAQ:IXYS) announced the immediate availability of the IXD_630 low-side gate driver family.
* Cowen Group (COWN) and LaBranche & Co (LAB) announced at separate special meetings held on June 15, 2011, stockholders of both companies have voted to approve their merger.
* Laboratory Corporation of America (LH) announced that LabCorp is extending until 5:00 p.m ET, on July 15, 2011, LabCorp's previously announced cash tender offer for all outstanding shares of the common stock of Orchid Cellmark (ORCH).

8:36AM Gold back to flat line, following econ data; now up 50 cents to $1526.70 (COMDX) :

8:35AM Energy XXI provides operations update; also announced it has been granted operatorship of the West Delta 30 and West Delta 73 fields (EXXI) 29.25 : Co also announced it has been granted operatorship of the West Delta 30 and West Delta 73 fields obtained in the ExxonMobil (XOM) asset acquisition in December 2010... Within the company's core producing properties, located offshore Louisiana, the first of a six-well recompletion program at the South Pass 89 field has been successful. The A-15 well is currently flowing 18 million cubic feet per day and 300 barrels of condensate per day, with 3,100 pounds of flowing tubing pressure. The well, forecast to deliver 800 barrels of oil equivalent per day (BOE/d) net, is producing 2,500 BOE/d net. These production levels equal the company's pre-work estimate for the entire six-well program... Quarter-to-date, production has averaged approximately 42,500 BOE/d, benefitting from the success at South Pass 89 and other previously announced recompletions... Near-term production also should be augmented by two successful wells at the Main Pass 73 field.

8:34AM Virgin Media repurchased 325K shares at $31.19-31.54 (VMED) 31.33 : Co announces the repurchase of 325,000 shares of common stock on 15 June 2011 as a part of the Company's capital return program previously announced on 28 July 2010. The highest price paid per share was $31.54 and the lowest price paid per share was $31.19. The repurchased shares will be cancelled.

8:32AM NXP Semi: Sony Ericsson selects NXPI's NFC technology for inclusion in its Android-based smartphones (NXPI) 24.01 : Co announced that its NFC technology has been selected by Sony Ericsson for inclusion in its Android-based smartphones. "This latest move from Sony Ericsson is another proof point of the strong momentum and potential of NFC... Based on continued strong customer endorsements we have the opportunity to increase the sales of our NFC products 2-4 times as a percentage of total NXP revenue in the second half of 2011 from the approximately one percent it represents today."

8:32AM Yuhe International provides incremental acquisition-related documentation (YUII) 4.11 : Co provides incremental documentation relating to the acquisition conducted in December 2009, when it entered into an agreement to purchase 13 breeder farms from Weifang Dajiang Corporation. The Company gives these documents as an evidence of the take-over progress: 1) The Notice Letter of staff appointment for the acquired breeder farms 2) The renovation contract for one of the acquired breeder farms with associated pay check stub.

8:32AM Addus HomeCare awarded contract renewal in Riverside County, California (ADUS) 5.50 : Co announced it was awarded a contract renewal to be the agency provider of home-based personal care through Riverside County's In-Home Supportive Services (IHSS) program. Addus was the successful bidder in a competitive bidding process for the contract, which will be funded through a combination of state, federal and county sources. The contract runs from July 1, 2011 to June 30, 2012, with two additional option years, and is valued at $11.5 mln annually.

8:32AM Yuhe International confirms it has provided incremental acquisition-related documentation (YUII) 4.08 : Chairman and Chief Executive Officer of Yuhe International, commented, "The renovation contracts and employee appointment updates are solid evidence of our take-over progress of the acquisition we entered into with Weifang Dajiang Corporation in December 2009... We will continue to disclose incremental documentation, if necessary, to validate our business and to provide greater transparency in our operations for our shareholders."

8:32AM Orthofix names Robert Vaters Named President and CEO (OFIX) 40.27 : Co announced the appointment of Robert S. Vaters its current COO as its new President and CEO, effective August 1, 2011. Alan Milinazzo, the Company's current President and CEO will step down after six years with the Company, but will remain on the Board of Directors.

8:31AM Swisher Hygiene acquires Prinova Company (SWSH) 5.97 : Co announces it has acquired Prinova. Total consideration paid by Swisher Hygiene in connection with the acquisition includes $525,000 in cash, the assumption of certain liabilities and the issuance of up to 35,003 shares of common stock of Swisher Hygiene

8:31AM Converted Organics announces decision to forego reverse stock split (COIN) 0.11 : On December 28, 2010, NASDAQ granted the Company a 180-day extension to regain compliance with the $1 minimum bid price. NASDAQ also specified that failure to raise the share price to $1 for a minimum of 10 consecutive business days prior to the extension deadline of June 27, 2011 would cause the Company's stock to be delisted. If the stock is delisted, the Company will work with NASDAQ to make the transition to the OTCBB as smooth as possible.

8:30AM HSW International has been informed that Sharecare completed sale of preferred stock (HSWI) 5.70 : The co has been informed that Sharecare completed the sale of ~39,467 shares of preferred stock to an unrelated third party at a total value of $8,750,000. HSW International, a founding partner of Sharecare, owns shares of common stock representing ~12% of Sharecare on a fully diluted basis following this sale of equity. Based upon the value of Sharecare established with the above-mentioned sale of preferred equity, HSW International's ownership position in Sharecare would be valued at ~$28 million. As previously disclosed, HSW International holds an option to increase its ownership in Sharecare to a total of approximately 13% on a fully diluted basis, which if exercised would result in its ownership position in Sharecare being valued at approximately $31 million.

8:20AM On The Wires (WIRES) :

* AVI BioPharma (AVII) and the Naval Medical Research Center announced the successful completion of a formal rapid-response exercise conducted by the Joint Project Manager Transformational Medical Technologies of the Defense Threat Reduction Agency.
* Amyris (AMRS) announced that it plans to establish a collaboration with Wilmar International Limited.
* Gevo (GEVO) entered into a joint venture transaction with Redfield Energy to retrofit Redfield's existing ethanol plant into an isobutanol plant with an expected production capacity of ~38 mln gallons per year.
* ConocoPhillips (COP) announced it has signed a Production Sharing Contract with the Government of Bangladesh and Petrobangla covering two blocks in the deepwater area of the Bay of Bengal, representing ConocoPhillips' first investment in the People's Republic of Bangladesh.
* Webster Bank, a subsidiary of Webster Financial Corporation (WBS), said that it will be closing six branches.
* CoreLogic (CLGX) announced that Midwest Real Estate Data signed an exclusive agreement with CoreLogic to participate in Partner InfoNet.
* Cintas (CTAS) announced it is the first organization to earn its National Association for Information Destruction AAA certification in all facilities worldwide. This verifies that Cintas adheres to the stringent information destruction security practices and standards defined by NAID.
* NeurogesX (NGSX) announced the completion of patient enrollment in its Phase 2 clinical study of NGX-1998, a topical liquid formulation of high-concentration capsaicin, in patients with postherpetic neuralgia. A total of 183 patients were enrolled in the Phase 2 study.
* Sanofi (SNY) entered into a two-year research collaboration with the biopharmaceutical company Audion Therapeutics to develop potential treatments for hearing loss through the optimization of small molecules by using a regenerative medicine approach.
* Amyris (AMRS) announced that it plans to establish a collaboration with Wilmar International. The collaboration will focus on the development and worldwide commercialization of a family of surfactants derived from Amyris Biofene.
* India Globalization Capital (IGC) won the release of ~$1 mln of restricted cash that had been used as collateral on a large construction contract.
* 8x8 (EGHT) announced it has partnered with Walsh Vision, a Sprint (S) partner, to offer mobile VoIP and cloud UC services.

8:11AM Kennedy Wilson acquires Los Angeles area office portfolio for $143.5 mln (KW) 11.58 : Co announces the acquisition of a real estate portfolio comprised of five office buildings, all located in the Los Angeles area, for $143.5 million. The acquisition adds ~700,000 sq. ft. to the co's portfolio and increases the co's total assets under management to $9.8 bln. Kennedy Wilson's ownership position in the properties is ~37%, with the remaining equity owned by Kennedy Wilson Real Estate Fund IV, Fairfax Financial and The LeFrak Organization.

8:07AM Kopin wins $23.2 mln in Follow-On Orders for U.S. Army's Thermal Weapon Sight Program (KOPN) 4.77 : "These follow-on orders call for the delivery of display modules and complete eyepiece assemblies beginning late this quarter and continuing over the next 12 months."

8:06AM Roche Hldg xCELLigence RTCA HT System delivers highly reputable Measurement of Therapeutic Targets Cellular Activity in study (RHHBY) 40.77 : Co announces it now able to perform fully-automated impedance screens for GPCRs and other targets in the 384-well high-throughput format. In a case study, 263 antagonist hits of the orexin type 1 GPCR that had been identified in a classical calcium flux HTS were screened for Ox1 inhibition in fully-automated RTCA HT assays. The overall performance, the quality of E-Plates 384 and intra- and inter-assay reproducibility were evaluated. 65% of the 263 antagonist hits were confirmed to be Ox1 receptor antagonists after impedance measurements. According to the researchers, the RTCA HT Instrument could be readily integrated into automated workflows and delivered a highly reproducible data set, making the RTCA HT Instrument a powerful screening technology.

8:03AM Gold jumps ~4 points off the flat line to electronic highs at $1532.70 about ~15 min before the open of pit trade; now up $4.40 to $1530.60 (COMDX) :

8:03AM Allstate reports May catastrophe loss estimate of $0.6 bln (ALL) 29.48 : Allstate previously announced $1.4 billion in estimated pre-tax catastrophe losses for the month of April 2011, bringing estimated catastrophe losses for the second quarter months of April and May 2011 to $2.0 billion, pre-tax. This announcement is made as part of Allstate's previously announced plan to release month and quarter-to-date catastrophe losses when a monthly estimate exceeds $150 million.

8:01AM Nuance Communications acquires privately-held SVOX (NUAN) 20.27 : Co announced that it has acquired SVOX, a provider of voice solutions for in-car systems and consumer electronics. Few details provided in the press release.

8:01AM NetQin Mobile announces senior management and director stock purchase plan; CEO, COO and Two directors to purchase up to $2 million of NetQin ADSs (NQ) 4.37 : Co announced that Dr. Henry Yu Lin, NetQin's founder, chairman and chief executive officer, Dr. Vincent Wenyong Shi, NetQin's director and chief operating officer, Mr. James Ding, NetQin's director, and Mr. Weiguo Zhao, NetQin's director, intend to use their personal funds to purchase up to an aggregate total of $2 million worth of the Company's American depositary shares ("ADSs") in open market transactions within the next six months.

8:01AM OSI Systems awarded $2 mln in orders for Electronic Sub-Assemblies from major OEM's in the medical products and industrial equipment sectors (OSIS) 38.51 :

8:01AM Masimo says new clinical research presented at the European Society of Anaesthesiology demonstrates the accuracy and utility of SpHb and PVI (MASI) 29.59 : Co announced that multiple new clinical research studies presented this week at the European Society of Anaesthesiology (ESA) Annual Congress in Amsterdam add to the growing body of evidence that Masimo noninvasive and continuous total hemoglobin (SpHb) and Pleth Variability Index (PVI) are accurate and useful noninvasive and continuous measurements in a variety of patients. Two studies, from researchers in Japan and Sweden, evaluated the accuracy and reliability of SpHb in both surgical and ED patients and found clinically acceptable correlations between noninvasive SpHb measurements and invasive lab values.

8:01AM China Valves Tech Signs a Strategic Cooperation Agreement with Sinopec International Petroleum Service Corporation (CVVT) 3.26 : Co announces it signed a strategic cooperation agreement with Sinopec International Petroleum Service. Under the agreement, the co would supply various valve products for Sinopec Petroleum Service's international projects. The Agreement is a general cooperation agreement and is valid from June 16, 2011 to June 15, 2013, and can be further extended for another two years by negotiation between two parties. Both parties agreed that they would sign specific contracts for specific projects under the general cooperation framework. Depending on the specific project, Sinopec Petroleum Service would buy all valve products directly from China Valves or act as a sales agent of China Valves through its more than 35 subsidiaries in the world.

8:00AM McKesson reaffirms FY12 guidance (MCK) 83.33 :

7:46AM Diana Containerships accepts delivery Panamax Container Vessel, m/v Maersk Madrid anticipated to generate ~$14.5 mln of gross revs for the minimum charter (DCIX) 6.63 : Co announces it has taken delivery of a Panamax container vessel, a 1989-built vessel of 4,206 TEU capacity. The vessel is chartered to A.P. Moller-Maersk A/S for a period of minimum 24 months at a daily rate of $21,450 less a 2.25% commission. The charterer has the option to employ the vessel for a further 12 month period at a daily rate of $25,000 less a 2.25% commission starting 24 months after delivery of the vessel to the charterer. The employment of the vessel is anticipated to generate ~$14.5 mln of gross revenues for the minimum scheduled period of the charter.

7:41AM Ariad Pharm provides new preclinical data highlighting potential in resistant lung cancer due to mutated EGFR for its investigational lung cancer drug candidate (ARIA) 9.72 : Co announces results of preclinical studies on its investigational anaplastic lymphoma kinase inhibitor, AP26113, showing that AP26113 has a novel profile as a dual inhibitor of ALK and epidermal growth factor receptor, an additional validated target in non-small cell lung cancer. In addition to inhibition of ALK and its mutant forms, AP26113 was shown to inhibit the EGFR T790M mutant that is resistant to available EGFR inhibitors. Preclinical studies show that AP26113 potently inhibited activated EGFR or its T790M mutant, both in cell culture and in mouse tumor models following once daily oral dosing. Importantly, the effective oral doses in these preclinical models were similar to those previously shown to be effective in resistant ALK models. When tested against the native form of EGFR, AP26113 lacked activity, indicating a favorable selectivity for activated EGFR.

7:38AM American Electric reaffirms FY11 ongoing EPS guidance of $3.00-3.20, vs $3.14 Capital IQ Consensus Estimate at BMO Capital Markets Conference (AEP) 36.93 :

7:37AM On The Wires (WIRES) :

* Gentium (GENT) announced the appointment of Gen Ilac A.C. as exclusive distributor of Defibrotide in Turkey.
* Iridium Communications (IRDM) announced that it has amended its offer to exchange its remaining outstanding $11.50 warrants for Iridium common stock.
* Qualcomm Atheros a subsidiary of Qualcomm (QCOM) announced the AR4100, a Wi-Fi system-in-package for microcontroller based design.
* Tyler Technologies (TYL) has signed a contract with Hazleton City Authority, Pennsylvania, for Tyler's Incode local government software.

7:37AM Actuant beats by $0.06, beats on revs; raises FY11 EPS, rev guidance above consensus; guides FY12 EPS in-line, revs above consensus (ATU) 22.82 : Reports Q3 (May) earnings of $0.51 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.45; revenues rose 26.7% year/year to $392.8 mln vs the $378.9 mln consensus. Co issues upside guidance for FY11, raises EPS to $1.60-1.65 from $1.50-1.60 vs. $1.57 Capital IQ Consensus Estimate; raises FY11 revs to $1.43-1.44 bln from $1.400-1.425 bln vs. $1.40 bln Capital IQ Consensus Estimate. Co issues guidance for FY12, sees EPS of $1.80-2.00 vs. $1.90 Capital IQ Consensus Estimate; sees FY12 revs of $1.60-1.65 bln vs. $1.54 bln Capital IQ Consensus Estimate. "On a consolidated basis, we expect [FY12] core growth in the range of 5%-8% for the full year with our later cycle energy and infrastructure end markets showing the most."

7:31AM Odyssey Marine priced public offering of 4.8 mln shares of its common stock at $3.05 per share (OMEX) 3.12 :

7:15AM Novartis AG application for expanded Menveo indication from 2 months of age accepted for review by FDA (NVS) 60.58 : Co announces the FDA has accepted for review its supplemental Biologics License Application to expand the Menveo indication to include infants and toddlers from 2 months of age. The sBLA is supported by data from pivotal trials which included more than 6,000 infants and toddlers worldwide. In the trial measuring the body's immune response to the vaccine one month after completion of a four dose Menveo series administered at 2, 4, 6 and 12-16 months of age, 100% of subjects achieved the correlated protection level against serogroups W-135 and Y, and 94% and 98% of subjects achieved this level against serogroups A and C, respectively. Menveo was generally well tolerated when administered either alone or with other pediatric vaccines.

7:14AM On The Wires (WIRES) :

* MasTec (MTZ) announced that it has acquired Halsted Communications. MasTec acquired all of the issued and outstanding capital stock of Halsted for $4.0 mln in cash, with no earnout. Additionally, MasTec acquired assets, assumed debt and liabilities of $10.6 mln for total consideration of ~ $14.6 mln.
* Verizon Computing as a Service (VZ) successfully completed a Payment Card Industry Data Security Standard audit.
* NovaBay Pharmaceuticals (NBY) announced that its collaboration and license agreement with Alcon related to NovaBay's proprietary Aganocide compounds has ended. An agreement to finalize the collaboration has been entered into by the companies, terms of which include a payment of $2,972,245 to NovaBay. The payment includes a termination fee as well as final reimbursement for R&D and personnel costs related to the collaboration.
* Kayne Anderson (KYN) announced its quarterly distribution of $0.4975 per share for the quarter ended May 31, 2011. This distribution represents an increase of 1.5% from the prior quarter's distribution of $0.49 per share and is the third consecutive increase in the distribution rate.
* Five Prime Therapeutics announced the completion of the three-year funded research program with Pfizer (PFE) that began in 2008 and focused on the discovery of antibody targets and novel therapeutic protein products to treat multiple cancer indications and diabetes.
* GlaxoSmithKline (GSK) and FivePrime have agreed to expand the scope of their discovery collaboration to include FivePrime's Rapid In vivo Protein Production System technology for a large-scale in vivo screen for potential drug targets or drug candidates that modulate muscle wasting.

7:05AM Aegerion Pharma holds Pre-NDA meeting with FDA for investigational lomitapide and is on track for NDA submission (AEGR) 16.91 : Co announces it concluded a pre-New Drug Application meeting with the FDA related to its investigational drug candidate, lomitapide, for the treatment of homozygous familial hypercholesterolemia. Following the meeting, the cp said it intends to proceed with its NDA submission as previously announced.

7:05AM Neostem and The Pontifical Council for Culture Announce Steps Forward in their Partnership to Advance Adult Stem Cell Research (NBS) 1.43 : Co and the Vatican's Pontifical Council for Culture, today announced steps forward in their partnership designed to advance adult stem cell research. The partners' charitable organizations that will drive activity are NeoStem's Stem for Life Foundation, and the Pontifical Council's Foundation.

7:04AM Cooper Industries made a proposal to acquire Laird by way of a cash offer at 185 pence per Laird share (CBE) 60.16 : Co announces that on 1 June it made a proposal to the Board of Laird to acquire Laird by way of a cash offer at 185 pence per Laird share. This offer would value the existing issued share capital of Laird at approximately 493 million pounds Sterling. This proposal represents a 35% premium to the Laird closing share price of 137.3 pence as of 15 June 2011

7:04AM Cubist Pharma reports positive results from two Phase 2 trials, CXA-201 and CDAD Program (CBST) 33.69 : Co announced positive top-line results from the recently completed Phase 2 studies of its CXA-201 and CB-183,315 antibiotic pipeline candidates. CXA-201 was studied for the treatment of complicated intra-abdominal infections (cIAI) in adults. Based on these latest top-line data, as well as data observed in previous studies, the company plans to initiate Phase 3 studies with CXA-201 for indications in both cIAI and complicated urinary tract infections (cUTI) by year-end 2011. CB-183,315 was studied for the treatment of a severe and sometimes life-threatening diarrhea caused by Clostridium difficile known as C. difficile-associated diarrhea, or CDAD. The company remains on track to make a formal decision of whether to initiate Phase 3 studies with CB-183,315 by year-end 2011... The data from this Phase 2 trial in patients with cIAI demonstrated a clinical cure rate of 91 percent for the CXA-201 treatment arm in the clinically evaluable population.

7:03AM ChinaCast Education repurchases over 900,000 shares of common stock and reiterates FY 2011 guidance (CAST) 4.69 : Co annouces from May 12, 2011, through June 15, 2011, the company has repurchased approx 915,503 shares of stock at an average price of $4.747 under its $50 mln corporate share buyback plan. For the full year ending Dec 31, 2011, the co reits the following financial guidance: Adjusted EBITDA excluding share based compensation (non-GAAP) between $50 million and $52 million, a year-on-year increase of 20% to 25% Co reaffirms guidance for FY11 (Dec), sees non GAAP EPS of $0.64-0.68, not comparable to $0.56 Capital IQ Consensus Estimate; sees FY11 (Dec) revs of $94-96 mln vs. $95.36 mln Capital IQ Consensus Estimate.

7:03AM Southern Union: Energy Transfer Equity (ETE) to acquire Southern Union for $7.9 bln; stockholders of SUG will exchange their common shares for newly issued Series B Units of ETE with a value of $33.00 per share (SUG) 28.26 : Energy Transfer Equity (ETE) and Southern Union (SUG) announce that the two cos have entered into a definitive merger agreement whereby ETE will acquire Southern Union for $7.9 bln, including ~$3.7 bln of existing SUG debt. Under terms of the agreement, which has been unanimously approved by the Boards of both companies, stockholders of SUG will exchange their common shares for newly issued Series B Units of ETE with a value of $33.00 per share, or ~$4.2 bln. The implied value of the Series B Units represents an ~17% premium to the closing price of SUG common stock on June 15, 2011.

7:02AM Nordion Awards Contract for Phase III Clinical Trials to Theorem Clinical Research (NDZ) 10.20 : Co announces that Theorem Clinical Research, previously Omnicare Clinical Research, has been awarded the contract to conduct Nordion's recently announced TheraSphere Phase III clinical trials for the treatment of primary and metastatic liver cancers - STOP-HCC and EPOCH. During the multi-year contract, Theorem Clinical Research will provide clinical trial implementation services which include clinical data management, statistical analysis, monitoring, and administrative expertise to support the conduct of the studies.

6:35AM On The Wires (WIRES) :

* Clean Energy Fuels (CLNE) has been awarded a three-year contract extension to supply LNG fuel to Sun Metro.
* Boyd Gaming (BYD) announced that it has entered into a definitive agreement to acquire the IP Casino Resort Spa in Biloxi, Mississippi, from Imperial Palace of Mississippi and Key Largo Holdings for $278 mln in cash. The co will also contribute $10 mln at closing to the Engelstad Family Foundation, which will be distributed over the next five years to local and regional charitable organizations in the Biloxi area.
* Meru Networks (MERU) and Motorola Solutions (MSI) announced that the cos have reached an agreement to cross-license WLAN patent portfolios held by both parties. The agreement will also enable the two companies to work together to ensure compatibility of Motorola Solutions' large selection of Wi-Fi-based communication devices with Meru's virtualized wireless LAN architecture.
* Boeing (BA) forecasts a $4 trln market for new aircraft over the next 20 years with a significant increase in forecasted deliveries. That's according to the Boeing 2011 Current Market Outlook.
* Yucheng Technologies Limited (YTEC) a leading provider of IT solutions and services to China's banking industry announced the recent win to deploy its industry leading BI solutions for one of the major national policy banks.
* Hydrogenics (HYGS) announced that it has successfully completed an innovative trial with Ontario's Independent Electricity System Operator demonstrating the viability of its electrolyzer technology for utility-scale grid stabilization.

6:31AM MediaMind Tech to be acquired by DGIT for $22 in cash (38% premium to yesterday's close); DGIT sees deal accretive to FY12 non-GAAP EPS (MDMD) 15.94 : DGIT will commence a tender offer to purchase all of MediaMind's outstanding shares for $22.00 per share in cash (38% premium to yesterday's close). The total transaction value is $517 mln equity value or $414 mln enterprise value, taking into account over $100 mln in cash on MediaMind's balance sheet. The board of directors of MediaMind will recommend that MDMD shareholders tender their shares in the tender offer. The transaction is expected to be accretive to DG's non-GAAP EPS in 2012. Upon closing, Gal Trifon, President and CEO of MDMD, will serve as DG's Chief Digital Officer, leading DG's online advertising business. Additionally, Ofer Zadikario, MDMD's Chief Solutions Officer, will join DG in the same position. With the MediaMind acquisition, DG expects to realize ~$15 mln in cost synergies identified to date, with clear opportunities for enhanced revenue growth. The transaction will be funded by a combination of available cash and fully committed debt financing from JPMorgan Chase & Co. and Bank of America Merrill Lynch. "This is a game-changing transaction that provides DG with an unmatched global footprint, broad customer reach and an innovative platform in television and the fast-growing online advertising market."

6:21AM China Xiniya Fashion reports EPS in-line, beats on revs; guides Q2 EPS in-line (XNY) 3.31 : Reports Q1 (Mar) earnings of $0.08 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.08; revenues rose 30.1% year/year to $159.3 mln vs the $155.8 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.07-0.09 vs. $0.08 Capital IQ Consensus Estimate. Additionally, co reiterates its guidance for the first half of 2011. Revenue in RMB is expected to increase by 27-30%, and gross margin is expected to be in the range of 32-33%, compared with 31.9% in the first half of 2010.

6:15AM Pier 1 Imports beats by $0.01, reports revs in-line (PIR) 11.18 : Reports Q1 (Mar) earnings of $0.12 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.11; revenues rose 9.2% year/year to $334.6 mln vs the $335 mln consensus; comps +10.2%; co raised guidance on June 2. The sales increase for the quarter was primarily the result of increases in store traffic, conversion rate and average ticket. Merchandise margins for the quarter were 59.8% of sales compared to 58.6% of sales in the same period last year. The 120 bp improvement in merchandise margins continues to be positively impacted by strong input margins and well-managed inventory levels. Under the $100 mln initial share repurchase program, the Company repurchased 264,400 shares of its common stock during the first quarter at a weighted average cost of $11.82 per share and a total cost of ~$3.1 million. Since the end of the first quarter, the co has repurchased an additional 951,812 shares of its common stock at a weighted average cost of $11.25 per share and a total cost of ~$10.7 mln.

6:13AM WPCS Intl: Multiband (MBND) Signs Letter of Intent to Acquire WPCS; offering $3.20 per share in cash (WPCS) 2.23 : Multiband (MBND) announces it has signed a non-binding letter of intent to acquire co. MBND is offering $3.20 in cash per share for WPCS shares. In conjunction with the LOI announcement, MBND has entered into a separate agreement with a third party to acquire for cash at $3.20 per share ~710,000 shares of WPCS's outstanding common stock, representing an ~10% interest in WPCS.

6:10AM Gold Resource hires Paul Oberman as its new CFO effective immediately (GORO) 22.96 : Oberman has been a partner with Catapult CFO Partners for the past two years and was previously a partner with Tatum, each of which provide executive level services to private and publicly held cos. In this capacity, he has served as interim CFO for several organizations.

6:05AM Smithfield Foods beats by $0.03, misses on revs; authorizes $150 mln share repurchase plan (SFD) 20.39 : Reports Q4 (Apr) earnings of $0.85 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.82; revenues rose 7.1% year/year to $3.12 bln vs the $3.2 bln consensus. Additionally, co authorizes "50 mln share repurchase plan over next 24 months.

3:33AM On The Wires (WIRES) :

* General Growth Properties (GGP) announced the appointment of James Thurston to chief accounting officer.
* Washington Real Estate Investment Trust (WRE) has entered into a joint venture with Crimson Partners to develop a six-story, 150 unit mid-rise apartment community in Arlington, Virginia. The total cost of the project is estimated to be $43.5 mln, with a projected stabilized return on cost between 7.0-8.0%.
* Pennichuck (PNNW) announced that at a Special Meeting of its shareholders on June 15, 2011, the holders of at least two-thirds of its common stock outstanding as of April 15, 2011, voted to approve the November 11, 2010 Agreement and Plan of Merger entered into between Pennichuck and the City of Nashua, New Hampshire, whereby the City has agreed to acquire all of the outstanding common shares of Pennichuck for $29.00 per share in cash.
* Caterpillar (CAT) announced that it plans to open a new manufacturing facility in Thailand. Construction will begin on the new factory in 2011, with production scheduled to begin in late-2013.
* Melco Crown Entertainment (MPEL) announced the signing of a share purchase agreement to acquire a 60% equity interest and shareholder loan in the developer of Macau Studio City. MCE will pay the affiliate of eSun $260 mln for its 60% interest in the Cyber One Group, and will further pay New Cotai $100 mln in cash in three installments over two years commencing upon the closing of the transactions.
* PDC Energy (PETD) announced the co received approval by the holders of a majority of limited partnership units held by non-affiliated investors of each of the three 2005 partnerships for the co's proposed acquisition of each respective partnership. PDC purchased the 2005 partnerships for an aggregate amount of $43.3 mln.
* US Airways (LCC) announced that it has reached a tentative agreement on a new, four-year collective bargaining agreement with the Transport Workers Union that represents the airline's 164 flight dispatchers.
* Ford Motor's (F) passenger car joint venture in China, Changan Ford Mazda Automobile, broke ground today for a new, state-of-the-art engine plant in Chongqing. The $500 mln investment will more than double CFMA's annual engine production capacity in China to 750,000 units when it comes online in 2013.
* Elster (ELT) announced that Scottish and Southern Energy Supply has selected Elster as their Smart Metering partner for the first phase of their smart metering deployment, to be completed by mid-2012.
* The NASDAQ OMX Group (NDAQ) announced that SIX Swiss Exchange has extended its contract with NASDAQ OMX and will upgrade its existing SWXess equities trading platform with NASDAQ OMX's X-stream INET technology.
* Top Image Systems (TISA) announced that the interest rate on its Series A convertible debentures for the period beginning January 1, 2011 and ending June 30, 2011 is 0.050%.
* Volvo (VOLVY) Buses has received its largest hybrid bus order to date. The city of Curitibahas ordered 60 hybrid buses for delivery from 2012.

3:09AM Allos Therapeutics: COMPLETE registry provides first glance into treatment patterns for patients with peripheral T-Cell lymphoma (ALTH) 1.85 : Co presents initial data from COMPLETE, an international registry designed to address the urgent need for an increased understanding of the treatment patterns and outcomes for patients with peripheral T-cell lymphoma. Baseline characteristics presented show the average patient age to be 58 years with slightly more men enrolled in the registry to date (44 men (59%) and 30 female (41%); the most common PTCL subtypes are PTCL-NOS (18 of 74 patients; 24%), ALCL (13 of 74 patients; 18%), AITL (11 of 74 patients; 15%), T/NK cell lymphoma, nasal type (7 of 74 patients; 10%), and transformed mycosis fungoides (7 of 74 patients; 10%). Treatment records show the most common initial treatment to be induction chemotherapy alone (17 of 26 patients; 65%).

2:13AM Terex to increase offer price to EUR45.50 per share; welcomes Demag Cranes recommendation to shareholders for acceptance (TEX) 25.48 : Co announces an agreement with Demag Cranes AG for a recommended offer to purchase the shares of Demag Cranes at an increased price of EUR45.50 per share. Terex, Terex Industrial Holding AG and Demag Cranes have also entered into a business combination agreement that confirms co's support for the strategy of Demag Cranes and its workforce as a part of the Terex group. As a result, the management and the supervisory boards of Demag Cranes have publicly announced that they will jointly recommend that the Demag Cranes shareholders accept the offer.

2:10AM Rockwood Holdings Lithium Division announces global price increases of up to 20% for its lithium salts, including lithium carbonate, lithium hydroxide, lithium chloride, and increases on lithium metal battery grade, effective July 1 (ROC) 47.31 : The co is also implementing and adjusting specific surcharges due to the requirements of its different global markets. The co is taking this action to recover the increased costs for energy, raw materials, solvents and transport.

2:07AM Citigroup provides updated information on recent compromise to Citi Account Online (C) 38.00 : Co states: "We confirmed the full extent of information accessed on 360,069 accounts. An additional 14 accounts were confirmed subsequently. To determine the cardholder impact required analysis of millions of pieces of data. The customers' account information (such as name, account number and contact information, including email address) was viewed. However, data that is critical to commit fraud was not compromised: the customers' social security number, date of birth, card expiration date and card security code." Co states it has implemented enhanced procedures to prevent a recurrence of this type of event.

2:02AM Tegal authorizes 1-for-5 reverse stock split expected to become effective on June 15 (TGAL) 0.41 :

2:01AM Key Energy provides May activity data; total rig hours up 12.5% YoY, up 3.2% sequentially (KEG) 16.43 : Co reports key activity data for May. Co reports Total Rig Hours of 181,494 up 3.2% MoM, up 12.5% YoY. Total Trucking hours were down 0.9% MoM, but up 48.6% YoY. Total available rigs were unchanged from prior month, up 5.9% YoY. Co had utilization rate of 62% vs 63% both last month and May 2010.

1:53AM Oracle claims HP knew all about Itanium end-of-life plans before Oracle found out (ORCL) 31.16 : Co releases statement pertaining to HP breach of contract suit against ORCL. Co states: "We believe that HP specifically asked Oracle to guarantee long-term support for Itanium in the September of 2010 agreement because HP already knew all about Intel's plans to discontinue Itanium, and HP was concerned about what would happen when Oracle found out about that plan. What we know for certain is that Ray Lane and HP's current board members and Leo Apotheker and HP's current management team now know full well that Intel has plans in place to end-of-life of the Itanium microprocessor. Knowing this, HP issued numerous public statements in an attempt to mislead and deceive their customers and shareholders into believing that these plans to end-of-life Itanium do not exist. But they do. Intel's plans to end-of-life Itanium will be revealed in court now that HP has filed this utterly malicious and meritless lawsuit against Oracle."

1:42AM Five Star Quality Care prices 10 mln common shares at $5.00 per share (FVE) 5.10 :

1:33AM Merge Healthcare prices $52 mln of 11.75% senior secured notes due 2015 (MRGE) 4.86 :

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