Options Wonderland

[3xBuBu]

Market Update: 110621
4:20 pm : Equities put together a fourth straight day of gains, with a strong +1.3% gain for the S&P 500 in today's session. U.S. stocks started the day higher following a bounce in overseas markets, which have been under pressure recently amid concerns about the fiscal future of Greece. Greece's troubles are far from resolved, but tonight's (5:00 ET) vote of confidence for the country's prime minister is expected to turn out positively. A positive vote would symbolize agreement that progress must be made toward austerity.

Today's strongest sectors include Materials (+2.6%), Energy (+2.0%) and Consumer Discretionary (+2.0%) -- sectors that have performed poorly amid the recent market pullback. The strength in energy comes even though oil prices have surrendered early gains to trade in the red with a modest loss... The dollar has been weak for virtually the entire session, and was recently quoted with a 0.5% loss against a collection of competing currencies. Its weakness comes as Greece looks to take the first steps toward solving its fiscal woes, but precedes the latest FOMC policy statement, which will be posted tomorrow afternoon.

Looking at individual items of interest, Walgreens (WAG 43.28 -1.90) finished the day down 4% after reporting better than expected earnings and in-line revenues, but noting that it is planning to move forward without Express Scripts (ESRX 54.99 +0.20) pharmacy provider network in 2012. After losing more than 6% in the pre-market, ESRX finished the day flat.

After the close, Jabil Circuit (JBL 18.85 +0.59) reported Q3 (May) earnings of $0.58 per share, on revenues that rose 22.3% year/year to $4.23 billion. JBL issued guidance for Q4 EPS of $0.52-0.60, and revs of $4.1-4.3 billion. Additionally, JBL authorized a repurchase for up to $200 million worth of shares. Adobe Systems (ADBE 32.01 +1.06) reported Q2 EPS of $0.55 and revs $1.02 billion, and issued in-line Q3 guidance for EPS of $0.50-0.56 and revenues of $1.00-1.05 billion.

Tomorrow before the open FedEx (FDX 89.13 +1.63) is scheduled to report Q4 results.DJ30 +109.63 NASDAQ +57.63 SP500 +17.16 NASDAQ Adv/Vol/Dec 2096/1.7 bln/551 NYSE Adv/Vol/Dec 2611/679 mln/452

3:30 pm : Commodities markets continued to eye events in Greece, ahead of tonight's no-confidence vote, and the pending reaction in the euro and the dollar. August gold finished higher by 0.2% to $1545.30 per ounce, while July silver gained 0.1% to end at $36.41 per ounce. Both metals gains came in a flight to safety ahead of that vote.

August crude oil, the new front month, finished by 0.5% to $94.14 per ounce. Crude gave back overnight gains to trade into negative territory in mid-morning trade. It put in lows at $92.88, but managed to bounce off those lows to finish just above the flat line with modest gains. Events in Europe, coupled with commentary from the IMF on Spain and crude oil's recent downward trend, all weighed on crude today. July natural gas finished higher by 1.6% to $4.39 per MMBtu. It put in session highs at $4.41 in afternoon trade, but pulled back from those highs heading into the close. DJ30 +116.90 NASDAQ +54.52 SP500 +17.17 NASDAQ Adv/Vol/Dec 2009/1.5 bln/552 NYSE Adv/Vol/Dec 2566/588.6 mln/456

3:00 pm : Stocks recently added to their gains to set a new session high. The Nasdaq is now up more than 2%, but the Dow continues to trade with a gain of only half that.

Even though strength among equities is so pronounced this session, Treasuries really haven't been subjected to much selling pressure. In fact, the benchmark 10-year Note is down about 10 ticks. In turn, its yield remains fractionally below 3.00%. Earlier today the Note's yield did cross over that mark for a moment, however.

Both stock and fixed income traders wil be closely listening to the FOMC's policy statement tomorrow for cues on how to handle their holdings in light of the latest macro assessment and plans for monetary policy. DJ30 +131.05 NASDAQ +57.08 SP500 +18.76 NASDAQ Adv/Vol/Dec 2014/1.31 bln/527 NYSE Adv/Vol/Dec 2594/509 mln/424

2:30 pm : Stocks are back at their best levels of the day. The move comes as the market heads into the final 90 minutes of the trading session.

Materials stocks continue to trade ahead of every other major sector. The group's 2.4% gain is one of its best performances of the past couple of months. Still, some investors are skeptical of the sector because its correlation to broad economic cycles makes it susceptible to another slip in macro activity. Investors should get some insight into the health of the economy from the latest FOMC policy statement, which is scheduled to be released tomorrow afternoon. DJ30 +113.45 NASDAQ +51.16 SP500 +16.90 NASDAQ Adv/Vol/Dec 1939/1.20 bln/586 NYSE Adv/Vol/Dec 2551/465 mln/456

2:00 pm : Ultra defensive utilities stocks have lacked support all session. As such, the Dow Jones Utility Average is up less than 0.2% while the S&P 500 Utilities Sector is up just 0.1%.

Consumer staples stocks are in even worse shape. As a group, they are down 0.2%.

General weakness among defensive-oriented issues comes as market participants show a willingness to rotate into riskier assets with today's rally. Favor for risk has helped stoke shares of cyclical plays, like materials stocks (+2.3%), energy stocks (+1.7%), and tech stocks (+1.7%). DJ30 +93.09 NASDAQ +46.56 SP500 +14.42 NASDAQ Adv/Vol/Dec 1875/1.11 bln/627 NYSE Adv/Vol/Dec 2495/426 mln/493

1:30 pm : The Dow has drifted off of its session high. Although its declining issues are limited to just Boeing (BA 74.16, -0.36), Procter & Gamble (PG 64.79, -0.29), and United Tech (UTX 85.37, -0.18), leadership among blue chips has been relatively limited. In turn, the Dow continues to trade with a gain that is less than half of what the Nasdaq has achieved.DJ30 +83.52 NASDAQ +46.98 SP500 +13.92 NASDAQ Adv/Vol/Dec 1900/1.04 bln/616 NYSE Adv/Vol/Dec 2490/395 mln/477

1:00 pm : The major market averages are up sharply this session. The bounce comes on the back of renewed strength among tech stocks and natural resource plays.

Buying this morning was bolstered by big gains abroad, where many traders have spent recent sessions selling amid concerns about the fiscal future of Greece. Greece's troubles have yet to be remedied, but some clarity is expected to come when the country's prime minister is put up to a vote of confidence.

Brushing aside concerns about Greece opened the door for buying, but the emergence of tech and natural resource stocks as market leaders has been the biggest driver of this session's advance. Favor for natural resource plays has the materials sector up more than 2%. In a similar vein, energy stocks are collectively up 1.6%, even though oil prices have surrendered early gains to trade in the red with a modest loss.

Tech, the largest sector by market weight, has provided a big boost to the broad market. The sector's near 2% gain comes after it had spent the past several weeks listlessly dragging along. In fact, just yesterday the sector set a 2011 low.

The dollar has been weak for virtually the entire session, and was recently quoted with a 0.5% loss against a collection of competing currencies. Its weakness comes as Greece looks to take the first steps toward solving its fiscal woes, but precedes the latest FOMC policy statement, which will be posted tomorrow afternoon. DJ30 +102.92 NASDAQ +49.59 SP500 +15.71 NASDAQ Adv/Vol/Dec 1915/365 mln/582 NYSE Adv/Vol/Dec 2547/970 mln/421

12:30 pm : The Dollar Index has descended deeper into negative territory. It is now down 0.5%, which makes for a fresh session low. The dollar's decline has come chiefly against the euro, the yen, and the sterling pound.

The dollar's decline today comes after it had traded with strength in recent days. The shift in sentiment around the dollar precedes a vote of confidence for the prime minister of Greece, which has has been in focus for its social, political, and fiscal instability. Recent weakness in the dollar also comes ahead of the FOMC's latest policy statement. DJ30 +104.98 NASDAQ +47.79 SP500 +15.82 NASDAQ Adv/Vol/Dec 1924/870 mln/552 NYSE Adv/Vol/Dec 2527/330 mln/433

12:00 pm : Stocks continue to sport rich gains as they trade near session highs. Oil prices have extended a recent reversal into the red, however; oil prices are now down 0.4% to $93.30 per barrel.

Even though oil prices are now in the red, the stock market's strength has helped the energy sector maintain its heady gain. As a group, energy stocks are up 1.6%. Tesoro Corp (TSO 21.94, +0.93) is currently the top performer in the energy space. DJ30 +102.14 NASDAQ +48.64 SP500 +16.00 NASDAQ Adv/Dec 1918/530 NYSE Adv/Dec 2537/408

11:30 am : Stocks are up to fresh session highs. The climb began after some slight wavering in the first few minutes of trade, but ever since the march higher has been a steady ascent.

Materials stocks continue to extend their push higher -- the sector is now up 2.3%. Among materials plays, International Paper (IP 28.77, +1.33) and Eastman Chemical (EMN 100.60, +4.13) are top performers. Both of them currently sport gains in excess of 4%. Bemis (BMS 31.86, -0.12) is one of the few materials-related issues that has failed to find higher ground. DJ30 +101.50 NASDAQ +49.07 SP500 +16.37 NASDAQ Adv/Vol/Dec 1944/637 mln/504 NYSE Adv/Vol/Dec 2516/240 mln/398

11:00 am : Newfound strength in the tech sector has really charged up the Nasdaq, which is getting closer to a gain of 2%. Just last week the tech-rich Nasdaq was at its lowest level in six months. Heavyweights like Apple (AAPL 323.31, +7.99) have been the biggest drivers of the move.

Strength in the broader equity market has the S&P 500 up a heady 1%. Its advance comes without help from defensive-oriented plays. Among traditionally defensive issues, consumer staples stocks are down 0.3%, utilities are flat, and health care stocks are up just 0.3%. DJ30 +76.82 NASDAQ +44.15 SP500 +13.32 NASDAQ Adv/Vol/Dec 1900/475 mln/505 NYSE Adv/Vol/Dec 2423/183 mln/436

10:30 am : The dollar index remains lower, which is helping provide broad-based strength in the commodities complex this morning. Soft commodities are some of the best performers with cotton showing gains of 2.4% and cocoa up 2.3%.

Crude oil has been in positive territory all morning, but never broke the $95 level. The energy component hit $94.90/barrel (continuous contract) about 40 minutes before floor trading began and that remains the current high for the day. In current activity, crude is up 1.1% at $94.64/barrel.

Natural gas has been higher all session so far as well. In recent trade, it extended gains to new session highs of $4.39/MMBtu and is now 1.4% higher at $4.38/MMBtu.

Gold and silver staged a small rally right around the time the stock market opened. Gold pushed to new session highs of $1546.70/oz. and silver ran higher to around $36.37/oz. Gold is currently 0.3% higher at $1547.00/oz. while silver is up 1.0% at $36.44/oz.DJ30 +68.31 NASDAQ +37.90 SP500 +11.72 NASDAQ Adv/Vol/Dec 1827/330.7 mln/523 NYSE Adv/Vol/Dec 2322/130.9 mln/455

10:05 am : Stocks have added to early gains. In turn, the major equity averages are all up solidly. The Nasdaq has made the most impressive push higher; it is now up 1% as tech stocks attract support after a sluggish start. A sudden flurry of buying among tech issues has the sector up 1%.

Existing home sales for May were just posted. They hit an annualized rate of 4.81 million units, which is on par with the 4.79 million unit rate that had been expected among economists surveyed by Briefing.com. However, the pace for May is slower than the rate of 5.00 million units that had been recorded for April. DJ30 +71.11 NASDAQ +30.30 SP500 +10.01 NASDAQ Adv/Vol/Dec 1752/159 mln/498 NYSE Adv/Vol/Dec 2297/69 mln/449

09:45 am : Natural resource plays have sprinted out to an impressive lead over the broad market, which is currently up with a solid gain of its own. Strength in the materials space has the sector up 1.2%. As for energy stocks, they are up 1.1%, as a group.

Meanwhile, financials and tech stocks continue to struggle to attract meaningful support. In turn, both sectors are up with gains of only 0.3%. The two, which are frequently regarded as broad market drivers for their relative market weight and pervasiveness in the economy, have mostly traded in lackluster fashion in recent weeks. DJ30 +35.54 NASDAQ +14.15 SP500 +5.82 NASDAQ Adv/Dec 1543/604 NYSE Adv/Dec 2210/451

09:15 am : S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +7.10. Stock futures suggest that the major equity averages are looking to add to the gains that they scored in the prior session. Strength has been helped by an improved tone abroad, where the major market averages of both Europe and Asia have either already booked or are headed for gains on the order of 1%. There haven't been any new headlines or catalysts to account for the improved mood among participants. In fact, Walgreen Co (WAG) is one relatively widely held name that posted quarterly results this morning. The company's bottom line was actually better than expected, but the stock has encountered sharp selling pressure ahead of the open. The company announced that contract renewal negotiations with Express Scripts (ESRX) have been unsuccessful. The economic calendar is light today; it features only the latest in existing home sales (10:00 AM ET).

09:00 am : S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +8.10. Europe's major bourses managed to pare losses in the prior session as the tone among participants improved after some early concern about the fiscal future of Greece. The tone of trade has further improved today, such that the EuroStoxx 50 is up a strong 0.7%. Greece's Athex 20 is currently up more than 4% ahead of a vote of confidence for the country's prime minister. In Germany, the DAX has advanced to a 0.9% gain, even though the country's latest ZEW Survey made a sharp drop to -9.0 after it had been at 3.1 in May. Financial issues Commerzbank and Deutsche Bank (DB) are two of the top performers in the German bourse. Henkel AG and Fresenius SE are a couple of names in a handful of components that have had a hard time following the rest of the market higher. In France, the CAC has put together a 1.2% gain as all 40 of its components sport gains. Schneider Electric is the top performing name by percent gained, while Pernod Ricard clings to a fractional gain. Britain's FTSE is presently up 0.9%. Strength is broad there, but metals and mining plays like Xstrata, Rio Tinto (RIO), and Anglo American are providing some of the strongest leadership. Consumer staples plays SABMiller PLC and Imperial Tobacco are on the short list of declining issues.

In Asia, Japan's Nikkei put together a 1.1% gain during overnight action. Kansai Electric Power and Chubu Electric Power were top performers, but Tokyo Electric Power fell sharply. TDK Corp was also a key contributor to overall advance. Japan's All-Industry Activity Index for April fell 1.5% after it had dropped 6.4% in the prior month. Hong Kong's Hang Seng swung to a 1.2% gain after it had logged a nine-month low in the prior session. Natural resource plays helped drive the rebound. Mainland China's Shanghai Composite closed its latest round of trade with a 1.0% gain. The move marked a moment of relief in an otherwise multi-month descent.

08:35 am : S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +9.90. Commodities are attracting broad buying interest this morning. In turn, the CRB Commodity Index is up 0.6%. Oil is currently a top performer in the commodity complex; the energy component was last quoted with a 1.3% gain at $94.80 per barrel. Natural gas prices are up a sharp 1.1% to $4.37 per MMBtu. As for precious metals, gold prices are up a tepid 0.2% to $1544.40 per ounce, but silver prices are up 0.4% to $36.23 per ounce.

08:05 am : S&P futures vs fair value: +7.40. Nasdaq futures vs fair value: +10.10. An improved mood abroad has provided a positive backdrop to premarket trade. In turn, stock futures suggest that a positive start to today's session is in order. Amid the action, the dollar is down moderately against the euro, which was last quoted with a 0.2% gain at $1.436 ahead of a vote of confidence for Greece's prime minister. The only item on the economic calendar is the latest monthly home sales tally. However, today also marks the start of the latest FOMC policy meeting, which culminates tomorrow with the latest statement on monetary policy.

06:35 am : [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +7.40.

06:34 am : Nikkei...9459.66...+105.30...+1.10%. Hang Seng...21850.59...+251.10...+1.20%.



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

6:59PM Leap terminates tax benefit preservation plan (LEAP) 16.63 +0.56 : Co announced that it has terminated its Tax Benefit Preservation Plan, effective as of June 21, 2011. The termination of the Plan was authorized and approved by Leap's Board of Directors on June 16, 2011.

6:33PM IAMGOLD reports that gold production is less than expected and average cash costs are higher than expected; co increases dividend by 150% to C$0.20 (IAG) 19.89 +0.90 : Co reported that it has increased its annual dividend payment by 150% from C$0.08 per share to C$0.20 per share. The next semi-annual dividend payment in the amount of C$0.10 per share will be paid on July 20, 2011 to shareholders of record as of the close of trading on July 5, 2011. The co also reports that for Q2 of 2011, gold production is less than expected and average cash costs are higher than expected. "Gold production during the second quarter was primarily impacted by a change in mining sequence resulting in a lower than planned grade at the Rosebel Mine in Suriname as well as a slower than expected crusher ramp up and some downtime at the Essakane Mine in Burkina Faso due to a brief water shortage just prior to the start of the rainy season. Despite these challenges we are expecting improved production in the second half of the year allowing us to meet our production guidance."

5:46PM Laclede Gas Co announced Suzanne Sitherwood has been named its next CEO effective February 1, 2012 (LG) 36.97 +0.23 : Sitherwood currently serves as president of Atlanta Gas Light, Chattanooga Gas and Florida City Gas, which are natural gas utility subsidiaries of AGL Resources serving more than 1.6 mln customers, as well as senior vice president of Southern Operations for AGL. Prior to these roles, Sitherwood served as vice president of gas operations and capacity planning at AGL Resources, a position she held since June 2002.

5:44PM W. R. Berkley announces preliminary estimate for spring storms; co estimated pre-tax losses of ~$65 mln from the numerous severe U.S. storms that occurred in April and May 2011 (WRB) 32.15 : Co reported estimated pre-tax losses of approximately $65 million from the numerous severe U.S. storms that occurred in April and May 2011. The Company's loss estimate is net of reinsurance and includes reinstatement premiums. Today's preliminary estimate of pre-tax storm losses for April and May exceeds the losses contemplated in the Co's budget for the full Q2 by ~$35 million.

5:38PM UnitedHealthcare sues Department of Defense over TRICARE south region contract (UNH) 52.22 +0.95 : Co filed suit with the U.S. Court of Federal Claims over the Department of Defense's (DoD) handling of the TRICARE South Region contract. The legal action follows the Government Accountability Office's (GAO) decision last week to deny UnitedHealthcare's protest of the TRICARE South Region contract award to Humana.

5:31PM TRC receives adverse ruling in Houston lease litigation (TRR) 6.65 +0.02 : TRR announced that on June 20, 2011, the jury in a case pending in District Court, Harris County Texas returned a verdict against the Co and its subsidiary TRC Environmental Corporation in the amount of $15.7 mln. As previously disclosed, the case, which was titled The Arena Group v. TRC Environmental Corp and TRC Cos, was filed in September 2007 and involved a former landlord seeking damages for alleged breach of a lease for certain office space in Houston, Texas that the subsidiary had vacated. Any payment of damages will be at the end of the appeals process, which could take up to several years. The case relates solely to the alleged breach of the office lease, and TRC's clients will not be affected by this matter.

5:24PM Triple-S Management announces departure of CFO, Juan Jose Roman (GTS) 21.76 +0.85 : Co announced the departure of Juan Jose Roman, Vice President of Finance and Chief Financial Officer. Mr. Roman, who has accepted a position in the financial services industry, will remain in his current role at Triple-S until July 15, 2011. The co has commenced a search for his replacement.

5:18PM Crude oil futures (continuous contract) trades lower in electronic trade; now -62 cents to $93.55/barrel (COMDX) :

5:05PM Labopharm announces intention to delist from Nasdaq (DDSS) 0.27 : Co announced its intention to delist its common shares from The Nasdaq Global Market as of the close of business on June 30, 2011. The co's common shares will continue to be listed on the Toronto Stock Exchange. Following its delisting from Nasdaq, the co intends to voluntarily terminate its public reporting obligations under the U.S. Securities Exchange Act as soon as possible. (Stock is halted)

5:02PM Celanese announces price increases (CE) 50.90 +1.74 : Co will increase list and off-list selling prices for the following products effective July 1, 2011, or as contracts allow. (USA, Canada and Mexico in USD/LB): Acetic acid $0.03, Acetic anhydride $0.03, Vinyl acetate monomer $0.05, Ethyl acetate $0.05, MIBC $0.03 and MIBK $0.03) and Central amd South America in USD/MT): Acetic acid $60, Acetic anhydride $60, Vinyl acetate monomer $110, Ethyl acetate $110, MIBC $70 and MIBK $70.

4:59PM Lender Processing Services "First Look" mortgage report: May month-end data shows a decrease in delinquency rate and drop in foreclosure inventories (LPS) 20.49 +0.85 : Co reports the following "first look" at May 2011 month-end mortgage performance statistics derived from its loan-level database of nearly 40 million mortgage loans. Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 7.96%; Month-over-month change in delinquency rate: -0.1%; Year-over-year change in delinquency rate: -18.3%; Total U.S. foreclosure pre-sale inventory rate: 4.11%.

4:57PM Computer Sciences receives EU approval to acquire iSOFT (CSC) 39.10 +0.55 : Co has received unconditional clearance from the European Commission (EU) to proceed with the acquisition of iSOFT, one of the world's largest providers of advanced healthcare IT solutions. EU clearance means that all regulatory consents to the transaction have been received. Completion of the transaction remains subject to gaining shareholder approval and final Court assent in Australia. Please refer to the Scheme documentation lodged with the ASX on 14 June 2011 for an indicative timetable.

4:44PM Labopharm halted, news pending (DDSS) :

4:42PM Cardtronics to acquire EDC ATM business for $145 mln; CATM expects this transaction to be accretive to adjusted EPS in 2011 (CATM) 21.39 +0.39 : Co announced that its wholly-owned subsidiary, Cardtronics USA, Inc. has entered into a definitive agreement under which it will acquire EDC ATM Subsidiary, LLC and Efmark Deployment I (collectively "EDC"). Under the terms of the agreement, and upon closing, CATM will pay $145 mln, plus or minus an adjustment for working capital as of the closing date. CATM expects this transaction to be accretive to adjusted net income per share in 2011 and increasingly accretive in future years as synergies are fully realized. CATM intends to finance the acquisition primarily through its revolving credit facility, which was recently expanded from $175 mln to $220 mln. The transaction is expected to be accretive to adjusted net income per share in 2011 and increasingly accretive in future years. EDC generated ~$56 mln of revenue in the 12 months ended March 31, 2011, which does not fully reflect the impact of certain new retail and financial institution relationships initiated during the period. Upon closing, CATM expects to update 2011 earnings guidance.

4:38PM UDR declared quarterly dividend on common stock for Q2 of $0.20/share, prior $0.185/share (UDR) 25.03 +0.10 :

4:34PM Fulton Fincl raises quarterly dividend to $0.05/share from $0.04/share (FULT) 10.71 +0.11 :

4:30PM Eagle Bancorp receives preliminary approval for $56.6 mln of SBLF Capital (EGBN) 13.00 +0.51 : Co announced that it has received preliminary approval to receive an investment of up to $56.6 mln in the Company's preferred stock from the United States Department of the Treasury under the Small Business Lending Fund (the "SBLF"). The SBLF is a voluntary program intended to encourage small business lending by providing capital to qualified community banks at favorable rates. In connection with the investment, $23.235 million of the SBLF funds will be used to redeem the shares of preferred stock issued to the Treasury under the TARP Capital Purchase Program, providing the Company with up to approximately $33.3 million of additional capital to support its growth. Ronald D. Paul, Chairman and Chief Executive Officer commented: "The types of small business loans intended by the SBLF program represent a significant part of EagleBank's loan portfolio. We are proud of our record of lending to the small business community and we are committed to continuing our activity in this area."

4:27PM RR Donnelley & Sons has acquired Helium (RRD) 19.52 +0.15 : Co announced that it has acquired Helium, a company in which it took an equity position in September 2009. Helium is the writing community and social publishing platform.

4:24PM PostRock Energy to buy stake in Constellation Energy Partners (CEP) (PSTR) 5.42 +0.10 : PostRock Energy (PSTR) ("PostRock") announced that it had agreed to purchase all of Constellation Energy Groups (CEG) interests in Constellation Energy Partners LLC (CEP). PostRock will acquire 5,918,894 Class B Member Interests, representing ~24.5% of that class along with all outstanding Class A, Class C and Class D Member Interests. In the transaction, PostRock will receive all of CEG's voting rights, including its right to appoint two of the five members of CEP's Board. CEG will receive consideration comprised of $11.25 mln of cash, $11.25 mln of PSTR common stock and warrants to acquire an additional 1.5 mln shares of PostRock common stock at a premium to market. Closing is subject to approval of the transaction by the independent directors of CEP and a vote by PostRock's shareholders. In the PostRock vote, White Deer has pledged the support of its 45% voting interest. PostRock and CEP both have the majority of their assets and operations in the Cherokee Basin of Kansas and Oklahoma.

4:22PM Threshold Pharma announces completion of patient recruitment for Phase 2 TH-302 pancreatic cancer study (THLD) 1.58 -0.01 : Enrollment in the study exceeded initial recruitment expectations. As a result, the company expanded the study's enrollment target from the original 165 patients to at least 200 patients, consequently increasing the statistical power of the study to greater than 80%.

4:21PM Closing Market Summary: Stocks Add To Rebound (WRAPX) : Equities put together a fourth straight day of gains, with a strong +1.3% gain for the S&P 500 in today's session. U.S. stocks started the day higher following a bounce in overseas markets, which have been under pressure recently amid concerns about the fiscal future of Greece. Greece's troubles are far from resolved, but tonight's (5:00 ET) vote of confidence for the country's prime minister is expected to turn out positively. A positive vote would symbolize agreement that progress must be made toward austerity.

Today's strongest sectors include Materials (+2.6%), Energy (+2.0%) and Consumer Discretionary (+2.0%) -- sectors that have performed poorly amid the recent market pullback. The strength in energy comes even though oil prices have surrendered early gains to trade in the red with a modest loss... The dollar has been weak for virtually the entire session, and was recently quoted with a 0.5% loss against a collection of competing currencies. Its weakness comes as Greece looks to take the first steps toward solving its fiscal woes, but precedes the latest FOMC policy statement, which will be posted tomorrow afternoon.

Looking at individual items of interest, Walgreens (WAG 43.28 -1.90) finished the day down 4% after reporting better than expected earnings and in-line revenues, but noting that it is planning to move forward without Express Scripts (ESRX 54.99 +0.20) pharmacy provider network in 2012. After losing more than 6% in the pre-market, ESRX finished the day flat.

After the close, Jabil Circuit (JBL 18.85 +0.59) reported Q3 (May) earnings of $0.58 per share, on revenues that rose 22.3% year/year to $4.23 billion. JBL issued guidance for Q4 EPS of $0.52-0.60, and revs of $4.1-4.3 billion. Additionally, JBL authorized a repurchase for up to $200 million worth of shares. Adobe Systems (ADBE 32.01 +1.06) reported Q2 EPS of $0.55 and revs $1.02 billion, and issued in-line Q3 guidance for EPS of $0.50-0.56 and revenues of $1.00-1.05 billion.

Tomorrow before the open FedEx (FDX 89.13 +1.63) is scheduled to report Q4 results.

4:21PM Tenaris announces Venezuela moves forward with expropriation of Matesi (TS) 45.20 +1.28 : Co announced that, within the framework of the Venezuelan National Assembly's law declaring all of Matesi's assets to be of public and social interest and ordering the Executive Branch to take the necessary measures for the expropriation of such assets, President Chavez issued Decree 8280/2011, which orders the expropriation of Matesi's assets as may be required for the implementation of a state-owned project for the production, sale and distribution of briquettes, and further instructs to commence negotiations and take any actions required for the acquisition of such assets. While Tenaris is prepared to engage in negotiations with the Venezuelan government at any time, Tenaris is concerned about the absence of any meaningful progress in the discussions on compensation since Venezuela's 2009 announcement of the nationalization of Matesi. Tenaris continues to reserve all of its rights under Venezuelan and international law, including investment treaties, and will take legal actions against Venezuela to seek prompt, fair and adequate compensation for its entire interest (including assets and liabilities) in Matesi.

4:19PM AT&T: T-Mobile comments on new FCC filings by AT&T/T-mobile merger opponents (T) 31.11 +0.15 : Deutsche Telekom's (DTEGY) T-Mobile Senior Vice President of Government Affairs, issued the following statement: "The opponents of the AT&T/T-Mobile merger have had their final say as part of the FCC's formal pleading cycle and, not surprisingly, they have failed to offer any credible arguments to support their view that the Commission should deny the transaction. What is surprising, however, is their repeated head-in-the-sand insistence that no spectrum crisis exists. As part of their application, AT&T and T-Mobile provided a compelling showing of their need for more spectrum to continue to provide quality service to customers and roll out new technologies in the future. And the two companies have demonstrated that a combination of their networks and spectrum holdings is by far the best way to solve this problem and ensure improved service and enhanced innovation. The FCC has long acknowledged the harmful consequences of ignoring the spectrum crunch, and we are confident it will approve our proposed market-based solution."

4:18PM NuVasive to offer $325 mln convertible senior notes due 2017 (NUVA) 34.24 +0.58 : BofA Merrill Lynch and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. Co intends to use the net proceeds for general corporate purposes and to repurchase up to $230 mln of its 2.25% Convertible Senior Notes due March 2013. The co may consider possible strategic acquisitions of, or investments in, companies, technologies, products or assets, however, the co has no present commitments or agreements to enter into any potential acquisitions or investments.

4:17PM Aastrom Biosciences announced the formation of an independent steering committee to support the REVIVE Phase 3 clinical program for ixmyelocel-T (ASTM) 2.55 +0.03 : The committee will provide independent oversight and medical and clinical guidance to Aastrom in advancing the REVIVE clinical program for ixmyelocel-T as a potential treatment for critical limb ischemia. Members of the steering committee have extensive experience in late-stage clinical research and have served on several FDA advisory committees.

4:16PM AeroVironment spikes 10% to $31.46 following Q4 results and issuing upside FY12 guidance (See 16:15 comment) (AVAV) 28.61 -0.01 :

4:15PM AeroVironment beats by $0.11, beats on revs; guides FY12 EPS above consensus, revs above consensus (AVAV) 28.61 -0.01 : Reports Q4 (Apr) earnings of $0.79 per share, $0.11 better than the Capital IQ Consensus Estimate of $0.68; revenues rose 6.7% year/year to $106.1 mln vs the $99 mln consensus. Co issues upside guidance for FY12, sees EPS of $1.28-1.35 vs. $1.20 Capital IQ Consensus Estimate; sees FY12 revs of $321-336 mln vs. $317.15 mln Capital IQ Consensus Estimate.

4:14PM Rent-A-Center announces intent to refinance existing senior credit facility (RCII) 29.64 +0.45 : Co announced it anticipates refinancing its current senior debt by entering into a new $750 mln senior credit facility, consisting of $250 mln in term loans and a $500 mln revolving credit facility. The Company's existing $375 mln revolving credit facility expires September 30, 2013. The Company expects to complete the transaction in the third quarter of 2011, and intends to repay its existing senior term debt, currently ~$358 mln outstanding, with the proceeds of the new term loans and by drawing ~$108 mln on the revolving credit facility.

4:14PM Obagi Medical launches new data from a study assessing a Hydroquinone/L-Ascorbic Acid Treatment System in treating photodamaged skin (OMPI) 9.52 +0.17 : Co announced results from a new clinical study evaluating prescription strength Hydroquinone/L-Ascorbic Acid Treatment System for normal to oily skin (Obagi-C Rx). The system provided improvement in overall facial appearance as well as increased patient satisfaction... Co also introduced new clinical data showing combination of hydroquinone skin care system and tretinoin may reduce melasma severity in patients with darker skin.

4:10PM Adobe Systems beats by $0.04, beats on revs; guides Q3 EPS in-line, revs in-line; reaffirms FY11 revs guidance (ADBE) 32.01 +1.06 : Reports Q2 (May) earnings of $0.55 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.51; revenues rose 8.5% year/year to $1.02 bln vs the $1 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.50-0.56, excluding non-recurring items, vs. $0.54 Capital IQ Consensus Estimate; sees Q3 revs of $1.00-1.05 bln vs. $1.02 bln Capital IQ Consensus Estimate, with non-GAAP op. margin of 34-36%. Co reaffirms guidance for FY11, sees FY11 revs of +10% to ~$4.18 bln vs. $4.11 bln Capital IQ Consensus Estimate with full year operating margin to be ~37% on a non-GAAP basis.

4:09PM Skilled Healthcare to acquire Altura Homecare & Rehab; terms not disclosed (SKH) 9.95 +0.08 : Co expects the transaction to be slightly accretive in 2011.

4:05PM Luminex to acquire privately-held EraGen Biosciences; expects the acquisition will add between $5-7 mln to 2011 consolidated rev (LMNX) 19.64 +0.44 : Co announces a definitive agreement to acquire privately-held EraGen Biosciences. Under the terms of the agreement Luminex will purchase all outstanding shares of EraGen for approximately $34 million in cash. Under the terms of the agreement, Luminex will pay approximately $34 million in cash to acquire EraGen, which generated approximately $8.0 million in product revenue during 2010. Luminex expects the EraGen acquisition will add between $5 million and $7 million to 2011 consolidated revenue. Luminex expects to record charges for non-recurring cash and non-cash acquisition-related costs in connection with the transaction. On a GAAP basis, inclusive of purchase related costs, Luminex expects this acquisition to be dilutive in 2011 and accretive to earnings in 2012. Luminex expects the acquisition to be neutral to earnings in 2011 on a non-GAAP basis as a result of acquisition costs and required accounting adjustments. These costs are not expected to repeat in subsequent periods.

4:05PM Jabil Circuit beats by $0.01, beats on revs; guides Q4 EPS in-line, revs in-line; authorizes share repurchase for 'up to $200 mln' (JBL) 18.85 +0.59 : Reports Q3 (May) earnings of $0.58 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.57; revenues rose 22.3% year/year to $4.23 bln vs the $4.14 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.52-0.60, excluding non-recurring items, vs. $0.60 Capital IQ Consensus Estimate; sees Q4 revs of $4.1-4.3 bln vs. $4.28 bln Capital IQ Consensus Estimate. Co also authorized a repurchase for up to $200 mln worth of shares.

4:04PM Asia Entertainment announces semi-annual cash dividend and share repurchase program (AERL) 5.61 +0.16 : Co announces its Board of Directors has authorized a regular semi-annual cash dividend of $0.10 per outstanding ordinary share each year after the release of the Company's financial results for the six months ending June 30, and, for each year after the release of the Company's financial results. The co also announced today that its Board of Directors has authorized the establishment of a share repurchase program for the Company to purchase up to two million of its ordinary shares on the open market at prices to be determined by the Company's management.

4:04PM VMware says it will to unveil the 'next major step forward' in Cloud infrastructure on July 12 at 12pm ET (VMW) 94.52 +3.47 :

4:04PM Jabil Circuit Authorizes Stock Repurchase of up to $200 mln (JBL) :

4:03PM Kodiak Oil & Gas announces James Catlin intends to step down as COO effective December 31; appointed President and CEO Lynn Peterson as Chairman effective immediately (KOG) 5.44 +0.16 : Co also announces that James Henderson, currently CFO, will serve as Executive VP, Finance and CFO effective immediately. Russ Cunningham, currently VP of Exploration, will serve as Executive VP, Exploration, and Russell Branting, currently VP of Engineering, will serve as Executive VP, Operations... Catlin has agreed to begin a new role at Kodiak as Executive Vice-President of Business Development. The Board also appointed the President and CEO Lynn Peterson to serve as Chairman of the Board, effective immediately. Catlin will remain a Director of the Company.

4:02PM Navistar awarded diesel re-power development contract for U.S. Postal service delivery vehicle fleet (NAV) 53.74 +1.33 : Co announces it has been awarded a development contract by the United States Postal Service (USPS) under which Navistar will engineer a diesel powertrain replacement for USPS delivery vehicles. Navistar's re-powered diesel vehicle effort is designed to significantly reduce the escalating service and fuel costs associated with the USPS's aging fleet. Under terms of the contract, the USPS will deliver one of its Long Life Vehicles to Navistar Engine Group's Engineering and Technical Center in Melrose Park, Illinois, where the company's in-house re-power engineering department will develop, install and test a diesel powertrain that features Navistar's MaxxForce(R) 3.2-liter turbodiesel engine. Financial terms were not disclosed.

4:01PM Western Union will launch its international business payments service in Peru (WU) 19.96 +0.16 : A. Serviban S.A. signed an agreement to offer Western Union Business Solutions in Peru. Western Union Business Solutions provides cross-border business payments and foreign exchange solutions to small and medium sized businesses (SMEs). The global cross-border SME payments market is estimated to be similar in size to the consumer cross-border remittance market, with estimated global revenues of over $20 billion.

4:00PM ZAGG announced the acquisition of privately held iFrogz for $50 mln of cash, 4.4 mln restricted shares of ZAGG common stock, and assumed approximately $5.0 mln of outstanding debt (ZAGG) 12.60 +0.48 : Co announces acquisition of privately held iFrogz, a mobile device accessories company specializing in lifestyle audio products and protective cases, for approximately $105 million. Under the terms of the definitive agreement, ZAGG acquired all of the outstanding stock of iFrogz for $50 million of cash, 4.4 million restricted shares of ZAGG common stock, and assumed approximately $5.0 million of outstanding debt. For 2011, iFrogz is expected to generate over $60 million of revenue with operating margins in line with ZAGG's previously disclosed guidance. ZAGG expects the acquisition to be immediately accretive on an earnings per share basis, excluding one-time transaction-related expenses. ZAGG will provide updated consolidated guidance on its second quarter earnings call.

4:00PM Asbury Automotive Announces Appointment of Scott Krenz as Chief Financial Officer (ABG) 17.65 +0.60 : Co named Scott Krenz as the company's Senior Vice President and Chief Financial Officer, effective June 27. Krenz will succeed former CFO Craig T. Monaghan, who in February accepted the position of President and Chief Executive Officer at Asbury.

3:45PM Earnings Calendar (SUMRX) : Today after the close look for the following companies to report:

* ADBE, AVAV, APOG, FSII, JBL, and LZB

Tomorrow before the open look for the following companies to report:

* KMX, FDX, and RBN.

3:27PM Michael Baker unit selected by the Ohio Department of Transportation to design new Eastbound Interstate 90 Cleveland Innerbelt Bridge (BKR) 23.55 -0.11 : Specifically, Baker will provide design and plan production for the design of the main viaduct superstructure, public involvement services, utility and agency coordination, and waterway permitting services. Baker's design fee, including final design services scheduled for completion in June 2013, will be ~$3 mln.

2:38PM Stock indices break above midday peak to set new session highs -- Dow +135, S&P +19, Nasdaq Comp +55 (SPY) : Relative sector strength in recent action has been noted in energy XLE, Oil Service OIH, Networking IGN, Silver SLV, Coal KOL, Semi SMH, Disk Drive.

2:38PM Duke Energy increases quarterly dividend on its common stock to $0.25/share, prior was $0.245/share (DUK) 18.80 -0.03 :

2:31PM NYMEX Energy Closing Prices (COMDX) : August crude oil, the new front month, settled higher by 51 cents to $94.14, July natural gas closed up by 7 cents to $4.39, July RBOB gasoline ended lower by 3 cents to $2.88, while July heating oil finished down 4 cents to $2.89.

2:31PM Walgreens edging back toward morning bounce high (WAG) 43.20 -1.98 : Stock was hammered off the open (eps better-than-expected, ESRX negotiation unsuccessful) with it dropping roughly 6.6%. Range trade has dominated after the early bounce to its 50 ema/sma at 43.22/43.29 (session high 43.27). In recent trade it has edged back toward the high and 50 day averages.

2:12PM IMAX confirms Disney's (DIS) Cars 2 will be released in IMAX 3D format on June 24 (IMAX) 29.89 +0.85 : The film will open on 120 domestic IMAX screens, simultaneous with its North American wide release. The film will also open on at least 40 IMAX screens internationally, with 33 screens releasing day-and-date. Additional international playdates are expected to be confirmed in the coming weeks.

2:03PM Express Scripts said it is open to continued negotiations with Walgreens (WAG) (ESRX) 55.01 +0.21 : Co says "It is shocking to us that Walgreens would back away from the table with six months to go in the current agreement, especially considering that negotiations are part of the normal course of business"... Express Scripts has requested the same contract terms that were mutually agreed upon in the existing contract. Co says it "has not asked to change the definitions of branded and generic medicines... Even without Walgreens in our network, we meet all client guarantees for access. Express Scripts is optimistic that Walgreens will return to the table and negotiate in good faith."

1:58PM Bank of Montreal receives bank regulatory approvals to acquire Marshall & Ilsley (MI); anticipated will close on July 5, 2011 (BMO) 62.88 +0.78 :

1:46PM Insituform Tech awarded contract extension valued at $6.0 mln from Scottsdale, Arizona (INSU) 19.29 +0.72 : This negotiated contract is the first one-year extension of the initial three-year term contract and provides the City of Scottsdale the option to extend for a fifth year. Co expects to conduct this work from September 2011 through mid-year 2012.

1:40PM SMTC Corp appointed Claude Germain and Alex Walker as permanent Co-CEOs, effective immediately (SMTX) 2.09 +0.07 : Walker will remain on the Board of Directors but will resign as Chairman of the Board; David Sandberg will assume the role of Chairman of the Board of Directors.

1:38PM COMEX Metals Closing Prices (COMDX) : August gold ended higher by $3.30 to $1545.30, July silver gained 4 cents to finish at $36.41, while July copper closed off a penny to $4.08.

1:30PM Intellipharmaceutics Intl announces settlement for its generic version of Effexor XR with Pfizer's (PFE) Wyeth (IPCI) 3.53 +0.10 : Under the terms and conditions of the Settlement Agreement, Intellipharmaceutics has been granted a non-exclusive license to the patents in suit that will permit Intellipharmaceutics to launch a generic of Effexor XR in the United States following FDA approval of this product. There can be no assurance of such approval of any product of Intellipharmaceutics. According to Wolters Kluwer Health, sales of Effexor XR and generic versions of Effexor XR in the U.S. were ~$2.8 bln for the 12 months ending May 2011.

1:30PM JPMorgan Chase confirms J.P. Morgan Securities reached settlement with SEC regarding CDOs (JPM) 40.70 +0.22 : As part of the agreement, J.P. Morgan Securities consented to the filing of a complaint by the Commission, without admitting or denying the allegations in the complaint, and will pay disgorgement and penalties totaling $153.6 million related to the sale of Squared CDO 2007-1. The SEC has not charged the firm with intentional or reckless misconduct... Separately, J.P. Morgan Securities conducted a review of the CDO transactions that were the subject of the Commission's investigation and, based upon that review, voluntarily made payments of ~$56 million to certain investors in connection with a CDO unrelated to Squared known as Tahoma I. While the Commission has not asserted any claims with respect to that transaction, these voluntary payments by J.P. Morgan Securities were taken into account by the Commission in connection with this settlement. (see 13:12 and 13:13 for prior details)

1:29PM Dejour Enterprises reports 90 feet of potential pay (DEJ) 0.35 +0.01 : Co announced that it has drilled and set casing on an initial vertical well to test the Mancos/Niobrara potential on its South Rangely leasehold in Rio Blanco County, Colorado. The test well was drilled to a depth of 3863' and encountered approximately 90 feet of hydrocarbon bearing siltstone in the Lower Mancos "C" sands. After a thorough review of the well data the well will be completed, fractured and flow tested to determine the commercial potential of the Lower Mancos "C" Sand in this area. Definitive results of this test well will be forthcoming in Q3 2011. Dejour has a 30% WI in the test well and an average 56% WI in the surrounding 8000 acres.

1:20PM US Airways to upgrade its fleet of V2500-powered Airbus A320 family aircraft (LCC) 8.67 +0.07 : As part of this agreement, US Airways would purchase kits to upgrade 92 aircraft in its fleet and to convert 60 aircraft on order to the newest engine configuration prior to aircraft delivery.

1:13PM Financial Select Sector displays some modest intraday relative weakness after JPM news (XLF) :

1:06PM Ingram Micro signs distribution agreement with Revolabs (IM) 17.55 +0.38 : Revolabs announced that Ingram Micro will be a distributor of Revolabs wireless audio systems for Unified Communications. Ingram Micro will offer Revolabs FLX, a line of wireless conference telephones, and the xTag BT wireless microphone to its North American network of value-added resellers.

1:02PM InterOil and Overseas Private Investment announce release of sponsor collateral (IOC) 51.28 +1.30 : The co and Overseas Private Investment have agreed to the release of certain sponsor support collateral related to the 2001 loan agreement. Overseas Private Investment has released the common stock which was pledged by PIE Group, a company controlled by InterOil's Chief Executive Officer. The release of this collateral and termination of various other sponsor support arrangements required when the loan was entered into in 2001 reflects InterOil's development and organizational maturity, the increased strength of its balance sheet, and the reduced balance of the loan from the original $85 mln to $40 mln, after the next installment is paid at the end of this month. A parent guarantee originally provided by InterOil Corporation in 2001, will continue for the remaining life of the loan. As a result of the release, PIE Group has informed InterOil that it will distribute the common shares to its individual members and will be dissolved. The effect of this distribution will be a reduction in the number of InterOil's common shares controlled by Mulacek and a less than corresponding increase in his personal holdings.

12:41PM Crude to fresh lows at $92.91; now off 70 cents to $92.92 (COMDX) :

12:32PM HEICO's Electronic Technologies Group agrees to acquire 3D Plus, S.A (HEI) 54.80 +0.95 : Closing is expected to occur within 90 days. Financial terms were not disclosed, but HEICO stated that it expects the acquisition to be accretive to its earnings within the year following closing.

12:24PM Kennedy Wilson initiates qtrly dividend of $0.04/share (KW) 12.05 +0.04 :

12:22PM PharMerica states that its policy is not to comment on unusual market activity or rumors (PMC) 13.57 +.66 : In view of the unusual market activity in the stock of PharMerica Corporation, the NYSE has contacted PharMerica in accordance with the NYSE's usual practice; PharMerica states that its policy is not to comment on unusual market activity or rumors.

12:19PM Trio-Tech International agrees to sell property in Malaysia for $1.179 mln (TRT) 3.44 +0.08 : Under the terms of the agreement, the buyer paid a down payment of 355,000 Malaysian Ringitt to an escrow agent and the balance will be paid as provided in the agreement. The down payment may be non-refundable under the terms set forth in the agreement.

12:18PM American Shared announces that Gamma Knife System began treating patients in Turkey (AMS) 3.11 -0.09 : Co announced that the Gamma Knife system it supplied to Baskent University, Adana, Turkey under a contract announced in March 2011 has begun treating patients, including 11 patients treated in the first week of clinical operations.

12:16PM Royal Dutch Shell to acquire 254 petrol retail sites in the UK from Rontec Investments (the Snax 24 Consortium) for ~$400 mln (RDS.A) 69.85 +1.15 : The addition of the new stations - which are mostly in the Midlands and South East of England and fit well with Shell's existing national network - will enhance Shell's position as a leading fuels retailer in the UK, with 1,150 stations. Completion of the agreement is expected around year-end subject to the satisfaction of regulatory and other conditions.

12:16PM Praxair to supply hydrogen to Motiva Louisiana refinery (PX) 103.63 +1.51 : Co signed a long term supply agreement with Motiva Enterprises LLC to supply hydrogen to Motiva's refinery in Norco, St. Charles Parish, Louisiana. Co recently announced it will extend its existing Louisiana hydrogen pipeline complex by connecting it to a new hydrogen plant that is being constructed in the St. Charles Parish. The pipeline extension is scheduled to be in operation during Q2 of 2012 and the plant in Q4 of 2012.

12:16PM TeleComm Sys and Cassidian Communications announce agreement to integrate technologies in support of the NENA i3 specifications (TSYS) 4.54 +0.15 : Cos announced the public safety industry's first collaborative agreement to provide comprehensive end-to-end ESInet solutions based on the NENA i3 Standard. This solution portfolio will be available nationwide.

12:02PM Steady sprint higher into midday pauses -- Dow +101, S&P +15, Nasdaq Comp +48 (SPY) : Minor slip off highs noted in Energy XLE, Oil Service OIH, Copper JJC, Silver SLV, Disk Drive, Solar TAN.

11:56AM Crude oil extends sell off to trade to session lows at $93.16; now down 17 cents to $93.47 (COMDX) :

11:53AM Crude oil back to flat line, giving up modest gains; now up 13 cents to $93.76 (COMDX) :

11:41AM Sprint Nextel confirmed earlier the launch of Samsung Galaxy Tab 10.1 on June 24 (S) 5.25 +0.05 :

11:40AM Steady march to the upside continues -- Dow +116, S&P +17.7, Nasdaq Comp +52 (SPY) : Sector gains are strong and broad based with recent relative strength (outperforming the S&P) noted in Energy/Commodity related as the Dollar Index slides to a new session low (Silver SLV, Gold Miners GDX, Energy XLE, Oil Service OIH, Materials XLB, Ag/Chem MOO, Rail). Also displaying relative strength are: Finance XLF, Internet FDN, Casino, REITs IYR.

11:39AM Mechel Steel reported earlier the results of a meeting with Posco's (PKX) mgmt (MTL) 26.37 +0.81 : The cos signed two agreements -- the Framework Project Agreement and the Agreement on Construction of a Permanent Shift Worker Settlement for Elga Coal Complex. The Framework Project Agreement is a follow-on to the Agreement of Intent, which was signed on November 10, 2010. The Agreement on Construction of a Permanent Shift Worker Settlement for Elga Coal Complex stipulates creation of the company named Posco Russia to implement the project.

11:38AM Oshkosh Truck will supply more than 5,100 MRAP All-Terrain Vehicle kits (OSK) 27.07 +0.99 : Under a separate order, Oshkosh was also selected to provide tooling and labor to support installation of the protection kits. The awards have a combined value of more than $245 million. Deliveries under the order for protection kits are expected to be completed by July 2012. The company has received awards to date for more than 8,100 M-ATV protection kits. Delivery of tools is expected to occur in July 2011. The labor contract is anticipated to last one year, beginning this summer.

11:25AM S&P +15.7 set fractional new high of 1294 to test its April low -- Dow +96, Nasdaq Comp +47 (SPY) :

11:04AM Johnson Controls aggressive advance reaches back to its 50 ema at 38.33 -- session high 38.32 (JCI) 38.31 +0.92 :

11:02AM Corinthian Colleges signs partnership With Andrews International (COCO) 4.18 +0.05 : Co, who is the parent company of Everest Colleges, has signed a national affiliation agreement with Andrews International. Under the terms of the agreement, Andrews International will partner with the co to promote awareness of its job placement opportunities and facilitate interviews with well-qualified Everest graduates.

10:47AM New highs for stock indices -- S&P +13.7, Nasdaq Comp +43, Dow +81 (SPY) : Relative sector strength on the recent move (outperforming the S&P) has been noted in: Disk Drive, Semi SMH, Networking IGN, Internet FDN, Technology XLK, Gold Miners GDX, Silver SLV, Materials XLB, Commodity Index.

10:46AM Gold to new highs at $1549.00, approaching key $1550 level; now up $6.50 to $1548.50 (COMDX) :

10:38AM AAR Corp selected as exclusive distributor for Unison Industries (AIR) 26.39 +0.27 : Cos jointly announced today from the Paris Air Show that they have entered into an exclusive worldwide aftermarket distribution agreement for Unison Industries' electrical components, sensors, and systems for aircraft and industrial uses. The agreement is valued at more than $600 mln over a 10-year term.

10:30AM Gold, silver spike to fresh highs (COMDX) :

10:26AM RTI Intl Metals signs engine supply agreement (RTI) 35.56 +1.22 : Co signs long-term agreement with MTU Aero Engines in Munich, Germany. The agreement calls for RTI to supply rotor-quality titanium billet products through 2022. RTI's material will be used exclusively in MTU compressor applications supplied to a wide variety of engine programs.

10:25AM Lockheed Martin gets funding approved from Norway for F-35 training jets (LMT) : The Norwegian parliament unanimously approved the funding for four of the co's F-35 Lightning II training jets to begin fulfilling Norway's future air-combat capability requirements. These 5th Generation fighters will bridge the gap between Norway's aging F-16s currently in service, and due to be phased out by 2023. The jets will be delivered to a U.S.-based international training center in 2016.

10:16AM S&P +10 runs to short term resistance after data (SPY) : The market was technically extended and at a support zone of significance last week (see The Technical Take for charts) with the modest subsequent bounce developing strong follow through this morning. A minor congestion area has been tested (1288/1289) with the next resistance at 1291/1292 (38% retrace of June breakdown/last week's high/20 day ema). Its April low is slightly above at 1294.

10:15AM Altria: Florida Federal Court dismisses medical monitoring claims against Philip Morris USA (MO) 27.26 -0.06 : Altria's Phillip Morris USA said that a federal judge in Florida yesterday dismissed a medical monitoring class action case because plaintiffs failed to allege a legally proper claim for medical monitoring.

10:06AM SPDR Homebuilders sets new high after housing report cuts June slide in half (XHB) 17.94 +0.26 : The Housing Index has outperformed the overall market as it bottomed on June 10 and it is outperforming again today. The new data related high has trimmed the slide off the late May peak in half (at 17.93) with the next level of interest for the XHB at 18.04 which marks the May low and its 50 day ema (session high 17.95) -- LEN, MDC, MTH, PHM, SPF, TOL, HD, LOW, MHK, SHW.

10:04AM Travelzoo Asia Pacific unit appoints Vivian Hong as President, China (TZOO) 58.78 +3.14 :

10:03AM Time Warner Tcom announced that Medtech College selected it to provide advanced converged voice, data and Internet services to its 10 campuses (TWTC) 20.25 +0.18 :

10:02AM General Dynamics unit recently awarded contract from Textron (TXT) Marine & Land Systems to produce independent suspension axle systems (GD) 73.42 +0.65 : The award is for 240 vehicle sets of axles. The system is a customized variant of AxleTech's 4000 and 5000 Series planetary independent suspension axle systems. Deliveries began in June and will be completed in April 2012.

10:01AM TEKELEC selected by a U.S.operator to supply key Diameter signaling technology for its nationwide LTE network (TKLC) 8.04 +0.18 : The operator will deploy Tekelec's Diameter Signaling Router (DSR), which supports Diameter scaling needs for up to hundreds of millions of subscribers.

10:01AM New highs for stock indices after slightly better data -- Dow +64, S&P +10, Nasdaq Comp +28 (SPY) :

10:00AM Kaman's Kaman Specialty Bearings and Triton Systems form exclusive teaming agreement (KAMN) 33.94 +0.64 : Cos announced that they have signed an exclusive teaming agreement to develop, fabricate, and market products that use Triton's Fiber Reinforced Aluminum composite material.

10:00AM TeleComm Sys receives $12.8 mln in funding from U.S. Army for SNAP deployable satellite systems and support (TSYS) 4.54 +0.15 : Co announced that it has received an additional $12.8 mln in funding from the U.S. Army for equipment and field services support of Secret Internet Protocol Router and Non-secure Internet Protocol Router Access Point Very Small Aperture Terminal satellite systems. These awards are the result of exercised options on five existing delivery orders issued by the U.S. Army Communications.

9:57AM Stock indices run to fresh highs with semi/networking helping Nasdaq Comp +22 pace the way -- Dow +47, S&P +7.4 (SPY) :

9:52AM Rosetta Resources announces CFO retirement (ROSE) 45.41 +1.79 : Co announced that Michael J. Rosinski, Executive Vice President, Chief Financial Officer and Treasurer will be retiring. Rosetta has begun an external search to identify a successor in this key position, and Rosinski will continue in his current position until his successor is named and will then assist in a transition role as necessary.

9:52AM Bacterin International has engaged Liolios Group to lead its investor relations and financial communications program. (BONE) 3.10 -0.07 :

9:51AM US Airways announces $388 mln aircraft financing (LCC) 8.61 +0.01 : US Airways Group announced its intention to make an offering of Class A and Class B enhanced equipment trust certificates in the aggregate principal amount of ~$388 mln. Co intends to use the proceeds from the offering to refinance five Airbus aircraft currently owned by US Airways, to finance four Airbus aircraft scheduled to be delivered in September 2011 and October 2011 and use the balance, if any, for general corporate purposes. The $388 mln financing will be comprised of ~$294 mln of Class A certificates with a final expected distribution date of October 22, 2023, and ~$94 mln of Class B certificates with a final expected distribution date of October 22, 2018.

9:50AM Opening Point Gainers/Losers (TECHX) : Point Gainers: PCLN (+6.62), TOBC (+6.14), BIDU (+4.81), SINA (+4.11), PKX (+4.21), PII (+3.09), CF (+3.43), HOC (+2.86), APKT (+2.73), WFM (+2.43), LULU (+2.64), FFIV (+2.13)

Point Losers: WAG (-2.21), ESRX (-0.61), SUSQ (-0.74), MMI (-0.69), ECA (-0.52), PSEC (-0.57), JEF (-0.59)

9:49AM Semiconductor Hldrs rotates back near early high/200 sma at 32.64/32.69 after opening pause/pullback (SMH) 32.61 +0.18 :

9:47AM Tri-Tech Holding to acquire majority stake in Beijing Huaxia Yuan Jie Water Technology (TRIT) 7.10 +0.03 : Co's subsidiary Tri-Tech High-Tech agreed to acquire 51% of Beijing Huaxia Yuan Jie Water Technology. Tri-Tech Beijing will invest ~$1.7 mln into Yuan Jie Water. The closing will occur upon completion of corporate and regulatory formalities in China. The two companies are in the process of capital injection and equity change registration in accordance with Chinese regulations. The transaction is expected to be completed by the end of June 2011.

9:45AM Nasdaq Comp +13 able to join Dow +39 and S&P +5.7 at minor new session high as underperforming Semi pushes well off low (SPY) :

9:43AM Apple showing signs of early relative weakness again this morning as it dips down into opening low territory to probe the $315.00 area (AAPL) 315.61 +0.30 :

9:42AM Rockwell Collins divests Rollmet business (COL) 61.22 +0.46 : Co has reached an agreement to sell its Rollmet product line to Precision Castparts. The sale is expected to be completed in the fiscal fourth quarter, subject to customary conditions to closing.

9:40AM Arch Coal probing top of two very narrow range days at 25.25 (ACI) 25.25 +0.44 : The high of its nine month low bar from last week comes into play thereafter at 25.46.

9:39AM Gold, silver rebound off of flat line to trade back into positive territory (COMDX) :

* Gold now up $3.30 to $1545.70.
* Silver higher by 25 cetns to $36.33.

9:37AM Sevcon announces new $3.5 mln secured revolving credit facility (SEV) 6.56 +0.11 : Co announced that its wholly owned subsidiary, Sevcon USA, has entered into a $3.5 million secured revolving credit facility. Sevcon USA expects to use the new revolving credit facility for working capital and for general corporate purposes. The facility, which has a three-year term, does not require amortization of principal and may be paid before maturity in whole or in part at Sevcon USA's option without penalty or premium.

9:36AM General Electric hovering near session high of 18.64 and slightly under its 200 ema and the eight day range top at 18.69/18.75 (GE) 18.63 +0.15 :

9:35AM Semiconductor Hldrs ETF back near flat line after opening gains, limited Nasdaq 100/Comp thus far (SMH) 32.46 +0.03 :

9:32AM HMS Holdings designated recovery audit contractor for state of New York (HMSY) 72.61 +0.21 : Co announced that the Centers for Medicare and Medicaid Services (CMS) has approved a waiver designating HMS as the Medicaid Recovery Audit Contractor for the state of New York. Under its current contract, HMS will continue to provide a range of Medicaid overpayment recovery services to the State. HMS will also expand its current scope to include administration of the technology and processes required for provider overpayment self-disclosure as required under the Affordable Care Act.

9:32AM Baidu.com testing the high of last week's low bar and its recent range top at 121.33 (BIDU) 121.37 +3.09 :

9:28AM Gold Reserve announces notification of delisting from NYSE Amex (GRZ) 15.70 : Co intends to appeal... The Company's international arbitration against the Republic of Venezuela regarding the illegal expropriation of its Venezuelan properties is proceeding well but there are no material developments with respect to the case at this time. The Company is also pursuing possible settlement of the arbitration but no assurances can be given at this time that it will be successful in reaching a settlement. The time table remains intact with Gold Reserve required to submit its reply on July 15, 2011 to Venezuela's counter memorial. The hearing on the merits is still scheduled for February 6, 2012.

9:26AM Fifth Street Finance priced a 5 mln share common stock offering at $11.72/share (FSC) 11.90 :

9:26AM Emmis Comms announces agreement to sell controlling interest in stations to GTCR (EMMS) 1.06 : Co announced it has reached an agreement to transfer WKQX-FM (101.1 MHz, Chicago, IL), WLUP-FM (97.9 MHz, Chicago, IL) and WRXP-FM (101.9 MHz, New York, NY) to Merlin Media, a controlling interest of which will be acquired by private equity firm GTCR and Randy Michaels. Emmis will own a significant minority stake. The transaction's closing is subject to various regulatory approvals and other customary conditions.

9:22AM Abbott Labs and Biotest announce global agreement to develop and commercialize novel antibody for autoimmune diseases (ABT) 52.03 : Co's announced a global agreement to develop and commercialize BT-061, a novel anti-CD4 antibody for the treatment of rheumatoid arthritis and psoriasis. BT-061 is currently in Phase II clinical trials for RA and psoriasis, with preclinical studies underway to study its potential use in other immune-related diseases. Under the terms of the agreement, Abbott and Biotest will co-promote BT-061 in the five major European markets (Germany, France, United Kingdom, Italy and Spain) and Abbott will have exclusive global rights to commercialize BT-061 outside those countries. Biotest will receive an upfront fee of $85 mln. Pending achievement of certain development, regulatory, commercial and sales-based milestones, Biotest would be eligible to receive additional milestone payments from Abbott, potentially amounting to a total of $395 mln, and royalties. Biotest will be responsible for manufacturing the initial clinical supply of BT-061 and the companies will share responsibility for commercial production.

9:21AM Carnival beats by $0.03, beats on revs; guides Q3 EPS below consensus; lowers FY11 EPS below consensus (CCL) 35.73 : Reports Q2 (May) earnings of $0.26 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.23; revenues rose 10.8% year/year to $3.62 bln vs the $3.52 bln consensus. Co issues downside guidance for Q3, sees EPS of $1.60-1.64 vs. $1.75 Capital IQ Consensus Estimate. Third quarter constant dollar net revenue yields are expected to increase 1.0 to 2.0% (up 5.5 to 6.5% on a current dollar basis) compared to the prior year. Net cruise costs excluding fuel per ALBD for the third quarter are expected to be 2.5 to 3.5% higher on a constant dollar basis (up 7.0 to 8.0% on a current dollar basis) compared to prior year. Fuel costs for the third quarter are expected to increase $170 million compared to the prior year, costing an additional $0.21 per share. Co issues downside guidance for FY11, lowers EPS to $2.40-2.50 from $2.55-2.65 vs. $2.53 Capital IQ Consensus Estimate. The co now expects full year net revenue yields, on a constant dollar basis, to increase 1.5 to 2.5%, compared to its March guidance increase of 2.5 to 3.5%. Net revenue yields on a current dollar basis are expected to increase 4.0 to 5.0% YoY. The co continues to expect net cruise costs excluding fuel per ALBD for the full year 2011 to be flat to up 1.0% on a constant dollar basis, which is in line with its March guidance. At this point in time, cumulative advance bookings for the remainder of the year are at higher prices with lower occupancies versus last year. For the last six weeks, booking volumes for the second half of 2011 are well ahead of the prior year for the North America brands, as well as, the Europe, Australia and Asia brands. Pricing for the North America brands remains strong. Pricing for the Europe, Australia and Asia brands has been significantly affected by the prolonged conflict in the Middle East and North Africa regions and earthquake in Japan, which necessitated very close-in deployment changes for more than 300 cruises. The Southern Europe brands were particularly affected with over 40% of their deployments in these areas.

9:20AM Gold, silver give up overnight gains to trade into negative territory (COMDX) :

9:12AM On The Wires (WIRES) :

* American Vanguard (AVD) announced that its wholly-owned subsidiary Amvac Chemical Corporation has entered into an agreement with Monsanto Company (MON) to co-market its post-emergent corn herbicide Impact as part of the Roundup Ready PLUS weed management platform.
* A committee of airlines, led by US Airways (LCC) has finalized arrangements with the City of Philadelphia Division of Aviation on a two-year extension of the current Airport-Airline Use and Lease Agreement.
* Echelon (ELON) announced The City of Brasov, Romania will deploy over the next three years Echelon energy control technology for smart, networked street lighting systems citywide.
* Harris Corporation (HRS) received a $16 mln order from the U.S. Army for Falcon III AN/PRC-117G multiband manpack radios systems.
* The newly incorporated City of Semmes, AL is contracting with Revenue Discovery Systems, a wholly owned subsidiary of Portfolio Recovery Associates (PRAA), to provide a comprehensive sales/use, rental/lease, and lodging tax administration program for the City.

9:09AM Lockheed Martin selected by US Navy to provide submarine technology upgrade; the indefinite delivery/indefinite quantity contract has a ceiling value of $758 mln (LMT) 80.34 :

9:08AM Bank of America to nearly double number of financial solutions advisors to more than 1,000 (BAC) 10.66 : Co announced that it will nearly double the number of Financial Solutions Advisors (FSAs) to more than 1,000 by the end of 2011 as part of its overall commitment to enhance the solutions and guidance it offers to Preferred customers. These FSAs will provide the financial solutions and guidance customers need to help them manage their banking and investment needs and stay in better control of their finances.

9:06AM KBR and Shell (RDS.A) unit form new alliance in which KBR will market, sell and provide technology and design packages with Shell Global Solutions on hydroprocessing solutions (KBR) 34.41 :

9:06AM CEL-SCI Corp announces data showing cancer drug Multikine lowers cholesterol in clinical studies (CVM) 0.48 : Co announced data from its Phase II clinical studies which showed that its lead drug Multikine was able to lower cholesterol in studies involving 120 head and neck cancer patients. The studies were primarily designed to determine the safety and efficacy of the drug in head and neck cancer patients. However, a meta-analysis of the pooled clinical data from the four clinical trials showed the reduction of total cholesterol following treatment with Multikine to be highly statistically significant (p<0.0001). Unlike the liver toxicity seen with the widely prescribed cholesterol-lowering drugs called statins (e.g. Lipitor, Zocor, Mevacor), patients undergoing treatment with Multikine showed no liver toxicity while achieving reduction in total cholesterol levels. Most of the patients were treated with Multikine for 2 or 3 weeks, but some of them were treated for up to 24 weeks.

9:04AM NGP Capital Resources announces portfolio activity; closed an investment with ATP Oil & Gas (ATPG) (NGPC) 8.49 : The co acquired a limited term overriding royalty interest in certain oil and gas producing properties operated by ATPG for $25.0 mln.

9:02AM McClatchy announces expiration date of 2017 senior secured notes offering; rev -8.1% through April and May (MNI) 2.36 : The co reported that combined total revenues in April and May 2011 were down 8.1% YoY (Q1 cons: -7.7%). Combined advertising revenues for the two-month period declined 9.1% YoY. Mgmt noted that total revenues declined 9.5% in 1Q11 and advertising revenue declined 11.0% YoY. "We have seen an improvement in rev trends in the second quarter of 2011, helped in part by retail advertising associated with the later Easter holiday in April. As previously reported, we expect cash expenses to be down in the mid-single digit range in the second quarter despite higher newsprint prices." McClatchy is required under the terms of its 2017 senior secured notes to offer to repurchase $65 million of those notes at par as a result of selling the building and land housing its newspaper operations in Miami, FL on May 27, 2011. "Since we launched the offer on May 27, we have also used our free cash flow to retire $75.4 million of debt. As a result, we have reduced outstanding debt by $96.1 million in the first five months of 2011. The company's principal debt outstanding went from $1.775 billion at the end of 2010 to $1.678 billion as of close of business yesterday."

9:02AM Syneron Medical provides updated estimate of loss contingency associated with Palomar (PMTI) litigation (ELOS) 11.33 : Co has adjusted its estimate of the range of loss contingency associated with litigation between Palomar Medical Technologies and Syneron's subsidiary, Candela Corporation, from $0-50 million as set forth in the notes to its consolidated financial statements as of December 31, 2010, to a range of $0-21 million. Syneron's determination that contingent losses related to the Palomar proceedings are only reasonably possible remains unchanged, therefore it continues not to record any accrual for the loss contingency. The adjusted estimate is based on the April 26, 2011 summary judgment decision of the District Court in Massachusetts and a recent submission by Palomar regarding its damage claim, which indicated that because the remaining patent claim at issue is a method claim, the royalty base for Candela's accused products is limited to sales of those products in the United States.

9:01AM Prospect Capital priced a 10 mln share common stock offering at $10.15/share (PSEC) 10.68 :

9:01AM GlobalStar completed a private placement with select current institutional investors to raise initial gross proceeds of $38 mln (GSAT) 1.21 : Co announces that it has completed a private placement with select current institutional investors including Thermo Funding Company LLC, to raise initial gross proceeds of $38 million, before deducting fees and other offering expenses. Additionally, investors have the option to invest up to an incremental $12 million over an approximate three month period on the same principal terms.

9:00AM DryShips announces syndicate approval to amend $495 mln term loan facility to finance the ocean rig Mykonos (DRYS) 3.97 :

8:47AM Timberline Resources commences 30,000-foot drill program at South Eureka, Nevada (TLR) 0.75 : The program will also test several prioritized locations across the 23 square-mile property, ranging from zones known to carry significant gold mineralization to previously untested structural targets.

8:41AM On The Wires (WIRES) :

* PositiveID (PSID) announced the launch of its Multiplex BioThreat Assay, the first commercially available MBA for the detection of up to six bio-threat organisms on the Centers for Disease Control Category A and B lists.
* StarTrak Information Technologies (ORBC) announced that Prime Inc. has begun broad deployment of StarTrak's two-way communication reefer management system, Sentry.
* Wells-Gardner Electronics (WGA) announced the sale of its 500,000th LCD to the global market place last week.
* Verint Systems (VRNT) announced that one of the nation's largest fire departments has implemented its Audiolog for Public Safety software, part of the company's Impact 360 for Public Safety Powered by Audiolog solution.
* Apple (AAPL) announced Final Cut Pro X, a revolutionary new version of the world's most popular Pro video editing software which completely reinvents video editing with a Magnetic Timeline that lets you edit on a flexible, trackless canvas; Content Auto-Analysis that categorizes your content upon import by shot type, media and people; and background rendering that allows you to work without interruption. Built on a modern 64-bit architecture, Final Cut Pro X is available from the Mac App Store for $299.99.
* Integral Systems (ISYS) announced that its wholly-owned subsidiary, Integral Systems Europe, has been awarded a contract by AsiaSat to upgrade two satellite terminals at its Tai Po Earth Station.
* Zipcar (ZIP) announced the official launch of its Android mobile application with the removal of the public beta tag; app allows members to search for and reserve Zipcars by time, location and vehicle type.
* Gaylord Entertainment (GET) announced its plans to develop a resort and convention hotel in Aurora, Colo.

8:38AM Barnes & Noble misses by $0.13, misses on revs; co forgoes FY12 guidance due to $17 Liberty Media cash bid (BKS) 20.14 : Reports Q4 (Apr) loss of $1.04 per share, $0.13 worse than the Capital IQ Consensus Estimate of ($0.91); revenues rose 4.0% year/year to $1.37 bln vs the $1.39 bln consensus. Comparable store sales decreased 2.9% for the quarter. Q4 comparable store sales were temporarily negatively impacted by the liquidation of over 200 Borders bookstores during the quarter. As those stores have closed, the co is realizing incremental sales in those markets. BN.com comps +78% in Q4. The co has previously announced that it received a proposal from Liberty Media (LINTA, LCAPA, LSTZA) to acquire the co ($17.00 per share in cash) and that Liberty's proposal is under review by the Special Committee of the co's Board of Directors which is charged with reviewing strategic alternatives for the co. In light of the pendency of that proposal and its ongoing process, the Special Committee has determined that the co will not at this time issue sales or earnings guidance regarding the outlook for FY12.

8:31AM Carpenter Tech announces completion of $350 million syndicated credit facility (CRS) 51.92 : Co announced today the successful completion of a $350 million syndicated credit facility. This five-year revolving line of credit replaces the three-year $200 million revolver due to expire in November, 2012. The new facility, comprised of ten lenders, was substantially oversubscribed prior to allocations. Co intends to use the facility as a liquidity cushion and to provide financial flexibility to fund growth initiatives, consistent with its communicated strategy.

8:31AM Alterra Capital provides loss estimate for second quarter catastrophe events is in the range of $18 mln to $28 mln (ALTE) 21.92 +0.24 : Co announced that its initial loss estimate from the series of tornadoes and other severe weather that hit large portions of the United States during April and May 2011, as well as the recent flooding along the Mississippi River, is in the range of $18 mln to $28 mln, pretax and net of reinsurance and reinstatement premiums. This estimate is based on estimated event insured losses totaling $11 bln to $18 bln. Alterra believes that its estimated losses from first quarter 2011 global catastrophe events continue to be within previously announced ranges.

8:31AM Delphi Fin names Stephan Kiratsous as EVP and CFO to newly created position (DFG) 27.97 : Co announces that Stephan A. Kiratsous has been named Executive Vice President and Chief Financial Officer, a newly-created position. Kiratsous joins Delphi Financial from Credit Suisse, where he has served since 2007 as Managing Director and head of the Insurance Investment Banking Group - Americas.

8:17AM On The Wires (WIRES) :

* Tsakos Energy Navigation (TNP) announced the sale of the 1991-built aframax tanker Vergina II to third party owners. Vergina II, sister vessel of Victory III sold earlier in 2010, will be delivered to its new owners by the end of this month and will release approximately $1.8 mln in free cash after repayment of outstanding debt.
* Jacobs Engineering Group (JEC) announced that it was selected by the Fingal County Council to provide engineering consulting services for the full planning stage of the Greater Dublin Drainage Project. Jacobs was awarded the contract in partnership with Tobin Consulting Engineers, who have extensive experience in the waste management industry in Ireland.
* Pratt & Whitney, a United Technologies (UTX) company, and the U.S. Air Force have begun to overhaul the first F119 engine to reach its mid-life inspection at the F119 Heavy Maintenance Center located at Tinker Air Force Base in Oklahoma City, Okla.
* Jabra and Logitech (LOGI) have entered into a distribution agreement, where Logitech will be offering a number of select Jabra headsets.
* St. Jude Medical (STJ) announced regulatory approval from the Japanese Ministry of Health, Labor and Welfare and the launch of the Fortify ST implantable cardioverter defibrillators and Unify cardiac resynchronization therapy defibrillator.
* Ryder System (R) received three anti-terrorism certifications for its Asia and Trans-Pacific logistics operations. These certifications enhance Ryder's existing anti-terrorism certifications for supply chain operations in North America.
* SEMATECH and KLA-Tencor (KLAC) announced KLA-Tencor has joined SEMATECH's Lithography Defect Reduction program at the College of Nanoscale Science and Engineering of the University at Albany.
* AVI BioPharma (AVII) announced that it initiated dosing of volunteers in a Phase 1 clinical study of AVI-7100, the Company's lead drug candidate for the treatment of influenza. AVI-7100 is a therapeutic candidate with a novel mechanism of action and potentially broad-spectrum activity against influenza viruses, including Tamiflu-resistant virus strains. This clinical trial is the third Phase 1 program initiated this year for an AVI infectious disease drug candidate.
* PLX Technology (PLXT) and Avago Technologies (AVGO) announced a collaboration using optics to demonstrate PCI Express extending beyond its dominant role within the box to a cabled box-to-box solution.
* Oracle (ORCL) announced that it is has entered into an agreement to acquire FatWire Software. Terms not disclosed; deal expected to close mid-year 2011.
* Hemispherx Biopharma (HEB) announced that it has entered into a Material Transfer and Research Agreement with the University of Pennsylvania School of Medicine to provide Ampligen, an experimental therapeutic, for testing as a vaccine adjuvant in a human clinical study in ovarian cancer.
* SPX (SPW) announced that its Flow Technology segment plans to combine two existing facilities, and build out the newly-integrated facility's equipment offerings and capabilities to upgrade its food and beverage processing Innovation Center in Soeborg, Denmark.
* Progress Software (PRGS) announced that Betfair has signed a deal to deploy the Progress SonicMQ messaging platform for high availability and fault tolerant enterprise messaging.



8:06AM Compugen announces initial validation of additional B7/CD28 protein family based product candidate (CGEN) 3.77 : Co announced in vitro validation of a second product candidate based on Compugen-discovered novel members of the B7/CD28 co-stimulatory protein family. Proteins belonging to the B7/CD28 family are of high industry interest in view of their key roles in regulating immune response and are viewed as having significant therapeutic potential in multiple areas of important medical need, including autoimmune diseases, transplantation and cancer.

8:05AM Commercial Metals beats by $0.10, beats on revs; says Q4 will not be as strong as Q3 (CMC) 13.64 : Reports Q3 (May) earnings of $0.31 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.21; revenues rose 16.7% year/year to $2.1 bln vs the $2.07 bln consensus. This year's third quarter included after-tax LIFO expense of $3.9 million or $0.03 per diluted share. "The fourth quarter is normally a seasonally slower period, and we would expect a similar trend in this quarter. While we expect it to be a profitable quarter, due to seasonality it will not be as strong as the third quarter. We remain focused on improving operational efficiency." Consensus for Q4 EPS is $0.32.

8:05AM Uranium Energy issues mid-year shareholder report (UEC) 2.99 : Since commencement of production in November 2010 to May 2011, UEC has produced ~100,000 pounds of U3O8 at a cash operating expense of ~$15 per pound. Quarter over quarter, Palangana production costs have declined while production has more than doubled. Specifically, Palangana produced 49,000 lbs. of U3O8 in FQ3 versus 21,000 lbs. in FQ2, with FQ4 starting off with 27,000 lbs. of production during May... The initial three-phase start-up of Production Area-1 at the Palangana Mine remains on schedule. In mid-April, Phase II wellfield production commenced, adding to the Phase I wellfield already in production. Over one-half of Phase II's 45 production and 30 injection wells are now operating, with the remainder continuing to come on-line steadily.

8:03AM Best Buy authorizes new $5 bln buyback; raises dividend by 7% to $0.16 (BBY) 31.53 : BBY Board has authorized a new $5 billion share repurchase program. The new program terminates and replaces the Company's prior $5.5 billion share repurchase program, which was announced on June 27, 2007 and had approximately $800 million of remaining authorization as of the first fiscal quarter of 2012 ended May 28, 2011. The Company's board of directors also approved a 7 percent increase in the company's quarterly cash dividend to 16 cents per common share.

8:02AM Nanosphere will provide additional information for its PMA application following the FDA issuance of a not approvable letter for the Verigene Clopidogrel Metabolism Nucleic Acid Test (NSPH) 2.22 : Co announces it will provide additional information for its premarket approval application following the FDA issuance of a not approvable letter for the Verigene Clopidogrel Metabolism Nucleic Acid Test. The co believes the deficiencies cited in the FDA letter are resolvable and ultimately the PMA for the Plavix Metabolism test will be approved by the FDA, although there can be no assurance of such approval. The issuance of the Letter means that the co will encounter a delay in its plans to commercialize this product in the United States. The initial U.S. revenue ramp from this product will likely not commence until 2012. markets. The co intends to launch the product in additional European and Asian markets before the end of 2011.

8:01AM China TransInfo Tech announces Chairman's additional $3 mln share-repurchase plan (CTFO) 2.45 : Co announces that Mr. Shudong Xia, its Chairman and Chief Executive Officer, intends to make an additional purchase of up to $3 million of the Company's common shares in open-market transactions during the next twelve months, after having already purchased $2 million worth of stock year-to-date. "Our stock price has recently declined dramatically, although we have seen no change in the fundamentals of our business or our markets. This decline has made our company's shares significantly undervalued, in my opinion."

8:01AM Opko Health repurchases ~2.4 mln shares (OPK) 3.28 : Co announced that it repurchased ~2.4 million shares of its common stock for ~$7.8 million, including commissions, from an early investor in Acuity Pharmaceuticals, the Company's predecessor. The repurchase was funded with cash on hand.

8:01AM Fuqi Intl announces appointment of President and CEO (FUQI) 2.60 : Co announced the appointment of Kim K. T. Pan as its President and Chief Executive Officer. Mr. Pan will work closely with Yu Kwai Chong, the Company's former Chief Executive Officer, who will continue to serve as the Company's Chairman of the Board. Mr. Pan has served as a director of Fuqi since October 2010. From 1999 to 2011, Mr. Pan has served as the President and as a member of the Board of Directors of Continental Carbon Company, a developer, manufacturer and marketer of carbon-related products.

8:01AM Invesco Mortgage Capital prices 17 mln shares of its common stock at $20.15 per share (IVR) 20.99 :

7:51AM Dollar testing overnight lows pushes silver to its best levels of the morning, gold back toward overnight highs (COMDX) :

* Gold currently higher by $3.70 to $1545.70.
* Silver up 24 cents to $36.31

7:35AM CKX Inc. and Affiliate of Apollo Global Management announce completion of subsequent offering period and exercise of top-up option (CKXE) 5.50 : Cos announced the successful completion of the tender offer by Offeror to acquire all outstanding shares of common stock of CKx for $5.50 per Common Share in cash in accordance with the previously announced definitive merger agreement among CKx and acquisition entities owned by investment funds managed by affiliates of Apollo Global Management. Offeror is a wholly-owned subsidiary of affiliates of Apollo. Offeror also announced that Colonel Merger Sub, an affiliate of Apollo and a direct wholly-owned subsidiary of Offeror, is exercising its option (the "Top-Up Option") to purchase, at $5.50 per Common Share, net to the seller in cash.

7:35AM Walgreens beats by $0.03, reports revs in-line (WAG) 45.18 : Reports Q3 (May) earnings of $0.66 per share, excluding $0.01 in restructruing charges, $0.03 better than the Capital IQ Consensus Estimate of $0.63; revenues rose 6.8% year/year to $18.37 bln vs the $18.32 bln consensus. Total sales in comparable stores increased 4.1% in the quarter, while front-end comparable drugstore sales increased 3.9% in the quarter. Prescription sales, which accounted for 65.1% of sales in the quarter, climbed 6.4%, while prescription sales in comparable stores increased 4.1%. "We saw healthy increases across our consumables, cough/cold, pain/sleep, personal care and beauty categories, along with continued strength in our private brand products as we delivered the combination of assortment, accessibility and value relevant to our customers." Customer traffic in comparable stores increased 1.7% for the third quarter, while basket size increased 2.2%. "We are pleased with our very solid performance in the third quarter as we were able to meet our financial goal of double-digit growth in earnings per share... As fuel prices remain high, further stretching household budgets, we serve as a convenient destination for health and daily living."

7:33AM Pfizer says Lyrica top-line results positive in global Phase 3 study of central neuropathic pain following spinal cord injury (PFE) 20.26 : Co announces that top-line results for Lyrica Study A0081107 - Central Neuropathic Pain Following Spinal Cord Injury - demonstrated that the study met its primary endpoint: positive efficacy in reducing Central Neuropathic Pain following Spinal Cord Injury with Lyrica compared to placebo. Further analysis will be conducted on these initial results. The primary endpoint was the duration adjusted average change (DAAC), which is a weighted average of change in pain scores based on the duration a subject participated in the study. The preliminary results of the study indicate that the most common adverse events in Lyrica-treated patients were somnolence, dizziness, edema, fatigue, dry mouth, insomnia and blurred vision.

7:32AM Cytokinetics announces opening of next Phase II clinical trial of CK-2017357 in patients with amyotrophic lateral sclerosis (CYTK) 1.15 : Co announces that it has opened enrollment in a second Phase II clinical trial of CK-2017357 in patients with amyotrophic lateral sclerosis. The primary objective of this clinical trial is to assess the safety and tolerability of CK-2017357, after multiple oral doses to steady state plasma concentrations, in patients with ALS. A secondary objective of this clinical trial is to evaluate the ALS Functional Rating Scale-revised (ALSFRS-R), other measures of pulmonary function, muscle strength and fatigue, and physician and patient global assessments in these patients while receiving two weeks of treatment with CK-2017357 at the indicated doses or placebo.

7:32AM Rio Tinto PLC to exercise its remaining warrants in Ivanhoe Mines (IVN) (RIO) 66.37 : Rio Tinto has given notice to Ivanhoe Mines Ltd (Ivanhoe) that it is exercising its remaining warrants, which will increase its ownership of Ivanhoe shares from 42.0 per cent to 46.5 per cent. Under Rio Tinto's agreement with Ivanhoe in December 2010, Rio Tinto agreed to exercise its remaining warrants for the ongoing development of the Oyu Tolgoi project by no later than January 2012. The remaining warrants entitle Rio Tinto to acquire 55,122,253 shares at an average subscription price of approximately US$9.10 per share, for total consideration of approximately US$502 million. Rio Tinto's increased ownership will permit it to nominate an additional director to Ivanhoe's board which will increase Rio Tinto-nominated directors from six to seven out of a total of 14.

7:31AM Universal Forest CEO resigns for health reasons (UFPI) 27.56 : Co announces that its Board of Directors has accepted the resignation of Chief Executive Officer Michael B. Glenn, which he tendered for health reasons and to make way for new leadership to "build on Universal's strengths and prepare for future opportunity." The Board is completing an evaluation process of candidates for the next CEO. Glenn has agreed to stay on during that process.

7:31AM Raytheon has received a $1.7 bln Direct Commercial Sales contract to upgrade Saudi Arabia's Patriot Air and Missile Defense System to the latest Configuration-3 (RTN) 49.02 :

7:31AM Altair Nanotechnologies announces additional extension of share subscription agreement with Canon Investment Holdings (ALTI) 0.90 : Co announces it has agreed to a fourth amendment to the Share Subscription Agreement initially entered into with Canon Investment Holdings on September 20, 2010 and subsequently amended on February 16, May 17 and June 3, 2011. This Fourth Amendment to the SSA extends the End Date to, and sets the Closing Date as, July 8, 2011 but keeps in place the ability of Altairnano to pursue other alternatives and to terminate the SSA at any time with no penalty. The SSA calls for Canon to acquire newly issued shares of the Company's common stock valued at $57.6 million resulting in a 51% ownership on a fully diluted basis immediately upon closing.

7:31AM S&W Seed announced the retention of Lytham Partners to conduct a national investor relations program (SANW) 3.96 :

7:30AM Palatin Technologies issued U.S. patent for key component in PL-3994 drug candidate (PTN) 0.84 : A small molecule mimic claimed in the issued patent is used in making PL-3994, Palatin's lead peptide mimetic natriuretic peptide receptor A agonist, which is in development for treatment of acute exacerbations of asthma, heart failure and refractory or difficult-to-control hypertension.

7:30AM Am Superconductor receives NASDAQ notification letter due to its inability to file its Annual Report on Form 10-K (AMSC) 7.61 : Co has not yet completed the preparation of its financial statements for the fiscal year ended March 31, 2011. Additional time is required to complete the preparation and audit of these financial statements as a result of the review of certain revenues associated with shipments to customers in China during the second, third and fourth fiscal quarters of the fiscal year ended March 31, 2011.

7:23AM Xilinx announced that SiliconGear has designed Xilinx's Spartan-6 field programmable gate array into its latest generation high-definition video security and video display platform (XLNX) 33.60 :

7:21AM China Real Estate Info and Baidu announce expanded strategic cooperation (CRIC) : China Real Estate Information (CRIC) and Baidu (BIDU) announce that they have entered into a new strategic partnership agreement. CRIC will become BIDU's premier strategic online real estate partner and will have the exclusive right to sell Baidu's real estate brandlink product, which is one form of keyword advertising, during the next three years. The expanded strategic agreement will take effect in August 2011. CRIC will pay Baidu a total of RMB180 mln over the 3-year term, in addition to RMB200 mln over four years under the 2010 agreements. These agreements will give CRIC the exclusive right to sell Baidu's real estate brandlink product to all real estate developers in China during the contract period.

7:14AM On The Wires (WIRES) :

* Boeing (BA) and Kuala Lumpur-based Malaysia Airlines announced the airline has exercised an option to purchase 10 additional Next-Generation 737-800s. The order is valued at more than $800 mln. The airline still has purchase rights for an additional 10 Next-Generation 737-800s remaining from their initial 2008 contract.
* Raytheon (RTN) tested its Quiet Eyes Laser Turret Assembly for the U.S. Air Force at Wright-Patterson Air Force Base. During hundreds of test runs, QELTA consistently detected and defeated all threats.
* Columbia Sportswear (COLM) announced that the Huangpu District People's Court of Shanghai, China has convicted three individuals for distributing counterfeit Columbia brand products in Shanghai.
* Enova Systems (ENA) determined to maintain the listing of its ordinary shares on the AIM Exchange. Further to the announcement made on April 21, 2011, the board has reviewed its decision to cancel its admission of Ordinary Shares to trading on AIM and has decided to maintain its AIM quotation.
* International Game Technology (IGT) announced an agreement to supply mobile games to Paddy Power, the largest provider of sports betting and eGaming in Ireland.
* Procera Networks (PKT) announced that two leading European mobile operators leverage PacketLogic to enable a comprehensive integrated solution for video optimization.
* PROS (PRO) announced that Novozymes selected PROS software as a key enabler to implement a profit improvement initiative as it expands its global footprint.
* LaBarge (LB) has been awarded a contract from The Boeing Company (BA) to produce wiring harnesses for the Aegis Ballistic Missile Defense Standard Missile-3 System. Financial terms were not disclosed. LaBarge anticipates follow-on orders.
* EbixExchange (EBIX) and CapitalRock entered into a strategic partnership agreement for EbixExchange to resell CapitalRock's RightBridge technology to its clients.
* Beacon Power (BCON) announced that the co's first flywheel energy storage plant in Stephentown, New York, has achieved its full 20-MW capacity.
* AECOM Technology Corporation (ACM) announced that an alliance in which it participates, known as TrackStar Alliance, was awarded a $15 mln contract to build transit rail infrastructure in Queensland, Australia.
* Ultimate Software (ULTI) announced that Revel Entertainment Group selected UltiPro in March 2011 as its HCM solution of record.
* Elster (ELT) announced that Companhia de Saneamento de Minas Gerais, Brazil's second largest water utility, is expanding its existing deployment with Elster Medicao de Agua S/A and installing 63,000 new Elster water meters.

7:10AM Nile Therapeutics to raise $2.5 million in private placement (NLTX) 0.65 : Co announced that it has entered into a definitive agreement to sell securities of the company in a private placement transaction, which will result in gross proceeds of $2.5 million. The investment was led by Stonepine Capital, LP, and included participation from existing investors. Riverbank Capital Securities, Inc., a FINRA member broker-dealer, acted as the exclusive placement agent for the transaction. Under the terms of a securities purchase agreement, Nile will sell an aggregate of 5 million shares of its common stock and five-year warrants to purchase up 2.5 million additional shares of its common stock. The warrants will have an exercise price equal to $0.60 per share.

7:01AM Cormedix reports SPA agreement with FDA for Phase 3 Trial in the prevention of contrast-induced acute kidney injury study with CRMD001 (CRMD) 1.60 : Co announces it has received a Special Protocol - Agreement letter from the FDA regarding a Special Protocol Assessment on the design of a pivotal Phase 3 trial for the co's oral formulation of CRMD001 in the prevention of Contrast-Induced Acute Kidney Injury. Co plans to begin patient enrollment in this Phase 3 study during the first half of 2012, pending results of its Phase 2 study for which patient recruitment was recently completed; results of such Phase 2 study are expected to be reported in the second half of 2011.

7:01AM DepoMed files patent infringement lawsuit against Sun Pharmaceutical Industries (DEPO) 7.78 : Co announced that it has filed a lawsuit in the United States District Court for the District of New Jersey against Sun Pharmaceutical Industries for infringement of the patents listed in the Orange Book for Depomed's 500 mg and 1000 mg Glumetza (metformin hydrochloride extended release tablets). The lawsuit is in response to an Abbreviated New Drug Application (ANDA) filed by Sun with the U.S. Food and Drug Administration (FDA) regarding Sun's intent to market generic versions of the 500mg and 1000mg strengths of Glumetza prior to the expiration of the five listed U.S. patents: 6,340,475, 6,488,962, 6,635,280, 6,723,340, and 7,780,987. Depomed is also asserting U.S. patent 7,736,667 in the lawsuit.

7:01AM CME Group Announces the Launch of Three New Short-Term Gold, Crude Oil and Natural Gas Options Contracts (CME) 278.92 : These new short-term options contracts will have daily expiration dates listed up to five days in advance. Short-term gold options will run off the standard strike prices and the cycle month futures contract. Whereas, short-term natural gas and crude oil options will run off standard strike prices and the standard front-month futures contract.

7:01AM Hi-Tech Pharmacal receives final approval for Levofloxacin oral solution (HITK) 25.91 : Co announces that the US FDA granted final approval for the co's Abbreviated New Drug Application, for levofloxacin oral solution 25mg/mL, the generic for (JNJ) McNeil Pharmaceutical's Levaquin oral solution which had sales of $6 mln for the 12 months ended December 2010 according to IMS sales data. The product is indicated for the treatment of adults with mild, moderate and severe infections. Hi-Tech plans to launch the product immediately. The co filed the ANDA and the FDA confirmed that Hi-tech will have 180 day exclusivity related to its Paragraph IV patent challenge..

7:00AM Spectrum Pharma says it has ample supplies of Fusilev to meet the growing demand of colorectal cancer patients in the U.S. (SPPI) 8.48 : Co announced that during the second quarter the company has worked closely with the FDA on securing multiple sources of U.S. manufacturing for the company's anti-cancer drug, FUSILEV, approved on April 29, 2011 for use in the palliative treatment of patients with advanced metastatic colorectal cancer. Spectrum believes it has secured ample FUSILEV manufacturing capacity to meet the current and anticipated demand in patients undergoing treatment for colorectal cancer. "We expect record second quarter and full-year 2011 revenues."

6:51AM Taleo acquires Jobpartners for ~$38 mln; expected to be neutral to non-GAAP EPS in 2011 (TLEO) 34.27 : Co announces it has signed a definitive agreement to acquire Jobpartners for ~$38 mln. The acquisition of Jobpartners is expected to add ~$2-3 mln to Taleo's GAAP revenue and $5-6 mln to its non-GAAP revenue in 2011. The acquisition is expected to be dilutive to GAAP earnings per share and neutral to non-GAAP earnings per share in 2011.

6:40AM Fidus Investment prices 4.67 mln share IPO at $15.00 (closed-end fund) (FDUS) :

6:33AM Extorre Gold Mines reports increase in scope of Cerro Moro Project and release date for economic study (XG) 11.43 : Co announces reports the economic study currently underway will include a larger production scenario to reflect the expanding gold-silver inventory on the property. The release date for the study is mid-July. Key parameters for the study are as follows: The study will be categorised as a Preliminary Economic Assessment instead of a Prefeasibility Study to facilitate the incorporation of additional mineralized zones; The daily throughput in this study is being modelled at 750 and 1,000 tonnes/day; The study will use a silver/gold value ratio of 50:1, not the 60:1 ratio of the earlier study; A new PEA with a further 50% production expansion is proposed before year-end. That scenario will include the Zoe discovery and a number of additional veins that are not included in the current PEA.

6:14AM Alkermes, Eli Lilly (LLY) and Amylin (AMLN) collaboration BYDUREON receives marketing authorization in Europe (ALKS) 17.04 : Eli Lilly (LLY), together with Amylin Pharmaceuticals (AMLN) and Alkermes (ALKS), announce that the European Commission has granted marketing authorization to BYDUREON. The EU Marketing Authorization of BYDUREON is based on review of the submission package, including data from studies in the DURATION clinical program in which exenatide resulted in improvements in glycemic control with just one dose per week. In the data submitted, BYDUREON showed statistically significant improvements in glycemic control based on reduction of A1C between 1.5-1.9% after six months. Although BYDUREON was not studied as a weight-loss product, most patients taking BYDUREON lost weight.

6:11AM On The Wires (WIRES) :

* Encana (ECA) and PetroChina International Investment, a subsidiary of PetroChina (PTR) have ended negotiations for a proposed joint venture concerning Encana's Cutbank Ridge business assets after the parties were unable to achieve substantial alignment with respect to key elements of the proposed transaction, including the joint operating agreement.
* Cognizant (CTSH) has made a three-year financial commitment to support NPower across its entire line of services and programs.
* Sikorsky Aircraft, subsidiary of United Technologies (UTX) announced the baseline delivery of six S-76C helicopters to SonAir Servico Aereo S.A. for support of offshore oil operations in Angola.

6:02AM China Gerui Provides update on share repurchase program; as of 6/20, co has repurchased 780,273 ordinary shares at an average price of $3.82 per share (CHOP) 2.96 :

6:01AM Gold Resource advances Oaxaca Mining unit with 2 new exploration programs (GORO) 24.30 : Co announces its Oaxaca Mining Unit with two new underground exploration programs at its El Rey and Alta Gracia properties. The veins are predominantly gold with some silver (no base metals). Highlights from previous drilling include: Mineralization within 100 meters of the surface; Vein drill intercepts include (5 holes): 1.0 m of 132.5 g/t Au 1.4 m of 55.3 g/t Au 9.0 m of 19.4 g/t Au including 1 m of 66.4 g/t Au; 1 m of 31.8 g/t Au; 1 m of 30.3 g/t Au; and 1 m of 29.1 g/t Au 1 m of 23.7 g/t Au.

5:42AM On The Wires (WIRES) :

* Dialogic (DLGC) announced the expansion of its global channel network with two new European distributors, ALLNET and VoIPon.
* Raytheon (RTN) has delivered the first of three SeaVue expanded mission capability radars to the U.S. Customs and Border Protection. Co also has been awarded a one-year subcontract worth $24.7 mln for support services of the ground station elements of the RQ-4 Global Hawk high-altitude, long-endurance unmanned aircraft system.
* AOL (AOL) announced that Pictela is partnering with FOXNews.com, Meredith Corporation, Variety, The Wall Street Journal Digital Network and The Weather Channel's weather.com to help them deploy the IAB Portrait ad unit across their digital platforms.
* CIT Group (CIT) announced that CIT Aerospace has signed a Memorandum of Understanding with Airbus for 50 A320neo Family aircraft. Deliveries are scheduled to begin in 2016. The 32 Airbus aircraft that CIT ordered in June, 2007 are all scheduled for delivery by 2016.
* NextGen Healthcare Information Systems, a wholly owned subsidiary of Quality Systems (QSII) announced that Benefis Health System has selected NextGen(R) Ambulatory EHR, NextGen Practice Management and NextGensm Health Information Exchange as its technology foundation.
* Commtouch (CTCH) announced the launch of GlobalView URL Filtering for Mobile, which enables real-time protection for mobile device users browsing the Web.
* Sikorsky Aircraft, a subsidiary of United Technologies (UTX), announced the contract to sell one S-70i BLACK HAWK helicopter to the state of Jalisco in Mexico. With the sale, Jalisco will become the first state in Mexico to acquire its own BLACK HAWK helicopter.
* Ormat Technologies (ORA) announced that its subsidiary has entered into a Build, Operate and Transfer Agreement with Tikitere Geothermal Power to explore, develop, supply, construct, own and operate a geothermal power plant in the Tikitere geothermal area near Rotorua, New Zealand.
* Boeing (BA) and Aeroflot Russian Airlines announced an order for eight Boeing 777-300ERs jetliners.
* Delta Air Lines (DAL) welcomed China Eastern Airlines as an official member of the SkyTeam alliance, further strengthening the alliance's connections throughout China.

5:33AM Jetblue Airways revises fleet delivery schedule (JBLU) 6.00 : Co announces a network-driven revision and extension of its A320 delivery schedule, including: a new order for 40 A320neo aircraft, offering up to 15% in fuel savings and increased range; deferral of eight A320 aircraft from 2014-2015 to 2017 to smooth out aircraft deliveries, reducing capital commitment over the near term; Of the 52 A320 positions remaining on the current order book, 30 will be converted to A321s, powered by IAE engines, allowing greater network flexibility; A320 family deliveries starting in 2013 will come with winglets, and co will be a launch customer of retrofit winglets on the existing A320 fleet, in partnership with Airbus.

4:08AM Boeing and Norwegian Air Shuttle announce Order for 15 Next-Generation 737-800s valued at $1.2 bln at list prices; brings the total number of 737-800s Norwegian has ordered to 78 (BA) 74.52 :

3:26AM On The Wires (WIRES) :

* CAE (CAE) announced it was awarded contracts valued at ~CAD100 mln for six full-flight simulators and various upgrades.
* Blizzard Entertainment and NetEase.com (NTES) announced that World of Warcraft: Cataclysm, the third expansion for Blizzard Entertainment's award-winning massively multiplayer online role-playing game, will launch in mainland China on July 12, 2011.
* A joint border management system designed to significantly improve border processing for New Zealand traders and travellers, and to make border agencies more efficient, will be the result of a contract signed today by New Zealand Customs and information technology provider, IBM (IBM).
* CIRCOR Aerospace Products Group, a business unit of CIRCOR International (CIR), has been selected by Piper Aircraft to design and manufacture a fuel system motor-operated fuel component on the PiperJet Altaire single-engine business jet. The contract value is not being disclosed.
* Logitech International (LOGI) announced that it is teaming up with GN Netcom to fuel the Unified Communications market.
* Orckit-Corrigent (ORCT) introduced its CM-401x PTN access product line.
* LSI Corporation (LSI) announced that the National Center for Supercomputing Applications has deployed a system utilizing LSI 6Gb/s SAS RAID controllers with LSI CacheCade cache tiering software to explore some of the unprecedented data storage challenges that will come with the Dark Energy Survey.
* Cray (CRAY) announced the co has sold a Cray XE6m supercomputer to GE Global Research, the technology development arm for the General Electric (GE

3:25AM Seadrill Ltd sells the jack-up rig West Janus for ~$73 mln (SDRL) 32.76 : Co announces it has entered into an agreement to sell the 1985 built jack-up drilling rig West Janus to Harrington in Dubai for a total consideration of $73 mln. Co expects to record a gain on the sale in excess of $50 mln on closing. Closing of the agreement and the transfer of ownership of the unit is scheduled upon completion of the rig's present drilling assignment in the second half of 2011.

2:34AM On The Wires (WIRES) :

* Franklin Resources (BEN) announced that Franklin Templeton Investments Australia Limited has agreed, subject to normal closing conditions, to acquire Balanced Equity Management, in a cash and stock transaction. The purchase price has not been disclosed.
* Boeing (BA) and MIAT Mongolian Airlines have announced an order for two Next-Generation 737-800 airplanes and one 767-300ER airplane. The order, valued at $245 mln at list prices, marks the first time in more than two decades that MIAT Mongolian Airlines will extend its route network by purchasing Boeing airplanes instead of leasing them.
* First California Financial Group (FCAL) said it has received approval from the U.S. Department of the Treasury for participation in the Small Business Lending Fund.
* Black Hills (BKH) announced that its subsidiary Black Hills Exploration & Production, through its subsidiary Mallon Oil Company, Sucursal Costa Rica, is working with the Costa Rican government to obtain execution of an oil and gas lease concession contract to allow for exploration of approximately 2.3 mln acres of land in northern Costa Rica.
* McAfee, a unit of Intel (INTC) announced it is extending its mobile device portfolio for consumers with McAfee Mobile Security and McAfee WaveSecure Tablet Edition.
* Freescale Semiconductor (FSL) introduced the first single-chip device in its S12 MagniV mixed-signal microcontroller family, the S12VR64.

2:21AM AEGON N.V. details strategy to deliver sustainable earnings growth (AEG) 6.34 : Co hosts presentation outlining plans to deliver sustainable earnings growth for its businesses in the Americas, the Netherlands, the UK and Central & Eastern Europe. Specifically, co aims to:

* Grow underlying earnings before tax on average by 7-10% per annum between 2010 and 2015
* Achieve a return on equity of 10-12% by 2015
* Increase fee businesses to 30-35% of underlying earnings before tax by 2015
* Increase normalized operational free cash flow by 30% by 2015
* Resume dividend payments with dividend of EUR 0.10 per common share related to H2 2011 in May 2012

1:57AM Syngenta sets out path to expand global leadership; describes sales growth in second quarter 2011 as robust; sales of key crops expected to more than double to surpass $17 bln post 2015 (SYT) 63.90 :

1:45AM Nokia presents its new strategy; launches 3 new Series 40 mobile phones with advanced browser and maps (NOK) 5.85 : Co announces its progress on the new strategy it laid out earlier this year. In mobile phones, Nokia introduced three new affordable devices, the C2- 02, C2-03 and C2-06. Co also restated its commitment to Symbian. This July, co will start shipping Nokia N8s, E7s, C7s and C6-01s with the new Symbian Anna software update, which includes a number of user experience improvements.

1:38AM GNC Holdings reports resignation of Beth Kaplan as President and Chief Merchandising and Marketing Officer as well as Director to pursue personal interests; appoints CEO as Pres (GNC) 21.05 :

1:32AM Crown Media proposes offering of $300 mln senior notes due 2019 (CRWN) 1.73 :

1:29AM IDT Corp raises quarterly dividend 5% to $0.23 from $0.22; announces stock purchase and updates spin-offs (IDT) 24.83 : Co announces its Board raised cash dividend by ~5% from $0.22 per share to $0.23 for 3Q11. In addition, a Special Committee of the Board has approved the purchase by the co of 302,000 shares of Class B Common stock from Howard Jonas at $24.83 per share, the closing price for the Class B stock on Monday, June 20, 2011. Finally, the co re-affirmed its current plan to proceed with the spin-off of Genie Energy (comprising IDT Energy and Genie Oil and Gas). The co expects the spin-off to go effective in the fall.

1:23AM Hansen Medical grants newly appointed CFO an option to purchase 360,000 shares of the co's common stock (HNSN) 3.03 : The Inducement Award became effective on the Start Date and will expire in 7 years. The per share exercise price for the option shares is $3.03.

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