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Market Update: 110623
4:30 pm : Worries about the economic climate caused the major market averages to drop more than 1% before they were able to stabilize. As action progressed, tech stocks helped lead the broader market off of its low, but the rally really got going with news that Greece has agreed to a set of austerity measures.

A downward revision to the Fed's GDP forecast factored in to the prior session's weak finish and weighed on sentiment overnight. Disappointing PMI data from Europe helped keep in focus concerns about the health of the global economy, as did news this morning that the latest initial jobless claims count climbed to 429,000, which is greater than the 413,000 initial claims that had been expected among economists at Briefing.com.

Although new home sales for May slipped just 2% to an annualized rate of 319,000 units, which is greater than the pace of 305,000 units that had been anticipated among economists polled by Briefing.com, the report received little attention.

Aggressive selling took the stock market down more than 1% to within close reach of its 200-day moving average. However, for the second time in one week the key technical line has held.

Few stocks were able to avoid being caught up in the sell off. Bed Bath & Beyond (BBBY 56.93, +2.87), Red Hat (RHT 45.27, +1.55), Discover Financial (DFS 23.89, +0.30), and Lennar (LEN 18.51, +0.41) were on the short list of those that managed to advance in the face of broad market weakness, thanks to better-than-expected earnings from each of them. Pfizer (PFE 20.65, +0.37) and Bristol Myers Squibb (BMY 29.33, +1.59) both bounced on the back of news that one of their drug candidates successfully met primary and secondary endpoints in a Phase 3 study.

Broad market selling pressure eased with help from tech stocks, which collectively represent the largest sector by market weight. Tech stocks had been down more than 1% in the morning, but settled with a 0.9% gain. Their strength helped the tech-rich Nasdaq outperform its counterparts all afternoon.

Buying interest was further bolstered by news that Greece has reached an agreement on austerity measures with the European Union and International Monetary Fund. Although the measures must still be passed by Greece's parliament and do not represent an immediate fix to the country's fiscal troubles (it is a five-year plan), the agreement represents progress in restoring the country's finances.

Advancing Sectors: Tech (+0.9%), Consumer Discretionary (+0.4%)
Declining Sectors: Health Care (-0.1%), Materials (-0.1%), Telecom (-0.2%), Industrials (-0.3%), Consumer Staples (-0.9%), Utilities (-0.9%), Financials (-1.0%), Energy (-1.2%)DJ30 -59.67 NASDAQ +17.56 NQ100 +0.9% R2K +0.4% SP400 +0.0% SP500 -3.64 NASDAQ Adv/Vol/Dec 1353/2.08 bln/1170 NYSE Adv/Vol/Dec 1246/1.12 bln/1718

3:30 pm : It was a very volatile day for commodities. In overnight trade, the dollar rallied on the weak economic data in both Europe and China. The strength in the dollar weighed heavily on select commodities... Energy: August crude oil shed 4.4% to settle at $91.02 per barrel. Crude recouped most of its losses from this morning's IEA news, but spent a large portion of the session chopping around the $91 level, the same area prices were prior to news about the IEA. Today' settlement price marks crude's lowest since mid-Feb. July natural gas fell 2.7% to $4.20 per MMBtu. A larger-than-expected build in inventories sent prices to their lowest levels in over a month.

August gold settled lower by 2.1% to $1520.30 per ounce, while July silver fell 4.5% to $35.06 per ounce. Both metals sold off sharply on the back of the stronger dollar. In afterhours trade, however, both metals are starting to push away from their respective lows as the dollar pulls back. DJ30 -93.88 NASDAQ +9.58 SP500 -6.86 NASDAQ Adv/Vol/Dec 1283/1.7 bln/1248 NYSE Adv/Vol/Dec 1170/790.2 mln/1809

3:00 pm : Stocks had spent the past hour drifting lower, but a sudden barrage of buying recently caused the major market averages to rally. The bounce coincides with reports that the European Union, Internatonal Monetary Fund, and Greece have reached on agreement on austerity measures for the country. Stocks now trade at session highs.DJ30 -135.43 NASDAQ -2.39 SP500 -12.22 NASDAQ Adv/Vol/Dec 1021/1.40 bln/1485 NYSE Adv/Vol/Dec 928/602 mln/2043

2:30 pm : Steady pressure against energy stocks has the sector trending along in a narrow trading range with a steep loss. As a group, energy stocks are down 2.6%. While weakness within the sector is widespread, a near 4% loss for Marathon Oil (MRO 50.75, -2.01) has made the stock the worst performer in the space.DJ30 -172.21 NASDAQ -11.46 SP500 -15.64 NASDAQ Adv/Vol/Dec 849/1.29 bln/1641 NYSE Adv/Vol/Dec 764/554 mln/2210

2:00 pm : The Nasdaq recently came in touch with the neutral line, but was unable to extend the move into positive territory. It has since slid back to a modest loss.

Treasuries are facing some upward resistance of their own. Despite the weakness in the broader stock market, the benchmark 10-year Note has been unable to push higher in order to drive down its yield below 2.90%. The Note's yield has not yet been below that line this year. DJ30 -147.31 NASDAQ -5.38 SP500 -13.71 NASDAQ Adv/Vol/Dec 929/1.17 bln/1561 NYSE Adv/Vol/Dec 836/502 mln/2116

1:30 pm : A rally by tech stocks from a loss of more than 1% up to a fractional gain helped take the Nasdaq to within close reach of the neutral line. Resistance there has caused the tech-rich Index to ease back a bit, but the overall tech sector is at the flat line.

Consumer discretionary stocks represent the only other sector that is anywhere close to matching the tech sector's performance. As a group, consumer discretionary plays are down just 0.3%. Retailers have helped the sector. Overall strength among retailers has the SPDR S&P Retail ETF (XRT 52.05, +0.12) up modestly. DJ30 -141.79 NASDAQ -5.66 SP500 -13.24 NASDAQ Adv/Vol/Dec 853/1.06 bln/1628 NYSE Adv/Vol/Dec 757/460 mln/2188

1:00 pm : Although the broad market has worked its way up from its session low, it continues to grapple with pronounced selling pressure.

The resumption of a negative bias comes after participants discovered during the prior session that following four days of gains the path of least resistance was downward. The inclination to sell has been helped by news that for 2011 the Fed expects slower economic growth and higher unemployment.

Concerns about the macro environment were rekindled this morning by news that weekly initial jobless claims increased more than expected. Amid the negative bias, little attention was paid to the latest new home sales numbers, which showed a smaller-than-expected decline in monthly sales. Data out of Europe featured some displeasing PMI reports.

The three major equity averages responded with a gap down at the open. That decline was quickly extended so that they were all down in excess of 1%. The Nasdaq has spent the past couple of hours battling back so that its loss is now only a fraction of what either of its counterparts is printing. The Nasdaq has been helped along by a rebound in tech plays, which are coming within close reach of the neutral line after they were down more than 1% this morning.

Bed Bath & Beyond (BBBY 56.37, +2.31) has also been a boon to the Nasdaq. The retailer's shares have spiked to a one-month high after it posted an upside earnings surprise. A handful of other strong earnings reports were reported this morning, too.

Energy stocks have been in the worst shape of any sector all session. The group's loss, which currently amounts to 2.5%, has come partly in conjunction with a precipitous drop in oil prices. Oil prices are currently down 4% to $91.35 per barrel after they set a multi-month low earlier. Oil's drop comes despite a decision by the IEA to put an additional 60 million barrels of oil on the market over the course of 30 days.

Weakness in the commodity complex has also come in response to concerns about growth, but a sharp bounce by the dollar has put added pressure on the space. The greenback is off of its daily high, but continues to sport a 0.7% gain against a basket of major foreign currencies. DJ30 -154.77 NASDAQ -9.21 SP500 -15.15 NASDAQ Adv/Vol/Dec 801/961 mln/1649 NYSE Adv/Vol/Dec 696/420 mln/2233

12:30 pm : Recent efforts to trim losses have run into resistance. Although the stock market is retracing part of the upward move, it is still above its session low.

The dollar continues to trade along its session high with a 0.8% lead over a collection of competing currencies. Most of the greenback's gain has come against the euro, which was recently quoted with a 1.0% loss at $1.417. DJ30 -194.16 NASDAQ -21.95 SP500 -19.69 NASDAQ Adv/Vol/Dec 572/860 mln/1869 NYSE Adv/Vol/Dec 543/380 mln/2394

12:00 pm : The Nasdaq Composite continues to claw its way back from the depths that it probed little more than an hour ago; it is now at its best level of the day. The effort to move higher continues to be led by tech issues, which now are collectively down a relatively tame 0.6%.

Consumer discretionary stocks have also managed to keep losses contained. The sector is down 0.6% as participants show favor for names like Bed Bath & Beyond (BBBY 56.35, +2.29), which posted an upside earnings surprise for its latest quarter. Shares of BBBY are also among the top performing components of the Nasdaq. DJ30 -170.40 NASDAQ -19.45 SP500 -17.04 NASDAQ Adv/Vol/Dec 579/764 mln/1843 NYSE Adv/Vol/Dec 531/342 mln/2383

11:30 am : The Nasdaq has managed to cut into some of its loss, but it is still down by about 1%. Its counterparts continue to contend with even worse losses.

The Nasdaq's effort to improve its position has been led by a bounce in names like Apple (AAPL 324.33, +1.72), which had opened with a loss, but has since rallied to a solid gain. Still, other large-cap tech names continue to trade with weakness. More specifically, Microsoft (MSFT 24.28, -0.38) and Google (GOOG 478.14, -8.86) continue to hamper the tech-rich Index. DJ30 -195.60 NASDAQ -25.57 SP500 -19.44 NASDAQ Adv/Vol/Dec 531/633 mln/1874 NYSE Adv/Vol/Dec 453/287 mln/2432

11:00 am : The Dow is down more than 200 points. Of its 30 components, only Home Depot (HD 18.22, +0.12) and Pfizer (PFE 20.69, +0.41) have put together a gain. Shares of HD have been helped by a better-than-expected new home sales report, while PFE shares have been boosted in response to news that one of the company's drugs has met both primary and secondary endpoints in a Phase 3 study.

At the other end of the spectrum, integrated oil plays Exxon Mobil (XOM 77.39, -2.41) and Chevron (CVX 97.80, -3.27) are both down by 3% or more. Their weakness has been exacerbated by a precipitous drop in oil prices, which were last quoted at $91 per barrel for a 4.6% loss. DJ30 -218.99 NASDAQ -36.13 SP500 -22.53 NASDAQ Adv/Vol/Dec 383/485 mln/1984 NYSE Adv/Vol/Dec 385/220 mln/2470

10:35 am : The majority of the commodity complex is sharply lower this morning with strength in the dollar index, which is 0.7% higher, acting as a key driver to this morning's selling pressure.

Crude oil moved sharply lower earlier this morning following news that the IEA would release additional oil into the market. More specifically, the IEA said it would release 60 million barrels, which would by distributed over 30 days at two million barrels per day. As a results, crude oil futures (continuous contract), fell below the $90 level to session lows of $89.69/barrel. In current activity, crude is 4.8% lower at $90.79/barrel.

Natural gas has been showing much smaller losses this morning compared to the rest of the energy complex (crude -%, heating oil, RBOB - %). Natural gas fell to session lows of $4.25/MMBtu about 20 minutes before the inventory data was released and was trading right at the low just before the release. Following the data, which showed a build of 98 bcf versus consensus of a build of approx. 90 bcf, natural gas fell sharply to new session lows of $4.17/MMBtu and is now down 3.2% at $4.18/MMBtu.

Precious metals are down sharply as well with silver showing steeper losses than gold. Gold futures fell as low as $1518.30 and are currently trading 2.0% lower at $1522.20/oz. Silver is down 4.0% at $35.26/oz.

Grain markets opened sharply lower a few minutes ago with corn quickly falling 30 cents, the exchange limit, to $6.20/bu. Corn is now 3.6% lower at $6.27/bu. Wheat declined 31 cents (or -4.3) to $6.44/bu.DJ30 -211.15 NASDAQ -30.29 SP500 -20.89 NASDAQ Adv/Vol/Dec 413/324.4 mln/1943 NYSE Adv/Vol/Dec 382/154.6 mln/2440

10:05 am : Another dose of data was just posted. New home sales for May slipped by about 2% month over month to an annualized rate of 319,000 units, which is greater than the pace of 305,000 units that had been anticipated among economists polled by Briefing.com.

Overall, stocks have have had no real reaction to the news. As such, the major equity averages remain at their morning lows. However, shares of homebuilder Lennar (LEN 18.41, +0.31) have managed to hold on to a heady gain in the face of broad market weakness. The stock's strength stems more from a better-than-expected earnings report than the new home sales numbers that were just posted. DJ30 -190.38 NASDAQ -38.04 SP500 -19.99 NASDAQ Adv/Vol/Dec 345/146 mln/1930 NYSE Adv/Vol/Dec 345/81 mln/2417

09:45 am : All three major equity averages are down in excess of 1% this morning. The retreat has been broad based, but natural resource plays like energy stocks (-2.7%) and materials stocks (-2.3%) have been hit especially hard after they had outperformed earlier this week. Weakness among energy and basic materials stocks has been exacerbated by sharply lower commodities, which are collectively down 2.3%, according the CRB Commodity Index.

Commodities certainly haven't been helped by the dollar's rally to a 0.8% gain against a basket of major foreign currencies. Along with the greenback, Treasuries are one of the only other asset classes attracting buying interest. Buying in the benchmark 10-year Note has its yield headed back near 2.90%.DJ30 -167.75 NASDAQ -36.72 SP500 -18.61 NASDAQ Adv/Dec 313/1889 NYSE Adv/Dec 354/2363

09:15 am : S&P futures vs fair value: -12.60. Nasdaq futures vs fair value: -19.50. Sellers have made their presence known this morning. Their efforts have cut down commodities and put pressure on stocks ahead of this session's open. Weakness comes amid ongoing concerns related to the economic recovery after yesterday's announcement that the Fed cut its forecast for economic growth and raised its forecast for unemployment. That said, the latest weekly initial jobless claims count proved surprisingly high. Still on today's calendar are the latest new home sales numbers; they are due at 10:00 AM ET. Economic concerns are are also evident in Europe, where the latest PMI installments proved disappointing. These macro themes have overshadowed the latest round of earnings results, which featured upside surprises from Discover Financial (DFS), Red Hat (RHT), Bed Bath & Beyond (BBBY) and Lennar (LEN). Phillips-Van Heusen (PVH) and Nissan Motor (NSANY) both issued optimistic forecasts.

09:05 am : S&P futures vs fair value: -15.10. Nasdaq futures vs fair value: -22.50. A concerted selling effort has cut commodity prices this morning. Specifically, crude oil prices are down 4.6% to a new multi-month low near $91 per barrel in the opening minutes of pit trade. Natural gas prices are down a more moderate 0.5% to $4.29 per MMBtu. Among precious metals, gold prices have dropped 1.9% to $1524.50 per ounce while silver prices have been slashed to $35.50 per ounce for a 3.4% loss. Weakness in the commodity complex has likely been exacerbated by a stronger dollar, which has rallied to a 0.8% gain against a basket of major foreign currencies. Also in the periphery is news that the IEA is holding an emergency meeting.

08:35 am : S&P futures vs fair value: -12.60. Nasdaq futures vs fair value: -18.50. Stock futures have slipped some more. Their latest leg lower comes in response to some disappointing jobless claims numbers. Initial jobless claims for the week ended June 18 totaled 429,000, which is greater than the 413,000 initial claims that had been broadly expected. The latest claims tally is also greater than the upwardly revised count of 420,000 that was recorded for the prior week. Continuing claims ticked up to almost 3.70 million from 3.68 million in the prior week.

08:05 am : S&P futures vs fair value: -9.20. Nasdaq futures vs fair value: -14.50. Uninspiring commentary from Fed Chairman Bernanke led to a late slide in the prior session that left stocks to settle at their lows. The underpinning pressure has carried over into this morning's premarket trade. In turn, stock futures point to a markedly lower start for today's trade. The negative bias has been partly exacerbated because of renewed weakness abroad, where Europe's major bourses are mostly down 1% or more after some rather displeasing PMI reports were posted. Overnight action in Asia saw the Nikkei and Hang Seng move lower, but China's Shanghai Composite climbed more than 1%. In corporate news, Bed Bath & Beyond (BBBY), Lennar (LEN), Rite Aid (RAD), and Red Hat (RHT) all reported upside earnings surprises for the latest quarter. All of their shares are up nicely in premarket trade. ConAgra (CAG) shares are down after the company's earnings came short of the consensus estimate, however. Pharmaceutical giants Pfizer (PFE) and Bristol Myers Squibb (BMY) have garnered strong buying interest ahead of the open in response to the pair's success in meeting primary and secondary endpoints in a Phase 3 study. Weekly initial jobless claims figures and monthly new home sales numbers highlight today's economic calendar. They are expected at 8:30 AM ET and 10:00 AM ET, respectively.

06:36 am : [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -9.00.

06:36 am : Nikkei...9596.74...-32.70...-0.30%. Hang Seng...21759.14...-100.80...-0.50%.

06:36 am : FTSE...5724.54...-48.50...-0.80%. DAX...7203.04...-75.20...-1.00%.
http://finance.yahoo.com/marketupdate/update
5:56PM WTI Crude oil futures are trading $1.33 (or +1.46%) higher after hours at $92.35/barrel (COMDX) :

5:54PM China-Biotics receives NASDAQ delisting notification (stock has been halted since June 3) (CHBT) 6.08 : Co announces that on June 20, 2011, the Co received a letter from the NASDAQ Listing Qualification staff (the "NASDAQ Letter") asserting that, because the Co has not yet filed its Annual Report on Form 10-K for the fiscal year ended March 31, 2011, and based upon disclosures made by the Co in its recently filed Form 12b-25 and additional information provided to NASDAQ, the Co no longer complies with the NASDAQ Listing Rules for continued listing

5:38PM RadioShack down 3.3% after hours to $12.77 after being removed from the S&P 500 index (RSH) 13.20 +0.26 :

5:35PM Dynegy names a new CFO and COO (DYN) 6.02 +0.07 : Co announced that Kevin T. Howell has been named Executive Vice President and Chief Operating Officer of the Co, effective July 5, 2011, and that Clint C. Freeland has been named Dynegy's Executive Vice President and Chief Financial Officer, effective July 5, 2011. Both Howell and Freeland will serve on the Co's executive management team and report to Robert C. Flexon, who was recently named as Dynegy's President and Chief Executive Officer. Howell retired in August 2010 from NRG Energy, where he had served as President of NRG Texas and Reliant Energy since August 2008. Prior to that he was NRG Energy's Executive Vice President and Chief Administrative Officer from January 2008 to August 2008 and Executive Vice President, Commercial Operations from August 2005 to January 2008. Freeland has served as NRG Energy's Senior Vice President, Strategy & Financial Structure since February 2009, where he developed a venture capital partnership investment fund to invest in emerging energy company technologies.

5:31PM Labopharm announces reduction of angelini labopharm's oleptro sales force (DDSS) 0.16 -0.03 : Co announced that Angelini Labopharm, LLC, the Company's joint venture with Gruppo Angelini which markets and sells OLEPTRO in the United States, has announced the reduction of the size of its sales force from 130 to 65 representatives in an effort to contain costs. The reduction of the sales force is expected to result in annual cost savings to Angelini Labopharm of approximately $10.6 USD million and is effective July 1, 2011.

5:08PM Shire plc reported that the FDA Advisory Committee strongly recommends approval and self-administration of FIRAZYR (icatibant) for the treatment of acute attacks of hereditary angioedema (SHPGY) 90.35 +1.00 : Co announced that the Pulmonary-Allergy Drugs Advisory Committee to the U.S. Food and Drug Administration recommended, by a vote of twelve to one, that the efficacy and safety data provides substantial evidence to support approval of FIRAZYR (icatibant) for the treatment of acute attacks of hereditary angioedema in patients 18 years and older. In addition, by a vote of eleven to one, with one abstention, the Committee recommended self-administration of the drug by patients. The Committee's input will be considered by the FDA in its review of the New Drug Application for FIRAZYR. The FDA is not bound by the Committee's guidance, but takes its advice into consideration when reviewing investigational medicines. The Company has been assigned an action date of August 25, 2011 under the Prescription Drug User Fee Act.

5:02PM SRA IntlEra selected for two Oman surveillance solutions (SRX) 31.14 -0.02 : Era a.s., a subsidiary of SRA International (SRX), announced it has been selected by the Oman Civil Aviation Authority to deploy two multilateration surveillance solutions in Oman. The systems will be installed at the Muscat and Salalah airports, under a contract by Northrop Grumman Park Air Systems. The contract, awarded by Indra Sistemas, forms part of the nationwide air traffic management modernization and upgrade program for the Directorate General of Meteorology and Air Navigation Services in Oman.

5:00PM Cavico receives NASDAQ notice (CAVO) 0.80 -0.02 :

5:00PM Kaiser Aluminum and Airbus reach long-term agreement to supply aluminum plate and sheet for commercial aircraft (KALU) 51.94 +0.20 : Co announced it has reached agreement in principle with Airbus to supply aluminum plate and sheet for use in the production of commercial aircraft. The multi-year agreement is subject to definitive documentation, will commence upon the completion of the companies' existing supply agreement, and will extend Kaiser Aluminum's longstanding role as a major supplier of high quality semi-fabricated aluminum products to Airbus.

5:00PM Evolution Petroleum announces public offering of 8.5% Series "A" preferred stock (EPM) 7.08 0.00 : Co reported that it is commencing, subject to market conditions, an underwritten public offering of up to 400,000 shares of its perpetual non-convertible 8.5% Series A Cumulative Preferred Stock (liquidation preference of $25.00 per share). The offering is being made on a "best efforts" basis pursuant to an effective shelf registration statement that the Company previously filed with the Securities and Exchange Commission. Upon issuance, the co anticipates that the 8.5% Series A Cumulative Preferred Stock will be listed for trading on the NYSE Amex under the ticker symbol "EPM.PR.A."

4:54PM Endo Pharm announces FDA accepts Endo Pharmaceuticals' complete response for new formulation of OPANA ER (ENDP) 39.13 -0.22 : Co announced today that it received notification from the U.S. Food and Drug Administration (FDA) that Endo's complete response to the FDA's Jan. 7, 2011 Action Letter relating to Endo's new drug application (NDA) for a new formulation of OPANA ER has been accepted. The new formulation was developed in partnership with Grunenthal GmbH and is designed to provide some resistance to certain types of product manipulation. FDA has set a Prescription Drug User Fee Act date of Dec. 13, 2011.

4:53PM FMC Lithium announces global price increases (FMC) 81.57 -0.47 : Co announced that effective July 1, 2011, or as contracts permit, it will increase prices 20% for lithium carbonate and between 15-25%, depending on product grade, for a range of lithium products, including lithium hydroxide, lithium chloride, specialty lithium salts and lithium battery metal.

4:41PM Finish Line reports EPS in-line, revs in-line (FINL) 23.17 +0.88 : Reports Q1 (May) earnings of $0.30 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.30; revenues rose 6.0% year/year to $299.5 mln vs the $301 mln consensus.

4:38PM Hercules Tech announced completion of renewal of its $300.0 mln credit facility with commitment of $75.0 mln through Wells Fargo Capital Finance, (HTGC) 10.28 +0.28 : Co also extended $20.0 mln credit facility with Union Bank.

4:35PM Campbell announces $1 bln share repurchase program (CPB) 33.11 -0.87 : The new share repurchase program replaces the June 2008 authorization of $1.2 billion, which has been completed. T

4:31PM Wabash Natl announces it expects to enter into a new $150 million revolving credit facility (WNC) 9.12 -0.04 : Co expects to enter into the new facility prior to June 30, 2011. The new credit facility, which will mature in five years, will replace the Company's existing revolving credit facility, will increase the Company's borrowing capacity under its credit facility from $100 million to $150 million, subject to a borrowing base, and will reduce borrowing costs relative to the previous facility. The new facility also will provide an option to increase the total facility borrowing capacity up to $200 million, subject to a borrowing base and lender agreement.

4:30PM Nordstrom completed new 5-yr $600 mln senior unsecured revolving credit facility; replaces $650 mln sr unsecured revolving credit facility scheduled to mature in August 2012 (JWN) 45.86 +0.56 :

4:30PM Campbell Soup elects Denise Morrison President & CEO (CPB) 33.11 -0.87 : In October 2010, Morrison was named Executive Vice President and Chief Operating Officer and elected a Director of the co in anticipation of her appointment to the role of CEO at the beginning of fiscal 2012.

4:16PM Western Copper approved a proposal to undertake a spin-out transaction that would reorganize the business and capital structure (WRN) 2.90 -0.01 : Co announces that its Board of Directors has unanimously approved a proposal to undertake a spin-out transaction that would reorganize the business and capital structure of the Company into three separate public companies to allow Western Copper to focus on the development of its flagship Casino copper/gold/silver/molybdenum project. Pursuant to the proposed transaction, the Company will incorporate two new subsidiaries to be named at a later date: 1) SpinCo. A to which the Company will transfer 100% of its interest in the Carmacks Copper Project located in the Yukon Territory, Canada, as well as the Redstone Project located in the Northwest Territories, Canada; and 2) SpinCo. B to which the Company will transfer 100% of its interest in the Island Copper Project located on Northern Vancouver Island, British Columbia, Canada.

4:15PM Newell Rubbermaid appoints Michael Polk President and Chief Executive Officer (NWL) 15.35 +0.35 : Mr. Polk was most recently President of Global Foods, Home and Personal Care at Unilever. Polk has been a member of the Unilever Executive Board since 2007.

4:15PM Mercury Computer wins contract to deliver embedded products and integration services for airborne early warning and control systems (MRCY) 17.65 -0.01 : Co announces a multi-year contract award from a global provider of products, services and solutions for military defense. Mercury will provide embedded computing products and integration services that will enable radar and signal processing for high altitude aircraft detection systems used on commercial aircraft.

4:15PM Oracle beats by $0.04, reports revs in-line (ORCL) 32.46 +0.26 : Reports Q4 (May) earnings of $0.75 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.71; revenues rose 11.9% year/year to $10.78 bln vs the $10.74 bln consensus. Both GAAP and non-GAAP new software license revenues were up 19% to $3.7 bln. Both GAAP and non-GAAP software license updates and product support revenues were up 15% to $4.0 bln. Both GAAP and non-GAAP hardware systems products revenues were down 6% to $1.2 bln. Non-GAAP operating income was up 19% to $5.2 bln, and non-GAAP operating margin was 48%. "In Q4, we achieved a 19% new software license growth rate with almost no help from acquisitions. This strong organic growth combined with continuously improving operational efficiencies enabled us to deliver a 48% operating margin in the quarter. As our results reflect, we clearly exceeded even our own high expectations for Sun's business. In addition to record setting software sales, our Exadata and Exalogic systems also made a strong contribution to our growth in Q4. Today there are more than 1,000 Exadata machines installed worldwide. Our goal is to triple that number in FY12. In FY11 Oracle's database business experienced its fastest growth in a decade. Over the past few years we added features to the Oracle database for both cloud computing and in-memory databases that led to increased database sales this past year. Lately we've been focused on the big business opportunity presented by Big Data."

4:10PM Validus Holdings provides initial estimate of losses from April and May storms in the U.S. of ~$55-75 mln (VR) 29.79 -0.45 : Co provided an initial estimate of combined losses from two severe storms in the United States which took place during April, 2011 and May, 2011, respectively. The storms, identified as Property Claim Services No. 46 and No. 48, consisted of flooding, hail, tornadoes and wind and took place from April 22, 2011 to April 28, 2011 and May 20, 2011 to May 27, 2011, respectively. Validus expects to record combined loss and loss expenses from these two storms in the range of $55-75 mln, net of reinstatement premiums and reinsurance, retrocessional and other recoveries.

4:10PM H & R Block beats by $0.02, reports revs in-line (HRB) 16.08 +0.01 : Reports Q4 (Apr) earnings of $2.14 per share, $0.02 better than the Capital IQ Consensus Estimate of $2.12; revenues fell 0.6% year/year to $2.33 bln vs the $2.31 bln consensus. Total U.S. tax returns prepared by H&R Block in fiscal 2011 grew 6.5%, or 1.3 million returns. Total retail returns prepared grew 3.6%, while the net average retail fee per tax return prepared declined 3.3%. Total digital tax returns prepared increased 13.5%, led by growth of 28.7% in online filings.

4:09PM Stepan Company subsidiary acquired the Clarinol, Marinol and Pinnothin product lines of Lipid Nutrition; terms of the transaction were not disclosed (SCL) 66.98 +0.73 :

4:09PM Seracare Life Sciences acknowledges receipt of $4.25 per share unsolicited proposal from MSMB Capital (SRLS) 4.02 +0.53 : It is anticipated that the SeraCare Board of Directors will review the proposal in due course.

4:08PM Accenture beats by $0.04, beats on revs; guides Q4 revs above consensus; raises FY11 EPS above consensus (ACN) 55.69 +0.44 : Reports Q3 (May) earnings of $0.93 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.89; revenues rose 20.6% year/year to $6.72 bln vs the $6.43 bln consensus. Consulting net revenues for the quarter were $3.97 bln, an increase of 23% in U.S. dollars and 17% in local currency over the third quarter of fiscal 2010. Outsourcing net revenues were $2.75 bln, an increase of 17% in U.S. dollars and 12% in local currency YoY. New bookings for the third quarter were $7.1 bln and reflect a positive 6% foreign-currency impact compared with new bookings in the third quarter last year. During Q3, Accenture repurchased or redeemed 11.4 mln shares for a total of $644 mln, including 9.7 mln shares repurchased in the open market. This brings Accenture's total share repurchases and redemptions for the first three quarters of fiscal 2011 to 29.7 mln shares, including 13.1 mln shares repurchased in the open market, for a total of ~$1.4 bln. Accenture's total remaining share repurchase authority at May 31, 2011, was ~$1.7 bln. Co issues upside guidance for Q4, sees Q4 revs of $6.4-6.6 bln vs. $6.19 bln Capital IQ Consensus Estimate. Co issues upside guidance for FY11, raises EPS guidance to $3.36-3.40 from $3.22-3.30 vs. $3.24 Capital IQ Consensus Estimate. The co now expects operating cash flow to be in the range of $2.9 bln to $3.1 bln; now expects property and equipment additions to be $400 mln; and now expects free cash flow to be in the range of $2.5 bln to $2.7 bln. The company now expects its annual effective tax rate to be in the range of 27-28%. Accenture now expects new bookings to be at the upper end of its previously guided range of $25-28 bln for the full fiscal year.

4:07PM STR Holdings lowers Q2 guidance (STRI) 16.72 +0.20 : Co issues downside guidance for Q2 (Jun), sees EPS of $0.30-0.32 down from $0.38-0.42 previously vs. $0.35 Capital IQ Consensus Estimate; sees Q2 (Jun) revs of $98-101 mln down from $104-110 mln previously vs. $105.44 mln Capital IQ Consensus Estimate. Co says "We are obviously very disappointed to have to lower our guidance this quarter, especially considering that our strong first quarter performance had continued through early June. Due to the uncertainty of incentive programs in Italy and Germany, which took longer to resolve than anticipated, lower solar module demand has resulted in excess inventory and overcapacity throughout the Solar supply chain. Late in the second quarter, these industry-wide conditions caused our customers to slow their build rates and reduce purchase orders issued to us. It is also important to note that the slowdown appears to be broad-based, rather than customer-specific."

4:07PM TIBCO Software beats by $0.03, beats on revs (TIBX) 26.00 +0.54 : Reports Q2 (May) earnings of $0.21 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.18; revenues rose 24.9% year/year to $216.4 mln vs the $198.5 mln consensus. "We experienced another quarter of accelerating demand in Q2, with total revenue growing 25%, license revenue growing 32%, and non-GAAP EPS growing 40% over the same period a year ago."

4:07PM Brocade appoints Dan Fairfax as new CFO (BRCD) 6.67 +0.07 : Co announced that Richard Deranleau, Brocade Chief Financial Officer, has left the company effective as of June 20, 2011 to pursue other interests and that Dan Fairfax has been appointed Brocade's new Chief Financial Officer. Mr. Fairfax previously served as Brocade Vice President of Global Services from August 2009 to June 2011 and Brocade Vice President of Business Operations from January 2009 to August 2009.

4:06PM BRT Realty Trust obtains new line of credit for $25 mln (BRT) 6.33 -0.04 : Co announced it had closed on a new revolving line of credit with Capital One, National Association, which provides for a maximum availability of $25 mln.

4:06PM Ducommun prices $200 mln of 9.75% senior notes due 2018 to fund LaBarge (LB) acquisition (DCO) 19.47 +0.02 : Co announces it has priced its offering of $200 million in aggregate principal amount of 9.75% senior unsecured notes due 2018 at an offering price equal to 100% of par value. The Notes will bear interest at a rate of 9.75% per annum payable semi-annually on January 15 and July 15, commencing on January 15, 2012.

4:06PM Seanergy Maritime announces 1 for 15 Reverse Stock Split (SHIP) 0.36 +0.01 :

4:06PM Micron misses by $0.10, misses on revs (MU) 8.43 +0.26 : Reports Q3 (May) earnings of $0.07 per share, $0.10 worse than the Capital IQ Consensus Estimate of $0.17; revenues fell 6.5% year/year to $2.14 bln vs the $2.37 bln consensus. The company's consolidated gross margin improved to 22 percent for the third quarter of fiscal 2011 from 19 percent for the second quarter of fiscal 2011 due primarily to decreases in manufacturing costs. Revenue from sales of DRAM products was 7 percent lower in the third quarter of fiscal 2011 compared to the second quarter of fiscal 2011 due to a decrease in sales volume.

4:05PM LSB Industries reports status of production at Pryor Facility (LXU) 42.84 -0.92 : As previously reported, the Pryor Facility was shut down on May 30, 2011... The repairs were completed and the ammonia plant was returned to service on June 12, 2011. Also, as disclosed, the nitric acid plant required corrective measures, which were anticipated to be completed on June 21st, at which time we anticipated UAN production would resume. Due to delays in the completion of the repairs to the nitric acid plant, management decided to defer the completion of the repairs until July 5th in conjunction with the planned major maintenance "Turnaround". In the meantime, the ammonia plant, which was returned to service on June 12th, is producing at rate of approximately 500 tons per day. Tony M. Shelby, LSB's Chief Financial Officer, stated that "at current market conditions, the production and selling of ammonia from the Pryor Facility, result in significant margin contribution and mitigate the effect of the nitric acid plant being off-line."

4:03PM Nalco sees continued pricing progress, targets 2h margin improvement (NLC) 27.10 -0.30 : Co said that it continues to achieve good price increase progress to offset higher raw material costs and will seek additional price increases as necessary to offset any further raw material inflation. "In the critical North American water and paper businesses, we had pricing agreements in place by the end of April with 75 percent of our customers and have continued to finalize agreements that we expect will cover our cost increases on a run-rate basis by the end of the third quarter. Based on our progress, including previously discussed efforts in Energy Services which were highlighted in an investor call with Steve Taylor on May 31, we expect margin improvement in the second half of this year with 4th quarter margins more consistent with our historical norms."

4:01PM Southern Union: Williams (WMB) has proposed to acquire all of the outstanding shares of SUG for $39.00 per share in cash (SUG) 33.81 +0.35 : Williams (WMB) announced that it has proposed to acquire all of the outstanding shares of SUG for $39.00 per share in cash, for a total enterprise value of $8.7 billion. Williams conveyed the all-cash, premium proposal via a letter to the Special Committee of Southern Union's Board of Directors. "Williams' all-cash proposal represents a premium of 18% over the nominal purchase price in Southern Union's proposed transaction with Energy Transfer Equity (ETE) announced on June 16, 2011, in which Southern Union shareholders would receive optionally redeemable Series B MLP partnership units of Energy Transfer with a stated value of $33.00 per share... We are prepared to negotiate definitive documentation simultaneously with our due diligence efforts, which would enable us to be in a position to execute definitive documentation within two weeks. Consistent with that timetable, our proposed purchase price is premised on Southern Union terminating the Energy Transfer transaction within the 40-day window established by your merger agreement with Energy Transfer for the lower breakup fee."

4:01PM Mannatech announced a restructuring of its U.S. operations (MTEX) 0.93 -0.09 : Co announced a restructuring of its U.S. operations, which impacts 64 employees across various departments. The move also eliminates 34 other open positions and redistributes responsibilities to existing teams within Mannatech U.S. headquarters. "This restructuring has been carefully planned and will provide Mannatech more than $12 mln in savings on an annualized basis... The cost savings include significant operating expense reductions across virtually every functional area of the company. Mannatech plans to take a reserve of approximately $700,000 in the second quarter related to severances and restructuring costs."

3:43PM Earnings Calendar (SUMRX) : Today after the close look for the following companies to report:

* ACN, FINL, HRB, MU, ORCL, and TIBX.

Tomorrow before the open there are no companies currently scheduled to report.

3:40PM Aoxing Pharma contacted by NYSE staff for unusual trading activity; says policy is not to comment on unusual market activity or rumors (AXN) 1.50 +0.40 :

3:27PM Lions Gate Entertainment & Alliance Films announce sale of Lionsgate's canadian distributor, Maple Pictures, to Alliance Films for ~ $38.5 mln (LGF) 6.63 +0.10 :

3:18PM No let up yet in afternoon turnaround -- Dow -69 extends 165 points off low, S&P -4.2, Nasdaq Comp +14.6 (SPY) : Dow and S&P vacillate near 50% retrace of Wed/Thur decline.

3:10PM Fresh rebound highs for stock indices as Dollar Index weakened further -- Dow -100, S&P -8, Nasdaq Comp +6.7 (SPY) :

3:00PM Woodward Governor Wins bombardier cseries aircraft contracts (WWD) 32.61 -0.27 : Co announced that the they secured new contracts to provide key products for the Bombardier CSeries aircraft. These awards include the fly-by-wire LRU Rudder Pedal Assemblies, Cargo Compartment Door, and APU door actuation systems, including integral electronic control units.

3:00PM Nasdaq 100/Comp in the black, new rebound highs for Dow/S&P (QQQ) :

2:57PM Stock indices push modestly off afternoon lows -- Dow -162, S&P -15, Nasdaq Comp -9 (SPY) : Dollar Index slides seeing relative strength in energy/commodity.

2:38PM Phillips-Van Heusen changes name to PVH Corp. (PVH) 64.61 +1.45 : Co changed its name after receiving overwhelming stockholder approval of the change at its Annual Meeting held this morning. The co will continue to be listed on the NYSE under the ticker PVH.

2:38PM iShares 20+ yr Treasuries ETF sets a fresh session high of 97.57, its seven month high from early June is at 97.71 (TLT) 97.55 +0.90 :

2:36PM NYMEX Energy Closing Prices (COMDX) : August crude oil shed $4.39 to settled at $91.02, July natural gas closed off 12 cents to $4.20, while July RBOB gasoline shed 15 cents to close at $2.78, while July heating oil fell 17 cents to end at $2.80.

2:01PM Idera Pharma presents mechanism of action data of IMO-3100 in preclinical model of arthritis; showed significant reduction in arthritis symptoms compared to placebo in this study (IDRA) 2.17 -0.01 : IMO-3100 was evaluated in a preclinical model in which arthritis was induced by injection of collagen antibodies into BALB/c mice. Treatment with IMO-3100 led to dose-dependent suppression of disease development as measured by standard arthritis scoring criteria and associated histopathology. IMO-3100 suppressed serum levels of complement C3 and tissue deposition of complement C3 and C5a, immune system proteins that play a role in the development of inflammation. Treatment with IMO-3100 was associated with reduced messenger RNA expression of IL-1b and IL-6 compared to placebo treatment.

2:01PM Evolving Systems stockholders approve sale of numbering solutions business to Neustar (NSR) (EVOL) 6.88 -0.07 : Co announced that at its special meeting of stockholders on June 23, 2011, stockholders approved the sale of the co's Numbering Solutions business to Neustar for ~$39.0 mln in cash and the assumption of certain liabilities. The transaction is expected to close within the next two weeks. The results of the proxy tabulation included 7.4 mln votes in favor of the sale with fewer than 17,000 votes against the proposal.

1:56PM Allied Irish Banks annouces capital raising discussions continue (AIB) 2.27 -0.04 : Co announces that discussions are continuing with the Government in respect of the terms and structure of a capital raising in order to satisfy AIB's revised regulatory capital requirements following on from previously indicated capital support for AIB as one of the two Pillar Banks. While discussions remain ongoing it is evident to AIB that any subscription for shares by the State would likely be at a very low price, being a very significant discount relative to the current share price. If this is the case, it is likely that the State's shareholding in AIB would increase substantially beyond its current c. 93% ordinary shareholding, resulting in potentially significant additional dilution for existing ordinary shareholders other than the State. It is expected that discussions with the Government will finalise within the next week, at which point AIB expects to be in a position to announce the final terms and structure of any capital raising transaction with the State. AIB expects to remain as a listed company which will allow shareholders continue to trade their shares.

1:47PM Real Goods Solar to merge with Riverside Partners' portfolio co, Alteris Renewables; expected to close Q3 of 2011 (RSOL) 2.65 -0.03 : Riverside partners announced that its portfolio co, Earth Friendly Energy Group Holdings d/b/a Alteris Renewables and Real Goods Solar have entered into a definitive merger agreement to create a multi-state solar integration powerhouse. During the 12 months following the merger the combined companies expect to report revenue approaching $200 mln.

1:40PM S&P -11 and Dow -128 test intraday resistances (SPY) : Intraday resistance at an extension target based on the first leg off the low and the 38% retrace of the slide off yesterday's high provide resistance at 1276 S&P (rebound high 1276) and 11987/12002 Dow (rebound high 11990).

1:34PM Recovery mode remains intact with stock indices notching new rebound highs -- Dow -123, S&P -11, Nasdaq Comp -1.2 (SPY) :

1:31PM COMEX Metals Closing Prices (COMDX) : August gold fell $33.10 to close at $1520.30, July silver finished off $1.66 to $35.08, while July copper gained 2 cents to close at $4.04.

1:28PM Orrstown Financial Services announces Jeffrey Embly promoted to COO (ORRF) 25.44 -0.58 :

1:07PM Semiconductor Hldrs sets new session high of 33.21, hovering just under this week's highs from Tues/Wed at 33.23/33.22 (SMH) 33.21 0.28 : MRVL +2.7%, NVDA +1.9%, XLNX +1.6%, BRCM +1.6%, ALTR +1.5%, KLAC +1.2%, LLTC =0.9%, LRCX +0.6%, SNDK +0.3%, INTC +0.3%, AMAT +0.2%.

1:06PM Netflix lifts to HoD after Facebook announced that Reed Hastings, chairman and CEO of Netflix, joined its board of directors (NFLX) 258.57 +9.91 : Since 2007, Hastings has also been a member of Microsoft (MSFT) board of directors, and is currently lead independent director.

1:06PM New intraday rebound highs for stock indices -- Dow -144, S&P -13, Nasdaq Comp -4.8 (SPY) :

1:03PM Rubicon Tech Malaysian polishing facility begins volume production of large diameter sapphire wafers (RBCN) 16.52 -0.22 : Co announced two milestones that enable its new state-of-the-art facility in Penang, Malaysia to move into volume production of six- and eight-inch polished sapphire wafers. Rubicon's new Malaysia facility recently completed qualification of its six-inch wafers and also successfully completed an ISO certification audit. The facility also is capable of processing and polishing eight-inch wafers that Rubicon provides to customers in R&D volumes.

1:03PM Regions Fincl creates new wealth management group (RF) 6.12 -0.09 : Co announced it has created a new Wealth Management Group integrating its Trust, Private Banking and Insurance units within a single business line. The group will be led by Bill Ritter, who most recently served as senior executive vice president and Central Region President.

1:02PM Merriman appointed Former Chairman and CEO of BondDesk Group, Charles Almond, to its independent advisory board (MERR) 3.05 +0.25 :

1:01PM Caterpillar subsidiary plans to open a new parts distribution center in Spokane, Washington (CAT) 98.82 -1.32 : When operational in 2012 and dependent on market demand, the Spokane Distribution Center is expected to employ 100 to 150 people.

12:58PM InterActiveCorp's Citygrid Media awarded patent for its ability to match and distribute local content and advertising across its network (IACI) 36.65 -0.83 : Co announced the general availability of three new advertising APIs for mobile and web developers.

12:57PM Rocky Brands licenses belts and accessories to 3D Belt Company (RCKY) 11.78 +0.06 : Co signed a multi-year licensing agreement to allow 3D Belt Company to design, manufacture and sell belts, wallets and cell phone cases under the Rocky and Georgia Boot brands. The first line of products is scheduled to deliver to retail in fall 2011. "We expect to continue to identify other potential licensees in important categories."

12:51PM Teva Pharma confirmed earlier court decision (TEVA) 47.42 -0.15 : Teva confirmed earlier court decision. The ruling reiterates that once the U.S. FDA approves a generic prescription drug as interchangeable to the brand, their labels must also be identical in all material respects. Accordingly, generic companies do not have the ability to influence labeling and related information and should not be held liable for failing to do so. This is also a win for American consumers as they bear the ultimate burden of these lawsuits. The decision of the Supreme Court will help to alleviate unnecessary litigation.

12:47PM Relative Sector Strength (TECHX) : Energy XLE, Oil Service OIH, Semi SMH, Networking, REITs IYR, Coal KOL, Retail XRT are hovering just under this bounce highs.

12:41PM Medtronic increased buyback program by additional 75 mln shares of its common stock, raised qtrly dividend to $0.2425 (MDT) 37.79 -0.75 :

12:33PM Stock indices slip back off midday counter-trend bounce highs -- Dow -194, S&P -19.6, Nasdaq Comp -21 (SPY) : Noted in the 12:06 update that the outperforming Nasdaq Comp was facing initial intraday resistance at 2653/2660. It reached 2654 and has slipped back off the high with minor supports at 2646/2644 and 2637.

12:06PM Fresh intraday bounce highs for stock indices -- Dow -162 up as much as 74 points off the low, S&P -16, Nasdaq Comp -16 (SPY) : Nasdaq Comp did not set new lows at 10:50 ET with the Dow/S&P alluding to potential for some corrective trade. Initial intraday resistance for the outperforming Nasdaq Comp is at 2653/2660 (recent bounce high 2653).

11:38AM Central Vermont Public: Fortis confirms it was informed that CV received unsolicited acquisition offer from Gaz Metro; intends to closely monitor the situation (CV) 35.69 +1.28 : Fortis confirms it was informed that Central Vermont Public Service received an unsolicited acquisition offer from Gaz Metro. CV Board of Directors will review unsolicited offer in due course based on its fiduciary responsibilities and contractual commitments to Fortis. Fortis intends to closely monitor the situation and will respond in due course to any actions taken by CV following their review. The Fortis Merger Agreement contains customary provisions relating to the handling of alternative offers and termination rights.

11:38AM Stock indices modestly extend push off morning lows -- Dow -173 has bounced as much as 60 points, S&P -16, Nasdaq Comp -22 (SPY) :

11:29AM Relative sector strength (TECHX) : The Nasdaq Comp -30 did not confirm the new lows in the Dow -213 and S&P -21 with the latter again trying to gain some traction near its 200 sma/ema (1263/1262). Sectors that are displaying some relative strength as the indices drift near their intraday bounce highs include: Casino BJK, Networking IGN, Disk Drive, Transports IYT, Materials XLB, Technology XLK, Internet FDN, Semi SMH, Software IGV.

11:01AM For second time this morning the Nasdaq Comp -31 did not set a new session low with the Dow -206 (QQQ) : S&P -20 holding near its 200 ema/sma at 1263/1262 (session low 1262).

11:00AM Roma Financial announces Chairman Maurice Perilli to retire (ROMA) 9.54 -0.05 : 2011. Upon his retirement, Mr. Perilli will be appointed Emeritus Director and will provide consulting assistance to the boards and the executive management.

11:00AM U.S. Oil Fund ETF pushes up to probe gap down high territory here near the $35.85 area (USO) 35.84 -1.25 :

10:48AM S&P -23 joins Dow -230 at new session low, Nasdaq Comp -38 hovering just slightly above its morning low (SPY) :

10:34AM Fresh lows in gold and silver (COMDX) :

* Gold now off $36 to $1517.30.
* Silver down $1.67 to $35.07.

10:30AM Dow -209 sets new low but it was not confirmed by the S&P -20 or the Nasdaq Comp -29 (SPY) : The A/D line did not set a new low either on this move suggesting some loss of downside participation/momentum. Relative sector strength in recent trade has been noted in Solar TAN, Disk Drive, Energy XLE, Oil Service OIH, Materials XLB, Internet FDN.

10:30AM Natural gas drops following inventory data; now off 15 cents to $4.17 (UNG) :

10:26AM W.R. Berkley announced formation of Berkley Technology Underwriters (WRB) 31.29 -0.58 : Berkley Technology Underwriters will offer coverages to the technology marketplace, including property, casualty and professional liability on both an admitted and non-admitted basis. Berkley Technology Underwriters will write business on behalf of W. R. Berkley Corporation member insurance companies.

10:25AM JPMorgan Chase drops to new session low, slips under its previous six month low from last week at 36.70 (JPM) 39.65 -1.04 :

10:19AM S&P -18 see minor bounce after check-back to trendline and 200 day (SPY) : (Click for chart).

10:14AM UTI Worldwide provides long-term financial goals for transformation activities; targets EPS compound growth annual rate of 15-20% from FY12 to FY17 (UTIW) 20.03 -0.07 : Co expects cost savings of $75-95 mln per year, a portion of which begins in fiscal 2013 and increases each successive year until the full annual goal is achieved in fiscal 2016. Capital expenditures of $95-100 mln in total. Operating expenses of $25-30 mln per year. These expenses include annual depreciation of $20 mln over five years and are expected to commence midway through fiscal 2013. Operating margin in the range of 12-13% no later than fiscal 2015. EPS growth at a compounded annual rate of 15-20% from fiscal 2012 to fiscal 2017.

10:09AM Currency Chart Watch: Dollar Index retests 2010-2011 trendline (TECHX) : (Click for chart).

10:06AM Natural gas trades to lows at $4.25 with about 25 min to go until inventory data; now off 5 cents to $4.26 (COMDX) :

10:02AM Stock indices tick slightly higher ahead of housing data with little follow through after the above consensus report -- Dow -187, S&P -20, Nasdaq Comp -38 (SPY) :

10:00AM S&P -19 slips back near its 200 ema at 1263 and edges slightly higher -- session low 1264 (SPY) :

9:55AM Energy pressures again -- Dow -207, S&P -22, Nasdaq Comp -41 (TECHX) :

9:51AM Crude oil testing lows; now off $5.18 to $90.23 (COMDX) :

9:50AM U.S. Oil Fund ETF extends opening breakdown to its seven month/2011 close low from Feb at 35.39 -- session low 35.41 (USO) 35.52 -1.58 : Its seven month/2011 intraday low is at 35.22.

9:46AM Airline sectors posts modest gains in early trade (TECHX) : A drop in Crude Oil USO to a new four month low has provided a modest boost for the Airline Index -XAL- (Airline ETF -FAA-) -- UAL +3.4%, AMR +3.3%, DAL +2.8%, LCC +3.6%, RJET +2.4%, JBLU +2.3%, LUV +1.8%, ALK +0.2%.

9:45AM Seracare Life Sciences: MSMB Capital Management proposes acquisition of SeraCare for $4.25 per share (SRLS) 3.93 +0.44 : MSMB Capital Management, a fund specializing in long-term strategic investments in healthcare and biotechnology businesses, today announced that it has made a proposal to the Board of Directors of SeraCare Life Sciences, Inc. (NASDAQ: SRLS) to acquire all the outstanding common stock of SeraCare for $4.25 per share or an aggregate of $82 million. This proposal represents an approximate 22% premium above the closing price of SeraCare stock of $3.49 on June 22nd, 2011. MSMB's offer is conditioned on completion of cursory due diligence and other customary provisions. MSMB's offer is not subject to any financing condition.

9:44AM Bank of SC Corporation files $10 million shelf registration (BKSC) 10.26 +0.01 : Co filed with the Securities and Exchange Commission a shelf registration statement on Form S-3 providing for the offer and sale from time to time over a three year period, in one or more public offerings, up to $10 million in common stock or debt securities.

9:37AM Retail XRT displays some early relative strength as it has rotated back into positive territory (TECHX) : BBBY +2.2%, WMT +0.8%, ORLY +0.7%, DLTR +0.4%.

9:36AM S&P -17 aggressive retreat off the open (SPY) : The retreat has been more aggressive than pre-market futures suggested with the S&P back near a support zone at 1267/1265 noted in The Technical Take which marks congestion and the June close low.

9:31AM Gulf Resources provides update on shares repurchase plan (GFRE) 3.54 0.11 : Co announced an update to the Company's Share Repurchase Plan, which was adopted on September 23, 2010, under which the co plans to utilize its cash on hand and operating cash flow to repurchase some of its issued and outstanding common shares. As of the market close on June 22, 2011, the co has acquired 100,500 shares of its common stock through open market transactions.

9:25AM On The Wires (WIRES) :

* UOP LLC, a Honeywell (HON) co announced that it has been selected by the Abu Dhabi Oil Refining Co. to provide key technology for a new petrochemical production unit in the United Arab Emirates.
* Kognitio and MicroStrategy (MSTR) strengthened their long-standing partnership as the two cos announced new customer wins, new marketing efforts and deeper integration between their data warehousing and business intelligence technologies.
* General Physics Corporation (GP), a subsidiary of GP Strategies Corporation (GPX), has teamed with Parsons. This 5-year (plus 1-year extension) indefinite delivery/indefinite quantity contract has a ceiling of $950 mln.
* Repros Therapeutics (RPRX) announced it has commenced enrolling subjects in the 9 mg cohort in the Company's low dose study of Proellex following a safety review of data from women that have completed 8 weeks of treatment at a 6 mg dose.
* International Rectifier (IRF) announced the extension of its packaging portfolio with the introduction of a PQFN 4mm x 4mm package featuring IR's latest high-voltage gate drive ICs that delivers an ultra-compact, high density and efficient solution for a wide variety of applications including home appliance, industrial automation, power tools and alternative energy.
* HP (HPQ) announced HP webOS Pivot, providing users an entertaining and informative editorial resource for discovering webOS 3.0 applications for the HP TouchPad, which launches July 1.
* Harris Corporation (HRS) received a $23 mln order to supply the U.S. Department of Defense withadditional Falcon III multiband, multi-mission, software-defined radios compatible with Suite B encryption.
* Adeona Pharmaceuticals (AEN) announced that it has expanded its pipeline of proprietary zinc-based therapies to include a planned Phase IIb clinical trial of patients suffering from amyotrophic lateral sclerosis.
* Satcon Technology (SATC) announced that it has been selected by BIOSAR Energy for multiple utility-scale power plants across Italy, Greece and Bulgaria.
* Smith & Nephew, Endoscopy Division, a subsidiary of Smith & Nephew (SNN) announced that the jury in U.S. District Court in Oregon found in Smith & Nephew's favor that Arthrex was guilty of infringing U.S. Patent 5,601,557, which is exclusively licensed to Smith & Nephew.
* CEL-SCI (CVM) announced that its Taiwanese partner, Orient Europharma, has concluded the Site Initiation Visit for the first Taiwanese clinical center in CEL-SCI's Phase III clinical trial for Multikine, the co's flagship cancer immunotherapy.
* SaskTel has selected Alcatel-Lucent (ALU) as the primary infrastructure provider to help implement SaskTel's recently announced Fiber to the Premises Program.

9:15AM Tiffany & Co Executive Shifts; Pat McGuiness appointed Chief Financial Officer; Jim Fernandez becomes Chief Operating Officer (TIF) 76.43 : Co announces two changes in responsibilities among its executive officers, effective immediately. Patrick McGuiness co's SVP of finance, has been appointed senior vice president and CFO. James Fernandez has been appointed to the newly-created role of chief operating officer. He has served as the co's CFO since 1989.

9:14AM Fuwei Films announces EUR10.7 mln Letter of Credit to purchase new production line equipment (FFHL) 2.70 :

9:06AM KBR & Shaanxi Yanchang petroleum announce intent to create a joint-venture company (KBR) 35.85 : Co announced they have signed an agreement to create a Joint-Venture company in the People's Republic of China. The purpose of the Joint-Venture will be to market, sell, deliver and support Veba Combi Cracker technology, under KBR's collaboration agreement for the technology with BP (BP). The Joint-Venture will be operated by the Yanchang Petroleum Group's subsidiary co Beijing Petrochemical Engineering Co and by KBR's Technology Business Unit.

9:04AM NovaGold Resources announces significant advancement towards completion of the prefeasibility study on its Galore Creek copper-gold-silver project (NG) 9.36 : Co announces significant advancement towards completion of the prefeasibility study on its Galore Creek copper-gold-silver project. The partners have approved a $30.5-mln budget to carry out further work on the Project during the remainder of 2011. Planned work includes infill drilling to convert inferred mineral resources to measured and indicated categories, geotechnical drilling on the tunnel alignment and geotechnical drilling to confirm open pit slopes in areas targeted for conversion of inferred mineral resources. GCMC will also complete further environmental and engineering work in preparation for feasibility level studies.

9:04AM Met-Pro Corp's Environmental Air Solutions business unit has received an order, totaling approximately $700K, to supply a Duall brand Beta NOx chemical scrubber system (MPR) 10.25 :

9:04AM Hingham Inst. for Savings increases dividend 4.2% to $0.25 (HIFS) 52.51 :

9:03AM Wesco Financial Corp. and Berkshire Hathaway announce per share merger consideration of Wesco with and into a subsidiary of Berkshire is $385.00/share (WSC) 383.00 : Berkshire Hathaway (BRK.A; BRK.B) and Wesco Financial announce that the per share merger consideration in connection with the proposed merger of Wesco with and into a subsidiary of Berkshire is $385.00. The special meeting of the Wesco shareholders to vote on the adoption of the merger agreement is scheduled on June 24, 2011... The $385.00 per share merger consideration was calculated as follows: $386.55, which represents Wesco's shareholders' equity per share as of January 31, 2011 plus $4.74 per share, which represents an earnings factor of $.98691 per share per month for the period beginning February 1, 2011 and ending June 24, 2011, minus $5.49 per share, which is the sum of the change (positive or negative) in net unrealized appreciation of Wesco's investment securities, the amount of net realized investment gains or losses and the amount of other-than-temporary impairment charges with respect to Wesco's investment securities; minus $.42 per share, which is the amount of the per share cash dividend paid on June 9, 2011; minus $.38 per share, which represents a good faith estimate.

9:02AM Crude oil to fresh four month lows at $90.55 following open of pit trade; now off $4.63 to $90.78 (COMDX) :

9:02AM Biomarin Pharm to acquire Biologics Manufacturing Plant in Ireland from Pfizer for $48.5 mln (BMRN) 25.72 : Co announces that it has entered into a definitive agreement to acquire a bulk biologics manufacturing plant from Pfizer (PFE). The plant, which was completed and validated in 2009, is built on ten acres occupying 133,000 square feet of floor space. It was approved by the Irish Medicines Board in 2010. The purchase price is $48.5 million, approximately one-fifth of the expected cost to construct and validate a new facility. The purchase is expected to close in the third quarter of 2011 following the wind down of current operations and the transfer of the Irish EPA license.

9:01AM Central Vermont Public confirms it received an unsolicited acquisition offer from GazMetro (CV) 34.41 : Co confirms it received an unsolicited acquisition offer from GazMetro, which the board of directors will review in due course based on our fiduciary responsibilities and contractual commitments to Fortis. Co states: "This offer requires us to convene our board of directors to evaluate the proposal in depth as soon as possible. Until the board of directors has an opportunity to examine the offer, we are precluded from making any further comment."

8:51AM AFLAC amends shelf registration with the Japanese authorities to issue debt securities up to JPY 100 bln; will recognize a pretax loss of $165 mln on the sale of investments (AFL) 45.37 : Co announces it has filed an amended shelf registration with the Japanese authorities to issue debt securities up to JPY100 bln. The original shelf registration was filed in November 2009. As part of the filing, the co provided an update on its investment portfolio derisking. During Q2, co will recognize a pretax loss of $165 mln on the sale of investments associated with banks and other financial institutions of Greece and Ireland, $72 mln of which was previously disclosed. The co estimates it will recognize $445 mln of pretax impairment losses on investments in Portugal banks.

8:48AM ProLogis announces pricing of common stock offering at $33.50/share; underwriters granted a 30-day option to purchase up to an additional 4.5 mln shares (PLD) :

8:44AM Gold, silver extend sell off as dollar continues to rally (COMDX) :

* Gold now off $29.00 to $1524.40.
* Silver lower by $1.15 to $35.59.

8:38AM Crude approaching recent ~4 month lows at $91.14; currently off $3.91 to $91.50 (COMDX) : This morning's lows are at $91.38.

8:36AM Discover Financial Services beats by $0.34, beats on revs (DFS) 23.59 : Reports Q2 (May) earnings of $1.09 per share, $0.34 better than the Capital IQ Consensus Estimate of $0.75; revenues net of interest expense rose 4.6% year/year to $1.74 bln vs the $1.71 bln consensus. Discover card sales volume showed strong year-over-year growth of 9% with $25 billion in volume in the quarter. Total loans increased 5% from the prior year to $52.5 billion, while credit card loans declined 1%. Credit card loan balances grew $644 million, or 1% from the prior quarter. The delinquency rate for credit card loans over 30 days past due reached a 25-year record low of 2.79% (-206 bps YoY, -80 bps QoQ) and the credit card net charge-off rate declined (355 bps YoY and 95 bps QoQ) to 5.01%. Net interest margin was 9.15%, relatively unchanged from the prior year and down 7 bps QoQ. Credit card yield decreased 36 bps YoY and 8 bps QoQ. The decline in yield reflects the impacts of the CARD Act and an increase in promotional rate balances, partially offset by lower interest charge-offs. Provision for loan losses of $176 million decreased $548 mln, or 76% YoY, driven by lower charge-offs and a reduction in the allowance for loan losses.

8:33AM Isle of Capri names Arnold Block Chief Operating Officer effective immediately (ISLE) 8.60 : Co announces that Arnold L. Block has been named the Company's chief operating officer effective immediately and subject to regulatory approval. Block replaces Virginia McDowell who previously served as Isle's president and chief operating officer.

8:33AM Neurocrine Biosci announced that the USPTO has issued a Notice of Allowance for its proprietary Vesicular Monoamine Transporter 2 inhibitor (NBIX) 7.21 : The Notice of Allowance indicates that a composition of matter patent on NBI-98854 will have an initial patent term extending to May 2029.

8:32AM StarTek names Chad A. Carlson president and CEO effective immediately (SRT) 4.02 : Chad A. Carlson will succeed A. Laurence Jones as President and Chief Executive Officer, effective immediately.

8:32AM Top Ships announces 1-for-10 reverse stock split to be effective June 24, 2011 (TOPS) 0.40 :

8:30AM Star Bulk Carriers enters into a two-year time charter agreement for the Star Gamma (SBLK) 2.09 : Co announced that it has entered into a time charter contract with Cargill for the Star Gamma for two years, plus an option for one additional year, at a gross daily rate of $14,050 and $15,500 for the first two years and the optional year respectively. The Star Gamma is a Supramax vessel of 53,098 dwt built in 2002. The new contract will contribute a minimum of $10.3 mln to a maximum of $17.1 mln in gross revenue. The vessel is expected to be delivered to Cargill in July 2011.

8:22AM New highs in dollar push crude to fresh lows; now off $2.84 to $92.56 (COMDX) :

8:21AM Gold, silver drop following open of pit trade (COMDX) :

* Gold now off $20.20 to $1533.30.
* Silver lower by 73 cents to $36.01

8:12AM On The Wires (WIRES) :

* In Oklahoma, Devon Energy (DVN), Panhandle Oil and Gas (PHX) and Sandridge Energy (SD) are some of the bigger names that have begun using or explored the merits of horizontal drilling. American Petro-Hunter (AAPH) has also begun operations in Oklahoma with its horizontal drill project.
* IHS (IHS) announced the formation of a single, integrated Research and Analysis organization as part of the co's ongoing efforts to ensure that resources are aligned to best meet customer needs and drive sustainable, profitable growth.
* Rogers (ROG) today that it has entered into a strategic alliance with Himag Solutions.
* Charter Business, a division of Charter Communications (CHTR), announced the deployment of its long-haul Ethernet service.
* NCR (NCR) announced an important step in the adoption of NCR Scalable Deposit Module technology that makes automated deposits at the ATM twice as fast.
* Skyworks Solutions (SWKS) expanded its product portfolio by adding high dynamic range power detectors for smart phones and datacards.
* AuthenTec (AUTH) announced that it is now in volume production of its newest smart sensor for the PC market, the AES2665.
* Northgate Minerals (NXG) announces the mobilization of a diamond drill rig program to the Awakening Gold Project in Humboldt County, Nevada.
* TechPrecision (TPCS) received orders from two current customers with a combined value of ~$1.3 mln.
* GeoVax Labs (GOVX) announced the opening of a third site for testing the therapeutic potential of its HIV/AIDS vaccine.

8:05AM Fidelity National Information Services has made a preliminary approach regarding a possible cash offer for Misys (FIS) 31.10 : In response to the June 21, 2011 announcement by Misys, FIS announced that it has made a preliminary approach regarding a possible cash offer for Misys. "This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the Takeover Code and, accordingly, there can be no certainty that an offer will ultimately be made for Misys nor as to the terms on which any offer might be made."

8:02AM New Energy Systems appointed Paul Li as its Chief Financial Officer effective August 16, 2011 (NEWN) 2.57 : Mr. Li replaces Junfeng Chen, who will remain the Company's CFO until the commencement of Mr. Li's appointment. There were no disagreements between Mr. Chen and the Company or any officer or director of the Company associated with Mr. Chen's departure as CFO.

8:01AM Expedia announced a new multi-year, global partnership agreement with Kempinski Hotels (EXPE) 28.07 : Kempinski Hotels operates five-star luxury hotels in Europe, Africa, the Middle East and Asia. The hotel company expects to open over 40 new properties by 2015.

8:01AM ATS receives new multiple year term contract award totaling $30 mln with the Pension Benefit Guaranty Corp (ATSC) 4.35 :

8:01AM WSP Holdings announced that its wholly-owned subsidiary received $97 mln in new orders from state-owned oil companies in Venezuela and Ecuador (WH) 0.86 :

7:54AM Genesco acquires Schuh for ~ $160 mln ; expects will be accretive to earnings per share in its current fiscal year (GCO) 45.18 : Co announced that it has acquired Schuh Group. The purchase price paid at closing was 100 million pounds Sterling (~$160 mln), subject to closing adjustments, less 29.5 million pounds (~$47.2 mln) outstanding under existing Schuh credit facilities, which remain in place.

7:46AM Cormedix provides regulatory update for CRMD003 (Neutrolin); expects to begin its planned Neutrolin clinical study in the 2H11 (CRMD) 1.35 : Co announces it has filed a Request For Designation for Neutrolin to be classified as a device and assigned to the Center For Devices and Radiological Health as lead reviewer. If the FDA has not issued a designation letter within 60 calendar days of the filing of the RFD, co's recommendation will become the designated classification and assignment. Pending device designation and IDE approval, co expects to begin its planned Neutrolin clinical study in 2H11. Additionally, co expects to complete the initial submission of the Neutrolin Design Dossier to the European notified body by the end of the second quarter 2011 and the co's guidance with respect to timing remains consistent on European launch in the first half of 2012, pending CE mark approval.

7:44AM Strength in dollar, following weak econ data in Europe and China, is weighing on commodities this morning, including gold, silver, oil (COMDX) :

* Crude oil put in overnight lows at $92.67 and is currently off $2.41 to $93.
* Gold's session lows are at $1535.30; now down $12.70 to $1540.70.
* Silver traded as low as $35.92 on the electronic session; now lower by 55 cents to $36.19.

7:37AM ConAgra misses by $0.01, reports revs in-line (CAG) 25.42 : Reports Q4 (May) earnings of $0.47 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.48; revenues rose 5.3% year/year to $3.21 bln vs the $3.19 bln consensus. The company expects fiscal 2012 EPS, adjusted for items impacting comparability, to grow at a low- to mid-single-digit rate over the comparable fiscal 2011 diluted EPS base of $1.75 (note that current Capital IQ consensus is $1.77). The outlook reflects pricing actions under way in both segments and the expected benefit of productivity programs, along with an estimated 7-8% inflation in the Consumer Foods segment and increased pension expense. Given the timing of inflation and pricing, the company expects the fiscal 2012 EPS growth to be concentrated in the second half of the fiscal year, and for the fiscal 2012 first quarter EPS to be below the comparable $0.34 earned in the first quarter of fiscal 2011.

7:35AM Rite Aid beats by $0.05, reports revs in-line; reaffirms FY12 guidance (RAD) 1.10 : Reports Q1 (May) loss of $0.07 per share, $0.05 better than the Capital IQ Consensus Estimate of ($0.12); revenues fell 0.1% year/year to $6.39 bln vs the $6.36 bln consensus. Co reaffirms guidance for FY12, sees EPS of ($0.64)-(0.42) vs. ($0.52) Capital IQ Consensus Estimate; sees FY12 revs of $25.7-26.1 bln vs. $25.56 bln Capital IQ Consensus Estimate; comps +0.5-2.0%; cap-ex ~$300 mln. Results benefited from continued growth in same store sales and a decrease in selling, general and administrative (SG&A) expenses partially offset by a decline in gross margin. Same store sales for the quarter increased 0.8% over the prior-year period. Front-end same store sales were flat compared to the prior-year period while pharmacy same store sales increased 1.1%. Pharmacy sales included an approximate 145 basis point negative impact from new generic introductions. The number of prescriptions filled in same stores increased 0.4% over the prior year period. Prescription sales accounted for 68.7% of total drugstore sales, and third party prescription revenue was 96.5% of pharmacy sales.

7:31AM TASER: Newport News Sheriff's Office First Agency in Virginia to Deploy New TASER X2 ECDs (TASR) 4.28 : Co announces an order for 77 TASER X2 electronic control devices and related accessories for the Newport News Sheriff's Office in Virginia. This TASERE X2 ECDs are expected to ship in the second quarter and the TASER Cam HD units are expected to ship in the second half of 2011.

7:22AM On The Wires (WIRES) :

* GLG Life Tech (GLGL) announces that one of its current patent applications, submitted in 2008 by its 100% owned subsidiary, Qingdao Runde Biotechnology has been granted by the State Intellectual Property Bureau of the People's Republic of China.
* Churchill Downs (CHDN) racetrack will be closed for live racing, training and simulcast-wagering operations on Thursday, June 23, following severe storms that damaged nine barns in the historic venue's barnyard, along with a number of stable area structures, including some living accommodations for backstretch workers.
* AU Optronics (AUO) announced that its G8.5 facility in Central Taiwan Science Park has passed ISO 50001 standard for energy management.
* China GengSheng Minerals (CHGS) announced that it has signed a five-year strategic partnership agreement with a U.S.-based strategic advisory, marketing and technology co for the marketing and distribution of its fracture proppant products in the North American market.
* EchoStar's (SATS) subsidiary Hughes Network Systems announced that two major banks in Indonesia have awarded expansion orders totaling more than 1,500 Hughes HX satellite terminals to expand their existing branch and ATM networks.
* Microsemi (MSCC) announced a 9Gb DDR3 SDRAM memory device that is offered as a compact x72 dual in-line memory module.
* Starlight Electronics USA, and parent company Starlight International Holdings and SED International Holdings (SED) announced that Starlight has selected SED to serve as the exclusive distributor in the U.S. for all Polaroid imaging and printing products.
* WABCO Holdings (WBC) announced that it has entered into several agreements with leading truck and bus manufacturers in Europe to supply its new generation of electronically controlled air suspension systems.
* MapQuest, a wholly owned subsidiary of AOL (AOL) launched MapQuest Local Business Center.
* Lululemon Athletica (LULU) announced that its Board of Directors has established July 8, 2011 as the record date for the previously announced two-for-one stock split of the Company's Common Stock.

7:04AM China Nutrifruit withdraws registration statement on Form S-1 and application for TDR Listing (CNGL) 2.00 : Co announces it has filed an application with the SEC to withdraw its registration statement on Form S-1, Registration No. 333-171286, for a proposed offering of 73 mln units of Taiwan Depositary Receipt, representing 7.3 mln shares of the co's common stock. The co also withdrew its application for listing the TDRs on the Taiwan Stock Exchange. Co states: "After careful considerations, we have decided not to pursue the TDR listing due to uncertainties in the global capital markets. We believe it is in our shareholders' best interest to withdraw the application given the current market volatility."

7:02AM Repligen receives U.S. Fast Track Designation and European Orphan Medicinal Product recommendation for RG3039 for spinal muscular atrophy (RGEN) 3.39 : Co announced that the U.S. FDA has granted Fast Track designation for RG3039, a potential treatment for Spinal Muscular Atrophy (SMA). Fast Track is a process designed to facilitate the development and expedite the review of drugs that treat serious diseases and fill an unmet medical need. In addition, RG3039 has received a positive opinion for orphan medicinal product designation from the European Medicines Agency.

7:01AM Education Realty Trust increases quarterly dividend 40% (EDR) 8.38 : Co announced its board of directors has approved a quarterly cash dividend of $ 0.07/share of common stock for the quarter ending June 30, 2011. The dividend will be payable August 16, 2011, to shareholders of record as of July 29, 2011.

7:00AM SolarWinds agrees to acquire TriGeo for $35 mln in cash (SWI) 25.66 : Co announces that it has entered into a definitive agreement to acquire privately-held TriGeo, a provider of log and event management software, for $35 million cash. The company expects the acquisition to close in the third quarter of 2011.

6:46AM Harbinger announces launch of debt offering of an additional $150 mln (HRG) 6.04 : Co announced today that it has commenced an offering of an additional $150 mln in aggregate principal amount of its 10.625% senior secured notes due 2015. The co expects to use the net proceeds from the issuance of the notes for working capital by it and its subsidiaries and for general corporate purposes, including the financing of future acquisitions and investments.

6:30AM Rainmaker Sys prices registered $3.9 mln direct offering consisting of common stock and warrants (RMKR) 1.25 : Co announced the pricing of its registered direct offering of units consisting of one share of common stock and a warrant to purchase 0.40 shares of common stock. Under the terms of the transaction, co will sell ~3.5 mln shares of its common stock at a price of $1.05 per share, along with warrants to purchase ~ 1.4 mln additional shares at $1.40/share.

6:20AM On The Wires (WIRES) :

* Acacia Research (ACTG) announced that its subsidiary B.I. Systems has entered into a settlement and license agreement with SAP America. This agreement resolves patent litigation that was pending in the U.S. District Court for the Eastern District of Texas.
* Brigus Gold (BRD) announces that it will proceed with an initial expansion of the Black Fox Mill, which is expected to be completed, and in service, during the first quarter of 2012.
* Main Street Capital (MAIN) announced that it has completed a follow-on investment in an existing portfolio company totaling $7.0 mln.
* Amdocs (DOX) announced that Telenor Serbia with help of local partner, S&T Serbia, has deployed Amdocs OSS as the inventory and planning system to support the first phase of its OSS transformation project.

6:04AM Lennar beats by $0.02, beats on revs (LEN) 18.10 : Reports Q2 (May) earnings of $0.07 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.05; revs declined 6% YoY to $764.5 mln vs $667.6 mln consensus. Additionally, co reports Gross margin on home sales of 19.4%, which was down 60 basis points from Q1, down 120 basis points YoY. Additionally, co reports: Deliveries of 2,682 homes, up 39% from Q1 2011; down 8% YoY, New orders of 3,204 homes, up 41% from Q1, flat with YoY; Cancellation rate of 17%; and Backlog of 2,470 homes, up 27% from Q1, down 1% YoY.

6:04AM SinoTech announces $20 mln share repurchase program (CTE) 4.21 : Co announced that its Board of Directors has authorized a share repurchase program, effective immediately. Under the program, SinoTech is authorized to repurchase up to $20 mln worth of its ADR's each representing two ordinary shares of the co, by December 31, 2011.

6:01AM Radient Pharm to commence trading on the OTCQX (RPC) 0.21 : Co announced that its common stock will cease trading on the NYSE Amex and transition to the OTCQX effective with the open of business on June 23, 2011. The Company's new symbol for trading on the OTCQX will be RXPC. The co previously received notice that it was not in compliance with certain criteria for continued listing on the NYSE Amex.

5:46AM On The Wires (WIRES) :

* Progress Software (PRGS) introduced the Progress Responsive Travel Alliances solution accelerator at the Air Transport IT Summit in Brussels, Belgium.
* Raytheon (RTN) has completed the first major delivery of materials under the UAE contract. 3 test missile assets were delivered to the U.S. Government to conduct UN testing that supports the final hazard classification for the new production run of GEM-T missiles.
* Molson Coors Brewing (TAP) and Cobra India announced the formation of a joint venture that will brew and market Cobra beer in South Asia. The total investment by Molson Coors is ~$35 mln.

5:04AM Westlake Chemical shuts down its Springfield, KY PVC pipe production facility in an effort to reduce costs and optimize production; impairment and shutdown-related costs are expected to negatively impact second quarter 2011 pre-tax earnings by ~$4 mln (WLK) 52.40 :

5:01AM First Pactrust Bancorp prices 1,583,641 shares of its voting common stock at $15.50 per share (FPTB) 16.27 :

4:25AM LM Ericsson announces new cost savings plan for STMicro unit (STM); aims at $120 mln of annualized savings by end of 2012; sees profitability taking longer than expected (ERIC) 13.70 : Co announces due to recent changes in the business environment and reduced demand for legacy products at certain customers, it will launch a cost savings plan to achieve about $120 mln of annualized savings by the end of 2012. The cost savings plan includes a global workforce review that may affect up to 500 employees worldwide. required. Restructuring costs are estimated to be ~$55 mln, of which the majority is expected to be recorded during the second half of 2011. Also, co reports the path to profitability is expected to take longer, with the target break-even, based on current visibility, now planned later than the previously anticipated second quarter 2012.

2:17AM St. Jude Medical reveals randomized clinical trial data demonstrating benefit of Neuromodulation for chronic migraine; however statistical significance was not demonstrated in primary endpoint (STJ) 48.67 : Co annouces study results on the safety and efficacy of peripheral nerve stimulation of the occipital nerve for the management of pain and disability associated with chronic migraine. At one year, 66% of patients reported excellent or good pain relief. Statistical significance was demonstrated across most measures. It was not however observed in the primary endpoint as established by FDA. This was defined as a significant difference between active and placebo groups who reported a 50% reduction in pain as measured on a visual analog scale and a minimum 10% point difference between the 95% confidence intervals comparing the active and placebo groups. A statistically significant difference between the active and placebo groups was observed at the 40% reduction in pain level.

1:51AM On The Wires (WIRES) :

* Commenting on a news story published about aircraft maintenance provider Lufthansa Technik Philippines, Hawaiian Airlines (HA) said that the maintenance work performed on its flights transiting Manila is line maintenance work, not major maintenance as reported by Associated Press.
* Teck Resources (TCK) has been informed that the Toronto Stock Exchange has accepted Teck's notice of intention to make a normal course issuer bid in respect of up to 40 million Class B subordinate voting shares, representing approximately 6.88% of Teck's 581,442,001 Class B subordinate voting shares outstanding as at June 15, 2011, or 8.47% of Teck's public float.
* Veredus Laboratories and its technology partner, STMicroelectronics (STM) announced the successful development and deployment of VereFoodborne, a Lab-on-Chip application that is able to detect 10 to 12 food-borne pathogens in one test, including the Shiga toxin-producing Escherichia coli responsible for the recent severe food poisoning outbreak in Europe.
* Next Generation Energy announced today that it has acquired a Royalty Interest in a producing, prolific natural gas well in the well known Hainesville Shale formation in Louisiana, which produces more than 230,000 Mcf per month. This well is operated by Chesapeake Operating, a unit of Chesapeake Energy (CHK).

1:46AM NuVasive prices $350 mln 2.75% convertible senior notes due 2017 (NUVA) 32.42 :

1:40AM American Capital Agency prices 43.2 mln shares of common stock for estimated gross proceeds of ~$1.2 bln (AGNC) 28.85 :

1:38AM Focus Media increases share repurchase program to $450 mln from $300 mln; extends it to Dec 31, 2013 from Jun 30, 2011 (FMCN) 26.88 :

1:33AM Eagle Rock Energy enters 5-year $675 mln credit facility with ability to increase to $1.2 bln maturing June 2016 (EROC) http://finance.yahoo.com/marketupdate/inplay