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Market Update: 110624
4:35 pm : The resumption of selling pressure amid rekindled concerns over Europe resulted in another weekly loss for stocks. The market has mustered only one weekly gain, which was actually only an incremental move higher, since April.

News that Greece has agreed to a five-year austerity plan with the EU and IMF has been regarded as a positive, but participants remain mindful of the challenges related to passing the plan in parliament, implementing it, and then upholding it. Failure in any facet would prolong the country's troubles.

Traders were reminded that Greece isn't the only country in the eurozone periphery that is grappling with fiscal and financial problems when rumors surfaced that several Italian banks are undercapitalized. Questions and concerns about the financial future of countries in the eurozone periphery detracted from a pleasing IFO reading from Germany, which is the largest economy in Europe, and generally regarded as the most financially sound.

Domestic data proved pleasing, but the positive response dissipated after the open. To the surprise of many economists, first quarter GDP was revised upward to reflect growth of 1.9%. Durable goods orders for May jumped 1.9% after an upwardly revised 2.7% decline in the prior month, but orders less transportation increased by 0.6% after a 0.4% decline in the prior month. The consensus among economists polled by Briefing.com had called for a 1.8% increase in total orders and a 0.7% increase in orders less transportation.

Selling was somewhat restrained in the early going, but pressure gradually picked up. The major market averages ultimately settled near their session lows with losses of at least 1%. That underpinned another weekly loss for stocks. Although this week's move lower was only fractional, it was enough to offset last week's incremental advance, which was the market's first weekly gain since April.

Financials drove most of this week's decline; the sector lost about 1% during the course of the past five trading days, including its 0.7% slide this session.

Energy stocks and tech stocks were this session's worst performers, though; both groups fell almost 2%. Drillers and oil service plays were among the worst performers in the energy space, while Oracle (ORCL 31.14, -1.32) led large-cap tech issues lower after the firm's quarterly report revealed inconsistent demand among its major segments. Oracle's better-than-expected bottom line was shrugged off.

Defensive-oriented utilities made up the only major sector that managed to settle in positive territory. As a group, utilities had been up more than 1% in early action, but were dragged down amid broad market weakness to finish the session with a 0.2% gain.

An interest in safety renewed buying among fixed income plays. In turn, the yield on the benchmark 10-year Note fell to a new 2011 low several basis points below 2.90%, which had been a point of resistance in recent sessions.

Share volume was robust this session, but for clarification, the total was inflated by all of the reconstitution and rebalancing going on in the Russell Indices at the close of trade.

Advancing Sectors: Utilities (+0.2%)
Declining Sectors: Materials (-0.6%), Financials (-0.7%), Consumer Staples (-0.7%), Telecom (-0.8%), Consumer Discretionary (-1.0%), Health Care (-1.2%), Industrials (-1.2%), Tech (-1.8%), Energy (-1.9%)DJ30 -115.42 NASDAQ -33.86 NQ100 -1.7% R2K -0.6% SP400 -0.8% SP500 -15.05 NASDAQ Adv/Vol/Dec 1060/2.87 bln/1494 NYSE Adv/Vol/Dec 1071/1.74 bln/1894

3:30 pm : It was a quieter session for commodities, following yesterday's volatile trade. Strength in the dollar, once again, pressured some commodities. August gold shed 1.3% to close at $1500.90 per ounce. Gold prices traded below the $1500 level to lows at $1498.50, its lowest levels since May 20. Gold shed over 50 points in the last two trading sessions of the week to mark its largest weekly decline since early May July silver finished off 0.9% to $34.70 per ounce.

It was a much more uneventful session for August crude oil, which gained 0.2% to close at $91.16 per barrel. Crude did break below $90 to notch session lows at $89.82, but was able to retrace that selloff to finish near unchanged on the session. For the week, crude oil dropped ~2%. July natural gas finished up 0.9% to $4.23 per MMBtu, staging a modest rebound following yesterday's sizeable inventory-induced selloff.
DJ30 -111.41 NASDAQ -37.53 SP500 -14.55 NASDAQ Adv/Vol/Dec 920/1.5 bln/1580 NYSE Adv/Vol/Dec 949/611.6/2001

3:00 pm : Stocks head into the final hour of Friday's trade on pace for a fractional weekly loss. Any kind of a move lower would mark the resumption of the stock market's downtrend, which has seen only one weekly gain since April. That weekly gain was only an incremental advance.

The stock market's descent from the highs of early May has been largely driven by weakness among tech stocks, which fell more than 9% from the end of April through last week's trade. However, tech has actually managed to tick higher this week. The group is on pace for a weekly gain of almost 0.7%, even though tech stocks are collectively down 1.6% this session. The threat of another weekly loss for the broader market is largely owed to weakness among financials and consumer staples stocks, which are down 0.8% and 0.6%, respectively, today. For the week, though, they are down 1.0% and 1.6%, respectively. DJ30 -93.74 NASDAQ -32.98 SP500 -12.81 NASDAQ Adv/Vol/Dec 914/1.34 bln/1565 NYSE Adv/Vol/Dec 970 mln/520 mln/1977

2:30 pm : Treasuries continue to climb, even though the stock market has been stuck in a sideways drift. Demand for the safety of fixed income investments has taken the yield on the benchmark 10-year Note down to a new 2011 low of 2.85%.DJ30 -87.72 NASDAQ -28.72 SP500 -11.71 NASDAQ Adv/Dec 973/1489 NYSE Adv/Dec 1047/1884

2:00 pm : Stocks are off of their session lows, but losses remain marked. The Dow has done a better job than either of its counterparts of keeping control over the scope of its slide this session. The Dow's relative strength is largely owed to gains by blue chips like Kraft (KFT 34.51, +0.25) and DuPont (DD 51.56, +0.24).DJ30 -73.19 NASDAQ -26.32 SP500 -10.35 NASDAQ Adv/Vol/Dec 1021/1.16 bln/1435 NYSE Adv/Vol/Dec 1088/440 mln/1831

1:30 pm : Stocks recently slid to new session lows. That has left the broad market teetering on the line between a weekly gain and a weekly loss. Just last week the stock market netted its first weekly gain since April, although the actual advance was only fractional.

Amid the stock market's recent slip, Treasuries have ticked up to session highs. In turn, the yield on the benchmark 10-year Note is now down to just below 2.88%, which is its lowest level since November. DJ30 -87.08 NASDAQ -28.82 SP500 -11.80 NASDAQ Adv/Vol/Dec 963/1.06 bln/1482 NYSE Adv/Vol/Dec 1046/403 mln/1881

1:00 pm : Despite a strong finish to the prior session and some pleasing data this morning, stocks are back under pressure.

Even though Greece's agreement to a five-year austerity plan with the EU and IMF had a positive impact on the prior session's trade, many participants remain cognizant that the plan still has to be passed by the country's parliament, implemented, and then dutifully upheld. In a reminder that financial conditions remain tenuous among countries in the eurozone's periphery, rumors have been circulating that several Italian banks are undercapitalized.

The challenges and troubles of Europe have been of primary concern to participants today. Less attention has been paid to news that first quarter GDP was unexpectedly revised upward to reflect growth of 1.9%. Additionally, durable goods orders for May jumped a stronger-than-expected 1.9%, while orders less transportation increased a generally in-line 0.6%.

Selling interest has been broad for just about the entire session, but tech stocks have had to grapple with the worst of it. The sector has been backed down to a 1.6% loss after it had offered leadership in the prior session. Heavyweight Oracle (ORCL 31.13, -1.33) has been a major burden on the space following its latest quarterly report, which included an upside earnings surprise, but also unveiled that some of its segmented revenue was mixed.

Utilities stocks represent the only major sector that has managed to put together a gain. The defensive-oriented sector is currently up 0.4%, but it was up more than 1% this morning.

Weakness this session has also come amid the reconstitution of the Russell Indices. That event has simply made for another variable for participants to consider in the context of a precarious market. DJ30 -104.75 NASDAQ -31.62 SP500 -13.69 NASDAQ Adv/Vol/Dec 908/980 mln/533 NYSE Adv/Vol/Dec 914/370 mln/1978

12:30 pm : Stocks continue to muddle along in negative territory. There hasn't been a source of positive leadership all session.

Commodities continue to grapple with selling pressure, too. As such, the CRB Commodity Index is down 0.4%. Crude oil is having one of the heaviest drags on the CRB; oil prices were last quoted with a 1.0% loss at $90.20 per barrel. DJ30 -83.10 NASDAQ -24.96 SP500 -10.65 NASDAQ Adv/Vol/Dec 955/335 mln/1464 NYSE Adv/Vol/Dec 1037/893 mln/1855

12:00 pm : The yield on the benchmark 10-year Note is back below 2.90% to test its 2011 low. Strength among Treasuries comes amid renewed weakness in the equity market, where sellers have been inclined to sell despite the prior session's strong finish, which was helped along by news that Greece has agreed to a five-year austerity plan with the European Union and the International Monetary Fund. The plan will be put to vote by Greece's parliament on Tuesday. The event is expected to be provocative.DJ30 -78.54 NASDAQ -21.60 SP500 -9.33 NASDAQ Adv/Vol/Dec 999/810 mln/1389 NYSE Adv/Vol/Dec 1074/300 mln/1804

11:30 am : The dollar has managed to put together an impressive gain today. It is currently up 0.5% against a collection of competing currencies, including the euro, which is was last quoted at $1.418 for a 0.6% loss.

Week to date, the Dollar Index, which measures the greenback against a basket of major foreign currencies, is up a relatively tame 0.8%. It is up an even more impressive 1.3% for the month. For the quarter, though, it is down 0.4%. Worse still is its year-to-date loss of 4.4%. DJ30 -83.52 NASDAQ -19.51 SP500 -10.05 NASDAQ Adv/Vol/Dec 1022/655 mln/1327 NYSE Adv/Vol/Dec 1081/243 mln/1771

11:00 am : Stocks have extended their retreat during the course of the past hour. The slide has left the major market averages to trade at session lows with sizable losses.

Weakness is widespread today. Of the 10 major sectors, only utilities are in positive territory. The sector is presently up 0.5%, but it had been up more than 1% earlier. In contrast, tech stocks are in the worst shape. As a group, they are down 1.1%. DJ30 -90.14 NASDAQ -22.85 SP500 -10.58 NASDAQ Adv/Vol/Dec 862/535 mln/1472 NYSE Adv/Vol/Dec 970/190 mln/1863

10:30 am : Crude oil futures have been between ~90.50-91.50/barrel all morning, mostly chopping around the unchanged line. In current activity, the energy component is up 0.1% at $91.10/barrel.

Natural gas began a small uptrend since floor trading opened and just hit session highs of $4.23/MMBtu in recent trading activity. It's still near that high current, now at $4.21/MMBtu, up 0.5%.

Gold has trended lower this morning and extended those losses as it quickly dropped ~$6/oz. about 15 minutes ago. It fell as low as $1506.60/oz a short while ago and is now 0.7% lower at $1509/oz. Silver didn't show a quick decline earlier, but has been on a more steady downtrend this morning. Silver hit its own session lows of $34.52/oz. around the same time gold did earlier and is now down 1.1% lower at $34.63/oz.
DJ30 -103.99 NASDAQ -26.68 SP500 -11.22 NASDAQ Adv/Vol/Dec 1060/303.8 mln/1179 NYSE Adv/Vol/Dec 1399/102.6 mln/1331

10:00 am : Stocks have managed to attract some moderate buying interest, which has helped helped to stem the broader market's opening slide. Overall action remains lackluster, though.

While the broad market remains in the red with a modest loss, utilities stocks have managed to move sharply higher. The sector, is considered to be defensive in nature but without much market weight, is up an enviable 1.0%. Both multi-utilities and electric utilities are in strong shape. DJ30 -49.27 NASDAQ -11.54 SP500 -4.23 NASDAQ Adv/Vol/Dec 1074/170 mln/1104 NYSE Adv/Vol/Dec 1497/60 mln/1214

09:45 am : The major market averages are under moderate pressure in the first few minutes of trade. The weakness comes despite a strong finish to the prior session.

Tech stocks, which collectively make up the largest sector by market weight, have dropped to a marked loss of 0.8%. The sector's slide comes after it had displayed leadership yesterday. The sector's near 1% gain in the prior session came as many participants quickly moved to cover their short positions, which had been accumulating as the sector descended gradually during the course of recent weeks. Month to date, tech stocks are still down about 6%, collectively. DJ30 +38.68 NASDAQ -9.23 SP500 -2.90 NASDAQ Adv/Dec 1150/971 NYSE Adv/Dec 1621/1022

09:15 am : S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: -5.00. An unexpected upward revision to first quarter GDP and a stronger-than-expected increase in durable goods orders have helped prop up stock futures. Although a somewhat mixed start to trade still appears to be in order, the broad market remains on pace for a weekly gain of almost 1%. Given the incremental gain staged last week, stocks are on pace for their second straight weekly advance after they had gone without a weekly gain since April.

09:05 am : S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: -3.30. Commodities are mixed this morning. Specifically, crude oil prices are up a tepid 0.2% to $91.20 per barrel. Meanwhile, natural gas prices are flat at $4.19 per MMBtu. Among precious metals, gold prices are unchanged at $1520.50 per ounce, but silver was recently quoted with a 0.2% loss at $34.92 per ounce. In the backdrop, the dollar is up a little more than 0.1% against a collection of competing currencies.

08:35 am : S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: -6.30. Stock futures have ticked higher following a couple of solid pieces of data. First quarter GDP was revised upward to reflect growth of 1.9%. The consensus among economists surveyed by Briefing.com had called for GDP data to continue to reflect growth of 1.8%. Durable goods orders for May jumped 1.9%, which is greater than the 1.5% increase that had been widely anticipated. What's more, the greater-than-expected increase in orders came despite a marked upward revision to prior month orders, which fell 2.7%. Excluding transportation, durable goods orders increased by 0.6%. That wasn't quite as strong as the 0.7% increase that had been broadly expected, though. Orders less transportation for the prior month were revised upward to reflect a modest decline of 0.4%.

08:05 am : S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: -10.00. News that Greece has taken the first step toward shoring up its finances by agreeing to a five-year austerity plan with the European Union and International Monetary Fund helped the major market averages rally in the prior session to a mixed finish. There hasn't been any extension of the move this morning, though. Instead, stock futures are down modestly. The greenback has gained ground against competing currencies, however. As such, the Dollar Index was last quoted with a 0.3% gain. News of Greece's plan has been digested more recently by overseas markets, which have had a positive reaction. Overnight action in Asia was also helped by encouraging commentary from officials in China regarding progress in reducing price pressures; the threat that rising price pressures will have to be met with further rate hikes has been an ongoing threat to investors there. The bottom of the hour brings a couple of key reports, which could act as trading catalysts in today's session. Specifically, the latest durable goods orders numbers and revisions to first quarter GDP are scheduled to be released at 8:30 AM ET.

06:45 am : Nikkei...9678.71...+82.00...+0.90%. Hang Seng...22171.95...+412.80...+1.90%.

06:45 am : FTSE...5732.59...+58.20...+1.00%. DAX...7209.08...+59.60...+0.80%.

06:45 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -6.00.
http://finance.yahoo.com/marketupdate/update

5:30PM Titanium Metals announces redemption of 6-3/4% Series A preferred tock (TIE) 17.28 -0.17 : Co announced that it will call for redemption all of the outstanding shares of its 6-3/4% Series A Preferred Stock. The redemption date of the Preferred Stock will be June 28, 2011, and the redemption price will be $50.00 per share, plus accrued and unpaid dividends up to the date of redemption.

5:19PM Sanofi-Aventis announced positive results for investigational compound Lyxumia (Lixisenatide) were presented at American Diabetes Association's 71st Annual Scientific Sessions (SNY) 37.17 -0.51 : Co announced today data from four studies of its once-daily GLP-1 receptor agonist Lyxumia? (lixisenatide) that is in Phase III clinical development, including data that demonstrates positive results in type 2 diabetes patients not at goal on oral therapies or with basal insulin. These data are being presented or published at the American Diabetes Association's 71st Scientific Sessions in San Diego, California.

5:12PM Endo Pharmaceuticals issues voluntary, nationwide recall of two lots of Endocet (Oxycodone/Acetaminophen, USP) tablets, 10 Mg /325 Mg (ENDP) 38.63 -0.50 : Co issued a voluntary nationwide consumer level recall of Endocet? (oxycodone/acetaminophen, USP) Tablets, 10 mg/325 mg 100 count bottles, NDC 60951-712-70, Lot # 402415NV and #402426NV. One bottle from each lot of Endocet? (oxycodone/acetaminophen, USP) Tablets, 10 mg/325 mg, Lot # 402415NV and # 402426NV, NDC 60951-712-70, 100 count bottles, was found to contain some Endocet? 10 mg/650 mg Tablets, which are identifiable by their larger size, and different shape and markings. Currently, no other bottles from the subject lots or any other lots have been found to erroneously contain Endocet? 10 mg/650 mg Tablets.

5:09PM Icagen issues statement in response to Pfizer (PFE) SEC filing (ICGN) 2.40 0.00 : Co announced in response to the filing of a Schedule 13D today by Pfizer in which Pfizer indicates, as part of Pfizer's ongoing evaluation of the possible extension or other modification of the existing collaboration agreement between the parties, it is evaluating the possibility of entering into a strategic transaction with Icagen, which could have the effect of influencing or changing the control of Icagen by means of a stock or asset acquisition or merger, Icagen acknowledged that it is currently engaged in preliminary discussions with Pfizer regarding a potential strategic transaction. No definitive agreement has been reached. There can be no assurance that any agreement will be reached or that a transaction will be consummated. Icagen does not plan to make future announcements with respect to this matter unless and until its Board of Directors has approved a specific transaction or an extension or other modification of the existing collaboration agreement and it has entered into a definitive agreement or the current discussions have terminated.

5:05PM Eli Lilly reports that analysis compares cost-effectiveness of premixed insulin analogs to long-acting insulin analogs in the long-term treatment of Type 2 diabetes in the U.S. (LLY) 36.76 -0.43 : Co announced results from an analysis designed to evaluate the cost-effectiveness of insulin lispro mix 75/25 and insulin lispro mix 50/50 versus long-acting insulin analog (LAIA). The analysis indicated that for patients with type 2 diabetes who do not experience frequent hypoglycemia, insulin lispro premixed insulin analogs are likely to be cost-effective when compared to LAIA in the long-term treatment of type 2 diabetes. The results were presented today at the Association's 71st Scientific Sessions in San Diego, CA. The study also will be featured at the President's Poster Session, a showcase featuring 100 outstanding posters selected by the Scientific Sessions Meeting Planning Committee.

5:04PM Eli Lilly reports New Phase III data and pooled analysis for linagliptin show improved blood sugar control in adults with Type 2 diabetes when used alone and with Metformin (LLY) 36.76 -0.43 : Boehringer Ingelheim and Eli Lilly and Company (LLY) announce Phase III study results for linagliptin, demonstrating improved glycemic control in adults with type 2 diabetes (T2D) whose blood sugar is not adequately controlled. In the open-label arm (n=66) of a 24-week study in adult patients with T2D with a mean baseline hemoglobin A1c (HbA1c or A1C) of 11.8 percent receiving linagliptin 2.5 mg twice daily (bid) plus metformin 1000 mg bid, patients experienced a mean A1C reduction of 3.7%.

5:04PM Eli Lilly reports that Linagliptin plus metformin combination was as effective at lowering hemoglobin A1c as glimepiride plus metformin, and with weight loss and less hypoglycemia (LLY) 36.76 -0.43 : Boehringer Ingelheim and Eli Lilly and Company (LLY) announce results presented at a late-breaking poster session demonstrating linagliptin was as effective at lowering blood sugar as glimepiride, and with weight loss instead of weight gain (-1.5 kg with linagliptin versus +1.3 kg with glimepiride), a lower incidence of investigator-defined hypoglycemia (7.5% versus 36.1 percent; p<0.0001) and fewer cardiovascular (CV) events in adult patients with type 2 diabetes (T2D).

5:02PM Halozyme's ultrafast insulin demonstrates reduced variability of insulin absorption for Type 1 diabetes patients using insulin pumps (HALO) 6.55 -0.12 : Co announced final results from a study in type 1 diabetes patients who receive their insulin treatment with a pump demonstrating that Aspart-PH20, a formulation of Halozyme's rHuPH20 (recombinant human hyaluronidase) with the active ingredient in NovoLog?, reduces the variability of insulin absorption and reduces post-meal glycemic excursions compared to NovoLog alone. Halozyme is presenting these findings in a late-breaking poster titled: "Addition of Human Hyaluronidase to Rapid Analog Insulin Reduces the Absolute Variability of Early Insulin Absorption across Infusion Set Life" at the American Diabetes Association 71st Scientific Sessions on Sunday, June 26 in San Diego.

5:01PM Alkermes reports that once-monthly exenatide improved glucose control in patients with Type 2 diabetes: Phase 2 study results presented at ADA 2011 (ALKS) 17.31 -0.26 : Amylin Pharmaceuticals (AMLN), Eli Lilly and Co (LLY) and Alkermes (ALKS) announced additional results from a phase 2 study of an investigational, once-monthly injectable suspension formulation of exenatide which showed substantial improvements in glycemic control, including reductions in A1C and fasting plasma glucose, with modest weight loss. These findings will be presented in a late breaking poster session at the 71st Scientific Sessions of the American Diabetes Association on Sunday, June 26 from 12-2 p.m. PDT.

5:00PM Amylin Pharma reports that analysis finds BYETTA associated with lower likelihood of heart failure compared with other diabetes therapies: results presented at ADA 2011 (AMLN) 11.83 -0.29 : Amylin Pharmaceuticals (AMLN) and Eli Lilly and Co (LLY) announced results from a retrospective analysis of more than 778,000 patients that showed the addition of BYETTA? (exenatide) injection to pre-existing diabetes treatment regimens was associated with a reduced likelihood of heart failure, especially among patients receiving insulin. These findings will be presented in a poster session at the 71st Scientific Sessions of the American Diabetes Association in San Diego on June 25 from 11:30 a.m. to 1:30 p.m. PDT.

5:00PM Alkermes reports that Analysis Shows BYDUREON Was Not Associated with Clinically Relevant QT Prolongation in Patients with Type 2 Diabetes: Results Presented at ADA 2011 (ALKS) 17.31 -0.26 : Amylin Pharmaceuticals (AMLN), Eli Lilly and Co (LLY) and Alkermes (ALKS) announced results from an analysis of the DURATION-1 study that showed the investigational type 2 diabetes medication BYDUREON(TM) (exenatide extended-release for injectable suspension) was not associated with clinically relevant QT prolongation in patients with type 2 diabetes. These findings will be presented in a poster session at the 71st Scientific Sessions of the American Diabetes Association in San Diego on Saturday, June 25 from 11:30 a.m. to 1:30 p.m. PDT.

5:00PM Allergan Receives FDA approval for first-of-its-kind, fully in vitro, cell-based assay for BOTOX and BOTOX Cosmetic (onabotulinumtoxinA) (AGN) 80.87 -0.11 : Co announced the United States Food and Drug Administration has approved a fully in vitro, cell-based assay for use in the stability and potency testing of BOTOX (onabotulinumtoxinA) and BOTOX Cosmetic. The newly approved assay will be implemented immediately for release of product for sale in the United States. Allergan estimates that use of the new assay will reduce the use of animal-based assay testing for BOTOX and BOTOX Cosmetic by up to 95% or more over the next three years, as other regulatory agencies around the world approve this new assay. The new assay is the first to be developed and approved for any botulinum neurotoxin currently available worldwide, and is specifically applicable to Allergan's botulinum toxin type A product.

4:52PM Conmed Healthcare Managemen extends exclusivity agreement with James H. Desnick, M.D. in connection with his evaluation of a possible acquisition of the co (CONM) 3.95 +0.47 : Co announced that it has extended the previously announced exclusivity agreement with James H. Desnick, M.D. in connection with his evaluation of a possible acquisition of the Company. The exclusivity agreement will terminate at the earlier of 5:00 p.m. EDT on July 8, 2011, the date on which a definitive agreement between the co and Dr. Desnick and/or his affiliates concerning a possible transaction is entered into, and the date on which Dr. Desnick notifies the co that he does not wish to proceed with a transaction with the co. All other terms of the exclusivity agreement remained the same.

4:35PM Senior Housing Properties Trust enters new $750 mln bank facility (SNH) 23.48 -0.15 : Co announced that it has entered a new $750 mln unsecured revolving credit facility. The new facility replaces SNH's previous $550 mln unsecured revolving credit facility which had a maturity date of December 31, 2011. The maturity date of the new facility is June 24, 2015, and includes a borrower's option to extend the facility for one year to June 24, 2016. Interest paid on drawings under the new facility is set at LIBOR plus 160 basis points, subject to adjustments based on changes to SNH's credit ratings. The new facility also includes a feature under which the maximum borrowing may be increased to up to $1.5 bln in certain circumstances.

4:33PM Cliffs Natural Resources immediately drops just over 1 pt. to $85.60 following the 16:31 news (CLF) 86.62 +0.09 :

4:31PM Cliffs Natural Resources announced that regulatory agencies have denied a submitted remediation plan designed to address detected levels of carbon monoxide at the co's Pinnacle Mine in West Virginia (CLF) 86.62 +0.09 : Co announced today that regulatory agencies have denied a submitted remediation plan designed to address detected levels of carbon monoxide at the co's Pinnacle Mine in West Virginia. The plan would have allowed the co to resume underground mining operations at its Pinnacle Mine in West Virginia which were stopped in late May due to the detected levels of carbon monoxide. As the co evaluates various options, including an appeal of the regulatory agencies' decision to deny its remediation plan, co indicated that unless other options prove effective it does not expect underground operations to resume at Pinnacle Mine prior to the fourth quarter. Prior to this development, co had planned to produce over one million tons of low-volatile metallurgical coal from Pinnacle Mine in the last six months of 2011.

4:16PM Puda Coal received notice from NYSE Amex of a failure to satisfy certain continued listing standards (stock has been halted since April 8) (PUDA) 6.00 : Co received a notice from NYSE Amex LLC (the "Exchange") informing the Company that it failed to satisfy the Exchange's continued listing standards by not timely filing its Form 10-Q for the quarter ended March 31, 2011, specifically Sections 134 and 1101 of the NYSE Amex Company Guide (the "Company Guide") and the Company's listing agreement with the Exchange. In order to maintain its listing, the Company must submit a plan of compliance by July 5, 2011 to demonstrate its ability to regain compliance with the applicable continued listing standards by no later than September 20, 2011.

4:15PM FleetCor announces New $900 mln credit agreement (FLT) 30.04 -0.12 : Co announced that it has entered into a new five year, $900 million credit facility. Proceeds were used to retire outstanding amounts under FleetCor's existing credit facilities in the aggregate amount of ~$329.6 mln. Other anticipated uses of proceeds include for working capital purposes, acquisitions, and other general corporate purposes. Co also amended its securitization facility which removed a compliance certification reporting requirement and certain financial covenant requirements.

4:11PM Icagen halted, news pending (ICGN) 2.40 0.00 :

4:08PM Horizon Lines reached an agreement with its bank group to amend its credit facility (HRZ) 1.10 -0.01 : The amendment relaxes compliance under the credit facility's financial covenants for the second quarter, and will thereby preserve access to liquidity under the revolver and facilitate the company's ability to move forward with its previously announced refinancing effort.

4:07PM Universal Forest has identified cost reductions that will result in annualized savings of $10 mln, before one-time charges for severances related to the reductions (UFPI) 26.36 -0.29 : Co announced measures to align its costs with its current business, primarily due to significantly weaker-than-expected sales in the first five months of the year. Specifically, from the same period of 2010, year-to-date net sales through May 2011 were down 9.5% to $765 mln, including a decline of 15.0 percent in net sales to retail customers. In addition, contrary to typical seasonal trends, the lumber market declined for 11 consecutive weeks from March 2011 through the end of May 2011. That decline, coupled with significantly higher fuel prices, contributed to a decline in gross margin to 10.5% , or a year-to-date decline of 2.2 percent in May 2011 from the same period of 2010. The decline in year-over-year net sales was due, in part, to lower lumber prices in 2011. The co has identified cost reductions that will result in annualized savings of $10 mln, before one-time charges for severances related to the reductions.

4:01PM ReneSola announced that its CFO, Julia Xu will resign (SOL) 5.04 -0.02 : Henry Wang, ReneSola's current vice president of finance, has been appointed as the co's new CFO. Before joining ReneSola, Wang served as V.P of finance for YRCW Worldwide's China ground transportation business and as financial controller for the China branch of Expeditors International (EXPD).

3:41PM Earnings Preview for the week of June 27th - July 1st (SUMRX) : Companies reporting earnings the week of June 27th - July 1st include:

* Monday: NKE and SMSC.
* Tuesday: EXFO, OMN, PRGS, ZZ, SHAW, and SNX.
* Wednesday: AYI, AM, FDO, GIS, KBH, LNN, MON, UNF, and API.
* Thursday: STZ, MKC, MEI, MSM, SCHN, WOR, APOL, AZZ, CBK, DRI, DMAN, MITL, SWHC, and XRTX.
* Friday: No companies are currently scheduled to report.

3:36PM Resource America receives $16.6 mln through sale of its interest in the national press building (REXI) 5.99 +0.01 : Co announced that it has received net proceeds of ~$16.6 mln in connection with the sale of the National Press Building in Washington DC, in which the co had owned a 25% interest. The co will realize a gain of ~$7.7 mln. With the most recent sale, the co's internal rate of return on its investment in the National Press Building is approximately 17.5% over 12 years.

3:19PM Gametech names Kevin Painter President and CEO (GMTC) 0.22 +0.02 : Painter's appointment as President and CEO became effective on June 21, 2011, but remains subject to regulatory approvals. Painter's prior experience includes Chairman of IBM Technology Products Co, IBM Corporation's (IBM) first wholly owned manufacturing entity in China, and CFO of Hailiang Storage Products, IBM joint venture in Shenzhen, China.

3:16PM Semi/Technology SMH/XLK continue to lag, Nasdaq Comp -37 sets new low -- Dow -107, S&P -14 just above their lows (QQQ) :

3:11PM Tidewater and affiliates not target of Office of Foreign Assets Control sanctions (TDW) 50.80 -0.59 : Co announced that it is not affiliated with and has no relationship of any kind with Tidewater Middle East of Iran, which group of companies were the target of new U.S. Government sanctions announced jointly by the U.S. Treasury Department and the U.S. Department of State.

3:01PM Target's Canada division to transfer rights of certain canadian leasehold interests to Walmart Canada; Terms of this transaction were not disclosed (TGT) 46.55 -1.08 : Co has reached an agreement to transfer to Walmart Canada (WMT) the rights for leasehold interests in up to 39 sites, currently operated by Zellers. Specific locations will be identified later this fall. The sites are among the up to 220 possible sites whose leasehold interests Target is acquiring as part of a real estate transaction announced in January. In May, Target selected its initial group of 105 sites, the vast majority of which will become Target stores. Target plans to announce the selection of a second group of sites this fall and expects to open 100 to 150 Target stores throughout Canada beginning in 2013.

2:40PM S&P -13 and Dow -99 hovering modestly above lows, Nasdaq Comp -32 has established a fractional new session low (SPY) :

2:38PM NYMEX Energy Closing Prices (COMDX) : August crude oil settled higher by 14 cnet sto $91.16, July natural gas gained 4 cents to close at $4.23, July RBOB gasoline shed 6 cents to end at August crude oil settled higher by 14 cnet sto $91.16, July natural gas gained 4 cents to close at $4.23, July RBOB gasoline shed 6 cents to end at $2.72, while July heating oil finished down 2 cents to $2.78..72, while July heating oil finished down 2 cents to August crude oil settled higher by 14 cnet sto $91.16, July natural gas gained 4 cents to close at $4.23, July RBOB gasoline shed 6 cents to end at $2.72, while July heating oil finished down 2 cents to $2.78..78.

2:26PM Bank of the Carolinas retains the Hutchison Company to assist in its exploration of strategic alternatives (BCAR) 1.20 +0.32 :

2:02PM Garmin acquires Tri-Tronics, designer and manufacturer of electronic dog training equipment (GRMN) 33.46 -0.55 : Financial terms of the agreement will not be released. The deal is expected to close by June 30, 2011.

1:50PM BSD medical signs exclusive distribution agreement with Classic Medical for the sales and distribution of the MicroThermX microwave ablation line of products. (BSDM) 3.80 -0.04 :

1:33PM COMEX Metals Closing Prices (COMDX) : August gold fell $19.60 to close at $1500.90, July silver shed 32 cents to finish at $34.90, while July copper ended off a penny to $4.09.

1:32PM Crude trades back to near flat; now off 25 cents to $90.76 (COMDX) :

1:09PM Gold testing the $1500 level; now down $19.50 to $1500.90 (COMDX) :

12:59PM New lows for gold; now off $17 to $1503.60 (COMDX) :

12:58PM Maiden Holdings announces closing of $107.5 mln offering of 8.25% senior notes due June 15, 2041 (MHLD) 9.23 -0.13 : Co announced that its wholly-owned U.S. holding company, Maiden Holdings North America, has closed its offering of $107.5 mln aggregate principal amount of 8.25% Senior Notes due June 15, 2041, including $7.5 mln aggregate principal amount of Notes to be issued and sold by Maiden NA pursuant to the underwriters' exercise in part of their over-allotment option, which Notes are fully and unconditionally guaranteed by Maiden. The offering was priced on June 17, 2011.

12:54PM S&P -14 joins Nasdaq Comp -32 at new session low, Dow -106 hovering 10 points above (SPY) :

12:49PM Nasdaq Comp -29, Nasdaq 100 -31 and Technology XLK slide to new session lows, Dow -96 and S&P -12 hovering just above session lows (TECHX) :

12:26PM Biolase Technology to raise ~ $9 mln from institutional investors in private placement (BLTI) 5.46 -0.47 : Co announced that it has entered into an agreement with Deerfield Management as well as other institutional investors to purchase ~$9 mln of BIOLASE's unregistered securities in a private placement transaction. Under the terms of the private placement, BIOLASE has agreed to sell an aggregate of ~1.6 mln shares of its common stock at price of $5.55/share In addition, the institutional investors will receive an aggregate number of warrants to purchase up to approximately 800K shares of common stock, at an exercise price of $6.50/share, which warrants shall be non-exercisable for six months and shall have a term of five years from the date of issuance. Rodman & Renshaw, a subsidiary of Rodman & Renshaw Capital Group (RODM) acted as the exclusive placement agent for the transaction.

12:25PM New session low for Energy XLE and Oil Service OIH (XLE) : Seeing some relative weakness in Coal KOL, Gold Miners GDX in recent trade as well.

12:22PM Hanger Orthopedic Correction: Our 1:41 comment incorrectly attributed news on Harbinger Group (HRG) to Hanger Orthopedic (HGR) (HGR) 24.70 -0.17 : Last night Harbinger Group (HRG) priced an offering of $150 million aggregate principal amount of its 10.625% Senior Secured Notes due 2015. Our 1:41 comment incorrectly said Hanger Orthopedic (HGR) priced the offering... The incorrect information has been deleted.

12:13PM Crude to new lows at $90.17; now off 73 cents to $90.28 (COMDX) :

12:03PM Minor stabilization/bounce attempt stalls at retracement -- Dow -74, S&P -9, Nasdaq Comp -21 (SPY) : The indices were able to edge off morning lows but all three major averages have thus far paused near the 38% retracement of the slide off yesterday's late high to this morning's low (11982 Dow, 1275 S&P and 2669 Nasdaq Comp). Watching to see if they can form a more constructive higher low intraday pattern on this move which would allow for another bounce attempt.

11:54AM Amgen reaffirms its guidance for 2011 and 2015 (AMGN) 57.25 -0.68 : Briefing note: The co previously outlined financial guidance for 2015 during a meeting with investors mid April. For 2015, co sees adjusted EPS of $7.25-8.60, on revs of $16-18 bln. Prior FY11 guidance was for EPS of $5.00-5.20 vs. $5.17 Capital IQ Consensus Estimate; sees FY11 (Dec) revs of $15.1-15.5 bln vs. $15.29 bln Capital IQ Consensus Estimate.

11:52AM Amgen announces modifications to U.S. prescribing information for use of erythropoiesis-stimulating agents in chronic kidney disease (AMGN) 57.25 -0.68 : Co announced that the FDA has approved modified language in the prescribing information for the use of erythropoiesis-stimulating agents (ESAs), including Aranesp (darbepoetin alfa) and EPOGEN (Epoetin alfa), in patients with chronic kidney disease. The modified language, including changes to the Boxed Warning, provides important new information for the treatment of patients with CKD who are on dialysis, as well as those not on dialysis, to inform prescribers and patients of safety risks that have been identified in clinical trials. In recognition of the different benefit-risk profiles of ESA therapy in patients on dialysis compared to patients not on dialysis, the modified labeling provides separate treatment guidance for these two CKD populations. Specifically, for patients on dialysis, the label advises physicians to initiate ESA therapy when the hemoglobin level is less than 10 g/dL and guides physicians to reduce or interrupt the dose when the hemoglobin approaches or exceeds 11 g/dL. For patients not on dialysis, physicians are asked to consider initiating ESA therapy when the hemoglobin level is below 10 g/dL, when reducing red blood cell transfusion-related risks is a clinical goal and when the rate of hemoglobin decline suggests a transfusion will be likely. Further, for those not on dialysis, physicians should reduce or interrupt the dose when the hemoglobin exceeds 10 g/dL. This guidance replaces the previous label language specifying a hemoglobin target range of 10-12 g/dL for both populations... In addition, the Boxed Warning, Warnings and Precautions and Clinical Studies sections have been modified to advise that the use of ESAs to target a hemoglobin level of greater than 11 g/dL increases the risk of serious adverse cardiovascular reactions.

11:43AM Sector Relative Performance (TECHX) : The stock indices are attempting to stabilize with sector relative strength in recent trade noted in Biotech IBB, Health XLV, Ag/Chem MOO, Rail/Transports, Coal KOL, Silver SLV, Solar TAN, Steel SLX, Materials XLB. Underperforming on a relative basis are: Semi SMH, Finance XLF, REITs IYR, Copper JJC, Restaurant.

11:30AM Crude looking to test lows at $90.35; now off $0.45 to $90.57 (COMDX) :

11:24AM Dow -83 and S&P -10 set new lows but Nasdaq Comp -23 was able to hold just above (SPY) : Intraday technicals are extended/divergent and the Nasdaq Comp did not confirm the new lows suggesting some loss of downside momentum and potential for a stabilization.

11:01AM Amgen receives positive CHMP opinion for Vectibix (Panitumumab) in combination with chemotherapy (AMGN) 57.22 -0.70 : Co announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency has adopted a positive opinion recommending that Vectibix (panitumumab) be approved for use in the European Union in first-line in combination with FOLFOX and in second-line in combination with FOLFIRI in patients who have received first-line fluoropyrimidine-based chemotherapy (excluding irinotecan) for patients with wild-type KRAS metastatic colorectal cancer, following a successful re-examination procedure by Amgen.

11:01AM Naugatuck Valley Financial announces approval of plan of conversion and reorganization by shareholders and by members of Naugatuck Valley Mutual Holding Company (NVSL) 7.51 -0.13 : Completion of the conversion remains subject to the receipt of final regulatory approval and the sale of at least $26.4 million of common stock in the conversion offering by the proposed holding company for Naugatuck Valley Savings and Loan.

10:40AM Charter Comm to acquire cable television systems from US Cable of Coastal Texas with expected to close in Q3 of 2011; purchase price was not disclosed (CHTR) 54.00 -1.52 : Co announced a definitive agreement to acquire cable television systems from US Cable of Coastal Texas, LP serving, in aggregate, approximately 16,000 customers in Missouri, including the communities of Hannibal, Mexico and Moberly.

10:38AM Currency Chart Watch: Dollar Index probes 2010-2011 trendline again (UUP) : Note the index test the trendline for the second week in a row here yesterday and has retested for the second time this week in recent trade near 75.65 (Click for chart).

10:18AM Gold drops quickly to fresh lows at $1506.60; now down $11.60 to $1508.90 (COMDX) : Note that the last time gold traded under $1500 was May 20.

10:16AM Abbott Labs's new phase 2 data published in New England Journal of Medicine show Bardoxolone Methyl sustained improvement in measure of kidney function (ABT) 51.51 -0.41 : Co announces New Phase 2 clinical trial data published online today in The New England Journal of Medicine show that patients with moderate to severe chronic kidney disease and type 2 diabetes receiving bardoxolone methyl for 52 weeks experienced a sustained improvement in kidney function throughout the treatment period, as measured by estimated glomerular filtration rate. The most common adverse event associated with the bardoxolone methyl-treated group was muscle spasm.

10:13AM Stock indices slip to new session lows/Dollar Index to new session high -- Dow -90, S&P -7.5, Nasdaq Comp -22 (SPY) : Seeing relative sector weakness in Biotech IBB, Health XLV, Housing XHB, Solar TAN, Coal KOL, Gold GLD, Silver SLV, Gold Miners GDX.

10:07AM Golden Minerals and ECU Silver Mining announce merger of equals (AUMN) 20.22 : Under the terms of the Transaction, each ECU share will be exchanged for 0.05 Golden Minerals shares and $0.000394 in cash. Upon completion of the Transaction, existing Golden Minerals shareholders and ECU shareholders will own ~49% and 51%, respectively, of the outstanding common stock of the combined company. (AUMN halted)

9:58AM Minor slippage for stock indices in recent action -- Dow -43, S&P -3.3, Nasdaq Comp -12 (SPY) : Intraday Dollar Index gains contributes to some Energy/Commodity weakness. The S&P has thus far been able to hold above a short term support of interest noted in The Technical Take at 1276/1275 (session low 1278).

9:54AM Seeing some intraday upticks in Dollar Index, working up toward session high at 75.54 (UUP) : Note the Dollar Index has its declining 2010/2011 trendline near 75.65 with yesterday's weekly high at 79.79 (see The Technical Take for Dollar Index charts).

9:50AM Opening Point Gainers/Losers (TECHX) : Point Gainers: SUG (+5.20), SINA (+4.56), BBBB (+3.25), PSA (+2.01), FMC (+1.58), NFLX (+1.61), LFC (+1.38), TSU (+1.21), LNKD (+1.41), IBN (+1.11), BHP (+1.09)

Point Losers: PCLN (-5.17), GOOG (-5.12), PTIE (-4.02), STRI (-2.43), SFSF (-2.69), UAL (-2.04), LULU (-1.98), ETE (-1.65), NTAP (-1.50), DB (-1.34), COH (-1.32)

9:48AM Gold futures trade to lows at $1514.00; now off $5.20 to $1515.30 (COMDX) :

9:40AM Quiet start for stock indices with Dow/S&P unable to build on fractional opening upticks -- Dow -23, S&P -1.7 -- while Nasdaq Comp -5.6 lags (SPY) : Some sector strength has been noted in Utility UTIL, Steel SLX, Mining XME, Ag/Chem MOO, Materials XLB, Casino. Weaker groups include: Airline, Disk Drive, Solar TAN, Semi SOXX, Silver SLV, Broker IAI>

9:34AM Lannett receives FDA approval for morphine sulfate oral solution NDA (LCI) 5.79 +0.31 : Co announced that the FDA has approved the company's New Drug Application for Morphine Sulfate Oral Solution on June 23, 2011. Sales of Morphine Sulfate Oral Solution for the last 12 months at Average Wholesale prices were ~$31.7 mln, according to Wolters Kluwer. The co expects to commence shipping the product shortly.

9:18AM Globus Maritime Limited announces the delivery of the 2005-Built Panamax Dry Bulk Vessel, expanding fleet to six vessels (GLBS) 8.44 : Co announces it has taken delivery of the M/V "Moon Globe," a 2005-built Panamax dry bulk carrier it acquired for a purchase price of $31.4 mln, which the co had previously announced on May 3, 2011. The M/V "Moon Globe" has a carrying capacity of 74,432 DWT. Following delivery, the vessel will be chartered back to a Gleamray Maritime guaranteed nominee until June 2013 at a rate, net of commissions, of $18,000 per day.

9:16AM DryShips announces exercise of option to construct 7th generation UDW drillship (DRYS) 4.02 : Co announced that its majority owned subsidiary, Ocean Rig UDW Inc., exercised its third newbuilding option to construct a 7th Generation Ultra Deepwater Drillship at Samsung Heavy Industries. This 7th generation drillship is a sister ship to the two previously-exercised options in April 2011. Total yard cost of this drillship is approximately $608 mln, out of which a total amount of ~ $242 mln has already been paid to the yard from cash on hand. The remaining amount of ~ $366 mln is payable upon delivery currently scheduled for November 2013.

9:14AM Medgenics contacted by NYSE Amex for unusual trading activity; says policy is not to comment on unusual market activity or rumors (MDGN) 3.75 :

9:08AM On The Wires (WIRES) :

* Diodes (DIOD) announced an agreement to invest in Eris Technology. has announced that it will offer to its shareholders and employees up to 10 mln shares of common stock at NT$39 per share to raise NT$390 mln (~$14 mln). Diodes has agreed to purchase any shares not purchased by Eris' shareholders and employees and Eris' founders have agreed to sell Diodes any shares necessary to ensure that Diodes will obtain a minimum of 8 mln shares, which represents an ~ 24% ownership in Eris after the capital increase.
* MedQuist Holdings (MEDH) announced that it has been awarded a contract by Aspirus for clinical documentation technology.
* MAA (MAA) announced that it has completed the acquisition of Tattersall at Tapestry Park, a 279-unit upscale apartment community located in the highly desirable Southeast sub-market of Jacksonville, Florida.

9:05AM TearLab announces $7 mln private placement of common stock and warrants (TEAR) 1.77 : Co announces it has entered into a definitive agreement with certain institutional investors and members of its Board of Directors in connection with a private placement of ~3.85 mln units at a price of $1.82 per unit. Each unit shall consist of one share of common stock and a warrant to purchase one share of common stock at an exercise price of $1.86 per share.

9:02AM Empire Resorts, EPR and MSEG reached a Master Development Agreement Term Sheet for the joint development of the Companies' respective properties located in Sullivan County, NY (NYNY) 0.85 : Co, along with the management teams of Entertainment Properties and MSEG, reported that in furtherance of the exclusivity agreement that was announced on April 12, 2011, they have reached a Master Development Agreement Term Sheet for the joint development of the Companies' respective properties located in Sullivan County, NY. The Companies will continue to deal exclusively with each other until October 11, 2011, as set forth in the previously announced exclusivity agreement. The Term Sheet sets forth the basis on which the Companies will work together to develop a comprehensive, integrated destination resort on the site of the former Concord Resort. The Term Sheet addresses the creation of a casino/entertainment facility and non-gaming amenities to complement the casino, which will offer Sullivan County additional tourism opportunities.

9:01AM China Shen Zhou Mining subsidiary application approved by Jingde county to obtain favorable tax rates (SHZ) 3.55 : Co announces that the Jingde county government has approved the application of the Xinyi Fluorite, a subsidiary of China Shen Zhou based in Jingde County, Anhui Province, to obtain favorable tax rates for the next five years starting from June 22, 2011. The Jingde county government has verified and confirmed that co's total assets after restructuring exceeds RMB8 mln (~$1.2 mln). Therefore, the county government has approved that the county's retained corporate income tax will be returned fully to Xinyi during the first two years of the five-year period and it will return 50% during the remaining three years. In addition, 50% of the county's retained VAT will be returned during the first two years.

8:58AM Diana Shipping announces time charter contract for m/v Arethusa (DSX) 10.95 : CO announces it has entered into a time charter contract with Cargill International, for one of its Panamax dry bulk carriers, the m/v Arethusa, at a gross charter rate of $13,250 per day. The charter is expected to commence early July 2011. This employment is anticipated to generate ~$4.2 mln of gross revenue for the minimum scheduled period of the charter.

8:55AM Eli Lilly's Linagliptin recommended for approval in the treatment of type 2 diabetes in Europe (LLY) 37.18 : Co received a positive opinion from the European Medicines Agency's medicinal committee recommending approval of linagliptin, 5 mg, film-coated tablets for the treatment of adults with type 2 diabetes.

8:46AM Public Service unit enters agreement to sell Odessa facitlity for $335 mln (PEG) 31.58 : Co announces that it has agreed to the sale of its remaining Texas generating asset. The 1,000 MW gas-fired Odessa generating facility in West Texas will be sold, to Odessa Power, a subsidiary of Energy Capital Partners II, for $335 mln. There is no debt attached to the asset.

8:45AM Baxter receives positive opinion for IVIG therapy in Europe for treatment of multifocal motor neuropathy (BAX) 59.00 : Co announced today that the Committee for Medicinal Products for Human Use of the European Medicines Agency has issued a positive opinion for extension of the therapeutic indications of KIOVIG to include a new indication for multifocal motor neuropathy. With adoption by the European Commission, Baxter will receive marketing authorization for KIOVIG MMN indication in all European Union Member States- the first centrally-licensed indication for an immunoglobulin preparation for MMN.

8:38AM On The Wires (WIRES) :

* Eddie Steiner, Chairman of The Commercial and Savings Bank and Rick Hull, President and CEO of Premier Bank & Trust (OLCB) announced that Commercial and Savings Bank has entered into a definitive agreement with Premier to acquire certain assets and assume certain liabilities of Premier's Wooster branches.
* CF Industries Holdings (CF) announced the resumption of production at its Port Neal nitrogen manufacturing complex, which is located in Sergeant Bluff, Iowa, near Sioux City on the Missouri River. The company had temporarily halted production at the facility on June 6, 2011, as a precautionary measure in view of rising water levels near the plant.
* UTStarcom (UTSI) and UTStarcom Holdings announced the proposed merger to reorganize the co as a Cayman Islands company was approved by the stockholders of UTStarcom at the annual meeting.
* Whirlpool (WHR) and Greystar Real Estate Partners announced a new joint national appliance program that will allow the co to provide appliances to its facilities.

8:34AM Alcoa awarded multi-year contract to supply leading aluminum solutions to Airbus; terms were not disclosed, but the agreement has a value of ~$1.0 bln over its life (AA) 15.28 :

8:33AM Durect shares resume trading; shares down 77 cents from yesterday's close at $2.32 (DRRX) 3.09 :

8:32AM Pain Therapeutics shares resume trading; shares down $4.74 in premarket trade at $4.50 (PTIE) 9.24 :

8:30AM IntercontinentalExchange reports ICE Futures Europe volume crosses two mln contracts on 23 June; record 1.2 mln brent crude contracts traded; record heating oil and emissions futures volumes (ICE) 119.62 : Co announces that ICE Futures Europe established a daily volume record of 2,093,304 contracts on 23 June. The volume record surpassed by 23% the exchange's previous daily volume record of 1,703,446 contracts set on 6 May 2011. Volume in the benchmark Brent Crude futures contract crossed one million contracts for the first time, with 1,221,190 lots traded, exceeding the 6 May record of 906,958 contracts and representing the sixth daily volume record for Brent Crude futures in 2011. ICE Futures Europe also established record daily volume records for its ICE ECX EUA and CER emissions futures contracts, with 77,960 and 11,056 lots, respectively.

8:02AM Flamel announces results of annual meeting; Elie Vannier will continue to serve as non-Executive Chairman (FLML) 5.03 :

8:02AM Visa will provide a business update for FY11 and FY12 on July 6 after the Fed gives its Final Durbin rules on June 29 (V) 75.31 : Co will update its financial outlook for fiscal year 2011 and select metrics for fiscal year 2012 in a Form 8-K to be filed on July 6, 2011 after market close. Today's announcement follows the commitment management made in its last earnings call to update aspects of its financial expectations once the timing of final rules from the Federal Reserve was made known. Those rules are expected to be formally proposed on June 29, 2011.

8:01AM Diametrics Medical submits CE Mark approval application for 'Spring Zone' durable insulin pump (DMED) 3.35 : Co announces has submitted an application for CE Mark approval of its Spring Zone Insulin Delivery System. "Spring Zone" replaces co's first generation Spring ADI insulin pump. Co commented: "In addition to the 27 countries of the European Union, we believe that receipt of CE mark approval would support market registrations in other regulated countries, including the five initial target markets for our pump products - Mexico and the BRIC countries of Brazil, Russia, India and China"

8:01AM Pain Therapeutics and Pfizer (PFE) confirm that a Complete Response Letter was received from the FDA on the resubmission to the NDA for Remoxy (PTIE) 9.24 : PTIE and PFE announced that a Complete Response Letter was received from the U.S. FDA on the resubmission to the new drug application (NDA) for Remoxy (oxycodone) Extended-Release Capsules CII. Pfizer is working to evaluate the issues described in the Complete Response Letter and plans to have further discussions with FDA around them. Remoxy is an investigational extended-release oral formulation of oxycodone for the relief of moderate to severe pain requiring continuous, around-the-clock opioid treatment. Remoxy was developed by PTIE using DURECT Corporation's (DRRX) Oradur technology, which is designed to discourage common methods of tampering. PTIE filed the initial NDA for REMOXY in June 2008 and received a Complete Response Letter in December 2008. (PTIE and DRRX are currently halted, but both traded down 30% prior to the halt, on light volume).

8:01AM Baidu.com announces agreement to invest $306 mln in travel search engine Qunar (BIDU) 129.22 : The investment will make Baidu the majority shareholder of Qunar. The parties currently expect that the transaction will close in the third quarter of 2011. Baidu plans to finance the investment through obtaining a third-party loan facility.

8:01AM Insulet announces pricing of public offerings of convertible senior notes and common stock issued in previously announced Neighborhood Diabetes acquisition (PODD) 19.77 : Co announced the pricing of a public offering of $125 mln principal amount of convertible senior notes due 2016, an increase from the $110 mln principal amount previously announced. The notes will bear interest at an annual rate of 3.75% and will mature on June 15, 2016. Insulet intends to use the net proceeds from the notes offering for general corporate purposes, including to repurchase ~ $70 mln principal amount of its outstanding 5.375% Convertible Senior Notes due 2013.

8:00AM Pilgrim's Pride announces agreement with bank group to amend loan covenants (PPC) 5.39 : Co announces that it has completed an agreement with its bank group to amend the financial covenants in its credit facility, effective yesterday. The amendment suspends the existing fixed-charge coverage covenant and the senior secured debt covenant until the fourth quarter of fiscal 2012. The amendment also sets certain financial covenant levels at terms more favorable to the co. In addition, JBS USA Holdings, the majority equity holder in co, has agreed to provide a $50 mln subordinated loan in support of the co.

7:52AM Crude oil trading near flat line after giving back modest overnight gains; currently off 9 cents to $90.93 (COMDX) :

7:50AM Diana Containerships announces the delivery of the Panamax Container Vessel, m/v Maersk Malacca (DCIX) 7.10 : Co announces that it has taken delivery of a Panamax container vessel, the m/v "Maersk Malacca," a 1990-built vessel of 4,714 TEU capacity. The employment of the vessel is anticipated to generate ~$14.5 mln of gross revenues for the minimum scheduled period of the charter (24 months).

7:04AM On The Wires (WIRES) :

* ComEd, an Exelon co (EXC) has restored service for an estimated 90% or ~ 385K- of customers affected by the powerful storms that hit northern Illinois on June 21, including two tornadoes that touched down in the Mount Prospect and Downers Grove areas.
* Baker & Taylor and Barnes & Noble (BKS) announced at the American Library Association Annual Conference that the cos will partner to build awareness among NOOK customers that digital books are available for loan from local libraries, and to provide all library patrons with a seamless method for borrowing eBooks and other digital content.

7:01AM Aegerion Pharma prices 4,250,000 share offering at $15.50 per share (AEGR) 15.55 : 3,250,000 of these shares are being offered by Aegerion and 1,000,000 of these shares are being offered by selling stockholders. Aegerion and the selling stockholders have granted the underwriters a 30-day option to purchase up to 637,500 additional shares to cover over-allotments, if any. Jefferies & Company, Inc. and Deutsche Bank Securities Inc. are acting as joint book-running managers, with Leerink Swann LLC, Needham & Company, LLC and Collins Stewart LLC acting as co-managers for the offering.

6:56AM Roche Hldg and Evotec (EVTCY) to jointly develop biomarkers in oncology (RHHBY) 40.96 : Cos announced a collaboration in novel protein-activity based biomarkers for Roche's oncology drugs under development. Evotec will employ its PhosphoScout platform to discover protein-phosphorylation's that predict favorable dosage and efficacy of targeted cancer drugs in patients. Roche will be responsible for conducting clinical trials as well as assessing the development of companion diagnostics for patient stratification. Under the initial three-year term Evotec and Roche will conduct multiple biomarker programs for therapeutic antibodies or small molecule inhibitors. Evotec will receive undisclosed up-front and success-based payments for each program.

6:52AM Dow Chemical's Chairman and CEO Andrew Liveris has been appointed by Barack Obama as co-chair of the advanced manufacturing partnership (DOW) 35.62 :

6:30AM Hydrogenics promotes Jennifer Barber to CFO and corporate secretary (HYGS) 6.75 : Co says Ms. Barber assumes the role of CFO effective July 29, 2011 replacing Lawrence Davis, who was CFO since 2005, has resigned to pursue a senior finance role with the Ontario Workplace Safety and Insurance Board.

6:11AM ViroPharma announces positive CHMP opinion for Buccolam in the European Union (VPHM) 17.95 : Co announced that The Committee for Medicinal Products for Human Use of the European Medicines Agency has adopted a positive opinion recommending approval of a Pediatric Use Marketing Authorization for Buccolam, for treatment of prolonged, acute, convulsive seizures in infants, toddlers, children and adolescents, from 3 months to less than 18 years. If approved by the European Commission, Buccolam would be the first product approved through the centralized PUMA procedure.

6:06AM On The Wires (WIRES) :

* California Pizza Kitchen (CPKI) announced the opening of its twelfth restaurant in Mexico.
* Lucas Energy (LEI) announced that the co has commenced drilling the Rainey Unit No.1H well in Gonzales County, Texas.
* Central European Media Enterprises (CETV) announced its agreement to repurchase, in privately negotiated transactions, approximately $52.3 mln aggregate principal amount of its 3.50% senior convertible notes due 2013.
* Acacia Research (ACTG) announced that its subsidiary Light Transformation Technologies has entered into a settlement and license agreement with Fraen Corporation. This agreement resolves patent litigation that was pending in the U.S. District Court for the Eastern District of Texas.

2:08AM Southern Union confirms receipt of acquisition proposal from Williams Group (WMB) for $39 per share (SUG) 34.15 : Co confirms receipt of a proposal by The Williams Companies (WMB) to acquire all of the outstanding shares of Southern Union for $39.00 per share in cash. The Directors of SUG will review the proposal in due course, consistent with fiduciary duties and in accordance with the terms and conditions of SUG's previously announced merger agreement with Energy Transfer Equity (ETE).

2:05AM Energy Transfer Equity believes its agreement to acquire Southern Union (SUG) is superior to the highly conditional proposal from Williams (WMB) (ETE) 20.58 : Co notes that that Williams (WMB) floated a non-binding, conditional proposal to acquire Southern Union (SUG) in a fully-taxable transaction to SUG shareholders. ETE believes its binding agreement provides superior value to SUG shareholders as compared to the Williams proposal. From a price standpoint, ETE's transaction is not a $33.00 per share offer as Williams contends. Rather, the ETE transaction is a tax deferred structure that provides SUG shareholders significant potential upside through at least an 8.25% annualized yield as well as the ability for SUG shareholders, at their option, to convert into ETE common units at a fixed exchange ratio of 0.770x after the first anniversary of closing.

2:02AM Panasonic provides dividends forecasts (PC) 11.57 : Co was unable to provide financial forecasts and dividends forecasts for fiscal 2012 on April 28, as it was difficult to assess the impact of the Great East Japan Earthquake on its financial results at that time. Based on its financial forecasts for fiscal 2012 which were announced on June 20, 2011 and co's policy for providing return to shareholders, the company announced its cash dividends per share for fiscal 2012 of JPY5.0 for FY11 and FY12 Interim dividends per share and Year end div per share.

1:58AM Excel Trust prices 12.5 mln shares of common stock at $10.94 (EXL) 10.94 :

1:57AM Oil-Dri increases quarterly dividend to $0.17 from $0.16 (ODC) 19.52 :

1:46AM Mylan Labs launches first generic version of Entocort EC capsules (MYL) 22.92 : Co annunces that the U.S. District Court found co does not infringe the asserted claims of U.S. Patent No. 5,643,602 with its Abbreviated New Drug Application for Budesonide Capsules, 3 mg, the generic version of AstraZeneca's (AZN) Entocort EC capsules, a treatment for Crohn's disease. Budesonide Capsules, 3 mg, had U.S. sales of ~$350 mln for the 12 months ending March 31, 2011, according to IMS Health.

1:44AM Emergent BioSolutions approves emergent BioSolutions Anthrax vaccine, BioThrax (EBS) 22.01 :

1:40AM KiOR prices 10 mln share IPO at $15.00, well below the expectd range of $19-21 per share (KIOR) :

1:37AM Samson Oil & Gas to acquire additional bakken acreage (SSN) 2.68 : Co announces it has agreed to acquire up to 90,000 net acres of oil and gas leases in the Fort Peck Indian Reservation in, Roosevelt County, Montana, from Fort Peck Energy Co for an undisclosed price. Co plans to fund its acquisition costs and the drilling of the initial two appraisal wells from its existing cash resources. While co's ultimate ownership interest in the three Tranches will vary, depending on FPEC's future decisions whether to back in to an interest in the acquired acreage, Samson will hold at least a 66.66% working interest in all of the acquired acreage.

1:32AM MB Financial announces loan sale; increases resources devoted to middle-market banking; reduces non-performing loans by 50% (MBFI) 18.86 : Co announces it entered into an agreement with Colony Capital Acquisitions, for the benefit of certain investment vehicles managed by affiliates of Colony Acquisitions, to sell 631 performing, subperforming and non-performing loans of the Bank. Co expects that the Bank will receive proceeds from the sale of ~$195 mln. The sale is expected to result in charge-offs related to these loans of ~$86 mln in the second quarter of 2011. After considering reserves for loan losses already established as of March 31, 2011 related to the loans to be sold, we currently estimate that the provision for loan losses required as a result of the sale to be around $50 mln, which is about $36 mln less than the anticipated charge-off amount.


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