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Market Update: 110628
4:30 pm : For the second straight session broad-based buying on light share volume took stocks sharply higher. Greece's vote on new austerity measures remains on the horizon, however.

Word that Germany backs France's proposal to involve the private sector in Greece's efforts to restore its finances turned the tepid tone of premarket trade into something decidedly more optimistic. Participants' positive response was attributable to the appearance of a unified front in attacking the problems plaguing fiscally woeful Greece. In turn, traders were more dismissive of the uncertainty regarding Greece's vote on a set of austerity measures established by country officials, the EU, and the IMF.

Once trade opened, stocks set out on a steady ascent that took the three major equity averages to gains in excess of 1%. A 2.7% aggregate gain made energy stocks the biggest drivers of the advance. However, Nike (NKE 89.90, +8.28) surged 10% to book one of the best percentage gains for an individual issue following its upside earnings surprise.

Financials failed to find any meaningful support. The sector settled with a gain of just 0.4%. What's more, that modest move came after the sector had spent some time in negative territory.

Participation was paltry once again. In turn, share volume dwindled, which made it easier for stocks to score outsized gains. Thin trading volume is expected to be an ongoing theme this week, given that many traders are taking vacation ahead of the holiday weekend.

The combination of concerted buying among equities and a disappointing Treasury auction caused Treasuries to be trounced today. The auction of 5-year Notes drew a bid-to-cover of 2.59 and dollar demand of $90.7 billion. The bid-to-cover was the lowest since June 2010, while dollar demand dropped to its lowest level since July 2009.

Advancing Sectors: Energy (+2.7%), Consumer Discretionary (+1.9%), Materials (+1.8%), Industrials (+1.5%), Health Care (+1.5%), Tech (+1.3%), Telecom (+0.7%), Utilities (+0.5%), Financials (+0.4%), Consumer Staples (+0.3%)
Declining Sectors: (None) DJ30 +145.13 NASDAQ +41.03 NQ100 +1.5% R2K +1.5% SP400 +1.5% SP500 +16.57 NASDAQ Adv/Vol/Dec 1896/1.69 bln/677 NYSE Adv/Vol/Dec 2456/804 mln/603

3:30 pm : Commodities were a bit more volatile today as participants eyed tomorrow's austerity vote in Greece... August crude oil rallied for 2.5%, its largest single day move in over a month, to close at $92.89 per barrel. Crude pushed higher heading into the close to put in highs at $92.96. Weakness in the dollar helped crude oil stem its three session sell-off. August natural gas rallied for 2.1% to end at $4.35 per MMBtu.

August gold ended higher by 0.3% to $1500.60 per ounce, while July silver closed up 0.2% to $33.66 per ounce. Gold futures traded to their best levels, at $1507.00, in midmorning trade, but spent the remainder of the session pulling back from those highs to end with only modest gains. Silver saw a similar move as gold, in morning trade, but was unable to take out its overnight highs at $34.13. It too spent the remainder of the session retracing that spike to finish just above unchanged. DJ30 +126.28 NASDAQ +35.42 SP500 +14.10 NASDAQ Adv/Vol/Dec 1761/1.3 bln/800 NYSE Adv/Vol/Dec 2366/548.4 mln/702

3:00 pm : The stock market heads into the final hour of today's trade with a gain of more than 1%. Stocks are now up 2.1% week to date.

Tech stocks drove the prior session's advance by scoring a 1.4% gain. The sector is up another 1.1% today. Energy stocks have been today's leaders, however. As a group, energy stocks are presently up 2.7%, which comes on top of the 0.7% gain that they recorded yesterday.

Financials have lagged all session. The sector is up only 0.2% at the moment. That underwhelming gain comes after the sector scored a 1.1% gain yesterday. The financial sector's relative weakness today comes as shares of diversified service heavyweights like JPMorgan Chase (JPM 39.44, -0.44) and investment banks like Goldman Sachs (GS 128.63, -2.08). DJ30 +135.17 NASDAQ +36.35 SP500 +15.04 NASDAQ Adv/Vol/Dec 1790/1.16 bln/761 NYSE Adv/Vol/Dec 2391/465 mln/674

2:30 pm : All three major equity averages are now at new session highs. The move has come amid broad-based buying interest, but for the second session in a row share volume remains light. With fewer numbers of shares being exchanged, each trade carries more relative weight than it would otherwise. That can lead to mor pronounced swings in stock prices. The low level of share volume comes in conjunction with paltry participation ahead of the long, holiday weekend -- U.S. markets will be closed on Monday in observance of Independence Day.DJ30 +130.25 NASDAQ +36.59 SP500 +14.59 NASDAQ Adv/Vol/Dec 1780/1.06 bln/762 NYSE Adv/Vol/Dec 2392/427 mln/647

2:00 pm : The Nasdaq has inched up to a new session high. Although strength among its underlying components is broad, Amazon.com (AMZN 202.40, +1.15) has actually been a bit of a laggard. The stock's relatively modest gain today comes after it had spiked sharply in the prior session in response to the decision by analysts at Morgan Stanley to add the stock to their Best Ideas List.DJ30 +122.31 NASDAQ +34.57 SP500 +13.86 NASDAQ Adv/Vol/Dec 1733/985 mln/801 NYSE Adv/Vol/Dec 2373/395 mln/664

1:30 pm : Disappointing results from an auction of 5-year Notes were just released. That, along with continued strength among stocks, has caused Treasuries to slide to session lows. In turn, the yield on the 5-year Note is up 1.578% while the yield on the benchmark 10-year Note is a few basis points back above 3.00%.

Specific to the auction, the bid-to-cover came in at 2.59, dollar demand was $90.7 billion, and the indirect bidder participation rate came in at 37.6%. For comparison, the prior auction produced a bid-to-cover of 3.20, dollar demand of $112.0 billion, and an indirect bidder rate of 47.1%. An average of the past six auctions results in a bid-to-cover ratio of 2.84, dollar demand of $99.3 billion, and an indirect bidder participation rate of 40.7%.

As was the case at the auction of 2-year Notes yesterday, a lack of foreign bidders appeared to be the main driver of the disappointing results. In fact, today's bid-to-cover was the lowest since June 2010. More telling is that dollar demand came in at its lowest level since July 2009. DJ30 +124.84 NASDAQ +32.75 SP500 +13.58 NASDAQ Adv/Vol/Dec 1736/915 mln/800 NYSE Adv/Vol/Dec 2362/365 mln/670

1:00 pm : Stocks are up with strong gains for the second straight session. The improved tone of trade comes despite lingering uncertainty regarding Greece's ability to restore its finances.

The mood among participants had been rather flat ahead of the open, but buying interest was bolstered by word that Germany is on board with France in bringing the private sector in to help Greece shore up its finances. The comments come ahead of a highly anticipated vote by Greece's parliament on whether or not to pass new austerity measures that were planned among officials from Greece, the EU, and the IMF.

Stocks started the session with a modest gain, but were quick to extend the move. Given the prior session's bounce, stocks are now on pace for one of their best back-to-back performances in more than a month.

Energy stocks have been a primary source of strength this session. The sector's 2.2% gain is far greater than what any other sector has achieved.

Although not quite as impressive as the energy sector's gain, consumer discretionary stocks are up 1.5%. Among discretionary plays, Nike (NKE 87.60, +5.98) is a top performer. An upside earnings surprise has underpinned the stock's 7% spike to a new three-month high.

Financials have been relatively weak all session. In fact, the sector only recently recovered from negative territory to trade with a tepid 0.2% gain.

Participants have paid little attention to today's data, which have been mixed. The S&P/CaseShiller Home Price Index posted its first increase in eight months, but the Conference Board reported that its reading on consumer confidence came down more than expected. In contrast, Germany's official consumer confidence reading improved from the prior month. Other foreign data featured a downward revision to the United Kingdom first quarter GDP to growth of 1.6%. Meanwhile, Japan recorded a slow down in retail sales. DJ30 +116.97 NASDAQ +31.65 SP500 +12.67 NASDAQ Adv/Vol/Dec 1719/830 mln/790 NYSE Adv/Vol/Dec 2349/330 mln/671

12:30 pm : Stocks remain in strong shape. That has put pressure on Treasuries. In turn, the yield on the benchmark 10-year Note is back up near 3.00%. Treasuries could see some incresed volatility when results from an auction of 5-year Notes are released at the top of the hour. Today's auction comes on the heels of a 2-year Note offering yesterday that was met with relatively weak demand.DJ30 +117.35 NASDAQ +31.14 SP500 +12.26 NASDAQ Adv/Vol/Dec 1707/750 mln/788 NYSE Adv/Vol/Dec 2341/283 mln/676

12:00 pm : The Nasdaq has added incrementally to its gain so that it now sits at its best level of the day. Google (GOOG 493.24, +10.44) has been a primary source of leadership in the tech-rich Nasdaq. Shares of the Internet search giant are now at their best level in about three weeks.

As for the Nasdaq's counterparts, the Dow and S&P 500, both are testing their highs of the day, but have yet to confirm the move. Each is up with a gain of almost 1%, though. DJ30 +111.90 NASDAQ +28.70 SP500 +11.61 NASDAQ Adv/Dec 1676/791 NYSE Adv/Dec 2270/709

11:30 am : Corporate news flow has been slow, but many analysts remain busy updating ratings on stocks in their coverage universe. Among the more noteworthy names recently rated, both Visa (V 75.37, +1.48) and MasterCard (MA 278.34, +5.74) were initiated with Buy ratings by analysts at Jefferies ahead of what is expected to be the final rule on debit interchange regulation. Elsewhere, analysts at Goldman Sachs have upgraded shares of TJX Co (TJX 51.24, +1.21). Shares of LinkedIn (LNKD 84.20, +7.82) have been given a Buy rating from analysts at both UBS and JPMorgan.DJ30 +110.20 NASDAQ +26.82 SP500 +10.64 NASDAQ Adv/Vol/Dec 1612/540 mln/829 NYSE Adv/Vol/Dec 2223/225 mln/727

11:00 am : Strong, broad-based buying has the stock market within reach of another 1% gain. Although it is early in the session, such a move would help fuel one of the stock market's best back-to-back performances in more than a month.

Strength was also broad in the prior session, but tech stocks were a primary source of leadership. Tech stocks are garnering considerable support once again; as a group, they are up 1.0%, but Monster Worldwide (MWW 14.75, +1.18) has been a top performer in the space. Still, tech's gain is only half of what the energy sector has achieved this morning. The energy sector is currently led by Halliburton (HAL 48.02, +1.79). DJ30 +112.43 NASDAQ +26.08 SP500 +11.04 NASDAQ Adv/Vol/Dec 1640/370 mln/763 NYSE Adv/Vol/Dec 2237/155 mln/680

10:30 am : Crude oil prices were above $92 per barrel earlier this morning, but they have since drifted lower to trade at $91.80 per barrel. Still, the energy component is up 1.3% for the session.

Natural gas has been an even better performer this morning. Contract prices recently pushed up to a fresh session high near $4.34 per MMBtu for a 2.1% gain.

Precious metals prices have been moving sideways for the past 90 minutes. In turn, gold prices are up 0.4% gain at $1503.20 per ounce. Silver prices are up 0.8% to $33.88 per ounce. DJ30 +120.26 NASDAQ +27.11 SP500 +12.09 NASDAQ Adv/Vol/Dec 1642/300 mln/720 NYSE Adv/Vol/Dec 2276/125 mln/608

10:00 am : Energy stocks continue to extend their lead over the rest of the market. The sector has already run ahead to a 1.8% gain, thanks largely to interest in oil and gas equipment and services plays, along with drillers and refiners, too. The group's strength comes amid a bounce by oil prices to almost $92 per barrel for a 1.5% gain.DJ30 +89.35 NASDAQ +19.28 SP500 +9.32 NASDAQ Adv/Vol/Dec 1525/160 mln/760 NYSE Adv/Vol/Dec 2202/75 mln/598

09:45 am : The major equity averages are up nicely again this morning. Energy stocks, which have already advanced to a 1.3% gain, have been a source of early leadership. In contrast, financials are lagging as they cling to an incremental gain.

The latest reading on consumer confidence from the Conference Board came in at 58.5, which is less than the 60.8 that had been expected, on average, among economists polled by Briefing.com. The reading was released ahead of the regularly scheduled time of 10:00 AM ET. DJ30 +68.76 NASDAQ +16.49 SP500 +7.49 NASDAQ Adv/Dec 1459/761 NYSE Adv/Dec 2144/599

09:15 am : S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +6.70. Buying interest ahead of the open has picked up in response to headlines that suggest Germany is on board with France in involving the private sector in Greece's efforts to restore its financial health. The news has also helped bolster buying among the major bourses of Europe. Still, protestors in the streets of Athens remain unruly ahead of a vote by the country's parliament to pass new austerity measures. Outside of Greece, data has been somewhat mixed, although domestic data has so far featured a S&P/CaseShiller Home Price Index that made its first increase in eight months. Still to come is the latest consumer confidence reading from the Conference Board (10:00 AM ET). Results from an auction of 5-year Treasury Notes won't be posted until this afternoon (1:00 PM ET).

09:05 am : S&P futures vs fair value: +7.70. Nasdaq futures vs fair value: +9.70. Commodities are benefiting from broad buying interest this morning. As such, crude oil prices are up 1.3% to $91.75 per barrel in early pit trade. Natural gas prices are up 1.1% to $4.30 per MMbtu. Among precious metals, gold prices are up a relatively modest 0.3% to $1501.10 per ounce, but silver prices are up a much richer 0.9% to $33.89 per ounce. General strength in the commodity complex has the CRB Commodity Index up 0.8%. Action among commodities comes amid a weaker dollar. The dollar's recent downturn has left it lagging a basket of major foreign currencies by 0.2%. The dollar's dip is mostly due to an upturn by the euro, which recently attracted a flurry of buying interest in response to headlines that suggest officials from Germany have expressed that they share French sentiment for involving the private sector in solving the financial problems that Greece currently faces.

08:30 am : S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +8.20. Trade in Europe has been relatively mixed. That has left the EuroStoxx 50 to trade narrowly above the neutral line. Close attention continues to be placed on Greece, where protests are preceding parliament's vote on a new set of austerity measures. Greece's Athex 20 is currently up 3.6%. Germany's DAX is currently down 0.2%. Siemens (SI) has been a heavy drag on trade there. The engineering giant offered up an underwhelming quarterly update. Adidas has been an offsetting force, though. The stock's strength comes after peer Nike (NKE) posted a stronger-than-expected profit for the latest quarter. Commerzbank is also up nicely, although its shares were initiated with a Hold rating by analysts at RBS. As for data, Germany's latest GfK Consumer Confidence reading came in at 5.7, which marks a modest improvement from the prior month. France's CAC has successfully climbed to a 0.6% gain. Alcatel-Lucent (ALU) is a leader for the second straight session. In Britain, the FTSE is up 0.5% amid support from financial plays like Royal Bank of Scotland (RBS), Prudential PLC, Standard Charter, and Lloyds Group (LYG). Diageo PLC (DEO) is under pressure after its shares were downgraded by analysts at Citigroup, however. Overall strength in the FTSE comes in the face of a downward revision to the United Kingdom first quarter GDP to growth of 1.6% from 1.8% in the preliminary reading.

Overnight action in Asia saw Mainland China's Shanghai Composite close at the flat line after it had strung together an impressive streak of gains. Hong Kong's Hang Seng made an incremental advance. HSBC (HBC) was a source of support after its shares sagged in the prior session. In contrast, real estate development plays encountered selling pressure. Japan's Nikkei advanced 0.7% with help from Fanuc LTD and Nippon Steel. Nissan Motor (NSANY) was a source of weakness, though. Toyota Motor (TM) moved incrementally higher. The company's Credit Corporation was downgraded by analysts at Moody's to Aa3. According to the country's data, seasonally adjusted retail sales for May increased 2.4% after a 4.1% increase in the prior month.

08:00 am : S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: -1.80. The major market averages scored strong gains in the prior session, but a loss of momentum in overnight trade has left stock futures to trade flat against fair value this morning. The backdrop to premarket trade has been muddled by another round of mixed action abroad, where many participants have been watching protests in the streets of Greece ahead of the country's vote on new austerity measures. Overseas trade has also been affected by varied data, including a downward revision to the United Kingdom's first quarter GDP, an improved GfK Consumer Confidence reading from Germany, and a slowdown in Japan's retail sales. As for domestic data, the latest S&P/CaseShiller reading on home prices will be posted at 9:00 AM ET, followed by a consumer confidence reading from the Conference Board at 10:00 AM ET. At 1:00 PM ET participants will get results from an auction of 5-year Notes. Corporate announcements have been limited since the prior session's close, but an upside earnings surprise from Nike (NKE) has won the company's shares strong support ahead of the open. Separately, Standard & Poor's announced that shares of Accenture (ACN) will replace Marshal and Ilsley (MI) in the S&P 500.

06:56 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -4.00.

06:55 am : Nikkei...9648.98...+70.70...+0.70%. Hang Seng...22061.78...+20.00...+0.10%.

06:55 am : FTSE...5744.33...+22.00...+0.40%. DAX...7101.81...-6.10...-0.10%.


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

5:43PM Force Protection Receives $71.3 mln in awards for additional Buffalo vehicles and field service representative support (FRPT) 4.86 +0.03 : Co announced it has received two awards totaling $71.3 mln. The first award is a firm fixed price modification under contract W56HZV-08-C-0028 totaling $63.8 mln from U.S. Army Contracting Command for delivery of 56 Buffalo Mine Protected Clearance Vehicles. Work will be performed in Ladson and is expected to begin in January 2012 and be completed by July 31, 2012. The second award is a $7.5 mln firm-fixed-price modification under previously awarded contract M67854-07-D-5031 for a six-month renewal of 55 Field Service Representatives (FSRs) to conduct general maintenance and upgrade operations on Mine Resistant Ambush Protected (MRAP) vehicles. Work will be performed in overseas theaters of operation, and is expected to be completed by Dec. 31, 2011.

5:43PM Frontier Oil announces shareholder approval of merger with Holly Corporation (HOC) (FTO) 31.94 +2.07 :

5:41PM Evolution Petroleum announces pricing of public offering of 8.5% series A preferred stock at $23/share (EPM) 7.24 +0.09 : Co reported that it has priced an underwritten public offering of 220,000 shares of its perpetual non-convertible 8.5% Series A Cumulative Preferred Stock (liquidation preference of $25.00 per share) at a public offering price of $23.00 per share. The effective current yield of the 8.5% Series A Cumulative Preferred Stock is 9.24%. The offering is expected to close on July 1, 2011, subject to customary closing conditions.

5:37PM Globus Maritime Limited announces pricing of follow-on public offering at $8.00/share (GLBS) 8.24 +0.01 : Co announced that it priced a follow-on public offering of 2,750,000 shares of its common stock at a price to the public of $8.00 per share. The proceeds of the offering are expected to be used to fund a portion of the $30.3 million purchase price for a 2007-built Supramax dry bulk vessel and general corporate and working capital purposes.

5:21PM NIKE raises FY15 revenue target to $28-30 bln, up from $27 bln (no ests) (NKE) 89.90 +8.28 : During an investor meeting at its world headquarters in Beaverton, Ore., the Company increased its fiscal 2015 revenue target to a new range of $28-30 billion, up from its previous target of $27 billion announced in May 2010. Additionally, the Company reaffirmed its goal of generating $12 billion of cumulative free cash flow from operations from fiscal 2011 through fiscal 2015. Both goals extend NIKE, Inc.'s long-term financial model of high single-digit revenue growth, mid-teens earnings per share growth and expanding returns on capital.

5:16PM Medtronic CEO Omar Ishrak issues statement on rhBMP-2 articles in Spine Journal; strongly believe that the safety profile reported to the FDA and summarized in the product label support the safe use of rhBMP-2 (MDT) 39.01 +0.43 : Following is a statement from Omar Ishrak, chairman and chief executive officer of MDT on a series of articles on recombinant human Bone Morphogenetic Protein-2 (rhBMP-2) published in a recent edition of Spine Journal. "Integrity and patient safety are my highest priorities. While the Spine Journal articles raise questions about researchers' conclusions in their published peer-reviewed literature, the articles do not raise questions about the data Medtronic submitted to the FDA in the approval process or the information available to physicians today through the instructions for use brochure attached to each product sold. "Based on that data, we strongly believe that the safety profile reported to the FDA and summarized in the product label support the safe use of rhBMP-2 for the identified indications. We remain committed to ongoing study of the safety and efficacy of rhBMP-2, especially in applications not covered by FDA labeling."

5:14PM BioCryst Pharm files mixed shelf offering for up to $70 mln (BCRX) 3.94 +0.14 :

5:01PM Anacor Pharmaceuticals advances novel drug candidate to combat sleeping sickness; announced the successful completion of pre-clinical studies (ANAC) 6.57 -0.20 : Co announced the successful completion of pre-clinical studies for the first new oral drug candidate discovered specifically to combat human African trypanosomiasis (HAT), also known as sleeping sickness. An article released today in the open-access journal PLoS Neglected Tropical Diseases, reveals the initial successful results of pre-clinical studies of the new compound, which will soon advance to Phase I human clinical trials. In pre-clinical studies, the new drug candidate, SCYX-7158, also registered as AN5568, demonstrated safety and the ability to cross the blood-brain barrier making it efficacious against stage 1 and stage 2 of the disease. In addition, its oral formulation, short duration of therapy and excellent pre-clinical safety profile imply that SCYX-7158 (AN5568) could change the way sleeping sickness is treated, reduce its incidence in humans, and contribute to elimination of the disease.

4:47PM Progress Software reports EPS in-line, revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY11 EPS below consensus, revs in-line (PRGS) 23.28 +0.04 : Reports Q2 (May) earnings of $0.38 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.38; revenues rose 5.5% year/year to $134.7 mln vs the $134.1 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.34-0.36, excluding non-recurring items, vs. $0.41 Capital IQ Consensus Estimate; sees Q3 revs of $133-136 mln vs. $137.13 mln Capital IQ Consensus Estimate. Co issues mixed guidance for FY11, sees EPS of $1.60-1.65, excluding non-recurring items, vs. $1.70 Capital IQ Consensus Estimate; sees FY11 revs of $550-560 mln vs. $560.00 mln Capital IQ Consensus Estimate. On June 27, 2011, the Board of Directors increased and extended the company's stock buyback program by authorizing the repurchase of an additional $100 million of the company's common stock (or an aggregate of $135 million) until May 31, 2012.

4:46PM Marriott subsidiary files SEC Form 10 for planned spin-off by year-end of Vacation Club Business (MAR) 27.33 +0.77 : Co announced it marked progress today toward the planned spin-off by year-end of its vacation club business into a separate publicly traded company, announcing that its subsidiary, Marriott Vacations Worldwide Corporation, the new corporate name for the vacation club business upon spin-off, has filed an initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission.

4:31PM Campbell Soup announced a series of initiatives to improve supply chain efficiency and reduce overhead costs across the organization;announced its intent to close its office in Moscow and exit the Russian market (CPB) 33.74 -0.28 : Co announces a series of initiatives to improve supply chain efficiency and reduce overhead costs across the organization. The company also announced its intent to close its office in Moscow and exit the Russian market. Campbell expects to eliminate approximately 770 positions in connection with these initiatives and to incur aggregate pre-tax costs of approximately $75 million, nearly all of which will be recorded in the fourth quarter of this fiscal year. The initiatives are expected to be completed in fiscal 2013. They are expected to generate annual pre-tax savings of approximately $60 million beginning in fiscal 2012, increasing to approximately $70 million in fiscal 2014.

4:23PM Wabtec says jury awarded the Faiveley subsidiaries $18.1 mln; Wabtec disagrees with the outcome and will appeal; will record a charge in the second quarter equal to the amount of (WAB) 65.10 +0.77 : Co announced that "In April 2011, a U.S. judge issued an order that allowed other Faiveley Transport subsidiaries to pursue similar claims for damages in a jury trial. The trial ended today, and the jury awarded the Faiveley subsidiaries $18.1 million, pending potential post-trial adjustments for any previous payments and interest. Wabtec disagrees with the outcome and will appeal. In the meantime, the company will record a charge in the second quarter equal to the amount of the $18.1 million award, which was not included in previous earnings per diluted share guidance. The company is confident the ruling will have no impact on its ability to provide products and services to customers now and in the future."

4:17PM Dell gives update on growth goals ahead of tomorrow's Analyst Day; co has repurchased $1.6 bln in stock FYTD (DELL) 16.01 +0.07 : Brian Gladden, Dell CFO, outlined the key priorities underway to allow the co to deliver on its long-term value creation framework of 5-7% rev growth, GAAP operating income of more than 7 percent and cash flow from operations exceeding net income. Those priorities include accelerated enterprise growth, disciplined cost management and operational improvements, and continued profitable growth in laptop and desktop products. Over the past four quarters, Dell's revenue has exceeded the long-term growth goal, GAAP operating income has been 6.7% and cash flow has been $4.2 billion, which was 1.3 times net income. Mr. Gladden also reported that, fiscal year-to-date, Dell has repurchased $1.6 billion in stock and expects to repurchase more than $2 billion in stock during the current fiscal year.

4:16PM eBay to eliminate a supermajority voting requirement in its bylaws (EBAY) 28.96 +0.25 : In addition, the Corp Governance & Nominating Committee of the Board has recommended to eBay's Board that a proposal to declassify the Board be submitted to stockholders at eBay's 2012 annual meeting.

4:13PM General Mills Board of Directors declares quarterly dividend increase of 9% to $0.305 per share (GIS) 37.21 -0.04 :

4:09PM VeriSign and Internet Corporation for Assigned Names and Numbers renew contract (VRSN) 32.74 -0.05 : Co announced that the Internet Corporation for Assigned Names and Numbers (ICANN) and Verisign have renewed Verisign's contract to serve as the authoritative registry operator for the .net registry for another six years.

4:08PM Synnex beats by $0.06, reports revs in-line; guides Q3 EPS, revs below consensus; announces anti-dilution share repurchase program (up to $65 mln) (SNX) 31.46 +0.64 : Reports Q2 (May) earnings of $0.85 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.79; revenues rose 22.8% year/year to $2.5 bln vs the $2.51 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.88-0.92 vs. $0.93 Capital IQ Consensus Estimate; sees Q3 revs of $2.54-2.64 bln vs. $2.642 bln Capital IQ Consensus Estimate. In addition, the SYNNEX Board of Directors approved an anti-dilution share repurchase program under which it will begin purchasing up to $65 mln of its Common Stock over a period of up to three years for the purpose of mitigating or reducing the dilution resulting from the various employee stock incentive and employee stock purchase programs. "Our third quarter profit outlook reflects investment in ramping new business that we won in GBS during the second quarter. Demand in North American distribution remains solid and market growth is returning to the more pre-recession historical norms. In Japan we are on a good path of profit growth even with the earthquake's impact to the Japanese economy. Bottom line, we are confident in our continuing ability to exceed market growth rates and expand the profitability of SYNNEX."

4:07PM N Amer Palladium provides palladium exploration update; reports Offset zone continues to expand (PAL) 3.74 +0.01 : Co provided an update on the drill results from its 2011 exploration program at the co's Lac des Iles palladium mine in Northern Ontario. These results are the first tranche of drill results from the 2011 drill program currently underway at Lac des Iles. Highlights include: Surface drilling on the Offset Zone intersected significant mineralization over 150 metres south of the shaft location, underpinning significant exploration potential beyond the current resource wireframe; drill following the south extension of the Offset Zone encountered some of the best grades and width ever reported on the zone with 12 metres of 16.4 grams per tonne palladium; Continued positive infill drill results throughout the Offset Zone, including 65 metres at 6.4 g/t Pd in the top upper part of the zone; and Offset Zone drilling improved the definition of the recently discovered Sheriff Zone.

4:04PM GrafTech Intl announced the appointment of Lindon Robertson as Vice President and CFO effective July 18, 2011 (GTI) 19.35 +0.35 : Robertson joins GrafTech from IBM Corporation (IBM), where he held multiple senior financial leadership roles and held international assignments in China and Japan.

4:04PM Sealy reports EPS in-line, beats on revs (ZZ) 2.49 +0.09 : Reports Q2 (May) earnings of $0.01 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.01; revenues rose 10.6% year/year to $321.3 mln vs the $295.1 mln consensus. Wholesale unit volume increased 12.2%, while wholesale average unit selling price decreased 1.2% YoY. Gross margin decreased by 292 bps to 38.9%. U.S. gross margin decreased 327 bps to 38.3%. The decrease in gross margin was driven primarily by the launch of the Next Generation Posturepedic line. The launch included costs related to the heavy mix of discounted floor samples and start up efforts of the new line.

4:03PM Community Health announces agreement to divest two Oklahoma hospitals (CYH) 36.49 +1.19 : Co announced today that its subsidiaries have executed a definitive agreement to sell 180-bed SouthCrest Hospital in Tulsa, Oklahoma, 89-bed Claremore Regional Hospital in Claremore, Oklahoma.

4:02PM Ashford Hospitality Trust commenced a 6 mln share common stock offering (AHT) 13.02 -0.01 : Ashford intends to use the net proceeds to repay its outstanding borrowings under its senior credit facility, for general corporate purposes, including, without limitation, financing future hotel-related investments, capital expenditures and working capital or repayment of other debt or obligations. Morgan Stanley, Credit Suisse Securities, KeyBanc Capital Markets and UBS Securities are acting as the joint book-running manager for the offering.

4:00PM Nexstar enters into long-term affiliation agreement with ABC (NXST) 8.63 +0.20 : Co announces that it has entered into a long-term agreement with the ABC Television Network for nine of its owned or operated stations. As part of the agreement, Nexstar also announced that WFXW-TV in Terre Haute, Indiana will become that market's ABC affiliate, launching as WAWV-TV on September 1, 2011. WFXW-TV's FOX network affiliation expired in June 2010 and the station continued operating as a FOX affiliate under the previous contractual terms.

4:00PM Telephone & Data to acquire OneNeck IT Services for approx $95 mln (TDS) 31.38 : Co announces it will acquire OneNeck IT Services headquartered in Scottsdale, Ariz. for a purchase price of $95 million. OneNeck, which generated annual revenues of $37 million in 2010, will be a subsidiary of TDS Hosted & Managed Services, LLC. OneNeck is a provider of hosted application management and managed IT hosting services to middle market businesses. The company has operations centers in Tempe and Gilbert, Ariz., and significant customer engagements in Somerset, N.J., Dallas, Texas, and Kansas City, Mo.

4:00PM Willbros Group awarded tank contract in Canada (WG) 8.21 +0.54 : Co announced that its Canadian unit, Willbros Canada, has been awarded a cost-reimbursable contract associated with an oil sands project near Fort McMurray, Alberta, Canada. Willbros Canada will design, supply, fabricate, deliver and erect six field erected tanks. The value of the award is CAD $10 mln and will be executed over the next two years.

3:54PM Earnings Calendar (SUMRX) : Today after the close look for the following companies to report:

* EXFO, OMN, PRGS, ZZ, SHAW, and SNX.

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

* AYI, AM, FDO, GIS, KBH, LNN, MON, and UNF.

3:33PM Gulf Island Fab awarded contracts on three new projects totaling $125 mln (GIFI) : Co says the three contracts are for: 1) A 320 feet long by 160 feet wide dry dock awarded by the Terrebonne Port Commission for the LaShip project. 2) A 6,200 ton Process Module for ATP Oil & Gas Corporation's (ATPG) Cheviot project managed through Bluewater Industries. 3) A 7,000 ton topsides for Williams Partners' (WPZ) floating-production system, Gulfstar FPS. (See also 15:00 comment)

3:08PM Dow +137 and S&P +15 pause near June rebound close highs, Nasdaq Comp +36 probes its 50 ema (SPY) : The closing highs for last week's bounce are at 1295 S&P (session high 1296), 12190 Dow (session high 12189) with the Nasdaq Comp 50 ema at 2728 (session high 2728). A limited drift just off the best levels has developed over the last 30 min.

3:00PM Gulf Island Fab signs contract for fabrication of the topsides for Williams Partners' floating production system (GIFI) 30.20 +1.21 : Co announced that through its subsidiary Gulf Island, L.L.C., it has signed a contract for the fabrication of a 7,000 ton topsides for Williams Partners' proprietary floating-production system, Gulfstar FPS. Revenue and man-hour backlog will be included in the co's consolidated backlog when the co announces its earnings results for the quarter ended June 30, 2011.

2:42PM Alcoa edges to new session high of 15.59, nears last week's rebound high at 15.60 (AA) 15.57 +0.29 :

2:36PM NYMEX Energy Closing Prices (COMDX) : August crude oil settled up $2.28 to $92.89, August natural gas rallied for 9 cents to finish at $4.35, July RBOB gasoline gained 8.6 cents to close at $2.893, while July heating oil ended higher by 6.5 cents to $2.83.

2:29PM Dr Pepper Snapple files suit against bottler violating Dr Pepper license agreement (DPS) 40.67 +0.12 : Co announced a lawsuit against Dr Pepper Bottling Co. of Dublin, Texas, in an effort to end numerous practices by the bottler that violate its license agreement. The suit, filed today by DPS subsidiary Dr Pepper/Seven Up, in U.S. District Court in the Eastern District of Texas, charges that the Dublin bottling company is selling Dr Pepper beyond the six-county territory designated in its license agreement. The suit also seeks to end the bottler's unauthorized use of the term "Dublin Dr Pepper" on product packaging and on other merchandise. DPS is not currently seeking financial damages with the lawsuit. It is simply asking the court to require Dr Pepper Bottling Co. of Dublin to honor the terms of its license agreement or forfeit its license.

2:05PM Schlumberger extends further in recent trade sets new high of 84.20 (SLB) 84.14 +3.50 : Note that its 50 ema/sma come into play at 84.31/84.37 and that they have capped previous rebound attempts this month.

2:02PM Baldwin Lyons expects after-tax losses of ~ $6.5 mln from servere weather events (BWINA) 25.14 +0.89 : Co says the majority of this total relates to tornados impacting the state of Alabama, particularly the city of Tuscaloosa, as well as losses related to the storms which occurred in Joplin, Missouri. In addition, recently updated information from ceding reinsurers has resulted in an increase in the Company's estimated losses associated with prior events, most notably the Christchurch, New Zealand and Tohoku, Japan, earthquakes. The additional after-tax loss to be recorded in the second quarter for the aggregate of these events will be ~$3.6 mln, net of reinstatement premiums.

1:32PM COMEX Metals Closing Prices (COMDX) : August gold finished higher by $4.20 to $1500.60, July silver gained 7 cents to close at $33.66, while July copper ended lower by 0.2 cents to $4.09.

1:32PM Mines Management reports Q1 update (MGN) 2.13 +0.12 : Co reports Q1 net increase in cash and cash equivalents of ~$16.4 mln. Mgmt reviewed the near term spending forecast and continued a plan to diligently conserve cash where prudent. Given current cash position of ~$22.8 mln on March 31, 2011, co has sufficient funds to complete the permitting process and initiate the adit rehabilitation and drill station development. Additional financing will be required to complete the evaluation drilling program and a bankable feasibility study.

1:11PM iShares 20+ yr Treasuries ETF slides to new low amid heavy volume following auction but holding above its 200 ema at 94.86 -- session low 94.97 (TLT) 95.16 -0.49 :

1:06PM Stock indices edge to minor new session highs after 5-yr auction results -- Dow +124, S&P +13, Nasdaq Comp +32 (SPY) :

12:58PM Stryker nearing session high at 58.38, hovering slightly under its rebound high from last week at 58.44 (SYK) 58.37 +0.61 : Stock held near its 200 sma last week and recovered to 58.44 before consolidating. It reached 58.38 this morning and paused but is back near this high and the rebound high again in recent trade.

12:48PM A-Power Energy Generation Systems announces that two independent directors have resigned effective June 27, 2011 (APWR) 1.67 +0.00 : Remo Richli has resigned as a director of A-Power and as chair of the board's audit committee. Richli stated that his resignation was based on his understanding of events that occurred over the past few weeks, including the resignation of the Company's independent auditor. He also stated that he did not agree with the course of action that the Company has proposed to take in response to recent events. Dilip Limaye has regretfully resigned as a director of A-Power and as chair of the board's compensation committee. He stated that his decision to resign was prompted by the events of the last several weeks about which he communicated his concerns and views on actions that should be taken.

12:48PM Roche Hldg's Genentech reports two pivotal Phase III Lucentis studies showed patients with diabetic macular edema experienced significant improvements (RHHBY) 41.45 -0.05 : Genentech announced 24-month results from the two pivotal Phase III trials (RISE and RIDE) assessing the efficacy and safety of Lucentis in people with diabetic macular edema (DME). The data showed patients who received Lucentis experienced significant, rapid and sustained improvement in vision compared to those who received placebo (sham) injections. Additional analyses showed patients who received Lucentis were significantly more likely to achieve 20/40 vision and experience less progression of the underlying diabetic retinopathy disease.

12:38PM Nasdaq Comp +30 extends to resistance zone (QQQ) : Strong performance this morning with the index reaching resistance between 2717 and 2727 (50% retracement of the late May-June decline, 50 day ema) in midday trade.

12:09PM Agnico-Eagle Mines slips to new session low of 62.98, hovering slightly above its four day range low at 62.91 (AEM) 63.02 -1.98 :

12:06PM Minor new session highs for stock indices -- Dow +119, S&P +12, Nasdaq Comp +30 (SPY) :

11:59AM Capital One runs to new session high of 51.23, near its 50 em and last week's recovery high at 51.26/51.25 (COF) 51.22 +0.46 :

11:57AM Healthcare Index -HMO- testing its May/52-wk peak at 2441 -- session high 2441 (TECHX) : HUM +2.1%, AET +3.5%, MOH +0.9%, AGP +3.9%, CI +2.9%, AET +3.5%, CVH +3%, HNT +1.2%, WLP +2%, UNH +1.5%, WCG +3.1%.

11:40AM Hertz Global's Equipment Rental added four new U.S. locations to the Pump & Power specialty division; terms not disclosed (HTZ) 15.43 +0.21 :

11:26AM Goldman Sachs slipping back toward its session low at 129.54 and its two year low from July 2010 at 129.50 (GS) 139.56 -1.15 :

11:16AM Bed Bath & Beyond extends to new session high of 57.60 pauses slightly under last week/June high at 57.63 (BBBY) 57.54 +1.08 : Note that its April/52-wk high comes into play at 57.90.

11:06AM JPMorgan Chase continue to display relative weakness slips slightly under yesterday's trough at 39.33 to set a new six month low of 39.28 (JPM) 39.30 -0.58 :

11:04AM Micron selected to help Alcatel-Lucent (ALU) accelerate information sharing across global broadband networks (MU) 7.32 -0.02 : Cos announced that Alcatel-Lucent has chosen Micron's third-generation reduced latency DRAM to drive Alcatel-Lucent's next generation of network offerings. Alcatel-Lucent plans to rely on Micron's RLDRAM 3 memory to support the industry's first 400-gigabit capable chipset.

11:02AM Verizon's Virginia division President Robert Woltz to retire after 40 years; effective July 15 (VZ) 36.36 -0.04 :

11:00AM CoreLogic & Midwest Real Estate data announce MLS data co-op agreement (CLGX) 16.50 +0.05 : Co announced today that MRED will be participating in the CoreLogic MarketLinx MLS Data Co-op, which will give MRED's brokers, agents and appraisers access to multiple listing service listings from across the nation and will enable MRED customers to market their properties to the entire country.

10:57AM Zygo receives order in excess of $2 mln from medical device co for high precision lens assemblies (ZIGO) 13.23 +0.26 : Co announced that its Optical Systems Division has been awarded a multi-million dollar order from a major medical device manufacturer to produce high precision objective lens assemblies used in ophthalmic laser surgery. The order is part of a new customer program, for which assemblies will be developed by Zygo's Electro-Optics group and manufactured in its Tucson, Arizona facility.

10:55AM Avnet Solutions introduces cloud solutions demonstration center (AVT) 30.67 +0.09 : Co announced its HP (HPQ)-designated Cloud Center of Excellence at its Global Solutions Center in Chandler, Ariz. Avnet's HP value-added reseller partners in the U.S. and Canada can use the CCoE facility to show prospects the benefits of incorporating cloud computing solutions from HP into their data centers and IT environments.

10:49AM Apricus Biosciences marketing application for Vitaros, for the treatment of erectile dysfunction, is accepted for review in Europe (APRI) 5.14 +0.05 :

10:47AM Eli Lilly announces newly published study showed Axiron Tropical Solution restored testosterone levels to normal range in hypogonadal men (LLY) 37.21 +0.38 : Co announced that a pivotal Phase III Axiron study, published on the Clinical Endocrinology website, showed that Axiron topical solution CIII, when applied to the underarm, met the primary study objective to restore testosterone levels to the normal range in men with low testosterone. In addition, secondary outcomes showed that the treatment of Axiron improved symptoms associated with low testosterone.

10:46AM Home Depot notches new session high of 36.14 nearing its 50 sma (HD) 36.14 +0.94 : A top performing Dow component has run to a new session high leaving it slightly under its 50 day sma at 36.17.

10:43AM VMware climbs higher intraday as it lifts back up into a retest of its morning high along the $100.00 level (VMW) 99.81 +2.13 :

10:36AM Stock indices run to fresh session highs -- Dow +116, S&P +11, Nasdaq Comp +24 (SPY) :

10:32AM Gold spikes to highs as dollar makes fresh lows; now up $8 to $1504.40 (COMDX) :

10:20AM Goldman Sachs displays ongoing opening relative weakness as it dips down near the key $129.50-130.00 zone (GS) 129.94 -0.77 : This level comes into play from yesterday's action as well as the low seen from last June.

10:16AM NetLogic announced Alcatel-Lucent (ALU) selected its Advanced IPv6 knowledge-based processors for multi-terabit IP Service Routers (NETL) 39.30 +0.23 :

10:14AM Rosetta Genomics and UC Davis researchers to develop and validate microRNA Biomarker to predict response to neoadjuvant chemotherapy in bladder cancer (ROSG) 0.30 +0.01 : The collaboration allows for UC Davis researchers to continue using Rosetta's platforms and microRNAs to further discover new biomarkers and validate their results.

10:09AM Casino attempting to extend early relative strength (TECHX) : MGM +4.5%, LVS +2.8%, WYNN +2.1%, BYD +1.8%, PENN +1.3%, WMS +1.3%, BYI +1.1%, PNK +0.9%, IGT +0.8%, MCRI +0.5%.

10:07AM Lockheed Martin received $184.3 mln undefinitized contract action from the U.S. Army to begin production of 29 additional Persistent Threat Detection Systems (LMT) 79.74 +0.07 :

10:03AM Microsoft confirmed the availability of Microsoft Office 365 in 40 markets (MSFT) 25.23 +0.03 :

10:01AM Daktronics announced that its digital billboard shipments more than doubled in the past year (DAKT) 10.50 +0.11 : The uptick is attributed in part to the continued marketplace acceptance of the company's revolutionary 4000 (4K) Series digital billboard product line, which began shipping May 2010.

10:00AM Bristol-Myers signs new agreement to expand access to Reyataz in sub-Saharan Africa and India (BMY) 28.60 +0.13 : Co announced a new agreement to expand access to Reyataz (atazanavir sulfate). The immunity-from-suit agreement signed with Matrix Laboratories Limited, a Mylan (MYL) Company, enables the generic company to manufacture and sell atazanavir, as well as stavudine and didanosine, in sub-Saharan Africa and India.

9:57AM Semiconductor Hldrs ETF lagging as it failed to clear Monday's high and is currently in the red (SMH) 32.92 -0.08 : The intraday slip has been relatively limited thus far as it hovers near its 200 ema/sma (32.90/32.89) AMAT -1.1%, KLAC -0.4%, INTC -0.3%, LRCX -0.1%, LLTC -0.2%, MRVL -0.1%, XLNX -0.1%.

9:53AM NRG Energy and UIL Holdings (UIL) jv 200 megawatt peaking power plant at NRG's Middletown Station is operational and participating in the ISO-NE markets (NRG) 23.70 +0.64 :

9:51AM KBW Regional Bank ETF displaying intraday relative weakness, slips back into the red (KRE) 24.81 -0.07 : Limited upside off the open with the KRE faltering in recent trade -- BOH, CVBF, FMER, FULT, MBFI, ONB, PACW, SBNY, SIVB, UMPQ.

9:51AM Gold, silver pullback toward flat line (COMDX) :

* Gold now up 80 cents to $1497.20.
* Silver up 3 cents to $33.61.

9:47AM Russell 2000 flirting with last week's peak at 809, its 50 ema comes in at 811 -- session high 809 (IWM) :

9:44AM Tri-Tech Holding awarded contract of expansion phase of the water treatment plant for the City of Ordos valued at ~$20 mln (TRIT) 7.87 +0.31 : This project is the follow up to the initial contract awarded to Tri-Tech in 2010. The initial build-transfer project was valued at $40 million.

9:44AM Stock indices jump higher in recent action -- Dow +73, S&P +7.5, Nasdaq Comp +17.5 (SPY) :

9:43AM Opening Point Gainers/Losers (TECHX) : Point Gainers: LNKD (+5.69), NKE (+5.15), GOOG (+4.53), AAPL (+4.03), SINA (+3.39), AXE (+3.25), ACN (+2.89), LULU (+3.01), CMG (+2.53), YOKU (+2.52), OVTI (+2.46), UA (+2.11)

Point Losers: SI (-3.29), FRC (-1.45), ENDP (-1.14), CEL (-1.31), ABH (-0.93), AEM (-0.71)

9:42AM Safeguard Sci realizes $145.4 mln in aggregate cash proceeds from Shire's (SHPGY) acquisition of Advanced Biohealing (SFE) 18.54 +0.28 : Co announced In addition, $7.3 mln will be held in escrow pending the expiration of an escrow period expiring March 31, 2012. Safeguard's total expected proceeds will represent a 13x cash-on-cash return.

9:42AM Caterpillar edges above last week's peak and its 50 ema at 102.50/102.45 (CAT) 102.73 +1.93 :

9:40AM Stock indices see limited reaction thus far to early confidence report -- Dow +48, S&P +4.8, Nasdaq Comp +12 (SPY) :

9:37AM Firmer start with S&P +5 and Nasdaq Comp +10 edging above yesterday's highs, Dow +51 just below (SPY) :

9:35AM GLG Life Tech announces agreement signed in China for AN0C tax incentives and financing support (GLGL) 6.06 0.17 : Co announces the signing of an agreement between GLG and its AN0C subsidiary with the Fengyang County Government and the support of the Chuzhou City Government of the Anhui province in China that strengthens its consumer products business in China. GLG and its AN0C subsidiary agreed to register its headquarters in the Xiaogang Village in Fengyang County which is the birthplace of China agriculture reform and to set up its marketing. The Fengyang government agreed to give the AN0C business nationwide preferable tax treatment through its headquarters. The Fengyang government and the Chuzhou City Government also agreed to proactively assist GLG's AN0C subsidiary to obtain a RMB one bln credit line with interest rate discounts from market.

9:32AM Dell announced signed a new five-year contract with Hyatt (H) (DELL) 16.01 +0.07 : Dell Services will provide Hyatt with a single point of contact for end-user support and incident management with multi-channel access and sophisticated logging and tracking of all IT incidents and contacts.

9:31AM U.S. Energy provided operational update; initiates operations of its Apache Project in Southeastern Colorado (USEG) 4.21 0.00 : The Thompson 9-1-4 well spud on June 18th and is currently drilling towards its target depth of ~6,000 ft. The target objective is the Mississippian formation. The Company anticipates reaching total depth in late June. If successful, the Company plans to produce the well for a period of time to evaluate well performance and plan for further drilling initiatives as warranted... U.S. Energy Corp. has 18 producing wells in the Rough Rider acreage block under the drilling program with Brigham Exploration. To date, all fifteen of the Company's 1,280 acre spacing units are held by production and 4 additional infill wells are scheduled to be drilled and completed in the second half of 2011.

9:31AM AOL Announces Partnership with Slacker Inc. to Deliver Enhanced Online Radio Listening Experience (AOL) 19.64 +0.03 : Co announced that in the partnership, AOL Radio will offer an enhanced radio experience with fewer ads, new personalization features and premium subscription offerings. The new service will deliver three product tiers to users: the free AOL Radio service, along with ad-free and feature-rich radio and on-demand premium subscription tiers with personalization and customization powered by Slacker.

9:28AM Hypercom and Global Blue are marketing Global Blue's OneInterface payment integration tool and Hypercom's payment systems to retailers (HYC) 9.60 :

9:26AM Penn West Energy announces renewal of its bank facility (PWE) 22.17 : Co has closed the renewal of its unsecured, revolving bank facility on June 27, 2011. The facility has a four-year term, matures June 26, 2015... The facility has an aggregate borrowing limit of $2.25 billion on which Penn West Exploration is currently drawn ~$900 million.

9:24AM Carpenter Tech priced underwritten public offering of $250 mln in aggregate principal amount of its 5.20% senior notes due 2021 (CRS) 53.14 :

9:23AM Arch Capital announces preliminary catastrophe loss ests of $90-110 mln (ACGL) 32.63 : Approximately 85% of this range of estimates relates to the second quarter events, with the balance relating to re-estimation of the first quarter events.

9:16AM Harris and Tektronix Component Solutions establish strategic partnership agreement (HRS) 44.31 +0.27 : Cos announced the strengthening of their long-standing relationship via the establishment of a strategic partnership agreement. The mutually beneficial relationship is intended to enhance both organizations' ability to deliver greater value to mutual customers in the defense industry and aid in the innovation of next-generation products.

9:10AM On The Wires (WIRES) :

* Penn Virginia (PVA) provided an update of its activity in the Marcellus Shale. Peak 24-hour production rates from our first three Marcellus horizontal wells, the Risser #A-1H, Risser #A-2H and Dunn #A-1H, were ~3.1, 2.8 and 4.0 mln cubic feet per day, with an average rate over a 72-hour test period of 2.1, 1.7 and 2.7 MMcf per day, respectively.
* InnerWorkings (INWK) announced a multi-year, multi-million dollar print management agreement with MoneyGram (MGI) International. Under the contract, InnerWorkings will provide print management services for MoneyGram promotional point-of-sale materials including direct mail, point-of-purchase, commercial print, and signage manufacturing and management.
* U.S. Bank (USB) and TSYS (TSS) announced an agreement for TSYS to provide core processing services to Elavon Financial Services Limited, a subsidiary of U.S. Bank. It will begin issuing corporate cards in Europe this summer.
* Skilled Healthcare (SKH) announces that one of its subsidiaries has agreed to acquire the real property and related operations of Willow Creek Memory Care at San Martin in Las Vegas, Nevada (terms not disclosed).
* Textron Marine & Land Systems, an operating unit of Textron Systems, a Textron (TXT) co, announced that the U.S. Army Contracting Command has exercised a contract option, valued at $49,613,572, for the co to supply the Army with 65 additional M1117 Armored Security Vehicles.

9:07AM Almaden Minerals reports drilling intersects 0.96 g/t gold over 50.00 meters at Almaden's Caballo Blanco Project, Mexico (AAU) 3.19 : Co reported the results contained in a news release of Goldgroup Mining that additional confirmed diamond drill holes at the Company's Caballo Blanco gold project in Veracruz, Mexico have yielded significant gold intercepts, extending the La Paila oxide gold zone to the southeast and southwest. Goldgroup reports that drilling remains ongoing to define and to expand the eastern, southern and southwestern flanks of the La Paila gold zone as the zone currently remains open in these directions.

9:03AM L-3 Comms awarded U.S. Navy P-3 SMIP contract (LLL) 84.58 +0.03 : L-3 Communications (LLL) announced that its Platform Integration division has been competitively awarded an ~ $104 mln contract to perform aircraft sustainment for the U.S. Navy's fleet of P-3, EP-3 and NP-3 aircraft. This indefinite-delivery/indefinite-quantity program follows a previous program awarded to L-3 in 2005.

9:01AM Active Power receives multimillion dollar powerhouse order to ship in Q3 (ACPW) 2.30 : Co has received a multimillion dollar order for two PowerHouse systems from one of its strategic IT partners. The deployment will support the IT partner's containerized datacenters, enabling the end user, a global manufacturer of oil and gas drilling products to quickly add additional capacity. All systems and related equipment will ship in the third quarter of 2011 to the end user's facility located in the southwestern U.S.

8:45AM DARA BioSciences presented positive results of its Phase I study for DB959 at the American Diabetes Association scientific session (DARA) 2.67 : Co announced a summary of the study results as follows: No moderate, severe, or serious adverse reactions occurred. Tolerability was equivalent between active and placebo groups; all doses tested were well tolerated. No clinically-significant physical exam, vital sign, blood, urine or electrocardiogram changes were observed. Maximum tolerated dose for a single dose was not reached in this study. Therefore the MTD is higher than 200 mg., the top dose studied here, and is estimated to be ten times the anticipated.

8:44AM AdCare Health Systems signs agreement for 15 Skilled Nursing Centers; expected to be immediately accretive (ADK) 5.41 : Co announces it has signed a definitive agreement to acquire, lease or become the manager of 15 skilled nursing facilities in South Carolina, North Carolina, Virginia, and Tennessee for $38.5 mln . Two of the facilities are to be purchased, nine leased, and four managed by AdCare. Combined with other transactions previously announced and in the process of closing, co's estimated annualized revenue run-rate is expected to exceed $268 mln. This would represent an increase of more than 400% over the co's revenues in 2010, and an increase of more than 900% over revenues in 2009 when it initiated its current M&A campaign. They are expected to be immediately accretive to co's earnings after the transaction closes as planned in the fall. The co plans to fund the transaction with a combination of cash, shares of AdCare common stock, and seller notes.

8:43AM On The Wires (WIRES) :

* inContact (SAAS) announced that a global consultancy has selected the inContact call routing, survey and quality management solutions to create a high-quality, unified service process for its more than 100 agents across three global contact centers.
* Opexa Therapeutics (OPXA) announced that the co has executed an agreement with Blood Group Alliance, a cooperative of community blood centers, to provide blood collection services to support Opexa's clinical studies, including a planned Phase III study of Tovaxin in patients with Relapsing-Remitting MS.
* Uranium Resources (URRE) announced that it began exploratory drilling on the 54,847 acres in Kenedy County, Texas, known as the 'Los Finados Project.' The first phase of the drilling program began on June 21 and is expected to be completed by the end of September at a cost of ~$1 mln.
* Gilead Sciences (GILD) announced that it has entered into a license agreement with Tibotec Pharmaceuticals for the development and commercialization of a new fixed-dose antiretroviral combination product containing Gilead's cobicistat and Tibotec's protease inhibitor Prezista.
* Boise (BZ) and OfficeMax Incorporated (OMX) extended their long-term relationship by entering into a new paper purchase agreement. The new agreement, which extends through 2017, is in recognition of the mutually beneficial commercial partnership.
* Mad Catz (MCZ) announced the establishment of Mad Catz Co, a new subsidiary located in Tokyo, Japan focused on sales, marketing and product development.
* Quaterra Resources (QMM) announced that its wholly-owned subsidiary Singatse Peak Services, has commenced drilling at the Yerington mine site around the margins of the Anaconda Yerington mine pit.

8:37AM Minefinders reports 6.46 GPT of gold-equivalent over 67 metres at La Virginia (MFN) 11.96 : Co reports drill results from the 2011 exploration program on La Virginia Project in Sonora State, Mexico. Exploratory drilling began in 2010 in the Con Virginia Zone and then moved to additional targets in the El Campo Santo Zone and the Las Huatas Zone... Gold assays in hole LV11-36C range up to 2.0 metres averaging 13.0 gpt of gold with five separate assay intervals exceeding 3.0 gpt of gold. Silver assays range up to 1,042 gpt of silver over 2 metres, with five assay intervals exceeding 500 gpt. These high-grade intercepts are contained within an overall mineralized interval of 67.0 metres averaging 6.46 gpt AuEq (2.33 gpt gold and 247.5 gpt silver). The high-grade zones in the Las Huatas Zone remain open to depth and laterally along strike.

8:36AM Senior Housing prices 10 mln shares of common stock at $22.50 per share (SNH) 23.16 :

8:34AM First Bancorp announces definitive agreements for aggregate commitments of $339.5 mln in new capital (FBP) 3.62 : Co announces that it has entered into a definitive agreement with two funds managed by Oaktree Capital Management, under which Oaktree would purchase an aggregate of ~$175.5 mln of common stock of the Corporation at a per share price of $3.50. The Oaktree investment will represent 24.9% of the outstanding shares of the co's common stock upon completion of the capital raise and the conversion into common stock of the $424.2 mln of Series G Mandatorily Convertible Preferred Stock held by the United States Department of the Treasury.

8:33AM Enbridge Energy Prices 7 mln class A common units offering at $30/Unit (EEP) 30.89 :

8:31AM Denbury Resources enters into agreement to acquire operatorship and remaining working interest in the Riley Ridge Project (DNR) 23.16 : Co announces announced that it has entered into an agreement to acquire the 57.5% working interest it does not already own in the Riley Ridge Federal Unit located in southwestern Wyoming, and an ~33% working interest in an additional +/-28,000 acres of mineral leases adjoining the Riley Ridge Unit. The total purchase price is estimated at $191 mln assuming full payout of purchase price contingencies, plus capital incurred between April 1, 2011, the effective date of the purchase, and closing.

8:31AM Rare Element announced that the 2011 rare earth element drilling program has commenced at its Bear Lodge rare earth element project in Wyoming (REE) 10.80 : Co announces that the 2011 rare earth element drilling program has commenced at the Company's Bear Lodge rare earth element project in Wyoming. Two core drilling rigs are currently on the project site and will be used to test the Bull Hill REE area and Whitetail Ridge REE targets. A third drill rig is expected to begin work shortly. The program to test the REE targets will consist of approximately 40 angle drill holes to general depths of 400 to 1,200 feet. The REE drilling program will be augmented by geological mapping, geophysical surveys, soil and rock chip geochemical surveys, and additional bulk sampling of near-surface mineralized material.

8:31AM Cimarex has entered into an agreement to sell for $191 million its 57.5% operated working interest in the Riley Ridge Federal Unit and gas plant located in southwestern Wyoming (XEC) 84.83 : Co announces that it has entered into an agreement to sell for $191 million its 57.5% operated working interest in the Riley Ridge Federal Unit and gas plant located in southwestern Wyoming. The sale does not impact Cimarex's expected 2011 production estimates, as the plant was not expected to come online until late this year. Year-end 2010 proven undeveloped reserves included 210 billion cubic feet (Bcf) of gas from Riley Ridge.

8:22AM On The Wires (WIRES) :

* People's United Financial (PBCT) and Danvers Bancorp (DNBK) announced that their proposed merger was approved by the Office of the Massachusetts Commissioner of Banks and the Massachusetts Board of Bank Incorporation on June 27, 2011. The closing of the merger is expected to occur on June 30, 2011.
* Fluor Corporation (FLR) announced that it has finalized a major services agreement with Woodside Energy Limited to provide engineering, procurement and construction management services for Woodside's operating assets. Fluor's initial contract term is for three years, with the option of three one-year extensions available. The undisclosed value will be booked in the second quarter of 2011.
* Jacobs Engineering (JEC) announced that it was selected by Injaz Development Company to provide infrastructure and construction supervision services for its Marina project in Saudi Arabia.
* UNX LLC and INTL Trading, a wholly owned subsidiary of INTL FCStone (INTL) are teaming up to deliver customized electronic trading solutions for Mexican and Latin American markets through the UNX Catalyst trading platform.
* Huron Consulting Group (HURN), announced that The Ohio State University Medical Center has selected its Click Portal software to automate clinical trials processes including budgeting, participant enrollment, visit scheduling, participant tracking, reporting, and sponsor billing.
* Eli Lilly (LLY) announced a multi-million dollar investment to expand its existing biotechnology capabilities. This investment is further fueling research and development of multi-specific therapeutics, in which two or more distinct mechanisms of action are engineered in one molecule with the goal of providing enhanced efficacy with an improved safety profile.
* Regions Bank (RF) and Western Union (WU) announced an agreement to offer the Western Union global money transfer service and the Western Union expedited bill pay service across 1,700 Regions Bank locations in the U.S.
* AMRI (AMRI) and Proteros Biostructures GmbH announced that they have signed an agreement for a joint offering to the life sciences industry.
* 454 Life Sciences, a Roche Company (RHHBY) announced the launch and immediate availability of the new GS FLX+ System, an instrument capable of generating extra-long sequencing reads up to 1,000 by in length.
* MasterCard (MA) announced it has named Ann Cairns, President, International Markets, and appointed Walt Macnee, Vice Chairman, effective August 22, 2011.
* Oculus Innovative Sciences (OCLS) announced that AmDerma Pharmaceuticals, the parent company of Quinnova Pharmaceuticals, has exercised its option to license rights to Oculus' Microcyn-based acne drug candidate. AmDerma and Oculus expect to finalize the terms of the license agreement within 45-60 days.
* Arrow Enterprise Computing Solutions, a business segment of Arrow Electronics (ARW), has signed an agreement with Syncsort to be among the first distributors of the NetApp Syncsort Integrated Backup solution in the United Kingdom.
* Heilind Electronics has added Molex's (MOLX) new Flexi-Mate family of connectors to its inventory of connectors.
* Ryder System (R) announced it has already secured lease agreements for 87 heavy-duty natural gas trucks.
* QAD (QADA) announced it has signed a partnership agreement with Tugboat Software, a workforce scheduling solutions provider, to help QAD customers optimize their production planning processes with automated and more efficient work force scheduling.
* 8x8, Inc. (EGHT) announced it has launched the 8x8 Business Partner Program, a new channel initiative designed to offer agents, resellers and traditional hardware VARs a unique and compelling opportunity to capitalize on the growing demand for cloud-based solutions.
* Dominion Virginia Power, a subsidiary of Dominion (D), asked the Virginia State Corporation Commission for approval to convert three Virginia electricity-generating power stations from using coal to biomass, a renewable energy source.
* Energy Technology Ventures, a GE (GE), NRG Energy (NRG) and ConocoPhillips (COP) joint venture, is making its first non-US and first water-related investment by providing capital to Emefcy, an Israeli company that can turn wastewater treatment from a huge energy drain to an electricity generator.

8:15AM CryoPort named Robert Stefanovich as Chief Financial Officer (CYRX.OB) 1.12 :

8:09AM Westport Innovations shares spike ~6% in premarket trade following news of agreement with GM to research advanced natural gas engine technology for light-duty vehicles (WPRT) 21.51 : Currently trading at $22.85.

8:05AM Progenics Pharm announced the submission of a supplemental New Drug Application to the FDA requesting approval for the use of Relistor (PGNX) 7.46 : Co announced the submission of a supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration (FDA) requesting approval for the use of Relistor(methylnaltrexone bromide) subcutaneous injection for the treatment of opioid-induced constipation (OIC) in patients with chronic, non-cancer pain. Relistor is the first approved medication that specifically targets the underlying cause of OIC. It is currently approved and sold in the United States, European Union, Canada, Australia and other countries for the treatment of OIC in patients with advanced illness who are receiving palliative care, when response to laxative therapy has not been sufficient. Co is partnered with SLXP on Relistor.

8:05AM Alnylam Pharma presents new data from ALN-TTR Program; remain on track to report data from our Phase I trial (ALNY) 9.19 : "We are pleased with the progress we are making in our ALN-TTR program and remain on track to report data from our Phase I trial in the third quarter of this year. The new data presented at the Peripheral Nerve Society Meeting define blood levels of circulating transthyretin in ATTR patients and gene carriers, and are informative in our efforts to develop our RNAi therapeutic for this devastating disease," "In addition to progress in our ALN-TTR program, we remain on track in our other 'Alnylam 5x15(TM)' programs. Specifically, we expect to file our regulatory documents in the coming weeks to begin a Phase I trial with ALN-PCS for the treatment of severe hypercholesterolemia, and we remain on track to report human proof-of-concept data from the ALN-PCS program by year end."

8:04AM Spectrum Brands filed for offering of 1 mln shares of common stock and 5.5 mln shares of common stock held by Harbinger Capital Partners Master Fund I to the public (SPB) 32.98 :

8:04AM Sinovac Biotech commences Phase II clinical trial for EV71 vaccine (SVA) 3.14 : Co announces the commencement of the Phase II clinical trial for its proprietary inactivated EV71 vaccine against Hand, Foot and Mouth Disease. The safety observation results from the EV71 vaccine Phase I trial completed in May 2011 showing good safety and tolerance profiles for all three age groups (adult, children and infant groups) and the preliminary immunogenicity study results showed the vaccine can induce good immune responses. In phase II, there will be 540 healthy volunteers from 3 to 35 months old, separated in three age groups. Dosing with the first shot was started on schedule. It is anticipated to take 6 months to complete the phase II clinical trial.

8:03AM InterActiveCorp names Mike Sorabella as CEO of Shoebuy.com; effective immediately (IACI) 36.54 : Co announced that Mike Sorabella has been named CEO of Shoebuy.com. In this role, Mr. Sorabella is responsible for the strategic and operational oversight of all of the Shoebuy brands, including Bagsbuy.com and Outletsbuy.com. Mr. Sorabella served as the CFO for Shoebuy for six years. Mr. Sorabella succeeds Scott Savitz, the previous CEO of Shoebuy who is leaving after more than 12 years at Shoebuy.

8:03AM Pfizer files with the FDA for review of Axitinib for patients with advanced renal cell carcinoma (PFE) 20.17 : Co announced that the FDA has accepted Pfizer's filing for standard review of axitinib for patients with advanced renal cell carcinoma (RCC). This submission was based on Phase 3 data from the AXIS 1032 trial, comparing axitinib with sorafenib in patients with previously treated advanced RCC, which Pfizer recently presented at the 47th Annual Meeting of the American Society of Clinical Oncology.

8:03AM Westport Innovations signs agreement with General Motors to research advanced natural gas engine technology for light-duty vehicles (WPRT) 21.51 : Co announces that it has entered into an agreement with General Motors (GM) to help develop advanced natural gas engine technology. Both General Motors and Westport will develop natural gas engine controls, emissions and performance strategies. To support OEM programs, Westport plans to add research and development facilities to develop technologies that enable vehicles to run on natural gas for business and government fleets, and personal use.

8:02AM Axcelis Tech selected the Integra ES plasma dry strip system to support high-volume device manufacturing facilities (ACLS) 1.70 : The systems have started shipping this month to multiple fabs worldwide.

8:02AM NetApp announces intention to repurchase $200 mln of common stock under its previously announced share repurchase plan (NTAP) 50.42 : Co announces that it intends to repurchase an aggregate of $200 mln of its common stock under its preexisting stock repurchase program, beginning in July 2011. After the completion of this transaction, $900 mln will remain in the preexisting authorization. NetApp will, from time to time, purchase shares of common stock, subject to prevailing market conditions, in open market or privately negotiated transactions.

8:01AM Youku.com Premium officially launches deal with Warner Bros. (YOKU) 27.34 : Co officially launched its Youku Premium paid content platform today after signing a digital distribution agreement with CAV Warner Home Entertainment, Warner Bros. Home Entertainment Group's joint venture in China. Under the terms of the three-year agreement, Youku will add a total of 400 to 450 Warner Bros. New Releases and Catalog titles to its Youku Premium content library. Youku Premium launched in beta in October 2010. Since then, the service has processed 200,000 paid transactions for its library of more than 300 movies and 3,880 educational programs.

8:01AM McCormick enters agreement to acquire Kamis, Poland brand of spices, seasonings and mustards (MKC) 50.40 : Co announced that it has signed an agreement to purchase 100% of the shares of Kamis S.A. Kamis is a privately held company based in Poland with distribution into Russia and other parts of Central and Eastern Europe. The completion of the agreement is expected to occur by September 2011 subject to regulatory approval. McCormick has agreed to acquire the company for ~$291 mln. The addition of the Kamis business extends McCormick's strong presence in Western Europe into Poland and other markets in Central and Eastern Europe.

7:37AM On The Wires (WIRES) :

* EMCOR Group (EME) announced that its Trautman & Shreve subsidiary has been awarded a contract for the installation of mechanical and plumbing systems at the new headquarters for DaVita.
* Keyuan Petrochemicals (KEYP) announced that KEYP and Hangzhou Zhongce Rubber co have formally agreed to jointly develop commercial applications for Solution Polymerization Styrene Butadiene Rubber.
* Palatin Technologies (PTN) announced that enrollment of patients has commenced in Palatin's Phase 2b clinical trial evaluating the efficacy and safety of bremelanotide.
* Zix Corp (ZIXI) signed a three-year renewal agreement with Berkshire Bank.

7:33AM Echo Therapeutics (ECTE.OB) announced that its common shares have been approved for listing on the NASDAQ Capital Market (ECTE) 4.11 : Co expects its shares to begin trading on NASDAQ on Wednesday, June 29, 2011. Co will continue to trade under the ticker symbol "ECTE."

7:32AM AAR Corp awarded a task order from the U.S. Transportation Command to provide airlift support for U.S. Dept of Defense operations in Afghanistan (AIR) 26.25 : Co announces it has been awarded a task order from the U.S. Transportation Command to provide airlift support for U.S. Department of Defense operations in Afghanistan. The task order has an initial base period that runs through May 31, 2012 and three one-year renewal options with an estimated total value of $240 million. AAR was awarded all the work that it bid for this multi-year program.

7:31AM OM Group CFO to retire to pursue personal interests; retains Heidrick & Struggles to conduct national search (OMG) 39.14 : Co announces that Kenneth Haber, the company's chief financial officer, has informed the company of his decision to retire in order to pursue personal interests. OM Group has retained Heidrick & Struggles, the international executive search firm, to assist with the succession process.

7:30AM eFuture filed its annual report for the year ended Dec 31, 2010 on Form 20-F with the SEC on June 28, 2011 (EFUT) 3.40 :

7:11AM On The Wires (WIRES) :

* Xerox (XRX) and Medco Health Systems (MHS) announced a communication systems capability that allows people to choose how and when they want to receive and respond to their healthcare information - through traditional mail, a secure website, email or text message alerts.
* UPS (UPS) and Merck (MRK) announced that the cos have significantly broadened their existing distribution and logistics agreement to include aspects of Merck's global supply chain around the world. UPS currently manages the distribution, warehousing and transportation of Merck's medicines and vaccines in North America.
* WebMediaBrands (WEBM) now tracks rankings for mobile games and applications listed in Apple's app stores. The service is run through its Inside Network research division at AppData.com, and reveals rankings, gains, and losses for top free and paid applications running on Apple's iOS platform.
* TIBCO Software (TIBX) announced tibbr 3.0, a transformative upgrade to its enterprise social computing platform. First released in January 2011, tibbr empowers professionals to follow their relevant colleagues, systems, and subjects that drive their businesses.
* Pratt & Whitney, a United Technologies (UTX) co, has signed an exclusive maintenance services agreement with Jetstar Pacific Airlines to provide engine overhaul services on the airline's fleet of CFM56-3 engines.
* CEVA (CEVA) announced a partnership to offer a software-based GPS solution for the CEVA-XC communications processor.
* Rentrak (RENT) announced Relativity Media, a client of Rentrak's Box Office Essentials and OnDemand Essentials services, has expanded the relationship by signing a Digital Download Essentials contract to provide performance reporting for the studio's Internet Video-on-Demand and Electronic Sell-Through content.
* The NASDAQ OMX Group (NDAQ) and RTS Stock Exchange have reached a partnership agreement in which NDAQ will provide RTS with a suite of services to ensure compliance with RTS market data policies and best practices.

7:02AM Cynosure acquires aesthetic laser business of HOYA ConBio for $24 mln in cash (CYNO) 11.43 : Co announces it has acquired the assets of the aesthetic laser business of HOYA ConBio, a wholly owned subsidiary of Japan-based HOYA Corp, for $24.5 mln in cash. HOYA ConBio has an installed base of more than 3,200 aesthetic laser systems worldwide. For the fiscal year ended March 31, 2011, HOYA ConBio generated revenue of $23.9 mln from aesthetic applications, ~80% of which was derived from outside of the US. HOYA ConBio's aesthetic laser business has been profitable for the past two years.

6:38AM On The Wires (WIRES) :

* Acacia Research (ACTG) announced that a subsidiary has acquired patents for heart-lung machine technology.
* The Pep Boys (PBY) announced that it has acquired seven stores previously operated by My Mechanic, a trusted full-service automotive repair chain in the Houston area since 1989.
* Vail Resorts (MTN) names Kirsten Lynch as Chief Marketing Officer, effective July 5. She most recently held the position of CMO of Quaker Foods unit of Pepsi (PEP).
* National Technical Systems (NTSC) announced that it has completed a $14 mln private placement of debt and equity with Mill Road Capital. NTSC intends to use the net proceeds of the private placement to finance one or more future acquisitions.
* SeaChange International (SEAC) announced that it is providing a fully integrated solution of software in a managed environment, services and content to bring on-demand television to Melita, the Republic of Malta's leading television operator.

6:31AM Valassis completes refinancing of senior secured credit facility; will negatively impact Q2-2011 earnings per share by ~$0.07 (VCI) 28.86 : Valassis announced that it has completed the refinancing of its existing senior secured credit facility with a new $400 mln senior secured credit facility. The new facility consists of a $300 mln term loan and a $100 mln revolving line of credit, of which $50 mln was drawn at the closing. We used the proceeds of the new credit facility along with existing cash to repay and terminate the outstanding $462.2 mln in term loans and the $50 mln revolver, which was undrawn, and to pay related fees and expenses. A one-time, non-cash charge of ~$5.8 mln ($3.5 mln, net of tax), resulting from the write-off of unamortized fees related to the senior secured debt refinanced and termination of hedge accounting on the related interest rate swap.

6:06AM On The Wires (WIRES) :

* Akamai Technologies (AKAM) announced its formal expansion into five countries in Central and Eastern Europe- Czech Republic, Hungary, Poland, Romania and Slovakia.
* Level 3 Communications (LVLT) announced that it has added points-of-presence in Ljubljana, Slovenia and Zagreb, Croatia, giving customers in these areas a central point of secure and direct access to Level 3's highly scalable global network and a robust portfolio of IP-based communications solutions.
* NXP Semiconductors (NXPI) announced that its MIFARE Plus contactless IC has been chosen to power the Automatic Fare Collection system in St. Petersburg, Russia.
* NextGen Healthcare Information Systems, a wholly owned subsidiary of Quality Systems (QSII) announced that Northeast Valley Health and Community Health Center Network have selected NextGen technology to support their Meaningful Use and business growth initiatives.
* Tropos Networks and Itron (ITRI) announced that Avista (AVA) has selected their jointly developed Smart Grid solution as part of the $38 mln Smart Grid Demonstration Project in the city of Pullman, Washington, and the nearby community of Albion.
* STMicroelectronics (STM) introduced a new memory with a fast recording feature for storing important data during unexpected events.

5:55AM On The Wires (WIRES) :

* Exide Technologies (XIDE) announced its plans to make the necessary changes at its Salina manufacturing facility for the area around the facility to meet the new National Ambient Air Quality Standards for lead-in air before the statutory deadline of Dec. 31, 2016.
* Shanghai Institute of Ceramics, Chinese Academy of Sciences and Corning (GLW) announced the opening of a joint research facility on the Chinese mainland.
* Samson Oil & Gas (SSN) advises that the Rodney #1-14H has been turned to production following the successful fracture stimulation and completion. The work over rig was released on June 25th after all of the fracture isolation plugs were drilled out without incident.
* Akamai (AKAM) Technologies Hong Kong announced that 6waves is leveraging Akamai's Dynamic Site Delivery solutions.
* Pasteuria Bioscience has announced that it has entered into an exclusive global technology partnership with Syngenta (SYT). The agreement will allow for the development of innovative bio-nematicide products based on Pasteuria.
* Elster (ELT) announced that the co has acquired the gas chromatography assets, including sophisticated proprietary intellectual property, from SLS Micro Technology, a private company based in Hamburg, Germany.
* BOURBON announced the signing of a five-year marine charter agreement with CGGVeritas (CVG) for six new seismic support and assistance vessels that will be delivered at the end of 2012. Following a tender procedure, BOURBON has decided to build these vessels at Grandweld Shipyards in Dubai.
* Multicard a business unit of Identive Group (INVE), announced that it is partnering with the Dutch financial services company Rabobank and the Royal Dutch Hockey Federation to kick off the first consumer campaign promoting its Cashless Betalen mobile payment solution.
* Ocean Power Technologies (OPTT) announced that the first of its new generation utility-scale PowerBuoy device, the PB150, has delivered better-than-expected initial results from tests being conducted off the northeast coast of Scotland.

4:49AM VimpelCom appoints co-founder Auie Fabela as Chairman Emeritus (VIP) 12.98 :

4:47AM A/S Dam TORM ammends revolving credit facility; recieves bullet payment of $630 mln; facility raised to $900 mln (TRMD) 4.01 :

2:40AM Le Gaga reports Vice Chairman share purchases of 70K ADSs from Jun 23-27 (GAGA) 7.21 :

2:39AM Cellcom Israel controlling shareholder considering sale of up to 5% of co's capital (CEL) 28.18 : Co announces that Discount Investment Corp is considering selling up to 5% of the co's issued share capital. In connection with such possible sale, DIC has clarified that it is the controlling shareholder of the co and that sales of a few additional percentages of holdings in the co by DIC, if they occur in the foreseeable future, are not expected by themselves to change DIC's status as the co's controlling and large shareholder. DIC noted that if such sales are made, they will be publicly reported.

1:38AM Vista Gold provides initial results of ongoing Mt. Todd exploration and development drilling (VGZ) 2.82 : Co announces initial results of drilling completed at the Batman deposit during the 2010-11 program at the Mt. Todd gold project in Northern Territory, Australia. Co is undertaking a bankable feasibility study for the Mt. Todd gold project which it expects to complete late this year. In support of the BFS, the co started drilling at the Batman deposit in 2010 and the program is ongoing at the time of this announcement. Co states, "...the results extend the Batman deposit mineralization at depth and provide information on the deeper, higher grade portions of the core zone of the ore body. Additionally, the results show the mineralization on the eastern side of the deposit is more widespread than has been previously modeled. We expect these results to have a positive effect on the estimated gold resources and the potential waste stripping ratio."

1:34AM Sempra Energy appoints EVP Debra Reed as CEO (SRE) 52.26 : She succeeds Donald Felsinger, who will continue in the role of co's executive chairman until his planned retirement in late 2012.

1:32AM Ixia signs definitive agreement to purchase Veriwave; terms not disclosed, expected to be accretive with in one year (XXIA) 12.46 : Co announces it has signed a definitive agreement with VeriWave, a performance testing co for wireless LAN and Wi-Fi enabled smart devices, under which co will acquire VeriWave. The purchase price and other terms of the acquisition were not disclosed. Co expects to see accretive results from the acquisition within one year.

1:27AM PDC Energy proposes mergers to acquire additional partnerships (PETD) 29.14 : Co announces has entered into merger agreements pursuant to which it intends to acquire five limited partnerships for which co serves as the Managing General Partner, of which four were formed in 2003 and one was formed in 2002. If the proposed mergers are approved and other customary conditions to closing are satisfied, co will acquire all limited partnership units of the above-mentioned partnerships. Co estimates the total cost to consummate all five mergers will be ~$29.5 mln. The merger agreements provide for a one time aggregate upward price adjustment on the date one day prior to the filing of the definitive proxy statement in the event oil or natural gas commodity prices increase by certain net minimum amounts over the five-year oil and gas NYMEX prices as of March 31, 2011.

1:26AM SIGA Technologies to sell 1.7 mln courses of ST-246 to National Stockpile under modified BARDA contract (SIGA) 10.87 : CO announces that the Biomedical Advanced Research and Development Authority of the US Department of Health and Human Services has advised that the protest filed against the contract it awarded to SIGA for the sale of SIGA's smallpox antiviral ST-246 has been withdrawn following execution of a contract modification by BARDA. As a result, the stay on performance of the contract, originally awarded last month, has been lifted. The contract modification deletes the option for BARDA to purchase up to 12 mln courses of ST-246 beyond the 1.7 mln courses to be purchased under the base contract.

1:18AM Warner Music Group's acuistion and holding units announce cash tender offers and consent solicitations for certain series of debt securities (WMG) 8.22 : WMG Acquisition and WMG Holdings, each a wholly owned subsidiary of co announce that they have commenced tender offers to purchase for cash any and all of their respective outstanding debt securities including its 7-3/8% notes, 8-1/8% notes, 9.5% notes, all due 2014. In conjunction with each tender offer, WMG Acquisition and WMG Holdings are soliciting consents to the adoption of certain proposed amendments to each of the indentures governing the Notes to, among other things, eliminate substantially all of the restrictive covenants, certain events of default and other related provisions.
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