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Market Update: 110629
4:30 pm : Stocks scored their third straight advance today. The broad market is now up roughly 3% for the week.

An improved tone of trade this week has helped stocks win support in the face of ongoing protests in the streets of Athens, Greece. The social tumult continued today while the country's parliament passed a new austerity plan intended to shore up the Greece's finances. A vote on the implementation of the plan is expected tomorrow. The austerity plan's acceptance by Greece's parliament wasn't a surprise. It was actually followed with a mild sell-the-news type of response before stocks stabilized and began to make an upward push.

Some afternoon selling threatened to slash the stock market's gain, but leadership from the financial sector helped drive a broader rebound. Although the sector had already been outperforming, Visa (V 86.57, +11.29) and MasterCard (MA 309.70, +31.47) emerged late in the session to help take financials a leg higher. Their surge came in response to the final rule on the Durbin Amendment, which saw its interchange cap increased by the Fed. Financials ended the day with a 2.2% gain.

Monsanto (MON 70.26, +3.36) was also a strong performer this session. The stock's upside earnings surprise and guidance helped drive basic materials stocks to a collective gain of 1.5%.

The latest quarterly report from General Mills (GIS 37.38, +0.17) was more lackluster. It featured in-line earnings and downside guidance. However, the company increased its quarterly dividend by 9% to $0.305 per share.

Commodities also performed well this session. Buying was bolstered by a weaker dollar, which was hampered amid an improved view of the goings on in Greece. Among precious metals, gold gained 0.7% to close at $1510.60 per ounce. Silver surged 3.5% to settle at $34.80 per ounce. As for oil, it advanced 2% to $94.77 per barrel with help from some bullish inventory data. Oil had been as high as $95.84 per barrel, which marked a 10-session best.

Treasuries were trampled again. Their weakness was mostly owed to favor for the relative risk of equities, but another display of dismal demand at the latest Treasury auction also drove selling. The auction of 7-year Notes drew a bid-to-cover ratio of 2.62, dollar demand of $76.0 billion, and an indirect bidder participation rate of 32.2%. Each statistic was well below the six-auction average.

Data was limited to the latest pending home sales report. Although pending home sales increased by 8.2% in May, rather than decline by 0.6% as had been expected among economists surveyed by Briefing.com, there wasn't much of a response to the report.

Advancing Sectors: Financials +2.1%, Materials +1.5%, Energy +1.1%, Tech +0.8%, Telecom +0.6%, Industrials +0.5%, Utilities +0.4%, Consumer Discretionary +0.4%, Consumer Staples +0.4%, Health Care +0.1%
Declining Sectors: (None)DJ30 +72.73 NASDAQ +11.18 NQ100 +0.4% R2K +0.3% SP400 +0.8% SP500 +10.74 NASDAQ Adv/Vol/Dec 1271/1.81 bln/1089 NYSE Adv/Vol/Dec 2092/912 mln/905

3:30 pm : Focus in the commodities markets was largely based around this morning's austerity vote in Greece, which passed. The anticipation of that the vote passing sent the euro higher and the dollar lower, which boded well for commodities like gold, silver and crude oil... Metals: August gold rallied for 0.7% to close at $1510.60 per ounce, while July silver surged 3.5% to end at $34.80 per ounce. Gold rallied to its session highs at $1513.80 in late morning trade, but pulled back from those levels into the close. Silver traded to its session highs, at $34.91, in afternoon trade and also pulled back heading into the close.

Weakness in the dollar, coupled with bullish inventory data, sent August crude oil, which settled higher by 2% to $94.77 per barrel, to its highest levels in 10 sessions at $95.84. Futures did pullback below the $95 level heading into the close of pit trade. August natural gas finished lower by 0.9% to $4.32. DJ30 +74.85 NASDAQ +11.17 SP500 +10.26 NASDAQ Adv/Vol/Dec 1242/1.4 bln/1125 NYSE Adv/Vol/Dec 2084/624.9 mln/905

3:00 pm : Stocks have stabilized since their recent retreat. The backslide stopped when the Nasdaq ran into the neutral line.

Share volume remains light ahead of the long weekend. The lack of participation is mostly attributable to the thinning of trading desks ahead of July 4, Independence Day. DJ30 +67.92 NASDAQ +6.47 SP500 +8.75 NASDAQ Adv/Vol/Dec 1150/1.23 bln/1200 NYSE Adv/Vol/Dec 2024/535 mln/959

2:30 pm : Selling pressure has begun to accelerate. The slide has already taken the Nasdaq back to the neutral line. The Dow and S&P 500 are still in positive territory, but at their lowest levels since this morning.

No single catalyst or headline is responsible for the sudden bout of selling. Instead, pressure has come as some participants opt to take profits after they watched the stock market struggle to extend its advance in afternoon action. At its session high, the stock market was sporting a week-to-date gain of about 3%. DJ30 +46.96 NASDAQ +1.70 SP500 +6.58 NASDAQ Adv/Vol/Dec 1067/1.13 bln/1265 NYSE Adv/Vol/Dec 1957/487 mln/1020

2:00 pm : The stock market has slipped off of its session high. Still, overall gains remain strong as financials (+1.6%), energy (+1.3%), and materials Stocks (+1.7%) continue to provide considerable support.

Even though the tone of broad market trade remains upbeat, there are a few issues that have fallen sharply out of favor. Among them, KB Home (KBH 10.16, -1.76) is down about 15% in response to disappointing earnings for the latest quarter. A better-than-expected pending home sales report this morning has done nothing to stem the stock's slide.

Family Dollar (FDO 53.85, +0.83) also reported earnings results that came short of Wall Street's consensus estimate, but the stock has managed to rally back from its opening gap down. DJ30 +67.92 NASDAQ +12.63 SP500 +9.62 NASDAQ Adv/Vol/Dec 1239/1.01 bln/1084 NYSE Adv/Vol/Dec 2125/440 mln/837

1:30 pm : Treasuries have retreated deeper into the red following results from an auction of 7-year Notes. The auction drew a bid-to-cover ratio of 2.62, dollar demand of $76.0 billion, and an indirect bidder participation rate of 32.2%. For comparison, the prior auction produced a bid-to-cover of 3.24, dollar demand of $94.0 billion, and had an indirect bidder participation rate of 47.6%. An average of the past six auctions results in a bid-to-cover of 2.87, dollar demand of $83.3 billion, and an indirect bidder participation rate of 50.3%.DJ30 +80.33 NASDAQ +14.04 SP500 +10.87 NASDAQ Adv/Vol/Dec 1287/935 mln/1030 NYSE Adv/Vol/Dec 2145/405 mln/809

1:00 pm : Stocks are up solidly for the third straight session. The latest leg has come amid leadership from financials and natural resource plays.

News that Greece's parliament passed new austerity measures came as little surprise to early morning participants. In fact, the headline even stirred some selling interest that caused stocks to stumble during the first hour of the session.

Financials were quick to offer the broader market leadership, though. The sector, which had lagged in the prior session, almost immediately shot up to a 1% gain. It has since extended that move so that it sports a 1.8% gain.

Energy stocks and materials issues were a bit slower to gain traction. However, energy stocks have since ascended to a 1.6% gain with help from higher oil prices after a bullish inventory report -- oil was last quoted at $95.45 per barrel for a 2.7% gain. As for materials plays, the sector has been led by agricultural chemical play Monsanto (MON 69.82, +2.92), which posted this morning an upside earnings surprise and forecast.

Tech has had a hard time attracting meaningful support this session. The sector is currently up only 0.3%, partly hampered by mixed interest in large-cap tech issues.

The dollar has remained in the red for the entire session, despite some relief shortly after Greece's austerity plan was approved. Shortly thereafter, though, the dollar drifted lower so that it now trails a collection of competing currencies by 0.4%. This week, the dollar is down more than 1% against that basket.

Treasuries also continue to encounter selling pressure. In turn, the yield on the benchmark 10-year Note is back near 3.10%, which puts the yield in line with its two-week high. Results from an auction of 7-year Notes are due at any moment. DJ30 +76.93 NASDAQ +13.48 SP500 +10.57 NASDAQ Adv/Vol/Dec 1253/855 mln/1042 NYSE Adv/Vol/Dec 2141/370 mln/787

12:30 pm : Strength among stocks has kept pressure on Treasuries. In fact, a half-point drop by the benchmark 10-year Note has its yield up to 3.10% for the first time in more than 10 days.

Treasuries remain in focus ahead of results from an auction of 7-year Notes at the top of the hour. Expectations for the auction are low, given the anemic demand exhibited at the 2-year Note auction and the 5-year Note auction earlier this week. DJ30 +70.46 NASDAQ +13.18 SP500 +10.38 NASDAQ Adv/Vol/Dec 1227/770 mln/1051 NYSE Adv/Vol/Dec 2167/335 mln/758

12:00 pm : Stocks set session highs about 30 minutes ago, but they have since drifted off of that mark. Still, overall gains remain solid.

Tech stocks are having a relatively difficult time pushing higher this session. Although up 0.3%, the tech sector has spent most of the day lagging the broad market. Tech's relative weakness comes as heavyweights like Microsoft (MSFT 25.65, -0.15) succumb to selling pressure. Mixed interest in tech issues has also caused the Nasdaq to trail its counterparts. DJ30 +74.09 NASDAQ +11.92 SP500 +10.51 NASDAQ Adv/Vol/Dec 1166/680 mln/1082 NYSE Adv/Vol/Dec 2146/295 mln/764

11:30 am : Stocks have extended their recent rebound to a new session high. That has the major market averages on track for their third straight gain. Moreover, gains this week have the stock market at its best level since the beginning of the month.

The stock market's move to a session high has coincided with a downturn by the dollar. The greenback had slashed its morning loss to trade just below the flat line, but renewed selling pressure against the currency has left the dollar to trail a basket of major foreign currencies by 0.5%. DJ30 +71.56 NASDAQ +11.86 SP500 +10.66 NASDAQ Adv/Vol/Dec 1150/565 mln/1078 NYSE Adv/Vol/Dec 2144/250 mln/717

11:00 am : Oil prices have extended their rally to $94.65 per barrel, which makes for a 1.9% gain and a fresh session high. That has helped stir interest in shares of oil drillers and services plays like Schlumberger (SLB 85.83, +1.48) and Halliburton (HAL 50.04, +1.35%). Their collective strength has helped the energy sector push up to a 1.2% gain.

Overall, materials stocks are in the strongest shape, though. The sector's 1.6% gain has been led by agricultural chemical play Monsanto (MON 69.42, +2.52), which posted this morning an upside earnings surprise and forecast. DJ30 +41.62 NASDAQ +7.65 SP500 +6.73 NASDAQ Adv/Vol/Dec 1149/400 mln/1013 NYSE Adv/Vol/Dec 1974/190 mln/830

10:35 am : Oil prices had pulled back from early morning levels, but they recently made an upward push to new session highs near $94.30 per barrel following the release of the latest crude oil inventory data. Crude oil inventories for the week ended June 24 had a draw of 4.38 million barrels, which is far greater than the draw of 1.5 million barrels that had been expected.

Natural gas prices have come under increased pressure since the open of pit trade. The energy component was last quoted with a 1.0% loss at $4.33 per MMBtu.

As for gold, the yellow metal had been up above $1510 per ounce earlier this morning, but it has since eased back to $1506 per ounce, which gives it a 0.4% gain. Silver has also surrendered part of its morning gain. In turn, the precious metal now trades with a 1.5% gain at $34.15 per ounce after it set a one-week high above $34.40 per ounce earlier this morning. DJ30 +23.69 NASDAQ +3.19 SP500 +5.29 NASDAQ Adv/Vol/Dec 1049/325 mln/1075 NYSE Adv/Vol/Dec 1923/155 mln/860

10:00 am : Stocks have spent the first 30 minutes of trade grinding lower. Participants are now taking into consideration news that pending home sales for May improved 8.2% month over month. The consensus among economists polled by Briefing.com had actually called for a 0.6% slip.

Meanwhile, the dollar has been working to cut its loss. The effort has taken the Dollar Index up from its morning low so that it is now down 0.1%. DJ30 -5.38 NASDAQ -6.08 SP500 +1.59 NASDAQ Adv/Vol/Dec 823/145 mln/1219 NYSE Adv/Vol/Dec 1525/80 mln/1163

09:45 am : The tone of trade ahead of the open had been mostly upbeat, but a sell-the-news type of response has followed news that Greece passed a five-year austerity plan. A vote on the implementation of the plan is expected tomorrow.

Financials are showing strength this morning, though. The sector had lagged last session, but it is already up 0.9% today. Diversified finanical services plays like JPMorgan Chase (JPM 40.11, +0.57) and Bank of America (BAC 11.08, +0.26) are early leaders in the space. DJ30 +25.54 NASDAQ -0.66 SP500 +4.18 NASDAQ Adv/Dec 923/1047 NYSE Adv/Dec 1836/821

09:15 am : S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +4.40. Domestic stock futures have drifted lower, but the EuroStoxx 50 is near its session high with a 1.5% gain. Buying interest began ahead of Greece's vote for new austerity measures, which just won approval in parliament. A vote on the implementation of the package is expected tomorrow. The euro has surrendered some of its morning gain, but is still up 0.3% against the greenback. Given the importance of developments in Greece, little attention has been paid to news that the eurozone Business Climate Indicator slipped in June to 0.92 from 0.99 in May. Germany's DAX is currently up 1.8%. Not one of its components is in the red. Adidas is a top performer for the second straight session. France's CAC has climbed to a 2.0% gain in an extension of its prior session rally. All 40 components are in positive territory, but Technip SA is a top performer. Danone is the only name that has failed to gain more than 1%. According to reports, France's first quarter GDP was revised downward to reflect growth of 0.9%. The United Kingdom had announced a downward revision to its first quarter GDP earlier this week. Trade today in Britain has taken the FTSE up 1.4%. Banking plays Barclays (BCS), Lloyds Group (LYG), and Standard Chartered are leaders again. Marks & Spencer and Kingfisher Plc are laggards.

Action in Asia saw Japan's Nikkei advance 1.5%. About 95% of the Nikkei's components staged gains, but Shinsei Bank was a primary leader. CSK also showed strength. The country's industrial production for May fell 5.9% year over year. That was less severe than the 13.6% year-over-year drop that had been experienced for the same period one year ago. Hong Kong's Hang Seng finished flat. Weakness among financials mired action there. Mainland China's Shanghai Composite closed 1.1% lower. Reports suggest that weakness came in response to claim from one of China's advisors that the country faces chronic inflation.

08:35 am : S&P futures vs fair value: +8.90. Nasdaq futures vs fair value: +11.20. Oil prices are up to their best levels of the week. Still ahead of pit trade's open, oil was recently quoted at about $94.15 per barrel, which makes for a 1.4% gain. Natural gas prices are lower this morning, though. The energy component was last priced with a 0.2% loss at $4.37 per MMBtu. As for precious metals, gold prices are up 0.6% to $1509.60 per ounce, which makes for a 0.6% gain. Earlier this morning gold prices had probed $1511 per ounce, which marked a weekly high. Silver was last quoted at a weekly high of about $34.40 per ounce. It currently trades just off of that mark with a 2.2% gain. A weaker dollar is in the backdrop. So far this morning, the dollar has fallen 0.4% against a collection of competing currencies. For the week, the greenback has given up 1.2% against that basket.

08:05 am : S&P futures vs fair value: +9.30. Nasdaq futures vs fair value: +13.00. The positive tone seen in each of the past two sessions persists this morning. The change in sentiment from last week's slide precedes a vote by Greece's parliament on a new set of austerity measures, which are widely expected to be adopted. The euro also continues to gain ground against the greenback. This morning the euro is up 0.5% to $1.442, or up 1.6% week to date. News flow from the corporate realm remains relatively sluggish in that no truly market moving announcements have been made recently. As for data, the latest tally of pending home sales is expected to be posted at 10:00 AM ET. Weekly oil inventory data are slated for 10:30 AM ET. Results from an auction of 7-year Notes are scheduled to be released at 1:00 PM ET.

06:32 am : [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +8.00.

06:32 am : Nikkei...9797.26...+148.30...+1.50%. Hang Seng...22061.18...-0.60...0.00.

06:32 am : FTSE...5831.72...+64.80...+1.10%. DAX...7277.61...+107.20...+1.50%.


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


6:16PM Carver Bancorp raises $55 mln in new equity capital from institutional investors (CARV) 0.55 -0.01 : Carver Bancorp (CARV), the holding co for Carver Federal Savings Bank, announced that it has completed a capital raise with seven institutional investors who have each purchased shares of mandatorily convertible non-voting participating preferred stock ("Series C Preferred Stock") for an aggregate of $55 mln in cash. The new capital exceeds regulatory capital requirements set by the Office of Thrift Supervision. The investors and their share purchase amounts are as follows: The Goldman Sachs Grou, $15 mln; Morgan Stanley, $15 mln; Citigroup, $10 mln; The Prudential Insurance Co of America, $10 mln; American Express Co, $2 mln; First Republic Bank, $2 mln; and National Community Investment Fund, $1 mln.

5:38PM Orion Energy Systems receives SEC confirmation of sales-type lease accounting treatment of Orion throughput agreements; expects to file restated FY10 and FY11 financial statements by mid-July (OESX) 3.74 +0.01 : Co announced that the Office of the Chief Accountant of the Securities and Exchange Commission did not object to the Company's conclusion, supported by its independent registered public accounting firm and a third-party independent accounting firm, that generally accepted accounting principles ("GAAP") require the Company to account for transactions under its historical Orion Throughput Agreements ("OTAs") as sales-type capital leases instead of the Company's current accounting treatment of such transactions as operating leases. Generally, as previously announced, this change in accounting treatment and the related financial statement restatements are expected to result in: No impact to cash, cash equivalents, short-term investments or overall cash flow; An increase in GAAP revenue for the full fiscal years 2011 and 2010; An increase in GAAP net income and earnings per share for the full fiscal year 2011 and a reduction in GAAP net loss and loss per share for the full fiscal year 2010; An increase in current and total assets and an increase in total shareholders' equity for fiscal year 2010 and an increase in total shareholders' equity and a decrease in total assets and current liabilities for fiscal year 2011; An increase in GAAP revenue, GAAP net income and earnings per share for the first three quarters of each of fiscal years 2011 and 2010 and a decrease in GAAP revenue, GAAP net income and earnings per share for the last quarter of each of fiscal years 2011 and 2010.

5:38PM LendingTree weekly mortgage rate pulse reports dip in loan rates (TREE) 5.27 +0.15 : Average mortgage rates rose slightly after declining for several weeks according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network. On June 28, average home loan rates offered by LendingTree network lenders were 4.69% (4.93% APR) for 30-year fixed mortgages, 3.93% (4.29% APR) for 15-year fixed mortgages and 3.39% (3.56% APR) for 5/1 adjustable rate mortgages (ARM). Rates for both 30-year and 15-year mortgages fell slightly week over week.

5:36PM China Jo-Jo Drugstores reports Q4 EPS of $0.18 vs. $0.39 in last year's qtr; revs rise 29.0% to $21.0 mln (CJJD) 2.02 +0.14 :

5:16PM Syntroleum announces proposed public offering of common stock and warrants (SYNM) 1.98 -0.01 : Co announced that it intends to offer and sell shares of its common stock and warrants to purchase shares of its common stock in an underwritten public offering. All of the securities in the offering are to be sold by SYNM. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. JMP Securities LLC is acting as book-running manger and underwriter for the proposed offering. SYNM intends to grant the underwriter a 30-day option to purchase additional shares and warrants to cover over allotments, if any.

5:13PM Vimicro postpones 2010Q4 earnings call by one day to June 30 (VIMC) 2.40 +0.01 :

5:12PM Callaway Golf is trading about 5.4% lower after hours at $5.99 after issuing prelim Q2 revs well below consensus (see 16:49 comment) (ELY) 6.33 -0.01 :

4:49PM Callaway Golf announces prelim Q2 revs of ~$270 mln vs. $307.1 mln Capital IQ Consensus; names interim CEO (ELY) 6.33 -0.01 : Co issues downside guidance. Co announced the appointment of Anthony S. "Tony" Thornley as Interim President and Chief Executive Officer, filling a vacancy created by George Fellows, who resigned for personal reasons. The co also announced preliminary results for Q2 of 2011, as well as organizational changes that are expected to improve operational effectiveness and reduce costs. Thornley who joined the Board of Callaway Golf in 2004, served from 2002 to 2005 as President and Chief Operating Officer of Qualcomm. Co expects a net loss of ~$55 mln for Q2, including $48 mln of noncash charges. These noncash charges include a valuation allowance of ~$46 mln related to the co's U.S. deferred tax assets (Consensus is at $18.5 mln or $0.24/share). The co's U.S. business, which has been adversely affected by the recent economic downturn and continued investment in the final phase of the co's global operations strategy, has not yet returned to profitability. As a result, U.S. accounting rules require that the co establish the valuation allowance. The co expects to be able to reverse the allowance in future periods as the co's U.S. business returns to profitability. The net loss for the quarter also includes charges of ~$8 mln related to the organizational changes and ~$4 mln related to the co's global operations strategy. As part of its reorganization, the co expects to reduce headcount at all levels of the organization. The co said it expects its organizational changes and reevaluation of business processes and priorities to deliver annualized pre-tax savings of ~$50 mln, a portion of which will benefit 2011. Pre-tax charges associated with these actions, including severance expenses, are currently estimated to be ~$20 mln for 2011, including the $8 mln recognized in the second quarter.

4:47PM Greatbatch amends revolving credit facility (GB) 26.64 -0.34 : Co announced that it has amended its revolving credit facility, which was set to expire in May of 2012. The new credit facility extends the maturity date to June of 2016 and increases the amount of credit available to $400 million from the $235 mln under the old credit facility. Additionally, the amended terms allow for the repayment of the Co's $198 mln of 21/4% Convertible Subordinated Debentures due in June 2013 as well as other corporate investments.

4:41PM TransGlobe Energy acquires operated interest in the South Alamein concession agreement in Egypt for $3 mln all-cash deal (TGA) 11.20 +0.21 : Co announces the signing of a Sale and Purchase Agreement ("SPA") to acquire a 50% operated working interest in the South Alamein Concession in the Arab Republic of Egypt ("Egypt") from Cepsa Egypt SA B.V. ("Cepsa Egypt"), a wholly owned subsidiary of COMPANIA ESPANOLA DE PETROLEOS, S.A. (of Spain) subject to the approval of the Egyptian Government and customary closing conditions.

4:36PM Renasant to acquire RBC Bank (USA)'s Birmingham-based trust unit (RNST) 14.45 -0.15 : Co announced that its wholly-owned subsidiary, Renasant Bank, a $4.2 billion financial institution, has entered into a definitive agreement to acquire the Birmingham, Alabama based trust department of RBC Bank (USA) ("RBC Bank"), which services clients in Alabama and Georgia. The acquisition by Renasant will not affect the separate trust operations of RBC Wealth Management in the US or RBC Trust Company (Delaware) Limited ("RBC Trust").

4:36PM SolarWinds reports U.S. Army grants SolarWinds products certificate of Networthiness, NIAP lists SolarWinds products as "in evaluation" for common criteria (SWI) 25.97 +0.34 : Co announced that the U.S. Army Network Enterprise Technology Command has authorized the use and purchase of SolarWinds' products with its Certificate of Networthiness. In addition, SolarWinds' portfolio of network, application and server management products are officially listed as "In Evaluation" by the National Information Assurance Partnership for conformance to the Common Criteria Evaluation Assurance Level 2.

4:32PM USANA sees Q2 EPS of at least $0.85 vs $0.71 Capital IQ Consensus Estimate; revs to exceed $147 mln vs $134.92 mln Capital IQ Consensus Estimate (USNA) 28.99 +0.44 : Earnings per share for the period will benefit by approximately $0.06 due to the recapture of unvested equity compensation expense related to the departure of certain executives from the Company. The Company plans to release final results for the second quarter, as well as update its annual financial guidance, after market close on July 26th. "Our senior management transition announced on May 10, 2011 was smoothly and successfully implemented during the quarter... After considering input from our Associate leaders, Deborah Woo, our new President of Asia Pacific, recommended a revised approach to our integration strategy for BabyCare in China. We implemented our new strategy mid-quarter and believe this revised approach contributed to our results for the quarter."

4:31PM USANA guides Q2 above consensus (USNA) :

4:30PM Horsehead Holding completes new hedging transactions (ZINC) 12.72 +0.18 : The new hedges are structured as a "cashless collar," which will provide Horsehead a minimum zinc price of $0.85/lb and a maximum zinc price of $1.20/lb for no cash out of pocket. These hedges cover approximately 8,800 tons per month, which makes up approximately 75% of the Company's expected shipments for the period of January 2012 through June 2013. These hedges have been put in place to help support the Company's liquidity needs during the construction of the previously announced state-of-the-art, sustainable zinc plant and to help support the Company's growth objectives.

4:30PM West Bancorp announces that it has redeemed all $36 mln of the preferred stock it sold to the United States Treasury on December 31, 2008, under TARP (WTBA) 8.52 -0.06 :

4:30PM CONSOL Energy Finalizes Closing of Mine 84, Continuing Trend of Resource Allocation to More Profitable Coal and Marcellus Shale Activities (CNX) 48.02 +0.07 : As a result of the closure, co will incur a pre-tax charge of $116 mln. Co estimates that $111 mln will be non-cash; $5 mlnof the charge will result in future cash expenditures. Co anticipates the closure will result in a pre-tax cash savings of approximately $18 mlnannually. This is a key component of the co's ongoing efforts to reallocate resources into more profitable coal operations and Marcellus shale drilling activities. In the future, co will re-assess the opportunities to access the metallurgical reserves in the Mine 84 area.

4:25PM PennantPark Floating Rate Capital Ltd. enters into $100 mln five-year credit facility (PFLT) 12.73 +0.33 : Co has established an initial $100 mln senior secured revolving credit facility (the "Credit Facility") through PennantPark Floating Rate Funding I, LLC ("Funding I"), as borrower and a wholly owned subsidiary of the co , with SunTrust Robinson Humphrey, Inc. ("STRH") acting as administrative agent and through Three Pillars Funding LLC, an asset-backed commercial paper conduit administered by STRH. The Credit Facility contains an accordion feature whereby it can be expanded to $600 mln.

4:24PM El Paso Pipeline Partners completes acquisition from El Paso (EP); management intends to recommend distribution increase (EPB) 34.47 +0.02 : Management intends to recommend to the Board of Directors of the general partner an increase in the quarterly cash distribution to $0.48 per unit, or $1.92 per unit on an annualized basis, beginning with the second quarter 2011 distribution, which will be declared and paid in the third quarter 2011. This would represent an increase of 4 percent from the first quarter 2011 distribution of $0.46 per unit and an increase of 20 percent above the partnership's second quarter 2010 distribution of $0.40 per unit.

4:21PM Destination Maternity announced its planned expansion into South Korea (DEST) 19.64 +0.15 : Under the multi-year franchise agreement for South Korea, Destination Maternity has granted to Agabang & Company the exclusive rights to operate branded retail locations and market merchandise under the Company's Motherhood Maternity, A Pea in the Pod, and Destination Maternity brands in South Korea. Agabang & Company will exclusively purchase maternity and nursing apparel merchandise from Destination Maternity or suppliers designated by Destination Maternity. Additional terms of the agreement were not disclosed.

4:20PM La-Z-Boy promotes Mark Bacon from Chief Retail Officer to Senior VP and President of the La-Z-Boy Branded Business and Doug Collier, Chief Marketing Officer, to additional role of President of International (LZB) 9.72 -0.06 :

4:20PM Franklin Covey Company reports Q3 in-line (FC) 9.44 -0.09 : Reports Q3 (May) earnings of $0.04 per share, in-line with the Capital IQ Consensus Estimate of $0.04; revenues rose 34% year/year to $40.9 mln vs the $36.4 mln consensus.

4:17PM Fiserv Agrees to acquire CashEdg for $465 mln; Co expects that the transaction will be neutral to adjusted EPS in 2011 and accretive to adjusted EPS in 2012 (FISV) 61.81 +0.13 :

4:16PM Aeterna Zentaris announced at-the-market issuance program to sell up to 9.5 mln shares (AEZS) 2.21 +0.01 : Co announced that it has entered into an "At-the-Market" Sales Agreement, dated June 29, 2011, with McNicoll, Lewis & Vlak LLC, under which the Company may, at its discretion, from time to time during the 24-month term of the agreement, sell up to a maximum of 9,500,000 of its common shares through ATM issuances on the NASDAQ Stock Market.

4:14PM CA Tech to acquire privately-held ITKO for $330 mln in cash (CA) 22.63 : Co announced a definitive agreement to acquire privately-held Interactive TKO, a leading provider of service simulation solutions for developing applications in composite and cloud environments, for $330 mln in an all-cash transaction. CA Technologies acquisition of ITKO will add a new and critical dimension to modern IT management and extend it to encompass the entire service delivery lifecycle.

4:11PM Vasomedical: Pink Sheet receives FDA 501 (k) Clearance on two new devices (VASO) 0.44 +0.01 : Co announced its receipt of U.S. FDA 510(k) clearance to market its Vasomedical-BIOX Model 2302 Combined 12-Channel ECG Holter/Ambulatory Blood Pressure Monitor and Model 1804 Ambulatory Blood Pressure Monitor. These new models complement the Company's already cleared Model 1305 3-Channel ECG Holter Monitor and Model 2301 Combined 3-Channel ECG Holter/Ambulatory Blood Pressure Monitor, and significantly expand its offering of BIOX series ambulatory patient monitoring products in the U.S. market under its exclusive North American Distributorship Agreement with BIOX Instruments Co., Ltd. based in Wuxi, China.

4:11PM Worthington increases quarterly dividend to $0.12/share, prior $0.10/share; authorized repurchase of additional 10 mln outstanding common shares (WOR) 21.03 +0.20 :

4:10PM Teekay Shipping signed MOU with A2SEA A/S to jointly develop an innovative vessel design for the installation of offshore wind foundations (TK) 31.08 +1.08 : The MOU encompasses the key terms of cooperation between Teekay and A2SEA for the design, delivery and operation of floating transportation and installation vessels for offshore windfarm foundations for deepwater locations and harsh weather conditions, and which meet the requirements of expected future offshore windfarm foundation concepts, such as tripods and jackets.

4:09PM Tanger Factory announces sale of 4 mln common shares (SKT) 26.32 +0.22 : Co announced the sale of 4 mln common shares to Jefferies & Company, Inc. as the sole underwriter in an underwritten public offering pursuant to its effective shelf registration statement previously filed with the Securities and Exchange Commission. The co intends to use the net proceeds of this offering to pay down amounts outstanding under the company's senior unsecured lines of credit and for general corporate purposes.

4:08PM Lakeland Industries closes on $6.5 million increase in bank revolver; Extended to June 2014 (LAKE) 8.71 +0.13 : Co has closed on a $6.5 mln Secured Revolving Line of Credit. This line of credit along with a previously established facility with TD Bank for $23.5 mln combines for a new $30 mln revolving line of credit. The expanded credit provides Lakeland with a favorable increase in its terms that allows up to $6.5 mln to be used to fund capital expansion in Brazil, Mexico, and Argentina, as well as the ability to refinance existing debt in Canada. Co will have the option of converting such term loans to a fixed rate of interest. The term of the entire revolver ends June 30, 2014, providing an extension of 17 months for the previously established facility of $23.5 mln, which had remaining availability of $7.3 mln as of April 30, 2011.

4:07PM Advanced Photonix, Inc. beats by $0.01, beats on revs (API) 1.53 -0.01 : Reports Q4 (Mar) earnings of $0.01 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of ($0.00); revenues rose 53.4% year/year to $7.9 mln vs the $7.8 mln consensus.

4:05PM SemGroup announces plan to contribute SemCrude assets to master limited partnership (SEMG) 26.21 -0.09 : Co announces that it intends to file a registration statement for an initial public offering of common units of a master limited partnership (the "MLP") that will be formed to acquire certain assets from its SemCrude division. The initial public offering is expected to be completed no earlier than the fourth quarter of 2011. The assets to be initially contributed to the MLP are expected to include SemCrude's crude oil storage terminal in Cushing, Oklahoma, its gathering and transportation system in Kansas and Oklahoma, its Bakken Shale operations and its Platteville, Colorado crude oil unloading facility. SemGroup will own the MLP's general partner, all of the incentive distribution rights and a majority limited partner interest in the MLP. SemGroup will retain SemCrude's 51% interest in the White Cliffs Pipeline.

4:05PM Crocs announces Chairman has retired and Thomas Smach has been appointed (CROX) 25.65 -0.20 : Co announced that Richard Sharp, chairman of the board of directors, has retired from his position and from Crocs' board of directors, following a leave of absence in December 2010. Thomas Smach has been appointed chairman of the board, effective immediately. Doreen Wright has been appointed to the board, also with immediate effect.

4:03PM Penn Millers Hldg sees Q2 pre-tax catastrophe losses, net of reinsurance, of ~$6.7 mln (PMIC) 17.08 -0.02 : The majority of the losses arose from multiple devastating tornadoes, wind storms and hail storms, mostly in the Midwest and Southeast that affected insureds primarily in the Company's Agribusiness segment. Co typically experiences the highest level of weather-related loss activity in the second quarter of the year. The catastrophe losses in the second quarter of 2011 are estimated to add about 39 loss ratio points for the quarter and will cause the Company to incur a loss from operations for the same period.

4:02PM Team Health Holdings announces $575 mln refinancing of credit facility (TMH) 22.31 -0.29 : The new senior credit facility includes a five-year revolving line of credit of $175 mln, which will be undrawn at the close, a five-year Term Loan A of $150 mln, and a seven-year Term Loan B of $250 mln. The interest rate on any outstanding amounts under the revolver and Term Loan A will be priced off a grid based upon the co's first lien net leverage ratio and will initially be LIBOR + 225 bps.

4:02PM Gap plans to open its first Gap store in Egypt this July and its first Gap and Banana Republic stores in Morocco this October (GPS) 17.96 +0.03 : As part of an existing franchise agreement with The Fawaz Al Hokair Group, Gap will open its first Egyptian store in the Mall of Arabia in the capital city of Cairo. Co has signed a new franchise agreement with the Aksal Group to open its first Gap and Banana Republic stores in Casablanca, Morocco.

4:01PM Hersha Hospitality Trust announces agreement to acquire 175-room Hyatt Hotel (H) in Union Square, New York City (HT) 5.66 +0.11 : Co announced that the co has entered into a purchase and sale agreement to acquire the 175-room Hyatt Union Square hotel in New York City for total consideration of $104.1 mln, or ~$595K per key. The transaction is expected to close shortly after the seller completes the hotel's construction.

4:00PM CACI Intl raises 2011 Earnings Guidance (CACI) 63.03 +0.39 : Co sees FY11 Revenue in the range of $3.50-3.63 bln, Capital IQ consensus $3.57 bln (prior guidance $3.5-3.6 bln). Sees EPS in the range of $4.25-4.40 (prior $4.15-4.30), consensus $4.28. For FY12, expect revenue to be between $3.75-3.95 bln, consensus $3.83 bln, an increase of 6 to 11 percent above the midpoint of FY11 revenue guidance. Expect net income to be between $144 million and $150 million, an increase of 6-11%t above the midpoint of revised FY11 net income guidance. Expect that diluted earnings per share (EPS) will be between $4.60-4.80, an increase of 6-11% from the midpoint of revised FY11 diluted earnings per share guidance, consensus $4.52.

3:48PM Earnings Calendar (SUMRX) : Today after the close API is scheduled to report.

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

* STZ, MKC, MEI, MSM, SCHN, and WOR.

3:15PM China-Biotics elects to voluntarily delist from the NASDAQ Stock Market (CHBT) 3.46 -0.32 : Upon delisting from Nasdaq, the Company expects that trading by stockholders of shares of the Company's common stock may be effected through quotations on the Pink OTC Market. (halted since June 15)

3:13PM Stocks lifting in recent trade -- Dow +68 bounced 34 points off the afternoon low, S&P +9.3, Nasdaq Comp +8.2 (SPY) :

3:11PM Lawson Software stockholders approve merger agreement with affiliate of Golden Gate Capital and Infor (LWSN) 11.17 -0.04 :

3:01PM Wells Fargo and Parthenon Capital announce agreement for Parthenon to purchase Well Fargo's H.D. Vest Financial Services business; terms not disclosed (WFC) 27.76 +0.27 : Vest provides independent financial solutions to over 1.8 million retail investors through an advisor base of over 4,800 securities-licensed tax professionals.

3:01PM Astro-Med announced that Albert Ondis retired as Chairman and CEO effective immediately due to illness (ALOT) 7.85 0.00 : Board of Directors appointed Jacques Hopkins as Chairman of the Board of Directors and Everett Pizzuti as Chief Executive Officer to succeed Ondis. Pizzuti has been President and Chief Operating Officer since 1971. (stock is halted)

2:59PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : Continuous corn futures closed 2 cents lower at $6.51/bushel, wheat rose 3 cents to close at $6.75, cont. soybeans rose 4 cents at $13.23, cont. ethanol closed up 6 cents to $2.73, while cont. world sugar futures closed down 0.59% at 0.27 cents.

2:58PM PPL Corp reports Unit 2 at Susquehanna Nuclear plant returns to service; reaffirms 2011 guidance (PPL) 27.91 +0.23 : Unit 2 at the Susquehanna nuclear plant near Berwick, Pa., resumed generating electricity on Wednesday (6/29) after a planned refueling and maintenance outage that was extended to replace damaged turbine blades discovered during a routine inspection conducted during the outage... As previously announced, PPL Corporation has estimated the after-tax financial impact of the turbine blade inspection and replacement work, including energy-sales margins and repair costs for both units, to be in the range of $50-60 million. Co reaffirms guidance for FY11 (Dec), sees EPS of $2.50-2.75 vs. $2.61 Capital IQ Consensus Estimate.

2:56PM US Airways and Aegean Airlines announce new bilateral codeshare agreement (LCC) 8.90 -0.22 :

2:36PM NYMEX Energy Closing Prices (COMDX) : August crude oil gained $1.88 to settled at $94.77, August natural gas closed down 4 cents to $4.32, July RBOB gasoline finished higher by 12 cents to $2.94, while July heating oil rallied for 10 cents to end at $2.94.

2:27PM Stock indices slip to fresh afternoon lows in recent trade -- Dow +41, S&P +5.9, Nasdaq Comp +0.8 (SPY) : Sectors displaying relative weakness (underperforming the S&P) on the recent slide include: Oil Service OIH, Retail XRT, Housing XHB, Energy XLE, Semi SMH, Disk Drive, Silver SLV, Casino BJK, Gold Miners GDX.

2:17PM Shaw Comms announces redemption by Shaw Media of $260 mln in 13.5% senior notes due 2015 (SJR) 22.32 +0.74 :

2:02PM Kronos Worldwide announces a minimum of 35 cents/pound price increase for all titanium dioxide products sold in North America effective July 1 (KRO) 29.63 -0.11 :

1:57PM AT&T announces strategic agreement with Zynga; Words with Friends and Zynga Poker featured for download on AT&T's shelf in Android Market later this year (T) 31.29 +0.27 : Co announced an agreement with social games developer Zynga, designed to bring the very latest in mobile social gaming to AT&T's millions of wireless customers. Popular games such as Words with Friends and Zynga Poker, plus customized content, will be featured for download on AT&T's shelf in Android Market (GOOG) later this year. The agreement is the first of its kind between Zynga and a U.S. wireless carrier. AT&T customers will find customized content available within online and mobile social games, plus benefit from free credits in select games and Zynga giveaways at AT&T sponsored events. As part of the relationship, AT&T will work closely with Zynga to optimize the mobile gaming experience for AT&T customers. Having already tested several games across a range of AT&T Android devices, the companies will continue to explore ways to extend device battery life during game play, as well as improve network efficiency for playing. "We're excited to be the first wireless carrier to collaborate with Zynga," said Ted Woodbery, vice president of wireless data, voice and ancillary services for AT&T Mobility and Consumer Markets. Terms of the agreement were not disclosed.

1:33PM COMEX Metals Closing Prices (COMDX) : August gold closed higher by $10.40 to $1510.60, July silver rallied for $1.16 to end at $34.80, while July copper finished higher by 12 cents to $4.21.

1:19PM Riverbed Technology continues to push higher intraday as it begins to climb up into its early June/3-mth high along the $39.50-40.50 resistance zone (RVBD) 39.30 +1.58 :

1:14PM Stock indices edge to limited new highs after lunch -- Dow +92, S&P +11, Nasdaq Comp +16 (SPY) : Seeing some intraday relative strength in recent action in Reg Bank KRE, Finance XLF, Semi SMH, Disk Drive, REITs IYR, Medical Supplies, Energy XLE.

1:05PM Abraxas Petroleum Corp. provides operational update; has more than offset production disruptions from wells shut-in in the Williston Basin (AXAS) 3.37 +0.26 : In McKenzie County, Stenehjem 27-34 1H well was recently placed on production and is currently in the early stages of cleaning up and producing at rates in excess of 800 barrels of oil equivalent per day. Co anticipates being in a position in the near future to discuss long-term service availability to allow a multi-year continuous development plan on its Bakken / Three Forks acreage... In Campbell and Niobrara Counties, Wyoming, a two well oil development program is scheduled to begin this fall... "With the expected performance of the Portilla and Twining wells and the recent new production in the Bakken / Three Forks play, we have more than offset production disruptions from wells shut-in in the Williston Basin due to unprecedented high water and flooding. With all of our drilling activity, we should be in a position to continue sequential quarterly production growth for the foreseeable future."

12:37PM Fractional new highs for Dow +73 and S&P +10, Nasdaq Comp +14 hovering just below its morning peak (SPY) :

12:32PM Oriental Fincl Grp expands stock repurchase program by $70 mln (OFG) 11.82 +0.25 : Co announced completion of its current $30 mln stock repurchase program and approval by the Board of Directors of a new program to purchase an additional $70 mln of common stock in the open market.

12:30PM Peabody Energy tests/pauses near its 50 ema at 59.26 -- session high 59.25 (BTU) 59.08 +1.16 :

12:17PM QuickLogic announces availability of Jupiter Application reference design for ArcticLink II CX Family (QUIK) 3.11 +0.00 :

12:02PM Viacom's MTV delivers sixth consecutive quarter of growth with ratings up 6% over the last year period (VIA) 57.50 -0.05 : Co also scored four of the top five cable telecasts of the second quarter, which saw broad growth across the network's diverse lineup of established reality franchises, newer hit reality series and scripted launches.

11:56AM Financial Select Sector pushes further above June range top high of 15.19 -- session high 15.25 (XLF) 15.25 +0.27 : Probes the 50% retracement of the late May to June decline at 15.25 -- GS +2.7%, BAC +3.1%, JPM +2.1%, TRV +1.3%, AXP +0.7%, MS +4.1%, C +2.9%, AIG +1.8%, WFC +1.5%, USB +1.1%, BK +3.1%, STT +2.6%, PNC +1.2%.

11:28AM Oracle confirms it filed court papers opposing efforts by HP (HPQ) to 'cloak in secrecy its lawsuit against Oracle' (ORCL) 32.36 +0.02 :

11:21AM Teck Resources commenced an offering of senior unsecured notes (TCK) 50.12 +1.97 : Co intends to use the net proceeds from the offering for general corporate purposes, which may include anticipated capital spending for project development in its coal, copper and energy businesses and the repayment of debt. The senior unsecured notes will be guaranteed by Teck Metals Ltd. and will rank pari passu with Teck's other senior debt.

11:21AM iPath DJ-UBS Copper displays relative strength, tests its late May recovery high of 55.50 -- session high 55.50 (JJC) 55.39 +1.46 :

11:15AM Stock indices extend near second level resistances -- Dow +66, S&P +10, Nasdaq Comp +13 (SPY) : Noted second level resistances in The Technical Take at 2745/2751 Nasdaq Comp (session high 2744), 1306/1307 S&P (session high 1307) and 12249/12260 Dow (session high 12259) and have seen these levels tested on the recent upside extension.

11:11AM Russell 2000 is underperforming today but is the first of the market averages to clear its 50 ema and probe its 50 sma at 821 -- session high 820 (IWM) :

11:04AM American Capital's affiliate European Capital announces sale of Euro 288 mln of AAA-Rated investment grade notes (ACAS) 9.50 +0.18 :

11:01AM Par Pharmaceutical announces a restructuring of its branded division, Strativa Pharmaceuticals (PRX) 32.67 +0.20 : Co announced a restructuring of its branded division, Strativa Pharmaceuticals, as part of a strategic assessment. As a result, there has been a workforce reduction of approximately 100. The Company believes this initiative will position Strativa to achieve profitability in the near term. Patrick G. LePore, Chairman, CEO and President of Par Pharmaceutical Companies, Inc., stated, "To achieve our goal of optimizing Strativa's potential, we found it necessary to reduce the number of sales representatives and focus on Megace ES and Nascobal at this time." Mr. LePore continued, "We remain fully committed to the branded business and believe it is a valuable platform for future growth." The Company will incur one-time non-cash charges in the second quarter in addition to severance costs. These actions will generate operating expense savings in the range of $8-12 million for the remainder of 2011.

11:00AM Crude trades above $95 to notch highsa t $95.01; now up $1.96 to $94.85 (COMDX) :

10:46AM Transact Tech signs contract to install Epicentral Print System at U.S. casino (TACT) 11.43 +0.09 : The Epicentral Print System will be connected to ~ 1,000 slot machines at the casino, and as part of the installation process, the casino will replace the printers in about 30% of their slot machines with the TransAct Epic 950 printer in order to ensure every slot machine on the casino's floor will have full usage of the system.

10:46AM Minor new highs for S&P +6.9 and Nasdaq Comp +7.7, Dow +40 has not yet confirmed the new high (SPY) : Energy/Commodity have led on the recent push (OIH, XLE, XLB, JJC, GDX, KOL, MOO, SLX) with Internet FDN, REITs IYR also providing a lift.

10:45AM Intercontinental Hotels Group issues statement in reaction to Kabul Hotel bombing; says 'would like to confirm that the Hotel Inter-Continental in Kabul is not part of IHG and has not been since 1980' (IHG) 20.64 +0.31 :

10:43AM Met-Pro Corp continues strong June sales performance with Duall brand equipment order totaling in excess of $900,000 (MPR) 11.35 -0.02 : This order is expected to ship during the fourth quarter of the Company's current fiscal year.

10:31AM Crude oil to highs following inventory data; now up $1.59 to $94.50 (OIH) :

10:29AM Amazon.com extends intraday move up toward its 52-wk close high from May at 206.07 -- session high 205.59 (AMZN) 205.00 +2.65 : The 52-wk intraday high from May is at 206.39.

10:27AM S&P +4.4 edges back toward early high (SPY) : Highlighted resistance at its 50 ema (1303) in The Technical Take and the opening vote related push stalled at this level. Little upside after the better homes data but the subsequent pullback held at an initial intraday support at 1298 (noted in 09:46 update) with it edging toward the early high again. The next minor resistance above if able to penetrate is at 1306/1307.

10:26AM S&P +4.7 gets little mileage out of vote and data but holding at intraday support thus far (SPY) : Highlighted resistance at its 50 ema (1303) in The Technical Take and the opening vote related push stalled at this level. Little upside after the better homes data but the subsequent pullback held at an initial intraday support at 1298 (noted in 09:46 update) with it edging toward the early high again. The next minor resistance above if able to penetrate is at 1306/1307.

10:26AM S&P +4.7 gets little mileage out of vote and data but holding at intraday support thus far (SPY) : Highlighted resistance at its 50 ema (1303) in The Technical Take and the opening vote related push stalled at this level. Little upside after the better homes data but the subsequent pullback held at an initial intraday support at 1298 (noted in 09:46 update) with it edging toward the early high again. The next minor resistance above if able to penetrate is at 1306/1307.

10:25AM S&P +4.7 gets little mileage out of vote and data but holding at intraday support thus far (SPY) : Highlighted resistance at its 50 ema (1303) in The Technical Take and the opening vote related push stalled at this level. Little upside after the better homes data but the subsequent pullback held at an initial intraday support at 1298 (noted in 09:46 update) with it edging toward the early high again. The next minor resistance above if able to penetrate is at 1306/1307.

10:25AM S&P +4.7 gets little mileage out of vote and data but holding at intraday support thus far (SPY) : Highlighted resistance at its 50 ema (1303) in The Technical Take and the opening vote related push stalled at this level. Little upside after the better homes data but the subsequent pullback held at an initial intraday support at 1298 (noted in 09:46 update) with it edging toward the early high again. The next minor resistance above if able to penetrate is at 1306/1307.

10:25AM S&P +4.7 gets little mileage out of vote and data but holding at intraday support thus far (SPY) : Highlighted resistance at its 50 ema (1303) in The Technical Take and the opening vote related push stalled at this level. Little upside after the better homes data but the subsequent pullback held at an initial intraday support at 1298 (noted in 09:46 update) with it edging toward the early high again. The next minor resistance above if able to penetrate is at 1306/1307.

10:25AM S&P +4.7 gets little mileage out of vote and data but holding at intraday support thus far (SPY) : Highlighted resistance at its 50 ema (1303) in The Technical Take and the opening vote related push stalled at this level. Little upside after the better homes data but the subsequent pullback held at an initial intraday support at 1298 (noted in 09:46 update) with it edging toward the early high again. The next minor resistance above if able to penetrate is at 1306/1307.

10:22AM Rosetta Stone announced the release of five new, online language solutions Dari, Pashto, Urdu, Swahili and Bahasa Indonesia (RST) 15.50 +0.53 :

10:20AM Hampton Roads Bankshares announces agreement to sell Harbour Point Branch to Southern National Bancorp of Virginia (SONA); expected to close Q4-2011; terms not disclosed (HMPR) 10.65 +0.02 :

10:10AM Further minor slippage off early highs after data -- Dow -8, S&P +1, Nasdaq Comp -6 (SPY) : Relative weakness (underperforming the S&P) on this move has been noted in Housing XHB, Biotech IBB, Semi SMH, Airline, Disk Drive, Silver SLV, Gold GLD.

10:05AM Ciber wins 5 year contract to support training of top military leaders at Army's Center for Strategic Leadership valued at up to $30.7 mln (CBR) 5.40 +0.05 :

10:04AM PAETEC Holding subsidiary awarded a three-year contract by the Defense Information System Agency (PAET) 4.56 -0.05 : Intellifiber Networks has been awarded a three-year contract by the Defense Information System Agency (DISA) to provide the Defense Enterprise Computing Center (DECC), located at the Letterkenny Army Depot in Chambersburg Pa., with Intellifiber's leading edge fiber infrastructure.

10:03AM New morning pullback lows after limited data related push for stock indices -- Dow -6, S&P +1.7, Nasdaq Comp -6.2 (SPY) :

10:02AM Westar Energy: Kansas Corporation Commission approved earlier the co's jv Prairie Wind Transmission line route (WR) 26.75 +0.10 :

10:01AM Stock indices push higher after better homes data but still under opening highs -- Dow +25, S&P +4.9, Nasdaq Comp -1.8 off low but limited push (SPY) :

10:00AM Daktronics announced the LED display manufacturer is now the petroleum distributor's LED signage provider (DAKT) 10.47 +0.02 :

9:56AM Opening Point Gainers/Losers (TECHX) : Point Gainers: SM (+3.74), MON (+3.19), ICE (+2.69), EL (+2.77), EXXI (+2.13), PPO (+2.39), CMG (+2.62), BJ (+2.26), LNN (+1.98), SI (+2.07), MA (+1.83)

Point Losers: SHAW (-3.30), NKE (-1.50), AAPL (-1.55), FDO (-1.48), GBX (-1.33), VECO (-1.18), CAT (-1.02), GMCR (-1.10), LULU (-1.16)

9:52AM Semiconductor Hldrs ETF slips to minor new session low of 33.12 (SMH) 33.12 -0.14 :

9:51AM Gold, silver pull back as dollar attempts to recoup losses (COMDX) :

* Gold now up $4.40 to $1504.60.
* Silver higher by 48 cents to $34.12.

9:49AM Caterpillar slides into the red after early push stalled at its 50 sma at 104.48 -- session high 1014.45 (CAT) 103.02 -0.84 :

9:46AM Major averages edge back from first level resistances (SPY) : Highlighted first level resistances in The Technical Take at 2737/2739 Nasdaq Comp (session low 2737), 1301/1303 S&P (session high 1303) and 12217/12228 Dow (session high 12236) with a pause noted after a firmer start. Initial supports for the S&P are at 1298 and 1296/1295. A posture above keeps the door open to a short term follow through attempt.

9:37AM Nasdaq Comp +1 slips back near the flat line after mildly firmer start (TECHX) : The index thus far has stalled near its first thrust low off the May peak at 2739 (session high 2737)

9:35AM S&P +6.3 gaps up to test its 50 ema at 1303 in early trade (SPY) : Dow +14 probed a similar average at 12228 (session high 12236) and edged back.

9:33AM MGM Resorts gap higher start probes its 200 ema at 13.25 (MGM) 13.21 +0.26 : Note that its 200 sma and 50 ema area modestly above at 13.38/13.41.

9:33AM Rentech announces retirement of chairman Dennis L. Yakobson effective June 28 and appointment of successor Halbert Washburn (RTK) 1.03 +0.00 : In addition to his new role as Chairman, Washburn serves on Rentech's audit and compensation committees. Washburn is the CEO of BreitBurn GP, the general partner of BreitBurn Energy Partners (BBEP).

9:31AM Martha Stewart and Clarkson Potter/Publishers announced an extension of collaboration with a new agreement to publish 12 books through 2016 (MSO) 4.24 0.00 :

9:28AM Crude oil turns negative; now off a penny to $92.87 (COMDX) :

9:23AM Grupo Aeroportuario del Pacifico announces implementation plan for the adoption of IFRS; co is in the process of determining the economic impact on its financial statements and expects to conclude this process during July 2011 (PAC) 40.63 :

9:22AM Ashford Hospitality Trust priced a 7 mln share common stock offering at $12.50/share (AHT) 13.01 :

9:21AM International Tower Hill Mines provides update of its activities at the Livengood Project near Fairbanks, Alaska (THM) 6.96 : Co has begun preparing the updated NI 43-101 technical report required in connection with the filing of its 2011 Annual Information Form in August, 2011. The technical report will contain an updated Preliminary Economic Assessment ("PEA") that will incorporate the latest project information in the new gold price environment of approximately USD 1,500/oz. The Company completed its initial PEA in November 2010 outlining various conceptual development options for the project at a base gold price of USD 950/oz. This updated PEA will focus on development options to maximize project value based on an updated economic review and a higher gold price. Following a review of 2011/2012 objectives for the updated PEA work, prefeasibility studies, exploration and permitting support activities, on June 20, 2011 the Company's Board of Directors approved a new budget for the fiscal year 2011 (June 1, 2011 to May 30, 2012) totalling CAD 67 million.

9:15AM BSQUARE Renews embedded OEM distribution agreement With Microsoft (MSFT) (BSQR) 6.17 +0.15 : Co announced the co has renewed its Original Equipment Manufacturer distribution agreement with Microsoft Corporation (MSFT) for the 13th year. The renewal continues the rights BSQUARE has to distribute the complete line of Microsoft Embedded Operating Systems within the United States, Canada, Mexico and the Caribbean and is effective for the period July 1, 2011 to June 30, 2012.

9:14AM Crude oil pulling back toward flat line; currently up 47 cents to $93.36 (COMDX) :

9:12AM On The Wires (WIRES) :

* LoopNet (LOOP) announced that it surpassed five million registered members.
* Demand Media (DMD) announced a three-year partnership that provides outdoor enthusiasts with helpful insight on recreational locations via REI Guidepost on the retailer's website and a compelling shopping experience at the Trails.com Gear Store.
* Manhattan Associates (MANH) announced that KW Logistics has chosen Manhattan SCALE: Supply Chain Architected for Logistics Execution.
* Total Apparel Group (TLAG) announced that its wholly owned subsidiary, Total Licensing has partnered with Glamm Industries to develop and market timepieces for Skechers USA (SKX).
* Terreno Realty (TRNO) acquired an industrial property located in Carlstadt, New Jersey on June 28, 2011 for a purchase price of ~$7.7 mln.
* Pfizer (PFE) and the Russian pharmaceutical investment and R&D group ChemRar High Tech Center announced that they have signed a Memorandum of Understanding to explore a collaboration focused on research, development and commercialization of innovative drugs in Russia and other countries.

9:06AM NovaBay Pharma announces pricing of a $5.2 million registered direct offering of common stock and warrants (NBY) 1.11 : Co announces that it has entered into definitive subscription agreements with investors, including a select number of institutional investors, pursuant to a registered direct offering for the sale of units consisting of (i) one share of common stock and (ii) one warrant to purchase 0.75 of a share of common stock (or a total of 3,488,005 shares), at a purchase price of $1.11 per unit. The warrants will be exercisable 180 days after issuance at $1.33 per share and will expire five years from the date of issuance. The shares of common stock and warrants are immediately separable and will be issued separately.

9:04AM Perrigo continues to work to finalize approvals necessary to complete acquisition of Paddock Laboratories; reaffirms 2012 accretion (PRGO) 86.58 : As previously highlighted, co expects to receive a significant tax benefit generated from the acquisition of Paddock's assets. The net present value of the tax benefit is estimated to be $95 mln. Inclusive of the tax benefit, the total consideration for the acquisition is ~$445 mln. "We are looking forward to concluding the transaction as soon as possible. As we previously stated, we expect the transaction to be $0.25 accretive to adjusted earnings per share in fiscal year 2012. We have recently received a few additional questions from the Federal Trade Commission Staff and the Parties are working collaboratively with the Staff to answer these questions so that the FTC may conclude its review."

9:04AM Bally Technologies announced an enterprise-wide contract with Sun International Limited to provide key systems and server-based solutions at 17 casinos worldwide (BYI) 40.21 :

9:03AM Federal Reserve and other central banks announce an extension of the existing temporary U.S. dollar liquidity swap arrangements through August 1, 2012 (ECONX) : The Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank today announced an extension of the existing temporary U.S. dollar liquidity swap arrangements through August 1, 2012. The Bank of Japan will consider the extension at its next Monetary Policy Meeting. The swap arrangements, established in May 2010, had been authorized through August 1, 2011.

9:03AM TRC Co Awarded Contract by New York State Department of Environmental Conservation; 7-year contract worth up to $50 mln (TRR) 6.63 : Co announces that the team of TRC and Dvirka and Bartilucci Consulting Engineers has been awarded a 7-year contract worth up to $50 million to provide standby engineering services to the New York State Department of Environmental Conservation.

9:02AM Red Robin Gourmet CFO and CMO to step down effective July 15; initiating search for replacement (RRGB) 36.24 : Co announces the departures of Katie Scherping, CFO and Susan Lintonsmith, chief marketing officer, effective July 15, 2011. The co has already initiated searches for their successors. Co states: "Scherping's departure was not related to any disagreement with the co's board of directors, audit committee or the co's auditors."

9:02AM Sunoco & Sunoco Logistics Partners (SXL) to buy Eagle Point tank farm and East Boston terminal for ~ $100 mln (SUN) 40.20 +0.82 : Co anticipates additional capital spending of approximately $90 mln to provide for operational flexibility and to meet regulatory requirements. In a separate transaction, Sunoco Logistics announced that it has signed a definitive agreement to purchase a refined products terminal located in East Boston, Massachusetts from ConocoPhillips (COP) for $56 mln plus the fair market value of inventory. This transaction is expected to be financed with borrowings under Sunoco Logistics' revolving credit facilities pending more permanent financing. Both transactions are subject to customary closing conditions and are expected to be completed in the third quarter of 2011.

9:02AM McGraw-Hill authorizes new 50 million share repurchase program (MHP) 40.56 : The new share repurchase authorization follows a 45 million share repurchase authorization commenced in January 2007. Thus far in 2011, McGraw-Hill has repurchased approximately 7.7 million shares under the 2007 authorization, leaving approximately 700,000 shares remaining.

9:00AM Schlumberger acquires remaining equity shares of Framo Engineering AS (SLB) 84.36 : Co announces the acquisition of the remaining equity shares from Frank Mohn AS in Framo Engineering AS--a privately owned Norwegian company specialized in the business of developing, manufacturing and selling products and services relating to multiphase pumps and subsea pump-systems, multiphase metering systems, and swivels and marine systems to the oil and gas industry.

8:52AM Stillwater Mining and United Steel Workers International Union reported that they have reached a tentative agreement on the terms of a new four year labor agreement (SWC) 21.53 : The current contract, scheduled to expire on July 1, 2011, has been extended until July 9, 2011. The members of United Steel Workers will vote on the new tentative agreement on Wednesday, July 6, Thursday, July 7 and Friday, July 8, 2011 at the Stillwater Pavilion.

8:47AM Crude pulls back on sharp spike in dollar (COMDX) :

8:47AM Cablevision's Rainbow National Services announces early tender offer results (CVC) 35.31 +0.76 : Co says holders who validly tendered their Notes on or before the Early Tender Date and whose Notes are accepted for purchase will receive a total consideration of $1,039.58 per $1,000 principal amount of Notes, including an early tender premium of $10.00 per $1,000 principal amount of Notes.

8:45AM Acuity Brands misses by $0.01, beats on revs (AYI) 55.87 : Reports Q3 (May) earnings of $0.62 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.63; revenues rose 12.4% year/year to $458.3 mln vs the $446.4 mln consensus. "We remain very positive about the future prospects for our company and our ability to outperform the markets we serve. We continue to position the Company to optimize short-term performance while investing in and deploying resources to further our long-term profitable growth opportunities. We expect the economic environment for the remainder of our fiscal 2011 to remain challenging. Independent third-party forecasts continue to indicate declines for non-residential construction activity for the balance of 2011, although the North American non-residential lighting market, which includes renovation and relight, is expected to continue to rise modestly for the balance of our fiscal 2011. While we are optimistic about our future prospects and ability to outperform the markets we serve, we do see the potential for continuing volatility in demand as well as increases in material and component costs. We will continue to be as vigilant as possible in our pricing strategies to protect our margins."

8:34AM Earthstone Energy reports four new Bakken Wells in North Dakota's Banks Field (ESTE) 13.53 : Co has reached total depth on two new horizontal Bakken wells and drilling on two additional wells is underway in the Banks Field, McKenzie County, North Dakota. Equally important, Brigham Exploration Company (BEXP) has begun its long awaited drilling campaign following its purchase of Panther Energy's (Tulsa) interest in the Banks Field last fall. The two wells already drilled are the Gunderson 15-22 1H and the Enderud 9-4 2H. The Gunderson well is currently being completed while the Enderud 9-4 2H is waiting on a completion rig. Earthstone has a 3.9% and 5.1% interest in the two wells, respectively. Brigham is the operator of both wells. Drilling has commenced on the Banks State 16-21 1H and the Wold 15-33H, also in the Banks Field. Earthstone has a 3.4% and 2.3% working interest in these wells, respectively. The Banks State well is operated by Brigham, while the Wold well is operated by Zenergy. All four wells are expected to be on production by fall.

8:33AM Tekmira Pharma reports that Alnylam Pharmaceuticals (ALNY) has filed an Answer and Amended Counterclaim in response to its amended complaint, which was filed on June 3, 2011 (TKMR) 2.50 : Co announces reports that Alnylam Pharmaceuticals(ALNY) has filed an Answer and Amended Counterclaim in response to co's Amended Complaint, which was filed on June 3, 2011. Co states it finds no merit in the allegations in Alnylam's Answer and Counterclaim and remains confident in its position. Co states it is fully committed and prepared to pursue this lawsuit to a satisfactory resolution.

8:32AM Kirby Corp announces preliminary results of cash or stock elections by unitholders of K-Sea Transportation Partners (KSP) (KEX) 55.90 : Co says there are a total of ~ 19.1 mln K-Sea common units outstanding and another 388,939 phantom units issued under K-Sea's long-term incentive plan that are treated as common units for purposes of the merger, for a total of ~19.5 mln common units. The holders of ~ 9.4 mln K-Sea common units elected to receive merger consideration consisting of $8.15 in cash for each common unit. The holders of ~7.2 mln K-Sea common units elected to receive consideration consisting of $4.075 in cash and 0.0734 of a share of Kirby common stock for each common unit. Based on elections received, the total merger consideration to K-Sea equity holders (excluding the refinancing of K-Sea debt and the fees associated with the transaction) will consist of ~$228 mln in cash and ~ 1.9 mln shares of Kirby common stock. Those totals are preliminary estimates and remain subject to verification of elections and the payment of cash in lieu of fractional shares.

8:32AM AFLAC prices 50 billion yen of senior notes (AFL) 45.20 : Co announced today that it has priced yen-denominated bonds totaling 50 bln yen (~$625 mln at the current yen/dollar exchange rate) The issuance consists of 28.7 bln yen ($359 mln) of three-year fixed-rate notes with a coupon of 1.47%; 15.8 bln yen ($197 mln) of five-year fixed-rate notes with a coupon of 1.84%; and 5.5 bln yen ($69 mln) of three-year floating-rate notes with a coupon of three-month Japanese yen Libor plus 1.15%. Co's President and CFO Kriss Cloninger III commented: "This debt issuance will facilitate our repayment of ~ 35 bln yen of Uridashi notes that mature in September 2011, and further strengthens our liquidity position."

8:31AM Howard Hughes acquires Morgan Stanley Real Estate Investing's Interest in The Woodlands Master Planned Community for $117.5 mln (HHC) 63.23 : Co announces that it has entered into a definitive agreement to acquire from Morgan Stanley Real Estate Investing its 57.5% legal interest, which equates to a 47.5% economic interest based on the parties' financial arrangement, in The Woodlands Master Planned Community located in Houston, Texas for $117.5 million. The purchase consideration consists of $20 million in cash payable at closing and a $97.5 million non-interest bearing promissory note due December 1, 2011.

8:31AM American Science & Engineering awarded an IDIQ contract from the DoD with a potential value up to $248.5 mln; 3 year base period (ASEI) 76.62 : Co announces has been awarded an indefinite delivery/ indefinite quantity contract from the Department of Defense for ruggedized Non-Intrusive Inspection systems for personnel and cargo screening, and Entry Control Point Hardware Sets for deployment at military bases in war-zones. The award has a three-year base period of performance with two additional option periods, and a potential contract value of up to $248.5 mln.

8:30AM Developers Diversified Rlty announces refinancing of secured term loan and unsecured revolving credit facilities (DDR) 13.76 : Co announces that it has refinanced its existing $550 million senior secured term loan, scheduled to mature on February 20, 2012, with a new $500 million senior secured term loan arranged by KeyBanc Capital Markets and J.P. Morgan Securities. The new term loan has a 39-month term with an additional 12-month extension option. Pricing on the new term loan is currently set at LIBOR plus 170 basis points and is determined based upon DDR's credit ratings from Moody's and S&P. The term loan bank group consists of 21 institutions, including four new participants.

8:26AM On The Wires (WIRES) :

* Sutor Technology (SUTR) announced Ningbo Zhehua Heavy Steel Pipe Manufacturing, subsidiary of Sutor, has signed a contract to supply steel pipes to BAOSTEEL Xinjiang Bayi Iron & Steel Company
* Canpotex, exclusive offshore marketing company owned by Agrium (AGU), Mosaic (MOS) Canada Crop Nutrition and Potash (POT), signed a contract with Sinofert Holdings to supply 630,000 tonnes of potash during the second half of calendar 2011 at price levels which reflect an approximate $70.00 per tonne increase above the first half China price level.
* Yahoo! (YHOO) and Frontier Communications Corporation (FTR) expanded partnership that will deliver online experiences to Frontier's broadband subscribers in 27 states. Later this year, Frontier customers will be upgraded to a co-branded Frontier-Yahoo! email powered by Yahoo! Mail.
* Cott Beverages, a subsidiary of Cott Corporation (COT), and ChromaDex (CDXC) entered into a licensing and supply agreement for the joint development of a clinically-backed, proprietary ingredient blend to serve the food & beverage, nutraceutical, and cosmetic markets.
* Shengkai Innovations (VALV) announced the Company received a Certificate of Material Supplier from China National Petroleum Corporation
* Autodesk (ADSK) announced that the California Department of Transportation has selected AutoCAD Civil 3D for road and highway design projects statewide.
* Complete Genomics (GNOM) announced that it is introducing a new cancer grant program. Winning research applications will receive complete human genome sequencing of eight genomes.
* QlikTech (QLIK) announced a global partnership agreement with Capgemini, one of the world's providers of consulting, technology and outsourcing services, to offer its customers added-value services and solutions for the QlikView business discovery platform.
* Sequans Communications (SQNS) is the provider of the 4G chip inside the new "mini Egg" pocket router now available from Korea Telecom. The device enables users to easily add 4G connectivity to smartphones and tablets via a tiny mobile router that fits in a pocket.
* Verenium (VRNM) announced the signing of a lease agreement for new office and laboratory space in the Torrey Pines area of San Diego, CA.
* Harris (HRS) has been awarded a potential 42-month, $56.7 mln follow-on contract by the FAA to upgrade and manage the system that currently provides real-time weather data and flight-planning capabilities supporting Alaska's general aviation community. The award consists of a one-year base contract, a one-year option, and three six-month options through December 2014.

8:07AM OmniVision to acquire wafer-level lens manufacturing operation; cash consideration for the operations is $45 mln (OVTI) 33.88 : Co announces it has entered into an agreement with VisEra Technologies, or VisEra, co's joint venture with Taiwan Semiconductor Manufacturing (TSM), to acquire from VisEra its wafer-level lens production operations. OmniVision currently outsources the wafer-level lens production and assembly processes associated with its CameraCube technology to VisEra. The cash consideration for the operations is $45 mln.

8:06AM Resolute Energy has acquired, and is operator of, 18,400 gross acres in the oil-prone Wolfbone play in the Delaware Basin of West Texas (REN) 15.35 : Resolute has drilled its first well in the acquired leasehold to a total depth of 12,250 feet. The Company expects to undertake a multi-stage frac during the third quarter, and expects to spud its second well in early July. Resolute has permitted three additional locations and plans to add a second rig to the drilling program, also in the third quarter.

8:06AM SM Energy announces $680 mln carry agreement in non-operated Eagle Ford Shale Position (SM) 66.68 +2.18 : Co announces it has entered into an agreement with a subsidiary of Mitsui & Co concerning a 12.5% working interest in its non-operated Eagle Ford shale position. The co will be carried on 90% of its drilling and completion costs in this acreage until $680 mln has been expended for the benefit of SM Energy. The purchaser will also reimburse SM Energy for the purchaser's share of capital expenditures and other costs, net of revenues, related to the period between the effective date of March 1, 2011, and the closing date. These reimbursed costs are estimated to range between $20 and $40 million, will be payable to SM Energy at closing. After the closing of this transaction, SM Energy will have approximately 46,000 net acres in the non-operated portion of its Eagle Ford shale position, down from roughly 85,000 net acres.

8:05AM Aruba Networks appoints Michael Galvin to the position of CFO; Galvin has served as co's interim CFO since April of this year (ARUN) 29.09 :

8:05AM AstraZeneca and PTC Therapeutics announce strategic oncology drug discovery collaboration with potential extension to other therapeutic areas (AZN) 48.92 +0.37 : Cos announced that they have entered into an exclusive research collaboration and license agreement for the application of PTC's proprietary GEMS technology for the discovery and development of potential new therapies for cancer and other diseases for which there is a great unmet medical need.

8:04AM Kennedy Wilson announced a 4.8 mln share private placement, priced at $10.70/share, with two institutional investors (KW) 12.28 : Kennedy Wilson intends to use the net proceeds from the private placement to fund future acquisitions and for general working capital purposes.

8:03AM Lindsay Corp beats by $0.24, beats on revs (LNN) 65.62 : Reports Q3 (May) earnings of $1.20 per share, $0.24 better than the Capital IQ Consensus Estimate of $0.96; revenues rose 53.2% year/year to $153.4 mln vs the $133.6 mln consensus. Gross margin was 27.0 percent compared to 25.2 percent in the prior year's third quarter. During the fiscal third quarter overall gross margins improved on higher international irrigation margins and on improved margins in diversified manufacturing which includes railroad signals and structures, commercial tubing and contract manufacturing. "Conditions in the global agriculture markets continued to be strong throughout the primary irrigation selling season. Agricultural commodity prices remain significantly higher compared to the previous year, creating favorable economic conditions for growers, worldwide."

8:03AM KB Home misses by $0.58, beats on revs (KBH) 11.92 : Reports Q2 (May) loss of $0.89 per share, $0.58 worse than the Capital IQ Consensus Estimate of ($0.31); revenues fell 27.4% year/year to $271.7 mln vs the $246.6 mln consensus. The decrease was mainly due to lower housing revenues, reflecting a 29% year-over-year decrease in the number of homes delivered to 1,265, partly offset by a 3% year-over-year increase in the average selling price to $213,400. Company-wide net orders decreased 11% to 1,998 in the second quarter of 2011 from 2,244 in the corresponding period of 2010. Second quarter net orders increased 53% from the first quarter of 2011. This compared favorably to a 17% sequential increase in net orders from the first to the second quarter of 2010. At May 31, 2011, the Company had 2,422 homes in backlog, representing projected future housing revenues of ~$501.5 million, compared to a backlog of 3,175 homes, representing projected future housing revenues of ~$648.2 million at May 31, 2010. "Although a broad-based housing recovery remains stalled, it appears that the worst of the crisis is behind the homebuilding industry as select markets for new homes are showing signs of stability. Uncertainty and caution about the economy are keeping many qualified homebuyers from entering the market, even though historically high housing affordability makes this a good time to buy. We believe the current housing market conditions will likely continue until there are meaningful and sustained improvements in job growth and consumer confidence."

8:03AM Alanco Technologies announces definitive merger agreement with YuuZoo Corporation (ALAN) 1.02 : Co announced that it has executed a definitive agreement to merge with profitable, YuuZoo Corporation... Since its founding in 2007, YuuZoo reported preliminary, unaudited sales and net income of $17.0 million and $1.0 million, respectively, for its prior fiscal year 2010, ended December 31, 2010, compared to sales of $2.0 million, and a loss in 2009. Sales for the current fiscal year 2011 are projected to exceed $30 million, with continued profitability growth... Under terms of the definitive merger agreement, Alanco will issue approximately 34 million common shares to YuuZoo shareholders in exchange for 100% of outstanding YuuZoo equity interests, resulting in Alanco shares outstanding totaling approximately 39 million. Upon close of the merger transaction, current YuuZoo and Alanco shareholders will own 88% and 12%, respectively, of the new Company's outstanding common stock.

8:03AM Aurico Gold reports significant drill results from the El Chanate Mine (AUQ) 10.66 : Co provides an update of drilling results from the El Chanate Mine in Sonora, Mexico. Since April 2010, 213 new drill holes for 28,499 metres of drilling (23 drill holes for 5,052 metres since April 8, 2011) have been completed with the objective of converting inferred resources to measured and indicated, extending the deposit at depth to the south and southeast and to explore for extensions to the west and east of the present open pit. Results to date have delineated thick zones of continuous mineralization throughout the deposit and defined anomalous mineralization both east and south of the existing open pit.

8:02AM Rubicon Minerals receives positive preliminary economic assessment for F2 Gold System, Phoenix Gold Project, Red Lake, Ontario (RBY) 4.76 : Co announcs positive results of a Preliminary Economic Assessment for its 100% owned F2 Gold System, part of its Phoenix Gold Project located in the heart of the Red Lake, Ontario gold district. "The PEA is a very good start. It indicates that the F2 Gold System is a potentially viable project capable of producing a steady state average of 180,000 ounces of gold per year and over 200,000 ounces at its peak using conventional mining and processing techniques with an initial capital investment of $214 million."

8:02AM Oracle to acquire Pillar Data Systems; does not expect that the amount of the earn-out or its potential impact will be material to Oracle's results (ORCL) 32.34 : Co announced that it has entered into an agreement to acquire Pillar Data Systems, a leading provider of innovative and highly scalable SAN Block I/O storage systems that provide exceptional performance scaling characteristics with patented Quality of Service. The combination is expected to help Oracle deliver a complete line of storage products that runs Oracle software faster and more efficiently. Pillar Data Systems is a privately-held company based in San Jose, California and serves nearly 600 customers across 24 countries. Pillar Data Systems is majority owned by Oracle CEO Larry Ellison. The evaluation and negotiation of the transaction was led by an independent committee of Oracle's Board of Directors. The transaction is structured as a 100% earn-out with no up-front payment. Oracle does not expect that the amount of the earn-out or its potential impact will be material to Oracle's results of operations or financial position.

8:01AM UniFirst beats by $0.07, beats on revs (UNF) 52.93 : Reports Q3 (May) earnings of $0.93 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.86; revenues rose 11.6% year/year to $291.6 mln vs the $275.1 mln consensus.

7:51AM SAIC and Tetra Tech (TTEK) JV awarded U.S. Department of State criminal justice program support contract (SAI) : SAI and TTEK announced today that their joint venture has been awarded a contract to provide worldwide civilian police and criminal justice assistance to the U.S. Department of State's Bureau of International Narcotics and Law Enforcement Affairs. The total contract ceiling for this multiple-award, indefinite delivery/indefinite quantity contract is $10 billion, with one base year and four option years.

7:49AM McMoRan Expl updates Gulf of Mexico exploration & development activities (MMR) 16.56 : Co updated its exploration and development activities and also provided an update on its cumulative findings to date from its shallow water, ultra-deep exploration and development activities on the Gulf of Mexico Shelf. McMoRan has actively pursued large ultra-deep targets located in the shallow waters of the GOM below the salt weld at depths generally below 25,000 feet since 2008. The data gained to date from four wells confirms McMoRan's geologic model and the highly prospective nature of this emerging geologic trend... Importantly, McMoRan's results to date have indicated the potential for large accumulations of hydrocarbons at these deeper depths in the shallow waters of the GOM, which is expected to reduce the risk of future activities. McMoRan's activities to date have confirmed that drilling below the salt weld on the Shelf of the GOM can be achieved safely. In addition, the data indicates the presence below salt of geologic formations including Middle/Lower Miocene, Wilcox, Frio, Tuscaloosa and Cretaceous Carbonate. These formations have been prolific onshore, in the deepwater GOM and in international locations. McMoRan is encouraged by the results which indicate the potential for prospects with high quality reservoirs on large structures with multi-Tcfe of gross unrisked potential. McMoRan intends to conduct further drilling and flow testing to determine with greater certainty the ultimate potential of this emerging geologic trend.

7:46AM Jacobs, AMEC, and Costain joint venture wins UK Magnox ILW management framework contract (JEC) 41.99 +1.02 : Co announced that a joint venture of Jacobs, AMEC and Costain, is one of six organisations awarded a framework contract by Magnox Limited to provide waste retrieval, processing and filling services at eight of their nuclear power station sites across the UK.

7:31AM Amicus Therapeutics announces John F. Crowley to return as Chairman and CEO; effective August 15, 2011 (FOLD) 5.98 +0.20 : Crowley previously led the co as President and CEO from January 2005 through February 2010, and as Chairman and CEO until April 2011. Previously, Crrowley served as Founding President and CEO of Orexigen Therapeutics (OREX). Preceding Orexigen, he became Senior Vice President at Genzyme Therapeutics in 2001 following its acquisition of Novazyme Pharmaceuticals.

7:30AM TASER announced an order for 165 TASER X2 electronic control devices and related accessories for the South Dakota Highway Patrol (TASR) 4.49 :

7:30AM SonoSite appoints Jack Sparacio as Chief Operating Officer (SONO) 34.30 : The two management appointments are keyed off of the company's goals, over the next three years, of 15% compounded revenue growth and 20% operating margins.

7:13AM On The Wires (WIRES) :

* Kinetic Concepts (KCI) announced that its Germany entity, KCI Medizinprodukte GmbH, has won the maximum of three out of four regional contracts granted by Germany's state health insurer - that in total cover the southeast, southwest and west regions of Germany
* Plug Power (PLUG) announces it has added Kroger Co. (KR) to its GenDrive customers. Plug Power will supply 161 GenDrive fuel cells to Kroger's food distribution center in Compton, CA. The order includes 4 class-1 units for sit down counterbalanced trucks, 42 class-2 units for reach trucks and 115 class-3 units for pallet trucks.
* Evolving Systems (EVOL) announced that Indosat's new product and tariff plan for wireless customers, called "Indosat Mobile," is being exclusively offered via Evolving Systems' Dynamic SIM Allocation solution.
* Descartes Systems Group (DSGX) announced that Southwest Airlines (LUV) has deployed Descartes' cloud-based Air Messaging Service to its Cargo Customers.
* WABCO Holdings (WBC) announced that it has entered into a long term agreement with one of Europe's largest manufacturers of commercial trailers to supply WABCO's new generation of air disc brakes for trailer axles, starting with series production in 2013.

7:08AM Crude trading near its highs of the morning at $94.30, helped by pull back in dollar; now up $1.17 to $94.06 (COMDX) :

7:06AM Family Dollar misses by $0.04, reports revs in-line; guides Q4 EPS in-line; guides FY11 EPS in-line, revs above consensus (FDO) 53.02 : Reports Q3 (May) earnings of $0.91 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.95; revenues rose 7.8% year/year to $2.15 bln vs the $2.17 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.62-0.70 vs. $0.65 Capital IQ Consensus Estimate. Co issues mixed guidance for FY11, sees EPS of $3.08-3.16 vs. $3.15 Capital IQ Consensus Estimate; sees FY11 revs of + 8-9% calculating to ~$8.684-8.765 bln vs. $8.55 bln Capital IQ Consensus Estimate. Q3 Comparable Store Sales Increased 4.7% YoY. For the fourth quarter, the co expects comparable sales for the quarter to increase between 5-7%.

7:05AM ICF International awarded more than $40 million new task order contract with Department of Energy (ICFI) 25.27 : Under the contract, ICF International will provide technical, information technology, and management support and will assist in planning and implementation of OE's ongoing mission-related efforts in the divisions of Permitting, Siting, and Analysis; Infrastructure Security and Energy Restoration; and Corporate Business Office.

7:03AM General Mills reports EPS in-line, revs in-line; guides FY12 EPS below consensus (GIS) 37.21 : Reports Q4 (May) earnings of $0.52 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.52; revenues rose 3.0% year/year to $3.63 bln vs the $3.67 bln consensus. Pound volume declined 4 percent from strong year-ago levels, reflecting reduced depth and frequency of trade promotion in the period. Price realization and mix contributed 6 points of net sales growth. Foreign currency translation added 1 point of sales growth for the quarter. Gross margin of 37.5 percent was above year-ago levels due to mark-to-market effects, HMM cost savings and price realization. Co issues downside guidance for FY12, sees EPS of $2.60-2.62, excluding non-recurring items, the impact of mark-to-mkt or the Yoplait deal, vs. $2.66 Capital IQ Consensus Estimate. "We expect fiscal 2012 to be another year of good sales and earnings growth for General Mills. Our business plan assumes significantly higher costs for ingredients and energy---we're estimating 2012 input cost inflation of 10 to 11%. We expect our HMM discipline of cost savings, mix mgmt and price realization to largely--but not completely--offset this cost pressure. We believe the operating environment in many developed markets will remain challenging over the next 12 months. As a result, our plan assumes 2012 pound volume will be slightly below 2011 levels. We believe that expected net price realization, together with a strong line-up of new products and marketing initiatives, should drive mid single-digit growth in our net sales in 2012. The co said that segment operating profits are expected to grow at a low single-digit rate in fiscal 2012, including increased media investment that is expected to grow at least in line with sales."

7:02AM Bank of America confirms Agreement on Countrywide Mortgage Repurchase and Servicing Claims (BAC) : Co announced that it has reached an agreement to resolve nearly all of the legacy Countrywide-issued first-lien residential mortgage-backed securitization (RMBS) repurchase exposure, representing 530 trusts with original principal balance of $424 billion. With this agreement and other mortgage-related actions in the second quarter of 2011, the company believes it will have recorded reserves in its financial statements for a substantial portion of its representations and warranties exposure as measured by original unpaid principal balance.

The company also is estimating a range of possible loss for the remainder. As a result of the settlement, and other mortgage-related matters, Bank of America expects to report a net loss in the range of $8.6 billion to $9.1 billion in the second quarter of 2011, or $0.88 to $0.93 per diluted share. Excluding the settlement, other mortgage-related charges, and proceeds from asset sales, the company expects to report net income in the range of $3.2 billion to $3.7 billion in the second quarter of 2011, or $0.28 to $0.33 per fully diluted share (Capital IQ consensus $0.28). The key driver of the expected loss is the representations and warranties provision of $14.0 billion, including $8.5 billion for the settlement agreement on legacy Countrywide mortgage repurchase and servicing claims, and an additional $5.5 billion increase in the company's representations and warranties liability for non-GSE exposures and, to a lesser extent, GSE exposures.

The company also expects to record $6.4 billion in other mortgage-related charges in the second quarter of 2011, including a non-cash, non-tax deductible impairment charge of $2.6 billion to write off the balance of goodwill in the Consumer Real Estate Services business, as well as charges related to additional litigation costs, a write-down in the value of mortgage servicing rights, and additional assessment and waiver costs for compensatory fees associated with foreclosure delays. The impairment charge will have no impact on reported Tier 1 and tangible equity capital ratios.

The settlement covers 525 legacy Countrywide first-lien RMBS trusts and five legacy Countrywide second-lien RMBS trusts with mortgage loans principally originated between 2004 and 2008 for which BNY Mellon acts as trustee or indenture trustee. The settlement resolves representations and warranties claims, as well as substantially all historical servicing-related claims, including claims related to foreclosure delays and alleged mortgage documentation issues.

7:02AM BJ's Wholesale announces definitive agreement to be acquired by Leonard Green & Partners and CVC Capital Partners for $51.25/share in cash (BJ) 48.06 : Co announced that it has entered into a definitive agreement to be acquired by affiliates of Leonard Green & Partners and funds advised by CVC Capital Partners in an all-cash transaction valued at ~ $2.8 bln. BJ's shareholders will receive $51.25/share in cash for each share of BJ's common stock they hold, representing an 7% premium to the closing price of BJ's shares on June 28, 2011.

7:01AM Kratos Defense and Security receives $6.2 mln in new contract awards to support U.S. Army aviation training solutions; includes award for new black hawk helicopter avionics training simulator (KTOS) 11.80 :

7:01AM Omeros Announces Publication of Phase 2 Clinical Results for OMS103HP in Arthroscopy (OMER) 4.27 : Co reported the publication of results from a Phase 2 trial investigating OMS103HP in patients undergoing arthroscopic partial meniscectomy surgery. OMS103HP is Omeros' product candidate being developed for use during arthroscopic procedures and is designed to provide a multimodal approach to preemptively block the inflammatory cascade induced by arthroscopy. The article reports on a prospective, multicenter, double-blind, randomized, vehicle-controlled study. Of the 161 patients who were enrolled and treated, 143 patients met the predetermined surgical and data collection criteria and were included in the data analysis. There were no significant differences in demographic characteristics between the two treatment groups.

6:54AM HomeAway prices 8.0 mln share IPO at $27, the high end of the $24-27 expected range (AWAY) : Of the shares in the offering, 5,931,335 shares are being offered by HomeAway and 2,068,665 shares are being offered by selling stockholders.

6:47AM On The Wires (WIRES) :

* Main Street Capital (MAIN) announced the expansion of total commitments under its three-year credit facility from $100 mln to $155 mln.
* Integrated Device Technology (IDTI) announced that it has released a new family of low-power spread spectrum clock generators that support the industry's widest frequency range in a tiny 2x2mm package.
* E-Commerce China Dangdang (DANG) announced the formation of a streamlined management structure with separate business units and changes in senior management.
* Threshold Pharmaceuticals (THLD) announced the initiation of a Phase 1/2 dose escalation clinical trial of TH-302 in combination with sunitinib in patients with advanced renal cell carcinoma, gastrointestinal stromal tumor, and pancreatic neuroendocrine tumor.
* Illumina (ILMN) announced that the University of Washington Department of Genome Sciences has joined the Illumina Genome Network.
* Maxwell Technologies (MXWL) announced that it will receive more than $500K in state and federal funding for collaborative energy storage research and development programs with three U.S.-based companies.
* China TechFaith Wireless Communication Technology (CNTF) announced it will launch a total motion gaming solution package compatible with iPhone and Android based mobile phone operating systems. The launch is scheduled for the third quarter of 2011.
* Points International (PCOM) has expanded its relationship with Asia Miles, Asia's travel reward program.

6:34AM McGraw-Hill's Platts division to acquire U.K. company Steel Business Briefing Group; financial terms were not disclosed; expected to close July 1 (MHP) 40.57 +0.44 :

6:33AM Spreadtrum Comms declares $0.05 per ADS quarterly dividend; payable to shareholders on record of July 11 (SPRD) 12.49 :

6:23AM Gold Resource declares $0.04 June special cash dividend to shareholders of record as of July 11, 2011 (GORO) 24.77 :

6:16AM Clean Diesel Technologies announces pricing of 2,725,000 shares of its common stock at a price of $3.75/share (CDTI) 4.04 :

6:01AM Cogo Group repurchased 865,570 shares of common stock and institutes stock purchase plan (COGO) 5.43 +0.07 : Co announced that in the second quarter of 2011, the Company repurchased 865,570 shares of its common stock at an average price of $5.60 and a total cost of $4.85 mln. Additionally, the co has established a plan under to facilitate the re-purchase of its common stock during the trading days of July 1, 2011 and August 9, 2011.

5:46AM On The Wires (WIRES) :

* Kyocera (KYO) announced that its wholly-owned Germany-based subsidiary Kyocera Fineceramics GmbH has completed a share purchase agreement regarding the Denmark-based industrial cutting tool manufacturing and sales company Unimerco Group A/S. Effective July 11, KFG will acquire 100% ownership of shares of Unimerco, making it a wholly-owned subsidiary and allowing KFG to strengthen its cutting tool business in Europe.
* GE (GE) Appliances EMEA has named American Appliances as its new distributor for Belgium, the Netherlands and Luxemburg.
* MoneyGram International (MGI) and Al Barid Bank, banking subsidiary of Morocco Post, announced the achievement of their partnership, adding 1,800 locations in Morocco.
* Top Image Systems (TISA) announced that it has been selected to provide a digital mailroom solution for a leading German insurance company.

4:04AM Inovio Pharma's prostate cancer DNA vaccine demonstrates strong T Cell responses in monkeys; co on track for Phase I Clinical Trial (INO) 0.57 : Co announces that its therapeutic DNA vaccine for prostate cancer showed remarkable immune responses in monkeys, following similarly strong, antigen-specific and sustainable T cell levels in previously reported data from earlier animal studies. The level of T cell responses from this INO-5150 study was similar to the level of T cell responses observed from a previously conducted monkey study of VGX-3100, co's Phase II-stage therapeutic vaccine for cervical cancer and dysplasia. In a Phase I study, VGX-3100 generated best-in-class T cell responses, which were persistent through the complete study duration of nine months. Co is currently manufacturing clinical grade INO-5150 with the goal of launching its planned Phase I study in mid-2012.

2:20AM On The Wires (WIRES) :

* Regeneron Pharmaceuticals (REGN) and Bayer (BAYRY) HealthCare announced that Bayer Yakuhin, Osaka, Japan, has submitted an application to the Ministry of Health, Labor and Welfare in Japan for marketing authorization for EYLEA, also known as VEGF Trap-Eye, for the treatment of the neovascular form of age-related macular degeneration.
* HP (HPQ) announced a series of new initiatives designed to accelerate growth and investment in China and to deliver seamless, secure, context-aware experiences for a connected world. New investments in cloud computing, research and development, and social media contribute to China's five-year growth plan.
* ACE Insurance, part of the ACE Group (ACE) of insurance and reinsurance companies, announced that it will integrate its two operating units in Malaysia, ACE Synergy Insurance Berhad and Jerneh Insurance Berhad. The consolidation, made possible by ACE's recent purchase of the outstanding shares of ASIB from Advance Synergy Capital Berhad and ACE's acquisition of JIB in December 2010, is expected to be completed in the first quarter of 2012.

1:36AM Coca-Cola FEMSA and Grupo Tampico reach an agreement to merge their bottling operations (KOF) 92.76 : Co and Grupo Tampico S.A. de C.V. and its shareholders have agreed to merge Grupo Tampico's beverage division with KOF. The aggregate enterprise value of this transaction is Ps9,300 mln. As a result of the merger, Grupo Tampico will receive 63.5 mln newly issued KOF series L shares at a value of Ps103.20 per share, calculated on the average closing price of the KOF series L share over the last twenty-five trading days prior to the announcement of this agreement. The number of shares could be adjusted within agreed upon thresholds pending the completion of the due diligence process. In addition, Coca-Cola FEMSA will assume Ps2,747 mln in net debt.

1:33AM Stewart Enterpr increases annual dividend on its Class A and B common stock by 17% to $0.14 per share from $0.12 per share; increases stock repurchase plan by $25 mln to $100 mln (STEI) 6.89 :

1:29AM National Retail Properties prices $300 mln of 5.5% Senior Unsecured Notes due 2021 (NNN) 24.41 :

1:28AM Wyndham Worldwide renews its $600 mln vacation ownership receivables conduit facility for a two year term through June 2013 (WYN) 33.30 :

1:23AM EntreMed enters into $7.5 mln equity facility; initiates $1.1 mln drawdown (ENMD) 2.60 : Co announces today that it has entered into a standby equity distribution agreement, with YA Global Master SPV, a fund by Yorkville Advisors. Under the SEDA, EntreMed option, at its sole discretion, to sell, from time to time, up to $7.5 mln of common stock to YA Global. Concurrent with the signing of the SEDA, the co agreed to sell shares to YA Global and will receive gross proceeds of $1.1 mln on or about June 29, 2011.
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