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Market Update: 110705
4:30 pm : Participants opted to sit on last week's gains, so the major equity averages spent the entire session chopping along before booking a mixed finish.

Even though the observance of Independence Day yesterday allowed stocks an extra 24 hours to rest after last week's climb -- the strongest in about two years -- the broad market moved sideways today. Underlying action was consistently without leadership.

The major averages saw some selling interest stem from news that analysts at Moody's downgraded Portugal's debt. Moody's has also been reviewing banks in China because audits may have understated the amount of money that the banks doled out to local governments.

Domestic bank stocks were out of favor all session. Their weakness weighed on the overall financial sector, which fell to a 0.6% loss.

Energy stocks were the best performers, as a group. The group was helped by the spike in oil prices during pit trade. Forward contracts saw oil prices push up by 2.1% to almost $96.90 per barrel. Ameron International (AMN 85.08, +18.81) surged in response to a takeover offer from National Oilwell Varco (NOV 80.02, +1.71). Exxon Mobil (XOM 81.60, -0.41) suffered a slight loss, even though reports suggested that a swelling Yellowstone River could complicate the company's efforts to clean it up after an oil leak was discovered recently.

Immucor (BLUD 26.99, +6.26), which will be required by TPG Capital, was another top performer, but the health care sector remained stuck in the red. The group settled with a 0.3% loss.

The dollar caught a nice bid on the back of Portugal's downgrade. At the close of trade, the greenback had advanced 0.6% against a collection of competing currencies, namely the euro, which dropped 0.9% to $1.442.

The only piece of domestic data on today's calendar was a 0.8% increase in factor orders for May. Orders had been expected to increase by 1.0%, though. Foreign data featured underwhelming PMI Services readings. The flow of data will remain slow for the rest of the week, but participants get their hands on a highly anticipated jobs report this coming Friday. The current consensus calls for the headline unemployment rate to remain at 9.1%.

Advancing Sectors: Energy +0.5%, Consumer Discretionary +0.4%, Tech +0.2%, Materials +0.1%
Declining Sectors: Consumer Staples -0.1%, Telecom -0.2%, Health Care -0.3%, Industrials -0.6%, Utilities -0.6%, Financials -0.8%DJ30 -12.90 NASDAQ +9.74 NQ100 +0.4% R2K +0.2% SP400 +0.1% SP500 -1.79 NASDAQ Adv/Vol/Dec 1296/1.56 bln/1266 NYSE Adv/Vol/Dec 1462/907 mln/1546

3:35 pm : A flight to safety, following a warning on Chinese banks from Moody's, helped precious metals rally throughout the session. August gold finished higher by 1.9% to $1512 per ounce, while Sept silver closed up 5% to $35.40. Both metals have extended their rallies in afterhours trade, with gold trading to fresh highs at $1515.40, while silver has put in highs at $35.56.

August crude oil ended up 2.1% to $96.89 per barrel, on light volume trade, in what was a technical break out. It put in session highs at $97.48, its best levels since June 15, in afternoon trade but pulled back from those highs heading into the close. August natural gas finished the day higher by 1.5% to $4.38 per MMBtu. DJ30 +12.60 NASDAQ +12.40 SP500 +0.91 NASDAQ Adv/Vol/Dec 1287/1.3 bln/1278 NYSE Adv/Vol/Dec 1555/541.1 mln/1454

3:00 pm : Stocks continue to plod along without much direction. Overall action has been largely lackluster since the open.

Participation also remains paltry. In fact, only an hour remains in today's trade and fewer than a half billion shares have traded hands on the NYSE. Trading volume was also thin last week, mostly because so many traders were on vacation ahead of the holiday yesterday, when U.S. markets were closed in observance of Independence Day. DJ30 -16.31 NASDAQ +5.98 SP500 -2.06 NASDAQ Adv/Vol/Dec 1180/1.11 bln/1369 NYSE Adv/Vol/Dec 1454/455 mln/1561

2:35 pm : In the wake of Portugal's downgrade by Moody's, the dollar has extended its advance so that it is now up 0.6% against a basket of major foreign currencies. That makes for a fresh session high.

The Dow recently set a new session low, but neither the Nasdaq nor the S&P 500 confirmed the move. In fact, the Nasdaq only came in contact with the flat line, but found support there. DJ30 -38.94 NASDAQ +0.42 SP500 -4.98 NASDAQ Adv/Vol/Dec 1127/1.02 bln/1420 NYSE Adv/Vol/Dec 1273/415 mln/1703

2:05 pm : Although only a modest move in the scope of today's trade, stocks have slipped in recent action. The move lower comes in response to news that analysts at Moody's have downgraded Portugal's debt.

Meanwhile, the dollar has only moved modestly higher, though not quite to its best level of the day. Still, it now trades with a 0.4% gain against a basket of major foreign currencies. DJ30 -15.52 NASDAQ +7.22 SP500 -2.01 NASDAQ Adv/Vol/Dec 1210/970 mln/1320 NYSE Adv/Vol/Dec 1457/370 mln/1517

1:30 pm : Treasuries have managed to maintain a steady bid during today's trade. In turn, the yield on the benchmark 10-year Note has been trimmed to about 3.15%.

Meanwhile, the dollar is up a solid 0.3% against a basket of major foreign currencies. Most of that move has come against the euro, which was last quoted with a 0.5% loss at $1.447. DJ30 -1.48 NASDAQ +9.08 SP500 -0.50 NASDAQ Adv/Vol/Dec 1208/850 mln/1304 NYSE Adv/Vol/Dec 1446/340 mln/1503

1:00 pm : The stock market has spent the entire session listlessly chopping along near the neutral line. Commodities are in strong shape, though.

Followng the best weekly performance in about two years, participants are resting on their laurels. In turn, stocks have spent the first few hours of today hugging the flat line.

Limited news flow has made for a dearth of trading catalysts, although Immucor (BLUD 27.00, +6.27) is being bought by TPG Capital and Ameron International (AMN 84.45, +18.18) is being acquired by National Oilwell Varco (NOV 80.25, +1.94).

As a group, energy stocks are in the best shape today. The sector's 0.7% bounce has been helped along by a run up in oil prices, which were last quoted at $96.90 per barrel with a 2.0% gain.

Gold and silver are also strong this session. They currently trade with respective gains of 1.9% and 4.2%. Such strength has helped gold and silver stocks, but the rest of the basic materials sector is mired near the neutral line.

Financials have been under pressure all session. At the moment, the group's 0.8% loss makes it the worst performing sector in the S&P 500. Bank stocks have been the biggest drags on the space; collectively, they are down 1.2%, according to the KBW Bank Index. DJ30 -2.69 NASDAQ +6.82 SP500 -0.97 NASDAQ Adv/Vol/Dec 1169/775 mln/1323 NYSE Adv/Vol/Dec 1401/310 mln/1541

12:30 pm : Broad market trade remains quiet, but precious metals and mining plays have attracted plenty of support amid a jump in gold and silver prices, which were last quoted with gains of 1.9% and 4.3%, respectively. Newmont Mining (NEM 54.51, +0.77) and Barrick Gold (ABX 46.05, +1.27) are among the best performers in the space. Overall, though, the basic materials sector is up just 0.2%.DJ30 +2.54 NASDAQ +5.55 SP500 -0.99 NASDAQ Adv/Vol/Dec 1149/695 mln/1336 NYSE Adv/Vol/Dec 1390/280 mln/1547

12:00 pm : The broad market continues to chop along. Action has been both listless and lackluster. Part of the pause in action is because of an absence of trading catalysts. Participants also appear to be resting on last week's advance, which was the strongest weekly performance in about two years.DJ30 -3.33 NASDAQ +4.08 SP500 -2.02 NASDAQ Adv/Vol/Dec 1077/605 mln/1389 NYSE Adv/Vol/Dec 1306/245 mln/1621

11:30 am : The tech sector, which is the largest by market weight, has had a quiet session; it has spent most of the day stuck near the neutral line. Semiconductor plays have been a particular point of weakness, as indicated by the Philadelphia Semiconductor's 1.1% loss. However, large-cap tech plays like Google (GOOG 531.85, +10.82) is providing support to the space. Its shares have been helped by an analyst upgrade.DJ30 -16.39 NASDAQ +1.82 SP500 -3.40 NASDAQ Adv/Dec 1020/1445 NYSE Adv/Dec 1173/1738

11:00 am : Financials remain a key source of weakness this session. The sector's slide to a fresh session low has left it with a 1.2% loss, which makes it the only major sector down in excess of 1%.

Energy stocks, up 0.5% as a group, continue to trade with relative strength, but that's mostly due to higher oil prices, which were last quoted with a 1.5% gain at $96.35 per barrel. Ameron International (AMN 84.45, +18.18) is a top performer following news that it will be acquired by National Oilwell Varco (NOV 79.45, +1.14) for a premium of about 28% over AMN's closing price from last week. Elsewhere in the sector, Exxon Mobil (XOM 81.87, -0.14) is down only modestly amid news that the company continues to clean up a crude oil leak into the Yellowstone River. DJ30 -25.54 NASDAQ -2.79 SP500 -4.40 NASDAQ Adv/Vol/Dec 977/405 mln/1453 NYSE Adv/Vol/Dec 1113/165 mln/1758

10:35 am : Despite modest strength in the dollar index, commodities are trading higher today. Silver and wheat are showing the most notable gains, while the only few commodities trading lower this morning include aluminum and the livestock sector.

In the energy markets, crude oil has been in positive territory all morning. Crude hit new session highs at $96.99/barrel (continuous futures contract) about 15 minutes ago, but has pulled back and is now 1.7% higher at $96.57/barrel.

Natural gas has been in positive territory all morning as well and broke through the $4.40 level. After pulling back slightly along with crude in recent trade, the energy component is 0.2% higher at $4.34/MMBtu.

Precious metals are showing nice gains today with silver one of the best performing commodities this morning. Both gold and silver futures have shown a rather steady trend higher all session and are currently near new session highs. Gold is now up 1.9% at $1510.10/oz and silver is 3.9% at $35.01/oz.

In the ag space, overnight, wheat futures rose 22 cents (or +3.6%) to $6.34/bushel, corn gained 13 cents (or +2.1%) to $6.09/bu, while soybeans rose 0.9% to $13.24/bu. Floor trading just began in the grain pits, and the three commodities opened mixed. Wheat is currently 4.3% higher a t$6.38/bu, corn is up 1.9% at $6.08/bu and soybeans are 1.1% higher at $13.27/bu. DJ30 -14.00 NASDAQ -3.18 SP500 -2.58 NASDAQ Adv/Vol/Dec 1017/227.3 mln/1274 NYSE Adv/Vol/Dec 1168/105.5 mln/1548

10:00 am : The major equity averages are at the neutral line. They haven't showed any real reaction to May factory orders, which spiked 0.8% after a 0.9% decline in May. Despite the strong bounce, it was still less than the 1.0% increase that had been expected, on average, among economists polled by Briefing.com.

The flow of economic data this week will remain slow, but Friday brings the official unemployment report, which will be a major catalyst for trade. The consensus among economists surveyed by Briefing.com calls for the headline unemployment rate to remain at 9.1%. DJ30 -6.93 NASDAQ +1.40 SP500 -2.48 NASDAQ Adv/Vol/Dec 978/135 mln/1307 NYSE Adv/Vol/Dec 1158/75 mln/1613

09:45 am : Financials have fallen sharply in early trade. The sector is already down 1.0% as shares of diversified financial services plays like JPMorgan Chase (JPM 41.06, -0.51) come under pronounced pressure. Insurers like Hartford Financial (HIG 26.66, -0.39) are also in weak shape.

Energy stocks are showing early strength. The sector has run up to a 0.7% gain. Its move has been helped along by a 1.7% jump in oil prices to $96.50 per ounce. DJ30 -8.06 NASDAQ -0.37 SP500 -2.70 NASDAQ Adv/Dec 963/1250 NYSE Adv/Dec 1141/1548

09:15 am : S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: +1.20. Stock futures are mixed this morning. The lack of direction comes after participants return from an extended holiday weekend to a dearth of trading cues. In the backdrop is listless action abroad, where both the bourses of Europe and the major averages of Asia have been mired in muddled trade. Data out of Europe generally underwhelmed again. There hasn't been any domestic data. Corporate news flow has been limited, but it has been learned that National Oilwell Varco (NOV) will acquire Ameron (AMN) for $85 per share, which is a premium of about 28% over the stock's closing price last week. Additionally, Immucor (BLUD) will be acquired by TPG Capital for $27 per share, or a premium of about 30% over its closing price last week. Although stock futures are mixed ahead of the open, commodities have caught a strong bid. Collectively, commodities are up 1.0%, as measured by the CRB Commodity Index. Their strength comes in the face of a firmer dollar, which was last quoted with a 0.3% gain against a collection of competing currencies.

09:05 am : S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: +0.50. Commodities are sporting some strong gains this morning. Specifically, gold prices are up 1.9% to $1510.70 per ounce. Silver prices have ascended 4.3% to $35.15 per ounce. As for oil prices, they are up 1.5% to $96.40 per barrel in early pit trade. Natural gas prices are up 1.6% to $4.40 per MMBtu. Altogether, strength among commodities has the CRB Commodity Index up 1.0%.

08:35 am : S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -0.50. Amid mixed action in Europe, the EuroStoxx 50 has mustered a 0.3% gain. Germany's DAX is up just 0.1% at the moment. Automakers Daimler and Volkswagen have been sources of support, but their efforts have been offset by weakness in Man SE and RWE AG. France's CAC has fallen to a 0.4% loss. Carrefour has been a heavy drag on action there. France Telecom has also encountered concerted selling interest following a downgrade by analysts at Nomura. Britain's FTSE is up only fractionally. Reckitt Benckiser and Tullow Oil are leaders, while Intertek Group and Rio Tinto (RIO) lead a list of laggards. Recent economic data out of the European region was largely lackluster. The PMI Services reading for the United Kingdom made an incremental increase to 53.9 from 53.8 in May. France's final reading for June PMI Services slipped to 56.1 from the preliminary 56.7. Germany's final PMI for June dropped to 56.7 from the preliminary 58.3. The overall eurozone PMI Services reading came in at 53.7 after it had been at 54.2 in the preliminary report. Eurozone retail sales for May were also reported; they fell 1.1% after they had increased by 0.9% in April.

Overnight action in Asia ended with 0.1% gain for Japan's Nikkei. Tokyo Electric Power was a top performer, but Yaskawa Electric Corp was among the weaker issues. Hong Kong's Hang Seng slipped 0.1%. Mainland China's Shanghai Composite closed with a 0.1% gain. Reports indicate that concerns about a potential rate hike continue to linger. Separate reports suggest that recent audits may have underestimated local government loans from banks by about a half-trillion dollars.

08:00 am : S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: +1.50. Trade resumes today after an extended holiday weekend allowed the stock market to take a three-day breather after it had put together its best weekly performance in about two years. The tone this morning is more mixed, though. Corporate news flow is slow coming off of the holiday weekend. Factory orders figures for May make up the only item on the economic calendar; they are due at 10:00 AM ET. Foreign data featured more underwhelming data, this time in the form of PMI Services readings from Germany, France, the United Kingdom, and even the broader eurozone. The major bourses of Europe are mixed in the wake of those reports. Asia's major averages also saw mixed interest in overnight action. Reports indicate that banks in China could be liable for losses related to local government loans that were underestimated in recent audits.

06:24 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +8.00.

06:24 am : Nikkei...9972.46...+7.40...+0.10%. Hang Seng...22747.95...-22.50...-0.10%.

06:24 am : FTSE...6030.93...+13.40...+0.20%. DAX...7467.73...+24.80...+0.30%.

http://finance.yahoo.com/marketupdate/update
5:57PM Ecopetrol confirms oil discovery in the Fauno-1 Exploratory Well in the Cano Sur block in Colombia (EC) 43.68 -0.55 : Co reports that it has proven the presence of hydrocarbons in exploratory well Fauno-1, located in the Municipality of Puerto Gaitan, in the Meta province (Colombia). This well, part of the exploratory campaign carried out by the Co in the Cano Sur block in the Llanos Orientales, is in addition to three other wells in the same block that were previously announced as successful (Mito-1, exploratory; Mago-1, stratigraphic; Draco-1, stratigraphic). EC is the operator and owner of all the rights to the Cano Sur Hydrocarbon Exploration and Operation Contract that was signed with the National Hydrocarbon Agency of Colombia (ANH), which covers an area of ~611,343 hectares. The Fauno-1 well results confirm the potential of the Cano Sur block, where the co is continuing with an exploratory campaign, which includes the drilling of more than 20 exploratory and stratigraphic wells in 2011.

5:31PM Teekay Offshore Partners L.P. announces direct equity placement; agrees to sell 0.7 mln common units to an institutional investor for net proceeds (TOO) 29.85 +0.31 : Co announced that it has agreed to sell ~0.7 mln common units to an institutional investor for net proceeds, including its general partner's proportionate capital contribution, of ~$20 mln. The common units are being sold pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission. The Partnership intends to use the proceeds from the sale of common units to partially fund the acquisition of four newbuilding shuttle tankers, which upon delivery in mid- to late-2013 will commence operations in Brazil under ten-year, fixed-rate time-charter contracts with a subsidiary of BG Group plc. The direct equity placement is expected to close on July 7, 2011, after which the Partnership will have ~63.5 mln common units outstanding.

5:16PM Methanex extends credit facility (MEOH) 32.00 +0.13 : Co has extended to June 2015 its US$200 mln revolving credit facility which would have expired in May 2012. RBC Capital Markets was the Arranger for the facility.

5:16PM Marcus Corp announced it has signed a master license agreement with CDF2 Holdings, LLC, a subsidiary of Cinedigm Digital Cinema (CIDM) (MCS) 10.20 : Marcus Theatres, a division of The Marcus Corp (MCS), announced it has signed a master license agreement with CDF2 Holdings, LLC, a subsidiary of Cinedigm Digital Cinema (CIDM) to deploy digital cinema systems in ~630 first-run screens at 47 co-owned locations. The agreement includes 64 previously installed systems. When completed, state-of-the-art digital projection technology will be offered at virtually all screens operated by MCS. Installation of the first systems is currently expected to begin later this summer, with the balance scheduled to be completed by the end of calendar 2011. The transition from 35mm film projection, which has been used for 110 years, to digital projection systems is a standardized world-wide motion picture industry effort. The costs to deploy this new technology will be covered primarily through the payment of virtual print fees (VPF) from studios to implementation companies. Under the terms of the agreement, CDF2 Holdings, LLC (Cinedigm) will purchase the digital projection systems and license them to Marcus Theatres under a long-term arrangement. Cinedigm, the global leader in digital cinema conversion programs, is responsible for structuring and implementing the underlying VPF agreements with the studios, as well as administering the VPF program.

5:14PM AK Steel says Butler (PA) electric furnace was damaged in incident; co does not expect any adverse impact to customer shipments resulting from the incident (AKS) 16.37 +0.39 : Co said today that the #5 electric arc furnace (EAF) at its Butler (PA) Works sustained some damage July 1, 2011 when molten steel inside the furnace breached the furnace shell causing damage to the furnace and some of its components. Steel production at the plant resumed Saturday, July 2, 2011 utilizing other electric furnaces at the plant which were not impacted by the #5 EAF incident. The co said that it does not expect any adverse impact to customer shipments resulting from the incident. The co said it was continuing to investigate the root cause of the incident while crews begin to make repairs to the furnace and its auxiliary equipment. At this time, co officials have neither an estimate of the cost nor date for completion of the repairs, which will not impact ongoing operations at the plant.

5:14PM Helmerich & Payne announces 12 additional new build commitments (HP) 67.46 -0.01 : HP announced that the co has entered into agreements to build and operate 12 additional FlexRigs. These rigs will be built under multi-year term contracts with eight exploration and production companies, and are scheduled to be completed and begin operations in the U.S. during FY12. The names of the customers and other terms were not disclosed. The co does not expect these contracts to have a significant impact on its previously announced fiscal 2011 capital expenditures estimate.

5:13PM DST System acquires assets of IntelliSource Healthcare Solutions (DST) 54.15 +0.53 : Co has acquired, through its wholly owned subsidiary, DST Health Solutions, LLC, the assets of IntelliSource Healthcare Solutions ("IntelliSource"), a provider of mission-critical business systems for health plans. Terms of the transaction were not disclosed.

5:00PM Caterpillar and dealer WesTrac sign agreement with Fortescue Metals Group to implement an autonomous mining solution (CAT) 108.43 -0.19 : Caterpillar and Cat Dealer WesTrac have signed a Memorandum of Understanding (MOU) with Fortescue Metals Group (ASX: FMG) based in Perth, Australia to implement an autonomous mining solution that is focused on delivering productivity and performance gains for Fortescue's new Solomon iron ore mine. This solution will comprise a number of elements, including the full Cat? MineStar System technology suite and an initial fleet of 12 Command for hauling autonomous 793F trucks to be implemented in third and fourth quarter 2012. At full operational capacity, it is anticipated the Solomon mine will have ~45 autonomous trucks by 2015.

4:42PM Steinway acknowledges unsolicited proposal for band business; announces new Chairman and new $1.1 mln charge (LVB) 25.55 -0.07 : Co announced that Chairman Kyle Kirkland, CEO Dana Messina, Conn-Selmer President John Stoner, and certain members of management made an unsolicited proposal to acquire the co's band instrument and online music divisions. In connection with the proposal, Mr. Kirkland has agreed to step down as the Co's Chairman, a position he has held since 1995. The board has appointed a Special Committee to consider this proposal and strategic alternatives. In addition, the board has appointed Michael Sweeney, one of the Com's independent directors, to the position of Chairman. Sweeney is currently Chairman of the Board of Star Tribune Media Holdings and previously served as the president of Starbucks Coffee Company (UK) Ltd. In connection with Kirkland's departure as Chairman, the co will recognize a severance charge of $1.1 mln. Details of the management offer for the band and online music businesses have not been disclosed. There can be no assurance that any potential purchaser or the Company will enter into a definitive agreement for any transaction or that any transaction will be completed.

4:34PM General Moly announces Liberty project drill hole results ahead of revised resource estimate; long intervals of high-grade molybdenum intersected (GMO) 4.31 -0.06 : Co announced the results of 33 core holes that were not previously included in the Liberty project's 2008 pre-feasibility study. Co said, "pleased to release these encouraging drill results from our second, world-class moly property. In addition to ongoing permitting achievements that we anticipate at the Mt. Hope project in the second half of the year, we are also advancing the Liberty project and anticipate releasing a revised resource estimate in the third quarter, as well as an updated pre-feasibility study early next year. Liberty is a solid project with robust economics for which we feel we receive minimal market valuation; however I am confident that we will continue to build value for our shareholders by driving both Mt. Hope and Liberty project development." Highlights of the 33 holes include 19 holes that had at least one moly mineralization interval of greater than 200 feet and in excess of 0.100% moly contained in sulfide mineralization. These long, high-grade intervals range in length from 240 feet to 1,239 feet and range in grade from 0.1049% to 0.2419% moly contained in sulfide mineralization.

4:33PM Keyuan Petrochemicals announces new auditor (KEYP) 4.88 : Co announced that it has engaged GHP Horwath P.C., ("GHP Horwath") a member of Crowe Horwath International, as its new auditor. GHP Horwath will commence its work immediately with the audit of the Company's 2010 financial statements, which are to be included in the Co's 2010 Annual Report on form 10-K.

4:30PM Pfizer reports that Cell Signaling Technology grants a patent license to the co (PFE) 20.78 +0.03 : Cell Signaling Technology (CST) announced that it has entered into an agreement with Pfizer that provides Pfizer with a worldwide non-exclusive license under the patent estates pooled by CST and Astellas Pharma, Inc. (Patent Estates) relating to EML4 anaplastic lymphoma kinase (ALK). The fusion kinase EML4-ALK has been found to be present in a subset of patients with non-small cell lung cancer (NSCLC). Pfizer and Abbott entered into a separate agreement in 2009 to develop and commercialize a diagnostic test designed to screen NSCLC tumors for the presence of rearrangements in the ALK gene. Pfizer will grant a sublicense to Abbott under the Patent Estates for Abbott to commercialize diagnostic products based on fluorescence in situ hybridization (FISH) technology for ALK detection. Detection of ALK-positive NSCLC is necessary for selection of patients for treatment with Pfizer's crizotinib, an investigational oral first-in-class agent that inhibits ALK.

4:21PM General Maritime announces agreement to enter seven VLCCs in commercial pool managed by Heidmar (GMR) 1.35 +0.02 : Co announced today it has agreed to enter seven of its VLCCs into Seawolf Tankers, a commercial pool of VLCCs managed by Heidmar. Under the terms of the agreement, the Genmar Vision, Genmar Zeus, and the Genmar Ulysses will begin trading in the pool within the next 30 days. In addition, the Genmar Hercules and Genmar Victory are expected to begin trading in the pool upon completion of their current time charters. The Genmar Poseidon and the Genmar Atlas will also enter the Seawolf Pool via period charters with Heidmar Inc. The co stated that the two vessels on period charter to Heidmar will be chartered for 12-months at market related rates, subject to a floor of $15,000 per day and a profit share of 50/50 above $30,000 per day. The co may withdraw any of its vessels from the pool after one year upon 90 days notice (with delivery to occur upon completion of any charter applicable at that time).

4:18PM Hawaiian Telcom common stock begins trading on NASDAQ under ticker symbol HCOM on July 6, 2011 (HCOM) 25.30 -0.33 : (HWLT was prior ticker)

4:17PM Pegasystems to move its corporate headquarters to an office complex that will initially represent a 40% increase in space (PEGA) 46.85 +0.06 :

4:17PM Harbinger announced that Omar Asali has been appointed acting President, and is expected to be appointed President subject to approval by the Board of Directors (HRG) 6.06 -0.02 :

4:16PM Gold Resource confirms record Q2 production, revenue and earnings (GORO) 22.63 -1.47 : Co confirm record mineral production for the second quarter of 2011. Co said its Q2 will reflect record mineral production, revenue and earnings after achieving its first profitable quarter as a mining co during Q1 of 2011.

4:13PM Annaly Capital Mgmt announces conversion rate adjustment for 4.00% convertible senior notes due 2015 (NLY) 18.26 +0.06 : The new conversion price for the Notes is $17.2243 per common share, effective June 28, 2011.

4:11PM Washington REIT has replaced and expanded one of its two unsecured credit facilities (WRE) 33.15 +0.12 : Co has replaced and expanded one of its two unsecured credit facilities, increasing its size from $262 million to $400 million. An accordion feature allows WRIT to increase the facility to $600 million, subject to additional lender commitments. The new facility matures July 1, 2014 with a one-year extension option and bears interest at a rate of LIBOR plus a margin of 122.5 basis points based on WRIT's current credit rating.

4:10PM Avista requests to adjust electric and natural gas rates in Idaho (AVA) 25.86 -0.06 : The requests would produce $9.0 million, or 3.5 percent, in additional billed revenue for electric service and $1.9 million, or 2.8 percent, in additional billed revenue for natural gas service.

4:04PM Air Methods announces closing of amended and restated credit agreement; provides update on Omniflight acquisition (AIRM) 76.15 +0.82 : Co announced today that it has successfully closed five-year Amended and Restated Credit Agreement. The Amended Credit Facility is comprised of a $100 million revolving line of credit and subject to the completion of Air Methods' acquisition of Omniflight Helicopters (Omniflight) and other standard closing conditions, a $200 million term loan. The Amended Credit Facility replaces Air Methods' current revolving line of credit of $50 million and its $50 million term loan, which were scheduled to mature in September 2012... Co has re-filed its premerger notification and report with the FTC on June 30, 2011 in order to begin a new waiting period under the HSR Act and provide the FTC with additional time to conclude its review of the proposed acquisition. Co remains committed to working cooperatively with the FTC as they complete their review of the proposed acquisition. Based on the date that Air Methods re-filed its premerger notification and report, Air Methods anticipates that the new waiting period under the HSR Act will expire July 30, 2011.

4:02PM Famous Dave's has amended its existing credit facility with Wells Fargo (DAVE) 10.34 +0.26 : Co announces that it has amended its existing credit facility with Wells Fargo Bank to extend its revolving line of credit for an additional five years, to modify the maturity on its term loan to be coterminous with the credit facility, and to allow for an additional $30.0 million in stock repurchases over the next five years. The credit facility is available for general working capital purposes as well as for the repurchase of shares under the company's share repurchase program. At July 5, 2011, the principal amount of debt outstanding under the Company's amended and restated credit facility was $10.4 million.

4:01PM Donaldson announces Officer Changes; CFO to leave (DCI) 61.74 -0.10 : Co announced, as part of its ongoing officer succession planning process, that Thomas R. VerHage, Vice President and Chief Financial Officer, will leave the Company on October 31st. VerHage joined Donaldson in 2004 in his current role with responsibility for Donaldson's global finance organization. As part of the succession planning process, James F. Shaw will be promoted to Vice President and Chief Financial Officer effective November 1st. Shaw is currently Corporate Controller and Principal Accounting Officer.

4:01PM Signature Bank announces public offering of 4.1 mln shares of the cos common stock (SBNY) 58.53 +0.48 : BofA Merrill Lynch is expected to act as sole book-running manager in the offering. Barclays Capital and J.P. Morgan are expected to act as co-managers.

4:00PM Martin Midstream announces new Corpus Christi terminal and long-term contract at an estimated cost of $25 mln; anticipated to be in service by late 2011 (MMLP) 38.69 +0.39 : Co announced the construction of a new terminal at the Port of Corpus Christi, Texas to receive crude oil from the Eagle Ford shale via the recently announced Harvest Gardendale Pipeline. As part of the project, the Partnership has entered into a long-term lease with the Port at a new location adjacent to the Partnership's existing terminal. In conjunction with the new terminal construction, the Partnership also announced the execution of a long-term contract with a major integrated oil company for the initial capacity of the newly constructed asset.

4:00PM FMC Tech awarded $43 mln workover adapters contract by Statoil (STO) (FTI) 45.11 +0.62 :

3:52PM IMAX and Paramount Pictures announced that Transformers Dark of the Moon 3D has posted global box office sales of $23.1 mln since launch (IMAX) 30.01 -2.59 :

3:45PM American Science & Engineering announced earlier that it received $2.1 mln order for ZBV Systems for Customs Organization in APAC (ASEI) 80.00 -0.08 : The order includes operator training, service, and warranty.

3:45PM Earnings Calendar (SUMRX) : Today after the close no companies are scheduled to report. Tomorrow before the open AIR and OCZ are scheduled to report.

3:45PM Lannett announced the promotion of Robert Ehlinger to VP of logistics and CIO (LCI) 5.01 -0.08 : Ehlinger joined Lannett in 2006 as chief information officer. Earlier, he was vice president of information technology at MedQuist (MEDQ).

3:35PM Final hour upticks with stock indices back near session highs -- Dow +8, S&P +0.4, Nasdaq Comp +11.6 (SPY) :

3:28PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : Continuous corn futures closed 16 cents higher at $6.13/bushel, wheat rose 24 cents to close at $6.34, cont. soybeans rose 5 cents to $13.18, cont. ethanol closed up 7 cents to $2.47, while cont. world sugar futures closed up 1% at 0.28 cents.

3:05PM Crexendo announces an approximate reduction of 30% in Its full-time workforce (EXE) 4.71 -0.29 : Co further announced that StoresOnline, its wholly-owned subsidiary, will suspend the sale of its products and services through the seminar sales channel. These changes are being made as part of a restructuring plan.

2:49PM Index Change Reminders (INDXCH) : Accenture plc (ACN) will replace Marshall & Ilsley (MI) in the S&P 500 index after the close of trading today.

2:39PM NYMEX Energy Closing Prices (COMDX) : Crude oil rallied for $1.95 to settle at $96.89, natural gas gained 6.4 cents to close at $4.375, RBOB gasoline shed a penny to end at $2.97, while heating oil finished lower by a penny to $2.95.

2:37PM S&P -3.6 attempting to hold near morning/session low of 1334.30 -- Dow -25, Nasdaq Comp +2 stabilizes near unch (SPY) :

2:20PM Minor new afternoon lows for Dow -21 and S&P -2.7 but still above morning lows -- Nasdaq Comp +5 (SPY) :

2:03PM ITT Industries expands capabilities in the Asia-Pacific Region; will add engineers and other water and wastewater experts throughout Asia-Pacific (ITT) 59.16 -0.69 : Growth plans for ITT's business in the region include the establishment of a water and wastewater treatment center of excellence in Singapore, establishment of a greater sales and distribution footprint and new regional testing and assembly capabilities.

1:54PM Fractional new session high for S&P +0.8, just under Friday's peak at 1341 (SPY) : Outperforming Nasdaq Comp +10 has set a new high as well but the Dow +5.6 has not yet confirmed the move (session high 12601 @12589).

1:52PM Wal-Mart notches minor new session high near 50/200 ema (WMT) 53.51 unch : The stock has edged slightly above the midday peak to set a minor new session high of 53.51. Note that its 50 ema (capped upside in early June) and 200 ema (capped upside on initial June recovery attempt) come into play today at 53.59 with the Mid-June rebound high at 53.70.

1:31PM COMEX Metals Closing Prices (COMDX) : August gold rallied for $29.40 to end at $1512, Sept silver gained $1.40 to finish at $35.40, while Sept copper finished up 4.55 cents to $4.337.

1:29PM American Electric unit to partner with Turning Point Solar on the development of the Turning Point Solar generating facility in Noble County (AEP) 37.76 -0.42 : AEP Ohio entered into a participation agreement with Turning Point Solar, a joint venture of Agile Energy and New Harvest Ventures, to cooperate on the development of one of the largest solar generating facility east of the Mississippi River. Construction and commercial operation of the facility will be phased in over three years with construction expected to begin in the summer of 2012 and finishing in 2015.

1:26PM Sony and Sony Computer Entertainment announce full restoration of PlayStationNetwork and Qriocity Services in Japan on July 6 (SNE) 26.69 +0.12 :

1:21PM Northrop Grumman and U.S. Navy successfully completed demonstration of ship-based software and systems that will allow the X-47B unmanned air vehicle to operate from the deck of an aircraft carrier (NOC) 69.90 -0.43 :

1:01PM Ampal-American Israel reports East Mediterranean Gas supply to Israel resumed (AMPL) 0.92 -0.01 : Co was advised by East Mediterranean Gas, in which Ampal has a 12.5% interest, that commercial gas supply to EMG, and subsequently to EMG's Israeli customers, which was interrupted yesterday (July 4), has resumed today (July 5).

12:59PM Mace Security commenced registered rights offering pursuant to filing that was declared effective on June 29 (MACE) 0.24 -0.01 :

12:57PM Crude oil to fresh highs at $97.10; now up $2.13 to $97.07 (COMDX) :

12:55PM Morgan Stanley Real Estate Investing and NVR acquire residential land portfolio in Washington DC Metropolitan Area (MS) 23.25 -0.51 : Morgan Stanley Real Estate Investing announced earlier the acquisition of a land portfolio comprised of approximately 5,600 fully entitled residential lots in nine separate master planned communities located in the Washington, D.C. metropolitan area. The portfolio was acquired in partnership with NVR (NVR).

12:49PM GT Solar receives $81.7 mln in new orders for polysilicon production equipment and technology (SOLR) 16.80 +0.62 : The recent orders include GT's hydrochlorination equipment used for the production of TCS as well as other polysilicon production equipment. The orders will be included in GT Solar's backlog for its first quarter of FY12, which ended on July 2, 2011.

12:47PM Theratechnologies announces the filing of an application for registration of Tesamorelin in Israel by Sanofi (SNY) (THER) 7.07 -0.05 : Theratechnologies signed a distribution and licensing agreement with an affiliate of Sanofi (SNY) on December 6, 2010, granting Sanofi exclusive commercialization rights for tesamorelin for the treatment of excess abdominal fat in HIV-infected patients with lipodystrophy in Latin America, Africa and the Middle East. The application is based on the positive results from two Phase 3 clinical trials, which enrolled more than 800 patients, and follows a marketing approval by the U.S. FDA received in November 2010. In the U.S., tesamorelin is marketed under the trade name EGRIFTA.

12:44PM Graco receives FTC request for additional information related to proposed acquisition of Illinois Tool Works (ITW) finishing businesses (GGG) 52.57 +1.04 : Graco has been cooperating with FTC staff since Graco originally filed its required notification. Co intends to continue to cooperate with the FTC to obtain clearance as promptly as possible.

12:41PM Acorn Energy's US Seismic Systems awarded an order to develop a large-scale seismic system with the economic value of this order, once in production, is over $10 mln annually (ACFN) 4.10 -0.03 :

12:35PM Hudbay Minerals announces results of lalor optimization study; commitment to new 4,500 tonne per day concentrator (HBM) 15.60 +0.58 : Co announced the results of its Lalor optimization study, which supports an incremental capital expenditure investment of $144 mln to build a new concentrator at Lalor instead of refurbishing the co's existing Snow Lake concentrator. Operating costs per tonne expected to decrease by 35% to $52 per tonne due to economies of scale and other efficiencies as the new concentrator is expected to enable a 29% increase in ore milling capacity to 4,500 tonnes per day. Including the new concentrator, the total estimated project cost for Lalor is $704 mln, of which ~ $120 mln has been spent to date.

12:26PM Gold Resource responds to article to 'correct some of the author's incorrect factual assertions' (GORO) 23.02 -1.07 : Co issues response to a recent article published in Barron's written by Michael Santoli. "Santoli failed to mention in his article is that he was in direct contact with investors holding short positions during the time he was preparing his article. While we can only speculate about his motivations while creating this article and the reason why the short position increased significantly during this time period, we are going to focus our energy on correcting a few of Mr. Santoli's incorrect factual assertions... Co also disagrees with the article's characterization of Hochschild Mining plc as a "small Peruvian producer. Hochschild is a well-respected world-class silver producer and a mid-tier gold producer listed on the London Exchange... Co further disagrees with the assertion that Mr. Conrad was responsible for approving his compensation last year since he chairs the compensation committee. The entire board approved Mr. Conrad's compensation."

12:24PM Verto announces new credit facility With Bridge Bank for $8 mln (VTRO) 2.36 +0.06 : Co and its subsidiary Alot Inc. announced that it has entered into a new credit facility agreement with Bridge Bank, a subsidiary of Bridge Capital Holdings (BBNK). The new credit facility is for up to a total of $8 mln under First Business Financing Modification Agreement. This amends the Co's original $5 mln Business Financing Agreement, dated December 17, 2009. The Facility provides a receivables financing facility of up to $6.5 mln, along with a growth capital credit facility to the Co of up to $1.5 mln. At July 1, 2011, the Co was eligible to draw down ~$4.0 mln under the Facility. The Agreement terminates on June 20, 2013.

12:15PM Relative sector strength as Nasdaq Comp +4 vacillates near late morning/session high -- Dow +3 and S&P -1.5 lagging (TECHX) : In recent intraday action has seen some relative strength in Reg Bank KRE, Finance XLF, Materials XLB, Commodity Index, Copper JJC, Gold Miners GDX (testing its 50 ema at 55.43), Rail, REITs IYR, Silver SLV.

12:04PM Peabody Energy confirmed it was chosen to be part of consortium to develop the Tavan Tolgoi coking coal reserve (BTU) 60.89 +1.50 : Co confirmed that the Government of Mongolia has selected Peabody to be part of a global energy consortium to develop the Tavan Tolgoi coking coal reserve in the South Gobi region. Peabody continues to work with the government and other parties to reach agreement on definitive terms and conditions. Agreements would then be submitted for consideration and approval by government agencies and Parliament.

12:03PM Hawaiian Holdings unit and Hyatt (H) announce new mileage offer (HA) 5.69 -0.22 :

12:01PM Lockheed Martin has successfully completed on-schedule System Design Review for the GPS IIIB satellite increment under the U.S. Air Force's next generation GPS III program (LMT) 81.28 -0.68 : Lockheed Martin Space Systems, Newtown, Pa., is under contract to produce the first two of a planned eight GPS IIIA satellites, with first launch projected for 2014.

11:48AM Nasdaq 100 +8.4 / Nasdaq Comp +5.6 continue to lead, set new session highs -- Dow -0.2, S&P -1.7 (TECHX) :

11:46AM Life Partners Holdings engages Whitley Penn LLP as its auditor (LPHI) 6.53 +0.02 : Co announced that the Audit Committee of its Board of Directors has engaged Whitley Penn LLP as the Company's new independent registered public accounting firm. Whitley Penn is engaged to audit the Company's consolidated financial statements for fiscal year ended February 28, 2011. Whitley Penn will also re-audit the consolidated financial statements for fiscal year ended February 28, 2010. The company's prior auditors, Ernst & Young, withdrew its opinion for the fiscal year 2010 statements following a disagreement with the Company. The Company anticipates that the retention of Whitley Penn and the audits of its statements will allow it to complete its annual report and resume its filings with the Securities and Exchange Commission.

11:42AM Amazon.com up six in a row for a 10% gain, nears a technical objective (AMZN) 212.97 +3.31 : The stock has helped underpin Internet FDN and the Nasdaq indices as it has surged roughly 10% over the last six sessions. Today's upside extension to 212.97 leaves it near a technical objective based on the May-June pullback (127.2% Fib extension) at 213.14. Since the Mid-June trough AMZN has surge 17.2%.

11:35AM Seeing some intraday relative sector strength in recent trade in Retail XRT, Internet FDN, Discretionary XLY, Gold Miners GDX, Silver SLV (TECHX) :

11:13AM S&P -4.2 and Dow -26 slip to minor new session lows, Nasdaq Comp -1 holds slightly above (SPY) : Noted at 10:43 that the S&P needed to clear 1337.80 and 1339 during the push off 1335 or it would remain vulnerable to further intraday downticks. It reached 1337.84 at 10:46 and rotated lower to set a minor new session low in recent trade. Relative weakness has been noted in Finance XLF, Reg Bank KRE, Bank, Semi SMH, Networking IGN, Telecom IYZ, Solar TAN, Casino. The lower end of first level support (1334) has been tested and held (session low 1334) but need to clear intraday resistances at 1336.25 and 1337.80.

11:00AM Brooklyn Federal Bancorp receives Nasdaq notices (BFSB) 1.39 -0.05 : Brooklyn Federal Bancorp, the holding co of Brooklyn Federal Savings Bank, announced that on June 28, 2011, it received a deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC indicating that the Co was not in compliance with the requirements for continued listing under Nasdaq listing Rule 5250( c )(1) (the "Rule"), which requires that Nasdaq listed companies file their required periodic reports with the Securities and Exchange Commission on a timely basis.

10:57AM DTE Energy's Bluestone Gathering announced long-term agreement with Southwestern Energy Services (DTE) 50.71 -0.09 : Bluestone, a wholly-owned subsidiary of DTE Energy, will deliver natural gas from the Marcellus Shale formation to the Millennium Pipeline in Broome County, NY and to Tennessee Pipeline in Susquehanna, PA. Houston-based Southwestern Energy Services, a wholly owned subsidiary of Southwestern Energy Company, is the primary customer for Bluestone. Bluestone's initial capacity will be over 250,000 dth/day to both the Millennium and Tennessee pipelines and is projected to be in-service in the second quarter of 2012. DTE Energy plans to spend more than $250 million over the next five years on both the Bluestone gathering lateral and in-field gathering system.

10:44AM Medgenics names Clarence Dellio has as COO (MDGN) 4.00 -0.10 : Former Chief Operating Officer, Stephen Bellomo, will continue with the Company as Vice President of Product Development and Intellectual Property and Chief Operating Officer of Medgenics Medical (Israel) Limited, subsidiary located in Israel.

10:43AM Limited slip and tight range thus far for S&P -2.6 (SPY) : The index was not able to set a new session high above Friday's peak which implied some underlying loss of momentum. Thus far only narrow, choppy range trade has developed but watching 1337.80 and 1339 on the current push off the morning pullback low of 1335. Failure to clear these levels during the current push would leave the door open to further intraday downticks.

10:36AM General Electric: Chevron (CVX) awards GE Oil & Gas High-Tech, offshore Gulf of Mexico contract (GE) 19.06 -0.14 : GE Oil & Gas will supply three customized aeroderivative gas turbine-generator modules to provide reliable electric power for a new Chevron floating production unit that will produce oil and gas from the Jack and St. Malo fields in the Gulf of Mexico, ~ 280 miles south of New Orleans and at a water depth of ~ 7,000 feet.

10:29AM A-Power Energy elects Jiwei Wang as Independent Director on its Board of Directors effective July 1 (APWR) 1.67 : (stock remains halted)

10:21AM Relative sector weakness (TECHX) : Sectors that have underperformed the S&P on a relative basis in recent action include: Semi SMH, Retail XRT, Housing XHB, Finance XLF, Reg Bank KRE, Disk Drive, Networking IGN, Transports IYT, Industrial XLI.

10:18AM S&P -2.7 set a minor new high with the Dow -2 and Nasdaq Comp -2.2 but it did not confirmed the move above Friday's peak with some weakness developing (SPY) : Although the S&P held at first level support noted in The Technical Take (1336/1334) in opening action it has been hampered by Finance -0.9%, Retail -0.9% slippage thus far this morning which prevented it from confirming the Dow and Nasdaq Comp move above Friday's peak.

10:18AM DHT reports previously announced offer document for all of the issued and outstanding shares of Saga Tankers ASA was reviewed and approved (DHT) 3.86 -0.04 :

10:09AM Nasdaq 100 +4.3 / Comp +3.2 edge above Friday's highs , Dow +8 hovering just below, S&P -0.6 lagging amid Finance -0.8% underperformance (QQQ) :

10:05AM A-Power Energy announces CFO Peter Mak comes to end of extended contract, Michael Zhang named as interim CFO (APWR) 1.67 : Co announced that Kin Kwong (Peter) Mak, A-Power's Chief Financial Officer, will come to the end of his extended service contract on July 15, 2011. Co also announced that Michael Zhang, the Vice President for Strategic Planning, Internal Audit, and Internal Control, and recently elected to board of directors, will also serve as interim CFO, effective July 15, while the Company conducts a search to fill the CFO position.

10:02AM Stock indices slip just slightly after orders data and lift -- Dow -7, S&P -2, Nasdaq Comp +1 (SPY) :

10:02AM Charter Comm and James Cable have agreed to a trade of systems located in Georgia and Alabama; expected to close Q4 of 2011 (CHTR) 57.33 +2.18 :

10:01AM Old Dominion announces promotion of Greg Gantt to the position of Executive Vice President and COO effective June 30, 2011 (ODFL) 37.63 -0.29 : Gantt joined Old Dominion in 1994 and had served as Senior Vice President of Operations since 2002. He will continue to report to David Congdon, Old Dominion's President and CEO.

10:01AM Comtech Telecom awarded $2.0 million order for communications jamming high-power amplifier systems (CMTL) 28.39 0.00 :

10:01AM Ford Motor: Eagle Harbor Holdings and its subsidiary sue Ford Motor Company for patent infringement (F) 13.94 -0.04 : Eagle Harbor Holdings and its subsidiary and exclusive licensee, MediusTech, have filed a lawsuit in federal court in Tacoma, Washington, against the Ford Motor Company for infringement of Eagle Harbor's patents. The patents relate to several automotive technologies that are being used without authorization in Ford, Lincoln, and Mercury vehicles. The lawsuit charges that Ford has used and continues to use the companies' patented technology in multiple vehicle systems, including SYNC, Active Park Assist, Blind-Spot Identification System with Cross Traffic Alert, Integrated Control System for Stability Control, and MyKey.

9:56AM Opening Point Gainers/Losers (TECHX) : Point Gainers: AMN (+18.17), NFLX (+14.85), GOOG (+8.20), BLUD (+6.43), TZOO (+4.11), AAPL (+3.42), OPEN (+2.76), AGU (+2.59), SODA (+2.63), FIO (+2.42), SINA (+2.14), GLD (+2.18)

Point Losers: GORO (-3.13), NTCT (-3.03), GS (-1.83), RKT (-1.79), AEIS (-1.66), WFM (-1.75), EXAM (-1.59), GIB (-1.51), TSU (-1.37), AMCX (-1.37), FFIV (-1.52)

9:46AM Crude to fresh highs at $96.62; now higher by $1.60 to $96.54 (COMDX) :

9:44AM Semiconductor Hldrs ETF for the second day in a row it probes/stalls near its 50 sma at 34.85 -- opening session high 34.85 (SMH) 34.59 -0.18 : KLAC -1.5%, LRCX -1%, LLTC -0.9%, AMAT -0.6%, ALTR -0.6%, XLNX -0.5%, BRCM -0.5%.

9:41AM Longtop Financial announces resignation of independent directors & members of audit committee (LFT) 18.93 0.00 : Co announced today that Thomas Gurnee, the Independent Director & Chairman of Audit Committee, Zuyun Xue and Yifeng Shen, the Independent Directors & Members of Audit Committee all tendered their resignations by email with effect from July 1, 2011. After attempting to retain them and taking the letters under advisement, the Board has finally accepted their resignations.

9:40AM Apple displays some opening relative strength as it jumps up into the $346.00 area early on (AAPL) 346.14 +2.93 : Stock does have a resistance zone up in this vicinity, near $346.00-350.00.

9:38AM Gafisa SA announces new CEO Alceu Duilio Calciolari and CFO Rodrigo Osmo; effective immediately (GFA) 9.42 -0.02 : Osmo holds the role of CFO and will maintain his position of CEO of AlphaVille through the end of the year, to continue to lead the development of the business plan that will support the purchase of the remaining 20% of AlphaVille.

9:38AM Financial Select Sector SPDR underperforming in early trade (XLF) 15.47 -0.16 : The XLF has slipped back near its 50 day ema now as support at 15.44 (session low 15.46) -- JPM -1.1%, BACK -1%, TRV -0.3%, STT -1.3%, PNC -0.9%, USB -0.5%, BK -1.6%, WFC -1.7%.

9:34AM Chevron top performing Dow Component in early trade, approaches its May range/two month highs at 104.95/105.21 -- session high 104.78 (CVX) 104.77 +0.68 :

9:33AM Forest City Enterprises and National Real Estate Advisors announced earlier recapitalizations and modified credit facilities for select properties (FCE.A) 19.01 +0.11 : These transactions result in significant debt reduction for the properties and for Forest City.

9:30AM Waccawmaw Bkshrs receives extension after filing appeal with NASDAQ (WBNK) 0.80 -0.05 : NASDAQ has granted listing of Waccamaw's common stock through July 18 after earlier contacting the company by letter that the trading of its shares would be suspended on July 6. The company has asked that its shares remain listed on the exchange until the Hearings Panel renders a decision in mid-August.

9:29AM Insituform Tech acquires Hockway Limited and Hockway Middle East FZC for $4.6 mln (INSU) 20.91 : The purchase price will be funded out of the Company's cash balances. The transaction is expected to close on or around July 31, 2011 following approval from the regulatory authorities in the UAE.

9:27AM GLG Life Tech confirms the approval of Stevia as a zero calorie sweetener in the European market (GLGL) 6.81 :

9:22AM Grupo Aeroportuario Del Sureste reports June total passenger traffic increased 0.6% YoY (ASR) 59.35 :

9:16AM Swisher Hygiene acquires Sanolite Corporation and certain assets of Cavalier Chemical for a total of $9.75 mln in cash (SWSH) 5.64 : Co says consideration paid also includes the assumption of certain liabilities, a $1.5 mln promissory note and the issuance of up to ~ 816 K shares of common stock of Swisher Hygiene.

9:15AM SatCon Tech to resume trading at 9:45am ET (SATC) 2.54 :

9:11AM On The Wires (WIRES) :

* GlaxoSmithKline (GSK) has implemented the next phase of its new incentive compensation program for professional sales representatives with the introduction of a new performance evaluation methodology and process. Under the new system, GSK's sales professionals who work directly with healthcare providers will continue to be compensated with a competitive mix of salary and bonus.
* Generex Biotechnology (GNBT) has engaged Congressman Curt Weldon to assist in supporting the co's strategic development plan...
UOP LLC, a Honeywell (HON) company, announced that China's Wison Clean Energy Company has selected UOP technology to convert methanol into building blocks for chemical products at an existing coal chemical complex in China. Honeywell UOP will provide technology licenses, basic engineering, catalysts, adsorbents, specialty equipment and technical services for the plant, which is expected to start up in 2013.
* Energy Technology Ventures--a GE (GE), NRG Energy (NRG) and ConocoPhillips (COP) venture--has invested in Houston-based Glori Energy, whose technology helps extract trapped oil from mature oil fields, significantly boosting well production.
* Microsoft (MSFT) and Wistron have executed a patent agreement that provides broad coverage under Microsoft's patent portfolio for Wistron's tablets, mobile phones, e-readers and other consumer devices running the Android or Chrome platform. Although the contents of the agreement have not been disclosed, the parties indicate that Microsoft will receive royalties from Wistron under the agreement.
* ValueAct Capital, the largest outside shareholder of Immucor (BLUD) announced that it supports the agreement to sell the company for $27/share in an all cash transaction to TPG Capital.

9:07AM Netflix jumps 7 pts on announcement that it will provide service in Latin America and the Caribbean for streaming TV shows and movies later this year (NFLX) 267.99 : See 9:01 comment for details.

9:03AM PMI Group announces termination of contingencies permitting it to recognize in its financial statements the value of the contingent promissory note received in connection with the PMI Australia sale (PMI) 1.10 : Co announces that QBE Insurance Group has waived the right to make deductions to the value of the contingent promissory note received from QBE in connection with the 2008 sale of PMI Australia to QBE. As a result of the termination of these contingencies, PMI will be able to recognize the value of the QBE Note in its consolidated GAAP and statutory financial statements for the quarter ended June 30, 2011. The payment due date of the QBE Note remains September 30, 2011.

9:02AM Ameron Int'l to be acquired by National Oilwell Varco (NOV) $85.00 per share; values co at $772 mln; NOV expects this transaction to be accretive to 2012 earnings (AMN) 66.27 : National Oilwell Varco (NOV) and Ameron International (AMN) have entered into an agreement under which NOV will acquire AMN in an all cash transaction that values AM N at ~$772 mln. Under the agreement, AMN's stockholders would receive $85.00 per share in cash in return for each of the ~9.1 mln shares outstanding. NOV expects this transaction to be accretive to 2012 earnings.

9:02AM Duff & Phelps acquires Growth Capital Partners; terms of the transaction were not disclosed (DUF) 12.98 :

9:01AM TeamStaff awarded Navy SeaPort-e prime contract (TSTF) 0.99 : Co announced today that its subsidiary, TeamStaff Government Solutions, has received an Indefinite-Delivery/Indefinite Quantity (ID/IQ) prime contract award from the Naval Surface Warfare Center, Dahlgren Division. This contract will allow TeamStaff to compete for prime Task Orders issued under SeaPort-e's Multiple Award Contract vehicle. "This is a significant achievement for TeamStaff GS and allows us access to bid on approximately $5.3 billion dollars of services being procured per year via task orders issued under the SeaPort-e program."

9:01AM SatCon Tech lowers Q2 rev, gross margin guidance; announces 15% global staff reduction, debt financing -- Halted; will resume trading at 9:45 (SATC) : Co lowers Q2 rev/gross margin guidance; lowers revs to $45-47 mln from $50-60 mln vs $55.85 mln Capital IQ Consensus Estimate; the narrowed rev range reflects the continued impact of changes in government incentives in the co's higher margin markets in Europe as well as delays on a few projects that have been pushed into the third quarter. The co also revised its gross margin estimate for the quarter, which is now expected to be between 7% and 11%, below the company's previously announced guidance of 17% to 20%. Q2 gross margin was affected by the lower rev range, and the effects of the slowdown in the European market. Additionally, the co incurred one-time expenses relating to the revaluation of material due to lower component costs, an excess inventory provision, and a non-recurring expense associated with a major project in North America. This project, along with an increase in accounts receivable reserves, will also impact the co's Q2 operating expenses. To further support its margin expansion efforts, the co announced today that it conducted a global restructuring of its workforce that resulted in a 15% reduction in staff. This is expected to provide the co with compensation-related cash savings of ~$5.0 million per year, beginning in Q3 of 2011. The co expects to record a pre-tax charge of ~$1.0 million in Q2 related to this initiative. The co also announced that it entered into a securities purchase agreement with an institutional investor whereby it raised $16 million in gross proceeds through the issuance of subordinated convertible notes maturing July 1, 2013.

9:01AM Stewart Enterpr purchases Desert View Funeral Home and Memorial Park in Victorville, Calif. (STEI) 7.61 : "Desert View Funeral Home and Memorial Park is an attractive combination operation that fits our business model, complements our nearby locations and thereby leverages our existing local infrastructure."

9:01AM Netflix to Launch Service in Latin America and the Caribbean for Streaming TV Shows and Movies Later This Year (NFLX) 267.96 : Co announces it will expand to 43 countries throughout Latin America and the Caribbean later this year, offering 'unlimited TV shows and movies streaming instantly over the Internet to TVs and computers for one low monthly subscription price.'

8:58AM On The Wires (WIRES) :

* BluePhoenix Solutions (BPHX) announced that it extended a $1 Million contract from a leading Chinese financial institution.
* Texas Instruments (TXN) became the first partner to achieve the Netflix (NFLX) Silicon Reference Implementation certification for the Netflix HD application on Google's (GOOG) Android.
* OCZ Technology Group (OCZ) announced the release of the second generation of its proprietary Virtualized Controller Architecture.

8:57AM SatCon Tech halted, news pending (SATC) 2.54 :

8:51AM Colony Financial reports Q2 transaction activity totaling $170 mln (CLNY) 18.17 : Co announces that it closed five new transactions totaling ~$170 mln of equity participation during May and June 2011, with the largest two transactions accounting for $125 mln of the total. Of the total amount invested by the co during May and June 2011, 57% was comprised of loans that the co acquired and 43% was comprised of loans that the co originated. Collectively, these transactions represent the investment of more than 60% of the net proceeds from the follow-on equity offering that the co completed in April 2011.

8:46AM Crude oil trades to fresh highs at $96.10; now up $1.10 to $96.04 (COMDX) :

8:41AM Bona Film acquires affiliated movie theater company, Bona Starlight for ~$30.9 mln (BONA) 3.70 : Bona Starlight currently has four fully operational cinemas, two in Beijing, one in Chongqing and one in Tianjin. In addition, Bona Starlight has seven cinemas at various stages of construction across China, which are all expected to be operational by the end of this year.

8:40AM Advanced Energy to resume trading at 9:00am ET (AEIS) 15.02 :

8:40AM On The Wires (WIRES) :

* Great Lakes Solutions (CHMT) announced that it will increase prices by $0.25/kg-$4.00/kg across the entire bromine franchise in all regions, where contracts allow.
* Alberta's ministry of Health and Wellness and CGI Group (GIB) announced the signing of a contract that would see CGI continue to provide them with application maintenance services and also includes the provision for additional application development and business intelligence services.

8:33AM Oceanfreight announces 1-for-20 Reverse Stock Split to Be Effective July 6, 2011 (OCNF) 0.36 :

8:32AM Marvell increases share repurchase program by $500 million to $1.5 billion (MRVL) 15.11 : "We continue to be confident in our growth prospects and our ability to generate significant cash flows. Combined with our strong balance sheet, we believe this increase in the share repurchase is consistent with our plan to return value to our shareholders." The repurchases, which are expected to be funded from Marvell's current cash and short-term investments position that stood at approximately $2.3 billion as of April 30, 2011, may occur in open market, privately negotiated or block transactions.

8:32AM IntercontinentalExchange reports 24% increase in June Futures ADV; record volume at ICE Futures Europe and ICE Futures U.S.; OTC Energy Average Daily Commissions rise 7% in Q2 (ICE) 126.98 : Co announces activity for June and the second quarter of 2011. ICE's futures average daily volume increased 5% in the second quarter of 2011 over the prior year, and grew 24% for the month of June 2011 compared to June 2010. ICE's OTC energy average daily commissions were $1.53 mln for the second quarter, up 7% from the prior second quarter. ICE Futures Europe established a monthly volume record in June of 24,716,718 contracts. ICE Brent, Heating Oil, RBOB Gasoline and Emissions futures, as well as Brent and Gas Oil options established volume records for the month.

8:32AM Park City has prepaid $1.5 million of 12% subordinated promissory notes, which were scheduled to mature on July 12, 2011 (PCYG) 4.75 : Proceeds from a new $350,000 3.95% term note due July 15, 2014 and cash on hand were used to repay the notes.

8:31AM Advanced Energy lowers Q2 rev guidance below consensus; sees EPS at the low end of, or slightly lower than previous range (AEIS) 15.02 : Co lowers Q2 guidance; lowers Q2 rev guidance to $137-140 mln from $148-160 mln vs $153.35 mln Capital IQ Consensus Estimate; with earnings at the low end of, or slightly lower than $0.36-0.44 vs. the $0.42 consensus. "The performance of our renewables business drove our lower than expected second quarter rev, while our thin film business performed in-line with our expectations. Our results were primarily impacted by changing solar market conditions driven by panel price declines, short lead-times for components, and permitting and financing delays. These trends are causing some customers to push-out purchases until panel prices stabilize, leading to the postponement of construction of their projects. Additionally, changing incentive programs in certain regions, coupled with increasing competition, affected the quarter and continue to be ongoing industry dynamics. While we are disappointed in our renewables results this quarter, our recently-announced large project wins reinforce our confidence in our strategy of selling based on LCOE (levelized cost of energy), which we believe will continue to differentiate us from our competitors."

8:31AM Poniard Pharma announces intention to adjourn annual meeting of shareholders to solicit additional proxies for important reverse stock split proposal (PARD) 0.24 : Co announces that it intends to adjourn its annual meeting of shareholders scheduled for Friday, July 8, 2011, until Friday, July 22, 2011, in order to solicit additional proxies to vote in favor of a proposal authorizing the Company's Board of Directors, in its discretion, to effect a reverse stock split in the range of 1-for-15 to 1-for-25. If the proposal is not approved, the Company believes that its common stock will be subject to delisting from the Nasdaq Capital Market, which would adversely impact the liquidity and marketability of its common stock and the completion of Poniard's recently announced merger agreement with ALLOZYNE.

8:30AM CytRx receives FDA Orphan Drug designation for INNO-206 for the treatment of soft tissue sarcomas (CYTR) 0.68 : CytRx holds the exclusive worldwide development and commercialization rights to INNO-206. The designation grants U.S. market exclusivity to a drug for a particular indication for a seven-year period if the sponsor complies with certain FDA requirements. Additional incentives for the sponsor include tax credits related to clinical trial expenses and a possible exemption from the FDA-user fee.

8:29AM Western Union to acquire Travelex Global Business Payments for $606 mln; acquisition is anticipated to be dilutive to GAAP EPS by ~$0.02 in 2011 and ~$0.04 in 2012; the acquisition is expected to be accretive to 2013 GAAP EPS by ~$0.04 (WU) 20.25 : Western Union expects the combined TGBP / Western Union Business Solutions revenue to grow at an ~10% CAGR over the next three years, with accelerated longer-term growth and margin expansion opportunities once integration activities have been completed. Integration expenses are anticipated to be ~$70 mln over 2 years, with synergy savings of ~$30 mln annually after full integration. The co expects acquisition related non-cash amortization expense from the transaction of ~$40 mln annually beginning in 2012.

8:27AM Advanced Energy halted, news pending (AEIS) 15.02 :

8:23AM Gold, silver trade to their best levels of the morning, at $1506.50 and $34.80 respectively, following the open of pit trade (COMDX) :

* Gold now higher by $22.80 to $1505.40.
* Silver up $1.07 to $34.77.

8:19AM On The Wires (WIRES) :

* D. Medical Industries (DMED) announced that its subsidiary, Spring Health Solutions has signed a non-binding letter of intent with Dex Medical, Canada's largest distributor of diabetes care products, to become exclusive distributor of the Spring Universal Infusion Set in Canada. Spring Health and Dex Medical will now enter a period of further negotiation and due diligence with the goal of entering into a final, definitive agreement.
* Foster Wheeler (FWLT) announced that its subsidiary Foster Wheeler SOFCON, has been awarded a contract by Saudi Arabian Oil Company for the front-end engineering design and project management services for the Clean Transportation Fuels Project In addition. the co announced that a subsidiary of its Global Engineering and Construction Group has been awarded a process design and front-end engineering design services contract by PDVSA for the new Batalla Santa Ines Refinery Phase I Hydroskimming section to be built in Barinas, Venezuela. The terms of the contracts were not disclosed.

8:11AM On The Wires (WIRES) :

* Jacobs Engineering Group (JEC) announced that it received a contract from the Intelligence Advanced Research Projects Activity to provide services under its Aggregate Contingent Estimation program for combining event forecasts from multiple experts to improve forecast accuracy. The contract has a potential value of ~$11 mln with a one-year base period of performance and three one-year award options. Additionally, co announced today that it has been awarded a five-year framework contract from EDF Energy to support its Cottam and West Burton power stations near Nottingham, United Kingdom.
* Fluor Corporation (FLR) announced that it has been awarded a contract by Klaipedos Nafta AB, Lithuania's state-owned oil company, to provide engineering and business support services for a new floating liquefied natural gas import terminal in Klaipeda, Lithuania. Fluor booked the undisclosed contract value in the second quarter of 2011.
* Marvell (MRVL) announced that four of the six smartphones selected by China Mobile (CHL) in its first round of smartphone purchasing are powered by the Marvell PXA920 single-chip solution.
* DuPont (DD) has selected ChemPoint.com as the preferred distributor for their Krytox performance lubricants, extending their current relationship into the finished fluids arena. Effective July 18, 2011 ChemPoint will provide marketing, sales, technical support and order fulfillment for all Krytox performance lubricants in the U.S.
* DigitalGlobe (DGI) said that California's Stanislaus County has contracted to use its Precision Aerial Imagery to monitor changes and manage government projects across the Central Valley county's 1,500 square mile area.
* Kyocera Corporation (KYO) announced that it has significantly increased the size of the solar power generation system at its Tanagura manufacturing plant in Fukushima Prefecture, Japan by 194kW to a total of 230kW.
* Ampio Pharmaceuticals (AMPE) announced treatment of the first patient in the three-arm, placebo controlled, 60 patient Phase 1b Ampion-In -Knee trial in Australia.
* American Lorain (ALN) announced that its Beijing and Dongguan facilities have recently successfully passed the factory inspection by two premium retailers, Ito Yokado Chengdu subsidiary and Jusco Guangdong subsidiary.

8:08AM RADVision lowers Q2 guidance below consensus due to lower than anticipated rev in Video Business Unit (RVSN) 7.85 : Co issues downside guidance for Q2 (Jun), lowers non-GAAP EPS to ($0.27)-(0.30) from ($0.12) vs. ($0.12) Capital IQ two Estimates; lowers Q2 (Jun) revs to $18.0-18.5 mln from $22.0 mln vs. $21.79 mln Capital IQ Consensus Estimate. The revised second quarter outlook is primarily the result of lower than anticipated revs in the co's Video Business Unit (VBU), which are expected to ~$14.5 to $15.0 mln. This includes revs from CSCO of ~$1.5 mln, which is in line with forecast but substantially below the $9.5 mln of revenues from Cisco in 2Q10. Despite its revised forecast, the cos' core VBU revenues are expected to increase by more than 30% YoY, after excluding revenues from Cisco from both periods. The co noted further that revenues from its Technology Business Unit (TBU) are expected to ~$3.5 mln, which is also below its original forecast for the second quarter of 2011. "While we knew the second quarter would be challenging because of the anticipated substantial drop in Cisco revenues from the second quarter last year, the quarter was more difficult than expected. While our revenues in EMEA, APAC and CALA continued to grow year over year, revenues in our VBU in North America did not meet our plan. Our co is currently in the midst of becoming an end-to-end video conferencing provider but getting full traction is taking longer than originally expected. Getting back on track with our plan is our priority. We have overcome challenges in the past and we are taking all necessary actions to ensure we return to growth company-wide as quickly as possible."

8:06AM MF Global announced David Simons has joined the firm as global head of Operations, effective immediately (MF) 7.88 : Prior to joining MF Global, Mr. Simons was a managing director at Goldman Sachs (GS).

8:04AM PhotoMedex Announces Definitive Merger Agreement with Radiancy; co will issue ~14.5 mln shares of common stock to Radiancy shareholders (PHMD) 12.00 : Co announces the signing of an Agreement and Plan of Merger among co and Radiancy, a privately corporation. Radiancy will become a wholly owned subsidiary of PHMD. Co will issue ~14.5 mln shares of common stock to Radiancy shareholders. Co will issue to its shareholders ~846,000 warrants having an exercise price of $20 per share and a three-year life. Combined co foresees significant new sales opportunities in global consumer and professional skin-care markets, and has pro forma revenues of $132 mln for the 12 months ended March 31, 2011. On a pro forma basis, the combined co had revenue for the 12 months ended March 31, 2011 of ~$132 mln, a gross margin of nearly 70%, operating income of ~$19 mln and adjusted net income of ~$26 mln.

8:03AM CareFusion to acquire Rowa for approximately $150 mln; acquisition is expected to be neutral to adjusted earnings in the first year and increasingly accretive thereafter (CFN) 27.65 : Co announces an agreement to acquire Rowa, a Germany-based company specializing in robotic medication storage and retrieval systems for retail and hospital pharmacies, for approximately $150 million.acquisition is expected to be neutral to adjusted earnings in the first year and increasingly accretive thereafter. Subject to anti-trust filings and other customary conditions, the acquisition is expected to close by the end of the first quarter of FY12.

8:02AM Interactive Intelligence acquires CallTime Solutions; price not disclosed (ININ) 35.09 +0.04 : Per the terms of the acquisition, effective July 1, 2011, Interactive Intelligence has purchased 100% of CallTime's privately held stock in an all-cash transaction. CallTime will operate as part of the Interactive Intelligence sales and services organization in the Australia-New Zealand region.

8:02AM ProPhase Receives Nasdaq Notice because the closing bid price per share of its common stock has been below $1.00 per share for 30 consecutive trading days (PRPH) 0.85 :

8:00AM Mindray Medical to Acquire a Controlling Stake in Suzhou Hyssen Electronics (MR) 29.27 : Co announced an agreement to acquire a controlling stake of Suzhou Hyssen Electronics Co. Ltd. The terms of the agreement were not disclosed as the transaction is non-material to Mindray's financial statements. Founded in 2003 and based in Suzhou, China, Hyssen is a leader in automated urine sediment analyzers in China. Urine sediment analysis can detect kidney and urinary tract diseases by analyzing blood cells, bacteria, urinary casts, etc., in urine samples. In 2010, the diagnostic urinalysis market in China was approximately $155 million, of which urine sediment analysis accounted for about 45% of the total, growing at an annual rate of over 30%.

8:00AM Immucor to be acquired by TPG Capital for $27/share in cash (BLUD) 20.73 : Co announced that it has entered into a definitive agreement to be acquired by investment funds managed by TPG Capital in a transaction with a fully diluted equity value of $1.973 billion. Under the terms of the agreement, Immucor shareholders will receive $27.00 in cash for each share of Immucor common stock they own, representing a premium of approximately 30.2% over the closing share price on July 1, 2011, the last full trading day before today's announcement, and a premium of approximately 35.6% to Immucor's average closing price over the last month. The transaction is expected to close in the second half of 2011. The agreement was unanimously approved by the Immucor Board of Directors. Under the terms of the agreement, the company may solicit superior proposals from third parties through August 15, 2011. Citi and J.P. Morgan Securities LLC acted as financial advisors and provided fully committed financing to TPG Capital.

7:56AM Immucor halted, news pending (BLUD) 20.73 :

7:55AM PhotoMedex halted, news pending (PHMD) 11.99 :

7:48AM Ariad Pharm announces presentation on its investigational lung cancer drug candidate, AP26113 at World Conference on Lung Cancer (ARIA) 11.54 +0.21 : Frank Haluska Chief Medical Ffficer at ARIAD said "The data being presented today show that beyond targeting of ALK, AP26113 has additional potential to treat the most resistant form of EGFR-mutant lung cancer, while maintaining a high degree of selectivity to avoid inhibition of native EGFR, which is likely the cause of the well-known adverse events of EGFR inhibitors." In addition, The new preclinical studies show that AP26113 potently inhibited activated EGFR or its T790M mutant, both in cell culture and in mouse tumor models following once daily oral dosing. Importantly, the effective oral doses in these preclinical models were similar to those previously achieved and shown to be effective in resistant ALK models. The T790M mutation of EGFR accounts for about 50% of the resistance seen clinically with currently available EGFR inhibitors. When tested against the native (unactivated) form of EGFR, present in normal, non-cancer cells, AP26113 lacked activity, indicating a favorable selectivity for activated EGFR.

7:37AM On The Wires (WIRES) :

* CAE (CAE) announced it has been awarded a series of military contracts valued at more than CAD$115 million, including a contract from the United States Navy to develop two MH-60R helicopter simulators, a contract from Boeing (BA) to design and manufacture training devices as part of the C-130 Avionics Modernization Program for the United States Air Force, a contract from Professional Way in Malaysia to build a CAE 3000 Series AW139 full-flight simulator and a contract from the United States Army to develop a suite of Abrams tank maintenance trainers.
* Tyler Technologies (TYL) announced that it has completed the asset acquisition of Yotta MVS, Inc. of North Kansas City, Mo. Yotta, formerly Mobile Video Services, provides field property data verification and collection services, and develops and supplies the software to extract, import and manage image, property characteristic and mapping data. No financial terms were disclosed.

7:30AM CME Group reports volume averaged 14.9 mln contracts per day in June 2011, up 22% From June 2010 (CME) 296.72 : Co reports June volume averaged 14.9 mln contracts per day, up 22% YoY. Total volume for June was 327 mln contracts, of which a record 85% was traded electronically. June 2011 month-end open interest reached 94 mln contracts, up 9% from the same period last year. 2Q11 volume averaged 13.5 mln contracts per day, in line with strong second-quarter 2010 results which included record May 2010 average daily volume.

7:15AM On The Wires (WIRES) :

* PropertyInfo Corporation, Stewart Title (STC) announced a contract awarded with Dona Ana County Clerks' office to implement their CountyFusion records management system.
* Rentrak Corporation (RENT) announced an expanded StationView Essentials contract with Gray Television (GTN) for KOLO-TV, the ABC-affiliate in Reno, Nevada.
* Wright Express (WXS) has signed an agreement with the privately held Wawa to offer customers a Proprietary and Universal Fleet Card Program.
* Cubic Simulations Systems, the virtual training systems business of Cubic (CUB) delivered a virtual training solution to the Florida National Guard that will provide the most advanced virtual training capability available for mounted and dismounted infantry operations.
* Xilinx (XLNX) announced that Logicview Electronic Technology has selected Virtex-6 FPGAs for the co's next-generation prototyping system and hardware emulation platform slated for introduction in early 2012.

7:06AM AutoNation reports June retail new vehicle unit sales increased 3% versus June 2010 (AN) 36.94 : Co reports retail new vehicle unit sales in June 2011, as reported to the applicable automotive manufacturers, totaled 16,564, an increase of 3% as compared to June 2010. Retail new vehicle unit sales in June 2011 for co's operating segments were as follows: 5,638 for Domestic, up 18% YoY; 7,564 for Import, down 9% YoY; and 3,362 for Premium Luxury, up 11% YoY. 2Q11 retail new vehicle unit sales decreased 1% versus the second quarter of 2010.

7:02AM China Information Tech's Digital Hospital Information Systems to enter Hunan Province (CNIT) 2.12 +0.05 : Co announced that the Hunan Department of Health has qualified its proprietary digital hospital information systems for use throughout the entire province. The qualification effectively extends the Company's DHIS to the Hunan market, in addition to its current presence in the Guangdong, Guangxi and Hainan markets.

7:02AM Aecom Tech awarded two U.S. GSA contracts with an aggregate value of up to $72 mln (ACM) 27.62 : announces that it has won two concurrent contracts with an aggregate value of up to US$72 million over three years, if all options are exercised. Under these contracts -- part of the U.S. General Services Administration's Logistics Worldwide Schedule Contract program -- AECOM will provide a wide array of technical support services at the Letterkenny U.S. Army Depot (LEAD), which has its headquarters near Chambersburg, Pa. For these projects, AECOM will provide ~420 maintenance- and production-focused technical personnel to augment the LEAD workforce. Both contracts have a 4-month base period with eight, 4-month options, for a potential term of three years each.

7:02AM Virtusa acquires ALaS Consulting for $27.8 mln; expects the acquisition to be accretive to FY 2012 earnings per diluted share by $0.01 to $0.05 (VRTU) 19.29 +0.34 : Under the terms of the asset purchase agreement, Virtusa acquired substantially all of the assets of ALaS for an aggregate cash consideration of $27.8 mln, of which 10% has been held back by Virtusa for a period of 12 months as security for the sellers' indemnification obligations under the asset purchase agreement. As part of the transaction, substantially all of the employees of ALaS, including the management team, accepted employment with Virtusa. Virtusa has agreed to issue an aggregate of up to $4 mln in shares of restricted stock from Virtusa's stock option and incentive plan, not to exceed 250K shares, to these new Virtusa employees. Transaction expenses are expected to be ~ $450,000 of which approximately $375,000 have been incurred in the first fiscal quarter ended June 30, 2011.

7:02AM Anadarko Petro sells Bison gas facility and related assets in Powder river basin to Western Gas (WES) for $130 mln (APC) 77.91 : Under the terms of the acquisition agreement, Western Gas will acquire Anadarko's 100-percent ownership interest in the Bison Assets, which are located in northeastern Wyoming and have a combined CO2 treating capacity of 450 MMcf/d. Western Gas expects to finance the acquisition with $25 million of cash on hand and the issuance of 2,950,284 common units to Anadarko and 60,210 general partner units to Western Gas Holdings, LLC, the Partnership's general partner, at an implied price of approximately $34.88 per unit. Western Gas expects the transaction to close in early July 2011, with an effective date of July 1, 2011.

7:02AM PDL BioPharma announces retirement of $133.5 mln of 2.00% convertible senior notes due February 2012 for $133.9 mln plus interest of $1.0 mln; with the completion of this redemption, no Notes remain outstanding (PDLI) 5.90 :

7:01AM Silvercorp Metals reports resources estimate on the BYP Gold-Lead-Zinc property in Hunan Province, China; Indicated category resource is 225,400 ounces of gold (SVM) 9.09 : Co announces the results of a National Instrument 43-101 Technical Report on the BYP gold-lead-zinc project in Hunan Province, China. The 2011 Resource Report estimates that the Indicated category resource is 225,400 ounces of gold and the Inferred category resource includes an additional 208,000 ounces of gold, 111,272 tonnes of lead and 283,964 tonnes of zinc. It is based on historical exploration data and the co's recent underground channel sampling program.

7:01AM Oncolytics Biotech announces appointment of Dr. George M. Gill as Chief Medical Officer (ONCY) 5.45 : Co announced the appointment of George M. Gill, MD as Chief Medical Officer. He has been Senior Vice President of Clinical Safety and Regulatory Affairs and an officer of Oncolytics since 2002.

7:01AM China Security and Surveillance announces expiration of 'go-shop' period (CSR) 5.29 : Pursuant to the Merger Agreement, unaffiliated stockholders of the Company will have the right to receive $6.50 per share in cash without interest at the effective time of the merger. The completion of the transaction is subject to customary closing conditions, including receipt of stockholder approval. The closing of the transaction is expected to occur in the third calendar quarter of 2011.

6:59AM Pioneer Drilling entered into an amendment and restatement of its existing credit agreement for $250 mlnof a five-year, senior secured revolving credit facility (PDC) 15.59 +0.37 : Co announced that it has entered into an amendment and restatement of its existing credit agreement. The amended and restated credit agreement provides the co with a $250 mln, five-year, senior secured revolving credit facility. The amended and restated credit agreement: 1) extends the maturity date of the credit agreement from August 31, 2012, to June 30, 2016; 2) increases the aggregate amount of commitments under the credit agreement from $225 mlnto $250 million; 3) improves the pricing terms for borrowings and the commitment fee; and 4) provides the co with increased flexibility under the financial covenants.

6:46AM II-VI announces acquisition of Aegis Lightwave, Inc. for $52 mln; updates revenue guidance from a range of $565 mln to $580 mln to a range of $595 mln to $615 mln (IIVI) 25.91 +0.31 : In addition, the purchase price is subject to customary closing adjustments including a working capital and debt adjustment which could increase the purchase price by an additional $3 mln. For the fiscal year ending June 30, 2012, II-VI is updating its revenue guidance from a range of $565 mln to $580 mln to a range of $595 mln to $615 mln as a result of the transaction. II-VI is updating its guidance for EPS (adjusted for the Company's previously announced two-for-one stock split that occurred in June 2011) from a range of $1.40 to $1.48 to a range of $1.43 to $1.52 as a result of the transaction. II-VI plans to release its financial results for the fourth fiscal quarter ended June 30, 2011 on August 2, 2011

6:43AM Advantage Oil and Gas announces plans to grow corporate production 24%; Glacier Phase IV expansion approved (AAV) 7.93 : Over the holiday weekend Co announced that the Board of Directors has approved a capital and operating budget for the 12 month period ending June 30, 2012. The capital budget is focused on a Phase IV development program at Glacier with two key objectives: 1) increase throughput capacity at our Glacier gas plant from 100 mmcfd to 140 mmcfd by Q2 2012 and drill a sufficient number of wells to fill our plant and 2) further evaluate the Middle and Lower Montney formations. In conjunction with the anticipated production increase at Glacier, corporate production is forecast to grow 24% to a H1 2012 exit rate of ~29,000 boed at which time Glacier will represent ~80% of total production. Advantage's capital budget for the 12 month period ending June 2012 is set at $216 mln of which $200 mln (93%) is allocated to Glacier. At Glacier, $155 mln will be invested to increase throughput to 140 mmcfd and $45 mln will be directed to further evaluate the Middle and Lower Montney formations where we believe significant potential for resource and reserve growth exists. Our Glacier phase IV development program will require capital expenditures for the 12 months ending June 2012 of $200 mln.

6:33AM On The Wires (WIRES) :

* Socket Mobile (SCKT) announced SocketScan 10 support for the Google (GOOG) Android 3.x Honeycomb Operating System.
* Pointer Telocation (PNTR) reported the supply and installation of advanced solutions to manage a fleet of vehicles in Brazil in a tri-annual agreement for over $2 mln. This is the largest transaction that Pointer signed in Brazil since commencing sales in Brazil a year ago.

6:15AM On The Wires (WIRES) :

* Jacada (JCDA) announced that its Board of Directors had resolved to delist the company's ordinary shares from trading on the Tel Aviv Stock Exchange. Consequently, Jacada intends to apply to the TASE and request that the TASE initiate the delisting process.
* Ascent Solar Technologies (ASTI) announced that the unexercised, outstanding Class B warrants issued in connection with the Company's IPO in 2006 having an exercise price of $11.00 per common share are expected to expire July 10, 2011.

6:06AM SuccessFactors announces settlement of co's unfair competition suit against Halogen; Halogen acknowledges that it engaged in false pretexting (SFSF) 29.70 : Co announces the conclusion of co's litigation against its direct competitor, Halogen. Halogen acknowledges that it engaged in false pretexting. Specifically, Halogen manufactured a phony prospective customer, "The Magnus Group," to inappropriately obtain SuccessFactors' business information to learn about SuccessFactors' services and product features, product demonstrations, pricing, and sales processes. In connection with the settlement, Halogen agreed to pay an undisclosed payment to co.

6:02AM Energy Transfer Equity revises agreement to acquire Southern Union for $8.9 bln, including $5.1 bln in cash and ETE common units (ETE) 44.68 -0.28 : Southern Union (SUG) shareholders can elect to exchange their common shares for $40.00 of cash or 0.903 ETE common units. The merger is not subject to any financing contingency as ETE has secured ~$3.3 bln in committed financing from Credit Suisse (CS) to fund the cash consideration to SUG shareholders. ETE also announced a binding agreement for the drop down of Southern Union Company's 50% interest in Citrus, which owns 100% of the Florida Gas Transmission pipeline system, to Energy Transfer Partners (ETP) for $1.9 bln in cash. The drop down of this interest in Citrus Corp. is subject to the closing of ETE's acquisition of SUG and is not subject to any financing condition on the part of ETP or ETP unitholder approval.

6:02AM Patterson-UTI reports drilling activity for June 2011 co had an average of 205 drilling rigs operating (PTEN) 31.97 : Co reports that that for the month of June 2011, the co had an average of 205 drilling rigs operating, including 201 rigs in the US and 4 rigs in Canada. For the three months ended June 30, 2011, the co had an average of 202 drilling rigs operating, including 199 rigs in the US and 3 rigs in Canada.

5:47AM On The Wires (WIRES) :

* Li3 Energy announced that it has mutually agreed to extend the expiration date and continue negotiating terms of a formal agreement with POSCO (PKX). The MOU originally set to expire on June 30th, 2011 has been extended until August 31st, 2011.
* Lattice Semiconductor (LSCC) announced that its LatticeECP3 FPGA family is compliant with the PCI Express 2.0 specification at 2.5Gbps.

5:41AM Gold Fields reports Q2 product is expected to be +5% MoM (GFI) 14.25 : Co announces that attributable Group production for the 2Q11 is expected to be ~872,000 gold equivalent ounces, which is 5% higher than the previous quarter. During Q2 2011 production from the South Africa Region was impacted by six public holidays as well as two significant seismic-related accidents at the KDC mine, which resulted in production stoppages due to safety interventions. In the Australasia Region production was affected by a week-long, unplanned mill-outage at St Ives. Remedial actions in respect of the seismic-related accidents and the unplanned mill-outage were satisfactorily completed during the latter part of Q2 2011.

5:31AM Hadera Paper announces public offering of NIS220 mln Series 5 debentures comprised of 220K units (AIP) 69.44 :

4:10AM Inovio Pharma reports novel data published suggesting synthetic DNA vaccine protects against HIV in non-human primates (INO) 0.61 : Co announces that novel data from a preclinical study of its SynCon DNA vaccine against HIV were published in two separate scientific journals. In vaccinated animals, the studies demonstrated co's HIV vaccine's ability to harness the power of the immune system, generating unique immune system responses, significant antigen-specific T-cell responses, and protection from the virus. In the first study, the investigators generated a synthetic, optimized DNA vaccine encoding for a novel HIV envelope clade C protein utilizing co's SynCon vaccine design process. Further optimization processes were conducted including codon/RNA optimization, and addition of a Kozak sequence and IgE leader sequence to enhance the expression of the vaccine in humans. In the second study, researchers observed several gene sequences that were differentially regulated in vaccine-protected groups compared to non-vaccinated animals. The novel microarray analysis used to test the vaccine effects of DNA vaccines demonstrated that co's PENNVAX vaccination led to the increased production of several gene sequences, including those involved in interferon signaling as well as those involved in immune cell trafficking and cell cycle progression. These results are relevant to humans because understanding these mechanisms could provide better insight into the ways immune responses could protect PENNVAX-immunized individuals from infection and virus propagation and may aid in the further optimization of Inovio's HIV vaccine candidates currently in multiple Phase I clinical studies.

2:58AM On The Wires (WIRES) :

* HCC Insurance Holdings (HCC) announced that effective July 1, 2011, Perico Life Insurance, a subsidiary of co, is combining its operations with HCC Life Insurance Company. This strategic consolidation of operations will allow HCC Life to better utilize its capital and improve its efficiencies in providing the premier medical stop loss product to the self-funded market.
* Global Crossing (GLBC) announced that its subsidiary, Global Crossing Telecommunications has been named one of only three suppliers in the Government Procurement Service, Managed Telecommunications Convergence Framework.
* Ampal-American Israel Corp (AMPL) announced that it has been advised by East Mediterranean Gas Co, in which Ampal has a 12.5% interest, that shortly after 1:30 last night there was an explosion along the Egyptian gas pipeline, some 100 kilometers west of Al Arish, due to an alleged terror attack. The pipeline is owned and operated by GASCO, the Egyptian gas transport company, which is a subsidiary of EGAS, the Egyptian national gas company.
* China Yuchai International (CYD) announced that its main operating subsidiary, Guangxi Yuchai Machinery, recently introduced China's first prototype diesel engine compliant with Euro VI emission standards.
* Wi-LAN (WILN) announced that the co and Texas Instruments (TXN) reached an agreement to end litigation regarding Bluetooth in the U.S. District Court for the Eastern District of Texas. Terms of the agreement, including financial amounts to be paid to WiLAN, are confidential.
* American Lorain (ALN) announced that its Beijing and Dongguan facilities have recently successfully passed the factory inspection by two premium retailers, Ito Yokado Chengdu subsidiary and Jusco Guangdong subsidiary.
* The Go Daddy Group announced it has signed a definitive agreement to receive a strategic investment and enter into a partnership with Kohlberg Kravis Roberts (KKR), Silver Lake and Technology Crossover Ventures. Financial terms of the transaction were not disclosed.
* Whirlpool (WHR) announced that the United States District Court of Delaware ruled in favor of Whirlpool, affirming and expanding a jury's unanimous March 2010 decision that certain LG refrigerators infringe Whirlpool Corporation's patented technology.
* Samson Oil & Gas (SSN) has elected to participate in the drilling of the State 24-63 #10-1H well with Chesapeake Energy (CHK) for its 25% working interest. The well will be drilled as an 11,447' measured depth horizontal well in the Codell Sandstone.
* Avnet (AVT) announced that Rick Hamada has succeeded Roy Vallee as co's CEO. The transition was previously announced on Feb. 14, 2011, and became effective with the beginning of co's fiscal year 2012. Vallee will continue to serve as Avnet's Executive Chairman of the co's Board.
* MSCI (MSCI) announced ay that AMP Capital Investors has selected BarraOne for firm-wide multi-asset class investment risk management.
* American College of Education announced its collaboration with Sopris, a business unit of Cambium Learning Group (ABCD), in the launch of a new Masters' degree with a Concentration in Literacy and will also be available as an online professional development program, LETRS.
* Saks (SKS) announced the planned opening of a licensed Saks Fifth Avenue store in Almaty, Kazakhstan in August 2012.

2:10AM OM Group expands its portfolio of advanced energy materials and technology with acquisition of Vacuumschmelze for EUR700 mln; expected to be accretive to FY11 EPS (OMG) 40.85 : Co announces it has signed a definitive agreement to purchase Vacuumschmelze GmbH & Co of Hanau, Germany for ~EUR700 mln, including $50 mln in common stock equity. In the 12-month period ending March 31, 2011, VAC recorded revenues of ~EUR389 mln and operating profit of EUR54 mln, on an IFRS basis. Excluding one-time items related to the acquisition, co expects the acquisition to be accretive to earnings in fiscal 2011.

2:06AM Convio acquires privately held Baigent Digital for $2.9 mln (CNVO) 11.09 : Co announces it has acquired privately held Baigent Digital, a provider of digital strategy, design, technology implementation and online fundraising solutions to charities in the UK. Co will pay ~$2.9 mln in cash and may also pay $0.4 mln in cash based on successful achievement of performance targets payable over three and a half years. Baigent was roughly break-even on revenue of ~$2 mln in 2010.

1:57AM Pfizer affirms CHANTIX/CHAMPIX as important treatment option for smokers wanting to quit (PFE) 20.75 : Co is discussing with the FDA a protocol to conduct a meta-analysis of Pfizer's clinical trial data to help further evaluate the cardiovascular safety of Chantix. This meta-analysis will address a number of limitations in the Singh analysis; Co expects that it will be based on a more reliable composite endpoint to measure cardiovascular risk, as well as a validated process to classify, or adjudicate, cardiovascular events that are part of the composite endpoint.

1:44AM St. Joe Company exercises early termination of $125 mln credit line effective July 1; co will not incur any prepayment penalties (JOE) 20.87 : The co believes that its current cash position and anticipated cash from operating activities will be more than sufficient to meet the co's currently anticipated liquidity requirements. Based on its early termination of the Credit Agreement, the co will have the flexibility to utilize its previously approved stock repurchase program to repurchase its stock opportunistically in open market purchases.

1:38AM Monster Worldwide responds to LinkedIn (LNKD) API blocking action (MWW) 14.87 : Co responds to to LinkedIn's (LNKD) decision to cut off API access to select developers, including Monster's new BeKnown professional networking app for Facebook, which launched earlier this week. Monster commented: "We are surprised and disappointed by LinkedIn's decision, which we believe not only goes against the interests of LinkedIn users, but also contradicts what LinkedIn claims to stand for - openness and connectivity. Professional networkers are social in nature and LinkedIn has just limited their ability to connect when and where they want. They've taken away users' rights to control how and when they can share their own profile data and personal contacts. We also note that it was within days of Monster's launch of BeKnown that LinkedIn decided to block the API when there have been other networking-oriented apps using the API for months. While this move by LinkedIn creates an inconvenience for their users, BeKnown members will continue to build their networks from all the largest online sites including Facebook, Yahoo, Google and Monster."

1:33AM Rollins reports share repurchase of 533,012 shares of common stock at $19.37 per share on July 1; 789,296 shares repurchased ytd; 1,748,950 additional shares may be purchased under approved program (ROL) 20.71 :

1:30AM SGOCO names Grant Thornton its independent registered public accounting firm replacing Frazer Frost (SGOC) 3.75 : Co states decision to change auditors is not due to any disagreement between the Company and Frazer Frost on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.

1:26AM Quaterra options Microondas precious metal prospect in Zacatecas, Mexico (QMM) 1.17 : Co announces that it has finalized an option agreement with La Cuesta International to acquire a 100% interest in the Microondas prospect located in Zacatecas, Mexico. Co has the right to earn a 100% interest in the property by making semi-annual lease/pre-production payments and paying a 1% Net Smelter Return royalty payment that is capped at $5 mln. A portion of the property carries an uncapped 2% NSR royalty. Co, at its option, may issue LCI 20,000 common shares or its cash equivalent on or before June 12, 2012. Co has also agreed to issue 18,595 shares to Roman Friedrich & Co at a deemed price of ".21 per share in consideration of certain financial and advisory services provided to the Company pursuant to an agreement dated April 15, 2011.

1:25AM Sun Life CEO will retire Nov 30,2011; COO Dean Connor appointed President and will be appointed CEO effectvie Dec 1 (SLF) 30.48 :

1:24AM Coca-Cola Hellenic appoints COO Dimitris Lois to the position of Group CEO effective July 4, 2011; succeeds Doros Constantinou who earlier this year announced his retirement (CCH) 26.85 :

1:23AM Sonoco Products acquires assets of Robinson Paperboard Packaging; no terms disclosed (SON) 36.05 : Co announces it has completed the acquisition of the assets of Robinson Paperboard Packaging, a division of Robinson PLC. The acquisition will add ~$10 mln in annual sales and includes customer contracts, as well as other business assets of Robinson Paperboard Packaging. As part of the transaction, co will assume operation of Robinson's Chesterfield paperboard can plant located on Goyt Side Road. Employees at the Chesterfield plant will be retained.

1:23AM Biogen Idec researchers identify novel approach for promoting remyelination and inhibiting autoimmune activation as potential therapeutic option for treatment of multiple sclerosis (BIIB) 108.50 : Co announces results from a study that suggest that inhibiting death receptor-6 function may represent a novel approach in the treatment of multiple sclerosis by blocking autoimmune response while promoting remyelination. This study is the first-ever to demonstrate the negative role that DR6 plays in regulating remyelination within the central nervous system. Equally important, the data support the development of DR6 antagonist as a treatment for MS, a neurodegenerative disease that contains both autoimmune and demyelination components. The dual role of DR6 antagonists in promoting remyelination and inhibiting autoimmune activation represents a novel approach for the treatment of multiple sclerosis and other central nervous system diseases that result from demyelination. Co comments: "Our in vivo and in vitro studies demonstrate that inhibiting or blocking DR6 function results in robust axonal remyelination. These data provide strong evidence that this targeted approach warrants further research and ultimately may lead to an important new way of treating demyelinating diseases, including MS."

1:22AM Exxon Mobil provides update on operation following a release of crude oil into the Yellowstone River in Montana; clean up continues; cause still uncertain (XOM) 82.01 : No cause has been identified for the release of oil from the pipeline, which met all regulatory requirements and has undergone inspection most recently in December. More than 280 people are now involved in the response and cleanup effort including co's North America Regional Response Team, the Clean Harbors and ER oil spill response organizations and additional contractors. For the purposes of the response, the area downriver of the spill has been organized into four zones. Active clean up continues in the first two zones closest to the spill site. More than 48,000 feet of absorbent boom and 2,200 feet of containment boom and 2,300 absorbent pads are on site and being used to clean up oil adjacent to the river. Vacuum trucks and tankers have also been deployed to pick up and dispose of the oil.

1:16AM Kraton Performance Polymers increases SBS prices in Americas, Europe and Asia (KRA) 39.75 : Co announces a general price increase in Europe, Africa and the Middle East of EUR100/MT for Kraton SBS and OE SBS polymers and compounds. Additionally, a general price increase in the Americas of $287/MT, or 13 cpp for Kraton SBS and OE SBS polymers and compounds, as well as a general price increase in the Asia Pacific region of $200/MT for Kraton SBS, and OE SBS polymers and compounds. Subject to the terms of any applicable contracts, these price increases will take effect August 1, 2011.

1:15AM Summit State Bank Chairman retires; Allan Hemphill has been elected as the Chairman; he has been a Board member since 1999 (SSBI) 6.70 :

1:15AM Alaska Air reports June operational results; traffic increased 7.9% YoY (ALK) 69.10 : Co reports a 7.9% increase in traffic on a 6.8% increase in capacity compared to June 2010. This resulted in a 0.9-point increase in load factor to a June record 85.4%. Co also reported that 91.4% of its flights arrived on time in June 2011, compared to the 89% reported in June 2010. On a combined basis, Air Group (including Horizon Air) capacity increased by 4.8% to 2,573 mln ASMs, while traffic increased 6.0% to 2,183 mln RPMs, resulting in a 0.9-point increase in combined load factor. These statistics include flights operated by SkyWest for Alaska under their capacity purchase arrangement, but exclude flying operated by other third party carriers.

1:13AM Hutchinson amends exchange offer for its 3.25% Convertible Subordinated Notes due 2026 (HTCH) 2.35 : The Exchange Offer is no longer conditioned upon a minimum amount of Old Notes being tendered and not withdrawn prior to the Exchange Offer the maximum aggregate principal amount of Old Notes that may be exchanged pursuant to the amended Exchange Offer is $60 mln. The expiration time has been extended by 7 hours as well to midnight July 15.

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