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[3xBuBu]

Market Update: 110707
4:30 pm : Buying tapered off into the close, but stocks still scored strong gains ahead of the monthly payrolls report on Friday. Participants were particularly fond of cyclical plays.

A better-than-expected ADP Employment Report bolstered a bullish bias in today's trade. The report suggested that private payrolls increased in June by 157,000, which is greater than the 60,000 increase that had been expected. That portends a positive reading for the official nonfarm payrolls report on Friday.

Weekly initial jobless claims received less attention. Although they continue to trend at elevated levels above 400,000, the total initial claims count for the week ended July 2 eased to 418,000 from 432,000 in the prior week. The consensus among economists polled by Briefing.com had called for an initial claims count of 425,000.

Strength was relatively broad, but buyers were fondest of financials. The sector offered leadership for virtually the entire session and scored a 1.6% gain for the day. Banks were the primary backers of the sector's bounce.

Materials stocks, energy stocks, and tech stocks complemented the financial sector's leadership. Retailers also staged strong gains. Macy's (M 30.46, +1.59) was a top performer among retailers after it reported a near 7% increase in same-store sales for June. Gap (GPS 19.28, +0.95) staged a strong gain of its own after it posted a surprise 1% increase in same-store sales.

Such strong buying has the stock market up about 7% in just two weeks and sitting at its best level since mid-May.

Defensive-oriented stocks failed to participate in the latest leg of gains. In fact, telecom was mired at the neutral line while health care actually logged a loss.

The dollar dipped, too. It had initially moved higher this morning as traders looked to extend its recent advance. However, that move failed to find traction, so the greenback ended the day with a loss of about 0.2% against competing currencies. Relative to the euro, the dollar declined 0.2% after the European Central Bank decided to raise its target lending rate by 25 basis points to 1.50%. The greenback gained 0.2% against the sterling pound, though. Weakness in the pound came after the Bank of England announced that it would leave its target rate unchanged at 0.50% and keep in place its 200 billion pound asset purchase plan.

Advancing Sectors: Financials +1.6%, Materials +1.5%, Tech +1.4%, Energy +1.4%, Consumer Discretionary +1.3%, Industrials +1.0%, Consumer Staples +0.6%, Utilities +0.4%
Unchanged: Telecom
Declining Sectors: Health Care -0.1%DJ30 +93.47 NASDAQ +38.64 NQ100 +1.4% R2K +1.5% SP400 +1.0% SP500 +14.00 NASDAQ Adv/Vol/Dec 2007/1.90 bln/608 NYSE Adv/Vol/Dec 2372/843 mln/643

3:30 pm : August crude oil rallied for 2.1% to close at $98.67 per barrel. This morning's econ data helped crude oil futures rally back to above $99 for the first time in 3 weeks. This morning's inventory data did cause for futures to pull back below $99, but crude held on to most of its gains to close well higher on the session. August natural gas shed 1.9% to close at $4.14 per MMBtu. This morning's inventory data, which showed a larger-than-expected build, push natural gas futures to their lowest in close to 3 months. Prices also broke their 200 sma at $4.18.

The pullback in the dollar, following commentary from ECB President Jean-Claude Trichet's press conference, helped Sept silver close higher by 1.7% to $36.55 per ounce. August gold, which ended up 0.1% to $1530.90 per ounce, did not move higher on the pullback as it spent most of the session chopping around near unchanged. DJ30 +119.36 NASDAQ +42.64 SP500 +16.21 NASDAQ Adv/Vol/Dec 2016/1.5 bln/559 NYSE Adv/Vol/Dec na/585.6 mln/na

3:00 pm : Stocks head into the final hour of the session sporting heady gains. With this session's move, the stock market is sitting at its best level since May 10. What's more, the stock market is now up almost 8% from the three-month low that was set in mid-June.

This session's bullish bias has been bolstered by a better-than-expected ADP Employment Report, which portends a positive reading for the official nonfarm payrolls report on Friday. DJ30 +115.87 NASDAQ +42.28 SP500 +16.30

2:30 pm : The stock market has moved another leg higher. Despite its overall strength, telecom (unch.), health care (+0.1%), and utilities (+0.3%) remain mired near the neutral line.

Materials stocks have moved out in front of the other sectors. As a group, they are up 1.9%. Financials, which had been leading for most of the session, are in a close second as they trade with a 1.8% gain. DJ30 +126.02 NASDAQ +44.61 SP500 +17.19

2:00 pm : The tech sector, which is the largest by market weight, is up a strong 1.4% at the moment. It is currently led by the likes of Western Digital (WDC 38.59, +1.20) and Seagate Technology (STX 16.92, +0.60), both of which were recently upgraded by analysts at JPMorgan. Not all tech issues are in favor, though; shares of IBM (IBM 176.55, -1.16) are in the red after they were downgraded by analysts at Wells Fargo.DJ30 +100.81 NASDAQ +39.60 SP500 +14.32

1:30 pm : All three major equity averages are at their best levels of the day. Their advance has been steady.

Materials stocks have benefitted from accelerating buying interest, though. The sector is now up 1.6%, which is second only to the financial sector's 1.7% gain. Among basic materials plays, metals and mining name Freeport McMoRan (FCX 55.66, +2.14) is a top performer as it boasts a big 4% gain. DJ30 +106.07 NASDAQ +40.72 SP500 +14.83

1:00 pm : An encouraging precursor to the official nonfarm payrolls report on Friday has helped to reignite the risk trade.

Stocks built on a modest premarket bid with news that the latest ADP Employment Report showed that private payrolls increased by a greater-than-expected 157,000 in June. Although the ADP numbers rarely match the official nonfarm payrolls tally, the report is often directionally accurate relative to the consensus forecast, which currently posits nonfarm payrolls increased by 80,000 in June.

The ADP report was complemented by the latest initial jobless claims count, which decreased more than expected to 418,000.

Corporate news is mostly limited to same-store sales reports from a raft of retailers. Their generally stronger-than-expected results have the SPDR S&P Retail ETF (XRT 55.99, +1.33) up more than 2% to an all-time high. Strength among retailers has the consumer discretionary sector up 1.4%.

Financials represent the best performing sector. They lagged yesterday, but this session they are up 1.6%. Banks have been the biggest drivers of the move; their strength has the KBW Bank Index up 2.0%.

An increased tolerance for risk has prompted many participants to rotate out of defensive-oriented plays like utilities, telecom, and health care, all of which have struggled to stage gains this session.

Commodities have also attracted support. Broad buying in that complex has the CRB Commodity Index up a sharp 1.8%. Oil has been a primary driver of that move; it was last quoted with a 2.0% gain at $98.55 per barrel, even after a smaller-than-expected draw was reported for the latest weekly inventory count. DJ30 +91.31 NASDAQ +38.67 SP500 +12.88

12:30 pm : Defensive-oriented issues are the only stocks having a hard time finding favor this session. Specifically, utilities (unch.), health care (-0.1%), and telecom (-0.2%) have been lagging all day. Their weakness comes as participants show a renewed preference for riskier plays in the wake of an encouraging ADP Employment Report for June. The report acts as a precursour to the official nonfarm payrolls report on Friday.DJ30 +91.96 NASDAQ +38.10 SP500 +12.75

12:00 pm : The Nasdaq has stretched its advance so that it now sits at a fresh session high witha gain that is double that of the Dow. The Nasdaq's impressive performance comes amid strong buying interest in large-cap issues like Apple (AAPL 356.76, +5.00), Intel (23.26, +0.51), and Oracle (ORCL 33.78, +0.57).DJ30 +80.95 NASDAQ +35.08 SP500 +11.46

11:30 am : The dollar had traded with strength this morning, but it has since reversed into negative territory. The dollar is now down 0.1% against a basket of major foreign currencies. The dollar continues to trade with a gain over the sterling pound, though; the pound was last quoted with a 0.2% loss at $1.597. Earlier today the Bank of England announced that it would leave its target rate unchanged at 0.50% and keep in place its 200 billion pound asset purchase plan.DJ30 +78.03 NASDAQ +32.95 SP500 +11.10

11:05 am : Oil prices have pulled back with the release of the latest weekly inventory data. Inventories for the week ended July 1 had a net draw down of 880,000 barrels, which is less than the 2.5 million barrel draw down that had been widely expected. Prior to the report, the continuous contract had priced oil at about $99.30 per barrel. Oil now trades at $99 per barrel.

Higher oil prices have helped heat up the energy sector, which has spent the past hour of the session sporting a gain in excess of 1%. Oil exploration plays like Schlumberger (SLB 90.45, +1.34) and Halliburton (HAL 54.13, +1.47) have been leaders in the group. DJ30 +89.73 NASDAQ +34.85 SP500 +12.32 NASDAQ Adv/Dec 2000/447 NYSE Adv/Dec 691/112

10:35 am : The dollar index moved into negative territory in recent trade, which has given commodities a boost.

Natural gas has been in positive territory for the past hour and a half, approx., but has slowly pulled back about $0.02/MMBtu during this time. Ahead of inventory data, nat gas was at $4.23, up $0.01. Following the data, which showed versus a build of 95 bcf versus the consensus of ~80 bcf, nat gas fell sharply to new session lows of $4.08; now at $4.09, down 3.3%.

Crude oil rallied sharply about 45 minutes before floor trading began, gaining about $2/barrel and pushing to new session highs of $99.07/barrel. It has since pulled back modestly and is now up 1.8% at $98.37/barrel.

Silver has been in positive territory all morning, while gold has been chopping around the unchanged line in a tight range of around $1526 to $1530. Silver rose as high as $36.47/oz at around 9:00am EST and is now 1.2% higher at $36.36/oz. Gold is down $1.20/oz. at $1527.90/oz.DJ30 +70.62 NASDAQ +25.32 SP500 +10.37 NASDAQ Adv/Vol/Dec 1904/453.6 mln/487 NYSE Adv/Vol/Dec 699/186.5 mln/103

10:00 am : Financials continue to climb in early trade. The sector is now up 1.4%, which puts it comfortably ahead of the broader market. Bank stocks are the biggest drivers of the sector's advance this morning. Their strength has the KBW Bank Index up 1.9%.

Although JPMorgan (JPM 41.55, +0.99) and Bank of America (BAC 10.90, +0.16) have helped prop up the Dow, the blue chip average is lagging its counterparts, the S&P 500 and Nasdaq Composite. Its relative weakness comes after it had outperformed in the prior session. DJ30 +73.98 NASDAQ +24.35 SP500 +11.08

09:45 am : Stocks staged a strong gap up at the open, but both the Dow and the S&P 500 have begun to drift off of that starting level. Still, overall gains remain sizable.

Financials are early leaders. The sector lagged during all of yesterday's trade, but so far this session they are up 1.2%. That gain has been matched only by consumer discretionary stocks, which have been boosted by shares of retailers following a barrage of upbeat same-store sales results for June. DJ30 +65.77 NASDAQ +23.47 SP500 +10.52

09:15 am : S&P futures vs fair value: +11.80. Nasdaq futures vs fair value: +18.10. Buying abroad and a better-than-expected ADP Employment Report have helped prop up stock futures, such that a sharply higher start to today's trade appears to be in order. Participants have generally shrugged off the latest weekly initial jobless claims tally, which may have come down more than expected from the prior week, but it remains at an elevated level above 400,000. Retailers have added to the positive spirit of premarket trade, thanks to a flurry of stronger-than-expected same-store sales results for June. Select commodities are attracting buyers, too, this morning. Specifically, crude oil prices are up more than 2% to $98.75 per barrel in early pit trade. The run up by oil precedes the latest weekly inventory report, which will be posted at 11:00 AM ET.

09:05 am : S&P futures vs fair value: +12.60. Nasdaq futures vs fair value: +18.60. Buying abroad has the EuroStoxx 50 up 1.0%. Buying comes amid the decision by the European Central Bank to add 25 basis points to its target lending rate, which now stands at 1.50%. The Bank of England opted to stand pat on its target rate, which remains at 0.5%. The BOE also kept in place its 200 billion pound asset purchase plan. Separately, industrial production in the United Kingdom increased 0.9% during May after a 1.7% decline in April. As for market action in Britain, buyers have taken the FTSE up to a 0.8% gain. Man Group Plc is a top performer there. Metals and mining plays Xstrata, Rio Tinto (RIO), BHP Billiton (BHP), and Anglo American are also providing leadership. In France, the CAC has climbed to a 0.9% gain amid broad-based buying. Danone and Carrefour are top performers. Germany's DAX is up 0.7%. Deutsche Bank (DB) is a top performer after it lagged in the prior session.

Overnight action in Asia saw Japan's Nikkei slip to a 0.1% loss. Power companies proved to be the heaviest drags on trade, offsetting strength in names like Tosoh Corp, Chiyoda Corp, and Mitsubishi Motor. Hong Kong's Hang Seng managed to settle with a fractional gain. The effort was made possible by strength among bank issues, which rebounded from their prior session slide. Mainland China's Shanghai Composite closed with a 0.6% loss. Property plays were a primary source of weakness there.

08:35 am : S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +15.60. Stock futures spiked with the release of the latest ADP Employment Report at 8:15 AM ET. According to the report, private payrolls increased by 157,000 during June. That is far greater than the increase of 60,000 that had been expected, on average, among economists polled by Briefing.com. Initial jobless claims for the week ended July 2 totaled 418,000, which is less than the 425,000 initial claims that had been broadly forecasted. The latest initial claims count is down by 14,000 from the prior week. Premarket participants haven't shown much of a reaction to the initial claims data.

08:05 am : S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +6.90. Stock futures are up narrowly this morning. Buying interest, although modest, has been helped along by renewed strength in Europe, where the Bank of England kept its benchmark interest rate at 0.50%, as had been expected, but the European Central Bank announced that it has added 25 basis points to its target lending rate, which now stands at 1.50%. Domestic data features the June ADP Employment Report, which will be released at 8:15 AM ET. It will be followed by the latest weekly initial jobless claims tally at the bottom of the hour. Today's docket also features weekly inventories for natural gas (10:30 AM ET) and crude oil (11:00 AM ET). Corporate news flow has been slow recently, but that has changed with a flurry of same-store sales reports from retailers. Results have been generally stronger than expected.

06:39 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +6.90.

06:39 am : Nikkei...10071.14...-11.30...-0.10%. Hang Seng...22530.18...+12.60...+0.10%.

06:39 am : FTSE...6028.49...+25.60...+0.40%. DAX...7462.06...+30.90...+0.40%.

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

5:55PM Amylin Pharma up 9.4% after hours at $15.00 following reports that Exenatide tQT study showed no prolongation of QT interval (see 17:18 comment) (AMLN) 13.71 +0.27 :

5:51PM Enterprise and Energy Transfer extend open commitment period for capacity on cushing to Houston crude oil pipeline (EPD) 43.40 +0.34 : Enterprise Products Partners L.P. (EPD) and Energy Transfer Partners, L.P. (ETP) announced a three-week extension of the binding open commitment period for capacity on the proposed Double E Crude Oil Pipeline from Cushing, Oklahoma to Houston. The commitment period, which now concludes July 29, 2011 at 5 p.m. CDT, is intended to give interested shippers the time they need to obtain final internal approvals and complete the required Transportation Services Agreement.

5:38PM Granite Construction awarded $23 mln highway project in California (GVA) 25.87 +0.50 : Co announced that Granite Construction Company has been awarded a $23 million contract by Caltrans to rehabilitate approximately four miles of Highway 99 through Madera in the Central San Joaquin Valley. Granite will book the project into its second quarter 2011 backlog.

5:34PM Hawaiian Airlines reports June traffic statistics; reports RPMS +14.8%, ASMS +16.3%, load factor -1.1 pts to 84.8% (HA) 5.95 +0.18 :

5:18PM Alkermes reports that Exenatide tQT study showed no prolongation of QT interval (ALKS) 19.23 +0.53 : Amylin Pharmaceuticals (AMLN), Eli Lilly and Co (LLY) and Alkermes (ALKS) announced results from a thorough QT (tQT) study that assessed the potential of exenatide to increase the QT interval across a wide range of plasma concentrations. The study was conducted to satisfy a requirement by the U.S. Food and Drug Administration (FDA) in support of the New Drug Application for BYDUREON (exenatide extended-release for injectable suspension), an investigational medication for type 2 diabetes. Using multiple heart rate correction methodologies, the study met the pre-specified primary endpoint, demonstrating that exenatide at and above therapeutic levels did not prolong the corrected QT (QTc) interval in healthy individuals. Further, the study found no relationship between QTc interval and plasma exenatide concentrations.

5:15PM RockTenn files counterclaim in pending Smurfit-Stone shareholder litigation (RKT) 66.40 +0.57 : Co announced that it filed a counterclaim in the pending Smurfit-Stone shareholder class action lawsuit. As previously disclosed, there is a class action lawsuit against Rock-Tenn Company, RockTenn CP, LLC (a wholly owned subsidiary of RockTenn that is the successor to Smurfit-Stone Container Corp), and former directors of Smurfit-Stone pending in the Delaware Court of Chancery, challenging the recently completed acquisition by RockTenn of Smurfit-Stone.

5:05PM Vail Resorts reports that Specialty Sports Venture, a Subsidiary of Vail Resorts, acquires parent co of O2GearShop.com (MTN) 47.07 +0.55 : Specialty Sports Venture ("SSV"), a wholly-owned subsidiary of Vail Resorts (MTN) announced that it has acquired the assets of Outdoor Outlet, LLC, a Wisconsin-based co that owns and operates O2GearShop.com, a rapidly growing online retailer of outdoor/snowsports goods and equipment with more than 2 million total visits last year.

5:02PM Gleacher & Company CFO leaves; co names new COO (GLCH) 2.00 -0.01 : Co announced that John Griff has been appointed Chief Operating Officer of the Co. He will join the co effective July 18, 2011. The co also announced that Jeffrey Kugler, the Company's Chief Financial Officer since March 2010, has decided to leave the co effective August 15, 2011 to pursue other interests. Griff brings over 30 years of experience in the financial services industry, including leadership roles in investment banking, fixed income and asset management. He has helped create successful businesses at both bulge bracket investment banks and boutique firms.

5:01PM Aeroflex lowers Q4 revs guidance below consensus (ARX) 18.69 +0.45 : Co lowered Q4 revs to $198-200 mln vs. $224.7 mln Capital IQ Estimates, down from $220-228 mln consensus. EPS guidance previous given was $0.40-0.44 (Current consensus is $0.41). Delays in shipment approvals from and orders of test equipment by U.S. government entities have caused Aeroflex to reduce its estimated ranges of net sales and Adjusted EBITDA to $198-200 mln and $56-59 mln, respectively. At this time, ARX is unable to give revised guidance on non-GAAP net income per share. A majority of the reduction in net sales is attributable to a $16 mln Ground Radio Maintenance Automatic Test System shipment that has passed First Article Test, but still awaiting final approval to ship from the U.S. Marine Corps. In addition, delays in receiving final paperwork on fully funded, sole source orders from branches of the U.S. military have contributed to the negative impact on net sales. The reduced Q4 range of Adjusted EBITDA is due to the reduction in gross profit from products that did not ship. Since quarterly operating costs are relatively fixed, the gross profit shortfall will have a negative impact on operating margin in the fourth quarter.

4:59PM BPZ Energy announces funding of new $75 mln senior secured debt facility (BPZ) 4.05 +0.26 : Co announced that it has entered into a $75 mln senior secured debt financing (New Facility) with Credit Suisse AG Cayman Islands Branch, as Administrative Agent, and a syndicate of lenders. Credit Suisse International served as Book-Runner and Lead Arranger and Standard Bank plc served as Mandated Lead Arranger. BPZ Exploraci?n & Producci?n S.R.L. is the borrower along with guarantors BPZ Resources, Inc. and BPZ Energy, LLC.

4:39PM Watson Pharm confirms "favorable" Appeals Court Decision in Mucinex patent suit (WPI) 69.19 -1.04 : Co confirmed that the United States Court of Appeals for the Federal Circuit has affirmed the United States District Court for the Southern District of Florida's February 2011 decision that Watson's generic versions of Mucinex (Guaifenesin), Mucinex D (Pseudoephedrine/Guaifenesin), and Mucinex DM (Dextromethorphan HBr/ Guaifenesin) Extended-Release products do not infringe U.S. Patent No. 6,372,252. The Company said it is continuing to seek final FDA approval of the products.

4:38PM OYO Geospace sold to Dawson Geophysical (DWSN) 14,850 channels of its GSR wireless data acquisition system (OYOG) 105.00 -0.01 : This $15.6 million sale will be reflected in the company's results for its fiscal third quarter ended June 30, 2011. "This sale significantly increases the number of customer-owned wireless channels in the marketplace and continues the pace of GSR channel sales we experienced in both the first and second quarters of fiscal year 2011."

4:34PM FTI Consulting sees Q2 EPS of $0.54-0.59 vs. $0.57 Capital IQ Consensus; sees revs at $395-401 mln vs. $378.11 mln consensus (FCN) 38.00 +0.23 : Co issues upside Q2 revs guidance and in-line EPS guidance... Co reports that the $0.54-0.59 range excludes a special charge that will be recorded in Q2 which is estimated to be $17 mln on a pre-tax basis. The special charge reduces earnings per diluted share by $0.24. The special charge relates to actions taken by the Co during Q2 to reduce executive management related overhead in connection with the recent restructuring of the co on a global basis and to align the Co's workforce with expected market trends. The co expects that these actions will result in savings of ~$9 mln over the remainder of 2011. The cash portion of the special charge is ~$10 mlnwith the balance relating to non-cash costs primarily resulting from terminating certain employees who are entitled to acceleration of non-cash compensation.

4:32PM Multi-Fineline drops 11.1% to $19.31 after lowering Q3 revs guidance (see 16:31 comment) (MFLX) 21.73 -0.03 :

4:31PM Multi-Fineline sees Q3 revs of ~$191 mln vs previous guidance of $200-220 mln and consensus of $209.95 mln (MFLX) 21.73 -0.03 : Co updated its business outlook for the third quarter of fiscal 2011 ended June 30, 2011. The Company expects net sales in the third quarter to be approximately $191 million vs $209.95 mln consensus and gross margin to be approximately 12 percent. This compares to guidance issued on May 5, 2011 that projected third quarter net sales of $200 to $220 million and gross margin of 12 to 13 percent. Co says "Primarily due to a reduction in demand from one key customer in the latter part of June, net sales for the third quarter were lower than expected. Although forecasting in the near term is difficult, we believe we have significant market share with our major customers and we expect net sales to increase on a sequential quarter basis in the fourth quarter due to higher seasonal demand."

4:24PM Cedar Fair CEO Dick Kinzel discusses "optimistic outlook" outlook at annual unitholder meeting; sales trends +2% yr/yr YTD; growth goals obtainable (FUN) 21.76 +0.82 : CEO Dick Kinzel stated that sales trends through this past weekend are positive. Year-to-date revenues have increased 2% from the same period a year ago, to approximately $372 million. Kinzel also commented that he believes the Company's growth goals in the range of $975 million to $1.0 billion in revenues ($996 mln FY11 consensus), and full-year adjusted EBITDA of $350 million to $370 million are attainable.

4:16PM Basic Energy Services reports selected operating data for June 2011; Board approval to increase 2011 capital budget by $25 million (BAS) 34.90 +1.42 : Co reported selected operating data for the month of June 2011. Basic's well servicing rig count remained unchanged at 412 as of June 30, 2011. Well servicing rig hours for the month of June were 73,600 producing a rig utilization rate of 74%, an increase from 68% and 54% in May 2011 and June 2010, respectively. "Each of our segments experienced growth in activity through the end of the quarter to achieve the revenue guidance for the second quarter that we gave last month. We expect demand for our services to build over the next several quarters in most of our markets with opportunities for at least modest margin gains. Given that outlook, we have recently obtained Board approval to increase our 2011 capital budget by $25 million. Those funds will be used primarily to purchase fluid services assets including trucks, tanks and disposal facilities. Our total capital expenditure program for 2011 is now expected to be approximately $183 million."

4:15PM Baxter reports that phase two study suggests use of adult autologous stem cells may improve cardiac function in angina patients (BAX) 61.06 +0.37 : Co reported that new research published online today in Circulation Research found that injections of adult patients' own CD34+ stem cells reduced reports of angina episodes and improved exercise tolerance time in patients with chronic, severe refractory angina (severe chest discomfort that did not respond to other therapeutic options). The phase II prospective, double-blind, randomized, controlled clinical trial was conducted at 26 centers in the United States, and is part of a long-term collaboration between researchers at Northwestern University Feinberg School of Medicine and Baxter International Inc. The objective of the trial was to determine whether delivery of autologous (meaning one's own) CD34+ stem cells directly into multiple targeted sites in the heart might reduce the frequency of angina episodes in patients suffering from chronic severe refractory angina, under the hypothesis that CD34+ stem cells may be involved in the creation of new blood vessels and increase tissue perfusion... At six months after treatment, patients in the low-dose treatment group reported significantly fewer episodes of angina than patients in the control group (6.8 vs. 10.9 episodes per week), and maintained lower episodes at one year after treatment (6.3 vs. 11 episodes per week). Additionally, the low-dose treatment group was able to exercise (on a treadmill) significantly longer at six months after treatment, as compared with those in the control group (139 seconds vs. 69 seconds, on average).

4:15PM SemiLEDs is halted and will resume trading at 16:30 (LEDS) : See 16:05 earnings comment.

4:10PM Ixia to resume trading at 16:35 ET (XXIA) 13.01 +0.01 :

4:09PM MarkWest Energy announces public offering of 3.2 mln common shares (MWE) 49.59 +0.32 : The partnership intends to use the net proceeds from the offering to repay amounts outstanding under its revolving credit facility and partially fund its ongoing capital expenditure program. BofA Merrill Lynch, Citi, Wells Fargo Securities and RBC Capital Markets are acting as joint book-running managers for the offering.

4:08PM Sagent Pharma launches Levofloxacin injection, the generic form of Levaquin (SGNT) 26.56 -0.12 : Co announced the launch of levofloxacin injection in 5% dextrose, the generic form of the antibacterial Levaquin, in three ready-to-use premix bag strengths. According to 2010 IMS data, the U.S. market for levofloxacin ~$156 mln.

4:08PM Ixia lowers Q2 guidance (XXIA) 13.01 +0.01 : Co issues downside guidance for Q2 (Jun), sees EPS of $0.07-0.08 down from $0.14-0.17 previously vs. $0.16 Capital IQ Consensus Estimate; sees Q2 (Jun) revs of $67-69 mln down from $78-82 mln previously vs. $80.16 mln Capital IQ Consensus Estimate. Co says "We are disappointed with our revenue performance this quarter, which was impacted by several factors, including delays and reductions in spending by certain large network equipment makers, a large wireless order received too late in the quarter to ship and soft sales in the Asia Pacific region, while we expected revenue from Japan to decline sequentially from the record first quarter, we experienced unexpected weakness in other parts of Asia Pacific, such as China and India. It is important to note that second quarter sales to our largest customer, Cisco, were strong at approximately $10 million. Additionally, we did see some encouraging trends in the quarter, including an overall book-to-bill ratio in excess of one, and we secured our highest booking quarter to date for our IxCatapult wireless solutions, some of which will be recognized as revenue in future quarters. These indicators give us confidence that we will return to sequential growth in the third quarter although we remain cautious about the overall spending environment..."

4:07PM Deltek announced that Avega Group AB has selected Deltek Maconomy and Deltek Maconomy Analytix (PROJ) 7.59 +0.16 :

4:05PM SemiLEDs misses by $0.12, misses on revs; guides Q4 EPS, revs below consensus (LEDS) 6.20 +0.12 : Reports Q3 (May) GAAP loss of $0.19 per share, $0.12 worse than the Capital IQ Consensus Estimate of ($0.07); revenues fell 43.4% year/year to $5.6 mln vs the $6.3 mln consensus. GAAP gross margin for the third quarter of fiscal 2011 was 9%, compared with 51% in the third quarter of fiscal 2010. Operating margin for the third quarter of fiscal 2011 was negative 70%, compared with 36% in the third quarter of fiscal 2010. Margins were negatively impacted by a charge of $1.1 million for the write-downs of inventory. Co issues downside guidance for Q4, sees GAAP EPS of ($0.25)-(0.23) vs. ($0.03) Capital IQ Consensus Estimate; sees Q4 revs of $5.5-6.5 mln vs. $9.03 mln Capital IQ Consensus Estimate; with a negative GAAP gross margin.

4:05PM Ixia lowers Q2 guidance (XXIA) :

4:05PM Pzena reported preliminary assets under management as of June 30, 2011 of $15.9 bln vs $16.2 bln as of May 31, 2011 (PZN) 6.00 +0.24 :

4:05PM WD-40 misses by $0.04, misses on revs; guides FY11 EPS in-line, revs in-line (WDFC) 41.68 +0.83 : Reports Q3 (May) earnings of $0.47 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.51; revenues rose 3.6% year/year to $85.5 mln vs the $87.9 mln consensus. Gross margin was 49.3% in the third quarter compared to 51.2% in the same quarter last fiscal year. Year-to-date, gross margin was 50.6%, compared to 51.7% in the same period last fiscal year. Co issues in-line guidance for FY11, sees EPS of $2.05-2.15 vs. $2.10 Capital IQ Consensus Estimate; sees FY11 revs of $330-340 mln vs. $336.35 mln Capital IQ Consensus Estimate. Gross margin for the full year is expected to be close to 50.0%.

4:04PM Watson Pharm confirms Vyvanse patent challenge (WPI) 69.18 -1.05 : Co confirmed that its subsidiary, Watson Laboratories, filed an Abbreviated New Drug Application with the FDA seeking approval to market lisdexamfetamine dimesylate capsules. Watson's lisdexamfetamine dimesylate capsules are a generic version of Shire (SHPGY) LLC's Vyvanse. Vyvanse is a prescription medicine for the treatment of Attention Deficit Hyperactivity Disorder (ADHD) in children ages 6 to 17 and adults. Shire filed suit against Watson on July 7, 2011 in the United States District Court for the Central District of California seeking to prevent Watson from commercializing its product prior to the expiration of certain U.S. Patents. Shire's lawsuit was filed under the provisions of the Hatch-Waxman Act, resulting in a stay of final FDA approval of Watson's ANDA until August 23, 2014 or until final resolution of the matter before the court, whichever occurs sooner, subject to any other exclusivities.

4:03PM Pacer Intl subsidiary has expanded its operation to the Seattle area (PACR) 5.07 -0.07 : Warehousing and transloading operations began on July 1, 2011. Pacer will also offer trucking services to support the facility and customers in the area.

4:02PM Solar Senior Capital announces increased monthly dividend of $0.07/share for July 2011; prior montly dividend was $0.05 (SUNS) 18.13 -0.10 :

4:02PM TMS International secured new contracts totaling more than $84 MLN in revenue over the life of the contracts at expected production levels (TMS) 13.31 +0.16 : Services under the new seven-year oxycutting contract in Dunkerque, which began July 1, 2011. Additionally, in Abu Dhabi, the Company has contracted to commence a seven-year material handling and waste management agreement with a new customer through its joint venture entity Tube City IMS Middle East Holding.

4:01PM New York Times: Barnes & Noble (BKS) confirms that all subscribers to The New York Times through NOOK Newsstand have access to the NYTimes.com website (NYT) 9.22 +0.32 :

4:01PM MHI Hospitality Corporation extends mortgage on Crowne Plaza Hampton marina (MDH) 2.87 +0.04 : Co announced that the co has exercised its option to extend the scheduled maturity date of the $9.0 mln mortgage on the Crowne Plaza Hampton Marina Hotel with TowneBank. The new maturity date is June 30, 2012.

3:56PM Earnings Calendar (SUMRX) : Today after the close LEDS and WDFC are scheduled to report. Tomorrow before the open GBX is scheduled to report.

3:36PM Oracle issued the statement related to HPQ legal filing (ORCL) 34.06 +0.85 : Oracle issued the statement: "In a legal filing today, HP (HPQ) said it is more than willing to make its complaint against Oracle public. But HP is not willing to make public the settlement agreement upon which the complaint is based. Oracle is not interested in withholding anything from the public. The complaint and the settlement agreement should be fully disclosed immediately."

2:53PM Gravity correction: Q1 revenue grew 24% YoY (GRVY) 1.72 +0.04 : Earlier we reported Q1 rev fell 15% YoY; rev actually grew 24% YoY (fell 15% QoQ); income before income tax expenses and others +99% YoY to $2.8 mln... The prior comment has been removed.

2:36PM NYMEX Energy Closing Prices (COMDX) : Crude oil rallied for $2.20 to settle at $98.67, natural gas fell 8 cents to close at $4.18, RBOB gasoline surged 12.4 cents to end at $3.12, while heating oil gained 13.1 cents to finish at $3.094 (all Aug contracts).

2:31PM Fresh session highs for stock indices, Nasdaq 100 +39 edges above May peak of 2417 to set a new 10 year high of 2418 (QQQ) : Dow +125, S&P +17, Nasdaq Comp +44

2:26PM Northwestern upsizes and extends corporate revolving credit facility (NWE) 33.80 +0.04 : Co announced that it has amended and restated its corporate revolving credit facility to increase the amount to $300 million from the current $250 million and to extend the maturity date to June 30, 2016, from the existing June 30, 2012. The facility also has an accordion feature that allows the Company to increase the size of the facility up to $350 million with the consent of the lenders.

2:11PM Crucell N.V. discovers new antibody which shows broad neutralizing activity against most influenza A group 2 viruses, including the H3N2 and H7N7 viruses, which cause severe human infection (CRXL) 35.00 : Co and The Scripps Research Institute published an article in the world's leading journal of original scientific research Science describing Crucell's novel anti-influenza antibody CR8020 and how it neutralizes group 2 influenza A viruses. Attempts to isolate broadly neutralizing antibodies against group 2 viruses have not been previously described. The broad neutralizing ability of the CR8020 makes it a potentially groundbreaking therapy against seasonal and pandemic flu.

2:00PM TRW Automotive to expand its electrically powered steering systems manufacturing in Poland (TRW) 59.61 +1.26 : Co announced plans to expand its electrically powered steering systems manufacturing in Poland, in support of growing demand from a range of vehicle manufacturers. Approximately 9,000 square meters of additional manufacturing space will be established in Bielsko Biala close to the existing site in Czechowice-Dziedzice. Production will start in the first quarter of 2012. Initially, 250 new roles will be created.

1:41PM Toshiba: Best Buy (BBY) confirmed earlier the July 10 availability of Toshiba Thrive in-store and online (TOSBF) 5.24 -0.05 :

1:37PM First Majestic Silver reported earlier Q2 silver production (AG) 20.60 +0.27 : Co reported that silver production increases by 16% to a quarterly record of 1,780,379 ounces, silver ounces amount to 97% of total equivalent silver production of 1,843,830 ounces and total processed ore in the quarter increased by 6% to a record 482,075 tonnes.

1:35PM ABM Industries selected as facilities management service provider for California courts (ABM) 23.82 +0.32 : Co has been selected to provide maintenance and management services for California's courthouses in the southern region, now managed statewide by the Administrative Office of the Courts. These services include operations and maintenance, facility modifications, engineering services, and other related services. The four-year, multi-million dollar contract expands ABM's work with California courthouses.

1:33PM COMEX Metals Closing Prices (COMDX) : August gold finished higher by $1.50 to $1530.90, Sept silver gained 63 cents to end at $36.55, while Sept copper closed up 10.55 cents to $4.432.

1:27PM Another round of minor new session highs for the major averages -- Dow +107, S&P +14.7, Nasdaq Comp +40 (SPY) : Relative sector strength on this recent push has been noted in Energy XLE, Oil Service OIH, Commodity Index, Retail XRT, Networking IGN, Solar TAN.

1:24PM Provident New York names Jack Kopnisky new President and CEO; effective July 6th (PBNY) 8.51 +0.05 : Kopnisky served as CEO of SJB Escrow Corporation, a $1.1 bln investment pool since 2009. From 2005 until 2008, he was President and CEO of First Marblehead Corporation (FMD), a provider of outsourcing services for private education lending. As CEO of First Marblehead, Kopnisky significantly restructured and repositioned the company, doubling revenues and earnings from 2005 to 2007.

1:17PM Cisco Systems establishes a new session high of 15.90, hovering slightly under this wk/last wk highs at 15.92/15.95 (CSCO) 15.90 +0.34 : Note that its 50 ema/sma come into play thereafter at 16.08/16.19

1:01PM Praxair to Supply Hydrogen to Hemlock Semiconductor; plant start-up is scheduled for 2012 (PX) 111.15 +1.71 : Co has signed a multi-year contract with Hemlock Semiconductor to supply high-purity hydrogen to Hemlock Semiconductor's new $1.2 bln polysilicon manufacturing facility under construction in Clarksville, Tennessee. Praxair will build and operate an on-site hydrogen generating facility and supply liquid hydrogen by truck.

12:53PM Boeing sets minor new high of 75.82, tests its 50 sma at 75.83 (BA) 75.80 +1.06 :

12:29PM Casino/Gaming displaying intraday relative strength in recent trade (TECHX) : MGM +6.1%, MCRI +4.6%, LVS +3.7%, PNK +3.4%, WYNN +3.1%, BYI +2.9%, BYD +2.8%, ISLE +2.2%, PENN +2%, IGT +1.3%, WMS +0.8%, SHFL +0.5%.

12:26PM S&P +12 joins the Nasdaq 100/Comp at a minor new session high, Dow +96 is less than one point away from its high (SPY) :

12:05PM Nasdaq 100 +28 / Comp +34 set fractional new session highs, Dow +80 and S&P +11 have not been able to confirm this midday push (SPY) : Relative sector strength has been noted in Semi SMH, Disk Drive and Technology XLK. Also display some intraday strength in recent trade are Medical Supplies, Airline, Telecom IYZ, Finance XLF, Reg Bank KRE.

12:01PM JPMorgan Chase confirms they have reached settlement with regulators regarding discontinued municipal derivatives activities; settlements are not expected to have any material impact on the co's earnings (JPM) 41.40 +0.84 : Co confirms they have reached a settlement with the Securities and Exchange Commission, the U.S. Internal Revenue Service, the Antitrust Division of the U.S. Department of Justice (DOJ), the Office of the Comptroller of the Currency, the Federal Reserve Bank of New York, and a group of State Attorneys General to resolve their investigations of the conduct of certain former employees on the municipal derivatives desk, which was discontinued in September 2008. The settlement covers conduct claimed to have taken place on that desk in or prior to 2006. Under the terms of the settlements, JPMorgan Chase will pay a net amount of $211.2 mln as follows: $50.0 mln to the IRS; $51.2 mln to the SEC; $35.0 mln to the OCC; and $75.0 mln to the State Attorneys General. Of those funds, $129.7 mln will be eligible for distribution to municipalities and other tax-exempt issuers.

11:47AM Kohlberg Capital reports active qtr for new deal originations (KCAP) 8.24 0.00 : Co announced it purchased $11.3 million of senior subordinated notes with the proceeds used by DC Capital Partners to finance in part the acquisition of Sallyport Global Holdings. In addition to the Sallyport transaction, during the second fiscal quarter Kohlberg Capital closed several other middle market lending transactions totaling approximately $18 million of additional invested capital.

11:39AM Vitacost.com confirms it has regained NASDAQ compliance (VITC) 5.05 -0.05 :

11:39AM Commonwealth Bankshares is expediting efforts to increase Bank of the Commonwealth's equity position (CWBS) 0.41 -0.02 : Co announced that it is expediting efforts to increase Bank of the Commonwealth's equity position just as the Board of Governors of the Federal Reserve System and the Bank executed a Prompt Corrective Action Directive effective July 1, 2011, requiring the Bank return to adequate levels of capital in 30 days, or such additional time as the Board of Governors may permit. The Directive also imposes restrictions on capital distributions, deposit rate restrictions, and restrictions on asset growth and branching. Management and the Board are fully committed to restoring the Bank's capital levels and return the Bank to profitability.

11:33AM WellCare Group also selected by Kentucky to serve Medicaid Program (WCG) 55.24 +1.77 : Co announced that the Kentucky Cabinet for Health and Family Services has selected WellCare of Kentucky to serve the state's Medicaid program in seven of the state's eight regions. Approximately 560,000 beneficiaries will be served by multiple health plans in these seven regions. Services for these members are expected to begin on or about October 1, 2011. WellCare currently serves ~13,000 Kentucky residents through its Medicare Prescription Drug Plans. Co is not updating its 2011 financial guidance in conjunction with this award. WellCare anticipates addressing its 2011 financial guidance when the company reports Q2, which is expected to occur on August 3, 2011.

11:31AM Rick's Cabaret confirms Minnesota state government shutdown is preventing it from completing a transaction that would give it control of a Minneapolis gentlemen's club (RICK) 9.20 +0.30 : The company was scheduled to finalize its agreed-to purchase of Shiek's Palace Royale for $2,875,000 from a subsidiary of VCG Holdings. But closing on the transaction has been delayed indefinitely because state workers are not available to issue required permits.

11:26AM Medtronic also entered into a definitive agreement to acquire PEAK Surgical; total value of the transaction is $120 mln (MDT) 38.13 +0.05 : Co entered into a definitive agreement to acquire PEAK Surgical. The total value of the transaction is $120 mln. Medtronic had previously invested in PEAK and currently holds an ownership stake in the company. Net of this ownership stake, the transaction value is approximately $105 mln. PEAK's revenue is annualizing at approximately $20 mln and is growing rapidly. Until the transaction is cleared and closed, the companies will continue to operate as separate entities.

11:25AM Medtronic to acquire Salient Surgical Technologies; total value of the transaction is $525 mln (MDT) 38.12 +0.05 : Co had previously invested in Salient and currently holds an ownership stake in the company. Net of this ownership stake, the transaction value is ~$480 mln. Salient's revenue is annualizing at ~$100 mln and is growing rapidly. Until the transaction is cleared and closed, the companies will continue to operate as separate entities.

11:19AM S&P +11 continues to pause near short term resistance (SPY) : The 1351/1352 resistance zone noted in The Technical Take and the 09:55 update has continued to hold this morning with the S&P currently testing an intraday trendline off the early lows.

11:17AM Centene awarded Medicaid contract in Kentucky; will updated guidance including this contract award on July 26 (CNC) 38.69 +2.05 : Co announced that Kentucky Spirit Health Plan, a wholly-owned subsidiary of Centene, has executed a contract with the Kentucky Finance and Administration Cabinet to serve Medicaid beneficiaries in Kentucky. Kentucky Spirit Health Plan will provide integrated healthcare services to Medicaid recipients in all regions awarded by the Commonwealth. The contract has an initial three-year term with the potential for four one-year extensions. "We expect to serve ~180,000 members in Kentucky generating annual revenues in excess of $700 million. The contract is expected to commence in the fourth quarter of 2011. Updated financial guidance including this contract award will be provided during Centene's 2011 second quarter financial results conference call on July 26, 2011." (FY11 revs consensus is $5.66 bln)

11:10AM Crude recoups most of its pullback following inventory to remain near the $99 level; now higher by $2.44 to $99.09 (COMDX) :

11:04AM Blackbaud announces it was selected by select higher education institutions (BLKB) 29.06 +0.58 : Co announced that in the first quarter, Beloit College, the University of Connecticut Foundation, University of Richmond, and Wake Forest University each selected the company's higher education solution to optimize advancement operations.

11:01AM Boeing reports Q2 deliveries; Commercial Airplanes Programs total 118 (222 YTD) (BA) 75.34 +0.60 :

11:01AM Crude oil sees modest pullback following inventory data; now up $2.23 to $98.88 (OIH) :

11:00AM Acorn Energy's US Seismic Systems and Octave Reservoir receive order for production fracture monitoring system (ACFN) 4.20 -0.01 : Cos announced that they have received an order for a seismic system based upon USSI's revolutionary fiber optic sensor technology from a leading domestic oilfield seismic service company. This is the fourth significant order received by USSI for oilfield applications in 2011.

10:48AM Comtech Telecom announces completion of existing stock repurchase program and authorizes a new $150 mln stock repurchase program (CMTL) 29.01 +0.40 : The co intends to immediately begin repurchasing additional stock pursuant to this new repurchase authorization. Under the new $150 mln program, co stock repurchases may be made in open-market or privately negotiated transactions.

10:47AM Identive Group's Multicard and C-SAM finalized partnership to provide C-SAM's Mobile Transaction Platform and related M-Commerce and M-Payments services to Multicard's customers in the Netherlands (INVE) 2.55 +0.11 : The platform has been deployed for networks and providers in USA, Mexico, Japan, China, India, and Singapore, supporting different handset environments and mobile carrier networks, as well as Near-Field-Communication (NFC) based secure proximity transactions over mobile phones for payment and non-payment applications.

10:46AM Crude oil to new highs at $99.23 with about 15 min to go before inventory data; now up $2.53 to $99.18 (COMDX) :

10:42AM S&P +12, Dow +92, Nasdaq Comp +31 sets fresh session highs (SPY) : Relative sector strength in recent trade has been noted in Semi SMH, Technology XLK, Reg Bank KRE, Finance XLF, Networking IGN, Disk Drive, Copper JJC, Silver SLV.

10:42AM Gold drops to its lowest levels of the morning; now off $5.30 to $1523.80 (COMDX) :

10:35AM Intel notches new session high of 23.10, nearing May gap top at 23.15 (INTC) 23.09 +0.34 :

10:30AM Natural gas drops to lows following inventory data; now off 9 cents to $4.12 (UNG) :

10:22AM KBR Inc. unit selected by Seminole Electric Cooperative to provide engineering, procurement and construction (KBR) 38.92 +0.42 :

10:18AM American Spectrum Realty reports sale of California Office Property and insurance settlement (AQQ) 17.16 +0.16 : Co announced today the sale of 7700 Irvine Center Drive and the settlement of its lawsuit with ACE American Insurance Company. The Company also reached a settlement with its insurance carrier with respect to its Hurricane Ike claims. The Company received net proceeds of approximately $4.0 million as a result of the settlement. The proceeds, which were received in June 2011, were net of attorney fees, expert fees, consulting fees and other costs associated with the claims.

10:11AM Sara Lee named Maria Henry chief financial officer of Sara Lee's North American operations, effective July 18, 2011 (SLE) 19.55 +0.13 : She will serve as the chief financial officer for Sara Lee after the spin-off of the International Coffee and Tea business is complete in spring 2012.

10:10AM Lentuo announced resignation of its chief financial officer, Ping Yu, for personal reasons, effective July 7 (LAS) 4.000 -0.05 : Lentuo is currently seeking a suitable candidate to serve as the Company's CFO following Ms. Yu's departure. Ms. Jiangyu Luo, Lentuo's financial controller, will serve as Acting CFO effective July 8, 2011, until the appointment of a new CFO is finalized. Mr. Guo commented, "I am confident that with support from Ms. Yu, Ms. Luo and the other members of our finance team, we will have a smooth transition ahead of the appointment of a new CFO."

10:09AM Currency Chart Watch: Dollar Index continues to struggle near longer-term trendline resistance (UUP) : (Click for Chart).

10:04AM S&P +12 and Dow +84 set new highs, Nasdaq Comp +24 is holding just under its morning high (SPY) : SMH has not participated in the latest push as it deals with resistance at its 50 sma and the highs of the last two weeks noted earlier.

10:00AM Level 3 renews and expands agreement with Blue Cross and Blue Shield Association (LVLT) 2.64 +0.13 : Co announced that the Blue Cross and Blue Shield Association has renewed its agreement with Level 3. The association provides healthcare coverage for nearly 98 million members - nearly a third of the U.S. population.

9:55AM S&P +11 gaps higher, flirts with minor resistance (SPY) : Aggressive start was extended as high as 1350.72 near a resistance noted in The Technical Take at 1351/1352 resistance. Only a limited/lateral pause was been noted implying little pressure. Resistance above is in the 1359/1360 area (May reaction high/congest). Intraday support is bumped up to 1348 and 1346.

9:54AM Opening Point Gainers/Losers (TECHX) : Point Gainers: MA (+7.11), WYNN (+4.96), NFLX (+4.68), PSMT (+3.51), AAPL (+3.82), ESI (+3.75), RL (+3.46), TGT (+3.31), DECK (+3.22), DDS (+3.06), APAC (+2.98), AMZN (+3.39)

Point Losers: LL (-5.37), FST (-3.19), ILMN (-1.69), CATO (-1.81), EL (-1.48), AFFX (-1.55), MHK (-1.50), WLP (-1.53), AH (-1.05), TSRA (-1.11), HUM (-1.35), IBM (-1.15)

9:48AM Microsoft slightly extends opening run (MSFT) 26.65 +0.32 : Today's new two month high of 26.65 leaves it slightly under its near five month close/intraday highs from April at 26.71/26.87.

9:44AM Gold ticking back toward overnight lows at $1524.20; currently off $2.50 to $1526.70 (COMDX) :

9:40AM Semiconductor Hldrs ETF tests this wk/last wk highs at 34.85/34.84 and pauses -- session high 34.82 (SMH) 34.77 +0.39 : Note that this also approximates its 50 day sma at 34.78.

9:36AM Lockheed Martin pulls back after opening surge stalls at its 52-wk close high from Feb at 82.27 -- session high 82.23 (LMT) 81.70 +0.08 :

9:35AM NYSE Euronext confirms shareholders overwhelmingly approve combination with Deutsche Boerse (NYX) 35.00 +0.64 : The proposals, which required approval by a majority of the outstanding shares or in some cases majority of shares voted of NYSE Euronext common stock, were approved at a special shareholders meeting held today in New York. Based on preliminary results, ~96.09% of the shares present at the special meeting voted for the approval of the combination, representing 65.68% of NYSE Euronext's outstanding common shares.

9:34AM Financial Select Sector SPDR gaps higher, tests its 200 ema at 15.60 (XLF) 15.59 +0.18 : Note that last week's recovery high and its 200 sma come into play at 15.66/15.70 -- JPM +1.7%, BAC +1.4%, AXP +0.9%.

9:31AM eBay to acquire Zong for ~$240 mln in cash; does not expect the acquisition to have a material impact on its financial guidance (EBAY) 33.24 +0.32 :

9:31AM Principal Fincl unit to acquire a 74% stake in Origin Asset Management for ~$66 mln (PFG) 29.96 -0.24 : Origin is global equity specialist based in London.

9:21AM New York Times: Amazon.com (AMZN) confirms that the Kindle New York Times subscriptions now include access to NYTimes.com (NYT) 8.90 :

9:19AM On The Wires (WIRES) :

* Herbalife (HLF) announced the U.S. launch of the Herbalife24 product line, a comprehensive performance nutrition program designed to meet the nutritional needs of the 24-hour athlete.
* Tyler Technologies (TYL) has signed a contract with Washington's South Correctional Entity for Tyler's Munis enterprise resource planning solution. The agreement includes related professional services, maintenance and support.

9:09AM On The Wires (WIRES) :

* EMS Defense & Space, a division of aero connectivity and mobile resource management leader, EMS Technologies (ELMG), announced a contract with Thales Alenia Space to provide Ka band redundant low noise amplifier switching hardware. EMS is slated to deliver a ferrite switch and driver electronics to meet Thales Alenia Space's 2013 launch date.
* FSI International (FSII) announced that it received a repeat ORION single wafer cleaning system order from a leading foundry producer. The order is expected to ship in the fourth quarter of fiscal 2011.
* Kyocera Communications (KYO) announced the launch of a new version of the popular ASTRO File Manager customized for the dual-touchscreen design of the Kyocera Echo smartphone.
* LJ International (JADE) announced that its ENZO retail division is operating 156 stores to date, an increase from 138 stores on March 31, 2011.

9:02AM Forestar Real Estate announces timberland sale for $75 million (FOR) 17.08 : Co announced that it entered into a definitive agreement with Plum Creek Timber (PCL) to sell approximately 50,000 acres of timberland for approximately $75 million in a cash transaction. The timberlands are located in Georgia and Alabama and the sale is expected to close in third quarter 2011. Forestar will reserve mineral rights and will retain an option to acquire the mitigation rights to approximately 1,000 acres for use in mitigation banks.

9:02AM Primoris Services receives new pipeline contracts valued at ~$50 mln; each project should be completed by end of 2011 (PRIM) 13.94 :

9:02AM Level 3 signs agreement relating to the conversion of $127,962,000 of 15% convertible senior notes due 2013 (LVLT) 2.52 : Co announces that pursuant to a conversion agreement, Fairfax Financial Holdings Limited and certain of its affiliates and certain other investors have agreed to convert a total of $127,962,000 in aggregate principal amount of Level 3's 15% Convertible Senior Notes due 2013. Upon conversion, Level 3 will issue an aggregate of approximately 71 million shares of Level 3's common stock, representing the approximately 555.5556 shares per $1,000 note into which the notes are currently convertible. Level 3 will also pay an aggregate of $28,791,450 in cash, equivalent to $225 per $1,000 note, representing interest that would be due from conversion through maturity date.

9:01AM Tandy Leather Factory reports Jun retail same store sales increased 4% (TLF) 4.96 : Retail Leathercraft's sales rose 5% to $3.0 million compared to June 2010 sales of $2.8 million. Wholesale Leathercraft posted sales of $2.1 million for June, up 2% compared to June 2010 sales. "June sales continue the positive sales trend, albeit weaker than in months past. We were less aggressive in discounting selling prices on certain products this month. As a result, we sacrificed some sales in an attempt to protect our gross margin. It is a delicate balance."

8:58AM Pullback in dollar helps silver trade to its best levels of the morning; now up 50 cents to $36.42 (COMDX) :

8:53AM Crude oil approaching $99; now up $2.26 to $98.91 (COMDX) :

8:51AM On The Wires (WIRES) :

* Sanmina-SCI (SANM) announced it has successfully achieved certification and qualification to Military Performance Specification MIL-PRF-31032 for the Owego, New York, printed circuit board manufacturing facility.
* Inter Parfums (IPAR) announced that it has entered into a 12-year worldwide license agreement commencing on January 1, 2012 to create, produce and distribute perfumes and ancillary products under the Balmain brand. The agreement replaces a previous license that was terminated by mutual consent.
* Priceline.com (PCLN) said that its online airline ticketing service is now booking over 1,000 tickets a day through American Airlines' AA Direct Connect. Priceline.com has been booking tickets through AA Direct Connect for approximately six months.

8:46AM China Auto Logistics announces $5.25 mln private equity placement above market price of $1.75 raising a total of $5.25 mln (CALI) 1.16 : Co announced today it successfully closed the sale on July 1 of 3 mln unregistered common shares to accredited individual investors at an above market price of $1.75/share, raising a total of $5.25 mln for general corporate purposes.

8:45AM New highs for crude at $98.70; now up $2 tp $98.63 (COMDX) :

8:44AM Enterprise Products subsidiary agrees to sell 700,000 Energy Transfer Equity (ETE) common units for net proceeds of $29.4 mln (EPD) 43.06 : Co states the sale will be used by EPD for general partnership purposes, including the funding of growth capital projects.

8:42AM On The Wires (WIRES) :

* CorMedix (CRMD) announced that it submitted its design dossier to a prominent European notified body as part of the CE Marking approval process for Neutrolin in the prevention of Catheter Related Bloodstream Infections and maintenance of catheter patency in hemodialysis catheters.
* Apple (AAPL) announced that over 15 bln apps have been downloaded from its revolutionary App Store by the more than 200 million iPhone, iPad, and iPod touch users worldwide.
* Wells Fargo Insurance Services - part of Wells Fargo (WFC) announced they have acquired EDIFY, an employee benefits consulting firm based in Fort Lauderdale, Florida. The acquisition closed on July 1, 2011 and terms of the transaction were not disclosed.
* Miller Energy Resources (MILL) announced that its wholly owned subsidiary, Cook Inlet Energy, has successfully completed the rework of the RU-7 crude oil well from its offshore Redoubt Shoals Field.

8:37AM Apple announced that over 15 bln apps have been downloaded from its App Store by the more than 200 mln iPhone, iPad and iPod touch users (AAPL) 351.76 :

8:36AM Mad Catz announces Microsoft (MSFT) Xbox 360 publisher license agreement (MCZ) 1.41 : Co announces it has entered into a Publisher License Agreement with Microsoft (MSFT). The agreement allows Mad Catz to submit games to be published on the Xbox 360 video game and entertainment system from Microsoft.

8:35AM Physicians Formula regains compliance With NASDAQ audit committee composition rule (FACE) 3.93 +0.03 : Co announced that it has been informed by NASDAQ that the appointment of co Board member Mr. Bruce Kanter to the co's Audit Committee on July 1, 2011 brought it back in compliance with NASDAQ Rule 5605. This rule requires at least three independent members to a NASDAQ-listed company's Audit Committee.

8:35AM ICO Global Comm appoints Robert G. Mechaley as chief scientist (ICOG) 2.98 : Robert G. Mechaley was a co-founder of Clearwire (CLWR) where he also served as chief technology officer, and prior to that he was chief scientist at AT&T (T) Wireless. Additionally, the Company announced that Ben Wolff, the Company's Chief Executive Officer, and R. Gerard Salemme, the Company's Chief Strategy Officer, resigned from their positions with Eagle River, the Company's largest shareholder, in order to focus their full attention on the business of the Company.

8:35AM Manitex Intl extends and expands credit facilities (MNTX) : Co announces that it has reached agreement with its principal bank, Comerica, for a four year renewal of its revolving credit facilities which increases total borrowing capacity to $30 mln. MNTX's existing banking facilities with Comerica, due to mature on April 1, 2012, included three revolving credit facilities, a term loan, and stand by letter of credit. The four year renewal extends the maturity of MNTX's revolving credit facilities by three years to April 1, 2015. The renewal also increases the total revolving credit facilities by $3.5 mln, reduces interest costs by 150 basis points, and modifies advance formulas which increase the amount the company may borrow.

8:33AM Rovi announced agreement with Charter Comms (CHTR) enabling Charter to distribute Rovi TotalGuide Solution (ROVI) 54.74 : Co announced an agreement with Charter Communications (CHTR) enabling Charter to distribute Rovi TotalGuide Solution on Charter's set-top boxes, mobile and tablet devices and the Web. In addition, the multi-year agreement includes a license to the Rovi Remote Record Scheduling Application for i-Guide and Passport Guide and for the use of the Rovi interactive program guide patent portfolio across STBs, Web, and mobile products.

8:32AM Inuvo says NYSE Amex accepts its plan of compliance and will continue to list Inuvo's common stock on the NYSE Amex during the extension period (INUV) 2.05 :

8:31AM Accuray announced new clinical data highlighting the ability of its CyberKnife Robotic Radiosurgery System and its TomoTherapy Radiation Therapy System to treat a wide range of patients with lung cancer and lung metastases (ARAY) 8.26 : Co announced new clinical data highlighting the ability of its CyberKnife Robotic Radiosurgery System and its TomoTherapy Radiation Therapy System to treat a wide range of patients with lung cancer and lung metastases. The new outcome data was presented at the 14th World Conference on Lung Cancer, the leading global forum for lung cancer and thoracic oncology research and practice.

8:30AM Pfizer to explore strategic alternatives for its animal health and nutrition businesses (PFE) 20.78 : Co announces that it is exploring strategic alternatives for its Animal Health and Nutrition businesses based on its recent business portfolio review to determine the optimal mix of businesses for maximizing shareholder value. The company is considering options that may include, among others, a full or partial separation of each of these businesses from Pfizer through a spin-off, sale or other transaction. Given the separate and distinct nature of Animal Health and Nutrition, the company may pursue a different strategic alternative for each business.

8:25AM Crude extends move higher, jumping another ~60 cents to highs at $98.12; now up $1.40 to $98.05 (COMDX) :

8:19AM On The Wires (WIRES) :

* RTI Biologics (RTIX) announces the launch of new meniscus allograft instrumentation. The new instrumentation features enhancements to the design of several critical components of the set resulting from surgeon recommendations to enhance the implant procedure.
* TIBCO Software (TIBX) announced tibbr Social Club, its new global partner initiative for the company's enterprise social computing platform
* PROS (PRO) today expanded its Reseller Channel Program with the appointment of Integritas Pacific Limited.
* Nordson MARCH (NDSM) introduces the new FlexTRAK-WF plasma treatment system, a cassette-based automated plasma treatment system that handles five wafer sizes with minimal hardware change-over.
* Kratos Networks (KTOS) announced new releases for its network management products: NeuralStar version 9.8 for enterprise-class distributed management and dopplerVUE version 2.3 for business-class networks.
* Citi (C) announced a multi-year renewal of its long-standing U.S. private label credit card partnership with Office Depot (ODP).
* Foster Wheeler (FWLT) announced that a subsidiary of its Global Engineering and Construction Group has been awarded a contract by YPF S.A. for the delayed coker heater for the new delayed coking unit at YPF's Complejo Industrial La Plata in Argentina.
* IFM Investments (CTC) announced that it has closed its previously announced acquisition of a majority ownership stake in Beijing Shanggu, an established local primary real estate agency service provider based in Beijing focusing on consulting and sales for commercial real estate projects.

8:15AM Crude ticks higher following econ data; now up 73 cents to $97.38 (COMDX) :

8:07AM Kosmos Energy provided an update on the company's drilling of the Cedrela-1 exploration well offshore the Republic of Ghana (KOS) 16.84 : Co provided an update on the company's drilling of the Cedrela-1 exploration well offshore the Republic of Ghana. The "Transocean (RIG) Marianas" semi-submersible drilling rig, under contract to another operator in Ghana, was expected to arrive at the Cedrela-1 well location on the West Cape Three Points Block on or about July 10 to commence drilling Kosmos' Cedrela-1 well near the block's southern boundary. The rig was rendered temporarily inoperable following a reported anchor-handling incident on the Offshore Cape Three Points Block. The incident occurred while preparations were being made to move the rig from the other operator's block to the Cedrela-1 well location. Kosmos has delivered a force majeure notice to the government of Ghana and the Ghana National Petroleum Corporation due to the delay in the rig's scheduled arrival at the Cedrela-1 well location. As a result, Kosmos has begun a search for a substitute drilling rig and intends to drill the Cedrela-1 well when either the "Transocean Marianas" or an alternative rig becomes available. The company has the necessary approvals to drill the Cedrela-1 well and anticipates that a rig will be available soon.

8:06AM SPX Corp subsidiary awarded contract of more than $25 mln to supply feedwater heaters and spare parts to three supercritical coal-fired power units in India (SPW) 84.73 :

8:04AM Techprecision receives $1.2 million order from nuclear division of existing customer (TPCS) 1.67 :

8:04AM Perfumania Holdings announced that Perfumania reported total net sales of $24.3 million for the five week fiscal month of June 2011, up from $21 mln in June 2010 (PERF) 15.40 : Co announces that Perfumania, one of its wholly-owned subsidiaries which operates specialty retail fragrance stores throughout the United States and Puerto Rico, reported total net sales of $24.3 million for the five week fiscal month of June 2011 which ended July 2, 2011 versus $21.0 million for the five week fiscal month of June 2010 which ended July 3, 2010. On a year-to-date basis, total net sales were $102.6 million in the current year compared with $91.6 million last year. For the month of June 2011, comparable store sales increased by 19.3%. Comparable store sales on a year-to-date basis increased by 14.9%.

8:03AM Alere: GE Capital agents $2.1 bln in credit facilities for Alere Inc (ALR) 37.83 : The loans refinance existing credit facilities and provide additional capital to support the company's growth strategy. GE Capital Markets (GE) served as joint lead arranger and joint book runner for the credit facilities.

8:02AM PriceSmart beats by $0.06, beats on revs (PSMT) 54.25 : Reports Q3 (May) earnings of $0.55 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.49; revenues rose 23.6% year/year to $421.6 mln vs the $397.2 mln consensus.

8:02AM Alkermes provides results from Phase 2 Study of ALKS 33 for Treatment of Binge Eating Disorder; reduction was not significantly different from that observed with placebo (ALKS) 18.70 : Co announces topline results from a phase 2 clinical study of ALKS 33 in the treatment of binge eating disorder. While ALKS 33 demonstrated a significant reduction from baseline in the efficacy endpoint of self-reported weekly binge eating episodes, the reduction was not significantly different from that observed with placebo. Based on these results, the co has determined that future studies in the binge eating indication are less attractive than other potential alternatives and will not pursue further development of ALKS 33 in this area. ALKS 33 remains in development for other central nervous system indications based on the compound's favorable characteristics of once-daily dosing, limited hepatic metabolism and durable pharmacologic activity in modulating brain opioid receptors. ALKS 33 is currently being evaluated as a potential treatment for alcohol dependence and, in combination with buprenorphine as ALKS 5461, for cocaine addiction and treatment-resistant depression.

8:01AM Celanese engineering unit raises prices for Celanex PBT, Vandar PBT, Impet PET and Riteflex TPC-ET polyesters in the Americas and Europe (CE) 54.76 : Co and its Ticona engineering polymers business, announced it is increasing prices for Celanex PBT, Vandar PBT, Impet PET and Riteflex TPC-ET polyesters in the Americas and Europe as follows: 1) Americas: $0.15 per pound, or higher on selected products; 2) Europe: EUR0.25 per kilogram, or higher on selected products.

7:55AM On The Wires (WIRES) :

* BMC Software (BMC) announced the acquisition of Aeroprise. Terms not disclosed.
* HP (HPQ) announced a five-year extension to its global, multimillion dollar business deal with the BMW Group, the German automobile, motorcycle and engine manufacturing company.
* SPIRIT DSP announced today that it has signed its fifth licensing agreement with Polycom (PLCM). Under terms of the agreement, Polycom has licensed SPIRIT's product to support quality videoconferencing on the Polycom CX5000 Unified Conference Station.

7:47AM Idera Pharma says Merck KGaA (MKGAY) has determined that it will not conduct further clinical development of IMO-2055 at this stage (IDRA) 2.15 : Co provides an update on the clinical development of IMO-2055 being developed by Merck KGaA, Darmstadt, Germany, under its collaboration with Idera. Merck KGaA has informed Idera that, based on increased incidence of neutropenia and electrolyte imbalances reported in its Phase 1 trial of IMO-2055 in combination with cisplatin/5-FU and cetuximab in patients with first-line squamous cell carcinoma of the head and neck and subsequent re-evaluation of its clinical development program, Merck KGaA has determined that it will not conduct further clinical development of IMO-2055 at this stage. Merck KGaA also has informed Idera that it plans to complete its ongoing Phase 2 trial of IMO-2055 in combination with Erbitux(R) in second-line patients with recurrent or metastatic SCCHN and to continue evaluating follow-on TLR9 agonists created by Idera under the collaboration.

7:46AM APAC Cust Svc to be acquired by One Equity Partners for $8.85 per share (APAC) 5.44 : APAC and One Equity Partners, the private investment arm of JPMorgan Chase (JPM), announce that they have entered into a definitive merger agreement under which an affiliate of One Equity will acquire 100% of APAC, through an all-cash transaction with an aggregate equity value of ~$470 mln. APAC's Board of Directors has unanimously approved the transaction. Under the terms of the agreement, One Equity Partners will pay APAC stockholders $8.55 per share in cash, which represents a premium of ~57% over APAC's closing share price on July 6, 2011.

7:37AM On The Wires (WIRES) :

* Rudolph Technologies (RTEC) announced the release of Genesis Enterprise version 7.0. Genesis is an offline yield analysis and data mining software with parametric yield management tools designed to maximize factory efficiency and identify causes of yield loss.
* Conmed Healthcare Management (CONM) signed a full-service agreement with Worcester County, Maryland, to provide correctional healthcare services for the Worcester County Jail. The initial one-year contract, which took effect July 1, 2011, is expected to generate revenues for Conmed of approximately $650,000 during the initial term. The contract has the option for additional one-year renewals, with medical services CPI increases in subsequent years.
* Aeterna Zentaris (AEZS) announced that an abstract on its anticancer compound, AEZS-108, has been accepted and will be presented during a poster session at the upcoming European Society of Medical Oncology Congress.

7:36AM School Specialty announces exchange transaction to retire 3.75% convertible subordinated debentures due 2026 and entry into credit agreement amendment (SCHS) 15.31 : Co announces it has entered into separate, privately negotiated exchange agreements under which it will retire $57.5 million in aggregate principal amount of its outstanding 3.75% Convertible Subordinated Debentures due 2026 in exchange for its issuance of a new series of 3.75% Convertible Subordinated Debentures due 2026 created under a March 1, 2011 indenture in an aggregate original principal amount of $57.5 million. This issuance of the 2011 Debentures is the second following the March 2011 issuance of 2011 Debentures in an aggregate original principal amount of $100 million. Following these transactions, there will be a total of $42.5 million in aggregate principal amount of 2006 Debentures outstanding.

7:18AM On The Wires (WIRES) :

* Integrated Device Technology (IDTI) announced that it has joined forces with Fudan Microelectronics to provide a turn-key smart meter reference design to shorten the development cycle of smart meter manufacturers, improving time-to-market and lowering costs.
* Overland Storage (OVRL) announced that it has expanded its product deployment footprint in the higher education market with over two thousand college, university and vocational school deployments across the globe.
* Amarin Corporation (AMRN) announced the successful completion of the remaining non-clinical studies for the co's planned new drug application for AMR101 for the treatment of patients with very high triglycerides and confirmed an expected Q3 2011 NDA submission.
* FriendFinder Networks (FFN) announced that it has reached an agreement to settle its previously disclosed litigation with Broadstream Capital Partners. The agreement governing the settlement provides that FFN is obligated to pay Broadstream a total of $15.0 mln, in three installments of $8.0 mln, $5.0 mln and $2.0 mln.
* SuccessFactors (SFSF) announced that it is transferring the listing of its common stock to the New York Stock Exchange ("NYSE"). The co expects to begin trading on the NYSE on July 19, 2011, under its current ticker symbol "SFSF". The co will continue to trade on the NASDAQ until the transfer is completed.
* Sybase (SAP) announced the general availability of Sybase IQ 15.3, powered by a new generation of shared everything Massively Parallel Processing technology. In addition, SAP announced that its supervisory board has voted to extend the tenures of Bill McDermott and Jim Hagemann Snabe as Co-CEOs of SAP AG through June 30, 2017 and to extend the tenure of executive board member Gerhard Oswald through June 30, 2014. Bill McDermott, Jim Hagemann-Snabe and Gerhard Oswald have agreed to the respective extension of their contracts.
* Cricket Communications, a subsidiary of Leap Wireless International (LEAP) announced that Muve Music has exceeded 100,000 customers in just five months.

7:16AM Intl Speedway misses by $0.01, reports revs in-line; reaffirms FY11 EPS guidance, revs guidance (ISCA) 29.90 : Reports Q2 (May) earnings of $0.26 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.27; revenues fell 2.4% year/year to $138.8 mln vs the $139.1 mln consensus. Co reaffirms guidance for FY11, sees EPS of $1.60-1.80, excluding non-recurring items, vs. $1.66 Capital IQ Consensus Estimate; sees FY11 revs of $635-350 mln vs. $637.13 mln Capital IQ Consensus Estimate. During Q2, the co purchased 325,880 shares of its Class A stock for ~$9.6 million, bringing the total number of shares purchased from December 2006 through May 2011 to ~5.6 million shares. ISC currently has ~$17.2 million in remaining capacity on its $250.0 million authorization which it expects to expend ratably through the end of fiscal 2011.

7:07AM Regeneron Pharms: Phase 3 Trial of ZALTRAP in advanced prostate cancer to continue as planned at recommendation of independent data monitoring committee (REGN) 59.61 : Co announces that the Phase 3 VENICE clinical trial evaluating the investigational agent ZALTRAP in the first-line treatment of patients with androgen-independent metastatic prostate cancer will continue to completion as planned, with no modifications due to efficacy or to safety concerns. This decision is based on the recommendation of an Independent Data Monitoring Committee following a planned interim analysis. Regeneron and Sanofi are collaborating in the development of ZALTRAP in oncology. Both Regeneron and Sanofi (SNY) management and staff remain blinded to the interim study results.

7:06AM Silvercorp Metals reports resource and reserves update at Ying silver-lead-zinc mining district, Henan Province, China (SVM) 10.59 : Co announces combined proven and probable reserves in three mines at the district are 58 million ounces of silver, 309,338 tonnes of lead, and 86,920 tonnes of zinc, and 16,885 ounces of gold in 6.6 million tonnes of ore.

7:06AM Shire plc files lawsuits against Watson and Roxane for infringement of VYVANSE Patents (SHPGY) 94.62 : Co announces that it has filed lawsuits in the U.S. District Court for the District of New Jersey against Roxane Laboratories, and in the U.S. District Court for the Central District of California against Watson Laboratories, subsidiary of Watson Pharmaceuticals (WPI) respectively, for infringement of certain of Shire's VYVANSE patents. The lawsuits were initiated in response to Abbreviated New Drug Applications filed by each of Roxane and Watson seeking FDA approval to market and sell generic versions of all currently approved doses of VYVANSE.

7:06AM S&W Seed to control foreign distribution of its alfalfa seed products (SANW) 4.69 : Co announced today that, effective immediately, it will cease selling its alfalfa seed products through its international distributor, Genetics International, and will sell its products direct. With the sale of GI to new owners who are in the vegetable seed business, S&W management was offered - and chose to take - the opportunity to more fully control the distribution of its alfalfa products worldwide. Under an agreement with GI's former owner, Richard Penner, S&W will henceforth be permitted to sell directly to GI's former customers in Saudi Arabia, Sudan, Morocco and other countries.

7:05AM Limited reports Jun same store sales +12.0% vs +4.4% Retail Metrics consensus (LTD) : The co also reported net sales of $1.080 bln for the five weeks ended July 2, 2011, compared to net sales of $965.4 million last year.

7:05AM China Gengsheng minerals appoints Ningfang Liang Chief Financial Officer; effective immediately (CHGS) 1.93 : Mr. Liang replaces Interim CFO, Hongfeng Jin, who has been appointed GengSheng's Financial Controller, effective immediately.

7:02AM MTR Gaming announces proposed offering of senior secured second lien notes and commences cash tender offers and consent solicitations (MNTG) 2.99 : Co announces that it has commenced cash tender offers and consent solicitations for any and all of outstanding 9% Senior Subordinated Notes due 2012 issued by the Company and 12.625% Senior Secured Notes due 2014. Co also announced it intends to offer $500 million in aggregate principal amount of senior secured second lien notes due 2010. Co intends to apply the net proceeds of the sale of the Notes, together with cash on hand, to purchase all of the Company's outstanding 9% Senior Subordinated Notes due 2012 and its outstanding 12.625% Senior Secured Notes due 2014 that are tendered in connection with cash tender offers and consent solicitations for any and all Existing Notes commenced on July 7, 2011, pay the consent fees in connection with the Tender Offers, or otherwise redeem the Existing Notes that are not tendered in the Tender Offers and to establish a video lottery gaming facility at Scioto Downs.

7:02AM Wet Seal reports Jun same store sales +7.3% vs +2.3% Retail Metrics consensus (WTSLA) 4.71 :

7:01AM PURE Bioscience announces Generally Recognized as Safe determination for silver dihydrogen citrate as a contact biocide in food processing (PURE) 0.71 :

7:01AM bebe stores sees Q4 EPS at the high end of previous range of $0.01-0.04 vs $0.03 Capital IQ Consensus Estimate; revs $122.4 mln vs $123.24 mln Capital IQ Consensus Estimate; comps +7% (BEBE) 6.74 : Same store sales for the fiscal quarter ended July 2, 2011 increased 7% compared to a decrease of 3.4% in the prior year. As of July 2, 2011, average finished goods inventory per square foot from continuing operations increased approximately 1.2% compared to the prior year.

7:01AM ICF International awarded $25.9 mln new task order with Centers for Disease Control and Prevention (ICFI) 25.20 :

6:52AM Bank of America: Judge rules homeowners may pursue lawsuit against Bank of America (BAC) 10.73 : A federal judge ruled that Co must answer to tens of thousands of homeowners who say the banking giant improperly denied their home-loan modifications under the federal Home Affordable Loan Modification Program, announced Hagens Berman. In her ruling, Judge Rya Zobel denied Co's motion to dismiss the case, and clarified which homeowners could continue to pursue legal claims over the bank's handling of $25 bln of taxpayer money designed to allow homeowners to avoid foreclosure.

6:48AM Deutsche Bank: RHJ International's Kleinwort Benson Group and Deutsche Bank in exclusive negotiations on the sale of Germany's BHF-Bank; plans to finance the acquisition with its own funds and co-investors (DB) 58.42 :

6:31AM MakeMusic: SmartMusic subscriptions as of June month-end numbered 173,295, representing an increase of 6,201 from the previous month and a 21% YoY (MMUS) 5.00 : Co's gradebook feature, which facilitates student grading and records management via the Internet, showed 2,814 teachers have issued assignments, an 18% increase over June of last year. Gradebook teachers. The number of SmartMusic educator accounts was 9,633 compared to 9,758 at the end of May, a decrease of 125 accounts.

6:22AM On The Wires (WIRES) :

* Acacia Research (ACTG) announced that a subsidiary has acquired a patent for HDTV technology from a major technology company.
* GMX RESOURCES (GMXR) announced that the it has begun drilling our first well in the Williston Basin. The co expects the well to be completed in the third quarter of 2011.

6:17AM Destination Materinty reports Jun same store sales -0.7% vs -3.3% Retail Metrics consensus; guides Q3 EPS & rev below consensus (DEST) 21.01 : Co also reported Net sales for the month of June 2011 increased 4.6% to $42.9 mln from $41.0 mln reported for the month of June 2010. In addition, internet sales increased 9.4% YoY. Co issues downside guidance for Q3 (Jun), sees EPS of $0.70-0.72 vs. $0.80 Capital IQ Consensus Estimate which is at the low end of prior guidance of $0.72-$0.83; sees Q3 (Jun) revs of $146.7 mln vs. $150.38 ln Capital IQ Consensus Estimate which is below prior guidance of $149-$154.5 mln.

6:09AM AU Optronics reports June net revs of NT$31,273 mln, down by 6.9% sequentially; down 28.3% YoY (AUO) 6.56 : Due to customers' inventory adjustments, panel's order momentum was weaker than expected. In the second quarter of 2011, Co's unaudited consolidated revenues totaled NT$98,050 mln, up by 5.2% quarter-over-quarter and down by 23.7% year-over-year.

6:06AM Hyperdynamics names Paul Reinbolt as CFO; effective August 8th (HDY) 4.20 : Reinbolt is retiring from Marathon Oil Corporation (MRO) after more than 30 years with the co, most recently serving as Vice President-Finance and Treasurer.

6:05AM Copa Holdings consolidated traffic for june grows 28.3% (CPA) 68.46 : Co says capacity increased 21.7%. System load factor for June 2011 was 77.0%, a 4.0 percentage point increase when compared to June 2010.

5:48AM On The Wires (WIRES) :

* Citigroup (C) announced that its Global Transaction Services business, acting through Citibank, N.A., has been appointed by Turkcell (TKC) as the successor depositary bank for its ADR program.
* Inovio Pharmaceuticals (INO) announced that it has expanded its existing license agreement with the University of Pennsylvania, adding exclusive worldwide licenses for technology and intellectual property for novel DNA vaccines against prostate cancer, CMV, malaria, hepatitis B, RSV and MRSA.
* Nova Measuring Instruments (NVMI) announced that multiple orders from leading edge customers were received for its newest Integrated Metrology system, the Nova i500. The orders followed the successful completion of a rigorous qualification process, conducted by these customers over several months, to be the primary platform for their integrated process control needs.

4:03AM Tower Semicon sells its holdings in HHSL for $32 mln (TSEM) 1.15 : Co announces it has agreed to sell its holdings in Hua Hong Semiconductor in an HHSL buyback transaction, for $32 mln in cash. Co owns 10% of HHSL'S shares, valued per GAAP in the amount of $17 mln on co's balance sheet. Co expects to record a gross gain in the third quarter of $15 mln as a direct result of this sale, and ~$8 mln of net gain.

3:15AM Evergreen Energy preliminary resource estimate for Southern Coal Holding's Penrhyn deposit substantially better than expected (EEE) 2.11 : Co announces that Southern Coal Holdings, a company jointly owned by co and WPG Resources, released its preliminary estimate of resources in the Penrhyn Deposit, located in Penrhyn, Australia. Following a robust series of drilling and exploration efforts, the report, which is Joint Ore Reserves Committee compliant, established a far better than expected resource size of an estimated 350 mln tonnes of coal deposits at Penrhyn, 92% of which are estimated to be in the "measured and indicated" mineral category.

2:12AM Advanced Semi reports June net revs of NT$14.7 bln; -4.7% sequentially, -9.5% YoY (ASX) 5.67 :

1:51AM On The Wires (WIRES) :

* Amazon.com (AMZN) announced three enhancements to Amazon Cloud Drive and Cloud Player: storage plans that include unlimited space for music, free storage for all Amazon MP3 purchases and Cloud Player for Web, now on iPad. Amazon customers who purchase a Cloud Drive storage plan will receive unlimited space for their MP3 and AAC music files. This offer is available for even the lowest price plan: $20/year for 20 GB of file storage plus unlimited space for music.
* Reynolds Group Holdings announced its intention to hold a bank meeting with prospective lenders on July 11, 2011 in New York to discuss the proposed bank financing in connection with the acquisition of Graham Packaging (GRM). Reynolds Group further announced that it intends to finance the acquisition of Graham and associated transaction costs with a combination of ~$2.0 bln of senior secured term loans.

1:47AM CEMEX S.A. reopens and prices $650 mln 9.0% Senior Secured Notes due 2018; notes originally issued in the amt of $1 bln (CX) 8.36 :

1:45AM Graham Packaging units tender offers and consent solicitations for their 9.875% Senior Subordinated Notes due 2014, 8.25% Senior Notes due 2017, and 8.25% Senior Notes due 2018 (GRM) 25.35 :

1:44AM Equinix increases offering by $250 mln and prices $750 mln of 7% Senior Notes due 2021 (EQIX) 103.29 :

1:42AM Exxon Mobil provides update on Yellowstone River cleanup and recovery (XOM) 81.57 : Co reports Cleanup efforts along the Yellowstone River continued. More than 76,000 feet of absorbent boom is on site, with more than 6,000 feet deployed to clean up oil adjacent to the river. More than 3,300 absorbent pads are on site with more than 1500 deployed. Ongoing air quality monitoring conducted has confirmed there is no danger to public health. Municipal water systems are being notified to monitor water quality by the EPA, but no reports of impacts have been received to date. The EPA is also monitoring water quality. ExxonMobil Pipeline Co is coordinating the response with the Environmental Protection Agency, the U.S. Department of the Interior, as well as other local agencies.

1:37AM Tegal (TGALD) regains compliance with the Nasdaq Capital market listing requirements; closing bid price was over $1.00 for 10 consecutive days (TGAL) 2.45 : Co's reverse stock split resulted in the trading symbol being temporarily changed to TGALD, but the trading symbol will return to the normal TGAL at the open of the market on July 18, 2011.

1:34AM SJW Corp sells $50 mln of it 4.35% Senior Notes due 2021 in private placement to institutional investor (SJW) 24.77 :

1:29AM BHP Billiton reports fatality at iron ore operations plant in Australia (BHP) 95.06 : Co reports that a "significant incident" occurred this morning. Co states: "At this stage we are unable to provide any further detail about the incident, but will do so as soon as possible during the day. The Company's port and rail operations are in the process of being suspended until further notice."

1:19AM Top Ships sells the M/V ASTRALE; expected to be delivered to its new owners by mid August 2011; sale will result in a book loss of ~$40 mln recognized in 2Q11 (TOPS) 3.50 :

1:16AM Unifi calls for partial redemption of its 11.5% Senior Secured Notes due 2014 (UFI) 14.02 : Co announces that it is calling for redemption on August 5, 2011 an aggregate principal amount of $10 mln of its outstanding 11.5% Senior Secured Notes due 2014. Following completion of the redemption, the aggregate principal amount of the Notes that will remain outstanding will be $123.7 mln.

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