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Market Update: 110711
4:30 pm : The near 2% drop suffered by the stock market this session was its worst single-day decline in more than a month. The aggressive sell-off came in response to concerns that the European Union is struggling to help countries in its periphery restore their financial health.

An emergency meeting during the weekend stirred speculation that European Union officials may be considering including Italy in any new bailout packages. Concerns about Italy's financial health began to intensify last week, as evidenced by the spike in yields there.

Worry that the EU remains so far from resolving the threats of countries in the region's periphery sank many of Europe's major bourses. Both France's CAC and Germany's DAX dropped more than 2% in their latest round of trade. Italy's FTSE fell 4%.

Such weakness imbued domestic stocks and prompted participants to sell any gains that they had scored during the course of the past couple of weeks. In turn, the broad-based S&P 500 dropped precipitously. It didn't really secure any support until it came into close contact with its 50-day simple moving average just below the 1320 line.

Financials fell the hardest. The sector's near 3% tumble came amid weakness in banks, insurers, and diversified financial services alike. Only a handful of stocks in the sector were able to limit their losses to less than 1%.

All 30 Dow components settled in the red. Alcoa (AA 15.92, -0.46) was one of the poorest performers ahead of its quarterly report, which marks the unofficial start to earnings season. A few other blue chips will report quarterly results later this week, but announcements won't begin in earnest for several more days.

The Dollar Index hit its best level since March as traders dumped the euro in pursuit of the relative safety offered by the greenback. At the end of the day the dollar was quoted with a 1.2% gain against a basket of competing currencies.

Gold had attracted strong buying interest in the early going, but the precious metal had to fight to settle with a gain. After gold prices had been up by about 1%, they retreated to the neutral line. The precious metal was able to rebound to $1549 per ounce for a 0.5% gain on the day.

Advancing Sectors: (None)
Declining Sectors: Financials -2.8%, Materials -2.1%, Energy -2.0%, Consumer Discretionary -2.0%, Industrials -1.8%, Tech -1.8%, Health Care -1.4%, Telecom -1.1%, Utilities -1.1%, Consumer Staples -0.7%DJ30 -151.44 NASDAQ -57.19 NQ100 -1.8% R2K -2.2% SP400 -2.2% SP500 -24.31 NASDAQ Adv/Vol/Dec 456/1.79 bln/2178 NYSE Adv/Vol/Dec 427/829 mln/2594

3:30 pm : The focus in the commodity markets was largely on the ongoing situation in Europe/sovereign debt concerns. With Greece in the so called rear view mirror for the time being, concerns about Italy and Italian banks are now taking center stage. Those concerns caused for the precious metals to trade higher earlier this morning in a flight to safety. Both metals, however, sold off sharply in mid-morning trade. Gold traded back to the flat line but was able to retrace some of its sell-off to close with modest gains; up $7.40 to $1549.00 per ounce. Silver futures fell over a point to lows at $35.54, but bounced modestly into the close to close lower by 2.1% to $35.76 per ounce.

August crude oil finished the session lower by 1.1% to $95.19 per barrel. The concerns about Italy, coupled with the Chinese inflation data, weighed on crude futures throughout the session. Crude notched lows at $94.14, its lowest levels in a week, but managed to bounce modestly off those lows heading into the close. August natural gas finished higher by 2% to $4.29 per MMBtu, helped by higher-than-average temperatures across the country. DJ30 -183.15 NASDAQ -63.59 SP500 -27.19 NASDAQ Adv/Vol/Dec 444/1.4 bln/2163 NYSE Adv/Vol/Dec 417/555.9 mln/2643

3:00 pm : Stocks are gradually descending deeper into negative territory. In turn, the three major equity averages are now at fractionally extended session lows.

Although weakness is widespread, financials continue to come under the most pronounced pressure. Aggressive selling against financials has the sector down 2.7%. Energy, industrials, and consumer discretionary stocks are the next worst performers; they are all down 2.0%. DJ30 -168.77 NASDAQ -60.16 SP500 -25.08 NASDAQ Adv/Vol/Dec 415/1.26 bln/2175 NYSE Adv/Vol/Dec 370/473 mln/2630

2:30 pm : The S&P 500 has slipped back below the 1320 line so that it trades alongside its 50-day moving average. The S&P 500 had pushed up through the key technical line during the final day of June, when it was on its way to recording its best weekly performance in about two years. Even though the 50-day average appears to be offering stocks some semblance of support, the S&P 500 is still on pace for its worst single-session performance by percent lost in more than one month.DJ30 -172.82 NASDAQ -57.51 SP500 -25.54 NASDAQ Adv/Vol/Dec 425/1.17 bln/2160 NYSE Adv/Vol/Dec 370/435 mln/2620

2:00 pm : Stocks are stuck at session lows. There really hasn't been any relief to today's sell-off.

Of the 10 major sectors, only consumer staples has managed to limit its loss to less than 1%. Clorox (CLX 71.74, +3.52) has been a primary source of support for the group. The stock has surged to a gain of more than 5% in the face of this session's weakness, even though there are no headlines or clear catalysts to account for the move. Shares of CL are now within $1 of their 52-week high. DJ30 -145.88 NASDAQ -56.44 SP500 -22.44 NASDAQ Adv/Vol/Dec 434/1.09 bln/2150 NYSE Adv/Vol/Dec 355/405 mln/2615

1:30 pm : The Nasdaq just incrementally extended its descent to notch a new session low. It now trades with a 2% loss. Neither the Dow nor the S&P 500 have confirmed new lows of their own, but both are in line with their worst levels of the day.

The benchmark 10-year Note hasn't been able to move much higher in the past couple of hours of action. Resistance has kept its yield at 2.95%, as a result. DJ30 -168.47 NASDAQ -57.23 SP500 -24.49 NASDAQ Adv/Vol/Dec 430/995 mln/2140 NYSE Adv/Vol/Dec 345/365 mln/2600

1:00 pm : Financially woeful countries in the eurozone periphery continue to account for uncertainty in the stock market. That is driving aggressive selling this session.

Members of the European Union held an emergency meeting during the weekend. Although the topic of the conversation wasn't made public, it has been speculated that a bailout package for the region may need to be structured so that Italy and its ilk are included. Concern that such systemic threats remain unresolved after so long has caused sentiment to sour.

Aggressive selling has all 10 major sectors in the S&P 500 down by about 1% or more. In a similar vein, all 30 Dow components are in the red. Dow component and financial giant JPMorgan Chase (JPM 39.61, -1.13) is one of the poorest performing names this session. Metals and mining giant and fellow blue chip Alcoa (AA 15.92, -0.46) is also down deeply. Its loss precedes the company's quarterly report, which will unofficially start earnings season this evening.

Intolerance for risk has prompted many participants to turn to the dollar, which is currently off of its session high, but still boasting a gain in excess of 1%. Most of the dollar's advance has come against the euro, but the sterling pound is also in weak shape.

Despite a stronger dollar, favor for safety took gold to about a two-week high this morning, but some of that gain was pared in mid-morning action. The yellow metal has since reclaimed some of its gain so that it is now priced at $1549 per ounce, up 0.5% for the session. DJ30 -149.58 NASDAQ -54.31 SP500 -22.35 NASDAQ Adv/Vol/Dec 432/950 mln/2125 NYSE Adv/Vol/Dec 350/350 mln/2600

12:30 pm : Stocks remain depressed as they drift along their lows for the day. This session's slide more than offsets last week's fractional gain, but it only cuts into a small part of the preceding week's 5.6% weekly gain, which was the stock market's best weekly performance in about two years.DJ30 -136.26 NASDAQ -52.18 SP500 -20.68 NASDAQ Adv/Vol/Dec 410/870 mln/2125 NYSE Adv/Vol/Dec 330/320 mln/2605

12:00 pm : All 30 Dow components are currently in the red. Alcoa (AA 15.92, -0.46), which is down almost 3% at the moment, is scheduled to post its latest quarterly report after the close. The occasion is widely considered to mark the unofficial start of earnings season. The Wall Street consensus currently calls for Alcoa to post earnings of $0.33 per share.

Fellow blue chip JPMorgan Chase (JPM 39.44, -1.30) is also down sharply. The diversified bank and financial services giant is scheduled to report its results later this week. Wall Street will be expecting earnings of $1.20 per share. DJ30 -150.76 NASDAQ -48.03 SP500 -21.60 NASDAQ Adv/Vol/Dec 395/780 mln/2115 NYSE Adv/Vol/Dec 320/285 mln/2600

11:30 am : The S&P 500 has slowed its descent. The 1320 line, which is just a few points above the broad market measure's 50-day moving average, helped provide support.

Even though pressure is broad, financials are having the most damaging impact on overall trade, given the group's collective weight and the scope of its loss. As a complete sector, financials have fallen 2.3%. Banks have been some of the hardest hit names in the space; as such, shares of Bank of America (BAC 10.39, -0.31) are down nearly 3% to a new 52-week high, while shares of JPMorgan Chase (JPM 39.47, -1.27) are already down 3% to test the 2011 low that they set about two weeks ago. DJ30 -140.50 NASDAQ -54.00 SP500 -20.51 NASDAQ Adv/Vol/Dec 357/690 mln/2144 NYSE Adv/Vol/Dec 316/250 mln/2576

11:00 am : Stocks have extended their opening slide so that the S&P 500 is now within close reach of its 50-day moving average, which is currently just below 1320.

Meanwhile, the dollar has continued its climb so that it now leads a collection of competing currencies by 1.4%. That puts the Dollar Index at its best level since late March.

Gold has given back a chunk of today's gain, though. The precious metal had been up by almost 1% to a two-week high earlier, but it was last quoted with a gain of only 0.2% at $1544 per ounce. DJ30 -171.65 NASDAQ -43.35 SP500 -23.79 NASDAQ Adv/Vol/Dec 420/512 mln/2026 NYSE Adv/Vol/Dec 340/189 mln/2509

10:35 am : Notable strength in the dollar index, which is currently up 1.2%, just below the 76 area, is hitting the commodity complex this morning.

Crude oil has been in the red all session. About 15 minutes after equity markets opened, crude put in a small rally and broke through the $95 level, but it lost steam and began to trend lower again. In current activity, crude is down 1.0% at $95.22/barrel.

Natural gas has been on an upwards trend since earlier this morning and is currently up 2.1% at $4.29/MMBtu.

Gold futures are showing gains this morning, while silver is right at the unchanged line. Gold rose as high as $1557.60/oz and is currently up 1% at $1556.40/oz. Silver is down two cents at $36.52.DJ30 -141.64 NASDAQ -32.41 SP500 -19.78 NASDAQ Adv/Vol/Dec 423/456 mln/2018 NYSE Adv/Vol/Dec 340/177 mln/2491

10:00 am : The Nasdaq is quickly cutting its opening loss. The move comes amid help from tech stocks, which have managed to work their way higher so that the overall tech sector is now down 0.7% after it had been down by about 1% at the open.

Among tech stocks, Google (GOOG 533.71, +1.72) is a leader. Its strength comes after it suffered an outsized loss last Friday in response to an analyst downgrade. Meanwhile, Apple (AAPL 358.63, -1.08) has made a charge toward the neutral line, but remains in the red with only a narrow loss. DJ30 -101.18 NASDAQ -28.36 SP500 -11.79 NASDAQ Adv/Vol/Dec 350/170 mln/1941 NYSE Adv/Vol/Dec 284/75 mln/2340

09:45 am : Stocks are down sharply in the opening minutes of the session. Weakness is widespread, but materials stocks, energy stocks, and financial stocks are in the worst shape; their losses currently range from 1.5% to 1.7%. Only tech, consumer discretionary, and consumer staples have managed to limit their losses to less than 1%.

Amid such sharp selling pressure, Treasuries have attracted plenty of safety seekers. In turn, the yield on the benchmark 10-year Note is back below 3.0% to trade near its one-week low. DJ30 -127.82 NASDAQ -30.94 SP500 -15.63

09:15 am : S&P futures vs fair value: -17.30. Nasdaq futures vs fair value: -25.00. Fears about the challenge facing the European Union in resolving the fiscal and financial afflictions of Italy and other countries in the eurozone periphery have weighed heavily on Europe's major bourses and imbued U.S. stock futures, which are presently poised to drop precipitously at the open. The want for safety has been particularly beneficial to the dollar, which is up 1.1% against a basket of major foreign currencies. Despite the greenback's gain, safety seekers have pursued gold, which is currently up 0.8% to almost $1554 per ounce. No major economic announcements are on top today and corporate news flow remains slow this morning, although Dow component Alcoa (AA) is scheduled to deliver its latest quarterly report after the close.

09:05 am : S&P futures vs fair value: -17.80. Nasdaq futures vs fair value: -26.00. Europe's major bourses have fallen precipitously in response to renewed concerns about the fiscal health of countries in the eurozone periphery. Collective weakness across the region has the EuroStoxx 50 down 1.0%. Among the most widely watched bourses, Germany's DAX is down 2.0%. Commerzbank is in the worst shape; it was last quoted with a 6% loss. Merck KGAA has managed to remain in strong shape, though. France's CAC has fallen 2.1%. All 40 of its components are in negative territory. As for Britain's FTSE, it is off by 1.0%. Only International Power Plc, Shire Plc, Tullow Oil, and a handful of its components have been able to muster any kind of a gain. The negativity surrounding the region has also put pressure on the euro, which was recently quoted at $1.405 for a 1.1% loss.

Overnight action in Asia saw plenty of selling. Japan's Nikkei fell to a 0.7% loss. Weakness there was widespread, but Tokyo Electric Power was able to put together an impressive performance that made it the session's top performing stock. Hong Kong's Hang Seng sank to a 1.7% loss. Financials weighed heavily on broad market trade. Bank of China was among the poorest performers. Mainland China's Shanghai Composite managed to muster a 0.2% gain. Inflation data from China during the weekend indicated that consumer prices for June increased by 6.4% from the same period one year ago. That was a tad hotter than many had anticipated. China also reported that a surge in exports took its trade balance up to $22.3 billion in June.

08:35 am : S&P futures vs fair value: -16.30. Nasdaq futures vs fair value: -23.80. The Dollar Index is up 1.1% to its best level in more than a month. The move has come mostly because of weakness in the euro, which is now down 1.2% in response to ongoing concerns about financially woeful countries in the eurozone periphery after members of the European Union held an emergency meeting during the weekend. Given that those concerns have caused traders to turn defensive, global equity markets and equity futures are in the red. Commodities like oil are also getting clipped; the energy component is currently down 1.7% to $94.55 per barrel ahead of pit trade's open at 9:00 AM ET. The want for safety has stoked buying in gold, which was last quoted with a 0.9% gain at almost $1556 per ounce, which makes for a new two-week high.

08:05 am : S&P futures vs fair value: -17.40. Nasdaq futures vs fair value: -26.80. Stock futures are under pressure as participants react to renewed concerns about the fiscal health of Italy and its ilk. The notion that Italy and other countries in the eurozone periphery were the reason for an emergency meeting by representatives of the European Union has already cut down Europe's major bourses, most of which are down by at least 1%. The euro has also been hit by heavy selling pressure; it was recently quoted with a 1.0% loss at $1.406. With the dollar up and traders concerned about the implications that financial troubles in Europe may have on the world's developed economies, oil prices are under pressure. Continuous oil contracts are currently pricing the commodity at $94.75 per barrel in electronic trade. That makes for a 1.5% loss. No data are due for release today. Corporate news flow is still sluggish, but Dow component Alcoa (AA) will unofficially kick off earnings season with its latest quarterly report after today's close.

06:36 am : [BRIEFING.COM] S&P futures vs fair value: -10.00. Nasdaq futures vs fair value: -18.00.

06:36 am : Nikkei...10069.53...-68.20...-0.70%. Hang Seng...22347.23...-379.20...-1.70%.

06:36 am : FTSE...5970.08...-20.50...-0.30%. DAX...7324.52...-78.20...-1.10%.

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

6:59PM Targa Resources raises Q2 divided 6% to $0.29; Targa Resources Partners raises Q2 divided 2% to $0.57 (NGLS) 35.34 -0.52 : Targa Resources (TRGP) and Targa Resources Partners LP (NGLS) announced their respective quarterly dividend and distribution for Q2 of 2011. Targa Resources Corp. announced today that its board of directors has declared a quarterly cash dividend of $0.29 per share, or $1.16 per common share on an annualized basis, for Q2 2011. The approved dividend represents increases of ~6% over the previous quarter's dividend and 13% over the prorated dividend for Q4 2010. Targa Resources Partners LP announced that the board of directors of its general partner has declared a quarterly cash distribution of $0.57 per common unit, or $2.28 per common unit on an annualized basis, for Q2 2011. The approved distribution represents an increase of ~2% over the previous quarter's distribution and 8% over the distribution for the second quarter 2010. This cash distribution will be paid August 12, 2011 on all outstanding common units to holders of record as of the close of business on July 21, 2011.

6:58PM Keyuan Petrochemicals announced that it has received a letter from NASDAQ regarding a delisting of its stock based on the NASDAQ staff's review of the Co (KEYP) 4.88 :

6:50PM Cliffs Natural Resources Board of Directors approves 100% increase to quarterly cash dividend to $0.28 (CLF) 95.04 -2.38 :

6:37PM Home BancShares announces repurchase of preferred shares From the U.S. Treasury Under the TARP Capital Purchase Program (HOMB) 24.23 -0.45 : Co announced that on July 6, 2011, the Company repurchased all 50,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued by the Company to the United States Department of Treasury (the Treasury) in January 2009 in connection with the Co's participation in the Treasury's TARP Capital Purchase Program (CPP). The Series A preferred shares were repurchased by the Company pursuant to a letter agreement between the Treasury and the Company, dated July 6, 2011, for a total repurchase price of ~$50.4 mln, including $354,167 in dividends accrued since the Co's last quarterly dividend payment to the Treasury.

6:17PM Hyatt Hotels and Noble Investment Group announce joint venture to develop Hyatt Place and Hyatt Summerfield Suites Hotels (H) 41.30 -1.46 : Noble Investment Group and Hyatt Hotels (H) announced today that affiliates of the companies have formed a joint venture to invest up to $80 mln in the strategic new development of Hyatt Place and Hyatt Summerfield Suites hotels. Under the joint venture, of which Noble owns 60% and Hyatt's affiliate 40%, Noble will invest up to $48 mln in new Hyatt-branded select service development projects. Additionally, as part of the agreements, a Hyatt affiliate sold six Hyatt Place and two Hyatt Summerfield Suites hotels to the joint venture for $110 mln. The joint venture will invest $5 mln to renovate the eight properties, which its affiliates will manage under franchise agreements with Hyatt. Noble now manages twenty-one full and select service Hyatt-branded hotels.

6:16PM Audiovox reports Q1 EPS of $0.15 vs. $0.03 in last year's quarter; revs rose 26.9% to $165.30 mln; co reaffirms 2012 guidance (VOXX) 7.38 -0.27 : Co said, "While the retail environment remains challenging and there are some near-term concerns with consumer confidence and supply shortages in the automotive market, we believe we're on track to meet our guidance of $730.0 million in sales and EBITDA of $42.0 million this year."

5:58PM Material Sciences reports Q1 EPS of $0.33 vs. $0.31 in last year's quarter; revs rose fell 15.1% to $36.0 mln (MASC) 7.33 -0.02 :

5:41PM Provident announces purchase of Saskatchewan-based Oilfield Hauling Co (PVX) 8.73 -0.25 : Co announce that it has reached an agreement to purchase a two-thirds interest in the equity of Three Star Trucking Ltd. ("Three Star"), a Saskatchewan based oilfield hauling company serving Bakken-area crude oil producers. The transaction is valued at ~$20 mln, comprised of ~$8 mln in cash, 945,000 Provident shares and approximately $4 million of assumed bank debt and working capital. Co will retain the option to purchase the remaining minority interest in Three Star after three years from the closing date, anticipated on or before October 1, 2011. This acquisition will be immediately accretive to both cash flow and earnings on a per share basis.

5:28PM Bank of Virginia CFO to resign in August (BOVA) 2.00 +0.27 : Co announced the expected departure of Nancy Corsiglia, Executive Vice President and Chief Financial Officer, in August 2011 following a transition to her successor, Joseph Pennington, currently Vice President and Controller of Bank of Virginia. Pennington joined Bank of Virginia as Vice President and Controller on March 1, 2011.

5:18PM Medical Properties Trust and MPT Operating Partnership, L.P. announce pricing of pending cash tender offer for MPT operating partnership, L.P.'s outstanding 9.25% exchangeable senior notes due 2013 (MPW) 12.09 -0.17 : Medical Properties Trust (MPW) and MPT Operating Partnership, L.P. (the "Operating Partnership", and together with the Co, "Medical Properties Trust") announced that they have determined the purchase price to be paid in connection with their pending cash tender offer to purchase any and all of the outstanding 9.25% Exchangeable Senior Notes due 2013 (CUSIP Number 55342NAG5) issued by the Operating Partnership. The tender offer is being made solely pursuant to the Offer to Purchase dated June 15, 2011 (as amended, the "Offer to Purchase") and the accompanying Letter of Transmittal, as amended, which were filed by Medical Properties Trust with the Securities and Exchange Commission on June 29, 2011, as exhibits to a Tender Offer Statement on Schedule TO.

5:17PM Keyuan Petrochemicals announces findings of independent investigation; findings support accuracy of stated revenues; co has sent full report to regulators (KEYP) 4.88 : Co announced that the audit committee has received initial findings of its independent investigation of the Company's 2010 sales and revenue. Deloitte Financial Advisory Services, King & Wood, Pillsbury Winthrop Shaw Pittman LLP ("Pillsbury") and a petrochemicals industry expert, separately verified the accuracy of information related to the Co's 2010 sales. On March 31, 2011, the Co's audit committee hired Pillsbury, Deloitte, and King and Wood to conduct an independent investigation of issues identified by the Co's former independent public accountant, KPMG. A team of lawyers and forensic accountants reviewed scores of documents at Keyuan's offices, visited select customer locations throughout China, and interviewed representatives of the customers, and senior officers and personnel of the Company. The independent investigators also consulted an industry expert, who has years of experience in the petrochemicals industry, to analyze Keyuan's production plants and operations.

5:12PM Taseko Mines reports unaudited Q2 production results for the Gibraltar Mine; for Q2 of 2011, Gibraltar produced 20.0 mln pounds of copper and 300 thousand pounds of molybdenum (TGB) 4.72 -0.19 : For the second quarter of 2011, Gibraltar produced 20.0 million pounds of copper and 300 thousand pounds of molybdenum. Gibraltar's SAG mill direct feed system was commissioned in early June, with ramp up ongoing over the last four weeks. With metallurgical recovery performance stabilized at current throughput rates efforts are now concentrated on optimizing mill throughputs and incrementally increasing hourly and daily tonnage, working towards the design capacity of 55,000 tons per day.

5:07PM Argo Group Provides Preliminary Loss Estimate for U.S. Weather-Related Events Occurring in Q2 of $30-35 mln (AGII) 29.76 +0.18 : Co announced its preliminary pre-tax loss estimate attributable to a series of severe storms affecting portions of the United States during the 2011 second quarter is in the range of $30 million to $35 million, net of reinsurance and reinstatement premiums. Changes to our loss estimates for catastrophic events that occurred during the 2011 first quarter are not expected to be material.

5:01PM Grupo Aeroportuario reports OMA Reports June 2011 Passenger Traffic; terminal passenger traffic rose 13% (OMAB) 18.27 -0.27 : Co reports that terminal passenger traffic at its 13 airports increased 0.7% in June 2011, as compared to June 2010. Domestic traffic increased 1.6%, and international traffic decreased 5.1%. Of total June traffic, 96.5% was commercial aviation and 3.5% was general aviation.

5:00PM Zion Oil & Gas obtains license extension (ZN) 4.22 -0.13 : Co reported today that the Israeli Petroleum Commissioner has awarded the company a one-year extension on its Asher-Menashe petroleum exploration license in Northern Israel. Zion's Asher-Menashe license covers an area of ~78,824 acres located on the Israeli coastal plain and the Mount Carmel range between Caesarea in the south and Haifa in the north.

5:00PM Chevron reported that earnings for Q2 2011 are expected to be higher than in Q1 2011 (Co reported Q1 EPS of $3.09-- Q2 Capital IQ Consensus is $3.48) (CVX) 104.41 -1.48 : Co reported in its interim update that earnings for the second quarter 2011 are expected to be higher than in the first quarter 2011. Upstream results are projected to improve between sequential quarters, benefiting from higher crude oil prices. Downstream earnings in the second quarter are also expected to be higher, reflecting improved industry margins. Basis for Comparison in Interim Update: The interim update contains certain industry and co operating data for the second quarter 2011. The company's general guidance for the quarterly net after-tax charges related to corporate and other activities is between $250 million and $350 million. Due to foreign currency effects and the potential for irregularly occurring accruals related to income taxes and other matters, actual results may significantly differ from the guidance range.

4:58PM Chesapeake Energy purchases 51% stake in Sundrop Fuels (CHK) 29.75 -0.83 : Sundrop Fuels and Chesapeake NG Ventures (CNGV), a wholly owned subsidiary of Chesapeake Energy (CHK), announced that they have closed a transaction in which CNGV will invest $155 mln, enabling Sundrop Fuels to expand operations and begin construction of a commercial demonstration facility to produce biobased "green gasoline" made from cellulosic material. Additionally, Sundrop Fuels announced that Oak Investment Partners, a current investor, has committed to invest $20 million pro rata with CNGV. The deal closed on July 11, 2011.

4:35PM Applied Energetics reduced the annual base salaries of executive officers (AERG) 0.30 -0.01 : Co announced that in connection with the cost reduction measures, the Board reduced the annual base salaries of each of the executive officers of the Company, Joseph Hayden, its President, Eric Lau, its Chief Operating Officer, and Humberto Astorga, its Chief Financial Officer, by approximately 15% to $195,500, $150,000 and $150,000, respectively. In addition, the Board of Directors of the Company reduced its compensation by 15%.

4:34PM Warnaco establishes joint venture in India (WRC) 53.22 +0.18 : Co announced it has entered into a new joint venture with Brand Marketing India, its current distribution partner in India, to market and distribute Calvin Klein Underwear, Calvin Klein Jeans, Calvin Klein Jeans Accessories and ck Calvin Klein branded apparel and accessories in India. Warnaco will own 51% of the joint venture. In connection with the joint venture, certain of Warnaco's license agreements with Calvin Klein, Inc. were amended to add India to Warnaco's licensed territories for Calvin Klein Jeans and Calvin Klein Jeans Accessories, as well as for ck Calvin Klein branded apparel and accessories.

4:31PM Johnson Outdoors subsidiary Johnson Outdoors Marine Electronics has acquired the assets of Waypoint Technologies; details of the transaction are not being released (JOUT) 20.28 -0.55 :

4:31PM Lee Enterprises has completed deployment of second-generation iPhone applications in all 53 of its newspaper markets (LEE) 1.04 +0.13 :

4:30PM Franklin Resources announces month-end assets under management of $734.2 bln (BEN) 131.76 -5.32 : Co reported preliminary month-end assets under management by the company's subsidiaries of $734.2 bln at June 30, 2011, compared to $735.8 bln at May 31, 2011, and $570.5 bln at June 30, 2010.

4:27PM Spanish Broadcsting announces a 1-for-10 reverse stock split (SBSA) 0.66 -0.01 :

4:23PM Radiant Systems to resume trading at 16:45 ET (RADS) 21.45 -0.50 :

4:22PM Microchip to resume trading at 16:35 ET (MCHP) 37.48 -0.39 :

4:21PM Radiant Systems: NCR (NCR) to acquire Radiant Systems for $28.00/share or $1.2 bln; The deal is expected to be accretive on a non-GAAP basis; stock halted (RADS) 21.45 -0.56 : NCR and Radiant Systems currently anticipate the transaction will close during the third quarter of 2011, subject to regulatory approval. (stock is halted)

4:21PM Hewlett-Packard announced it is accelerating the global expansion of webOS (HPQ) 35.29 -1.14 : To support this next phase of growth, HP has appointed Stephen DeWitt as senior vice president and general manager of its webOS global business unit.

4:20PM Rex Energy exceeds second quarter production guidance (REXX) 10.25 -0.27 : Co exceeded its previously announced second quarter guidance by 9% with an average production rate of 35.2 MMcfe/d. This is an 87% increase over second quarter 2010 and a 28% increase over first quarter 2011. Oil and natural gas liquids accounted for 41% of the total equivalent net production for the quarter. Natural gas production increased 184% over second quarter 2010 and 48% over first quarter 2011. Natural gas accounted for 59% of total equivalent net production for the quarter. Rex Energy is decreasing its previously given lease operating expense (LOE) guidance from $32.0 mln - $37.0 mln down to $31.0 mln - $34.0 mln. The decrease in LOE guidance is the result of lower operating cost assumptions. Rex Energy is increasing its 2011 general and administrative (G&A) guidance range from $20.0 mln - $21.0 mln to $24.0 mln - $25.0 mln. The increase in G&A primarily results from one-time legal fees and costs related to the previously announced settlement in Westmoreland County and costs associated with the departure of the company's former CEO.

4:17PM Selective Insurance expands product offerings through excess and surplus lines renewal rights transaction (SIGI) 16.40 -0.23 : Co announces that its subsidiaries have entered into renewal rights and related agreements with subsidiaries of Alterra Capital Holdings (ALTE) to write commercial lines contract binding authority excess and surplus policies, expanding Selective's product offerings to agents and customers. The deal is expected to close on August 1, 2011. The Alterra commercial lines contract binding authority E&S business generated gross premiums written of $77 million in 2010. Selective will write the business on Alterra paper during a transition period while Selective establishes a new organization licensed to write E&S business in all 50 states.

4:16PM Microchip lowers Q1 EPS guidance below cosnensus, citing multiple reasons for broad-based weakness; sees Q2 rev down QoQ (Halted -- will resume trading at 16:35) (MCHP) 37.48 -0.39 : Co lowers Q1 non-GAAP EPS guidance to $0.53-0.55 from $0.58-0.62 vs $0.60 Capital IQ Consensus Estimate. "Our net sales activity in the June quarter did not progress as we originally expected. We are seeing broad-based weakness in our business due to a number of factors. In the June quarter, our automotive business was down significantly from the March 2011 quarter due to lower automotive production activities including supply issues from other manufacturers associated with the earthquake in Japan. We also believe that some of the revenue upside that we saw in the March 2011 quarter was the result of customers being cautious and accelerating purchasing activities to minimize supply chain disruptions. Therefore, we believe we were also impacted by the correction of that inventory in the June 2011 quarter. Additionally, our consumer business was soft due to poorer global economic conditions including high unemployment, high oil prices and the resulting low consumer confidence. The computing portion of our business was also lower than our expectations as we saw reduced purchases by multiple large customers in this sector... We are cautiously modeling our September quarter rev to be QoQ down by low to mid single digits [consensus calls for +3% QoQ off higher Q2 base]... At the end of the June and September quarters, our inventory is expected to be in the 120 to 130 day range, which is acceptable to us and will enable us to keep our lead times short and help us be more competitive in our markets."

4:15PM Temple-Inland: International Paper (IP) commencing tender offer to acquire all outstanding shares of Temple-Inland for $30.60 per share in cash (TIN) 30.55 -0.44 : The all-cash offer represents a 46% premium to co's closing price on June 6, 2011, the last trading day prior to public disclosure of International Paper's proposal to acquire co.

4:14PM ScanSource issues upside June qtr rev guidance (SCSC) 38.03 -0.84 : Co issues upside guidance for Q4 (Jun), sees Q4 (Jun) revs of $724-734 mln vs. $715.63 mln Capital IQ Consensus Estimate, compared to $582 million for the same period one year ago. "On our August 18, 2011 quarter- and fiscal year-end conference call, ScanSource executives will provide sales results by geographies and product areas, net earnings, and a forecast for the following quarter."

4:14PM Plains All Amer declares increased distribution on limited partner units to $0.9825/unit from $0.9425/unit (PAA) 64.41 -0.48 : Through its general partner interest and majority equity ownership position in PAA Natural Gas Storage (PNG)

4:13PM Starbucks announces new corporate structure to accelerate growth strategy (SBUX) 39.74 -0.61 : Co announces a new corporate structure to accelerate its growth strategy, which will take effect by the end of September. Starbucks will move to a new three-region organizational structure: 1) China and Asia Pacific: All Asia Pacific markets and China 2) Americas: United States, Canada, Mexico and Latin America 3) EMEA: Europe, U.K., Middle East, Russia and Africa.

4:12PM Teledyne Tech awarded $383 mln shallow water combat submersible contract (TDY) : Co announced today that its subsidiary, Teledyne Brown Engineering, was awarded a contract from the United States Special Operations Command to design, develop, test, manufacture and sustain the Shallow Water Combat Submersible, a replacement system for the current SEAL Delivery Vehicle. The contract, including all options, is valued at $383 mln.

4:11PM Am Superconductor restates Q2 and Q3 2010 financials; sees FY11 (Mar) rev below consensus (AMSC) 8.53 -0.50 : Co's financial statements included in the Quarterly Reports on Form 10-Q for the fiscal quarters ended September 30, 2010 and December 31, 2010 should no longer be relied upon. AMSC has determined that revenues associated with unpaid shipments to certain Chinese customers, excluding Sinovel Wind Group, after August 31, 2010 should not be recognized until AMSC is paid, or payment is otherwise reasonably assured, for such shipments. With respect to Sinovel, AMSC has determined that this cash-based method of accounting should have been applied for shipments after September 30, 2010. AMSC had previously recognized revenues in the second and third fiscal quarters based upon customer receipt of shipments but prior to its receipt of payment for such shipments. AMSC reported that no shipments were made to Sinovel and no payments were received from this customer during the first quarter of fiscal 2011. The co expects that revenues for the fiscal quarters ended September 30, 2010 and December 31, 2010 will be reduced to ~$98 mln and $43 mln, respectively. For FY11, the co expects that revenues will be ~$307 mln vs. the $353 mln cosnensus.

4:08PM Novellus beats by $0.02, reports revs in-line (NVLS) 35.77 -0.20 : Reports Q2 (Jun) earnings of $0.79 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.77; revenues rose 9.0% year/year to $350.2 mln vs the $352.1 mln consensus. Bookings in Q2 of 2011 were $311.6 million, down $103.5 million or 24.9% from Q1 2011 bookings of $415.1 million. Second quarter shipments of $359.3 million were down $17.6 million or 4.7% from $376.9 million in Q1 2011.

4:08PM Alcoa misses by $0.01, beats on revs; reaffirms global aluminum demand projections (AA) 15.91 -0.47 : Reports Q2 (Jun) earnings of $0.32 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.33; revenues rose 27.0% year/year to $6.59 bln vs the $6.34 bln consensus. The sequential increase in income from continuing operations was driven by higher quarterly revenue (up 11%), higher alumina shipments (up 8%), and higher realized pricing for both alumina (up 7%) and aluminum (up 6%), along with improved productivity and continued strong growth in major markets served by mid- and down-stream businesses. This was somewhat offset by a weaker U.S. dollar, along with higher energy and materials costs. Looking ahead, Alcoa projects continued growth in all major end markets on a global basis, including aerospace (7%), automotive (4-8%), commercial transportation (7-12%), packaging (2-3%), building and construction (1-3%), and industrial gas turbines (5-10%). For the year, Alcoa projects aluminum demand to grow 12% on top of the 13% growth seen in 2010. Alcoa projects that, from a 2010 baseline, aluminum demand will double by 2020 on 6.5% annual growth. "Although the economic recovery is uneven, the overall outlook for Alcoa - and for aluminum - remains positive. Demand for aluminum continues to rise and so does growth in our major markets. These factors support our projection that aluminum demand will grow 12% this year and will double by 2020."

4:07PM Annaly Capital Mgmt announces a 100 mln share common stock offering (NLY) 18.32 -0.20 : Co expects to use the proceeds of this offering to purchase mortgage-backed securities for its investment portfolio and for general corporate purposes, which may include additional investments and repayment of short-term indebtedness. Credit Suisse Securities is acting as the lead book-running manager for the offering. BofA Merrill Lynch, Morgan Stanley, UBS Investment Bank and RCap Securities are acting as joint book-running managers.

4:07PM HMS Holdings declares three-for-one stock split (HMSY) 78.27 -0.89 : Co announced that the shareholders approved the increase of its total authorized number of shares of common stock. Therefore, as previously announced, the co will effect a three-for-one stock split of the co's common shares in the form of a common stock dividend. All shareholders of record as of the close of business on July 22, 2011, will receive two additional shares of common stock for each share held on that date. The additional shares of common stock will be distributed on August 16, 2011.

4:06PM Danaos adds one more newly built vessel to its fleet (DAC) 5.20 -0.32 : The annualized EBITDA run-rate contribution of the vessel is expected to be approximately $12.7 mln.

4:05PM Clean Energy Fuels shares jump over 13% in electronic trade on CHK investment (CLNE) : Currently at $14.87 in afterhours trade.

4:03PM Chesapeake Energy to invest in new infrastructure and technologies that utilize abundant domestic supplies of natural gas and oil from deep shale and other formations (CHK) 29.75 -0.83 : Chesapeake NG Ventures Corporation is formed to identify and oversee at least $1.0 bln in demand-enhancing investments over next 10 years. To fund this effort, Chesapeake will redirect approximately 1-2% of its forecasted annual drilling budget away from efforts to increase natural gas supply toward projects that will instead stimulate increased natural gas demand.

4:02PM Novatel Wireless selected by Consert as module partner for smart energy grid solution (NVTL) 5.40 -0.21 :

4:02PM Joes Jeans reports EPS in-line, beats on revs (JOEZ) 0.88 +0.02 : Reports Q2 (May) earnings of $0.01 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.01; revenues fell 4.3% year/year to $24.7 mln vs the $22.2 mln consensus. Overall gross margins improved to 47% from 44% in the prior year comparative period.

4:01PM Polypore appoints CEO Robert Toth as Chairman of the Board (PPO) 69.35 -2.65 : Robert B. Toth, the Company's President and Chief Executive Officer, has been named Chairman of the Board, a role formerly held by Michael S. Graff, Member and Managing Director of Warburg Pincus LLC. Mr. Graff remains on the board in the role of lead independent director.

4:01PM Clean Energy Fuels: Chesapeake (CHK) invests $150 mln in CLNE (CLNE) 13.12 -0.17 : Chesapeake Energy (CHK) is investing $150 mln in CLNE. The investment is dedicated to help fund the development of approximately 150 LNG truck fueling stations at strategic truck-stop locations along major trucking corridors to form the backbone of "America's Natural Gas Highway." The investment is in the form of convertible debt issued in three tranches of $50 million each that will provide the funding for a newly formed subsidiary of Clean Energy that will be dedicated to the LNG station build out. The first $50 million investment closed today, July 11, 2011, and the second and third tranches are expected to close in June 2012 and June 2013, respectively. The debt carries an interest rate of 7.5% and is convertible at CNGV's option into Clean Energy's common stock at a 22.5% premium to the volume-weighted average closing price of the 20-day period prior to the initial closing. In addition, Clean Energy can, under certain circumstances, force conversion of the debt if its common stock is trading at a 40% premium to the conversion price. The entire principal balance of each note is due and payable seven years following its issuance, and Clean Energy may repay each note in cash or shares of its common stock.

4:01PM SearchMedia confirms going concern qualification per Section 610 of the NYSE AMEX company guide (IDI) 1.89 +0.03 : Co confirmed that it received a "going concern" qualification in its Form 20-F for the fiscal year 2010 from its independent registered public accounting firm. This announcement is required by the NYSE Amex Company Guide Section 610, which requires separate disclosure of receipt of an audit opinion containing a going concern qualification. This announcement does not represent any change or amendment to SearchMedia's Annual Financial Statements or to its Annual Report on Form 20-F for the fiscal year ended December 31, 2010, which was filed on June 30, 2011.

4:01PM Platinum Underwriters expects losses from catastrophes in Q2 and increases to its loss ests for catastrophes in Q1 will have a net negative impact of approximately $74.8 mln on Q2 results (PTP) 33.78 -0.32 : Co announced that it expects losses from catastrophes in the second quarter of 2011 and increases to its loss estimates for catastrophes in the first quarter of 2011 will have a net negative impact of approximately $74.8 million on the Company's second quarter 2011 results. The net negative impact from these events includes an estimate of losses and loss adjustment expenses, net of retrocessional coverage, reinstatement premiums, taxes and the expected impact of foreign exchange rates. Approximately $28.0 million of the estimated net negative impact relates to the severe weather in the Midwest and Southeast regions of the United States during April and May of 2011 and is based on the Company's portfolio modeling, discussions with brokers and clients, market share analysis and a review of the Company's in-force contracts. The balance of the estimated net negative impact relates to an increase of the Company's loss estimates for catastrophes in the first quarter of 2011 and is based primarily on information received from clients.

3:40PM JPMorgan Chase late slip leaves it back near the morning low at 39.37 (JPM) 39.38 -1.36 : Its seven month low from late June is at 39.24.

3:24PM Grubb & Ellis unit secures credit facility of up to $100 mln (GBE) 0.41 +0.03 : Grubb & Ellis Healthcare REIT II, Inc. today announced that it has entered into a secured revolving credit facility of $71.5 mln that can be increased to $100 mln upon meeting certain conditions. The credit facility may be utilized to acquire, finance or re-finance properties.

3:23PM Retractable Technologies announces court reversed the district court's judgment that Becton Dickinson's (BDX) 3 mL Integra infringed co's patent. (RVP) 1.50 -0.02 : The court affirmed the district court's judgment that the 1 mL Integra infringes Retractable Technologies, Inc.'s '244 and '733 patents. The Court also affirmed the district court's judgment that the '077 patent is not invalid for anticipation or obviousness. Out of eight principal issues that were contested in the appeal, Retractable Technologies and Thomas J. Shaw prevailed on six and Becton, Dickinson and Company prevailed on two.

3:11PM No let up yet in trend day action with market averages setting new lows, S&P -26 probes its 50 sma, Dow -182, Nasdaq Comp -63 (SPY) :

2:52PM JinkoSolar Holding has reached commercial-scale production on its Q-1 Solar Modules, part of the Quantum Series (JKS) 24.12 -1.47 :

2:44PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : Continuous corn futures closed 5 cents lower at $6.32/bushel, wheat fell 11 cents to close at $6.41, cont. soybeans closed unchanged at $13.47, cont. ethanol closed up 2 cents to $2.60, while cont. world sugar futures closed unchanged at 0.29 cents.

2:35PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled lower by $1.05 to $95.19, natural gas gained 8 cents to close at $4.29, RBOB gasoline shed 2 cents to end at $3.07, while heating oil finished down a penny to $3.09.

2:33PM Stock indices dip to minor new session lows -- Dow -179, S&P -26, Nasdaq Comp -63 (SPY) :

2:31PM Measurement Specialties announces acquisition of Eureka Environmental for $2.25 mln in cash; expects the transaction to add ~$2 million in annual net sales (MEAS) 35.12 -1.21 : Co announced the acquisition of Eureka Environmental, a manufacturer of multi-parameter instruments for in-situ analyses of natural waters worldwide. The transaction closed July 8, 2011.

2:21PM National Grid and Bangor Hydro seek FERC approval on funding approach for proposed new transmission line to bring renewable energy from Maine to Massachusetts (NGG) 48.83 -0.70 : The NEL, as currently proposed, is a new underground transmission line that would stretch approximately 220 miles from northern Maine to northeastern Massachusetts by 2016. The new line will provide a critical connection to the vast renewable and carbon-neutral energy resources of northern and eastern Maine and eastern Canada.

2:20PM A-Power Energy selects Shan Lee as interim COO; effective on July 7, 2011; stock halted (APWR) 1.67 : Lee's most recent position was as Executive Vice President and Principal of Daum Commercial Real Estate Services in the City of Industry, California where he was involved in all significant phases of commercial and industrial real estate development, consulting, brokerage, management, and investment advisory services. Stock is halted

2:01PM MGT Capital Investments establishes special committee to launch investigation (MGT) 0.17 : Co announced that its Board of Directors has established a special committee to investigate potential misappropriation and/or misdirection of Company funds. MGT's majority-owned subsidiary, Medicsight launched a similar investigation. While it is too early to determine the outcome of these investigations or the financial impact, mgmt believes that no potential wrongdoing occurred post February 7, 2011, when the current MGT board was constituted and the current MGT officers were appointed. In the event the investigation results in any finding of wrongdoing, co plans to pursue recovery and/or restitution to the fullest extent provided by law... Co also reported that it has been granted a one week extension by the NYSE Amex to submit a plan of compliance demonstrating its ability to regain compliance within an 18 month remediation period. Co intends to submit such plan by July 15, 2011. (stock halted)

2:00PM Aetna and Shriners Hospitals for Children reached agreement on a three-year contract that expands access for Aetna members in 16 states (AET) 43.09 -1.21 : Under the agreement, which takes effect Aug. 1, members of Aetna plans will be able to receive covered services, at in-network rates, from 20 Shriners Hospitals for Children located in the United States. Approximately 200 physicians employed by Shriners Hospitals for Children also will be joining Aetna's network.

1:57PM Harleysville Grp names Arne Herenstein Senior Vice President and Chief Information Officer (HGIC) 32.01 +0.01 : He will report to Michael L. Browne, Harleysville Group's president and CEO. Before coming to Harleysville, Herenstein was vice president of information technology for OneBeacon Insurance.

1:50PM Service Corp: Teamsters Local 727 filed unfair labor practice charges against the company (SCI) 11.54 -0.43 : The funeral directors, embalmers and livery drivers represented by Teamsters Local 727 are set to walk out Tuesday, and the union is hosting a rally to show support for its members. Teamsters Local 727 filed unfair labor practices charges against the company for bad faith bargaining and direct dealing.

1:44PM Euronet announces expansion of its network of Independently Deployed ATMs from five to eight countries (EEFT) 15.38 -0.38 : Euronet's IAD markets now include three new countries: Romania, Greece and Croatia, in addition to the five previously existing markets: Poland, Germany, Czech Republic, Ukraine and Bulgaria.

1:36PM COMEX Metals Closing Prices (COMDX) : August gold finished higher by $7.40 to $1549.00, Sept silver fell 77 cents to end at $35.76, while Sept copper closed down 5.55 cents to $4.3565.

1:17PM GeoEye and Esri launching GeoEye Image Pack for Esri ELA Customers; expected to be available Aug 1 (GEOY) 37.21 -1.05 :

1:15PM PACCAR increases quarterly cash dividend to $0.18/share from $0.12/share (PCAR) 50.37 -1.84 :

1:15PM Nasdaq 100 -44 sets fractional new session low, Nasdaq Comp -55 retests morning low, Dow -159 and S&P -23 still hovering modestly above their lows (QQQ) :

1:00PM Medtronic gets go-ahead from FDA for study of novel treatment for high blood pressure (MDT) 37.67 -0.33 : Co announced that the FDA has conditionally approved the protocol for SYMPLICITY HTN-3, the co's U.S. clinical trial of renal denervation with the Symplicity Catheter System for the treatment of resistant hypertension. Patient enrollment in the landmark study is expected to start soon. FDA approval of the SYMPLICITY HTN-3 protocol enables Medtronic to become the first co to conduct a randomized, controlled trial of renal denervation in the United States. The Symplicity Catheter System is not approved by the FDA for U.S. commercial distribution.

12:41PM Williams Partners receives FERC approval to provide additional natural gas service to mid-atlantic by 2012; the capital cost of the project is estimated to be $55 mln (WPZ) 54.61 -0.47 : Co announced that the Federal Energy Regulatory Commission has approved a proposal to expand its Transco natural gas pipeline to provide an additional 142,000 dekatherms of incremental firm natural gas transportation capacity to serve growing markets in the Mid-Atlantic region by November 2012. The expansion will consist of ~ three miles of new pipeline and upgrades to existing compressor facilities in Virginia. Williams (WMB) owns ~75% of Williams Partners.

12:38PM Avalon Rare Metals announces progress on product marketing initiatives and provides update on development activities on the Nechalacho REE Deposit, Thor Lake, NWT (AVL) 6.57 -0.05 : Co has now entered into non-binding Memorandums of Understanding with three Asian industrial companies seeking to participate in the Project by investing and /or providing technical expertise in exchange for obtaining off-take rights. Each MOU requires the Company to maintain the confidentiality of the identity of the counterparty and the business terms until the negotiation process is completed and a definitive agreement is signed... Co also announced the completion and filing of its Developers Assessment Report required by the Mackenzie Valley Environmental Impact Review Board... As for metallurgical process development, co reports bench scale flotation testing is underway to further enhance the process and a third flotation mini-pilot plant trial is planned for July.

12:28PM Dow -130 inches to fractional new bounce high in midday trade, S&P -19 probing its recovery high, Nasdaq Comp -48 lagging slightly on this move (SPY) :

12:26PM Royal Dutch Shell's Cansolv Technology to remove SO2 from Chinese coal-fired power plant (RDS.A) 71.38 -1.65 : Co announced that its Cansolv Technologies subsidiary signed an agreement with Beijing Guodian Longyuan Environmental Engineering to license a CANSOLV SO2 Scrubbing System for a new 1.2 GW coal-fired power plant to be built by China Guodian Corporation at Duyun in Guizhou province, P.R.C.

12:16PM Northeast Comm. Bancorp is expanding its lending operations in Massachusetts (NECB) 6.65 -0.14 : Co intends to begin originating residential one- to four- family mortgages throughout eastern Massachusetts, a loan product that the Bank currently does not offer in any of its lending markets. The Bank has also purchased a new office building for its lending operations in Massachusetts which is located in Danvers. The Bank expects to move its loan production services to the additional Danvers office on or about August 1, 2011.

12:15PM Publicis Groupe SA announced the acquisition of a majority stake in DPZ, Brazil advertising agency (PUBGY.PK) 26.60 -0.98 : According to the terms of the agreement, Publicis Groupe immediately acquires 70% of the new agency, and has the possibility of increasing its participation to 100% over the next two or three years. DPZ will retain its name and will operate within Publicis Groupe on a stand-alone basis. The agency remains under the leadership of its three founders Roberto Duailibi, Francesc Petit and Jos? Zaragoza, and the management of current CEO Flavio Conti.

11:48AM Energy Select Sector held at its 50 ema/sma this morning at 74.79/74.65 - session low 74.77 - and is currently vacillating near its morning rebound high at 75.36 (XLE) 75.30 -1.59 :

11:41AM Dreams expands credit facility to $27.5 mln (DRJ) 2.65 +0.02 : Co has been approved for an expansion of its credit facility with Regions Bank for $25 mln effective immediately, and up to $27.5 mln on October 1, 2011. The total financing will represent a $7.5 million increase since Dreams named Regions Bank as its new senior lender in July 2010. "The additional funding will permit our business models to remain aggressive, which includes our goal of generating more than $140 mln in consolidated revenues in 2011." (current consensus $143.1 mln)

11:37AM Currency Chart Watch: Dollar Index stalls near four month close high after trendline break (UUP) : (Click for Dollar Index chart).

11:26AM Magnum Hunter appointed Mark H. Wolf as Vice President of Finance effective today (MHR) 6.66 -0.26 :

11:19AM News Corp withdraws proposed undertakings in lieu of reference with respect to its proposed acquisition of BSkyB (BSYBY) (NWSA) 15.88 -0.87 : Co continues to believe that, taking into account the only relevant legal test, its proposed acquisition will not lead to there being insufficient plurality in news provision in the UK.

11:11AM Sina down into the lows as it begins to probe its 20/50 day ema's here along the $103.00-105.00 zone (SINA) 104.55 -8.99 : Next zone below this will be down off of $100.00-101.00.

11:10AM Dow -155 and Nasdaq Comp -53 attempting to stabilize near support (TECHX) : Aggressive decline was extended back near supports from The Technical Take at 2809/2800 Nasdaq Comp (session low 2803) and 12490/12480 Dow (session low 12477).

11:04AM S&P -24 flirting with lower end of support zone (SPY) : Noted support at 1321/1319 in The Technical Take (Fib extension target, retracement, congest) with the low end of this area probed in recent trade (session low 1319.12). Note that its 50 day sma is just modestly below (started session at 1317, 50 ema at 1311).

11:02AM Sapient selected by Activision (ATVI) as agency for digital marketing (SAPE) 14.89 -0.67 : As part of this new agreement, SapientNitro will work with Activision to provide digital marketing services, including Activation strategy and the creation of campaigns, assets, and platforms, for Activision's highly anticipated Call of Duty: Modern Warfare 3 and Skylanders Spyro's Adventure video games.

10:56AM Crude to fresh lows at $94.17; now off $1.92 to $94.29 (COMDX) :

10:54AM Gold back to near unchanged now; now up $3.40 to $1545 (COMDX) :

10:50AM Aurico Gold reports commercial production has resumed at El Cubo (AUQ) 11.54 -0.18 : Co said mining rates averaged 1,108 tonnes per day in June, significantly ahead of planned rates. Over 75,000 tonnes of ore stockpiled ahead of the mill for processing as of July 10th. Long-hole stope drilling commenced in June and capacity will be further increased with the mid-July delivery of the first of two new drill rigs purchased. Long-hole stoping conversion is expected to lead to greater productivity, lower dilution and decreased costs as demonstrated Ocampo.

10:46AM Stock indices remain under pressure, drop to new lows in recent trade -- Dow -152. S&P -21, Nasdaq Comp -44 (SPY) : Dollar Index has set a new session high slightly above its June peaks (see The Technical Take for chart).

10:45AM Gold, silver pulling back sharply here (COMDX) :

10:44AM Gold and silver seeing some renewed weakness in recent trade -- GLD, SLV (TECHX) : Dollar index (UUP) still probing the morning highs, continuing to put pressure on the commodity complex.

10:36AM Crude oil pulling back to around $95 after failing to trade to unchanged mark; now off $1.21 to $95 (COMDX) :

10:25AM Magna entered $2.25 bln four-year revolving credit facility (MGA) 50.84 -1.16 : Co announced that it has entered into a $2.25 billion four-year revolving credit facility with a group of lenders. The facility, which matures on July 8, 2015, replaces an ~$2.0 billion revolving credit facility that was set to expire on July 31, 2012, and will be available to Magna and its subsidiaries in North America, Europe and Asia.

10:19AM Nasdaq Comp -34 joins Dow -140 and S&P -19 at minor new session lows (SPY) : Relative weakness in Semi SMH, Energy XLE, Oil Service OIH, Retail XRT, Finance XLF, Materials XLB.

10:19AM YRC Worldwide: Teamsters confirms they, along with lenders and YRCW, approved final terms for an asset based lending facility (YRCW) 1.30 +0.15 : (see 8:01 comment)

10:17AM Cooper Industries issues update regarding possible offer for Laird (CBE) 60.71 -1.05 : Cooper believes that Laird's current share price is driven by market expectations of an offer for the Company rather than by the fundamental value of Laird. Based on the limited discussions to date with Laird and its advisers, Cooper understands that the Board of Laird has a view on the value of the Company which is significantly greater than Cooper's own view, the current share price and the price average historic deal premia would imply. Despite Cooper's indicated willingness to consider increasing its price if the facts revealed in due diligence support a higher valuation, Laird has refused to allow Cooper access to conduct due diligence. Cooper remains open to engagement with the Board of Laird and to reflect in its proposal any information provided by Laird that justifies an increase in its proposal. However, Cooper will remain disciplined on price and would only consider making an offer at a price which would provide an appropriate return for its own shareholders. As a result, and given the current high share price together with the position adopted by the Board of Laird, Cooper is now considering its continued level of interest in Laird and there can be no certainty that any formal offer will be made.

10:11AM Washington Post: Kaplan issued statement in response to dismissal of Qui Tam lawsuit (WPO) 405.95 -9.43 : Kaplan issued the following statement in response to the order issued this past Friday by federal Judge Kent J. Dawson (U.S. District Court, District of Nevada), in which the Court dismissed the federal False Claims Act lawsuit filed by former employee Charles Jajdelski: "From the beginning, Kaplan has maintained that Mr. Jajdelski's allegations were factually false and wholly without merit. Mr. Jajdelski was given several opportunities to state a claim against Kaplan, and each time, he failed to do so. Kaplan respects the Court's decision to close the case by dismissing Mr. Jajdelski's lawsuit and entering final judgment in favor of Kaplan."

10:01AM Sempra Energy's San Diego Gas & Electric: Solar Gen 2 announced the execution of a 25-year, 150-MW power purchase agreement with San Diego Gas & Electric Co. (SRE) 51.97 -0.85 : The photovoltaic solar project consists of three separate 50-MW sites where construction should begin during the first quarter of 2012 and expects to be completed by the third quarter of 2012. The Solar Project is located on private, fallowed land in the Imperial County, California. The photovoltaic solar project consists of three separate 50-MW sites where construction should begin during the first quarter of 2012 and expects to be completed by the third quarter of 2012. The Solar Project is located on private, fallowed land in the Imperial County, California.

9:55AM Crude jumps another 40 cents; now off 73 cents to $95.77 (COMDX) :

9:54AM Opening Point Gainers/Losers (TECHX) : Point Gainers: NFLX (+5.41), ARJ (+4.71), LNKD (+3.42), FOSL (+3.33), JVA (+3.00), TZOO (+1.76), LRCX (+1.86), YOKU (+1.63), ECPG (+1.65), PCP (+1.54), VHC (+1.35)

Point Losers: MA (-4.68), SI (-3.57), FN (-2.84), MOS (-2.52), CF (-2.49), OXY (-2.32), DB (-2.31), APA (-2.17), SWC (-1.88), WLT (-2.06), SODA (-1.98), SINA (-2.10)

9:54AM Dow -106 and S&P -13 following Nasdaq Comp -19 off early lows (SPY) : S&P and Nasdaq Comp held near supports (09:47) with some upside noted over the last 10 minutes.

9:54AM Crude oil pushing higher; now off 77 cents to $95.41 (COMDX) :

9:47AM Dow -135 and S&P -16 slip to minor new session lows, Nasdaq Comp -27 holding above opening low (SPY) : Highlighted supports at 2831/2824 Nasdaq Comp in The Technical Take (session low 2828) and 1330/1328 S&P (session low 1327.14). While still vacillating near these levels, little interest has been noted thus far.

9:39AM streetTRACKS Gold Shares gaps higher and extends, hovering modestly under its June/two month high of 151.86 -- session high 151.51 (GLD) 151.47 +1.22 : GG, IAG, HMY, ABX, AEM, KGC, GFI, AU, NEM.

9:35AM U.S. Energy's Thompson 9-1-4 well spud on June 18, 2011 and reached its target depth of ~6,000 ft (USEG) 4.45 : The objective target was the Mississippian formation, which was encountered during drilling but did not contain hydrocarbons. Upon evaluation of the drilling results, the co determined that the well was non-productive and has plugged and abandoned the well. No further drilling is anticipated in this acreage block at this time.

9:34AM Telvent announced that PECO has selected Telvent smart grid solutions (TLVT) 39.82 -0.03 : Co announced that PECO has selected Telvent smart grid solutions to upgrade its electrical network, reduce power losses and operational costs, and improve power quality and reliability.

9:33AM Horsehead Holding expects noncash charges of ~ $10 mln related to hedging transactions (ZINC) 12.86 -0.41 : Co indicated that it expects to record non-cash mark-to-market charges for the quarter ended June 30, 2011 related to the recently announced hedging transactions for 2012 and 2013. The mark-to-market adjustment is estimated to be $10 mln, after taxes, or $0.23/diluted share, resulting primarily from a higher zinc price on June 30 compared to the average market price during the period that the hedges were put in place. The previously announced hedges will provide Horsehead a minimum zinc price of $0.85/lb and a maximum zinc price of $1.20/lb for no cash out of pocket. These hedges cover ~ 8,800 tons per month, which represents ~ 75% of the Company's expected shipments for the period of January 2012 through June 2013.

9:32AM Intel holds near Friday's low of 22.81 and stabilizes helping SMH push off low -- session low 22.80 (INTC) 22.90 -0.19 :

9:31AM MGT Capital Investments halted, news pending (MGT) 0.17 :

9:25AM Guanwei Recycling receives grant expanded imported waste quota; sets sights on increased production (GPRC) 1.74 : Co announces it received official government approval for expansion of its quota for imported plastic waste which will allow continued strong growth of its recycled plastic production. Having met the rigorous requirements for obtaining the higher quota, the co reported its aggregate quota of 59,000 tons of imported plastic waste has been increased to 99,000 tons in 2011, which will grow to 185,000 tons next year, following another required abbreviated permitting process. Further, all 40,000 additional tons in its quota this year are in co's name, as will be 150,000 tons of the quota next year. An additional 35,000 tons continue to be in the name of another co which has contracted them to co for a ten year period.

9:20AM Synovus appoints Allen Gula COO effective immediately (SNV) 2.07 : He previously served as a senior executive at Greater Bay Bancorp in San Francisco and as Co-President at Franklin Resources (BEN).

9:19AM On The Wires (WIRES) :

* Lexmark (LXK) announced its Mobile Print Application for the Cisco Cius, a tablet purpose-built for the enterprise. Developed in-house, Lexmark's mobile solutions platform paves the way for rapid innovation to meet customer demands in the dynamic mobile device marketplace.
* AeroVironment (AVAV) announced that with the recent certification of its EV fast charging system, it now has received certification and listing from the Underwriters Laboratories for six groundbreaking electric vehicle charging systems, a significant milestone for the expanding EV industry.
* Reuters (TRI) announced an expansion of its relationship with the Democratic People's Republic of Korea's Central News Agency.
* Hill International (HIL) announced that the co, in joint venture with The Louis Berger Group, has received a contract from the U.S. General Services Administration to provide project management services in connection with customs and border protection projects nationwide. The contract, consisting of a one-year base term and four one-year option terms, has an estimated value to Hill of ~$3.9 mln assuming all option years are exercised.
* OpenText's (OTEX) Metastorm business announced the release of Version 9.1 of the Metastorm BPM software suite, Version 9.0 of Metastorm Smart Business Workspace and Metastorm's new Business Performance Intelligence Dashboards.

9:17AM ASM Intl NV announces amendment of its existing credit facility (ASMI) 38.48 : Co announced that it has increased and extended its existing standby revolving credit facility. The credit commitment was increased from EUR 90 million to EUR 150 million and the maturity date was extended from 1 November 2012 until July 31 2014. In the event all outstanding convertible bonds due November 2014 are converted, repaid or replaced prior to June 2014, the maturity date will be July 2015.

9:16AM SRA Intl wins $72.9 mln contract for DEA infrastructure support (SRX) : Co announced that it has been selected by the U.S. Drug Enforcement Administration to continue supporting the agency's Firebird infrastructure. The $72.9 mln Firebird Infrastructure Technology Services II contract is a recompete for the co, and includes a five-year base period with five, one-year options.

9:10AM On The Wires (WIRES) :

* Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh Inc., announced it has acquired Prescott Pailet Benefits LP (PPB), a $6 mln employee benefits broker based in Dallas, Texas. Terms of the transaction were not disclosed.
* TRC Companies (TRR) announced it has been awarded a $1.1 mln contract by the Orange County Transportation Authority and City of Costa Mesa to prepare a Project Study Report for the SR-55/Newport Boulevard in Costa Mesa, California. The project will evaluate traffic circulation on the roadway.
* Harris Corporation (HRS) received orders totaling $12.2 mln to supply additional Falcon III AN/PRC-117G multiband manpack radios systems to the U.S. Department of Defense. The DoD is acquiring the AN/PRC-117G in support of requirements for wideband networking as well as line-of-sight and beyond-line-of-sight tactical communications.
* Motorola Solutions (MSI) and Northwestern University announced the selection of Motorola to deploy a 900 MHz ASTRO 25 Project 25 voice and integrated data communication solution.
* West Elm, a member of the Williams-Sonoma (WSM) brands, announced that it will open its first ever pop-up shop in the Georgetown neighborhood of Washington, D.C. on Thursday, July 14th.
* Blackboard (BBBB) announced the launch of Blackboard Collaborate, the only education-focused platform for real-time collaboration that helps institutions shift more learning, networking, and communication online to improve education quality while reducing the cost of academic operations.
* eMagin Corporation (EMAN) announced the formation of a partnership with the University of Rochester to develop next-generation organic light-emitting diodes for high-efficiency, solid-state lighting systems.
* Synopsys (SNPS) announced that it has collaborated with GLOBALFOUNDRIES to jointly develop, validate, support and distribute interoperable process design kits for GLOBALFOUNDRIES' mainstream and advanced process technologies. Union First Market Bank today announced that it has opened seven in-store bank branches in MARTIN'S Food Markets in Virginia.

9:04AM Generex Biotech announces publication of studies with the Mayo Clinic confirming and extending the antigen express Ii-Key platform technology (GNBT) 0.22 : Co announced the publication of studies conducted at the Mayo Clinic using the Antigen Express proprietary Ii-Key technology. A significant finding of the report, conducted in a mouse model, was that specific CD4+ T cell (T-helper) activation by Ii-Key hybrids excludes T regulatory (immune suppressor) cells. T regulatory cells (immune suppressor) may hinder active immunotherapy of cancer. The lack of activation of this cell type has been observed previously in clinical studies of AE37 (an Ii-Key-HER-2 hybrid), both in breast as well as prostate cancer patients.

9:02AM NewLead announced that Allan Shaw has resigned as chief financial officer (NEWL) 2.31 : Michael Zolotas, president and chief executive officer, will assume the role and responsibilities of chief financial officer of the Company until a new chief financial officer is hired. Allan Shaw will consult with the company for a period of three months to facilitate a smooth transition process.

8:56AM On The Wires (WIRES) :

* Mad Catz Interactive (MCZ) announced the opening of a new Saitek Flight Center, entitled 'Fightertown', located at the Yanks Air Museum in Chino, California.
* China Biologic Products (CBPO) announced that it has received the permit from the Shandong Province Health Department for the newly built plasma collection station in Ningyang County, Shandong Province, and expects to begin commercial plasma collection at the Ningyang station on July 12, 2011.
* Prologis (PLD) announced four new lease agreements signed in the second quarter, totaling ~723,000 square feet, in three facilities in its Japan development portfolio.

8:50AM Northgate Exploration Ltd announces the appointment of Richard Hall as President and CEO; effective today (NGX) 13.60 : Previously Hall served as President and CEO of Metallica Resources, where he was responsible for the financing, construction and commissioning of the Cerro San Pedro gold-silver mine in Mexico. This appointment follows on the previously-announced retirement of Ken Stowe as Northgate's President and CEO.

8:49AM Timberline Resources drills additional high-grade gold intercepts at Butte Highlands (TLR) 0.81 : Co announces additional results from underground drilling at the Butte Highlands Gold Project in southwestern Montana. Twelve intervals of gold grades greater than 0.10 ounce per ton gold were identified within the seven holes reported. Highlights include: Hole # BHUG11-035: 19.9 feet grading 0.37 opt (12.7 g/t) gold; Hole # BHUG11-038: 1.3 feet grading 0.87 opt (29.8 g/t) gold; Hole # BHUG11-039: 14.7 feet grading 0.31 opt (10.6 g/t) gold.

8:45AM Exco Resources's CEO comments on equity investments and production growth (XCO) 15.85 : Douglas H. Miller, Chairman and Chief Executive Officer of EXCO Resources commented, "The proposal initiated by me in 2010 assumed an all-equity financed transaction. Due to the length of the process, current market conditions, including volatility in natural gas prices, and other factors, I was unable to obtain or retain sufficient equity investments to complete the process. I could possibly have completed the financing with debt, however I believe such an approach would not have been in the best interest of the Company. EXCO is continuing its outstanding growth record. During the duration of the process, we grew production by 55% and made three acquisitions totaling ~$385 mln consisting primarily of undrilled acreage. We currently expect full year 2011 annual production growth of ~60% as compared to 2010."

8:39AM On The Wires (WIRES) :

* TELUS (TU) selected a packet microwave solution from DragonWave (DRWI) to provide additional high-capacity connectivity for special events.
* OSI Systems (OSIS) announced that its Security division, Rapiscan Systems, was awarded a multimillion dollar contract from a Middle East customer to provide multiple units of its Eagle T-10 cargo and vehicle inspection solution.
* AAI Unmanned Aircraft Systems, an operating unit of Textron Systems, a Textron (TXT) co, announced today that it has entered into a five-year cooperative research and development agreement with the U.S. Army Research, Development and Engineering Command, Communications-Electronic Research, Development and Engineering Center.
* THT Heat Transfer Technology (THTI) announced that it has obtained a "U" Stamp certificate of authorization from the American Society of Mechanical Engineers. which enables the Company to manufacture "pressure vessels" as defined and regulated by ASME codes.
* Kyocera Corporation (KYO) announced that it has developed the KVL-G3 Series LED-UV curing system, a key component in industrial printing machines, which supports the industry's fastest label printing for use in UV curing-type printing.
* 6WIND announced the availability of its 6WINDGate software with optimized support for the industry-leading XLP832 multicore communications processor with 32 NXCPUs from NetLogic Microsystems (NETL).
* USANA Health Sciences (USNA) announced it has obtained the FDA's "Drug Establishment Registration," allowing the co to manufacture OTC drugs and holding it to a standard well above what is required of a dietary supplement manufacturer.
* Calix (CALX) announced that three-time Broadband Stimulus award winner Halstad Telephone is the first Calix customer to deploy the EXA Powered E7-20 multi-terabit Ethernet Service Access Platform, delivering advanced broadband services to previously underserved and unserved subscribers in five towns and the surrounding rural areas of Norman and Polk Counties in northwestern Minnesota.
* Higher One Payments (ONE) and Travelex Global Business Payments announced the first deployment of their joint electronic tuition payment solution with Houston Community College in Houston, Texas.
* W. P. Carey & Co (WPC) announced that CPA Global, one of its publicly held non-traded REIT affiliates, has agreed to provide build to suit financing for an operations center and office facility in Martinsville, Virginia. The financing will total approximately $14.5 mln.
* The LGL Group (LGL) announced that on June 30, 2011, the Company's wholly-owned subsidiaries M-tron Industries, Inc. and Piezo Technology closed on new credit facilities with J.P. Morgan Chase, providing for aggregate borrowing availability of up to ~$6.5 million.
* Acme Packet (APKT) announced that SIP Communications PLC is deploying Acme Packet's Net-Net session border controllers for its worldwide launch of hosted Microsoft Lync services.

8:34AM ADA-ES Provides Update on Refined Coal Activities; JV expects to install and commence operating the remaining 11 planned RC facilities in the fall (ADES) 15.23 : Co announces it successfully completed first year of operation of two refined coal facilities. The First of 16 planned new facilities successfully placed-in-service and passed emissions qualifications. The next four facilities are scheduled to be installed in July and August at plants burning an aggregate of approximately 10 mln tons of coal per year. Co's JV expects to install and commence operating the remaining 11 planned RC facilities in the fall, and is establishing schedules with customers in support of that goal.

8:34AM General Moly announces amendment to Hanlong agreement (GMO) 4.51 : Co announces amendments to the Securities Purchase Agreement and the Bridge Loan Agreement between the Company and Hanlong Mining Investment that provide for greater flexibility with respect to Mt. Hope permit receipt and Chinese bank approval timelines.

8:33AM Audiocodes has expanded its global ecosystem of partners with leading Microsoft Voice Specialized Partners (AUDC) 4.96 : Co announced it has expanded its global ecosystem of partners with leading Microsoft Voice Specialized Partners. The partnerships enable delivery of products and services on a global basis for gradual migration and rapid adoption of Microsoft Lync.

8:32AM PositiveID submits FDA 510(k) application for its iglucose mobile health system for diabetes management (PSID) 0.38 :

8:31AM Cowen Group announces $20 mln share repurchase program (COWN) 3.78 :

8:31AM China Biologic Products evaluating possible effects from a new provincial plan on plasma collection stations in Guizhou Province (CBPO) 10.83 : Co announced that the Guizhou Provincial Health Department has issued a "Plan for Guizhou Provincial Blood Collection Institutional Setting (2011-2014)". The Plan, in the relevant part, states that "in accordance with the demographic distribution, economic development condition, disease prevalence, and actual situation of plasma supply for the manufacturing of blood-based products, plasma collection stations will be set up in 10 counties, including Xi Feng, Kai Yang, Zi Yun, Pu Ding, Du Shang, Long Li, Chang Shun, Huang Ping, Qing Long, and Na Yong, etc." Based on the Company's preliminary understanding of the Plan, subject to further clarifications from Guizhou Provincial government regarding the implementation of the Plan, the Company currently anticipates the licenses of its 3 other plasma collection stations in Dan Zhai, Wei Ning, and San Sui counties may not be renewed (until at least 2014) after their respective plasma collection permits expire at the end of July 2011. The Company's 3 stations in Dan Zhai, Wei Ning, and San Sui counties together accounted for about 24.5% of the Company's total plasma collection by volume in 2010. In addition, 1 inactive plasma collection station that the Company purchased from the government is unlikely to be licensed as planned, because it is in Zhengyuan County, a location not included in the Plan. In a bid to mitigate the reductions from the anticipated closing of the 3 plasma collection stations in Guizhou, the Company is exploring alternative solutions and opportunities, but no assurance can be given that it will be successful in doing so

8:29AM Gold, silver extend rally to new highs following open of pit trade (COMDX) :

* Gold futures now up $14.60 to $1556.20.
* Silver higher by 20 cents to $36.74.

8:21AM Aqua America announces agreement with American Water Works Company to exchange subsidiaries (WTR) 22.48 : Co announced today an agreement with American Water Works Company (AWK) to purchase all of American Water's regulated operations in Ohio and to simultaneously sell Aqua's regulated operations in New York to American Water. Both companies are now the largest investor-owned water utilities in each of the two respective states. As a result of this transaction, Aqua will acquire ~$98 mln in additional rate base and grow its customer base in Ohio by ~57,280 additional customers. Each co now largest investor-owned water utility in respective states.

8:12AM Geo Group announces contract cancellations for three community correctional facilities in California; Co is not changing its previously issued full-year 2011 earnings guidance (GEO) 23.60 : Co announces that the State of California has decided to implement its Criminal Justice Realignment Plan, which is expected to delegate tens of thousands of low level state offenders to local county jurisdictions in California effective October 1, 2011. As a result of the implementation of the Realignment Plan, the State of California has decided to discontinue contracts with Community Correctional Facilities which currently house low level state offenders across the state. This decision will impact three GEO facilities. If co is unable to secure alternative customers for these three facilities, co estimates that the combined annualized negative earnings per share impact of the cancellations would be approximately $0.10-0.13, including carrying costs while the facilities are idle. The combined annualized revenues for these three facilities were ~$33-35 mln. Based on the timing of when the cancellations are expected to become effective, GEO is not changing its previously issued full-year 2011 earnings guidance.

8:08AM Investment Tech announced that June 2011 US trading volume was 4.2 billion shares and average daily volume was 192 million shares (ITG) 13.80 : Co announces that June 2011 US trading volume was 4.2 billion shares and average daily volume (ADV) was 192 million shares. This compares to 4.2 billion shares and ADV of 199 million shares in May 2011 and 4.2 billion shares and ADV of 191 million shares in June 2010. There were 22 trading days in both June 2011 and June 2010, and 21 trading days in May 2011.

8:08AM Nelnet Purchases Residual Interest in $1.9 bln of Federal Student Loans from Greystone; co expects the purchase will be immediately accretive to base net income (NNI) 22.34 : Co announces that it closed on a transaction to purchase the residual interest in $1.9 billion of Federal Family Education Loan Program consolidation loans from an affiliate of Greystone. The company expects the purchase will be immediately accretive to base net income. The student loans and debt within the trusts will be included in Nelnet's consolidated financial statements and increases its student loan portfolio to more than $25 billion.

8:05AM Kandi Technologies and State Grid affiliate Hangzhou Electric Vehicle Service sign strategic cooperation agreement (KNDI) 1.82 : Co announces the signing of a strategic cooperation agreement with Hangzhou Electric Vehicle Service, effective July 5, 2011. Hangzhou Electric Vehicle Service is assisting the local municipal government in launching the 20,000 pure electric vehicle pilot program for Hangzhou consumers through the end of 2012. Hangzhou Electric Vehicle Service Co. also manages the local State Grid "Express Change" battery service network.

8:03AM Alnylam Pharma files clinical trial application for ALN-PCS, an RNAi therapeutic targeting PCSK9 for the treatment of severe hypercholesterolemia (ALNY) 9.44 : Co announced today that it has filed a Clinical Trial Application with the Medicines and Healthcare products Regulatory Agency to initiate a Phase I clinical trial with ALN-PCS, an RNAi therapeutic for the treatment of severe hypercholesterolemia. Upon receiving clearance of the CTA, Alnylam plans to initiate the Phase I trial and expects to present initial safety, tolerability, and clinical activity data from this study by the end of this year. As per the filed CTA, the Phase I trial of ALN-PCS is expected to be conducted in the U.K. as a randomized, single-blind, placebo-controlled, single ascending dose study, enrolling approximately 32 healthy volunteer subjects with elevated baseline LDLc.

8:03AM Silvercorp Metals reports its total in situ Measured and Indicated silver-equivalent metal resources have increased by 24%, and now stands at 153 million silver ounces based on results of National Instrument 43-101 technical reports for its BYP Project (SVM) 10.77 :

8:03AM Teledyne Tech to manufacture LBS-Glider unmanned underwater vehicles; total contract value of $53.1 mln (TDY) 50.52 : Co announces that its subsidiary, Teledyne Brown Engineering, received approval from the U.S. Navy to move into Full Rate Production Phase on the Littoral Battlespace Sensing-Glider Program. This is the first ocean glider FRP decision ever made in the history of the Navy. Teledyne Brown will provide the Navy with a fleet of 150 marine gliders for a total contract value of $53.1 million if all options are exercised.

8:01AM Celsion: Data Monitoring Committee completes review of 535 Patients in co's Phase III ThermoDox HEAT study in primary liver cancer (CLSN) 3.46 : Co announces the independent Data Monitoring Committee for the co's multinational, double-blind, placebo-controlled, pivotal Phase III clinical study of ThermoDox in combination with radio frequency ablation for primary liver cancer, has completed a review of 535 randomized patients and unanimously recommended that the study continue according to protocol. The co also announced that enrollment in the HEAT study has reached 98% of the 600 patients necessary to ensure that its primary end point, progression free survival, can be achieved with statistical significance. The HEAT study is poised to confirm this potential, with final data read out for the primary outcome measure expected in mid-2012.

8:01AM Claude Resources announced it has approached the Board of Directors of St. Eugene Mining with a proposal to enter into a letter of intent for a share exchange transaction for 100% of St. Eugene (CGR) 2.18 : Co announced it has approached the Board of Directors of St. Eugene Mining Corporation (TSX.V-SEM) with a proposal to enter into a letter of intent for a share exchange transaction for 100 percent of St. Eugene at a significant premium to its trading price. St. Eugene is a gold exploration company whose main assets include its 35 percent joint venture interest in the Amisk Gold Project in Saskatchewan (65 percent owned by Claude) and its 100 percent owned Tartan Lake Gold project in the Flin Flon area, Manitoba. As the largest shareholder of St. Eugene (holding 11.7 million common shares or approximately 9.7 percent of the basic shares outstanding), Claude is disappointed by the strategic direction of St. Eugene evidenced by the recent announcement, and subsequent suspension, of a highly dilutive private placement with Churchill Natural Resource Partners L.P. that would have resulted in loss of control of St. Eugene at a discount to its trading price. The proposal Claude presented to St. Eugene's Board of Directors was to enter into a letter of intent for a share exchange transaction at a fixed exchange ratio of 0.0601 of a Claude common share for each St. Eugene common share through a friendly transaction. The implied value of the Proposal is approximately C$0.125 per St. Eugene share.

8:01AM YRC Worldwide obtains commitments for $400 mln asset-based loan facility (YRCW) 1.15 : Co announced it has obtained commitments for a three-year, $400 mln asset-based loan (ABL) facility that will replace the co's existing asset-backed securitization (ABS) facility. Commitments for the ABL facility comply with the agreements reached April 29, 2011, with key stakeholders providing for their support of the company's financial restructuring plan.

8:00AM Stillwater Mining sees Q2 revs of $222.6 mln vs $201.49 mln Capital IQ Consensus Estimate; raises FY11 production guidance (SWC) 23.72 : While the financial close of Q2 is not yet complete, the co currently expects to report total revenues for the Q2 of $222.6 mln vs. the $201.5 mln consensus, including $139.7 mln from sales of mined production and $82.9 mln from recycling. Q2 mined production of palladium and platinum totaled 142,700 ounces, an increase of 26.7% YoY and 8.8% more than Q1. Based on updated estimates, the Company is increasing its 2011 annual forecast for mined palladium and platinum production to 515,000 ounces from its original guidance of 500,000 ounces. Although the co believes that production for 2011 is likely to be higher than originally planned, this cautious increase recognizes that mining conditions at both mines may be more difficult during 2H. Combined sales realizations for mined palladium and platinum increased to $964 per ounce for the quarter, a significant increase from the $725 per ounce realized during the second quarter of 2010 and slightly less than the $994 per ounce realized during the first quarter of 2011. The co processed recycling material containing 125,200 ounces of palladium, platinum and rhodium at its smelter and refinery during the second quarter, up from 99,200 ounces recycled during the second quarter of 2010 and up from 115,600 ounces fed during 1Q11.

7:53AM Atlas Pipeline exercises $100 mln accordion feature on revolving credit facility (APL) 33.51 : Co announced today that the Partnership has exercised the $100 mln accordion feature on its revolving credit facility to increase the capacity from $350 mln to $450 mln, effective July 8, 2011. The other terms of the credit agreement put in place on December 22, 2010 remain unchanged.

7:50AM Stillwater Mining: Union membership ratifies new labor contract at stillwater mine and processing facilities (SWC) 23.71 : Co announced that union employees at the co's Stillwater Mine and Columbus processing facilities, represented by the USW International Union Local 11-0001, have ratified a new four-year labor agreement. The co experienced no work stoppage related to negotiation and ratification of the new agreement.

7:50AM Crude oil trades to its lowest levels of the morning at $94.56; now down $1.62 at $94.58 (COMDX) :

7:42AM Standard & Poor's announced on Friday changes to U.S. Indices (INDXCH) : S&P SmallCap 600 constituent Esterline Technologies (ESL) will replace Bucyrus International (BUCY) in the S&P MidCap 400 index, and Rubicon Technology Inc. (RBCN) will replace Esterline Technologies in the S&P MidCap 400 after the close of trading on July 12. SonoSite (SONO) will replace Kendle International (KNDL) in the S&P SmallCap 600 index after the close of trading on July 13.

7:42AM Gulfport Energy announces common stock offering of 3 mln shares (GPOR) 31.65 : Co announced that it has commenced an underwritten public offering of 3 mln shares of its common stock, subject to market and other conditions. The underwriters will have an option to purchase up to an additional 450K shares from Gulfport solely to cover over-allotments. Gulfport intends to use the net proceeds from this offering to repay the current outstanding balance under its secured revolving credit facility, to fund its acquisition of oil and gas assets, including in the Utica Shale in Ohio, and for general corporate purposes, which may include expenditures associated with Gulfport's 2011 drilling programs. Credit Suisse (CS) is acting as sole book-running manager in the offering.

7:37AM On The Wires (WIRES) :

* The AOL Huffington Post Media Group (AOL) announced the launch of two destination sites: HuffPost Celebrity and HuffPost Culture
* Rentrak (RENT) announced a StationView Essentials contract with PBS station, WOSU in Columbus, Ohio. WOSU is licensed to Ohio State University and is the fifth television station in the Columbus market to rely on Rentrak's TV database measurement.
* Cardtronics (CATM) announced that USAA Federal Savings Bank has reached an ATM branding agreement with the company. As a result, 189 Cardtronics-owned and operated ATMs in the metro Washington, D.C. area now feature the USAA brand and offer fee-free cash access to USAA members.
* PROLOR Biotech (PBTH) announced that it has received a notice of allowance from the U.S. Patent and Trademark Office for a patent application covering the company's CTP platform, which has the potential to extend the duration of activity of virtually all therapeutic proteins.

7:33AM Micromet has entered into a collaboration agreement with Amgen (AMGN); upfront payment of EUR10 million upon deal execution (MITI) 5.76 : Co announced that it has entered into a collaboration agreement with Amgen Inc. for the research of BiTE antibodies against three undisclosed solid tumor targets. Amgen will have the right to pursue development and commercialization of BiTE antibodies against up to two of these targets, to be selected by Amgen. Under the terms of the agreement, Amgen is expected to pay EUR10 million upon deal execution. If milestones in multiple indications and tumor types are achieved, Micromet is eligible to receive up to EUR342 million in clinical and commercial milestone payments. Micromet is also eligible to receive up to double-digit royalties on worldwide net sales.

7:32AM TRW Automotive provides update on antitrust inquiries; co will evaluate developments in this matter on a regular basis and will record an accrual as and when appropriate (TRW) 55.85 : Co priovides an update to its press release of June 9, 2011 regarding government antitrust inquiries. A related subpoena was received in the US from the DOJ. The co understands that these inquiries are part of an ongoing investigation of automotive parts suppliers concerning possible violations of competition laws. At this point, the co cannot estimate the financial impact resulting from this investigation. The co will evaluate developments in this matter on a regular basis and will record an accrual as and when appropriate.

7:32AM Iridium Communications: U.S. FAA authorizes Airlines' use of Iridium for oceanic air traffic control communications (IRDM) 8.84 : Co announces that the U.S. Federal Aviation Administration (FAA) will authorize aircraft operating in oceanic airspace to use its satellite data service for critical air traffic control communications. This marks completion of the FAA process evaluating aircraft flying in airspace under its jurisdiction to use Future Air Navigation System (FANS) 1/A over Iridium (FOI) to meet communications requirements for air traffic control. The decision is an important milestone in providing corporate and commercial aircraft a cost-effective alternative for implementing FANS 1/A communications. "The Air Traffic Organization (ATO) will take appropriate action to remove restrictions on FOI operations in its oceanic airspace. The FAA will also advocate removal of any restrictions imposed by other air navigation service providers. FAA aircraft certification and flight standards offices will continue to certify aircraft with FOI installations..."

7:31AM Mosaic announced it will vigorously pursue all options, including appeals, to defend itself against an injunction entered Friday afternoon by the U.S. District Court for the Middle District of Florida (MOS) 68.68 : Co announces announced it will vigorously pursue all options, including appeals, to defend itself against an injunction entered Friday afternoon by the U.S. District Court for the Middle District of Florida. This injunction prevents all mining activities on the Hardee County extension of Mosaic's South Fort Meade phosphate mine in Central Florida. As previously disclosed, the Company is defending a lawsuit filed by the Sierra Club that seeks to prevent Mosaic from extending its mining permit into Hardee County... Mosaic believes it will be able to support planned finished phosphate fertilizer production levels through the end of fiscal 2012 through a combination of existing phosphate rock inventories, higher output from its other Florida mines, increasing shipments from the Company's Miski Mayo joint venture, and supplemental purchases of phosphate rock from third parties. Mosaic's initial analysis indicates that the combination of higher costs for purchased phosphate rock and unabsorbed fixed costs could increase fiscal 2012 pretax costs by approximately $200 million.

7:31AM ITT Industries Acquire YSI Incorporated; financial terms not disclosed (ITT) 58.86 : Co announced a definitive agreement to acquire, via merger, YSI, a leading developer and manufacturer of sensors, instruments, software, and data collection platforms for environmental water monitoring. YSI had 2010 global revenues of $101 mln and employs 390 people at several facilities in the U.S., Europe and Asia. Completion of the acquisition is expected in the third quarter 2011, pending customary closing conditions and approval from YSI's shareholders.

7:29AM Gold futures approaching the $1550 in premarket trade; currently higher by $7.70 to $1549.30 (COMDX) :

7:17AM Vanguard Natural Resources and Encore Energy Partners (ENP) announce merger agreement (VNR) 29.19 : Co announced the execution of a definitive agreement that would result in a merger whereby Encore would become a wholly-owned subsidiary of Vanguard's operating company, Vanguard Natural Gas, through a unit-for-unit exchange. Under the terms of the definitive agreement, Encore's public unitholders would receive 0.75 Vanguard common units in exchange for each Encore common unit they own at closing, representing a premium of ~4.4% based on the closing prices of Encore common units and Vanguard common units on March 24, 2011, the last trading day before Vanguard announced its initial proposal to acquire all of the common units of Encore owned by the public and an ~51% premium over the December 31, 2010 purchase price paid to Denbury Resources (DNR) for 45.6% of the Encore common units.

7:16AM On The Wires (WIRES) :

* Local.com Corporation (LOCM) announced the acquisition of Screamin' Media Group, which operates Screamin' Daily Deals, a leading daily deals business based in San Juan Capistrano, Calif.
* Vanda Pharmaceuticals (VNDA) announced its exclusive license agreement with Probiomed, a wholly owned pharmaceutical operating unit of Proquifin, for the commercialization of Fanapt in Mexico.
* Cracker Barrel Old Country Store (CBRL) announced today that it has entered into a five-year $750 mln bank credit facility comprised of a $250 mln term loan and a $500 mln revolving line of credit. The new credit facility replaces term loans totaling $575 mln, and a $165 mln revolving line of credit.

7:14AM Gulfport Energy reports increased acreage position in Utica Shale, announces Grizzly Oil Sands ULC reserve and resource assessment and provides update on TEW-E exploratory well in Thailand (GPOR) 31.64 : Co continues to actively expand its acreage position in the Utica Shale of Eastern Ohio. To date, Gulfport has acquired leasehold interests in approximately 35,000 gross (17,500 net) acres... Grizzly, a company in which Gulfport holds an approximate 25% interest, recently announced an independent reserve and resource assessment of its properties conducted by GLJ Petroleum Consultants. Effective March 31, 2011, GLJ's assessment report estimates that Grizzly has 114 million barrels of Proved + Probable reserves attributable to the Algar Lake Project, 1,972 million barrels of Best Estimate Contingent Resource and 167 million barrels of Best Estimate Prospective Resource... Grizzly, a company in which Gulfport holds an approximate 25% interest, recently announced an independent reserve and resource assessment of its properties conducted by GLJ Petroleum Consultants. Effective March 31, 2011, GLJ's assessment report estimates that Grizzly has 114 million barrels of Proved + Probable reserves attributable to the Algar Lake Project, 1,972 million barrels of Best Estimate Contingent Resource and 167 million barrels of Best Estimate Prospective Resource.

7:13AM On The Wires (WIRES) :

* Local.com Corporation (LOCM) announced the acquisition of Screamin' Media Group, which operates Screamin' Daily Deals, a leading daily deals business based in San Juan Capistrano, Calif.
* Vanda Pharmaceuticals (VNDA) announced its exclusive license agreement with Probiomed, a wholly owned pharmaceutical operating unit of Proquifin, for the commercialization of Fanapt in Mexico.
* Cracker Barrel Old Country Store (CBRL) announced today that it has entered into a five-year $750 mln bank credit facility comprised of a $250 mln term loan and a $500 mln revolving line of credit. The new credit facility replaces term loans totaling $575 mln, and a $165 mln revolving line of credit.

7:13AM On The Wires (WIRES) :

* Local.com Corporation (LOCM) announced the acquisition of Screamin' Media Group, which operates Screamin' Daily Deals, a leading daily deals business based in San Juan Capistrano, Calif.
* Vanda Pharmaceuticals (VNDA) announced its exclusive license agreement with Probiomed, a wholly owned pharmaceutical operating unit of Proquifin, for the commercialization of Fanapt in Mexico.
* Cracker Barrel Old Country Store (CBRL) announced today that it has entered into a five-year $750 mln bank credit facility comprised of a $250 mln term loan and a $500 mln revolving line of credit. The new credit facility replaces term loans totaling $575 mln, and a $165 mln revolving line of credit.

7:12AM Basic Energy Services completes Maverick acquisition; sees immeditae earnings accretion; sees $140 mln in rev contribution in 2012 (BAS) 35.84 : Co announces it has completed the acquisition of the outstanding equity interests of the Maverick group of cos for a total cash consideration of $180.0 mln, net of working capital acquired. Basic expects this acquisition to be accretive to earnings immediately and contribute revenue and EBITDA of ~$64.0 mln and $22.0 mln, respectively, in the second half of 2011. For 2012, Basic expects that the revenue contribution from this acquisition will be ~$140.0 mln.

7:06AM NovaBay Pharma reports on progress in its four business units and use of cash, including proceeds from recent cash infusion (NBY) 1.02 : Co provides a synopsis of its accomplishments and progress during the first part of 2011, the co's outlook for the remainder of 2011, as well as report on the expected use of current cash, including ~$7.7 mln it will receive from multiple sources. Additionally, co states it is developing commercial opportunities for its Aganocide portfolio of anti-infectives in four distinct healthcare markets: urology, dermatology, ophthalmology, and hospital infections. Co believes each of these market segments contains indications that are poorly served or have no approved FDA treatments available and represent potential significant revenue opportunities. Co's strategy is to address these market opportunities either through partnerships and collaborations or by building an internal organization to strategically market its own products when suitable from a commercial standpoint.

7:04AM Prospect Capital announces increase in commitments to its three-year $400 mln revolving credit facility by $50 mln to $375 mln (PSEC) 10.17 :

7:03AM Achillion Pharma announces initiation of Phase 1 trial of ACH-2928 for the treatment of Hepatitis C (ACHN) 8.08 : The trial will take place in the United States and is designed to enroll approximately 48 healthy volunteers and 20 HCV genotype 1 treatment naive patients.

7:03AM Rentrak announces that Brent Rosenthal has been named to succeed Paul Rosenbaum as Non-Executive Chairman (RENT) 18.62 : Co announced that Brent Rosenthal has been named to succeed Paul Rosenbaum as Non-Executive Chairman of Rentrak's Board of Directors upon Rosenbaum's retirement later this year. Rosenthal is currently Rentrak's Vice Chairman. Bill Livek, Rentrak's Chief Executive Officer, will become the Board's new Vice Chairman. These changes take effect at Rentrak's annual meeting of shareholders on August 24, 2011 and were first announced in the company's 8-K filing with the Securities and Exchange Commission on June 30, 2011.

7:03AM Antares Pharma and Watson Pharma (WPI) announce exclusive license agreement for antares' oxybutynin gel product (AIS) 2.39 : Co announced an exclusive licensing agreement for Watson to commercialize Antares' topical oxybutynin gel product in the U.S. and Canada. A New Drug Application for the oxybutynin gel product is currently under review by FDA. The FDA has assigned a Prescription Drug User Fee Act date of December 8, 2011.

7:02AM PDL BioPharma: Nevada state judge denies Roche (RHHBY) and Genentech's motions to dismiss PDL BioPharma's complaint (PDLI) 5.75 : Co announces a favorable ruling, specifically, that on July 7, 2011, the Second Judicial District Court of Nevada ruled in favor of PDL on two motions to dismiss filed by Genentech and F. Hoffmann LaRoche (Roche) in PDL's lawsuit related to the 2003 settlement agreement with Genentech. The court denied Genentech and Roche's (RHHBY) to dismiss four of PDL's five claims for relief and, further, denied Roche's separate motion to dismiss for lack of personal jurisdiction. The court dismissed one of PDL's claims that Genentech committed a bad-faith breach of the covenant of good faith and fair dealing stating that, based on the current state of the pleadings, no "special relationship" had been established between Genentech and PDL as required under Nevada law.

7:01AM Goodyear Tire ceased production at its tire manufacturing facility in Union City (GT) 17.23 : Co announced that it has ceased production at its tire manufacturing facility in Union City, Tenn. On February 10, Goodyear had announced its intention to close the plant by the end of 2011. This action is consistent with plans outlined at the company's investor meeting earlier this year. As a result of the accelerated closure and payments to approximately 1,800 associates under the federal Worker Adjustment and Retraining Notification Act, Goodyear expects to record additional after-tax charges of approximately $20 million. The majority of these additional charges will be recorded in the second quarter of 2011.

7:01AM WABCO Holdings signs new $400 mln five-year revolving credit facility (WBC) 71.26 : Co announced that the company signed on July 8, 2011 a new five-year multi-currency revolving credit facility of $400 mln. Based on the attractive financing that loan markets are currently offering, the company has taken the opportunity to tailor the facility's conditions for WABCO's specific needs and ensure medium-term liquidity reserves. This new facility will replace WABCO's existing facility which was due to expire in July 2012.

7:00AM Exterran Holdings announces new $1.1 bln credit facility (EXH) 19.17 : Co announces the execution of a new, five-year, $1.1 bln senior secured revolving credit facility with a syndicate of banks arranged by Wells Fargo Securities, BNP Paribas, Credit Agricole, RBC Capital Markets, LLC and RBS Securities, as Joint Lead Arrangers and Joint Book Runners. The new facility, which matures in July 2016, replaces Exterran Holdings' former senior secured credit facility, which consisted of an $850 mln revolving credit facility due August 2012 and an $800 mln term loan facility due June 2013.

7:00AM TeleComm Sys receives $9.9 mln in orders to supply electronic equipment and engineering services (TSYS) 5.12 :

7:00AM Illumina: Sequenom (SQNM) announces three-year supply agreement to purchase Illumina's sequencing equipment and consumables (ILMN) 76.12 : SQNM announced it has signed a three-year supply agreement with ILMN. Under the terms of the agreement, Sequenom and its subsidiaries will purchase Illumina's sequencing equipment and consumables for use in the development of a noninvasive test designed to detect an overabundance of chromosome 21 in pregnant women, a result associated with fetal Down syndrome. Sequenom and Illumina will work collaboratively toward the submission for regulatory approval of an in vitro diagnostic product for the detection of fetal chromosomal abnormalities.

6:36AM On The Wires (WIRES) :

* LDK Solar Tech USA, a subsidiary of LDK Solar (LDK) appointed Ron Kenedi to President of dedicated to module sales in the North America market. Prior to joining LDK Solar, he served as vice president of Sharp Electronics Corporation (SHCAY) Solar Energy Solutions Group, where he spearheaded Sharp's North American solar business.
* Ingres announced that they have signed a global partner agreement with MicroStrategy (MSTR), a leading worldwide provider of business intelligence software.

6:29AM Nestle to acquire 60% of Chinese confectioner Hsu Fu Chi for CHF 1.4 Bln (NSRGY) 63.01 : Co announced that it has entered into a partnership agreement with the founding family of Hsu Fu Chi, a leading manufacturer and distributor of confectionery products in China, listed in Singapore. Under the proposed agreement, Nestle intends to acquire 60% of Hsu Fu Chi whilst the Hsu family will own the remaining 40%. Hsu Fu Chi's current CEO and Chairman, Mr. Hsu Chen, will continue to lead the co in the new partnership. Consequently, Nestle proposes to acquire the shares of Hsu Fu Chi's independent shareholders, representing 43.5% of the shares in Hsu Fu Chi, by way of a scheme of arrangement. Nestle offers a cash price of SGD 4.35 per Hsu Fu Chi share which represents a premium of 24.7% over the volume-weighted average share price over the last 180 days. If the scheme is approved by the independent shareholders, Nestle will acquire in addition a 16.5% stake in Hsu Fu Chi from the Hsu family's current holding of 56.5%.

6:19AM On The Wires (WIRES) :

* Logitech (LOGI) announced that its business-class webcams and headsets that are optimized for Microsoft Lync are ready to work with Microsoft Office 365 with Microsoft Lync Online, the unified communications platform for Microsoft (MSFT).
* Globalstar (GSAT) announced that the launch of six Globalstar satellites, scheduled for earlier today, was postponed following the countdown's interruption prior to liftoff of the Soyuz launch vehicle from the Baikonur Cosmodrome in Kazakhstan.
* The Volvo Group's (VOLVY) subsidiary UD Trucks is launching a new Condor MK and Condor LK. These Condor trucks have undergone a full model change under the development concept of UD Advantage and UD Solution and will go on sale in Japan July 12.
* Novellus Systems (NVLS) announced the VECTOR CFD family of films for the company's VECTOR Express, VECTOR Extreme and VECTOR Excel plasma-enhanced chemical vapor deposition systems.
* PMC-Sierra (PMCS) announced the industry's first true hardware 6Gb/s SATA/SAS RAID controllers with on-board DRAM cache for the entry-level market segment.
* Equinix (EQIX) announced the opening of the second phase of its latest London International Business Exchange data center.
* TripAdvisor, a unit of Expedia (EXPE), announced it has acquired Where I've Been, a leading travel website and social platform with a detailed interactive world map that lets users share where they've been, lived, and want to go. Terms were not disclosed.

6:16AM Acura Pharma appoints Robert Jones President & CEO and to the Board of Directors (ACUR) 4.09 : Jones had been serving in that capacity on an interim basis since May 2011, succeeding Andy Reddick who passed away on April 28, 2011.

6:14AM China Cord Blood has repurchased ~2.05 mln shares at an average price of $3.49 since Sept 2010 (CO) 3.31 : Co repurchased an aggregate of 2,052,607 ordinary shares. The purchases were made at an average purchase price of $3.49 per share, for a total consideration of ~$7.2 million between September 2010 and July 2011. The total number of shares repurchased represents approximately 47.7% of the total authorized amount under the current buyback program, which will be effective until Sept 30, 2011. ~$7.8 million still remains available for purchases under the current buyback plan. "We strongly believe that our current market valuation has yet to reflect our growth plans and intrinsic value. Thus, the mgmt team considers the buyback program an excellent opportunity and in the best interest of the co and its shareholders. Moving forward, we will continue to explore various means and initiatives to add value to the Company for our shareholders."

6:11AM Peabody Energy and ArcelorMittal (MT) submit proposal to acquire Macarthur Coal (BTU) 59.94 : Co confirmed that they have jointly submitted an indicative proposal to the board of directors of Macarthur Coal to acquire all of the shares of the co. Under the proposal by a newly formed co, owned 60% by Peabody and 40 percent by ArcelorMittal, Macarthur shareholders would be offered a cash price of A$15.50 per share through an off-market takeover offer. The new co has a relevant interest of ~16 percent in Macarthur's shares. The proposal price implies a value for the equity in Macarthur of ~A$4.7 billion and represents a substantial premium to recent trading.

6:02AM Hertz Global extends exchange offer to acquire Dollar Thrifty (DTG) for $57.60 to Aug 5 from July 8 (HTZ) 16.27 : Co announced that it has extended the expiration date of its exchange offer for all outstanding shares of Dollar Thrifty Automotive Group (DTG) for $57.60 in cash and 0.8546 shares of Hertz common stock.

6:01AM Acacia Research acquires rights to patents for 3G and 4G wireless technology from a major technology co (ACTG) 38.75 :

3:12AM On The Wires (WIRES) :

* Bank of America (BAC) announced that Terry Laughlin, who is currently leading Legacy Asset Servicing, will assume the chief risk officer role. His transition to that role is expected to occur late in the third quarter.
* MV Oil Trust (MVO) announced the Trust distribution of Net Profits for the second quarterly payment period ended June 30, 2011. Unitholders of record on July 18, 2011 will receive a distribution amounting to $11,845,000 or $1.03 per unit payable July 25, 2011.
* Movado Group (MOV) launched a special edition BOLD watch to celebrate baseball superstar and Movado brand ambassador Derek Jeter's 3000th Major League hit on July 9, 2011. Jeter is the first Yankee to achieve this remarkable feat.
* Weis Markets (WMK) announced it has lowered the prices on 1,600 staple items and that it will freeze these new lower prices for ninety days through October 8. It is the co's seventh 90-day price freeze program over the past two and a half years.
* Sino IC Technology selected the Teradyne (TER) UltraFLEX to test RF, baseband and broadband devices.
* The Active Network (ACTV) has been named as the preferred registration management software and hosted technology provider for Triathlon Australia, the national sporting organisation for triathlon in Australia. This strategic alliance marks a key milestone as Active Network expands its global presence.
* CME Group (CME) announced the launch of new foreign exchange futures contracts based on the Chinese Yuan (CNY), or Renminbi.
* Genpact (G) announced that it is strengthening its longstanding partnership with Nissan and is assuming the management of Nissan Human Information Service, Nissan's (NSANY) shared services center for human resources operations based in Yokohama, Japan.
* Life Technologies (LIFE) announced today that it has launched a regional distribution hub in India to address strong customer demand in the South Asia region.
* Pantone LLC, an X-Rite company (XRIT), announced two new mobile applications to meet this growing need, myPANTONETM for AndroidTM and myPANTONE 2.0 for the iPhoneTM.
* Emirates-CAE Flight Training, the joint venture between Emirates Group and CAE (CAE), announced that they will open a second facility in Dubai, United Arab Emirates, in 2012 to provide additional training capacity for airline pilots and aviation maintenance technicians.
* Cognizant (CTSH) and Visma announced that they have entered into an outsourcing arrangement with Norway Post.
* j2 Global Communications (JCOM) announced that it has acquired Data Haven and the virtual PBX business of Buzz Networks. Terms of the acquisitions were not disclosed and the financial impact to j2 Global is not expected to be material. Solid State Supplies has extended its UK and Ireland distribution agreement with Microsemi (MSCC) to include the co's low-power and mixed-signal FPGAs.
* Level 3 Communications (LVLT) announced the launch of a new ultra-low-latency fibre-optic route to increase trading speeds between London and Frankfurt.

3:05AM Stewart Info unit acquires PMH Financial; terms not disclosed (STC) 10.41 : PMH manages an active inventory of ~$2.5 bln in real estate assets on behalf of financial institutions, loan servicers and hedge fund investors.

2:53AM JinkoSolar Holding announces registration and issuance of one-year 6.5% short-term financing bonds of RMB400 mln (JKS) 25.59 :

2:45AM Sanofi-Aventis reports positive top-line results from first Phase 3 Study of alemtuzumab in multiple sclerosis (SNY) 39.77 : Co announces positive top-line results from CARE-MS I, the first of two randomized, Phase 3 clinical trials comparing the investigational drug alemtuzumab to the approved multiple sclerosis therapy Rebif in patients with relapsing-remitting multiple sclerosis. The study satisfied the first primary endpoint, and therefore met the predefined protocol criteria for declaring the study a success. Statistical significance was not achieved for the second primary endpoint, time to six month sustained accumulation of disability, as compared to Rebif. At the two year time point, 8% of alemtuzumab treated patients had a sustained increase in their Expanded Disability Status Scale score as compared to 11% of those who received Rebif. The patients will have the option to be evaluated over the next 3 years as part of a separate protocol. The co expects to file for U.S. and E.U. approval of alemtuzumab in MS in early 2012, and has been granted fast track designation by the FDA.

2:41AM Valeant Pharmaceuticals acquires Sanofi (SNY) dermatology unit, Dermik, for $425 mln (VRX) 53.34 : Co announces it has signed an agreement to acquire Dermik, a dermatology unit of Sanofi (SNY) in the U.S. and Canada, as well as the worldwide rights to Sculptra Aesthetic. Dermik's portfolio includes leading therapeutic and aesthetic dermatology brands such as Benzaclin for the treatment of acne, Carac for the treatment of keratoses and Sculptra, a facial injectable for the correction of facial wrinkles and folds. Co will pay Sanofi ~$425 mln for all Dermik assets, including available inventories of ~$18 mln, which consist of an aesthetic and therapeutic business in the US and Canada, as well as a widely dispersed aesthetic business around the world. Total 2010 revenues including contract manufacturing revenues are ~$240 mln.

2:37AM VCA Antech to acquire MediMedia Animal Health for $146 mln; expected to have $0.02-0.03 dillutive impact in current year; accretive thereafter (WOOF) 21.60 : Co announces it has entered into a definitive agreement to acquire MediMedia Animal Health, (referred to as Vetstreet) for $146 mln in cash. Vetstreet's annual revenues are expected to grow to $55-65 mln 2012. The impact on earnings per share is expected to be slightly dilutive (~$0.02-0.03 per fully diluted share) in the current year and accretive thereafter.

2:31AM Arch Chemicals: Lonza to acquire co for $47.20 per share (ARJ) 42.17 : Lonza (LXAGY) and ARJ announce an agreement for Lonza to acquire all of the outstanding shares of ARJ for $47.20 per share in cash. Offer represents a 36.7% premium to ARJ's average closing price over the last 30 trading days Arch Chemicals' Board of Directors unanimously recommends Lonza's cash offer to its shareholders. The acquisition significantly strengthens and balances Lonza's life science portfolio. ARJ's enterprise value would be $1.4 bln. Lonza expects substantial cost synergies of at least $50 mln per annum by second year with additional revenue synergies through combined portfolio and enhanced product offerings Expected to be EPS accretive in year 1 (at least CHF0.4 per share) and EVA positive in year 2 including integration costs.

2:20AM VCA Antech signs definitive purchase agreement with BrightHeart Veterinary Centers for ~$50 mln in cash (WOOF) 21.60 : Co announces the signing of a definitive purchase agreement with BrightHeart Veterinary Centers for ~$50.0 mln in cash. BrightHeart operates 9 animal hospitals with annual revenues of ~ $53.0 mln, 8 of which focus on the delivery of specialty and emergency medicine and a very established general practice in Charlotte, North Carolina. On completion of the merger, the combined companies will operate ~540 animal hospitals in 41 states and Canada.

2:16AM Samson Oil & Gas outlines committed drilling program; expands its position in the Bakken Formation (SSN) 2.92 : Co announcs it has recently acquired a substantial project which expands its position in the Bakken Formation. This Roosevelt Project, along with the appraisal of the Niobrara Formation in Wyoming, and three conventional plays in the Hawk Springs project area, means that co will have an active drilling schedule in the second half of 2011. Co currently projects that it will exit the end of the calendar year with an estimated cash balance of $32 mln. Co's drilling program is expected to deliver appraisal results in three key areas: 1) The Hawk Springs Niobrara will be the first well to be drilled and fracture stimulated in the Niobrara 'B' zone. 2) Multiple conventional targets in the Hawk Springs project are planned, where considerable potential is observed from the 3-D data at both the Permian and Pennsylvanian stratigraphic levels. 3) The Roosevelt Project Bakken wells will be the first ever drilling in this area and will therefore will be key tests for this project.

2:12AM Qiagen amends proposal to acquire Cellestis; raises bid to AUD3.80 from AUD3.50 co declares this offer to be final and will not be increased in the absence of a competing proposal (QGEN) 19.17 :

2:09AM Dynegy provides update on restructuring activities (DYN) 6.62 : Co announces the initiation of discussions with potential lenders for new senior secured credit facilities supporting a new organizational structure aligned with its gas and coal generation assets. The new credit facilities will replace the existing credit agreement, marking the initial step in the co's operating and financial restructuring. The new credit facilities would consist of a $1,300 mln, 6 year senior secured term loan facility available to GasCo and a $400 mln, 6 year senior secured term loan facility available to CoalCo.

2:07AM Precision Castparts creates aerostructures platform with strategic acquisition of Primus International for $900 mln in cash; expected to be immediately accretive to earnings (PCP) 162.79 : Co announces it has has agreed to acquire Primus International for $900 mln in cash. The cash acquisition of Primus will be immediately accretive to earnings. Subject to regulatory approvals, the transaction is expected to be completed in the second quarter of fiscal 2012.

2:01AM Exxon Mobil: Yellowstone River cleanup and recovery update (XOM) 82.42 : Co provides update in cleanup operations. Under the direction of the Unified Command, almost 600 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. They have deployed almost 33,000 feet of boom and approximately 160,000 absorbent pads to clean up oil adjacent to the river. Deployment will continue to focus on the highest priority areas to reduce environmental impact. The EPA is leading the Unified Command Center cleanup activities and conducting ongoing air and water quality monitoring. Ongoing air quality monitoring has confirmed there is no danger to public health. Municipal water systems continue to be monitored by the EPA; no reports of impacts have been received to date.

1:57AM Energy Transfer Equity evaluating additional asset drop-downs; re-affirms commitment to maintain/improve current credit ratings of ETE and subsidiaries (ETE) 45.00 : In connection with its revised offer to acquire the outstanding stock of Southern Union (SUG) announced on July 5, 2011, Energy Transfer Equity (ETE) reaffirmed its commitment to maintaining appropriate credit metrics to support or improve the current credit ratings of ETE, SUG, and ETE's existing subsidiaries Energy Transfer Partners (ETP) and Regency Energy Partners (RGNC). In furtherance of this commitment, ETE is actively considering the potential drop-down of SUG's gathering and processing assets known as Southern Union Gas Services to either ETP or, if ETP does not exercise its existing right of first offer on SUGS, to Regency. The cash proceeds from the SUGS drop-down would be used to repay debt at SUG and to repay ETE's anticipated borrowings to fund the cash consideration to SUG shareholders.

1:54AM Wintrust Fin acquires First Chicago Bank & Trust in an FDIC-assisted transaction (WTFC) 32.92 : Co announces that its wholly-owned subsidiary bank, Northbrook Bank & Trust, has acquired certain assets and liabilities and the banking operations of First Chicago Bank & Trust in an FDIC-assisted transaction. First Chicago had ~$959 mln in total assets and $887 mln in total deposits as of March 31, 2011. Northbrook Bank acquired substantially all of First Chicago's assets at a discount of ~12% and assumed all of the non-brokered deposits at a premium of 0.50%. In connection with the acquisition, Northbrook Bank entered into a loss sharing agreement with the FDIC whereby Northbrook Bank will share in losses with the FDIC on certain loans and foreclosed real estate at First Chicago.

1:52AM Encore Capital responds to Texas Attorney General complaint (ECPG) 26.53 : Co states it "disagrees with the allegations made in the complaint filed by the Texas Attorney General. The Texas complaint largely restates allegations raised in a 2008 lawsuit called Brent, which alleged that affidavits filed in debt collection lawsuits were defective because the person who signed the affidavits lacked personal knowledge. Contrary to the Texas Attorney General's suggestion, the alleged defects in the affidavits never resulted in judgments against people who did not owe the debts. The fairness hearing regarding the 2008 Brent lawsuit settlement is scheduled for Monday, July 11, 2011. The company is certain of the validity regarding the underlying debts at issue. Encore believes that the judge, after examining all of the facts and evidence, will support the company's position and formally approve the settlement."

1:45AM First Citizen Bancshr. NC purchases certain assets, assumes certain liabilities of Colorado Capital Bank (FCNCA) 187.36 : Co announces it has entered into an agreement with the FDIC to purchase substantially all the assets and assume the majority of the liabilities of Colorado Capital Bank of Castle Rock, CO. The Colorado Division of Banking closed Colorado Capital Bank and appointed the FDIC as receiver. On Monday, July 11, Colorado Capital Bank branch offices will open as First Citizens Bank branches. Depositors will not sustain any losses with respect to those deposits assumed by First Citizens Bank. On March 31, 2011, Colorado Capital Bank reported total assets of $717.5 mln, net loans and leases of $598.7 mln and total deposits of $672.7 mln.

1:42AM GOL Linhas Areas Inteligentes S.A. executes MOU for the acquisition of 100% of WebJet's capital stock (GOL) 12.87 : Co announces executed a memorandum of understanding with the controlling shareholders of Webjet Linhas Aereas SA, for the acquisition of 100% of WebJet's capital stock by VRG. The price to be paid for the referred acquisition shall be R$96 mln. WebJet's enterprise value was appraised by the parties at R$310,700,000.

1:29AM United Continental reports June 2011 operational performance for United and Continental (UAL) 22.86 : Co reports June 2011 operational results for United Air Lines and Continental Airlines. Combined consolidated traffic (RPMs) in June 2011 decreased 0.9% versus pro forma June 2010 results on a consolidated capacity (ASMs) increase of 0.6%. The carriers' combined consolidated load factor in June 2011 was down 1.3 points compared to the pro forma results from the same period last year. United and Continental's June 2011 combined consolidated and mainline passenger revenue per available seat mile each increased an estimated 4.0-5.0% compared to the pro forma results from June 2010. June year-over-year PRASM growth was reduced due to the impact of the co's trans-Atlantic joint-venture revenue-sharing agreement, which is accounted for as Passenger Revenue. The second quarter impact of this agreement is booked entirely in June.

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