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Market Update: 110713

4:25 pm : Buying interest on the back of strong GDP data from China and comments from Fed Chairman Bernanke had the major equity averages up more than 1% today, but that gain was slashed as stocks gradually descended in afternoon trade.

The mood among market participants this morning was much improved from the negativity that permeated trade during the three prior sessions. Participants were partly encouraged by news that China reported second quarter GDP growth of 9.5% over the same period one year ago. The torrid clip proved greater than expected, and suggested that China remains a primary driver of the global economic rebound.

Concerns about the fiscal health of countries in the eurozone's periphery cooled, at least for today, to help the euro rally against the dollar. The dollar dropped another leg lower amid comments from Fed Chairman Bernanke.

During his semiannual testimony on monetary policy to the House Financial Services Committee, Bernanke stated that the Fed remains prepared to adjust monetary policy in the event that economic developments warrant such a move. Bernanke also noted that the Fed has reached a consensus on the steps involved in an exit strategy from current policy. As we expressed yesterday, it is only natural, and should even be expected, that the Fed prudently discuss such scenarios.

Buying interest picked up after participants digested Bernanke's prepared remarks. The stock market's climb was broad based, but natural resource plays staged the strongest gains. In fact, energy stocks were up 2%, as a group. Materials stocks weren't far behind.

The two sectors got an added boost because of a bounce by many underlying commodities. Oil prices had pushed up to a gain of more than 1% on the back of a surprisingly large draw down in weekly oil inventories before an afternoon pullback left it to settle pit trade with a 0.6% gain at $98.05 per barrel. Meanwhile, gold prices rallied to a record high of almost $1589 per ounce before it settled with a 1.5% gain at $1585.30 per ounce.

However, stocks struggled to sustain their gains as action advanced into the afternoon. The loss of support left the major equity averages to drift lower. Only a brief bit of buying interest in the final few minutes kept the stock market from settling at its session low.

Defensive-oriented stocks, which had already lagged all session, suffered the only losses. Specifically, utilities fell 0.2% while telecom closed with a 0.1% loss. Consumer staples stocks collectively closed at the unchanged mark.

A traditional safe haven, the benchmark 10-year Note traded with weakness in the early going, but was able to rebound amid the stock market's afternoon drift. It also got a boost from strong auction results. The 10-year Note sale drew a bid-to-cover of 3.18, dollar demand of $66.7 billion, and an indirect bidder participation rate of 42.0%. For comparison, an average of the past six auctions gives a bid-to-cover of 3.20, dollar demand of $70.4 billion, and an indirect bidder rate of 52.3%.

Advancing Sectors: Materials +0.8%, Energy +0.7%, Consumer Discretionary +0.5%, Industrials +0.4%, Tech +0.3%, Health Care +0.3%, Financials +0.2%
Unchanged: Consumer Staples
Declining Sectors: Telecom -0.1%, Utilities -0.2%DJ30 +44.73 NASDAQ +15.01 NQ100 +0.4% R2K +0.9% SP400 +0.3% SP500 +4.08 NASDAQ Adv/Vol/Dec 1821/1.90 bln/761 NYSE Adv/Vol/Dec 2015/883 mln/987

3:35 pm : It was a very eventful session for precious metals, which rallied on the continued flight to safety from concerns about the situation in Europe, as well as commentary from the Fed Chairman's testimony this morning that mentioned that the Fed remains prepared to respond should economic developments indicate that an adjustment in the stance of monetary policy would be appropriate. August gold gained 1.5 % to close at $1585.30 per ounce. Gold traded to a new all time high at $1588.90. Sept silver surged 6.9% to finish at $38.10 per ounce. Silver futures put in highs at $38.34, their best levels in close to 1.5 months.

August crude oil finished higher by 0.6% to $98.05 per barrel. This morning's inventory data, which showed a larger-than-expected draw down, sent futures into positive territory. They extended that rally heading into afternoon trade, where they notched highs at $99.21. The rally stalled at that high and futures spent the remainder of the session pulling back from those highs to end with modest gains. August natural gas ended up 1.6% to $4.41 per MMBtu, extending its rally to a fourth consecutive session.DJ30 +51.50 NASDAQ +12.05 SP500 +4.81 NASDAQ Adv/Vol/Dec 1749/1.6 bln/811 NYSE Adv/Vol/Dec 2090/623.5 mln/946

3:00 pm : Stocks have stabilized and started to reclaim some of their gains after drifting down to an afternoon low.

Meanwhile, Treasuries continue to tick higher. In turn, the benchmark 10-year Note is coming close to the neutral line so that it trades at its best level of the day. That has its yield back at 2.90%.

Only an hour remains in today's trade. There aren't any major earnings announcements on tap for tonight, but tomorrow morning brings the latest numbers from JPMorgan Chase (JPM 39.79, +0.40). DJ30 +90.21 NASDAQ +24.97 SP500 +10.03 NASDAQ Adv/Vol/Dec 1900/1.34 bln/630 NYSE Adv/Vol/Dec 2290/505 mln/690

2:30 pm : Stocks continue to drift downward. The decline has left each of the three major averages to trade at their lowest levels since mid-morning.

Other asset prices are also pulling back. Specifically, oil prices are back at $98 per barrel as they settle pit trade. They had been up above $98.70 per barrel with a 1.3% gain about 90 minutes ago. Even gold is trading lower in after-hours action. The yellow metal was last priced at $1579 per ounce, but had actually traded hands at a new record high of almost $1589 per ounce earlier in the day.

Meanwhile, steady pressure agains the greenback has kept the Dollar Index down with a loss of more than 1%. DJ30 +88.21 NASDAQ +29.14 SP500 +9.82 NASDAQ Adv/Vol/Dec 1900/1.27 bln/630 NYSE Adv/Vol/Dec 2300/475 mln/670

2:00 pm : Stocks are drifting lower in early afternoon trade. That has left the Dow and the S&P 500 with gains of less than 1%.

The market's move off of its session high comes as many of the major sectors surrender some of their gains. Energy stocks, in particular, were up 2% earlier today, but they have since pulled back to trade with a 1.4% gain. Energy's easing comes even though oil prices are still up 1.0% at $98.40 per barrel. DJ30 +105.69 NASDAQ +34.38 SP500 +11.53 NASDAQ Adv/Vol/Dec 1970/1.15 bln/550 NYSE Adv/Vol/Dec 2370/425 mln/590

1:30 pm : Treasuries are trimming their losses in the wake of the latest auction. The 10-year Note sale produced a bid-to-cover of 3.18, dollar demand of $66.7 billion, and an indirect bidder participation rate of 42.0%. For comparison, the prior auction drew a bid-to-cover of 3.23, dollar demand of $67.8 billion, and an indirect bidder participation rate of 50.6%. An average of the past six auctions gives a bid-to-cover of 3.20, dollar demand of $70.4 billion, and an indirect bidder rate of 52.3%.

Stocks haven't really reacted to the auction results, though. Instead, the major equity averages continue to sport gains of 1% or more. DJ30 +128.21 NASDAQ +32.99 SP500 +13.93 NASDAQ Adv/Vol/Dec 2080/990 mln/425 NYSE Adv/Vol/Dec 2440/365 mln/500

1:00 pm : Market participants have become buyers after watching stocks fall for three straight sessions. Their interest has been helped by news that China, a driving force in the global economic recovery, generated stronger-than-expected GDP growth during the second quarter. That news helped many of Asia's major market averages rally back from the steep losses suffered in the prior session.

Stocks have also responded positively to comments from Fed Chairman Bernanke during his semiannual testimony on monetary policy to the House Financial Services Committee. Bernanke stated that the Fed remains prepared to adjust monetary policy in the event that economic developments warrant such a move. In contrast, Bernanke noted that the Fed has reached a consensus on the steps involved in an exit strategy from current policy.

The dollar was already down against a basket of competing currencies this morning, but its drop to a loss of more than 1% coincided with Bernanke's comments. The greenback was recently quoted with a loss of 1.2%.

Weakness in the dollar has helped stoke buying interest in commodities. That helped gold prices set a record high above $1580 per ounce. Meanwhile, oil prices are up 1.3% to $98.70 per barrel in the wake of a greater-than-expected draw in weekly inventories.

Broad equity market strength and higher commodity prices have helped energy stocks and materials stocks put together some of the best gains. The two sectors are up 1.6% and 1.5%, respectively.

Defensive-oriented stocks like consumer staples and utilities are also in positive territory, but they have lagged all session. Their gains currently stand at 0.2% and 0.3%, respectively. DJ30 +126.51 NASDAQ +39.39 SP500 +13.95 NASDAQ Adv/Vol/Dec 2080/990 mln/425 NYSE Adv/Vol/Dec 2440/365 mln/500

12:30 pm : Steady strength in the stock market has weighed on treasuries. In turn, the yield on the benchmark 10-year Note is back down to 2.95% after it had slipped below 2.90% during the prior session. The Note comes into increased focus ahead of auction results for 10-year Notes at the top of the hour.DJ30 +147.81 NASDAQ +40.48 SP500 +16.32 NASDAQ Adv/Vol/Dec 2070/900 mln/425 NYSE Adv/Vol/Dec 2040/335 mln/520

12:00 pm : Stocks have eased off of their session highs, but they continue to sport rich gains. The bounce this session has not yet fully offset the losses suffered during the course of the past three sessions, though.

Meanwhile, the dollar dropped sharply in recent minutes. In turn, the greenback now trails a basket of major foreign currencies by 1.2%, which makes for a new session low. The latest leg lower has left the Dollar Index unchanged for the week. DJ30 +137.41 NASDAQ +41.33 SP500 +15.20 NASDAQ Adv/Vol/Dec 2095/795 mln/370 NYSE Adv/Vol/Dec 2430/300 mln/460

11:30 am : The energy sector has stretched its advance to a 2.0% gain. The move has been led by Baker Hughes (BHI 75.40m +2.97) and Nabors Industries (NBR 24.88, +1.22). Even the sector's relative laggards, Sempra Energy (SE 27.22, +0.23) and ConocoPhillips (COP 75.17, +0.83), are sporting strong gains.

Meanwhile, the broad market is resting near its session high. Overall share volume, which is frequently regarded as a barometer of participation and conviction among traders, remains moderate. DJ30 +151.10 NASDAQ +40.23 SP500 +17.14 NASDAQ Adv/Vol/Dec 2055/685 mln/385 NYSE Adv/Vol/Dec 2415/255 mln/460

11:00 am : Stocks have extended their climb in recent trade. The upward push has taken the major equity averages to their best levels of the day.

Cyclical plays are currently the top performers. Specifically, energy stocks are collectively up 1.9% and materials stocks are collectively up 1.7%. Strength among energy and basic materials stocks comes as commodities tick higher. Broad gains in the commodity complex, including energy's recent rally to $98.35 per barrel for a 0.9% gain, have the CRB Commodity Index up 1.5%.

Consumer staples stocks and utilities continue to lag, however. The defensive-oriented sectors have been hampered by names like Campbell Soup (CPB 34.29, -0.30) and Clorox (CLX 69.68, -0.46) in the consumer staples space, along with incremental gains by electric utilities American Electric (AEP 38.20, +0.04) and Duke Energy (DUK 19.14, +0.01). DJ30 +149.21 NASDAQ +40.85 SP500 +16.14 NASDAQ Adv/Vol/Dec 1990/540 mln/400 NYSE Adv/Vol/Dec 2395/205 mln/440

10:35 am : Commodities are trading mostly higher this morning led by silver and many food-related commodities.

Crude oil futures fell into negative territory almost three hours ago, but this changed following inventory data. The energy component hit session lows of $96.53/barrel a short while ago and was near $97.07 ahead of the inventory data. Following the data, which showed a draw of 3.1 mln barrels versus a draw of 1.5 mln barrels, crude oil spiked about $1/barrel higher, moving into positive territory, and just now hit new session highs of $98.21/barrel, up 0.8%.

Natural gas has been in positive territory all morning, hitting its highest level of $4.39 around 9:00am EST. Currently, nat gas is up 1.2% at $4.36/MMBtu.

Gold prices hit new all-time highs of $1584.90/oz (continuous contract) a short-while ago after trading higher all morning. In current trade, gold futures are up 1.3% at $1581.70/oz. Silver futures are the best performing commodity today with over 6% in gains. Silver futures just hit new session highs of $37.95/oz and is now up 6.5% at $37.94/oz.

Pit trading just opened in corn futures, which opened sharply higher; now up 2.4% at $6.74/bushel. Wheat opened higher and is now up 2.1% at $6.86, while soybeans are 1.4% higher at $13.77/bu.DJ30 +141.68 NASDAQ +24.91 SP500 +14.33 NASDAQ Adv/Vol/Dec 1913/442 mln/423 NYSE Adv/Vol/Dec 2183/176 mln/601

10:05 am : Stocks are experiencing some sudden volatility. The price action comes as prepared comments for Fed Chairman Bernanke's semiannual testimony on monetary policy to the House Financial Services Committee.

Bernanke stated that the Fed remains prepared to adjust monetary policy in the event that economic developments necessitate an adjustment. Bernanke noted that the economy could evolve in a way that would warrant a move toward a less accommodative policy, though. He added that the Fed has reached a consensus on the steps involved in an exit strategy from the policy put in place during recent years to restore economic conditions. DJ30 +112.10 NASDAQ +18.70 SP500 +10.75 NASDAQ Adv/Vol/Dec 1685/225 mln/505 NYSE Adv/Vol/Dec 2070/80 mln/625

09:45 am : Stocks are up with solid gains in the early going. The buying effort has been broad, so far, but energy stocks (+1.0%), industrial stocks (+0.9%), and tech stocks (+0.8%) are leading the effort. In contrast, defensive-oriented plays like utilities (+0.1%) and consumer staples (+0.2%) are lagging.

Although market participants are showing an increased tolerance for risk, gold continues to glisten in the eyes of traders. The yellow metal currently boasts a 1.0% gain as it trades at $1579 per ounce, just a couple of dollars below the record high that it hit this morning.

In the backdrop, the dollar has fallen to a 0.6% loss against a basket of major foreign currencies. DJ30 +76.21 NASDAQ +21.99 SP500 +7.92

09:15 am : S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +18.00. Stock futures are off of their morning highs, but the cash market is still expected to open in positive territory. Buying interest follows three straight losses for the stock market and overnight news that China reported a torrid rise in second quarter GDP. The dollar has also come under pressure as traders rotate out of the reserve currency, which climbed against a collection of competing currencies during to its best level in more than one month in yesterday's action. Most of the greenback's recent gains have come because the euro descended to a four-month low against the dollar amid concerns about the European Union's ability to contain and remedy the precarious fiscal conditions facing countries in the eurozone's periphery. Amid the dollar's decline, gold prices have pushed up to a new record high above $1580 per ounce. The yellow metal was most recently quoted with a 1.1% gain at $1579 per ounce. However, oil prices are down 0.6% to $96.85 per barrel ahead of the latest weekly inventory report at 10:30 AM ET. There is plenty of anticipation for what Fed Chairman Bernanke will say during his semiannual testimony on monetary policy to the House Financial Services Committee at 10:00 AM ET. Bernanke's comments will be scrutinized to see if the Fed has considered anything more than what conditions could potentially warrant further quantitative easing.

09:05 am : S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +16.20. Widespread weakness caused Europe's major bourses to suffer sharp losses in each of this week's first two sessions, but the mood today is more mixed. Germany's DAX is up 0.3% amid support from automakers Daimler and BMW. Infineon Tech and Deutsche Bank (DB) have hampered overall action, however. In France, the CAC has fallen to a 0.3% loss, but it hasn't yet returned to the prior session's intraday low, which marked the CAC's worst level since mid-March. The CAC is currently being weighed down by weakness in L'Oreal SA and financial outfits BNP Paribas and Societe Generale. Britain's FTSE is flat at the moment. Burberry Group and Fresnillo Plc have been top performers, but their strength has been offset by sizable losses among Marks & Spencer and Royal Bank of Scotland (RBS). As for economic data, industrial production for the European Union increased by 0.1% during May. That follows a 0.2% monthly increase for April.

Overnight action in Asia improved from the steep losses suffered in the prior session. Specifically, Japan's Nikkei put together a 0.4% gain after it had suffered a 1.4% loss in the prior session. Tokyu Land Corp, Yamato Holdings, and Mitsui & Co. were leaders while Nikon and Nissan Motor (NSANY) lagged. Japan's industrial production during June improved by 6.2% after a 5.7% increase in the prior month. Hong Kong's Hang Seng scored a 1.2% gain after it had dropped 3.1% in the prior session. Property plays like Overseas & Land Investment and China Resources Land were primary leaders. Mainland China's Shanghai Composite closed 1.5% higher after it had fallen to a 1.7% loss the day before. Financial issues were leaders. Among them, Agricultural Bank of China outperformed after it announced expectations for heady profit growth. China's latest data featured second quarter GDP that showed 9.5% growth over the same period one year ago. That proved to be a more torrid clip than had been commonly expected.

08:35 am : S&P futures vs fair value: +6.90. Nasdaq futures vs fair value: +18.00. Neither stock futures nor the dollar have reacted to the latest bit of trade price data. Export prices, excluding agricultural items, for June saw no change from the prior month. That follows a 0.5% monthly increase. Import prices, ignoring oil, slipped by 0.1% from the prior month. The previous monthly change was a 0.4% increase.

08:05 am : S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +18.70. The stock market slid late in the prior session to settle at its session low, but an improved mood among morning traders has stock futures looking strong. Impressive GDP data from China have helped shift sentiment. Although gains are mostly modest in Europe, bourses there are seeing some relief from the losses suffered during the first couple of sessions of this week. The euro is also rallying after it fell to a four-month low against the dollar yesterday; the currency was last quoted with a 0.7% gain at $1.407. Import and export price data are due at the bottom of the hour. Fed Chairman Bernanke is scheduled to give his semiannual testimony on monetary policy to the House Committee on Financial Services at 10:00 AM ET. His speech comes one day after minutes from the most recent FOMC meeting indicated that Committee members talked, but only talked, about circumstances that could warrant further quantitative easing. Also on today's calendar, weekly oil inventory data are due at 10:30 AM ET, followed by results from an auction of 10-year Notes at 1:00 PM ET. The latest monthly Treasury Budget will be reported at 2:00 PM ET. There really aren't any earnings announcements of major consequence until JPMorgan Chase (JPM) reports tomorrow morning, followed by Google (GOOG) tomorrow night.

06:41 am : [BRIEFING.COM] S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +22.00.

06:41 am : Nikkei...9963.14...+37.20...+0.40%. Hang Seng...21926.88...+263.70...+1.20%.

06:41 am : FTSE...5891.73...+22.80...+0.40%. DAX...7219.76...+45.60...+0.60%.
http://finance.yahoo.com/marketupdate/update

6:57PM Crude oil futures erase losses following Moody's headlines earlier; now up 5 cents at $98.10/barrel in electronic trade (COMDX) :

6:50PM El Paso Corp announces cash tender offers for senior notes (EP) 19.57 +0.11 : Co announced the commencement of cash tender offers to purchase the ten series of its outstanding senior notes listed in the tables below. The specific terms and conditions of the tender offers are described in the Offer to Purchase dated July 13, 2011.

6:44PM Capital One announces pricing of $2 bln common stock offering at $50.00 (COF) 50.87 -1.37 : Co announced that it has priced a public offering of 40 mln shares of its common stock at a per share price of $50.00, which will be subject to the forward sale agreements described below. Barclays Capital, Morgan Stanley, BofA Merrill Lynch and J.P. Morgan are acting as book-running managers for the offering. Capital One also has granted the underwriters a 30-day option to purchase an additional 6 million shares of common stock from Capital One at the same price to cover any over-allotments... "In connection with the offering of its common stock, Capital One entered into forward sale agreements with Barclays Capital and Morgan Stanley, whom we refer to as the forward purchasers. The forward purchasers or their affiliates have agreed to borrow and sell to the public, through the underwriters, shares of Capital One's common stock. The settlement of the forward sale agreements is expected to occur no later than approximately seven months following the date of the common stock offering."

6:42PM Energy Transfer Equity and Southern Union file application with Missouri Public Service Commission as step toward completion of merger (ETE) 44.78 -0.13 : Energy Transfer Equity, L.P. (ETE) and Southern Union Co (SUG) announced they have filed a joint application with the Public Service Commission of the State of Missouri (Commission), requesting an order from the Commission authorizing SUG to take certain actions to allow ETE to acquire the equity interests of SUG, including its subsidiaries. This request pertains to the Amended and Restated Agreement and Plan of Merger dated July 4, 2011 by and between ETE and SUG, and upon approval from the Commission, will represent another positive step toward completion of the merger that is scheduled to close in the first quarter of 2012.

6:40PM Peabody Energy named winning bidder for 220 mln tons of Powder River Basin coal reserves (BTU) 58.77 +0.83 : Co announced that it is the winning bidder for the control of ~220 mln tons of low sulfur coal reserves in the Powder River Basin of Wyoming. The winning bid for the reserves was $0.95 per mineable ton, made through a sealed bid auction process. The co intends to add the "Belle Ayr North" reserve area to the assigned reserves related to the Caballo Mine, which had 2010 sales of 23.5 mln tons and reserves of 822 mln tons. The new reserve block would extend the mine life, increase the average Btu of the mine, allow for increased mine production as demand warrants and enable greater mine optimization. The new reserve lease also extends Peabody's leadership in the United States' largest and most productive coal region. BTU controls 2.9 bln tons of Powder River Basin coal reserves, and is well-positioned to meet the strong expected long-term demand growth from the region.

6:30PM Omega announces expiration of registered exchange offer for 63/4% senior notes due 2022 (OHI) 21.47 -0.28 : Co announced that its offer to exchange any and all of its outstanding $575 million of 63/4% Senior Notes due 2022 that were issued in two separate private placements in October and November 2010, for $575 million of 63/4% Senior Notes due 2022 that have been registered under the Securities Act of 1933, as amended, expired at 5:00 p.m., New York City time, on Wednesday, July 13, 2011.

6:27PM Regal Entertainment Group reports phenomenal advance ticket sales for Harry Potter finale (RGC) 11.82 +0.01 : Co announced today that Regal's advance ticket sales for 'Harry Potter and the Deathly Hallows: Part 2' exceed $10 million dollars.

6:00PM Nevada Gold and Casinos reports Q4 EPS of $0.02 vs ($0.24) in last year's quarter; revs rose 140% YoY to $14.4 mln (UWN) 1.57 +0.06 :

5:51PM Comerica announces Federal Reserve Board approval of its application to acquire Sterling Bancshares (CMA) 33.10 +0.43 : Co announced that its application to acquire Sterling Bancshares (SBIB) has been approved by the Board of Governors of the Federal Reserve System. The Texas Department of Banking has also approved Comerica's acquisition of Sterling. Subject to the terms and conditions of the merger agreement, and following the expiration of the required 15-day Department of Justice waiting period associated with the Federal Reserve Board's approval order, Comerica expects that the closing of the acquisition will be effective as of 12:01 a.m. CT on July 28, 2011.

5:46PM Wright Medical Group announces exclusive agreement with ArthroCare Corp for foot and ankle products (WMGI) 15.57 +0.51 : Co announced a supply and distribution agreement with ArthroCare Corporation, a leading company in orthopaedic sports medicine. ArthroCare will supply Wright with products for soft tissue fixation of the foot and ankle based on ArthroCare's market-leading knotless suturing technology. The agreement with ArthroCare includes a line of tissue fixation devices based on ArthroCare's Opus(R) knotless suture fixation technology, which Wright will distribute exclusively to foot and ankle surgeons worldwide.

5:46PM Oiltanking Partners, L.P. Prices Initial Public Offering at $21.50- common units will begin trading under "OILT" on the NYSE on July 14, 2011 (OILT) : Co announced today that its initial public offering of 10 mln common units representing limited partner interests priced at $21.50 per unit. The common units will begin trading under the ticker symbol "OILT" on the New York Stock Exchange on Thursday, July 14, 2011. The underwriters have been granted a 30-day over-allotment option to purchase up to an additional 1.5 mln common units. The offering is expected to close on Tuesday, July 19, 2011.

5:45PM Kindred Healthcare announces additional cluster market development plans and project openings (KND) 21.64 +0.67 : Co announced plans for the expansion and replacement of two Long-Term Acute Care hospitals, the opening of a new Transitional Care Center and three hospital-based subacute units in several of its key markets. Kindred also acquired the real estate of a previously leased hospital in Richmond, Virginia. Once completed, these projects will expand Kindred's capacity to grow and provide a continuum of post-acute care in a number of key Cluster Markets.

5:38PM U-Store-It assigned investment grade rating (YSI) 10.55 -0.03 : Co announced that its operating partnership, U-Store-It, L.P., was assigned a Baa3 issuer rating by Moody's Investors Service with a stable outlook.

5:36PM Markel announces PartnerMD has become a subsidiary of MKL (MKL) 396.71 +0.22 : Co announces that PartnerMD, LLC, has become a subsidiary of Markel Ventures. PartnerMD, headquartered in Richmond, Virginia, runs concierge medical and executive health programs focused on disease prevention, health maintenance, and unique one-on-one doctor/patient relationships.

5:33PM Crude oil futures fell about $0.45 to $97.50/barrel following the Moody's headlines; now at $97.57, -$0.48 in electronic trade (COMDX) :

5:30PM U.S. dollar index fell below the 75 level following Moody's headlines to 74.93 from around 75.17; now at 74.98, -1.10 (FOREX) :

5:22PM Omega Navigation Enterprises obtains requested relief from US Court; Omega to continue to operate in the ordinary course of BusinessEnterprises (ONAV) 0.29 -0.12 : Co announced that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has granted all of the interim relief that Omega requested. This included: The right to continue to operate and pay all operating expenses in the ordinary course; The right to continue to pay employees and crew in the ordinary course; The right to continue all cash management procedures in the ordinary course; The right to continue to maintain all insurance in the ordinary course The management team continues to operate the business in the ordinary course. Omega will continue to honor all of its charter obligations during the pendency of the court protection. Omega believes the Chapter 11 bankruptcy process will help the co facilitate a restructuring of its balance sheet and is working towards exiting Chapter 11 as a financially stronger entity that will be positioned to enjoy future growth based on the strength of its existing modern fleet of product tanker vessels.

5:08PM General Maritime anounces reduction in minimum cash balance covenant (GMR) 1.21 +0.07 : Co announced that it has amended its $550 mln revolving credit facility, dated as of May 6, 2011, and its $372 mln senior secured credit facility, dated as of May 6, 2011, each with Nordea Bank Finland plc and DnB NOR Bank ASA as the lead arrangers of the facilities, as well as its $200 mln credit facility, dated of May 6, 2011, for which affiliates of Oaktree Capital Management L.P. acted as lender and administrative agent.

5:06PM Platinum Group Metals reports financial results for the nine months ending May 31, 2011 (PLG) 1.382 +0.09 : During the nine months ended May 31, 2011 the co had a net loss of $10.39 mln (2010 - $30.8 mln gain). The co realized a $0.06 loss per share for the period as compared to earnings per share of $0.33 for the comparative period. The earnings in the nine months to May 31, 2010 were mainly due to a non cash gain of $45.62 mln realized on the completion of the WBJV re-organization on April 22, 2010, less $12.18 mln in accrued future income tax expense, plus a gain of $2.80 mln realized on the sale of investments. The net loss for the nine month period includes a non-cash charge for stock based compensation of $6.60 mln (2010 - $137,600) and an accrued foreign exchange loss of $651,568 (2010 - $906,749 loss). General and administration costs for the nine month period amounted to $4.76 mln (2010 - $4.75 mln). Net interest income earned in the nine months amounted to $1.98 mln (2010 - $432,790).

5:02PM Arch Coal announces required offer to repurchase 9.00% convertible senior notes due 2012 of its subsidiary International Coal Group (ACI) 26.00 +0.61 : Co announced today that, pursuant to the terms and conditions of the Indenture (as amended and supplemented, the "Indenture") governing the 9.00% Convertible Senior Notes due 2012 (CUSIP: 45928H AD8) (the "Notes") of International Coal Group, Inc. ("ICG"), a wholly owned subsidiary of Arch, ICG will offer to repurchase the Notes, subject to the terms and conditions of ICG's Notice of Fundamental Change and Offer to Repurchase, dated June 13, 2011 (as amended and supplemented from time to time, the "Offer to Repurchase"), the Indenture and the Notes.

5:00PM SeaBright's Chief Financial Officer Resigns (SBX) 10.21 +0.48 : Co announced that Scott H. Maw has resigned as Senior Vice President, Chief Financial Officer and Assistant Secretary, effective August 5, 2011, to accept a senior level position with another co. The co also announced the appointment of Mr. M. Philip Romney, the Company's Principal Accounting Officer, to serve as acting principal financial officer commencing August 8, 2011 until a replacement for Mr. Maw can be found. The co's Board of Directors intends to initiate a search for a replacement chief financial officer.

4:55PM Tecumseh Prods names James J. Connor new CEO (TECUA) 10.78 +0.37 : Co announced that James J. Connor has been named President and Chief Executive Officer effective immediately. Connor has broad experience with manufacturing companies at the CFO and CEO levels and as a strategic adviser to numerous other companies. He most recently served as the Chief Financial Officer for Tecumseh Products Co since January 2010. Connor's appointment as President and Chief Executive Officer comes after an extensive search conducted with the assistance of Heidrick and Struggles, an executive search firm.

4:43PM American Water builds pipeline to Ancora Psychiatric Hospital (AWK) 29.67 +0.11 : As part of an agreement with the New Jersey Department of Human Services and the Township of Winslow in Camden County, New Jersey American Water has begun the installation of a 2-mile water main that will deliver more than 400,000 gallons of water daily to the Ancora Psychiatric Hospital. Beginning the week of July 18, New Jersey American Water work crews will install the 12-inch, cement-lined, ductile iron water main along Rt. 73 at the intersection of Blue Anchor Rd., then onto Central Ave.

4:37PM Park Sterling Bank and Community Capital (CPBK) proposed merger has been approved by the Federal Reserve Bank of Richmond and the South Carolina State Board of Financial Institutions (PSTB) 5.00 +0.09 : The transaction must still be approved by the shareholders of Community Capital.

4:35PM Marriott reports EPS in-line, misses on revs; guides Q3 EPS below consensus; guides FY11 EPS in-line (MAR) 37.14 +0.32 : Reports Q2 (Jun) earnings of $0.37 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.37; revenues rose 7.3% year/year to $2.97 bln vs the $3.01 bln consensus. For the 2011 second quarter, REVPAR for worldwide comparable systemwide properties increased 6.8 percent (a 7.7 percent increase using actual dollars) Co issues downside guidance for Q3, sees EPS of $0.25-0.29 vs. $0.30 Capital IQ Consensus Estimate. For the third quarter, the company assumes North American comparable systemwide REVPAR will increase 5 to 7 percent reflecting strong demand in most markets, but continued weak demand in Washington, D.C.. On a worldwide basis, the company expects third quarter 2011 comparable systemwide REVPAR on a constant dollar basis will increase 6 to 8 percent excluding the Middle East and Japan markets. Co issues in-line guidance for FY11, sees EPS of $1.35-1.43 vs. $1.41 Capital IQ Consensus Estimate. The company assumes full year 2011 North American comparable systemwide REVPAR will increase 6 to 8 percent. On a worldwide basis, the company expects full year 2011 comparable systemwide REVPAR on a constant dollar basis will increase 6 to 8 percent, excluding the Middle East and Japan markets. The company expects investment spending in 2011 will total approximately $500 million to $700 million, including $50 million to $100 million for maintenance capital spending.

4:32PM Rare Element appoints Paul Schlauch as Director and Norman Anderson as Chairman (REE) 10.26 +0.19 : Co announced the appointment of Mr. Paul Schlauch as a director of the Company, the appointment of Mr. Norman Anderson as Chairman, and the resignation of Mr. Stephen Quin as a Director.

4:31PM TPC Group has received the Texas Commission on Environmental Quality air permit necessary for the planned refurbishment, upgrade to air emission controls, and restart of one of its idle dehydrogenation units (TPCG) 10.00 -0.15 :

4:31PM China Biologic Products notified that Guizhou Provincial Government suspends implementation of plan affecting plasma collection stations (CBPO) 10.24 +0.13 : CO announces that it has received oral notification from the Guizhou Provincial Health Department that the Guizhou Provincial Government has suspended the implementation of its recently issued "Plan for Guizhou Provincial Blood Collection Institutional Setting. The Company also was asked to return its copy of the Plan to the Guizhou Provincial Health Department.It is currently not clear what further action the Guizhou Provincial Government may take, including, among other things, revising the Plan, implementing the Plan, or revoking the Plan, and whether the Plan, if implemented, would cause no closures, fewer closures, or more closures of plasma collection stations located in Guizhou Province.

4:30PM Universal Forest announces appointment of Matthew Missad to CEO (UFPI) 24.07 -0.07 : Mr. Missad joined the co full time in 1985 as manager of legal compliance and advanced through a number of successive positions. He was appointed executive vice president, general counsel and secretary of the board in 1996, holding those positions until his appointment to CEO. Missad succeeds Michael Glenn, who tendered his resignation in June 2011 for personal reasons.

4:30PM Universal Forest beats by $0.18, misses on revs (UFPI) 24.07 -0.07 : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.18 better than the Capital IQ Consensus Estimate of $0.15; revenues fell 14.8% year/year to $544.1 mln vs the $558.3 mln consensus. The co believes continued challenging economic conditions and uncertainties in the housing market limit its ability to provide meaningful guidance for ranges of likely financial performance; therefore, the co will not resume the practice of providing guidance in the foreseeable future.

4:27PM Brasil Foods S.A. confirms approval of merger with Sadia (BRFS) 18.50 +1.67 : Co confirms that the Plenary Session of the Administrative Council for Economic Defense has approved the Association between BRF and Sadia S.A.contingent on the compliance with the provisions contained in the Performance Agreement also signed today.

4:22PM America First Tax Exempt Investors announces $10 mln new secured credit facility (ATAX) 5.45 +0.04 : The credit facility essentially provides the co with secured debt financing that the Company can utilize for the acquisition of new tax-exempt mortgage revenue bonds and other investments in accordance with its investment strategy.

4:21PM Pervasive Sftwr raises Q4 EPS and revs guidance above consensus; sees Q1 EPS in-line, revs below consensus (PVSW) 6.59 +0.23 : Co raises Q4 GAAP EPS guidance to $0.06-0.07 vs. $0.03 consensus, up from $0.01-0.04; raises Q4 revs guidance to $13.5-13.7 mln vs. $12.2 mln consensus, up from $11.2-12.2 mln. Co sees Q1 GAAP EPS of $0.00-0.03 vs. $0.03 consensus; sees Q1 revs at $11.2-12.2 mln vs. $12.4 mln consensus. Co said, the expectation for revenue for the quarter ending September 30, 2011 reflects the potential for a sequential decrease from the quarter ended June 30, 2011. The September quarter is typically a challenging quarter due to the seasonality generally associated with the summer months, and Pervasive is not presently assigning a high level of probability to closing another relatively large database customer transaction in the September quarter.

4:19PM Pervasive Sftwr sees Q1 EPS of $0.00-0.03 vs. $0.03 consensus; sees Q1 revs at $11.2-12.2 mlnm vs. $12.4 mln consensus (PVSW) :

4:18PM Pervasive Sftwr raises Q4 GAAP EPS guidance to $0.06-0.07 vs. $0.03 consensus, up from $0.01-0.04; raises Q4 revs tio $13.5-13.7 mln vs. $12.2 mln consensus, up from $11.2-12.2 mln (PVSW) :

4:17PM Mission West reports Q2 funds from operations of $0.13 vs $0.13 Capital IQ Consensus Estimate (MSW) 8.82 :

4:17PM Pervasive Sftwr raises Q4 guidance above consensus (PVSW) :

4:16PM Jewett-Cameron Trading authorizes share repurchase plan of 300K common shares, 16% of shares outstanding (JCTCF) 9.80 +0.25 : During 2010 and 2011 year-to-date, the co repurchased ~472K shares under prior formal plans of repurchase. This share repurchase plan may commence on July 25, 2011 and will remain in place until October 21, 2011 but may be limited or terminated at any time without prior notice.

4:16PM YUM! Brands beats by $0.05, beats on revs; raises FY11 EPS growth, in-line (YUM) 55.58 +0.60 : Reports Q2 (Jun) earnings of $0.66 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.61; revenues rose 9.4% year/year to $2.82 bln vs the $2.7 bln consensus. Co raises FY11 EPS growth guidance to "at least 12%" from at least 10% vs. the +12.1% consensus, or "at least $2.83" vs. $2.84 Capital IQ Consensus Estimate. Operating profit grew 25% in China and 11% at Yum! Restaurants International, prior to foreign currency translation. Operating profit declined 28% in the U.S., resulting in a Worldwide operating profit decline of 2%, prior to foreign currency translation. Worldwide operating profit increased 3% after foreign currency translation. Worldwide system sales grew 3%, prior to foreign currency translation, including 28% in China and 6% at YRI. System sales in the U.S. declined 5%. Strong international development continued with 241 new restaurants opened, including 99 new units in China. Same-store sales grew 18% in China and 2% at YRI, and declined 4% in the U.S. Worldwide restaurant margin declined 0.6 percentage points to 15.9%. "Our outstanding international results were offset by a 28% decline in U.S. profits, driven by higher commodity costs and a 4% decline in same-store sales. As previously communicated, we anticipated weak second quarter sales and profits, driven largely by the negative impact of a meritless lawsuit and resulting negative publicity at Taco Bell. We expect to improve on these very disappointing results by the fourth quarter. For the full year, we expect strong performance from both China and YRI as well as the benefit from foreign currency translation to overcome a challenging year in the U.S."

4:12PM Atlantic Power announces interim CFO Lisa Donahue and Interim CIO Charles Poppe (AT) 16.08 +0.22 : Poppe most recently served as CIO for Goldman Sachs' (GS) independent power subsidiary, Cogentrix Energy, where his duties included integration of acquired assets into the Cogentrix platform, governance and process, and compliance with regulatory obligations.

4:08PM comScore releases June 2011 U.S. search engine rankings; GOOG, YHOO share flat MoM (GOOG) 538.26 +4.25 : Google Sites led the U.S. explicit core search market in June with 65.5% (flat MoM) market share, followed by Yahoo! (YHOO) Sites with 15.9% (flat MoM) and Microsoft (MSFT) Sites with 14.4 percent (up 30 bps MoM). Ask Network accounted for 2.9% (flat MoM) of explicit core searches, followed by AOL (AOL). with 1.4% (-10 bps MoM).

4:08PM American Safety Insurance provides preliminary loss estimate between $3.0 mln to $4.0 mln for U.S. weather-related events (ASI) 19.70 +0.03 : The estimated losses are based upon information currently available and preliminary claims information reported to the co. The actual losses may vary from these initial estimates. None of the second quarter loss estimate is related to the 2011 first quarter catastrophic events.

4:06PM Berkshire Hills Bancorp and Legacy Banks, the subsidiary of Legacy Bancorp (LEGC), have entered into an agreement to sell 4 Legacy Banks branches to NBT Bank, the subsidiary of NBT Bancorp (NBTB) (BHLB) 22.97 +0.09 : BHLB and Legacy Banks, the subsidiary of Legacy Bancorp (LEGC), have entered into an agreement to sell 4 Legacy Banks branches to NBT Bank, the subsidiary of NBT Bancorp (NBTB). The branches had deposits totaling $158 million. The branches will be sold for a 6% deposit premium, and the transaction is expected to close by October 31, 2011. In accordance with the merger agreement between Berkshire and Legacy, a cash payment will be made to Legacy stockholders after the divestiture is completed in an amount equal to 50% of the premium in excess of 3.50%. Based on the agreement with NBT, this payment to Legacy stockholders is expected to be approximately $0.15 per Legacy share.

4:05PM Gen-Probe reports new research shows potential of new molecular test to improve detection of sexually transmitted disease (GPRO) 65.53 +0.01 : Two new studies presented this week at a leading infectious disease meeting demonstrate that sexually transmitted disease (STD) caused by the parasite Trichomonas vaginalis is more common than previously thought. "We believe our APTIMA Trichomonas assay, which was cleared by the FDA in April for use on the fully automated TIGRIS system, can play an important role in highlighting the prevalence of the STD and intercepting infections before they cause serious complications."

4:03PM Frequency Electronics reports Q4 revenues of $15.9 mln, single analyst estimate of $14.4 mln; net income $0.55 per share, single analyst estimate $0.10 (FEIM) 9.61 +0.34 :

4:01PM United Tech's Hamilton Sundstrand and Mubadala Aerospace finalized strategic agreement (UTX) 88.17 -0.29 : Mubadala Aerospace will be a key part of the support network for servicing Hamilton Sundstrand products and systems on the Boeing (BA) 787.

4:01PM QKL Stores retains existing audit team (QKLS) 1.89 : CO announces that it will continue its relationship with its existing audit team by engaging BDO China Shu Lun Pan Certified Public Accountants. Accordingly, in order to retain its existing audit team and minimize disruption, the Company's Audit Committee has dismissed BDO Li Xin Da Hua and engaged BDO China Shu Lun Pan as its independent registered public accounting firm effective July 8, 2011.

4:01PM Meadowbrook Insurance Group provides est of $12.5 mln in pre-tax losses from unusual frequency of severe weather related claim activity in Q2; expected to reduce EPS by ~$0.08 (MIG) 10.02 +0.04 : Co announced that it estimates its Q2 results will include higher than average storm related losses, net of reinsurance, of ~$12.5 million pre-tax. This estimated amount is ~$6.3 mln pre-tax higher than normal, which will add 3.5 percentage points to the combined ratio and reduce EPS by ~$0.08 per share in the quarter.

4:00PM American Apparel receives NYSE Amex letter relating to noncompliance with listing standards (due to previously disclosed director resignations) (APP) 1.12 +0.04 : Co received a letter from the NYSE Amex relating to the composition of the co's Audit Committee and Board of Directors. The letter from the Exchange provides that co has until the earlier of the next annual meeting of stockholders or July 1, 2012 (or if the next annual meeting), to regain compliance with the Exchange's standards. Co intends to fill the vacancy on the Audit Committee and realign the Board of Directors in accordance with the Exchange's standards as expeditiously as possible prior to the expiration of the cure period.

3:46PM StarTek announces expansion to Honduras; The center is expected to open late in the third quarter of 2011 (SRT) 3.37 -0.08 :

3:41PM Stock indices continue to extend afternoon pullback -- Dow +24, S&P +1.6, Nasdaq Comp +9 (SPY) :

3:17PM Relative sector weakness (TECHX) : Sectors that are underperforming the S&P as the market extends its afternoon pullback include: Semi SMH which has tested/slipped fractionally under yesterday's low, Internet FDN, Software IGV, Oil Service OIH, Networking, Disk Drive, Gold GLD.

3:09PM Stock indices slip to minor new afternoon pullback lows -- Dow +72, S&P +7.9, Nasdaq Comp +21.8 (SPY) :

3:02PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : Continuous corn futures closed 22 cents higher at $6.80/bushel, wheat rose 42 cents to close at $7.14, cont. soybeans closed up 21 at $13.80, cont. ethanol closed up 6 cents to $2.73, while cont. world sugar futures closed unchanged at 0.30 cents.

2:54PM IAMGOLD reports incident at Doyon Division; there were no injuries and the damage is being assessed (IAG) 21.03 +0.78 :

2:51PM Central European Dist Announces that Licenses for All Russian Facilities Have Successfully Been Obtained (CEDC) 11.65 +0.85 : Co announces that all 13 licenses for all of its Russian facilities for production, storage and wholesale of spirits that had been up for renewal in 2011 have been successfully renewed and extended for five years.

2:40PM Stock indices slip back near 50% retracement of bounce and stabilize -- Dow +89, S&P +10, Nasdaq Comp +26 (SPY) :

2:39PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled higher by 62 cents to $98.05, natural gas finished up 7 cents to $4.41, RBOB gasoline closed higher by 5.76 cents to $3.155, while heating oil ended up 1.32 cents to $3.10 (all Aug contracts).

2:38PM First Place Finl announces progress on earnings restatement and regulatory agreement (FPFC) 1.25 +0.04 : Co announced that it has made progress toward the restatement of its financial results stemming from adjustments to be made to the allowance for loan losses for its subsidiary First Place Bank. The increase to the allowance will result in the restatement of financial statements. Co intends to engage KPMG to complete an audit of the fiscal 2009 consolidated financial statements... In addition, effective today, the co and the Bank each consented to Cease and Desist Orders with the Office of Thrift Supervision representing agreements that primarily focus on the development and execution of a plan for strengthening the capital positions of both entities. The Cease and Desist Order calls for the Bank to have and maintain a Tier 1 Capital ratio of at least 8.5% and a Total Risk-based Capital ratio of at least 12.0% by December 31, 2011. (stock remains halted from premarket)

2:26PM Gold, silver also seeing a pullback in afterhours trade (COMDX) :

2:25PM Crude oil pulling back toward flat line with appox 5 min left in pit trade; now up 67 cents to $98.10 (COMDX) :

2:17PM Index Change Reminder (INDXCH) : SonoSite (SONO) will replace Kendle International (KNDL) in the S&P SmallCap 600 index after the close of trading today.

2:17PM Eaton Vance authorizes repurchase of up to 8 mln shares; replaces the January 15, 2010 authorization under which the Company repurchased 6.7 mln shares (EV) 28.83 -0.08 :

1:56PM Further downticks off morning highs for stock indices, upticks in Dollar Index off support -- Dow +105, S&P +11, Nasdaq Comp +29 (SPY) : Intraday support for the S&P is at 1325 (being tested) and 1323. Initial resistance is in the 1328/1328.50 area.

1:35PM Jetblue Airways reports traffic increased 7.2% YoY to ~ 2.6 bln miles on a capacity increase of 10% (JBLU) 5.90 +0.11 : Load factor for June 2011 was 82.1%, a decrease of 2.1 points from June 2010. JetBlue's preliminary completion factor was 99.1% and its on-time performance was 73.5%.

1:33PM COMEX Metals Closing Prices (COMDX) : August gold rallied for $23 to end at $1585.30. Futures traded to a new all-time high today at $1588.90. Sept silver closed up $2.47 to $38.10, while Sept copper ended higher by 4.5 cents to $4.396.

1:15PM Corn futures come 1 cent shy of rising the exchange limit in recent pit trading; now up 25 cents (or +3.8%) at $6.83/bushel (COMDX) :

1:11PM Stock indices slip a bit further off morning peaks -- Dow +127, S&P +13, Nasdaq Comp +35 (SPY) : Noted in the 10:49 update that the Dollar Index was approaching a support area (see for chart). It tested that zone 11:25 with a minor bounce extended in recent trade. That is also when the S&P hit its session high of 1331 with it slipping back to yesterday's high at 1327 in recent trade.

1:05PM MDU Resources' Montana-Dakota utilities power line route approved by North Dakota PSC (MDU) 22.46 +0.19 : The ~$21 mln project would connect a proposed wind generation farm being developed by enXco, an EDF Energies Nouvelles to the electric grid. The 150 MW wind farm, called the Merricourt Wind Project, is in Dickey and McIntosh counties in southeastern North Dakota.

12:48PM Chipotle Mexican Grill notches new session high of 328.28, nears its 52-wk close high from last week at 328.49 (CMG) 328.28 +8.57 : Its 52-wk intraday high from last week is at 329.80.

12:37PM SkyWest reports June departures +49% YoY (SKYW) 15.24 +0.08 : Co reports a 49.0% YoY increase in departures to 121,295 for June. Passenger boardings for June increased 48.0% to 5,050,329. Co also reported RPMs increased 57.2%, while ASMs increased 58.0%. The combined airlines generated 2.66 bln RPMs for the month, while ASMs increased to 3.23 bln. Load factor was 82.4% compared to 82.9%, down 0.5 % points compared to June 2010. The substantial increases for each of the items are due primarily to the acquisition of ExpressJet Airlines on November 12, 2010.

12:24PM Grains prices remain sharply higher, extending gains from yesterday (COMDX) : Grain futures are notably higher today after rising sharply yesterday on the bullish USDA July supply/demand report. Wheat futures (continuous contract) are currently up 5.4% at $7.09/bu, corn futures are 3.7% higher at $6.83/bu and soybeans are up 1.6% at $13.80/bu.

12:23PM Crude to fresh highs at $99.21; now up $1.72 to $99.16 (COMDX) :

12:19PM Crude oil trading back toward session highs at $99.08; currently up $1.40 to $98.83 (COMDX) :

12:03PM Netflix and NBCUniversal renew multi-year TV and film content agreement (NFLX) 298.76 +7.49 : The co and General Electric's (GE) NBCUniversal Domestic Television Distribution announced a multi-year renewal of their licensing agreement expanding the selection of non-exclusive NBCU film and TV library titles available to watch instantly streaming from Netflix.

11:53AM Southern Co names Kenneth Coleman new CIO to succeed retiring Blalock; effective Aug 1 (SO) 40.50 : Coleman comes to Southern Company from Alabama Power where he is currently vice president of Alabama Power's Southern Division. Prior to serving in that role, Coleman was the sales and marketing director at Mississippi Power.

11:48AM Crude futures pulling back from session highs; have given up over 50 cents thus far; now up 99 cents to $98.42 (COMDX) :

11:48AM Titanium Metals extends titanium supply agreement with The Boeing Company (BA) (TIE) 18.55 +0.90 : The supply agreement, together with joint technology development agreements, will continue to provide for, among other things, mutual annual purchase and supply commitments, the extension of the global titanium scrap recycling program and the utilization of the TIMET Global Service Center Network, and cooperative efforts on development of new titanium alloy and process capabilities.

11:46AM Dollar Index tests support zone and attempts to stabilize, stock indices slip slightly off highs Dow +140, S&P +16, Nasdaq +41 (TECHX) : Noted the aggressive retreat in the Dollar Index (10:49 update) with a chart highlighting trendline support. Have seen some minor stabilization in recent trade off this support with this bounce and the non-confirmation of the new high by the Dow (11:28 update), which suggests some slowing of intraday momentum, followed by a minor slip in the market averages.

11:46AM ConocoPhillips issues update on Bohai Bay oil cleanup and production curtailment (COP) 74.93 +0.53 : ConocoPhillips' current estimates of the aggregate amount of fluid spilled from the two incidents ranges from between 1,500 barrels (240 cubic meters) to 2,000 barrels (320 cubic meters) of oil and oil-based drilling fluids. Co is working with independent experts to validate the total spill quantity. During these incidents, no oil sheen reached the shoreline, and there were no injuries to personnel. ConocoPhillips will work closely with SOA and CNOOC (CEO) to minimize the impact to the environment. Working safely and in an environmentally prudent manner is always the top priority to ConocoPhillips. (CEO issued update earlier)

11:44AM Digital River announced earlier that its Board of Directors has appointed Stefan Schulz as CFO (DRIV) 32.96 +0.38 : Schulz is assuming the CFO position from Tom Donnelly, who was promoted to President of Digital River in March 2011.

11:37AM Gasoline futures trade to their best levels in 2 months at ; now up 6 cents to $3.16 (COMDX) :

11:31AM Electro Scientific announced new LED wafer scribing system for high volume, ultra high brightness led manufacturing (ESIO) 19.46 +0.46 : Co unveiled its most advanced LED wafer scribing system, the AccuScribe 2600. ESI's AccuScribe 2600 is built on patented, industry-leading technology enabling customers to extract the maximum light output from LED's.

11:30AM IAMGOLD aggressive gains for second day in a row, breaks above June peak of 21.25 with May high/April gap at 21.38 -- session high 21.28 (IAG) 21.25 +0.99 :

11:28AM Minor new highs for S&P +17 and Nasdaq Comp +43, Dow +158 has not yet confirmed the new high (SPY) : Relative sector strength on the recent push has been noted in: Finance XLF, Reg Bank KRE, Oil Service OIH, Disk Drive, Commodity Index, Silver SLV, Gold Miners GDX.

11:26AM Crude to fresh highs at $98.84; now higher by $1.35 to $98.78 (COMDX) :

11:21AM Eaton Vance reported assets under management of $200.0 bln on June 30, 2011 (EV) 29.29 +0.37 :

11:21AM Intl Paper extends solid advance back toward highs of last two weeks at 30.72/30.71 -- session high 30.65 (IP) 30.65 +1.02 :

10:49AM Currency Chart Watch: Aggressive retreat in Dollar Index, hovering modestly above important support (TECHX) : (Click for chart).

10:48AM Silver above $38 to session highsat $38.16, its best levels since June 1; now higher by $2.45 (6.9%) to $38.10 (COMDX) :

10:34AM Further broad based gains -- Dow +157, S&P +15, Nasdaq Comp +39 (SPY) :

10:33AM Crude Oil continuous futures contract testing its 50 sma at 98.18 which capped the upside last week -- session high 98.18 (TECHX) :

10:32AM Arrow Elec expands global agreement with Carclo for Optics in North America and Asia (ARW) 37.63 +0.35 : Arrow's existing agreement with Carclo includes the EMEA regions.

10:31AM Walgreens increases dividend to $0.225/share from $0.175/share & and announces new $2 bln share repurchase program (WAG) 43.04 +0.49 : Co says share repurchase program will expire Dec. 31, 2015. Co completed its previous $1 bln repurchase program announced in October 2010.

10:30AM Crude oil spikes sharply following inventory data; now higher by 51 cents to $97.96 (OIH) :

10:30AM Praxair's White Martins signs new contract with Braskem (BAK) (PX) 108.03 +0.31 : White Martins will build and operate a new cryogenic on-site air separation plant with a capacity of 200 tons per day. The plant will supply Braskem's expanded polyvinyl chloride unit in the state of Alagoas, in Brazil's northeast region. Braskem has invested an estimated $635 mln in the new industrial unit, which is scheduled to start operations in the first half of 2012.

10:21AM News Corp confirmed that it withdrew proposed offer for British Sky Broadcasting Group (BSYBY) (NWSA) 15.79 +0.45 : Co confirmed that it no longer intends to make an offer for the entire issued and to be issued share capital of British Sky Broadcasting Group PLC not already owned by it. (see 9:15 comment)... In the event that News Corp is permitted pursuant to the City Code to announce an offer or possible offer for BSkyB, News Corp reserves the right to do so at any price and at a price less than 700 pence per BSkyB Share in the event that either: (i) it is recommended by the Board of BSkyB; or (ii) there is an announcement by a third party of an offer or a possible offer for BSkyB at a price lower than 700 pence per BSkyB Share; or (iii) BSkyB declares, makes or pays a dividend which is in excess of its stated dividend policy at the time of this announcement; or (iv) it is so permitted by the City Code.

10:21AM Stock indices extending recovery -- Dow +134, S&P +13, Nasdaq Comp +31 (SPY) : The S&P has pushed up to a short term secondary resistance at 1326/1327 (session high 1327) noted in The Technical Take with the Nasdaq Comp probing the lower end of a similar zone as well at 2812/2820 (session high 2813).

10:17AM McGraw-Hill vacillating just above last week's close high of 43.04 after upgrade (MHP) 43.07 +1.32 : It July intraday high and 52-wk close high from May are at 43.24/43.22 with the 52-wk intraday peak from May at 43.50.

10:11AM EarthLink announced that Blue Beacon selected EarthLink Business to install its new nationwide MPLS network connecting 118 locations across 38 states (ELNK) 7.78 +0.03 :

10:08AM Gold, silver, crude oil all pushing higher on strong pullback in dollar (COMDX) :

10:06AM Nasdaq Comp +26 this time confirms new session highs from Dow +123 and S&P +12 (SPY) :

10:03AM Envoy will not complete a division of its issued and outstanding common shares (ECGI) 1.88 +0.09 : The directors of the Company have determined that it is not in the best interest of Shareholders to proceed with the Share Split at this time.

10:02AM Stock indices punch higher after release of Fed Chair's text -- Dow +97, S&P +9.4, Nasdaq Comp +22 (SPY) :

10:01AM Ecotality and American Electric Power (AEP) to unveil Ohio's first Blink electric-vehicle charging stations (ECTY) 2.80 +0.01 : The Blink Pedestal chargers were installed at the Walmart/Sam's Club (WMT) in Columbus and are part of AEP Ohio's gridSMART(R) initiative to promote energy efficiency.

9:54AM Opening Point Gainers/Losers (TECHX) : Point Gainers: PCLN (+7.47), NFLX (+8.11), GOOG (+6.26), SINA (+5.25), AAPL (+4.19), BIDU (+4.51), MA (+4.05), KCI (+3.53), FOSL (+3.23), CMI (+3.23), FFIV (+3.25), SI (+2.71)

Point Losers: TSPT (-3.47), VR (-2.64), ESL (-2.07), CWH (-1.29), ADTN (-1.31), ITG (-1.08), COF (-1.13), OPEN (-1.00), AAP (-0.89), ALTR (-0.89)

9:47AM Apple notches new session high of 359.25, this week/last week highs are at 359.77/360.00 (AAPL) 359.22 +5.48 : If a break above is seen, its four month high from March is at 361.67 with the 52-wk close high from Feb at 363.13.

9:45AM Solid, broad based opening as the major averages push to the upper half of Tuesday's range with Nasdaq +22 outperforming -- Dow +72, S&P +7.7 (SPY) :

9:41AM Amazon.com: AT&T (T) to sponsor Kindle 3G 'with Special Offers' at new price of $139 (AMZN) 213.86 +2.50 :

9:38AM Crude to fresh lows at $96.53; now off $0.76 to $96.67 (COMDX) :

9:36AM Comstock Homebuilding Companies announces strategic alliance with SunBridge Capital Management (CHCI) 1.25 : The purpose of the strategic alliance is to facilitate Comstock's and SunBridge's ongoing pursuit of certain homebuilding and multi-family rental projects in the Washington, DC market. The strategic alliance calls for project funding of up to $25 mln from each party to capitalize agreed-upon potential investments. Further demonstrating its commitment to its relationship with Comstock, SunBridge will also provide up to $20 mln of senior secured financing thereby strengthening Comstock's ability to pursue new real estate investment and development opportunities.

9:33AM LTX-Credence announces selection of X-Series by ELMOS Semiconductor AG for testing automotive ASICs and ASSPs (LTXC) 8.35 +0.11 :

9:32AM MicroStrategy and Informatica Corporation (INFA) announced a strategic alliance (MSTR) 157.79 +1.16 : The cos announced a strategic alliance to make Informatica's enterprise-class Data Integration Platform a core component of the MicroStrategy Cloud. MicroStrategy Cloud will offer both multitenant and dedicated versions of Informatica's Data Integration technology as an optional service to MicroStrategy Cloud customers.

9:32AM UIL Holdings selects IBM (IBM) to help secure smart meters from vulnerabilities and security attacks (UIL) 32.85 +0.28 :

9:31AM LML Payment Systems, Inc. settles litigation with Northern Trust (NTRS) (LMLP) 3.90 +0.08 : Co has agreed to the terms of a Settlement and License Agreement with The Northern Trust Company and Northern Trust Corporation with respect to litigation filed by LML in the U.S. District Court for the Eastern District of Texas alleging that Northern Trust infringed U.S. Patent No. RE40,220. The terms of the Agreement provide Northern Trust with a fully paid-up license to certain LML patents for electronic check conversion transactions including "ARC", "WEB", "POP", "TEL" and "BOC" and primarily have as their basis, Northern Trust's transaction volume. Northern Trust agreed to pay $1,250,000 in connection with the Agreement.

9:18AM On The Wires (WIRES) :

* Aon Hewitt of Aon Corporation (AON) announced that its global investment consulting business has won 30 new delegated investment consulting clients around the world since the start of 2011.
* Kentucky Community & Technical College System selected Blackboard (BBBB) to redesign its process for delivering services and support to students.
* HMS, a wholly owned subsidiary of HMS Holdings (HMSY) announced that it has been awarded a contract by the Maine Department of Health and Human Services to perform hospital and long term care credit balance reviews and cost of care recoveries on behalf of the state's MaineCare program.

9:18AM First Place Finl halted, news pending (FPFC) 1.28 :

9:11AM Gold to new all time highs at $1581.40; currently higher by $17.50 to $1579.80 (COMDX) :

9:08AM Kraft Foods announced that Michael Clarke, Executive VP and President of Kraft Foods Europe, will leave the company in mid-August (KFT) 35.40 : Kraft Foods has named Timothy P. Cofer to succeed Clarke.

9:07AM Halliburton has been awarded a contract from Chevron (CVX) for integrated services for shale natural gas exploration in Poland (HAL) 52.22 :

9:06AM Rentech receives final air permit for its Port St. Joe renewable energy project (RTK) 1.01 : Co announces that it has received the final air permit for its proposed Port St. Joe Renewable Energy Center. The Port St. Joe Project has been issued the final air permit from the Florida Department of Environmental Protection and has received all significant permits from the State to allow start of construction of the planned project.

9:05AM Newport enters into agreement to acquire High Q Technologies (NEWP) 17.87 : Terms of the transaction, which is anticipated to close before the end of the third quarter, were not disclosed. High Q, headquartered in Rankweil, Austria, expects 2011 revenues of approximately $20 million, with three-fourths of its sales to customers in Europe. The company is profitable, and Newport expects the acquisition to be accretive to its earnings immediately after closing.

9:04AM Synaptics announced that the first commercially available Google (GOOG) Chromebooks are exclusively equipped with a Synaptics ClickPad (SYNA) 24.47 :

9:03AM Pope Resources increases quarterly distribution by 40% to $0.35/unit from $0.25/unit; effective for unitholders of record on July 29 (POPE) 47.00 :

9:02AM Magnum Hunter expands senior bank credit facility; borrowing base increased from $145 mln to $170 mln (MHR) 6.56 : Co announced that the co's borrowing base under its $250 mln senior secured revolving credit facility has been increased by $25 mln from $145 mln to $170 mln. The 17% increase in Magnum Hunter's borrowing base is entirely due to organic growth of the co's existing proved reserve base which includes the growth in reserves from the two recently closed corporate acquisitions of NGAS and NuLoch.

9:02AM Seanergy Maritime announces new time charter agreement for one of its vessels at a duration of 12 to 18 months at a gross charter rate of $14,500/day (SHIP) 3.84 : As a result of this new time charter agreement, the co has now secured 93% of its ownership days for 2011, 64% for 2012 and 24% for 2013, based on the latest redelivery date of the charter party agreements.

9:02AM Level 3 expands relationship with Cox Communications (LVLT) 2.45 : Level 3 Communications (LVLT) today announced that it has signed multi-year agreements with Cox Communications to deliver high-speed IP and transport services, and is also expanding the capabilities made available through Level 3's wholesale partner program that enable Cox to use and to resell Level 3's services. Cox will also purchase additional dark fiber to expand its backbone and support the growth of its broadband network.

9:01AM Stealthgas announced today the successful delivery of three vessels and an update on chartering arrangements (GASS) 4.18 : Co had previously announced on May 12, 2011 the sale of four LPG carriers and the delivery of one of them, the Gas Shanghai on May 8 to its new owners... The average rate for the above five time charters is approximately $300,000 per calendar month. Co has also agreed with the charterer of one of its tankers to reduce the bareboat charter rate by 10% starting from June.

8:56AM Quad/Graphics to acquire Mexican printing assets from and sell Canadian Assets to Transcontinental (QUAD) 36.18 : CO announced that they have entered into a definitive agreement whereby Quad/Graphics will acquire Transcontinental's Mexican operations and sell its Canadian operations to Transcontinental. Further, Quad/Graphics will receive a portion of Transcontinental's Canadian book printing business that is produced for U.S. export. The definitive agreement allows for the transactions to close independently of each other, but both are expected to close in the fall of 2011. In the transaction, Transcontinental will also transfer to Quad/Graphics its black and white book printing business destined for U.S. export, which represents ~ $25 mln in revenues.

8:53AM Entertainment Gaming Asia announces favorably amended terms for its casino development project in the Pailin Province of Cambodia (EGT) 0.30 : Co announced it has amended the terms of its casino development project in the Pailin Province of Cambodia, which include an increase in the co's share of the project's returns. Under the amended terms, the Pailin Project will be 100% owned by Entertainment Gaming Asia with exclusive management rights and control over the development and operation of the casino. In addition, the Company has entered into a 20-year lease agreement for the land on which to construct the initial phase of the project. It will make fixed lease payments to the land owner in the amount of $5,000 per month with the first year of lease payments waived.

8:51AM Unilife Corporation commences initial supply of the unifill syringe to Sanofi (SNY) (UNIS) 4.99 : Co announced it has commenced the initial supply of validated product of the Unifill syringe to Sanofi (SNY). Since signing the Exclusive Agreement in July 2008, Sanofi has paid Unilife a total of ~$40 mln, comprising a $16 mln fee in exchange for the exclusive right to negotiate the purchase of the Unifill syringe, and to help fund the Industrialization Program for the device up to a maximum of $24 mln. Sanofi has secured exclusivity for the Unifill syringe within the full therapeutic classes of antithrombotic agents and vaccines, plus an additional four smaller sub-groups, until June 30, 2014.

8:44AM UDR announces pricing of common stock offering at $25.00/share (UDR) 25.00 : Co announced the pricing of a public offering of 18 mln shares of its common stock at a price of $25.00/share, for net proceeds of ~$431.5 mln after underwriting discounts and commissions and estimated offering expenses (or ~$496.3 mln if the underwriters' overallotment option is exercised in full). The co expects to use the net proceeds from the offering to fund potential and recent acquisitions, for working capital and for general corporate purposes.

8:42AM On The Wires (WIRES) :

* Pitney Bowes (PBI) announced it is expanding its international mailing services to help U.S. customers deliver publications around the world. The Company's international mail services facility in Itasca, Illinois will now serve as a publications center of excellence for customers shipping magazines, trade journals, bulk newsstand shipments and books to 215 countries.
* IXYS Corporation (IXYS) announced the introduction of the PCM-7510 by its IXYSRF division located in Colorado. The PCM-7510 module is an air-cooled, high power pulsed-current source designed to drive diode lasers, bars and arrays in permanent and semi-permanent installations.
* Foster Wheeler AG (FWLT) announced that a subsidiary of its Global Power Group has been given the full notice to proceed by Hyundai Engineering and Construction for the design and supply of four 550 MWe supercritical circulating fluidized-bed steam generators for the Samcheok Green Power Project for Korea Southern Power, the owner and developer of the project.
* Active.com, a media property of Active Network (ACTV) announced a 297% increase in its social media fan base over the past year. The co now reports more than one million fans and followers across its nearly 20 social channels.
* The Washington State Department of Transportation selected AeroVironment (AVAV) to update Interstate 5 and US 2. Co will manufacture, supply, install and operate a network of nine fast-charging stations for electric vehicles.

8:37AM Gasco Energy estimated production was 947 million cubic feet equivalent, a 17.8% decrease from Q210; The 1.3% decline in sequential quarterly equivalent production (GSX) 0.24 : Co is finalizing the federal drilling permits for its two Green River Formation oil wells. The co anticipates that completions for both wells will follow shortly after both wells have been drilled. As previously disclosed, the co has elected to defer its up-hole natural gas well recompletion program until the latter part of the third quarter and into the fourth quarter in anticipation of stronger seasonal natural gas prices. Decline in production is primarily attributed to a third-party gathering company's compressors being down and/or performing below design specifications.

8:33AM PowerSecure receives $15 mln of new business awards, including new micro-grid and SmartStation Projects (POWR) 6.99 : Co announces The $15 mln of new awards announced today include $7 mln of IDG Smart Grid Power System orders, $6 mln of Utility Infrastructure projects, and $2 mln of LED lighting products. The co expects the majority of these projects to be completed, and the revenue recognized, over the four quarters beginning with the third quarter of 2011, with the exception of $1 million of IDG system revenue related to a new long-term recurring revenue contract. These new orders will be included in the co's backlog reported in conjunction with its second quarter 2011 earnings release.

8:32AM Legg Mason reported preliminary assets under management of $663 bln as of June 30, 2011 (LM) 31.98 :

8:31AM DaVita CathAway Program leads to lower catheter rates in hemodialysis patients (DVA) 87.49 : Co announced that the company has made landmark progress in reducing "Day 90+" patient central venous catheter rates, further cementing its position as the industry leader among large dialysis organizations in catheter reductions through the placement of permanent accesses.

8:29AM Array Biopharma licenses cancer drug ARRY-543 to ASLAN Pharmaceuticals (ARRY) 2.50 : Co announced a license agreement to develop Array's HER2 / EGFR inhibitor, ARRY-543, currently entering Phase 2 development for solid tumors. Under the agreement, ASLAN will fund and globally develop ARRY-543 through proof of concept, initially targeting patients with gastric cancer through a development program conducted in Asia. Upon achievement of proof of concept, ASLAN will identify a global partner for phase 3 development and commercialization. Array will share a significant portion of the proceeds of such partnering transaction. The agreement also includes an option for the two parties to negotiate to license a second undisclosed compound.

8:29AM Scorpio Tankers amends its 2010 credit facility making it a reducing revolving facility and agrees to time charter-in two vessels (STNG) 9.11 : Co announces that it has amended its 2010 Credit Facility converting it to a reducing revolving credit facility from a term loan and that it has agreed to time charter-in two vessels. The total available commitment at the date of signing the amendment is $137.0 million, representing the balance of the original term loan, and the facility is fully drawn at this date. The commitment will reduce at the end of every quarter by $4.1 million until the loan matures on June 2, 2015. All of the covenants and terms in the amended credit facility are substantially the same as the covenants contained in the 2010 Credit Facility prior to the amendment

8:28AM Assured Guaranty and CIFG Assurance North America resolve reinsurance dispute regarding Xenia Rural Water District water revenue bonds (AGO) 16.51 : Co announced that they have reached an agreement to settle their dispute related to CIFG Policy No. 1259 insuring $83.8 mln of water revenue bonds issued by Xenia Rural Water District, Iowa in 2006. Under the settlement agreement, the pending litigation between AGC and CIFG related to the Xenia Policy will be dismissed in the ordinary course and the Xenia Policy will be a "Covered Policy" under the Quota Share Reinsurance Agreement dated January 21, 2009 between AGC and CIFG.

8:26AM On The Wires (WIRES) :

* Jack Henry & Associates (JKHY) announced that its JHA Payment Processing Solutions division will offer Visa-branded EMV chip-and-signature cards to its credit union customers.
* Accelrys (ACCL) announced a new release of the Discovery Studio(R) life sciences modeling and simulation software.
* ZBB Energy (ZBB) announced a contract from City Cottage Group to provide a 500kWH energy storage system for use in a micro-grid application at the Illinois Institute of Technology Campus.

8:11AM GFI Group intends to offer sr notes (GFIG) 4.46 : GFI Group intends to use a portion of the net proceeds from the offering of the Notes to repay all outstanding amounts, including accrued and unpaid interest, under its existing credit agreement, to redeem all of its existing senior secured notes due January 30, 2013, including all accrued and unpaid interest thereunder, and to pay all premiums and transaction expenses associated therewith.

8:06AM New Energy Systems announced that its senior mgmt team has purchased approximately $300,000 of stock to date with personal funds (NEWN) 1.87 :

8:04AM Allstate announced $0.3 billion, pre-tax, in estimated catastrophe losses for the month of June 2011 (ALL) 29.98 : Allstate previously announced $2.0 billion in estimated pre-tax catastrophe losses for the months of April and May 2011, bringing estimated catastrophe losses for the second quarter 2011 to approximately $2.3 billion, pre-tax. This announcement is made as part of Allstate's previously announced plan to release month and quarter-to-date catastrophe losses when a monthly estimate exceeds $150 million.

8:03AM Exxon Mobil provides Yellowstone River cleanup and recovery update; ongoing air quality monitoring has confirmed there is no danger to public health (XOM) 81.89 : Co prvided an update as Unified Command cleanup operations continued Wednesday following a release of oil into the Yellowstone River on July 1. Workers continue cleanup along the river using poles and absorbent pads. "We have deployed more than 43,000 feet of boom and approximately 260,000 absorbent pads to clean up oil adjacent to the river. Deployment continues to focus on the highest priority areas to reduce environmental impact. Forty-six boats are available for deployment on the river when conditions permit, and air boats are being used to help ferry workers to and from the shore to various cleanup sites where conventional motorboats cannot be used."

8:03AM SuperGen: FDA accepts DACOGEN sNDA submission in acute myeloid leukemia (SUPG) 2.94 : Co announces that Eisai released information that the FDA has accepted for review its supplemental New Drug Application seeking approval of DACOGEN for injection in the treatment of acute myeloid leukemia.

8:03AM Gulf Resources reaffirms its corporate structure and the Chairman's intention to maintain his ownership of common stock (GURE) 2.98 : Co announces that its Chairman, Ming Yang and his family will hold their shares for the next three years and confirmed that Gulf Resources maintains 100% ownership of its two PRC subsidiaries Shouguang City Haoyuan Chemical, and Shouguang Yuxin Chemical Industry. The co's Chairman, Mr. Yang and his family together own ~38.7% of the co's total outstanding shares of common stock. In a letter to shareholders, Yang and his family have declared that they are very confident in the co's future and will not pledge or sell any of their shares in the next three years.

8:02AM Midway Gold reports long gold intercepts at Spring Valley Project, Nevada; include metallic screen assays with gold intercepts of 166 meters of 1.48 grams per tonne gold (MDW) 2.27 : On the north end of the known resource, metallic screen assays for drill hole SV10-510 report 166 meters of 1.48 gpt gold, which includes 23 meters of 2.15 gpt gold, and hole SV10-511c contains 218 meters of 2.7 gpt gold, which also includes 41 meters of 12.3 gpt gold. This northern zone appears to remain open to the north, and additional infill drilling will be required to include this zone with the currently defined gold resource. The 2011 drilling program commenced in early April, and two RC rigs and one core rig are currently operating. The 2011 drill plan is focused on expanding the resource and evaluating property acquired near the end of 2010 south of the current resource area. In addition to drilling, cultural and biological surveys, hydrogeologic studies and trace element analyses are underway to support future permit applications.

8:00AM JA Solar Appoints Min Cao to Succeed Anthea Chung as Chief Financial Officer (JASO) 4.56 : Co announced that Mr. Min Cao will succeed Ms. Anthea Chung as JA Solar's chief financial officer. Ms. Chung is resigning from her position to pursue other opportunities. She will remain with the company through August 19, 2011, to assist with the transition, and will participate in the company's second quarter earnings conference call.

8:00AM Fidelity National announces sale of its flood insurance business to WRM America Holdings for ~ $210 mln (FNF) 15.56 : Co announced the signing of a definitive agreement under which it will sell its flood insurance business to WRM America Holdings. Under the terms of the definitive agreement, WRM America will acquire 100% of the equity interests of Fidelity National Indemnity Insurance and Fidelity National Insurance Services for ~$210 mln, consisting of ~$122.5 mln in cash, $75 mln in a seller note and ~a $12.5 mln cash dividend that FNII intends to pay to FNF prior to closing.

7:32AM CGI Group has entered into a US$475 million private debt placement financing with six large US private placement investors (GIB) 23.87 : The private placement is comprised of three tranches of guaranteed senior unsecured notes, with a weighted average maturity of 8.2 years and a weighted average fixed coupon of 4.57%. The Company will draw down the proceeds no later than December 15, 2011, and plans to execute interest rate swaps subject to favorable market conditions in order to reduce its financing costs and maximize flexibility. The Company intends to use the proceeds of the private placement to pay down part of the Company's existing revolving term facility which matures in August 2012.

7:32AM Transatlantic Hldngs confirms receipt of unsolicited proposal from Validus Holdings (VR) (TRH) 30.80 : Co confirmed that it has received an unsolicited proposal from Validus Holdings (VR) to acquire all of Transatlantic's outstanding shares of common stock. As previously announced on June 12, 2011, co entered into a definitive merger agreement with Allied World Assurance Company (AWH) under which Transatlantic and Allied World would combine in a merger of equals, with stockholders of Transatlantic receiving 0.88 Allied World common shares for each share of Transatlantic common stock. (See 1:30 comment)

7:14AM On The Wires (WIRES) :

* Gilat Satellite Networks (GILT) announced that it has been selected by Synterra, Russia's national communications carrier, to provide satellite communications equipment for the extension of a broadband network throughout Siberia and the Russian Far East.
* Magal S3 (MAGS) has received official notification from Pemex that PipeGuard, Magal's sub-terrain intrusion detection sensor used for underground asset protection, has successfully detected 12 excavations out of 12 attempts with no false alarms, in a recently completed trial.
* Microsemi Corporation (MSCC) announced a new multichip memory product that provides a drop-in replacement for the discontinued Micron memory package used in Texas Instruments (TI) processors.
* RXi Pharmaceuticals (RXII) announced that it expanded its patent portfolio with additional patents covering worldwide rights to develop and commercialize NeuVax. Co also acquired patent rights covering use of NeuVax in combination with trastuzumab and use in low-to-intermediate HER2+ breast cancer patients not eligible for Herceptin therapy.

7:04AM Northgate Minerals and Primero to combine their respective businesses; Northgate will acquire all of the issued and outstanding common shares of Primero for 1.50 Northgate common shares per Primero Share (NXG) 2.89 : Co and Primero Mining announce that they have entered into a definitive arrangement agreement to combine their respective businesses. The transaction will create a company with an expected combined market capitalization of approximately $1.2 billion. Under the terms of the Arrangement Agreement, Northgate will acquire all of the issued and outstanding common shares of Primero for 1.50 Northgate common shares per Primero Share. Both companies' Boards of Directors have determined that the proposed business combination is in the best interests of their respective shareholders.

7:02AM Genesis Energy increases quarterly distribution to $0.415 from $0.4075 per share (GEL) 27.15 :

7:01AM Forest City Enterprises to offer $250 mln convertible senior notes (FCE.A) 18.86 : Co announced its intention to offer $250 mln aggregate principal amount of convertible senior notes due 2018. The Notes will be general senior unsecured obligations of Forest City Enterprises (FCEB).

6:31AM Kinetic Concepts to be acquired by consortium including Apax Partners, CPPIB and PSP Investments for $68.50 per share (KCI) 64.49 : Co announces it has entered into a definitive merger agreement under which a consortium comprised of funds advised by Apax Partners, together with controlled affiliates of Canada Pension Plan Investment Board and the Public Sector Pension Investment Board, will acquire KCI for $68.50 per share in cash in a transaction valued at $6.3 bln.

6:30AM Capital One beats by $0.27, reports revs in-line (COF) 52.24 : Reports Q2 (Jun) earnings of $1.97 per share, $0.27 better than the Capital IQ Consensus Estimate of $1.70; revenues rose 2.3% year/year to $3.99 bln vs the $4.02 bln consensus. The co's estimated Tier 1 common equity ratio rose to ~9.2% as of June 30, 2011, up 80 basis points from March 31, 2011. Period-end loan balances increased $4.9 bln, or 4%, driven largely by the addition of the $3.7 bln Kohl's portfolio in the Domestic Card Segment, as well as growth in both Auto Finance and Commercial Banking. Ex-the addition of the Kohl's portfolio, period-end loans in the Domestic Card Segment declined modestly in the quarter, as about $200 mln of growth in revolving card balances was more than offset by ~$500 mln of expected run off of the Installment Loan portfolio, which is included in the Domestic Card Segment. Purchase volume increased in the quarter to $34.3 bln, from $27.8 bln in 1Q11, owing to the addition of Kohl's, Q2 seasonality and continued strong growth in purchase volume across the co's Domestic Card Segment. While average loans in the quarter grew by $2.8 bln to $127.9 bln, average earning assets grew a more modest $603 mln as a result of the expected decline in cash and investments due to the acquisition of the Kohl's portfolio. The co continues to believe that the upper end of the reasonably possible future losses from representation and warranty claims beyond its current accrual levels could be as high as $1.1 bln. Revenue margin for Q2 was 9.2%, down 24 bps QoQ. While the net charge-off rate was down 75 bps QoQ, the allowance coverage to loans ratio was only down 60 bps to 3.48%.

6:25AM Capital One announces $2.0 bln common stock offering (COF) 52.23 : Co announced an underwritten public offering of $2.0 billion of its common stock. Co intends to use the net proceeds of the offering to fund a portion of its previously announced acquisition of ING Direct. (ING) In connection with the offering of its common stock, Capital One expects to enter into forward sale agreements with Barclays Capital and Morgan Stanley, whom we refer to as the forward purchasers.

6:25AM Suntech Power extends limited product warranty to ten years (STP) 7.60 : Co announced earlier, the new extended warranty is applicable for all standard panels shipped out after April 1st, 2011.

6:20AM Tanzanian Royalty Exploration announces $25 mln bought deal offering to expedite development of Buckreef Gold Project in Tanzania (TRX) 6.42 : Co announced last night that it has entered into an underwriting agreement with Casimir Capital whereby the Underwriter has agreed to purchase ~4.2 mln units of the co on a bought deal basis at a price of $5.90/unit, for sale to the public in Canada and the United States. The offering is expected to provide the co with aggregate gross proceeds of $25 mln. The primary use of the funds will be for the completion of a full Feasibility Study on the co's advanced stage Buckreef Gold Project in Tanzania which hosts ~2.0 mln ounces of 43-101 compliant resources at a 0.5 g/t cut-off grade.

6:05AM On The Wires (WIRES) :

* Noah Education Holdings (NED) announced it has received the second installment of RMB17.5 mln, representing 30% of the total purchase price of RMB100 mln, net of certain price adjustments pursuant to the acquisition agreement, for the recently disposed Electronic Learning Products business and operating assets.
* ReneSola (SOL) announced that it began shipments of its Virtus wafers and modules in June, shipping an aggregate total of ~54.8 MW of Virtus wafers and 20 MW of Virtus modules, which are manufactured using Virtus wafers, to a number of the co's top customers in Europe.
* Integra LifeSciences (IART) announced that it will release a line extension for its Uni-CP Compression System. The Uni-CP Compression System provides a comprehensive solution for arthrodesis and fracture management for mid and hindfoot reconstruction.

5:44AM On The Wires (WIRES) :

* LDK Solar (LDK) announced it has signed contracts to supply solar modules to two leading electric power companies in China. The first sales contract is for 30 megawatts of solar modules in the Qinghai province to be delivered in August of 2011. The second contract is for 5 MW of solar modules in the Jilin province to be delivered in the first half of 2012.
* Identive Group (INVE) bolstered its position as an early solutions leader for the emerging near field communications market with the launch of an online marketplace featuring NFC solutions for system integrators and applications developers.
* NXP Semiconductors N.V. (NXPI) announced its next generation of CAN transceivers with the introduction of the dual high-speed CAN transceiver, TJA1048.

4:47AM Energy Recovery consolidates North American Operations (ERII) 3.00 : Co announces the planned consolidation of its North American manufacturing operations. The co will move its operations in Michigan and relocate those activities to its existing headquarters and production center in San Leandro, California. Co expects the consolidation to significantly reduce costs, improve efficiencies and enhance research and development efforts, positioning the company to experience increased profitability in subsequent years. To implement this consolidation, the co expects to record non-recurring expenses in the current year of ~$4.7 ml,which includes a loss on sale of $1.3 mln, moving costs of $0.4 mln, and employee severance and other estimated transition costs of ~$1.8 mln. ERI anticipates that the consolidation will generate recurring cost savings in subsequent years on the order of $3.0 mln, resulting mainly from reductions in headcount and other overhead expenses. ERI expects the impact of the consolidation on cash flow to be minimal.

1:59AM ADTRAN beats by $0.02, beats on revs (ADTN) 40.13 : Reports Q2 (Jun) earnings of $0.56 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.54; revenues rose 22.5% year/year to $184.2 mln vs the $179.3 mln consensus.

1:56AM Dr. Reddy's announces the USFDA approval of Fondaparinux Sodium Injection (RDY) 34.84 : Co and Alchemia announce that RDY has received final approval of ANDA for Fondaparinux Sodium Injection, a bioequivalent generic version of Arixtra, in the US market the FDA. The approval covers 2.5 mg/ 0.5 mL, 5.0 mg/ 0.4 mL, 7.5 mg/ 0.6 mL and 10 mg/ 0.8 mL doses of the drug in prefilled color-coded, single-dose syringes with automatic needle safety device. Arixtra brand had U.S. sales of ~$340 mln.

1:53AM ASML Holding beats by $0.06, beats on revs; guides Q3 revs in-line; reaffirms sales expectations (ex-EUV) (ASML) 34.88 : Reports Q2 (Jun) earnings of $1.00 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.94; revenues rose 5.3% year/year to $1.53 bln vs the $1.51 bln consensus. Co issues in-line guidance for Q3, sees Q3 revs of ~EUR1.4 bln vs. $1.41 bln Capital IQ Consensus Estimate. Co anticipates third quarter orders likely not to exceed EUR500 mln. Co states its 2012 business will be supported by the continuation of the ramp of 2x nm nodes in Logic, 2x nm nodes in NAND memory and 3x nm in DRAM memory, the aggressive and litho-intensive development efforts of sub-20 nm technologies, as well as the introduction of the first EUV volume production systems NXE:3300. Co reiterates sales expectation for all of 2011, to hit a record level clearly above EUR5 bln, not including EUV (no est ex-EUV). Systems backlog, excluding EUV at the end of Q2 was EUR2,756 mln.

1:39AM Chiquita Brands announces early tender offer results and decision to upsize to purchase any and all 8-7/8 Senior Notes due 2015; early tender deadline extended to July 26 (CQB) 12.44 :

1:36AM Transcept Pharma expects Complete Response Letter on Intermezzo New Drug Application based on teleconference with FDA (TSPT) 8.59 : Co announces that it expects to receive a Complete Response Letter from the FDA regarding the resubmitted NDA for Intermezzo on or before July 14, 2011, the PDUFA date assigned by the FDA for completion of the Intermezzo NDA review. This update from Transcept is based on a teleconference with the FDA during which the FDA expressed continued concerns about the safety profile of Intermezzo based on information in the resubmitted NDA. Until Transcept receives the anticipated Complete Response Letter, the company has limited information as to the full extent of FDA concerns.

1:30AM Transatlantic Hldngs: Validus (VR) announces superior proposal for combination with co for total consideration of $55.95 per share (TRH) 49.02 : Validus Holdings (VR) announce that it has delivered to the Board of Transatlantic Holdings (TRH) a proposal to merge the businesses of Validus and Transatlantic. TRH stockholders would receive 1.5564 VR voting common shares in the merger and $8.00 in cash per share pursuant to a one-time special dividend from TRH immediately prior to closing of the merger for each share of TRH common stock they own. VR's proposal would provide total consideration of $55.95 per TRH share, representing a 12.1% premium to the value of TRH's previously announced proposed acquisition by Allied World Assurance Company (AWH) as of July 12, 2011. VR's proposal represents a 14.1% premium to TRH's closing price as of July 12, 2011.

1:22AM CommonWealth REIT prices 10 mln shares of common stock at $24.00 per share (CWH) 25.41 :
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