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Market Update: 110720

4:25 pm : Financials traded with strength all session, but the broader market failed to follow it higher. In turn, the major averages ended the day mixed.

The mood among participants was positive ahead of the open, but once trade began stocks slid and spent the rest of the session chopping along. Financials, which climbed to a 1.1% gain, failed to stir broader buying interest.

E*Trade (ETFC 14.72, +1.77) was a top performer among financial issues following news that Citadel, which has a near 10% stake in the company, urged it to call a special meeting to maximize value. Better-than-expected earnings from US Bancorp (USB 26.14, +1.11) made the stock a leader among banking plays.

Apple (AAPL 386.90, +10.05) took center stage in the earnings show, though. The company's blowout quarter sent the up to a record high. Yahoo! (YHOO 13.48, -1.11) was at the opposite end of the spectrum; disappointment over the firm's financial forecast overshadowed its in-line earnings results to send the stock to a new 2011 low. Still, Riverbed Tech (RVBD 32.05, -9.35) and Fortinet (FTNT 21.61, -5.17) were the Nasdaq's worst performers in the wake of their quarterly reports. Although the pair lacks weight, the steepness of their losses hampered the Nasdaq, which lagged its counterparts just about all session.

Economic data remained light. Today's only release was the June existing home sales tally, which showed that an annualized sales rate of 4.77 million units. The consensus among economists polled by Briefing.com had called for annualized sales of 4.93 million units. That comes a day after housing starts were reported to have hit their highest rate since January.

With sovereign debt concerns of Europe cooled in the wake of a successful debt auction by Portugal, the dollar drifted lower again today. Its 0.4% loss this session has also left it down 0.4% for the week.

Advancing Sectors: Financials +1.1%, Utilities +0.6%, Industrials +0.2%
Unchanged: Telecom, Materials
Declining Sectors: Energy -0.3%, Health Care -0.4%, Consumer Staples -0.4%, Tech -0.4%, Consumer Discretionary -0.6%DJ30 -15.51 NASDAQ -12.29 NQ100 -0.4% R2K -0.3% SP400 -0.2% SP500 -0.89 NASDAQ Adv/Vol/Dec 1042/1.88 bln/1543 NYSE Adv/Vol/Dec 1662/796 mln/1326

3:30 pm : This morning's crude oil inventory was somewhat of a nonevent, as Sept crude oil futures, which eventually finished higher by 0.5% to $98.40 per barrel, traded sideways following its release. Futures did eventually pullback into negative territory, notching lows at $96.93 per barrel. The weakness, however, was short lived as futures rebounded off those lows to trade back into positive territory. August natural gas shed 0.6% to close at $4.51 per MMBtu. Prices dropped sharply following the open of pit trade, but were able to rebound throughout the remainder of the day to end just shy of unchanged.

August gold ended lower by 0.3% at $1597.70 per ounce, while Sept silver closed down 1.5% to $39.59 per ounce. Both metals spent pit trade pushing back toward the flat line, attempting to recoup losses from an overnight sell-off. Neither metal traded back to flat, but managed to end well above their respective lows. DJ30 -7.45 NASDAQ -10.52 SP500 +0.39 NASDAQ Adv/Vol/Dec 1025/1.5 bln/1529 NYSE Adv/Vol/Dec 1702/568.6 mln/1316

3:00 pm : Unable to extend its afternoon climb above the 1330 line, the S&P 500 has slipped in recent trade. That has stocks to trade mixed as they enter the final hour of the session.DJ30 -5.22 NASDAQ -9.04 SP500 +0.86 NASDAQ Adv/Vol/Dec 1030/1.35 bln/1505 NYSE Adv/Vol/Dec 1725/490 mln/1239

2:30 pm : The stock market's recent upturn has started to slow. The loss of momentum comes as the S&P 500 runs into the 1330 line, which is just shy of where it opened today's trade.

Meanwhile, the dollar has turned lower after it had spent most of the session trailing a collection of competing currencies by 0.3%; it is now down 0.5% for the day. DJ30 +14.72 NASDAQ -4.57 SP500 +3.04 NASDAQ Adv/Vol/Dec 987/1.27 bln/1545 NYSE Adv/Vol/Dec 1713/451 mln/1233

2:00 pm : Stocks have extended a recent upturn to their best levels since morning trade. The move comes amid a broad pickup in buying interest, although financials, now up 1.5%, continue to provide a primary source of support.

Utilities have also been strong performers this session. However, the sector's lack of weight has made its 0.9% gain of little consequence to the overall market. Nonetheless, investors in shares of Exelon (EXC 43.82, +0.46), Entergy (ETR 67.75, +0.96), American Electric (AEP 37.72, +0.33), and Duke Energy (DUK 18.91, +0.15) have been strong performers for their investors this session. DJ30 +6.51 NASDAQ -5.41 SP500 +2.34 NASDAQ Adv/Vol/Dec 942/1.18 bln/1572 NYSE Adv/Vol/Dec 1647/417 mln/1286

1:30 pm : Stocks have made a modest turn higher in recent trade. The move has put the S&P 500 back in positive territory so that it now trades with a narrow gain. As for the Dow, it is mired near the neutral line. The Nasdaq still has a way to go before it will have undone its loss.DJ30 +0.57 NASDAQ -0.42 SP500 +1.42 NASDAQ Adv/Vol/Dec 880/1.09 bln/1623 NYSE Adv/Vol/Dec 1540/385 mln/1369

1:00 pm : Despite a positive tone to premarket trade, the major market averages have spent the session chopping along in mixed fashion. Financials have performed well, though.

Strong gains by many bourses abroad helped perpetuate a positive tone ahead of the open. However, stocks took a slide at the start of the session. Their slip came without any clear catalyst.

Financials have traded higher, however. The sector has consistently sported a gain of more than 1% today. E*Trade (ETFC 14.91, +1.96) has been a top performer in the wake of word that Citadel disclosed a near 10% stake in the company, and that Citadel has urged E*Trade to call a special meeting to maximize value.

Apple (AAPL 388.10, +11.25) has been in focus following its latest quarterly report, which was strong enough to send the stock up sharply to a new record high. Still, shares of AAPL have been unable to keep the Nasdaq from underperforming its counterparts.

Consumer discretionary stocks, collectively down 0.6%, make up the poorest performing sector. Johnson Controls (JCI 39.65, -1.86) has been a heavy drag on the space, even though the company posted an upside earnings surprise for the latest quarter. The company's guidance was in line with what had already been forecasted on Wall Street.

The upbeat mood among early morning traders had helped take oil prices comfortably above $99 per barrel, but the energy component has since reversed course to trade with a 0.6% loss at $97.25 per barrel. The loss comes in the face of a greater-than-expected draw from weekly inventories.

Economic data featured exisitng home sales for June. They hit an annualized rate of 4.77 million units, which is less than the 4.93 million units that had been widely expected. That comes a day after housing starts were reported to have hit their highest rate since January. DJ30 -9.91 NASDAQ -14.14 SP500 -0.03 NASDAQ Adv/Vol/Dec 836/1.03 bkn/1669 NYSE Adv/Vol/Dec 1424/360 mln/1481

12:30 pm : The Nasdaq has extended its downturn to trade at a new session low. Its slide has left it to lag its counterparts. Although Apple (AAPL 387.74, +10.99) remains a source of support for the tech-rich index, names like NVIDIA (NVDA 14.05, -0.17) and Microsoft (MSFT 27.08, -0.46) have been heavy drags.DJ30 -19.79 NASDAQ -18.31 SP500 -1.28 NASDAQ Adv/Vol/Dec 845/965 mln/1641 NYSE Adv/Vol/Dec 1439/335 mln/1448

12:00 pm : Treasuries haven't been able to attract any buying interest today. In turn, the benchmark 10-year Note is down about a dozen ticks. That has lifted its yield back above 2.90%.

Steady pressure against the greenback has kept the Dollar Index down about 0.3% all session. Most of that is due to a 0.3% gain by the euro to $1.420 and a 0.5% bounce by the yen to 78.73 yen per dollar. DJ30 -18.24 NASDAQ -11.47 SP500 -0.74 NASDAQ Adv/Vol/Dec 872/840 mln/1564 NYSE Adv/Vol/Dec 1527/292 mln/1349

11:30 am : Tech stocks provided leadership in the prior session by ascending to a gain of almost 3%. Today the sector is down 0.2%.

Apple (AAPL 388.60, +11.75) has managed to put together an outsized gain, though. The stock's 3% spike to a new record high has come largely in response to the blowout quarter that the company reported this morning. The announcement featured an underwhelming forecast, but Apple has become notorious for sandbagging on its guidance.

Despite strength in shares of AAPL, the tech-rich Nasdaq is lagging its counterparts. It has been weighed down by Riverbed Tech (RVBD 31.80, -9.60) and Fortinet (FTNT 20.93, -5.85), both of which are down more than 20% following their latest quarterly reports. DJ30 -7.45 NASDAQ -4.44 SP500 +0.90 NASDAQ Adv/Vol/Dec 890/715 mln/1500 NYSE Adv/Vol/Dec 1521/250 mln/1322

11:00 am : The major equity averages are mixed after attempting to stabilize from a flurry of selling at the open.

Financials continue to offer broad market support. The sector is up 1.2%. E*Trade (ETFC 14.91, +1.96) is a top performer in the space. Its 15% spike comes in the wake of news that Citadel had disclosed a near 10% stake in the company, and that Citadel has urged E*Trade to call a special meeting to maximize value.

Not all financials are performing well, though. PNC Financial (PNC 55.58, -0.25) actually posted an upside earnings surprise for the latest quarter, but its shres have fallen to a loss. DJ30 -4.54 NASDAQ -6.18 SP500 +1.69 NASDAQ Adv/Vol/Dec 885/580 mln/1492 NYSE Adv/Vol/Dec 1496/208 mln/1312

10:35 am : The dollar index is modestly lower this morning, which is providing some price support to commodities.

Crude oil has been in positive territory all session and was slowly trending higher until hitting session highs of $99.37/barrel a few after floor trading began. Following that high, crude fell ~$1.60/barrel in about 35 minutes and was near that level ahead of inventory data. Following the data, which showed a draw of 3.7 mln versus consensus that called for a draw of 2 mln barrels, crude oil ticked slightly higher and is now up 0.8% at $98.66/barrel.

Natural gas began to sell off 10 minutes after crude oil did earlier this morning and is now down 0.8% at $4.47/MMBtu.

Gold and silver have been in the red all session and continue to trade near session lows. Gold fell as far as $1581.40/oz and is currently down 0.7% at $1590.00/oz. Silver hit session lows of $38.22/oz and is now 3.3% lower at $38.90/oz.

Corn rose 6 cents in overnight trade to $6.93, but grains pits opened lower and corn gave back those gains and is now at $6.87/bu.DJ30 -28.83 NASDAQ -5.33 SP500 -1.57 NASDAQ Adv/Vol/Dec 798/489 mln/1549 NYSE Adv/Vol/Dec 1338/185 mln/1441

10:00 am : Stocks continue to come under pressure, save for financials. The financial sector has pushed up to a 1.1% gain in the face of broad market weakness. Aside from financials, utilities (+0.3%) make up the only other sector that has managed to put together any kind of a meaningful gain.

Data hasn't done anything to reverse the selling effort. Exisitng home sales for June hit an annualized rate of 4.77 million units, which is less than the 4.93 million units that had been widely expected. The disappointing housing data comes a day after housing starts and building permits exceeded expectations. DJ30 -19.29 NASDAQ -3.10 SP500 -0.94 NASDAQ Adv/Vol/Dec 919/142 mln/1235 NYSE Adv/Vol/Dec 1296/64 mln/1313

09:45 am : Despite a positive tone to premarket trade, stocks have been hit with a flurry of selling at the open. That has left the broad market to slide to the neutral line.

Financials have been a source of early support, though. The sector is currently up 0.8%, which makes it the best performing group in early action. Bank stocks, collectively up 1.0% according to the KBW Bank Index, have underpinned the overall financial sector's strength this morning. DJ30 -8.59 NASDAQ +8.98 SP500 +0.93 NASDAQ Adv/Dec 776/1428 NYSE Adv/Dec 1374/1347

09:15 am : S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +16.20. The prior session's positive tone has been carried over into this morning's premarket trade with help from another round of strong quarterly reports and buying interest abroad. In turn, an increased tolerance for risk has helped lift oil prices by more than 1% to $99 per barrel ahead of the latest weekly inventory figures (10:30 AM ET). Meanwhile, gold prices are down 1% to $1584 per ounce after they had set a new record near $1608 per ounce earlier this week, and the dollar has extended its downturn from the prior session by another 0.3% this morning.

09:05 am : S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +16.50. Strength in Europe has the EuroStoxx 50 up 1.2% today. A relatively successful bond auction by Portugal has helped the mood in the region. Among the continent's major bourses, Germany's DAX is actually lagging a bit. It is currently up 0.5% with leadership from Commerzbank and Deutsche Bank (DB). Infineon Tech and Adidas AG have been sources of weakness, however. France's CAC has climbed to a 1.7% gain. Financial outfits are also leaders there. As such, Societe Generale, BNP Paribas, and Credit Agricole are top performers, with gains that range from 4% to more than 6%. Britain's FTSE is up 1.1%. Barclays Plc (BCS), Lloyds Group (LYG), and Royal Bank of Scotland (RBS) are top performers. Defensive-oriented issues like AstraZeneca (AZN) and Imperial Tobacco have been under pressure.

Overnight action in Asia took Japan's Nikkei to a 1.2% gain. Tokyo Electric was a top performer, as was Kansai Electric Power. TDK Corp and Fanuc Corp also contributed. Hong Kong's Hang Seng advanced 0.5%. China Mobile was a primary source of support there. China's Shanghai Composite failed to attract similar buying interest. Instead, it eased down to a 0.1% loss.

08:35 am : S&P futures vs fair value: +5.20. Nasdaq futures vs fair value: +16.50. A positive mood among premarket participants has oil prices up 1.1% to $98.90 per barrel this morning. Meanwhile, natural gas prices were recently quoted with a 1.2% gain at $4.56 per MMBtu. Precious metals are under pressure, however. Specifically, gold prices are down 0.9% to $1586 per ounce, while silver has slumped 3.9% to $38.66 per ounce. Weakness in gold and silver comes even though the dollar has declined by about 0.4% against a collection of competing currencies.

08:05 am : S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +14.70. Stocks rallied for strong gains yesterday. The move has extended into this morning's premarket trade with help from Europe's major bourses, which are all up nicely for the second straight session. Another big batch of better-than-expected earnings has also helped maintain a positive tone among participants. Among the names that have reported recently, Apple (AAPL) has been in focus because of its blowout results. The stock is up more than 5% ahead of the open. The calendar remains light with wonthly existing home sales numbers due at 10:00 AM ET. Weekly oil inventory figures follow at 10:30 AM ET.

07:16 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +16.00.

07:16 am : Nikkei...10005.90...+116.20...+1.20%. Hang Seng...22003.69...+101.30...+0.50%.

07:16 am : FTSE...5847.97...+58.00...+1.00%. DAX...7219.61...+26.90...+0.40%.


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

5:43PM SLM Corp beats by $0.05; guides FY11 EPS above consensus (SLM) 16.28 +0.14 : Reports Q2 (Jun) earnings of $0.48 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.43. Co issues upside guidance for FY11, sees EPS of $1.80 vs. $1.77 Capital IQ Consensus Estimate. Co sees FY11 private education loan originations of $2.5 bln. Year-over-year comparisons: Loan originations were $264 mln, up 21% from $219 mln. The portfolio totaled $35.8 bln at June 30, 2011, compared to $35.2 bln one year earlier. Net interest margin was 4.05%, compared to 3.79%. The provision for loan losses declined to $265 mln, compared to $349 mln. Delinquencies of 90 days or more (as a percentage of loans in repayment) were 4.7 percent, compared to 5.8%. The annual charge-off rate (as a percentage of loans in repayment) improved to 3.7%, compared to 5.3%.

5:38PM RLI Corp beats by $0.85, beats on revs (RLI) 61.96 -0.18 : Reports Q2 (Jun) operating earnings of $1.91 per share, excluding non-recurring items, $0.85 better than the Capital IQ Consensus Estimate of $1.06; revenues rose 9.3% year/year to $156.1 mln vs the $141.4 mln consensus.

5:30PM AstraZeneca announced that the FDA approves new medicine BRILINTA (ticagrelor) for use in the US (AZN) 49.45 +0.72 : Co announced today that the US Food and Drug Administration (FDA) has approved BRILINTA(TM) (ticagrelor) tablets to reduce the rate of heart attack (myocardial infarction [MI]) and cardiovascular death in adult patients with acute coronary syndrome, compared to clopidogrel.

5:30PM Myers Industries announces that Buckhorn acquires reusable plastic Container for Cheese Market (MYE) 11.76 +0.14 : Buckhorn announced it has acquired tooling assets and intellectual property from Material Improvements L.P. for a new reusable plastic container used in producing, shipping, storing and processing bulk natural cheese. The terms of the deal were not disclosed.

5:24PM Navistar Financial renews $500 mln dealer inventory funding facility (NAV) 53.69 -0.43 : Navistar Financial Corporation (NFC), an affiliate of Navistar International (NAV), has signed an agreement for a one-year renewal of a $500 million dealer floor plan funding facility, effective immediately. This facility is funded through two of NFC's major relationship banks.

5:19PM Seagate Tech on call issues downside EPS guidance, rev guidance slightly ahead of consensus (STX) 16.99 +0.06 : Co issues downside guidance for Q1 (Sep), sees EPS of $0.29-0.33, excluding non-recurring items, vs. $0.45 Capital IQ Consensus Estimate; sees Q1 (Sep) revs of $2.9 bln vs. $2.87 bln Capital IQ Consensus Estimate.

5:13PM HNI beats by $0.01, reports revs in-line; guides Q3 EPS below consensus; guides FY11 EPS in-line (HNI) 24.10 -0.12 : Reports Q2 (Jun) earnings of $0.11 per share, ex-items, $0.01 better than the Capital IQ Consensus Estimate of $0.10; revenues rose 8.7% year/year to $432.8 mln vs the $436.9 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.37-$0.43, ex-items, vs. $0.47 Capital IQ Consensus Estimate. Co issues in-line guidance for FY11, sees EPS of $0.90-$1.00, ex-items, vs. $0.97 Capital IQ Consensus Estimate.

5:07PM General Electric announces that GE Capital was selected by Briggs & Stratton Power Products Group as exclusive provider of inventory financing programs (GE) 18.79 +0.21 : GE Capital, Commercial Distribution Finance announced that it will become the exclusive provider of floorplan financing for Briggs & Stratton Power Products Group LLC (BSPPG) in the U.S. and Canada.

5:05PM Cypress Sharpridge Investments reports Q2 results (CYS) 13.11 +0.24 : Reports Q2 (Jun) core earnings of $0.50 per share, $0.05 worse than the Capital IQ Consensus Estimate of $0.55. GAAP net income was $1.20 per share. Net investment income increased 68.4% y/y to $56.4 mln. The company's interest rate spread net of hedge increased to 2.23% for 2Q11 from 1.83% in 1Q11. The current interest rate spread remains artificially low due to the hedging of forward settling purchases in advance of their earning interest income. During 2Q11, the average cost basis of the company's settled Agency RMBS was $7.7 bln, average unsettled Agency RMBS was $1.2 bln and average total Agency RMBS was $8.9 bln. The company's net asset value per share on June 30, 2011 was $12.35 after declaring a $0.60 dividend per share on June 6, 2011, compared with $11.74 at March 31, 2011. The increase was primarily the result of mortgages outperforming swaps.

5:02PM Noble Corp misses by $0.10, misses on revs (NE) 37.63 +0.29 : Reports Q2 (Jun) earnings of $0.17 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus Estimate of $0.27; revenues fell 11.5% year/year to $628 mln vs the $636.2 mln consensus.

5:02PM Umpqua Holdings beats by $0.03 (UMPQ) 11.56 -0.09 : Reports Q2 (Jun) earnings of $0.16 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.13. "This quarter the co experienced good loan growth, stronger e a higher net interest margin and improved credit quality metrics."

5:01PM SFN Group to be aquired by Randstad for $14/share (SFN) 9.22 +0.05 : Randstad will acquire SFN Group through a cash tender offer. As a result of the transaction, the Randstad Group will have combined revenues of ~$22 bln. The transaction will be immediately accretive to Randstad's earnings per share. The transaction has been unanimously approved by the boards of both companies. Randstad expects to close the transaction in September 2011. Randstad will finance the transaction by borrowings under its existing credit facilities.

5:01PM BSQUARE reached agreement with Adobe (ADBE) to be a Certification Partner (BSQR) 6.25 -0.03 : This expands the Adobe licensing, testing and engineering support services that BSQUARE, an Adobe Scaling Partner since 2007, provides for its customers.

5:00PM Idera Pharma announced the receipt of a verbal communication from the FDA that a proposed Phase 2 protocol that it had recently submitted under an Investigational New Drug Application for IMO-3100 will be placed on a clinical hold (IDRA) 1.95 : Co announced the receipt of a verbal communication from the FDA that a proposed Phase 2 protocol that it had recently submitted under an Investigational New Drug Application for IMO-3100 will be placed on a clinical hold. The proposed Phase 2 trial of IMO-3100 is for the treatment of psoriasis. A clinical hold is an order issued by the FDA to the sponsor of a clinical trial to delay a proposed clinical trial or suspend an ongoing clinical trial. IMO-3100 is a TLR7 and TLR9 antagonist being developed for the treatment of autoimmune diseases. The Company has not yet received a written communication from the FDA regarding the clinical hold. Once the Company has received the FDA's official communication, it will review the content and determine its next steps.

4:56PM Weatherford selects John Briscoe as Vice President -Chief Accounting Officer; Briscoe served as Vice President and Controller of Transocean (RIG) from Oct 2007 to present (WFT) 18.98 +0.34 :

4:53PM Raymond James beats by $0.08, reports revs in-line (RJF) 32.52 +0.76 : Reports Q3 (Jun) earnings of $0.59 per share, excluding a pretax charge for the repurchase of auction rate securities, $0.08 better than the Capital IQ Consensus Estimate of $0.51; revenues rose 13.8% year/year to $850.4 mln vs the $843.9 mln consensus. "The difficult market conditions negatively impacted overall results in the Capital Markets segment. Although M&A and underwriting fees continued at a robust pace, institutional securities commissions were off 10% and trading profits were down compared to last quarter."

4:48PM American Capital Mortgage Investment plans to conduct an initial public offering of its common stock; concurrently with the co's IPO, American Capital (ACAS) expects to purchase 1.25 mln shares (ACAS) 10.00 : The co expects to offer 17.5 mln shares to the public at the proposed initial public offering price of $20.00/share, for net proceeds of ~$349 million. The co will grant the underwriters a 30-day option to purchase up to an additional 2.625 mln shares of common stock at the initial public offering price to cover over-allotments. The completion of the proposed offering depends upon several factors, including market and other conditions. Concurrently with the co's initial public offering, ACAS expects to purchase 1.25 mln shares for $25 mln of the co's common stock at the initial public offering price in a private placement. American Capital Mortgage Investment Corp. is a newly organized REIT that intends to invest in and manage a leveraged portfolio of agency mortgage investments, non-agency mortgage investments and other mortgage-related investments. The co is externally managed and advised by American Capital MTGE Management, LLC, an affiliate of ACAS.

4:47PM Newfield Expl misses by $0.03, misses on revs; lowers upper end of FY11 production guidance (NFX) 71.60 +0.27 : Reports Q2 (Jun) earnings of $1.02 per share, excluding $0.60 in commodity derivative gains, $0.03 worse than the Capital IQ Consensus Estimate of $1.05; revenues rose 38.6% year/year to $621 mln vs the $651.6 mln consensus. Newfield reiterated its 2011 capital budget of $1.9 bln. The budget excludes capitalized interest and overhead and the May 2011 closing of the co's acquisition in the Uinta Basin. Year-to-date, Newfield has divested approximately $130 million in non-strategic domestic assets. The co continues to market and sell other certain non-strategic domestic assets with total proceeds during 2011 expected to range from $200-300 mln. The sale of non-strategic assets year-to-date has reduced 2011 production by ~3 Bcfe. As previously disclosed, Q2 production was negatively impacted by ~0.2 MMBbls of deferred production due to repairs on the Abu field, located offshore Malaysia. Repairs have been completed and the field is on-line today. For the full year, Newfield expects that its production will exceed 312 Bcfe. The co's original production guidance was 312-323 Bcfe, or an increase of at least 8% YoY. The expectation of at least 8% growth does not include adjustments for any additional sales of non-strategic assets in the second half of 2011.

4:41PM Newfield Expl provides update on Uinta Basin development program (NFX) 71.60 : Co provided a comprehensive update on its Uinta Basin oil development programs. The update follows the May 2011 closing of two acreage acquisitions for approximately $300 mln. Combined, the two transactions added ~70,000 net acres. Newfield today owns interest in ~250,000 net acres in the Uinta Basin where its average working interest is more than 70%. Multiple oil-productive geologic targets exist across the acreage and an active drilling campaign is underway. For 2012, Newfield plans to increase its operated rig count in the Uinta Basin from an historic five-rig count to at least eight rigs. The co expects 2012 Uinta Basin daily production will grow at least 25% over 2011.

4:40PM Rovi to power HP (HPQ) MovieStore on HP TouchPad (ROVI) 56.97 : Co announced its RoxioNow platform is enabling on-demand access to movies and TV shows via a new HP MovieStore application for HP TouchPad. Available July 1, HP's first webOS tablet adds to a range of HP notebooks and desktop PCs that are already powered by the RoxioNow entertainment platform. Co is providing content licensing and infrastructure services that include a cloud-based movie and TV locker that provides HP customers persistent access to movie and TV content across HP devices.

4:39PM IDEX Corp beats by $0.02, beats on revs; guides Q3 and FY in line (IEX) 46.45 +0.13 : Reports Q2 (Jun) earnings of $0.62 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.60; revenues rose 19.9% year/year to $453.8 mln vs the $436 mln consensus. "Our newest acquisition, CVI Melles Griot, will be accretive this year excluding the impact of non-cash acquisition inventory charges. Accordingly, we are expecting EPS for the third quarter to be 60 to 62 cents ($0.62 Capital IQ Consensus) and we are increasing full year EPS to a range of $2.40 to $2.46 (vs $2.43 Capital IQ Consensus), up 21 to 24 percent versus 2010. This full year EPS guidance assumes higher interest expense in the fourth quarter from an anticipated debt issuance. As we build and integrate the Optics/Photonics platform, we expect to improve profitability and drive further accretion."

4:38PM Genco Shipping & Trading takes delivery of Handysize newbuilding (GNK) 6.74 -0.23 : Co announced that it has taken delivery of the Genco Mare, a 35,000 dwt Handysize newbuilding. The Genco Mare is the fourth of five vessels to be delivered to the co under Genco's agreement previously announced on June 9, 2010 to acquire five Handysize vessels from companies within the Metrostar group of companies. The Genco Mare is expected to be delivered to its charterer, Cargill International S.A., on or about July 21, 2011 to commence a spot market-related time charter for 45.5 to 50.5 months. The rate for the spot market-related time charter will be based on 115% of the average of the daily rates of the Baltic Handysize Index (BHSI), as reflected in daily reports. Hire will be paid every 15 days in advance, net of a 5.00% third party brokerage commission. The co used available cash of $9.9 mln as well as $20.0 mln under its $100 mln term loan facility to pay the remaining balance of $29.9 mln for the Genco Mare.

4:37PM Aegean Marine Petrol announced a 2 mln share repurchase program (ANW) 5.69 -0.62 :

4:36PM Brookline Bancorp beats by $0.12 (BRKL) : Reports Q2 (Jun) earnings of $0.12 per share, $0.12 better than the Capital IQ Consensus Estimate of ($0.00). Loan growth of $63.9 mln, or 2.5%, in 2Q11 (10.1% on an annualized basis). The growth by segment was as follows: commercial real estate - $33.0 mln (11.6% annualized); commercial - $8.3 mln (8.5% annualized); indirect auto - $14.9 mln (10.3% annualized) and consumer - $7.7 mln (7.4% annualized). Excluding Ipswich, loan growth in 1Q11 was $68.4 mln, an annualized growth rate of 12.1%; growth occurred in all of the segments.

4:36PM Covanta beats by $0.05, beats on revs; reaffirms FY11 EPS guidance (CVA) 16.92 : Reports Q2 (Jun) earnings of $0.14 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.09; revenues rose 4.6% year/year to $411 mln vs the $396.4 mln consensus. Co reaffirms guidance for FY11, sees EPS of $0.40-0.55 vs. $0.49 Capital IQ Consensus Estimate.

4:34PM East West Banc beats by $0.02; guides FY11 EPS in-line (EWBC) 19.67 +0.40 : Reports Q2 (Jun) earnings of $0.39 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.37. Co issues in-line guidance for FY11, sees EPS of $1.52-1.54 vs. $1.52 Capital IQ Consensus Estimate.

4:33PM Cohen & Steers beats by $0.01, reports revs in-line; assets under management reach record $44.3 bln, up 16.5% from last quarter (CNS) 37.00 +0.83 : Reports Q2 (Jun) earnings of $0.36 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.35; revenues rose 39.1% year/year to $61.5 mln vs the $61 mln consensus. Assets under management were $44.3 bln as of June 30, 2011, an increase of 16.5% from $38.0 bln at March 31, 2011 and an increase of 68.9% from $26.2 bln at June 30, 2010. The increase from March 31, 2011 was due to net inflows of $5.1 bln, primarily into U.S. and global real estate strategies, and market appreciation of $1.2 bln. The increase from June 30, 2010 was due to net inflows of $9.5 bln, primarily into U.S. and global real estate strategies, and market appreciation of $8.6 bln. Average assets under management were $40.9 bln for the quarter ended June 30, 2011, an increase of 13.4% from $36.1 bln for the quarter ended March 31, 2011 and an increase of 51.4% from $27.0 bln for the quarter ended June 30, 2010.

4:32PM Astoria Fincl misses by $0.04 (AF) 13.08 +0.01 : Reports Q2 (Jun) earnings of $0.20 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.24. "While disappointed with the second quarter results, which were negatively impacted by the continued decrease in interest-earning assets and the slightly higher provision for loan losses compared to the first quarter, I continue to remain optimistic that future credit costs will resume their downward trend and loan and balance sheet growth will resume in the second half of this year."

4:32PM MKS Instruments beats by $0.09, beats on revs; guides Q3 EPS below consensus, revs below consensus (MKSI) 25.08 -0.48 : Reports Q2 (Jun) earnings of $0.73 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.64; revenues rose 1.8% year/year to $224.5 mln vs the $220.5 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.40-$0.60 vs. $0.65 Capital IQ Consensus Estimate; sees Q3 revs of $180-$210 mln vs. $220.61 mln Capital IQ Consensus Estimate.

4:32PM Cathay Bancorp beats by $0.01 (CATY) 16.02 +0.06 : Reports Q2 (Jun) earnings of $0.26 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.25. "We are pleased to see continuing improvement in profitability compared to prior quarters. Commercial loan growth of 27% annualized was especially strong this quarter as we continued to decrease our exposure to commercial real estate loans. Our net interest margin increased to 3.19% during the second quarter due mainly to a decrease in wholesale borrowings. We expect continued steady improvement in the net interest margin during the second half as well."

4:31PM PeoplePC adopts stock repurchase program of up to 357,075 shares (PEOP) 14.24 +0.00 :

4:29PM Intel beats by $0.08, beats on revs; guides Q3 revs above consensus (INTC) 22.99 -0.07 : Reports Q2 (Jun) earnings of $0.59 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.51; revenues rose 21.7% year/year to $13.1 bln vs the $12.82 bln consensus. Gross margin was 61 percent, consistent with the company's expectation. The co sees FY11 non-GAAP gross margins of 64% +/- a couple of percentage points. Co issues upside guidance for Q3, sees Q3 revs of $13.6-14.6 bln vs. $13.45 bln Capital IQ Consensus Estimate. Co says "Strong corporate demand for our most advanced technology, the surge of mobile devices and Internet traffic fueling data center growth, and the rapid rise of computing in emerging markets drove record results. Intel's 23 percent revenue growth in the first half and our increasing confidence in the second half of 2011 position us to grow annual revenue in the mid-20 percent range."

4:29PM Orsus Xelent Technologies notified it is subject to delisting on the NYSE Amex and is pursuing an appeal to the Exchange (ORS) : Co reported that on July 14, 2011 the co received a letter from the NYSE Amex indicating it is no longer in compliance with the Exchange's continued listing standards and its securities are therefore subject to being delisted from the Exchange. In response to this, the co said it is taking the steps necessary to request a hearing before a committee of the Exchange to appeal the staff determination. The notification from the Exchange indicated the co was not in compliance with the Exchange's Company Guide with respect to its financial condition, which makes it questionable in the opinion of the Exchange as to whether the co will be able to continue operations or timely meet its obligations.

4:29PM Badger Meter beats by $0.06, beats on revs (BMI) 37.89 +0.60 : Reports Q2 (Jun) earnings of $0.52 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.46; revenues rose 1.1% year/year to $75.1 mln vs the $72.9 mln consensus.

4:28PM Cheesecake Factory reports EPS in-line, revs in-line (CAKE) 32.69 -0.92 : Reports Q2 (Jun) earnings of $0.42 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.42; revenues rose 2.8% year/year to $430.7 mln vs the $434.8 mln consensus. "We experienced higher sales in every day part, with solid gains in the 'shoulder periods,' consistent with our performance last quarter. Our average ticket progressed nicely again this quarter as well, with menu mix showing further improvement, as expected." The co currently expects to open seven new restaurants in fiscal 2011. Based on its outlook for continued, healthy cash flow generation in fiscal 2011, the co is increasing its share repurchase target for fiscal 2011 to a range of between $125 million and $150 million, from its previous target of $100 million.

4:28PM Canterbury Park Holding to resume all operations thursday (CPHC) 11.75 -1.34 : Co announced today it will resume Card Casino, simulcast and live racing operations on Thursday, July 21 after a 20 day suspension of its operations due to a budget impasse that triggered a shutdown of state government beginning July 1. Since the shutdown occurred during the heart of racing season, we estimate that Canterbury Park lost as much as $1 mlnin revenue each week, but we won't know the final impact until the racing season is over.

4:28PM Nordson announces agreement to acquire Value Plastics for $250 mln; transaction is expected to be accretive to Nordson's earnings in the first full year of acquisition (NDSN) 55.29 +0.10 : The $250 mln purchase price, subject to adjustment as provided in the purchase agreement, will be financed with availability under an existing $400 mln revolving credit facility. The transaction is expected to close during Nordson's fourth fiscal quarter.

4:25PM Strategic Diagnostics launches Apo B antibody in IVD market (SDIX) 2.25 : Co announced its plan to introduce a new polyclonal antisera to its product line for the IVD market. The product, Apo B, will be available as antisera and in fractionated forms. Antibodies to Apo B will be launched on July 26, 2011.

4:24PM Intel: Earnings Mover (INTC) 22.99 : Firms after reporting hovering near its early July/two month peak at 23.39.

4:24PM Xilinx beats by $0.03, beats on revs; guides Q2 revs in-line (XLNX) 33.18 -0.51 : Reports Q1 (Jun) earnings of $0.56 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.53; revenues rose 3.5% year/year to $615.5 mln vs the $599.7 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs -3% to +1% QoQ, which equates to ~$597.0-621.7 vs. $602.79 mln Capital IQ Consensus Estimate.

4:23PM Citizens Rep Bancorp (CRBCD) regains compliance with NASDAQ stock listing rules (CRBC) 8.33 +0.38 : Co announced that it received a notice from The Nasdaq Stock Market stating that it has regained compliance with NASDAQ's $1.00 minimum closing bid price requirement for continued listing.

4:21PM Bank of NY sells stake in ConvergEx Group to CVC Capital Partners; financial terms of sale not disclosed (BK) 24.94 +0.22 : Co has agreed to sell a majority of its equity stake in ConvergEx Group as part of a definitive agreement for ConvergEx Group to be acquired by funds advised by CVC Capital Partners, a leading global private equity firm, in an all cash transaction expected to close in the early fall. Upon closing, the transaction is expected to enhance BNY Mellon's capital position, adding ~15 bps to the company's Basel III Tier1 Common Equity.

4:21PM eBay beats by $0.02, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY11 EPS above consensus, revs above consensus (EBAY) 33.17 -0.59 : Reports Q2 (Jun) earnings of $0.48 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.46; revenues rose 24.6% year/year to $2.76 bln vs the $2.61 bln consensus. Non-GAAP operating margin 27.1% vs 29.1% for the same period last year. The decrease in non-GAAP operating margin was due primarily to a slight decrease in take rate, strong growth from our lower margin businesses and the impact of recently completed acquisitions. Gross merchandise volume excluding vehicles (GMV), increased by 17% year over year to $14.7 billion. Co issues mixed guidance for Q3, sees EPS of $0.46-0.47, excluding non-recurring items, vs. $0.47 Capital IQ Consensus Estimate; sees Q3 revs of $2.85-2.95 bln vs. $2.69 bln Capital IQ Consensus Estimate. Co issues upside guidance for FY11, sees EPS of $1.97-2.00, excluding non-recurring items, vs. $1.96 Capital IQ Consensus Estimate; sees FY11 revs of $11.3-11.6 bln vs. $10.92 bln Capital IQ Consensus Estimate.

4:19PM E*TRADE reports EPS in-line, beats on revs (ETFC) 14.72 +1.77 : Reports Q2 (Jun) earnings of $0.16 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.16; revenues rose 12.5% year/year to $414.5 mln, excl provision for loan losses, vs the $403.5 mln consensus.

4:19PM Kinder Morgan Partners misses by $0.10, misses on revs (KMP) 73.40 -0.27 : Reports Q2 (Jun) earnings of $0.30 per share, $0.10 worse than the Capital IQ Consensus Estimate of $0.40; revenues rose 2.9% year/year to $2.02 bln vs the $2.07 bln consensus.

4:19PM Stanley Furniture beats by $0.12, misses on revs (STLY) 4.18 +0.12 : Reports Q2 (Jun) loss of $0.04 per share, $0.12 better than the Capital IQ Consensus Estimate of ($0.16); revenues fell 27.7% year/year to $27.4 mln vs the $28.6 mln consensus.

4:18PM CA Tech beats by $0.04, beats on revs; reaffirms FY12 EPS guidance, revs guidance (CA) 22.35 +0.08 : Reports Q1 (Jun) earnings of $0.55 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.51; revenues rose 8.8% year/year to $1.16 bln vs the $1.14 bln consensus. Co reaffirms guidance for FY12, sees EPS of $2.14-2.21 vs. $2.16 Capital IQ Consensus Estimate; sees FY12 revs of $4.9-5.0 bln vs. $4.82 bln Capital IQ Consensus Estimate. Cash flow from operations growth in a range of 3 percent to 5 percent in constant currency. At June 30, 2011 exchange rates, this translates to reported cash flow from operations of $1.48 billion to $1.51 billion.

4:18PM Kinder Morgan increases dividend to $0.30/share from $0.29/share (KMI) 28.50 +0.12 : Chairman and CEO Richard D. Kinder said, "KMI had a good second quarter and is on target to exceed its previously disclosed annual budget of $820 mln in cash available to pay dividends."

4:18PM Genworth Financial guides Q2 operating EPS below consensus; co adds $300 mln to U.S. Mortgage Insurance Reserves (GNW) 9.47 -0.03 : Co sees Q2 operating EPS of ($0.14)-(0.18) vs $0.24 Capital IQ Consensus Estimate; co adds $300 mln to U.S. Mortgage Insurance reserves. The reserve strengthening, together with U.S. MI operating performance, will result in an expected U.S. MI segment level operating loss of $250 to $255 million in the second quarter. The company's decision to record a reserve strengthening in the second quarter was the result of worsening trends in recent experience associated with its U.S. MI business as well as related market trends in an environment of continuing weakness in the U.S. residential real estate market. U.S. MI results reflect a decline in cure rates during the quarter for delinquent loans and continued aging trends in the delinquent loan inventory. These trends are associated with a range of factors, including slow-moving pipelines of mortgages in some stage of foreclosure and delinquent loans under consideration for loan modifications.

4:17PM Parkervision sues Qualcomm (QCOM) for patent infringement seeking damages and injunctive relief (PRKR) 0.58 : Co announced today that it has commenced federal litigation against Qualcomm Incorporated alleging it infringes seven ParkerVision patents. These patents relate to radio-frequency receivers and the down-conversion of electromagnetic signals, a body of intellectual property that co pioneered for creating direct conversion receivers. The complaint further alleges that Qualcomm has utilized and continues to utilize devices, systems, or methods that directly or indirectly infringe upon one or more claims of these patents. In the complaint filed today in the United States District Court for the Middle District of Florida, co is seeking unspecified monetary damages from Qualcomm as well as a permanent injunction barring the manufacture and sale of Qualcomm's infringing devices. The complaint accuses Qualcomm of objective recklessness in its infringing activity and seeks an award of exemplary damages, attorneys' fees, and costs in bringing this action.

4:16PM American Express beats by $0.11, beats on revs (AXP) 52.09 +0.28 : Reports Q2 (Jun) earnings of $1.07 per share, excluding non-recurring items, $0.11 better than the Capital IQ Consensus Estimate of $0.96; revenues rose 11.9% year/year to $7.62 bln vs the $7.28 bln consensus. The increase largely reflects higher cardmember spending and higher travel commissions and fees. While net interest income was lower, the decline was less than in previous quarters because lower net interest yield was partially offset by an increase in the co's loan portfolio. Consolidated provisions for losses totaled $357 million, down from $652 mln YoY, reflecting continued improvement in credit. Consolidated expenses totaled $5.5 bln, up 21% YoY. The increase reflects the cumulative impact of rewards program enhancements designed to encourage cardmembers to earn and redeem rewards points, along with significant investments in business building initiatives. The co's return on average equity (ROE) was 28.2%, up from 23.5% a year ago. "Cardmember spending was at an all-time high, growing 18% (15% adjusted for foreign exchange conversions) and we saw broad-based strength across the consumer, small business and corporate sectors globally. While net interest income was down from last year because of a lower yield on our portfolio, cardmember borrowing rose 2%, reversing the pattern of the past couple of years."

4:16PM Monarch Casino & Resort beats by $0.09, beats on revs (MCRI) 10.59 +0.20 : Reports Q2 (Jun) earnings of $0.22 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.13; revenues rose 3.0% year/year to $37.2 mln vs the $35.5 mln consensus.

4:15PM Mellanox Tech beats by $0.06, beats on revs (MLNX) 29.01 -0.05 : Reports Q2 (Jun) earnings of $0.27 per share, ex-items, $0.06 better than the Capital IQ Consensus Estimate of $0.21; revenues rose 58.3% year/year to $63.3 mln vs the $61.9 mln consensus.

4:14PM Zhone Technologies reports Q2 EPS of ($0.06) vs ($0.08); revs fell 6% to $31.3 mln (ZHNE) 2.21 -0.17 :

4:12PM NetList announced that its HyperCloud Memory module is qualified and available from NEC in the compute server of the LX Series (NLST) 1.75 +0.01 :

4:12PM Tractor Supply beats by $0.03, reports revs in-line; guides FY11 EPS in-line, revs in-line (TSCO) 70.67 +0.77 : Reports Q2 (Jun) earnings of $1.23 per share, $0.03 better than the Capital IQ Consensus Estimate of $1.20; revenues rose 10.7% year/year to $1.18 bln vs the $1.19 bln consensus. Gross margin increased 11.8% to $402.5 million, or 34.1% of sales, compared to $360.1 million, or 33.8% of sales, in the prior year's second quarter. The increase in gross margin reflects improved direct product margin, partially offset by increased transportation costs. Direct product margin increased as a result of improved inventory management, strategic sourcing, private branding, and pricing... Co issues in-line guidance for FY11, sees EPS of $2.75-2.82 vs. $2.78 Capital IQ Consensus Estimate; sees FY11 revs of $4.10-4.14 bln vs. $4.13 bln Capital IQ Consensus Estimate. Same-store sales for the year are now expected to increase 5% to 6% compared to the prior expectation of an increase of 3.5% to 5.0%.

4:11PM Robert Half beats by $0.03, beats on revs (RHI) 25.82 +0.12 : Reports Q2 (Jun) earnings of $0.25 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.22; revenues rose 21.9% year/year to $937.9 mln vs the $908.1 mln consensus.

4:11PM Qualcomm beats by $0.02, beats on revs; guides Q4 EPS in-line, revs in-line (QCOM) 57.30 +0.32 : Reports Q3 (Jun) earnings of $0.73 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.71; revenues rose 34.2% year/year to $3.62 bln vs the $3.55 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.75-0.80, excluding non-recurring items, vs. $0.76 Capital IQ Consensus Estimate; sees Q4 revs of $3.86-4.16 bln vs. $3.9 bln Capital IQ Consensus Estimate. CDMA-based Mobile Station Modem MSM shipments: 120 million units, up 17 percent y-o-y and 2 percent sequentially. March quarter total reported device sales: ~$36.4 billion, up 44 percent y-o-y and down 9% QoQ. March quarter estimated CDMA-based device shipments: ~170 to 174 mln units, at an estimated average selling price of ~$209 to $215 per unit. "Looking forward, we continue to see healthy growth in CDMA-based device shipments of ~18% in calendar year 2011, and we are pleased to be raising our revenue and Non-GAAP earnings guidance for the fiscal year, driven primarily by strong global smartphone adoption and the addition of Atheros."

4:10PM Freescale Semi beats by $0.08, beats on revs (FSL) 17.19 +0.05 : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 10.4% year/year to $1.22 bln vs the $1.21 bln consensus.

4:10PM ONEOK announces 8% quarterly dividend increase to $0.56/share from $0.52/share (OKE) 74.51 :

4:10PM F5 Networks beats by $0.06, reports revs in-line; guides Q4 EPS in-line, revs in-line (FFIV) 111.44 : Reports Q3 (Jun) earnings of $0.97 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.91; revenues rose 26.1% year/year to $290.7 mln vs the $290.7 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.97-0.99 vs. $0.98 Capital IQ Consensus Estimate; sees Q4 revs of $307-312 mln vs. $309.62 mln Capital IQ Consensus Estimate. "Strong sales in APAC and Japan, in particular of our high-end products, accounted for most of the revenue growth during the quarter... EMEA revenue was down from the prior quarter, and Americas revenue was up only slightly, due in part to a slowdown in U.S. Federal sales... With the rollout of these new products and a number of others over the coming year, we continue to believe that our competitive position in the traditional ADC market has never been stronger, and that the opportunity to expand our footprint in adjacent markets has never been greater. As a result, we remain confident in our ability to sustain top-line growth and profitability by continuing to expand our reach into new and existing markets and by hiring and retaining the best people."

4:09PM Penn Natl gaming names former Gaming Regulator, Frank Donaghue, Vice President regulatory affairs and Chief Compliance Officer (PENN) 41.10 +0.72 : Co Mr. Donaghue most recently served Of Counsel to Ballard Spahr and prior to his service with the PGCB, Mr. Donaghue served as the Chief Deputy Attorney General and Director, Bureau of Consumer Protection for six years, where he directed the law enforcement and advocacy efforts of the Bureau of Consumer Protection and its seven regional offices while overseeing a staff of 60 attorney and agents and administrative personnel handling more than 40,000 consumer complaints and ~150 legal actions each year.

4:08PM Forward Air beats by $0.03, misses on revs; guides Q3 EPS in-line, revs below consensus (FWRD) 34.27 +0.29 : Reports Q2 (Jun) earnings of $0.40 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.37; revenues rose 8.3% year/year to $132.2 mln vs the $135.5 mln consensus. Co issues guidance for Q3, sees EPS of $0.38-0.42 vs. $0.39 Capital IQ Consensus Estimate; sees Q3 rev growth of 6-10% YoY, which calculates to roughly of $128.8-133.7 mln vs. $138.33 mln Capital IQ Consensus Estimate.

4:08PM Kinder Morgan Partners increases quarterly distribution to $1.15 per share from $1.09 per share (KMP) 73.25 -0.42 :

4:07PM Cohu beats by $0.07, beats on revs (COHU) 13.47 -0.13 : Reports Q2 (Jun) earnings of $0.28 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.21; revenues rose 8.1% year/year to $80.9 mln vs the $80 mln consensus.

4:06PM Xerox's ACS to expand education services with acquisition of Education Sales and Marketing (XRX) 10.05 : Co announced it is expanding its services in the higher-education market with the acquisition of Education Sales and Marketing. This diversification will complement the services the co currently provides to more than 700 colleges and universities, including managing almost nine million student loans worth more than $100 bln.

4:06PM Plexus beats by $0.03, misses on revs; guides Q4 EPS below consensus, revs below consensus (PLXS) 33.38 +0.17 : Reports Q3 (Jun) earnings of $0.58 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.55; revenues rose 4.3% year/year to $559 mln vs the $569.6 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.50-0.55, excluding non-recurring items, vs. $0.60 Capital IQ Consensus Estimate; sees Q4 revs of $530-560 mln vs. $582.75 mln Capital IQ Consensus Estimate.

4:06PM Seagate Tech beats by $0.03, beats on revs (STX) 16.99 +0.06 : Reports Q4 (Jun) earnings of $0.28 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 7.6% year/year to $2.86 bln vs the $2.71 bln consensus. "Seagate and the industry are benefitting from the significant demand for storage related to new applications and architectures associated with mobile and connected devices... Because hard disk drive storage is a fundamental technology for cloud service providers, data centers and all other network-based content providers, total industry demand grew almost 40% in fiscal year 2011 to 330 million terabytes. For the June quarter, Seagate's average capacity per drive shipped grew to approximately 590GB, an increase of 39% year-over-year. As more online content and services become available to billions of connected mobile devices, we expect demand for storage capacity to continue to grow and Seagate to benefit from this growth."

4:05PM LaSalle Hotel misses by $0.01, misses on revs; guides FY11 EPS below consensus (LHO) 26.31 +0.21 : Reports Q2 (Jun) earnings of $0.55 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.56; revenues rose 22.3% year/year to $202.6 mln vs the $206 mln consensus. Co issues downside guidance for FY11, sees EPS of $1.47-1.57, excluding non-recurring items, vs. $1.64 Capital IQ Consensus Estimate.

4:05PM Select Comfort beats by $0.03, beats on revs; raises FY11 EPS guidance (SCSS) 18.18 -0.01 : Reports Q2 (Jun) earnings of $0.20 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.17; revenues rose 16.2% year/year to $161.5 mln vs the $157.9 mln consensus. Co issues upside guidance for FY11, sees EPS of $0.90-0.96 from $0.85-0.93 vs. $0.91 Capital IQ Consensus Estimate.

4:04PM Carriage Services receiving $8.5 mln cash payment from trust funds and entering into a new $60 mln five year bank revolving credit facility (CSV) 5.70 +0.01 : Co announced that it is receiving a total of $8.5 mln in cash withdrawals from its affiliated preneed cemetery trusts in California ($8.1 mln) and Nevada ($0.4 mln). The $8.1 mln from the trust funds in California was released earlier today by the bank Trustee for withdrawal following the completion of the 2010 audit of preneed cemetery merchandise and service trusts for Carriage's five cemetery businesses in California. The Company can use this additional capital for any purpose. The withdrawals will increase Carriage's Consolidated Free Cash Flow by $8.5 mln for the third quarter, the results of which will be reported in early November 2011.

4:04PM Qualcomm Earnings Mover (QCOM) 57.30 : Initially weakens after reporting and briefly slips under its 50 sma/ema at 56.27/56.09 to 55.81 before bouncing.

4:03PM Werner Enterprises beats by $0.04, reports revs in-line (WERN) 24.83 -0.08 : Reports Q2 (Jun) earnings of $0.38 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.34; revenues rose 11.3% year/year to $515.9 mln vs the $511.9 mln consensus. Average revenues per total mile increased 3.1% in second quarter 2011 compared to second quarter 2010. Contractual rate increases and a better freight mix were the principal reasons for the rate improvement.

4:03PM Perry Ellis announces agreement with Nostalgia Home Fashions for Laundry by Shelli Segal Bedding (PERY) 25.24 -0.36 : Under the agreement, Nostalgia will produce comforters, duvet covers, quilts, and related accessories. Product will launch and begin to hit the selling floor by the end of July 2011.

4:03PM Valence Tech lithium phosphate batteries pass first phase of Ford test program in Germany (VLNC) 1.19 +0.01 : Co announced its lithium phosphate batteries earned favorable first phase reviews during a large electric vehicle assessment program being conducted by Ford-Werke GmbH in Cologne, Germany.

4:02PM Wells Fargo settles allegations with Federal Reserve regarding former business unit (WFC) 28.70 +0.29 : Co announced an agreement with the Board of Governors of the Federal Reserve that resolves allegations arising from an investigation into internal controls at its former Wells Fargo Financial unit. The Federal Reserve alleged that Wells Fargo Financial did not adequately detect and prevent instances of fraudulent loan applications and directing of prime borrowers into higher-cost nonprime loans. As part of the agreement, co is reinforcing oversight of mortgage lending practices and implementing processes that will identify and provide compensation to customers harmed by the alleged practices. The co's agreement with the Federal Reserve does not include an admission of the allegations cited, which cover lending practices at Wells Fargo Financial between January 2004 and September 2008. The agreement notes Wells Fargo Financial identified instances in which sales personnel altered income documents to inflate prospective borrowers' incomes, so the customers could qualify for loans they may not have otherwise been eligible to receive.

4:02PM PepsiCo: Atlanta's Stevi B's signs exclusive agreement to carry PepsiCo beverages; terms not disclosed (PEP) 68.52 -0.02 :

4:02PM MHI Hospitality Corporation announces reinstatement of common dividend of $0.02 per share (MDH) 2.81 :

4:01PM Navarre announces agreement to expand logistical services for Warby Parker; terms not disclosed (NAVR) 2.00 +0.06 :

3:50PM Marathon Oil dips to new low of 30.97, yesterday/May low is at 30.92 with the bottom of its four month range is at 30.63 (MRO) 30.98 -0.26 :

3:41PM Earnings Calendar (SUMRX) : Today after the close look for the following companies to report:

* SABA, BMI, RLI, STX, CLB, INTC, AF, AXP, CAKE, CATY, CNS, COHU, CVA, CVBF, CYS, DTLK, ETFC, FFIV, FWRD, HNI, IEX, KMP, LHO, MCRI, MKSI, NE, NFX, PLXS, QCOM, SCSS, SLM, TCBI, TEX, TSCO, WERN, ADS, RHI, RJF, EWBC, EBAY, MLNX, XLNX, NVEC, CA, STLY, and EGHT.

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

* MCS, WNI, TXI, SCHL, LLY, NYB, ALV, ECA, FCX, HBAN, OKSB, T, TIN, UNP, WNS, ALK, ALXN, BAX, BBT, BX, CSH, CY, DHR, DO, ENTG, ESI, FITB, FNFG, GNTX, GR, HOMB, HUB.B, IIIN, IR, JNS, LH, LSTR, LTM, MAN, MS, NOK, NUE, NVR, NYT, ORB, PENN, PM, POOL, PPG, SHW, SNA, SON, SYNT, TCB, TNB, TRV, TZOO, UAL, UMPQ, USAK, UTEK, VIVO, WCC, CBE, ARB, CE, LCC, LECO, NAFC, SEIC, WHR, CRUS, ERIC, MHS, NTCT, PAG, PEP, SWY, VFC, and MNRO.

3:33PM Lannett receives FDA approval for Phentermine HCl capsules (LCI) 4.73 +0.03 : Co announced that it has received approval from the FDA for its Abbreviated New Drug Application of Phentermine HCl Capsules, 37.5 mg. Phentermine HCl Capsules, 37.5 mg, is therapeutically equivalent to the reference listed drug, Adipex-P Capsules, 37.5 mg, of Teva Pharmaceuticals (TEVA). Sales of Phentermine HCl Capsules, 37.5 mg, at Average Wholesale Price were ~$8.8 mln for the year ending May, 2011.

3:28PM Deutsche Telekom's T-Mobile is confident the merger with AT&T (T) complies with antitrust laws and advances public interest (DTEGY) 14.86 +0.26 : Co announced a statement on Sen. Herb Kohl's decision to oppose the AT&T/T-Mobile transaction. Co says, ""We are disappointed to learn of the position taken by Sen. Kohl on the proposed merger between AT&T and T-Mobile USA. While we have a great deal of respect for Sen. Kohl, we strongly disagree with his analysis of this transaction, which will bring significant benefits to American consumers. The proposed merger is currently being carefully scrutinized by the Department of Justice and the FCC, and we are confident that the review process will demonstrate that the merger is fully consistent with the antitrust laws and significantly advances the public interest."

3:15PM Strategic Hotels & Resorts announces closing of a five-year, $130 mln loan secured by the Four Seasons Washington, D.C. (BEE) 7.41 -0.04 : The property was previously collateral for the Co's revolving credit facility. The transaction is among the final refinancings included in an overall balance sheet restructuring strategy, which the co has been executing since 2010.

2:51PM Home Properties announces acquisitions and equity raise; purchases were funded At-The-Market equity offering program during Q2 (HME) 66.03 +0.20 : Co announced it purchased an apartment community in West Chester, Pennsylvania and Shrewsbury, Massachusetts, respectively, for a combined total purchase price of $65.1 mln. The equity program generated $90.4 mln in net proceeds. Year-to-date, the co has purchased assets of approximately $72 mln. The two acquisitions will be immediately accretive to earnings.

2:39PM Institutional Financial Mkts announces results of the exchange offer for its outstanding 7.625% contingent convertible senior notes due 2027 (IFMI) 3.16 +0.10 : Co announced the final results of its offer to exchange for new securities, at the election of each holder, any and all of its outstanding 7.625% Contingent Convertible Senior Notes due 2027. At the commencement of the Exchange Offer, IFMI had ~$19.5 mln in principal amount of the Old Notes outstanding. In accordance with the terms of the Exchange Offer, IFMI will issue ~$7.6 mln in aggregate principal amount of a new series of 10.50% Contingent Convertible Senior Notes due 2027 in exchange for the ~$7.6 mln aggregate principal amount of the Old Notes that were tendered.

2:36PM NYMEX Energy Closing Prices (COMDX) : Sept crude oil settled higher by 54 cents to $98.40, Aug natural gas shed 3 cents to close at $4.51, Aug RBOB gasoline higher by 3 cents to $3.14, while Aug heating oil finished up 2 cents to $3.12.

2:32PM AVX Corp doubles voltage rating of tantalum polymer capacitors, develops first 125v device (AVX) 15.17 +0.12 : Co announces it has developed the technology needed to manufacture a tantalum polymer capacitor with a voltage rating of 125V, more than twice the rated voltage of similar devices on the market today. This advancement in capacitor technology signifies an industry first, the passing of the 100V plateau. This latest technology breakthrough means the co will be able to manufacture more efficient capacitors, as well as extend the range of devices available to engineers for new consumer product applications. Limited quantity samples of the TCJ Series 125V version are now available, with volume production available during CY12.

2:31PM Walgreens confirms plan to convert or open at least 1,000 food oasis stores across the country over the next five years (WAG) 42.00 -0.15 :

2:22PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : Continuous corn futures closed 10 cents lower at $6.77/bushel, wheat rose 3 cents to close at $6.97, cont. soybeans closed up 2 at $13.84, cont. ethanol closed down 3 cents to $2.74, while cont. world sugar futures closed fell 0.4% at 0.29 cents.

2:17PM Wal-Mart will open between 275-300 stores serving the Department of Agriculture designated food desert areas between now and 2016 (WMT) 53.92 -0.05 : More than 40,000 associates will work in these stores once they are open. The stores announced today have already undergone Walmart's rigorous process for new store development and include store openings and expansions. The final number of stores will depend on local market conditions. Additionally, today's announcement does not include stores yet to be considered through the company's real estate process or stores to be built in Walmart's new small format, Walmart Express. Walmart Express stores are designed to serve urban and rural areas and will likely address food deserts, but their locations are still in the evaluation process.

2:13PM Community Partners Bancorp receives preliminary approval for $12.0 mln of SBLF Capital (CPBC) 4.75 +0.00 : Co will use $9.0 million of the SBLF funds to redeem all of the outstanding shares of preferred stock issued to the Treasury under the TARP Capital Purchase Program. It is also the intention of the Company to redeem at a to-be-determined price the ~312K warrants to purchase additional shares of preferred stock issued to the Treasury as part of the original TARP funding.

1:32PM COMEX Metals Closing Prices (COMDX) : Aug gold finished off $3.40 to $1597.70, Sept silver lost 62 cents to close at $39.59, while Sept copper shed 3.1 cents to end at $4.437.

1:30PM Stock indices edging up off midday/intraday range lows -- Dow -0.8, S&P +1.3, Nasdaq Comp -0.3 (SPY) : Relative strength in recent action has been noted in Solar TAN, Semi SMH, Technology XLK, Networking IGN, Coal KOL, Silver SLV.

1:14PM Misonix Announces settlement of PuriCore litigation, including entry into a U.S. distribution agreement for PuriCore's advanced wound care product (MSON) 2.52 +0.05 : The settlement involves the forgiveness by coof up to $1 mln of not booked, contingent commission payments on future sales of Labcaire products. Co will continue to pay the $750k remaining on the Loan Notes issued as part of the original Stock Purchase Agreement. Co also agreed to pay $650k towards PuriCore's legal costs. Co and PuriCore also entered into a Product License and Distribution Agreement whereby Misonix will distribute, on a limited exclusive basis with respect to other therapeutic ultrasound cos in the US. The Distribution Agreement is for three years with a two year extension contingent on meeting certain goals. As part of this Distribution Agreement, co has the obligation over a three year period to either purchase or pay a minimum of $2 mln in gross margin value to PuriCore. When PuriCore receives $2 mln in gross margin purchases under the Distribution Agreement, it is anticipated that co will have received more than $4 mln in gross margin.

1:09PM Lockheed Martin completes server consolidation milestone (LMT) 78.33 -0.09 : Co announced it has completed phase one of a server consolidation project ahead of schedule, achieving cost efficiency for the U.S. Army Corps of Engineers Information Technology program. "This is providing a solid foundation for the virtualization and consolidation of 1,500 legacy servers with the additional benefits of less physical servers and less space required in data centers resulting in lower utility costs and reduced on-site administration."

1:04PM China Technology Developement Reaffirms Commitment to Solar Projects Investment (CTDC) 1.08 +0.03 : Co announced it has reaffirmed its commitment to solar projects investment and plans to file its interim report for 2011 with the SEC by the end of August. PricewaterhouseCoopers is the auditor for the co.

1:01PM Harris and Sendmail team up to bring trusted enterprise-grade email and messaging cloud to commercial and government organizations (HRS) 42.36 -0.10 :

1:01PM Fresh lows in crude oil at $97.20; now down 61 cents to $97.25 (COMDX) :

1:01PM Huntington Ingalls industries wins U.S. Navy support services contract (HII) 33.49 +0.18 : Cos subsidiary AMSEC LLC was awarded an indefinite-delivery/indefinite-quantity multiple award contract allowing an AMSEC-led team to compete for individual task orders solicited for service requirements. The award has a three-year base period with one five-year award term. The government estimates a maximum of $5.3 bln of services will be procured each year under the SeaPort-e multiple award contracts.

12:53PM President to meet with Dem leaders at 2:50 ET (ECONX) :

12:48PM Uranerz Energy receives final NRC approval (URZ) 3.04 -0.04 : Co announces that the NRC has issued the Materials License for the Co's Nichols Ranch ISR Uranium Project located in the Central Powder River Basin of Wyoming. The Materials License is the last NRC authorization required to commence on-site construction for eventual production at the Nichols Ranch ISR Uranium Project. Construction activities will commence within the next few days to take full advantage of the summer/fall construction season.

12:48PM FirstMerit Corp settles lawsuit with Matthew Fornshell, the receiver for Joanne and Alan Schneider (FMER) 16.51 0.00 : The settlement provides that FirstMerit Bank will cause to be paid to the Receiver a fixed amount of $10.5 mln, which is to be distributed to the Schneider investors. Of the $10.5 mln settlement payment, ~$9.9 mln will be covered by FirstMerit's insurer, and FirstMerit's contribution amounts to ~$0.6 mln. In consideration of the $10.5 mln payment, the Receiver has agreed to dismiss the litigation.

12:46PM Tesla Motors resumes trading (TSLA) 29.93 +2.04 :

12:44PM Crude drops into negative territory; now off 28 cents to $97.58 (COMDX) :

12:36PM Clorox confirms receipt of revised unsolicited conditional proposal from Carl Icahn (CLX) 74.97 +2.40 : Co confirmed it has received a revised unsolicited conditional proposal from Icahn Enterprises to acquire the co for $80.00 per share, subject to due diligence, financing and other conditions. Co's board of directors, in consultation with its financial and legal advisers, will review the proposal in due course. Goldman, Sachs & Co. and J.P. Morgan Securities LLC are serving as financial advisers, and Wachtell, Lipton, Rosen & Katz is legal adviser.

12:18PM Tesla Motors halted, news pending (TSLA) 27.99 +0.10 :

12:08PM Relative Sector Performance (TECHX) : Seeing relative strength in recent action in Silver SLV, Gold GLD, Gold Miners GDX, Rail, Ag/Chem MOO, Energy XLE, Oil Service OIH, Commodity Index and to a lessor extent REITs IYR, Utility UTIL. Relative weakness has been noted in Technology XLK, Software IGV, Semi SMH, Networking IGN, Disk Drive, Housing XHB.

12:04PM Public Service receives NRC approval for 20-year license renewal for nuclear Hope Creek Generating Station (PEG) 32.06 +0.18 : Co announces in addition to license renewal, PSEG Nuclear continues to explore the possibility of building an additional nuclear plant in Salem County. Though not a commitment to build, the ESP would recognize the proposed location to be suitable from a safety, environmental and emergency planning standpoint. An NRC decision on the ESP is not expected until late 2013.

12:03PM United Continental and Continental Airlines sign new distribution agreement with Travelocity (UAL) 20.56 -0.04 : The cos announced that its wholly owned subsidiaries United Airlines and Continental Airlines signed a new multi-year agreement with Travelocity that enables customers to continue to purchase tickets through Travelocity's online booking sites, including Travelocity.com, Travelocity Business, Travelocity Partner Network and Travelocity.ca.

12:03PM Gold closing in on flat line; now off $2.10 tp $1599 (COMDX) :

11:55AM Nasdaq Comp -14 sets minor new session low, Dow -19 and S&P -1 still holding above their first hour lows (SPY) :

11:36AM Delcath Announces the completion of common stock offering for $23.5 mln (DCTH) 5.11 -0.01 : Co announced it has closed its previously announced offering of 5 mln common shares at a price to the public of $5.05/share. Co has granted Jefferies & Company the sole book-runner for the offering, an over-allotment option to purchase up to an additional 750,000 common shares on the same terms and conditions for up to 30 days after the date of the offering, July 14, 2011. Co received proceeds, net of offering expenses and underwriting discounts and commissions, of ~$23.5 mln.

11:18AM Staples appoints Christine Putur CIO (SPLS) 15.49 -0.02 : Putur joined Staples in 1999, and has since held various leadership roles on the company's e-commerce, technology strategy, program management and US Retail technology teams. She most recently served as senior vice president of information systems for the company's North American Delivery businesses.

11:15AM Gold, silver extend move to upside (COMDX) :

* Gold now lower by $4.80 to $1596.30.
* Silver down 80 cents to $39.42.

11:08AM Cisco Systems extends up near its 50 day (CSCO) 15.79 +0.13 : CSCO has underperformed the overall market for the last year but has attempted to build a base of sorts over the last month. It notched a new session high in recent trade of 15.83 leaving it back near its 50 sma/ema at 15.85/15.93 (50 day capped upside early in month). The July peak and three week range top is at 15.96/15.99.

11:03AM Stock indices extend off first level supports -- Dow +0.7, S&P +1.8, Nasdaq Comp -3.5 (SPY) : The indices were mixed in early trade with some minor slippage noted during the first hour. The three major averages were able to stabilize at/near first level supports noted in The Technical Take at 2815/2809 Nasdaq Comp (session 2812), 1322/1321 S&P (session low 1323) and 12540/12530 Dow (session low 12546) with some upticks noted.

11:01AM Angeion Names Gregg O. Lehman CEO (ANGN) 4.55 0.00 : Lehman held numerous senior-level positions in the medical and education industries including: CEO of Inspiris, a health care management company; CEO of Gordon Health Solutions, which provides lifestyle and disease management programs to employers and health plans; CEO of the National Business Coalition on Health in Washington, D.C., and president of Taylor University in Indiana.

10:54AM Aaron's acquires 30 stores from Crusader Rent to Own (AAN) 26.58 -0.43 : CO announced that it has acquired all 30 of the stores owned and operated by Crusader Rent to Own. In the coming months, 29 of the locations will be converted to HomeSmart stores. These stores offer weekly payment lease agreements for products which are similar to those in co'ssales and lease ownership stores. A current co's franchisee will assume certain of the assets of one store, which will be merged into an existing store.

10:54AM Fresh lows for natural gas at $4.43; now lower by $0.09 to $4.44 (COMDX) :

10:46AM Bristol-Myers investigational treatment for Alzheimer's Disease demonstrated potential therapeutic window at doses below 100 mg in Phase II safety and tolerability study (BMY) 28.73 -0.07 : Co announced of the four BMS-708163 doses evaluated in the study doses below 100 mg/day demonstrated acceptable tolerability profiles for further development and were associated with discontinuation rates comparable with placebo. BMS-708163 doses at or above 100 mg were associated with higher discontinuation rates, most commonly due to gastrointestinal and dermatological side effects. This Phase II study in mild-to-moderate Alzheimer's disease met its primary objective of identifying safe and tolerable doses of BMS-708163, providing a potential therapeutic window for intervention at doses less than 100 mg/day that warrants testing in Phase III registrational studies. The study was not adequately powered to determine the efficacy of BMS-708163.

10:33AM Gilead Sciences reports its investigational antiretroviral Elvitegravir once daily non-inferior to Raltegravir twice daily at 48 weeks (GILD) 41.86 +0.15 : Co announced Phase III clinical trial results from the pivotal Study 145 showing that its investigational antiretroviral elvitegravir, a novel oral integrase inhibitor being evaluated for the treatment of HIV-1 infection, was non-inferior to the integrase inhibitor raltegravir after 48 weeks of therapy in treatment-experienced patients. In the study, elvitegravir (150 mg or 85 mg) dosed once daily was compared to raltegravir (400 mg) dosed twice daily. Each integrase inhibitor was administered with a background regimen that included a ritonavir-boosted protease inhibitor and a second antiretroviral.

10:32AM DTE Energy's subsidiary Fermi 2 Power Plant will seek license renewal (DTE) 50.38 +0.30 : Co notified the Nuclear Regulatory Commission that it intends to apply for renewal of Fermi 2's operating license. The current license expires in 2025; the renewal would permit the plant to operate an additional 20 years. Co will submit the Fermi 2 application to the NRC in 2014.

10:32AM Digital River World Payments solution received approved payment institute license in accordance with the European Commission's Payment Services Directive regulatory initiative (DRIV) 31.82 -0.53 :

10:32AM Crude oil sees muted reaction to inventory data; now up 92 cents to $98.78 (OIH) :

10:31AM Duke Energy signs letter of intent for potential minority interest in Santee Cooper's nuclear project ownership (DUK) 18.85 +0.09 : Co filed a status update informing the Public Service Commission of South Carolina the company has signed a letter of intent with Santee Cooper for a potential minority interest (5 to 10 percent of the capacity of the two units) in Santee Cooper's 45 percent ownership of the planned new nuclear reactors at V.C. Summer Nuclear Generating Station in South Carolina.

10:25AM Union Pacific drops firmly lower intraday to set a new low for the month of 98.84, leaving it slightly above its three month close low from June at 98.79 (UNP) 99.05 -1.50 : The bottom of its multi-month range/June intraday low is at 98.33.

10:20AM Baldwin Technology secured a $750K order to install UV dryers (BLD) 1.22 -0.04 : This is co's first order for its QuadCure UV dryer into the newspaper segment and it is expected to lead to further opportunities.

10:17AM Minor new lows for stock indices Nasdaq Comp -13, Dow -40, S&P -2.4 (SPY) :

10:13AM Relative Strength Leader Finance XLF notches new session highs (SPY) : The other Finance related ETFs are also outperforming this morning (IAI, KBE, KRE, KIE see The Technical Take for XLF chart). A potential key for this morning is whether the XLF can pull the rest of the market higher with it or if the lagging technology sectors (Networking IGN, Software IGV, Semi SMH) will win the tug-of-war. The XLF has resistance at its 20 day (15.06) with a chart zone of interest at 15.13/15.21. The extent of the bounce off Monday's is also a short term concern as it leaves the overall market extended technically.

10:12AM IMAX and Paramount Pictures report Transformers to date has grossed $41.1 mln in Imax theaters (IMAX) 27.29 -0.48 : Co announces Transformers: Dark of the Moon will be released in China day-and-date immersive IMAX 3D format on Thursday, July 21, on 31 IMAX screens.

10:05AM Nissan Motor Americas unit confirmed it will produce electric motor for Nissan LEAF at its Decherd plant by early 2013 (NSANY) 21.14 -0.13 : Nissan Americas today confirmed that, starting in early 2013, it will produce the electric motor for the Nissan LEAF at its Decherd, Tenn., powertrain assembly plant. When the new assembly line is completed, the plant will have the capacity to produce up to 150,000 electric motors annually for Nissan LEAFs, which will be built at the company's assembly plant in Smyrna, Tenn.

10:03AM Marsh McLennan announced that it has signed a definitive agreement to acquire FtMahoney & Associates' health and welfare; terms of the agreement were not disclosed (MMC) 29.56 +0.01 : The transaction is expected to close on or about August 31.

10:01AM Sino-Global Shipping affiliate Sino-China reached a Strategic Cooperation Agreement with COSCO Container Shipping Agency (SINO) 1.92 +0.15 : "By signing the Agreement, we intend to expand our local agency services through the highly-regarded network of COSCO Container Shipping Agency."

10:01AM Stock indices slip just slightly after weaker than consensus home sales numbers -- Dow -21, S&P -1, Nasdaq Comp -6.2 (SPY) :

9:55AM China Security and Surveillance announces voluntarily delisting of its securities from NASDAQ Dubai (CSR) 5.36 -0.05 : Following the effectiveness of the delisting from NASDAQ Dubai, the Company's common stock continues to be listed on its primary market, the New York Stock Exchange.

9:54AM Stock indices slip further off early highs with three major averages now in the red -- Dow -24, S&P -0.7, Nasdaq Comp -6.7 (SPY) :

9:50AM Research In Motion extends its recent slide lower intraday as it dips down into modest multi-yr low territory below the $25.80 area (RIMM) 25.78 -0.97 :

9:46AM Johnson & Johnson notches new session low of 66.19 nearing yesterday/July low at 66.15 with its 50 ema just below at 66.09 (JNJ) 66.22 -0.50 :

9:44AM Stock indices slip back off opening levels with Nasdaq Comp -3.9 joining Dow -11 in the red -- S&P +0.4 (SPY) :

9:42AM Goldman Sachs displaying some relative strength as it probes the high of yesterday's 52-wk low bar at 129.93 -- session high 129.85 (GS) 129.50 +1.01 :

9:42AM Opening Point Gainers/Losers (TECHX) : Point Gainers: ISRG (+24.36), AAPL (+14.23), NLC (+7.43), IDCC (+7.74), VMW (+2.73), CTAS (+2.60), CLX (+2.25), ETFC (+2.00), OVTI (+1.68), URI (+1.90), TEL (+1.47), CF (+2.19), CMI (+1.38)

Point Losers: RVBD (-8.75), NFLX (-6.49), CMG (-6.95), LUFK (-5.70), FFIV (-5.57), FTNT (-4.65), ECL (-3.86), APKT (-3.45), CTRN (-2.85), ESI (-2.55), CRM (-2.05), ICGN (-1.79)

9:39AM Crude oil extending pullback toward flat line; now up 38 cents to $98.24 (COMDX) :

9:36AM Riverbed Technology: Following earnings, stock lifts to gap down highs as buyers take it back up into its 200-day ema near $33.50 (RVBD) 33.32 -8.11 :

9:35AM S&P +1.6 and Nasdaq Comp +6 edge slightly above Tues highs off the open, Dow -4.1 does not confirm (SPY) : Weighing on the Dow in early trade are: UTX -2.8%, MSFT -1.3%, IBM -0.8%, PFE -0.5%, JNJ -0.4%.

9:30AM Natural gas drops ~10 cents to session lows at $4.48; now lower by 4 cents to $4.49 (COMDX) :

9:26AM On The Wires (WIRES) :

* BIOLASE Technology (BLTI) announced that the U.S. Patent and Trademark Office has issued BIOLASE three patents focused on core and newly pioneered aspects of its proprietary Er,Cr:YSGG and Er:YAG hard tissue laser technology.
* Private Media Group (PRVT) is expanding its Video-On-Demand offering by signing a partnership France's AB Groupe to supply their VOD website www. xxltv. fr with Private's premium quality content.
* Analog Devices (ADI) introduced the ADA4096-2 dual, precision-micropower operational amplifier, the industry's first precision op amp with more than 30 V of integrated input over-voltage protection.
* Pixelworks (PXLW) announced that it is sampling its PA136, a new member of its MotionEngine family of advanced video processor devices for use in advanced TVs, projectors and other display applications.
* iRobot (IRBT) and InTouch Health announced the signing of a joint development and licensing agreement to explore potential opportunities for healthcare applications on iRobot platforms such as the iRobot Ava mobile robotics platform.
* Bank of America (BAC) Merrill Lynch unveiled BofAML Express, the firm's next generation ultra low-latency market access and risk control platform for U.S. equities.

9:26AM ZAGG announces distribution in T-Mobile USA stores nationwide (ZAGG) 15.32 : Co announced that their mobile device protection products will be distributed by T-Mobile USA, in the United States. T-Mobile USA will offer the invisibleSHIELD nationwide initially for the T-Mobile myTouch 4G Slide with the potential to expand to additional popular devices.

9:21AM Rudolph Tech prices offering of $50 mln of 3.75% convertible senior notes due 2016; warrent transaction will have a dilutive effect on the co's EPS to the extent that the price of its common stock exceeds the strike price of the warrant, which is ~ $17/share (RTEC) 9.59 : Co announced the pricing of its offering of $50 mln aggregate principal amount of 3.75% convertible senior notes due 2016. The Company also granted the initial purchaser of the notes an option to purchase up to an additional $10 mln aggregate principal amount of the notes. The notes will pay interest semi-annually on January 15 and July 15 at an annual rate of 3.75%, and will mature on July 15, 2016, unless earlier converted or repurchased. In connection with the offering of the notes, the co has entered into a convertible note hedge and a warrant transaction with an affiliate of the initial purchaser. The convertible note hedge transaction is intended to reduce potential dilution to the Company's common stock upon conversion of the notes.

9:16AM CBS and Amazon (AMZN) announce digital video licensing agreement; terms of the deal were not disclosed (CBS) 27.97 : Amazon Prime customers will be able to watch thousands of episodes from the CBS library at no additional cost to their membership.

9:13AM Tri-Tech Holding awarded seven additional flash flood early warning contracts valued at $2.4 mln (TRIT) 7.24 : Co announced today that its subsidiary, Beijing Yanyu Water Tech Co., Ltd. (Yanyu), has been awarded a contract in Beijing City.

9:06AM Rowan Cos to sell land drilling division for $510 million in cash, plus working capital of approximately $30 mln (RDC) 37.56 : Co announces that it has entered into a purchase and sale agreement with Ensign United States Drilling, a subsidiary of Ensign Energy Services, to sell Rowan's land drilling division for $510 million in cash, plus working capital of approximately $30 million. "we continue to execute our stated strategy to separate non-core businesses. "We expect that our after-tax proceeds, estimated at approximately $370 million, will be redeployed into our offshore drilling business and recently announced deepwater expansion."

9:04AM Zillow IPO prices at $20.00, above $16-18 expected range (which was moved up from the original $12-14 range) (Z) 20.00 : Co announced the pricing of the initial public offering of 3,462,000 shares of its Class A common stock at $20.00 per share. The shares will begin trading on Wednesday, July 20, 2011 on The Nasdaq Global Market under the ticker symbol "Z." Citi is acting as sole book-running manager for the offering. Allen & Company LLC is acting as senior co-manager and Pacific Crest Securities, ThinkEquity LLC, and First Washington Corporation are acting as co-managers.

9:01AM Natl Oilwell Varco announces STSA Acquisition; terms of the all-cash acquisition were not disclosed (NOV) 80.07 :

9:01AM Duoyuan Global Water announces further delay in filing annual report on Form 20-F pending completion of investigation (DGW) 3.88 : A Special Investigation Committee of the co's Board is conducting an independent investigation into certain accounting and financial reporting matters. The investigation continues to make progress and currently includes review of documents, interviews of key personnel and examination of financial records.

9:00AM New lows for gold at $1581.10; now down $187.20 to $1582.90 (COMDX) :

8:57AM Government Properties Income Trust priced a 6.5 mln common share offering at $25.40/share (GOV) 26.37 :

8:48AM On The Wires (WIRES) :

* KEMET (KEM) introduced its first-to-market F5D Series metallized polyester film capacitors with integrated ceramic capacitors. These multicomponent capacitors eliminate the need for two devices by filtering both low and high frequency noise in automotive motors and other suppression applications.
* Praxair's (PX) German subsidiary has started up a new air separation unit at its complex in Hurth, Germany. With a capacity of 1,800 tons per day, the new facility more than doubles Praxair Deutschland's total capacity at the site.
* PositiveID Corporation (PSID) announced that it has been awarded a new international patent.
* Mad Catz Interactive (MCZ) announced the shipping of a new range of licensed PC Pro Flight products based on the Cessna brand of general aviation aircraft and being launched under the Company's Saitek simulation brand.
* ADP (ADP) announced that Larimer County, Colorado awarded the co a five-year outsourcing contract to develop an integrated human capital management solution to help streamline and automate the majority of its HR functions serving approximately 2,000 county employees.

8:46AM Trimble Navigation to acquire PeopleNet; no terms released; expands presence in transportation and logistics market; expected to be immediately accretive upon close (TRMB) 38.27 :

8:31AM Gulf Resources withdraws its registration statement on Form S-3 (GURE) 4.03 : Co announces it has requested the immediate withdrawal of its registration statement on Form S-3, which was declared effective on August 31, 2010 with the SEC. The co has not sold and/or distributed any of the securities registered in the filing. Co states: "We decided to withdraw our registration statement because we think our share price remains undervalued and do not intend to sell any securities under the registration statement."

8:31AM Apple introduces world's first thunderbolt display and other product updates (AAPL) 376.85 : In addition co announced that Mac OS X Lion, the eighth major release of the world's most advanced operating system. Also co announced that it updated the Mac Mini with next generation Intel (INTC) core processors, new discrete graphics, high-speed Thunderbolt I/O technology and Lion, the world's most advanced operating system. Finally, the co updated the MacBook Air with next generation processors.

8:31AM Icagen to be acquired by Pfizer (PFE) for $6.00/share (ICGN) 7.75 : PFE and ICGN announced that they have entered into a definitive merger agreement. PFE, which currently owns approximately 11% of ICGN's fully diluted shares, will acquire the remaining 8.3 million shares at a price of $6.00 per share. The aggregate transaction value, including the value of the shares currently owned by Pfizer, is approximately $56 million. Briefing.com note: Although the $6.00 per share ICGN deal is below yesterday's close of $7.75, it is still well above the $2.40 price where ICGN was trading on 6/24, prior to announcing that PFE was evaluating the possibility of entering into a strategic transaction with ICGN.

8:26AM Gold, silver ticking higher following open of pit trade (COMDX) :

* Gold now lower by $0.40 to $1590.70.
* Silver off $1.44 to $38.78.

8:24AM On The Wires (WIRES) :

* Science Applications International (SAI) announced it was awarded a prime contract by the Naval Surface Warfare Center Carderock Division.
* Prologis (PLD) announced that it has signed a lease with a global third-party logistics provider for approximately 382,000 sq feet of its Chengdu Airport Logistics Center, which is currently under construction.
* Analog Devices (ADI) introduced the ADP5034 regulator/LDO, a integrated power management IC.
* Progress Software Corporation (PRGS) announced that Japanese integrated communications and IT management solutions provider, KVH Co. has selected the Progress Responsive Process Management suite.
* PTC (PMTC) announced that MKS Integrity, a PTC product, is the first software system lifecycle management solution certified to help manufacturers comply with a key automotive industry safety standard governing areas such as steering and braking systems.
* Oracle (ORCL) launches Unified Directory 11g , a Next-Generation Unified Directory Solution That Integrates Storage, Synchronization and Proxy.
* Starwood Hotels & Resorts Worldwide (HOT) and Crown Center Redevelopment Corporation announced that the Hyatt Regency in Kansas City will undergo an $13 mln renovation to bring the 733-room property up to Sheraton brand standards.
* SRS Labs (SRSL) announced a multiyear agreement with Arcelik, one of Europe's largest flat-panel display manufacturers, to license multiple audio technology solutions, including TruSurround HD, TruVolume, and SRS' all new StudioSound HD solution, for inclusion throughout their entire FPTV model line-up.
* Neoprobe Corporation (NEOP) announced that it has established a European business unit to address EU development and commercialization needs for its novel technologies, including Lymphoseek.
* Great Lakes Dredge & Dock Corporation (GLDD) announced a new joint venture with Environmental Remediation Holding.
* ADP (ADP) announced that Larimer County, Colorado, the seventh largest county in Colorado, has awarded the company a five-year outsourcing contract to develop an integrated human capital management solution to help streamline and automate the majority of its HR functions.
* LSI Corporation (LSI) announced the availability of a family of network accelerator cards that offload functions and reducing time to market. The accelerator cards allow OEMs to use existing software investments and reducing development costs.

8:18AM Crestwood Midstream Partners increases quarterly dividend to $0.46/sh from $0.44/sh QoQ (CMLP) 27.44 :

8:17AM Micron announces a $600 mln convertible sr notes offering (MU) 7.52 : Micron intends to use a portion of the net proceeds from these offerings to pay the cost of the capped call transactions entered into in connection with the offering of the Notes. A portion of the net proceeds will be used to repurchase shares of Micron's common stock pursuant to a Board authorized $150.0 million stock repurchase program including purchases in negotiated transactions with institutional investors in the offering through one of the initial purchasers, as Micron's agent, subject to availability, in other privately negotiated or market transactions following the offering and the remainder will be used for general corporate purposes, including working capital, capital expenditures, and potential acquisitions and strategic transactions.

8:13AM First Republic Bank beats by $0.03 (FRC) 28.95 : Reports Q2 (Jun) earnings of $0.64 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.61. "First Republic's very solid results during the second quarter include strong loan growth of 4%. Our credit quality remains very clean and our geographic markets continue to perform relatively well economically."

8:10AM Northern Trust beats by $0.01, reports revs in-line (NTRS) 43.64 : Reports Q2 (Jun) earnings of $0.70 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.69; revenues fell 2.0% year/year to $944.8 mln vs the $947.7 mln consensus. Return on average common equity was 8.8% in the current quarter, compared to 12.2% in the second quarter of 2010 and 8.9% in the first quarter of 2011. Net interest income for the quarter on an FTE basis totaled $256.6 million, up $14.2 million, or 6%, compared to the $242.4 million in the prior year quarter, primarily attributable to an increase in average earning assets. "Our financial performance benefited from excellent new business from personal and institutional clients. This performance was the result of our strong competitive positioning and our focus on delivering high quality service and solutions to our clients. We also realized double-digit growth in client assets, with assets under custody increasing 24% to $4.4 trillion and assets under management increasing 13% to $684.1 billion compared to a year ago".

8:09AM Eastman Kodak exploring strategic alternatives for fundamental digital imaging patent portfolios (EK) 2.31 : Co announces that it is exploring strategic alternatives related to its digital imaging patent portfolios, a move reflecting the current heightened market demand for intellectual property. Co's portfolios include more than 1,100 U.S. patents pertaining representin ~10% of co's total U.S. patent portfolio. To assist in this effort, co has retained Lazard as its adviser.

8:06AM Popular reports Q2 (Jun) results (BPOP) 2.55 : Reports Q2 (Jun) earnings of $0.11 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.04. The results for the second quarter of 2011 reflect a tax benefit of $59.6 million related to the timing of loan charge-offs for tax purposes. Net interest income increased by $31.2 million for the quarter ended June 30, 2011 when compared with the first quarter of 2011 driven primarily by an increase in the yield on loans covered under FDIC loss sharing agreements, an increase in interest income on the non-covered mortgage loan portfolio due to higher volume, and lower cost of funds. The provision for loan losses increased by $69.0 million for the quarter ended June 30, 2011, compared with the first quarter of 2011, principally due to the $33.0 million increase related to the covered loans and $36.0 million in non-covered loans principally due to higher volume of commercial loan net charge-offs.

8:06AM Amphenol beats by $0.02, beats on revs; guides Q3 EPS in-line, revs in-line; raises FY11 EPS, revs slightly, in-line (APH) 51.68 : Reports Q2 (Jun) earnings of $0.79 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.77; revenues rose 15.0% year/year to $1.02 bln vs the $0.99 bln consensus. Co issues in-line guidance for Q3, sees EPS of $0.77-0.79 vs. $0.79 Capital IQ Consensus Estimate; sees Q3 revs of $1.00-1.015 bln vs. $1.01 bln Capital IQ Consensus Estimate. Co issues in-line guidance for FY11, raises EPS to $3.07-3.11, excluding non-recurring items, from $3.05-3.11 vs. $3.10 Capital IQ Consensus Estimate; raises FY11 revs to $3.975-4.005 bln from $3.96-4.00 bln vs. $3.98 bln Capital IQ Consensus Estimate. "We are especially excited that we achieved a significant new milestone for the Company with quarterly sales in excess of $1 billion. Sales growth of 15% over last year was driven by strength across most of our served markets, led by Mobile Devices, Industrial and Automotive. We continue to perform well in a dynamic electronics market due to our leading technology, broad and increasing positions with our customers across all of our diverse markets, worldwide presence and lean cost structure. In addition, despite what continues to be an extremely challenging cost environment, our entrepreneurial management team executed well in the quarter, achieving industry leading operating margins of 19.4%, net income margins of 13.4% (both excluding one-time items) and operating cash flow of $105 million."

8:04AM M&T Bank beats by $0.86 (MTB) 86.80 : Reports Q2 (Jun) earnings of $2.42 per share, $0.86 better than the Capital IQ Consensus Estimate of $1.56. Co states credit quality continued to show solid improvement during the recent quarter. The provision for credit losses was $63 mln in the second quarter of 2011, improved from $85 mln in the year-earlier quarter and $75 mln in the first quarter of 2011. Net charge-offs of loans totaled $59 mln during the recent quarter, down from $82 mln and $74 mln in the second quarter of 2010 and the first quarter of 2011, respectively. Expressed as an annualized percentage of average loans outstanding, net charge-offs were .43% and .64% in the second quarter of 2011 and 2010, respectively, and .58% in the first quarter of 2011.

8:04AM Synta Pharma says first patient treated in the GALAXY trial a Phase 2b/3 trial for Ganetespib in advanced 2nd-line non-small cell lung cancer (SNTA) 4.73 :

8:03AM Hemispherx Biopharma receives FDA authorization to proceed with the initiation of a new clinical trial of intranasal Ampligen used in conjunction with commercially approved seasonal influenza vaccine (HEB) 0.37 : Co announces it has received FDA authorization to proceed with the initiation of a new clinical trial of intranasal Ampligen used in conjunction with commercially approved seasonal influenza vaccine. The FDA authorization also requests that certain protocol amendments and pre-clinical items be filed to the Investigational New Drug Application; these requests are not expected to affect the implementation or timing of the clinical study which will involve healthy volunteers. The primary objective of this study is to evaluate the safety of three cycles of intranasal Ampligen administered three days following each intranasal dose of seasonal influenza vaccine.

8:03AM Hudson City Banc beats by $0.01 (HCBK) 8.20 : Reports Q2 (Jun) earnings of $0.19 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.18. The Q2 provision for loan losses amounted to $30.0 mln vs $50.0 mln year ago. Co reports net interest rate spread and net interest margin were 1.94% and 2.14%, respectively, for the second quarter of 2011 as compared to 1.50% and 1.72%, respectively for the linked first quarter of 2011 and 1.89% and 2.13%, respectively, for the second quarter of 2010.

8:02AM Dynavax Technologies reports phase 3 data of HEPLISAV vs. Engerix-B (DVAX) 3.15 : Co announced said that top-line data from its Phase 3 trial comparing HEPLISAV, an investigational hepatitis B virus vaccine, to a currently marketed HBV vaccine, Engerix-B, demonstrated non-inferiority, superiority and the safety of HEPLISAV. At the primary endpoint, 8 weeks post the last dose of vaccine, 12 weeks for HEPLISAV and 32 weeks for Engerix-B, the seroprotection rate (SPR) was 90% for HEPLISAV and 70% for Engerix-B. Data supporting the consistency of three consecutively manufactured lots of HEPLISAV have been submitted to FDA, and co expects confirmation of its analysis shortly. Co also reported that the trial's safety data showed HEPLISAV to be safe and well tolerated, and similar to Engerix-B. Careful safety evaluation over the 12 month duration of trial demonstrated: 50% of HEPLISAV subjects and 53% of Engerix-B subjects experienced an adverse event.

8:02AM Quepasa to buy myYearbook for $100 mln (QPSA) 7.13 : Co announces purchase of myYearbook comprised of cash and stock. The accretive combination creates leading global platform for social discovery with 70+ million registered users, 2.2 million mobile app installs, 11.5 million mobile game installs, and 2.1 million social game installs. Completion of merger is expected in Q4 of 2011.

8:01AM Piper Jaffray beats by $0.05, beats on revs (PJC) 27.14 : Reports Q2 (Jun) earnings of $0.55 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.50; revenues rose 6.4% year/year to $135.9 mln vs the $131.1 mln consensus.

8:00AM Drew Industries acquired certain assets and business of M-Tec; expects the acquisition to be immediately accretive to earnings (DW) 23.75 : Co announces its wholly-owned subsidiary, Lippert Components, acquired certain assets and business of M-Tec. The acquired business has annual sales of approximately $12 mln, primarily of components for RVs and mobile office units. The purchase price of $6 million was paid from available cash. Depending on sales levels achieved by the acquired business over the next three years, the co may pay an additional purchase price of approximately $0.6 million. Drew expects the acquisition to be immediately accretive to earnings.

7:52AM Manhattan Assoc up nearly 8% in the premarket after last night's beat and raise (MANH) 34.81 : MANH is is +7.7% in the premarket after the co reported Q2 (Jun) earnings of $0.65 per share, excluding non-recurring items, $0.20 better than the Capital IQ Consensus Estimate of $0.45; revenues rose 13.9% year/year to $88.4 mln vs the $83.2 mln consensus. Co issues upside guidance for FY11, raised EPS to $1.97-2.02, excluding non-recurring items, from $1.87-1.92 vs. $1.90 Capital IQ Consensus Estimate; raises FY11 revs to $325-335 from $325-330 mln vs. $325.37 mln Capital IQ Consensus Estimate.

7:42AM Abbott Labs reports EPS in-line, revs in-line; guides FY11 EPS in-line (ABT) 52.68 : Reports Q2 (Jun) earnings of $1.12 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $1.12; revenues rose 16.3% year/year to $9.62 bln vs the $9.57 bln consensus. Co issues in-line guidance for FY11, sees EPS of $4.58-4.68 vs. $4.60 Capital IQ Consensus Estimate and above previously issued guidance range of $4.54-4.64. The gross margin ratio was 60.2% in the second quarter, driven by favorable product mix.

7:39AM Air Methods sees Q2 EPS -25% YoY (AIRM) 74.94 : Co sees Q2 EPS -25% YoY, which calculates to ~$0.77 vs. the $1.09 consensus. Total community-based patient transports were 10,319. Patients transported for community bases in operation greater than one year decreased 630 transports, or 6%, while weather cancellations for these same bases increased by 345 transports compared with the prior-year quarter. Preliminary net revenue per community-based transport was $8,999, as compared with $8,181 in the prior-year quarter, a 10% increase. Preliminary maintenance expense increased $5.5 mln, or 30%, as compared with the prior-year quarter, despite a decrease in total flight hours of 1%. The increase was attributed in part to significant blade replacement costs for the co's fleet of BK-117 twin-engine aircraft. Second quarter preliminary results also include a pre-tax, non-cash loss of ~$0.8 mln, compared with a loss of $0.1 mln in the prior-year quarter, associated with the mark to market of a fuel derivative. In addition, transaction costs of $0.3 mln associated with the pending Omniflight acquisition were expensed during the quarter. Pending the expiration of the HSR waiting period (Aug. 1), the co expects to close the Omniflight acquisition shortly thereafter. The co has completed the necessary agreements to finance the $200 mln purchase price for the pending acquisition of Omniflight. The Company has presently in place a $100 mln line of credit, which is currently unused. Subject to completion of standard closing conditions, the co will also draw down upon a newly-originated $200 mln term loan to finance the contemplated acquisition of Omniflight.

7:33AM Validus Holdings responds to Transatlantic (TRH) Board of Directors announcement; reiterates commitment to its superior proposal; pleased Transatlantic Board is willing to enter into discussions (VR) 28.08 : Validus has delivered to the Board of Directors of Transatlantic a Superior Proposal that provides a 27.1% premium to the June 10, 2011 Transatlantic unaffected share price of $44.01,1 and a 5.3% ($2.63 per Transatlantic share) premium to the current implied value of the Allied World transaction. In contrast, the implied value of Allied World's offer currently represents a 4.3% discount to the Transatlantic share price.

7:32AM Spirit Aerosystems announced it will record a pre-tax charge of approximately $53 mln, or $0.26 per share in Q2 as it recognizes additional cost growth on the Gulfstream G250 wing program and establishes program management and production at its North Carolina facility (SPR) 20.57 : Co announces that it will record a pre-tax charge of approximately $53 million, or $0.26 per share in the second quarter 2011 as it recognizes additional cost growth on the Gulfstream G250 wing program and establishes program management and production at its North Carolina facility. The company expects to report fully diluted earnings per share for the second quarter of between $0.19 and $0.21 per share, including the impact of the charge (current Capital IQ consensus is $0.44)

7:31AM St. Jude Medical beats by $0.01, reports revs in-line; guides Q3 EPS below consensus; guides FY11 EPS below consensus (STJ) 46.82 : Reports Q2 (Jun) earnings of $0.85 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.84; revenues rose 10.2% year/year to $1.45 bln vs the $1.45 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.74-0.76 vs. $0.80 Capital IQ Consensus Estimate. Co issues downside guidance for FY11, sees EPS of $3.25-3.30 vs. $3.31 Capital IQ Consensus Estimate.

7:31AM Aeterna Zentaris reached a key milestone in the non-clinical development of its oral prostate cancer vaccine candidate, AEZS-120 (AEZS) 2.21 : Co announced that it has encompassed the full development of a GMP process, including GMP production and quality testing of a clinical batch, as well as a non-clinical safety and toxicology package, as previously agreed with regulatory authorities. Subject to a positive review by German regulatory authorities, the coaims to start Phase I clinical development in 2012.

7:31AM Babcock & Wilcox to design and supply $26 mln emissions control system for Michigan power plant (BWC) 25.29 :

7:30AM Sunesis Pharma announced publication in Leukemia of data from a Phase 1b multi-center study of vosaroxin in relapsed or refractory leukemia; results show that single-agent vosaroxin was well-tolerated, with a potent anti-leukemic effect in patients who had received multiple prior therapies (SNSS) 2.01 : Co announces the publication in Leukemia of data from a Phase 1b multi-center study of vosaroxin in relapsed or refractory leukemia. The results show that single-agent vosaroxin was well-tolerated, with a potent anti-leukemic effect in patients who had received multiple prior therapies. The Phase 1b data, along with results from Phase 2 studies of vosaroxin used alone and in combination with cytarabine in the treatment of acute myeloid leukemia, support the co's currently-enrolling VALOR trial, a Phase 3, multinational, randomized, double-blind, placebo-controlled, pivotal clinical trial of vosaroxin in combination with cytarabine in first relapsed or refractory AML. Overall, vosaroxin was generally well tolerated, with a dose-limiting toxicity of reversible Grade 3 - 4 oral mucositis. Of 73 treated patients with advanced relapsed or refractory leukemia, including AML (85% of patients), myelodysplastic syndrome, acute lymphoblastic leukemia, or chronic myeloid leukemia in blast crisis, a morphologic leukemia-free state, defined by bone marrow blasts reduced to less than 5%, was achieved in 16 patients at a median 32.5 days after the first dose of vosaroxin.

7:24AM Sept crude oil, now the most actively traded contract, trades to highs at $99.19; now ip $1.21 to $99.06 (COMDX) :

7:15AM On The Wires (WIRES) :

* Kratos Defense & Security Solutions (KTOS) announced that it is being awarded a ~$15.2 mln modification to a previously awarded contract for professional support services to the Office of the Chief of Naval Operations.
* Concur (CNQR) announced a $5 mln strategic investment in Yapta. As part of the investment, Concur and Yapta have entered into an alliance agreement, under which Concur will exclusively use Yapta's airfare price tracking and price assurance services for its TripIt Pro users.
* Merck (MRK) and Roche (RHHBY) announced that they have signed a new non-exclusive agreement for the global promotion, upon appropriate marketing approvals, of VICTRELIS as part of a triple combination therapy regimen with peginterferon alfa and ribavirin to treat Hepatitis C.
* Elster (ELT) announced that Anglian Water has selected Elster to supply up to 300,000 V210 volumetric polymer water meters in the UK over the next two years.
* Richard Ellis Group (CBG) announced that the United States Postal Service has awarded CB Richard Ellis a contract to serve as its exclusive provider of strategic corporate real estate solutions nationally. CB Richard Ellis will provide transaction management services for USPS, including leasing and disposition.

7:10AM Boeing confirmed that American Airlines (AMR) has selected Boeing to provide 200 narrowbody airplanes, with options for 100 more, to accelerate its single-aisle fleet replacement (BA) 70.53 :

7:09AM Kratos Defense and Security awarded $15.2 mln modification to a previously awarded contract for professional support services to the Office of the Chief of Naval Operations (KTOS) 11.57 :

7:08AM AMR misses by $0.12, reports revs in-line; announces it will acquire 460 narrowbody aircraft from the Boeing 737 and Airbus A320 families beginning in 2013; announced its intent to move forward with the divestiture of AMR Eagle Holding (AMR) 4.93 : Reports Q2 (Jun) loss of $0.85 per share, $0.12 worse than the Capital IQ Consensus Estimate of ($0.73); revenues rose 7.8% year/year to $6.11 bln vs the $6.12 bln consensus. The co's second quarter performance was negatively impacted by fuel prices that increased 31% compared to the second quarter 2010. Including the impact of fuel hedging, AMR paid on average $3.12 per gallon for jet fuel in the second quarter of this year versus $2.37 per gallon in the second quarter 2010. As a result, the Company paid $524 million more for fuel in the second quarter 2011 than it would have paid at prevailing prices from the corresponding prior-year period... Consolidated passenger revenue per available seat mile grew 4.9%, while mainline unit revenue at American grew 4.3%, in each case compared to the second quarter 2010... In light of incremental 2011 capacity reductions, AMR now expects its full-year mainline capacity to be up 1.9% versus 2010, with domestic capacity down 0.1% and international capacity up 5.0% compared to 2010 levels. On a consolidated basis, AMR now expects full-year capacity will be up 2.6%. AMR expects mainline capacity in the third quarter 2011 to be 1.0% higher than third quarter 2010, with domestic capacity expected to be down 0.8% and international capacity expected to be up 3.6%. AMR expects consolidated capacity in the third quarter of 2011 to be up 1.6% year-over-year... Co also announced agreements with Boeing (BA) and Airbus that will enable it to transform American's narrowbody fleet. Under the new agreements, American will acquire 460 narrowbody aircraft from the Boeing 737 and Airbus A320 families beginning in 2013. As part of these agreements, starting in 2017 American will become the first U.S. network airline to begin taking delivery of "next generation" narrowbody aircraft that will further accelerate fuel-efficiency gains... Co also announced its intent to move forward with the divestiture of AMR Eagle Holding. AMR currently expects the divestiture to take the form of a spin-off of Eagle stock to the shareholders of AMR. Strategically, AMR believes a divestiture would be beneficial, as it would help ensure American maintains competitive rates and services for its regional feed into the future.

7:06AM Quest Diagnostics reports EPS in-line, revs in-line; guides FY11 EPS in-line, revs below consensus (DGX) 58.60 : Reports Q2 (Jun) earnings of $1.12 per share, in-line with the Capital IQ Consensus Estimate consensus of $1.12; revenues rose 1.5% year/year to $1.9 bln vs the $1.92 bln consensus. Co issues mixed guidance for FY11, sees EPS of $4.25-4.35, excluding non-recurring items, vs. $4.32 Capital IQ Consensus Estimate; sees FY11 revs of ~+1.5% YoY calculating to $7.43 bln vs. $7.57 bln Capital IQ Consensus Estimate.

7:05AM Sensata Tech reports EPS in-line, revs in-line; guides Q3 EPS in-line, revs above consensus; guides FY11 EPS in-line, revs above consensus (ST) 37.63 : Reports Q2 (Jun) earnings of $0.51 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.51; revenues rose 16.1% year/year to $455 mln vs the $452.5 mln consensus. Co issues guidance for Q3, sees EPS of $0.49-0.53 vs. $0.50 Capital IQ Consensus Estimate; sees Q3 revs of $470-490 mln including the announced, but not yet closed, acquisition of Sensor-NITE, vs. $462.46 mln Capital IQ Consensus Estimate. Co issues guidance for FY11, sees EPS of $2.01-2.11 vs. $2.05 Capital IQ Consensus Estimate; sees FY11 revs of $1.87-1.93 bln vs. $1.85 bln Capital IQ Consensus Estimate.

7:04AM Rimage: Arcadia Capital sends open letter to RIMG and its board; ask that the Board immediately issue a special dividend funded with $85 mln or more in cash (RIMG) 15.57 : Arcadia issued an open letter to shareholders outlining the dangers it believed that the co would encounter in pursuit of a virtual publishing solution, and advocated for a return of cash to shareholders. After the June letter was released, Arcadia stated that it was contacted by a significant number of shareholders who indicated they have similar views and concerns as Arcadia.

7:04AM U.S. Bancorp beats by $0.06, beats on revs (USB) 25.03 : Reports Q2 (Jun) earnings of $0.60 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.54; revenues rose 11.2% year/year to $4.69 bln vs the $4.54 bln consensus.

Strong new lending activity of $52.7 billion (11.2 percent increase on a linked quarter basis) during the second quarter. Significant growth in average deposits of 14.2 percent (9.6 percent excluding acquisitions) over the second quarter of 2010. Net interest margin of 3.67 percent for the second quarter of 2011, compared with 3.90 percent for the second quarter of 2010, and 3.69 percent for the first quarter of 2011 (decline year-over-year principally due to higher investment securities portfolio balances and cash balances at the Federal Reserve). Net charge-offs and nonperforming assets declined on a linked quarter basis. Provision for credit losses was $175 million less than net charge-offs.

Tier 1 common equity ratio of 8.4 percent; Tier 1 capital ratio of 11.0 percent; Total risk based capital ratio of 13.9 percent; Tier 1 common ratio of 8.1 percent under anticipated Basel III guidelines.

7:03AM Johnson Controls beats by $0.03, beats on revs; guides Q4 EPS in-line (JCI) 41.51 : Reports Q3 (Jun) earnings of $0.56 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.53; revenues rose 21.4% year/year to $10.36 bln vs the $9.56 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.80, excluding charges of up to $0.03/share for acquisition and related costs and up to $0.02/share related to Japanese automotive OE production disruptions, vs. $0.80 Capital IQ Consensus Estimate. Co said sales in the 2011 quarter were negatively impacted by ~$400 million due to disruptions in automotive production resulting from the March 2011 earthquake in Japan.

7:02AM United Tech beats by $0.04, beats on revs; guides FY11 EPS in-line, revs above consensus (UTX) 88.82 : Reports Q2 (Jun) earnings of $1.45 per share, $0.04 better than the Capital IQ Consensus Estimate of $1.41; revenues rose 9.2% year/year to $15.08 bln vs the $14.7 bln consensus. Co issues guidance for FY11, sees EPS of $5.35-5.45 vs. $5.43 Capital IQ Consensus Estimate; sees FY11 revs of $58 bln vs. $57.8 bln Capital IQ Consensus Estimate.

7:01AM Dell Announces intent to acquire Force10 Networks (DELL) 17.42 : Co announced it has signed a definitive agreement to acquire Force10 Networks. Force10's networking capabilities complement Dell's datacenter solutions portfolio by adding reliable and scalable datacenter and cloud computing fabric. Force10 Networks is nearly a $200-million company, based on trailing 12 months revenue.

7:00AM EMC beats by $0.01, beats on revs; raises FY11 EPS, revs in-line (EMC) 27.38 : Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.34; revenues rose 20.4% year/year to $4.85 bln vs the $4.73 bln consensus. Co issues in-line guidance for FY11, raises EPS to exceed $1.48 from $1.46 vs. $1.49 Capital IQ Consensus Estimate; raises FY11 revs to exceed $19.8 bln from $19.6 bln vs. $19.83 bln Capital IQ Consensus Estimate. Second-quarter highlights included double-digit revenue growth for EMC Information Storage business, which increased 19% year over year. EMC's high-end EMC Symmetrix storage product portfolio, which includes the EMC Symmetrix VMAX, increased rev 15% YoY, and EMC's portfolio of mid-tier storage products3 grew revenue 27% YoY. Revenue from VMware (VMW), which is majority-owned by EMC, increased 37% and revenue from EMC's RSA Information Security business grew 13% YoY. Additional second-quarter highlights included strong revenue growth for the EMC VNX unified storage and the co's backup and recovery solutions. EMC saw increasing customer demand for its Big Data technologies -- product revenue from EMC Isilon, EMC Atmos and EMC Greenplum each doubled year over year. VCE's year-to-date revenue for 2011 has already exceeded its full-year 2010 revenue amount. EMC's consolidated second-quarter revenue from the United States reached $2.5 bln, an increase of 17% year over year, representing 52% of consolidated second-quarter revenue. Revenue from EMC's business operations outside of the United States hit an all-time record $2.3 bln, an increase of 25% year over year, representing 48% of consolidated second-quarter revenue. Within this, revenue increased 20%, 34% and 43% year over year, respectively, in EMC's Europe, Middle East and Africa; Asia Pacific and Japan; and Latin America regions.

6:54AM PNC beats by $0.20, reports revs in-line (PNC) 55.83 : Reports Q2 (Jun) earnings of $1.67 per share, $0.20 better than the Capital IQ Consensus Estimate of $1.47; revenues fell 7.9% year/year to $3.6 bln vs the $3.61 bln consensus. Strong earnings for the second quarter reflected client sales and rev momentum and improved credit quality. Net interest income of $2.2 bln and net interest margin of 3.93 percent for the second quarter remained essentially stable with the first quarter. Noninterest income of $1.5 bln for the second quarter remained essentially stable with the first quarter and included excellent results in most client fee income categories. The provision for credit losses of $280 mln for the second quarter declined from $421 mln in the first quarter as overall credit quality continued to improve; NPAs -9% QoQ. Total loans of $150 bln at June 30, 2011 increased $0.9 bln compared with March 31, 2011 as a result of growth of $2.0 bln in commercial loans largely from new client acquisition partially offset by declines in commercial real estate and consumer loans. Loans and commitments originated and renewed totaled approximately $38 bln in the second quarter, including $1 bln of small business loans. PNC had strong capital levels at June 30, 2011 with a Tier 1 common capital ratio of an estimated 10.5% at June 30, 2011, an increase from 10.3 percent at March 31, 2011.

6:53AM Citi Trends expects Q2 EPS of ($0.60)-($0.70) vs ($0.12) Capital IQ Consensus Estimate (CTRN) 15.90 : Citi Trends' sales have continued to be much lower than expected. Comparable store sales were down 12% in both May and June and are expected to be down approximately 11% for the full second quarter. Additionally, the weakness in sales has necessitated higher clearance markdowns, further contributing to the quarterly loss. In light of the existing uncertain sales environment, the Company will not undertake to estimate results for the full fiscal 2011 year at this time. "To respond to the current economic challenges faced by our customers, we have undertaken a number of tactical changes in merchandising to attempt to drive sales. In particular, we analyzed entry price points, price/value relationships and the number of price points for every major category in every apparel division... Despite the difficult environment that we are currently in, we continue to be very optimistic about the Company's future. We have a great niche, a great customer relationship and a very strong balance sheet with approximately $80 million of cash and investments and no debt. We do believe, however, that our current sales trend dictates a more conservative approach to operating costs and capital expenditures. As a result, for the remainder of 2011 we plan to only open the new stores for which we have already committed, reducing our projection from approximately 65 to 70 new stores to 55 to 60 new stores."

6:49AM Bristol-Myers: FDA says efficacy and safety data do not provide substantial evidence to support approval of Dapagliflozin (BMY) 28.80 : Co along with and AstraZeneca (AZN) reported last night the outcome of the FDA's Endocrinologic and Metabolic Drugs Advisory Committee meeting on the New Drug Application for the investigational compound dapagliflozin. On the question: "Do the efficacy and safety data provide substantial evidence to support approval of dapagliflozin as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus?" the Advisory Committee voted 6 yes and 9 no. Cos remain committed to the dapagliflozin clinical development program and will continue to work closely with the FDA to support the review of this investigational compound.

6:45AM Knight Capital Group releases monthly volume statistics; US equity ADV dollar volume down 9.2% YoY (KCG) 10.35 : Co's equities volumes were as follows: Average daily U.S. equities dollar volume traded in June 2011 was $25.6 bln, down ~9.2% from $28.2 bln in May 2011 and down ~6.6% from $27.4 bln in June 2010. Average daily U.S. equities trade volume in June 2011 was 3.8 mln, down ~2.2% from 3.9 mln in May 2011, and down ~3.9% from 3.9 mln in June 2010. Average daily U.S. equities share volume in June 2011 was 4.6 bln, down ~8.7% from 5.1 bln in May 2011, and down ~46.6% from 8.6 bln in June 2010. Knight Direct recorded average daily equities share volume in June 2011 of 156.8 mln, down ~6.7% from 167.9 mln in May 2011, and up ~2.8% from 152.5 mln in June 2010

6:38AM Virginia Commerce Bancorp beats by $0.10 (VCBI) 6.00 : Reports Q2 (Jun) earnings of $0.24 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.14. "Earnings momentum is on the right track and should continue to benefit from our strong core operating earnings and more manageable credit costs. On the other hand, loan growth remains a challenge as run-off, particularly in ADC loans as planned and non-farm, non-residential loans, is still exceeding new loan volume. However, our pipeline is building, our loan officers are heavily involved in prospecting, and our focus on C&I lending is yielding positive growth. As a result, we expect a reversal of negative loan growth to emerge in the second half."

6:34AM Extorre Gold mines extends high grade gold-silver zones at Cerro Moro (XG) 13.15 : Co reports that exploration drilling continues to extend gold-silver mineralization at its 100% owned Cerro Moro project in Argentina. Drilling the extensions of the known veins at Cerro Moro has successfully expanded multiple areas of mineralization that with further drilling could lead to additional resources on the property. With the co's recent success they have reassigned priorities and placed five rigs on the Zoe discovery. Zoe discovery will have results reported in an updated resource estimate expected in Q4.

6:33AM BlackRock beats by $0.11, reports revs in-line (BLK) 183.69 : Reports Q2 (Jun) earnings of $3.00 per share, $0.11 better than the Capital IQ Consensus Estimate of $2.89; revenues rose 15.5% year/year to $2.35 bln vs the $2.33 bln consensus. Additionally, co reports Assets Under Management increased 16% YoY to $3.659 trl at June 30, 2011.

6:33AM Textron beats by $0.05, misses on revs; reaffirms FY11 EPS guidance (TXT) 22.12 : Reports Q2 (Jun) earnings of $0.29 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.24; revenues rose 0.7% year/year to $2.73 bln vs the $2.84 bln consensus. Co reaffirms guidance for FY11, sees EPS of $1.00-1.15, excluding non-recurring items, vs. $1.11 Capital IQ Consensus Estimate. "The demand environment for commercial aircraft remained stable. Given current levels of customer interest and order activity, we expect a significant pick-up in demand in the second half of the year. Second quarter results benefited from good execution and cost performance at Bell and Industrial. Cessna returned to an operating profit, driven primarily by higher delivery and aftermarket volumes compared to the first quarter, similar to what we saw last year."

6:32AM Ecolab confirms merger with Nalco; Ecolab to pay ~$5.4 bln in cash and stock, valuing Nalco (NLC) stock at $38.80/share; ECL sees Q2 EPS at high end of range; raises FY11 EPS guidance (ECL) 55.39 : Cos announce the board of directors of both cos have unanimously approved a definitive agreement under which Nalco will merge with a subsidiary of Ecolab in a transaction valued at ~$8 bln, including assumed Nalco net debt. Under the terms of the transaction, Nalco shareholders will have the option to receive either 0.7005 shares of Ecolab common stock or $38.80 per Nalco share in cash, without interest, subject to proration such that the overall consideration paid to Nalco shareholders will be ~70% in Ecolab shares and 30% in cash. The stock component of the consideration will represent a tax-free exchange. In aggregate, Ecolab will issue ~68.9 mln shares of Ecolab stock and pay ~$1.6 bln in cash to Nalco shareholders. This represents a fully-diluted offer value for Nalco's equity of $5.4 bln and, inclusive of $2.7 bln in Nalco net debt, a total transaction value of $8.1 bln. Ecolab also announced that it expects Q2 adjusted EPS to be $0.64, at the top end of its forecasted range for the quarter, vs. the $0.63 consensus. In addition, Ecolab has raised its FY11 adjusted earnings per share forecast, before consideration of the transaction, to $2.52 to $2.56 from $2.49 to $2.53 vs. the $2.52 consensus. As previously announced, Ecolab expects to report second quarter 2011 results on July 27, 2011. Ecolab also expects second quarter adjusted EPS to be $0.64. Full year adjusted EPS forecast raised to $2.52 to $2.56 (excluding transaction). "We are excited by the potential our combined operations offer and the improved solutions we will bring to our customers, as well as additional opportunities for both companies' associates, and we presently expect 2012 adjusted EPS for the combined cos to be ~$3 per share."

6:32AM RR Donnelley & Sons awarded $300 mln multi-year print management agreement by Meredith (MDP) (RRD) 19.21 : Under the terms of the agreement which renews, extends and expands the companies' relationship, Co will provide a broad array of products and services, including magazine and book production and logistics services.

6:31AM Socket Communications announces SocketScan 10 software development kit for Apple (AAPL) iOS devices (SCKT) 2.34 :

6:28AM ICON plc misses by $0.01, beats on revs (ICLR) 23.63 : Reports Q2 (Jun) earnings of $0.21 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.22; revenues rose 4.1% year/year to $233 mln vs the $229.9 mln consensus. "Our second quarter was in line with our guidance, and new business bookings continued to strengthen, leading to our order backlog exceeding $2 bln for the first time."

6:27AM Hanesbrands beats by $0.01, reports revs in-line; reaffirms FY11 EPS guidance, revs guidance (HBI) 33.26 : Reports Q2 (Jun) earnings of $0.87 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.86; revenues rose 13.9% year/year to $1.23 bln vs the $1.22 bln consensus. Co reaffirms guidance for FY11, sees EPS of $2.70-2.90 vs. $2.83 Capital IQ Consensus Estimate; sees FY11 revs of $4.9-5.0 bln vs. $4.92 bln Capital IQ Consensus Estimate. The company expects net sales growth in each of the third and fourth quarters to be in the low double digits to mid teens. For earnings, the co believes third-quarter EPS could increase as much as 30% over last year's $0.63 equating to ~$0.82 vs $0.91 consensus.

6:24AM TE Connectivity beats by $0.07, beats on revs; guides Q4 EPS in-line, revs above consensus (TEL) 35.35 : Reports Q3 (Jun) earnings of $0.78 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $0.71; revenues rose 20.9% year/year to $3.73 bln vs the $3.56 bln consensus. Co issues guidance for Q4, sees EPS of $0.84-0.88, excluding non-recurring items, vs. $0.85 Capital IQ Consensus Estimate; sees Q4 revs of $3.9-4.0 bln vs. $3.87 bln Capital IQ Consensus Estimate. Overall growth includes 10 percent from the ADC acquisition and 7% from currency translation. Total company orders were $3.9 billion, an increase of 19 percent compared to the prior year and 6 percent organically. The book-to-bill ratio was 1.04 overall and 1.00, excluding the Subsea Communications business.

6:22AM Knight Capital Group misses by $0.02, beats on revs (KCG) 10.35 : Reports Q2 (Jun) earnings of $0.19 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.21; revenues fell 11.0% year/year to $326 mln vs the $288.3 mln consensus. Additionally, co states equities generated second quarter 2011 revenues of $236.4 mln, compared to second quarter 2010 revenues of $305.0 mln, due to significantly lower overall U.S. equity volumes and market volatility.

6:14AM JAKKS Pacific reports EPS in-line, beats on revs; reaffirms FY11 EPS guidance, revs guidance (JAKK) 17.84 : Reports Q2 (Jun) earnings of $0.16 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.16; revenues rose 7.0% year/year to $131.9 mln vs the $129.7 mln consensus. Co reaffirms guidance for FY11, sees EPS of $1.32-1.35 vs. $1.42 Capital IQ Consensus Estimate; sees FY11 revs of $770-775 mln vs. $781.81 mln Capital IQ Consensus Estimate.

6:03AM Microsemi announces proposal to acquire Zarlink Semiconductor $548.7 mln; expected to be immediately accretive to co's earnings; net sales are expected to be at the high end of Microsemi's revenue guidance (MSCC) 19.94 +0.77 : Co announced today that it has made a proposal to the board of directors of Zarlink Semiconductor to acquire all of the outstanding shares of the Company for CAD $3.35/share in cash. The proposed transaction has a total equity value of $548.7 mln based on a fully diluted share count and represents a 40 percent premium to Zarlink's share price as of July 19, 2011, and a 43 percent premium to Zarlink's trailing 30 day average share price. The CAD $3.35 proposal exceeds every Zarlink closing share price over the last five years. Co sees Q3 (Jun) revs of at the high end of prev range $213.7-217.9 mln vs. $215.82 mln Capital IQ Consensus Estimate.

6:01AM Brigus Gold's The Black Fox Mine produced 15,688 ounces of gold in the second quarter of 2011; an 80% increase over first quarter production (BRD) 1.84 -0.10 : Co processed 181,488 tonnes at an average grade of 2.86 grams per tonne and an average recovery of 94.1%. Over half of the production for Q2 was mined from the Phase 2 open pit while the remainder was split evenly between the underground mine, including development ore, and existing low grade stockpiles.

6:00AM Acacia Research subsidiary acquires smartphone patents (ACTG) 39.57 : Co announced that a subsidiary has acquired a patent portfolio relating to mobile applications for use in smartphones and other wireless computing devices.

5:32AM On The Wires (WIRES) :

* Elbit Systems (ESLT) announced that Elbit Systems of America's subsidiary, M7 Aerospace has been awarded a three-year contract by Boeing (BA) to supply Inboard Flap Assemblies for the KC-135 Stratotanker. The contract is not in an amount that is material to Elbit Systems.
* The Ensign Group (ENSG) announced that Ensign operating subsidiaries have acquired nine skilled nursing and assisted living facilities from Sioux City, Iowa-based Careage Management.
* TAL Education Group (XRS) announced it has signed agreements with a real estate developer to purchase ~7,500 square meters of office space in Beijing for a total cash consideration of RMB386.5 mln.

4:14AM On The Wires (WIRES) :

* A Palm Beach County jury today decided in favor of Philip Morris, unit of Altria (MO), and other tobacco companies in an Engle case. In this case, the jury rejected all but one of the plaintiff's claims. On that claim, the jury found plaintiff 91% at fault and declined to award any damages.
* Zoran (ZRAN) announced that it has licensed its IPS print language software, including page description language interpreters for PCL 5 and PostScript for use in the recently launched HP Officejet Pro 8000 Enterprise Printer.
* In response to product recall by its Georgia-based supplier, Flying Food Group, Starbucks (SBUX) reports there have been no reports of illnesses associated with consumption of these products. The recalled products are no longer available in our stores.
* Lorillard (LO) announced that it is voluntarily implementing a precautionary recall of certain Newport Non-Menthol cigarettes which could contain small pieces of plastic.
* The West Virginia Office of Epidemiology and Prevention Services, a division of the West Virginia Department of Health and Human Resources Bureau for Public Health, has launched a new website to better inform citizens of infectious diseases and disease prevention. West Virginia Interactive works with state and local government agencies to build and manage interactive online services and is a subsidiary of eGovernment firm NIC (EGOV).
* Lenovo (LNVGY) announced it launched its first family of tablets: the IdeaPad Tablet K1 for consumers, the ThinkPad Tablet for business customers, and the IdeaPad Tablet P1 for home and office use.
* Galapagos NV (GLPG) announced that it has started a Phase I Proof-of-Mechanism study for GLPG0492, a candidate drug for cachexia and potentially other indications, such as Duchenne muscular dystrophy.
* BigBand Networks (BBND) announced that AT&T Services is starting to deploy the BigBand Media Services Platform as part of AT&T U-verse TV's local ad insertion solution. BigBand expects AT&T (T) to become a material customer for the first time in the second half of 2011.
* Logitech (LOGI) announced the acquisition of Mirial, a Milan-based leading provider of personal and mobile video conferencing solutions. Mirial will be integrated into Logitech's LifeSize division.
* Yoigo selected the Tellabs (TLAB) 8600 Managed Edge System to support its growth and manage the anticipated increase in data traffic.
* Elster (ELT) announced that Anglian Water has selected Elster to supply up to 300,000 V210 volumetric polymer water meters in the UK over the next two years.

3:01AM Tetra Tech to acquire Australian mining services Firm Proteus (TTEK) 22.20 : Co announces it has entered into a definitive agreement to acquire substantially all of the assets of mining engineering co Proteus EPCM Engineers of Perth, Australia. Proteus has annual revenue of ~$30 mln. Proteus will expand co's technical capability and bring new expertise in iron ore and bulk handling.

2:02AM Wipro beats by INR0.16, beats on revs (WIT) 12.96 : Reports Q1 (Jun) earnings of INR5.47 per share, INR0.16 better than the Capital IQ Consensus Estimate of INR5.31; revenues rose 18.1% year/year to INR84.93 bln vs the INR81.79 bln consensus. Co expects Revenues from our IT Services business to be in the range of $1,436-$1,464 mln (no est).

1:43AM CNOOC enters into arrangement agreement to acquire Canadian Oil Sands Producer OPTI for ~$2.1 bln (CEO) 234.81 : Co annonces its unit has entered into an Arrangement Agreement to acquire OPTI Canada. The aggregate value of the consideration of the transaction is ~$2.1 bln, which includes aggregate cash consideration of $1.25 bln payable to the holders of the OPTI shares ($34 mln) and the Second Lien Noteholders ($1.216 bln). The principal asset of OPTI consists of a 35% working interest in the Long Lake and three other project areas located in the Athabasca region of northeastern Alberta. Long Lake project includes steam assisted gravity drainage Operation and an Upgrader. Nexen (NXY) holds the remaining 65% and is the sole operator.

1:35AM Tetra Tech promotes acting CFO Steve Burdick to Chief Financial Officer and Treasurer (TTEK) 22.20 :

1:29AM Public Storage redeems all outstanding depositary shares representing interests in its 7.25% Cumulative Preferred Shares, Series K (PSA) 120.14 :

1:25AM Graham Packaging and GPC Capital announce receipt of requisite consents from holders of their 9.875% Senior Subordinated Notes due October 7, 2014 (GRM) 25.31 :

1:17AM Grupo Aeroportuario del Pacifico reports regarding preventive measure affirming the co's by-laws (PAC) 40.20 : Co reports it has been notified by the Mercantile Court of the city of Guadalajara, Jalisco of a preventive measure declared at the trial initiated by one of GAP's shareholders that requires the co to adhere to its by-laws. Additionally, this shareholder requests that all legal action be taken in order to comply with the by-laws of GRUPO AEROPORTUARIO DEL PACIFICO, specifically the contents included in Article X and Article XII of these by-laws.


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