Market Update 110208 4:30 pm : Stocks started the session without much direction, but they gradually chopped their way higher to settle with solid gains at their best levels in more than two years.
Early participants were hesitant to buy, but given the stock market's uptrend many were also unwilling to sell. In turn, only a modest reaction was made to news that China added 25 basis points to its one-year deposit rate and lending rate, even though there is concern that higher rates in China could curtail the country's ability to drive a global economic recovery.
It took a while to get things going, but stocks eventually staged a gradual climb. The effort was broad based in that only energy stocks (-0.5%) and utilities stocks (-0.1%) failed to find higher ground.
Consumer discretionary stocks scored the strongest gains. As a group they advanced 1.2%. Retailers led the way with a 1.5% gain.
McDonald's (MCD 75.36, +1.91) was a leader among blue chips. The stock pulled back a bit when it failed to push past its 50-day average, but it still scored its strongest single-session gain in nine months amid news of a 5.3% increase in January global sales.
It mattered little to the broader market, but the latest round of earnings was largely lackluster. Teva (TEVA 52.02, -2.96) reported worse-than-expected results, which overshadowed news that it has hiked its quarterly dividend by 14%. Avon Products (AVP 28.47, -0.88), Beazer Homes (BZH 5.59, +0.14), and Principal Financial Group (PFG 32.24, -1.46) both posted disappointing results, too. Coventry Health Care (CVH 29.78, -1.56) posted an upside surprise, but issued downside guidance. Becton Dickinson (BDX 81.03, -4.61) had a better-than-expected bottom line, but its top line was lighter than what had been widely expected.
An absence of trading catalysts made for moderate share volume. In turn, the share tally on the NYSE came in at an unimpressive 885 million. That makes for the lowest total of 2011 and the fifth straight session in which trading volume has failed to eclipse 1 billion shares on the Big Board.
Treasuries resumed their descent by selling off in the wake of the latest 3-year Note auction. The auction produced a bid-to-cover of 3.01 and dollar demand of $96.3 billion. The indirect bidder participation rate came in at 27.6%. Selling sent the yield on the benchmark 10-year Note comfortably above 3.70% for the first time since May.
3:30 pm : Commodities finished mixed yet again. Soft commodities (-1.2%) led all decliners, weighed on by a 4.1% sell off in May sugar prices. Precious metals (+2.1%) led all advancers, helped by a 3.1% rally in silver.
March silver rallied for 3.1% to close at $30.27 per ounce, trading to its best levels in over a month. April gold gained 1.2% to settle at $1364.10 per ounce, trading to its best levels, at $1368.70, in over two weeks. Both metals rallied on the heels of news that China is once again tightening. That news, while not surprising, stoked concerns about inflation.
It was a volatile session for March crude oil, which finished off 0.6% to $86.94 per barrel. Crude dropped earlier this morning after news broke of the Chinese rate hike. It managed to recoup those losses heading into the afternoon following reports that service workers from the Suez Canal were striking in protest to the Mubarak govt. Prices momentarily traded back above the $88 level before further reports indicated that the workers, while on strike, had nothing to do with canal traffic. As such, prices retraced the earlier bounce and crude oil closed in negative territory. March natural gas ended lower by 1.6% to $4.04 per MMBtu, marking its fourth consecutive decline.DJ30 +67.13 NASDAQ +8.17 SP500 +4.36 NASDAQ Adv/Vol/Dec 1298/1.5 bln/1308 NYSE Adv/Vol/Dec 1687/631.3 mln/1260
3:00 pm : Stocks recently set fresh session highs, but they have started to pull back. Consumer discretionary stocks remain in strong shape, though; the sector is up 0.9%. Financials follow with a 0.6% gain.
Energy stocks have moved deeper into the red so that they now trade with a 1.0% loss. The sector is still up from its session low, however.
Treasuries have come under increased pressure in recent trade. That has caused the yield on the benchmark 10-year Note to push past 3.70% for the first time since May. DJ30 +50.78 NASDAQ +5.68 SP500 +2.63 NASDAQ Adv/Vol/Dec 1273/1.34 bln/1332 NYSE Adv/Vol/Dec 1625/575 mln/1295
2:30 pm : The Dow has stretched to a fresh session high. Its counterparts are attempting to do the same.
There hasn't been any data to digest today, but Dallas Fed President Fisher spoke this afternoon. Among other things, he stated that barring some unexpected shock to the economy or financial system, the envelope is being pushed with regard to the current round of Treasury purchases. Fisher noted that he would be wary of further expanding the Fed's balance sheet. He added that it is hard to envision a scenario where he would not dissent to another tranche of monetary accommodation. It should be noted, though, that no such tranche has been recommended. DJ30 +57.67 NASDAQ +6.44 SP500 +3.73 NASDAQ Adv/Vol/Dec 1223/1.22 bln/1366 NYSE Adv/Vol/Dec 1610/528 mln/1320
2:00 pm : Although stocks continue to chop along narrowly above the neutral line, the overall tone of trade remains broadly positive. As such, only energy (-0.8%) and utilities (-0.2%) are in the red.
Retailers are exceptionally strong. The group has put together a 1.0% gain. Gap (GPS 20.79, +0.45) is a leader in the group. Urban Outfitters (URBN 36.80, +1.69) is also up sharply. DJ30 +43.59 NASDAQ +2.47 SP500 +2.28 NASDAQ Adv/Vol/Dec 1116/1.11 bln/1458 NYSE Adv/Vol/Dec 1504/485 mln/1417
1:30 pm : Treasuries have sold off in the wake of a disappointing auction of 3-year Notes. That has their yields at session highs.
According to results, the latest 3-year Note auction produced a bid-to-cover of 3.01 and dollar demand of $96.3 billion. The indirect bidder participation rate came in at 27.6%. For comparison, the prior auction had a bid-to-cover ratio of 3.06, dollar demand of $97.9 billion, and an indirect bidder participation rate of 39.4%. An average of the four past auctions results in a bid-to-cover of 3.05, dollar demand of $97.4 billion, and indirect bidder participation of 35.0%.DJ30 +36.40 NASDAQ +2.23 SP500 +1.71 NASDAQ Adv/Vol/Dec 1083/1.02 bln/1463 NYSE Adv/Vol/Dec 1481/450 mln/1425
1:00 pm : Action has been choppy all session, but stocks have still managed to muster modest gains.
A lack of data, uninspiring earnings, and news that China added 25 basis points to its one-year deposit and lending rate left stocks to trade with little direction in the early going. Though there is concern that higher rates in China could curtail the country's ability to drive a global economic recovery, the announcement failed to spur any kind of concerted selling effort at the major global averages. It should be noted, though, that the announcement was made after markets in Asia had closed.
Despite the lackluster start, the major equity averages are now positive. McDonald's (MCD 75.66, +2.21) has been one of this session's best performers following news of a 5.3% increase in January global sales.
Financials have rebounded from an early dip to a 0.6% gain. However, Principal Financial Group (PFG 32.40, -1.30) is on pace for its poorest performance in more than two months following an earnings miss. The stock had been down even more, but it attracted support upon coming into touch with its 50-day moving average.
Energy stocks have been lagging all session. The sector is still down 0.6% as oil and gas equipment plays (-1.5%) lose support. Oil prices have oscillated throughout the session; unable to sustain a recent rebound, oil prices are back down to a 0.4% loss at $87.10 per barrel.
The dollar is having its worst performance in a week. It is currently down 0.4% against competing currencies.
Moderate pressure has kept Treasuries narrowly lower today. Results from an auction of 3-year Notes are due at any moment. DJ30 +40.41 NASDAQ +4.02 SP500 +2.83 NASDAQ Adv/Vol/Dec 1168/932 mln/1362 NYSE Adv/Vol/Dec 1589/415 mln/1322
12:30 pm : The dollar had been working its way toward the neutral line from a morning loss earlier today, but pressure has resumed to take it down to a 0.5% loss against competing currencies. Most of the dollar's decline has come against the euro, which is up 0.7% to $1.367. The yen is also stronger; it is up 0.5% to 81.92 yen per dollar.
Treasuries have had a quiet session, so far, but lingering weakness has the benchmark 10-year Note down narrowly for once again. Coming up at 1:00 PM ET are results from an auction of 3-year Notes. DJ30 +44.73 NASDAQ +4.41 SP500 +3.47 NASDAQ Adv/Vol/Dec 1166/850 mln/1345 NYSE Adv/Vol/Dec 1587/380 mln/1288
12:00 pm : Though its overall gain is modest, the Dow continues to outperform its counterparts. McDonald's (MCD 75.69, +2.24) remains a leader among blue chips following its monthly sales report. Strength in MCD this session has the stock at a one-month high.
Other quick service restaurant stocks have made varied moves in the wake of the McDonald's report. For instance, Wendy's Arby's Group (WEN 4.99, -0.05) is down 1%, but Yum! Brands (YUM 49.78, +0.38) and Jack in the Box (JACK 22.87, +0.20) are both up almost 1%. DJ30 +38.41 NASDAQ +3.77 SP500 +3.13 NASDAQ Adv/Vol/Dec 1130/770 mln/1359 NYSE Adv/Vol/Dec 1578/344 mln/1280
11:30 am : Despite oil's rebound to a 0.2% gain at $87.65 per barrel, energy stocks remain under relatively stiff pressure. Energy's 0.7% loss makes it this session's weakest sector.
Exploration plays Halliburton (HAL 44.25, -1.93), Baker Hughes (BHI 67.07, -1.40), and Schlumberger (SLB 88.17, -1.58) are still among the energy sector's poorest performers. However, integrated plays Chevron (CVX 97.95, +0.29) and BP Plc (BP 46.80, +0.26) have managed to attract modest support in the face of the broader energy sector's slide. DJ30 +34.93 NASDAQ -0.01 SP500 +2.23 NASDAQ Adv/Vol/Dec 1055/674 mln/1414 NYSE Adv/Vol/Dec 1492/300 mln/1361
11:00 am : The headline equity averages are stuck in a fit of choppy trade, but financials have made a strong swing to higher ground in recent action. Financials had been down markedly in the early going, but the sector is now up 0.6%, which puts it comfortably out in front of the broader market.
Within the financial sector, AIG (AIG 42.86, +0.70) shares got a recent lift from news that the company will delay its planned secondary offering.
Principal Financial Group (PFG 32.51, -1.19) has had a hard time attracting support, however. The firm posted an earnings miss for its latest quarter.DJ30 +25.16 NASDAQ -0.57 SP500 +1.59 NASDAQ Adv/Vol/Dec 948/555 mln/1462 NYSE Adv/Vol/Dec 1362/250 mln/1483
10:30 am : The tone of trade surrounding both stocks and commodities has improved in recent action. In turn, the major equity averages are now at fresh session highs while the CRB Commodity Index is down 0.2% after it had been down as much as 0.7% earlier this morning.
A rebound by oil prices has helped bolster the CRB. Oil prices were as low as $85.88 per barrel overnight, but they are now unchanged at $87.50 per barrel. In contrast, natural gas prices have reversed an early gain to trade with a 0.7% loss at $4.08 per MMBtu.
Precious metals are putting together an impressive performance. Specifically, gold prices are up 1.2% to $1363.90 per ounce while silver prices are up an even stronger 2.0% to $29.95 per ounce. Silver is currently the top performer by percent gained in the CRB.
Trade around some of the sharpest swingers of recent sessions has tightened things in a bit today. For example, cotton futures are up 0.6% this session. DJ30 +22.36 NASDAQ +2.84 SP500 +1.92 NASDAQ Adv/Vol/Dec 1070/435 mln/1305 NYSE Adv/Vol/Dec 1469/195 mln/1297
10:00 am : The broad market has recovered from a slip at the open, but it has taken pause near the neutral line. Meanwhile, the Dow has pushed into positive territory with help from McDonald's (MCD 75.45, +2.00) after the company reported this morning that its global sales during January gained 5.3%. The geographic mix that drove that number included a 3.1 increase in U.S. sales, a 7.0% increase in Europe, and a 5.2% increase in the Asia, Middle East, and Africa region.
09:45 am : Energy stocks are down 1.1% to trade as early laggards. Oil and gas equipment plays and drillers, respectively down 2.2% and 1.4%, are two of the worst performing segments of the sector. Weakness therein has undercut the broader market.
There isn't much of a positive force this morning. Consumer discretionary stocks are in the best shape as they sport a gain of almost 0.3%. Most of that is owed to casino and gaming plays like Wynn Resorts (WYNN 121.02, +3.01), which made a nice gap up to trade at a three-year high. DJ30 -1.65 NASDAQ -2.81 SP500 -1.57 NASDAQ Adv/Vol/Dec 832/185 mln/1396 NYSE Adv/Vol/Dec 1097/98 mln/1535
09:15 am : S&P futures vs fair value: +0.10. Nasdaq futures vs fair value: -2.20. Stock futures suggest that the major equity averages will open flat after they advanced to two-year highs in the prior session. Headlines haven't done anything to foster further buying interest today -- earnings have been unimpressive and no data have been posted. The biggest announcement has been China's decision to tack on 25 basis points to one-year borrowing and lending rates. Though the announcement wasn't really a surprise, it stirred some modest selling interest since it acts as a reminder that higher rates in China could curtail its ability to drive a global economic recovery. Still, any negativity pertaining to the announcement has been held in check.
09:05 am : S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -3.50. The CRB Commodity Index is down 0.4% this morning. That puts it on track for its fourth straight slide since registering a two-year high last week. Oil has been the heaviest drag on the CRB this morning; it is currently down 1.3% to $86.30 per barrel. Natural gas has stabilized since its slide yesterday; the commodity is currently up 0.2% to $4.11 per MMBtu. Gold and silver prices are up 1.0% to $1361.40 per ounce and $29.64 per ounce, respectively.
08:35 am : S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -2.50. Futures for the S&P 500 are still flat. Germany's DAX is currently up 0.2%. Automakers BMW, Daimler (DAI), and Volkswagen are showing strength while materials issues, down 1.3%, trade with weakness. France's CAC is flat. ArcelorMittal (MT) is out in front with a gain of more than 3%, which comes on top of a gain of more than 2% in the prior session. The stock is now at its highest level in eight months. Britain's FTSE is off by 0.2%. Metal and mining plays like Anglo American, BHP Billiton (BHP), and Xstrata have been heavy drags. AstraZeneca (AZN) and HSBC (HBC) have shown strength, however. Each of the three major bourses is off of its session high. The collective pullback coincided with the release of news that China's central bank raised one-year rates, although that is of little real surprise.
The People's Bank of China added 25 basis points to its one-year deposit rate and one-year lending rate last night, after Asia's major averages had already closed for trade. Hong Kong's Hang Seng shed 0.3%. Tencent Holdings, CNOOC (CEO), and Cheung Kong were heavy drags, which more than offset strength in HSBC, China Petroleum (SNP), and PetroChina (PTR). Japan's Nikkei put together a 0.4% gain, which took it to a six-month high. KDDI Corp and Honda Motor (HMC) were primary leaders. Nippon Meat Packing was also a leader following its latest earnings. Softbank and Fanuc Corp were weak. Japan Steel Works was also a laggard.
08:05 am : S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: -3.70. Stock futures are essentially flat at the moment. Earnings news has been uninspiring -- Teva (TEVA), Avon Products (AVP), Principal Financial (PFG), and Beazer Homes (BZH) all came short of respective consensus earnings estimates. Overseas action has done little to offer direction to premarket participants. Europe's bourses are mixed, as were Asia's averages in overnight trade. China's Shanghai Composite remains closed for holiday observance, but the People's Bank of China added 25 basis points to its one-year deposit rate and one-year lending rate. The dollar is down 0.3% against a collection of competing currencies this morning. Yesterday it finished flat after three straight gains. Treasuries currently trade near the neutral line after a mixed finish to the prior session. Results from an auction of 3-year Notes are due at 1:00 PM ET.
06:56 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: -0.70.
06:56 am : Nikkei...10635.98...+43.90...+0.40%. Hang Seng...23484.30...-69.30...-0.30%.
4:09PM ViaSat beats by $0.04, misses on revs (VSAT) 45.00 +0.17 : Reports Q3 (Dec) earnings of $0.43 per share, $0.04 better than the Thomson Reuters consensus of $0.39; revenues rose 25.3% year/year to $195.9 mln vs the $207.4 mln consensus. "Earnings for our third quarter were good, as the long delayed catch-up due to renewal of the federal R&D tax credit overcame the effects of sporadic orders in prior periods... New order momentum in this second half of our fiscal year appears very strong, though skewed into the fourth quarter. For example, bookings highlights in Q4 already include a new BFT-2 award for over $70 million for additional terminals and associated services, bringing the total received to date to over $120 million. It's a compelling endorsement of progress to date and the benefits of the new network. This and other anticipated new orders, coupled with the launch of KA-SAT this past December, and ViaSat-1 planned for summer 2011, create good opportunities for continued growth as we prepare for next fiscal year."
4:09PM Orsus Xelent Technologies' board of directors approves a 1:12 reverse split of co's issued and outstanding shares which was to have been effected today (ORS) 0.16 :
4:09PM Illumina reports EPS in-line, beats on revs; guides FY11 EPS, revs in-line (ILMN) 70.25 -0.98 : Reports Q4 (Dec) earnings of $0.29 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.29; revenues rose 44.7% year/year to $261.3 mln vs the $257.5 mln consensus. Co issues in-line guidance for FY11, sees EPS growing more than 30%, which calculates to at least $1.38 vs. $1.44 Thomson Reuters consensus; sees FY11 revs of $1.08 bln vs. $1.1 bln Thomson Reuters consensus.
4:09PM USANA misses by $0.09, reports revs in-line; guides FY11 EPS below consensus, revs below consensus (USNA) 40.21 +0.90 : Reports Q4 (Dec) earnings of $0.75 per share, $0.09 worse than the Thomson Reuters consensus of $0.84; revenues rose 17.7% year/year to $137.5 mln vs the $136.9 mln consensus. Co issues downside guidance for FY11, sees EPS of $2.85-2.95 vs. $3.36 Thomson Reuters consensus; sees FY11 revs of $530-550 mln vs. $577.60 mln Thomson Reuters consensus. "While we aim to continue our momentum during 2011, our initial outlook is cautious as we continue to make the necessary investments to grow our BabyCare business in China. We now expect that the investments required to successfully integrate our companies will be higher than we originally estimated. We believe that an effective transition to BabyCare in China during 2011 is critical to the long-term success of USANA."
4:08PM Andersons beats by $0.52, beats on revs (ANDE) 40.65 -0.21 : Reports Q4 (Dec) earnings of $1.39 per share, $0.52 better than the Thomson Reuters consensus of $0.87; revenues rose 26.0% year/year to $1.15 bln vs the $1.05 bln consensus. Co reports "Clearly, both our full year and fourth quarter earnings were heavily influenced by the results within our agricultural business units. The record full year and quarterly earnings in both our Grain & Ethanol and Plant Nutrient groups, reflects our solid position in this industry, our 2010 Rail Group results continue to be negatively impacted by the overall economy. The increase in utilization rate at the end of the year, however, was encouraging to see..."
4:07PM kforce.com beats by $0.01, reports revs in-line; guides Q1 EPS in-line, revs in-line (KFRC) 18.71 -0.25 : Reports Q4 (Dec) earnings of $0.16 per share, $0.01 better than the Thomson Reuters consensus of $0.15; revenues fell 0.4% year/year to $258.5 mln vs the $257 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.12-0.14 vs. $0.12 Thomson Reuters consensus; sees Q1 revs of $259-265 mln vs. $260.41 mln Thomson Reuters consensus.
4:06PM XL Capital beats by $0.07, beats on revs (XL) 23.69 +0.09 : Reports Q4 (Dec) earnings of $0.74 per share, $0.07 better than the Thomson Reuters consensus of $0.67; revenues rose 13.9% year/year to $1.31 bln vs the $1.2 bln consensus. The Company also announced that fourth quarter natural catastrophe losses include $23.3 million related to flooding in Australia. Based on preliminary data available, the Company's first quarter losses related to flooding in Australia are expected to range between an additional $75.0 million and $95.0 million. Combined ratio is 91.4% compared to 96.4% in the prior year.
4:06PM American Science & Engineering misses by $0.12, misses on revs (ASEI) 90.75 +0.50 : Reports Q3 (Dec) earnings of $1.28 per share, $0.12 worse than the Thomson Reuters consensus of $1.40; revenues rose 39.5% year/year to $76.6 mln vs the $77.5 mln consensus. The Company reported $63,578,000 in bookings for the third quarter of fiscal year 2011. Backlog as of December 31, 2010 increased 8% to $241,301,000 as compared with $223,870,000 for the same period in the prior fiscal year.
4:06PM Allstate and Discover Financial Services (DFS) announces their plans to enter into a multi-year distribution and marketing agreement (ALL) 32.54 +0.66 : As part of the transaction, Discover Bank will purchase substantially all of the deposits of Allstate Bank. Under the terms of the agreement, Discover Bank will assume the Allstate Bank deposit accounts and provide banking products and services to Allstate customers. Allstate Financial does not intend to originate banking products or services after the transaction closes. Financial terms of the transaction are not considered material.
4:05PM Momenta Pharma awarded U.S. patent for methods of preparing Glatiramer Acetate (MNTA) 13.58 +0.60 :
4:05PM Buffalo Wild Wings beats by $0.03, reports revs in-line (BWLD) 47.39 +0.00 : Reports Q4 (Dec) earnings of $0.55 per share, $0.03 better than the Thomson Reuters consensus of $0.52; revenues rose 13.0% year/year to $163.9 mln vs the $163.3 mln consensus. Co also reports, "2011 is another year of growth for Buffalo Wild Wings. We expect to open more than 100 new restaurants, including our first units in Canada, and reach our goal of 13% unit growth for the year. With our strategic emphasis on the core elements that have built our success: wings, beer, and sports, and our proven track record of results, we are confident in our ability to achieve our net earnings goal of over 18% growth for 2011." Current 2011 net income growth ests call for a 20% YoY increase.
4:05PM Walt Disney beats by $0.12, beats on revs (DIS) 41.18 +0.24 : Reports Q1 (Dec) earnings of $0.68 per share, $0.12 better than the Thomson Reuters consensus of $0.56; revenues rose 10.0% year/year to $10.72 bln vs the $10.52 bln consensus. Q1 Parks and Resorts operating income increased 25% y/y to $468 mln and revs for the segment increased 8% y/y to $2.87 bln. Operating income at Cable Networks increased $227 million to $771 million for the quarter due to growth at ESPN and the Disney Channels and higher equity income. Operating income at Broadcasting increased $115 million to $295 million driven by higher advertising revenue at the owned television stations, lower sports programming costs at the ABC Television Network due to the shift of the Rose Bowl to ESPN, lower news and daytime production costs and higher net affiliate fees.
4:04PM Team Health Holdings beats by $0.03, beats on revs (TMH) 17.20 +0.07 : Reports Q4 (Dec) earnings of $0.25 per share, $0.03 better than the Thomson Reuters consensus of $0.22; revenues rose 12.8% year/year to $393.4 mln vs the $381.9 mln consensus.
4:04PM Chesapeake Energy prices its previously announced public offering of $1.0 bln principal amount of Senior Notes due 2021 at par and carry an interest rate of 6.125% per annum (CHK) 31.52 +0.25 :
4:03PM Cerner beats by $0.03, reports revs in-line; guides Q1 EPS in-line, revs in-line; guides FY11 EPS in-line, revs in-line (CERN) 100.63 +0.90 : Reports Q4 (Dec) earnings of $0.87 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $0.84; revenues rose 7.3% year/year to $500.2 mln vs the $503.2 mln consensus. Co issues in-line guidance for Q1, sees EPS of $0.73-0.77, excluding non-recurring items, vs. $0.76 Thomson Reuters consensus; sees Q1 revs of $475-490 mln vs. $484.66 mln Thomson Reuters consensus. Co issues in-line guidance for FY11, sees EPS of $3.50-3.60, excluding non-recurring items, vs. $3.54 Thomson Reuters consensus; sees FY11 revs of $2.05-2.10 bln vs. $2.09 bln Thomson Reuters consensus.
4:02PM Genomic Health reports EPS in-line, revs in-line; guides FY11 revs in-line (GHDX) 23.28 +0.01 : Reports Q4 (Dec) earnings of $0.06 per share, in-line with the Thomson Reuters consensus of $0.06; revenues rose 18.9% year/year to $47.1 mln vs the $47.2 mln consensus. In Q4, more than 15,180 Oncotype DX test results were delivered, an increase of 14% YoY. Co issues in-line guidance for FY11, sees FY11 revs of $200-210 mln vs. $209.59 mln Thomson Reuters consensus. For FY11, co sees OncotypeDX test results delivered of 63,000 to 66,000.
4:02PM Ultimate Software misses by $0.02, reports revs in-line; guides Q1 revs in-line; guides FY11 revs in-line (ULTI) 51.13 -0.68 : Reports Q4 (Dec) earnings of $0.17 per share, excluding non-recurring items, $0.02 worse than the Thomson Reuters consensus of $0.19; revenues rose 15.9% year/year to $60.4 mln vs the $60.8 mln consensus. Co issues in-line guidance for Q1, sees Q1 revs of ~$64 mln vs. $64.20 mln Thomson Reuters consensus. Co issues in-line guidance for FY11, sees FY11 revs growth of 19% y/y which is ~$270 mln vs. $270.86 mln Thomson Reuters consensus.
4:02PM Sempra Energy's subsidiary, SDG&E, enters into a 25-yr contract with NRG Solar, an NRG co, to purchase 26 megawatts of solar energy from a proposed facility in San Diego County, Calif (SRE) 53.35 +0.53 :
3:14PM Financial Select Sector SPDR touches 17.00 for the first time since last April (XLF) 16.99 +0.14 : The 28 month close high from last April is at 17.05 with the April intraday peak at 17.12
3:12PM JPMorgan Chase notches new session high of 45.82, its 10 month close high set last week is at 45.93 (JPM) 45.75 +0.25 : The Jan-Feb range top/10 month intraday high is at 46.00.
3:06PM CDI Corp enters into a three-year Long Term Agreement with The Boeing Company (BA) (CDI) 18.36 +0.48 : With this Long Term Agreement, CDI-Aerospace, a division of co, will be a supplier of engineering services, capable of providing all Boeing divisions design and analysis engineering support across a wide variety of engineering disciplines.
3:04PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices; Sugar Falls 4.7% (COMDX) : March corn finished down 1 cent to $6.7375, March wheat rose 15.5 cents to close at $8.7425, March soybeans rose 9.75 cents to close at $14.3425, Feb ethanol closed down 0.009 at $2.389, while March world sugar futures closed down 1.52 cents to 31.16 cents.
3:01PM IBM and Samsung Electronics announces a patent cross-license agreement, under which the companies will license their respective patent portfolios to each other (IBM) 165.92 +1.75 :
2:49PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled lower by 47 cents to $87.01, natural gas shed 6.5 cents to close at $4.039, heating oil gained 2.89 cents to end at $2.735, while RBOB gasoline finished up 4.55 cents to $2.496 (all March contracts).
2:45PM Tetra Tech awarded $69 mln USAID land reform program in Afghanistan (TTEK) 23.59 -0.40 :
2:41PM Fresh session/multi-year highs for Dow +62 and S&P +4.3, Nasdaq Comp +8.2 set new session high but still below Monday's peak (SPY) : Relative sector strength in recent trade has been noted in Internet FDN, Finance XLF, Software IGV, Housing XHB, Networking IGN, Gold Miners GDX, Silver SLV.
2:40PM Medtronic receives FDA approval for pacemaker system in the U.S. designed for use in the MRI environment; Shipments of Revo MRI will begin immediately (MDT) 39.56 +0.02 : Co announced that the FDA approved its Revo MRI SureScan pacing system, the first and only pacemaker in the U.S. specifically designed for use in an Magnetic Resonance Imaging environment and approved as MR-Conditional. Shipments of Revo MRI will begin immediately.
2:39PM Kentucky First Federal Bancorp reaches a settlement with the Internal Revenue Service in the United States Tax Court allowing a $1.4 mln deduction that was previously disallowed by the Service (KFFB) 9.20 0.00 :
2:32PM Another new session high for the Dow +57, S&P +3.6 testing its midday high (SPY) :
1:34PM COMEX Metals Closing Prices (COMDX) : April gold finished higher by 16.20 to $1364.40, March silver gained 90.2 cents to close at $30.245, while March copper ended up 0.05 cents to $4.5755.
1:30PM Cummins to repurchase up to $1 billion in shares of common stock (CMI) 111.28 -0.48 : The program was approved in anticipation that co will soon complete its current $500 million share repurchase plan approved by the Board in December 2007.
1:22PM Natural gas trades to new lows at $4.052; currently lower by 5 cents to $4.54 (COMDX) :
1:05PM After trading back toward $88, crude oil has turned over and is now retracing its earlier bounce; currently off 60 cents to $86.88 (COMDX) :
1:04PM Cedar Shopping Centers to purchase Massachusetts Center for $23.5 mln (CDR) 6.20 -0.10 : Co announced that it has entered into a definitive agreement to purchase Northwoods Crossing in Taunton, Massachusetts, on behalf of the joint venture between Cedar and RioCan Real Estate Investment Trust of Toronto, Canada. Cedar also entered into a definitive contract to sell Fairfield Plaza, a non-core property, in New Milford, Connecticut. The purchase price, exclusive of closing costs and adjustments, is ~$23.5 mln and is subject to existing non-recourse financing of ~$14.5 mln at 6.35%, maturing in 2016.
1:04PM American Axle beats by $0.08, reports revs in-line (AXL) 14.36 -0.27 : Reports Q4 (Dec) earnings of $0.47 per share, $0.08 better than the Thomson Reuters consensus of $0.39; revenues rose 25.7% year/year to $583.3 mln vs the $587.7 mln consensus. Customer production volumes for the North American light truck and SUV programs AAM currently supports for GM and Chrysler were up approximately 12% in the fourth quarter of 2010 as compared to the fourth quarter of 2009. Non-GM sales grew 52% on a year-over-year basis to $156.6 million in the fourth quarter of 2010 as compared to $102.9 million in the fourth quarter of 2009. AAM's content-per-vehicle is measured by the dollar value of its product sales supporting GM's North American light truck and SUV programs and Chrysler's Heavy Duty Dodge Ram pickup trucks. In the fourth quarter of 2010, AAM's content-per-vehicle was $1,508 as compared to $1,401 in the fourth quarter of 2009.
12:37PM S&P +3.4 inches fractionally above Monday's peak to join Dow +44 at a new multi-year high (SPY) : The Nasdaq Comp +4.3 is hovering just under its morning/session high (2789.5) and yesterday's multi-year high (2796.50).
12:13PM Global Traffic Network and AccuWeather.com partner to launch national location-based weather alert system for mobile phones (GNET) 10.92 0.00 :
12:02PM Minor new session highs for Dow +37 and S&P +2.9 amid slow trade, Nasdaq Comp +3.2 has yet to reach a new high (SPY) :
11:52AM JBT Corp announces FoodTech order totaling $4.1 million (JBT) 18.25 +0.02 : Co announces that its JBT FoodTech business signed a $4.1 million contract to supply protein processing and freezing solutions for a convenience food processing plant in Kaliningrad, Russia.
11:47AM Currency Chart Watch: Euro/Yen extending rebound off support zone (TECHX) : The Euro/Yen is up for the third session in a row after holding last week near a support zone (Click for chart).
11:12AM China Century Dragon Media opens for trading at $5.25/share after pricing IPO at $5.25 (CDM) :
11:12AM Crude oil pushes back toward $88; now up 40 cents to $87.88 (COMDX) :
11:11AM Silver trades above $30 for the first time in over a month; now 70.2 cents to $30.045 (COMDX) :
11:07AM Relative sector weakness in recent trade as stock indices slip back off highs -- Dow +14, S&P -0.1, Nasdaq Comp -5.4 (TECHX) : The stock indices have slipped back off their morning highs with recent relative sector weakness (underperforming the S&P) noted in Semi SMH, Networking IGN, Disk Drive, Internet FDN, Oil Service OIH, Energy XLE, Transports IYT, Airline FAA, Rail, Casino BJK.
10:55AM Pantry correction: Misses Q1 estimate by $0.20 (PTRY) 17.06 +1.31 : Earlier we incorrectly reported Q1 EPS of ($0.26); the original comment has been removed and should have read as follows: Reports Q1 (Dec) loss of $0.54 per share, $0.20 worse than the Thomson Reuters consensus of ($0.34); revenues rose 3.9% year/year to $1.80 bln vs the $1.86 bln consensus. Q1 merchandise comps +1.3% and 1.7% ex-cigarettes. Total merchandise gross profit for the quarter was $140.5 mln, an increase of 3.1% YoY. Comparable store retail gallons sold in Q1 fell 5.2%. Retail fuel revs in Q1 increased 4.8% to $1.4 bln primarily as a result of the 12% increase in the average retail price per gallon to $2.81 from $2.52. Fuel gross profit for Q1 decreased 10.9% YoY, due to a decrease in retail fuel margin per gallon to $0.104 compared to $0.109 and the decrease in retail fuel gallons sold. Co sees FY11 (Sept) merchandise sales of $1.80-1.84 bln with GM of 33.9-34.5%; retail fuel gross profit of $236-267 mln.
10:36AM j2 Global announces expansion into Canada; local Onebox phone numbers are now available in 15 major Canadian cities (JCOM) 28.52 -0.25 :
10:36AM Aetna and Piedmont Healthcare reached agreement on a new three-year contract (AET) 38.01 +1.13 : Under the agreement, Aetna members in the Atlanta area will continue to receive covered benefits, at in-network rates, from the four hospitals within Piedmont Healthcare (Piedmont Hospital, Piedmont Fayette Hospital, Piedmont Mountainside Hospital, and Piedmont Newnan Hospital) and the affiliated outpatient centers and services.
10:28AM Silver looking to test the $30 level; now up 62.7 cents to $29.97 (COMDX) :
10:27AM UQM Technologies trading up 26% after announcing before the open that it will supply PowerPhase electric propulsion systems as part of an Audi test-fleet build and vehicle development process for its A1 e-tron all-electric vehicle (UQM) 3.55 +0.73 :
10:26AM Fresh session highs for the stock indices with the Dow +28, up for the 7th day in a row, setting a new multi-year high -- S&P +2.9, Nasdaq Comp +5 (SPY) :
10:22AM Healthcare Providers -RXH- provides morning leadership amid M&A news -- KND/RHB (TECHX) : The RXH index gapped up to a new 52-wk high and extended following the M&A announcement -- KND +25.7%, RHB +44.7%, LNCR +4.7%, LPNT +1.9%, UHS +2.4%, THC +0.9%, SRZ +2.6%, CYH +2.2%.
10:22AM FX Energy updates status of Lisewo well; reports progress on Plawce, Kutno and Machnatka wells (FXEN) 9.92 +0.05 : Co reports the Lisewo well has been drilled to total depth and logged, indicating a substantial pay zone with excellent porosity. The operator has elected to run a drill stem test at the gas water contact/transition zone this week. On the Plawce well, the tender to select the drilling rig for the Plawce tight gas well is complete. On the Machnatka well, a tender to select the rig to drill the Machnatka well on the company's Warsaw South concession will be issued later this month. Co plans to spud the Machnatka well in the second quarter of 2011. On the Kutno well, the company is issuing a tender to select the drilling contractor for the first well in the Kutno concession. Co expects to spud the well in the third quarter of 2011. Kutno is a deep Rotliegend structure covering approximately 35,000 acres.
10:18AM Crude oil trades back to flat line, recouping ~$1.50 from its lows; now off 5 cents to $87.43 (COMDX) :
10:17AM One Liberty Properties issues correction to previously announced pricing: 2.7 mln share common stock offering priced at $15.85 per share, not $15.13 per share as previously announced (OLP) 15.30 -1.14 : (stock halted)
10:04AM Silver trades to fresh highs; now up 52.7 cents to $29.87 (COMDX) : Gold also ticking to news highs; up $8.40 to $1366.60.
10:03AM McDonald's top performing Dow component edges back above its 50 ema at 75.40 -- session high 75.45 (MCD) 75.45 +2.00 : The stock is vacillating near its Jan close high at 75.48 with the Jan intraday peak and its declining 50 sma at 75.85/75.96.
10:01AM Comtech Telecom receives $1.4 million of orders for SATCOM high-power amplifiers (CMTL) 28.21 -0.16 :
9:55AM Stock indices push back into positive territory -- Dow +14, S&P +0.04, Nasdaq Comp +1.9 (SPY) :
Point Losers: TEVA (-3.15), OIH (-3.01), BDX (-2.97), HAL (-2.12), STE (-1.90), BPT (-2.37), SINA (-1.99), BHI (-1.87), AVP (-1.92), BR (-1.87), IBN (-1.84), WLT (-2.01)
9:53AM SanDisk continues to display relative strength, sets new high of 49.50 near its 50 sma at 49.55 (SNDK) 49.49 +1.69 :
9:47AM The S&P -2.2 and Nasdaq Comp -4.5 slipped to new lows but the Dow -0.2 did not confirm with some stabilization noted (SPY) :
9:46AM Semiconductor Hldrs ETF displays relative weakness (SMH) 35.44 -0.24 : The SMH ran to a new 52-wk high yesterday but closed lower. This morning it has weakened after a flat to slightly firmer start to test a support zone at 35.37/35.30 (congestion, 38% retrace of run off late Jan low) -- session low 35.35. Laggards in the group include: ADI -1.4%, AMD -1.7%, ATML -0.5%, BRCM -1.4%, INTC -1%, KLAC -1.5%, LLTC -0.7%, MU -1%, NVLS -0.8%, TER -1%.
9:45AM American Intl pushes to opening highs on a pick up in volume as it climbs modestly above yesterday's high (AIG) 43.04 +0.89 :
9:39AM Whole Foods notches new session high of 53.11, hovering modestly under yesterday's high and its Jan/52-wk close high at 53.16/53.18 (WFMI) 53.04 +0.21 : Its Jan/52-wk intraday high comes into play at 53.46.
9:37AM Maiden Holdings files for $300 mln mixed securities shelf offering (MHLD) 8.11 -0.11 :
9:36AM Pinnacle displays relative strength with Casino/Gaming sector, works up toward its Jan range top/52-wk highs at 15.51/15.57 -- session high 15.44 (PNK) 15.39 +0.27 : BYD, MGM, WYNN, WMS, LVS, IGT, PENN, SHFL.
9:34AM Cisco Systems weaker in opening trade after failing to hold above its 200 sma on Monday, vacillating slightly above its 200 ema at 21.86 (CSCO) 21.95 -0.09 :
9:33AM King Pharma announces intent to voluntarily delist from the New York Stock Exchange (KG) 14.24 0.00 : The common stock will continue to be listed through February 28, 2011 and will no longer be listed on March 1, 2011.
9:31AM RRSAT Global signs agreement with DISH Network (DISH) for the grant of license and delivery of a number of Israeli channels to be included in DISH Networks' new Israeli package, "ISRAELI SELECT", launched on DISH Network for US broadcast (RRST) 7.42 :
9:31AM Air Tran Holdings and Hertz (HTZ) announced new partnership (AAI) 7.41 +0.01 : The cos announced a new partnership to enable customers to earn free flights while getting deal on a vehicle. The program provides 16 AirTran Airways A+ Rewards credits, redeemable for a round- trip coach ticket valid to any AirTran Airways destination, to A+ Rewards members purchasing a vehicle through Hertz Rent2Buy.
9:28AM Gold testing highs; currently up $16.60 to $1364.80 (COMDX) :
9:21AM Allete announces a new long-term electric service agreement between Minnesota Power, a division of co, and the city of Nashwauk was approved by the Nashwauk Public Utilities Commission on 2/7/2011 (ALE) 37.35 : Under the terms of the agreement, Minnesota Power will provide all of Nashwauk's electric power supply on a wholesale basis. In turn, the city will receive the electricity it needs to serve its retail customers, including Essar Steel Minnesota.
9:21AM China Century Dragon Media prices 1.4 mln share IPO at $5.25 (CDM) : Last year, the CDM filed to offer 2.5 mln shares at $3-4 per shares.
9:18AM One Liberty Properties prices 2.7 mln shares of its common stock at $15.13 (OLP) 16.44 : Co intends to use the net proceeds from this offering to repay indebtedness and for general corporate purposes, including to fund the future acquisition of properties.
9:15AM Triangle Capital prices a public offering of 3 mln shares of common stock in an underwritten public offering at $19.25/share (TCAP) 20.48 :
9:14AM On The Wires (WIRES) :
* SodaStream International (SODA) announced the opening of a new CO2 filling and processing plant in Rijen, Netherlands. The new facility will service the needs of nearby Belgium, France, Ireland, UK and other locations in Western Europe. * Delta Air Lines (DAL) and Seattle's Best Coffee, part of Starbucks Corporation (SBUX), announced a new agreement that will offer Delta customers Seattle's Best Coffee onboard all domestic and international Delta and Delta Connection flights beginning March 1, 2011. * Lexmark International (LXK) announced that it has reached settlements with Alpha Image Tech, E-Toner Mart, Nano Pacific Corporation, Ninestar Image Co. Ltd., Ninestar Image International, Ltd., Ninestar Technology Company, Ltd., Print-Rite Holdings Ltd., Seine Image International Co. Ltd., Union Technology International Co. Ltd., and Ziprint Image Corporation (the "Settling Parties") in connection with patent litigation pending in the U.S. International Trade Commission and the U.S. District Court for the Southern District of Ohio. Among the terms of the settlements, the Settling Parties have agreed to the entry of a final judgment and permanent injunction in the District Court litigation. In addition, the Settling Parties will not oppose Lexmark's efforts to secure an order from the ITC banning future importation of infringing cartridges. * Madison Square Garden (MSG) authorized a change in fiscal year-end from December 31 to June 30. This change will be effective June 30, 2011. There will be a six month transition period from January 1, 2011 through June 30, 2011, which will be reflected on a transition annual report. * American Lorain Corporation (ALN) announced that the head office of Industrial and Commercial Bank of China has granted American Lorain a RMB 105 million line of credit. * Exeter Resource Corporation (XRA) announced that it has optioned water rights to a total volume of 300 litres per second from a private Chilean company. The rights relate to surface water flows and are consumptive in nature. The option agreement provides for staged payments deductible from a purchase price of US$15 million. * Telvent (TLVT) will collaborate with Prime Controls to implement a cutting-edge data technology system for the City of Dallas Water Utilities. * Global Crossing (GLBC) announced that the broadcast and media services offered by its Global Crossing Genesis Solutions unit are available across its high-performance IP network in Argentina, Brazil, Chile, Colombia, Ecuador, Panama, Peru, Mexico, Venezuela and the Caribbean region.
9:04AM Lexmark announces settlements of patent litigation; Importers of replacement toner cartridges for Lexmark products agree to entry of a permanent injunction (LXK) 39.39 : Co announced today that it has reached settlements with Alpha Image Tech, E-Toner Mart, Nano Pacific Corporation, Ninestar Image, Print-Rite Holdings, Seine Image International, Union Technology and Ziprint Image in connection with patent litigation pending in the U.S. International Trade Commission and the U.S. District Court for the Southern District of Ohio. Lexmark alleged that the manufacture, importation and sale by the Settling Parties of replacement toner cartridges for various Lexmark laser printer and multifunction devices infringed Lexmark's patent rights. Among the terms of the settlements, the Settling Parties have agreed to the entry of a final judgment and permanent injunction in the District Court litigation. In addition, the Settling Parties will not oppose Lexmark's efforts to secure an order from the ITC banning future importation of infringing cartridges. While the Settling Parties did not admit any wrongdoing, they have confirmed their ongoing commitment to respect intellectual property rights by resolving the litigation amicably.
9:00AM Breitburn Energy increases and prices public offering of 4.3 mln units at $21.25 (BBEP) 22.18 : Co announced the pricing of its public offering of 4.3 mln common units representing limited partner interests at a price to the public of $21.25 per unit. The offering was increased from the previously announced 4.0 mln common units to 4.3 mln common units. Citi, Wells Fargo Securities, RBC Capital Markets and Barclays Capital acted as joint book-running managers of the offering.
8:56AM Zoran urges stockholders to reject Ramius' efforts to take control of the Board of Directors and co through its consent solicitation and to disregard Ramius' consent efforts and discard any materials sent by Ramius (ZRAN) 9.34 : Co states in letter to shareholders that it believes that its DTV breakeven revenue threshold of $140 million in 2012 is achievable... expects its cost reduction initiatives to culminate in Q3 2011, resulting in a run-rate of $55-$60 million of annual non-GAAP operating expenses, rather than $78.5 million per Ramius, which, when combined with co's expected non-GAAP gross margin in the DTV business, is expected to generate breakeven profitability. Co believes it can achieve $140 million of revenues in 2012, under a streamlined cost structure, is attainable and will enable DTV to be profitable for 2012 and beyond.
8:43AM On The Wires (WIRES) :
* Netgear (NTGR) and Acroni announced that Acronis Backup & Recovery software is now shipping with all NETGEAR ReadyNAS Business network storage systems. * Rovi (ROVI) announced that its Connected Platform technologies will be available pre-ported on the Android platform, powering a robust entertainment experience for consumers that will enable them to share and stream entertainment content from their Android devices to a variety of connected devices throughout the home. * Aviat Networks (AVNW) introduced the Aviat WTM 3000 outdoor networked radio, a new class of product for wireless transmission applications. * Sanmina-SCI Corporation (SANM) earned Nadcap certification at its Singapore PCB location.
8:41AM PharmAthene presents new anthrax anti-toxin data; "studies suggest that Valortim has the potential to provide protection against anthrax infection" (PIP) 3.45 : Co announced that new pharmacokinetic data from the Company's Valortim anthrax anti-toxin program were presented at the 9th Annual ASM Biodefense and Emerging Diseases Research Meeting, held in Washington, DC, February 6-9, 2011. Nonclinical animal studies suggest that Valortim has the potential to provide protection against anthrax infection when administered prophylactically and also may increase survival when administered therapeutically. The objective of the study was to compare the pharmacokinetics of Valortim following a single intravenous injection in non-challenged cynomolgus macaques to that in cynos infected with Bacillus anthracis. The results indicated that healthy animals had approximately a 45-fold increase in Cmax for a 40-fold increase in dose between 1 and 40 mg/kg and an approximately 34-fold increase in area under the curve.
8:35AM Richmont Mines Inc reports final 2010 drilling results confirming strong gold potential of the Wasamac Property (RIC) 4.58 : Martin Rivard, President and CEO commented: "We are very pleased with the results obtained from our 2010 drilling program as they confirm the existence of a strong mineralized system between the -200 and -800 metre elevations that remains open at depth in several areas over a lateral extension of 2 km. Now that the final results have been received, our geology team is actively working on the re-evaluation of the resources of the Wasamac property. At the same time, drilling continues with three drills currently active on the property". Wasamac Property: This 7.58 km2 (757.65 hectare) property is located 15 km west of Richmont's headquarters in Rouyn-Noranda, Quebec, in the heart of the Abitibi gold mining district, and is less than 10 km east of the Company's Francoeur Mine. The past-producing Wasamac Mine, located on the property, produced a total of 1,892,448 metric tonnes at an average grade of 4.16 g/t Au, between 1965 and 1971. This production generated 252,923 ounces of gold, mostly from the Main Zone.
8:35AM Gaylord Entertain misses by $0.31, beats on revs (GET) 36.06 : Reports Q4 (Dec) loss of $0.68 per share, $0.31 worse than the Thomson Reuters consensus of ($0.37); revenues fell 13.5% year/year to $213.3 mln vs the $205.4 mln consensus. Co sees FY11 adj. Gaylord Hotels total RevPAR +6.5-8.5%, Gaylord Opryland total RevPAR +9-11%.
8:34AM Pennant Investment priced an 8 mln share common stock offering at $12.40/share (PNNT) 13.04 :
8:34AM Opexa Therapeutics prices public offering of common stock and warrants; prices 4,146,500 units at a price to the public of $2.05 per unit (OPXA) 2.37 : Co prices warrants and stock at $2.05 per unit. Each unit consists of one share of common stock and a warrant to purchase four-tenths (0.40) of a share of common stock. The shares of common stock and warrants are immediately separable and will be issued separately such that no units will be issued. The warrants are exercisable immediately upon issuance, having a five-year term and an exercise price of $2.61 per full share. Co intends to use the proceeds from this offering for general corporate purposes and to prepare for and proceed toward the initiation of a pivotal Phase III clinical study in the United States of Tovaxin in relapsing remitting MS.
8:34AM CytRx's Bafetinib demonstrates ability to prevent cancer-related bone loss (CYTR) 0.81 : Co announces that results from a series of preclinical studies show that bafetinib may be useful in preventing bone loss in cancer patients who are at high risk for this event. studies demonstrated that in two model systems, bafetinib significantly suppressed the activity of osteoclasts and inhibited bone resorption in a dose-dependent manner, which is the process by which bone cells known as osteoclasts break down bone. Bone formation and bone resorption are closely coupled processes involved in the normal remodeling of bone. In patients with bone metastases, increased bone resorption can outpace bone remodeling, causing bone deterioration.
8:33AM Belo beats by $0.04, reports revs in-line (BLC) 7.44 : Reports Q4 (Dec) earnings of $0.38 per share, $0.04 better than the Thomson Reuters consensus of $0.34; revenues rose 20.4% year/year to $206.2 mln vs the $206.1 mln consensus. "We currently expect to see continued recovery in advertising as long as the economy does not experience an unanticipated setback. We expect spot revenue excluding political to grow in 2011, but at a more moderate rate than in 2010. Comparables will be difficult in the first quarter of 2011 as we cycle against a 17 percent increase in spot advertising revenue in the first quarter of 2010, which benefited from $8.4 million in Olympics revenue, $6.3 million in political revenue, and $2.3 million in Super Bowl revenue from our five CBS affiliates compared to the Super Bowl airing on our one Fox affiliate in 2011. Despite these 2010 items, we still expect combined local and national spot advertising revenue to grow in the low-single digits in the first quarter of 2011 compared to the first quarter of 2010, and total spot revenue including political to be down in the low-single digits."
8:33AM Investment Tech reports January 2011 US trading volume of 4.2 bln shares and ADV of 212 mln shares (ITG) 18.05 : CO announces that January 2011 US trading volume was 4.2 bln shares and average daily volume was 212 mln shares. This compares to 3.6 bln shares and ADV of 162 mln shares in December 2010 and 3.8 bln shares and ADV of 202 bln shares in January 2010. There were 20 trading days in January 2011, 19 trading days in January 2010, and 22 trading days in December 2010.
8:33AM Temple-Inland beats by $0.04, beats on revs (TIN) 24.21 : Reports Q4 (Dec) earnings of $0.31 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.27; revenues rose 12.7% year/year to $952 mln vs the $933 mln consensus. "As we enter 2011, the economy appears to be re-accelerating, corrugated packaging fundamentals are solid, Box Plant Transformation II is on schedule and we are poised to capitalize on a recovery in housing. We are positioned to continue to generate returns well above our cost of capital in Corrugated Packaging. In Building Products, we remain focused on generating cash and returning to profitability."
8:32AM Gold, silver surging here (COMDX) :
* Gold up $10.650 to $1358.70 * Silver higher by 28.7 cents to $29.63
8:32AM Crosshair Exp. & Mining provides update on CMB joint venture project; reports several new uranium showings were discovered (CXZ) 2.49 : Co announces an update on the Central Mineral Belt Joint Venture Uranium Project in central Labrador, Canada. During the summers of 2009 and 2010, geological mapping, prospecting and sampling programs were conducted to evaluate priority targets generated from airborne geophysical and ground geochemical surveys. Several new uranium showings were discovered and these will be followed up during the 2011 summer drilling and trenching program... The planned 2011 summer exploration program on the Joint Venture Properties will consist of prospecting / sampling, trenching and drilling on the three new targets.
8:31AM AutoChina International addresses "further factual inaccuracies in negative follow-up blog post"; reiterates VIE structure as established and common holding structure for Chinese cos (AUTC) 26.85 : The co has reviewed and disagrees with the follow-up blog post from yesterday afternoon by a disclosed short-seller. Co reiterates that the VIE structure has become an established and common holding structure for Chinese companies that are publicly traded outside of China, and that some of the best known, widely vetted, and longstanding public Chinese companies including Baidu (BIDU) and Sina (SINA) use the structure. Historically, the co has conducted its leasing operations through CITIC Trust, whereby CITIC Trust acts as an intermediary for all of leases. Since November 2010, AutoChina has also been conducting its leasing operations through a new financial leasing company that is directly and wholly owned by AutoChina, and therefore is not part of the Company's VIE holding structure... The author noted that a potential impact of $0.74 per share to the Company's income statement could occur if AutoChina's interest from related party debt were increased to "market rates" of 7%. "In his calculation, the author dramatically overstated the amount of related party debt that the Company has outstanding and therefore the impact of an increase in its funding costs." The author incorrectly asserts that the Company's earnout is based upon EBITDA targets that are not reset annually and are "absurdly low." The earnout's EBITDA targets are indeed reset annually and are and have been publicly disclosed since AutoChina became a public company in April 2009.
8:30AM LRAD receives $4.3 mln through warrant exercise priced at $2.67 per share (LRAD) 2.01 :
8:22AM AGCO Corp beats by $0.12, beats on revs; guides FY11 EPS below consensus, revs above consensus (AGCO) 53.46 : Reports Q4 (Dec) earnings of $0.88 per share, ex-items, $0.12 better than the Thomson Reuters consensus of $0.76; revenues rose 18.7% year/year to $2.17 bln vs the $2.03 bln consensus. Excluding unfavorable currency translation impacts of ~4.5%, net sales in the fourth quarter of 2010 increased 23.2% YoY. Co issues mixed guidance for FY11, sees EPS of $2.50-2.75, excluding non-recurring items, vs. $2.94 Thomson Reuters consensus; sees FY11 revs of $7.6-7.9 bln vs. $7.45 bln Thomson Reuters consensus. Worldwide industry demand is expected to be flat or to increase modestly in 2011 compared to 2010 levels. Higher crop prices for grain and dairy farmers in Western Europe and improving farmer sentiment are expected to generate modest growth in the Western European market. In North America, industry sales are expected to be flat in 2011 compared to the high level experienced in 2010. The strong financial position of row crop farmers and the expectation of farm income above historical averages is expected to support demand from the professional farming sector. Strong farm fundamentals are expected to continue in Brazil in 2011. However, less attractive government financing programs are expected to result in a softening of demand as compared to the record demand of 2010.
8:21AM Biglari Holdings Board of Directors has approved a 1-for-15 reverse stock split; will issue a release to announce the effective date of the reverse stock split (BH) 456.49 : Co says the rationale prompting the decision to initiate the reverse stock split is for the Company to continue to attract long-term owners whose purpose is to prosper in concert with the Company's progress
8:21AM Kratos Defense and Security prices an underwritten public offering of 4,250,000 shares of its common stock at a purchase price of $13.25 per share (KTOS) 14.01 :
8:15AM On The Wires (WIRES) :
* Jacobs Engineering (JEC) announced that it received a contract from Health and Hospital Corporation of Marion County, Ind. to provide comprehensive program and construction management services for the design and construction phases of the new 1.2 mln square-foot Wishard replacement hospital. Officials did not disclose the contract value. Additionally, co announced it won a framework contract from BAA Airports Ltd to provide design engineering consultancy services across all six of its international airports in England and Scotland until 2015. Lastly, co announced that it received a contract from the Air Force Materiel Command for acquisition support of its Aeronautical Systems Center F-22 Division. Officials estimate the contract value at $4.9 mln and noted that it has a duration of one year with a one-year option. * Cherokee (CHKE) announced that it has entered into an exclusive license agreement for its namesake CHEROKEE brand with CJSC Tander's, Magnit Stores. The multi-year agreement covers a wide range of family lifestyle categories including men's, women's, and children's clothing; as well as footwear and accessories. * Norton by Symantec (SYMC) announced the next steps in its Norton Everywhere initiative, introducing four new global partnerships and several product updates that help deliver Norton protection across locations, devices and digital experiences. The new and expanded partnerships include Best Buy Canada Ltd., Dixons Retail plc, Kingston Digital, Inc., and UOL Inc. S.A. * Arrow Enterprise Computing Solutions, a business segment of Arrow Electronics (ARW), and IronKey announced a value-added distribution agreement for the North American information technology channel. The two companies are targeting the enterprise market and resellers that service these customers. * Welch Allyn and Masimo (MASI) jointly announced a new technology integration strategy that will make the Masimo rainbow SET Pulse CO-Oximetry technology platform a strategic and fundamental offering in Welch Allyn's new product line-up--providing clinicians with a host of innovative new noninvasive, continuous measurements and patient monitoring capabilities. * GENCO ATC, North America's second largest and a Global Top 50 third-party logistics provider, announced that it is partnering with customer Kimberly-Clark Corporation (KMB), Plug Power (PLUG), Air Products (APD), and the Aiken-Edgefield Development Partnership to launch the nation's first multi-use industrial park fueling station to supply hydrogen directly for industrial, commercial, and government use. * Renaissance Administration has acquired a Donor-Advised Fund business from Blackbaud (BLKB). The two cos have a history of working together in the charitable planning arena and will have an ongoing partnership throughout the transition and into the future. * Altera (ALTR) announced it successfully completed interoperability testing between its Stratix IV GT FPGA and the Bandwidth Engine device from MoSys in a serial memory application.
8:09AM Oculus Innovative Sciences received a new FDA 510(k) clearance for its uniquely formulated Microcyn-based Epicyn HydroGel (OCLS) 1.84 :
8:08AM Valeant Pharmaceuticals subsidiary receives license for ACZONE Gel 5% In Canada (VRX) 39.80 : Co announces that its subsidiary, Biovail Laboratories International SRL has entered into an agreement to license the Canadian rights to ACZONE Gel 5%, a topical formulation of dapsone used in the treatment of acne vulgaris, from Allergan (AGN). AGN will receive from Biovail a CAD500,000 upfront payment to be followed by subsequent additional payments based on net sales.
8:08AM CONSOL Energy announces proved gas reserves nearly double, from 1.9 tcf to 3.7 tcf; 2010 drill bit finding cost of $0.41 per mcfe; +486% of production replaced; total 3p reserves increase from 6.5 tcf to 14.2 tcf; 2010 marcellus shale eurs average 5.5 bcf per well (CNX) 48.26 : Co announces it has proved gas reserves of 3.7 trillion cubic feet as of December 31, 2010. This is an increase of 1.8 Tcf, or 95%, from the 1.9 Tcf reported at year-end 2009. The proved developed reserves increased by 86% and the proved undeveloped reserves increased 107%. Of the 3.7 Tcf of proved reserves, 52%, are categorized as proved developed and 48% are classified as proved undeveloped. The company also has total proved, probable, and possible reserves of 14.2 Tcf as of December 31, 2010. This is an increase of 7.7 Tcf, or 118%, in 3P reserves from the 6.5 Tcf reported at year-end 2009.
8:08AM SRA Intl reports EPS in-line, misses on revs; narrows FY11 EPS and rev guidance (SRX) 27.00 : Reports Q2 (Dec) earnings of $0.33 per share, excluding items, in-line with the Thomson Reuters consensus of $0.33; revenues rose 5.3% year/year to $434.8 mln vs the $443.6 mln consensus. Co slightly narrows its guidance for FY11, now sees EPS of $1.38-1.44 (vs. $1.42 Thomson Reuters consensus), from the previous range of $1.37-1.45; now sees FY11 revs of $1.785-1.815 bln (vs. $1.82 bln Thomson Reuters consensus), compared to previous range of $1.77-1.82 bln.
8:05AM J.M. Smucker announces an avg of 10% increase to the list price for the majority of its coffee products sold in the United States (SJM) 62.87 : Co announced that it increased the list price for the majority of its coffee products sold in the United States, primarily consisting of items sold under the Folgers and Dunkin' Donuts brand names. Prices will increase an average of 10 percent on impacted items. The increase in price is driven by sustained increases in green coffee costs. The Company is currently in its quarter-end quiet period and, therefore, will answer investor related follow up questions during its February 17, 2011, fiscal third quarter earnings conference call.
8:04AM Rosetta Genomics receives NASDAQ extensions for continued listing (ROSG) 0.83 :
8:03AM Geomet announces Q4 2010 net gas sales volumes averaged ~20.3 mln cubic feet per day, a 1% increase YoY (GMET) 1.32 : Co announced an increase in its year-end 2010 estimated proved reserves from year-end 2009 and provided preliminary information on 2010 net gas sales volumes, gas price realizations and capital spending activity. Additionally, the Company provided preliminary guidance on capital activity for 2011. Estimated proved natural gas reserves as of December 31, 2010 prepared by DeGolyer and MacNaughton, independent petroleum engineers, totaled ~216 bln cubic feet (Bcf), a 7 Bcf (3%) increase over year-end 2009 reserves. The Company replaced ~200% of its net gas sales volumes for the year. Fourth quarter 2010 net gas sales volumes averaged approximately 20.3 million cubic feet (MMcf) per day, an increase of ~1% as compared to both the fourth quarter of 2009 and the third quarter of 2010. The company has established a capital expenditure budget of ~$14 mln for 2011. The Company's 2011 capital expenditures are expected to be funded from internally generated cash flows.
8:02AM Vishay beats by $0.04, beats on revs; guides Q1 revs above consensus (VSH) 17.18 : Reports Q4 (Dec) earnings of $0.48 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.44; revenues rose 13.4% year/year to $688.6 mln vs the $669.5 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of $675-715 mln vs. $662.17 mln Thomson Reuters consensus. "During the fourth quarter, we completed a repurchase of 21.7 million shares of our common stock, demonstrating our confidence in the long-term prospects of Vishay and our commitment to creating long-term value for our stockholders. Our healthy balance sheet and strong cash flow generation allowed us to use a low-coupon convertible debenture offering to finance the buy-back, which was more efficient than using our cash, most of which is off-shore."
8:00AM Somaxon Pharma announces sales force expansion and $15 mln revolving line of credit (SOMX) 2.95 : Co announced that it has engaged its contract sales force partner Publicis Touchpoint Solutions to recruit and deploy for Somaxon an additional 35 sales representatives that will exclusively promote Silenor. Somaxon also announced that it has obtained from Comerica Bank a two-year, $15 mln revolving line of credit for working capital needs and general corporate purposes.
7:58AM McDonald's announces global comparable sales growth of 5.3% in January (MCD) 73.45 : Performance by segment was as follows: U.S. +3.1%; Europe +7.0%; Asia/Pacific,Middle East and Africa +5.2%
7:48AM CECO Environ. announces new orders totaling $3.9 million (CECE) 5.55 :
7:46AM Chesapeake Energy commences $1 bln sr notes offering (CHK) 31.27 : Chesapeake intends to use the net proceeds from the offering to repay indebtedness outstanding under its revolving bank credit facility, which it anticipates reborrowing from time to time to meet capital expenditure initiatives and for general corporate purposes. This offering is a part of Chesapeake's 2011 liability management program, which contemplates extending the maturity profile of its outstanding indebtedness and also retiring approximately $2.0 - $3.0 billion of its shorter-dated senior notes using the proceeds from its recently announced planned asset sales.
7:40AM On The Wires (WIRES) :
* ISTA Pharmaceuticals (ISTA) announced that due to the rapid adoption of BROMDAY 0.09%, the company will stop selling twice-daily XIBROM 0.09%. ISTA no longer plans to supply XIBROM to pharmaceutical wholesalers after February 28, 2011. * EMCOR Group (EME) announced that its University Mechanical & Engineering Contractors, Inc. subsidiary has been awarded a contract for the installation of all mechanical systems at the Health Science Education Building at the University of Arizona College of Medicine in Phoenix, Arizona. * Tyler Technologies (TYL) announced it has signed an agreement to provide its Munis enterprise resource planning software as a service solution to Putnam County, New York. The contract, valued at ~$4.1 million, is for a turnkey solution that includes a subscription to software, hosting services, maintenance and support. * Synta Pharmaceuticals Corp. (SNTA) announced that the first patient has been treated in a Phase 1 single agent trial of elesclomol in acute myeloid leukemia.
7:35AM Gentium announces that ongoing preclinical and clinical studies on Defibrotide have been completed and confirmed its plan to file for regulatory approval of Defibrotide with the FDA and EMA (GENT) 9.50 : In the preclinical studies conducted, Defibrotide showed no inhibitory effects in human liver microsomes, indicating that Defibrotide is expected to have a low potential for drug-drug interaction. A hERG tail current study with Defibrotide showed no inhibition of the hERG channel at any of the doses tested.
7:33AM MF Global prices an underwritten public offering of $250 million aggregate principal amount of 1.875% convertible senior notes due February 1, 2016 (MF) 8.17 : Co announces the pricing of an underwritten public offering of $250 mln aggregate principal amount of 1.875% convertible senior notes due February 1, 2016. The notes will be the senior, unsecured obligations of MF Global Holdings and will bear interest at a rate of 1.875% per annum, payable semi-annually in arrears on February 1 and August 1 of each year, beginning on August 1, 2011.
7:33AM Church & Dwight misses by $0.03, reports revs in-line; guides FY11 EPS in-line; increases dividend (CHD) 69.84 : Reports Q4 (Dec) earnings of $0.86 per share, excluding items, $0.03 worse than the Thomson Reuters consensus of $0.89; revenues fell 2.1% year/year to $656.9 mln vs the $658.1 mln consensus. Co issues in-line guidance for FY11, sees EPS of $4.35-4.40, ex items, vs. $4.39 Thomson Reuters consensus. Co declared a 100% increase in the regular quarterly dividend from $0.17 share to $0.34 per share."We expect to build on our strong performance exiting 2010 and generate organic growth of 3 to 4% in 2011 while increasing gross margin by 50-100 basis points through our cost savings programs. We plan to invest the savings generated from the higher gross margin by increasing marketing spending by 50-100 basis points... We expect quarterly earnings per share to be balanced throughout the year with first quarter earnings being comparable to 2010. First quarter organic sales growth is expected to be the lowest quarter of the year due to the year-over-year timing of new product launches and retailer inventory actions."
7:33AM Seabridge Gold reports major new gold/copper resource at KSM's Iron Cap Zone (SA) 29.31 : An independent mineral resource model for SA's Iron Cap Zone at its 100% owned KSM project estimates a new indicated resource containing 5.1 million ounces of gold and 1.7 billion pounds of copper immediately adjacent to the Mitchell deposit. The indicated resource is flanked by a halo of inferred resources containing an additional 3.4 million ounces of gold and 1.3 billion pounds of copper.
7:32AM Conmed Healthcare Mgmt signs nine-year, full-service contract valued at ~$18 mln with City of Alexandria, Virgina (CONM) 3.27 : Co announces that it has signed a full-service agreement with the City of Alexandria, Virginia, for an initial five-year term, with options for two additional, two-year renewals at the city's option, totaling up to nine years, to provide correctional healthcare services for the Alexandria Adult Detention Center. The first year of the contract is expected to generate annual revenues for Conmed of ~$2 million, with the potential to generate up to $18 million over the full nine-year contract term. The contract is effective March 1, 2011.
7:32AM Pike Electric beats by $0.04, beats on revs (PIKE) 8.46 : Reports Q2 (Dec) earnings of $0.03 per share, $0.04 better than the Thomson Reuters consensus of ($0.01); revenues rose 9.9% year/year to $148.6 mln vs the $133 mln consensus. Core revenues increased 24.4% to $145.9 million in the 2011 second quarter versus $117.2 million in the comparable 2010 period. All categories of our core business achieved revenue growth for the quarter. This growth was aided by our Klondyke acquisition, and substation and transmission EPC projects. Storm restoration revenues were $2.7 million for second quarter 2011, compared with $18.0 million in the prior year's second quarter.
7:24AM On The Wires (WIRES) :
* Actuate Corporation (BIRT) reported "a strong finish" for 2010 with Actuate generating over $21.2 million in BIRT-related business during the course of 2010, bringing the total in the last 4 years to over $62.5 million. * Veeco Instruments (VECO) announced that Shanghai Epilight Technology placed a large multi-tool order for Veeco TurboDisc K465i Metal Organic Chemical Vapor Deposition (MOCVD) systems during the fourth quarter of 2010. * FISTM (FIS) announced a change in position for William P. Foley II from executive chairman to chairman of the board, which is a non-executive position. Foley, who has served as executive chairman of FIS since February 2006, requested the transition to non-executive chairman in order to devote more time to additional business opportunities and commitments. The change is effective immediately. * Universal Travel Group (UTA) announced a new business expansion strategy to franchise the International Travel License it recently obtained from the National Travel Authority, and under which it can offer and operate international package tours worldwide, to local travel agencies throughout China. * CEVA [(CEVA) and Mindspeed Technologies (MSPD) announced that the two companies are collaborating to bring the benefits of software-defined radio technology to wireless infrastructure equipment.
7:18AM Imperial Holdings prices 16.67 mln share IPO at $10.75 vs. the $10-12 expected range (IFT) : Co previously filed to offer shares in the $14-16 range.
7:16AM Gold and silver trade to their lowest levels of the morning (COMDX) :
* Gold now up $1.60 to $1349.80 * Silver currently off 6.8 cents to $29.275
7:15AM Avon Products misses by $0.08, misses on revs (AVP) 29.35 : Reports Q4 (Dec) earnings of $0.59 per share, $0.08 worse than the Thomson Reuters consensus of $0.67; revenues rose 1.3% year/year to $3.18 bln vs the $3.28 bln consensus.
7:15AM Crude oil is trading lower again this morning and is currently attempting to bounce off its overnight lows at $85.88; now off $1.31 to $86.17 (COMDX) : Note that since Jan 31, when crude oil traded to a two yr high at $92.84, prices have dropped over 7% (to this morning's current low at $85.88). The pullback this morning continues to coincide with the easing of tensions in Egypt. It was announced yesterday by the Vice President that there is a plan and timetable in place for the transfer of power from Mubarak govt. Also weighing on crude oil was recent news that the People's Bank of China raised one-year deposit rate and one-year lending rate by 25 bps.
7:15AM SAVVIS Comm beats by $0.15, beats on revs (SVVS) 32.10 : Reports Q4 (Dec) loss of $0.06 per share, $0.15 better than the Thomson Reuters consensus of ($0.21); revenues rose 15.0% year/year to $252.7 mln vs the $248.6 mln consensus. The company's cash position at Dec. 31, 2010, was $120.3 million, compared to $88.0 million at Sept. 30, 2010.
7:12AM HHGregg beats by $0.02, reports revs in-line; lowers FY11 EPS, rev guidance below consensus (HGG) 18.67 : Reports Q3 (Dec) earnings of $0.66 per share, $0.02 better than the Thomson Reuters consensus of $0.64; revenues rose 30.6% year/year to $653.7 mln vs the $654.6 mln consensus. Co lowers guidance for FY11, sees EPS of $1.10-1.15 vs. from $1.15-1.23 vs. the $1.16 Thomson Reuters consensus; sees FY11 revs +36-37% to ~$2.087-2.102 bln from +38-40% vs. $2.12 bln Thomson Reuters consensus; comps to -5 to -4% from -3 to -1%. Gross profit margin, expressed as gross profit as a percentage of net sales, decreased ~87 basis points for the three months ended December 31, 2010 to 29.6% from 30.5% for the comparable prior year period. "Through our fourth fiscal quarter to date, we have continued to see challenging top-line results due to industry headwinds along with experiencing the negative effects of inclement weather across our chain during our important Super Bowl selling season. Excluding the adverse weather of the past week, we believe we were tracking in line with our previous earnings guidance as a result of favorable gross margins and continued expense control. However, in light of our reduced sales assumptions, we are reducing our earnings per diluted share guidance for fiscal year 2011."
7:11AM Aecom Tech reports EPS in-line, revs in-line; raises FY11 EPS guidance to in-line (ACM) 28.70 : Reports Q1 (Dec) earnings of $0.48 per share, in-line with the Thomson Reuters consensus of $0.48; revenues rose 30.8% year/year to $1.94 bln vs the $1.93 bln consensus. AECOM announced backlog of $15.5 billion at Dec. 31, 2010, a 55% increase year over year. Co raises guidance for FY11, sees EPS of $2.25-2.35, prior $2.20-2.30, vs. $2.30 Thomson Reuters consensus. "Together with improved organic growth and backlog, these results point to an improving business environment and give us confidence in our fiscal year 2011 outlook."
7:11AM Flowers Foods misses by $0.05, misses on revs; lowers FY11 EPS growth to a range of 5%-10%, reaffirms FY11 growth of 3%-6% (FLO) 25.55 : Reports Q4 (Dec) earnings of $0.34 per share, $0.05 worse than the Thomson Reuters consensus of $0.39; revenues fell 0.6% year/year to $573.1 mln vs the $604.5 mln consensus. The sales decrease of was attributable to volume declines of 2.2% and .7% resulting from the deconsolidation of a variable interest entity. Gross margin as a percentage of sales for Q4 was 48.1%, up 100 basis points as compared to 47.1% in the yr ago period. Co now sees FY11 EPS growth of 5%-10%, which calculates to roughly $1.56-1.63 (vs. $1.67 Thomson Reuters consensus), and is down from the previous range of 8%-13%; reaffirms FY11 growth of 3%-6%, which calculates to roughly $2.65-2.73 bln (vs. $2.72 bln Thomson Reuters consensus).
7:08AM Steris misses by $0.01, reports revs in-line; reaffirms FY11 EPS guidance, lowers FY11 revs guidance (STE) 35.75 : Reports Q3 (Dec) earnings of $0.57 per share, $0.01 worse than the Thomson Reuters consensus of $0.58; revenues rose 0.2% year/year to $328.3 mln vs the $330.2 mln consensus. Operating income for the third quarter of fiscal 2011 was negatively impacted by continued declines in SYSTEM 1 consumable (S20 Sterilant) volumes, as well as a higher portion of revenue coming from lower margin capital equipment products. As a result of lower shipment levels for SYSTEM 1E during fiscal 2011, co is reducing its outlook for revenue growth for fiscal 2011.Co reaffirms guidance for FY11 EPS of $2.15-2.30 vs. $2.23 Thomson Reuters consensus; lowers FY11 revs guidance to growth of 2% (which calc to ~$1.283 bln vs. $1.29 bln Thomson Reuters consensus) vs 5% prior guidance.
7:05AM MGIC Investment issues an Operational Summary for the month of January 2011: primary new insurance written $1.2 bln; ending primary delinquent inventory 213,860 (MTG) 8.74 :
7:02AM ICF International receives $10 million contract to Support U.S. Department of Veterans Affairs (ICFI) 23.63 : Co announces that it has been awarded a new $10 million contract through High Performance Technologies to support the U.S. Department of Veterans Affairs. The contract has a term of one base year and four option years.
7:01AM Gran Tierra Energy reports year end Total Proved oil reserves increased 7% to ~23.6 mln barrels of oil (GTE) 9.30 : Co announces the results of an independent reserve evaluation of its reserves by GLJ Petroleum Consultants effective December 31, 2010. The highlights include:
* Total Proved oil reserves increased 7% to ~23.6 mln barrels of oil * Total Proved plus probable oil reserves increased 11% to ~31.0 mln barrels of oil * Total Proved plus probable plus possible oil and liquids reserves increased 20% to ~47.3 mln barrels of oil and liquids * Reservoir performance expectations were exceeded at the Costayaco field in Colombia and Costayaco 1P reserves changed to 17.7 mln barrels of oil at year-end 2010, from 18.7 mln barrels of oil at year-end 2009 despite total production of 4.4 mln barrels of oil NAR at the Costayaco field in 2010 * The Moqueta new field discovery in Colombia added total 3P working interest reserves of 12.3 mln barrels of oilorNAR 3P reserves of 9.7mln barrels of oilbased onthe evaluation of three wells completed before year-end 2010. The 2010 year-end reserves do not include the results of the Moqueta-4 delineation well, which is currently testing * Gran Tierra Energy produced ~7.1 mln barrels of company interest oil before royalties and 338.6 mln cubic feet of company interest gas before royalties in 2010 * Annual production for 2010 averaged ~19,300 company interest barrels of oil per day before royalties, or 14,300 BOPD NAR, an increase of ~13% versus 12,684 BOPD NAR in 2009. Production in the fourth quarter of 2010 averaged ~15,800 BOPD NAR.
7:01AM eDiets.com enters into a $1,572,000 private placement with outside investors and certain members of its Board of Directors (DIET) 0.35 : In addition, the Company's Board of Directors has approved a rights offering in which stockholders will receive non-transferable rights to purchase additional shares of the Company's common stock, par value $0.001 per share.
6:36AM Warner Music Group beats by $0.07, misses on revs (WMG) 6.23 : Reports Q1 (Dec) loss of $0.12 per share, $0.07 better than the Thomson Reuters consensus of ($0.19); revenues fell 14.1% year/year to $789 mln vs the $798 mln consensus, and was down 11.9% on a constant-currency basis. The decline in revenue reflected the continued transition from physical to digital in the recorded music industry as well as a competitive holiday release schedule for the industry.
6:35AM Quest Software makes strategic investment in SecureAuth Corp; terms not disclosed (QSFT) 25.06 :
6:33AM On The Wires (WIRES) :
* Adeona Pharmaceuticals (AEN) announced that an abstract on the Company's pivotal clinical trial of its zinc and cysteine-based product candidate being evaluated in patients with Alzheimer's disease and mild cognitive impairment has been accepted for presentation at the 2011 American Academy of Neurology Annual Meeting in April. * Vical Incorporated (VICL) announced the issuance of U.S. Patent No. 7,879,339, assigned to Vical and the University of Washington, covering DNA vaccines for herpes simplex virus type 2 (HSV-2).
6:23AM Kindred Healthcare beats by $0.10, beats on revs; suspends FY11 guidance due to RHB acquisition (KND) 19.48 : Reports Q4 (Dec) earnings of $0.54 per share, $0.10 better than the Thomson Reuters consensus of $0.44; revenues rose 6.1% year/year to $1.14 bln vs the $1.12 bln consensus. KND will acquire RHB (see 6:08 comment). In connection with the pending acquisition of RehabCare, the co has suspended its FY11 earnings guidance.
6:14AM Macerich misses by $0.01, beats on revs; guides FY11 FFO in-line (MAC) 48.79 : Reports Q4 (Dec) funds from operations of $0.77 per share, $0.01 worse than the Thomson Reuters consensus of $0.78; revenues rose 1.5% year/year to $204 mln vs the $194.1 mln consensus. Co issues in-line guidance for FY11, sees FFO of $2.78-2.94 vs. $2.87 Thomson Reuters consensus. Mall occupancy increased to 93.1%, up from 91.3% at December 31, 2009. Mall total tenant sales increased 5.0% for the quarter compared to the quarter ended December 31, 2009. During the quarter 294,000 square feet of leases were signed. Releasing spreads were up 13.7% for the quarter. During the quarter, same center net operating income increased by 1.8%. "The fundamentals of our business continue to improve. We saw strong retail sales gains again during the fourth quarter. Mall occupancy continued to improve with a 180 basis point increase for the year. We have now had four consecutive quarters of same center NOI growth, and we expect that trend to continue in 2011. We successfully completed a number of very attractive refinancings and continue to benefit from a very strong capital market."
6:09AM Beazer Homes misses by $0.20, misses on revs (BZH) 5.45 : Reports Q1 (Dec) loss of $0.66 per share, $0.20 worse than the Thomson Reuters consensus of ($0.46); revenues fell 48.2% year/year to $110.3 mln vs the $164.3 mln consensus. Total home closings from continuing operations: 527 homes, a 43.6% decrease from the prior year. Co provides additional Q1 metrics. Total new orders from continuing operations: 540 homes, a 23.9% decrease from the prior year. Total Backlog: 800 homes with a sales value of $201.1 mln compared to 960 homes with a sales value of $232.3 mln as of December 31, 2009.
6:08AM RehabCare to be acquired by Kindred Healthcare (KND) for ~$35/share; KND to issue ~12 mln shares in connection to transaction (RHB) 25.47 : Kindred Healthcare and RehabCare Group jointly announce the signing of a definitive merger agreement under which Kindred will acquire RehabCare. Under the terms of the merger agreement, each stockholder of RehabCare common stock will receive $26 per share in cash and 0.471 of a share of Kindred common stock. Based upon the average value of Kindred common stock during the ten trading days preceding the signing of the merger agreement, each RehabCare stockholder will receive consideration with a current value of ~$35 per share. Kindred expects to issue ~12 million shares in connection with the pending transaction. The aggregate value of the pending transaction ~$1.3 billion, including ~$400 million of existing indebtedness.
6:07AM Range Resources estimates that its unproved resource potential at year-end 2010 was 35-52 Tcfe, up from 24-32 Tcfe at year-end 2009 (RRC) 49.03 : The unproved resource potential as compared to co's year-end 2010 proved reserve base of 4.4 Tcfe reflects the opportunity to grow our proved reserves by roughly 10 times.
5:13AM Given Imaging's PillCam COLON now reimbursable for hospital inpatient use in Germany (GIVN) 18.04 : Co announces that Germany's Institut fuer das Entgeltsystem im Krankenhaus (INEK, Institute for Reimbursement in Hospitals) has published the 2011 update of the Diagnosis Related Group Codes and Grouper algorithm which now includes an inpatient reimbursement pathway for PillCam COLON capsule endoscopy.
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