4:30 pm : Stocks fought off moderate selling pressure in the early going to work their way toward new two-year highs. Buying was further bolstered by news that Egypt's president gave into calls for his resignation.
A buy-the-dip response helped stocks rally from a sell-off in the prior session. A positive bias came through again this morning as stocks quickly overcame a lower open to push into positive territory. The move gained momentum as Egyptian President Mubarak finally submitted to demands for his resignation, although it is still unclear how order and leadership in the country will be restored.
While stocks showed a positive reaction to the news, oil prices were pushed to a 1.4% loss at $85.55 per barrel. Many believe Mubarak's resignation will pacify protesters in Egypt and help mitigate risk of broader geopolitical uncertainty in the Middle East and near the Suez Canal.
The tumble in oil prices undermined interest in the energy sector, which fell to a fractional loss. Utilities (-0.2%) made up the only other sector that settled in the red.
Financials outperformed by a wide margin. The sector advanced 1.4% with help from bank stocks, which collectively climbed 1.8%, according to the KBW Bank Index.
Large-cap tech also showed leadership. That helped the Nasdaq close near its session high. Microsoft (MSFT 27.25, -0.25) was a laggard, however, following news that the company has formed a business partnership with Nokia (NOK 9.36, -1.52).
Corporate announcements also included in-line earnings from Dow component Kraft (KFT 30.66, -0.45) and an upside surprise from Chipotle (CMG 268.73, +12.10). Other earnings reports received less attention from broad market participants.
The dollar added to its prior session bounce today. In the process it set a three-week high against competing currencies. Although it finished shy of its session high, the greenback's 0.2% gain helped to give the Dollar Index a 0.5% weekly gain.
Data had little sway with participants. The December trade deficit totaled $40.6 billion, which is essentially on par with the $40.4 billion deficit that had been estimated by economists who were surveyed by Briefing.com. However, the December deficit is greater than the $38.3 billion deficit reported for the prior month.
The preliminary consumer sentiment reading for February from the University of Michigan came in at 75.1, which isn't quite as strong as the 75.5 that had been widely expected. However, it is stronger than the 74.2 that was registered for the prior month.
3:30 pm : Sellers put the pressure on commodities this afternoon. Their efforts led the CRB Commodity Index to a 0.6% loss.
Oil prices were a particularly heavy drag on the commodities space. The energy component settled with a 1.4% loss at $85.55 per barrel. Its push lower primarily came in response to news that Mubarak has resigned his position as the country's president, an event that many believe will pacify protesters in Egypt and help mitigate against the risk of broader geopolitical uncertainty in the Middle East and near the Suez Canal.
Natural gas prices were hit even harder. Futures contract prices fell 1.9% to $3.91 per MMbtu.
Precious metals failed to go unscathed, even though the dollar handed back some of its gain in afternoon trade. Gold prices finished with a 0.4% loss at $1357.20 per ounce while silver prices settled 0.1% lower at $30.50 per ounce. DJ30 +47.00 NASDAQ +17.13 SP500 +7.86 NASDAQ Adv/Vol/Dec 1746/1.66 bln/865 NYSE Adv/Vol/Dec 2187/700 mln/789
3:00 pm : The dollar has been drifting lower all afternoon, but it is still in positive territory with a 0.2% gain. It had been up almost 0.6% at its session high. The drift has come as both the euro and British pound pare losses against the greenback; both currencies are down 0.5% at $1.354 and $1.602, respectively. Meanwhile, the yen is down 0.3% at 83.50 yen per dollar.DJ30 +46.74 NASDAQ +18.02 SP500 +7.74 NASDAQ Adv/Vol/Dec 1740/1.52 bln/863 NYSE Adv/Vol/Dec 2154/640 mln/821
2:30 pm : The Nasdaq has gradually added to its gain so that it trades at its best level of the day with a solid gain. Neither the Dow nor the S&P 500 has cleared the highs that they set in the moments that immediately followed news of the resignation of Mubarak as President of Egypt.
Financials have been a strong source of broader market support. The sector is now up 1.5% as banks make a big bounce. As a group, banks are up 2.1% to a near nine-month high, according to the KBW Bank Index. DJ30 +38.90 NASDAQ +17.06 SP500 +6.80 NASDAQ Adv/Vol/Dec 1648/1.38 bln/929 NYSE Adv/Vol/Dec 2058/584 mln/877
2:00 pm : The Nasdaq has stretched to a fresh session high, which also makes for a new two-year high. Its move this session has been led by the likes of Apple (AAPL 357.40, +2.86) and Google (GOOG 623.77, +7.33).
In contrast, Nasdaq member Microsoft (MSFT 27.27, -0.23) is under stiff pressure. Investors have shown a negative response to news that the company has formed a business partnership with Nokia (NOK 9.19, -1.69). DJ30 +34.51 NASDAQ +15.65 SP500 +6.15 NASDAQ Adv/Vol/Dec 1633/1.27 bln/936 NYSE Adv/Vol/Dec 2011/538 mln/911
1:30 pm : Despite the events of the past 24 hours and the uncertainty regarding the assumption of leadership and restoration of order in Egypt, the Volatility Index is down almost 2% at the moment.
Share volume has picked up since this morning. The pace of trade had been rather slow in the early going, but the acceleration of action has put total share volume on the NYSE at more than a half billion. Assuming that the current pace of trade continues, total share volume on the Big Board should surpass 1 billion today. Yesterday was the first time in seven sessions that share volume on the NYSE exceeded 1 billion. DJ30 +22.39 NASDAQ +13.15 SP500 +4.79 NASDAQ Adv/Vol/Dec 1629/1.16 bln/902 NYSE Adv/Vol/Dec 2034/500 mln/891
1:15 pm : The major equity averages opened lower, but for the second straight session participants made a buy-the-dip response. Buying interest increased with news that Egypt's president has given into calls for his resignation.
Stocks rallied from sizable losses in the prior session, but experienced some volitility in its final few minutes as participants considered the implications of a refusal to resign by Egyptian President Mubarak in the face of widely publicized protests. Concerns about the potential for geopolitical tension caused volatility to continue overnight and stimulated some renewed selling interest.
However, buyers were quick to step in and provide support. Although the preliminary consumer sentiment survey for February wasn't quite as strong as what had been expected, stocks extended their morning climb in the wake of its release. The upturn accelerated with news that Mubarak finally gave into calls for his resignation, even though it is still unclear how order and leadership in the country will be restored.
News of Mubarak's resignation has triggered selling against oil, which is now down 1.3% to $85.60 per barrel. That slide has caused energy stocks to retreat. Energy stocks are now down 0.2% while broader market action remains rather positive.
The drop in oil prices has helped stoke buying in airline stocks. That has the Amex Airline Index up 2.1%. DJ30 +24.98 NASDAQ +12.80 SP500 +5.15 NASDAQ Adv/Vol/Dec 1536/1.09 bln/990 NYSE Adv/Vol/Dec 1910/480 mln/995
12:30 pm : The Dow has drifted back to the neutral line, but the Nasdaq and S&P 500 continue to trade with modest gains.
Energy stocks have moved deeper into negative territory. The sector is now down 0.4%. Utilities, down 0.1%, make up the only other major sector in the red. In contrast, financials are still up markedly with a 0.9% gain.
Oil prices have fallen to fresh session lows. The commodity is now down 1.5% to $85.40 per barrel. DJ30 +8.55 NASDAQ +8.17 SP500 +3.11 NASDAQ Adv/Vol/Dec 1478/945 mln/1027 NYSE Adv/Vol/Dec 1842/420 mln/1048
12:00 pm : Energy stocks have retreated to a 0.2% loss. Their reversal coincides with a downturin in oil prices, which are now off by 1.0% at $85.85 per barrel, in the wake of news that Mubarak has resigned from his position as President of Egypt. Though Mubarak's resignation comes to the delight of Egypt's protesters, pundits point out that it is unclear whether the people of Egypt will be satisfied with steps taken to restore order and leadership in the country.
While the pullback in oil prices appears to have hurt energy stocks, it has helped propel shares of airline stocks. In turn, the Amex Airline Index is up 1.9%. Airline shares have underperformed this year; they are down 1.7% year to date while the broader market is up 5.4% this year. However, the Amex Airline Index surged 39% in 2010, just as it did in 2009. The S&P 500 advanced almost 13% in 2010, after it climbed more than 23% in 2009. DJ30 +13.47 NASDAQ +9.29 SP500 +3.76 NASDAQ Adv/Vol/Dec 1425/825 mln/1063 NYSE Adv/Vol/Dec 1874/375 mln/981
11:30 am : Stocks recently pulled back a bit from session highs after news of the resignation of Egypt's President Mubarak was digested. They have since regrouped to reclaim gains.
Financials have emerged as a leader in recent trade; the sector is up 1.1%, which is more than double the gain of any other sector. Financials are currently led by regional banks like SunTrust (STI 32.72, +1.13) and Regions Financial (RF 8.07, +0.34). Collectively, regional banks are up 2.2%, which puts the group back near nine-month highs. Regional banks are up 2.6% week to date. DJ30 +25.09 NASDAQ +8.05 SP500 +4.83 NASDAQ Adv/Vol/Dec 1331/688 mln/1132 NYSE Adv/Vol/Dec 1848/315 mln/972
11:05 am : Stocks have extended their morning push into positive territory. The vertical move has accelerated with news that Egypt's President Mubarak has resigned.
News of Mubarak's resignation has caused oil prices to pull back so that crude prices trade with a loss of more than 1% at about $85.65 per barrel. DJ30 +20.74 NASDAQ +5.92 SP500 +3.46 NASDAQ Adv/Vol/Dec 1096/520 mln/1313 NYSE Adv/Vol/Dec 1525/235 mln/1268
10:30 am : Given the strength in the Dollar Index this morning, most commodities in the CRB Commodity Index are trading lower. The worst performers, as a group, are the livestock and soft commodities. Individually, nickel is the worst performer, showing 1.8% in losses.
Cotton futures hit new all-time highs at $1.9455/lb earlier this morning, which comes after rising for five consecutive session, primarily on strong China imports. From last week, the commodity is just over 15% higher, while currently, cotton is 2.7% higher at $1.9268/lb,
Energy markets are mixed with RBOB Gasoline and heating oil higher, crude just and April natural gas 1.2% lower. March crude oil fell into negative territory around 9:00am ET and hit session lows of $85.90 per barrel an hour ago. It's currently just under the unchanged line at $86.61 per barrel
Precious metals are modestly higher with April gold 0.3% higher at $1367.50 per ounce and March silver 0.3% higher at $30.19 per ounce.DJ30 -6.13 NASDAQ -2.38 SP500 -0.81 NASDAQ Adv/Vol/Dec 1011/340.0 mln/1284 NYSE Adv/Vol/Dec 1325/164.7 mln/1382
10:00 am : The preliminary consumer sentiment reading for February from the University of Michigan was released a few minutes ago. It came in at 75.1, which isn't quite as strong as the 75.5 that had been expected, on average, among economists surveyed by Briefing.com. However, it is stronger than the 74.2 that was registered for the prior month.
Since the report's release, stocks have pushed higher. The upturn has yet to take any of the major sectors into positive territory, though.
Treasuries and the dollar are little changed from earlier levels.
09:45 am : The broad market is down with a modest loss in the first few minutes of trade. Weakness, though not severe, is widespread in that all 10 major sectors of the S&P 500 are in the red. Their losses are all of similar size.
Treasuries have benefited from a solid bid amid the stock market's early slip. The benchmark 10-year Note is currently up a dozen ticks so that its yield is just below 3.65%.
Meanwhile, the dollar continues to hold a lead over competing currencies. That has the Dollar Index up 0.4%. DJ30 -38.75 NASDAQ -11.61 SP500 -5.53 NASDAQ Adv/Vol/Dec 606/40 mln/1433 NYSE Adv/Vol/Dec 667/33 mln/1697
09:15 am : S&P futures vs fair value: -4.90. Nasdaq futures vs fair value: -5.80. The S&P 500 is up 0.8% this week, but stock futures suggest that some pressure may percolating in this morning's premarket trade. Stock futures worked their way lower in overnight trade as support for stocks waned amid worries about the possibility of geopolitical unrest following the refusal of Mubarak to immediately resign from his position as Egypt's President. Mixed action among overseas markets has also left buyers uninspired, as has the latest round of corporate news. Domestic data has been limited to a generally in-line December trade deficit of $40.6 billion. Still to come is the preliminary February reading on consumer sentiment from the University of Michigan. It is scheduld for release at 9:55 AM ET.
09:05 am : S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -5.50. Domestic stock futures continue to trail fair value, but remain comfortably above session lows. As for action abroad, Germany's DAX is presently down 0.1%, but on pace for a 1.6% weekly gain. Strength in automakers BMW and Daimler (DAI) has been offset by weakness in Thyssenkrupp and Commerzbank. According to data, Germany's final CPI reading for January showed a 0.4% decline after it had increased 1.0% in the prior month. France's CAC is currently off by 0.5% as its declining issues outnumber its advancers by 2-to-1. It is still up 0.7% for the week, though. L'Oreal, Sanofi-Aventis (SNY), and Axa (AXA) have had the heaviest drag on trade. Total (TOT) is also a source of weakness following generally in-line fourth quarter net income. Michelin and Alcatel-Lucent (ALU) have offered some support to broad trade, though. Britain's FTSE is fractionally lower, but on pace for a 0.3% weekly gain. Banking issues HSBC (HBC) and Barclays (BCS) have countered strength in AngloAmerican and BG Group. According to the latest data, PPI for the United Kingdom increased by 1.7% in January after a 3.4% spike in December.
As for overnight action in Asia, mainland China's Shanghai Composite put together a 0.3% gain, which helped it finish its holiday-shortened week 1.0% higher. It was led higher by consumer discretionary stocks (+1.1%) and health care plays (+1.0%). Industrial & Commercial Bank, Sany Heavy Industry, and China Railway were individual leaders. PetroChina (PTR), China Petroleum (SNP), and China United were laggards. Hong Kong's Hang Seng advanced for a 0.5% gain after it had logged losses in each of the previous four sessions. That left it with a 4.5% weekly loss. Nonetheless, Tencent Holdings, CNOOC (CEO), and Hutchison Whampoa were leaders in the Hang Seng's final session before the weekend. SBC, China Mobile, and China Life Insurance were weak, though. Japan's Nikkei was closed for Friday trade. It finished its week with a 0.6% gain.
08:35 am : S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: -4.00. Neither stock futures, Treasuries, nor the dollar have shown any real reaction to the latest data on the U.S. trade balance. That's primarily because there weren't any surprises. The December trade deficit totaled $40.6 billion, which is essentially on par with the $40.4 billion deficit that had been estimated by economists who were surveyed by Briefing.com. However, the December deficit is greater than the $38.3 billion deficit reported for the prior month.
08:05 am : S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: -4.30. Stocks rallied impressively from an early sell-off to finish the prior session mixed, but the bullish bias that came through in yesterday's action has waned in overnight trade. In turn, stock futures portend a modestly lower start to the week's final session. The softened tone of premarket trade comes amid varied losses in Europe following narrow gains among Asia's major averages. The greenback has attracted further support, such that the Dollar Index is up 0.4% to a three-week high. Most of that move has come against the euro, which is down 0.5% to $1.353. The British pound has also come under increased pressure in recent trade; it is down 0.6% to $1.600 following a report that indicated United Kingdom producer prices for January increased 1.7% after a 3.4% increase in December. The latest round of corporate news features a business partnership between Nokia (NOK) and Microsoft (MSFT). That announcement has pressured shares of NOK, but bolstered MSFT ahead of the open. Dow component Kraft (KFT) reported in-line earnings for its latest quarter, but its shares are down markedly this morning. Shares of Chipotle (CMG) are up, but off of overnight highs following better-than-expected earnings. Today's economic calendar features the December trade balance (8:30 AM ET) and the preliminary February reading on consumer sentiment from the University of Michigan (9:55 AM ET).
11:47AM PURE Bioscience receives shareholder approval for Delaware reincorporation and increase in authorized shares (PURE) 2.05 +0.02 : Co shareholders approved a motion presented by management to adjourn and reconvene the meeting solely to allow additional time to solicit proxies from shareholders who had not voted on Proposal 3. At the reconvened meeting on February 10, 2011, Proposal 3, which called for a change in the state of incorporation from California to Delaware and included an increase in the authorized Common Stock from 50 mln shares to 100 mln shares, was approved by more than 52% of the total number of shares outstanding. Approximately 80% of shares voted on the proposal were voted in favor.
11:31AM Roche Hldg's Genetech announces that one of two Phase III studies evaluating monthly Lucentis in patients with diabetic macular edema, met its primary endpoint (RHHBY) 36.69 +0.24 : Genentech, Inc., a member of the Roche Group, announces that one of two Phase III studies evaluating monthly Lucentis in patients with diabetic macular edema, met its primary endpoint. DME is a serious complication of diabetes that affects up to 10 percent of people with the disease and can lead to blurred vision, severe vision loss and blindness. The study, known as RISE, showed that a significantly higher percentage of patients receiving monthly Lucentis achieved an improvement in vision of at least 15 letters on the eye chart at 24 months, compared to those in a control group, who received a placebo injection.
11:16AM Gold and silver also seeing reversal (COMDX) :
* Gold up $2.50 to $1365.00 * Silver higher by 1.6 cents to $30.11
11:16AM ConocoPhillips approved a 2011 capital program of $13.5 billion (COP) 71.77 +1.67 : Co approved a 2011 capital program of $13.5 bln, representing a significant increase in Exploration and Production (E&P) segment expenditures. Almost 90 percent of the capital program will be in support of E&P, while the Refining and Marketing (R&M) segment represents about 9 percent of this year's spending. The 2011 capital program for E&P is approximately $12.0 bln, including capitalized interest of $0.4 bln and $0.7 bln for the company's contributions to the FCCL business venture and loans to other affiliates. This program also includes about $1.7 bln for worldwide exploration.
11:16AM Crude oil reversing off lows; now off 28 cents to $86.45 (COMDX) :
11:11AM Stock indices pause at/near resistances after news related jump -- Dow +34, S&P +4.9 (SPY) : The indices spike on the Egyptian news but the loss of Energy/Commodity strength (XLE, OIH, GDX, GLD, SLV) has led to a pause after a test of resistances noted in The Technical Take at 1328/1330 S&P (session high 1328), and 12275/12295 Dow (session high 12278). Short term, however, as long as yesterday's highs and this morning's first thrust highs remain intact (12240/12225 Dow, 1322/1321) they would remain in position for follow through.
11:07AM Crude oil to lows at $85.62; now lower by 98 cents to $85.75 (COMDX) : Note that the WTI-Brent spread remains near its lowest levels of the day at -15.40 points.
11:05AM Gold, silver also seeing modest pullback on heels of Mubarak news (COMDX) :
* Gold down $1.20 to $1361.20 * Silver off 4.4 cents to $30.05
11:04AM Fresh highs for stock indices amid reports that Egyptian President steps down -- Dow +42, S&P +6.4, Nasdaq Comp +9.6 (SPY) :
10:58AM S&P +3.2 sets minor new Feb/multi-year high os 1325.26 (SPY) : The next resistance area above is in the 1328/1330 zone which marks short term Fib extension targets and approximates the trendline off the Aug-Nov highs.
10:55AM Stock indices set fresh highs across the board -- Dow +14, S&P +2, Nasdaq Comp +4.6 (SPY) :
10:45AM ConocoPhillips announces 20% increase in quarterly dividend; additional $10 bln share repurchase program (COP) 70.78 +0.67 : Co announced a quarterly dividend of $0.66/share, up 20% from previous dividend payable March 1, 2011. ConocoPhillips also announced a program to repurchase up to $10 bln of the company's common stock. This plan is in addition to the existing $5 bln program announced on March 24, 2010, under which the company has repurchased ~$4 bln of its common stock.
10:44AM SCANA Corp increased dividend to $0.485/share from $0.475 (SCG) 42.31 -0.09 :
10:40AM S&P +0.18 sets new high to reach positive territory, Dow -4 and Nasdaq Comp -0.5 in the red but at new highs (SPY) :
10:39AM Rite Aid confirms ample supply of shingles vaccine at nearly 1,900 rite aid stores (RAD) 1.32 +0.03 :
10:31AM Financial Select SPDR eyeing weekly/10 month highs (XLF) 16.94 +0.09 : Noted relative strength in the sector in a recent update which is climbing up toward this week's 10 month close/intraday highs at 16.97/17.00. Its 52-wk high from last April is at 17.05/17.12
10:31AM Herley Industries received a five year IDIQ Award for radar warning receiver hardware valued at over $12 mln (HRLY) 18.93 +0.01 :
10:29AM Relative Sector Strength as Dow -5, S&P -0.7 hit new highs, Nasdaq Comp -2.3 just under bounce high (TECHX) : Stock indices are hovering at/near session highs after morning bounce. Seeing intraday relative sector strength (outperforming the S&P) in Finance XLF, Reg Bank KRE, Solar TAN, Copper JJC, Ag/Chem MOO, Gold Miners GDX
10:23AM Deere hovering under its session high of 94.80 after breaking fractionally above the Wed/previous multi-year high at 94.74 (DE) 94.58 +0.06 :
10:18AM iShares Russell 2000 tests/hovering slightly under its week long range top/Feb-39 month high at 81.30 -- session high 81.28 (IWM) 81.20 +0.01 :
10:13AM Johnson Controls up for the seventh session in a row, pauses modestly under its multi-year close high from Jan at 40.90 -- session high 40.79 (JCI) 40.71 +0.07 : Stock has rallied roughly 10% off the Feb low leaving it back near its multi-year close high from Jan. Its multi-year intraday peak from Jan does not come into play until 41.45.
10:04AM Lorillard intraday jump amid stronger volume, edges just slightly above its 200 ema/50 sma at 78.88/78.89 -- session high 79.00 (LO) 78.97 +2.48 :
9:50AM S&P -4.6 and Dow -36 holding near first level support/opening lows, Nasdaq Comp -8.6 set minor new low (SPY) : All three major averages are attempting to stabilize near first levels supports from The Technical Take at 1317/1316 S&P (session low 1316), 2780/2772 Nasdaq Comp (session low 2778) and 12195/2185 Dow (session low 12180).
9:40AM Zoran: Ramius issues statement on Zoran's campaign; filed supplemental presentation materials with the SEC (ZRAN) 9.15 -0.01 : Ramius Value and Opportunity Advisors, a subsidiary of Ramius announced it has filed supplemental presentation materials with the SEC and issued a statement to shareholders of Zoran Corporation condemning the Zoran Board of Directors for leading a campaign of misleading information designed to confuse and mislead shareholders. In the presentation materials, Ramius urges shareholders "not to be misled by the Company's recent attempt to downplay its true underperformance by "cherry-picking" a peer group of massively underperforming companies and using a disingenuous, artificial comparison date of December 31, 2009, a date that has no relevance for the Company or its shareholders."
9:34AM Myriad Genetics reveses back to positive ground after weak start held above its 200 sma (MYGN) 19.26 +0.18 :
9:33AM Wal-Mart dips off the open but thus far holding above yesterday's low at 55.30 (WMT) 55.39 -0.20 : Note that its 50 ema is just under at 55.21 with the 50 sma coming into play at 54.98.
9:30AM Quantum Fuel secured two new purchase contracts from large US natural gas vehicle integrators, AVS and Semi Service (QTWW) 0.37 -0.01 : Co announced that it has secured two new purchase contracts from large US natural gas vehicle integrators, AVS and Semi Service, to supply a series of high capacity natural gas vehicle tanks for light duty trucks. This is the third such order received by Quantum within 30 days, indicating accelerated natural gas vehicle market penetration in the US.
9:25AM LaSalle Hotel announces the redemption of its 83/8% series b cumulative redeemable preferred shares (LHO) 28.61 : Co announces to the holders of its 83/8% Series B Cumulative Redeemable Preferred Shares of the redemption of those shares. The cash redemption price for the Series B Preferred Shares is $25.00 per share, plus accrued and unpaid dividends through the redemption date.
9:18AM Immersion Corp and Bayer MaterialScience strike licensing agreement allowing BMS to bundle co's technology license with its actuator, including Bayfol Reflex products (IMMR) 6.50 :
9:16AM Cano Petroleum announces departure of S. Jeffrey Johnson as CEO and Chairman of the Board and engagement of Blackhill Partners as financial advisor (CFW) 0.36 : Co announced the departure of S. Jeffrey Johnson as the Company's CEO and Chairman of the Board, effective February 10, 2011. Co has also entered into an agreement with Blackhill Partners, pursuant to which Blackhill will provide financial advisory and other consulting services to the Company. As part of Blackhill's engagement, James R. Latimer III, a Managing Director of Blackhill, has been named CEO of the Company and appointed to the Company's Board of Directors. Mr. Donald Niemiec, a member of the Company's Board of Directors, has been appointed to the position of Chairman of the Board of Directors.
9:16AM Versar announces that effective immediately, Lawrence Sinnott, CFO, Executive VP and Treasurer has resigned from the Company to pursue other opportunities (VSR) 3.46 : Co has initiated a search for a new CFO and Tony Otten, Versar's Chief Executive Officer will oversee the Company's financial operations until a new CFO is hired.
9:10AM Asia Entertainment invited to open VIP room at the New Galaxy Macau Hotel & Casino (AERL) 10.26 : Co announced that it has received an invitation to open a VIP room with up to 12 tables at the brand-new Galaxy Macau Hotel & Casino on Cotai. The invitation will be seriously considered by management, is subject to the approval of the Board of Directors as well as the Macau government, and if such approval is obtained, the room would become operational upon the opening of the resort anticipated in the second quarter of 2011.
9:07AM Optimer Pharma prices an underwritten public offering of 6 mln shares of its common stock, offered at a price to the public of $11.25 per share (OPTR) 12.57 :
9:04AM Gold, silver pull back toward flat line, giving back modest gains (COMDX) :
* Gold now up $0.50 to $1363.00 * Silver off 7.4 cents to $30.02
9:04AM On The Wires (WIRES) :
* PokerTek (PTEK) has installed PokerPro at Seven Casino d'Amneville in France. * The Ritz-Carlton Hotel Company, a unit of Marriot (MAR), announced an agreement with a joint venture between Grupo Questro and Trinity Investments for The Ritz-Carlton to operate a Ritz-Carlton Reserve to be developed within San Jose del Cabo, Mexico.
9:01AM Abaxis announces a $2.8 million equity investment in Scandinavian Micro Biodevices (ABAX) 26.56 +0.34 : Abaxis has had exclusive distribution rights for the analyzer and associated cartridges in North America since 2008. Starting in 2011 Abaxis will have non-exclusive rights in other areas of the world.
9:01AM SIGA Technologies announces that it had appointed Daniel J. Luckshire as its new Executive Vice President and Chief Financial Officer, effective as of February 10, 2011 (SIGA) 11.04 : Co announces it had appointed Daniel Luckshire as its new Executive Vice President and CFO, effective as of February 10, 2011. His experience prior to joining co includes ten years as an investment banker at Merrill Lynch where he held various positions of increasing responsibility.
9:00AM Crude oil ticks into negative territory; now off 11 cents to $86.62 (COMDX) :
9:00AM MDC Holdings misses by $0.47, misses on revs (MDC) 31.29 : Reports Q4 (Dec) loss of $0.65 per share, $0.47 worse than the Thomson Reuters consensus of ($0.18); revenues fell 19.9% year/year to $259.6 mln vs the $268.9 mln consensus. "Net orders for the fourth quarter ended December 31, 2010 decreased to 519 homes with an estimated sales value of $150 million, compared with net orders for 637 homes with an estimated sales value of $183 million during the same period in 2009. The decrease in net orders is attributable to an increase in our cancellation rate for the quarter, which rose to 46% from 30% during the fourth quarter of 2009. The increased cancellation rate was driven primarily by an increase in cancellations from buyers who were unable to sell an existing home or had difficulty qualifying for a mortgage. We ended the 2010 fourth quarter with 842 homes under contract with an estimated sales value of $269 million, compared with a backlog of 826 homes with an estimated sales value of $265 million at December 31, 2009."
8:45AM Grupo Aeroportuario reports that terminal passenger traffic at its 13 airports -0.6% YoY in January 2011 (OMAB) 14.62 : Domestic traffic increased 1.5% YoY, and international traffic decreased 7.7% YoY.
8:43AM Kraton Polymers and Kraton Polymers Capital execute supplemental indenture and early results for the previously announced tender offer for their 8.125% Senior Subordinated Notes due 2014 (KRA) 30.20 : Co announces the 2 units that as a result of receiving tenders and related consents from holders representing a majority in principal amount outstanding of the co's 8.125% Senior Subordinated Notes due 2014 have executed a supplemental indenture on February 10, 2011. Holders of Notes may still tender their Notes pursuant to the Offer to Purchase until 8:00 a.m., New York City time, on February 28, 2011, unless the tender offer and consent solicitation are extended or earlier terminated by the Company. However, holders who tender their Notes and deliver their consents after the consent payment deadline will not be entitled to receive the previously announced consent payment of $17.00 per $1,000 principal amount of Notes.
8:42AM Lions Gate Entertainment, Studiocanal and Miramax announced that they have entered into a worldwide home entertainment distribution deal (LGF) 6.24 : Co, Studiocanal and Miramax announced that they have entered into a worldwide home entertainment distribution deal. Under the long-term deal, Lionsgate and Studiocanal will distribute more than 550 titles from the Miramax film library via DVD, Blu-ray, EST and Internet Video On Demand (VOD), in addition to cable VOD internationally.
8:41AM Callon Petroleum prices its public offering of 9 mln shares of its common stock at a price to the public of $7.75 per share (CPE) 8.07 :
8:36AM Dynegy announces that the Special Committee of its Board of Directors has issued an open letter to all Dynegy stockholders (DYN) 5.74 : "You have an opportunity to decide whether Dynegy should sell itself to a financially stronger entity and provide all stockholders with a known value today, or alternatively, continue to work through significant financial challenges. We believe that tendering your shares into the all-cash tender offer made by an affiliate of Icahn Enterprise L.P. (IEP) is the best outcome for all Dynegy stockholders. As we have said before, the Special Committee of your Board of Directors unanimously believes that accepting known premium value today is superior to the risks of continuing as an independent company..."
8:35AM Mercury Computer prices 4.85 mln shares at $17.75 (MRCY) 18.37 :
8:29AM Credit Suisse at their own Financial Services Conference (CS) 43.27 : Immaterial exposure to sovereign names... minimal exposure to legacy asset areas... seen some outflows from mature offshore clients but it has been offset by increasing inflows domestically and from emerging market offshores... says will gradually grow dividends as they raise their capital levels...
8:29AM Cambium Learning relaunches its previously announced senior notes offering pursuant to which it intends to offer $175 million aggregate principal amount of senior secured notes due 2017 (ABCD) 3.89 : In connection with the proposed offering, certain subsidiaries of the Company intend to enter into a new $40 million asset-based revolving credit facility. The Company intends to use the net proceeds from the offering to repay in full outstanding indebtedness under its existing secured credit facility and senior unsecured notes, pay related fees and expenses and for general corporate purposes.
8:26AM Glatfelter Co beats by $0.01, beats on revs (GLT) 12.20 : Reports Q4 (Dec) earnings of $0.31 per share, $0.01 better than the Thomson Reuters consensus of $0.30; revenues rose 24.9% year/year to $376.2 mln vs the $364.7 mln consensus. "For Specialty Papers, the Company expects the first quarter of 2011 to benefit from approximately five percent higher shipping volumes and no machine downtime compared to the fourth quarter of 2010, reflecting normal seasonal patterns. Selling prices are expected to remain substantially unchanged while input costs are anticipated to be slightly higher. For Composite Fibers, the Company anticipates shipping volumes in the first quarter of 2011 to be in-line with the fourth quarter, while selling prices and input costs are anticipated to be slightly higher... Shipping volumes for the Advanced Airlaid Materials business unit in the first quarter of 2011 are expected to be approximately 10 percent higher than the fourth quarter of 2010. Selling prices are expected to increase slightly and input costs are expected to be generally in line with fourth-quarter 2010 levels."
8:04AM On The Wires (WIRES) :
* Celsion Corporation (CLSN) announced that after reviewing data from 482 randomized patients in its multinational, randomized, double-blind, placebo-controlled, pivotal Phase III clinical study of ThermoDox in combination with radio frequency ablation for primary liver cancer, the study's Data Monitoring Committee has unanimously recommended that the trial continue enrollment. * The Babcock & Wilcox Company (BWC) announced that its subsidiary Nuclear Fuel Services, Inc. has been awarded a contract extension totaling ~$79 million. * Dotgay announced it has selected Neustar (NSR) to provide the backend technology required to support the .gay generic Top-Level Domain
8:03AM Linn Energy announces $177 mln partial redemption of 11.75% Senior Notes due 2017 and 9.875% Senior Notes due 2018 (LINE) 38.11 : Co announces it will redeem 35% of both its $250 mln of 11.75% senior notes due 2017 and $256 mln of 9.875% senior notes due 2018. These redemptions will retire a total of ~$177 ml of senior notes with a weighted average interest rate of 10.8%.
8:01AM WW Grainger reports January daily sales increased 10% y/y (GWW) 135.87 +1.13 : Daily sales increased 10% y/y. Results for the month included a 1 percentage point positive contribution from acquisitions and a 1 percentage point contribution from foreign exchange. Excluding acquisitions and foreign exchange, daily sales for the company increased 8%. January 2011 had 21 selling days versus 20 in January 2010. The 2011 first quarter will have one more selling day than the 2010 first quarter (64 versus 63 days).
8:01AM Stryker receives FDA 510(k) clearance to Market Modular Dual Mobility Acetabular System (SYK) 59.95 :
7:48AM TradeStation reports EPS in-line, misses on revs; guides Q1 EPS below consensus, revs in-line; guides FY11 EPS in-line, revs above consensus (TRAD) 7.03 : Reports Q4 (Dec) earnings of $0.02 per share, in-line with the Thomson Reuters consensus of $0.02; revenues fell 7.4% year/year to $28.9 mln vs the $29.8 mln consensus. The primary reason for the YoY difference in net revenues was lower brokerage commissions and fees caused mainly by lower daily average revenue trades (DARTs). For the 2010 fourth quarter, brokerage commissions and fees (the largest component of the co's net revenues) were $24.9 million, as compared to 2009 fourth quarter brokerage commissions and fees of $27.8 million. Lower DARTs were caused, the company believes, primarily by reduced market volatility in the 2010 fourth quarter as compared to the 2009 fourth quarter. The primary reasons for the YoY difference in net income were the lower brokerage commissions and fees and higher total expenses, including an increase in depreciation and amortization of $925,000 attributable mainly to two software technology acquisitions and capital expenditures for hardware made by the company in 2010. Co issues mixed guidance for Q1, sees EPS of $0.01-0.03 vs. $0.04 Thomson Reuters consensus; sees Q1 revs of $32-34 mln vs. $32.03 mln Thomson Reuters consensus. Co issues mixed guidance for FY11, sees EPS of $0.15-0.20 vs. $0.20 Thomson Reuters consensus; sees FY11 revs of $138-142 mln vs. $131.75 mln Thomson Reuters consensus.
7:37AM Crude Carriers beats by $0.23, beats on revs (CRU) 14.15 : Reports Q4 (Dec) earnings of $0.15 per share, $0.23 better than the Thomson Reuters consensus of ($0.08); revenues rose 225.6% year/year to $12.7 mln vs the $10.6 mln consensus. The company's net profit for the quarter was $2.4 million or $0.15 per share, principally as a result of the commercial operations of our vessels that earned above the TD 3 and TD 5 indices that prevailed in the crude tanker market during the fourth quarter of 2010, as well as a modest recovery in the Suezmax market compared to the third quarter of 2010. "Our fourth quarter results continue to demonstrate the Company's capacity to generate attractive dividends even in a weak market environment. Despite a modest recovery, the fourth quarter average spot earnings for VLCCs and Suezmaxes were among the lowest the market has experienced over the last decade. However, the profit sharing arrangements that we have in place with our charterers, as well as our own commercial operations, allowed us to outperform the TD3 and TD5 indices. Furthermore, our low cash breakeven and modern, high specification fleet put us in a strong position to weather a softer market environment, and capitalize on a future market recovery, as the continuously improving crude oil demand fundamentals bode well for the crude tanker market in the medium to long run." Co declared a $0.30 dividend.
7:36AM TradeStation announces monthly business metrics for Jan: 83,737 DART; total client assets of $2.4 billion (TRAD) 7.03 :
7:35AM Coca-Cola Ent reports EPS in-line, beats on revs; reaffirms FY11 EPS guidance (CCE) 26.00 : Reports Q4 (Dec) earnings of $0.28 per share, in-line with the Thomson Reuters consensus of $0.28; revenues rose 11.8% year/year to $1.79 bln vs the $1.77 bln consensus. Co reaffirms guidance for FY11, sees currency neutral EPS of $1.95-2.00 vs. $2.01 Thomson Reuters consensus. CCE remains on track with plans to repurchase $1 billion of its shares by the end of first quarter 2012. As part of this program, CCE purchased $200 million of its shares during the fourth quarter 2010.
7:35AM TETRA Tech sees Q4 pretax loss ~$100-105 mln and issues FY11 EPS guidance in-line (TTI) 11.76 +0.37 : As a result of significant year-end asset impairments and other charges, co expects to report Q4 pretax loss ranging from ~$100 to $105 mln. Estimated results reflect pretax charges totaling ~$109 mln, including the following: oil and gas property impairments and other charges totaling ~$80 mln primarily related to Maritech's increase in asset retirement obligations; impairment of the Offshore Services segment's dive support vessel 'Epic Diver' and other equipment totaling ~$17 mln; and ~$7 mln impairment of the Fluids Division's Lake Charles, Louisiana calcium chloride manufacturing facility. Co based the 2011 earnings guidance on certain market assumptions, including: a normal amount of weather-related downtime for its Gulf of Mexico operations; an average Gulf Of Mexico rig count of 27; an average US rig count of 1,729; an average international rig count of 1,120; an average unhedged oil price of $90.00/barrel; and an average unhedged gas price of $4.40/MCF. Co FY11 EPS of $0.55-0.75 vs. $0.68 Thomson Reuters consensus.
7:32AM SCANA Corp beats by $0.01, beats on revs (SCG) 42.41 : Reports Q4 (Dec) earnings of $0.74 per share, $0.01 better than the Thomson Reuters consensus of $0.73; revenues rose 4.7% year/year to $1.15 bln vs the $1.1 bln consensus. "We are pleased with our 2010 results which were in line with our earnings guidance... The effects of abnormal weather continue to be mitigated by our weather normalization mechanisms at a majority of our regulated operations, resulting in more predictability in both our earnings and customer bills."
7:32AM Central European Media agrees to repurchase, in privately negotiated transactions, approximately $206 mln aggregate principal amount of its 3.50% senior convertible notes due 2013 (CETV) 19.05 : Co announces its agreement to repurchase, in privately negotiated transactions, ~$206 mln aggregate principal amount of its 3.50% senior convertible notes due 2013. In exchange for their 2013 notes, holders will receive ~$206 mln aggregate principal amount of 5.0% senior convertible notes due 2015.
7:31AM Geo Group amends to its Senior Credit Facility, which has increased its borrowing capacity by $250 million (GEO) 24.27 : Co announces an amendment to its Senior Credit Facility, which has increased its borrowing capacity by $250 mln, comprised of $150 million in borrowings under a new Term Loan A-2 due August 2015 initially bearing interest at LIBOR plus 2.75% and an incremental $100 million in borrowing capacity under GEO's existing Revolving Credit Facility.
7:30AM RF Industries Ltd. declares 2-for-1 stock split; raises quarterly cash dividend to $0.02 per post-split common share (RFIL) 7.85 : Co announces that its Board of Directors has declared a 2-for-1 common stock split and a 33% increase in the quarterly cash dividend. The stock split will be effective February 24, 2011, and will increase RFI's outstanding common shares to approximately 5,953,018. The increase in RFI's quarterly cash dividend to $0.02 per post-split share will be payable on April 15, 2011, to shareholders of record on March 31, 2011.
7:15AM Kinder Morgan prices 95.47 mln share IPO at $30 vs. expectations for 80 mln shares to be priced at $26-29 (KMI) :
7:02AM Gleacher & Co misses by $0.13, misses on revs (GLCH) 2.08 : Reports Q4 (Dec) loss of $0.10 per share, excluding non-recurring items, $0.13 worse than the Thomson Reuters consensus of $0.03; revenues fell 11.3% year/year to $72 mln vs the $72.8 mln consensus. "We are seeing improvements in the market environment generally and our current investment banking backlog reflects a positive shift from the unfavorable market conditions of the recent past. We are confident that we will benefit from the increasingly available opportunities. Our fixed income sales and trading businesses have rebounded nicely since the summer slowdown. We look forward in 2011 to starting to realize returns from the relatively longer lead-time investments we made last year in equities and banking."
7:00AM Inhibitex receives fast track designation for INX-189 for the treatment of chronic hepatitis C infections (INHX) 2.51 : Co announces that the U.S. Food and Drug Administration has designated the investigation of INX-08189, a potent guanosine nucleotide polymerase inhibitor for the treatment of chronic hepatitis C viral infection, as a Fast Track development program.
6:55AM AcelRx prices 8.0 mln share IPO at $5 per share (ACRX) : Co was previously expected to offer 5.77 mln shares at a $12-14 range.
6:30AM Genesee & Wyoming reports traffic in Jan. 2011 was 82,735 carloads, an increase of 17,579 carloads, or 27.0%, compared with Jan 2010 (GWR) 52.29 :
6:22AM On The Wires (WIRES) :
* Hanwha SolarOne (SOLF) announced that it will begin trading under a new NASDAQ ticker symbol, "HSOL," which will take effect when the market opens on February 15, 2011. * AU Optronics (AUO) announced that AUO Crystal, one of AUO's subsidiary companies, will establish a solar wafer plant in Taiwan's Chungkang Export Processing Zone, under the Ministry of Economic Affairs, to strengthen its strategic position for solar materials in the upstream and enhance technological developments. The first-phase capacity of multicrystalline ingots and wafers is expected to achieve 300 megawatts. * New LTE Picocell and 4G MIMO Active Array Antenna products will lead the lineup of 4G network infrastructure products being debuted at Mobile World Congress next week by Powerwave Technologies (PWAV). * Dell (DELL) Services announced a new comprehensive line of services and solutions that will help enterprise customers achieve the benefits of mobile collaboration, computing and communications enhanced business processes.
4:30AM UK PPI data (EWU) 18.22 : Jan Input PPI +1.7% vs +3.4% in Dec Jan Output NSA +1.0% vs revise +0.4% in Dec (prior +0.5%) Jan Output Core NSA +0.7% vs revised -0.1% in Dec (prior +0.2%)
2:53AM Nokia and Microsoft (MSFT) announce partnership; outlines new strategy, introduces new operational structure; provides financial targets (NOK) 10.88 : Nokia and Microsoft today announced plans to form a broad strategic partnership that would use their complementary strengths and expertise to create a new global mobile ecosystem. As of April 1, NOK will have a new company structure, which features two distinct business units: Smart Devices and Mobile Phones. Under the proposed partnership with MSFT. Due to the initiation of NOK's strategic transformation on February 11, 2011, the full-year prospects for its Devices & Services business are subject to significant uncertainties, and therefore co believes it is not appropriate to provide annual targets for 2011 at the present time. Co expects 2011 and 2012 to be transition years, as the co invests to build the planned winning ecosystem with MSFT. After the transition, NOK targets longer-term: 1) Devices & Services net sales to grow faster than the market and Devices & 2)Services non-IFRS operating margin to be 10% or more. Additionally, Nokia and Nokia Siemens Networks expect overall industry revenue to grow slightly in 2011, compared to 2010. Nokia and Nokia Siemens Networks target: 1)Nokia Siemens Networks net sales to grow faster than the market in 2011. 2) Nokia Siemens Networks non-IFRS operating margin to be above breakeven in 2011. Additionally, Nokia and Nokia Siemens Networks continue to target Nokia Siemens Networks to reduce its non-IFRS annualized operating expenses and production overheads by EUR500 mln by the end of 2011, compared to the end of 2009.
2:15AM Hawaiian Electric misses by $0.09, beats on revs (HE) 25.09 : Reports Q4 (Dec) earnings of $0.26 per share, $0.09 worse than the Thomson Reuters consensus of $0.35; revenues rose 12.3% year/year to $695.7 mln vs the $577.1 mln consensus.
1:46AM PennyMac Mortgage prices 9.5 mln shares at $18 (PMT) 18.18 : The co intends to use the net proceeds received from the offering to pay a portion of the purchase price for two portfolios of residential mortgage whole loans for an aggregate purchase price of $250.5 mln, subject to completion of the co's due diligence and other customary closing conditions. The co currently expects to acquire both portfolios during February 2011, although there can be no assurance when or whether the co will acquire either portfolio. Should the co fail to acquire one or both portfolios, the co will use any remaining proceeds for other general corporate purposes, including funding its investment activity.
1:31AM Molycorp prices $180 mln 5.50% mandatory convertible preferred offering and prices secondary offering of 13.5 mln shares at $50.00 per share by selling share holders (MCP) 51.51 : Co announces that it has priced a $180 million offering of 5.50% mandatory convertible preferred stock by the co. The mandatory convertible preferred stock offering consists of 1,800,000 shares of preferred stock with a liquidation preference of $100 per share. The co also announced that it has priced the secondary offering of 13.5 mln shares of common stock by its selling stockholders at a price per share of $50.00. Co expects to use the net proceeds from the mandatory convertible preferred stock offering to fund its original Phase 1 production capacity plan as well as its Phase 2 expansion plan that is expected to give co the ability to produce at an annual rate of up to ~40,000 metric tons of rare earth oxide per year at its Mountain Pass, California Rare Earth Facility by the end of 2013. The co will not receive any proceeds from the sale of common stock in the secondary offering.
1:20AM New Dragon Asia receives non-compliance notice from NYSE Amex (NWD) 0.06 : Co announces it received a letter from NYSE Amex indicating that the co no longer complies with the Exchange's continued listing standards due to the below deficiencies:
* Company failed to adequately respond to the Exchange's information requests. * Company failed to hold an annual meeting during the 2010 fiscal year. * Company failed to provide a supplemental listing application in relation to all issued shares that have not been previously authorized by the Exchange. * Exchange informed the Company on October 5, 2010 that the selling price of the co's Class A common stock was abnormally low. * Company or its management has engaged in operations, which, in the opinion of the Exchange, are contrary to the public interest by invalidly is The
The co has appealed this determination and requested a hearing before a committee of the Exchange. There can be no assurance that the co's request for continued listing will be granted.
1:18AM Digital Realty Trust increases quarterly common stock dividend by 28.3% to $0.68 per share from $0.53 (DLR) 55.32 :
1:16AM Dynegy receives FERC authorization of proposed Icahn (IEP) merger (DYN) 5.74 : Co announces that Federal Energy Regulatory Commission has approved the joint application of co and an affiliate of Icahn Enterprises (IEP) relating to the proposed acquisition of DYB by IEP. The IEP tender offer is currently set to expire at 5 p.m., New York City time, on February 14, 2011.
1:12AM Venoco prices $500 mln 8 7/8% Senior Notes due 2019 (VQ) 18.25 : Co intends to use the net proceeds of the offering to repay certain indebtedness.
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