4:30 pm : Afternoon volatility threatened to undo modest gains, but stocks fought through the selling to end the day in positive ground. An absence of trading catalysts made for sluggish trade in the early going. The only major news item was China's overnight announcement that it will raise its Reserve Requirement Ratio by another 50 basis points. Concern about how that rate hike might stymie global growth were brushed aside after some initial selling. Left to their own volition, stocks eventually resumed their upward climb. Broad market gains never became anything more than modest, but they were still enough to set new two-year highs. Sellers showed some life in the second half of the session, though. The Dow only flinched, but both the Nasdaq and S&P 500 fell into the red before a flurry of buying in the final few minutes made for a positive finish. That helped the broad market secure its third straight weekly gain. The expiration of monthly options likely played a part in afternoon volatility, although none of the market's moves was overly dramatic. Trading volume was also stoked by the expiration of options. As such, share volume on the NYSE surpassed 1 billion for only the second time this month. It also exceeded its 200-day average of 1.12 billion shares. As a reminder, U.S. bond and equity markets will be closed on Monday in observance of Presidents Day. Advancing Sectors: Energy (+0.6%), Consumer Discretionary (+0.4%), Industrials (+0.3%), Health Care (+0.3%), Consumer Staples (+0.2%), Financial (+0.2%), Telecom (+0.1%) Unchanged: Utilities Declining Sectors: Materials (-1.0%), Tech (-0.1%) DJ30 +73.11 NASDAQ +2.37 NQ100 -0.2% R2K +0.1% SP400 +0.1% SP500 +2.58 NASDAQ Adv/Vol/Dec 1345/2.11 bln/1283 NYSE Adv/Vol/Dec 1718/1.16 bln/1272 3:35 pm : Precious metals gained 1.5% today, led by a 2.9% surge in March silver, which finished at $32.52 per ounce. It traded to a fresh ~31 yr high at $32.87 per ounce earlier in the session. April gold ended up 0.3% to $1389.20 per ounce. It notched a new 5 week high at $1392.60. Both metals rallied today on weakness in the dollar as well as concerns about the events unfolding in the Middle East. They pulled back from their respective highs heading into the close of pit trade. March crude oil finished lower by 0.1% to $86.20. Prices moved higher on reports that Egypt would allow passage of the Iranian war ships through the Suez, escalating violence in Bahrain, and a weaker dollar. After trading to highs, at $87.88, prices began pulling back toward the unchanged mark, where they closed. The WTI-Brent spread remained above -13.00 points, at -12.79. March natural gas finished higher by 0.1% to $3.88 per MMBtu. Grains shed 2.2%, the largest decliner of the group. May wheat fell 3.1% to end at $8.56 per bushel, while May soybeans dropped 2.9% to $13.75 per bushel. DJ30 +50.29 NASDAQ -3.37 SP500 -0.17 NASDAQ Adv/Vol/Dec 1281/1.7 bln/1340 NYSE Adv/Vol/Dec 1562/821.4 mln/1399 3:00 pm : The stock market enters this week's final hour flat, but on pace for a weekly gain of about 0.8%, which would be the stock market's third straight weekly gain. Aside from a flurry of selling this afternoon's, overall action has been relativley dull today. Despite that, share volume has been robust as participants exercise their monthly options prior to expiration today. As a reminder, U.S. bond and equity markets will be closed Monday in observance of Presidents Day. DJ30 +51.35 NASDAQ -1.32 SP500 +0.18 NASDAQ Adv/Vol/Dec 1228/1.56 bln/1357 NYSE Adv/Vol/Dec 1510/764 mln/1435 2:30 pm : Sellers have redoubled their efforts in recent trade. Their effort has taken the S&P 500 and the Nasdaq into negative territory, where they now trade with modest losses. Meanwhile, the Dow, though still in positive territory, is now at an afternoon low. Materials stocks have been hit especially hard in the recent selling effort. The sector is now down 1.3%, which is more than quardruple the loss of the next worst performing sector (tech, -0.3%). Energy and consumer staples, both up 0.1%, make up the only two sectors that are still in positive territory. DJ30 +33.72 NASDAQ -6.13 SP500 -1.79 NASDAQ Adv/Vol/Dec 1344/1.44 bln/1252 NYSE Adv/Vol/Dec 1664/709 mln/1270 2:00 pm : A recent flurry of selling stole gains from the S&P 500 and the Nasdaq, but the two have started to recover. The Dow made only a modest move lower, so it continues to sport a solid gain. The dollar was also hit with some recent selling. In turn, the greenback is now at a session low, trailing a collection of competing currencies by 0.5%. Most of the dollar's drop is owed to strength in the euro, yen, and British pound, which are up 0.7%, 0.3%, and 0.5%, respectively, against the greenback.DJ30 +46.81 NASDAQ +0.88 SP500 +1.01 NASDAQ Adv/Vol/Dec 1335/1.34 bln/1244 NYSE Adv/Vol/Dec 1635/671 mln/1297 1:30 pm : Recent selling has cut into the gains of the S&P 500 and the Nasdaq Composite. The Dow has managed to remain near its session high, though. Blue chips Caterpillar (CAT 105.40, +2.04), Boeing (BA 73.41, +1.17), and Chevron (CVX 98.35, +1.18) are leaders in the Dow. Microsoft (MSFT 27.02, -0.19) has been a laggard among blue chips, however. Shares of MSFT have also hampered the Nasdaq, as has Apple (AAPL 352.81, -5.48). Campbell Soup (CPB 33.41, -1.54) has been a source of weakness for the S&P 500 after the company came short of the consensus earnings estimate and lowered its guidance. DJ30 +50.71 NASDAQ +2.64 SP500 +1.52 NASDAQ Adv/Vol/Dec 1442/1.21 bln/1108 NYSE Adv/Vol/Dec 1741/625 mln/1166 1:00 pm : Stocks are up with modest gains after a sluggish start, but overall action has been rather dull in the absence of data and any meaningful corporate announcements. That has suppressed volatility, even though today is an options expiration session. Beyond word of another reserve requirement increase in China, there really wasn't much news this morning. Concern that the reserve requirement increase could stymie economic growth caused some selling overnight, but stock futures recovered by the time the session opened. Still, the market lacked direction for the first hour. Once participants settled in, though, stocks gradually resumed their upward push, which has taken the major equity averages to modest gains. For the second straight session energy stocks are out in front. The sector currently sports a 0.5% gain. Some of that has been helped by higher oil prices, which were most recently quoted with a 0.8% gain at $87.05 per barrel. Among the other widely tracked commodities, silver is soaring this sessin. The precious metal posted a 30-year high of $32.87 per ounce earlier today. It is currently up 3.9% at $32.80 per ounce. Although broad market action has been a bit of a bore today, share volume is up sharply. That's the result of today's monthly options expiration. DJ30 +53.25 NASDAQ +7.19 SP500 +2.76 NASDAQ Adv/Vol/Dec 1451/1.12 bln/1068 NYSE Adv/Vol/Dec 1789/588 mln/1119 12:30 pm : The overall equity market continues to gradually add to its gain. Strength has become relatively broad, given that materials stocks (-0.1%) and utilities stocks (-0.2%) make up the only two sectors that have yet to push into positive territory. Even though stocks are at session highs, Treasuries have made a bit of a rebound in recent trade. The move has taken the yield on the benchmark 10-year Note back below 3.60%. DJ30 +55.93 NASDAQ +8.74 SP500 +3.57 NASDAQ Adv/Vol/Dec 1441/1.02 bln/1052 NYSE Adv/Vol/Dec 1814/557 mln/1075 12:00 pm : Shares of H&R Block (HRB 14.43, +0.21) have attracted strong support heading into tax season. The stock is up 1.5% this session and on pace for a weekly gain of more than 9%. The company's latest quarterly results are scheduled to be released March 9. In contrast, building materials play Masco (MAS 13.24, +0.04) is down more than 6% this week. That makes it one of this week's worst performing plays in the S&P 500. However, today the stock is up modestly following news of an ammendment to its credit agreement. DJ30 +46.43 NASDAQ +7.45 SP500 +2.97 NASDAQ Adv/Vol/Dec 1378/925 mln/1108 NYSE Adv/Vol/Dec 1743/515 mln/1134 11:30 am : Stocks have fought through a mild flurry of selling to trade at fresh session highs. Overall gains remain quite modest, though. For the second straight session financials have traded as relative laggards. Both diversified banks (-0.5%) and consumer finance (-0.5%) plays continue to hamper the sector. Investment banks and brokerages (+0.5%) have been a source of support, however. Outside of stocks, silver continues to climb. It now sports a 2.8% gain at $32.45 per ounce, a 30-year high. Silver's session high coincides with a dip by the dollar to a 0.3% loss, a fresh session low. DJ30 +40.30 NASDAQ +7.50 SP500 +2.77 NASDAQ Adv/Vol/Dec 1296/798 mln/1146 NYSE Adv/Vol/Dec 1589/476 mln/1237 11:00 am : The major equity averages recently made a modest move out of their recent trading ranges, but they have started to pull back in more current action. Energy stocks have sustained a strong upward push, though. The sector was actually an early laggard, but it is now up to a 0.4% gain. Part of that is owed to a run up in oil prices, which now stand at $87.50 per barrel with a a 1.3% gain. Oil prices were as high as $87.62 per barrel earlier this morning. Meanwhile, materials stocks are down 0.3%, which makes them this morning's worst performing sector. Materials stocks actually outperformed in the prior session, when they advanced almost 1%. DJ30 +23.58 NASDAQ +2.35 SP500 +0.64 NASDAQ Adv/Vol/Dec 1271/665 mln/1146 NYSE Adv/Vol/Dec 1595/425 mln/1198 10:30 am : The CRB Commodity Index is now up 0.3%, which puts it at a session high and on pace for a 1.4% weekly gain. Oil prices are up an impressive 0.9% to $87.17 per barrel. Natural gas prices have pulled back in recent trade so that they are now up just 0.1% at $3.87 per MMBtu. As for precious metals, gold prices are down fractionally at $1383.90 per ounce, but silver has ascended to a 1.5% gain at $32.03 per ounce, which is just shy of the 30-year high of the $32.11 per ounce that was set minutes ago. Cotton futures prices are limit down after eclipsing the $2 per pound threshold for the first time every yesterday. The commodity was last quoted at $1.95 per pound. DJ30 +17.26 NASDAQ +0.85 SP500 +0.36 NASDAQ Adv/Vol/Dec 1149/496 mln/1192 NYSE Adv/Vol/Dec 1390/373 mln/1336 10:00 am : Stocks continue to chop along listlessly. That has left all three of the major equity averages to hug the neutral line. Even though this session marks the expiration of monthly options, an even that can induce both trading volume and volatility, the Volatility Index is down almost 6%. That puts the Volatility Index only slightly above the multi-year low that it set this past Monday. Share volume has been given a nice boost by options expirations, however. More than 300 million shares have already traded hands on the NYSE. Advancing Sectors: Health Care (+0.2%), Industrials (+0.2%), Utilities (+0.1%), Tech (+0.1%), Energy (+0.1%) Unchanged: Consumer Discretionary, Financial Declining Sectors: Materials (-0.3%), Telecom (-0.2%), Consumer Staples (-0.2%)DJ30 +19.57 NASDAQ +1.80 SP500 +0.26 NASDAQ Adv/Vol/Dec 1156/292 mln/1058 NYSE Adv/Vol/Dec 1356/305 mln/1254 09:45 am : Stocks are chopping around without much direction this morning. The flat action comes amid a lack of trading catalysts like domestic data or major corporate news. Outside of stocks, the dollar is down slightly against a basket of competing currencies. The Dollar Index is down 0.7% week to date. Treasuries are under modest pressure after they scored decent gains during the prior session. Their slip this morning has the yield on the benchmark 10-year Note back above 3.60%. DJ30 +7.84 NASDAQ +1.34 SP500 -0.90 09:15 am : S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +0.30. Early this morning stock futures slipped in response to news that China's latest reserve requirement hike could carry implications for the country's growth and, in turn, the global economic recovery. However, recognition that overall domestic data continues to improve and that the stock market has been determined to overcome just about any kind of setback have helped stir support ahead of the open. In turn, stock futures point to a flat to slightly higher open. Once trade opens, though, stocks will largely be left to their own volition, given that there is no domestic data on tap and the latest round of earnings has been largely inconsequential. As things currently stand, the stock market is up 0.8% this week. That puts it on pace for its third straight weekly gain. 09:05 am : S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: +0.50. The tone around stock futures has improved slightly in recent minutes. Meanwhile, commodities are mixed, which has the CRB Commodity Index stuck at the flat line. In its first few minutes of pit trade, oil is up with a 0.7% gain at $86.95 per barrel. Natural gas has rebounded from its prior session loss to trade with a 0.7% gain at $3.89 per MMBtu. Gold prices are unchanged at $1384.60 per ounce, but silver prices have resumed their rally so that they trade with a 0.5% gain at $31.73 per ounce after prices in the continuing contract hit a new 30-year high of $31.96 per ounce earlier this morning. 08:30 am : S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -1.50. Domestic stock futures are still flat. Meanwhile, Germany's DAX is currently up 0.1%, but on pace for a 0.6% weekly gain. For the second straight session Commerzbank is a leader an Volkswagen is a laggard. Germany reported that its January PPI increased by 1.2%, which is a pick up from the 0.7% increase posted for December. France's CAC has fallen to a 0.1% loss, but it is still up 1.2% this week. BNP Paribas, Sanofi-Aventis (SNY), and LVMH Moet Hennessey have been heavy drags in the latest round of trade. Carrefour has been a primary source of support, though. Britan's FTSE is currently off by 0.6% and headed for a 0.1% weekly loss as HSBC (HBC) and metal and mining plays Rio Tinto (RIO), BHP Billiton (BHP), and Anglo American drag on broad trade. BP Plc (BP) and Vodafone (VOD) have offered support. According to data, retail sales in the United Kingdom climbed 1.9% during January. That marks a strong rebound from the downwardly revised 1.4% drop during December. In Asia, mainland China's Shanghai Composite fell to a 0.9% loss as declining issues outnumbered advancers by more than 2-to-1 amid worries about a hike in reserve requirements. Suspicion was confirmed after the close, when it was announced that another 50 basis points have been added to the country's Reserve Requirement Ratio. PetroChina (PTR) and China Petroleum (SNP) weighed most heavily on action in the final session of the week. CSR Corp and China Citic Bank showed strength. Despite broad weakness Friday, the Shanghai Composite scored a 2.6% weekly gain. It has advanced for four straight weeks. Hong Kong's Hang Seng put together a 1.3% gain. Banking issues HSBC, China Construction Bank, Industrial & Commercial Bank, and Bank of China led the move. China Life Insurance was a laggard, though. The Hang Seng advanced 3.4% this week. Japan's Nikkei eked out a 0.1% gain, even though its decliners outnumbered its advancing issues. That helped preserve a weekly gain of 2.2%. Specific to Friday's action, Softbank and Fast Retailing were primary leaders in the move. Kyocera (KYO) and TDK Corp offset some of their strength, though. Japan reported that department store sales fell 1.1% in January after a 1.5% drop during December. 08:00 am : S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: -2.00. Modest gains in the prior session have the S&P 500 up a little less than 1% this week, but stock futures are flat ahead of trade for Friday. The neutral tone actually marks an improvement from a few hours ago, when stock futures and foreign markets moved lower amid news that China hiked its Reserve Requirement Ratio by another 50 basis points. Europe's major bourses remain mixed. Asia's major averages already concluded the weak in mixed fashion. There have been few other cues for early morning trade; earnings have been of little broad interest and there are no economic announcements on tap for today. http://finance.yahoo.com/marketupdate/update 5:47PM Crestwood Midstream Partners LP to acquire gathering, processing and treating assets in the Fayetteville Shale and Granite Wash (CMLP) 30.37 +0.33 : Crestwood Midstream Partners LP (CMLP) announced that it has signed a definitive agreement to acquire midstream assets in the Fayetteville Shale and the Granite Wash plays from Frontier Gas Services, LLC, which is headquartered in Tulsa, Oklahoma, for ~$338 mln, with an additional $15 mln to be paid to Frontier if certain operational objectives are met within six-months of the closing date. Crestwood LP expects to finance the purchase through a combination of equity and debt as described below. Subject to regulatory approval, the transaction is expected to close in the second quarter of 2011 and is expected to be immediately accretive to the Partnership's distributable cash flow per limited partner unit. 5:47PM Administaff raises quarterly dividend 15% to $0.15 (ASF) 29.45 +0.43 : 5:09PM SCBT announces acquisition of Habersham Bank in FDIC-assisted transaction and completion of $35 mln capital raise (SCBT) 32.51 +1.61 : SCBT Financial Corp (SCBT) announced that its bank subsidiary, SCBT, N.A., has entered into a purchase and assumption agreement with loss share arrangements with the Federal Deposit Insurance Corp to assume all of the deposits and certain other liabilities and purchase certain assets of Habersham Bank, a full service community bank headquartered in Clarkesville, Georgia. With this acquisition, SCBT, N.A. will operate a total of 83 financial centers in Georgia, North Carolina and South Carolina. As of December 31, 2010, Habersham Bank had ~$388 mln in total assets and $340 mln in total deposits. SCBT, N.A. did not pay the FDIC a premium to assume all of the deposits. The FDIC and SCBT, N.A. also entered into a loss sharing agreement covering substantially all of the acquired loans and foreclosed real estate. SCBT will not acquire any of the assets or assume any liabilities of Habersham Bank's former bank holding co, Habersham Bancorp. The transaction is expected to be immediately accretive to both EPS and tangible book value. 5:03PM Healthcare Realty trust renews shelf registration (HR) 22.32 +0.40 : Co announced that it has filed a universal shelf registration statement with the Securities and Exchange Commission as a routine renewal of its existing shelf registration statement that was to expire on May 13, 2011. The shelf registration statement automatically became effective as of its filing and is consistent with the prior registration statement. 4:46PM Innovative Solutions & Support Board of Directors authorizes stock repurchase program of up to one mln shares (ISSC) 5.99 +0.05 : The program will remain in effect until February 10, 2012, unless extended by the Board of Directors. This program replaces the Co's previous stock repurchase program, which expired as of February 10, 2011. 4:46PM United Security Bancshares cuts quarterly dividend to $0.04 from $0.11 (USBI) 10.58 0.00 : 4:27PM Omega Flex reports Q4 EPS of $0.45 vs. $0.43 in last year's quarter; revs rose 1.8% to $12.8 mln (OFLX) 12.67 +0.16 : 4:25PM Bank of the Carolinas Corp defers dividend on TARP preferred stock (BCAR) 2.22 0.00 : Bank of the Carolinas Corp (BCAR), the holding co for Bank of the Carolinas, announced that it has notified the United States Department of Treasury of its intent to defer the February 2011 payment of its regular quarterly cash dividend on its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, which the Co issued to the Treasury in connection with the Co's participation in the Treasury's TARP Capital Purchase Program. 4:24PM Wilshire Bancorp Appoints Jae Whan Yoo as New President and Chief Executive Officer (WIBC) 6.72 +0.18 : Wilshire Bancorp (WIBC), the holding co for Wilshire State Bank, announced today that Jae Whan (J.W.) Yoo has been appointed as President and Chief Executive Officer, effective immediately. Mr. Yoo succeeds Joanne Kim, who resigned as President and Chief Executive Officer. Mr. Yoo will also serve as a director of Wilshire State Bank and Wilshire Bancorp. Mr. Yoo has 35 years of experience in the banking industry and previously was President and Chief Executive Officer of two of the largest Korean-American banks in the United States. Most recently, Mr. Yoo was President and Chief Executive Officer of Center Financial Corporation, one of the leading Korean-American banks, from January 2007 to January 2011. 4:18PM Diamond Hill Investment Q4 EPS rose to $1.60 vs. $1.34 in last year's quarter revs rose 13% to $15.5 (DHIL) 72.50 -0.06 : 4:15PM AK Steel announces stainless steel price increase (AKS) 17.20 -0.41 : Co said that it will increase base prices for all 200, 300 and 400 series flat rolled stainless steel products, effective with shipments on February 27, 2011. AKS said this increase will be achieved through a reduction in the functional discount of two percentage points for cold rolled and hot rolled products. Base prices of automotive exhaust grades will increase by $.04 per pound. In addition to the base price increases, AKS will increase the price for its bright anneal finish extra by $.05 per pound. All surcharges for stainless steel products, including those for materials under .015 inch thickness, will remain in effect. 4:01PM PulteGroup President and CFO Roger A. Cregg has announces his intention to retire from the Company later this year once a successor has been named. (PHM) 7.78 +0.01 : 3:48PM Dow +59 sets new session high, S&P +1.2 extends push off afternoon low, lagging Nasdaq Comp -2 still 11 points under its midday high (DIA) : Relative sector strength in recent trade has been noted in Energy XLE / OIH, Telecom IYZ, Disk Drive, Silver SLV, Coal KOL. 3:26PM Intel to invest more than $5 billion to build new factory in Arizona (INTC) 22.11 +0.14 : Co announces plan to invest more than $5 billion to build a new chip manufacturing facility at its site in Chandler, Ariz. The new Arizona factory, designated Fab 42, will be the "most advanced, high-volume semiconductor manufacturing facility in the world." 3:14PM Sapiens Int'l, a member of the Formula Group (FORTY), has been selected by one of the largest financial institutions in the US to build the operating platform to manage business decisions (SPNS) 4.36 -0.14 : 2:44PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Price (COMDX) : March corn finished down 3 cents to $7.0975, March wheat rose 28.5 cents to close at $8.2225, March soybeans rose 43 cents to close at $13.615, Feb ethanol closed up 0.007 at $2.512, while March world sugar futures closed down 0.24 cents to 31.02 cents. 2:41PM Amkor confirms that it received a license termination notice from Tessera (AMKR) 7.68 +0.03 : Co announces that it received a notice from Tessera, Inc. purporting to terminate Amkor's Patent License Agreement with them. "This latest letter is just another part of Amkor's ongoing dispute with Tessera regarding the License Agreement and does not affect our business." 2:35PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled lower by 16 cents to $86.20, natural gas finished up 0.8 cents to $3.876, heating oil shed 1.74 cents to close at $2.715, while RBOB gasoline gained 2.36 cents to end at $2.5513 (all March contracts). 2:27PM New afternoon/session lows for S&P -1.7 and Nasdaq Comp -5.9 (SPY) : The Dow +30 has set a new afternoon low as well but is 47 points above its first hour low. 2:08PM NovaGold Resources promotes Elaine Sanders to Chief Financial Officer from interim CFO (NG) 14.52 -0.13 : Sanders joined NovaGold as Controller in March 2003, was promoted to Vice President Finance in 2006, was appointed Corporate Secretary in 2008 and has been Interim CFO since April 2010. 1:42PM COMEX Metals Closing Prices (COMDX) : April gold finished higher by $4.10 to $1389.20. It traded to a fresh 5 week high at $1392.60. March silver rallied for 95 cents to close at $32.52. It traded to a fresh ~31 yr high at $32.87. March copper ended lower by 0.2 cents to $4.482. 1:35PM Nasdaq 100 -7.7 / Comp +0.7 pacing pullback off midday highs (QQQQ) : 1:34PM April Brent crude also starting to pull back; now down 71 cents to $101.88 (COMDX) : 1:29PM March WTI crude looking to test overnight lows at $85.65; currently off 55 cents to $85.81 (COMDX) : 1:23PM LDK Solar prices RMB 1.2 Billion US$-settled senior notes due 2014 (LDK) 14.71 +0.35 : Co announces the pricing of US$-settled 10.00% senior notes due 2014 in the aggregate principal amount of RMB 1.2 billion being offered and sold outside the United States. The Notes will bear interest at the rate of 10.00% per annum, from February 28, 2011, payable semi-annually in arrears on February 28 and August 28 of each year, beginning on August 28, 2011. The Notes will mature on February 28, 2014 and will be guaranteed by certain of LDK Solar's offshore subsidiaries. 1:23PM Some backtracking in recent action with the Nasdaq Comp +3.9 pacing the way off the high -- Dow +48, S&P +1.9 (SPY) : 1:19PM March WTI crude oil nearing unchanged mark; now up 16 cents to $86.52 (COMDX) : 1:14PM Gold, silver starting to pull back with about 15 min left in pit trade (COMDX) : • Gold now up $4.20 to $1389.30 • Silver higher by 90 cents to $32.47 1:13PM Genzyme reports three-year data from Phase 2 Trial of Genzyme gaucher disease oral compound (GENZ) 75.37 +0.08 : announced three-year follow-up data from patients enrolled in the phase 2 clinical trial for its investigational oral therapy for Gaucher disease type 1 known as eliglustat tartrate. Sustained or further improvements were observed across all endpoints, including bone disease, at the three-year timepoint. The results were presented for the first time this week at the Lysosomal Disease Network WORLD Symposium in Las Vegas, Nevada. Genzyme previously reported that the eliglustat tartrate phase 2 trial had met its primary endpoint at one year, and that data demonstrated continued improvement through two years. The primary composite endpoint was a clinically meaningful response in at least two of three endpoints: improvements in spleen size, hemoglobin and platelet levels. The study has continued with 19 patients through three years. 1:06PM Questar approved a 9% increase in the quarterly common-stock dividend to $0.1525 (STR) 17.99 +0.03 : 1:01PM Mkt Vctrs Global Agribusiness seeing continued relative weakness in recent trade -- POT, MOS, MON, IPI, CF, AGU (MOO) 57.20 -0.39 : 12:35PM FMC Corp authorized $250 million of share repurchases and increases quarterly dividend by 20% to $0.15/share (FMC) 81.44 -0.33 : 12:27PM Intel extends breakout, hovering near lower end of resistance zone (INTC) 22.19 +0.22 : Yesterday highlighted the test of its Jan peak (21.94) with the breakout and follow through today bringing the stock up to a resistance zone between 22.23 and 22.36 (session high 22.21). This marks its July peak, May gap and a retracement of the April to Aug decline. 12:23PM Fresh lows in dollar index sends gold to new 5-week highs at $1392.20; now higher by $7 to $1392.10 (COMDX) : 12:13PM Allied Irish Banks reports Polish regulatory approval of the BZWBK disposal (AIB) 0.80 +0.01 : 12:11PM Boeing announced that Chile's LAN Airlines ordered three additional 767-300ER airplanes valued at $493 million at today's list prices (BA) 73.19 +0.95 : 11:55AM Cotton ETF extends losses, down 12.6% (the largest move lower on record), on speculation that cotton production will exceed demand in the fiscal year beginning on Aug. 1 (2011-12 fiscal year ) (BAL) 97.20 -13.80 : Cotton futures remain limit down (-7 cents or -3.4%) at $1.9702/lb. However, overnight, cotton initially rose limit-up (+7 cents) to new all-time highs of $2.1102/lb, which was the third consecutive session that cotton was limit-up, before pulling back sharply.
Despite such sharp losses today, cotton is still up 35% from a month ago. However, investors should continue to keep an eye on forecasts for the current (2010/11) fiscal year as well as 2011/12 fiscal year. For the fiscal year 2010/11, the USDA's most recent global supply/demand report, which was released on Feb. 9, forecasts global cotton production at 115.25 million 480-pound bales, which is below expected demand of 116.55 million 480-pound bales. 11:38AM March WTI crude oil ticking toward $88; now up $1.452 to $87.81 (COMDX) : 11:34AM Upside acceleration for stock indices in recent trade -- Dow +42, S&P +3.1, Nasdaq Comp +8.3 (SPY) : Dollar drops to new lows, seeing relative sector strength in Silver SLV, Copper JJC, Energy XLE / OIH along with Computer-Hardware, Semi SMH, Retail XRT, Discretionary XLY. 11:30AM Gold, silver push to session highs (COMDX) : Move corresponds to pullback in dollar index and reports that Egypt has allowed for the passage of two Iranian vessels through the Suez. • Gold now up $5.30 to $1390.40. • Silver higher by $1.01 to $32.58 11:20AM Silver trades to fresh highs at $32.49; now up 90 cents to $32.47 (COMDX) : 11:09AM S&P +1 and Nasdaq Comp +3 pause after just fractional breach of yesterday's multi-year intraday highs (SPY) : Thus far, however, they have been able to maintain a posture above initial intraday supports at 1340/1339 S&P and 2832/2830 Nasdaq Comp. 11:09AM RR Donnelley & Sons awarded new multi-million dollar multi-year magazine production agreement by Bauer Publishing Group (RRD) 19.23 -0.04 : Co announces that it has been awarded a new multi-million dollar multi-year magazine production agreement by Bauer Publishing Group. Under the terms of the agreement, co will print, bind and drop ship 100% of Woman's World's production and will also serve the publisher's printing and related needs for Life & Style Weekly magazines distributed throughout the American southeast. Both titles are produced weekly. 10:59AM Silver jumps another ~15 cents to fresh highs at $32.345; now up 72 cents to $32.29 (COMDX) : 10:45AM Silver to fresh highs at $32.175; now up 59 cents to $32.16 (COMDX) : 10:31AM Garmin entered into a strategic alliance with AB Volvo Penta to develop and market innovative marine instrumentation and communication equipment (GRMN) 32.32 -1.11 : 10:30AM Medtronic reports that the study of CoreValve System confirms positive clinical outcomes (MDT) 40.96 +0.70 : Co issued a statement on results from an independent study published online in the journal Circulation, which confirmed both early and sustained clinical benefits for patients receiving the Medtronic CoreValve) System for the treatment of aortic valve disease. The article discusses the largest CoreValve clinical study to date, with 663 consecutive aortic stenosis patients (mean age of 81 years) treated at 14 Italian centers beginning immediately after device commercialization in 2007. The article shows that patients receiving CoreValve have high rates of procedural success (98 percent), low rates of adverse events (2.1 percent) and substantial improvements of cardiac function. 10:28AM Relative Sector Strength (TECHX) : Sectors supplying strength to the intraday push in the market averages over the last 10 minutes has been noted in Energy XLE / OIH, Silver SLV, Copper JJC, Medical Supplies/Devices IHI. 10:22AM S&P -0.1 weaker again in early trade but similar constructive pattern developing thus far (SPY) : The index has opened down 11 out of the 14 sessions in Feb but through yesterday had finished high in seven of those days. A weaker start has been followed by a first hour stabilization and the formation of a higher low. It may have potentially completed the higher low at 1339 with a continued posture above keeping the bull pattern intact (see The Technical Take for chart). 10:18AM S&P -0.4 and Nasdaq Comp -1.2 did not confirm the move above yesterday's peak in the Dow +12 with some minor backtracking noted (SPY) : Relative sector weakness has been noted in recent trade in Disk Drive, Semi SMH, Materials XLB, Steel SLX, Computer-Hardware (AAPL -0.5%), Internet FDN (AMZN -0.4%), Finance XLF, Housing XHB, Retail XRT. 10:08AM Abbott Labs increases the company's quarterly common dividend 9% to $0.48 per share (ABT) 46.57 +0.25 : 10:07AM Currency Chart Watch: Euro/Yen Continuous Futures testing 200 ema and Jan/three month high at 113.70/113.90 (TECHX) : (Click for chart). 10:02AM Fresh session highs for stock indices -- Dow +21 above yesterday's peak, S&P +0.6 and Nasdaq Comp +2.8 hovering just below (SPY) : 9:59AM Strong performance in Solar off the open with some modest slippage in recent trade (TAN) : SPWRA +8.2, YGE +5.1%, STP +4%, JASO +3%, TSL +2.4%, LDK +2.3%, KWT +2.2%, TAN +1.8%, SOL +1.5%, JKS +1.3%. 9:56AM Opening Point Gainers/Losers (TECHX) : Point Gainers: VMI (+16.08), APEI (+5.87), EOG (+4.76), ARUN (+4.68), CME (+3.37), INTU (+3.11), TZOO (+2.89), LNN (+2.87), SONO (+2.45), RRGB (+2.42), FSLR (+2.02), HS (+2.32)
Point Losers: BAL (-10.60), CMG (-3.93), PDCO (-3.06), HOC (-2.66), RST (-2.55), CF (-2.81), SIRO (-2.41), BBL (-2.23), AIXG (-2.21), CPB (-1.96), VECO (-2.40) 9:54AM Advanced Photonix stated that it is company policy not to comment on unusual market activity (API) 2.67 +0.04 : 9:54AM Waters authorizes the repurchase up to $500 million of its outstanding common shares over the next 24 month (WAT) 80.69 +0.20 : 9:52AM Akeena Solar disclosed last night securities purchase agreement relating to the sale of units at a price of $900 per unit (WEST) 0.55 -0.03 : Co disclosed yesterday after the open that it entered into a securities purchase agreement with certain institutional accredited investors relating to the sale of units at a price of $900 per unit. Each unit consists of (i) one share of Series B Preferred Stock, with each such share of Series B Preferred initially convertible into 2,000 shares of common stock at an initial conversion price of $0.45 per share, and (ii) warrants to purchase 1,700 shares of common stock at an initial exercise price of $0.60 per share, which warrants are not exercisable until six months after issuance and have a term of five years from the date of first exercisability. The aggregate purchase price for the Securities was $3.6 mln. 9:44AM Argonaut Group authorizes $150 mln share repurchase program (AGII) 37.78 +0.94 : 9:43AM Mixed early trade on options expiration with Dow +8.4 near its high while S&P -0.6 is just above its tight range low (SPY) : 9:32AM iShares FTSE/Xinhua China gaps up near 50 ema/sma and Nov/Jan trendline and pauses (FXI) 42.91 +0.24 : 9:32AM Arcelor Mittal and Nunavut Iron Ore Acquisition announced before the open the expiration of their offer for common shares and Common Share purchase warrants (MT) 37.41 -0.26 : Co and Nunavut Iron Ore Acquisition announce the expiration of their offer for common shares and Common Share purchase warrants issued pursuant to a warrant indenture dated 31 January 2007 of Baffinland Iron Mines Corporation. The Offerors also announced that, since the notice of extension dated February 7, 2011 in respect of the Offer, they have taken-up an additional 16,500,508 Common Shares and 262,112 2007 Warrants under the Offer. As a result, the Offerors have taken-up all 325,192,869 Common Shares and 4,530,824 2007 Warrants deposited under the Offer and not withdrawn. 9:05AM Enbridge Energy announces that it is undertaking a reconfiguration of its North Dakota system to expand the capacity by 23,500 barrels per day (EEP) 65.23 : Co announces that it is undertaking a reconfiguration of its North Dakota system to expand the capacity by 23,500 barrels per day from Minot, North Dakota, to Clearbrook, Minnesota. The expansion involves an optimization of existing facilities and services with limited capital investment and is expected to be available in the first quarter 2011. The North Dakota system mainline capacity between Minot and Clearbrook recently was expanded by 51,500 bpd to 161,500 bpd through the Phase VI expansion, which went into service Jan. 1, 2010, and was immediately fully utilized. The reconfigured operating mode will have an overall capacity of 185,000 bpd. The cost of the reconfiguration is expected to be ~$7 million dollars. 9:04AM Spectrum Brands comments on recent market activity in its common stock (SPB) 29.40 : Co commented on the significant increase in common stock trading volume yesterday. Co said it understood that the unusually heavy trading volume in its common stock was due to a significant block trade. Avenue Capital Management and related parties have disclosed that they sold a total of 5 million shares of common stock out of their previously reported 6,762,845 share position. Co has confirmed that Harbinger Group (HRG) and Harbinger Capital Partners Master Fund, who own ~54.5% and 12.7% of common stock, respectively, did not participate in the sale. 9:04AM ONEOK and ONEOK Partners (OKS) announces Pierce Norton will become COO of OKE; Robert Martinovich will become SVP, CFO and treasurer of OKE and OKS (OKE) 63.08 : Co announces Pierce H. Norton, 51, will become COO of co. He has been president of ONEOK Distribution Companies since July 2009. Robert F. Martinovich, 53, will become senior vice president, chief financial officer and treasurer of co and ONEOK Partners. He has been co's COO since July 2009. 9:00AM Safeguard Sci announces repurchase notification for 2.625% convertible senior subordinated notes due 2024 (SFE) 19.21 : Co announces that it is notifying holders of its outstanding 2.625% Convertible Senior Subordinated Notes Due 2024 that they have the right to require the Company to repurchase for cash such holders' Notes upon the terms and subject to conditions set forth in the Notes and the indenture governing the Notes. The repurchase date specified in the indenture is March 21, 2011. The repurchase price will be 100% of the principal amount of the outstanding Notes, plus accrued and unpaid interest on the Notes to, but excluding, the date of repurchase. 9:00AM Impax Labs receives final FDA approval for Generic Adoxa 150 mg capsules (IPXL) 23.25 : Co announces the FDA has granted final approval of the co's Abbreviated New Drug Application for its generic version of Adoxa (doxycyline monohydrate, 150 mg capsules). The co is preparing for product launch through Global Pharmaceuticals, co's generic division. Adoxa is a tetracycline antibiotic used to treat bacterial infections. U.S. sales of Adoxa 150 mg capsules were ~$25 mln in the 12 months ended December 2010. 8:55AM Cumulus Media confirms exclusivity agreement to negotiate a merger agreement under which co would acquire all of the outstanding common stock and warrants of Citadel (CDELA) at $37.00 per share (CMLS) 4.78 : Cumulus expects to fund the cash portion of the purchase price with up to $500 million in equity financing from Crestview Partners and Macquarie Capital, and the remainder through debt financing to be led by UBS Investment Bank and Macquarie Capital. Cumulus also expects to complete a refinancing of all of the outstanding debt of Cumulus, CMP and Citadel as part of the proposed transaction. Cumulus anticipates that the transaction, after giving effect to anticipated synergies, will be accretive relative to Cumulus' current Adjusted EBITDA trading multiple. 8:53AM Barrett Business announces that Michael Elich, Interim President and CEO on Jan 20, has been elected to co's board of directors and appointed President and CEO (BBSI) 15.29 : 8:50AM Redwood Trust prices a public offering of prime residential mortgage-backed securities (RWT) 16.90 : The Class A-1 Certificates have an initial interest rate of 4.125% per annum, subject to subsequent adjustments and as calculated in the manner set forth in the prospectus relating to the offering. The offering is currently expected to close on March 1, 2011. 8:44AM US Gold Corp prices its offering in the US and Canada of 15 mln shares of common stock at a price to the public of $6.50 per share for aggregate proceeds of US$97.5 mln (UXG) 6.85 : 8:36AM On The Wires (WIRES) : • Solitario Exploration & Royalty Corp. (XPL) stated that it is the company's policy not to comment on unusual market activity. In view of the increased trading volume and market price of Solitario Exploration & Royalty Corp. on February 17, 2011, the NYSE contacted the company in accordance with its usual practice. • Miller Petroleum, Inc. dba Miller Energy Resources (MILL) announced that it has received ~$1.5 million from the Cook Inlet Pipe Line Company as its 2010 true-up payment. • Dataram Corporation (DRAM) announced that it "reported solid results with its channel-centric partner strategy. Dataram's worldwide partner programs have demonstrated strong momentum during its current fiscal year, with growth exceeding overall corporate objectives." 8:35AM Fuwei Films receives the lowest anti-dumping duty rate of 30.91% in US Antidumping Review (FFHL) 5.63 : 8:33AM Essex Rental provides update on Coast Crane new equipment distribution; Coast Crane will no longer serve as a distributor of new Manitowoc and Grove branded crawler and telescopic cranes (ESSX) 6.20 : Co announces has agreed to continue to serve as a new equipment dealer for certain Manitowoc products, consisting of Potain tower cranes, including the self-erecting and city hammerhead cranes, in the western US, Alaska, Hawaii and Guam. Coast Crane will no longer serve as a distributor of new MTW and Grove branded crawler and telescopic cranes, but will remain a National Key Account for all the MTW Crane Group products which will allow Coast Crane to continue purchasing all new equipment for its rental fleet and parts directly from the manufacturer. 8:32AM Schiff Nutrition appoints Tarang Amin as CEO, president and director, effective March 7, 2011 (WNI) 6.94 : Co announces its board of directors has appointed Tarang Amin as CEO, president and director, effective March 7, 2011. Amin will replace Bruce Wood, CEO, president and director, who will retire effective March 7, 2011. 8:31AM Cerus postpones Q4 & year-end 2010 earnings release and conference call (CERS) 3.57 : Co stated "Due to the complexities of the accounting and audit processes associated with the Cerus' acquisition of BioOne Corporation's assets, it has taken longer than expected to finalize our year-end financial statements. We will provide new dates and times for the earnings release and conference call in a forthcoming news release." 8:31AM LECG Corp provides an update on strategic alternatives, says it is also analyzing other restructuring possibilities (XPRT) 0.90 : Co is disclosing that FTI Consulting, provided the non-binding indication of interest. The negotiations with this party are now focused on the possible acquisition of several specific practice groups within LECG and not an acquisition of the entire firm. LECG believes this alternative, whether with the identified party or one or more other parties, may be the most viable path for the Company to raise capital to address current liquidity concerns. While the Company is pursuing discussions with the identified party, the Company, together with its advisor William Blair & Company and counsel, is also analyzing other restructuring possibilities. The Company continues to work closely with its current lenders. The Company's term credit facility matures on March 31, 2011 and approximately $27.8 million in principal is outstanding under the facility. Absent a strategic transaction, or other financing alternative, the Company will not have sufficient cash resources to repay amounts outstanding under the facility. 8:19AM Lincoln Electric beats by $0.08, beats on revs (LECO) 72.40 : Reports Q4 (Dec) earnings of $0.90 per share, excluding non-recurring items, $0.08 better than the Thomson Reuters consensus of $0.82; revenues rose 22.0% year/year to $564.3 mln vs the $522.8 mln consensus. "Current demand levels are positive and we are seeing improvement in most market segments and geographic regions. Our focus on new products, market share gains and productivity provides good upside for leverage as the global recovery continues into 2011. Our strong financial position and dedicated workforce continue to provide the flexibility and focus to execute our long-term strategic objectives to the benefit of our customers, shareholders and employees." 8:16AM Generac beats by $0.02, beats on revs (GNRC) 16.25 : Reports Q4 (Dec) earnings of $0.49 per share, excluding non-recurring items, $0.02 better than the Thomson Reuters consensus of $0.47; revenues rose 4.5% year/year to $161 mln vs the $153.7 mln consensus. "In 2011, while we do not expect a near-term recovery in U.S. residential investment and we are not forecasting any major outage events, we do expect growth from our residential products through additional new product introductions and increased domestic and international distribution. For our commercial and industrial products, we anticipate continued strength in 2011 led by increasing demand across certain end markets, improving market share and expanding distribution into new geographies. We are anticipating higher input costs in 2011 as a result of rising commodity prices and continued weakness in the US dollar. We intend to offset these higher costs with selective price increases and continued focus on cost reduction. As a result, we remain optimistic that we can deliver moderate sales growth overall in 2011 while maintaining attractive gross margins and continuing to invest prudently in our operating infrastructure to support our long-term strategic growth plans." 8:10AM Novartis AG gains positive CHMP opinion for Rasilamlo (NVS) 57.09 : The European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion for Rasilamlo(TM) (aliskiren and amlodipine) to treat high blood pressure patients not adequately controlled by either aliskiren or amlodipine alone. Rasilamlo combines in a single pill the only approved direct renin inhibitor worldwide, Rasilez?, with the widely used calcium channel blocker amlodipine. 8:08AM Magnum Hunter misses by $0.01, misses on revs (MHR) 6.94 : Reports Q4 (Dec) loss of $0.04 per share, excluding non-recurring items, $0.01 worse than the Thomson Reuters consensus of ($0.03); revenues rose 299.6% year/year to $9.8 mln vs the $10.5 mln consensus. "We anticipate our fiscal year 2011 capital expenditure budget to be approximately $150 million for Magnum Hunter with the capital being predominantly allocated to the Company's drilling in unconventional resource plays, including the oil leg of the Eagle Ford Shale play of central and south Texas ($65 million to drill 7 net wells) and the liquids rich portion of the Marcellus Shale play in northwest West Virginia ($60 million and 12.5 net wells). The Company intends to expand its overall capital budget once the acquisition of NGAS and NuLoch are ultimately completed." 8:06AM Ultra Petroleum misses by $0.04, misses on revs; Annual production for 2011 is expected to grow to 245-255 Bcfe (UPL) 47.40 : Reports Q4 (Dec) adjusted earnings of $0.50 per share, $0.04 worse than the Thomson Reuters consensus of $0.54; revenues rose 11.3% year/year to $237.5 mln vs the $278.4 mln consensus. During Q4, the co's natural gas and crude oil production increased 20 percent to a record 57.3 Bcfe, as compared to production volumes of 47.6 Bcfe for 4Q09. The co also reported 4.4 trln cubic feet equivalent of total proved crude oil and natural gas reserves for the year-ended December 31, 2010. This represents a 13% increase from 3.9 Tcfe as reported at year-end 2009. The 2010 reserve replacement ratio of 324% was achieved all organically. Finally, the co announced its planned capital investment program and guidance for 2011. Annual production for 2011 is expected to grow to 245-255 Bcfe, a 15-19% increase, as compared to record production of 213.6 Bcfe for 2010. Based on the co's guidance, approximately 85% of the co's production forecast will come from the Rockies and 15% of total co production will come from Appalachia. In the first quarter of 2011, the co's realized natural gas price is expected to average 4 to 6% below the NYMEX price due to regional differentials, before consideration of any hedging activity. Realized pricing for condensate is expected to be about $10.00 less than the average NYMEX crude oil price. 8:06AM Patterson Companies issues Q3 EPS and revs guidance below consensus; lowers full year EPS guidance (PDCO) 34.36 : Co issues downside guidance for Q3 (Jan), sees EPS of $0.46-0.47 vs. $0.51 Thomson Reuters consensus; sees Q3 (Jan) revs of ~$825.0 mln vs. $865.74 mln Thomson Reuters consensus. Co said its third quarter consumable revenues grew 3%, while sales of technology offerings in the dental equipment category were much softer than expected. This softness extended to CAD/CAM dental restorative systems and digital radiography products. Reflecting its estimated third quarter results and outlook for the fourth quarter, co lowers guidance for FY11 (Apr), sees EPS of $1.86-1.88, prior $1.89-1.99, vs. $1.95 Thomson Reuters consensus. 8:04AM Novavax presents final results from H1N1 Influenza vaccine trial; study found that the vaccine exceeded the immunogenicity criteria for seasonal influenza vaccine licensure at all dose levels (NVAX) 2.35 : Co announces the final safety and immunogenicity results from its 2009 H1N1 virus-like particle pandemic influenza vaccine clinical trial in Mexico at the invitation-only 7th World Health Organization Meeting on Evaluation of Pandemic Influenza Vaccines in Clinical Trials. The meeting was held at the WHO headquarters in Geneva, Switzerland where Dr. Gregory Glenn, Chief Medical Officer of Novavax, presented the findings at a session. The study found that the vaccine exceeded the immunogenicity criteria for seasonal influenza vaccine licensure at all dose levels including the 5mcg dose. Additionally, a single administration of the VLP vaccine induced high levels of hemaglutinin inhibition (HAI) titers in subjects without pre-existing detectable immunity to this pandemic influenza strain. Together, the data indicate that the H1N1 VLP vaccine was well-tolerated and immunogenic. 8:03AM Chelsea Therapeutics prices a public offering of 8.75 million shares of its common stock at a price of $4.00 per share which will result in gross proceeds of $35 million (CHTP) 4.24 : 8:02AM Zimmer Hldgs receives FDA clearance for TM-S Trabecular Metal Cervical Interbody Fusion Devicereports positive outcomes from the first surgery performed using the DeNovo NT Graf; early clinical success of MotionLoc Screw Implantation (ZMH) 62.25 : Co announces it has received FDA clearance for the TM-S Trabecular Metal Cervical Interbody Fusion Device. Co alos announces results from a peer-reviewed publication demonstrated positive outcomes from the first surgery performed using the DeNovo NT Graft for the repair of cartilage lesions. The case study reports that the implantation of DeNovo NT Graft resulted in substantial clinical improvement in both pain and function through two years as demonstrated by improvements in the IKDC Subjective and all domains of the Knee Injury and Osteoarthritis Outcomes Scores. MRI data demonstrated that the treated defect was filled with repair tissue which resulted in a near complete resolution of pre-operative subchondral bone edema. Lastly, co announces early clinical results of the first patients treated with MotionLoc Screws were free of complications. 8:01AM NV Energy beats by $0.02 (NVE) 14.78 : Reports Q4 (Dec) earnings of $0.06 per share, $0.02 better than the Thomson Reuters consensus of $0.04; revenues fell 15.3% year/year to $655 mln vs the $739.8 mln consensus. Earnings for the year were positively influenced by the general rate increase at our Southern Nevada Utility, effective July 1, 2009, and continued focus on controlling spending. 8:01AM Pinnacle West beats by $0.05, misses on revs; guides FY11 EPS in-line (PNW) 41.72 : Reports Q4 (Dec) earnings of $0.06 per share, excluding items, $0.05 better than the Thomson Reuters consensus of $0.01; revenues rose 3.4% year/year to $683.6 mln vs the $694.9 mln consensus. Co issues in-line guidance for FY11, sees EPS of $3.00-3.15 vs. $3.07 Thomson Reuters consensus. 8:01AM FTI Consulting confirms discussions to acquire certain operations of LECG (XPRT) (FCN) 36.64 : FTI Consulting confirms that it is in discussions with LECG Corporation on the possible acquisition of several specific practice groups within LECG but not an acquisition of the entire firm. No definitive agreement has been entered into with respect to the transactions under discussion, and accordingly no assurance can be given that any agreement will be signed or any practice group will be acquired. 7:51AM Eldorado Gold misses by $0.02, beats on revs (EGO) 17.09 : Reports Q4 (Dec) earnings of $0.08 per share, $0.02 worse than the Thomson Reuters consensus of $0.10; revenues rose 47.3% year/year to $212.9 mln vs the $203.3 mln consensus. Produced 148,374 ounces of gold, an increase of 15% over Q4, 2009 at an average cash operating cost of $418 per ounce (Total cash cost $460 per ounce). Sold 149,022 ounces of gold at an average realized price of $1,373 per ounce; which generated revenue 42% higher than Q4, 2009 7:40AM Digital Realty Trust beats by $0.07, misses on revs; guides FY11 FFO in-line (DLR) 56.02 : Reports Q4 (Dec) funds from operations of $0.98 per share, $0.07 better than the Thomson Reuters consensus of $0.91; revenues rose 40.6% year/year to $238.7 mln vs the $242.3 mln consensus. Co issues raised guidance for FY11, sees FFO of $3.80-3.95 vs. $3.85 Thomson Reuters consensus, previous guidance was $3.70-3.90. 7:39AM Campbell Soup misses by $0.01, misses on revs; lowers FY11 EPS below consensus, lowers FY11 revs, in-line (CPB) 34.94 : Reports Q2 (Jan) earnings of $0.71 per share, $0.01 worse than the Thomson Reuters consensus of $0.72; revenues fell 1.2% year/year to $2.13 bln vs the $2.15 bln consensus. Increased promotional spending subtracted 2%; currency added 1%. Co lowers guidance for FY11, sees EPS -1 to -3% to ~$2.40-2.45, excluding non-recurring items, vs. +2-4% previously, vs. $2.51 Thomson Reuters consensus; sees FY11 revs -1 to +1% to ~$7.60-7.75 bln vs. +1-3% previously and the $7.73 bln Thomson Reuters consensus. Campbell anticipates continued competitive pressure in its U.S. Soup, Sauces and Beverages segment in the second half of the year. Due to the intense competitive environment, the co expects its growth in the second half of the year will be at more modest rates than previously anticipated and will come largely in the fourth quarter. "U.S. In U.S. Soup, as planned in the second quarter, we maintained strong levels of advertising and promotional support to defend our consumer base. As a result of this support, externally measured consumer takeaway volume at retail in U.S. Soup grew during the quarter. However, our high levels of promotional spending in the quarter did not deliver planned sales lifts and negatively impacted margins." 7:37AM Hospitality Props beats by $0.04, reports revs in-line (HPT) 25.50 : Reports Q4 (Dec) funds from operations of $0.85 per share, $0.04 better than the Thomson Reuters consensus of $0.81; revenues rose 6.6% year/year to $267.8 mln vs the $265.2 mln consensus. 7:34AM Progress Energy beats by $0.01, misses on revs; guides FY11 EPS in-line (PGN) 45.92 : Reports Q4 (Dec) earnings of $0.45 per share, $0.01 better than the Thomson Reuters consensus of $0.44; revenues rose 0.6% year/year to $2.32 bln vs the $2.44 bln consensus. Co issues in-line guidance for FY11, sees EPS of $3.00-3.20 vs. $3.14 Thomson Reuters consensus. 7:31AM HMS Holdings beats by $0.01, beats on revs (HMSY) 71.96 : Reports Q4 (Dec) earnings of $0.43 per share, $0.01 better than the Thomson Reuters consensus of $0.42; revenues rose 31.5% year/year to $87.2 mln vs the $84.7 mln consensus. 7:31AM Anixter announces that Dennis Letham will retire as Executive VP and CFO at the end of June 2011; effective July 1, 2011, Theodore Dosch will become Executive VP and CFO (AXE) 72.70 : 7:10AM Lifepoint Hospitals beats by $0.03, beats on revs; guides FY11 EPS in-line, revs in-line (LPNT) 37.03 : Reports Q4 (Dec) earnings of $0.70 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $0.67; revenues rose 14.2% year/year to $853.3 mln vs the $832.2 mln consensus. Co issues in-line guidance for FY11, sees EPS of $2.80-3.10 vs. $3.09 Thomson Reuters consensus; sees FY11 revs of $3.5-3.6 bln vs. $3.5 bln Thomson Reuters consensus. 7:07AM On The Wires (WIRES) : • Cray (CRAY) announced that the Swiss National Supercomputing Centre in Manno, Switzerland has awarded a contract to Cray to acquire a next-generation Cray XMT supercomputer. • Butler Schein Animal Health, the domestic veterinary business of Henry Schein (HSIC), announced that it acquired majority ownership positions in two of the leading veterinary practice management software solution companies: McAllister Software Systems and ImproMed. • Tessera Technologies (TSRA) announced that on February 17, 2011, it sent Amkor Technology (AMKR) an official notice of termination of their license agreement with Tessera. The two companies are currently in arbitration regarding multiple issues, including several past breaches by Amkor of the license agreement. 7:04AM Sensata Tech announces the pricing of a secondary offering of 20 mln ordinary shares at a price to the public of $33.15 per share (ST) 33.25 : 7:03AM Ruth's Hospitality Group reports EPS in-line, revs in-line (RUTH) 5.20 : Reports Q4 (Dec) earnings of $0.08 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.08; revenues rose 7.7% year/year to $94.1 mln vs the $94.1 mln consensus. Company-owned comparable restaurant sales for Ruth's Chris Steak House increased 9.2%. Company-owned comparable restaurant sales for Mitchell's Fish Market decreased 2.1%. Food and beverage costs, as a percentage of restaurant sales, increased 140 bps to 30.5%, primarily due to unfavorable beef costs. Co sees FY11 COGS 30.5-31.5% of rest. sales, FCF of 43-44 mln shares. 7:01AM Beacon Power: FERC issues notice of proposed rulemaking for pay-for-performance frequency regulation (BCON) 0.29 : Co announces that the Federal Energy Regulatory Commission (FERC) issued a Notice of Proposed Rulemaking on February 17, 2011, that requires each of the grid operators under its jurisdiction to structure their regulation market tariffs to provide pay-for-performance. 7:00AM MAP Pharma appoints Scott R. Ward as Chairman of the Board of Directors (MAPP) 16.19 : Co announces the appointment of Scott Ward as Chairman. Most recently, Ward was SVP and President of the CardioVascular business of Medtronic (MDT). Steven Elms, the incumbent Chairman and an original venture capital investor in the co, will step down from the Board after over six years of service. 6:56AM On The Wires (WIRES) : • Frontline (FRO) has agreed with Ship Finance International (SFL) to terminate the long term charter parties between the companies for the single-hull VLCCs Front Highness and Front Ace. Ship Finance has simultaneously sold the vessels to unrelated third parties. • Gaga Holdings Limited (GAGA) announced that the Company has reached agreements with local villagers' committees in the cities of Putian and Quanzhou in Fujian Province, China for the lease of 3,950 mu of arable land. 6:47AM US Gold Corp discloses public offering of 15 mln shares priced at $6.11 per share (UXG) 6.85 : On February 17, 2011, US Gold Corporation entered into an underwriting agreement with Dahlman Rose & Company, GMP Securities L.P., Scotia Capital Inc. and Stifel Nicolaus and Co. The Underwriting Agreement relates to the issuance and sale in a public offering by US Gold of up to 15 mln shares of its common stock, no par value per share. The price per Share to the Underwriters is $6.11 per Share, and the Underwriters will initially offer the Shares to the public at $6.50 per Share. The Underwriters will sell 3,050,000 Shares to Robert R. McEwen, Chairman and Chief Executive Officer of US Gold. 6:35AM Amtech Systems reaffirms Q2, FY11 rev guidance (ASYS) 24.83 : Co reaffirms Q2 rev of $55-60 mln vs. the $58 mln consensus; reaffirms FY11 rev to surpass $230 mln vs. the $234 mln. Amtech also continues to see an active and healthy order pipeline. 6:35AM Healthspring beats by $0.11, beats on revs; guides FY11 EPS in-line, revs above consensus (HS) 34.12 : Reports Q4 (Dec) earnings of $0.88 per share, $0.11 better than the Thomson Reuters consensus of $0.77; revenues rose 28.1% year/year to $868.2 mln vs the $781.4 mln consensus. Co issues mixed guidance for FY11, sees EPS of $3.60-3.90 vs. $3.67 Thomson Reuters consensus; sees FY11 revs of at least $5.4 bln vs. $4.88 bln Thomson Reuters consensus. Co sees Medicare Advantage membership to be at least 340,000 at the end of 2011. PDP membership to be in the range of 880,000-900,000 at the end of 2011. 6:06AM Amerigroup beats by $0.47, reports revs in-line (AGP) 55.80 : Reports Q4 (Dec) earnings of $1.59 per share, $0.47 better than the Thomson Reuters consensus of $1.12; revenues rose 10.2% year/year to $1.5 bln vs the $1.52 bln consensus. The co repurchased ~562,000 shares of its common stock during the fourth quarter for $24.4 mln . For the full year, the co repurchased 3.75 mln shares of its common stock for $138.5 mln at an average price of $36.96. 5:55AM Yingli Green Energy beats GAAP ests by $0.08, beats on revs (YGE) 12.84 : Reports Q4 (Dec) GAAP earnings of $0.52 per share, $0.08 better than the Thomson Reuters GAAP consensus of $0.44; revenues rose 66.2% year/year to $616.1 mln vs the $546.4 mln consensus. Based on current market and operating conditions, estimated production capacity and forecasted customer demand, the co expects its PV module shipment target to be in the estimated range of 1,700-1,750 MW for fiscal year 2011, which represents an increase of 60.1-64.8% compared to fiscal year 2010. 4:15AM DuPont extends Danisco tender offer period to April 1, 2011, at 11 pm CET to accommodate ongoing regulatory reviews (DD) 55.59 : 2:00AM Bucyrus beats by $0.40, beats on revs (BUCY) 90.95 : Reports Q4 (Dec) earnings of $1.71 per share, $0.40 better than the Thomson Reuters consensus of $1.31; revenues rose 91.6% year/year to $1.24 bln vs the $1.15 bln consensus. 1:53AM Career Education beats by $0.05, misses on revs (CECO) 23.33 : Reports Q4 (Dec) earnings of $0.81 per share, $0.05 better than the Thomson Reuters consensus of $0.76; revenues rose 7.0% year/year to $542.9 mln vs the $552.2 mln consensus. Co reports Total Student Population was up 11% YoY to 116,800; Total New Student Starts were down 2% YoY to 27,740 28,440. During January 2011, the co repurchased an additional 3.7 mln shares of its common stock for $79.9 mln at an average price of $21.47 per share. 1:35AM Cell Therapeutics to sell $25 mln of non-convertible preferred stock and warrants to institutional investor (CTIC) 0.34 : Co announces that it has entered into a securities purchase agreement to sell, securities in a registered offering to a single life sciences institutional investor. the co has agreed to sell up to ~$25.0 mln of shares of its Series 10 Non-Convertible Preferred Stock, warrants to purchase up to ~25.9 mln shares of common stock and an additional investment right to purchase up to ~$25.0 mln of shares of its Series 11 Convertible Preferred Stock, a registered offering to the Investor. The co may use a portion of the net proceeds to fund possible investments in, or acquisitions of, complementary businesses, technologies or products. 1:34AM Harman acquires 3dB Research; no terms disclosed (HAR) 51.46 : Co announces the acquisition of 3dB Research which is a developer of music and signal processing technology. 1:24AM Biomimetic Therapeutics provides updates on development and commercialization of Augment Bone Graft; demonstrated the highest fusion scores of all groups evaluated (BMTI) 13.88 : Co provides updates on its Augment Bone Graft treatment. The purpose of the spine fusion study was to determine the ability of Augment Bone Graft and Augment Injectable Bone Graft to promote interbody fusion of the L2/L3 and L4/L5 vertebral bodies in an ovine spinal fusion model with the goal of demonstrating comparable interbody fusion between autograft and the Augment products. The Augment Bone Graft treated specimens demonstrated the highest fusion scores of all groups evaluated. Additionally, co introduced a new VP of sales and marketing, which is in preperation for commercialization. 1:20AM Borders Group: store closing sales begin Feb 19 at 200 borders locations in 35 states and Puerto Rico (BGP) 0.23 : Under authority of the U.S. Bankruptcy Court, store closing sales will begin on Saturday, February 19th at 200 book stores in 35 states and Puerto Rico. Over $350 mln of inventory including books, magazines, music and movie media, calendars, posters and more will be liquidated. Discounts from 20% to 40% with limited exceptions are offered on all merchandise at every closing location. 1:14AM Armstrong World Industries: Teamsters overwhelmingly reject subsidiary's contract proposal (AWI) 44.33 : Teamsters overwhelmingly rejected, by a 2-to-1 majority, a contract proposal today by Armstrong Hardwood Flooring, a subsidiary of co. Armstrong is seeking massive premium increases and severe benefit cuts on the 550 Teamsters working at the Beverly manufacturing facility despite the fact that the co's health care cost for this group has decreased by more than 21% since 2007. This cost reduction is a result of employees' previously agreed-to reductions in their health care benefits as well as their participation in wellness programs. 1:10AM Gartner prices 8 mln share secondary offering of common stock by ValueAct Capital at $35.50 per share (IT) 36.00 : Co will not receive any proceeds from the sale of the shares of common stock in the offering. http://finance.yahoo.com/marketupdate/inplay
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