4:30 pm : A lack of catalysts left the Dow and S&P 500 to chop their way to a flat finish, but the tech-rich Nasdaq logged a sizable loss as it lagged its counterparts once again.
Corporate news for today was limited to only a handful of earnings announcements. None of them was of concern for the broad market. Similarly, data was limited to a January wholesale inventory report that showed a slightly stronger-than-expected 1.1% increase, but that had no real impact on trade.
Market participants primarily took their early cues from oil, which opened pit trade at session highs then drifted down to $104.38 per barrel so that it closed with a 0.6% loss. Selling after the close has the commodity near $104 per barrel in electronic trade.
Weekly oil inventory data posted a bigger-than-expected build, but for the second week in a row the inventory report was met with a muted response. That suggests that the energy component is currently most concerned with the social and political events in the Middle East and North Africa.
Oil's early strength put stocks on the defensive, but as oil moved lower the major averages moved higher. However, every attempt by the S&P 500 to turn positive was repeatedly refused by lingering selling interest.
The broad market's inability to turn positive stemmed partly from a lack of leadership. Defensive-oriented stocks like telecom (+0.8%) and utilities (+1.1%) had the strongest gains, but make up the smallest share of market weight. Tech stocks (-0.6%), which represent the largest sector by market weight, retreated to a loss as semiconductor stocks slumped again.
The Philadelphia Semiconductor Index dropped 3.0% to close below its 50-day moving average for the first time since September. Ongoing weakness in the semiconductor space has the Index down 5.5% this week and the Nasdaq Composite trailing its counterparts.
A successful Treasury auction helped drive buying so that the yield on the 10-year Note fell to a five-session low of 3.45% before easing up a bit. The auction of 10-year Notes drew a bid-to-cover ratio of 3.32 for dollar demand of $69.7 billion. The indirect bidder participation rate came in at 53.0%. For comparison, the prior auction had a bid-to-cover of 3.23 and dollar demand of $77.5 billion with an indirect bidder participation rate of 71.3%.
3:30 pm : Energy (+1.3%) led all advancing sectors, while grains (-1.9%) led all declining sectors, in what was another mixed session for commodities.
April crude oil shed 0.6% to close at $104.38 per barrel. Prices trended lower throughout the session to close in negative territory. A larger than expected build in inventories helped weigh on prices despite headlines from Libya indicating that several crude oil assets were destroyed/on fire from the fighting. April natural gas gained 1.4% to close at $3.93 per MMBtu.
April gold ended higher by 0.2% to $1429.60 per ounce, while May silver gained 1.1% to finish at $36.04 per ounce. Both metals pulled back in morning trade as the dollar bounced and crude oil sold off. They did, however, manage to bounce off the flat line to finish the session in positive territory. DJ30 +10.29 NASDAQ -11.70 SP500 -1.36 NASDAQ Adv/Vol/Dec 1186/1.6 bln/1413 NYSE Adv/Vol/Dec 1472/602.5 mln/1458
3:00 pm : Stocks have been chopping along in a relatively narrow range for the past few hours. There is little indication that the range bound action will change as stocks head into the final hour of the session.
There haven't been many catalysts for trade today. Among corporate announcements, only a few earnings reports were posted, but none of them carried any implication for broad market sentiment. Today's dearth of data was limited to a January wholesale inventory report that showed a slightly stronger-than-expected 1.1% increase.
The earnings calendar for tomorrow remains sparse, but economic data will pick up. Initial weekly jobless claims will be posted tomorrow morning at 8:30 AM ET, along with the latest trade balance data. The Treasury's monthly budget statement will be released at 2:00 PM ET. The Treasury auction calendar features results from a 30-year Bond auction at 1:00 PM ET tomorrow. DJ30 +13.89 NASDAQ -11.07 SP500 -1.28 NASDAQ Adv/Vol/Dec 1067/1.49 bln/1521 NYSE Adv/Vol/Dec 1341/558 mln/1594
2:30 pm : The S&P 500 continues to bump up against resistance at the neutral line, where sellers have been standing firm all session.
Part of the stock markets inability to turn positive stems from an absence of leadership. Sure, telecom stocks are up 0.7% and utilities stocks are up 0.8%, but together the two sectors account for just 6% of the market's overall weight. Meanwhile, tech and financials, which combine for almost 35% of the market's overall weight, are down 0.2% and 0.6%, respectively. The tech sector continues to be weakened by semiconductor stocks (-2.8%) while the financial sector has been hampered by specialized finance issues (-0.8%). DJ30 +6.28 NASDAQ -12.70 SP500 -1.98 NASDAQ Adv/Vol/Dec 1053/1.38 bln/1522 NYSE Adv/Vol/Dec 1390/515 mln/1516
2:00 pm : Treasuries have rallied to session highs in the wake of the 10-year Note auction. The move has lowered the yield on the benchmark 10-year Note to 3.45%, which makes for its lowest level in five sessions.
Oil prices continue to oscillate. They are now down 0.5% to $104.45 per barrel. Oil's recent slip has helped stocks start to lift off of an afternoon low.
Oil's slip this session comes without regard for the dollar, which has spent most of today trailing a basket of competing currencies. At the moment the Dollar Index is down 0.1%. The first quarter of 2011 has been rather weak for the dollar; it is down 3.0% year to date. DJ30 -0.15 NASDAQ -18.88 SP500 -2.93 NASDAQ Adv/Vol/Dec 1049/1.27 bln/1501 NYSE Adv/Vol/Dec 1404/477 mln/1485
1:30 pm : Treasuries have turned higher in recent trade, such that the yield on the benchmark 10-year Note is now below 3.50%. The action follows results from an auction of 10-year Notes.
The auction drew a bid-to-cover ratio of 3.32 for dollar demand of $69.7 billion. The indirect bidder participation rate came in at 53.0%. For comparison, the prior auction had a bid-to-cover of 3.23 and dollar demand of $77.5 billion with an indirect bidder participation rate of 71.3%. An average of the past six auctions results in a bid-to-cover of 3.08, dollar demand of $67.6 billion, and an indirect bidder participation rate of 53.7%. DJ30 +22.63 NASDAQ -12.20 SP500 -0.34 NASDAQ Adv/Vol/Dec 1047/1.19 bln/1477 NYSE Adv/Vol/Dec 1374/445 mln/1504
1:00 pm : The broad market has spent most of the session chopping along in negative territory, unable to sustain any kind of an upward push even though oil prices have come down in recent trade.
An absence of data and meaningful corporate news left early participants to take their cues from oil prices, which recovered from an overnight loss to open pit trade with a strong gain near $106 per barrel. Oil prices have since pulled back by more than a buck after traders initially shrugged off a greater-than-expected build in weekly inventories.
Oil's recent slip has helped the S&P 500 move back near the neutral line. It has struggled to put together any kind of a gain, though. Varied degrees of selling pressure have kept it in the red almost all session.
Materials stocks make up the worst performing sector in the broad market. As a group material stocks have fallen 1.5% in a weak follow-up to their 1.0% gain in the prior session.
Meanwhile, semiconductor stocks continue to slump. They are down another 2.7% today. That leaves the group on pace for a weekly loss of more than 5% and has the Philadelphia Semiconductor Index below its 50-day moving average for the first time since September. As a consequence of the group's weakness the Nasdaq has lagged its counterparts all week.
By far, though, Finisar (FNSR 25.83, -14.21) has been the worst performer in the tech-rich Nasdaq today. The stock has lost 35% of its market cap following the firm's disappointing forecast.
Retailers have had a strong session, however. As a group, retail stocks are up 0.7%. American Eagle Outfitters (AEO 15.73, +0.93) has outperformed as participants disregard the company's downside guidance to focus on confirmation that the company's CEO will retire. DJ30 +1.97 NASDAQ -15.31 SP500 -1.53 NASDAQ Adv/Vol/Dec 1151/1.10 bln/1369 NYSE Adv/Vol/Dec 1467/405 mln/1403
12:30 pm : The S&P 500 recently poked into positive territory, but it has failed to hold the move. That marks the second time this session that the broad market measure has been rejected near the neutral zone.
Although the Dow has been dragged down from a recent session high, it remains in positive territory with a fractional gain. It has been propped up by IBM (IBM 167.15, +4.87), which has benefited from a target price increase by analysts at RBC. Home Depot (HD 37.50, +0.46) has also been a strong performer among blue chips as it extends its prior session bounce off of its 50-day moving average; shares of HD haven't been below their 50-day average since December 1. DJ30 +8.25 NASDAQ -13.75 SP500 -2.06 NASDAQ Adv/Vol/Dec 1185/992 mln/1316 NYSE Adv/Vol/Dec 1463/370 mln/1379
12:00 pm : The Dow is back at the neutral line, but the Nasdaq and S&P 500 continue to trail as they trade with losses.
Oil prices are back in the red after working their way to higher ground in early pit trade -- they prices were last quoted with a 0.4% loss at $104.65 per barrel. A greater-than-expected build in weekly inventories was unveiled about 90 minutes ago, but it had little real impact on trade.
Oil's slip has led to some selling against energy stocks. In turn, the sector is down 0.5%, which comes on top of its 0.6% loss in the prior session, when it was the only sector to log a loss. DJ30 +13.09 NASDAQ -10.43 SP500 -1.41 NASDAQ Adv/Vol/Dec 1060/885 mln/1384 NYSE Adv/Vol/Dec 1284/325 mln/1546
11:30 am : The Philadelphia Semiconductor Index is down 2.9%, which puts it below its 50-day moving average for the first time since September and on pace for a 5.4% week-to-date loss. During the course of the past four sessions it has shed 6.4%.
Weakness among semiconductor issues continues to undermine the Nasdaq Composite, which has lagged its counterparts all week. As things currently stand, the Nasdaq Composite is down 1.5% week to date, but the S&P 500 is down 0.5% for the week and the Dow is actually up 0.1% this week. DJ30 -21.57 NASDAQ -20.11 SP500 -5.27 NASDAQ Adv/Vol/Dec 878/750 mln/1559 NYSE Adv/Vol/Dec 1065/275 mln/1745
11:00 am : An upward push about 30 minutes ago took the Dow into positive territory, but the S&P 500 encountered resistance at the neutral line. Subsequent selling pressure has sent the broad market down to a fresh session low.
Materials stocks are down the most. Their 1.9% loss is almost twice as much as next worst performing sectors (industrials, -1.0%). Among the 30 names that make up the materials sector, Sherwin Williams (SHW 81.51, +0.12) and CF Industries (CF 129.12, +0.18) are the only two in positive territory. Steel stocks Nucor (NUE 45.99, -1.21) and U.S. Steel (X 54.24, -1.48) are under some of the sharpest pressure in the sector. DJ30 -50.93 NASDAQ -26.74 SP500 -9.50 NASDAQ Adv/Vol/Dec 1022/590 mln/1357 NYSE Adv/Vol/Dec 1217/215 mln/1553
10:35 am : Oil prices had begun to pull back toward the flat line ahead of the latest weekly inventory report. They have since stabilized to trade with a 0.3% gain at $105.35 per barrel. According to data, oil inventories had a build of 2.52 million barrels for the week ended March 4. A build of 1.00 million barrels had been widely expected.
Natural gas prices continue to sport a modest gain. They are currently up 0.0.8% at $3.89 per MMBtu.
As for precious metals, gold prices are up 0.4% to trade at $1432.90 per ounce while silver prices have pushed up to a 1.4% gain at $36.15 per ounce. DJ30 +13.25 NASDAQ -7.12 SP500 -0.95 NASDAQ Adv/Vol/Dec 872/430 mln/1468 NYSE Adv/Vol/Dec 1054/160 mln/1683
10:00 am : Stocks had started to stage a nice rebound from their opening slide, but sellers have redoubled their efforts. The major averages aren't quite back at their morning lows, though.
Wholesale inventory data has been given little attention by the broad market. Wholesale inventories for January increased by 1.1%, which is slightly stronger than the 1.0% that had been expected, on average, among economists polled by Briefing.com. Inventories for the prior month were revised upward to reflect a 1.3% increase.
09:45 am : Stiff selling at the open has knocked the major averges into the red. The Nasdaq has been hit the hardest as semiconductor plays succumb to another sell-off -- they are collectively down 2.1%.
Utilities make up the only major sector to trade with any kind of a gain. It is up 0.2%. In a similar vein, other defensive-oriented sectors consumer staples, health care, and telecom have managed to limit their losses to just 0.1%. DJ30 -45.86 NASDAQ -24.27 SP500 -7.18 NASDAQ Adv/Vol/Dec 806/55 mln/1290 NYSE Adv/Vol/Dec 949/40 mln/1469
09:15 am : S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -9.00. Stock futures are pushing lower as oil prices make an upward push to trade with a 0.5% gain at $105.60 per barrel in the opening minutes of pit trade. Oil prices remain the primary catalyst for trade amid an absence of meaningful corporate announcements and a dearth of data, which is limited to the latest monthly wolesale inventory report today (10:00 AM ET). Relatively mixed action abroad hasn't offered any framing for participants either.
09:05 am : S&P futures vs fair value: -3.10. Nasdaq futures vs fair value: -9.50. Oil prices have pushed up to $105.55 per barrel for a 0.5% gain in the first few minutes of pit trade. Oil prices had been down to about $104.20 per barrel in overnight trade. Natural gas prices are up with a 0.8% gain at $3.90 per MMBtu. As for precious metals, gold prices are up 0.5% to $1434.90 per ounce while silver prices are up a much sharper 1.9% to $36.33 per ounce. Overall strength in the commodity space has the CRB Commodity Index up 0.2%. Just yesterday it suffered its first loss in eight sessions.
08:35 am : S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: -5.00. Futures for the S&P 500 remain mired near the neutral line. Meanwhile, Germany's DAX is up 0.3% amid strength in Deutsche Telekom and Daimler AG (DAI), which announced a joint venture with Rolls Royce and an intent to launch public tender offer for Tognum AG. Henkel and Infineon Tech are laggards at the moment. France's CAC has worked its way to a 0.2% gain, despite weakness in heavyweights Total (TOT), Credit Agricole, and BNP Paribas. Schneider Electric and Sanofi-Aventis (SNY) have been primary leaders in the effort to advance. Although its advancing issues outnumber decliners by 2-to-3, Britain's FTSE is off by 0.2%. The loss is largely owed to weakness in energy plays BP Plc (BP) and Royal Dutch Shell (RDS.A), as well as banking outfit Standard Charter. However, Prudential PLC (PUK) has been a primary source of support following its latest quarterly results and news of a 20% dividend hike. As for data, the United Kingdom's visible trade deficit totaled 7.06 billion pounds in January, but that is actually less than the 9.69 billion pound deficit recorded for December.
As for action in Asia, Japan's Nikkei drifted off of its session high, but still settled with a 0.6% gain. KDDI Corp, Fast Retailing, and Fanuc Corp topped the list of leading movers. Toyota (TM) recorded a solid gain. The automaker recently outlined its global initiatives. As for laggards, Nippon Electric Glass and Canon (CAJ) traded lower. Mainland China's Shanghai Composite eked out a 0.1% gain, even though declining issues edged out advancers. Bank of China was a primary leader. China Shipbuilding Co. complemented its efforts. PetroChina (PTR) succumbed to selling pressure; it was a primary source of weakness. Hong Kong's Hang Seng outperformed on Tuesday with a 1.7% surge. It followed up that performance with a 0.4% gain in its Wednesday session. Financial plays China Construction Bank, Industrial & Commercial Bank, Bank of China, and Ping An Insurance were primary leaders. However, HSBC (HBC) failed to share in their rally. Energy giants PetroChina and CNOOC (CEO) were also hit by selling.
08:00 am : S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: -1.30. Stock futures now trade flat against fair value after a choppy overnight session. Oil prices are also near the flat line after working their way out of the red -- crude oil futures prices in the generic contract were last quoted at $105 per barrel. Overall news flow is light this morning and there economic calendar is headlined by a January Wholesale Inventory report at 10:00 AM ET. Results from an auction of 10-year Notes will be posted at 1:00 PM ET. The benchmark Note is currently up a few ticks. Meanwhile, the dollar is down with a 0.2% loss against a collection of competing currencies.
06:54 am : [BRIEFING.COM] S&P futures vs fair value: +2.40. Nasdaq futures vs fair value: -1.00.
6:34PM FuelCell Energy beats by $0.02, beats on revs (FCEL) 1.79 +0.03 : Reports Q1 (Jan) loss of $0.10 per share, $0.02 better than the Thomson Reuters consensus of ($0.12); revenues rose 92.5% year/year to $28.1 mln vs the $21.7 mln consensus. Production levels are currently at 35 MW annually compared to production of 22 MW for 2010 to meet backlog. Anticipating increasing order volume, the Company expects to further increase production levels during 2011.
6:10PM SeaCube Container Leasing beats by $0.02, misses on revs; increases dividend 10% (BOX) 15.43 +0.09 : Reports Q4 (Dec) earnings of $0.47 per share, after giving effect to the issuance of shares in the IPO, $0.02 better than the Thomson Reuters consensus of $0.45; revenues rose 8.8% year/year to $35.9 mln vs the $37.3 mln consensus. "As a result of our strong financial performance, stable and consistent cash flows, as well as a favorable industry outlook, SeaCube's Board of Directors has declared a dividend of $0.22 a share, which is an increase of 10%. It is our objective to continue to grow our earnings and dividends, while maintaining our ability to capitalize on compelling growth opportunities."
5:59PM Human Genome: FDA approves Benlysta to treat lupus (HGSI) 25.68 +0.01 : The U.S. Food and Drug Administration approved Benlysta (belimumab) to treat patients with active, autoantibody-positive lupus (systemic lupus erythematosus) who are receiving standard therapy, including corticosteroids, antimalarials, immunosuppressives, and nonsteroidal anti-inflammatory drugs. Benlysta is delivered directly into a vein (intravenous infusion) and is the first inhibitor designed to target B-lymphocyte stimulator (BLyS) protein, which may reduce the number of abnormal B cells thought to be a problem in lupus. Prior to Benlysta, FDA last approved drugs to treat lupus, Plaquenil (hydroxychloroquine) and corticosteroids, in 1955. Aspirin was approved to treat lupus in 1948. HGSI will co-market the drug in the United States with GlaxoSmithKline (GSK).
5:54PM The Princeton Review appoints John Connolly as Interim President and CEO (REVU) 0.82 -0.06 : Co has appointed John M. Connolly as interim president and chief executive officer, succeeding Michael Perik, who has resigned to pursue other interests. Connolly's extensive experience includes serving as president and CEO of ISS, which provides proxy voting, corporate governance, compliance and risk management solutions, until its sale to RiskMetrics in 2006. He also serves as a managing director and operating partner of Bain Capital Ventures and has recently completed his service as interim president and CEO of EDGAR Online, Inc., a provider of XBRL filing services, datasets and analysis tools.
5:36PM SciQuest files 1.0 mln stock offering and an additional 2,935,393 shares from selling shareholders (SQI) 15.04 +0.31 :
5:27PM Fuel-Tech beats by $0.02, beats on revs (FTEK) 8.10 +0.45 : Reports Q4 (Dec) earnings of $0.04 per share, $0.02 better than the Thomson Reuters consensus of $0.02; revenues rose 33.8% year/year to $25 mln vs the $21.3 mln consensus.
5:26PM AFC Enterprises reports EPS in-line, misses on revs; guides FY11 EPS below consensus (AFCE) 15.18 +0.42 : Reports Q4 (Dec) earnings of $0.18 per share, in-line with the Thomson Reuters consensus of $0.18; revenues rose 5.2% year/year to $34.2 mln vs the $35.4 mln consensus. Co issues downside guidance for FY11, sees EPS of $0.91-0.95, excluding non-recurring items, vs. $1.00 Thomson Reuters consensus. Continuing its two-year positive momentum, the Company expects Popeyes global same-store sales growth to be in the range of positive 1.0 to 3.0 percent in 2011. Popeyes expects global new openings to be in the range of 120-140 restaurants in 2011, a growth rate of 6-7 percent, compared to 106 openings in 2010.
4:54PM Human Genome halted, news pending (HGSI) 25.68 +0.01 :
4:44PM Danaher and Beckman Coulter announce early termination of HSR Act waiting period in connection with tender offer (DHR) 51.65 +0.16 : Co and Beckman Coulter (BEC) announced that they have received notification of early termination of the waiting period under the Hart- Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable to the tender offer for all of the outstanding shares of common stock of Beckman Coulter at a price of $83.50 per share. The transaction is anticipated to close in the second quarter of 2011.
4:40PM XL Capital announced preliminary net loss estimates for the earthquake that struck Christchurch, New Zealand on February 22, 2011 (XL) 22.97 -0.23 : Co's preliminary loss estimates related to the New Zealand Earthquake, pretax and net of reinsurance and reinstatement premium, range from approximately $70 million to $85 million, the majority of which is attributable to XL's reinsurance segment. These preliminary loss estimates correspond to expected insured market losses for the New Zealand Earthquake in the range of $8 billion to $12 billion.
4:34PM American Safety Insurance reports net earnings of $0.99 per share, Thomson Reuters consensus $0.56; total revenues $66.2 mln, single analyst estimate $62.5 mln (ASI) 20.15 -0.16 :
4:33PM Semtech beats by $0.06, beats on revs; guides Q1 EPS above consensus, revs above consensus (SMTC) 22.50 -1.42 : Reports Q4 (Jan) earnings of $0.47 per share, excluding non-recurring items, $0.06 better than the Thomson Reuters consensus of $0.41; revenues rose 36.0% year/year to $116.3 mln vs the $113.3 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.41-0.44, excluding non-recurring items, vs. $0.40 Thomson Reuters consensus; sees Q1 revs of $117-121 vs. $114.40 mln Thomson Reuters consensus.
4:32PM Elan announces European commission approval of injectable treatment using Elan's NanoCrystal technology (ELN) 6.63 +0.12 : Co announced that the first injectable product using EDT's NanoCrystal technology has been approved by the European Commission. XEPLION, Janssen-Cilag International NV's long-acting injectable treatment for patients with schizophrenia which uses EDT's NanoCrystal technology, was approved by the European Commission.
4:26PM American Intl CORRECTION--Earlier we incorrectly reported news attributable to AIG from yesterday that the co repaid ~$6.9 bln to the Treasury (AIG) 37.11 -0.20 : Earlier we incorrectly reported that co repaid ~$6.9 bln to United States Treasury. The comment has been deleted.
4:23PM American Intl adopts tax asset protection plan; declared a dividend of one preferred share purchase right (AIG) 37.11 -0.20 : Co announced that its Board of Directors has adopted a Tax Asset Protection Plan. This Plan is similar to tax benefit protection plans adopted by other public companies with significant tax attributes. As of December 31, 2010, AIG had a U.S. federal net operating loss carryforward of ~$32.3 bln, $27.8 bln in capital loss carryforwards and $4.6 bln in foreign tax credits carryforward. adopts tax asset protection plan. As part of the Plan, the AIG Board of Directors today declared a dividend of one preferred share purchase right for each outstanding share of AIG common stock, par value $2.50 per share (AIG common stock).
4:23PM Force Protection beats by $0.01, reports revs in-line (FRPT) 4.92 +0.00 : Reports Q4 (Dec) earnings of $0.16 per share, $0.01 better than the Thomson Reuters consensus of $0.15; revenues fell 28.1% year/year to $207.7 mln vs the $206.7 mln consensus. Gross margin for the 2010 fourth quarter was 20.7 percent, as compared to 18.1 percent in the fourth quarter of 2009. Separately, the Company announced today that its board of directors has authorized the Company to repurchase up to $20 mln of its common stock. Co also says "We believe that there will be a continued high-level of operational tempo in Afghanistan throughout 2011, which will provide additional vehicle sales as well as continued operational support through modernization, spares and sustainment services. However, we expect that we will be challenged to show a profit through the first six months of the year primarily due to the timing of orders and one-time costs associated with a recent workforce reduction. "As we look to the remainder of the year, we continue to anticipate the generation of significant cash from operations and growth of our 2011 full year revenue and earnings over 2010 levels. Contributing to this view is current backlog that includes deliveries under the LPPV program beginning in the second half of 2011, as well as future orders from both domestic and international customers."
4:22PM National Fuel Gas unit announces Gulf of Mexico divestiture and marcellus shale milestone (NFG) 71.68 +0.16 : Seneca Resources has entered into an agreement to sell its offshore Gulf of Mexico oil and natural gas producing properties for $70 million. The sale has an effective date of Jan. 1, 2011, and is expected to close by the end of April. In accordance with full cost accounting rules, the sale proceeds will be applied against the company's full cost pool so as to reduce Seneca's capitalized costs, and no gain or loss will result from the transaction. Also, Seneca recently reached a major milestone with a daily net production rate of more than 100 million cubic feet ("MMcf") per day from the Marcellus Shale. As of March 7, 2011, Marcellus net production was approximately 120 MMcf per day from 32 operated and 27 non-operated Marcellus Shale wells. Seneca is one of the industry-leading operators in terms of Marcellus production per well.
4:21PM Hampton Roads Bankshares reports net loss of $34.7 mln compared to a net loss of $152.2 mln in prior year; completes remainder of $295 mln recapitalization (HMPR) 0.80 -0.01 : In addition, the Company reported a decline of $50.1 million in nonperforming assets during the fourth quarter, from $365.5 million at September 30, 2010 to $315.4 million on December 31, 2010.
4:19PM Apco Oil and Gas Intl reports net income of $0.88 per share, compared to $0.80 in prior year; reports total operating revenue of $15.1 mln; no estimates available (APAGF) 82.15 +2.22 : Higher average sales prices and greater equity income from Argentine investments in 2010 led to the increase in net income compared with 2009. These favorable variances were partially offset by greater costs and operating expenses and higher income tax expense. Compared with 2009, total operating revenues increased by $15.1 million. The increase in operating revenues was primarily the result of higher average sales prices during 2010. A 3 percent increase in total sales volumes of 2.5 million barrels of oil equivalent (BOE) for the year applicable to Apco's consolidated interest also contributed to higher operating revenues in 2010.
4:17PM Vail Resorts to invest $30 mln in capital improvement projects to enhance guest experience at Northstar-at-Tahoe Resort for the 2011-2012 Season (MTN) 49.83 +0.19 :
4:16PM Silicon Graphics acquires SGI Japan for $17.9 mln in cash (SGI) 18.85 -0.15 : Co announces it has acquired all outstanding shares of SGI Japan from a consortium of investors that includes NEC Corporation, Sony Corporation and Canon Marketing Japan. The purchase price was $17.9M in an all cash deal. The purchase also includes $27.0M of net working capital. SGI previously owned 10.4% of SGI Japan. "We expect this acquisition will be accretive to earnings in the current fiscal year and will help us achieve a revenue growth of 14% to 19% in FY11, and 15% to 20% in FY12, both on a non-GAAP basis." Co now sees FY11 revs of $600-$625 mln (current consensus is $587.4 mln), up from previous range of $570-595 mln. Reaffirms profitable EPS and gross margins of 27%-30%. For FY12, the co no sees rev growth of 15%-20%/yr, up from the previous range of 5%-10%. Reaffirms profitable EPS and gross margins of 100bps growth/yr.
4:15PM Primo Water announces two strategic acquisitions (PRMW) 10.28 -0.18 : Co announces it will enter the single-serve cold carbonated beverage market through the acquisition of certain assets from Omnifrio Beverage Company.The purchase price for the Omnifrio assets will be approximately $13.1 million, consisting of approximately $7.0 million in cash and the issuance of 501,080 unregistered shares of the Company's common stock with a value of approximately $6.1 mln. Primo expects the Omnifrio business to generate $2.0 to $4.0 million in sales and negatively impact GAAP diluted earnings per share in the range of ($0.23) to ($0.29), non-GAAP pro forma fully-taxed diluted earnings per share in the range of ($0.14) to ($0.17), GAAP loss from operations in the range of ($4.6) to ($5.8) million, and non-GAAP EBITDA in the range of ($4.0) to ($5.0) million for 2011.
4:15PM Molycorp --CORRECTION--- Co reports a profit of $0.03, $0.10 better than consensus; beats on revs (MCP) 48.62 -1.15 : Reports Q4 (Dec) net income of $0.03 per share, excluding non-recurring items, $0.10 better than the Thomson Reuters consensus of ($0.07); revenues rose 886.4% year/year to $21.7 mln vs the $13.5 mln consensus. The Company sold approximately 638 metric tons of rare earth oxide (REO) products in the fourth quarter 2010, a 20% increase compared to 3Q 2010, and a 37% increase from the approximately 467 metric tons sold in 4Q 2009. The Company realized an average sales price of approximately $34.02 per kilogram, compared to an average sales price of $16.10 per kilogram in 3Q 2010, and an average sales price of $4.72 per kilogram for 4Q 2009. Average sales prices have continued to increase significantly in 1Q 2011. Project Phoenix Milestone Achievements: In the fourth quarter and into 2011, the Company achieved all scheduled milestones in its development plan. For the remainder of 2011 and for the foreseeable future, the Company anticipates that the Chinese government will follow through on its announced intent to continue to limit the quantity of rare earth oxides available outside of China. In addition to reduced export quotas, the Company believes that the following factors and expected actions by the Chinese government will further restrict production and supplies available for export
4:11PM FX Energy commenced an underwritten public offering of 6 mln shares of its common stock (FXEN) 7.89 -1.06 : Co announced it has commenced an underwritten public offering of 6 mln shares of its common stock. FX Energy intends to use the net proceeds from this offering to fund a portion of its 2011 and 2012 capital budget and accelerate planned exploration and development activities and construction of production facilities in the Company's project areas in Poland and for general working capital purposes. Macquarie Capital is acting as the sole book-running manager for the offering.
4:11PM Allegiant Travel announced that it will borrow $125 mln on or about March 10, 2011, under a senior secured term loan facility arranged through Citadel Securities (ALGT) 42.80 : Co announced that it will borrow $125 mln on or about March 10, 2011, under a senior secured term loan facility arranged through Citadel Securities. Proceeds from the term loan will also be used for the funding of future capital expenditures and general corporate purposes.
4:09PM Quality Distribution reports inline with pre-announcement (QLTY) 9.90 -0.10 : Reports Q4 (Dec) earnings of $0.06 per share, $0.01 better than the Thomson Reuters consensus of $0.05; inline with preannounced guidance of $0.05-0.06, revenues rose 9.7% year/year to $165.8 mln vs the $165.8 mln consensus, and in line with preannounced guidance of ~$165 mln.
4:07PM Coldwater Creek misses by $0.14, misses on revs; views 2011 as a transitional year (CWTR) 2.91 +0.01 : Reports Q4 (Jan) loss of $0.40 per share, $0.14 worse than the Thomson Reuters consensus of ($0.26); revenues fell 20.8% year/year to $252.1 mln vs the $282.8 mln consensus.
4:07PM Triangle Capital beats by $0.04, beats on revs (TCAP) 18.86 -0.29 : Reports Q4 (Dec) earnings of $0.42 per share, $0.04 better than the Thomson Reuters consensus of $0.38; revenues rose 36.8% year/year to $10.4 mln vs the $9.6 mln consensus.
4:05PM LSI Logic to sell external storage systems business to NetApp for $480 mln (see 16:01); Board authorizes new $750 mln stock repurchase program (LSI) 6.13 -0.12 : Co announced that it has signed a definitive agreement to sell its external storage systems business to NetApp (NTAP) for $480 million in cash. The company also announced today that its board of directors has authorized a new stock repurchase program of up to $750 mln. Under terms of the agreement, NetApp will purchase substantially all the assets of the LSI external storage systems business. The business being purchased generated revenues of $705 mln in 2010. As a result of the sale, LSI expects to eliminate $35-40 mln per quarter of operating expenses upon closing of the transaction.
4:03PM Metabolix beats by $0.02, beats on revs (MBLX) 9.39 +0.13 : Reports Q4 (Dec) loss of $0.35 per share, $0.02 better than the Thomson Reuters consensus of ($0.37); revenues fell 47.6% year/year to $0.1 mln vs the $0.1 mln consensus.
4:02PM I.D. Systems misses by $0.01, beats on revs (IDSY) 4.81 -0.05 : Reports Q4 (Dec) loss of $0.12 per share, $0.01 worse than the Thomson Reuters consensus of ($0.11); revenues rose 152.6% year/year to $7.2 mln vs the $7 mln consensus.
4:01PM Summer Infant beats by $0.01, beats on revs; guides FY11 EPS in-line, revs in-line (SUMR) 7.20 +0.01 : Reports Q4 (Dec) earnings of $0.10 per share, $0.01 better than the Thomson Reuters consensus of $0.09; revenues rose 30.0% year/year to $51.1 mln vs the $47.2 mln consensus. Co issues in-line guidance for FY11, sees EPS of at least $0.60 vs. $0.62 Thomson Reuters consensus; sees FY11 revs of at least $220 mln vs. $222.63 mln Thomson Reuters consensus.
4:01PM Invesco reported preliminary month-end assets under management of $641.1 bln, an increase of 2.9% MoM (IVZ) 26.51 -0.15 : Co reported preliminary month-end assets under management of $641.1 billion, an increase of 2.9% month over month. The month over month increase in AUM was driven by positive market returns, net inflows into institutional money market funds and strengthening foreign currencies against the U.S. dollar. The benefit from stronger foreign currency against the U.S. dollar resulted in an increase of $2.3 billion of AUM in the month. Further, long-term net flows, excluding the impact of the Invesco PowerShares QQQ's, were positive for the month. Total average assets for the quarter through February 28 were $627.8 billion and average assets excluding ETF, UIT and Passive for the quarter through February 28 were $542.0 billion.
4:01PM NetApp to purchase Engenio external storage systems business of LSI Corporation (LSI) for $480 mln; expected to be accretive to NTAP's earnings per share by the end of Q2 of FY12 (NTAP) 51.52 -0.13 : Co announced that it has entered into a definitive agreement to purchase the Engenio external storage systems business of LSI Corporation (LSI), a publicly held company headquartered in Milpitas, California, in an all-cash transaction for $480 mln. The close is anticipated to occur in ~60 days subject to customary closing conditions. The transaction is expected to be accretive to NetApp's GAAP and non-GAAP earnings per share by the end of the second quarter of its 2012 fiscal year.
3:30PM Rocky Brands completed mgmt restructuring, names three new presidents and David Sharp as president and COO (RCKY) 14.66 -0.68 : In December, co announced Sharp would be promoted to president and CEO effective July 1, 2011. Current CEO and Chairman of the Board Mike Brooks will remain as executive chairman. The newly created positions include Gary Adam, president of International Sales; Jason Brooks, president of U.S. Wholesale; and Richard Simms, president of Retail.
3:20PM SkyWest reports Feb traffic; Passenger boardings increased 40.1% y/y, RPMs increased 42.4% and ASMs increased 46.4% (SKYW) 17.10 +0.08 : Load factor was 74.5 percent compared to 76.6 percent, down 2.1 percentage points compared to February 2010. The substantial increases for each of the items are due primarily to the acquisition of ExpressJet Airlines on November 12, 2010.
3:11PM Intel displays some relative strength in recent trade, pushes 1% higher over last 25 min amid pickup in volume (INTC) 21.32 +0.20 : Stock set a new six week low this morning but has rebounded as much as 1.9% off the low to test its 50 sma at 21.35 (session high 21.34).
2:43PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : May corn finished down 4.50 cents to $7.01, May wheat dropped 21 cents to close at $7.5875, May soybeans ended lower by 33.5 cents to close at $13.485, May ethanol closed lower by 2.6 cents at $2.525, while May world sugar futures closed down 0.28 cents to 30.42 cents.
2:40PM WPCS Intl has been awarded a contract from the Connecticut State Police for up to 400 in-car digital video systems to be installed over the next three years (WPCS) 2.84 +0.04 :
2:38PM Relative Sector Weakness as Dow -18 and S&P -4.6 slip further off midday highs -- Nasdaq -18 (TECHX) : Sector underperforming in recent action include Oil Service OIH, Energy XLE, Steel SLX, Finance XLF, Reg Bank KRE.
2:34PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled lower by $0.64 to $104.38, natural gas gained 6.1 cents to close at $3.925, heating oil finished higher by $5.39 cents to $3.0658, while RBOB gasoline ended up 8.05 cents to $3.0272 (all April contracts).
2:32PM Herbalife announces new $700 million credit facility (HLF) 80.54 +2.86 : The new five year facility matures on March 9, 2016. The new facility replaces a $300 million senior secured credit facility entered into in July 2006 that was originally comprised of a $100 million revolving credit facility (which was later amended in 2007 to increase the revolver capacity by $150 million to $250 million) and a $200 million term loan due to expire in 2012 and 2013, respectively.
2:18PM Crude trades to session lows with about 12 min left in pit trade; now off $1.00 to $104.02 (COMDX) :
2:00PM China Shen Zhou Mining received a recent report regarding the Company's operations, finances and outlook; management believes there are a significant number of errors and miscalculations (SHZ) 4.30 -0.64 : Co announced that it has received a recent report regarding the Company's operations, finances and outlook. "Upon reviewing, management believes there are a significant number of factual errors and miscalculations in the report. Management does not agree with the author's conclusions and is preparing a response to these allegations and factual errors. The Company will advise shareholders when the response is completed and posted on China Shen Zhou's website."
2:00PM Boeing and Cathay Pacific Airways confirm order for 10 Boeing 777-300ER airplanes valued at $2.8 bln at list price (BA) 71.98 -0.06 :
1:40PM Elbit Medical Imaging announces results of dutch auction to institutional investors for its debenture offering in Israel (EMITF) 11.50 +0.05 : Co announced that the offering by way of "Dutch Auction" to institutional investors in connection with a proposed public offering in Israel by way of extending its existing Series D Debentures has concluded. Elbit is offering up to NIS 120,000,000 principal amount of Series D Debentures of which institutional investors have subscribed for the entire 80% of the offering allotted by law to institutional investors.
1:33PM COMEX Metals Closing Prices (COMDX) : April gold ended higher by $2.60 to $1429.80, May silver gained 39.2 cents to finish at $36.05, while May copper fell 12 cents to close at $4.2185.
1:27PM Geoglobal Resources entered into drilling services agreement with Exceed Deep Water Drilling Specialists (GGR) 0.73 -0.01 : Exceed will proceed with the necessary engineering, commercial and critical logistical arrangements and undertake any preparatory work involved with the drilling campaign on both the Myra and Sara licenses. To date, a 400 square kilometer 3D seismic program has been acquired and processed on each license.
1:24PM IMAX and Cobb Theatres announced an agreement to open two new IMAX theatre systems (IMAX) 28.27 +0.41 :
12:51PM Crude oil drops ~75 cents to lows of the session; now off 70 cents to $104.32 (COMDX) :
12:02PM Dow +41 and S&P +0.8 set new session highs, Nasdaq -6 approaching morning bounce high (SPY) :
11:54AM Intraday Relative Sector Strength (TECHX) : Sectors that have been outperforming the S&P as it has edged off its 11 ET low include: Casino BJK, Housing XHB, Retail XRT, Transports IYT, Industrial XLI, and to a lessor extent Finance XLF.
11:40AM April WTI crude trades to its lowest intraday levels; now off 48 cents to $104.54 (COMDX) :
11:36AM Intercontinental Hotels Group signed a 20-year management agreement with Inmobiliaria Punta Piqueros (IHG) 21.80 -0.08 : Co signed a 20-year management agreement with Chile-based Inmobiliaria Punta Piqueros, S.A. to manage a new-build InterContinental hotel in Punta Piqueros, within the district of Concon, in north-Central Chile, and in close proximity to Vina del Mar, one of the country's most fashionable resort areas.
11:36AM Silver into negative territory; now off 1.8 cents to $35.64 (COMDX) :
11:20AM Gold, silver pull back (COMDX) :
* April gold now down 60 cents to $1426.60. * May silver higher by 16.2 cent sto $35.82.
11:04AM S&P -7.5 sets new low to test retracement of Mon-Tues bounce at 1312 -- Dow -38 and Nasdaq Comp -22 did not confirm the new low thus far (SPY) :
11:00AM Oil Service HOLDRS Trust slides to new session low of 158.53 (OIH) 158.63 -1.12 : Yesterday weekly low is at 158.35 with the March low just under at 158.15. The bottom of its three week trade range from late Feb is at 157.26.
10:54AM Dow -26 stalled near Tues high, S&P -6.3 at unch, lagging Nasdaq -20 never reached flat line (SPY) : Underperforming sectors on the recent slide off bounce highs include: Materials XLB, Copper JJC, Oil Service OIH, Semi SMH, Coal KOL, Retail XRT.
10:31AM Crude oil sees little reaction to inventory data; now up 30 cents to $105.32 (OIH) :
10:30AM Top performing Dow +24 and S&P +0.1 reach positive ground, lagging Nasdaq Comp -5 is 23 points off its low (SPY) :
10:23AM Relative Sector Strength as stock indices extend push off lows -- Dow -1.2, S&P -2.3, Nasdaq -9.6 (TECHX) : Internet FDN, Health XLV, Transports IYT, Networking IGN, Retail XRT, Semi SMH, Technology XLK, Solar TAN.
10:20AM Sprint Nextel signs partnerships with American Chamber of Commerce Executives, Association of Small Business Development Centers and US Hispanic Chamber of Commerce (S) 4.64 -0.05 : Co announced exclusive affinity sales partnerships with the American Chamber of Commerce Executives, the Association of Small Business Development Centers and the United States Hispanic Chamber of Commerce. Collectively the three organizations represent the interests of more than 2 million small businesses. As part of the exclusive partnerships, Sprint will provide its products and services at a discount, which each organization can then offer as incentives to acquire new members or retain existing ones.
10:19AM Weak start but still confined within range/triangle (SPY) : Potential triangle formation in the S&P over the last few weeks with this morning's recovery attempt and the 1320, 1325 levels short term keys (Click for chart).
10:14AM Penn Va GP Hldgs announces unitholder approval of merger with Penn Virginia Resource Partners (PVR) (PVG) 27.59 +0.58 : PVR's unitholders have previously approved the merger and other merger-related proposals at PVR's special unitholder meeting held on February 16, 2011. The merger is expected to close on March 10, 2011, resulting in PVG unitholders receiving 0.98 PVR common units for each PVG common unit.
10:12AM Orthofix promotes Brian McCollum to CFO (OFIX) 32.43 +0.34 : Co announced that effective March 1, 2011, Brian McCollum has been promoted to Chief Financial Officer. Mr. McCollum had been serving as the Company's Interim Chief Financial Officer since January 2011. Mr. McCollum has been with the Company for close to 10 years in various roles of increasing responsibilities.
10:12AM Tyco approves 20% dividend increase in annual to dividend to $1.00; elects Harman CEO to board (TYC) 45.25 +0.01 : Co also elects new board member Dinesh Paliwal is Chairman, President and Chief Executive Officer of Harman International (HAR).
10:02AM U.S. Bancorp to begin issuing cards to North American corporate clients in Europe by mid-year (USB) 27.58 -0.17 : U.S. Bank will continue to participate in the Global Commercial Payment Solutions (GCPS) network to serve customers outside its own issuing footprint following the launch of U.S. Bank commercial cards in Europe. GCPS is a joint venture of Visa (V) and several card issuing banks.
10:01AM Emerson unit to supply control technology for four new Westinghouse nuclear reactors in China (EMR) 59.75 -0.42 : Co's unit recieves contracts totaling ~$17 million to supply its Ovation expert control technology at four new Westinghouse AP1000 nuclear reactors in China. The award continues a long relationship between the two companies, with the Ovation control system or its predecessors already installed at most existing Westinghouse nuclear reactors.
10:01AM FICO announced that the National Commercial Bank will use FICO predictive analytics to meet Basel II regulations (FICO) 28.00 -0.13 :
10:00AM Pinnacle and Wynn Las Vegas announce marketing alliance (PNK) 12.51 0.00 : Wynn (WYNN) Las Vegas and Pinnacle Entertainment announced a strategic agreement that gives Pinnacle's most important customers special access to Wynn Las Vegas and Encore. The agreement connects Pinnacle's presence in casino jurisdictions with Wynn's Las Vegas properties. This will bolster Pinnacle's ability to attract new customers and build stronger loyalty with the segment of the market that most closely mirrors that of Wynn.
10:00AM Blackstone and Dahlman Rose sign agreement to cooperate on restructuring services for maritime sector (BX) 17.63 -0.02 : Co announced an agreement to jointly provide financial advisory services to maritime clients seeking to recapitalize or restructure their balance sheets. The agreement encompasses maritime restructuring situations globally and relates to a broad array of potential financial restructuring constituents, including borrowers, secured creditors, lessors, charterers, unsecured and trade creditors and equity participants.
9:54AM Opening Point Gainers/Losers (TECHX) : Point Gainers: CHSI (+6.73), CRDN (+6.12), PLCE (+3.39), AVAV (+3.02), IBM (+2.99), NAV (+2.91), SINA (+2.40), SOHU (+2.14), FMCN (+2.20), ESV (+2.05), NFLX (+1.36), GS (+1.74)
Point Losers: FNSR (-13.68), SAM (-7.18), FN (-5.39), VC (-4.45), BEN (-4.55), CME (-4.46), OPLK (-3.95), SOXL (-3.28), IPGP (-3.07), CF (-2.61), CLF (-2.74)
9:50AM Semiconductor Hldrs ETF drops to new session low of 34.54 slightly under its 50 sma/ema and just above its Feb low at 34.46 (SMH) 34.62 -0.82 : ALTR -3.1%, LRCX -2.9%, AMAT -2.4%, KLAC -2.3%, XLNX -2.2%, BRCM -2.1%, MCHP -1.9%, SNDK -1%.
9:49AM Silver extends sell off trading back below $36; now up 35.2 cents to $36.01 (COMDX) :
9:41AM Finisar gaps down near its 200 ema at 24.80 and attempts to stabilize -- session low 24.87 (FNSR) 25.10 -14.94 :
9:40AM Stock indices extending opening weakness led by Nasdaq -23.6, Dow -37, S&P -6 (SPY) :
9:38AM Apple slides to new low of 352.44, nearing its early week lows at 352.25/351.31 (AAPL) 352.72 -3.04 :
9:36AM eBay slips under early week low at 31.17 and its 50 sma at 31.16 -- session low 31.02 (EBAY) 31.02 -0.66 :
9:35AM Silver drops ~20 cents from highs; now up 53.7 cents to $36.195 (COMDX) :
9:34AM WTI crude pulling back from highs; currently up 31 cents to $105.33 (COMDX) :
9:31AM Hospira announces U.S. approval of generic Docetaxel (HSP) 53.75 +0.45 : Co announced FDA approval of docetaxel. The medication is a generic version of Sanofi-Aventis's (SNY) Taxotere, and Hospira expects to launch the product later this month. Hospira's docetaxel is approved for the treatment of a variety of cancers. In 2010, U.S. sales of Taxotere were ~$1.2 bln.
9:15AM On The Wires (WIRES) :
* Orbit International (ORBT) announced that its conference call, originally scheduled for 11:00 am on March 10th has been rescheduled for 2:00 pm on the same day, due to a personal issue of Mitchell Binder, its Acting CEO. * Autobytel (ABTL) and Kelley Blue Book announced an extension of their current relationship by expanding Kelley Blue Book's auto finance offerings through Autobytel's website. * Ciena (CIEN) announced a partnership on a 100G national network in support of the U.S. Unified Community Anchor Network project. * Fiserv (FISV) announced that First Federal Savings Bank of Ottawa, IL, with $400 mln in assets, has completed its implementation of an integrated banking solution based on the Cleartouch bank platform. * Nanometrics (NANO) announced that a leading Japanese semiconductor company has selected its IMPULSE integrated metrology solution for process control of advanced chemical mechanical polishing applications to be deployed as part of its new fab build-out. * Target Clinic, part of Target (TGT) plans to open eight new locations this year to provide guests more access to quality, convenient and affordable health care services. * Xata (XATA) announced that it is now a value-added reseller for SkyBitz, the global leader in remote-asset-management solutions.
9:10AM Dynegy elects four new directors to board (DYN) 5.79 : Co has elected Thomas W. Elward, E. Hunter Harrison, Vincent J. Intrieri and Samuel Merksamer to the Dynegy Board, effective March 9, 2011. Mr. Harrison was nominated by Seneca Capital. Mr. Intrieri and Mr. Merksamer were nominated by Icahn Associates, and Mr. Elward was independently identified.
9:06AM Virgin Media repurchased 137,074 shares of common stock on March 8, at $27.32-28.00 (VMED) 27.99 :
9:05AM Cisco Systems intends to offer, subject to market and other conditions, senior notes under an automatic shelf registration (CSCO) 18.22 : Cisco intends to use the net proceeds from this offering for general corporate purposes. BofA Merrill Lynch, Goldman, Sachs & Co., J.P. Morgan, Citi, Morgan Stanley and Wells Fargo Securities are acting as joint book-running managers.
9:01AM Medtronic says the FDA has informed it that issues noted in two warning letters have been resolved (MDT) 39.64 : Co announced that the FDA has informed the company that issues noted in two warning letters -- one from November 2009 regarding the company's Mounds View, Minnesota facility and another from June 2009 regarding the company's manufacturing facility in Juncos, Puerto Rico -- have been resolved.
8:54AM Realty Income increases offering by 1.5 mln shares and prices 7.5 mln shares of common stock at $34.81 to fund property acquisitions (O) 35.25 : The net proceeds from the offering are expected to be used to fund recently announced property acquisitions that are expected to close during the first six months of 2011. Any remaining net proceeds will be used for general corporate purposes and working capital, which may include additional acquisitions.
8:45AM Citigroup announces expiration and results of consent solicitation for CitiFinancial Credit co's 7.875% Notes Due 2025 (C) 4.64 : Co announces the expiration and results of the solicitation of certain consents in respect of the 7.875% Notes due 2025 issued by Citi's unit, CitiFinancial Credit. As of the expiration of the consent solicitation, co had received validly delivered consents from ~$83.8 mln aggregate principal amount of 7.875% Notes. Because the requisite consents were not received, co will not make the corresponding consent payments for such consents and all consents received will be null and void.
8:43AM El Paso Pipeline Partners priced a 12 mln common unit offering at $34.30/unit (EPB) 35.45 :
8:40AM On The Wires (WIRES) :
* Pitney Bowes (PBI) announced it has joined Demandware LINK to provide international ecommerce solutions for u.s. retailers. * Comverge (COMV) announced that it has established a new International subsidiary to capitalize on the growing global demand for its comprehensive portfolio of next-generation software, hardware and services. Co's CFO will lead the new subsidiary as president of Comverge International. * Immunomedics (IMMU) announced that IBC Pharmaceuticals, a majority-owned subsidiary, has received notice that its patent application will issue as U.S. Patent No. 7,906,118 on March 15, 2011. * Syntel (SYNT)announced that it has signed a Strategic Outsourcing Framework Agreement with the UK's financial services statutory regulator, the Financial Services Authority.
8:34AM Lpath granted another U.S. patent related to iSONEP and ASONEP drug programs (LPTN) 1.25 : This newly issued patent, No. U.S. 7901682, claims methods of treatment in cancer, pathological angiogenesis, and inflammation using an antibody or antibody fragment that binds sphingosine-1-phosphate (S1P). Lpath entered into an agreement with Pfizer (PFE) in 2010 that provides Pfizer an exclusive option for a worldwide license to develop and commercialize iSONEP.
8:32AM China Housing & Land to acquire a new development project in Hu County (CHLN) 2.46 : Co purchased this development project from a Chinese state-owned enterprise that had purchased land and commenced development of housing units for its employees. China Housing's development project acquisition from this SOE is comprised of 280,000 sq. meters of GFA. The development of this acquisition will be divided into two phases. Phase One is comprised of 100,000 sq. meters of GFA, of which 85,000 sq. meters will be sold to the SOE to distribute to its employees. The remaining 15,000 sq. meters of the Phase One project have received all necessary government approvals and are ready to be sold to non-SOE employees. Phase Two of the project will entail construction of 180,000 sq. meters of GFA. The timing of Phase Two construction is scheduled for the second half of 2011. The estimated revenue (comprised of 15,000 sq. meters of GFA sales from Phase One plus 180,000 sq. meters of GFA sales from Phase Two) is ~$100 mln with full project completion estimated for 2Q2013. The Company will pay ~$14.9 mln for the 100% equity in this project and intends to fund this project though the internally generated fund as well as from the bank loans.
8:32AM WebMD Health prices $350 mln of 2.25% convertible notes due 2016 (WBMD) 57.57 : Co intends to use ~$50 mln of the net proceeds from the sale of the notes to repurchase ~868,500 shares of its common stock at a price of $57.57 per share, the last reported sale price of common stock on March 8, 2011. Co intends to use the remainder of the net proceeds for general corporate purposes, which may include acquisitions and additional repurchases of its common stock, and for working capital.
8:32AM Evolving Systems announced that a major US carrier has selected the co's number resource management solution, NumeriTrack, to replace its current legacy system (EVOL) 7.67 :
8:31AM Scientific Games has signed a contract to be the primary vendor to supply instant ticket games and related services to the Colorado Lottery (SGMS) 9.07 : The contract extends through June 2014 and includes three one-year contract extension options. Revenue to Scientific Games is based on a price per thousand instant tickets.
8:23AM On The Wires (WIRES) :
* Chemtura (CHMT) announced that Bayer CropScience, a unit of Bayer (BAYRY) will be the exclusive distributor of Chemtura AgroSolutions seed treatment products in China and will incorporate the marketing of these products into the Bayer CropScience seed treatment product range. * Genomic Health (GHDX) introduced My Colon Cancer Coach, a unique online tool that provides patients with a personalized report of their specific type of colon cancer. * Kohl's Department Stores (KSS) marks the grand opening of nine new stores across seven states, bringing more than 1,200 jobs. * LMP Capital and Income Fund (SCD) announced that the Fund's Board of Directors has approved a tender offer for up to 30% of the Fund's outstanding shares of common stock. In addition, upon the prior occurrence of certain events as set forth below as well as certain other terms and conditions, the Fund's Board of Directors has also approved three subsequent quarterly conditional tender offers of up to 5% of the outstanding shares of common stock. * American Public University (APEI) announced partnerships with the BAE Systems Information Solutions subsidiary of BAE Systems and Sun-Maid Growers of California that will provide affordable online education programs to the cos opening of a new technical service Knowledge Centre in Southern India for customers in the pharmaceutical and biotechnology industries. * Solazyme announced the execution of both a joint development agreement and a letter of intent with The Dow Chemical (DOW) to advance the development of Solazyme's algal oils for use in next generation, bio-based dielectric insulating fluids key to transformers and other electrical applications. Arrow Electronics (ARW) announced a global distribution agreement with Samsung Electro-Mechanics. * CDC Software (CDCS) announced it added a total of five new partners in Brazil and Mexico since the beginning of the year as part of its aggressive expansion strategy in Latin America. * KineMed announced today the extension of its collaboration with Bristol-Myers Squibb (BMY) in the area of Alzheimer's disease and other neurodegenerative conditions. * Motorola Solutions (MSI) announced plans to begin shipping ASTRO 25 systems with P25 TDMA trunking later this year. * Goodrich (GR) announced that it has been selected by Airbus to provide the nacelle system for a new engine for the Airbus A320 Family of single-aisle airplanes. Under the agreement, Goodrich will design the nacelle and thrust reversers for the Pratt & Whitney PurePower 1100G engine that will power the Airbus A320 Family, designated the A320neo. Goodrich will also perform engine build up for the PurePower propulsion system. * Jack Henry (JKHY) announced that it has established a strategic alliance with BillShrink, a provider of purchase rewards and personalized bill analysis services. * Walgreen (WAG) announced a definitive agreement with Catalyst Health Solutions (CHSI) under which Catalyst will acquire Walgreens pharmacy benefit management business, Walgreens Health Initiatives, in a cash transaction for $525 mln, subject to certain adjustments. The transaction is structured as an acquisition of all of the capital stock of WHI. * ZOLL Medical (ZOLL) announced that it has received an award from the Government of NSW Australia to provide 5450 AED Plus devices for installation on all Rural Fire Service stations deployed throughout the State of New South Wales.
8:20AM Opko Health priced a 27 mln share common stock offering at $3.75/share (OPK) 3.84 :
8:15AM Boeing and Aeroflot Russian Airlines announced an order for six Boeing 777-300ERs and two Boeing 777-200ERs; order was previously attributed to an unidentified customer on Boeing's Orders and Deliveries website (BA) 72.04 :
8:09AM Atmos Energy unwinds two Treasury lock agreements worth $250 mln generating a pretax cash gain; will recognize impairment loss; reaffirms FY11 EPS guidance (ATO) 34.98 : Co announces the unwinding of two Treasury lock agreements with a cumulative notional amount of $250 mln generating a pretax cash gain of ~$28 mln. Additionally, the co plans to impair its investment in the Ft. Necessity storage project and recognize a pretax noncash loss of ~$19 mln. The net impact to fiscal 2011 earnings is an increase of ~$6 mln, or $0.07 per diluted share. Atmos Energy still expects fiscal 2011 earnings to be in the range of $2.25-2.35 per diluted share, in-line with $2.30 Thomson Reuters consensus.
8:07AM TICC Capital misses by $0.01 (TICC) 12.18 : Reports Q4 (Dec) earnings of $0.24 per share, excluding non-recurring items, $0.01 worse than the Thomson Reuters consensus of $0.25. Total investment income for the fourth quarter of 2010 amounted to approximately $9.1 million which remained essentially the same as the total investment income for the third quarter of 2010. Expenses for the fourth quarter of 2010 were approximately $2.5 million which were also essentially the same as the expenses for the third quarter of 2010.
8:07AM American Eagle beats by $0.01, reports revs in-line; guides Q1 EPS at low end of consensus; guides FY12 EPS below consensus (AEO) 14.80 : Reports Q4 (Jan) earnings of $0.44 per share, $0.01 better than the Thomson Reuters consensus of $0.43; revenues fell 4.2% year/year to $916 mln vs the $920.5 mln consensus. The Q4 comparable store sales decreased 7%. Gross profit was 39.4% as a rate to sales. The merchandise margin decreased 60 basis points. Co issues downside guidance for Q1, sees EPS of $0.13-0.17 vs. $0.17 Thomson Reuters consensus. Co sees Q1 comparable store sales of negative 3% to flat. Co issues downside guidance for FY12, sees EPS similar to last year's $1.02 vs. $1.10 Thomson Reuters consensus. Co is targeting FY12 comparable store sales growth in the low single-digits. SG&A expense is planned to increase in the low single-digits, reflecting anticipated continued expense savings, coupled with planned investments in advertising and costs associated with new store growth. Co sees FY12 average weekly inventory per foot is planned to decrease in the high single-digits, against a mid single-digit increase last year. Co sees FY12 capital expenditures are expected to be in the range of $90-100 mln, with slightly more than half related to new and remodeled stores.
8:05AM Merck announces FDA acceptance of New Drug Application for investigational ophthalmic medication SAFLUTAN (MRK) 32.98 : Co announces that the NDA for SAFLUTAN, its investigational preservative-free prostaglandin analogue ophthalmic solution, has been accepted for standard review by the FDA. SAFLUTAN is the proposed trade name for tafluprost in the United States.
8:03AM Cantel Medical beats by $0.02, beats on revs (CMN) 23.36 : Reports Q2 (Jan) earnings of $0.33 per share, $0.02 better than the Thomson Reuters consensus of $0.31; revenues rose 21.6% year/year to $81 mln vs the $73.8 mln consensus.
8:02AM Sunpower signs 48-megawatt solar power supply agreement with Toshiba (SPWRA) 15.71 : Co announces under a strategic supply agreement, Toshiba will order 48 megawatts of high-efficiency solar panels from SunPower during the 2011 Japanese fiscal year ending March 31, 2012. Toshiba will use the panels to support the company's residential solar offering in Japan, which was launched last year with a supply agreement for 32 megawatts of SunPower panels.
8:01AM American Eagle CEO Jim O'Donnell confirms decision to retire (AEO) 14.80 : Co announces that James V. O'Donnell, Chief Executive Officer, has informed the Board of Directors of his intention to retire, and the company has initiated a succession process to be jointly led by Mr. O'Donnell and the Board. Mr. O'Donnell will continue with the Company as CEO until a successor is named and through an orderly transition period.
8:01AM A-Power Energy affiliate receives Notice of Arbitration from GE Transportation (APWR) 5.29 : Co announces that on March 7, 2011, a subsidiary of GE Transportation served notice on A-Power that GE Transportation has issued a demand for arbitration against A-Power for alleged unresolved breaches of certain terms of the gearbox purchase and sale contract between them. A-Power is presently considering its response to this notice from GE Transportation. If this matter proceeds to arbitration, A-Power cannot reliably determine the outcome or the potential financial consequences that an adverse outcome in any such proceeding may have on the Company.
7:49AM Randgold Resources confirms Tongon mine still operating on plan despite political impasse in the Cote d'Ivoire (GOLD) 73.75 : Co announces that despite the continuing political impasse in the Cote d'Ivoire, its recently commissioned mine at Tongon was still operating on plan as stated last month. At that time, it said the mine was functioning normally, albeit with some interruptions and delays related to the situation in the country.
7:34AM Bon-Ton Stores beats by $0.11, misses on revs; guides FY12 EPS above consensus (BONT) 15.42 : Reports Q4 (Jan) earnings of $4.41 per share, $0.11 better than the Thomson Reuters consensus of $4.30; revenues rose 0.8% year/year to $1.01 bln vs the $1.02 bln consensus. Co issues upside guidance for FY12, sees EPS of $1.00-1.50 vs. $0.93 Thomson Reuters consensus. Comparable store sales in a range of 1.5% to 3.5% increase; Gross margin rate flat to down 30 basis points to fiscal 2010; SG&A expense as a percent to sales flat to fiscal 2010
7:33AM Ceradyne raises FY11 EPS guidance above consensus (CRDN) 38.85 : Co issues raises guidance for FY11 (Dec), sees EPS of ~$2.35-2.70, up from $1.50-1.90, vs. $1.84 Thomson Reuters consensus; sees FY11 (Dec) revs of ~$505-560 mln, prior $470-540 mln, vs. $525.01 mln Thomson Reuters consensus. "We are comfortable in revising our 2011 guidance based on several factors. First, we are experiencing increasing gross margins. We believe this is due to higher volume efficiencies, an improved sales mix, as well as firmer pricing in our industrial and commercial markets. Secondly, the recent $56.6 million ESAPI award and several potential additional armor opportunities increase the probability of a substantial increase in military business compared to 2010. We are also encouraged by the preliminary ballistic results the military is achieving on our Enhanced Combat Helmet (ECH) first article testing. Finally, the projected increased industrial ceramic business in Europe and strong demand for our high purity fused silica ceramic solar crucible lead us to project continuing positive results throughout 2011." (stock is halted)
7:32AM POZEN beats by $0.05, misses on revs (POZN) 5.16 : Reports Q4 (Dec) earnings of $0.61 per share, $0.05 better than the Thomson Reuters consensus of $0.56; revenues rose 590.5% year/year to $29 mln vs the $29.9 mln consensus. "During 2011, POZEN plans to continue the late-stage clinical development of PA32540, along with its pre-commercialization activities. Additionally, the Company will consider commencing studies with PA65020. Given that the Treximet patent litigation remains outstanding, and the VIMOVO launch is still in its early stages, the company has elected to forgo providing annual financial guidance at this time. We anticipate providing guidance when further clarity on these issues emerges."
7:32AM Extreme Networks appoints Edward Meyercord as Independent Chairman (EXTR) 3.81 : Co announces that Edward Meyercord has been appointed as the independent Chairman of the Board succeeding the company co-founder, Gordon Stitt. Gordon Stitt recently completed an 18 month assignment as a consultant to the company, working on data center market development.
7:31AM ViroPharma Board of Directors has authorized the use of up to $150 mln to repurchase shares of its common stock and/or its 2% Sr Convertible Notes due 2017 (VPHM) 17.98 : Co announces that its Board of Directors has authorized the use of up to $150 million to repurchase shares of its common stock and/or its 2% Senior Convertible Notes due 2017. The sources of cash for this repurchase program are a combination of their cash, cash equivalents and short term investments on their balance sheet and their anticipated cash flows from operations. ViroPharma produced cash flows of $194 million for the year 2010.
7:31AM TiVo inceases and prices private offering of $150 mln 4.00% Convertible Senior Notes (TIVO) 8.75 : Co announces pricing of its private offering of $150 mln aggregate principal amount of 4.00% Convertible Senior Notes due 2016. The size of the offering has been increased from the previously announced $120 mln aggregate principal amount. Co intends to use the net proceeds from the sale of the notes to fund intellectual property litigation and research and development spending and for general corporate purposes, which may include funding sales and marketing expenses, increasing working capital, making capital expenditures and potentially for strategic acquisitions.
7:16AM Eastman Kodak launches private placement of $200 mln Senior Secured Notes (EK) 3.18 : Co intends to use the net proceeds from the offering for general corporate purposes.
7:15AM On The Wires (WIRES) :
* Microsemi (MSCC) announced the immediate availability of its LXMG1645 quad-lamp CCFL backlight inverters with the proven StayLITTM fault-management feature. * Auxilium Pharmaceuticals (AUXL) announced it has reached the target enrollment for the double-blind placebo-controlled phase III program of XIAFLEX for the treatment of Peyronie's disease. * Rentrak (RENT) announced an agreement with One Domain to integrate Rentrak's StationView Essentials TV ratings database currency with One Domain's leading software solutions. * GlobalSCAPE (GSB) announced the availability of enhanced security and end user capabilities for Mail Express, its popular email-based file transfer solution for business customers. * Ultimate Software (ULTI) announced that Interline Brands selected Ultimate's UltiPro in December 2010 to achieve high levels of business intelligence as well as integrated workforce management across its business. * Cavico (CAVO) plans to benefit from several key infrastructure developments in Vietnam. Recent developments that could positively impact Cavico include the following: The proposed construction of a four-lane tunnel underneath the Red River, increase in loans pledged to Vietnam to $2 bln by the Asian Development Bank. * Nokia (NOK) plan to construct a $276 mln manufacturing facility near Hanoi.
7:05AM Progenics Pharm names Mark Baker as CEO (PGNX) 6.12 : Co announces it has appointed Mark Baker CEO. Prior to this promotion, Baker served as president.
7:05AM Datalink prices follow-on public offering of 3.71 mln shares of common stock at $5.75 (DTLK) 6.25 : Of the shares being offered, Datalink is offering 2,750,000 shares and the selling shareholder is offering 960,000 shares.
7:03AM Dresser-Rand intends to offer $375 mln of Senior Notes due 2021 (DRC) 52.52 : The net proceeds from the offering of the Notes are expected to be used to fund the previously announced cash tender offer by co for any and all of its outstanding 7-3/8% Senior Subordinated Notes due November 1, 2014 and to redeem any 2014 Notes not purchased in such tender offer.
7:03AM Hercules Offshore beats by $0.08, beats on revs (HERO) 5.40 : Reports Q4 (Dec) loss of $0.03 per share, excluding $0.71 in non-recurring items, $0.08 better than the Thomson Reuters consensus of ($0.11); revenues fell 2.3% year/year to $172.3 mln vs the $170.4 mln consensus.
6:49AM On The Wires (WIRES) :
* Acacia Research (ACTG) announced that its Document Generation subsidiary has entered into a license agreement with the General Electric (GE) covering patents relating to document generation software. * Meru Networks (MERU) announced that it has been awarded two new patents for its groundbreaking innovation addressing Layer 2 network congestion collapse in 802.11n wireless LANs. * Mattson Technology (MTSN) announced that a leading semiconductor manufacturer has placed a follow-on multi-system paradigmE order, the largest etch order in the Company's history. * Move (MOVE) announced it will expand the reach of agents and brokers across the Web down to neighborhood levels through an exclusive agreement with BlockShopper.com. * Semiconductor Manufacturing International (SMI) and RDA Microelectronics (RDA) announced that RDA5802N, an FM receiver chip using SMIC's 55nm Low Leakage logic process and adopting Innopower's IP solution, is now in risk-production. * Northern Trust (NTRS) announced that it grew the part of its custody business servicing Local Government Pension Schemes in the UK with the addition of $10 bln in new client assets in 2010. The company now provides custody and related services to 36% of the Local Government Pension Schemes in the UK.
6:45AM Dangdang beats by $0.01, beats on revs (DANG) 25.51 : Reports Q4 (Dec) earnings of $0.03 per share, $0.01 better than the Thomson Reuters consensus of $0.02; revenues rose 58.7% year/year to $107.7 mln vs the $106.4 mln consensus. Co expects its total net revenues in the first quarter of 2011 to be in the range of RMB 673.0-681.0 mln, representing year-over-year growth in the range of 50%-52%.
6:37AM Children's Place beats by $0.21, misses on revs; guides Q1, FY12 EPS below consensus (PLCE) 43.88 : Reports Q4 (Jan) earnings of $1.22 per share, excluding non-recurring items, $0.21 better than the Thomson Reuters consensus of $1.01; revenues fell 2.1% year/year to $453.2 mln vs the $467.5 mln consensus. The co's repurchase of 1.9 mln shares during fiscal 2010 resulted in a $0.09 benefit during Q4. Co issues downside guidance for Q1, sees EPS of $1.00-1.05 vs. $1.12 Thomson Reuters consensus, with negative low single digit comps. Co issues downside guidance for FY12, sees EPS of $3.05-3.25, excluding non-recurring items, vs. $3.32 Thomson Reuters consensus, with flat comps. The co announced today that the Board of Directors has authorized a new share repurchase program in the amount of $100 mln. Previously, on August 19, 2010, the co announced that the Board of Directors had authorized a share repurchase program in the amount of $100 mln. A total of 1.9 million shares from that authorization have been repurchased to-date for ~$90 mln. The co anticipates completing the remainder of the 2010 share repurchase authorization during Q1.
6:13AM Navistar misses by $0.07, misses on revs; reaffirms FY11 EPS in-line with consensus (NAV) 60.86 : Reports Q1 (Jan) earnings of $0.16 per share, excluding non-recurring items, $0.07 worse than the Thomson Reuters consensus of $0.23; revenues fell 2.3% year/year to $2.74 bln vs the $2.9 bln consensus. Co issues in-line guidance for FY11, sees EPS of $5.00-6.00, excluding non-recurring items, vs. $5.23 Thomson Reuters consensus. Co states it is on track to achieve FY11 net income at high end of guidance. States order receipts support market recovery. The co anticipates that total truck industry retail sales volume for Class 6-8 trucks and school buses in the United States and Canada for the year ending Oct. 31, 2011, will be 260,000 units vs 191,300 units in 2010. The co also said its military business is on target to achieve revenue of $2 bln for the year as Navistar Defense continues to win orders and fill its order backlog.
4:31AM UK Jan Visible Trade Balance (in GBP) -7,057 mln vs revised -9,686 mln in Dec (prior -9,247 mln) (EWU) 18.16 :
3:56AM Nokia Siemens Networks clarifies status on Motorola (MMI) transaction; closing will not be completed as previously targeted (NOK) 8.51 : Co announces the acquisition by Nokia Siemens Networks of Motorola's (MMI) wireless networks infrastructure assets is still pending anti-trust approval from the Chinese regulatory authorities. Closing activities will not be completed in the first quarter of 2011 as previously targeted. Nokia Siemens Networks remains committed to the acquisition but will provide no further guidance on when it is likely to be completed.
1:40AM Cost Plus sees Q4 EPS and revs above consesnus (CPWM) 9.18 : Co issues upside guidance for Q4 (Jan), sees EPS of $1.21-1.24 vs. $1.10 Thomson Reuters consensus; sees Q4 (Jan) revs of $341.60 mln vs. $332.00 mln Thomson Reuters consensus. Co states same store sales for the quarter increased 7.7% compared to a decrease of 2.5% last year. Customer count for the fourth quarter of fiscal 2010 increased 6.6%, and average ticket increased 1.1%.
1:34AM Pengrowth Energy beats by CAD0.03; beats on revs (PGH) 13.04 : Reports Q4 (Dec) EPS of CAD0.01 vs (CAD0.02); revs increased 35.8% to CAD340.7 mln vs CAD318.0 mln Thomson Reuters consensus. Co replaced 183% (99% through internal development) of annual production at an all-in annual finding, development and acquisition cost of $18.46 per barrel of oil equivalent. Co grew its proved plus probable reserves by 7.7% to 318.4 MMboe from year-end 2009 levels.
1:17AM Headwaters prices $400 mln 7 5/8% Senior Secured Notes due 2019 (HW) : Co intends to use the net proceeds to fund the previously announced tender offer for any and all of its $328.3 mln aggregate principal amount of 11-3/8% Senior Secured Notes due 2014 outstanding and to pay related tender premiums and transaction fees and expenses.
1:15AM Phoenix Footwear CFO to step down at the end of March; no further details released (PXG) 0.27 :
1:11AM Ensco prices $2.5 bln offering of Senior Notes (ESV) 54.37 : Co announces that it has priced an underwritten offering of $1 bln principal amount of 3.25% senior unsecured notes due 2016 and $1.5 bln principal amount of 4.70% senior unsecured notes due 2021. Co intends to use the net proceeds from the offering to fund a portion of the cash consideration for the pending merger with Pride International (PDE).
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