Market Update: 110323 4:20 pm : Stocks slipped to modest losses in the early going, but the gradual accumulation of buying interest helped stocks work their way to strong gains. Although the S&P 500 still couldn't push past the 1300 line, the advance offset losses dealt during the prior session.
Morning participants opted to put pressure on stocks. Early efforts were generally broad based, but financials were hit the hardest after the Fed refused a proposal by Bank of America (BAC 13.65, -0.23) to distribute capital to shareholders in the second half of 2011. That headline completely overshadowed an upside earnings surprise and dividend hike from Discover Financial (DFS 23.44, +1.19).
Financials were down more than 1% at their morning low, but slashed that in afternoon trade. The sector settled with a relatively tame loss of 0.3% as materials stocks helped lead buyers back into the market.
Materials stocks were only down slightly in early trade, but swung to a 1.4% gain with help from metals and mining issues, namely Freeport McMoRan (FCX 54.94, +2.66) and Newmont Mining (NEM 54.83, +1.66). DuPont (DD 53.46, -0.21) was one of the few materials sector members that failed to move higher.
Despite the sector's overall strength, it lacks the weight necessary to take the S&P 500 above the 1300 line, which has represented a formidable point of resistance for the past couple of sessions. The S&P 500 had hugged the 1300 line during the last hour of trade, but pulled back a couple of points in the final few minutes. The late slip coincided with headlines that indicated Portugal's Parliament rejected government austerity measures.
In terms of individual performances, Jabil Circuit (JBL 20.99, +2.06) was one of today's top performers. The stock posted its strongest percentage gain in months on high share volume following an upside earnings surprise and upside guidance.
Cree (CREE 42.90, -6.10) was pummeled after the company cut its forecast. A disappointing outlook from Adobe Systems (ADBE 31.68, -1.20) brought about a strong push against its shares.
Economic data was limited to new home sales figures for February. They fell 17% month-over-month to an annualized rate of 250,000, which is a record low and considerably less than Briefing.com consensus for 288,000. The SPDR S&P Homebuilders ETF (XHB 18.01, +0.12) managed to shake off the news and stage a strong gain.
Tomorrow's economic calendar features weekly jobless claims and the latest durable goods orders data. Tomorrow also brings the latest weekly natural gas inventory report and results from an auction of 10-year TIPS.
3:30 pm : Commodities ended mixed on the session, with precious metals (+1.7%), energy (+0.6%), and industrials (+0.1%) all posting gains, while grains (-1%), softs (-0.9%) and livestock (-0.7%)all posted losses.
May crude oil rallied for 0.7% to close at $105.75 per barrel. Today's closing price marks crude oil's best in ~2.5 yrs. Continued uncertainty about how the situation in Libya will play out, coupled with heightened tensions in other parts of the country -including in Gaza, supported prices in crude. April natural gas rallied for 1.9% to end at $4.41 per MMBtu.
Global unrest, including recent attacks in Israel, sent the precious metals higher in a flight to safety. April gold rallied for 0.7% to finish at $1438.00 per ounce, while May silver surged 2.5% to end at $37.19 per ounce. Silver traded to a fresh ~30 yr high at $37.29, while gold put in highs at $1441.20, about 4 points shy of its all time. DJ30 +91.35 NASDAQ +19.79 SP500 +6.16 NASDAQ Adv/Vol/Dec 1392/1.4 bln/1160 NYSE Adv/Vol/Dec 1676/594.6 mln/1276
3:00 pm : Stocks have pushed to fresh session highs as they enter the final hour of today's trade. Despite the effort, financials and health care stocks remain mired in the red -- both sectors are down 0.3%.
With just 60 minutes left before the toll of the closing bell, the focus starts to turn to tomorrow's agenda. The economic calendar features weekly jobless claims and the latest durable goods orders data. Tomorrow also brings the latest weekly natural gas inventory report. Results from an auction of 10-year TIPS are also scheduled for release on Thursday. DJ30 +79.80 NASDAQ +16.60 SP500 +4.70 NASDAQ Adv/Vol/Dec 1288/1.25 bln/1253 NYSE Adv/Vol/Dec 1521/540 mln/1412
2:30 pm : Shares of Starbucks (SBUX 36.45, +1.50) are up sharply after analysts at Deutsche Bank resumed their Buy rating on the stock. Green Mountain Coffee Roasters (GMCR 63.06, +1.09), which announced a strategic alliance with Starbucks a couple of weeks ago, has also caught a bid this session. Although the gain isn't quite as strong as that of SBUX, shares of GMCR are at a new record high.DJ30 +43.21 NASDAQ +5.26 SP500 +0.55 NASDAQ Adv/Vol/Dec 1230/1.14 bln/1289 NYSE Adv/Vol/Dec 1489/498 mln/1414
2:00 pm : After taking a breather just below the neutral line, the stock market has regained its upward momentum so that it is now at a fresh session high in positive territory with a modest gain.
The stock market's upturn comes amid relatively broad-based buying, such that eight of the 10 major sectors are now in higher ground after all of them had been in the red earlier this morning. Only financials (-0.4) and health care (-0.2%) are still in negative territory.
Treasuries haven't made much of a reaction to the stock market's upward push. Rather, the benchmark 10-year Note continues to trade just a couple of ticks in the red. DJ30 +54.03 NASDAQ +6.74 SP500 +1.67 NASDAQ Adv/Vol/Dec 1175/1.06 bln/1337 NYSE Adv/Vol/Dec 1436/455 mln/1449
1:30 pm : Stocks have been unable to add to their recent advance. That has left the S&P 500 mired in the red with a very narrow loss. The benchmark index also had a hard time turning positive in the prior session and was ultimately backed down for a modest loss.
In recent news, headlines have suggested that Cameron (CAM 58.57, -1.43) has been identified in a government commissioned report on the Gulf oil spill for its role in manufacturing the blowout preventer while Transocean (RIG 79.77, -0.51) was responsible for maintaining it. The report's circulation caused shares of CAM to fall to fresh session lows, but they have started to recover. DJ30 +31.22 NASDAQ +1.93 SP500 -0.89 NASDAQ Adv/Vol/Dec 1045/970 mln/1440 NYSE Adv/Vol/Dec 1289/419 mln/1591
1:00 pm : Stocks are now mixed after overcoming some moderate selling pressure this morning.
Participants renewed their selling efforts in the early going, although none of the major averages was backed down very far. The Dow actually did a good job of limiting its move lower, but the broader market was weighed down by weakness in financial stocks. Financial stocks have since pared their losses, but the sector is still down 0.8% amid news that Bank of America (BAC 13.53, -0.35) had its proposal to distribute capital to shareholders in the second half of 2011 refused by the Fed. Meanwhile, Discover Financial (DFS 23.26, +1.01) will hike its dividend. The banking and payment services company also posted an upside earnings surprise.
Jabil Circuit (JBL 21.03, +2.10) posted an upside earnings surprise of its own and also issued upside guidance. That has the stock on pace for its best single-session performance since December.
In contrast, disappointing guidance from Adobe Systems (ADBE 31.09, -1.79) has dropped shares of the software maker sharply so that they trade near 2011 lows. Cree (CREE 43.33, -5.67) has also been cut down following a trimmed forecast. Materials stocks have attracted a strong bid.
Strength in metals and mining plays and agricultural chemical issues has pushed the sector up 0.8%. The sector's lack of market weighed has limited its influence over broader action, however.
The worst new home sales report on record didn't do much for traders this morning. New home sales for February fell to an annualized rate of 250,000 from the prior month's upwardly revised rate of 301,000. The consensus among economists polled by Briefing.com was pegged at 288,000.DJ30 +23.61 NASDAQ +1.08 SP500 -1.34 NASDAQ Adv/Vol/Dec 1076/902 mln/1412 NYSE Adv/Vol/Dec 1311/388 mln/1553
12:30 pm : A recent bout of buying has sent both the Dow and the Nasdaq Composite into higher ground. The S&P 500 has yet to poke into positive territory, though.
Although they don't weigh very much in terms of market cap, materials stocks have been leaders in the market's upturn. The sector now sports a 0.8% gain, thanks mostly to strength among metals and miners as well as agricultural chemical plays.
Financials continue to trail, however. The sector is still down 0.7%. That's more than double the loss of health care (-0.3%), which is the next worst performing sector. DJ30 +26.45 NASDAQ +4.70 SP500 -0.62 NASDAQ Adv/Vol/Dec 941/800 mln/1534 NYSE Adv/Vol/Dec 1057/345 mln/1789
12:00 pm : Disappointment over the downside forecast from Adobe Systems (ADBE 31.09, -1.79) has overshadowed the software maker's upside earnings surprise for the latest quarter. As a consequence of the market's forward looking nature, shares of ADBE have dropped sharply so that they are in close contact with their 2011 lows. Underlying share volume has been robust; in fact, just a few hours into the session trading volume in the stock is at its highest level in several months.
Meanwhile, an upside earnings surprise and an upside forecast from Jabil Circuit (JBL 20.96, +2.03) has the stock on pace for its best single-session percentage gain in three months. Trading volume in JBL is strong, but unlikely to set any kind of record. DJ30 -4.20 NASDAQ -5.27 SP500 -4.26 NASDAQ Adv/Vol/Dec 925/722 mln/1521 NYSE Adv/Vol/Dec 1092/305 mln/1749
11:30 am : Stocks have successfully trimmed their losses. The effort has taken the Dow to within close reach of the neutral line, but both the S&P 500 and the Nasdaq Composite continue to trail with larger losses.
Treasuries have caught a bid in recent trade, too. Buying in that space has sent the yield in the benchmark 10-year Note a few basis points back above 3.30%.
The dollar is up modestly after its slip yesterday to a new 52-week low against a basket of major foreign currencies. Today it is up about 0.1% against the yen and up about 0.4% against the euro. DJ30 -2.69 NASDAQ -7.44 SP500 -4.18 NASDAQ Adv/Vol/Dec 694/598 mln/1698 NYSE Adv/Vol/Dec 854/265 mln/1940
11:00 am : Financials, now down 1.2%, continue to trade with the worst loss of any major sector. Bank stocks have been the biggest burden for the financial sector; the KBW Bank Index is currently down 1.4%.
Materials stocks are down only 0.1%. Newmont Mining (NEM 54.45, +1.28) is a leader in that space for the second straight session. Today's run-up in gold and silver prices has helped rekindle support for the mining play, which now sits at a new two-week high. DJ30 -32.21 NASDAQ -18.66 SP500 -7.32 NASDAQ Adv/Vol/Dec 586/472 mln/1767 NYSE Adv/Vol/Dec 756/212 mln/2005
10:35 am : Oil inventories for the week ended March 18 had a build of 2.13 million barrels, which is greater than the consensus call for a build of 1.5 million barrels. Oil prices haven't shown much reaction to the report. In turn, they continue to trade with a solid 0.5% gain at $105.50 per barrel. Prices had slipped below $105 per barrel to trade with a slight loss shortly after pit trade's open.
Natural gas is having a rather unexciting session. Futures contract prices are currently up by a single penny to $4.26 per MMBtu.
Precious metals are putting together an impressive performance. More specifically, the price of gold is up 0.8% to $1439 per ounce while silver prices are up 1.5% to $36.80 per ounce. DJ30 -21.46 NASDAQ -15.21 SP500 -6.52 NASDAQ Adv/Vol/Dec 593/363 mln/1699 NYSE Adv/Vol/Dec 719/166 mln/1988
10:05 am : New home sales for February fell to an annualized rate of 250,000 from the prior month's upwardly revised rate of 301,000. The consensus among economists polled by Briefing.com was pegged at 288,000.
The lower-than-expected tally is close to a record low and has caused stocks to pull back from a recent upturn. The broad market now sits at its morning low.
09:45 am : Selling at the open has taken the S&P 500 down markedly, but the Dow has managed to limit its decline so that it trades with only a moderate loss. Alcoa (AA 16.60, +0.15) is currently a leader among blue chips.
Fellow Dow component Bank of America (BAC 13.69, -0.19) has been hit rather hard following news that Fed refused the bank's proposal to distribute capital to shareholders in the second half of 2011. Weakness in the heavyweight has imbued the rest of the financial sector so that it trades with a 1.0% loss. DJ30 -22.71 NASDAQ -16.37 SP500 -6.92 NASDAQ Adv/Vol/Dec 682/36 mln/1231 NYSE Adv/Vol/Dec 760/33 mln/1424
09:15 am : S&P futures vs fair value: -2.40. Nasdaq futures vs fair value: -9.20. Stock futures point to a narrow loss at the open. That would be consistent with the lackluster action displayed in the prior session. The pause among buyers comes after stocks had strung together a series of strong performances, which actually gave the Dow its best three-session gain since September. Catalysts necessary to drive follow through buying interest have been limited, although a few individual names have seen some swings following earnings announcements. Among those that have reported most recently, Adobe (ADBE) is down ahead of the open, but Jabil Circuit (JBL) is up sharply in premarket trade. Cree (CREE) cut its guidance, so its shares have fallen under pressure. Discover Financial (DFS) has benefited from an upside earnings surprise and its decision to hike its dividend. Shares of Bank of America (BAC) are expected to open lower after the bank's proposal to distribute capital in the second half of 2011 was denied by the Fed.
09:05 am : S&P futures vs fair value: -2.40. Nasdaq futures vs fair value: -7.00. Commodities are generally stronger this morning. Oil prices had pushed back above $105 per barrel ahead of pit trade, but the commodity has since pulled back to trade with a fractional loss at $104.93 per barrel. Weekly oil inventory data are due at 10:30 AM ET. Natural gas prices are up 0.7% to $4.28 per MMBtu. As for precious metals, gold prices are up 0.3% to $1431.80 per ounce while silver is up a more impressive 0.6% to $36.49 per ounce.
08:35 am : S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: -9.50. Futures for the S&P 500 have turned lower in recent trade. Meanwhile, Europe's major bourses are mixed at the moment. Both France's CAC and Britain's FTSE are up fractionally, but Germany's DAX is down 0.4%. In the backdrop is a vote by Portugal's parliament on an amended austerity package. Among the more widely followed names in Europe, BP Plc (BP) has agreed to sell its America Production Company's 93% interest in the Wattenberg Processing Plant to Anadarko Petroleum (APC) for about $575 million. Also, Unilever Plc (UL) will sell its Sanex personal care brand to Colgate-Palmolive (CL) for about $940 million. Financial plays in France have been weak. As such, Societe Generale and Credit Agricole are both down about 2%. In economic related news, the minutes from the latest Bank of England Meeting indicate that the members voted 6-to-3 in favor of holding rates steady. The vote to keep intact the country's quantitative easing plan was 8-to-1.
Japan's Nikkei fell 1.7% overnight. Reports attribute the retreat to rekindled concerns about the country's progress in restoring damaged nuclear facilities. Estimates from the country peg the cost of damage from recent earthquakes at 25 trillion yen. During the latest round of trade Fujitsu was the worst performer; it tumbled almost 7%. Tokyo Electric Power dove more than 4% after it had rallied in each of the past two sessions. Canon (CAJ) was a strong performer, though; it gained 2.3%. Hong Kong's Hang Seng shed just 0.1%. China Coal proved to be a heavy drag as it tumbled close to 8% in the wake of its latest quarterly report. China's Shanghai Composite bucked the negative trend to climb 1.0%. Despite disappointment over the latest report from China Coal, coal miners were helped by news of an emergency coal stockpiling plan out of Beijing. As such, Yanzhou Mining and China Shenhua Energy outperformed.
08:05 am : S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -7.00. Stocks posted narrow losses in the prior session and are back under a mild fit of selling pressure amid generally lackluster action among the major averages abroad. Bank of America (BAC) shares are under sharper pressure after it was disclosed that the Fed objected to the company's proposed increase in capital distributions during the second half of 2011. Premarket trade has taken Adobe (ADBE) shares down about 2% in the wake of the company's downside forecast, which has overshadowed a better-than-expected bottom line. In contrast, Jabil Circuit (JBL) shares have spiked more than 8% higher ahead of the open. The action comes on the heels of the company's latest quarterly report, which features an upside earnings surprise and upside guidance. Discover Financial Services (DFS) posted its own upside earnings surprise along with a dividend hike to $0.06 per share. Earnings from General Mills (GIS) were in line with expectations. The latest new home sales figures are due at 10:00 AM ET. Weekly oil inventory data are due at 10:30 AM ET. Fed Chairman Bernanke is scheduled to give the Independent Community Bankers of America at 12:00 PM ET.
5:48PM BioMed Realty prices $400 million offering of 3.85% senior unsecured notes due 2016 (BMR) 18.02 -0.05 : The Notes were priced at 99.365% of the principal amount to yield 3.99% to maturity. The Notes will be senior unsecured obligations of the operating partnership and will be fully and unconditionally guaranteed by BioMed Realty Trust, Inc.
5:47PM First Defiance Financial prices 1.392 mln share common stock offering at $13.25 per share (FDEF) 14.06 -0.01 :
5:43PM Digital Ally postponed the release of its operating results until March 31 (DGLY) 1.41 +0.01 : Co has postponed the release of its operating results for the year ended December 31, 2010 until March 31, 2011, in order to allow the Company sufficient time to complete and file its annual report on Form 10-K. The investor conference call that was originally scheduled for Thursday, March 24, 2011 has been rescheduled for 11:15 a.m. EDT on Thursday, March 31, 2011. Details for accessing the rescheduled conference call will be provided in a news release to be distributed at a later date.
5:43PM Douglas Emmett secured non-recourse $510 million term loan to refinance existing debt (DEI) 17.88 -0.44 : The loan is payable interest only and matures on April 1, 2018. The Company has effectively fixed the floating interest rate on the loan at 4.12% per annum until April 1, 2016 through an interest rate swap contract.
5:40PM Grupo Aeroportuario appointed Porfirio Gonzalez as new Chief Executive Officer (OMAB) 14.60 -0.06 : Porfirio Gonzalez is replacing Victor Bravo, who is returning to become the CFO of OMA's controlling shareholder, Empresas ICA, S.A.B. de C.V. The changes become effective July 1, 2011.
5:36PM H.B. Fuller misses by $0.03, reports revs in-line; reaffirms FY11 EPS guidance, raises FY11 revs guidance (FUL) 21.02 +0.37 : Reports Q1 (Feb) earnings of $0.29 per share, $0.03 worse than the Thomson Reuters consensus of $0.32; revenues rose 9.7% year/year to $339.5 mln vs the $341.9 mln consensus. Gross profit margin was down ~300 basis points y/y, primarily due to the cumulative effect of escalating raw material costs over the past year. Gross profit margin improved by 20 basis points q/q as a combination of product reformulation and pricing actions offset ongoing raw material cost increases. Co reaffirms FY11 EPS of $1.75-1.85 vs. $1.78 Thomson Reuters consensus; raises FY11 revs growth to 10-12% (calc to ~$1.49-1.52 bln vs. $1.46 bln Thomson Reuters consensus), up from 8-10% prior guidance. "While raw material costs continued to rise in the quarter, our gross margin improved sequentially due to a combination of pricing actions, reformulation and product substitution that were executed efficiently by the entire organization. We have bumped up our full-year revenue guidance to between 10-12% above last year primarily to reflect additional price increases required to recover material costs. We met our expectations for profitability in the first quarter and, as a result, we are reaffirming the full-year EPS guidance that we provided at the beginning of the fiscal year." Co also sees FY11 CapEx of ~$40 mln.
5:26PM Texas Industries beats by $0.02, beats on revs (TXI) 43.45 -0.42 : Reports Q3 (Feb) loss of $0.75 per share, $0.02 better than the Thomson Reuters consensus of ($0.77); revenues rose 6.8% year/year to $125.8 mln vs the $123.8 mln consensus. "Shipments were up compared to the same period a year ago," stated Mel Brekhus, Chief Executive Officer. "However, since we had abnormally inclement weather in both periods, we will not know how much of the increase is attributable to improved market conditions until we see the extent of the weather related rebound in our fourth quarter."
5:07PM Kinross Gold sold its ~8.5% equity interest in Harry Winston Diamond (HWD) (KGC) 16.70 +0.53 : The equity interest consisted of approximately 7.1 million Harry Winston common shares, on an underwritten block trade basis, for gross proceeds of CDN$100 million.
5:06PM Baxter elected James Saccaro as treasurer and a corporate officer (BAX) 52.42 -0.24 : Saccaro assumes the treasurer role from Robert J. Hombach, who was named the company's chief financial officer in 2010.
5:05PM Pfizer confirms new study published in NEJM showed SPIRIVA handihaler prolonged time to first COPD Exacerbation (PFE) 19.92 -0.02 : A new study, published today in The New England Journal of Medicine (NEJM), showed that SPIRIVA HandiHaler was significantly more effective at preventing Chronic Obstructive Pulmonary Disease (COPD) exacerbations than salmeterol HFA-MDI (hydrofluororalkane-metered dose inhaler). While salmeterol HFA-MDI, a beta-agonist is widely used as a COPD maintenance treatment worldwide, it is not approved in the U.S. for COPD or for reducing COPD exacerbations.
4:46PM Sunoco announced separation of metallurgical cokemaking business from other businesses with filing by its subsidiary of a registration statement for proposed IPO (SUN) 44.52 +0.25 : Co announced separation of its metallurgical cokemaking business from its other businesses with the filing by its subsidiary, SunCoke Energy, of a registration statement with the SEC for a proposed initial public offering of shares of SunCoke's common stock. The number of shares to be offered and the price range for the offering have not yet been determined. The initial public offering is anticipated to be completed in 2011. At the completion of the proposed offering, Sunoco will continue to own more than 80 percent of the outstanding common stock of SunCoke. Subsequent to the completion of the proposed offering, Sunoco intends to distribute the balance of its SunCoke shares to Sunoco shareholders by means of a spin-off that is intended to qualify as a tax-free transaction. Credit Suisse will act as the lead book-running manager for the proposed offering.
4:36PM Broadcom announced that the remaining defendants in shareholder derivative action relating to stock option accounting practices have entered into settlement (BRCM) 40.51 +0.50 : Co announced that the remaining defendants in the federal consolidated shareholder derivative action relating to the company's historical stock option accounting practices have entered into a settlement. The settlement is subject to approval by the United States District Court for the Central District of California. If the settlement is given final approval by the Court, among other things: Broadcom will receive payment from Dr. Nicholas of $26.6 mln; Mr. Ruehle will execute a Notice of Dismissal with Prejudice of an action filed by him against Broadcom, which seeks damages in excess of $26 mln; Broadcom will cancel unexercised Broadcom stock options held by Dr. Samueli of $24.3 mln, which amount was determined for purposes of the settlement; Dr. Samueli will contribute $2.3 mln in cash to the Broadcom Foundation; and Dr. Nicholas, Mr. Ruehle and Dr. Samueli will be dismissed with prejudice from the federal consolidated shareholder derivative litigation.
4:35PM Hyatt Hotels signed agreements for nine new Hyatt-branded hotels in emerging cities; expansion in India brings total number of Hyatt hotels under development there to 38 (H) 42.90 +0.15 :
4:32PM Yamana Gold announced that it has acquired ownership and control over 19,056,113 common shares of Aura Minerals (AUY) 12.68 +0.10 : Co announced that it has acquired ownership and control over 19,056,113 common shares of Aura Minerals through the issuance of common shares from treasury by Aura to Yamana. These shares were issued as partial consideration paid in connection with the debt restructuring and other amounts payable to Yamana and its subsidiaries under certain promissory notes in the aggregate amount of $64,247,114 plus deferred purchase price consideration, pursuant to the terms of a binding letter agreement entered into between Yamana and Aura dated as of March 4, 2011. Yamana has no current intention to acquire ownership or control over additional securities of Aura. It is the intention of Yamana to evaluate its investment in Aura on a continuing basis and such holdings may be decreased or increased in the future.
4:15PM MediciNova announces proposed public offering of common stock and warrants (MNOV) 3.56 -0.01 : Co announces that it intends to offer units consisting of shares of its common stock and common stock purchase warrants in a firm-commitment underwritten public offering. Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services is acting as the sole underwriter in connection with the offering.
4:13PM Micron beats by $0.04, beats on revs (MU) 10.62 +0.27 : Reports Q2 (Feb) earnings of $0.07 per share, $0.04 better than the Thomson Reuters consensus of $0.03; revenues rose 15.1% year/year to $2.26 bln vs the $2.07 bln consensus. Revenue from sales of DRAM products was 6%lower in Q2 of fiscal 2011 compared to Q1 of fiscal 2011 due to a 23% decrease in average selling prices largely offset by an increase in volume. Revenue from sales of NAND Flash products was 8% higher in Q2 of fiscal 2011 compared to Q1 of fiscal 2011 due to an increase in volume partially offset by a 4% decrease in average selling prices. Revenue from sales of NOR Flash products was 7% lower in Q2 of fiscal 2011 compared to the Q1 of fiscal 2011 due primarily to a decrease in average selling prices. The company's consolidated gross margin was 19% in Q2 of fiscal 2011 and was lower compared to its gross margin of 23% in Q1 of fiscal 2011 due primarily to the decreases in average selling prices partially offset by decreases in manufacturing costs.
4:11PM Steelcase beats by $0.03, beats on revs; guides Q1 EPS in-line, revs above consensus (SCS) 9.53 -0.02 : Reports Q4 (Feb) earnings of $0.11 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $0.08; revenues rose 12.9% year/year to $622.9 mln vs the $595.8 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.02-0.10, excluding non-recurring items, vs. $0.05 Thomson Reuters consensus; sees Q1 revs of $575-600 mln vs. $574.57 mln Thomson Reuters consensus.
4:11PM Red Hat beats by $0.04, beats on revs (RHT) 39.97 +0.41 : Reports Q4 (Feb) earnings of $0.26 per share, excluding non-recurring items, $0.04 better than the Thomson Reuters consensus of $0.22; revenues rose 25.0% year/year to $244.8 mln vs the $236 mln consensus; non-GAAP gross margin of 84.2% vs. the 85.2% consensus. "Our fourth quarter results were strong and capped off a year of accelerated billings growth. Broad- based, global demand for our products and services, coupled with strong execution by our associates, resulted in over 30% year-over-year growth in billings this quarter; our fastest billings growth in 12 quarters."
4:08PM SAIC beats by $0.07, reports revs in-line; guides FY12 EPS in-line, revs in-line (SAI) 16.96 +0.10 : Reports Q4 (Jan) earnings of $0.36 per share, $0.07 better than the Thomson Reuters consensus of $0.29; revenues rose 3.4% year/year to $2.77 bln vs the $2.76 bln consensus. Co issues in-line guidance for FY12, sees EPS of $1.35-1.46 vs. $1.42 Thomson Reuters consensus; sees FY12 revs of $11-11.5 bln vs. $11.4 bln Thomson Reuters consensus.
4:08PM Clayton Williams enters into an agreement with Chesapeake Exploration where co can earn 75% interest in leases held by Chesapeake (CWEI) 95.92 -0.74 : Co announced it entered into an agreement with Chesapeake Exploration (CHK), where CWEI can earn 75% interest in leases held by Chesapeake under approximately 75,000 net acres in southern Reeves County, Texas. CWEI has a commitment to drill at least 20 earning wells in the first year and an option to drill an additional 20 earning wells per year during the next four years to earn all of Chesapeake's acreage. CWEI will carry Chesapeake for one-quarter of the costs in earning wells, which shall earn CWEI a 75% interest in 640 net acres.
4:07PM Deltek announces that Stamats Communications is implementing its integrated Deltek Maconomy and Deltek People Planner solutions (PROJ) 7.58 +0.06 :
4:06PM China Kanghui acquires majority stake in Beijing Wei Rui Li Medical Device Co (KH) 17.00 +0.13 : Co announces that it has acquired a majority stake in Beijing Wei Rui Li Medical Device Co., a provider of approved hip and knee systems in China. The Company expects to acquire 60% of Wei Rui Li. Pursuant to the share purchase agreement, the Company has the option to acquire additional equity interest in Wei Rui Li at a pre-determined price subject to the achievement of certain milestones.
4:06PM Amgen announced new data that showed postmenopausal women with osteoporosis had significantly greater adherence, compliance, and persistence during Prolia treatment than during alendronate treatment, an oral bisphosphonate commonly used to treat osteoporosis (AMGN) 52.68 -0.10 : Co announced new data that showed postmenopausal women with osteoporosis had significantly greater adherence, compliance, and persistence during Prolia treatment than during alendronate treatment, an oral bisphosphonate commonly used to treat osteoporosis. Results from the DAPS study presented at the annual European Congress on Osteoporosis and Osteoarthritis also found that more than 90 percent of patients preferred Prolia as a treatment option over alendronate. In addition, significantly more patients were satisfied with denosumab injection compared with alendronate tablet.
4:05PM China Medicine voluntarily withdraws application for Nasdaq listing (CHME) 1.13 -0.05 : The decision to withdraw at this time resulted from the inability of the Company to satisfy Nasdaq Listing Rule regarding the $4.00 minimum bid price for initial listing on the Nasdaq Global Market. The voluntary withdrawal does not preclude the Company from making an application for listing on the Nasdaq Stock Market in the future.
4:04PM Northern Technologies International signs Naturfuels as a distributor for its bioplastic products in the Italian market (NTIC) 14.36 +0.01 : Co announces that it has entered into an agreement with Italy based Naturfuels S.r.l. to distribute its Natur-Tec bioplastic materials and products in the Italian market.Under the terms of the distribution agreement, NTIC will supply Naturfuels with its patented high-strength Natur-Tec BF703BX compostable film grade resin to be used for the production of bio-plastic shopping and garbage bags on conventional plastic film production equipment.
4:04PM LTC Properties announces redemption of 8.0% series F cumulative preferred stock (LTC) 27.38 -0.32 : Co announces that it will call for a redemption on March 24, 2011 of 3,536,530 shares of its 8.0% Series F Cumulative Preferred Stock representing all of the outstanding shares of Series F Preferred Stock. The redemption date of the Series F Preferred Stock will be April 25, 2011, and the redemption price will be $25.00 per share of Series F Preferred Stock, plus accrued and unpaid dividends, up to the Redemption Date for a total of $25.1333 per share
4:01PM Caterpillar outlines investment plans for analysts at CONEXPO-CON/AGG trade show (CAT) 106.75 -0.04 : Co updates analysts on co's long-term growth opportunities and investments being made around the world to position the company to satisfy growing demand from customers. Co is focused on ramping up production and adding capacity around the world while maintaining a sharp focus on controlling costs. "By 2015, we will have made $5 billion in investments to increase production capacity at existing and new Caterpillar facilities to support customers in every region of the world, including plans to nearly triple machine capacity across our operations in Asia. This is in addition to more than $10 billion in investments announced in 2010 for three significant acquisitions--Electro-Motive Diesel, Inc., Motoren-Werke Mannheim Holding GmbH and Bucyrus International."
4:00PM PNM Resources will reaffirm 2011 guidance in formal presentation to analysts (PNM) 14.49 -0.01 : Co reaffirms guidance for FY11 (Dec), sees EPS of $0.80-0.92 vs. $0.86 Thomson Reuters consensus. Co also will affirm the 2011 ongoing EBITDA (earnings before interest, taxes, depreciation and amortization) guidance ranges for First Choice Power of $43-53 million and for Optim Energy of $20-30 million, which represents 100 percent of Optim Energy's estimated results. PNM Resources owns a 50 percent interest of Optim Energy.
3:51PM Caterpillar reaffirms 2011 outlook of EPS 'near $6' and revenues 'greater than $50 bln', 2011 EPS consensus $6.12, revenues $51.5 bln; guides 2012 revenues for $55-60 bln, 2012 consensus $59.4 bln, EPS $8-10, consensus $7.98 (CAT) : 2015 goal sees EPS 15-20% CAGR or approx $15-20.
3:38PM Boeing and EL AL complete contract to order four Next-Generation 737-900ERs and reserve options for future aircraft (BA) 72.81 +0.96 : The four-airplane order is valued at approximately $343.2 million at current list prices.
3:34PM Nielsen: FOX Business Network will become full service client of Nielsen Media Research beginning March 28 (NLSN) 27.00 -0.15 :
3:31PM Air Products signs long-term contract with Genesis Medical Imaging for co to supply its KeepCOLD Cryogenic Services product offering for ~150 magnets currently installed by Genesis for MRI scans (APD) 88.72 +0.85 :
3:31PM Starbucks provides update from shareholders meeting; highlighted launch of its VIA Ready Brew platform and relationships with Green Mountain Coffee Roasters (GMCR) and Courtesy Products (SBUX) 36.59 +1.64 : Co also provided additional details around its previously announced relationship with Courtesy Products. Under the relationship, Starbucks and Courtesy will bring Starbucks coffee to 500,000 hotel rooms in the U.S., as well as offer an on-demand, single-cup brewing system featuring Starbucks and Seattle's Best Coffee ground coffee and Tazo teas for sale in multiple channels exclusively through the Starbucks Global Consumer Products group. Co also announced a 10-year extension to its exclusive strategic agreement with Autogrill's HMSHost, one of Starbucks first licensee partners. Under this agreement, HMSHost will continue to build and operate Starbucks locations in airports and motorway travel plazas across the U.S.
3:15PM Steady trend day action off morning lows persists with indices establishing new session highs -- Dow +92, S&P +6.3, Nasdaq Comp +20 (SPY) :
3:05PM Turkcell to distribute gross cash of ~$850 mln corresponding to 75% of co's distributable income to be paid in cash to shareholders (TKC) 15.25 +0.22 :
2:51PM Stock indices jump to fresh session highs -- Dow +66, S&P +3.3, Nasdaq Comp +12.9 (SPY) : Relative sector strength in recent action has been noted in Materials XLB, Finance XLF, Oil Service OIH, Ag/Chem MOO, Silver SLV, Casino BJK, Coal KOL, Steel SLX.
2:49PM Digital River announces that the U.S. Patent and Trademark Office issued U.S. Patent No. 7,881,972 entitled, Electronic Commerce System and Method for Detecting Fraud (DRIV) 34.99 +0.15 :
2:46PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : May corn finished lower 5.75 cents to $6.81. May wheat shed 8 cents to close at $7.1425, May soybeans dropped 14.25 cents to close at $13.5125, April ethanol closed higher by 0.004 cents at $2.475, while May world sugar futures closed down 0.58 cents to 26.58 cents.
2:37PM Dresser-Rand announces redemption of its 7-3/8% senior subordinated notes due 2014 (DRC) 52.53 +0.05 : Co announces that it is calling all of its 7-3/8% Senior Subordinated Notes due November 1, 2014 for full redemption on April 22, 2011 in accordance with the terms of the indenture governing the Notes. All Notes that are outstanding on the Redemption Date will be redeemed at a redemption price of 102.458% of the face amount of the Notes, together with accrued and unpaid interest.
2:36PM NYMEX Energy Closing Prices (COMDX) : May crude oil settled higher by 78 cents to $105.75, April natural gas gained 8.1 cents to close at $4.412, April heating oil shed 1.72 cents to end at $3.059, while April RBOB gasoline finished higher by 1.78 cents to $3.0023.
2:33PM Manitowoc edges slightly above early week high of 21.03 -- session high 21.09 (MTW) 21.08 +0.39 : Its 52-wk high from Feb comes into play at 21.25
1:30PM COMEX Metals Closing Prices (COMDX) : April gold finished higher by $10.30 to $1437.90, May silver closed up 90.1 cents to $37.17, while May copper rallied 11.45 cents to $4.4275.
1:23PM Sterling Construction is apparent low bidder on $33 mln design-build project in Salt Lake County, Utah (STRL) 15.36 +0.17 :
1:03PM ULURU announces the granting of Altrazeal patent (ULU) 0.07 +0.01 : Co announced that it has been issued U.S. Patent 7,910,135 - Hydrogel Wound Dressing and Biomaterials Formed In Situ and Their Uses. This patent provides additional coverage for Altrazeal and, including The Patent Term Adjustment granted by the U.S. Patent and Trademark Office, extends patent coverage on Altrazeal until January 2029.
12:34PM New highs for crude oil at $106.21; now up $1.20 to $106.17 (COMDX) : Closing in on $106.95 mark, set on March 7, its best levels since late Sept of 2008.
12:30PM S&P -0.9 reaches low end of yesterday's trade range at 1292/1293 -- session high 1292.84 (SPY) :
12:29PM United Tech notches new session high of 81.88, hovering modestly under this wk's rebound high/50 sma at 82.02 (UTX) 81.83 +0.95 :
12:27PM Stock indices extend to new session/rebound highs after limited noon pause -- Dow +20, S&P -1.4, Nasdaq Comp +3.2 (SPY) :
12:18PM Stock indices losing some rebound momentum after bounce into midday -- Dow -16, S&P -5.4, Nasdaq Comp -7 (SPY) :
12:09PM Walt Disney displays relative strength as it rebounds as much 2.6% off early low (DIS) 41.88 +0.44 : This week's recovery high is at 41.99 (session high 41.95).
12:01PM Rick's Cabaret subsidiary signs asset purchase agreement to purchase Schiek's Palace Royale gentlemen's club in Minneapolis (RICK) 10.12 -0.08 : Co has signed an asset purchase agreement to acquire the Minneapolis gentlemen's club currently operating as Schiek's Palace Royale for $3,050,000. In addition a subsidiary of Rick's Cabaret will pay $3,250,000 to acquire the real estate associated with the club at South 4th Street in downtown Minneapolis. Closings on the transactions are expected within five days of issuance of licenses needed to operate an adult cabaret at the club currently owned by VCG Holding (VCGH). The acquisition will bring to 23 the number of clubs in the Rick's Cabaret group nationwide Additionally, the company has signed a definitive agreement to acquire a club in Indianapolis.
11:55AM Exxon Mobil Japan Group has reopened its Shiogama Terminal, enabling delivery of increased fuel supplies into the Tohoku area of North East Japan (XOM) 82.13 -0.44 : Co's Japan Group has reopened its Shiogama Terminal, enabling delivery of increased fuel supplies into the Tohoku area of North East Japan, which was affected by the March 11 earthquake and tsunami. The terminal received its first marine shipment of one million liters of gasoline and one million liters of kerosene, to be used for heating fuel, from the TonenGeneral Kawasaki refinery on March 22.
11:52AM Sector Relative Strength (TECHX) : Noted the rebound in Finance (XLF, BAC, JPM) in earlier updates with relative sector strength during the recent push from Casino BJK, Materials XLB, Disk Drive, Transports IYT, Software IGV, Internet FDN, Reg Bank KRE, Silver SLV.
11:37AM Finance helps to underpin intraday recovery after hold at supports (XLF) 16.13 -0.13 : Highlighted support for the XLF in the 09:52 update at 16.04 (62% retrace of recent recovery, session low 16.02) and for underperforming BAC (Dec gap at 16.38, session low 16.37, 10:24 update) and JPM (last wk gap at 44.75, session low 44.77, 10:27 update).
11:31AM Spire announces it is providing a 20 megawatt (MW) solar PV module line to Tecnometal Equipamentos of San Paulo, Brazil (SPIR) 4.73 +0.08 :
11:20AM Crude oil pulling back toward flat line; now up 29 cents to $105.26 (COMDX) :
11:18AM Stock indices edge to minor new morning rebound highs -- Dow -17, S&P -5, Nasdaq Comp -12 (SPY) : Relative strength in Casino BJK, Solar TAN, Disk Drive, Ag/Chem MOO, Materials XLB, Housing XHB, Retail XRT, Discretionary XLY.
11:16AM Invesco Mortgage Capital names Robson J. Kuster, currently head of research, to the additional position of Chief Operating Officer (IVR) 21.36 +0.08 :
11:12AM Oil Service HOLDRS Trust displays relative weakness, slides to minor new session low of 158.15 (OIH) 158.30 -1.22 : BHI, CAM, DO, ESV, EXH, HAL, NBR, NE, NOV, RDC, RIG, SLB, TDW, WFT.
10:59AM Data I/O announced that business from programming centers has rebounded during the last two quarters, increasing demand for the PS Series offline automated programming systems (DAIO) 5.85 -0.07 :
10:52AM Crude to fresh highs at $106.03; now up $1 to $105.97 (COMDX) :
10:50AM Fractional new low Dow -41, S&P -8.8 and Nasdaq Comp -21 still hovering slightly above morning lows (SPY) :
10:49AM Arrow Elec signs distribution agreement with Exosite (ARW) 39.97 -0.53 : Co signed a distribution agreement with Exosite, a machine-to-machine (M2M) application and cloud computing software company. Under the agreement, Arrow customers will have access to Exosite's cloud-based data platform for M2M applications, providing data acquisition, back-haul and storage capabilities, and monitoring and management of connected devices.
10:41AM Krispy Kreme plans to enter into a supply chain distribution agreement with Sysco Corporation (SYY) (KKD) 6.20 +0.05 : Under the proposed agreement, Sygma, a Sysco subsidiary, will distribute proprietary doughnut mixes, other ingredients and supplies to Krispy Kreme franchise and Company shops in the eastern United States. Sysco subsidiary IFG will be responsible for export of Krispy Kreme goods to the 20 foreign countries in which the Company's international franchisees operate. The proposed agreement is not expected to have a material effect on the Company's consolidated revenues or balance sheet.
10:35AM Gold, silver continue to push higher (COMDX) :
* April gold now up $12.70 to $1440.50. * Silver higher by 53.1 cents to $36.80.
10:34AM streetTRACKS Gold Shares notches new session high of 140.55, nears its early March/52-wk peak at 140.61 (GLD) 140.41 +1.36 : NEM, FCX, HMY, ABX, AEM, GG, AU, GFI, KGC, IAG.
10:30AM Following inventory data, crude oil sees modest pullback; now up 51 cents to $105.48 (OIH) :
10:27AM JPMorgan Chase pulls back near last week's gap at 44.75/44.61 -- session low 44.77 (JPM) 44.77 -0.70 :
10:24AM Bank of America downside extension to Jan low/late Dec gap (BAC) 13.43 -0.46 : Noted the early weak performance due to Fed/dividend issues and the 200 sma support (13.53). The housing data related market follow through pressure saw BAC slide back to its Jan low/Dec gap bottom at 13.40/13.38 (session low 13.37).
10:15AM Gold spikes ~6 points to session highs; now up $9.20 to $1436.80 (COMDX) :
10:07AM Fractional new low for Dow -26 and S&P -7.9, Nasdaq Comp -14.9 has not yet confirm the move (SPY) : Relative weakness on the extension was noted in Housing XHB, Retail XRT, Ag/Chem MOO, Reg Bank KRE, Oil Service OIH, Rail.
10:02AM Johnson Controls unit signed agreement with Royal Dutch Shell (RDS.A) to manage and maintain 12,000 Shell retail petrol stations in 27 countries (JCI) 39.27 -0.67 :
10:01AM Housing data trims stock index rebound attempt -- Dow -18, S&P -6.2, Nasdaq Comp -12 (SPY) :
10:01AM MedAssets signs a multi-year agreement for spend and clinical resource management with The Nebraska Medical Center; terms not disclosed (MDAS) 14.84 -0.16 :
10:01AM YRC Worldwide announced it will expand the size of its sales force (YRCW) 1.98 -0.01 : Co announced that it will expand the size of its sales force with a nationwide hiring initiative in response to increased business levels and customer needs.
10:00AM Stock indices lift off early lows, Dow -4 flirts with flat line, S&P -4, Nasdaq Comp -9 (SPY) :
9:58AM May WTI continues to push higher, notching fresh highs at $105.94; now up 86 cents to $105.83 (COMDX) :
9:55AM Opening Point Gainers/Losers (TECHX) : Point Gainers: FFIV (+2.08), IBN (+2.04), JBL (+1.92), MOTR (+1.70), AGQ (+1.75), BG (+1.37), OC (+1.30), CTAS (+1.40), VRX (+1.37), ETE (+1.12), INFY (+0.98)
Point Losers: CREE (-3.75), AAPL (-3.17), CXO (-2.40), SI (-2.13), GS (-2.05), NOG (-2.05), VECO (-1.96), TM (-1.82), IOC (-1.71), CF (-1.45), ADBE (-1.59)
9:53AM Coca-Cola displaying relative strength, tests this weeks rebound high at 63.86 -- session high 63.84 (KO) 63.64 +0.13 :
9:52AM Financial Select Sector paces way lower, attempting to stabilize near support (XLF) 16.10 -0.16 : The XLF has paced the way on the downside (amid BAC dividend issues, test 200 sma see 09:36 update) but the decline has paused in recent trade near the 62% retrace of the rally off last week's low at 16.04 (session low 16.07). A rebound through 16.20/16.25 is needed to neutralize the weaker pattern -- AXP, BK, JPM, GS, GS, STT, USB, WFC, RKH, KRE, KBE.
9:50AM Baldwin Technology announced that Ivan R. Habibe will join the Company as Vice President, CFO and Treasurer, effective April 4, 2011 (BLD) 1.57 +0.01 : Mr. Habibe was previously Chief Financial Officer of Russell Hobbs.
9:46AM May WTI crude to fresh highs; now up 54 cents to $104.51 (COMDX) :
9:39AM Weaker open for stock indices with minor downside extension -- Dow -22, S&P -5.3, Nasdaq Comp -11 (SPY) : The S&P is testing first level support in the 1288/1287 zone (session low 1288).
9:36AM Bank of America gaps down near its previous March low at 13.66 amid dividend issues, its 200 sma follows at 13.53 -- session low 13.65 (BAC) 13.68 -0.20 :
9:33AM Silver Trust ETF sets minor new high for the week of 35.64, its early March/52-wk peak is at 35.78 (SLV) 35.60 +0.06 :
9:33AM Star Scientific receives notices from FDA: Ariva-BDL and Stonewall-BDL not subject to regulation under FDC Act Chapter IX (CIGX) 3.74 +0.12 : Co announces that the company has received notices from the Food and Drug Administration regarding its pending ARIVA-BDL and STONEWALL-BDL modified risk tobacco product applications. The notices from Lawrence Deyton, MD, MSPH, Director of the FDA Center for Tobacco Products, state, in part, "Not all tobacco products are currently subject to Chapter IX of the FDCA. At this time, only cigarettes, cigarette tobacco, smokeless tobacco and roll-your-own tobacco are subject to Chapter IX FDCA Section 901(b). Based upon the information in your submission, [ARIVA-BDL and Stonewall-BDL are] not currently subject to Chapter IX requirements."
9:32AM Sears Hldg mildly weaker in opening trade, probes/stabilizes near yesterday's two month low of 77.62 -- session low 77.60 (SHLD) 77.75 -0.38 : Note that its 200 ema comes into play at 77.07
9:30AM Caterpillar announced it is examining a range of strategic options for its third party logistics business (CAT) 106.50 -0.29 : Co announced it is examining a range of strategic options for its third party logistics business, which is part of its wholly owned subsidiary, Caterpillar Logistics Services, Inc. (Cat Logistics). The company believes the third party logistics business is a unique and attractive asset that has excellent growth potential. Options under consideration include a potential sale of the third party business or structuring it as an independent business within Cat Logistics. Caterpillar manufacturing logistics and transportation operations and Caterpillar brand parts distribution are not part of the third party business and are not part of this strategic review. Those operations will continue as core businesses within Cat Logistics. Caterpillar has retained B of A Merrill Lynch and Robert W. Baird & Co. to assist the company as it reviews alternatives. A final decision about the third party logistics business is expected by the end of 2011.
9:28AM American Intl provides additional information on how potential Japan earthquake-related losses at Fuji Fire and Marine could affect co's financial results (AIG) 36.95 : Co releases additional information about how potential losses stemming from earthquake-related claims filed with Fuji Fire and Marine Insurance Co., in which AIG holds a 54.66% equity stake, could affect co's financial results. Co believes the vast majority of any losses recorded by Fuji Fire and Marine in connection with the Japanese earthquake will relate to Fuji Fire and Marine's participation in the JERC, a joint government-private sector insurance system that is the exclusive provider of earthquake coverage for personal dwellings and their contents in Japan. Although Fuji Fire and Marine has not announced an actual loss estimate for earthquake-related claims because its net loss exposure is dependent on industry total losses, which have not yet been determined, the company said earlier this week that the maximum possible loss that it could sustain in connection with JERC-related claims is ~$508 million. In accordance with Japanese statutory accounting rules, as well as the requirements for private sector participants in the JERC, Fuji Fire and Marine had previously established catastrophe reserves of ~$482 million for potential claims associated with earthquake damage to personal dwellings. These reserves, which are backed by funds held by the JERC, exist to cover the potential losses that Fuji Fire and Marine could sustain in connection with JERC-related claims, and limit the maximum net additional cash payments to the JERC to $26 million. Co expects that any net U.S. GAAP charge for earthquake-related losses by Fuji Fire and Marine would relate almost entirely to Fuji Fire and Marine's participation in the JERC, and that such a charge would be funded from Fuji Fire and Marine's JERC-related earthquake reserves, which are backed by funds held by the JERC for the benefit of supporting Fuji Fire and Marine's potential JERC-related liability.
9:19AM Dynasil Corporation of America recent patent approvals for advanced radiation detection and increased detector production capacity (DYSL) 3.76 : Co announces that its research division, Radiation Monitoring Devices was granted additional U.S. patent claims for advances in a detector material capable of responding independently to both neutron and gamma radiation. To make this advanced detector technology available to the government and commercial markets as quickly as possible, co concurrently developed specialized production furnaces designed to make the crystals in large volumes. The initial furnaces have now been deployed and additional ones are expected to be placed into service over the next several months.
9:18AM Gardner Denver issues a notice to redeem all $125 mln in aggregate principal amount of its outstanding 8% Senior Subordinated Notes due 2013 (GDI) 74.24 :
9:13AM Gilead Sciences intends to offer Senior Notes, terms to TBD (GILD) 40.44 : Co intends to use the net proceeds from this offering for general corporate purposes, which may include the repayment of certain indebtedness and the repurchase of outstanding common stock pursuant to the co's authorized share repurchase program.
9:08AM Cree on Conference Call (CREE) 49.00 : Slower recovery in end customer demand; demand has improved post Chinese new year but not as fast as expected; working through inventories slower than expected; gross margins being impacted from lower pricing in LED chips and components... LED component business 'appears to be turning a corner'; seeing customer expedites... several customers have revised expectations upwards in Q4; expect Q4 to see 10-12% sequential rise from Q3... will update targets in coming weeks... after brief statement Q&A to begin...
9:07AM On The Wires (WIRES) :
* Satcon Technology Corporation (SATC) announced that it has been selected by Solar Cells Hellas for the installation of 20.5 megawatts of ground-mounted PV inverter solutions for projects that will be constructed in various locations throughout Southern Greece. * Fiserv (FISV) announced that nine credit unions have selected account processing platforms from Fiserv along with capabilities for online and mobile banking, person-to-person payments, electronic statements and loan origination. * Manitex International (MNTX) announced that it is expanding its distribution agreement with Cropac Equipment to include Alberta and Saskatchewan provinces in Canada. * Ritchie Bros Auctioneers (RBA) announced it will conduct its first unreserved public equipment auction in Portland, OR in nearly 20 years on Wednesday, April 6, 2011.
9:05AM Atlas Pipeline Holdings established a new senior secured revolving credit facility with an initial borrowing base of $125 mln, which matures on March 22, 2016 (AHD) 22.30 :
9:02AM Rentech announces settlement of securities class action and shareholder derivative lawsuits; settlement provides for a settlement fund of $1.8 mln (RTK) 1.19 : Co reached agreements to settle all of the class action lawsuits pending in federal court and all of the shareholder derivative lawsuits pending in state and federal court against the Company and a number of its current and former directors and officers. The settlement for the consolidated class action lawsuits pending in United States District Court for the Central District of California provides for a settlement fund of $1.8 mln, from which plaintiffs' counsel will seek an award of attorneys fees and expenses.
8:41AM Neoprobe Corporation shareholder submits board nominations and files schedule 13D (NEOP) 3.88 : Co received on March 18, 2011 from Platinum Montaur Life Sciences a notice attempting to nominate three persons as directors of Neoprobe and stating that it may attempt to solicit proxies for the election of these persons as directors at the annual meeting. On the same date, Platinum, along with its affiliate Platinum Partners Value Arbitrage Fund L.P. filed 13D.
8:40AM On The Wires (WIRES) :
* Calix (CALX) announced that Lakeland Communications has selected the EXA Powered Calix E7 Ethernet Service Access Platform and 700GE family of optical network terminals for its fiber-to-the-premises deployments in Luck and Milltown, WI. * Demand Media (DMD) and Getty Images announced a joint licensing agreement. Under the agreement with Getty Images, Demand Media will be able to draw from Getty Images' extensive library of premium quality, rights-managed images, video footage and audio clips for use on its owned and operated websites including typeF, LIVESTRONG.com and eHow. * The U.S. Air Force has selected Northrop Grumman (NOC) for a delivery order for the B-1 Bomber aircraft mission planning capability on the Joint Mission Planning System platform. The delivery order has a potential value of $26 mln, if all options are exercised. * EnerNOC (ENOC) announced that it has entered into a contract with Southern California Edison, an Edison International company, to deliver EnerNOC's EfficiencySMART data-driven energy efficiency application to SCE customers. As part of the contract, which runs through December 31, 2012, SCE will provide funding for EfficiencySMART Commissioning deployments at commercial and institutional customer sites, enabling SCE customers to receive all metering and monitoring equipment, as well as the first year of energy efficiency data analytics and reporting, at a significantly reduced cost. * The gas-to-liquids plant, a JV by Qatar Petroleum and Shell (RDS.A) (RDS.B), will add almost 8% to Shell's production worldwide, making it the co's main engine for growth for 2012. It has a capacity of 260,000 boe a day and is expected to ship its first product in 2011 and reach full production in 2012.
8:40AM NASDAQ 100 Trust ticker to change to "QQQ" today from "QQQQ" (QQQQ) 55.40 : The ticker symbol for PowerShares QQQ will be changed from "QQQQ" to "QQQ," effective March 23, 2011. The PowerShares QQQ will continue to trade on the NASDAQ exchange and all other attributes of the fund remain unchanged.
8:33AM Gilead Sciences announces phase III clinical trial of co's investigational elvitegravir meets 48-week primary objective (GILD) 40.44 : Co announced that the Phase III clinical trial of its investigational antiretroviral agent elvitegravir, a novel oral integrase inhibitor being evaluated for the treatment of HIV-1 infection in treatment-experienced patients, met its primary objective. The primary endpoint of this study was non-inferiority at week 48 of elvitegravir, dosed once daily, compared to raltegravir, dosed twice daily, each administered with a background regimen that includes a ritonavir-boosted protease inhibitor (PI) and a second antiretroviral agent.
8:33AM Advanced Cell Tech. to be issued broad patent for human ES cell-derived RPE Cells in China (ACTC) 0.16 : Co announced that China's State Intellectual Property Office has allowed the co's patent application to provide broad intellectual property protection in China for the manufacturing and pharmaceutical preparations of retinal pigment epithelial (RPE) cells from human embryonic stem cells (hESCs).
8:32AM Seabridge Gold options Grassy Mountain Project to Calico Resources (SA) 31.79 : Co has entered into a non-binding, exclusive Letter of Intent with Calico Resources pursuant to which Seabridge has agreed to grant to Calico an option to acquire a 100% interest in the Grassy Mountain Project. To exercise the option, Calico must issue to Seabridge (i) 2 mln of its common shares following TSX Venture Exchange approval; (ii) 4 mln shares at the first anniversary and (iii) 8 mln shares when the Project has received the principle mining and environmental permits necessary for the construction and operation of a mine. In addition, after the delivery of a NI 43-101 compliant Feasibility Study on the Project, at the sole election of Seabridge, Calico must either grant Seabridge a 10% Net Profits Interest or pay Seabridge Cdn$10 mln in cash.
8:32AM CIT Group announces private benchmark offering of Second-Priority Secured Notes due 2014 (CIT) 41.96 : Co plans to use the net proceeds from the offering to retire a portion of its Series A Second-Priority Secured Notes maturing in 2013 and pay related premiums, fees and expenses in connection therewith.
8:31AM Great Basin Gold received notification from MSHA that the Hollister Mine will not be considered for a Pattern of Violation notice and so has removed the Company from that list (GBG) 2.64 :
8:31AM URS wins $35 mln contract from FEMA (URS) 45.79 : The contract has a one-year initial term, followed by four one-year option periods, and has a maximum value of $35 million to URS, assuming all of the option periods are exercised.
8:31AM Pioneer Natural Resources lowers Q1 production guidance; raises Q1 prodcution costs; reaffirms FY11 production (PXD) 99.80 : Co is reducing its production guidance for Q1 from a range of 114 thousand barrels oil equivalent per day (MBOEPD) to 118 MBOEPD to a range of 111-113 MBOEPD. This reduction is consistent with Pioneer's early February advice that the co's production guidance for Q1 would be updated once the impacts of severe weather-related downtime in several of Pioneer's key operating areas were known. During Q1, especially the first half of February, Pioneer's operations in Texas, Kansas and Colorado were disrupted by extremely cold temperatures and substantial ice and snow accumulations. Drilling and completion operations in the Spraberry field and the Barnett Shale Combo play were also curtailed. It took until early March in some cases for operations to fully recover from this severe weather event. In addition to the weather-related impacts, Pioneer was recently informed that the third-party fractionator for the co's Mid-Continent natural gas liquids (NGL) production will have a longer-than-anticipated turnaround during March. As a result, the NGL production will be inventoried in March and then fractionated and sold during Q2. As a result of the decreased production and associated repairs in the Q1 from the severe weather and the unplanned third-party downtime, Pioneer now expects production costs for the first quarter to range from $13.00-14.00 per BOE, up from $11.75-13.75 per BOE previously. "Despite having production curtailed in the first quarter due to weather-related and unscheduled third-party downtime impacts, we continue to expect to deliver full-year 2011 production growth for the co ranging from 125 MBOEPD to 130 MBOEPD, an increase of 15% to 19% compared to 2010 (reflecting production from Tunisia as discontinued operations). Both the Spraberry and Eagle Ford Shale accelerated drilling programs are on track to deliver most of this growth."
8:31AM IPC The Hospitalist Co acquires Mid-Michigan Hospitalist Group, which has an annualized volume of ~20,000 patient encounters (IPCM) 44.63 :
8:31AM Apple announced that Bertrand Serlet, senior vice president of Mac Software Engineering, will be leaving the company (AAPL) 341.20 : Craig Federighi, Apple's vice president of Mac Software Engineering, will assume Serlet's responsibilities.
8:30AM Polycom to acquire Accordent Technologies ~$50 million in cash; expected to be neutral to earnings in 2011 and slightly accretive to earnings in 2012. (PLCM) 50.38 : Co announces the acquisition of Accordent Technologies, a leading provider of video content management and delivery solutions, for ~$50 mln in cash. Co expects this acquisition to be neutral to earnings in 2011 and slightly accretive to earnings in 2012.
8:30AM Fresh Market filed a registration statement with the SEC for a proposed secondary public offering of its common stock (TFM) 40.48 : Co announced that it has filed a registration statement with the SEC for a proposed secondary public offering of its common stock. The selling stockholders will receive all of the proceeds from the offering. Co will not receive any proceeds from the offering. J.P. Morgan and Merrill Lynch, Pierce, Fenner & Smith will act as joint book-running managers for this offering.
8:18AM On The Wires (WIRES) :
* Rexahn Pharmaceuticals (RNN) announced that it has enrolled 33% of the total projected patients required for its Phase IIb clinical trial of Serdaxin to treat major depressive disorder. The study calls for enrollment of up to 300 patients and is being conducted at ~40 sites in the United States. Enrollment for the Phase IIb trial was initiated in January 2011. * Inkling, creators of the new standard for interactive learning on iPad, secured significant minority investments from McGraw-Hill (MHP) and Pearson (PSO). * BioClinica (BIOC) announced that BioClinica CTMS is experiencing a significant increase in client interest, customer wins and rapid startup success to help manage and streamline critical processes for upcoming clinical trials. * McAfee, an Intel (INTC) subsidiary, announced its intention to acquire privately-owned Sentrigo, a leading provider of database security and compliance, assessment, monitoring and intrusion prevention solutions. * Cereplast (CERP) announced that it has entered into a distribution agreement with DMT Plasticolor to supply Cereplast bioplastic resins to the Croatian marketplace. * World Energy Solutions (XWES) announced it has helped Science Applications International (SAI) successfully secure a new power contract for its Maryland office facilities. * Sierra Wireless (SWIR) announced a 4G LTE multi-purpose wireless gateway that leverages the power of the Verizon Wireless (VZ) 4G LTE network. * Connected Development announced it has completed development for PositiveID Corporation's (PSID) iglucose mobile health solution for real-time diabetes management and delivered the product to PositiveID. * The Dow Chemical Company (DOW) announced that the Plaquemine, Louisiana and Freeport, Texas North American manufacturing operations of its newly branded propylene glycol USP/EP product - DOW PuraGuard Propylene Glycol USP/EP - has passed key independent quality audits and earned third-party certification from the International Pharmaceutical Excipients Auditing for adherence to Good Manufacturing Practices based on the Joint International Pharmaceutical Excipients Council and Pharmaceutical Quality Group GMP Guide for Pharmaceutical Excipients. * Alliant Techsystems (ATK) announced that it has received a $49 mln contract from the U.S. Navy to produce a new special operations ammunition round with improved accuracy, stronger barrier penetration, and a lower muzzle-flash.
8:08AM Widepoint unit awarded a multi-year contract to provide wireless Telecom Expense Management Services (WYY) 1.29 : Co's subsidiary, iSYS LLC, has been awarded a multi-year contract through the General Service Administrations Federal Strategic Sourcing Initiative Contract with the United States Army Corps of Engineers, with an eight month base period and three option years, to provide wireless Telecom Expense Management Services to the USACE.
8:08AM Regency Energy agrees to raise $204 million of common equity; to issue 8.5 mln shares to funds managed by each of Kayne Anderson Capital, Tortoise Capital, and Fiduciary Asset Mgmt (RGNC) 26.56 : Net proceeds from the issuance will be used, in part, to fund a portion of Regency's 30-percent ownership interest ($578 million) in a joint venture with Energy Transfer Partners. The joint venture recently announced an agreement to acquire LDH Energy Asset Holdings LLC from Louis Dreyfus Highbridge Energy.
8:07AM Nobel Learning Commun acquires Five Preschools in DC Metro Area; expects modest accretion to EPS through three remaining months of FY11 (NLCI) 9.56 : Co announces it has acquired five preschools located in Metropolitan Washington, D.C. from Children's Center preschools. Co expects this acquisition will be accretive to earnings, although only modestly over the remaining three months of FY11.
8:07AM ZST Digital Networks announced the appointment of Henry Ngan to the position of Chief Financial Officer replacing John Chen, who resigned (ZSTN) 5.79 :
8:03AM CAE Inc wins military contracts valued at ~CAD100 mln (CAE) 12.72 :
8:02AM HCP prices 30 mln share common stock offering at $36.90/share (HCP) 37.08 : The deal was upsized from the originally announced 24 million shares due to strong investor demand. The underwriters also have an option to purchase up to 4.5 million additional shares of common stock.
8:02AM Kratos Defense and Security prices offering of $285 million of tack-on to existing 10% senior secured notes due 2017 (KTOS) 13.40 : Co announces that its wholly-owned subsidiary, Acquisition Co. Lanza Parent, has priced a private offering of $285 million aggregate principal amount of its 10% Senior Secured Notes due 2017. Promptly after the closing of the acquisition of 100% of the equity of Herley, the Notes will be exchanged for additional tack-on notes of $285 million aggregate principal amount of the existing 10% Senior Secured Notes due 2017 of Kratos. The estimated gross proceeds of ~$305 million, which includes an ~$20 million of issuance premium, will be used, together with cash contributions from Kratos, to finance the acquisition of all of the outstanding shares of common stock of Herley Industries, Inc., to pay related fees and expenses and for general corporate purposes. The effective interest rate of the Notes, net of the issuance premium, is ~8.5% per annum.
8:01AM Prana Biotech to sell securities to institutional investors in a private placement for aggregate gross proceeds of ~A$6,120,000 (US$6,190,992) (PRAN) 3.68 : Co announces that via Rodman & Renshaw, it has entered into a definitive agreement on March 23, 2011, to sell securities to institutional investors in a private placement for aggregate gross proceeds of approximately A$6,120,000 (US$6,190,992). Co intends to use the proceeds of the private placement for ongoing and future research programs into the development of its proprietary compounds, including its lead compound PBT2, and for working capital purposes. Under the terms of the offering, co will sell an aggregate of approximately 27,200,000 ordinary shares (equivalent to 2,720,000 ADRs) at a price of A$0.225 per share (A$2.25 per ADR). The Company also agreed to grant to the investors options to purchase up to an aggregate of approximately 6,800,000 ordinary shares (equivalent to 680,000 ADRs) at an exercise price of A$$0.225 per share (A$2.25 per ADR).
8:01AM Credo Petroleum updates oil drilling activities; reports successful exploration continues in Kansas and Texas (CRED) 12.09 : Co updated its drilling activities. Co has recently drilled and completed three new wildcat discoveries on the Central Kansas Uplift. initial production for each well ranges from 75 to 110 barrels of oil. All three wells have development potential, and plans are underway to drill offset wells in the second quarter of 2011. Credo's working interests range from 23% to 46%. In Lipscomb County, Texas, Credo has completed the drilling phase of its second horizontal Tonkawa well, the Bussard-Cameron 74-1H. "The well was drilled on a 320 acre spacing unit to a vertical depth of 7,492 feet with a 2,000-foot lateral which encountered good quality sand and "very good oil and gas shows."
8:00AM Cree lowers Q3 rev guidance below consensus; sees gross margin below consensus; sees Q4 rev below consensus (CREE) 49.00 : Co lowers Q3 rev guidance to $215-220 mln from $245-265 mln vs $254.82 mln Thomson Reuters consensus. LED component demand is improving post-Chinese New Year, yet revenue is lower than originally targeted. It has taken longer to work through customer inventories than previously anticipated and pricing was lower than the co had previously forecast. The LED chip business is also weaker than targeted due to more aggressive pricing and weaker demand. Q3 Gross margin is expected to be ~43% vs. the 45.8% consensus. The decline in gross margin targets is attributable primarily to increased pricing pressure in the LED chip product line. Operating expenses are expected to be slightly lower than previously targeted. "The LED components business appears to be turning the corner. Despite the challenges we faced in Q3, distributor sell-through has improved and we target solid growth next quarter." Co sees Q4 rev +10-12% QoQ, which we calculate (off new Q3 guidance range) to be Q4 rev guidance of $236.5-246.4 mln vs. the $274.0 mln consensus; call is at 9:00 ET.
7:49AM EMS Tech reffirms FY11 EPS and revs guidance in letter to shareholders; files proxy statement (ELMG) 19.59 : Co filed with the SEC and will mail to its shareholders its definitive proxy statement and letter in conjunction with its 2011 Annual Meeting of Shareholders scheduled for May 12, 2011. The letter highlights the steps EMS has taken to create shareholder value and provides perspective on the significant growth opportunities emerging in the mobile connectivity and in-transit visibility markets. In the letter, co reaffirms FY11 EPS guidance of $1.10-1.25 vs $1.19 Thomson Reuters consensus and FY11 revs guidance of $385-405 mln vs $393 mln consensus.
7:40AM On The Wires (WIRES) :
* Global Industries (GLBL) announced that it has been awarded a project from LLOG Deepwater Development for the installation of a deepwater subsea development in the Gulf of Mexico. * PROS Holdings (PRO) announced Malev Hungarian Airlines has licensed the PROS Revenue Management Solution.
7:32AM POZEN announces licensing deal with Cilag GmbH, a division of Johnson & Johnson (JNJ), for MT 400, migraine treatment (POZN) 4.75 : Co announces it has entered into a license agreement with Cilag GmbH International, a division of JNJ, for the development and commercialization of MT 400 in Brazil, Colombia, Ecuador and Peru. Cilag will be co's exclusive licensee for MT 400 in the licensed territory and will be responsible for the manufacturing, development and commercialization of MT 400. Cilag will make an initial upfront payment to co, followed by a milestone payment to upon the approval of MT 400 by the National Health Surveillance Agency of Brazil.
7:32AM Sky-mobi entered into an advertising contract with Sohu (SOHU) (MOBI) 9.48 : Under the terms of the one-year agreement, Sky-mobi will publish advertisements for Sohu's advertising clients on Sky-mobi's MRP ad network. Sky-mobi will be paid at an agreed minimum target rate, and will share revenue with Sohu that exceeds the minimum target rate.
7:31AM Starwood Property Trust reports it has recently deployed $352 mln of capital through three separate transactions (STWD) 22.70 :
7:21AM Harman reports that its manufacturing production for its professional audio, consumer electronics, and automotive OEM products will remain materially unaffected by the recent events in Japan (HAR) 45.70 :
7:15AM On The Wires (WIRES) :
* Wilmington Trust Corporation (WL) announced that holders of the company's common stock have voted to approve and adopt the merger agreement providing for the acquisition of Wilmington Trust by M&T Bank Corporation. At a special meeting held earlier today, the merger agreement was approved by more than 93% of the shares voted, which constituted approximately 75% of the total number of shares outstanding as of the record date for the special meeting. * Rural/Metro Corporation (RURL) announced it has been awarded a new contract to provide 911 ambulance services in Sumter County, Florida. The contract is expected to generate ~$3.6 million in new revenue annually, which includes a $1.3 million annual subsidy from the county to help offset costs related to uncompensated care. Service is scheduled to begin October 1, 2011 with an initial two-year contract term, followed by two two-year renewal terms thereafter. * Nordion (NDZ) announced that it has received FDA approval to conduct a Phase III clinical trial for TheraSphere under an Investigational Device Exemption to evaluate the safety and effectiveness of TheraSphere treatment in colorectal cancer patients whose disease has metastasized to the liver. * FX Energy (FXEN) announced that drilling has commenced on the Plawce-2 well near the north border of the Fences concession. Plawce-2 is targeting Rotliegend sands at an estimated depth of ~3,729 meters.
7:12AM CPEX Pharmaceuticals urges stockholders to vote for the $27.25 per share all cash premium transaction (CPEX) 27.80 : Co urged stockholders to consider all the facts when voting on the approval of the FCB I Holdings transaction, which will deliver stockholders $27.25 per share in cash if approved, and not to be misled by Mangrove Partners' flawed analysis and illusory proposal. The FCB transaction delivers immediate and certain maximum after-tax value to stockholders. CPEX strongly recommends stockholders review the facts outlined below and vote today FOR the FCB transaction proposal. "Substantially all of CPEX's revenues are generated from Testim royalties and are at risk due to competition and litigation."
7:05AM General Mills reports EPS in-line, misses on revs; reaffirms FY11 EPS, net sales guidance (GIS) 36.91 : Reports Q3 (Feb) earnings of $0.56 per share, excluding non-recurring items, in-line with the Thomson Reuters consensus of $0.56; revenues rose 1.6% year/year to $3.65 bln vs the $3.69 bln consensus. Pound volume contributed 2 points of net sales growth. Price realization and mix and foreign currency translation had no material effect on sales growth in the quarter. Gross margin expanded in the quarter. Advertising and media expense was 10% below year-ago levels that grew 33%. Total segment operating profit grew 10 percent, led by the company's international business segment. Co reaffirms guidance for FY11, sees EPS of $2.46-2.48, excluding non-recurring items, vs. $2.48 Thomson Reuters consensus, with net sales growth in the low single digits vs. +1.1% consensus. "The global operating environment and heightened commodity-market volatility are certainly challenging, yet our businesses are performing in line with our long-term model. We expect to generate good sales and earnings growth in the final quarter of this year, and meet the targets we set for fiscal 2011 in total. As we look forward to fiscal 2012, we currently anticipate that supply chain inflation will be higher than this year's estimated 4-5% rate. Nevertheless, we expect to target another year of good business growth in 2012."
7:04AM Omeros' ophthalmology product OMS302 achieves co-primary endpoints in phase 2b clinical study (OMER) 6.05 : Co announces positive data from a Phase 2b clinical trial evaluating OMS302 in patients undergoing cataract surgery. subjects treated with OMS302 demonstrated statistically significant and clinically meaningful maintenance of mydriasis throughout the cataract procedure. If mydriasis is not maintained throughout the procedure, the risk of injuring structures within the eye increases and the required operating time is often prolonged. Of equal clinical relevance, OMS302 also significantly decreased pain in the early postoperative period and reduced the frequency of complaints of moderate and severe pain (2.5 times more complaints in the vehicle-treated patients). The drug product was safe and well tolerated in this study.
7:04AM Lihua International initiates share repurchase under $15 mln buyback program (LIWA) 8.87 : Co announced that it has begun repurchasing shares under its $15 mln stock buyback program under which the Company plans to utilize its cash on hand and operating cash flow for the repurchase of shares through January 26, 2012.
7:02AM Colgate-Palmolive to purchase the Sanex personal care brand from Unilever PLC (UL) for EUR672 million (~US$940 million) (CL) 78.43 : As part of CL's strategy to focus on its higher-margin oral care, personal care and pet nutrition businesses, Cl announces that it has agreed to purchase the Sanex personal care brand from Unilever PLC for EUR672 million (~US$940 million). Sanex is a premium-priced personal care brand with a distinct positioning around healthy skin and strong market share positions in Europe. Sanex is a multi-category personal care brand with 2010 net sales of EUR187 million (~US$260 million), primarily in Western Europe. Liquid body cleansing and deodorants each represent nearly 50% of the business. The transactions are expected to have an accretive effect, on a combined basis, of ~4% on total company earnings in 2011 due entirely to the one-time gain on the detergent business sale and a positive effect on earnings in 2012 of ~1% from growth and efficiencies of the Sanex business.
7:01AM Multimedia Games appoints Stephen J. Greathouse to the position of Non-Executive Chairman of the Board (MGAM) 5.75 : Greathouse has served as a Director since April 2009 and as Vice Chairman of the Board since March 2010. He assumes the responsibilities of Chairman from Michael J. Maples, Sr., who served in this role since April 2006 following his appointment to the Company's Board in August 2004. Maples will continue to serve as a Director. The Board believes that alternating its leadership is consistent with corporate governance best practices.
6:59AM Netsol provides update on business developments; co states it has seen a noticeable increase in activity within Pakistan's public sector (NTWK) 1.68 : Co's CEO provides an update on its corporate business developments. Co states it has seen a noticeable increase in activity within Pakistan's public sector, and its health and private business sectors are also on the rise. Co has been invited as a pre-qualified co to tender offers for several new projects, and our business development teams are aggressively bidding for these contracts. Additionally, the co's mgmt states it has completed several recent purchases of co stock, including 500,000 shares acquired in February and March 2011.
6:57AM Photronics prices $100 mln of 3.25% Convertible Senior Note Offering due 2016; amends revolving credit facility (PLAB) 7.83 : Co announces it priced its placement of $100 mln aggregate principal amount of 3.25% convertible senior notes due 2016. Co intends to acquire up to $30 mln aggregate principal amount of its outstanding 5.50% convertible senior notes due 2014 in individually negotiated transactions, by delivering cash and/or shares of its common stock as consideration. The co intends to repay up to $23 mln of other outstanding higher interest bearing debt. The co intends to use the remaining net proceeds to acquire from time to time additional 2014 notes in the open market and for general corporate purposes, which may include, among other things, working capital and capital expenditures. Additionally, co has entered an agreement to amend its senior revolving credit facility. The amendment will reduce the aggregate commitments of the lenders under the facility from $65 mln to $30 mln.
6:22AM On The Wires (WIRES) :
* Meru Networks (MERU) announced a strategic partnership with Azlan, the Enterprise Division of Tech Data, the largest distributor of IT infrastructure reaching over 100,000 IT solution providers throughout Europe. * R-Tech Ueno ,announced that RTU and Sucampo Manufacturing and Research AG, a wholly owned subsidiary of Sucampo Pharmaceuticals (SCMP), executed a License Agreement to develop, manufacture, and commercialize Unoprostone in regions excluding Japan, Taiwan, Republic of Korea, the People's Republic of China and North America. * SAP AG (SAP) announced the availability of its newest release of governance, risk and compliance software, providing a single, unified environment for the most comprehensive support for management, monitoring and analysis of enterprise risk and compliance activities. * Glu Mobile (GLUU) announced that top Glu games will be available at the launch of the Amazon (AMZN) Appstore. * OraSure Technologies (OSUR) announced that it has submitted to the FDA an application for a waiver under the CLIA for its OraQuick HCV Rapid Antibody Test for use with venous whole blood and fingerstick whole blood specimens. * New Energy Systems Group (NEWN) announced that its 2008 filings for each of its subsidiaries are accurate and current with the State Administration of Industry and Commerce.
5:34AM Motorola Mobility sign agreement to acquire Dreampark; term not disclosed (MMI) 25.62 : Co announces it has signed a definitive agreement to acquire Dreampark, a IPTV software provider based in Norrkoping, Sweden. The acquisition is expected to close in the second quarter of 2011. Terms of the transaction were not disclosed.
1:42AM On The Wires (WIRES) :
* Futurestep, a Korn/Ferry co (KFY), announced that it has been re-engaged by Fonterra to provide Recruitment Process Outsourcing and consulting services over the next five years commencing April 1st. * Entropic Communications (ENTR) announced that Guangzhou Digital Media Group has selected Entropic's Broadband Access Ethernet-over-Coax technology to offer IPTV service to its subscribers. * DigitalGlobe (DGI) has extended its lead in the Chinese market with its latest ImageLibrary. After collecting millions of square kilometers of imagery over the last 12 months, the co's ImageLibrary now encompasses 34 mln square kilometers of cloud-free China coverage. * After multiple conversations with Intel (INTC) senior management Oracle (ORCL) has decided to discontinue all software development on the Intel Itanium microprocessor. INITC management made it clear that their strategic focus is on their x86 microprocessor and that Itanium was nearing the end of its life. * Limelight Networks (LLNW) announced that Limelight Video Platform now supports Adobe Pass for TV Everywhere. * InterOil (IOC) announced that IOC and Pacific LNG Operations have signed a non-binding memorandum with Energy World which has a permit to construct an LNG Hub Terminal and a 300MW combined cycle gas turbine power plant located on Pagbilao Grande Island, Philippines, to negotiate taking an ownership interest and establish an associated downstream gas sale, purchase, transmission and distribution services co.
1:33AM Teck Resources lowers its coal sales guidance (TCK) 53.19 : As a result of the ongoing labour disruption at co's Elkview operation and unusually difficult winter weather conditions in the first quarter, co now expects coal sales in 2011 to be between 23.5-24.5 mln tonnes vs previously announced guidance for coal sales of 24.5-25.5 mln. Co now expects the unit mining cost of product sold to be in the range of $63-67 per tonne for the year and in the range of $77-80 per tonne for the first quarter, due primarily to lower coal volumes. This annual guidance does not reflect any provision for further losses in production due to the Elkview labour disruption continuing into the second quarter or other potential labour disruptions. Co also expects annual copper sales to be in the range of 330,000-340,000 tonnes as a result of adverse effects of unusual and heavy rainfall at its Quebrada Blanca operation and continued ore throughput issues at the new concentrator at our Carmen de Andacollo operation. With regard to Japan, co expects minimal impact to the shipment of our core commodities of copper, steelmaking coal and zinc to Japan.
1:18AM Dresser-Rand enters into an $80 mln accelerated stock buyback; provides early tender results for $370 mln 7-3/8 Senior notes due 2014 (DRC) 52.48 : Co announces it has entered into an $80 mln accelerated stock buyback transaction with Goldman Sachs (GS). This is in addition to its $275 mln ASB transaction announced on March 15, 2011. GS is expected to purchase shares of DRC common stock in the open market in connection with the accelerated stock buyback. Co will pay $80 mln to GS to repurchase outstanding shares of its common stock and will receive a substantial majority of the shares to be delivered under the accelerated stock buyback by no later than March 25, 2011. In a separate release, the co announced the early tender results of its previously announced cash tender offer for any and all of its $370 mln outstanding aggregate principal amount of 7-3/8% Senior Subordinated Notes due 2014. A majority of the outstanding principal amount of the Notes have been validly tendered and not validly withdrawn, which is sufficient to approve the proposed amendments to the indenture governing the Notes.
1:17AM LTC Properties prices public offering of 3.5 mln shares at $27.25 (LTC) 27.70 : The co intends to use the net proceeds from the Offering for the redemption of its 8.0% Series F Cumulative Preferred Stock, and use the remaining net proceeds to pay down amounts outstanding under its unsecured line of credit, to fund acquisitions and for general corporate purposes.
1:08AM Teleflex sells Marine business for $121.6 mln; revises FY11 guidance (TFX) 57.32 : Co announces that it has sold its Marine business to an affiliate of H.I.G. Capital for $121.6 mln, consisting of $101.6 mln in cash proceeds, the buyer's assumption of ~$15.5 mln in liabilities related to the business and a $4.5 mln subordinated note from the buyer. This transaction is expected to reduce 2011 annual revenue, adjusted cash earnings per share, and cash flow from operations by $185 mln, $0.45 per diluted share, and $20 mln, respectively. As a result, the co is adjusting its financial estimates with respect to forecasted 2011 revenue from a range of $1.81-1.84 bln to a range of $1.625-1.655 bln; adjusted cash earnings per share from a range of $4.95-5.15 to a range of $4.50-4.70; and cash flow from continuing operations from $250-230 mln.
1:04AM NASDAQ 100 Trust to change ticker to QQQ effective March 23, 2011 (QQQQ) 55.40 :
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