Market Update: 110331 4:30 pm : Stocks finished the first quarter in lackluster fashion, but still scored their best first quarter performance since 1998.
Buying in recent sessions helped the S&P 500 work its way to a quarterly gain of more than 5%. However, momentum was lost today as participants digested some relatively uninspiring data and showed caution ahead of tomorrow's pivotal payrolls report.
Initial jobless claims for the week ended March 26 totaled 388,000, which is down from the prior week, but slightly greater than the 383,000 initial claims that had been expected, on average, among economists polled by Briefing.com.
The Chicago PMI for March came in at 70.6, which is slightly stronger than the 69.5 that had been widely anticipated, but less than the prior month's figure of 71.2.
Factory orders figures for February fell 0.1% in the face of the Briefing.com consensus call for a 0.4% increase.
Late comments from Minneapolis Fed President Kocherlakota, an FOMC voting member, indicated that the Fed funds rate may need to increase by 75 basis points in late 2011. Stocks wavered a bit in response, but their movement only looked meaningful because of the session's narrow trading range.
Stocks lacked leadership all session long. Energy stocks displayed strength in the early going, but retreated to a 0.3% loss, even though oil prices pushed past $106 per barrel to a new two-year high. Oil prices in the continuous contract gained almost 17% in the first quarter.
Materials stocks and industrial stocks scored a 0.4% gains, collectively, but neither has the weight to provide a broader lift.
Financials fell 0.4% in one of the poorest sector performances. Berkshire Hathaway (BRK.B 83.63, -1.83) was a key source of weakness after the company announced the resignation of David Sokol, who many had considered to be a possible successor for Warren Buffett.
Mosaic (MOS 78.75, -1.70) and CarMax (KMX 32.10, -2.49) both battled selling pressure, too. Both posted better-than-expected earnings.
Although participants exercised restraint ahead of the tomorrow's jobs report, the end of the quarter brought about a slight increase in share volume as investors moved to reposition portfolios. In turn, trading volume on the NYSE exceeded 1 billion shares for the first time in over a week.
3:30 pm : Commodities, aside from softs (-0.2%), finished higher today, led by a 4.1% surge in grains. May wheat rallied for 4.9% to close at $7.63 per bushel, May corn gained 4.5% to end at $6.9325, while May soybeans added 2.8% to finish at $14.105 per bushel. All three contracts rallied on this morning's qtrly USDA report, which showed a 15% YoY decline in corn inventory as of March 1, a 5% increase in wheat inventory, and a 1.7% decline in soybeans.
May crude oil surged 2.5% to close at $106.72 per barrel, its best settling levels in ~2.5 yrs and just shy of its ~2.5 yr highs at $106.95. Concerns about a prolonged battle between rebels and Libyan forces pushed crude higher today. May natural gas finished up 0.9% to $4.39 per MMBtu, after recouping its inventory induced losses, which showed a build vs expectations for a modest draw down.
April gold finished higher by 0.8% to $1436.90 per ounce, while May silver gained 0.7% to end at $37.82 per ounce. DJ30 -3.22 NASDAQ +5.30 SP500 -0.06 NASDAQ Adv/Vol/Dec 1357/1.4 bln/1239 NYSE Adv/Vol/Dec 1743/509.8 mln/1212
3:00 pm : Tomorrow brings the highly anticipated payrolls report for March. The Briefing.com consensus expects nonfarm payrolls increased 185,000 in March after they increased by 192,000 in February. The initial claims level has stabilized below 400,000, which should help drive strong nonfarm payroll gains. Furthermore, Wednesday's strong ADP report suggests the consensus forecast may be low. The unemployment rate is still a misnomer and has been very difficult to predict. The 8.9% rate from February does not include the vast number of discouraged unemployed workers who left the labor force during the recession.
Manufacturing activities are thought to have held steady in March as the ISM Index is expected to remain at 61.4. The regional manufacturing surveys were decidedly mixed in March -- the Empire State Manufacturing Index increased from 15.43 in February to 17.5 in March; the Philadelphia Fed's Business Outlook increased from 35.9 in February to 45.5 in March, and; the Kansas City Fed's Survey of Manufacturing increased from 23 in February to 39 in March. DJ30 -1.29 NASDAQ +4.34 SP500 +0.51 NASDAQ Adv/Vol/Dec 1324/1.27 bln/1258 NYSE Adv/Vol/Dec 1744/473 mln/1196
2:30 pm : Financials and tech have traded with relative weakness all session long. The two sectors are down 0.2% and 0.1%, respectively. Among financials, Berkshire Hathaway (BRK.B 8359, -1.87) is the worst performer by percent lost following news of the resignation by Sokol, who had been considered by many to be a possible replacement for Buffett. Jabil Circuit (JBL 20.69, -0.49) is the poorest performing tech play as its shares are imbued by general weakness among semiconductor stocks.
However, there have been a few bright spots in those two sectors. Specifically, Google (GOOG 586.84, +5.00) is up nicely and so is Morgan Stanley (MS 27.48, +0.25) even though the financial services provider had its earnings estimates cut by analysts at Deutsche Bank. DJ30 -6.66 NASDAQ +1.63 SP500 -0.33 NASDAQ Adv/Vol/Dec 1333/1.17 bln/1233 NYSE Adv/Vol/Dec 1742/435 mln/1184
2:00 pm : Listless trade has left the stock market to continue its sideways drift. The slow, steady crawl comes ahead of tomorrow's monthly payrolls report, which is expected to show an increase of 185,000 nonfarm payrolls and an unemployment rate on the order of 8.9%.
Tomorrow's calendar also features the ISM Index for March and construction spending figures for February. Auto sales will also be released throughout the day. DJ30 +2.80 NASDAQ +1.23 SP500 +0.38 NASDAQ Adv/Vol/Dec 1277/1.08 bln/1279 NYSE Adv/Vol/Dec 1727/400 mln/1184
1:30 pm : Energy stocks were early leaders, but the sector has pared its gains over the past few hours. The sector is now up only 0.3% after it had been up 1% this morning.
Materials stocks have maintained their strength, though. The sector is up 0.7%, which makes it today's strongest sector.
Financials and consumer discretionary stocks make up this session's worst performers. Both sectors are down 0.3%. DJ30 +10.63 NASDAQ +1.33 SP500 +0.92 NASDAQ Adv/Vol/Dec 1216/988 mln/1307 NYSE Adv/Vol/Dec 1699/374 mln/1203
1:00 pm : Stocks have spent the entire session stuck near the neutral line in lackluster trade. The pause in action precedes tomorrow's payrolls report.
Despite the upward trend of the stock market in recent sessions, participants have exercised restraint today. Their caution comes ahead of the always pivotal unemployment report, which will be posted tomorrow morning.
The latest dose of data was rather unexciting. Specifically, the latest initial jobless claims tally totaled 388,000, which is down from the prior week, but slightly greater than the 383,000 initial claims that had been broadly expected.
The Chicago PMI for March came in at 70.6, which is slightly stronger than the 69.5 that had been widely anticipated, but below the prior month's figure of 71.2.
Factory orders figures for February fell 0.1% in the face of calls for a 0.4% increase.
In addition to uninspiring data, corporate news has also failed to motivate broad market trade. In turn, the stock market has been without any clear leader. That has left its underlying sectors divided between positive and negative territory.
Amid the listless action participants have shrugged off upside earnings surprises from Mosaic (MOS 79.70, -0.75) and CarMax (KMX 32.11, -2.48). Shares of KMX are actually among this session's worst performers.
Shares of Berkshire Hathaway (BRK.B 83.48, -1.98) are down to a fresh session low. The stock's weakness comes amid news that David Sokol, who had been considered by some to be a possible Buffett successor, has resigned from the company.
Although action today has made for an anticlimactic conclusion to the quarter, the stock market is still sitting on a 5.5% quarterly gain. That makes for its best first quarter performance since 1998.DJ30 +11.58 NASDAQ +1.38 SP500 +0.93 NASDAQ Adv/Vol/Dec 1163/916 mln/1344 NYSE Adv/Vol/Dec 1659/340 mln/1220
12:30 pm : Amid the stock market's lackluster action today, shares of Las Vegas Sands (LVS 41.61, -1.86) have tumbled more than 4%. The stock's slide comes in response to news that the company has received a request for documents from the Hong Kong Securities & Futures Commission regarding alleged regulatory breaches.
However, CarMax (KMX 32.06, -2.53) is one of this session's worst performers. Its 7% slump comes despite its upside earnings surprise for the latest quarter. DJ30 +7.57 NASDAQ -0.43 SP500 +0.38 NASDAQ Adv/Vol/Dec 1099/830 mln/1393 NYSE Adv/Vol/Dec 1592/310 mln/1285
12:00 pm : Treasuries have been stuck in a whipsaw session of trade. As such, the benchmark 10-year Note has oscillated back and forth between positive and negative territory. It is currently flat, though. That has its yield sitting at 3.44%.
Oil has managed to maintain most of its gain today. Although the energy compoent is off of its session high, it continues to sport a 1.6% gain at $106 per barrel.
Meanwhile, the dollar is still down about 0.5% against the euro and down about 0.4% against the Japanese yen. DJ30 -9.27 NASDAQ -4.37 SP500 -1.58 NASDAQ Adv/Vol/Dec 1081/730 mln/1388 NYSE Adv/Vol/Dec 1545/285 mln/1293
11:35 am : Results from Ireland's bank stress tests were just released. The report indicates that four banks, including Allied Irish Banks (AIB) and Bank of Ireland (IRE), need a total of 24 billion euros of additional capital. The euro hasn't really reacted to the news. At $1.418, the euro is currently up about 0.5% against the greenback.DJ30 -14.23 NASDAQ -5.60 SP500 -2.83 NASDAQ Adv/Vol/Dec 1171/637 mln/1262 NYSE Adv/Vol/Dec 1608/245 mln/1212
11:00 am : Semiconductor stocks are caught in a spell of selling pressure. The group is currently down 0.7% after it butted up against its 50-day average in the prior session. Although its lack of direction in the past few sessions has made for a lackluster finish to the first quarter, the Philadelphia Semiconductor Index is on pace for a 6.5% quarterly gain. That compares favorably to the S&P 500's first quarter gain of 5.5%.DJ30 +15.63 NASDAQ +2.32 SP500 +0.13 NASDAQ Adv/Vol/Dec 1190/500 mln/1167 NYSE Adv/Vol/Dec 1622/195 mln/1174
10:35 am : Oil prices are off of their morning highs, but they continue to sport a gain of about 2% as the energy component trades for $106.20 per barrel.
In contrast, natural gas prices are under pressure. Natural gas inventories for the week ended March 25 had a build of 12 bcf, which contrasts with the consensus call for a draw of 2 bcf. Natural gas prices have pushed lower in response. They now stand at $4.25 per MMBtu, down 2.2%.
Gold has attracted strong support this morning. Prices for the precious metal are up almost $15, or 1%, to $1439.40 per ounce.
The USDA released its latest annual planting report and quarterly grain stocks report this morning. The planting report expressed expectations for a slight increase in corn plantings. Wheat plantings are also expected to increase, but soybean plantings are expected are expected to be lower than originally thought.
As for the grain stocks report, physical corn stocks are down 15% year over year. Soybean inventories are also lower from the prior year while wheat stocks are higher. Corn prices are currently up daily limit to $6.93 per bushel for a 4.5% gain, soybean prices are up 3.3% to $14.17 per bushel, and wheat prices are up 3.0% to $7.49 per bushel.DJ30 +26.94 NASDAQ +2.14 SP500 +0.87 NASDAQ Adv/Vol/Dec 1034/355 mln/1230 NYSE Adv/Vol/Dec 1433/150 mln/1284
10:00 am : Energy stocks were up 1.0% just minutes ago, but they have since pulled back bit so that the sector now trades with a 0.6% gain. The sector's slip has aligned it with the materials sector, which is up 0.6%, too. Preference for natural resource plays has made the two sector's this morning's strongest performers.
In contrast, financial stocks, which collectively carry the some of the most market weight, are under pressure. The sector's 0.5% loss is among this morning's worst.
Factory orders figures for February were just released. They fell 0.1%, which is a negative surprise since the consensus call among economists polled by Briefing.com had been pegged at a 0.4% increase. DJ30 +3.03 NASDAQ -2.58 SP500 -1.34 NASDAQ Adv/Vol/Dec 1003/141 mln/1101 NYSE Adv/Vol/Dec 1422/86 mln/1199
09:45 am : The major equity averages are currently mired near the neutral line as underlying stocks trade in mixed fashion.
However, energy stocks have made a strong bounce in the early going. The sector's early sprint to a 1.0% gain has been helped by oil's rally in early pit trade. Oil prices were last quoted with a 2% gain at $106.30 per barrel.
The Chicago PMI for March was just posted. It came in at 70.6, which is slightly stronger than the 69.5 that had been expected, on average, among economists polled by Briefing.com, but it is down from the prior month's figure of 71.2.DJ30 +4.84 NASDAQ +0.58 SP500 -0.89 NASDAQ Adv/Vol/Dec 850/50 mln/1116 NYSE Adv/Vol/Dec 1221/42 mln/1257
09:15 am : S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -5.20. Lackluster action abroad, an in-line initial jobless claims tally, and caution ahead of tomorrow's nonfarm paryrolls report have allowed stock futures to weaken so that a slightly lower start to the final session of the quarter looks to be in order. Still, the stock market still sports a first quarter gain of more than 5% to date. That makes for the best first quarter performance since 1998. Crude oil prices are rallying in early pit trade. The energy component was last quoted with at $106.40 per barrel, which makes for a gain of about 2%. Prices in the continuous futures contract are up approximately 16% in the first quarter.
09:05 am : S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: -3.70. Domestic stock futures are flat to slightly lower versus fair value. Meanwhile, Europe's major bourses are down ahead of bank stress test results from Ireland. Germany's DAX is currently down 0.1%. Economic data out of the country indicate that the unemployment rate for March edged lower to 7.1% from 7.3% in February. Meanwhile, retail sales for February fell 0.3% after they had increased 0.4% in the prior month. France's CAC has been cut down to a 0.5% loss. Financial outfits have been hit with stiff selling pressure. That has BNP Paribas down 1.6%, Societe Generale down 2.0%, and Credit Agricole off by 2.2%. Total (TOT) is sporting a 1.0% gain, though. It is among the CAC's primary leaders. Data indicate that France's PPI increased by 0.8% in February after a 0.9% increase in January. Britain's FTSE is off by 0.2% at the moment. The United Kingdom Consumer Confidence Survey for March came in at -28, which is unchanged from February. In broader data, eurozone CPI increased by 2.6% in March. That was the sharpest increase since 2008.
Japan's Nikkei put together a 0.5%. Tokyo Dome Corp was a top performer with a 6.5% gain. Sumco and Advantest complemented its efforts. Mitsubishi UFJ Financial (MTU) also traded with strength and, as a result, staged a 2.2% gain. Fuji Heavy Industries and Asahi Breweries were at the opposite end of things. Their shares fell 3.3% and 2.7%, respectively. According to data, construction orders spiked 19.5% in February after a 10.7% drop in January. Note that these orders are from February and that the massive earthquake that hit the country occured just a few weeks ago. Hong Kong's Hang Seng mustered a 0.3% gain. That was enough to take the Index to a three-week high. Financial and property plays paved the way for the advance.
08:35 am : S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: -4.20. There hasn't been much of a reaction among stock futures to the latest weekly jobless claims data. Initial jobless claims for the week ended March 26 totaled 388,000. That's 6,000 below the prior week's upwardly revised tally of 394,000, but slightly greater than the 383,000 initial claims that had been broadly expected. The four-week moving average increased by 3,250 to 394,250. As for continuing claims, they fell by roughly 50,000 to 3.71 million.
08:05 am : S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: -1.50. Stock futures are essentially flat this morning. Overseas markets have failed to offer the same spark that they did in the prior session, when a broad-based bid helped the stock market extend its climb back toward recent highs. Corporate news has been rather light, but Mosaic (MOS) announced last evening an upside earnings surprise for its latest quarter. The stock was recently quoted with a loss of more than 1% in premarket trade. Berkshire Hathaway (BRK.B) announced the resignation of David Sokol, who had been considered by some to be a possible Buffett successor. Shares of BRK.B are down almost 3% this morning. Outside of equities, oil prices are up about a buck to more than $105 per barrel. The bottom of the hour brings the latest weekly initial jobless claims tally. After that, the latest Chicago PMI will be posted at 9:45 AM ET, then Factory Orders figures at 10:00 AM ET. At 10:30 AM ET the latest weekly natural gas inventory data will be released. This week's headlining report -- nonfarm payrolls -- isn't due until tomorrow, though.
06:53 am : [BRIEFING.COM] S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +2.60.
06:53 am : Nikkei...9755.10...+46.30...+0.50%. Hang Seng...23527.52...+76.10...+0.30%.
06:53 am : FTSE...5941.28...-7.10...-0.10%. DAX...7060.09...+2.90...0.00.
5:56PM TAL International Group announces pricing of common stock offering at $36 (TAL) 36.27 -2.02 : Co announced the pricing of an underwritten public offering of an aggregate of 5,500,000 shares of its common stock at a price to the public of $36.00 per share. Of the total shares to be sold, the co intends to sell 2,500,000 shares of common stock and certain stockholders of the Company intend to sell an aggregate of 3,000,000 shares of common stock. The co intends to use the proceeds from its sale of shares for general corporate purposes, including, but not limited to, purchasing containers and making other capital expenditures and for general working capital purposes. The Company will not receive any proceeds from the sale of shares by the selling stockholders. BofA Merrill Lynch, J.P. Morgan and Wells Fargo Securities acted as joint book-running managers for the offering.
5:55PM Triangle Petroleum announces voluntary delisting from TSX Venture Exchange (TPLM) 8.30 -0.11 : Co announced that it has applied to the TSX Venture Exchange ("TSXV") to delist its shares of common stock from the TSXV effective as of April 1, 2011. The Company's common stock is currently trading on the NYSE Amex in the United States under the symbol "TPLM". Holders of the Co's common stock will be able to continue to trade their shares on the NYSE Amex.
5:52PM Vornado announces final disposition of High Point, N.C. assets recognizing $82 mln gain (VNO) 87.50 +0.65 : Co announced the final disposition by the receiver of its High Point, N.C. Complex, which was part of its Merchandise Mart division. As a result, the assets and liabilities will be removed from our balance sheet and a net gain of approximately $82 million will be recognized in the first quarter of 2011.
5:43PM HudBay Minerals Announces Near Quadrupling of Metals Reserves; US$116 Million 2011 Pre-Construction Program for Constancia (HBM) : ...
5:40PM Tiens Biotech reports 2010 EPS of $0.07 vs. $0.33 in 2009; revs fell 33.45 to $41.3 mln (TBV) 1.37 +0.01 :
5:37PM Visteon announces pricing of $500 mln of 6.75% senior notes due 2019 (VC) 62.49 +0.20 : Co announced it has priced an offering of $500 million aggregate principal amount of its 6.75% senior unsecured notes due 2019 (the "Notes"). Visteon intends to use the net proceeds of the offering, together with cash on hand, to retire its $500 million senior secured term loan due 2017 and pay related fees and expenses in connection therewith.
5:37PM Oxygen Biotherapeutics' Chairman and CEO Chris Stern announces retirement of President and COO Richard Kiral (OXBT) 1.84 -0.06 : Co announced the Board of Directors accepted the resignation of President and Chief Operating Officer Richard Kiral, Ph.D., effective Friday, April 1, 2011. Dr. Kiral will complete his term on the Board of Directors, however, he will not seek reelection during the annual shareholder meeting held in September. To affect a smooth transition, Dr. Kiral and the company have entered into a two-year consulting agreement.
5:36PM Chromcraft Rev reports Q4 ($0.57) vs. $1.00; revs fell 5.6% to $14.5 mln (CRC) 2.00 -0.01 :
5:34PM Medifast misses by $0.09, misses on revs (MED) 19.75 +0.78 : Reports Q4 (Dec) earnings of $0.23 per share, $0.09 worse than the Thomson Reuters consensus of $0.32; revenues rose 33.2% year/year to $63 mln vs the $64.7 mln consensus. "Due to the extension in filing 2010 full year results, the Company ability to have a clear view of the top level activity for the first quarter of 2011, and therefore wanted to provide an unaudited estimate of what it has experienced thus far in 2011."
5:32PM Park-Ohio prices $250 mln debt offering (PKOH) 20.66 -0.21 : Co announced that it has priced its offering of $250 mln in aggregate principal amount of 8.125% Senior Notes due 2021 in an offering exempt from the registration requirements of the Securities Act of 1933. In connection with the offering of the Senior Notes, the Co intends to enter into a new revolving credit facility by amending and restating the agreement governing its existing credit facility. Co intends to use a portion of the net proceeds from the offering of the Senior Notes to purchase any and all of its outstanding $183.8 mln in aggregate principal amount of 8-3/8% senior subordinated notes due 2014 that are not currently held by its affiliates. The co intends to use the remaining net proceeds to repay all of the term loans outstanding under its existing credit facility and to retire the 8-3/8% senior subordinated notes due 2014 that are currently held by its affiliates.
5:27PM MediciNova Reports Q4 (Dec) earnings of ($0.40), in-line with the Thomson Reuters consensus of ($0.40); revenues were $0.00 vs the $0.00 mln consensus (MNOV) 2.58 -0.07 :
5:23PM SLI Inc reports Q4 EPS of $0.83 vs. $0.30 in last year's quarter; revs rose 27% to $50.7 mln (SLI) 18.31 -0.28 :
5:12PM Almaden Minerals reports that further step-out drilling expands Ixtaca gold-silver zone and intersects more high-grade intervals (AAU) 4.02 +0.02 : Co announce that it has received results from holes TU-11-18 through 20 drilled on the Ixtaca zone of its 100% owned Tuligtic property. Holes TU-11-18 and TU-11-20 were drilled on a step-out section located 50 meters northeast from the last drilled section.
5:06PM Logitech Intl SA lowers FY11 revs guidance (LOGI) 18.13 -0.13 : LOGI lowered FY11 revs revenue guidance; co sees revs at $2.35-2.37 bln vs. $2.4 bln Thomson Reuters consensus, down from $2.40-2.42 bln. The co reported that FY11 operating income is now expected to be in the range of $140 to $150 million, down from the previous range of $170 to $180 million. The projected shortfalls in both sales and profitability are primarily due to weakness in the co's EMEA retail sales region. Logitech has experienced lower than expected demand for its retail products in EMEA from both distribution partners and consumers.
5:02PM Sulphco announced its financial statements for the fiscal year ended Dec 31, 2010, included in the Co's Form 10-K filed contained a going concern qualification (SUF) 0.14 0.00 : Co announced, in compliance with NYSE Amex listing regulations (Co Guide Rule 610(b)), that its financial statements for the fiscal year ended December 31, 2010, included in the Co's Annual Report on Form 10-K filed on March 31, 2011, contained a going concern qualification from its independent accounting firm, Hein & Associates LLP. As of December 31, 2010, the Co had ~$0.3 million in available cash reserves. Taking this amount together with ~$1.85 mln of net cash proceeds from the equity financing completed in February 2011, and its forecasted monthly cash burn rate, the Co anticipates that its cash reserves will be sufficient to fund its cash requirements only into the early part of Q3 of 2011.
5:00PM Ecopetrol and Pacific Rubiales announce agreement to start the Pilot Project of the STAR Technology (EC) 41.67 +0.17 : EC and Pacific Rubiales Energy (BVC: PREC; TSX: PRE) announced that they have agreed to carry out a pilot project of the "STAR" (Synchronized Thermal Additional Recovery) technology, provided by Pacific Rubiales, in the Quifa field in the Llanos Orientales in Colombia.
5:00PM GM announces sale of its stake in Delphi Automotive for $3.8 bln (GM) 31.03 -0.52 : General Motors (GM) announced the sale of its Class A Membership Interest in Delphi Automotive LLP (Delphi) back to Delphi for $3.8 billion. GM acquired the Class A Membership Interest in October 2009 in conjunction with the creation of Delphi. Co said, "We are systematically delivering on our commitment to strengthen and simplify our balance sheet." GM will report a book gain of ~$1.6 billion in the first quarter of 2011 related to the sale. Earlier this month, GM sold its Ally Financial Series A preferred stock for $1.0 billion in a registered public offering. The Ally transaction will result in a book gain of $0.3 billion to be recorded in the first quarter of 2011.
4:57PM Wizzard Software reports 2010 EPS of ($0.06) vs. ($0.13) last year; revs rose 7% to $5.5 mln (WZE) 0.26 -0.01 :
4:54PM Anworth Mortgage declares $0.25/share dividend, prior $0.22/share (ANH) 7.09 +0.07 : "Since income earning assets increased during the quarter, our estimate of GAAP earnings also increased to approximately $0.24 per share while Taxable Income, due to the non-deductibility of some executive compensation expense, was approximately $0.01 more, or approximately $0.25 per share. Since Taxable Income determines our dividend rate, this additional $0.01 is, in effect, a return of our stockholders' investment, which would normally be treated as a tax-free return of capital, but, in our situation, is a taxable dividend distribution. At this year's Annual Meeting of Stockholders scheduled for May 25, 2011, stockholders will have the opportunity to vote on a management externalization proposal which, if implemented, among other things, is expected to eliminate this taxation issue in the future."
4:48PM InfoSonics reports Q4 ($0.05 vs. ($0.04) in last year's quarter; revs fell 76.4% to $14.50 mln (IFON) 0.92 -0.03 :
4:47PM International Coal announces its 4.00% convertible senior notes due 2017 and 9.00% convertible senior notes due 2012 have become convertible (ICO) 11.29 +0.24 :
4:46PM China XD Plastics beats by $0.13; guides FY11 revs below consensus (CXDC) 5.21 -0.11 : Reports Q4 (Dec) earnings of $0.36 per share, $0.13 better than the Thomson Reuters consensus of $0.23; revenues rose 75.6% year/year to $72.4 mln vs the $64.5 mln consensus. Co sees FY11 revs at $280-310 mln vs. $314.2 mln consensus; it expects its fiscal year 2011 non-GAAP adjusted net income to be in the range of $48 million and $51 million.
4:46PM Getty Realty acquires 66 Shell branded properties in the greater Boston region (GTY) 22.86 +0.15 : Co announces that it has acquired 66 Shell branded gasoline station and convenience store properties located in and around the Greater Boston and Southern New Hampshire area for approximately $86.1 mln, in a sale/leaseback transaction with Nouria Energy Ventures, a subsidiary of Nouria Energy Group. The Company expects to receive approximately $5.8 million of revenue from the investment during calendar year 2011.
4:42PM GameStop announces acquisition of Spawn Labs and agreement to acquire Impulse (GME) 22.52 -0.11 : Co announced the acquisition of Spawn Labs, a streaming technology company. In addition, GameStop announced it has entered into an agreement to purchase Impulse, Inc., a subsidiary of Stardock Systems, Inc., and a leader in digital distribution. The Impulse acquisition is subject to customary closing conditions and is expected to close in May 2011.
4:41PM ARMOUR Residential REIT to transfer the listing of its common stock from the NYSE Amex to the New York Stock Exchange (ARR) 7.57 +0.03 :
4:36PM Hertz Global announces that its $474,755,000 Aggregate Principal Amount of 5.25% Convertible Senior Notes Due 2014 will continue to be convertible by holders of the Notes (HTZ) 15.62 -0.05 : This conversion right has been triggered because the Company's closing common stock price per share exceeded $10.77 for at least 20 trading days during the 30 consecutive trading day period ending on March 31, 2011. Based on this triggering event, the Notes will continue to be convertible until June 30, 2011.
4:35PM Wuhan General Group announces extension of Form 10-K filing (WUHN) 1.06 -0.01 : Co announces that it will file Form 12b-25 with the Securities and Exchange Commission on April 1, 2011 to extend the filing of the Company's Form 10-K for the year ended December 31, 2010 for up to an additional fifteen calendar days. The Company is filing for an extension due to delays in compiling the required information for the preparation of the financial statements.
4:32PM Kinross doubles its revolving credit facility to $1.2 bln (KGC) 15.75 -0.03 : The credit facility was led and arranged by Scotia Capital and Merrill Lynch, Pierce, Fenner & Smith Incorporated.
4:32PM Christopher & Banks announces prelim Q4 revs of $99.63 mln vs. $100.4 mln Thomson Reuters consensus; sees Q4 ($0.45)-(0.41), ex $0.06 charge, vs. ($0.31) consensus (CBK) 6.48 +0.09 : The Company also expects capital expenditures of ~$9 mln for fiscal 2011, and to end the fiscal year with cash, cash equivalents and investments of ~$106 mln. Inventory, excluding e-commerce inventory, is expected to increase ~4% on a per-store basis at the end of the fourth quarter of fiscal 2011, as compared to the end of the fourth quarter of fiscal 2010.
4:31PM Allied Nevada doubles Hycroft combined mineral reserves and resources to 16.1 million ounces of gold and 598.1 million ounces of silver (ANV) 35.45 +0.66 :
4:31PM Matrix Service announces the appointment of John Hewitt as President and Chief Executive Officer (MTRX) 13.90 +0.11 : Hewitt is currently senior vice president of Aker Solutions. Hewitt succeeds Michael J. Bradley, who served as president and chief executive officer from November 2006 to November 2010.
4:31PM Thoratec has given notice of its intention to redeem all of the outstanding Senior Subordinated Convertible Notes due 2034 on May 17, 2011 (THOR) 25.94 +0.34 :
4:30PM First Horizon estimates impact to net income of ~$3 mln from sale of unit (FHN) 11.21 +0.06 : The sale is expected to close in the second quarter, subject to satisfaction of customary closing conditions. The companies expect to maintain business relationships after the closing. Terms of the sale were not disclosed. The estimated impact to net income available to common shareholders is expected to be approximately $3 million positive, to be recognized in the first quarter. Because the transaction provides for a reconciliation process at and after closing, additional future financial impacts are possible; currently, those future impacts are expected to be immaterial.
4:28PM Corcept Therapeutics announces NDA submission to be completed the week of April 11, 2011; co plans to submit a request to the FDA for Priority Review (CORT) 4.25 +0.04 : Co announced that it will submit its New Drug Application (NDA) for the use of CORLUX in Cushing's Syndrome to the FDA the week of April 11, 2011. Co also stated "We plan to submit a request to the FDA for Priority Review along with our NDA submission. According to the FDA... We expect that the FDA will notify us whether our NDA submission has been accepted for filing within 74 days of submission, which the FDA bases on their initial 60-day review... We expect to make detailed data from our Phase 3 trial of CORLUX in Cushing's Syndrome available to the endocrinologists who treat the disorder at the Endocrine Society Annual Meeting... We are developing plans and engaging third-party vendors to support a commercial launch of CORLUX in the United States, if approved by the FDA."
4:26PM Sabra Healthcare REIT enters into an agreement to purchase the Texas Regional Medical Center of Sunnyvale, a 70-bed acute care hospital located outside of Dallas, Texas, for $62.7 million (SBRA) 17.61 -0.14 : Co announces that on March 30, 2011, it entered into an agreement to purchase the Texas Regional Medical Center of Sunnyvale, a 70-bed acute care hospital located outside of Dallas, Texas. The facility opened to the public in September 2009 and is leased pursuant to a long term, triple net lease to Texas Regional Medical Center Ltd, a partnership which includes ~75 physicians who practice at the hospital. The purchase price of $62.7 million will be funded from Sabra's available cash and is expected to provide an initial yield of 9.25% from cash rent.
4:24PM Leap Wireless's Cricket launches Muve Music unlimited wireless rate plan in new markets (LEAP) 15.47 +0.16 : Cricket Communications, a wholly owned subsidiary of Leap Wireless International, announces the availability of Muve Music in new Cricket markets across the nation. Beginning tomorrow April 1, Muve Music will be available in Colorado Springs, Ft. Collins, Greeley and Pueblo, CO; Philadelphia, PA; Atlantic City, NJ; Wilmington, DE; Houston, Beaumont, Austin and Bryan-College Station, TX; and Lake Charles, LA. With the addition of these new markets, Muve Music will be available in 26 Cricket markets across the country.
4:24PM Cereplast misses by $0.04; reaffirms 2011 revs in-line (CERP) 5.35 +0.14 : Reports Q4 (Dec) earnings of ($0.14), $0.04 worse than the Thomson Reuters two-analyst est of ($0.10); revenues rose 547% year/year to $3.9 mln vs the $5.05 mln two-analyst est. reiterates its 2011 annual revenue target of $24-32 mln, a projected 300-400% increase over 2010, vs. $29.80 mln consensus.
4:23PM Glimcher Realty completes modification and extension of corporate credit facility (GRT) 9.25 +0.18 : With the exercise of available extension options, the modification provides additional term through December 2013, increases the facility commitment amount from $200 mln to $250 mln, lowers the borrowing cost of the facility by removal of the LIBOR floor, and provides enhanced flexibility regarding the utilization of proceeds and borrowings from the facility. As part of the modification, co improved the current collateral pool securing the credit facility by granting first mortgage liens on three additional properties and contributing them to the collateral pool for the credit facility. In order to add the additional properties to the collateral pool, the company repaid the existing mortgage loans on Morgantown Mall, Northtown Mall, and Polaris Lifestyle Center. Lastly, the modified facility also provides co the opportunity to increase the facility commitment amount to $300 mln by providing additional collateral and adding new financial institutions as facility lenders or obtaining the agreement from the existing lenders to increase their lending commitments.
4:22PM Mexco Energy announces the purchase of working interests in 160 gross acres in the Fuhrman-Mascho Field for an approximate purchase price of $670,000 (MXC) 13.15 +1.41 : Co announces the purchase of working interests in 160 gross acres in the Fuhrman-Mascho Field for an approximate purchase price of $670,000. The co funded the cash purchase price primarily from its $5.0 million credit facility and the balance from working capital. This acreage contains four wells, three of which are producing from the San Andres and one recently drilled well from the Grayburg and San Andres formations at an approximate depth of 5,000 feet. These wells are operated by Cone and Petree Oil & Gas Exploration. The Company owns working interests of approximately 10.8% (7.77% net revenue interest) in this property.
4:18PM Capital Trust announces comprehensive debt restructuring (CT) 2.29 -0.11 : Co announced the comprehensive restructuring of all of the company's outstanding recourse debt obligations. The Restructuring involved: (i) the contribution of certain of the Company's legacy assets to a newly formed subsidiary of the Company, (ii) the assumption of the Company's legacy repurchase obligations by CT Legacy REIT, and (iii) the extinguishment of the Company's senior credit facility and junior subordinated notes. The Restructuring was financed by a new $83.0 million mezzanine loan to CT Legacy REIT (the "Mezzanine Loan") provided by an affiliate of Five Mile Capital Partners LLC (the "Mezzanine Lender") and the issuance of equity interests in CT Legacy REIT to the former JSN and SCF holders, as well as to an affiliate of the Mezzanine Lender.
4:17PM Ascent Solar announces a change in strategy; CEO Farhad Moghadam is stepping down to pursue other interests and opportunities; Ron Eller to be new President and CEO (ASTI) 2.87 -0.07 : Co announces a change in strategy that will focus the company's lightweight, flexible thin-film solar module technology on applications for emerging and specialty markets. In the past, co has dedicated many of its resources to establishing a position in the building applied and building integrated photovoltaic markets. The new market focus provides a clear path for the future and leverages the company's strengths. The change in strategy will mean a change in leadership and sizing the company to a new cost structure. With the change in strategy, CEO Farhad Moghadam is stepping down to pursue other interests and opportunities, including spending time with his family who lives in California. Ron Eller, an Ascent board member for the past two years, has been appointed the company's new President and CEO. Eller is a seasoned technology executive and management consultant with more than 25 years experience, including, most recently, running various divisions in the enterprise businesses of Hewlett Packard and Compaq Computer Corporation.
4:16PM Omeros Reports Outcome of Phase 3 Trials of OMS103HP; did not meet the pre-specified endpoints of these studies (OMER) 8.00 +0.20 : No conclusions could be made regarding drug effect due to confounding factors in the studies. "Given the strength of the data from previous clinical studies of OMS103HP, we are obviously disappointed and surprised by the outcome. Our analysis of the data does not demonstrate a lack of drug effect nor does it appear to undermine the viability of our Phase 3-ready OMS103HP program for meniscectomy surgery," stated Gregory A. Demopulos, M.D., chairman and chief executive officer of Omeros.
4:16PM Global Payment misses by $0.01, beats on revs; updates FY11 EPS to in-line, revs in-line (GPN) 48.96 +0.69 : Reports Q3 (Feb) earnings of $0.63 per share, $0.01 worse than the Thomson Reuters consensus of $0.64; revenues rose 14.5% year/year to $456.4 mln vs the $442.4 mln consensus. Co issues in-line guidance for FY11, now sees EPS of $2.70-2.77 (vs. $2.73 Thomson Reuters consensus), up from its previous range of $2.66-2.77; sees FY11 revs of $1.80-1.82 bln (vs. $1.8 bln Thomson Reuters consensus).
4:16PM Textron announces its 4.5% convertible senior notes due 2013 to remain convertible at holder's discretion (TXT) 27.37 +0.21 : The Notes will be convertible because Textron's common stock price exceeded the conversion threshold price of $17.06 per share (130% of the applicable conversion price of $13.125 per share) for at least 20 trading days during the 30 consecutive trading days ending March 31, 2011.
4:16PM Telephone & Data will redeem all of its remaining outstanding 7.6 percent Series A Notes due 2041 (TDS) 33.71 +0.54 : Co announces that it will redeem all of its remaining outstanding 7.6 percent Series A Notes due 2041 (NYSE: TDA). TDS will redeem all $282.5 million aggregate principal amount of the outstanding notes on May 2, 2011, at a redemption price of 100 percent of the principal amount, together with accrued and unpaid interest to the redemption date.
4:15PM Intersections announces repurchase of shares from CCP Equity Partners (INTX) 12.40 : Co announced that it repurchased all shares in the co owned by investment funds affiliated with CCP Equity Partners. Under the terms of the transaction, Intersections purchased all 1,742,463 shares of its common stock owned by CCP, which represent approximately 9.7% of the outstanding shares of Intersections. The aggregate purchase price was approximately $19.6 million, based on the negotiated purchase price of $11.25 per share. Intersections funded the repurchase with available capacity under its existing Credit Agreement with Bank of America, N.A.
4:15PM Pebblebrook Hotel Trust commences a public offering of 8,000,000 common shares of beneficial interest (PEB) 22.15 : Co announces the commencement of a public offering of 8,000,000 common shares of beneficial interest, par value $0.01 per share. The Company will contribute the net proceeds of the offering to its operating partnership, which will use the net proceeds to acquire and invest in hotel properties in accordance with the Company's investment strategy and for general business purposes. BofA Merrill Lynch, Raymond James and Wells Fargo Securities are the joint book-running managers for the offering. RBC Capital Markets, Janney Montgomery Scott and Piper Jaffray are the co-managers for the offering.
4:14PM Parkervision, Inc. reports Q4 loss of $0.07 per share compared to a loss of $0.13 in prior year; single analyst estimate -$0.18 (PRKR) 0.68 0.00 : The Company ended 2010 with approximately $6.5 million in cash and available for sale securities after receiving approximately $5.0 million in proceeds from registered offerings of equity securities in November 2010 and using approximately $11.2 million in cash for operations and approximately $0.8 million for patents and equipment in 2010. The 2010 use of cash for operations represents a reduction in cash usage of over $3.6 million when compared to 2009.
4:14PM Demandtec reports EPS in-line, revs in-line (DMAN) 13.15 -0.09 : Reports Q4 (Feb) earnings of $0.03 per share, in-line with the Thomson Reuters consensus of $0.03; revenues rose 13.8% year/year to $22.3 mln vs the $22.2 mln consensus. "I am very pleased that during fiscal year 2011 we were able to achieve financial results that met or exceeded our expectation as our retail and consumer products company customers embraced our solutions to help them better understand their shoppers in order to help drive sales, profit, volume and customer loyalty... During the year, we continued to invest in the business to provide the most comprehensive solutions so our customers can better understand, predict, and drive demand,"
4:13PM Xyratex falls 7.5% to 10.35 after reporting Q1 results and issuing downside guidance (XRTX) 11.16 -0.16 :
4:10PM GlobalStar reports 2010 EPS of ($0.34) vs. ($0.58) last year; revs rose 5.7% to $67.9 mln (GSAT) 1.27 :
4:10PM Alexander & Baldwin pops 7% following Pershing Square stake news (ALEX) 45.65 +0.12 :
4:06PM SinoCoking announces that the March 31, 2011 deadline initially set by the Henan Provincial Govt to complete the consolidation of small- and mid-sized coal mines in that province has been extended to the end of 2011 (SCOK) 8.21 -0.91 : Co announces that the March 31, 2011 deadline initially set by the Henan Provincial Govt to complete the consolidation of small- and mid-sized coal mines in that province has been extended to the end of 2011. The new deadline gives consolidators, including the Company, the time needed to work through governmental administrative procedures and complete the consolidation process.
4:06PM PPD Inc. has been chosen as a preferred provider to a consortium of 14 global health Product Development Partners to bring safe, new medicines to the developing world (PPDI) 27.70 -0.27 : Co announces it has been chosen as a preferred provider to a consortium of 14 global health Product Development Partners to bring safe, new medicines to the developing world. Co is expected to provide a broad range of discovery, clinical development and post-approval services for drug and vaccine development.
4:06PM VeriSign announces that .com now supports DNS Security Extensions (VRSN) 36.23 -0.22 : "By reaching this critical milestone in DNSSEC deployment, Verisign and the Internet community have made enormous strides in protecting the integrity of DNS data."
4:05PM Omnicare adopts Rule 10b5-1 Plan in conjunction with share repurchase program (OCR) 29.98 +0.23 : Co announces that it has adopted a Rule 10b5-1 plan for the purpose of repurchasing up to $50 million of its common stock. This plan has been established pursuant to, and as a part of, the Company's $200 million share repurchase program previously announced on May 3, 2010.
4:03PM Aehr Test Systems has received an order for a FOX-15 WaferPak cartridge from a communication equipment manufacturer (AEHR) 2.10 -0.94 : This is the first WaferPak cartridge ordered by this customer and it is scheduled to ship during calendar year 2011.
4:02PM AVI BioPharma announces proposed public offering of common stock (AVII) 1.87 -0.05 : Co announced its intention to offer, subject to market and other conditions, shares of its common stock in an underwritten public offering. The Company currently intends to use the net proceeds from this offering for general corporate purposes, including research and product development, such as funding clinical trials, pre-clinical studies and otherwise moving product candidates towards commercialization. Lazard Capital Markets and Piper Jaffray & Co. are acting as joint book-running managers for the offering.
4:02PM Hampton Roads Bankshares announced that it will effect a reverse stock split of its issued and outstanding common stock with an effective date of April 27, 2011; shareholders on the effective date will receive one new share of common stock for every twenty-five shares they hold (HMPR) 0.82 -0.06 :
4:01PM First Horizon: BRO enters into agreement to acquire First Horizon Insurance Group from First Tennessee Bank (FHN) 11.21 +0.06 : Brown & Brown (BRO) announced it has entered into an agreement to acquire from First Tennessee Bank all of the outstanding stock of the parent company of First Horizon Insurance Group. First Tennessee Bank is a subsidiary of FHN. Finalization of the transaction is subject to the satisfaction of certain customary conditions. The acquisition is expected to close in late April of this year.
3:46PM End of session/quarter volatility with the Dow -19 setting a new session low -- S&P -2, Nasdaq Comp +3.4 (SPY) :
3:35PM Relative sector weakness (TECHX) : Sectors that are weakening in recent trade include Energy XLE, Oil Service OIH, Materials XLB, Housing XHB, Ag/Chem MOO, Solar TAN, Coal KOL.
3:34PM Mentor Graphics: Ichan comments letter to co's board (MENT) 14.68 -0.04 : "Your basis for rejecting our offer to acquire Mentor Graphics was that it 'undervalues the company and its future prospects.' Yet, one day later, you announced the issuance of convertible notes, but maintained sub rosa the fact that it may be massively dilutive to shareholders if the company is sold. We are confident that when you disclose all of the terms of the notes the shareholders will see and understand the cynical nature of your acts. In your press release, you claim 'the high level of institutional investor interest in our new convertible debt offering resulted in attractive terms for the company and demonstrated strong investor support for Mentor's business strategy and long-term prospects' but you failed to mention the poisonous 'make-whole' provision of this offer. The effect of this make-whole provision is that, in the event of a sale of the company during the no-call period, the conversion price of this debt may decrease dramatically from $20.54. Depending on time and price, it could fall close to where the company's stock was trading when you announced this absurd offering. In our opinion, this is a blatant attempt to derail an acquisition proposal..."
3:23PM Jones Lang LaSalle forms South Africa unit following acquisition of property service providers Bradford McCormack for an undisclosed amount (JLL) 99.44 +0.55 : The acquisition will give Jones Lang LaSalle its first dedicated office in South Africa, although the firm is already present at several client facilities across the country.
3:19PM Eaton Vance announces that it has acquired the assets of Pelican Investment Management, a wealth and investment advisory services firm with offices in Boston and New York and ~$500 million of client assets under advisement (EV) 32.25 -0.49 :
3:11PM Nasdaq Comp +4 inched to minor new high this afternoon but the Dow -8.5 and S&P -0.1 did not confirm and have slipped back into the red (QQQ) :
2:50PM Index Change Reminders (INDXCH) : S&P MidCap 400 constituent Edwards Lifesciences (EW) will replace Qwest Communications International (Q) in the S&P 500 index, S&P SmallCap 600 constituent The Cooper Companies (COO) will replace Edwards Lifesciences in the S&P MidCap 400 index, and Koppers Holdings (KOP) will replace The Cooper Companies in the S&P SmallCap 600 index after the close of trading today.
2:42PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices; Corn Rose the Exchange Limit Following USDA Reports (See 08:36, 08:41 and 08:50 comments) (COMDX) : May corn finished 30 cents higher (the exchange limit), or +4.5% to $6.9325. May wheat fell 30.75 cents, or +4.2%, to close at $7.58, May soybeans rose 34 cents, or +2.5%, to close at $14.06, April ethanol closed higher by 0.183 cents at $2.659, while May world sugar futures closed down 0.10 cents to 27.11 cents.
2:37PM NYMEX Energy Closing Prices (COMDX) : May crude oil settled higher by $2.45 to $106.72, May natural gas closed up 3.6 cents to $4.391, April heating oil rallied for 5.73 cents to finish at $3.0969, while April RBOB gasoline ended up 5.59 cents to $3.1199.
2:33PM VeriFone: ViVOtech is negotiating with VeriFone Systems (PAY) to acquire the U.S. assets of Hypercom Corporation (HYC) (PAY) 55.11 -1.73 : VeriFone said in November it would divest Hypercom's U.S. assets following its acquisition of the electronic payments company, which is expected to close in the second half of this year. ViVOtech has retained Morgan Keegan and Wilson Sonsini Goodrich & Rosati to assist in the evaluation of the Hypercom assets acquisition.
2:28PM Crude to fresh highs, at $106.83, with less than 2 min left in pit trade; now higher by $2.48 to $106.76 (COMDX) :
2:03PM Crude oil ticking back toward highs with less than 30 min left in pit trade; now up $2.24 at $106.51 (COMDX) :
1:58PM Watson Pharm announces approval of Nulecit, the first generic alternative to Ferrlecit for the treatment of iron deficiency anemia (WPI) 56.19 +0.10 : Co announces that it is initiating launch activities of Nulecit, following FDA approval of GeneraMedix Inc.'s Abbreviated New Drug Application. Nulecit is the first bioequivalent and therapeutically equivalent alternative to Sanofi-Aventis' Ferrlecit. In July 2009 co signed a license agreement with GeneraMedix for the exclusive U.S. marketing rights to the product, which will be marketed by Watson's Global Brands business.
1:41PM COMEX Metals Closing Prices (COMDX) : April gold finished higher by $13.10 to $1436.90, May silver gained 30.4 cents to end at $37.815, while May copper ended up 3.35 cents to $4.3075.
1:30PM Cinedigm Digital Cinema announces content distribution into Latin America (CIDM) 1.79 -0.04 : Co announces a partnership with Contenido Alternativo, S.A. de C.V. to integrate a satellite platform for digital content distribution throughout Mexico, Latin and South America, expanding the Cinedigm CineLive footprint throughout the hemisphere. The partnership will facilitate the distribution of alternative content programming, including live 2-D and 3-D sporting events and concerts as well as movie delivery into cinemas.
1:27PM Seven Arts Pictures entered into an agreement with GFM Films for the formation of a joint venture; venture will seek to acquire, produce, license and distribute feature films (SAPX) 0.42 +0.02 :
1:16PM Frozen Food Express enters into new $50 million long-term credit agreement (FFEX) 3.55 +0.01 : Co announces that it has successfully entered into a new 4-year credit agreement with Bank of America. The agreement replaces its previous credit facility, which had been scheduled to mature September 2, 2011, and increases the borrowing capacity by $30 million to $50 million. The new $50 million senior secured asset-based revolving credit facility matures March 29, 2015.
1:10PM Ceradyne received a delivery order for approximately $36 million for XSAPI (CRDN) 44.37 -0.45 : Ceradyne will begin shipping this XSAPI production release in the second quarter this year with full shipment expected to be completed in the third quarter 2011.
1:09PM EMC 's Mozy announces general availability of the Mozy mobile app for iPhone - as well as other iOS devices such as iPad and iPod touch - and the pending arrival of a similar app for Android mobile devices (EMC) 26.67 -0.26 :
1:00PM IRobot to deliver more small unmanned ground vehicles to the U.S. Army (IRBT) 32.73 -0.08 : Co announced that the U.S. Army plans to procure two additional low-rate initial production brigade sets of model 320 SUGVs. Co also continues to develop the follow-on variant of the SUGV for the BCTM program. This SUGV variant will provide enhanced processing, sensor and communication capabilities and is expected to be available in the 2012 timeframe. iRobot and Boeing (BA) plan to develop the SUGV.
12:49PM RGC Resources will begin a project to replace its natural gas distribution system in downtown Roanoke (RGCO) 34.25 0.00 :
12:47PM Nat gas to new highs; now up 7.9 cents to $4.434 (COMDX) :
12:46PM Vertex Pharm announced new data from retrospective analyses that evaluated the relationship between variations at the IL28B gene and a patient's response to treatment with telaprevir in combination with pegylated-interferon and ribavirin (VRTX) 47.52 -0.96 : These analyses showed that people in these studies had substantial improvements in sustained viral response (SVR, or viral cure) rates across all IL28B genotypes (CC, CT or TT) for those treated with telaprevir-based combination therapy compared to those treated with pegylated-interferon and ribavirin alone. Telaprevir is a medicine in development for the treatment of genotype 1 chronic hepatitis C. Safety and tolerability results were consistent across the Phase 3 studies of telaprevir. The safety and tolerability results of the telaprevir-based combination regimens were consistent across the Phase 3 studies. The most common adverse events were fatigue, pruritus, nausea, headache, rash, anemia, flu-like symptoms, insomnia and diarrhea with the majority being mild to moderate. Rash and anemia occurred more frequently in the telaprevir-based treatment arms compared to the control groups.
12:39PM Weatherford notches new session high of 22.65, near its 50 sma at 22.69 (WFT) 22.64 +0.50 :
12:36PM Natural gas spikes into positive territory; now up 4.7 cents to $4.402 (COMDX) :
12:32PM Merck reports new data analyses with VICTRELIS; results showed that the addition of VICTRELIS significantly improved SVR in adult patients who failed previous treatment (MRK) 33.08 -0.23 : Co announced results from several new data analyses from the pivotal Phase III studies evaluating the addition of its investigational oral protease inhibitor VICTRELIS (boceprevir) to peginterferon alfa-2b and ribavirin (PR) in adult patients with chronic hepatitis C virus (HCV) genotype 1 infection. The new data analyses identified potential predictors for the likelihood of achieving sustained virologic response 1 based on a patient's response during a four-week lead-in period with PR alone prior to the addition of VICTRELIS, as well as the genetic marker IL28B. These results showed that the addition of VICTRELIS significantly improved SVR in adult patients who failed previous treatment or who were new to treatment for chronic HCV genotype 1 compared to PR alone, the primary endpoint of the studies. The company also reported that primary results from these two studies each achieved statistical significance of p<0.0001 based on intent-to-treat analyses.
12:29PM Midday bounce for stock indices back near intraday range mid-points -- Dow +4, S&P +0.2, Nasdaq Comp -0.6 (SPY) : Oil Service OIH, Energy XLE, Solar TAN, Finance XLF, Housing XHB, Retail XRT, Rail are outperforming on this move.
12:28PM Crude oil pushing back towards highs; now up $2.12 to $106.39 (COMDX) :
12:04PM Cinemark announced plans to construct new 12-screen theatre in Pittsburgh, Pennsylvania; expects to open fall 2012 (CNK) 19.39 +0.19 :
11:58AM Geomet Earnings Color (GMET) 1.64 -0.14 : After the close yesterday, we reported GMET's earnings at 17:46. In that comment, we included GMET's Q4 (Dec) GAAP EPS of ($0.12), which included items and may not be comparable to the Thomson Reuters two-anlayst est of $0.02. We'd note that the company also gave an adjusted net income figure of $1.7 mln, which would equate to adjusted EPS of $0.04. Revenues fell 8.2% year/year to $7.4 mln vs the $11.9 two-analyst est consensus.
11:53AM Patrick Industries entered into a credit agreement with Wells Fargo, establishing a four-year $50.0 million revolving secured senior credit facility (PATK) 2.50 -0.01 :
11:51AM American Intl 's ILFC enters into $1.3 billion committed secured loan with right to upsize (AIG) 35.06 -0.99 : International Lease Finance Corporation, a wholly owned subsidiary of co, announced today the commitment for $1.3 billion of a secured term loan with a group of 15 banks from Europe, Asia and North America. The company also has the right to upsize the transaction by $200 million in commitments from additional lenders. The facility, arranged by Citi and Credit Suisse as Joint Structuring and Placement Agents, along with BNP Paribas as an additional Joint Placement Agent, will be funded over the next 12 months and will mature in 2018. This transaction enables ILFC to improve its overall capital structure through diversification of funding sources.
11:36AM Relative Sector Weakness (TECHX) : Sectors that are underperforming the S&P as it pulls back include: Energy XLE, Oil Service OIH, Semi SMH, Computer-Hardware, Silver SLV, Gold GLD, Casino, Ag/Chem MOO, Retail XRT, Housing XHB.
11:33AM Stock indices slip back, Dow -7.9 sets new low after failing to breach Wed high (SPY) : S&P -2.2, Nasdaq Comp -4.2
11:10AM Pullback in crude oil extends; crude oil currently up $1.48 to $105.75 (COMDX) :
11:01AM Avnet's Avnet Electronics Marketing Americas inks distribution agreement with Future Designs (AVT) 34.14 +0.13 : The agreement between Avnet Electronics Marketing Americas and FDI, a full-service design and programming company with hardware, software, mechanical and system level expertise, encompasses the entire Americas region.
10:57AM MI Developments announces that the Ontario Superior Court of Justice has issued a final order approving the previously announced reorganization proposal to eliminate MID's dual class share structure (MIM) 28.91 -0.12 :
10:55AM Livestock producers getting hit following USDA reports, which were bullish for corn (COMDX) : Livestock names are showing notable losses this morning, including SAFM -3.6%, TSN -1.9%, SFD -1.5%, HRL-0.4%, which is driven by a bullish USDA report this morning. The report is provide notable strength in ag futures this morning. Corn futures open 30 cents higher, the maximum exchamnge limit, to $6.9325/bu and remains there currently. Wheat is +3.1% at $7.50/bu and soybeans are up 3% at $14.135/bu (All May contracts)
10:42AM Apricus Biosciences expands patent coverage in Mexico for its erectile dysfunction drug, Vitaros (APRI) 4.13 -0.11 : Co announces that the Mexican Patent Office will grant an additional patent for Vitaros, co's topical alprostadil-based cream for the treatment of erectile dysfunction. The MPO issued a "notice of allowance" for the patent entitled, "Topical Stabilized Prostaglandin E Compound Dosage Forms," which is expected to be granted within a few months. Upon receipt, the new patent will provide co patent protection for Vitaros for ED until 2026.
10:38AM Major averages back in positive territory -- Dow +30, S&P +1.3, Nasdaq Comp +3.1 (SPY) : Dow is the top performer (CVX, UTX, KO, TRV, VZ).
10:35AM Grain pits opened, corn futures open limit-up (+4.5%); bullish for the fert stocks (CF +4.2%, AGU +2.3%, POT +2.0%, IPI +0.8%) (COMDX) : Pit trading in grains just opened a few minutes ago and corn, soybeans and wheat are leading the CRB Commodity Index. Corn futures are +30 cents (+4.5%), up the maximum exchange limit, at $6.9325/bushel, soybeans are +58 cents (+4.2%) at "4.30/bushel and wheat is +26.5 cents (+3.6%) at $7.535/bu.
10:32AM Boeing states that WTO ruling 'exposes massive Airbus advantage from illegal subsidies' (BA) 74.19 +0.40 : Co says "This WTO ruling shatters the convenient myth that European governments must illegally subsidize Airbus to counter U.S. government assistance to Boeing... The ruling rejects 80 percent of the EU's claims against the U.S., finding no more than $2.7 billion of impermissible subsidies to Boeing not previously remedied. That amount includes $2.6 billion in NASA R&D funding, which is but a small fraction of the total amount challenged." Both sides may appeal today's ruling. Once any appeal concludes, Boeing will support whatever steps the U.S. government deems necessary to fulfill its WTO obligations, and expects the same commitment to compliance from Airbus and its sponsor governments.
10:31AM Bristol-Myers reports investigational direct-acting antiviral BMS-790052 plus PEG-Interferon Alfa and Ribavirin achieved up to 92% sustained virologic response in phase II dose-ranging study of treatment-naive hepatitis C patients (BMY) 26.37 -0.09 : Co announces results from a Phase II clinical trial in which treatment with the investigational direct-acting antiviral BMS-790052, an NS5A replication complex inhibitor, in combination with PEG-Interferon alfa and ribavirin, achieved sustained virologic response 12 weeks post-treatment in up to 92% of treatment-naive patients chronically infected with hepatitis C genotype 1. Adverse events and serious adverse events were consistent with those reported in the PEG-Interferon alfa and ribavirin arm and were comparable across all doses of BMS-790052. These data were reported today for the first time in a late-breaker poster session at the International Liver Congress, the 46th annual meeting of the European Association for the Study of the Liver in Berlin, Germany.
10:31AM Spire will provide the Spi-Sun Simulator 4600SLP to the European Commission's Joint Research Centre in Ispra, Italy (SPIR) 4.68 +0.04 :
10:30AM Following inventory data, natural gas drops to lows at $4.25; now off 9.9 to $4.256 (UNG) :
10:20AM Stock indices lifting off lows after limited slide -- Dow +17, S&P -0.5, Nasdaq Comp -2.4 (SPY) : Relative strength (outperforming the S&P) on this move has been noted in Reg Bank KRE, Finance XLF, Materials XLB, Transports IYT, Gold Miners GDX, Rail, Gold GLD.
10:11AM Vertex Pharm announces results from phase 3 REALIZE Study showed Telaprevir-based therapy significantly improved SVR rates in people whose prior treatment for hepatitis C was unsuccessful (VRTX) 48.22 -0.26 : Co announces final results from its pivotal Phase 3 REALIZE study that evaluated people with genotype 1 chronic hepatitis C whose prior treatment with pegylated-interferon and ribavirin was unsuccessful either because they relapsed, had a partial response or had a null response. Data from the study showed that people in each of these subgroups who were treated with telaprevir-based combination therapy achieved superior rates of sustained viral response compared to those treated with pegylated-interferon and ribavirin alone.
10:05AM Dow -7.3 joins S&P -2.6 and Nasdaq Comp -5.5 at new session low (SPY) : The S&P is nearing first level support noted in The Technical Take at 1324/1323 (session low 1325).
10:03AM Luna Innovations continues to surge higher, now up 85% over the past 10 minutes (LUNA) 3.30 +1.49 : see 9:54 comment
10:01AM Some relative strength in Machinery in recent action -- DE, CAT, JOYG, HON (TECHX) :
9:57AM Navios Maritime announces proposed private offering of $185.0 million senior notes due 2019 (NM) 5.65 +0.01 : Co announces that its majority owned subsidiary, Navios South American Logistics, intends to offer through a private placement, subject to market and other conditions, ~$185.0 million of senior notes due 2019.
9:56AM New session low for S&P -2.2 and Nasdaq Comp -2.6, Dow -0.7 holding fractionally above thus far (SPY) : Relative sector weakness in recent action has been noted in Airline FAA, Casino BJK, Gold Miners GDX, Retail XRT, Finance XLF.
9:54AM Luna Innovations and Intuitive Surgical (ISRG) extend relationship (LUNA) 1.95 +0.14 : The co announced that it has agreed with Intuitive Surgical to extend its development efforts under its development and supply agreement with Intuitive towards further integrating Luna's shape sensing technology into Intuitive's products.
9:51AM Winthrop Realty Trust announces recent transactions (FUR) 12.10 0.00 : Co announces on March 31, 2011 its Metropolitan Tower B Note and rake bond receivable was satisfied at par. As a result, co will receive a principal repayment of ~$23.75 million on account as previously described in a March 3, 2011 release, as a result of the recent favorable Delaware Supreme Court ruling regarding the cancellation of notes issued by Concord Real Estate CDO 2006-1 Lt its 50/50 joint venture with Retail Opportunity Investments Corp. completed the previously reported acquisition at par of two non-performing first mortgage loans with a total outstanding balance of a venture in which co will hold a 50% interest entered into a contract to acquire the collateral management agreements with respect to three real estate CDOs that hold approximately $1.8 bil. (Stock halted)
9:51AM Skystar Bio Pharmaceutical files extension for fiscal 2010 form 10k filing; expects to meet or exceed top-line revenue guidance range of $45.5- 47.5 mln for the full fiscal year ($46.1 mln Thomson Reuters consensus for FY10) (SKBI) 5.50 -0.05 : Co announces that it will file with the United States Securities and Exchange Commission, Form 12b-25 Notification of Late Filing for its Annual Report on Form 10-K for the year ended December 31, 2010. The Form 12b-25 will allow the Company an additional 15 calendar days to file the Form 10-K which is otherwise due on March 31, 2011. The postponement in filing is due to delays in compiling information for the preparation of the financial statements. Co fully expects to be able to file well within the additional time allowed by the Form 12b-25. Additionally, co expects to meet or exceed top-line revenue guidance range of $45.5- 47.5 million for the full fiscal year.
Point Losers: OPEN (-2.65), MTOR (-2.33), NFLX (-2.23), KMX (-1.83), LVS (-2.00), VFC (-1.42), X (-1.50), YOKU (-1.32), JCP (-1.04), PAY (-1.25)
9:46AM Stock indices slip slightly after PMI data but remain within early tight ranges -- Dow +10, S&P -0.06, Nasdaq Comp +1.6 (SPY) :
9:44AM Stock indices steady to slightly firmer ahead of data -- Dow +14, S&P +0.7, Nasdaq Comp +3 (SPY) : Strength noted in Energy/Commodity with Casino, Housing, Retail, Airline, Finance early laggards.
9:42AM Prana Biotech's PBT2 Phase II trial receives $700K funding from Alzheimer's Drug Discovery Foundation (PRAN) 2.87 +0.24 : The New York based Alzheimer's Drug Discovery Foundation and co jointly announce that the ADDF will provide co with a mission-related investment of US$700,000 over two years to conduct a clinical trial investigating the potential of PBT2 to reduce the accumulation of beta-amyloid in the brain of people with Alzheimer's Disease. The Phase II study will enroll 40 patients with mild AD for 12 months, with Positron Emission Tomography amyloid neuroimaging and other biomarkers as the primary outcome measures.
9:40AM Crude Oil probes multi-year high again (TECHX) : (Click for daily continuous futures contract).
9:39AM Advanced Battery Tech comments on the sudden decline in the market price for its common stock; says no change in co's financial condition or its outlook that would explain the decline (ABAT) 1.70 -0.35 : "The sharp decline in the price of our common stock on the afternoon of March 30 troubles us greatly. We wish to ensure our shareholders that there has been no change in the Company's financial condition or its outlook that would explain the decline. Our balance sheet remains strong, as shown in the Form 10-K filed earlier this month, and our prospects for continued growth remain bright. There has not been any recent significant event that occurred within the Company that would explain the decline in our stock price yesterday. We assume, therefore, that the price decline resulted from market activity unrelated to the inherent value of our company."
* IndiGo has selected Pratt & Whitney PurePower PW1100G engines to power its fleet of 150 new Airbus A320neo family aircraft. The decision represents 300 firm PW1100G engines with options for additional engines. In addition, IndiGo has also chosen Pratt & Whitney to provide maintenance for these PurePower engines. Pratt & Whitney is a division of United Technologies (UTX). * Swisher Hygiene (SWSH) announced that it has acquired A-1 Solution's, a Wisconsin-based hygiene and chemicals company, and Unitex, an Alabama-based linen facility. Total consideration paid by Swisher Hygiene in connection with the acquisitions includes $345,000 in cash, the assumption of certain liabilities and the issuance of up to 27,304 shares of common stock of Swisher Hygiene.
9:16AM China Electric Motor: NASDAQ says trading was halted today in CELM at 08:01:49am ET for "additional information requested" from the company at a last price of $2.91 (CELM) 2.91 : Trading will remain halted until CELM has fully satisfied NASDAQ's request for additional information.
9:14AM China Education Alliance postpones earnings conference call from April 1 to later in 2011; co states postponement was not due to any accounting irregularities. (CEU) 1.53 : Co announces it has postponed its full year 2010 ended December 31, 2010, along with fourth quarter 2010 financial results earnings call previously scheduled for April 1, 2011 to a later day in 2011 to be determined. co states the postponement was not due to any accounting irregularities. This postponement will allow more time for the co and its independent auditors to complete their financial statements and audit works, according to co.
9:09AM Rubicon Minerals announces amended inferred mineral resource and geological potential estimates for Phoenix Gold Project, Red Lake Ontario (RBY) 4.50 : On an uncapped basis, the block model estimates are within 9.4% of the tonnage, 18.9% of the grade and 11.3% of the total contained ounces of the uncapped polygonal estimate. On a capped basis, the block model estimates are within 9.4% of the tonnage, 9.3% of the grade and 0.7% of the total contained ounces of the capped polygonal estimate. While the Author does not consider the block model the most appropriate method for this type of deposit, the results provide strong supporting validation for the preferred polygonal estimate reported above. Capping has been carried out to allow an evaluation of the effect of capping. As additional data becomes available, additional studies of statistically based capping may be required.
9:08AM Crude now higher by $2.15 to $106.42 (COMDX) :
9:08AM On The Wires (WIRES) :
* M3 Midstream LLC announced that it has signed long-term gas gathering agreements with Chesapeake Energy Marketing, a subsidiary of Chesapeake Energy Corporation (CHK) and Statoil Natural Gas LLC, a wholly owned subsidiary of Statoil ASA (STO) as anchor customers on its Appalachia Gathering System. * Biogen Idec (BIIB) and Knopp Biosciences announced enrollment of the first patient in EMPOWER, a multi-national Phase III study evaluating the efficacy, safety and pharmacokinetics of dexpramipexole in patients with amyotrophic lateral sclerosis. * Quest Software (QSFT) announced a strategic relationship with Microsoft that names Quest GroupWise Migrator for Exchange the preferred tool for migrations to Microsoft Exchange Online, part of the Business Productivity Online Suite. * Orckit Communications (ORCT) announced three new service providers selected its PTN solution this month for migration from their legacy SONET/SDH networks to future-proof packet based networks which enable the delivery of any mix of video and data services together with the traditional TDM services. * FieldPoint Petroleum (FPP) announced that its Board has authorized the co to continue the repurchase of shares of its Common Stock at a cost not to exceed $250,000. * Scripps (SSP) partners with Yahoo (YHOO) to drive consumers to local businesses. * Crosshair Exploration & Mining (CXZ) announced details of the 2011 exploration program on the Juniper Ridge Property in southwest Wyoming. The program will consist of 80,000 feet of drilling as well as metallurgical test work with the goal of bringing the historical uranium resource into a National Instrument 43-101 compliant resource. The $1.9 mln program is expected to commence during the second week of May and take 4 months to complete. * BAE Systems and Caterpillar (CAT) have signed a joint development agreement to collaborate on a parallel hybrid propulsion system for heavy-duty trucks. Under the agreement, BAE Systems will integrate Caterpillar CX Series Transmissions into its HybriDrive parallel propulsion system.
9:07AM China Shen Zhou Mining confirms Sanxi Old Town flotation plant formally started production today (SHZ) 4.98 : Xinyi expects to produce 35,000 metric tons of fluorite powder in 2011 with estimated income to reach ~RMB 70 million, which is consistent with management's expectation at the time of acquisition.
9:05AM American Science & Engineering received $3.8 mln order for cargo and parcel X-ray inspection systems to screen parcels, cargo, and vehicles for explosive threats and contraband (ASEI) 91.15 :
9:04AM Tongjitang Chinese Medic company shareholders vote to approve merger (TCM) 4.38 : If the merger is completed as the parties expect, Tongjitang will continue its operations as a privately-held company owned solely by Hanmax and Fosun. The parties currently expect the merger to close in April 2011.
9:02AM General Maritime prices 23 mln shares of common stock at $2.00 per share (GMR) 2.16 : The co intends to use all of the net proceeds from the offering to fund a portion of the remaining purchase price for its previously announced acquisition of a Suezmax vessel and general corporate purposes.
9:02AM Kayne Anderson Energy increases quarterly distribution to $0.31 per share, prior $0.30 per share (KED) 19.11 :
9:02AM American Intl announces a reorganization of Chartis; will now consist of two major global groups - commercial and consumer (AIG) 36.03 : Co announces a reorganization of Chartis, its global property casualty business, and named a new management team, including a new Chief Executive Officer, Peter Hancock, currently AIG Executive Vice President, Finance, Risk and Investments. Mr. Hancock succeeds Kristian Moor, who has been named Vice Chairman of Chartis, reporting to Mr. Hancock. Under the new structure, Chartis will now consist of two major global groups -commercial and consumer- with the supporting claims, actuarial, and underwriting disciplines integrated into these two major business operations.
9:02AM Crosshair Exp. & Mining announces Juniper Ridge Property exploration details (CXZ) 1.20 : Co announces details of the 2011 exploration program on the Juniper Ridge Property in southwest Wyoming. The program will consist of 80,000 feet (24,400 metres) of drilling as well as metallurgical test work with the goal of bringing the historical uranium resource into a National Instrument (NI) 43-101 compliant resource. The $1.9 million program is expected to commence during the second week of May and take 4 months to complete. The drill program will utilize 2 drills in order to confirm historical results with approximately 400 holes being drilled to an average depth of 200 feet. The program will be followed by an initial NI 43-101 resource estimate, expected in Q4 2011.
9:01AM WTI testing $106 following open of pit trade; now up $1.53 to $105.80 (COMDX) :
8:53AM May WTI ticks for fresh highs at $105.64; now up $1.27 to $105.54 (COMDX) :
8:50AM Fertilizer stocks seeing a bid following USDA data, which showed corn plantings higher than expectations (92.178 mln vs. 92 mln USDA projections) (COMDX) : Fert names moving higher, include CF, POT, MOS, AGU.
8:50AM Ramco-Gershenson commences the offering to sell $75 mln (1.5 mln shares) of newly issued cumulative convertible perpetual preferred shares of beneficial interest (RPT) 12.85 : Co intends to use the net proceeds from the offering to retire its $30.0 million bridge loan and reduce outstanding borrowings under its secured revolving credit facility. The joint book-running managers for this offering are Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC. KeyBanc Capital Markets Inc. is acting as lead manager of the offering, and Stifel, Nicolaus & Company, Incorporated, is acting as manager.
8:39AM Swisher Hygiene announces new senior secured credit facility providing up to $100 million with Wells Fargo Bank (SWSH) 6.12 : Interest on borrowings under the credit facility will generally accrue at LIBOR plus 2.5% to 4.0%, depending on the ratio of senior debt to Consolidated EBITDA, and interest will be payable no more frequently than monthly on all outstanding borrowings. The credit facility matures on July 31, 2013.
8:37AM On The Wires (WIRES) :
* The Babcock & Wilcox Company (BWC) announced that its Denmark-based subsidiary, Babcock & Wilcox Volund A/S, has been awarded a contract worth more than $30 million to design and supply a boiler, combustion system, emissions control components and other equipment for the expansion of a waste-to-energy, combined heat and power plant in Lidkoping, Sweden. * CIGNA (CI) launched its health services benefits office in Singapore today, as well as its Premier Executive Health Care Plan for employers seeking coverage for their workforce. * China North East Petroleum Holdings (NEP) announced an update regarding its acquisition of Sunite Right Banner Shengyuan Oil and Gas Technology Development. Specifically, the co's Chinese legal counsel has completed its due diligence of the acquisition and provided the co with its legal opinion and the co's auditors have also completed the audit of Shengyuan's financial statements. * Black Diamond (BDE) has engaged Liolios Group to lead its investor relations and financial communications program. * Staples ( SPLS) announced a new strategic alliance with one of the leading Swiss office products companies, Buro Schoch Direct AG. Within Switzerland, Staples and Buro Schoch Direct will work together exclusively on international accounts and collaborate to exchange best practices. * AAR (AIR) announced that it has received a $27 mln order for specialized shelters to be used for the U.S. Army's Standard Automotive Tool Set program.
8:36AM HearUSA granted temporary restraining order against Siemens (SI) (EAR) 0.41 : Co announces that on March 29, 2011, the Appellate Division of the New York State Supreme Court granted the motion by co for a temporary restraining order against Siemens Hearing Instruments. Siemens is now enjoined from declaring HearUSA to be in default under the credit agreement, from engaging in self help to collect under the credit agreement and from making any efforts to seize assets or take control of HearUSA's business pending the May 2, 2011 hearing on HearUSA's motion for a preliminary injunction.
8:34AM Merck says VICTRELIS added to Peginterferon Alfa-2a and Ribavirin achieved significantly higher SVR rates in treatment-failure patients with chronic HCV Genotype 1 compared to control (MRK) 33.30 : Co announces that final results from a Phase III study of VICTRELIS, its investigational oral hepatitis C protease inhibitor, added to peginterferon alfa-2a and ribavirin therapy demonstrated significantly higher sustained virologic response 1 rates in adult patients who failed previous treatment for chronic hepatitis C virus genotype 1 compared to a control group receiving peginterferon alfa-2a and ribavirin alone, the primary endpoint of the 48-week study. Significantly more patients in the treatment group receiving VICTRELIS achieved SVR, 64 percent vs. 21 percent for control, p<0.0001; and fewer patients receiving VICTRELIS relapsed after the end of treatment, 12 percent vs. 33 percent for control.
8:34AM Rite Aid Reports 0.1% Same Store Sales Decrease for March (RAD) 1.08 : Co announces that for the four weeks ended March 26, 2011, same store sales decreased 0.1% over the prior-year period. Front end same stores sales decreased 1.8%, negatively impacted by a later Easter this year compared to last year (April 24, 2011 versus April 4, 2010). Pharmacy same store sales, which included an approximate 176 basis points negative impact from new generic introductions, increased 0.8%. Prescriptions count at comparable stores increased 0.6% over the prior-year period. Total drugstore sales for the four-week period decreased 0.9% to $1.949 billion compared to $1.968 billion for the same period last year. Prescription revenue accounted for 69.4% of drugstore sales, and third party prescription revenue represented 96.5% of pharmacy sales.
8:34AM Robbins & Myers reports Q2 (Feb) results, beats on revs; guides Q3 EPS; guides FY11 EPS in-line; announces sale of Romaco business (RBN) 45.80 : Reports Q2 (Feb) earnings of $0.56 per share, may not be comparable to the Thomson Reuters consensus of $0.49; the $0.56 adjusts for one-time charges relating to the acquisition of T-3 Energy Services on January 10, 2011, and excludes approximately $0.06 of certain income tax and operating benefits which are not expected to recur. Revenues rose 65.4% year/year to $215 mln vs the $203 mln consensus. Co issues guidance for Q3, sees EPS of $0.45-0.55, excluding restructuring costs, one-time costs associated with the T-3 acquisition, gains resulting from the sale of the Romaco businesses, and income from discontinued operations. vs. $0.58 Thomson Reuters consensus. Co issues in-line guidance for FY11, sees EPS of $1.95-2.15 vs. $2.12 Thomson Reuters consensus, up from prior guidance of $1.85-2.05... Robbins & Myers also reported it has entered into an agreement to sell its Romaco businesses to a group of funds led by Deutsche Beteiligungs AG (DBAG), a Frankfurt, Germany-based private equity investment firm. Total consideration of euro 65 million (approximately $92 million) includes euro 61 million of cash and euro 4 million of assumed liabilities and is subject to post-closing adjustments. The transaction is expected to close in the third fiscal quarter following German regulatory approval.
8:32AM Radient Pharm announces Onko-Sure IVD cancer test shows statistical advantage over CEA in detecting CRC in the early stages of colorectal cancer (RPC) 0.46 : Co announces preliminary results from its clinical study conducted in collaboration with a well-recognized, large third-party not-for-profit group practice and its affiliates for the validation of RPC's US FDA-cleared Onko-Sure in vitro diagnostic cancer test. Based on preliminary results, RPC's Onko-Sure IVD cancer test shows a statistical advantage over CEA in detecting CRC in the early stages of colorectal cancer. Furthermore, when Onko-Sure was combined with CEA, the sensitivity of the combined test was substantially improved as opposed to using CEA alone.
8:31AM Meritor sees Q2 revenue in the range of $1.18-1.21 bln, no estimates available (MTOR) 20.02 +0.49 : Co expects revenue of $1.18-1.21 bln; Adjusted EBITDA of $77 mln-83 mln; Adjusted income from continuing operations of $2-10 mln; Free cash flow to be slightly negative... "Dramatically rising steel prices combined with increasing volumes in the North America commercial truck market, and greater than anticipated Caiman launch costs are impacting our ability to convert on higher revenue this quarter... In addition, our expectations for the second quarter are negatively affected by an unresolved dispute regarding royalty income." The company reiterated that there is no change in its planning assumptions for the FY11 which call for capital expenditures in the range of $75 mln to $90 mln, interest expense of $100-110 mln, cash interest of $85-95 mln, income tax expenseof $70-90 mln and cash income taxes of $50-70 mln.
* Foster Wheeler AG (FWLT) announced that its Global Engineering and Construction Group has received a contract from Huntsman BVBA to undertake the front-end engineering design for the expansion of Huntsman's Isocyanates Facility at Caojing, in Shanghai, People's Republic of China. * Zoo Entertainment (ZOOG) announced plans for its indiePub division to release Fractal for the iPad. Following the debut of the music puzzler Auditorium, Fractal is the second collaboration between indiePub, a community of independent video game developers, and Cipher Prime Studios.
8:12AM On The Wires (WIRES) :
* Matrix Service (MTRX) announced today that its subsidiary has been selected to build 1.95 mln barrels of storage for SemCrude, a subsidiary of SemGroup (SEMG). The project is expected to be completed mid-year 2012. * AuxoCell Laboratories announced an agreement with PerkinElmer (PKI) to license its stem cell tissue service to ViaCord, PerkinElmer's family cord blood banking business. * Ancestry.com (ACOM) disclosed that its CEO, Tim Sullivan, experienced a minor heart attack last weekend. He sought immediate medical attention and was released from the hospital after thorough evaluation by his physicians indicated no lasting impact to his health. He has been cleared to continue regular work activities. * The Estee Lauder Companies (EL) announced that its Aramis and Designer Fragrances Division will assume the exclusive worldwide license for the fragrance and grooming business of the Ermenegildo Zegna Group. * China-Biotics (CHBT) announced that the co has received a product sales order from its newly signed U.S. customer. * Prompted by the announcements of other carriers' intentions to reduce service to Japan, Hawaiian Airlines (HA) reaffirmed its commitment to Japan and its broader plan of expansion in Asia. There are no schedule reductions to Tokyo. Osaka service to commence as planned in July. * RF Micro Devices (RFMD) announced it has teamed with Atmel Corporation (ATML) to deliver ZigBee solutions for a broad range of smart energy applications. * AuxoCell Laboratories announced an agreement with PerkinElmer (PKI) to license its stem cell tissue service to ViaCord, PerkinElmer's family cord blood banking business. * EDGAR Online (EDGR) has been granted U.S. Patent 7,917,841 entitled "System and Method for Rendering Data" on March 29, 2011. The patent covers the semantic analysis of notes to financial statements and the association of those notes to related items in a primary financial statement. * Alnylam Pharmaceuticals (ALNY) announced that it has completed enrollment in its ALN-VSP Phase I multi-center, multinational, open label, dose escalation clinical trial. Alnylam will present data from its ALN-VSP program at the American Society of Clinical Oncology Annual Meeting being held June 3 - 7, 2011. * Aerojet, a GenCorp (GY) company, announced that its thrusters on the Voyager 1 spacecraft assisted in several critical repositionings of the spacecraft over 10 billion miles away from the sun, at the edge of the solar system.
8:09AM Chipmos Technology provides notice of early redemption to holders of 3.375% Convertible Senior Notes due 2011 (IMOS) 8.76 : Co announces it provided notice to the holders of its outstanding $2.26 mln of 3.375% Convertible Senior Notes due 2011 of the co's election to redeem all of the Holders' Notes with effect as of May 3, 2011.
8:07AM Golub Capital commences public offering of 3.5 mln shares (GBDC) 16.96 : Co announced that it has commenced a public offering of 3,500,000 shares of its common stock. In connection with the offering, the co intends to grant the underwriters an option to purchase up to an additional 525,000 shares of common stock to cover over-allotments, if any. Wells Fargo Securities and UBS Investment Bank are acting as joint book-running managers for the offering. Stifel Nicolaus Weisel is acting as co-manager.
8:06AM UDR enters into a new 'at the market' equity offering program through which it could sell up to 20 mln common shares (UDR) 23.98 : The shares would be offered from time to time through BofA Merrill Lynch, Citi, Credit Suisse and J.P. Morgan who will be acting as sales agents. Company intends to use the proceeds to repay outstanding indebtedness under its $600 million unsecured revolving credit facility, to fund acquisitions of properties, including acquisitions through joint ventures, to fund opportunistic investments that the Company may pursue and for working capital and other general corporate purpose
8:06AM NCR Corp to Install BLOCKBUSTER Express DVD Kiosks at more than 300 RaceTrac convenience stores (NCR) 18.90 : CO is installing its BLOCKBUSTER Express-branded movie kiosks in 309 RaceTrac convenience stores located in five states throughout the Southeast, bringing a convenient and affordable entertainment option to its customers. Nearly 200 kiosks already are installed, with remaining kiosks to be completed by June 2011.
8:05AM Yuhe International reports Q4 (Dec) results, beats on revs; issues FY11 net income guidance in-line with consensus (YUII) 7.00 : Reports Q4 (Dec) loss of $2.49 per share, may not be comparable to the Thomson Reuters consensus of $0.27; revenues rose 63.9% year/year to $21.8 mln vs the $20.9 mln consensus. Co sees FY11 net income of $33-36 mln vs the $35.5 mln consensus.
8:05AM Mentor Graphics affirms its decision to proceed with the $253 million offering of 4.00% Convertible Subordinated Debentures due 2031; rejects Carl Icahn's stalking horse loan proposal (MENT) 14.72 : Co announces that the company's Board of Directors had affirmed its decision to proceed with the $253 million offering of 4.00% Convertible Subordinated Debentures due 2031 announced on March 29, 2011. The offering of the 4.00% Debentures allows the company to replace not only its outstanding 6.25% Convertible Subordinated Debentures due 2026 but also its $18.5 million secured term loan. The company also announced that its Board has rejected Carl Icahn's stalking horse loan proposal that was received on the night of March 29, 2011 after the company had priced its 4.00% Debentures offering. The Board noted that Mr. Icahn's last-minute debt financing proposal lacked detail on important terms. To the extent that proposed basic terms were provided, the Board noted that the Icahn proposal had a higher interest rate and found that the Icahn proposal for only a two and one half year maturity would interfere with the company's ability to negotiate a meaningful extension of its revolving credit facility that is set to expire in June 2011, creating unnecessary risk in the company's capital structure.
7:34AM CarMax beats by $0.01, beats on revs (KMX) 34.59 : Reports Q4 (Feb) earnings of $0.39 per share, $0.01 better than the Thomson Reuters consensus of $0.38; revenues rose 23.0% year/year to $2.25 bln vs the $2.18 bln consensus. Co currently estimate capital expenditures will total approximately $225 mln in fiscal 2012. Co expects fiscal 2012 capital spending will include some costs for stores planned to be opened in the first half of fiscal 2013. Co currently expects to open between eight and ten stores in fiscal 2013.
7:31AM Dentsply authorizes 12 million share increase in stock repurchase program (XRAY) 36.48 : The co has repurchased just over 2 mln shares thus far in 2011 and currently has 22 mlm shares of Treasury stock, completing its prior authorization level.
7:31AM Ossen Innovation approves the engagement of BDO China Li Xin Da Hua CPA Co as co's independent registered accounting firm; terminates the engagement of Sherb & Co effective immediately (OSN) 3.70 : Co announces that the Audit Committee of the Board of Directors of the Company has approved the engagement of BDO China Li Xin Da Hua CPA Co as the Company's independent registered accounting firm for the year ended December 31, 2010 and to conduct review engagements on the Company's quarterly financial statement on an ongoing basis thereafter. On the same date, the Board of Directors of the Company terminated the engagement of Sherb & Co., LLP as the independent registered public accounting firm of the Company effective immediately.
7:10AM Colony Financial commences an underwritten public offering of 12,350,000 shares of common stock (CLNY) 20.17 : Co intends to use the proceeds from the offering to acquire co's target assets and for working capital and general corporate purposes. BofA Merrill Lynch, Goldman, Sachs & Co., Morgan Stanley and UBS Investment Bank are acting as joint book-running managers for the offering. RBC Capital Markets, FBR Capital Markets, JMP Securities and Keefe, Bruyette & Woods are acting as co-managers.
7:08AM On The Wires (WIRES) :
* BlackRock (BLK) and Mizuho Financial Group (MFG) announced that they have signed a Business Alliance Agreement that will further promote strategic cooperation between the two firms in Japan and Asia. The two firms had announced their intent to sign the agreement in November 2010 in connection with the secondary offering and direct placement of ~three million shares of BlackRock's common stock with Mizuho. * A venture between Gibraltar Capital and Asset Management, a wholly owned subsidiary of Toll Brothers (TOL) and Deutsche Bank (DB), announced the closing of a private transaction with a large financial institution. The transaction involves the purchase of a portfolio consisting of 83 non-performing loans with outstanding balances totaling ~$200 mln. * Vanda Pharmaceuticals (VNDA) announced its plans to initiate a Phase IIb/III clinical trial of tasimelteon in patients with Major Depressive Disorder. The trial is expected to begin during the second half of 2011. * ShopRunner and Domino's Pizza (DPZ) announced a new partnership that will make Domino's the exclusive pizza partner of ShopRunner.
7:03AM Synthesis Energy Systems receives $83.8 mln investment by China Energy (SYMX) 2.05 : Co announces it has signed an agreement with China Energy Industry Holding Group for a cash investment of ~$83.8 mln to support the co's business strategy in China, including project development and investment. This agreement significantly strengthens the co's balance sheet and provides additional financial flexibility for co to execute on its business plan in China and around the world. China Energy will receive ~37.3 mln shares of newly issued stock at closing, representing an ~43.5% ownership stake in co. China Energy is entitled to receive additional shares of common stock bringing their total ownership position to 60% on a fully diluted basis contingent upon it using best endeavors to establish a coal gasification JV with funding of ~$3.0 bln for either synthetic natural gas, transportation fuels, power or fertilizers combined with the market value of co's common stock reaching $8.00 per share or above on average for 20 consecutive trading days provided that the measurement period occurs six months after the closing.
7:01AM Community Capital to be acquired by Park Sterling Corporation (PSTB) for ~$32.4 million; shareholders will have the right to receive either $3.30 in cash or 0.6667 PSTB shares for each CPBK share they hold (CPBK) 2.75 : Under the terms of the merger agreement, Community Capital shareholders will have the right to receive either $3.30 in cash or 0.6667 Park Sterling shares for each Community Capital share they hold, subject to the limitation that the total consideration will consist of 40.0% in cash and 60.0% in Park Sterling shares. Those Community Capital shares exchanged for stock will convert to Park Sterling shares in what is expected to be a tax-free exchange. Cash will also be paid in lieu of fractional shares. The transaction value at the time of the proposed merger may change due to potential fluctuations in the price of Park Sterling stock. Keefe Bruyette & Woods served as financial advisor to Park Sterling, and Howe Barnes Hoefer & Arnett served as financial advisor to Community Capital. McGuire Woods LLP served as outside legal counsel to Park Sterling, while Nelson Mullins served as outside legal counsel to Community Capital.
7:01AM Nile Therapeutics receives Fast Track Designation for Cenderitide for post-acute indication (NLTX) 0.61 : Co announces that the FDA has granted Fast Track designation to its post-acute development program for cenderitide, which has the goal of reducing cardiovascular mortality and cardiovascular re-hospitalization in the post-acute period in patients with acute decompensated heart failure.
6:58AM Vodafone PLC announces Essar Group exercised put option over 22% of Vodafone Essar Limited; co exercised call option over remaining 11% of VEL owned by Essar Group resulting in cash payment of $5 bln (VOD) 29.20 :
6:56AM Reddy Ice also confirms DoJ concluded its investigation; action would not be taken against the Company or its employees (FRZ) 3.30 : The Civil Fraud Division of the United States Department of Justice concluded its investigation of the packaged ice industry in March 2011, indicating no action would be taken against the Company or its employees.
6:53AM On The Wires (WIRES) :
* The Metropolitan Tulsa Transit Authority of Tulsa, Oklahoma has awarded Clean Energy Fuels Corp. (CLNE) a contract to design, build, operate and maintain a compressed natural gas fueling station to support the agency's growing fleet of CNG-powered buses and paratransit vehicles. * Acacia Research Corporation (ACTG) announced that its Catheter Flushing LLC subsidiary has entered into a license agreement with Becton, Dickinson and Company and Argon Medical Devices, Inc. covering patents generally relating to the catheterization of patients using a guide wire and a flushing port. * China TechFaith Wireless Communication Technology Limited (CNTF) announced it will expand shipments of its proprietary motion gaming mobile phone into Latin America through a relationship with a leading U.S distributor. * Caterpillar (CAT) Chairman and Chief Executive Officer Doug Oberhelman urged Congress to take action immediately to enact pending Free Trade Agreements (FTAs) between the United States and Panama, South Korea and Colombia.
6:46AM RXi Pharmaceuticals aggressively moves into late-stage clinical development with the agreement to acquire Apthera for an initial 4.8 mln shares of co's stock (RXII) 1.50 : Co and Apthera announce the signing of a definitive merger agreement under which co will acquire Apthera. The acquisition provides RXi with a late stage product candidate, NeuVax, a peptide-based immunotherapy for low-to-intermediate HER2+ breast cancer, not eligible for Herceptin, which is expected to enter Phase III clinical trials in the first half of 2012. The Company's first RNAi product, RXI-109 for anti-scarring, remains on track for an investigational new drug application filing this year. Under the terms of the agreement, Apthera shareholders will initially receive ~4.8 million shares of co's common stock. Apthera's stockholders will also be entitled to contingent payments based on the achievement of certain development and commercial milestones relating to Apthera's NeuVax product candidate.
6:44AM China Electric Motor notifies of late filing of 2010 10-K Report; formation of special committee; postponement of earnings release and conference call (CELM) 2.91 : Co announces that delay in filing relates to possible discrepancies concerning the co's banking statements that were very recently identified by the co's auditors in the course of their audit of the consolidated financial statements for the fiscal year ended December 31, 2010. The co's Board has formed a Special Committee to investigate this matter. The co will also delay its fourth quarter and full year 2010 earnings release and investor conference call, previously scheduled for 8:30 a.m. New York time on March 31, 2011, until the Form 10-K is filed.
6:30AM Vertex Pharm announces interim phase 2 data showed rapid viral response to VX-222 in combination with Telaprevir, Pegylated-Interferon and Ribavirin among people with hepatitis C (VRTX) 48.48 : Co announces interim results from an ongoing Phase 2 study designed to assess the safety and tolerability of 12-week response-guided treatment regimens with its polymerase inhibitor, VX-222, and its protease inhibitor, telaprevir, in combination with pegylated-interferon and ribavirin in people with genotype 1 chronic hepatitis C who were new to treatment. Preliminary safety results showed that the most frequently reported adverse events were mild gastrointestinal symptoms and mild fatigue. At the time of this analysis, there were no discontinuations due to gastrointestinal symptoms. Data from this study are being presented today at The International Liver Congress 2011, the 46th annual meeting of the European Association for the Study of the Liver in Berlin, Germany. Using an intent-to-treat analysis, 57 percent (17/30) of people treated with VX-222 (400 mg) in combination with telaprevir, pegylated-interferon and ribavirin had undetectable hepatitis C virus by week two. Among people who were treated with VX-222 (100 mg) in combination with telaprevir, pegylated-interferon and ribavirin, 38 percent (11/29) had undetectable hepatitis C virus by week two. To determine if patients were eligible to stop all treatment at 12 weeks in ZENITH, they had to have undetectable hepatitis C virus at weeks two and eight.
6:28AM Kennedy Wilson and its joint venture partner Fairfax Financial close refinancings of Japanese multifamily assets (KW) 10.86 : Co announces that the company's partnership with Fairfax Financial closed on five refinance loans, totaling $262 million, with Sumitomo Mitsui Banking Corporation and Tokyo Star at an average rate of 2.43%, all with five-year terms.
6:24AM Randgold Resources reports a 5% increase in its attributable mineral resources and reserves for the year to December 2010; production for 2011 was expected to increase by more than 70% over 2010 (GOLD) 74.02 : Co is projecting significant production increases and reductions in cash cost per ounce driven by forecast improvements in grade and new mine developments over the next five years. Group production for 2011 was expected to increase by more than 70% over 2010 to between 750K and 790K ounces of gold, and management was targeting total cash costs, after royalties and taxes, of less than US$600/oz. The recently commissioned Tongon is scheduled to produce 260K to 270K ounces while the Loulo complex's production is expected to be 420K to 440K ounces, of which some 120K ounces will be contributed by the new Gounkoto mine development in the latter half of the year. The Morila joint venture should produce 200K to 210K ounces.
6:19AM SciQuest prices 4,718,002 shares at a price of $14.25 per share; 1 mln by co and balance by certain shareholders (SQI) 14.60 : Co announces the pricing of a common stock offering of 4,718,002 shares at a price of $14.25 per share, consisting of 1,000,000 shares sold by the Company and 3,718,002 shares sold by certain selling stockholders. Stifel Nicolaus Weisel is acting as book-running manager and William Blair & Company, JMP Securities, Pacific Crest Securities and Canaccord Genuity are acting as co-managers for the offering.
6:08AM On The Wires (WIRES) :
* Kenworth Truck, a PACCAR (PCAR) co, announced that it will offer a new line of proprietary seats exclusively for the Kenworth T700. * Samson Oil & Gas (SSN) advises that it has closed its previously announced sale of gas assets in the Jonah and Lookout Wash Fields in Green River Basin, Wyoming for $6.3 mln to a group of private buyers, with an effective date of January 1, 2011. * A Granbury, Texas woman files suit for failed DePuy Hip Device, a Johnson & Johnson co (JNJ). * Kingsway Financial (KFS) announced another in a series of strategic actions intended to position the Company to rebuild shareholder value over the long term. The Company closed today on the sale of its wholly owned subsidiary Hamilton Risk Management and its subsidiaries, including Kingsway Amigo Insurance , to Acadia Acquisition Partners, Kingsway will act as the general partner and hold a limited partnership investment. * Agria (GRO) gave notice to extend the offer period from 15 April to 23 April 2011 for its partial takeover offer to the shareholders of PGG Wrightson. * Deltek (PROJ) announced that it has signed a strategic deal with the Danish consulting firm COWI. * Arrow Electronics (ARW) has launched a unique and innovative education portal. The platform is designed to increase solutions skills and certifications, as well as to better support the promotion and sale of education services for Arrow ECS resellers. * LDK Solar (LDK) and Solar Power (SOPW) announced that LDK Solar has finalized its acquisition of a 70% interest in SOPW for ~$33 mln. LDK paid an initial $10 mln in January and today announced it has finalized the transaction with a second payment of $23 mln. * Elster (ELT) announced that the Slovak Institute of Metrology has approved Elster's next generation H5000 Woltmann turbine bulk water meter in accordance with European Measuring Instruments Directive 2004/22/EC. * Volvo Aero (VOLVY) is acquiring all Pratt & Whitney's shares in Volvo Aero Norge and hence becomes sole owner of the co. * Honeywell (HON) announced that it will invest in a new turbocharger manufacturing facility in Presov, Slovakia. The new plant will initially produce turbochargers for light vehicle and light vehicle commercial vehicle applications and is expected to be operational by 2012. * CNH Global NV (CNH) announced that it acquired full ownership of L&T CASE Equipment, an unconsolidated joint venture established in 1999 with Larsen & Toubro to manufacture and sell construction and building equipment in India. * Canadian Natural Resources (CNQ) announced that Toronto Stock Exchange has accepted notice filed by Canadian Natural of its intention to make a Normal Course Issuer Bid through the facilities of Toronto Stock Exchange. Purchases may also be made through the facilities of the NYSE.
6:06AM Greenbrier Comp announces pricing and increased size of offering of convertible senior notes due 2018 (GBX) 27.67 : Co announces that it has increased the size of its previously announced offering of $200 million aggregate principal amount of Convertible Senior Notes due 2018 to $215 million. Greenbrier expects to close the offering of the Notes on or about April 5, 2011, subject to satisfaction of various customary closing conditions. The Notes will bear interest at an annual rate of 3.5% payable semiannually in arrears in cash on April 1 and October 1 of each year, beginning on October 1, 2011. The Notes will be convertible into shares of co's common stock, based on an initial conversion rate of 26.2838 shares of Greenbrier's common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of ~$38.05 per share of common stock.
6:04AM AP Pharma will tranfer to OTCQB from NASDAQ (APPA) 0.32 : Co announces that beginning April 1, 2011 its common stock will be transferred from The NASDAQ Stock Market to the OTCQB, which is operated by OTC Markets, Inc. OTCQB is a market tier of OTC Markets for U.S. companies registered with and reporting to the Securities and Exchange Commission. The move from NASDAQ to OTCQB is due to co's non-compliance with the minimum $1.00 closing bid price rule and the $2.5 million minimum stockholders' equity requirement.
6:03AM Gold Resource declares Special Cash Dividend of $0.03 to its shareholders of record April 15 (GORO) 26.55 :
5:36AM Inhibitex reports positive safety and antiviral data from its phase 1b Study of HCV Nucleotide Inhibitor INX-189 (INHX) 3.22 : Co reports positive top-line safety and antiviral data from its multiple ascending dose Phase 1b clinical trial of INX-189, an oral nucleotide polymerase inhibitor being developed to treat chronic infections caused by hepatitis C virus. The study demonstrated potent and dose-dependent antiviral activity with median HCV RNA reductions from baseline of -0.64, -1.00, -1.47, and -2.53 log10 IU/mL, respectively. INX-189, dosed once-daily at 50 mg for one day, followed by 9 mg for six days, achieved a median HCV RNA reduction from baseline of -0.50 log10 IU/mL. The median HCV RNA decline from baseline observed in patients that received placebo was -0.20 log10 IU/mL. INX-189, dosed once-daily in combination with RBV for seven days at 9 mg and 25 mg, resulted in median HCV RNA reductions from baseline of -0.75 and -1.56 log10 IU/mL, respectively.
4:17AM Eltek appoints Erez Meltzer as Chairman (ELTK) 1.14 : Co announces Erez Meltzer, a director of the Company, was elected Chairman of its Board of Directors.
2:12AM Helix BioPharma issues private placement transaction of 918,365 units for net proceeds of ~$2.0 mln (HBP) 3.45 : The units have been issued at $2.39 per unit. Each unit consists of one common share and one common share purchase warrant, with each common share purchase warrant entitling the holder to purchase, subject to adjustment, one common share of the co at a price of $3.35 for up to five years after the closing date of the private placement. The proceeds of these two placements will be used for working capital, primarily to support the co's drug development programs.
1:22AM UniTek Global Services acquires Pinnacle Wireless for initial consideration under the agreement is $20 mln (UNTK) 9.08 : Co announces that it has agreed to acquire Pinnacle Wireless. Initial consideration under the agreement is $20 mln, which includes $12 mln in cash and $8 mln in common stock. The transaction includes an earn-out provision that could result in payment of up to an additional $30 mln, based upon performance milestones achieved over a 24-month period following closing of the transaction. The total maximum value of the acquisition, including the earn-out provisions, is $50 mln.
1:20AM Funtalk China forms Independent Committee to evaluate 'Going Private' proposal (FTLK) 6.44 : Co announces its Board has formed a special committee of independent directors to consider the proposal by several entities to acquire all of the outstanding ordinary shares of the Company not already owned by the Consortium Members in a "going-private" transaction. The Independent Committee intends to retain advisors, including an independent financial advisor, to assist it in its work. No decisions have been made by the Independent Committee with respect to the co's response to the Proposed Transaction.
1:16AM NXP Semi prices 30 mln shares of common stock by certain shareholders at $30.00 (NXPI) 31.38 : Co will not receive any proceeds from this secondary offering.
1:14AM Capital Lease Funding prices 10 mln shares of common stock at $5.60 per share (LSE) 5.81 :
1:10AM General Maritime proposes public stock offering (GMR) 2.16 : Co announces that it has commenced a public offering of primary shares of its common stock, par value $0.01 per share. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The co intends to use all of the net proceeds from the offering to fund a portion of the remaining purchase price for its previously announced acquisition of a Suezmax vessel and for general corporate purposes.
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