Market Update: 110413 4:30 pm : Broad buying in the early going gave stocks an opening gain, but the market's failure to extend the move beyond near-term resistance brought sellers back into the fold. Stocks eventually battled back for a mixed finish, though.
Strong gains among the major foreign market averages established a positive tone to early trade. Banking bellwether JPMorgan Chase (JPM 46.25, -0.39) further bolstered the positive bias by announcing better-than-expected quarterly results for both its top and bottom line.
Early enthusiasm began to fade as the S&P 500 struggled in the face of resistance in the 1321 to 1322 area. The struggle tempted sellers, whose efforts threatened to give the stock market its fifth straight loss.
The Nasdaq managed to remain out of the red for the entire session. Its relative strength stemmed from an enviable performance by tech stocks. Tech stocks, which represent the largest sector by market weight, settled the session with a 0.7% gain. The sector's relative size and strength inevitably helped lift the broader market to the neutral line for a flat finish.
Energy stocks suffered a 3% drop yesterday, but the sector managed to muster a 0.3% gain today. Part of that is owed to a 0.8% gain by crude oil prices to $107.11 per barrel in the face of a greater-than-expected weekly inventory build of 1.63 million barrels.
Financials were the worst performers overall. Their 0.8% drop made for a discouraging follow-up to a failed rally attempt in the prior session. The sector now sits at a three-week low.
Treasuries started the session in the red, but staged a rebound that helped extend recent gains. The effort was sustained in the wake of the latest 10-year auction, which drew a bid-to-cover of 3.13, dollar demand of $65.7 billion, and an indirect bidder participation rate of 42.4%.
Moderate support for the greenback helped the Dollar Index inch its way up from the 52-week low that it set yesterday. The move was mostly owed to weakness in the euro.
Participants didn't show much of a reaction to President Obama's plan to slash the federal deficit by $4 trillion in 12 years or less. Economic data also had little impact on trade.
Retail sales for March increased by 0.4% while sales less autos increased by 0.8%. The consensus among economists polled by Briefing.com had called for respective increases of 0.5% and 0.7%. Both total sales and sales less autos for the prior month were revised upward to reflect increases of 1.1%.
The Fed's latest Beige Book didn't contain any kind of surprise. Generally, it indicated that economic activity continued to improve since the last report.
3:30 pm : Commodities finished the session mixed, with energy (+1.1%) leading advancing sectors and industrials (-2.4%) leading decliners.
May crude oil finished higher by 0.8% to $107.11 per barrel, ending its recent two session sell off that saw prices drop by over 6.5 points. Heading into afternoon trade, crude oil did sell off into negative territory where it notched lows at $105.31. It rallied over 2 points off those lows heading into the close to finish with modest gains on the session. May natural gas finished higher by 0.9% to $4.14 per MMBtu.
It was a quiet session for the precious metals (+0.7%), which spent most of the session pulling back from their morning highs. June gold finished up 0.1% to $1455.60 per ounce, while May silver closed higher by 0.4% to $40.24 per ounce. DJ30 +24.44 NASDAQ +18.89 SP500 +2.38 NASDAQ Adv/Vol/Dec 1393/1.4 bln/1172 NYSE Adv/Vol/Dec 1457/652.7 mln/1508
3:00 pm : Stocks are at afternoon highs as they enter the final hour of trade. Tomorrow's action could be interesting, given the lack of potential corporate catalysts on the earnings calendar. Only a handful of companies are scheduled to report earnings between today's close and tomorrow's open -- none is likely to move the market.
However, tomorrow night brings the latest from Google (GOOG 576.01, +5.40), which is up an impressive 1% in the face of mixed broad market trade. The stock set a weekly low in yesterday's trade. DJ30 +14.11 NASDAQ +16.86 SP500 +1.32 NASDAQ Adv/Dec 1207/1324 NYSE Adv/Dec 1399/1478
2:30 pm : The major equity averages have made a sudden move up to afternoon highs. Although the Nasdaq now trades with a relatively solid gain, both the Dow and the S&P 500 are stuck near the neutral line.
The Fed's latest Beige Book was released at the top of the hour. Generally, it indicated that economic activity continued to improve since the last report. Many Federal Reserve Districts said that improvements were only moderate, but most reported widespread gains across the various sectors. DJ30 +0.71 NASDAQ +10.69 SP500 -0.41 NASDAQ Adv/Dec 1111/1413 NYSE Adv/Dec 1241/1599
2:00 pm : Stocks are resting only modestly above their session lows. No distinguishable reaction has been seen to comments from President Obama regarding treatment of the federal deficit. Obama's speech is centered around reducing the deficit by $4 trillion in 12 years or less.
Outside of equities, the Dollar Index is near its session high, although its gain currently stands at less than 0.2%. Most of that move is owed to the greenback's advance against both the yen and the euro. The yen was last quoted with a 0.2% loss at 83.82 yen per dollar while the euro is down almost 0.3% to about $1.444.
Meanwhile, the benchmark 10-year Treasury Note continues to sit on a slight gain.
Excerpts from the Fed's latest Beige Book, a collection of regional anecdotal economic data, are starting to hit newswires. DJ30 -11.28 NASDAQ +5.32 SP500 -2.39 NASDAQ Adv/Dec 1120/1402 NYSE Adv/Dec 1243/1566
1:30 pm : Treasuries have eased back from their session highs, but they continue to sport slight gains amid the stock market's downturn.
The 10-year auction drew a bid-to-cover of 3.13, dollar demand of $65.7 billion, and an indirect bidder participation rate of 42.4%. The indirect bid accounted for just $27.9 billion of the total dollar demand -- the third lowest amount in 12 months. For comparison, the prior auction was met with a bid-to-cover of 3.32, dollar demand of $69.7 billion, and an indirect bidder participation rate of 53.0%. An average of the past six auctions results in a bid-to-cover ratio of 3.09, dollar demand of $68.0 billion, and an indirect bidder participation rate of 53.4%. DJ30 -10.30 NASDAQ +6.52 SP500 -1.86 NASDAQ Adv/Dec 1159/1342 NYSE Adv/Dec 1297/1509
1:00 pm : Stocks opened today's trade with solid gains, but the tone of trade has since deteriorated.
Strong gains abroad and a pleasing quarterly report from banking bellwether JPMorgan Chase (JPM 46.29, -0.35) helped stocks push higher in early trade. However, shares of banks have buckled under pressure from sellers. Weakness among bank stocks has taken the financial sector down to a 0.8% loss, which comes after the sector failed to sustain a rally in the prior session and then logg a 0.4% loss.
Part of this session's change in sentiment stems from the failure of the S&P 500 to extend its opening gains through near-term resistance in the 1321-1322 zone.
The Nasdaq had displayed an outsized gain in early trade, but it too has been imbued by broader market weakness. Still, it has managed to remain out of the red with help from tech stocks, which are collectively up 0.4% at the moment.
Participants have shrugged off retail sales figures for March. Overall sales increased by a smaller-than-expected 0.4%, but sales less autos increased a better-than-expected 0.8%. Both total sales and sales less autos for the prior month were revised upward to reflect increases of 1.1%. Shares of retailers have been unable to resist selling efforts; they are down 0.5%, according to the SPDR Retail ETF (XRT 51.40, -0.26).
Initial strength among stocks put pressure on Treasuries, but they have since rebounded to extend their prior session rally so that its yield remains near its weekly low. Results from the latest Treasury auction are imminent.
As a reminder, the Fed's Beige Book will be released at 2:00 PM ET.DJ30 -7.08 NASDAQ +8.09 SP500 -1.57 NASDAQ Adv/Dec 1141/1337 NYSE Adv/Dec 1193/1583
12:30 pm : The stock market's recent downturn has stabilized, leaving both the Dow and S&P 500 to trade with narrow losses. Although their declines for the day are relatively limited, the current tone of trade contrasts sharply with the positive tone that had been exhibited in the early going. There hasn't been any kind of negative news item or clear catalyst for sellers to step in, but the broad market did fail in the face of near-term resistance near the 1321-1322 zone this morning.DJ30 -9.24 NASDAQ +10.70 SP500 -1.50 NASDAQ Adv/Dec 1392/1065 NYSE Adv/Dec 1513/1209
12:00 pm : Stocks have extended their recent retreat. The downturn has actually taken the Dow and S&P 500 into negative territory. Although the Nasdaq isn't quite there yet, it is at a session low.
Amid the stock market's downturn, Treasuries have pared losses. The move has taken the yield on the benchmark 10-year Note back below 3.50%. Results from an auction of 10-year Notes will be released at 1:00 PM ET. DJ30 -12.38 NASDAQ +8.31 SP500 -2.08 NASDAQ Adv/Vol/Dec 1387/725 mln/1048 NYSE Adv/Vol/Dec 1459/360 mln/1186
11:30 am : Sellers have redoubled their efforts, causing stocks to reverse their recent rebound. Moreover, the effort has been relatively agressive. In turn, the Dow and S&P 500 are now back near session lows.
Financials have been a drag on trade today. The sector had attempted to stage an impressive rally yesterday, but broad market weakness ultimately undercut the sector so that it settled with a loss. The pushback against the sector has continued into today's trade, such that the sector is down another 0.4%.
Part of the financial sector's downturn is owed to weakness among large-cap bank stocks. The group had been looking up in the early going as participants initially cheered strong results from JPMorgan Chase (JPM 46.37, -0.27). Traders have since turned on the group. DJ30 +26.86 NASDAQ +19.05 SP500 +1.97 NASDAQ Adv/Vol/Dec 1507/615 mln/913 NYSE Adv/Vol/Dec 1567/300 mln/933
11:00 am : Stocks have rebounded from their morning retreat. Although the Dow and S&P 500 aren't quite back to their opening levels, the Nasdaq Composite has climbed to its best level of the day.
Tech continues to underpin the Nasdaq's relative strength. The sector is up 1.0% amid leadership from the likes of computer and computer peripheral plays like Dell (DELL 15.15, +0.45). Although it is not a member of the Nasdaq, Hewlett-Packard (HPQ 41.53, +0.45) is also a strong performer. DJ30 +48.39 NASDAQ +25.56 SP500 +5.00 NASDAQ Adv/Dec 1540/815 NYSE Adv/Dec 1109/604
10:35 am : The dollar index has moved back near the unchanged line, adding some selling pressure on select commodities. Precious metals and crude have been trading modestly higher all morning.
May crude oil sank to today's low of $105.37/barrel overnight, but rebounded back into positive territory a few hours later. Ahead of today's inventory data, crude was around $106.67. Following the data, which showed a build of 1627K versus consensus of 1000K, crude ticked higher and is now up 0.4% at $106.66.
May natural gas gained steam approx. 30 minutes after pit trade began, pushing the energy component into positive territory and new session highs. Currently, nat gas is trading 1.% higher at $4.16/MMBtu.
Precious metals have been higher all morning. June gold is up 0.4% at $1459.40/oz, while May silver is 0.9% higher at $40.44/oz. Overnight, grains recovered some of yesterday's sharp loss. Corn, wheat and soybeans gained between 0.5%-1.0%.DJ30 +35.34 NASDAQ +18.68 SP500 +3.31 NASDAQ Adv/Vol/Dec 248.2/348.7/90.2 NYSE Adv/Vol/Dec 450.0/1941.0/1160.0
10:00 am : Stocks have extended their slide from opening levels, but the three major equity averages remain in positive territory.
The latest business inventory figures have been released to little fanfare. Inventories for February increased by 0.5%, but that is less than the 0.8% increase that had been widely expected among economists polled by Briefing.com. Inventories for the prior month were revised upward to reflect a 1.0% increase.
Advancing Sectors: Utilities (+0.6%), Tech (+0.6%), Energy (+0.5%), Consumer Discretionary (+0.3%), Consumer Staples (+0.1%) Unchanged: Health Care, Telecom, Industrials Declining Sectors: Materials (-0.1%), Financials (-0.2%)DJ30 +33.52 NASDAQ +16.77 SP500 +3.19
09:45 am : Both the Dow and the S&P 500 have slipped from their opening levels, but the Nasdaq is trying to hold firm near the top end of its early morning trading range. Tech stocks, collectively up 0.7%, are helping to support the Nasdaq.
Although they are usually considered one of the more stodgy sectors, utilities are outperforming this morning. The sector has already run ahead to a 0.9% gain. Duke Energy (DUK 18.19, +0.20) and American Electric (AEP 34.98, +0.39) are primary leaders in the utilities space. DJ30 +46.77 NASDAQ +18.30 SP500 +4.51
09:15 am : S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +14.00. A strong earnings report from finance and banking bellwether JPMorgan Chase (JPM) has combined with the strong gains of major overseas markets to spur stock futures higher. A solid retail sales report for March and upward revisions to figures for February have also helped support a positive tone to premarket trade. Several potential catalysts remain on today's calendar. Among the more widely watched items, weekly oil inventory data are due at 10:00 AM ET. Oil prices are currently up a rather sharp 0.8% to $107.10 per barrel after falling sharply in each of the past two sessions. Results from an auction of 10-year Notes are due at 1:00 PM ET. The benchmark 10-year Note rallied yesterday so that its yield dropped below 3.50% after it had been near 3.60% earlier in the week. The Note has given back some of its prior session gain this morning. A collection of regionally-specific anecdotal economic data makes up the Fed's Beige Book, which will be released at 2:00 PM ET.
09:05 am : S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +13.80. In stark contrast to the prior session, Europe's major bourses are all up with strong gains. That has the EuroStoxx 50 up 1.0%. Germany currently boasts some of the best gains in the continent; its DAX is up 1.3%. That has helped the German bourse undo yesterday's loss. In its latest economic report, Germany's wholesale prices increased by 1.3% in March after a 1.4% increase in the prior month. France reported that its European Union Harmonized CPI increased by 0.9% in March after a 0.5% increase in February. The country's CAC is currently up 1.2% amid broad buying interest. Of the 40 stocks that make up the CAC, only Technip SA is in the red, but Alcatel Lucent (ALU) is a top performer following an upgrade by analysts at Morgan Stanley. Britain's FTSE presently sports a 1.3% gain. The latest dose of data out of the United Kingdom showed that the ILO Unemployment rate for March eased down to 7.8% from 8.0% in February. Broader eurozone data indicated that industrial production for February increased by 0.4% after a 0.2% increase in the prior month.
Japan's Nikkei advanced 0.9% on the back of broad-based buying interest. Automakers showed considerable strength, although Toyota (TM) disclosed its decision to suspend production in late April and early May at five European plants in order to manage parts supply. A gain of more than 10% made Tokyo Electronic Power a top performer, but the stock's surge still didn't fully offset its prior session loss. Hong Kong's Hang Seng advanced 0.7%. Tencent Holdings snapped a two-session slide with a 3% rally. Mainland China's Shanghai Composite climbed 1.0% after it had managed to limit its prior session loss to only a fractional move lower.
08:35 am : S&P futures vs fair value: +7.40. Nasdaq futures vs fair value: +16.30. Stock futures continue to sport strong gains in the wake of today's first dose of data. Retail sales for March increased by 0.4%, but that wasn't quite as strong as the 0.5% increase that had been broadly expected among economists polled by Briefing.com. Retail sales for the prior month were revised slightly higher to reflect an increase of 1.1%. Excluding autos, retail sales for March increased by 0.8%, which is actually greater than the 0.7% increase that had been expected, on average, among economists surveyed by Briefing.com. Sales less autos for the prior month were also revised higher to reflect a 1.1% increase. Still to come today, monthly business inventories (10:00 AM ET), weekly crude oil inventories (10:30 AM ET), Treasury auction results (1:00 PM ET), and the latest Beige Book from the Fed (2:00 PM ET).
08:05 am : S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +13.50. Better-than-expected results on both the top and bottom line by JPMorgan Chase (JPM) have helped shares of the diversified financial services giant and Dow component up about 1% ahead of the open. The company also reaffirmed its plan to raise its dividend and the authorization of a $15 billion multi-year share repurchase plan. The strength of the company's latest quarterly report has also helped bring about a broader bid, such that stock futures suggest an opening rebound from the prior session's slide, which was the stock market's worst performance in about a month. The tone of early trade has been further bolstered by strong gains abroad. Today's calendar features monthly retail sales figures, which are due at the bottom of the hour. They are followed by business inventory figures at 10:00 AM ET. Weekly oil inventory data are due at 10:30 AM ET. Results from an auction of 10-year Notes will be posted at 1:00 PM ET. The Fed's Beige Book follows at 2:00 PM ET.
06:27 am : [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +9.80.
06:27 am : Nikkei...9641.18...+85.90...+0.90%. Hang Seng...24135.03...+158.70...+0.70%.
6:34PM BB&T Corp reports that Sheffield Financial and American Suzuki Motor Corporation sign three-year financing services agreement (BBT) 26.85 -0.42 : Sheffield Financial, a division of BB&T Financial, FSB, which is a subsidiary of BB&T Corp (BBT), has renewed and expanded its three-year financing services agreement with American Suzuki Motor Corporation effective immediately. The new contract covers both installment and revolving financing for motorcycles, scooters, ATVs and UTVs manufactured in the United States through a network of authorized dealers.
6:30PM Answers reports Delaware Court of Chancery denies plaintiff motion for preliminary injunction related to the merger of Answers.com with AFCV Holdings (ANSW) 10.41 +0.02 : Answers.com, (ANSW) announced that the Delaware Court of Chancery has denied the plaintiff's motion for a preliminary injunction to enjoin the special meeting of stockholders to vote on the merger agreement with AFCV Holdings, LLC, a portfolio company of growth equity investor Summit Partners.
6:13PM MedQuist awarded computer-assisted coding and services contract for Cooper (MEDH) 10.31 -0.02 : Co announced that it has been awarded a contract by Cooper University Hospital in Camden, New Jersey, a leading academic medical center, to provide computer-assisted coding technology and outsourced coding services.
6:12PM Clark Holdings reports FY10 ($0.25) vs ($0.15) in 2009; revs fell 2.2% to $64.9 mln (GLA) 0.45 +0.06 :
5:47PM China Industrial Waste Mgmt reports FY10 EPS of $0.29, 142.9% higher than $0.12 in 2009; revs rose 106.2% to $21.8 mln (CIWT) 1.43 : For the first half of 2011, the Company expects revenues of between $10 million and $12 million and net income attributable to the Co of between $2.0-2.5 million.
5:10PM RailAmerica reports March 2011 monthly carloads; co reported that its total freight carloads for the month ended Mar 31, 2011 were 76,732, up 0.9% from 76,045 in Mar 2010 (RA) 16.92 -0.10 : Co had increased shipments in March 2011 in seven out of twelve commodity groups compared to March 2010. Much of the increase was due to shipments of Non-Metallic Minerals and Products and Waste and Scrap Materials. Non-Metallic Minerals and Products increased primarily due to shipments in the Northeast, Central and Midwest regions. Waste and Scrap Materials volumes were up primarily in the Southeast and West regions. The largest declines were in Agricultural Products and Other. Agricultural Products were down primarily due to lower shipments in the West region, and Other was down primarily due to decreased shipments in the Northeast and Central regions.
5:00PM The Manitowoc Co seeks to refinance its senior secured credit facilities (MTW) 20.89 +0.09 : Co announced plans to refinance its existing senior secured credit facilities to further improve the strength and flexibility of its capital structure, including a reduction in the interest rate paid on outstanding borrowings compared to rates under its current facilities. Under the proposed transaction, the co's revolving credit facility would increase by $100 mln to $500 mln. Including updated term loans, the facilities will total $1.15 bln.
5:00PM KBR awarded engineering and prmject sanagement services contract by Saudi Aramco (KBR) 36.09 +0.31 : Co announced that its newly-established Middle East-based Engineering Company has been awarded an engineering and project management services contract by the Saudi Arabian Oil Company (Saudi Aramco) as part of its General Engineering Services Plus (GES+) initiative. The partners in this new Engineering Co, including Abdulhadi and Al-Moaibed Consulting Engineering (AMCDE) and Kellogg, Brown and Root, were selected following a competitive bidding process. The GES+ contract period is for five years with options available for extensions.
5:00PM Intel changes financial reporting structure to reflect recent acquisitions (INTC) 19.78 +0.02 : Co reportes that beginning with the publication of Intel's first-quarter earnings report on Tuesday, April 19, the co will revise the presentation of its financial results to reflect the recently closed acquisitions of Infineon Wireless Solutions and McAfee, Inc. Infineon Wireless Solutions will now operate as Intel Mobile Communications. The co is providing this detail now in order to give visibility into the new reporting model.
4:50PM HQ Sustainable Maritime Industries receives NYSE Amex notification regarding noncompliance with continued listing standards (HQS) 2.78 :
4:41PM Ashford Hospitality Trust prices preferred stock offering (AHT) 10.98 -0.01 : Co priced an underwritten offering of 3,000,000 shares of 9.000% Series E Cumulative Preferred Stock at $25.00 per share. The annual dividend for the preferred stock is $2.25 per share, payable quarterly. The offering is expected to close on or about April 18, 2011.
4:40PM First Solar announced that Bruce Sohn, President of Operations, will be leaving the company effective April 30 (FSLR) 144.78 +1.08 : Sohn will not be replaced, and his direct reports will continue in their current responsibilities with new reporting lines.
4:37PM Commercial Vehicle Group increases offering size on senior secured notes to $250 mln; announces pricing (CVGI) 16.98 +0.13 : Co announced that it has priced $250 mln aggregate principal amount of 7.875% Senior Secured Notes due 2019 (the "Notes") in connection with its previously announced private offering exempt from registration under the Securities Act of 1933. The Notes were priced at 100% of par. The offering represents an increase from the previously announced offering size of $225 mln.
4:34PM Pacific Continental reports Q1 in-line; capital ratios continue to be well above the minimum FDIC well-capitalized designated levels (PCBK) 9.63 -0.03 : Reports Q1 (Mar) earnings of $0.08 per share, in-line with the Thomson Reuters consensus of $0.08. In the quarter: Achieved 8% YoYgrowth in the commercial loan portfolio; loan loss provisioning expense reduced for the seventh consecutive quarter; total risk-based capital ratio of 18.18%, significantly above the 10.0% minimum for "well-capitalized" designation. The Co's capital ratios continue to be well above the minimum FDIC well-capitalized designated levels. At March 31, 2011, the Co's Tier 1 leverage ratio, Tier 1 risk-based capital ratio, and Total risk-based capital ratio were 13.42%, 16.93% and 18.18% as compared to 13.38%, 15.86% and 17.10% at Dec 31, 2010.
4:31PM PartnerRe estimates that the total net impact of Tohoku earthquake and tsunami in Japan will result in a loss of approximately $500 mln (PRE) 80.65 -0.17 : Co announces that based on the current data and information available to the Company, PartnerRe estimates that the total net impact of these events will result in a loss of approximately $500 million. The net loss for these events, which will be recorded in the Company's first quarter 2011 results, will primarily impact the Company's Catastrophe sub-segment, with smaller amounts included in the Company's other Non-Life sub-segments and its Corporate and Other segment.
4:30PM LECG atnounces termination of its Nasdaq listing (XPRT) 0.18 0.00 : Co announced that it is terminating its listing on the Nasdaq Global Market as of the close of business on April 21, 2011. The co has previously received notice from Nasdaq that it has failed to maintain a minimum bid price of $1 per share. In light of its current financial condition, the co does not anticipate the minimum bid price for its common stock returning to a level of excess of $1 per share. (stock is halted)
4:30PM El Paso to develop Eagle Ford Shale without a partner (EP) 17.30 +0.34 : Co reported that it has decided to develop its Eagle Ford Shale program without a partner. This decision follows an extensive evaluation of proposals from potential partners. "While interest in our Eagle Ford shale position was high, we believe that we will create greater value for shareholders by developing it ourselves... The Eagle Ford shale program is one of our most valuable assets, and we are very excited about the future of this program. It is a key resource for oil reserves and production growth; the wells in our Central area in LaSalle County, Texas are exceeding our expectations, and we continue to drive efficiencies in our drilling and completion processes as we have in the Haynesville shale program."
4:23PM Copano Energy maintains quarterly cash distribution of $0.575/unit; cites expiration of 2010 hedges (CPNO) 35.24 -0.32 : "As expected, we estimate that our first quarter distribution coverage will be lower than fourth quarter 2010 coverage and comparable to our first quarter 2010 coverage due primarily to expiration of 2010 hedges, which had higher strike prices. In spite of the impact of severe weather and an unscheduled outage at our Saint Jo plant in February, we expect to see an increase in the first quarter gross margin generated by our operating segments, supported by higher NGL prices and increased Eagle Ford Shale volumes. Our distribution coverage should improve significantly by the end of 2011, as several of our major growth projects come on-line during the second half of the year."
4:23PM Universal Forest misses by $0.20, misses on revs (UFPI) 33.61 -0.97 : Reports Q1 (Mar) loss of $0.19 per share, $0.20 worse than the Thomson Reuters consensus of $0.01; revenues fell 1.5% year/year to $387.2 mln vs the $422 mln consensus. The Co attributed the decline in its sales and profitability to the following factors: A dramatic run in lumber prices in early 2010, which boosted margins in the first quarter of last year, Major winter storms in January and February that crippled production in many parts of the country, A decline in sales to site-built and manufactured housing customers in 2011, a decline in sales to DIY/retail customers in 2011.
4:19PM Buckeye Partners, L.P. to offer 4.8 mln Limited Partnership Units (BPL) 61.41 +0.12 : Co announced that it has commenced a public offering of 4,800,000 limited partnership units representing limited partner interests pursuant to an effective shelf registration statement. Buckeye intends to use the net proceeds from this offering to reduce the indebtedness outstanding under its revolving credit facility. Barclays Capital, Citi, J.P. Morgan, Morgan Stanley, and Wells Fargo Securities are acting as joint book-running managers of the LP Unit offering.
4:19PM Compass Minerals reports Q1 2011 deicing sales volumes of ~4,278,000 tons vs. 3,950,000 tons in last year's Q1 (CMP) 92.64 +0.07 : Co published its first-quarter 2011 highway deicing sales volume. Compass Minerals' highway deicing sales volume, which includes all highway maintenance products sold in the U.S., Canada and the U.K., as well as rock salt sold to the chemical industry, totaled ~4,278,000 tons in the three months ended March 2011 compared to sales of 3,950,000 tons in Q1 of 2010. The co's ability to serve areas with exceptional demand was somewhat limited in the 2010-2011 winter season by inventory constraints. In addition, a variety of factors may have reduced the correlation between the number of snow events reported and CMP's actual highway deicing results, including the relative significance to the company of the cities represented, differences in weather between the official reporting station and the company's customers, and an ~3% market-wide reduction in contract volumes season-over-season, primarily driven by high customer inventories following a mild 2009-2010 winter season.
4:17PM General Exploration Partners announces a "significant" oil discovery at Atrush, Kurdistan (MRO) 50.33 +0.15 : General Exploration Partners confirms significant oil discovery in the recently drilled Atrush-1 exploration well in Kurdistan. The Atrush-1 well was spud on 5th October 2010 and successfully reached a revised Total Depth of 3400m Measured Depth on Jan 21 after 91 days. The well was drilled on time and within budget and encountered a 726 gross metres of potential reservoir section of Lower Cretaceous and Jurassic age rocks. Drilling shows and logging calculations indicate additional potential net pay zones of up to 146 metres in the Upper Butmah and Cretaceous formations. These particular zones, tests of which were inconclusive, will be further tested and evaluated in future wells. The well was operated by the joint-venture company GEP which holds an 80% working interest in the Block. Aspect Holdings has a two thirds interest and ShaMaran Petroleum holds a 33.5% interest in GEP. Marathon Petroleum KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (MRO), holds a 20% interest in the block.
4:15PM JB Hunt Trans beats by $0.02, beats on revs (JBHT) 44.60 -0.21 : Reports Q1 (Mar) earnings of $0.40 per share, $0.02 better than the Thomson Reuters consensus of $0.38; revenues rose 18.5% year/year to $1 bln vs the $0.96 bln consensus.
4:14PM Lam Research announced that Christine Heckart has joined its board of directors (LRCX) 51.23 -0.71 : Heckart is currently serving as chief marketing officer at NetApp (NTAP). Her previous executive leadership positions were at Microsoft (MSFT) and Juniper Networks (JNPR).
4:09PM China Marketing Media Holdings announces auditor change (CMKM) 0.28 : Co announced that it appointed UHY LLP to serve as the independent registered auditing firm effective as of April 11, 2011, following the recent dismissal of its prior auditors. The determination to change its auditors was not due to any disagreement on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures with its prior auditors.
4:08PM Anworth Mortgage announces preferred dividends and increase to series B preferred stock conversion rate (ANH) 6.92 +0.02 : Co announces that, in accordance with the terms of Anworth's 8.625% Series A Cumulative Preferred Stock, or Series A Preferred Stock, the board of directors declared a Series A Preferred Stock dividend of $0.539063 per share for the second quarter of 2011. The Series A Preferred Stock dividend is payable on July 15, 2011 to holders of record of Series A Preferred Stock as of the close of business on June 30, 2011. The dividend reflects the period from April 1, 2011 through June 30, 2011. Also, in accordance with the terms of Anworth's 6.25% Series B Cumulative Convertible Preferred Stock, or Series B Preferred Stock, the board of directors declared a Series B Preferred Stock dividend of $0.390625 per share for the second quarter of 2011.
4:08PM State Bank Financial to begin trading on NASDAQ under ticker STBZ" on April 14 (STBZ) 16.95 -0.05 :
4:07PM Compuware guides Q4 EPS ~$0.13-0.15, excl. $0.04-0.05 that will pushed to Q1, vs. $0.18 consensus (CPWR) 11.19 +0.23 : Co issues downside Q4 guidance; co sees Q4 EPS at $0.13-0.15 vs. $0.18 Thomson Reuters consensus. In the fourth quarter, the company's non-mainframe solutions demonstrated significant year-to-year growth. Co said, "During this same period, two significant mainframe agreements that were scheduled to close were pushed into our next fiscal year due to circumstances beyond our control. One federal contract could not be signed due to the government budget impasse. Another contract was pushed to Q1 because a global bank put its capitalization policy under review. The effect of these contracts is about $60 mln in product commitments and $0.04-0.05 in EPS. Therefore, the co now expects Q4 EPS to be ~$0.13-0.15. Both of these contracts will be completed, and as a result, Compuware will provide an upside to guidance in FY '12."
4:06PM A. Schulman will add one manufacturing line in its Sao Paulo, Brazil plant to accommodate increased demand for the co's masterbatch and engineered plastics products (SHLM) 24.39 -0.29 :
4:03PM Google: comScore releases March 2011 U.S. search engine rankings; Google Sites led the explicit core search market in March with 65.7% of search queries (GOOG) 576.28 : comScore released its monthly comScore qSearch analysis of the U.S. search marketplace. Google Sites led the explicit core search market in March with 65.7% of search queries conducted. GOOG was followed by Yahoo! Sites (YHOO) with 15.7% and Microsoft (MSFT) sites with 13.9% (up 0.3 percentage points). Ask Network accounted for 3.1% of explicit core searches, followed by AOL, Inc. (AOL) with 1.6%.
4:02PM Unisys unit received an extension of its contract with Foodstuffs (UIS) 31.35 +0.21 : Co announced that its New Zealand subsidiary has received an extension of its contract to provide Foodstuffs (Wellington) Cooperative Society Limited, with IT services for store point-of-sale and related systems. Under the extension, Unisys will continue to provide services to cover the full IT infrastructure support lifecycle for the POS systems running in 124 New World, PAK'n SAVE and Four Square stores across the lower half of New Zealand's North Island. The services comprise installation and maintenance services, including remote and on-site software support, implementation and deployment of changes and upgrades.
4:02PM Fluor will team with Azima DLI to provide clients with a dynamic and comprehensive solution for their industrial predictive maintenance needs (FLR) 67.50 -0.42 : Initially, the joint solution will be available to oil, gas, chemicals, power, and mining and metals clients where ongoing operations and maintenance needs are identified--especially in nations with emerging economies.
4:01PM Wintrust Financial acquires mortgage banking assets of River City Mortgage; terms not disclosed (WTFC) 36.42 -0.44 : Currently licensed to originate loans in five states, and with eight offices in Minnesota, Nebraska and North Dakota, River City originated nearly $500 million in mortgage loans in 2010.
4:01PM Pixelworks announces put option notification for 1.75% convertible subordinated debentures due 2024 (PXLW) 3.49 0.00 : Co announces that it is notifying holders of the $15,779,000 outstanding principal amount of its 1.75% Convertible Subordinated Debentures Due 2024 that pursuant to the terms of the Notes, they have an option to require the Company to purchase, on May 16, 2011, all or a portion of such holders' Notes at a price equal to $1,000 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest to, but not including, May 16, 2011.
4:01PM Covidien announces DuraSeal Exact Spine Sealant receives FDA approval (COV) 52.41 -0.07 : DuraSeal Exact will be launched this quarter and follows Covidien's 2009 launch of DuraSeal spine sealant, the only dural spine sealant approved by the FDA. The compound is a 100% synthetic absorbable hydrogel that provides excellent tissue adherence and a consistent watertight seal around the dura.
4:00PM Sonic Foundry receives anticipated deficiency notice from NASDAQ (SOFO) 14.02 -0.19 : Co announced that on April 13, 2011, following the recommendation of its nominating committee, the Board of Directors of Sonic Foundry appointed Paul Peercy to serve on the company's audit committee. The appointment follows receipt of a notice from the NASDAQ that it was not in compliance with NASDAQ's independent director and three person audit committee requirements. Co believes that the appointment of Paul Peercy to serve on the audit committee satisfies the NASDAQ three person audit committee requirement.
3:59PM Air Transport Services Group unit announced additional contracts with Vision Airlines for support of Vision's Boeing 767 and Boeing 737 aircraft (ATSG) 7.72 +0.07 :
3:39PM AAR Corp finalizes new $400m senior, unsecured bank facility (AIR) 25.46 : Co announces that the Company has closed on a new senior, unsecured revolving credit facility. The facility has an initial limit of $400 million and can be increased to $450 million under certain circumstances. The new agreement has a term of five years and an interest rate fluctuating between LIBOR plus 125 and 225 basis points based on certain financial measurements. This new financing replaces the Company's $250 million revolving credit facility, which was scheduled to expire later this year.
3:30PM MGM Resorts tests its 50 sma at 13.73 after breaking above a multi-week range top -- session high 13.74 (MGM) 13.69 +1.07 :
3:16PM Dynegy confirms that the law firm of White & Case LLP and the financial advisory firm of Lazard Freres & Co. LLC have been retained to advise co and the Finance and Restructuring Committee of co's Board of Directors on debt restructuring activities (DYN) 5.64 -0.02 :
3:02PM Additional afternoon recovery gains -- Dow +19 is 60 points off its midday low, S&P +2.5, Nasdaq Comp +18 (SPY) :
3:00PM General Dynamics selected for $565 million infrastructure services program by missile defense agency (GD) 72.10 -0.82 : General Dynamics Information Technology, a business unit of co, has been awarded a contract by the Missile Defense Agency Engineering and Support Services program to provide infrastructure and deployment services in support of the Ballistic Missile Defense System. The five-year, multiple-award, indefinite delivery / indefinite quantity contract has a $565 million ceiling value for all awardees; the contract has no initial award value.
2:50PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : May corn futures rose 3 cents to $7.555/bu after losing 3% in yesterday's action, May wheat fell 6.75 cents to close at $7.5275 following yesterday's 5.4% decline, May soybeans rose 3.75 cents to close at $13.335, May ethanol closed lower by 0.002 cents at $2.658, while May world sugar futures closed down 0.79 cents to 24.79 cents.
2:44PM Tel-Instrument announced that Harold K. Fletcher, its Chairman of the Board, has passed away; Robert Walker becomes Chairman (TIK) 7.20 +0.17 :
2:40PM SCANA Corp's South Carolina Electric & Gas will take Unit 1 at the V.C. Summer Nuclear Station offline April 15 to begin a scheduled refueling outage (SCG) 38.88 +0.26 :
2:35PM NYMEX Energy Closing Prices (COMDX) : Crude oil settles higher by $0.86 to $107.11, natural gas finished up 4.2 cents to $4.14, heating oil gained 2.93 cents to close at $3.2019, while RBOB gasoline rallied for 7.59 cents to end at $3.24.
2:32PM Relative sector strength as stock indices attempt to build on afternoon bounce -- Dow +2, S&P -0.2, Nasdaq Comp +10 (TECHX) : Outperforming the S&P on this move are: Energy XLE, Oil Service OIH, Materials XLB, Silver SLV, Commodity Index and to a lessor extent Finance XLF.
2:30PM United Tech Board of Directors increases quarterly dividend by 12.9% to $0.48 (UTX) 83.69 -0.29 :
2:27PM Stock indices edge up toward afternoon bounce highs -- Dow -7.6, S&P -1.4, Nasdaq Comp +8.9 (SPY) :
2:24PM Houston American Energy has initiated efforts to list its common stock on the Colombian Stock Exchange (HUSA) 14.35 -0.14 : The Colombian listing will be a secondary listing, with the company's primary exchange remaining the NYSE Amex, on which its shares have traded since July 27, 2010.
2:20PM Crude oil pushing back towards highs with approx 10 min left in pit trade; now up 74 cents to $106.99 (COMDX) :
2:19PM Perrigo partner Teva (TEVA) received final OTC approval for sales and distribution of Fexofenadine HCl 60 mg and 180 mg tablets (PRGO) 86.53 +1.13 : Co announced that its partner, Teva Pharmaceutical, has received final OTC approval to sell and distribute fexofenadine HCl 60 mg and 180 mg tablets; the generic equivalents of Sanofi-Aventis' Allegra 60 mg and 180 mg products. Teva has had Rx approval for these products, and Teva and Sanofi-Aventis (SNY) have settled their Paragraph IV/Hatch-Waxman litigation relating to the Allegra brand family of products.
2:15PM StellarOne announces partial repayment of TARP (STEL) 13.05 -0.44 : Co announced that it has redeemed 25% or 7,500 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the preferred stock), it sold to the U.S. Department of the Treasury on December 19, 2008 as part of the Capital Purchase Program established by the Treasury under the Emergency Economic Stabilization Act of 2008. The Company paid $7,560,417 to the Treasury to redeem the Preferred Stock, consisting of $7,500,000 of principal and $60,417 of accrued and unpaid dividends on April 13, 2011.
2:11PM Sempra Energy's SDG&E signs three renewable power contracts with Soitec for up to 30 MW of locally generated solar power (SRE) 52.59 +0.02 :
1:54PM Allstate asks for legislative response to demonstrated increase in suspicious insurance claims, as reported today by the National Insurance Crime Bureau (ALL) 31.81 +0.19 : "We commend the NICB on their efforts to fight fraud and raise awareness about this issue, which is extremely important to all New Yorkers. Not only is no-fault fraud, or auto accident fraud, costing New York consumers and insurers hundreds of millions of dollars, it puts drivers at risk. Those who would commit this type of crime are taking advantage of the broken no-fault system and are organized, calculating and part of a big business. They are gaming the auto insurance system and the victims are honest, hard working New Yorkers. Without the support of lawmakers, incidents of fraud will continue to increase and insurance costs will rise. Responsible citizens are the victims. Enacting meaningful reform of the no-fault system is an important way to fight this expensive and dangerous crime."
1:48PM Penn Virginia announces results of the tender offer for its 4.50% convertible senior subordinated notes due 2012 (PVA) 14.76 +0.06 : Co announces the expiration and final results of its previously announced cash tender offer for any and all of its outstanding 4.50% Convertible Senior Subordinated Notes due 2012, at a purchase price of $1,035.00 for each $1,000 principal amount of Convertible Notes validly tendered and not validly withdrawn. As of the Expiration Date, approximately $225.1 million aggregate principal amount of the Convertible Notes, representing approximately 98% of the aggregate principal amount of the Convertible Notes outstanding prior to the tender offer, were validly tendered and not validly withdrawn. Co accepted for purchase all Convertible Notes validly tendered and not validly withdrawn pursuant to the Offer, resulting in aggregate consideration of approximately $233.0 million (plus approximately $4.2 million in aggregate accrued interest), excluding any applicable tax withholding.
1:44PM CEL-SCI Corp to present data supporting treatments for cancer (CVM) 0.69 +0.03 : Co's discussion includes a summary of Multikine's results in Phase I/II and provides details on the design of the Phase III study currently underway. The presentation also discusses LEAPS as a peptide technology that is being developed as a Platform Technology for Vaccines, including applications in areas of Rheumatoid Arthritis, HSV, H1N1 and Cancer vaccines. In addition, Dr. Talor provides an update on the work that the Company is doing in developing dendritic vaccines for other emerging viral diseases.
1:30PM COMEX Metals Closing Prices (COMDX) : June gold finished higher by $1.80 to $1455.40, May silver gained 20.4 cents to end at $40.27, while May copper shed 9 cents to close at $4.2935.
1:22PM Ford Motor confirms it is working with cities and utility partners to help enable metropolitan areas to be Electric Vehicle ready (F) 14.94 +0.03 : Co is working with cities and utility partners to identify key infrastructure building blocks that will enable metropolitan areas to be EV ready. "Our electric grid has plenty of capacity to support electric transportation."
1:19PM Wausau Paper approved plans to expand the company's towel and tissue production capabilities (WPP) 7.59 +0.03 : Co approved plans to expand its towel and tissue production capabilities in response to growing demand for its "green" products. The project includes a 220 inch Voith ATMOS technology paper machine capable of producing 75,000 tons per year of premium towel and tissue products from 100 percent recycled fiber. The new machine will be located at the company's converting facility in Harrodsburg, Kentucky, with construction scheduled to begin this summer and startup expected in Q1 2013. Total costs associated with the project ~$220 mln and include building construction, the new paper machine, converting line enhancements and project-related expenses. The project received incentive commitments of ~$7 mln from the Kentucky Economic Development Finance Authority.
1:19PM MetLife comments on announcement by the Office of the Comptroller of the Currency & Federal Reserve (MET) 44.32 -0.45 : Co has committed to further enhance its oversight of MetLife Bank's risk management, audit and compliance programs as they relate to the bank's residential mortgage loan servicing, loss mitigation and foreclosure activities. MetLife Bank services ~1% of the U.S. home mortgage market and has not experienced the high volume of foreclosures that many larger servicers have experienced. MetLife Bank has never issued and does not own nontraditional mortgage products such as pay-option ARMs and sub-prime loans, which have the highest rate of default. Since it entered the mortgage servicing business in 2008, MetLife Bank consistently has received high servicing quality and loss mitigation ratings from the Department of Housing and Urban Development and Freddie Mac (FMCC).
1:17PM Russell 2000 sets new low of 819 in recent trade to flirt with its 50 sma/ema at 181/816 (IWM) :
1:11PM Apricus Biosciences files for orphan drug designation for RayVa (APRI) 4.90 +0.28 : Co announced today its filing with FDA requesting orphan drug designation for RayVa, its drug candidate indicated for the treatment of Raynaud's phenomenon in patients with systemic sclerosis.
12:56PM Dow -21 and S&P -3 set minor new session/weekly low in midday trade, Nasdaq Comp +4.8 holds above flat line (SPY) :
12:51PM American Intl announced that Peter Juhas has been named Head of Strategic Planning (AIG) 33.96 -0.12 :
12:45PM Crude drops another ~50 cents to fresh lowsa t $105.31; now off 88 cents to $105.37 (COMDX) : Sell off coincides with sharp spike in dollar index.
12:39PM New session low for S&P -4 (SPY) : The index failed at the 1321/1322 resistance in opening trade and in midday action it has set a new session low of 1311 (Click for 5 min chart). Yesterday's low is at 1309 with its 50 ema/congest at 1307/1305.
12:38PM Crude oil drops into negative territory; now lower by 30 cents to $105.95 (COMDX) :
12:27PM Delcath receives notice of European regulatory approval for Hepatic CHEMOSAT delivery system (DCTH) 7.72 +0.42 : "Receipt of our CE Mark represents the first regulatory approval for this product, and marks the beginning of the Company's transition into a fully commercial enterprise... With its rising liver cancer rates, Europe represents a large opportunity for this product. We believe the Hepatic CHEMOSAT Delivery System may ultimately fulfill an annual unmet clinical need for as many as 100,000 liver cancer patients in this region. With the CE Mark in hand, we will now begin to build inventory and establish the commercialization infrastructure in Europe, including assembling a direct sales organization to cover countries in Northern Europe and establishing a network of third party distributors in Southern Europe. We will also begin establishing and training initial sites in select European countries as Centers of Clinical Excellence for the chemosaturation procedure."
12:17PM Thermogenesis announces registration of Res-Q in India; commercial sales expected to begin in current quarter (KOOL) 2.30 +0.11 : Co announced that its Res-Q60 BMC System (Res-Q) has been registered by the Central Drugs Standard Control Organization of India (CDSCO), allowing its commercial sale in the country. Res-Q is a point of care system used for the preparation of cell concentrates, including stem cells from bone marrow aspirate. Co also announced that it is ready to initiate the market roll out for Res-Q in India and expects to record initial revenues from the launch during the current quarter.
12:11PM Defense Index -DFI- and ETF -PPA- extending today's breakdown in recent trade (TECHX) : Weighing on the group today are: BA -1.6%, LMT -1.9%, NOC -2.1%, GD -2%, LLL -1.7%, COL -1%, RTN -2%, TDY -2%, ORB -1.9%, ESL -1%.
12:04PM CTS Corp does not expect any material impact on 2011 earnings from Japan disaster (CTS) 9.68 +0.03 : Co announces that it does not currently expect any material impact on 2011 full-year earnings stemming from the Japan disaster. "At this point, and to the best of our knowledge, our 2011 full-year earnings will not be materially impacted by customer or supply issues. However, we may experience minor impacts in the first half of the year due to production slow downs, with anticipated recapture as inventories are replenished later in the year."
12:02PM IBM and The Hartford Financial Services Group (HIG) announce a new five-year technology services agreement to help The Hartford simplify and transform its technology infrastructure (IBM) 164.29 +1.04 :
12:01PM INX Inc. announces NASDAQ determination to suspend common stock (INXI) 6.69 -0.01 : Co announced that on April 12, 2011, the co received written notice that the NASDAQ Listing Qualifications Panel has determined to suspend the co's securities from The NASDAQ Stock Market, effective with the open of business on Thursday, April 14, 2011. In anticipation of making the necessary filings with the SEC within the next few days, the co has already filed a listing application to facilitate a resumption of trading on NASDAQ as soon as possible. In that regard, the co believes that upon making the necessary filings with the SEC it will satisfy all applicable requirements for listing on NASDAQ. Co anticipates that NASDAQ will be able to complete the review of the listing application on an expedited basis. The Company has been advised by OTC Markets Group, that the co's common stock will be eligible for quotation under the trading symbol INXI during the NASDAQ trading suspension.
11:56AM Sunstone Hotel affiliate sells The Royal Palm Hotel in Miami's historic South Beach district for $130 million to KSL Capital Partners (SHO) 9.56 -0.08 : KSL Capital Partners, LLC announces that it has acquired The Royal Palm Hotel in Miami's historic South Beach district for $130 million at closing, or roughly $318,000 per key, from an affiliate of Sunstone Hotel Investors.
11:47AM United Tech's Sikorsky Aerospace Services announces the signing of an annually renewable contract providing in-country maintenance in support of the Colombian Army UH-60 BLACK HAWK fleet (UTX) 84.28 +0.30 :
11:39AM New morning pullback lows off morning highs for stock indices -- Dow +3, S&P -0.5, Nasdaq Comp +12 (SPY) :
11:36AM Financial Select Sector slips to minor new session low (XLF) 16.32 -0.08 : Early market leader has extended its intraday slide to a minor new session low of 16.31. It has thus far been able to hold slightly above the April low set yesterday at 16.29 -- BAC -1.1%, JPM -0.5%, STT -1%, WFC -1.3%, BK -0.7%, C -0.8%, STI -1.4%. The Reg Bank (KRE -0.9%) is underperforming the XLF as it set a new April low below its 50 ema.
11:31AM Intl Speedway announces a partnership with STP Brands at seven of its major motorsport facilities including event entitlement positions at Kansas Speedway and Chicagoland Speedway; financial terms were not disclosed (ISCA) 30.61 +0.11 :
11:19AM SPDR Retail displaying relative weakness, slides to new session low of 51.43 to probe yesterday's early trough at 51.43 (XRT) 51.45 -0.21 : FDO -0.8%, ORLY -1.3%, SHLD -0.9%, OMX -1.6%, HSNI -0.9%, JCP -0.8%, PSS -1.4%.
11:00AM Emerson signs a new cooperation agreement with South Ural State University to support and promote research, teaching and training related to advanced manufacturing processes, with a special focus on process automation technologies for the oil and gas industry (EMR) 57.41 +0.25 :
10:57AM iShares NASD Biotech extends to new high of 103.06, hovering modestly below its 52-wk peak from last week at 103.25 (IBB) 103.02 +1.06 : REGN +5%, QGEN +1.9%, BMRN +1.9%, ALXN +2%, ILMN +2.2%, AMGN +0.9%, GILD +1.2%, CELG +1.4%, BIIB +0.9%, LIFE +1.7%, PRGO +1.3%, DNDN +1.4%, ONXX +0.9%, SHPGY +1.7%,
10:52AM Silver spikes to highs; now up 65.4 cents to $40.72 (COMDX) :
10:52AM Crude oil trades to fresh highs at $107.43; now up $1.08 to $107.33 (COMDX) :
10:48AM Nasdaq Comp +21 sets new session high amid Semi SMH, Disk Drive, Networking IGN relative strength (SPY) : S&P +3.5 has held at intraday support mentioned at 09:49 at 1315/1314 but neither it nor the Dow +34 have confirmed the new Nasdaq high yet.
10:44AM Semiconductor Hldrs displays intraday relative strength, back near early session high of 34.17 (SMH) 34.14 +0.19 : ALTR +2.3%, SNDK +1.5%, XLNX +1.2%, NVDA +1.3%, BRCM +1%.
10:43AM Constellation Energy and Holyoke Gas & Electric Department announce the development of a new 4.5 megawatt solar installation which will generate electricity for the municipally owned utility's 18,000 customers in Holyoke, Mass (CEG) 33.26 +0.34 :
10:31AM Crude oil ticks toward highs following inventory data; now up 67 cents to $106.92 (OIH) :
10:30AM Nymox Pharma announces new positive long-term 39-45 month follow-up results from NX02-0016 U.S. study of NX-1207 for BPH (NYMX) 7.36 +0.14 : The initial study, completed in the U.S. in 2007, reached statistical significance in Intent-to-Treat Primary Efficacy outcomes at 90 days and 6 months post-treatment with NX-1207 2.5 mg. The new study assessed American Urological Association BPH Symptom Index scores in blinded subjects without additional NX-1207 treatment after 39-45 months. There were no significant drug safety problems reported by any subjects in the study initially as well as in the new long-term follow-up.
10:09AM Morningstar reports U.S. mutual fund and ETF asset flows through March 2011 (MORN) 58.74 +0.29 : Co reported estimated U.S. mutual fund and exchange-traded fund asset flows through March 2011. The pace of inflows into long-term mutual funds slowed slightly to $27.0 bln in March from approximately $27.9 bln in February, due largely to a reversal in U.S. stock flows. The asset class saw outflows of $934 mln in March after taking in roughly $26.1 bln combined in January and February. Inflows for U.S. ETFs rose to $7.4 bln in March after reaching $6.6 bln in February despite outflows of $3.3 bln from U.S. stock ETFs, which typically drive industry inflows.
10:02AM Raytheon unit forms partnership to pursue U.S. Air Force range integration contract (RTN) 49.72 -0.42 : Co's unit is teaming with General Dynamics (GD), ASRC Aerospace Corporation, ARES Corporation, Schafer Corporation and World Technical Services Incorporated (WTSI) to provide integrated operations support to the U.S. Air Force space community.
10:02AM Further minor slippage off early highs for stock indices but no damage done -- Dow +36, S&P +3.3, Nasdaq Comp +16 (SPY) :
10:02AM Travelzoo confirms launch of Travelzoo Local Deals in Australia (TZOO) 73.80 +0.30 : The service extends Travelzoo's content to encompass travel, entertainment and lifestyle offers that are specific and more relevant to its local and regional audiences.
10:01AM Veolia Environnement unit awarded contract to provide produced water treatment (VE) 32.20 +0.41 : Co has signed a design-build-operate contract with Plains Exploration & Production Company (PXP) for a Produced Water Reclamation Facility at its Arroyo Grande Oilfield in San Luis Obispo County, Calif. The treatment system will incorporate Veolia Water's OPUS(R) II technology to generate high-quality water. Veolia Water will design, build, and operate the 45,000-bpd (barrels per day) facility under a 12-year performance agreement. Under the agreement, Veolia Water will provide operations and maintenance services and performance guarantees on a fixed-fee basis to ensure design performance and high-quality recycled water.
9:58AM DryShips prices of $500 million aggregate principal amount of 9.5% Senior Unsecured Bonds Due 2016 (DRYS) 4.85 +0.05 :
9:56AM AMR filed a civil antitrust lawsuit against Travelport, and Orbitz Worldwide (OWW) (AMR) 5.82 -0.09 : Co filed a civil antitrust lawsuit against Travelport, and Orbitz Worldwide to stop exclusionary and anticompetitive business practices of the defendants and recover monetary damages that American has incurred as a result of these harmful actions.
9:52AM Opening Point Gainers/Losers (TECHX) : Point Gainers: GOOG (+5.98), RVBD (+4.32), GRM (+4.30), SLGN (+4.21), WYNN (+3.86), SINA (+3.86), BIDU (+3.23), LFUS (+2.62), FFIV (+2.93), INP (+2.45), APKT (+2.25)
Point Losers: MSB (-4.55), AAP (-2.04), INVE (-1.39), CREE (-1.51), MON (-0.81), LRCX (-0.92), ASML (-0.82), ST (-0.77)
9:49AM S&P +4 stalls at first level resistance (SPY) : The S&P opened firmer but has failed to take out first level resistance noted in The Technical Take at 1321/1322 (session high 1321) with early sector leadership from Energy (XLE, OIH) and Finance (XLF) faltering as well (JPM near unch). Initial levels to watch on this pullback for a read on the underlying health of the push off yesterday's morning low are at 1317 and 1315/1314.
9:48AM Gulf Resources comments on recent stock price performance (GFRE) 4.64 -0.02 : Co's management believes, according to the best of its knowledge, that the recent share price volatility is not a reflection of irregularities in the Company's operation, corporate governance or internal controls. "We remain committed to maintaining high standards of corporate governance... We are confident that through the joint effort of our board of directors, management, employees, shareholders and investors, the Company will remain as one of the industry leaders in China's bromine market and a responsible public company committed to maximize shareholder value."
9:46AM Gerdau S.A. prices its global offering of 68,026,910 common and 203,830,100 preferred shares; common shares are being offered to the public in Brazil at a price R$15.60 per share, and the preferred shares are being offered to the public in Brazil at a price of R$19.25 per share (GGB) 12.08 -0.28 :
9:45AM RRSAT Global reports broadcast content has grown to over 590 channels globally (RRST) 7.05 -0.20 : Co reports broadcast content has grown to over 590 channels globally, featuring SD, HD, and 3D formats and it has increased its playout centers in Israel and the United States.
9:44AM Research In Motion testing yesterday's six month low bar high at 54.46 (RIMM) 54.43 +0.71 :
9:43AM Baldwin Lyons reports estimated after tax loss associated with first quarter catastrophes will total $15.5 mln (BWINA) 21.55 0.00 :
9:43AM Alcoa commences debt offering, announces tender offers to enhance maturity profile of company debt (AA) 16.77 0.07 : Co announces it will seek to enhance the maturity profile of its debt through tender offers for two series of outstanding notes and a concurrent public offering of senior unsecured debt securities. Co has commenced tender offers to purchase for cash: * Any and all of its 5.375% Notes due 2013; and * Up to the Maximum Tender Amount of its outstanding 6.00% Notes due 2013; provided that the purchase of the 6.00% Notes will be subject to an aggregate purchase limit of $400 million in cash. The Maximum Tender Amount is $750 million in cash less the aggregate purchase price of the 5.375% Notes due 2013 accepted for purchase pursuant to the Any and All Tender Offer. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are acting as Coordinating Dealer Managers and Morgan Stanley & Co. Incorporated is acting as Dealer Manager for the Tender Offers.
9:43AM Natural gas spikes to highs at $4.18; now up 7.7 cents to $4.175 (COMDX) :
9:39AM Sector Watch (TECHX) : Broad based strength in early trade with leadership coming from: Coal KOL +2.3%, Casino BJK +2.1%, Disk Drive +2%, Networking IGN +1.9%, Mining XME +1.25, Natural Gas +1.2%, Health Provider +1.1%, Energy XLE +1%, Refiners (TSO, WNR, HOC, ALJ, VLO, MRO, SUN).
9:36AM Firmer tone in early trade with S&P +5.6 probing first level resistance at 1321/1322 -- Dow +51, Nasdaq Comp +16 (SPY) :
9:35AM Wizzard Software confirms availability of 100 new media Apps in the Amazon (AMZN) Appstore for Android (WZE) 0.19 +0.01 :
9:32AM SunLink Health Systems announces that its policy is to not comment on unusual market activity or rumors after being contacted by the NYSE (SSY) 2.59 0.00 :
9:26AM CAMAC Energy releases report for OML 120 & 121 blocks (CAK) 1.37 : Co announces the results of an independent engineering report prepared by Netherland, Sewell & Associates, estimating the total resource in place in CAMAC Energy's OML 120 & 121 Blocks situated offshore Nigeria. NSAI's report concludes that the best estimate for gross (100%) undiscovered original oil-in-place for OML 120 & 121 is 1.9 billion barrels with a high of 6.3 billion barrels; and the best estimate for associated recoverable gross contingent and unrisked prospective oil resources is 626 million barrels with a high of 2.2 billion barrels. This is significantly higher than the estimated 500 million barrels of potential recoverable oil detailed in the Company's recent investor presentation.
9:21AM On The Wires (WIRES) :
* San Diego Gas & Electric, a subsidiary of SDG&E (SRE), announced that it has entered into two, 25-year solar power purchase agreements for a total of 80 megawatts and revised its agreement with renewable energy developer NaturEner to buy power from the company's Rim Rock wind farm project in Montana. * CTS Corporation (CTS) announced that CTS Automotive Products has been awarded three new production programs with Chinese vehicle manufacturers for its Electronic Throttle Control Accelerator Pedal Modules plus a new Transmission Sensor program for a North American platform. All four awards represent new business and will result in an increase in CTS' global market share. Revenues from these four awards are expected to reach approximately $15 million over the anticipated five-year lives of the programs.
9:20AM Pressure BioSciences receives $825,720 as the First Tranche of a $6.0 mln private placement (PBIO) 1.09 : Co announces that it has received gross proceeds of $825,720 from the sale of 55,048 units to 10 accredited investors, including the co's CEO and President, in the first tranche of its $6.0 mln Series C private placement. Each unit was priced at $15.00 (a common share equivalent of $1.50) and consists of one share of non-voting Series C Convertible Preferred Stock, and one warrant to purchase 10 shares of Common Stock at an exercise price of $2.38 per share, expiring in April 2014.
9:18AM Lockheed Martin receives the second two-year option of the U.S. Air Force Industrial Product-Support Vendor (IPV) contract; the estimated value of the two-year option period is $176 million (LMT) 80.37 :
9:17AM Neostem unit Progenitor Cell Therapy receives FACT accreditation for its new allendale, New Jersey manufacturing facility (NBS) 1.95 :
9:14AM Star Bulk Carriers announces settlement of the Star Beta Claim With OLDENDORFF (SBLK) 2.30 : Co announced that the dispute that had arisen back in October 2008 between the Company's subsidiary Star Beta and OLDENDORFF GmbH and Co. KG, sub charterers of the STAR BETA, concerning the assignment to Star Beta of the charterparty between Oldendorff and Industrial Carriers has now been settled with the Company receiving a major portion of the quantum of the claim. As a result of the settlement, the arbitration proceedings have also been discontinued.
9:14AM CONSOL Energy provides Operations Update; Coal Division Produces 17.2 mln tons, Guidance Increased; Gas Division Reports Marcellus Shale Results (CNX) 48.89 : Co reports an operations update for the quarter ended March 31, 2011. Co's Coal Division reports total coal production of 17.2 mln tons for the quarter, including 1.5 mln tons of low-vol metallurgical coal produced by the co's Buchanan Mine. The total production was the highest of any quarter since the fourth quarter of 2008. As a result, co is increasing its annual coal production guidance from 59-61 mln tons to between 60-62 mln tons, with second quarter production between 14.75-15.25 mln tons. Q2 production is also expected to be affected by six longwall moves. Thermal coal inventories rose by 0.6 mln tons to 2.5 mln tons during the quarter due to the higher-than-expected production. Low-vol Buchanan inventory was unchanged from December 31, 2010, at 0.2 mln tons. In the Marcellus Shale, co drilled 13 horizontal wells for the quarter, putting it slightly ahead of schedule for the 70 wells to be drilled in 2011. Seven wells were drilled in Southwest Pennsylvania, four in Central Pennsylvania, and two in Northern West Virginia.
9:10AM On The Wires (WIRES) :
* Seattle Genetics (SGEN) announced that ten programs utilizing the company's proprietary antibody-drug conjugate technology are now in clinical development across its 11 current ADC collaborations. This includes two additional ADC programs for which Investigational New Drug applications were recently submitted to the U.S. Food and Drug Administration by Genentech, a member of the Roche Group (RHHBY), triggering milestone payments to Seattle Genetics. In addition to the 10 collaborator ADC programs, Seattle Genetics is conducting clinical trials of three other ADCs, including its lead program, brentuximab vedotin. * Orckit-Corrigent (ORCT) announced that it has established a new research and development branch in India. The new facility includes multiple research labs and has been established to strengthen research and development efforts of Orckit-Corrigent's PTN solutions for Indian customers, as well as to extend the Company's global R&D efforts. * West Pharmaceutical Services (WST) is preparing to increase its capacity for manufacturing the Daikyo Crystal Zenith 1mL syringe system. Ideally suited for biopharmaceutical drug packaging and delivery, the Crystal Zenith syringe system overcomes problems inherent in glass-based systems, such as breakage and glass delamination. * CSC (CSC) announced that it has signed a seven-year information technology outsourcing contract renewal with Tryg, the second-largest insurance company in the Nordic region. The new agreement expands the scope of the existing contract to include new services and extends to include Tryg's most recent acquisitions in Finland and Sweden with Moderna. This extension, which was awarded during CSC's fiscal 2011 fourth quarter, adds $348 million to the previously announced contract, which now runs through December 2017, if all options are exercised. * McMoRan Exploration Co. (MMR) announced a successful production test at the Laphroaig No. 2 well in St. Mary Parish, Louisiana. The production test indicated a gross rate of approximately 54 million cubic feet of natural gas per day (MMcf/d) (~15 MMcf/d net to McMoRan) and zero barrels of water on a 30/64th choke with flowing tubing pressure of 9,989 pounds per square inch (PSI). McMoRan has a 37.3% working interest and a 28.5% net revenue interest in the Laphroaig field. Energy XXI (EXXI) holds an 18.6 percent working interest. * Mediware Information Systems (MEDW) announced that the U.S. Military Heath System has selected Mediware's blood transfusion management software, HCLL Transfusion, to manage transfusion medicine at 68 military health sites worldwide. * Universal Security Instruments (UUU) announced the issuance of U.S. Patent Number 7,893,825 titled Alarm Origination Latching System and Method issued on our new IoPhic and Microprocessor product line of smoke alarms. * Goodrich Corporation (GR) has been selected by Skynet Asia Airways to supply wheels and carbon brakes for its new fleet of 13 Boeing 737-800 Next Generation aircraft. Aircraft deliveries with the Goodrich wheel and carbon brake equipment are expected to begin in June 2011 and continue through 2016. * Globalstar Europe Satellite Services, a wholly-owned subsidiary of Globalstar (GSAT) announced that it has extended its satellite coverage area in conjunction with its Independent Gateway Operator, Globalstar Avrasya of Turkey.
9:08AM Noah Education to acquire an 80% interest in Shanghai Yuanbo Education Information and Consulting Corporation for a total consideration of RMB102.4 million (NED) 2.25 : Of the RMB102.4 million investment, RMB50 million will be used for expansion. Funded with the fresh capital provided by Noah, Yuanbo Education plans to extend its reach by opening new kindergartens and making acquisitions across the Yangtze Delta region. With revenue of RMB35 million in 2010 for Yuanbo Education, the acquisition is expected to be accretive to Noah's earnings in the fiscal year ending June 30, 2012.
9:03AM Allergan: New Clinical Studies Reinforce the LAP-BAND System is a Safe and Effective Weight-Loss Treatment for Obese Adults with Obesity-Related Comorbid Conditions (AGN) 74.82 : Two new studies published in the current issue of Surgery for Obesity and Related Diseases, a peer-reviewed journal, add to the large body of scientific evidence which supports that the LAP-BAND Adjustable Gastric Banding System, made by co is a safe and effective weight-loss procedure. One study concluded that laparoscopic adjustable gastric banding procedure can be safely performed in a community medical practice, with patients experiencing meaningful excess weight loss. The second study examined patients who received LAGB following the failure of gastric bypass and found they achieved significant weight loss two years post-banding procedure.
9:03AM France Telecom's Orange Business Services wins contract with New Zealand Ministry of Foreign Affairs and Trade (FTE) 22.69 : Under this new agreement, Orange Business Services provides networking services to connect New Zealand Ministry of Foreign Affairs and Trade with relevant government agencies and global offices across 56 sites in 52 countries. The network is based on MPLS VPN and Internet VPN technologies to provide secure and reliable connectivity for voice, video, remote access, mobile working and unified communications, at all times.
9:02AM Converted Organics received a preliminary order of up to 400,000 gallons of its all-natural, organic liquid fertilizer products (COIN) 0.22 : Co announced that it has received a preliminary order of up to 400,000 gallons of its all-natural, organic liquid fertilizer products (Converted Organics LC 1-1-1, and Converted Organics GP 3-2-1) from Biorem.
9:02AM Bally Technologies announced a enterprise-wide, multi-year contract with the Seminole Tribe of Florida (BYI) 37.58 : Co announced a enterprise-wide, multi-year contract with the Seminole Tribe of Florida to deploy its SDS(R) Windows(R) slot-management and slot accounting system at six casinos in Florida by the end of the 2011 calendar year. Bally will upgrade the Seminole Tribe of Florida with the latest version of SDS for Windows, which provides gaming operators with a competitive and scalable slot-management system utilizing a modern architecture, delivers flexibility, easy maintainability, horizontal and vertical scalability for any size of casino operation, and advanced reporting for all legacy and new games including multi-game, multi-denom, bonusing, and cashless.
9:01AM SearchMedia states that policy is not to comment on unusual market activity (IDI) 2.57 : Co confirmed that in view of the unusual market activity in the common stock of SearchMedia Holdings Limited on April 12, 2011, the NYSE contacted the Company in accordance with its usual practice. Co stated that it is company policy not to comment on unusual market activity.
9:01AM Johnson Controls will implement an average price increase of 5-9% on batteries sold in US and Canada for orders starting April 1, 2011 (JCI) 39.31 : Lead price adjustment agreements remain in effect.
9:01AM Mediware Info Sys announced that the U.S. Military Heath System has selected its blood HCLL Transfusion software to manage transfusion medicine at 68 military health sites worldwide (MEDW) 11.85 :
9:00AM Brigham Exploration announced record North Dakota and Montana Bakken completions and provides an operational update (BEXP) 32.41 : Co announced that its Sorenson 29-32 #2H Bakken well produced a North Dakota Bakken record 5,330 barrels of oil equivalent during its early 24-hour peak flow back period. Co also announced that its Johnson 30-19 #1H Bakken well, which is located in Richland County, Montana, produced a Montana Bakken record early 24-hour peak flow back rate of approximately 2,962 barrels of oil equivalent. Brigham announced the completion of four additional North Dakota Bakken wells and, as a result, has completed 56 consecutive long lateral high frac stage wells in North Dakota at an average early 24-hour peak flow back rate of ~2,884 barrels of oil equivalent.
8:59AM Eaton Vance reported assets under management up 3.3% QoQ to $198.0 bln as of March 31, 2011 (EV) 32.60 :
8:51AM Quantum and NetApp (NTAP) enter agreement for NetApp to market and sell QTM software (QTM) 2.65 : Co announced it has entered into an agreement with NetApp enabling it to resell Quantum's StorNext software. Effective immediately, NetApp will market and sell StorNext File System and StorNext Storage Manager software through its worldwide sales network.
8:49AM Ameritrans Capital enters into definitive agreements with affiliate of Columbus Nova; Renova will initially purchase $25 million of shares of common stock of Ameritrans for the greater of $1.80 per share and the then-prevailing per share net asset value of Ameritrans (AMTC) 0.99 : Co announces that an affiliate of Columbus Nova, LLC, Renova US Holdings, has agreed to purchase a majority stake in Ameritrans Capital Corporation as part of a $65 million equity investment plan to enable the Company to grow its business of lending to middle-market companies. Pursuant to the definitive stock purchase agreement relating to the equity investment, Renova will initially purchase $25 million of shares of common stock of Ameritrans for the greater of $1.80 per share and the then-prevailing per share net asset value of Ameritrans. Following the closing of the initial equity investment, Renova will own ~80.3% of the Company's common equity on a pro forma basis. It is anticipated that subsequent to the investment the Company will effect a reverse stock split of ~10 shares to one new share.
8:46AM Mesabi Trust lower after declaring distribution (MSB) 38.65 : Co declared a distribution of $0.05 per Unit of Beneficial Interest vs $0.125 per Unit for the same period last year. The decrease is due to three factors. First, the base and bonus royalties earned by Mesabi Trust (before the application of negative pricing adjustments by Northshore) decreased from ~$1.9 million Q1 2010 to ~$1.3 million for Q1 2011, as a result of a decrease in tons of iron ore pellets shipped from 463,093 tons in Q1 2010 to 273,686 tons credited to the Trust for the first calendar quarter of 2011. Second, Northshore's most recent quarterly royalty report reflected a $576,625 negative price adjustment to royalties previously received by Mesabi Trust for shipments by Northshore in prior years. Finally, unlike the first calendar quarter of 2010, Mesabi Trust did not add to the current distribution by using funds from the Trust's cash reserves because the Trust does not currently have excess funds available in the cash reserve for distribution to Unitholders.
8:45AM CONSOL Energy amends and restates loan agreements totaling $2.5 bln (CNX) 48.89 : Co annonces has amended and restated its $1.5 bln Senior Secured Credit Agreement, effective April 12, 2011. CNX Gas, a wholly-owned subsidiary, has also amended and restated its Senior Secured Credit Agreement. The new agreement provides for a $1.0 bln revolving credit facility, which is an increase from the $700 mln facility previously in effect. Both Agreements provide for a syndicated five-year term.
8:45AM Crude oil ticks to its highest levels of the morning; now up 68 cents to $106.93 (COMDX) :
8:36AM Integral Systems awarded $6.99 mln contract (ISYS) 12.06 : Co was awarded contract valued at $6.99 mln for construction of the first two deployment sites for the Rapid Attack Identification, Detection and Reporting System (RAIDRS) Block 10 (RB-10) program. The contract also includes funding to design a third deployment site.
8:35AM Golub Capital reports $54.6 mln in new originations for its Q2 (GBDC) 15.75 :
8:34AM On The Wires (WIRES) :
* Iteris (ITI) has been selected to help develop uniform and standardized engineering and planning manuals, guidelines, and procedures for use by the Abu Dhabi Department of Transport. The joint contract is valued at ~$1.3 million for Iteris. * ManTech International Corporation (MANT) announced that the company was awarded a prime contract to provide services for the Office of the Secretary of Defense, Director Developmental Test and Evaluation, to provide engineering and test and evaluation services. The multiple-award, blanket-purchase agreement has one base year and four option years, with a total ceiling value of $190 million for all awardees. * Life Technologies (LIFE) announced the Ion OneTouch System, an automated sample preparation system for the Ion Personal Genome Machine sequencer that eliminates complexity, reduces hands-on time to five minutes and offers walk-away convenience. Ion Torrent is accepting orders next week with an introductory price of under $5,000; the first shipments will be in late June and the Ion OneTouch System will be broadly available in Q3. * Duke Energy (DUK) and American Transmission announced the creation of Duke-American Transmission, a JV that will build, own and operate new electric transmission infrastructure in North America.
8:34AM Alterra Capital announces that its initial loss est from the March 11 Tohoku earthquake and tsunami in Japan is in the range of $60-$100 mln, pretax and net of reinsurance and reinstatement premiums (ALTE) 22.52 : Co announces that its initial loss estimate from the March 11 Tohoku earthquake and tsunami in Japan is in the range of $60-$100 mln, pretax and net of reinsurance and reinstatement premiums. This estimate, which is based on an estimated event insured loss of $20 billion to $35 billion, equates to 2.1% to 3.4% of Alterra's 2011 opening shareholders' equity, and is within Alterra's normal risk tolerances for natural catastrophe events in this region. Additionally, Alterra owns a catastrophe bond with exposure to Japanese earthquake and tsunami losses. Depending on ultimate insured loss levels from Japanese events, this bond could generate an investment loss to Alterra of up to $25 million... Alterra estimates that its losses from other first quarter 2011 catastrophe events continue to be within previously announced ranges. The total of Alterra's losses associated with all first quarter 2011 catastrophe events is expected to be less than 5% of Alterra's 2011 opening shareholders' equity.
8:33AM Cephalon lodges bidder's statement for AUD167 mln offer for ChemGenex Pharmaceuticals (CEPH) 76.34 : Co announces that its wholly-owned subsidiary, Cephalon CXS Holdings Pty, has lodged the offer document for its A$0.70 a share offer for ChemGenex Pharmaceuticals Limited with the Australian Securities and Investments Commission. Cephalon is offering a 58% premium to the one-month volume weighted average price of ChemGenex up to March 29, 2011, and a 59% premium to the closing price on March 24, 2011, the last trading day prior to the announcement of Cephalon's offer. The offer is unanimously recommended by ChemGenex's directors in the absence of a superior proposal.
8:32AM Funtalk China's independent committee informed of proposal by consortium they have entered discussions with PAG Asia Capital (FTLK) 6.58 : Co announced today that ARCH Digital Holdings, Capital Ally Investments Limited, GM Investment Company Limited, Sinowill Holding Limited, Huge Harvest Enterprises Limited, Kingstate Group Limited and Trend Focus Limited (the consortium) have informed the Independent Committee of the co's Board of Directors, formed to consider a proposal by the Consortium to acquire all of the outstanding ordinary shares of the Company not already owned by the Consortium in a "going-private" transaction, that they have entered discussions with PAG Asia Capital, which has agreed in principle to lead a group of investors who have expressed interest in providing the Consortium with financing in the form of equity or equity-linked securities in connection with the Proposed Transaction. The proceeds of such financing may be used for paying consideration to shareholders, paying transaction-related expenses and funding potential future growth and ongoing working capital needs of the Company following the closing. The agreement in principle to provide any of the financing described herein is subject to, among other conditions, the satisfactory completion of due diligence by the investor group which will provide such financing, execution of mutually satisfactory definitive documentation regarding the Proposed Transaction involving the Company and such financing, and no material adverse change occurring with respect to the Company.
8:32AM Swisher Hygiene acquires Hallmark Sales and Service and T&J Linen (SWSH) 8.73 : Co announced that it has acquired Hallmark Sales and Service, a Boston-based hygiene and chemicals company and T&J Linen LLC, a Florida-based linen facility. Total consideration paid by Swisher Hygiene in connection with these acquisitions includes $765,000 in cash, the assumption of certain liabilities and the issuance of up to 24,437 shares of common stock of Swisher Hygiene
8:28AM On The Wires (WIRES) :
* LSI Corporation (LSI) announced that LSI MegaRAID 6Gb/s SATA+SAS RAID controller cards have been selected by The Pixel Farm for integration with its PFClean digital film restoration and remastering platform. * ZBB Energy Corporation (ZBB) announced a joint development agreement with Honam Petrochemical, a division of the Lotte Group, headquartered in Seoul, South Korea. * Calix (CALX) announced that Broadband Stimulus award winner Audeamus, a wholly-owned subsidiary of Sebastian Enterprises, and Baca Valley Telephone Co have each selected the Calix B6 Ethernet Service Access Nodes for their respective Fiber Forward initiatives. The awards together total more than $8.7 mln overall funds, including two grants totalling $4.3 mln and two loans for $4.4 mln for plant engineering, materials, labor, and other costs, including access equipment.
8:11AM On The Wires (WIRES) :
* Nexenta Systems announced a closer partnership with Supermicro (SMCI) to offer value-added resellers worldwide an improved process to bring NexentaStor-powered devices to their customers. * Celsion Corporation (CLSN) announced that the United States Patent and Trademark Office has granted an additional U.S. Patent in the "Needham Patent Family" covering Temperature-Sensitive Liposomal technologies, including the ThermoDox formulation. * Kingtone Wirelessinfo Solution (KONE) announced that, in agreement with the Audit Committee of its Board, it has decided to report its financial results on a semi-annual basis, starting with its 2011 fiscal year. * Cherokee (CHKE) announced that it has entered into an exclusive license agreement for its Sideout brand for volleyballs and related volleyball accessories with Mikasa Sports USA, Inc. Detailed terms of the multi-year agreement were not disclosed. * Motorola Solutions (MSI) and Huawei Technologies Co announced that they have entered into an agreement to settle all pending litigation between the two parties pending the satisfaction of certain conditions. * Amunix announced that it has entered into an exclusive worldwide research collaboration and option agreement with Biogen Idec (BIIB) to research and develop novel, fully-recombinant blood factors with improved therapeutic properties. The partnership will combine Amunix's protein half-life engineering expertise, based on its proprietary XTEN technology, and Biogen Idec's broad range of capabilities in research, manufacturing and clinical development of recombinant blood factors for hemophilia. * Universal Security Instruments (UUU) announced the issuance of U.S. Patent titled Alarm Origination Latching System and Method issued on our new IoPhic and Microprocessor product line of smoke alarms. * Payfone announced the closing of its $19 million strategic funding round. American Express (AXP) is the largest strategic investor in this round of funding, with additional investment from Verizon (VZ) Investments, Rogers Ventures and from existing investors Opus Capital, BlackBerry Partners Fund and RRE Ventures. * Visa (V) announced the global launch of Visa IntelliLink Compliance Management, a web-based solution offering enhanced control, compliance and cost-savings for businesses using commercial card programs.
8:10AM RAE Systems has postponed its special meeting of stockholders, which had previously been scheduled for April 14, 2011 (RAE) 1.86 : Co expects to announce a new date for the special meeting in the near future.
8:06AM CDC Corp's China.com subsidiary expects to realize significant gains from private equity fund investment; latest audit report of the PE Fund indicates that it has achieved a return multiple of ~4 times, and a gross internal rate of return in excess of 70% (CHINA) 2.36 : Co announces that its subsidiary, China.com, Inc.'s investment in a Beijing-based private equity fund has been producing significant returns. This PE Fund invests in leading China-based enterprises, and ~50% of the investments are in the sectors of manufacturing, data technology, communication and energy sectors. As of December 31, 2010, the latest audit report of the PE Fund indicates that it has achieved a return multiple of ~4 times, and a gross internal rate of return in excess of 70%. China.com has committed ~$14.0 million in the PE Fund, and has received ~$3.0 million in distributions since 2009.
8:05AM Solitario Resources priced a 3.4 mln share common stock offering at $2.50/share (XPL) 2.93 :
8:04AM McCormick & Schmick's confirmed that on April 7, 2011, Tilman Fertitta commenced an unsolicited tender offer to acquire all outstanding common shares of MSSR already owned by Fertitta or his affiliates at a price of $9.25/hare in cash (MSSR) 9.28 : Co confirmed that on April 7, 2011, Tilman Fertitta, through his affiliate LSRI Holdings, a subsidiary of Landry's Restaurants, commenced an unsolicited tender offer to acquire all outstanding common shares of McCormick & Schmick's not already owned by Fertitta or his affiliates at a price of $9.25 per share in cash. Consistent with its fiduciary duties and as required by applicable law, McCormick & Schmick's Board of Directors is reviewing the offer to determine the course of action that it believes is in the best interests of the Company and its stockholders.
8:03AM OSI Systems receives approximately $2.8 million contract from Asian Civil Aviation Authority for advanced baggage inspection systems (OSIS) 36.51 :
8:02AM China Green Agriculture starts delivery of compound fertilizers to India (CGA) 6.87 : Co announced that Gufeng began shipping the first 20,000 Metric Ton batch of finished compound fertilizers to India under the 165,000 MT export contract it signed in December 2010 with SinoAgri Holding Company. According to the Agreement, Gufeng will export 165,000 MTs of binary acid compound fertilizer products to India during calendar year 2011. This represents 29.7% of the Company's recently expanded annual fertilizer production capacity. Starting April 1, 2011, Gufeng has been shipping 20,000 MTs of finished compound fertilizer from its Beijing factory for container loading in Port Qinhuangdao and Tianjin, respectively 150 miles and 100 miles away.
8:01AM MGM Resorts enters into agreements governing proposed IPO of Macau Joint Venture and related convertible bond transaction (MGM) 12.61 : Co announced that it has entered into agreements with Ms. Pansy Ho pursuant to which the proposed initial public offering of the shares of MGM China Holdings Limited on the Hong Kong Stock Exchange and related transactions will be structured so that MGM Resorts will obtain 51% ownership, and mgmt control, of MGM China upon consummation of the offering. As a part of an overall restructuring of their relationship, Ms. Ho has agreed to invest in MGM Resorts by purchasing $300 mln aggregate principal amount of convertible senior notes issued by MGM Resorts on terms similar to MGM Resorts' existing 4.25% convertible senior notes due 2015. Upon consummation of the IPO, MGM China will be owned (through intermediary cos) 51% by MGM Resorts, 29% by Ms. Ho, and 20% by public shareholders.
8:00AM Cinedigm Digital Cinema announced Q4 signed VPF deployment agreements totaled 1,402 screens and 32 exhibitors at 142 sites (CIDM) 1.77 : Co announced that their fourth quarter 2011 signed VPF deployment agreements totaled 1,402 screens and 32 exhibitors at 142 sites, marking the biggest number of individual exhibitors and screens signed in a quarter in the company's history. Additionally, Cinedigm physically installed 1,885 screens during the fiscal year, making it the largest number of installations since the start of Phase 2 in March 2008.
7:56AM On The Wires (WIRES) :
* Points International (PCOM) and Hyatt Gold Passport announced that they are teaming up to provide Hyatt Gold Passport members with enhanced opportunities to grow their point balances. * Acacia Research Corporation (ACTG) announced that its subsidiary LTT Technologies LLC has entered into a settlement and license agreement with Khatod Optoelectronics S.R.L. This agreement resolves patent litigation that was pending in the United States District Court for the Eastern District of Texas. * Orbitz Worldwide (OWW) issued a statement in response to a lawsuit filed in Texas by American Airlines (AMR) against Travelport and Orbitz: "American Airlines' baseless claims against Orbitz are the latest in a series of tactics to force Orbitz to adopt an airline ticket distribution model that limits consumer choice and inhibits competition..." * Masan Group announced that Kohlberg Kravis Roberts & Co. (KKR) signed definitive agreements to acquire an equity stake in Masan Consumer Corporation. KKR will invest US$159 million for a 10.0% equity stake in Masan Consumer, valuing the Company at US$1.6 billion and making the investment the largest ever private equity transaction in Vietnam. This is KKR's fourth investment in Southeast Asia and first in Vietnam. Masan Consumer will issue 14 million ordinary shares to KKR and decrease Masan Group's stake in Masan Consumer from 86.6% to 78.0%.
7:55AM BioSante announces Teva NDA for Bio-T-Gel (BPAX) 1.93 : Co announced that a New Drug Application (NDA) has been accepted for filing by the FDA following submission in January 2011 by a subsidiary of Teva Pharmaceutical (TEVA). The FDA has assigned a PDUFA date of November 14, 2011.
7:55AM Autoliv announced that it started an extension of its airbag and seatbelt assembly plant in Guangzhou in Southern China; extension will increase the floor space by nearly 70% (ALV) 69.00 : The cost for the new building amounts to slightly less than $4 million. The plant produces airbags and seatbelts both for the domestic Chinese market and for export to Japan. The largest customers are Honda, Nissan, Mazda and Toyota.
7:37AM ZOOM Technologies ticking higher on QCOM news... see 7:35 (ZOOM) 3.10 :
7:36AM Seadrill Ltd also confirms it is continuously evaluating sale and purchase opportunities (SDRL) 34.74 : Co says "We are continuously evaluating sale and purchase opportunities in order to maximize the long term return for our shareholders. This dynamic approach can from time to time lead to divestments and reallocation of capital. We have through the sale of West Juno at an attractive price been able to monetize the underlying strength of the jack up market. Although we remain optimistic on the market outlook for premium jack- up rigs, we have decided to relocate the proceeds to fund investment in other new unit as we since October 2010 have committed to investing $4.7 billion in newbuildings."
7:35AM On The Wires (WIRES) :
* Carriage Services (CSV) announced that it has acquired Stanfill Funeral Homes located in Miami, FL. * Merge Healthcare (MRGE) announced that Regional Medical Imaging has selected Merge for its imaging interoperability and Meaningful Use needs. * Qualcomm (QCOM) and Zoom Technologies (ZOOM) announced that they have entered into a subscriber unit license agreement. Under the terms of the agreement, Qualcomm has granted Zoom a worldwide, royalty-bearing patent license to develop, manufacture and sell WCDMA and TD-SCDMA subscriber units. The royalties payable by Zoom are at Qualcomm's standard worldwide rates. * Seadrill (SDRL) has entered into an agreement to sell the newly built jack-up drilling rig West Juno to an undisclosed buyer incorporated in UK for a total consideration of $248.5 mln. Co expects to record a gain on sale of ~$18 mln on closing.
7:30AM Zogenix demonstrates increased overall patient satisfaction with SUMAVEL DosePro over multiple migraine attacks (ZGNX) 4.60 : Co reports clinical data from its Phase 4 open-label, multicenter study of SUMAVEL DosePro (sumatriptan injection) Needle-free Delivery System. The clinical data were presented in two poster presentations at the 63rd Annual Meeting of the American Academy of Neurology in Honolulu, Hawaii. "The clinical findings of this Phase 4 study indicate that patients showed a greater Overall Satisfaction with subcutaneous sumatriptan delivered by SUMAVEL DosePro than their current triptan therapy, which was predominantly oral dosage forms. SUMAVEL DosePro improves upon traditional needle-based sumatriptan injection therapy by providing convenience and ease of use in a needle-free delivery system, and may be a useful therapeutic option when rapid onset of efficacy is important in relieving migraine pain and symptoms."
7:17AM Pluristem Therapeutics announces six-month follow-up results of its phase I critical limb ischemia clinical trials; phase I suggest co's placenta-derived cell therapy, PLX-PAD, is safe, improves quality of life, and is potentially effective in treating patients and reducing amputations in those suffering from Critical Limb Ischemia (PSTI) 2.95 : Co announces that following completion of three and six month clinical follow-up, data from its two open-label, dose-escalation, Phase I clinical trials conducted in the US and Germany suggests that Pluristem's placenta-derived cell therapy, PLX-PAD, is safe, improves quality of life, and is potentially effective in treating patients and reducing amputations in those suffering from Critical Limb Ischemia, the end-stage of Peripheral Artery Disease. Among the 27 patients treated with PLX-PAD, only one amputation was recorded, representing a 3.7% amputation rate. This represents a 75% reduction in amputation rate compared to historical data, which varies from 20-40%.
7:08AM On The Wires (WIRES) :
* Trimble (TRMB) announced that a SITECH Technology Dealer has been established in the Canadian provinces of Newfoundland and Labrador, Manitoba, Ontario and the territory of Nunavut. * AeroVironment (AVAV) announced that it received a firm-fixed-price contract order valued at $14,773,816 under an existing contract with the U.S. Army. The order comprises digital Raven small unmanned aircraft systems retrofit kits. Work is scheduled to be completed by December 2011. * AECOM Technology Corporation (ACM) announced that it was awarded a US$32.5-million contract extension by the City of Edmonton in Alberta, Canada, to provide project management and engineering services during construction of Edmonton's Light Rail Transit extension from downtown Edmonton to the Northern Alberta Institute of Technology. * Willbros Group (WG) announced that Construction and Turnaround Services, a unit of its Downstream Oil & Gas segment, has been awarded a construction and engineering support contract by Silver Eagle Refining, Inc. to restart the MDDW Unit at the Silver Eagle Refinery in Salt Lake City, Utah which was damaged by a fire in 2009. * USA Technologies (USAT) announced that for the month of March 2011, the Company processed a record 7.5 million small-ticket transactions representing $12.2 million in volume. The increase in the number of transactions processed in March represents a 17% increase over February 2011 and a 93% increase over March 2010. The current processing volume rate is now approaching $150 million in annualized volume, a significant increase from the $100 million annualized run rate announced by the Company in September 2010. * CB&I (CBI) announced that Lummus Technology has been awarded a contract from Kazakhstan Petrochemical Industries for the license and basic engineering of a propane dehydrogenation unit and a polypropylene plant. * Northgate Minerals (NXG) provides an update on construction activities for its 100% owned Young-Davidson project located beside the town of Matachewan, Ontario, 60 kilometres west of Kirkland Lake.
7:08AM JPMorgan Chase beats by $0.12, beats on revs (JPM) 46.64 : Reports Q1 (Mar) earnings of $1.28 per share, $0.12 better than the Thomson Reuters consensus of $1.16; revenues fell 8.5% year/year to $25.79 bln vs the $25.27 bln consensus. Reaffirms that it will increase quarterly common stock dividend to $0.25 per share from $0.05 per share; also reaffirms it authorized new $15 billion multi-year common stock repurchase program, of which up to $8.0 billion of common stock repurchases is approved for 2011.
Basel I Tier 1 Common of $120 billion, or 10.0% compared to 9.8% in Q4; estimated Basel III Tier Common of 7.3% compared to 7.0% in Q4; credit reserves at $30.4 billion, coverage ratio at 4.10% of total loans compared to $33 bln and 4.5%, respectively.
JPM announces $2.0 billion pretax ($0.29 per share after-tax) benefit from reduced credit card loan loss reserves, flat from prior quarter; $1.1 billion pretax ($0.16 per share after-tax) loss from mortgage servicing rights asset adjustment for increased costs compared to $930 mln in prior; $650 million pretax ($0.10 per share after-tax) expense for estimated costs of foreclosure-related matters.
Jamie Dimon, Chairman and Chief Executive Officer, commented on the quarter: "The Firm's results reflected a strong quarter across the Investment Bank and solid performance from Card Services, Commercial Banking, Treasury & Securities Services, and Asset Management. These results partially benefited from improved credit trends in our credit card and wholesale businesses." Dimon continued: "Retail Financial Services demonstrated good underlying performance, while we continued to invest in building branches and adding to our sales force. However, this performance was more than offset by the extraordinarily high losses we still are bearing on mortgage-related issues. Unfortunately, these losses will continue for a while. Rest assured, we are fully engaged in fixing our problems and addressing our mistakes from the past, and we will strive to build the best mortgage business going forward."
7:03AM CBIZ Inc amends its $275 mln unsecured credit facility; extends maturity and reduces borrowing costs (CBZ) 7.06 : Co anounces that it has amended its $275 million unsecured credit facility effective April 11, 2011. The amendment serves to reduce borrowing costs for the Company by 100 basis points and extends the June of 2014 maturity date by an additional year to June of 2015.
7:01AM Exceed: Shareholder sends proposal to be voted upon at exceed upcoming annual meeting to immediately start a quarterly dividend of $0.15 per share (EDS) : Arnaud Ajdler, a Senior Managing Director of Crescendo Partners and a shareholder of Exceed Company announce that he sent a proposal to Exceed to be voted upon at the company's upcoming annual meeting. Arnaud Ajdler stated, "I believe it is extremely important for Exceed to initiate a quarterly dividend under a generous dividend policy. The company is very well capitalized and generates a significant amount of free cash flow, which is currently not reflected in its stock price. Pro forma, the company currently trades at a price-to-earnings multiple (net of cash) below 2.5. This is well below the multiple of its peers in Hong Kong. For Exceed to be valued like its peers in Hong Kong, Exceed needs to adopt a similar dividend payout policy and share its free cash flow with shareholders. Based on comments on the last earnings call as well as a recent sell-side note, it is obvious that shareholders believe a dividend would highlight the undervaluation of the company and help increase the stock price. A dividend would also expand the potential shareholder base which would increase the liquidity of the stock. By voting in favor of this proposal, shareholders can send a clear message to the Board that returning cash to shareholders through a quarterly dividend is an important and necessary tool to increase shareholder value at Exceed. I urge other shareholders to communicate with management and further reinforce this message."
7:00AM Orange 21 appoints Montgomery CEO, Marckx Named President; Angel Takes CFO Post (ORNG) 1.85 : Montgomery replaces exiting CEO Stone Douglass.
6:55AM Harry Winston Diamond reports Diavik Diamond mine update (HWD) 16.77 : Co reports that in the first calendar quarter of 2011, Diavik produced 1.35 million carats from 0.5 million tonnes of ore processed. Ore processed and diamonds recovered in the 2011 first quarter were lower than the calendar fourth quarter 2010 due to maintenance at the processing plant and a shift in ore mix from the higher grade A-154 South underground to the lower grade A-154 North underground and A-418 open pit. The Company expects that in the second half of the year the higher grade A-154 South pipe will be mined using a recently approved higher velocity and lower cost mining method. The Diavik Mine calendar year 2011 production remains on target for 6.9 million carats from the mining of 2.0 million tonnes of ore and processing of 2.2 million tonnes of ore.
6:38AM Rio Tinto PLC provides Q1 operational review; coal, iron ore, uranium and alumina operations were affected by the extreme weather, but benefiting from stong prices (RIO) 72.13 : Co provides Q1 operational update and states that coal, iron ore, uranium and alumina operations were affected by the extreme weather in the first quarter, but most are recovering and are benefiting from continued strong prices. Global iron ore production of 42 mln tonnes attributable; Capacity of Pilbara iron ore operations increased to 225 mln tonnes per annum; Mined copper was down 14%, reflecting lower grades at Escondida and Grasberg; Alumina production was down 4%, primarily due to heavy rains in Queensland. Bauxite and aluminium production were broadly flat. Severe monsoonal rains led to the declaration of force majeure at the four Queensland mines at the end of 2010 and remains in place at Hail Creek. Australian hard coking coal production was down 12% on the first quarter of 2010 and down 29% on the fourth quarter of 2010. Australian thermal coal production was consistent with the first quarter of 2010. Higher New South Wales production mitigated the Queensland interruptions.
6:32AM Littelfuse sees Q1 EPS and revs above consensus (LFUS) 54.88 : Co issues upside guidance for Q1 (Mar), sees EPS of $0.96-0.97 vs. $0.89 Thomson Reuters consensus; sees Q1 (Mar) revs of $167 mln vs. $160.97 mln Thomson Reuters consensus and above prior guidance of $156-165 mln. "Sales were solid across most of our markets in the first quarter, but the automotive business was the primary driver of our better-than-expected performance. The operating leverage from higher sales combined with good expense control and strong manufacturing performance resulted in sequential margin expansion, despite headwinds from higher commodity prices and wage pressures in China."
6:31AM Amtech Systems issues preliminary Q2 rev above consensus (ASYS) 22.31 : Co sees Q2 revs of ~$60 mln ($52 mln in solar) vs $58.61 mln Thomson Reuters consensus (+12% QoQ, +273% YoY); bookings ~$70 mln ($60 mln solar). The co's total order backlog at March 31, 2011 was a record $193 mln, compared to $173 mln at December 31, 2010. The co expects to report final fiscal 2011 second quarter results on or about May 9, 2011. "Our strong preliminary revenue for the second quarter further demonstrates our technology leadership in high efficiency solar diffusion and our operational capability to manage and service this high-end growth market. With our continued success in expanding our solar market share with an increasing number of upper tier solar customers, our marketing pipeline continues to be healthy, and we continue to ramp up operations to support our record-breaking backlog and profitably manage our rapid growth."
6:31AM Graham Packaging to be acquired by Silgan Holdings (SLGN) for 0.402 shares of Silgan common stock and $4.75 in cash for each GRM share, implying value of $19.56 using yesterday's closing price, ~17% premium; SLGN expects transaction to be accretive to earnings and cash flow per share in the first full year (GRM) 16.71 : Silgan Holdings announces it has entered into a definitive merger agreement to acquire Graham Packaging. Pursuant to the merger agreement, Graham shareholders will receive 0.402 shares of Silgan common stock and $4.75 in cash for each share of Graham common stock, representing a total enterprise value, including net debt, of ~$4.1 bln. Based on Silgan's closing stock price on April 12, 2011, the transaction implies a value of $19.56 per Graham share, representing a premium over the closing price of Graham's stock on April 12, 2011 of ~17%. Silgan expects the transaction to be accretive to earnings and cash flow per share in the first full year. Following the acquisition, on a pro forma basis Silgan expects to generate ~$500 million in free cash flow, or ~$5 per share, in the first full year of operations.
6:11AM On The Wires (WIRES) :
* Magic Software Enterprises (MGIC) announced that Szeged Software, a Hungarian independent software vendor, has chosen Magic Software's uniPaaS application platform to upgrade its pharmaceutical logistic applications. * Citi Match, Citigroup's (C) market leading broker crossing network, continues its rapid surge of growth in Europe, executing EUR22.8 bln worth of trades during Q1 2011, up 90% from EUR12 bln during the same period in 2010. * Acacia Research (ACTG) announced today that its subsidiary LTT Technologies has entered into a settlement and license agreement with Khatod Optoelectronics SRI, resolving a patent litigation that was pending. * Global Geophysical Services (GGS) and ARKeX announced an agreement to promote ShaleQube, an innovative combination of proven geophysical techniques for application in the Marcellus Shale. * Ness Technologies (NSTC) announced that it has been awarded an NIS60 mln, or ~$17.3 mln, engagement from Israel Electric Corp to implement SAP-based projects, including software testing. Ness won the deal as lead contractor in an international public tender and continue to help in the maintenance of IEC's existing SAP ERP over the next 5 years.
6:03AM Greenbrier Comp provides results to date of tender offer and consent solicitation for 8 3/8% Senior Notes due 2015 (GBX) 24.41 : Co announces holders of $90,599,000 aggregate principal amount of the outstanding Notes (~38.55% of the total outstanding) have validly tendered their Notes and have delivered consents for the proposed amendments to the indenture governing the Notes.
4:11AM On The Wires (WIRES) :
* Poniard Pharmaceuticals (PARD) announced today that it will seek shareholder approval of an authorization enabling its board to effect a reverse stock split in the range of 1-for-15 to 1-for-25 shares of common stock. The reverse stock split would provide the co with a means to cure its minimum bid price deficiency for continued listing on The NASDAQ Capital Market, if such action becomes necessary. * ZOLL Medical (ZOLL) announced that it has received clearance from Health Canada to market and begin distribution of its new Propaq MD Monitor/Defibrillator and Propaq M Monitor to military customers and air medical operations in Canada. * VirnetX Holding (VHC) announced that it filed an amended complaint that adds Avaya as a defendant in a patent infringement lawsuit currently pending. * Samson Oil & Gas (SSN) advises that fracture stimulation operations on the Earl #1-13H have been completed with all 20 stages pumped. The stimulation placed 2.1 mln pounds of proppant. Flow back operations are due to commence in 24 hours after the flow back equipment is moved from the Rodney location. * MannKind (MNKD) announced that its End-of-Review meeting with the FDA is now scheduled to be held on May 4th which had been scheduled for April 15th, but FDA cancelled it in order to prepare for gov't shutdown. * Seaspan (SSW) announced that its Series C preferred shares will be added to the Standard & Poor's U.S. Preferred Stock Index, effective at the close of business on April 15, 2011. * KKR (KKR) will invest $159 mln for a 10.0% equity stake in Masan Consumer, valuing the co at $1.6 bln and making the investment the largest ever private equity transaction in Vietnam. * 3M (MMM) announced the launch of its newly formed company 3M AST, based in Cheonan, Korea, which will provide advanced sputtering and plating services, materials and manufacturing capabilities for flexible circuits for the mobile hand-held, touch-screen panel and display markets. * Elbit Systems (ESLT) announced that its Brazilian subsidiary, AEL Sistemas signed a strategic agreement with Embraer Defesa e Seguranca, a subsidiary of Embraer (ERJ). * Logitech (LOGI) introduced the Logitech Alert app for iPad. * Elster (ELT) announced today that it has been awarded a contract from Hamburger Wasserwerke (HWW) for the supply of up to 110,000 M100 multi-jet water meters over the next three years. * Knight Capital Group (KCG) announced the introduction of Knight Match Europe, a non-displayed liquidity venue for the trading of European equities.
1:58AM ADTRAN beats by $0.06, beats on revs (ADTN) 41.60 : Reports Q1 (Mar) earnings of $0.52 per share, $0.06 better than the Thomson Reuters consensus of $0.46; revenues rose 30.3% year/year to $165.5 mln vs the $162.8 mln consensus.
1:53AM Mechel Steel launches public offering of up to 26 mln shares by selling share holders to Russian and international investors (MTL) 28.58 : Co announces the launch of a public offering by certain selling shareholders of the preferred shares of Mechel OAO. The Selling Shareholders propose to offer up to 26 mln preferred shares to Russian and international investors. The Offering has been registered with theSEC under an automatic shelf registration statement filed by co. Co has applied for admission of the preferred shares to trading on the Open Joint Stock Company "Russian Trading System" Stock Exchange and on the Closed Joint Stock Company. Morgan Stanley and Renaissance Securities will be acting as Joint Global Coordinators and Joint Bookrunners for the Offering.
1:42AM Republic Airways promotes Tim Dooley as CFO (RJET) 5.77 : Co announces the promotion of Tim Dooley toSVP, finance and CFO. He is being promoted from vice president, financial planning & analysis and replaces Hal Cooper, who retired March 31.
1:38AM Central Pacific Financial announces Effectiveness of Registration Statement covering ~18.5 mln common shares held by certain shareholders (CPF) 19.07 : Co announces the registration statement registering shares issued to certain investors in its private placement was declared effective today by the SEC. The registration statement covers the offer and sale by certain selling shareholders of up to 18,487,715 shares of common stock, no par value per share. The co will not receive any proceeds from the sale of common shares by any selling shareholder.
1:29AM Key Energy provides March 2011 activity data; total rig hours increased 8.2% YoY; +23.1% sequentially (KEG) 14.59 : Co reports Activity levels for the month of March 2011.
* U.S. Rig Hours were 153,597 +24.2% MoM, +8.7% YoY * U.S. Rig Hours Per Working Day were 6,678 +8.0% MoM, +8.7% YoY * International Rig Hours were 39,634 +18.9% MoM, +6.3% YoY * Total Rig Hours were 193,231 +23.1% MoM, +8.2% YoY * Total Trucking Hours were 263,571 +25.4% MoM +55.2% YoY
1:22AM Pfizer: Tafamidis oral, investigational compound for the treatment of transthyretin familial amyloid polyneuropathy sustained a slowing of disease progression over 30 months (PFE) 20.46 : Co announces data from an open-label extension study of the pivotal Phase II/III trial. These data showed that slowing of disease progression was sustained over 30 months. Patients treated with tafamidis for 30 months had less neurologic deterioration than patients who began tafamidis 18 months later, showing a 55.9% preservation of function as measured by the Neuropathy Impairment Score-Lower Limb, or a mean change from baseline of 3.0 for those treated for 30 months versus 6.8 for those initiating treatment 18 months later. No new safety concerns as compared to the pivotal study were observed over 30 months and no patients discontinued due to adverse events. The pivotal 18-month Phase II/III international, multicenter, randomized, double-blind, placebo-controlled clinical trial, designed to evaluate the safety and efficacy of tafamidis when administered orally as a once-daily dose of 20 mg to patients with TTR-FAP compared with placebo, was initiated in early 2007. While the data showed that the 18-month study missed its co-primary endpoints, it did meet statistical significance in a predefined secondary analysis, which was designed to adjust for the impact of patient attrition due to liver transplantation.
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