Market Update: 110414 4:35 pm : For the second straight session the stock market overcame selling pressure to finish flat. In both sessions stocks were able to do it without help from the financial sector.
Stocks dropped markedly in the first few minutes. Sellers were motivated by renewed weakness among several major foreign equity averages and a disappointing initial jobless claims count for the week ended April 9. Initial claims climbed 27,000 week-over-week to 412,000, which is greater than the 385,000 initial claims that had been widely expected. The surprisingly high tally marked the first time in more than a month that initial claims exceeded 400,000.
Separately, the Producer Price Index for March increased by 0.7%, which is less than the 1.1% increase that had been broadly expected. Excluding food and energy, producer prices for March increased by a much more tepid 0.3%, which is slightly greater than the 0.2% increase that had been expected, on average, among economists polled by Briefing.com.
Early pressure was primarily focused on tech stocks and financials. Although buying interest gradually emerged to help tech stocks pare losses, financials remained hampered by weakness among diversified bank stocks ahead of the latest report from Bank of America (BAC 13.13, -0.14) tomorrow morning. Investment bank stocks were also weak amid news that Goldman Sachs (GS 155.79, -4.38) has been accused by a Senate subcommittee for lying in a testimony during 2010. Additionally, Deutsche Bank (DB 60.57, -0.81) and Credit Suisse (CS 44.24, -0.42) were both downgraded by analysts at Societe Generale. Overall, the financial sector fell 0.9%, which comes on top of its 0.8% decline in the prior session.
Strong buying interest in consumer staples stocks and energy stocks helped lift the two sectors to gains of 0.6% gain, but the pair failed to provide much broad market leadership. Although their inability to provide a lift to the broader market left the major averages to settle near the neutral line, the flat finish actually represented considerable improvement over the tone of trade seen in the early going.
Waning negativity caused Treasuries to slip a bit. Results from the auction of 30-year Bonds didn't exactly bolster buying interest in the space. The auction drew a bid-to-cover of 2.83, dollar demand of $36.8 billion, and an indirect bidder participation rate of 47.2%.
Ongoing pressure against the greenback led the Dollar Index down to a new 52-week low. Amid the decline in the dollar, oil prices climbed back above $108 per barrel, while gold gained more than 1% to eclipse $1472 per ounce and silver surged 3.5% to $41.69 per ounce.
3:30 pm : Precious metals (+2.6%) led all commodities higher today, helped by a 3.5% rally in May silver, which closed at $41.69 per ounce. June gold also partook in the rally, after it gained 1.2% to end at $1472.40 per ounce. Weakness in the dollar, concerns about Greek sovereign debt, and a move higher in crude oil pushed precious metal prices higher today. The continuous gold contract pushed back towards its all time highs at $1478, notching session highs at $1475.20, while silver closed in on its recent ~31 yr highs (at $41.975) after posting highs at $41.78.
May natural gas gained 1.4% to close at $4.20 per MMBtu. This morning's smaller-than-expected inventory data pushed natural gas higher throughout the session. It pulled back modestly from session highs, at $4.26, heading into the close of pit trade. May crude oil posted gains for the second consecutive session after closing higher by 0.9% to $108.11 per barrel.DJ30 +30.05 NASDAQ -0.12 SP500 +2.10 NASDAQ Adv/Vol/Dec 1350/1.3 bln/1192 NYSE Adv/Vol/Dec 1540/617.6 mln/1410
3:00 pm : The Dow has made another attempt to poke into positive territory, but formidable resistance at the neutral line continues to keep it from puting together any kind of a gain. Gains also continue to elude the broader S&P 500, which recently made a move to session highs, but then ran into resistance at the flat line as well.DJ30 -5.60 NASDAQ -7.87 SP500 -1.59 NASDAQ Adv/Vol/Dec 1218/1.21 bln/1290 NYSE Adv/Vol/Dec 1390/570 mln/1554
2:30 pm : Financials continue to underperform the rest of the market. The sector's 0.8% loss comes amid weakness in diversified bank stocks, but also from investment banks. The latter space has been hurt by news that Goldman Sachs (GS 155.91, -4.26) has been accused by a Senate subcommittee for lying in a testimony during 2010. Meanwhile, Deutsche Bank (DB 60.35, -1.03) and Credit Suisse (CS 44.11, -0.55) were both downgraded by analysts at Societe Generale.DJ30 -4.54 NASDAQ -9.18 SP500 -1.43 NASDAQ Adv/Vol/Dec 1081/1.11 bln/1420 NYSE Adv/Vol/Dec 1303/527 mln/1627
2:00 pm : Stocks continue to slowly move down from their mid-day highs. That has given the Nasdaq a loss that is double that of the S&P 500, but triple what the Dow has endured. The Nasdaq's outsized loss comes after it had outperformed in the prior session.
Large-cap tech issues like Research In Motion (RIMM 52.96, -1.87), Cisco (CSCO 17.06, -0.19), and Microsoft (MSFT 25.20, -0.43) have been the heaviest burdens on the Nasdaq. DJ30 -27.70 NASDAQ -17.56 SP500 -4.31 NASDAQ Adv/Vol/Dec 1053/1.04 bln/1440 NYSE Adv/Vol/Dec 1268/493 mln/1640
1:30 pm : Stocks have been backed down a bit after attempting to stage a rally. The slip comes after the Dow failed to push through resistance into positive territory.
Results from the auction of 30-year Bonds were released at the top of the hour, but not much excitement has followed. The auction drew a bid-to-cover of 2.83, dollar demand of $36.8 billion, and an indirect bidder participation rate of 47.2%. For comparison, the prior auction drew a bid-to-cover of 3.02, dollar demand of $39.3 billion, and an indirect bidder participation rate of 40.7%. An average of the past six auctions gives a bid-to-cover of 2.61, dollar demand of $36.5 billion, and an indirect bidder participation rate of 40.3%. DJ30 -12.45 NASDAQ -13.40 SP500 -2.62 NASDAQ Adv/Vol/Dec 1167/960 mln/1307 NYSE Adv/Vol/Dec 1362/460 mln/1522
1:00 pm : Stocks were knocked down in the early going, but a gradual recovery has left them to trade in mixed fashion.
Early participants put pressure on stocks as they responded to renewed weakness among the major overseas markets and news that weekly initial jobless claims unexpectedly climbed back above 400,000. That overshadowed news about a moderation in producer inflation pressures.
Tech stocks and financials suffered some of the sharpest pressure in early trade. Although tech has halved its decline to a loss of about 0.5%, financials continue to grapple with a 0.8% loss. The financial sector's inability to rebound is largely the result of weakness among bank stocks in between yesterday's report from JPMorgan Chase (JPM 45.07, -1.18) and tomorrow's report from Bank of America (BAC 13.19, -0.08).
In contrast, consumer staples stocks have stretched ahead to a 0.6% gain, which makes them this session's top performing sector. Still, its lack of weight in the market has limited its leadership.
Although stocks still lack a clear-cut leader, an improved tone of trade among market participants has helped the broad market work its way back from this morning's slide. The effort has left the Dow to trade at the flat line while the S&P 500 is now off only fractionally. DJ30 -2.36 NASDAQ -7.49 SP500 -1.57 NASDAQ Adv/Vol/Dec 1113/890 mln/1331 NYSE Adv/Vol/Dec 1297/425 mln/1564
12:30 pm : The Dow and the S&P 500 have made an upward push that has them at session highs. The effort has actually left the Dow only a few points away from the flat line. The Nasdaq continues to lag its counterparts, though.
The Dollar Index is now down 0.4%, which puts it at a session low. The dollar's doldrums of late have come primarily as a result of strength in the euro and the yen. The euro was last quoted with a 0.4% gain at $1.45. Meanwhile, the yen is up 0.5% at 83.37 yen per dollar. The British pound has also garnered support today; it is up 0.6% to almost $1.64.
Crude oil prices and gold prices have rallied to gains of more than 1% amid the dollar's downturn. Oil prices were recently quoted at $108.40 per barrel while gold is trading hands at $1474 per ounce. DJ30 -3.74 NASDAQ -10.74 SP500 -1.77 NASDAQ Adv/Vol/Dec 1054/816 mln/1388 NYSE Adv/Vol/Dec 1233/392 mln/1630
12:05 pm : Stocks have steadied after another bout of selling pressure, but broad market leadership is still lacking. Of the major sectors, consumer staples (+0.4%) continue to display strength, but the sector's lack of weight has undermined its ability to lift the rest of the market.DJ30 -37.43 NASDAQ -13.79 SP500 -4.69 NASDAQ Adv/Vol/Dec 820/725 mln/1586 NYSE Adv/Vol/Dec 988/355 mln/1847
11:30 am : Stocks continue to drift deeper into negative territory, but they remain well above session lows.
Despite the broad market's lackluster action, JB Hunt Transportation (JBHT 47.57, +2.97) shares set a fresh 52-week high on the back of a better-than-expected earnings report and upside guidance, which comes in the face of elevated oil prices. The stock has eased off of its session high, but continues to sport a gain of almost 7%.
Strength in shares of JBHT have helped prop up the company's peers. In turn, the Dow Jones Transportation Index has put together a 0.2% gainDJ30 -43.74 NASDAQ -16.06 SP500 -5.04 NASDAQ Adv/Vol/Dec 829/612 mln/1565 NYSE Adv/Vol/Dec 1025/302 mln/1782
11:00 am : Stocks recently worked their way up to morning highs, but a loss of momentum has left the major equity averages to start drifting lower again.
Defensive-oriented issues are trading with the most strength this morning. As such, utilities are up fractionally while telecom stocks are collectively up 0.2%. Consumer staples ares till this morning's best performing sector; they are up 0.3%.
Treasuries, a traditional safe haven, aren't seeing much buying, though. They had been up modestly in the early going, but now they are mixed.
As for the dollar, its doldrums continue. In turn, the Dollar Index is down 0.3% to trade near the 52-week low that it set overnight. DJ30 -40.41 NASDAQ -12.61 SP500 -4.43 NASDAQ Adv/Vol/Dec 898/490 mln/1418 NYSE Adv/Vol/Dec 1103/250 mln/1644
10:35 am : May natural gas was in negative territory earlier this morning and around 7:00am ET it hit session lows of $4.06/MMBtu. It remained just above that level ahead of inventory data, but gained steam. Following the data, which showed a build of 28 bcf versus consensus of 35 bcf, nat gas spiked to new session highs of $4.20/MMBtu and is now trading at that level still, up 1.3%.
May crude oil was in the red this morning, but when pit trading began, the energy component rallied about $2/barrel to new session highs of $108.03/barrel. In current activity, crude is up 0.6% at $107.75/barrel.
Precious metals put in a small rally a couple of hours ago. June gold ran to new session highs of $1468.80/oz., while May silver pushed back up to overnight highs of $41.40/oz. Gold is currently 0.8% higher at $1467.80/oz and silver is showing gains of 2.9% at $41.39/oz and is the best performer in the CRB Commodity Index.DJ30 -42.87 NASDAQ -10.98 SP500 -4.14 NASDAQ Adv/Vol/Dec 757/335.4 mln/1513 NYSE Adv/Vol/Dec 801/187.4 mln/1916
10:00 am : Stocks have stabilized from their opening slide, but not until both the tech sector and the financial sector -- two of the broad market's most influential sectors -- were both down 1%.
Consumer staples stocks are showing the only sign of strength, but that is only because the sector has managed to remain at the flat line. Consumer staples giant Procter & Gamble (PG 63.12, +0.13) is a primary leader in its space.
Amid the stock market's early weaknes, Treasuries have managed to move a few ticks higher. The effort has the yield on the benchmark 10-Year Note at a weekly low.
09:45 am : Stocks are under some early pressure. The selling effort has been relatively broad based, but tech stocks and financial plays have been hit with some of the sharpest pressure.
The tech sector's opening slide has left the group to contend with a 0.9% loss after they had outperformed in the prior session with a 0.7% gain. Google (GOOG 573.17, -3.11) has been caught up in the slide ahead of its quarterly report tonight.
As for financial plays, the sector has already shed 1%. Banks continue to feel the brunt of selling in the sector, even though bellwether JPMorgan Chase (JPM 45.30, -0.95) posted a strong report yesterday morning. Bank of America (BAC 13.11, -0.16) is scheduled to post its latest report tomorrow morning. DJ30 -77.57 NASDAQ -21.78 SP500 -8.59 NASDAQ Adv/Vol/Dec 408/33 mln/1650 NYSE Adv/Vol/Dec 351/36 mln/1807
09:15 am : S&P futures vs fair value: -8.90. Nasdaq futures vs fair value: -18.70. Although stock futures are up from their morning lows, they continue to encounter pressure in response to weakness among major overseas markets and a disappointing initial jobless claims count. Less attention has been paid to a moderation in producer inflation pressures during March. There haven't been any corporate news items of considerable consequence this morning, so many traders are looking ahead to the latest report from Google (GOOG), which is tonight's headliner. Tomorrow morning brings the latest from Bank of America (BAC).
09:05 am : S&P futures vs fair value: -9.80. Nasdaq futures vs fair value: -20.00. Europe's major bourses are under pressure again. Their backslide has already offset some of the gains that they staged yesterday. Germany's DAX advanced 1.1% in the prior session, but it is down 0.8% today. Meanwhile, France's CAC has fallen to a 1.2% loss after it advanced 0.7% yesterday. Weakness is widespread in that Alcatel-Lucent (ALU) and Danone are the only two names in the 40-member index to sport any kind of a gain. Strength in ALU marks an extension of the impressive advance that it staged in the prior session. Meanwhile, Danone's gain comes amid a positive response to the company's latest quarterly report. Britain's FTSE put together a 0.8% gain yesterday, but today it is down 1.0%. The United Kingdom's Nationwide Consumer Confidence reading for March came in at 44.0, up from 39.0 in February.
Japan's Nikkei mustered a 0.1% gain. Furukawa and Isuzu Motors were top performers; both advanced more than 7%. Tokyo and was one of the weakest issues with its near 2% loss. Hong Kong's Hang Seng fell 0.5% while China's Shanghai Composite closed with a 0.2% loss. Real estate plays were pressured in response to the decision by analysts at Moody's to cut their outlook on China's property sector to negative from stable. The premise of the cut is partly owed to expectations that property developers will face challenges in securing onshore debt financing. New loans were the focus of China's latest dose of data. The country's new loans in March totaled 679.4 billion yuan, up from 535.6 billion yuan in February.
08:35 am : S&P futures vs fair value: -9.80. Nasdaq futures vs fair value: -21.70. Stock futures have slipped back toward morning lows in the wake of the latest dose of data. Most disappointment stems from news that initial jobless claims for the week ended April 9 totaled 412,000, which is a 27,000 week-over-week increase and also greater than the 385,000 initial claims that had been widely expected. Continuing claims declined to 3.68 million from 3.74 million, though. Separately, the Producer Price Index for March increased by 0.7%, which is less than the 1.1% increase that had been broadly expected. Excluding food and energy, producer prices increased a much more tepid 0.3% in March. The consensus among economists polled by Briefing.com had called for a 0.2% increase.
08:00 am : S&P futures vs fair value: -6.80. Nasdaq futures vs fair value: -18.20. Futures for the major equity averages trail fair value by a decent margin as sluggish corporate news flow prompts premarket participants to take their cues from overseas markets, which have fallen under another fit of selling pressure. A couple of potential catalysts are on their way, though. The bottom of the hour brings the latest Producer Price Index and weekly jobless claims count. At 1:00 PM ET results from an auction of 30-year Bonds will be released. A few Fed speakers are also slated for today -- Minneapolis Fed President Kocherlakota (9:00 AM ET), Philadelphia Fed President Plosser (12:30 PM ET), and Richmond Fed President Lacker (6:45 PM ET). Google (GOOG) is scheduled to report its latest quarterly results after the close of today's trade; the stock was recently quoted with a modest loss ahead of the open.
07:00 am : [BRIEFING.COM] S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -22.50.
07:00 am : Nikkei...9653.92...+12.70...+0.10%. Hang Seng...24014.00...-121.00...-0.50%.
07:00 am : FTSE...5951.68...-58.80...-1.00%. DAX...7120.72...-57.30...-0.80%. http://finance.yahoo.com/marketupdate/update 5:55PM First BanCorp announces amendment to U.S. Treasury agreement (FBP) 4.54 +0.17 : Co announced that it has signed a second amendment to the Certificate of Designations of the Fixed Rate Cumulative Mandatorily Convertible Preferred Stock, Series G held by the United States Department of the Treasury in connection with the Exchange Agreement executed on July 7, 2010, as amended. This amendment reflects the U.S. Treasury's agreement to extend the date by when the Corp is required to complete an equity raise in order to compel conversion of the Series G Preferred Stock into shares of common stock by six months to Oct 7, 2011.
5:50PM Cirrus Logic drops ~7.5% to $16.75 after reducing Q4 gross margin expectations due to a charge (See 17:46 comment) (CRUS) 18.10 +0.10 :
5:46PM Cirrus Logic lowers Q4 gross margins due to ~$4.2 mln charge; co sees Q4 revs of ~$91.4 mln vs. $91.3 mln consensus (CRUS) 18.10 +0.10 : Co reported that, for FY11 it see revs of ~$369.6 mln vs. $369.4 mln consensus. Co lowers gross margin to ~50% , below previously issued guidance of 54-56%. The co's lower-than-expected gross margin for the quarter is the result of a charge of ~$4.2 mln, or $0.06 per share, based on 72.3 mln diluted shares outstanding, due to a production issue with a new audio device that entered high volume production in March 2011. The co expects a smaller residual impact to gross margins in the first two quarters of FY2012 as the company works through in line inventory related to this product.
5:34PM Valmont beats by $0.02; raises 2011 earnings outlook (VMI) 104.89 +2.22 : Reports Q1 (Mar) earnings of $0.97 per share, $0.02 better than the Thomson Reuters consensus of $0.95; revenues rose 55% year/year to $568.0 mln vs the $535.9 mln consensus. Co said, "Our prior outlook for the year was for earnings per share to increase between 35-45% over reported earnings in 2010. Based on the current strength in the irrigation market and an improving demand for utility transmission structures, we now expect earnings per share to be at the higher end of that range."
5:25PM Georgia Gulf believes it will deliver results at the top end of our guidance of $245-265 mln of adjusted EBITDA for 2011 (GGC) 37.42 -0.20 : Co announced that, due to reduced ethylene supply and reduced operating rates for chlorine at its production facility in Plaquemine, La., it has declared a force majeure event for PVC (polyvinyl chloride) shipments. The co expects the force majeure to impact PVC shipments for the next few months. "Despite this unexpected reduction in production capacity, we expect to benefit from the improving North American chemicals environment and believe that we will deliver results at the top end of our guidance of $245-265 million of adjusted EBITDA for 2011."
5:15PM Graco to Acquire the finishing businesses of Illinois Tool Works (ITW) (GGG) 53.19 -0.12 : Co announced that it has entered into a definitive agreement to purchase the operations of the finishing businesses of Illinois Tool Works (ITW) in a $650 mln cash transaction. The ITW businesses manufacture and distribute equipment for industrial liquid finishing, powder coating and automotive refinishing, worldwide. Key attributes of the businesses include: 2010 revenues of $305 mln, of which 40% were in the Americas and 60% elsewhere. Significant operations are located in the United States, Switzerland, United Kingdom, Japan, Brazil and Mexico with sales offices and distribution capabilities in several additional countries. GG plans to finance the transaction through a new committed $450 mln revolving credit facility (U.S. Bank National Association and JP Morgan as joint lead arrangers) and previously announced long-term debt of $300 mln. Operations are expected to be cash accretive immediately and will be included in Graco's Industrial segment for reporting purposes. Closing is expected in June 2011, at the earliest, pending regulatory reviews and other customary conditions.
5:00PM FXCM reports monthly metrics; retail customer trading volume of $314 bln in March 2011, 26% higher than Feb 2011 and 28% higher than Mar 2010 (FXCM) 13.42 +0.05 : Co reported: Retail customer trading volume of $314 billion in March 2011, 26% higher than February 2011 and 28% higher than March 2010. For the quarter, retail customer trading volume was $822 billion, a decline of 2% from the previous quarter. Volume from indirect sources including referring brokers and white labels was 57% of total retail customer trading volume for the quarter. An average of 324,399 retail client trades per day in March 2011, 10% higher than February 2011 and 13% higher than March 2010. For the quarter, retail client trades per day were 309,777 a decline of 2% from the previous quarter. * Active accounts (2) of 139,900 as of March 31, 2011, an increase of 733 or 1% from February 2011, and an increase of 17,717 or 15% from March 2010.
4:49PM Agria issues update on Agria partial takeover offer for PGG Wrightson Limited (GRO) 1.37 +0.04 : Co reported that on Dec 23, 2010, Agria Corp (Agria) together with China-based New Hope Group (New Hope) announced a partial takeover offer for PGG Wrightson Limited (PGW). A formal takeover offer was made on January 24, 2011 by Agria (Singapore) Pte Ltd (Agria Singapore), to be jointly owned, directly or indirectly, by Agria and New Hope. Agria Singapore's shareholding in PGW prior to the partial takeover offer was 19.01%. As of 14 April 2011 Agria Singapore received conditional acceptances under the partial takeover offer amounting to 31.51% of the total shares in PGW. Taken together, the total percentage held by Agria Singapore in this class is 50.52%. Agria Singapore's partial takeover offer is for 50.01%. Separately, on 14 April 2011 Agria Singapore, Agria Group Limited, Agria Asia and New Hope International (Hong Kong) Limited (New Hope International) entered into a new subscription agreement (New Hope Subscription Agreement) related to the partial takeover offer.
4:45PM AFC Enterprises' Popeyes Louisiana kitchen announces $16 mln in supply chain savings (AFCE) 14.99 +0.05 : Popeyes Louisiana Kitchen, a division of AFC Enterprises (AFCE), announced the Popeyes restaurant system achieved a supply chain cost savings of ~$16 mln in 2010. The benefit to franchisees was estimated at one full percentage point improvement in restaurant operating profit margins before rent, compared with the prior year.
4:42PM Endurance provides initial estimate of losses from Tohoku earthquake and tsunami at $125 mln (ENH) 46.40 -1.21 : Co announced estimated losses related to the earthquake and tsunami that occurred off the coast of Tohoku, Japan on March 11, 2011 of $125 million. The net losses for this event will be included in Endurance's first quarter 2011 results. Endurance's loss estimate is pre-tax and net of reinsurance and reinstatement premiums. Endurance's loss estimate is largely derived from a combination of its proprietary catastrophe modeling, standard industry models, a review of in-force contracts and preliminary indications from clients and brokers
4:40PM Southwest Airlines Pilots, AirTran Pilots (AAI), and carriers reach four-party agreement (LUV) : Earlier today, the respective Unions representing Southwest Airlines (LUV) and AirTran Airways Pilots, as well as both Companies signed a Four-Party Process Agreement that provides for the two pilot groups to begin their seniority integration discussions prior to legal closing of the AirTran acquisition. It also outlines provisions of an implementation schedule in the event an agreement is reached on an integrated seniority list (ISL). Southwest anticipates closing on its acquisition of AirTran Airways in Q2 of 2011.
4:39PM Copa Holdings secures financing for purchase of Boeing 737-800 aircraft (CPA) 53.76 -0.07 : Co announced that J.P. Morgan has been mandated by Copa Airlines to provide Export-Import Bank of the United States (Ex-Im Bank) guaranteed funding for five 737-800 aircraft scheduled to deliver in 2011. The Facility, totaling US$178.5 mln, includes 12-year financing terms at very competitive rates and will finance all direct Boeing purchases scheduled for delivery to Copa Airlines in 2011. J.P. Morgan will act as the sole arranger and facility agent for the Term Loan Facility, which is available on delivery of the Aircraft on either a floating or fixed rate basis. COPA will also have the option to effect a conversion, subject to Ex-Im Bank's approval, of the floating rate term facility into a fixed rate term facility.
4:39PM Bank Mutual reports Q1 (BKMU) 3.71 +0.06 : Reports Q1 (Mar) earnings of $0.02 per share, $0.06 better than the Thomson Reuters two-analyst est of ($0.04). Bank Mutual's allowance for loan losses declined to $43.5 million or 3.29% of total loans at March 31, 2011, compared to $48.0 million or 3.63% at December 31, 2010. As a percent of non-performing loans, BK's allowance for loan losses was 35.0% at March 31, 2011, compared to 39.0% at December 31, 2010.
4:36PM Omnova Solutions confirms international chemical workers ratify new contract with OMNOVA Solutions' Akron, Ohio Facility (OMN) 7.98 -0.02 : Co announced that members of the International Chemical Workers Union Council of UFCW, Local 419 have ratified a three-year labor agreement at the Company's Akron, Ohio chemical plant. The plant was part of OMNOVA's acquisition of ELIOKEM in December of 2010. The vote of the membership was held on Wednesday, April 13, 2011. Details of the agreement were not disclosed.
4:35PM Urban Outfitters announced resignation of Stephen Murray as Global President of the Urban Outfitters Brand (URBN) 31.31 -0.38 : Murray advised the Company of his plans to return to London, England and to pursue an opportunity with a wholesale business having an international focus. Glen T. Senk, Chief Executive Officer of the Company, will fulfill the duties and responsibilities of the position on an interim basis while the Company conducts its search for a new Global President of the Urban Outfitters Brand.
4:35PM RXi Pharmaceuticals announces public offering of common stock and warrants; no amount was given (RXII) 1.16 -0.12 : Co announced that it intends to offer shares of its common stock and common stock purchase warrants in an underwritten public offering. ROTH Capital Partners, LLC is acting as the sole manager for the offering. All of the securities in the offering are to be sold by RXi.
4:31PM Omega Health announces a $0.01 per share increase in common stock dividend to $0.38 per share (OHI) 23.75 +0.46 :
4:30PM Intrepid Potash sees Q1 estimates that it produced between 230-240K tons of potash and sold between 190-200K tons of potash (IPI) 33.10 -0.43 : Co reported that potash production during the first quarter includes the seasonal production from the harvest of our Moab solar evaporation ponds. Intrepid estimates its average net realized sales price for potash during the quarter was ~$435-445 per ton. Intrepid estimates that it produced ~25,000-35,000 tons of Trio and sold ~45,000-55,000 tons of Trio(R), with approx. half the sales being standard sized product. Intrepid estimates that its average net realized sales price for Trio during the quarter was ~$195-$205 per ton. Intrepid reports "average net realized sales price" which is an operating performance measure commonly used in the potash mining industry. Average net realized sales prices are derived by subtracting freight costs from gross sales revenue and then dividing this result by sales tons. Co said, "in March 2011, Intrepid received its air quality-related construction permit for the dense media separation plant of its ~$85-90 mln Langbeinite Recovery Improvement Project, and subsequently commenced plant construction. We currently expect the dense media separation plant to be in operation during Q4 of 2011."
4:26PM 3D Systems acquires SYCODE Software Solutions; deal not expected to be material to its financial performance and results during 2011 (TDSC) 48.99 -0.81 : Co announced that it has acquired SYCODE, a software development company based in Goa, India that specializes in providing plug-ins for all commercially available Computer Aided Design packages. In connection with this acquisition, the company also plans to commence local commercial activities in India.
4:22PM Cherokee to resume trading 16:30 ET (CHKE) 18.62 +0.38 :
4:20PM Zion Oil & Gas to be Awarded New Petroleum Exploration License Onshore Israel (ZN) 5.08 -0.01 : Co reported that the Israeli Petroleum Commissioner's Office, on behalf of the State of Israel, has notified Zion that it will be awarded a new petroleum exploration license on land within Zion's previous (and now expired) Issachar-Zebulun Permit area. The new license has been named by Zion, the "Jordan Valley License". Zion expects to formally receive the license soon.
4:19PM Elster prices euro 250 million of senior unsecured notes due 2018 (ELT) 15.42 +0.12 : The coupon for the senior notes will be 6.25 percent per annum. The net proceeds will be used to repay all outstanding amounts under the existing senior facilities agreement.
4:18PM Mercury Computer to provide SWaP-optimized hyperspectral image processing and storage subsystem for multi-INT wide area surveillance equipment used on unmanned aerial vehicles (MRCY) 20.25 -0.03 :
4:17PM Platinum Group Metals reports Q2 results (PLG) 2.17 -0.03 : PLG reported Q2 EPS ($0.06) as compared to ($0.004) for the comparative quarter ended February 28, 2010. Part of the large variance in the comparative period was due to the sale of investments in the prior year's period which produced a realized gain of $2.71 million. The co is commencing with development of the Project 1 Platinum Mine. The co has exercised its right to purchase the Sundown ranch facility and property overlaying the project area and conveyance and title registration is in process. Site excavation is commencing and work will include surface and earth works, including pads, lay down areas, a box cut, twin decline access and limited level development. The co is currently in discussions with major banking interests with regard to debt financing for WBJV Project 1.
4:15PM Oil States announces that its Australian subsidiary, The MAC, has obtained an Accommodation Services Agreement supporting the construction of 650 additional rentable rooms at its Coppabella Village in Queensland, Australia (OIS) 76.13 +2.26 :
4:15PM 99 Cents Only reports Q4 sales above consensus; reports Q4 SSS (NDN) 19.98 -0.11 : Co reports Q4 sales of $378.5 mln vs consensus of $367.7 mln and same-store sales increase of 0.5% for Q4 of FY11. Note that on 4/11 NDN announced that its board of directors has formed a special committee of independent directors to, among other things, consider the proposal made on March 10, 2011 by members of the Schiffer/Gold family, together with Leonard Green & Partners to acquire the Company in a "going private" transaction for $19.09 per share in cash.
4:14PM Hitachi unit announces FDA clearance of its SCENARIA 64-slice CT system (HIT) 48.51 -0.38 : Hitachi Medical Systems unit announced FDA clearance to market its SCENARIA CT system, the latest in the company's line of CT products. SCENARIA combines the latest dose saving technologies in a new 64-slice platform that meets today's need for a CT system that provides both routine and advanced applications with enhanced performance and value.
4:14PM American Reprographics sees Q1 revs to be in the range of $105-107 mln vs $110 Thomson Reuters consensus; provides insight into first quarter results; CFO to retire (ARC) 9.94 +0.16 : While the quarterly sales figure was not unexpected, revenue from construction project printing in March was lackluster. Given that March is typically an indicator of annual revenue from the non-residential construction segment, management expects a difficult year for core business sales. As a result, ARC announced that it is further restructuring its operations and management to reduce costs and strengthen growing segments of its business. Company restructuring will continue throughout the second quarter, with anticipated annualized savings of more than $14 million. Among the most significant management changes planned for the year is the consolidation of the corporate finance function into the Company's corporate headquarters in Walnut Creek, California. Jonathan Mather, CFO, has chosen not to relocate to Northern California and will instead retire from the Company to remain close to his family and community in the Los Angeles-area.
4:08PM Cabela's announces the successful completion of variable funding facility (CAB) 25.21 +0.02 : Co announced that its wholly owned subsidiary, World's Foremost Bank, has entered into a $352.9 million commitment under an outstanding series of variable funding notes issued by Cabela's Credit Card Master Note Trust. The commitment is for three years and accrues interest at a variable rate of LIBOR plus a spread. Cabela's Inc.
4:08PM Allied Nevada provides Q1 2011 exploration update at Hycroft highlighted by 127 meters grading 1.26 g/t gold equivalent (ANV) 39.37 +1.50 : Co announces the drill results from the first quarter 2011 drill program at its wholly owned Hycroft mine located west of Winnemucca, Nevada. Highlights from step-out drilling at the Albert Zone include holes H11-3357 with an interval of 151 meters grading 1.12 g/t AuEq and H11-4033 with an interval of 127 meters grading 1.26 g/t AuEq. This drilling indicates an extension of the Vortex Zone to the north. Vortex infill drilling highlights include 59 meters grading 2.49 g/t AuEq and 56 meters grading 2.31 g/t AuEq.
4:08PM GlaxoSmithKline confirms alli's safety profile (GSK) 40.72 +0.22 : Co says it is committed to ensuring that consumers and physicians understand the safety profile of orlistat and alli. alli is safe and effective when used as directed. Orlistat is minimally absorbed in the blood and works locally in the gastro-intestinal tract. GSK continues to proactively monitor for the safety of orlistat and share all relevant information with regulatory agencies.
4:08PM Merit Medical beats by $0.01, beats on revs (MMSI) 21.77 +0.47 : Reports Q1 (Mar) earnings of $0.23 per share, $0.01 better than the Thomson Reuters consensus of $0.22; revenues rose 28.5% year/year to $86.6 mln vs the $80.6 mln consensus.
4:07PM Northstar Realty announces the appointment of Albert Tylis and Daniel Gilbert as Co-Presidents (NRF) 4.92 +0.02 : Co announces that Daniel Gilbert, Chief Investment Officer, and Albert Tylis, Chief Operating Officer, have both been promoted to the newly created Co-President position. Gilbert will remain NorthStar's Chief Investment Officer and Tylis will remain NorthStar's Chief Operating Officer.
4:06PM Huron Consulting announces that three of its practice leaders are assuming the title of executive vice president, as will the Company's COO, general counsel, and CFO (HURN) 27.42 +0.57 :
4:05PM Compass Minerals Intl outlines strategic investment program at Lyons, Kansas Site (CMP) 92.30 -0.34 : Co discussed the other components of the co's multi-year, ~$11 mln investment at the Lyons facility to be completed by the end of 2012: Investments in the long-term production capability of the plant, such as the upcoming addition of a new multi-unit brine well system to support the plant's long-term raw material needs and bagging line automation that will improve efficiency, reduce costs and increase the site's overall packaging capacity by 25%; Improved supply-chain infrastructure, including a new, high-efficiency warehouse that doubled on-site inventory capacity for packaged water conditioning, agricultural products, consumer deicing, food-grade salt and other products, and a renovated on-site railway spur to improve delivery scheduling; and Investments in overall plant and packaging line security, consistent with the increased global emphasis on site and food safety.
4:05PM Google misses by $0.02, beats on revs (GOOG) 578.51 +2.23 : Reports Q1 (Mar) earnings of $8.08 per share, $0.02 worse than the Thomson Reuters consensus of $8.10; revenues rose 29.1% year/year to $6.54 bln, ex-TAC, vs the $6.32 bln consensus. Google reports Q1 Paid Clicks +18% YoY vs. the +15% consensus; CPC +8% YoY vs. the +6% consensus. Google reports Q1 non-GAAP operating margin of 38% vs. the 38.4% consensus... Net cash provided by operating activities in the first quarter of 2011 totaled $3.17 billion, compared to $2.58 billion in the first quarter of 2010. In the first quarter of 2011, capital expenditures were $890 million, the majority of which was related to IT infrastructure investments, including data centers, servers, and networking equipment. In the first quarter of 2011, free cash flow was $2.28 billion. "We expect to continue to make significant capital expenditures."
4:04PM Immucor announces that Geoffrey Crouse has resigned as COO, effective immediately (BLUD) 21.07 +0.10 :
4:03PM Dow Chemical increases Q2 67% to $0.25/share from $0.15/share (DOW) 36.95 +0.25 :
4:02PM MTS Systems issues update on suspension by U.S. Department of the Air Force (MTSC) 44.06 +0.26 : Co says previously reported on March 14, 2011, that it had been notified by the U.S. Department of the Air Force that it is temporarily suspended from U.S. Government contracting and from directly or indirectly receiving the benefits of federal assistance programs... While the original response to the suspension was due within 30 days, MTS requested and has been granted additional time to respond. The Company also recently received an additional administrative subpoena from the Department of Commerce. While MTS continues to investigate these matters and to respond to the government's requests, the Company is presently unable to determine the likely outcome or range of loss, if any. An extended suspension or debarment from contracting with the U.S. Government or related fines or penalties, if any, could have a material adverse effect on MTS' business... Although revenue from U.S. Government contracts varies by year, revenue as a percent of total revenue during the first half of fiscal 2011 was ~5%. A significant portion of this revenue is subject to cancellation for convenience terms, as stipulated by the U.S. Government. To date, no U.S. Government contract has been cancelled as a result of the suspension.
4:02PM Silver futures, in electronic trade, break above the $42 level and notch highs at $42.095; now higher by $1.808 to $42.045 (COMDX) :
4:02PM Universal Display announces that it has established a new subsidiary in Japan to better serve and support the needs of the company's OLED display and white lighting customers and partners in the country (PANL) 54.08 +0.62 : The new subsidiary, Universal Display Corporation Japan KK, is headquartered at 6-12 Nishi-Shinbashi, 1-Chome, Minato-ku, Tokyo 105-0003. As part of the growth in Japan, Universal Display is pleased to announce that Kentaro Harada has joined the new subsidiary as Key Technical Account Manager, Japan.
4:01PM Resources Connect expands service network in Asia-Pacific by establishing new office in Seoul, Korea (RECN) 15.01 -0.16 :
3:00PM Pall Corp wins $14 mln Centrisep order for U.S. Army CH-47 helicopters (PLL) 56.64 -0.39 :
2:50PM NASDAQ appoints Lee Shavel as Chief Financial Officer and Executive Vice President of Corporate Strategy (NDAQ) 27.78 +0.02 : Co announces that Lee Shavel, an 18-year veteran of Bank of America Merrill Lynch, has been appointed as Chief Financial Officer and Executive Vice President of Corporate Strategy. Shavel will join NASDAQ OMX effective May 23, 2011. Former NASDAQ OMX CFO David Warren will continue to serve as special advisor to the CEO and Ronald Hassen, Senior Vice President, Controller and Principal Accounting Officer will continue to serve as CFO in the interim.
2:36PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled higher by $1 to $108.11, natural gas gained 6.7 cents to close at $4.208, heating oil shed 1.16 cents to finish at $3.1912, while RBOB gasoline ended down 0.59 cents to $3.2365 (all May contracts)
2:23PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : May corn futures fell 0.75 cents to $7.5475/bu, May wheat fell 11.25 cents to close at $7.415, May soybeans fell 3 cents to close at $13.305, May ethanol closed lower by 0.018 cents at $2.64, while May world sugar futures closed down 0.35 cents to 24.44 cents.
2:18PM Index Change Reminders (INDXCH) : S&P SmallCap 600 constituent Oil States International (OIS) will replace NewAlliance Bancshares (NAL) in the S&P MidCap 400 index, and LivePerson (LPSN) will replace Oil States International in the S&P SmallCap 600 index after the close of trading today.
2:13PM PG&E unit receives approval of new natural gas revenues (PCG) 44.00 +0.14 : Pacific Gas and Electric Company (PG&E) received approval of its revenue needs in the 2011-2014 Gas Transmission and Storage Rate Case from the California Public Utilities Commission. PG&E's average residential gas rate will increase 0.9 percent to $1.20 per therm as a result of the GT&S decision.
2:12PM H.B. Fuller increases quarterly dividend to $0.075 from $0.070, representing a 7% increase over prior quarter (FUL) 21.01 +0.17 :
2:11PM Jetblue Airways reaches milestone at Boston Logan International Airport of 100 daily flights (JBLU) 5.61 -0.14 :
2:02PM Fairchild Semi announces acquisition of TranSiC, a Silicon Carbide power transistor company (FCS) 17.79 -1.39 : Fairchild also acquired a team of highly experienced SiC engineers and scientists and multiple patents in SiC technology.
2:01PM Praxair India expands supply to Usha Martin Limited (PX) 101.85 +0.47 : Co's Praxair India Private Limited has been awarded a contract to supply gaseous oxygen and nitrogen to Usha Martin Limited, India's largest, and world's second-largest, wire and wire-rope manufacturer. Further strengthening the relationship, Usha Martin has entrusted Praxair with additional gaseous oxygen and nitrogen requirements required for its upcoming capacity expansion. Under this agreement, Praxair will build and operate a cryogenic air separation unit to supply 130 tons per day of gaseous oxygen and 65 tons per day of gaseous nitrogen. The new unit is expected to be operational in the first half of 2012.
2:01PM GeoEye reports Esri has signed a strategic contract to license a large amount of GeoEye's high-resolution IKONOS archive imagery (GEOY) 38.05 -0.09 :
1:35PM COMEX Metals Closing Prices (COMDX) : June gold finished higher by $16.80 to $1472.40, May silver rallied for $1.473 to close at $41.71, while May copper shed 1.1 cents to end at $4.2835.
1:27PM Westinghouse Solar (WESTD) implements a 1-for-4 reverse stock split (WEST) 1.71 -0.11 : Co announces that the previously disclosed one-for-four reverse stock split of the company's common stock took effect at the open of business today. Trading of the company's common stock on the Nasdaq Capital Market on a split-adjusted basis began at market open on Thursday, April 14th. The stock will temporarily trade under the symbol "WESTD" for thirty days, and will resume trading under the symbol "WEST" on or about May 13th.
1:25PM Interpublic announces organizational changes within Mediabrands and senior executive move at McCann Erickson (IPG) 11.94 -0.08 : Co announces two key strategic moves at its Mediabrands and McCann Erickson units. Effective immediately, Mediabrands will realign its operating units formerly under Mediabrands Ventures to further support its client-centric strategy. In a related development, Matt Freeman will be moving to McCann Erickson in the newly-created post of Vice-Chairman, Global Chief Innovation Officer, reporting to Nick Brien, Chairman and CEO McCann Worldgroup.
1:22PM Ameristar Casinos completes $2.2 billion financing to repay existing debt and fund stock repurchase from the estate of Craig H. Neilsen (ASCA) 18.17 -0.38 : Co obtained $2.2 billion of new debt financing that has been or will be used (i) to repurchase its outstandi Senior Notes due 2014 tendered pursuant to the tender offer announced on 29, 2011, including payment of the tender premium and accrued interest prepay and permanently retire all of the indebtedness under Ameristar' senior secured credit facilities, (iii) to repurchase 26,150,000 sh Ameristar common stock from the Estate of Craig H. Neilsen as pre announced, (iv) to pay related fees and expenses and (v) for Ameristar's corporate and working capital purposes.
1:17PM Lockheed Martin to respond to Joint Air-to-Ground Missile Request for Proposal (LMT) 77.79 -0.52 : Co announced today that it will respond to the government's Request for Proposal for the next phases for the Joint Air-to-Ground Missile. The U.S. Army Aviation and Missile Command issued the RFP for Engineering and Manufacturing and Low-Rate Initial Production (LRIP) on JAGM on April 13.
1:05PM Jetblue Airways reports metrics for March 2011; Traffic in March increased 7.1% YoY on a capacity increase of 4.2% (JBLU) 5.64 -0.11 :
1:05PM Barnes & Noble: Staples (SPLS) to sell Barnes & Noble's NOOK Color in stores and on-line starting May 1 (BKS) 9.18 -0.05 :
1:02PM Answers announces successful completion of acquisition by AFCV Holdings; common stockholders will receive $10.50 per share in cash (ANSW) 10.48 +0.07 : Note: The stock saw spike this morning after the co disclosed Brad Greenspan had offer to $14.00 per share (see 10:00 comment).
1:01PM Novo-Nordisk A/S presented data on Victoza (NVO) 127.76 -0.51 : Key findings from the study include: Overall A1C reductions achieved with Victoza were greater than reductions observed with comparator therapies across all baseline A1C categories; The number of patients achieving the AACE target A1C of less than or equal to 6.5% demonstrates the benefit of Victoza across all baseline A1C categories; A greater proportion of patients achieved the AACE A1C target with Victoza than with comparator therapies in the lower range of baseline A1C categories.
12:58PM Allied Irish Banks confirms subordinated liabilities order (AIB) 3.56 -0.10 : The Irish High Court has made a subordinated liabilities order following an application by the Minister for Finance. Following the Order AIB will launch an exercise to buy back certain subordinated liabilities. The capital to be generated will be part of the total EUR 13.3 bln required by AIB following the recent PCAR exercise. The Minister also confirmed that there are no actions planned in respect of AIB's senior bondholders.
12:55PM Chesapeake Midstream Partners announced the pricing of its previously announced offering of $350 million of senior notes due 2021 (CHKM) 27.80 -0.30 : Co announced the pricing of its previously announced offering of $350 mln of senior notes due 2021. The Notes will bear interest at a rate of 5.875% per annum. The Partnership intends to use the net proceeds of the proposed offering to repay borrowings currently outstanding under its revolving credit facility and for general Partnership purposes.
12:54PM Goldman Sachs continues to display relative weakness as it edges down into session low territory just off of the $155.00 support area (GS) 155.29 -4.88 :
12:50PM Vornado Rlty Trust announces public offering of $175 million 6.875% series J cumulative redeemable preferred shares (VNO) 89.07 +1.24 : Co announces the pricing of a public offering of 7.0 million perpetual 6.875% Series J Cumulative Redeemable Preferred Shares, at a price of $25.00 per share. BofA Merrill Lynch, Citi, Morgan Stanley, UBS Investment Bank and Wells Fargo Securities, acted as joint book-running managers.
12:40PM ManTech awarded contract to support executive office of United States Attorneys Security Operations Center; award is valued at up to $10 mln (MANT) 43.88 -0.48 :
12:38PM ICU Medical awarded Hemodynamic Monitoring agreement by the Premier Healthcare Alliance and named single-source supplier of Hemodynamic Monitoring Products to the ASCEND program (ICUI) 44.91 +0.12 :
12:37PM Partner Comms is considering the offering of debt securities in Israel of up to NIS 1.2 billion par value through a public offering (PTNR) 18.68 -0.05 :
12:16PM New highs for crude oil at $108.32; now up $1.17 to $108.28 (COMDX) :
12:15PM Dendreon displays strong breakout activity above $40 level today (DNDN) 41.94 +3.16 : Price trends aggressively higher into midday as it breaks out to a fresh 6-month high above $40-resistance. Next level of interest is the September 2010 peaks near 43.50/43.90.
12:01PM Sanofi-Aventis reported additional five-year patient data from its completed Phase 2 MS trial showing that nearly two-thirds of alemtuzumab treated patients remained free of clinically-active disease (SNY) 37.15 +0.06 :
11:47AM ASM Intl NV announces that the Enterprise Court in Amsterdam issued a ruling rejecting the request of Hermes, Fursa and certain other shareholders that an inquiry be held into the affairs of ASMI (ASMI) 37.68 -1.06 : The ruling of the Enterprise Court follows the decision of the Dutch Supreme Court of July 9, 2010. In this decision the previous Enterprise Court ruling of August 5, 2009 was reversed and the case was referred back to the Enterprise Court.
11:15AM Steel Dynamics names Millett President and Chief Operating Officer, effective immediately (STLD) 18.08 -0.07 : Co announces that its board of directors has approved the appointment of Mark D. Millett to the new position of President and Chief Operating Officer, effective immediately. Millett, a co-founder of the company in 1993, has been Executive Vice President for Metals Recycling and Ferrous Resources as well as President and COO of OmniSource Corporation, a wholly owned subsidiary, since August 2008.
10:53AM Gold, silver futures trade to new highs (COMDX) :
* Gold currently higher by $15.40 to $1470.90. * Silver up $1.173 to $41.41.
10:46AM Dynatronics receives a letter from NASDAQ stating that Dynatronics has regained compliance with the $1.00 minimum bid requirement for listing on that exchange (DYNT) 1.58 -0.02 :
10:32AM Crude to new highs at $108.16; now up $1.00 to $108.10 (COMDX) :
10:30AM Natural gas spikes back to flat line following inventtory data; now up 1.9 cents to $4.16 (UNG) :
10:29AM Energy Conversion's United Solar announces establishment of manufacturing facility in Ontario, Canada (ENER) 2.13 -0.03 : Co says the local manufacturing makes UNI-SOLAR products eligible for Ontario's Feed-in-Tariff Program. United Solar will upgrade the existing building and deploy capital equipment with total first year project capital anticipated to be approximately $4 million.
10:22AM Isle of Capri's project at Nemacolin Woodlands Resort selected by Pennsylvania Gaming Control Board (ISLE) 9.00 -0.04 : The co and Nemacolin Woodlands Resort announced that the Pennsylvania Gaming Control Board has selected their proposed casino project at Nemacolin Woodlands Resort in Fayette County, Pennsylvania, for the state's final available Category 3 resort gaming license. The project is anticipated to cost approximately $50 million which is to be funded by Isle of Capri Casinos. The project is expected to be complete within 9 months of the commencement of construction, which is planned to begin immediately upon the formal issuance of the gaming license.
10:20AM Russell Index displays some relative strength as it leads major indices higher off this morning's bounce (TECHX) : The Small-cap index is showing signs of reversing back up after 6-consecutive days of selling pressure takes it down to its 50-day moving average zone at 819/816, which also coincides with the 50% retracement of its March/April range. Also note the S&P Midcaps are also exuding relative strength over its Large-cap and Nadaq peers as it stages a sharp rally after a test of its 50-day simple moving average at 965 this morning.
10:03AM First Solar slips to fresh lows as it dips down into its early March low of $137.10 (FSLR) 137.59 -7.21 : Next primary level below this would be off of $135.00.
10:02AM Corning and DSM announce the signing of a new, multi-year contract that extends and builds upon the cos' more than 30 year supply relationship and track record in providing telecom operators with world-leading optical fiber products (GLW) 19.24 -0.10 :
10:02AM China North East Petroleum responded to the research report published online on April 13, 2011 by a short seller; NEP sees report as innacurate (NEP) 3.39 +0.13 : Co responded to the research report published online on April 13, 2011 by a short seller operating under the pseudonym "Bigfish Research." "By its own admission, Bigfish published its "report" to support its short-selling activities. After a review of the report when first published, NEP management has determined that the report, like other self-serving short seller "reports," is inaccurate. Further, the Company confirms that it was never contacted by Bigfish regarding any claims made in its report. The Contract Drilling Business of the Company's subsidiary oil drilling company is real, as are the revenues and profits the oil drilling business has generated as previously disclosed in the Company's financial filings. Each of the Company's drilling contracts exist and are genuine and the Company stands behind all of its prior statements regarding them. The Company intends to have its drilling contracts translated from Mandarin and will make them available to the public as soon as practicable. The Company reaffirms the financial results as published or, where applicable, as restated in its Quarterly and Annual Reports for the time period called into question. The Company is preparing a more detailed response to the allegations of short-seller Bigfish, which it intends to publish within the next few days."
10:01AM Raytheon receives $68 million best value thermal weapon sight delivery order (RTN) 47.99 -0.69 :
9:49AM Sapient and FINCAD announce the signing of an alliance agreement; agreement gives clients improved access to, and consistent delivery of, FINCAD Analytics and takes advantage of Sapient's breadth of expertise and experience implementing solutions to value complex instruments (SAPE) 12.08 -0.21 :
9:46AM Crude oil takes out overnight highs to trade to fresh highs at $107.77; now up $0.63 to $107.72 (COMDX) :
9:46AM Whirlpool and Champion Home Builders, Inc. sign national contract; Champion will now be including appliances from Whirlpool in all of its manufactured housing and modular home plants (WHR) 83.63 -1.01 :
9:46AM Steiner Leisure announces agreement to manage a New Spa at the Coral Sea Sensatori Resort, Sharm El Sheikh, Egypt (STNR) 42.73 -0.57 : Co announced that its spa brand Chavana Spa has entered into a new agreement to manage a spa facility at the Coral Sea Sensatori Resort, located in Sharm El Sheikh, Egypt. The hotel and spa are scheduled to commence operation in May 2011. The term of the agreement is ten years.
9:43AM Lockheed Martin continues yesterday's sell-off down to its 200-day exponential moving average near 76.50 area (LMT) 76.46 -1.85 :
9:42AM Crude moves into positive territory, erasing overnight losses; now up 14 cents to $107.25 (COMDX) :
9:41AM Box Ships IPO falls to 11.44 after opening at 12.00, in line with it's IPO pricing (TEU) 11.44 -0.56 :
9:31AM Alliance Imaging announced the acquisition of 24/7 Radiology for $5 mln in cash (AIQ) 4.53 -0.05 : Co announced the acquisition of 24/7 Radiology, a professional radiology services company, which provides both preliminary and final professional radiology interpretation services for MRI, CT, ultrasound, X-Ray and other imaging modalities in 18 states. The purchase price totaled $5 mln in cash. This acquisition expands Alliance's professional services business line, building on Alliance's prior acquisition of Radiology 24/7 during 2010.
9:31AM SatCon Tech selected for 15 megawatt solar pv project by SOLON (SATC) 3.16 +0.02 :
9:30AM eResearchTech awarded three new contracts with top tier pharmaceutical companies, totaling over $10 mln (ERT) 6.04 -0.07 :
9:27AM Halliburton has been awarded a contract by Statoil (STO) to provide integrated drilling and well services offshore Norway with options up to eight years in duration with extended scope and activity (HAL) 45.51 :
9:18AM First Niagara expanding New England operations with the acquisition of Connecticut insurance firm Pierson & Smith (FNFG) 13.92 : Co's insurance subsidiary has acquired Norwalk, Conn.-based insurance brokerage, consulting and third party administration firm, Pierson & Smith. This transaction is part of the company's plans for enhancing its operations, workforce and products and services to benefit customers in New England. The multi-state bank and financial services company is entering the Connecticut and Massachusetts markets with its pending NewAlliance Bancshares (NAL) merger, which is expected to close on April 15. Its insurance subsidiary, First Niagara Risk Management, serves customers throughout its expanding geographic footprint in New York, Pennsylvania and New England. First Niagara's insurance and benefits consulting revenues in 2010 exceeded $51 million.
9:17AM NovaGold Resources announces the results of a Preliminary Economic Assessment for its 100%-owned Ambler project in northwest Alaska (NG) 12.86 : Highlights include -- Indicated mineral resources of 16.8 million tonnes: 4.1% copper and 6.0% zinc -- Inferred mineral resources of 12.1 million tonnes: 3.5% copper and 4.9% zinc -- Base case using long-term metal prices: Pre-tax NPV8% of $718 million with an IRR of 30%.
9:10AM CVR Energy commences offer to purchase up to $100 mln principal amount of first lien senior secured notes and second lien senior secured notes (CVI) 22.23 : Co announces that that its wholly-owned subsidiaries, Coffeyville Resources, and Coffeyville Finance have commenced an offer to purchase up to $100 mln aggregate principal amount of their 9% First Lien Senior Secured Notes due 2015 and their 10 7/8% Second Lien Senior Secured Notes due 2017 at a cash purchase price of 103% of the principal amount of Notes.
9:10AM On The Wires (WIRES) :
* OSI Systems (OSIS) vertically-integrated provider of specialized electronic products for critical applications in the Security and Healthcare industriesm, announced its security division, Rapiscan Systems, commenced operations of the container screening program at the Port of San Juan, Puerto Rico. * JAJAH (TEF) released the JAJAH App for iPhone, which allows anyone to call online Facebook friends anywhere in the world in just one click. * Tetra Tech (TTEK) announced that it has been awarded the $14 million U.S. Agency for International Development Forest Carbon, Markets, and Communities program. * International Game Technology (IGT) announced that the Enjoy Group has signed an agreement to install IGT's industry-leading sbX server-based experience applications and 50 IGT games at the Enjoy Santiago's Casino Rinconada de Los Andes, Chile. * Quicksilver Resources (KWK) announced that it has begun the initial steps of creating a separate midstream entity to support the company's 130,000 net acre project in the Horn River Basin of northeast British Columbia and positioning the company's Canadian assets for development success. * Mozy, the online backup service from EMC Corporation (EMC), announced it successfully completed a SAS 70 Type II audit and received 27001 certification by the International Organization for Standardization. * I.D. Systems (IDSY) has engaged Liolios Group to lead its investor relations and financial communications program. * BSD Medical Corporation (BSDM) announced that, due to recent sales and increased clinical utilization, BSD and the Society of Thermal Medicine have joined efforts to sponsor a BSD User Conference as part of the upcoming annual STM conference. * Solutia (SOA) has been awarded a contract to supply its Therminol VP-1 synthetic heat transfer fluid for the Solana solar power plant project. Solutia was awarded the contract by Abengoa for the supply of these fluids. * Dynasil Corporation (DYSL) announced the incorporation of a new business unit to pursue opportunities in the biomedical field.
9:05AM Rentech receives term sheet for loan guarantee from U.S. Department of Energy for recently-acquired advanced-stage renewable power project in Florida (RTK) 1.18 : Co announces that it has received a term sheet for a loan guarantee from the U.S. Department of Energy under the Section 1705 Title XVII Loan Guarantee Program, for an advanced-stage renewable power project in Port St. Joe, Florida, that would employ a Rentech-SilvaGas biomass gasifier to produce renewable power. The Port St. Joe Project is estimated to have a total project cost of approximately $225 million, based on the feasibility engineering. The DOE has provided Rentech with a term sheet, still under negotiation, for a potential guarantee of debt that is expected to represent the majority of the capital required for the project. The provision of a term sheet by the DOE is not an assurance that the project will be offered a conditional commitment or a loan guarantee. Rentech expects the project to qualify for a federal cash grant equal to 30% of eligible project costs under the U.S. Department of Treasury Section 1603 Grant Program for renewable power projects.
9:04AM Teva Pharma reports new study demonstrated significant reduction in annualized relapse rate and halting of disability progression in MS Patients switching to Copaxone (TEVA) 49.67 : Co announced preliminary data from two studies, Coptimize and QualiCop. The global Coptimize study, which followed 688 patients from 19 countries, demonstrated that patients who switched to Copaxone from other approved disease modifying therapies experienced a significant reduction of 61 percent in ARR. Switching to Copaxone treatment also halted the progression of disability of patients in the trial. A majority of patients reported better overall wellbeing and less adverse events after switching to Copaxone. The QualiCop study indicated a significant improvement of cognitive function and depressive symptoms over 24 months. Additionally, patients on Copaxone experienced improved overall multiple sclerosis functional composite (MSFC) scores; the MSFC measures leg function/ambulation, arm/hand function and cognitive function. The study followed 734 patients who were either treatment naive or previously-treated with other approved injectable and infused disease modifying therapies for relapsing-remitting multiple sclerosis. In both studies, patients treated with Copaxone also demonstrated stable EDSS (no disease progression) during the study periods.
9:04AM Diana Containerships acquires 3 Panamax container vessels; anitipated to generate $43.5 mln in revs for minimum scheduled time period (DCIX) 13.10 : Co announces it has signed three Memoranda of Agreement for the purchase of three Panamax container vessels. The purchase price for the MV "Maersk Madrid" is $22.5 mln. The purchase price for the MV "Maersk Malacca" and MV "Maersk Merlion" is $24 mln each. The expected dates of delivery from their previous owners to the co for all three vessels are between May 20, 2011, and June 20, 2011. The employment of the three vessels is anticipated to generate ~$43.5 mln of gross revenues for the minimum scheduled period of the charters.
9:03AM Buckeye Partners priced a 4.8 mln limited partnership unit offering at $59.41/unit (BPL) 61.36 :
9:03AM Commerce Bancshares beats by $0.04 (CBSH) 40.49 : Reports Q1 (Mar) earnings of $0.69 per share, $0.04 better than the Thomson Reuters consensus of $0.65. "This growth in net income was the result of a decline in our provision for loan losses of $18.5 million due to an improving credit environment, and also our continued focus on expense management. While net interest income declined 1.1% compared to last year due to low interest rates and continued soft loan demand, our net interest margin was 3.85% and has remained stable... Total non-performing assets increased $5.7 million to $103.0 million this quarter, but remain a small percentage of our total loans. Our ratio of tangible common equity to assets was 10.2%, while our loans to deposits ratio totaled 62.5%, reflecting strong capital and liquidity."
8:47AM Fisher Communications: FrontFour delivers letter to Fisher Communications Stockholders says 'board has failed to hold CEO accountable for her severe underperformance' (FSCI) 28.67 : FrontFour Master Fund sends a letter to shareholders. In summary, the firm states board has failed to hold CEO Colleen Brown accountable for her severe underperformance at co; critizes co for making misleading statements and sets the record straight; and urges stockholders to elect FrontFour's qualified and experienced nominees who are determined to significantly improve stockholder value.
8:45AM SodaStream prices a public offering of an aggregate of 6,009,655 ordinary shares at a price of $43.50 per share (SODA) 45.02 : The shares consist of 1,200,000 ordinary shares to be sold by SodaStream and 4,809,655 ordinary shares to be sold by certain selling shareholders. The Company intends to use the net proceeds of this offering for general corporate purposes, which may include, among other things, acquisitions or investments in complementary companies, products or technologies, additions to working capital, capital expenditures and other investments. J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. are acting as the joint bookrunning managers for the offering.
8:38AM Progressive beats by $0.11, reports revs in-line (PGR) 21.41 : Reports Q1 (Mar) earnings of $0.55 per share, $0.11 better than the Thomson Reuters consensus of $0.44 (GAAP), adj est is $0.43; net premiums written rose 3.2% year/year to $3.9 bln vs the $3.88 bln consensus.
8:36AM American Wagering: William Hill agrees to acquire American Wagering for $0.90/share and Cal Neva Sportsbook operations (BETM) 0.50 : The total cost of the two acquisitions is ~$39 mln. William Hill is acquiring American Wagering for $0.90 per share, which equates to $9.4 mln on a fully diluted basis, plus the settlement of approximately $4 mln of debt and preference shares and the injection of a $4.25 mln convertible loan to American Wagering. It has received written consents approving the transaction from American Wagering shareholders who own the majority of American Wagering voting share capital... The Cal Neva Sportsbook Division is a part of the Sierra Development Company. William Hill will be paying $21.0 mln in cash, with a further $1.5 mln payable in the event that the Cal Neva Sportsbook Division achieves certain performance criteria in the 12 months to February 2012.
8:34AM On The Wires (WIRES) :
* inContact (SAAS) announced that a Fortune 500 consumer packaged goods company has selected inContact to enhance the effectiveness of its European and Asia customer service operations. * Zilog, a wholly-owned subsidiary of IXYS Corporation (IXYS) and a trusted supplier of application-specific, embedded microcontroller system-on-chip solutions for industrial, power management and consumer applications, announced that its Z8F082A MCU has been selected as the core microcontroller by SenseAir for their newest Fast Response CO2 Sensor Module. * Nexxus Lighting (NEXS) announced that it has been awarded a U.S. utility patent - APPARATUS AND METHODS FOR THERMAL MANAGEMENT OF ELECTRICAL DEVICES, patenting the use of thermal pins to dissipate heat away from components mounted on printed circuit boards. * Quest Software (QSFT) partners with MokaFive to deliver local VDI solution.
8:31AM Yuhe International Comments on Stock Price Volatility; mgmt is not aware of any negative allegations against the co with respect to its operations (YUII) 5.35 : Co states "We continue to operate our business well and the price of our day-old broilers remains in a favorable range. The co has been and will continue to comply with the applicable U.S. securities regulations and to disclose any material information publicly in a timely fashion."
8:28AM Fresh lows for crude oil at $105.84; now lower by $1.50 to $105.91 (COMDX) :
8:27AM On The Wires (WIRES) :
* Foster Wheeler AG (FWLT) announced that a subsidiary of its Global Engineering and Construction has received a contract from Statoil (STO) Petroleum AS for the pre-front-end engineering for the Snohvit Future Development Project at Statoil's Melkoya-based LNG facility. The contract value for this project was not disclosed and the first release of work will be included in the company's first-quarter 2011 results. * Chase Card Services, a division of JPMorgan Chase & Co.(JPM) announced it is the first major U.S. bank to issue chip-and-signature, a credit card with EVM chip technology that provides consumers with better ease-of-use and stronger security while traveling abroad. * Tianli Agritech (OINK) announced that it has imported 120 high-value purebred French Yorkshire hogs for use in its hog breeding operations. * Calix (CALX) announced that Allband Communications has selected the EXA Powered Calix C7 Multiservice Access Platform and E7 Ethernet Service Access Platform, along with the 700 GE/GX family of optical network terminals, to bring fiber-based broadband services to parts northeastern Michigan.
8:22AM Great Panther Silver reports first quarter production; silver increases by 15%, gold up by 45% from Q1 2010 (GPL) 4.00 : Co reports first quarter, production at its two wholly-owned Mexican silver mining operations, Guanajuato and Topia. The mines produced 410,640 ounces of silver, 2,310 ounces of gold, 241 tonnes of lead, and 345 tonnes of zinc. Compared to production results from Q1 2010, silver is up by 15%, gold is up by 45%, lead is down by 17% and zinc is unchanged. The combined metal production, at 607,225 silver equivalent ounces, is 7% higher than the last quarter and up 15% from Q1 2010. This is a very positive start to the year. Guanajuato metal production, at 406,419 Ag eq oz, is improved by 10% from the last quarter and is up 29% from a year ago while Topia silver production, at 137,219 Ag oz, is a quarterly record.
8:12AM On The Wires (WIRES) :
* Red Hat (RHT) announced that NTT Communications has expanded its use of Red Hat Enterprise Virtualization and Red Hat Enterprise Linux as the foundation of its cloud computing and hosting service offering, Biz Hosting Basic. * Oncura, a unit of GE (GE) Healthcare, announced a non-exclusive North American distribution agreement with Theragenics Corporation to market Oncura's complete line of Iodine-125 brachytherapy products. * China Botanic Pharmaceutical (CBP) announced that the co has successfully completed research of the chromatographic fingerprints for its Siberian Ginseng series products, utilizing a state-of-the-art analysis method which identifies the chemical characteristics of the designated medicine. * Autodesk (ADSK) announced that several Autodesk Developer Network members have released applications for Autodesk Revit Architecture 2012 and AutoCAD Civil 3D 2012 software. * PFSweb (PFSW) announced it has signed a new, five year distribution facility lease for 52,000 square feet of space in Southaven, MS, where the Company currently operates one of its largest distribution centers. The facility is targeted to open in early May 2011. * Monsanto (MON) and Atlas Venture, an early-stage venture capital firm, announced an agreement to enter a multi-year collaboration to explore investment opportunities in early-stage life sciences technology companies. * GP Strategies Corporation (GPX) announced that GP's wholly-owned subsidiary, General Physics, has acquired Ultra Training Ltd, an independent skills training provider located in the United Kingdom. Ultra generated annualized revenue of $4.5 million for the year ending July 2010, and GP anticipates that the acquired business will be accretive to earnings-per-share in 2011. * Internet2 and Level 3 Communications (LVLT) announced a new, multi-year agreement to build a national network with an 8.8 Terabits of capacity designed to support more than 200,000 community anchor institutions nationwide. * St. Jude Medical (STJ) received FDA and European CE mark approval of its ShockGuard technology. The technology is designed to reduce inappropriate and unnecessary shocks for patients with these devices. * CDC Global Services, a business unit of CDC Corporation (CHINA) signed a memorandum of understanding with the Administrative Committee of China Merchant's Zhangzhou Economic and Technology Development Zone to invest in a High-Tech Food Processing Park in that region, as well as to plan projects involving the development of food processing technology solutions and aged care solutions for the China market. * Dollar Financial (DLLR) announced the opening of its third company-operated financial services store in Poland. * SRS Labs (SRSL) has established its first mobile phone partnership in India with LAVA International and will incorporate SRS WOW HD within the LAVA M-Series mobile phones. * NXP Semiconductors N.V. (NXPI) confirms it has shipped more than half a billion ABS speed sensor modules.
8:11AM Textron receives Contract Option for 88 M1117 and M1200 Armored Vehicles from the US Army Tank-automotive and Armaments Command valued at $64.3 mln performed through the end of 2012 (TXT) 26.60 :
8:09AM Intevac announced an order for a 200 Lean Gen II magnetic disk sputtering system (IVAC) 11.09 :
8:08AM MGM Resorts to name Kirk Kerkorian as Director Emeritus (MGM) 13.69 : Co announces that it had voted unanimously to recognize Kirk Kerkorian with the distinction of Director Emeritus. As Director Emeritus, Mr. Kerkorian will serve as a senior advisor to both MGM Resorts management and the Board, and will have a standing invitation to attend any meeting of the Board or its executive committee. He will not, however, retain voting rights on Board matters.
8:04AM Supervalu beats by $0.10, reports revs in-line; guides FY12 EPS, revs above consensus (SVU) 9.08 : Reports Q4 (Feb) earnings of $0.44 per share, $0.10 better than the Thomson Reuters consensus of $0.34; revenues fell 5.9% year/year to $8.66 bln vs the $8.72 bln consensus. Co issues upside guidance for FY12, sees EPS of $1.20-1.40 vs. $1.17 Thomson Reuters consensus; sees FY12 revs of ~$37.5 bln vs. $36.85 bln Thomson Reuters consensus. Gross margin in the fourth quarter was $2.02 bln, or 23.3 percent of net sales, compared to $2.16 bln, or 23.4% of net sales last year.
8:04AM OncoGenex Pharma announces issuance of key European patent for OGX-427 (OGXI) 15.29 : Co announces that the European Patent Office has granted European Patent Number EP1545561 entitled "Oligonucleotides for Treatment of Prostate and other Cancers." The patent, licensed from The University of British Columbia, includes coverage for antisense and siRNA compositions that reduce the amount of active Heat Shock Protein 27 in Hsp27 expressing cells. OGX-427 is encompassed by the granted claims. OncoGenex and Teva Pharmaceutical Industries have entered a global collaboration and license agreement to develop and commercialize OncoGenex' lead drug candidate, custirsen.
8:04AM ZST Digital Networks signed an agreement with the Jiyuan Universal Taxi Leasing to provide GPS tracking and monitoring products and services for Jiyuan's fleet of over 1,300 taxis (ZSTN) 4.73 : Co announces it has signed an agreement with the Jiyuan Universal Taxi Leasing to provide GPS tracking and monitoring products and services for Jiyuan Universal's fleet of over 1,300 taxis. Under the terms of the agreement, ZSTN will install its GPS tracking and monitoring units and accompanying accessories including digital camera systems and voice announcement systems in Jiyuan Universal's fleet of 1,382 taxis. Following installation and configuration, ZSTN will provide training to Jiyuan Universal's staff on the GPS hardware and systems operation. The terms of the agreement include an RMB2.8 million (approximately US$0.4 million) upfront payment by Jiyuan Universal to ZST Digital for the hardware, installation and first year service fee. After the first year, Jiyuan Universal will pay an annual service fee of RMB360 (approximately US$55.00) per installed GPS unit.
8:04AM Duncan Energy declares an 2.2% increase in the quarterly cash distribution rate paid to $0.4575/share (DEP) 40.11 :
8:04AM EDAP TMS SA and partners awarded eur 1.1 million European Grant for HIFU triggered drug delivery program (EDAP) 3.76 : Co announced that the European Union's Eurostars Program has awarded Euro 1.1 million to the Consortium research cooperation program comprised of project leader Epitarget AS, a Norwegian Company, French academic laboratory INSERM, and EDAP. The funds will be used to accelerate the transfer of the program's ultrasound triggered drug delivery technology from laboratory to patient.
8:01AM Carpenter Tech's Talley Metals Technology will increase base prices by ~5% on all stainless products (CRS) : The increase will be effective on orders shipped on or after May 2, 2011. Additionally, current monthly surcharges will remain in effect.
8:01AM Cymer's display equipment product division received volume order for TCZ-1500B from flat panel display manufacturer (CYMI) 50.08 :
8:00AM Enterprise Products increases quarterly cash distribution rate to $0.5975 per common unit from $0.5675 per unit (EPD) 49.83 :
7:50AM On The Wires (WIRES) :
* Duke Energy (DUK) intends to store electricity generated at its Notrees Windpower Project in west Texas using an energy storage and power management system developed by Austin-based Xtreme Power. * Science Applications International Corporation (SAI) announced it was awarded a task order by the U.S. Naval Surface Warfare Center, Indian Head Division to provide the Department of Defense with a scientific research program to help enable equipment and infrastructure lifecycle and sustainment enhancements. The task order has a one-year base period of performance, four one-year options, and a total value of more than $41 million if all options are exercised.
7:34AM Sunrise Senior Living enters new $50 mln senior revolving line of credit; expandable to $65 mln; intends to Offer $75 mln Junior Subordinated Convertible Notes Due 2041 (SRZ) 9.80 : Co announces it has entered into a commitment letter with KeyBank National for a $50 mln senior revolving line of credit. The Credit Facility will include a $20 mln sublimit to support standby letters of credit and is expandable to $65 mln if certain conditions are met. The Credit Facility will mature 3 years from closing and includes a one-time right to extend for one year. Upon execution, the Credit Facility will be used for working capital and general corporate purposes. Additionally, co announced that it proposes to offer $75 mln junior subordinated convertible notes due in 2041.
7:32AM Fairchild Semi beats by $0.03, reports revs in-line; guides Q2 revs above consensus (FCS) 19.18 : Reports Q1 (Mar) earnings of $0.39 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $0.36; revenues rose 9.3% year/year to $413 mln vs the $413.3 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $425-435 mln vs. $423.62 mln Thomson Reuters consensus. "Our current scheduled backlog is sufficient to achieve this range. We expect to increase adjusted gross margin to 37.0-37.5% due primarily to the impact of better mix and higher factory utilization in Q1. We anticipate R&D and SG&A spending of $96 to $98 million in the second quarter as we increase our investment in new product development and sales and incur greater equity compensation expenses driven by our higher stock price. Net interest expense is expected to be roughly $2 million per quarter going forward. The adjusted tax rate is forecast at 15 percent plus or minus 3 percent for the quarter. As with last quarter, we are not assuming any obligation to update this information, although we may choose to do so before we announce second quarter results."
7:31AM Vera Bradley priced a ~6.03 mln share common stock offering at $43.50/share (VRA) 45.19 :
7:30AM Iron Mountain announces that Richard Reese, Chairman of the Iron Mountain Board of Directors, has been appointed CEO, effective immediately; Bob Brennan is stepping down as President and CEO; Brennan has also resigned as a director of co (IRM) 32.96 :
7:14AM Crude oil ticks to its lowest levels of the morning at $106.07; currently off 85 cents to $106.26 (COMDX) :
7:11AM Box Ships prices 11 mln share IPO at $12 vs. expectations for 10 mln shares to be priced at $15-17 (TEU) :
7:04AM On The Wires (WIRES) :
* Wave Systems Corp. (WAVX) announced a $3.5 million agreement with BASF SE to provide the leading chemical company with Wave's EMBASSY client, server software and maintenance services for its new global fleet of personal computers. * The Mission Support Services segment of Cubic Corporation (CUB) is one of 13 large businesses to receive a substantial indefinite delivery/indefinite quantity contract from the U.S. Army to support the OPTARSS II program. * Elster (ELT) announced that the Kansas City Board of Public Utilities has selected Elster for the utility's Smart Grid deployment. * Henry Schein (HSIC) announced it has strengthened its presence in the State of California with the acquisition of Alpha Scientific, Inc. Financial terms of the transaction were not disclosed. Henry Schein expects this transaction to be neutral to the Company's 2011 diluted EPS. * Rentrak Corporation (RENT) announced that MPG has licensed Rentrak's TV Essentials database of millions of reporting households in order to gain access to deeper insights provided by the company's set-top-box viewing data.
7:03AM LJ Intl and its subsidiary, Enzo Jewelry, enter into agreement to raise $41 mln for Preferred Shares of Enzo (JADE) : Co announces that it has entered into a definitive agreement for a private placement of shares of Enzo Jewelry, its indirect wholly-owned subsidiary, with a consortium of investors. Investors have agreed to make an initial investment of $41.38 mln, including an investment of $31.40 mln in newly issued ENZO shares and an acquisition of existing shares of ENZO from LJI in the amount of $9.98 mln. JADE intends to apply the net proceeds from the investment towards capital expenditures for new store openings, marketing expenses and general working capital.
7:02AM Medtox Scientific beats by $0.01, beats on revs (MTOX) 15.64 : Reports Q1 (Mar) earnings of $0.09 per share, $0.01 better than the Thomson Reuters consensus of $0.08; revenues rose 21.2% year/year to $25.7 mln vs the $24.5 mln consensus.
7:01AM China Information Tech reports $36 mln in newly signed contracts during 1Q11 (CNIT) 2.39 : Co announced that its newly signed contracts in the first quarter of 2011 were valued at $36 mln, an increase of 17.6% compared to the same period last year.
6:48AM On The Wires (WIRES) :
* Realtor.com, orperated by Move (MOVE), and Century 21 Real Estate announced the renewal of 'The Gold Standard Partnership.' * Trimble (TRMB) announced that a SITECH Technology Dealer has been established in Israel. * Insitu Pacific announced today that the unmanned aircraft systems manufacturer and service provider will be the new Australian distributor of iRobot Corporation's (IRBT) line of unmanned ground vehicles.
6:35AM Hasbro misses by $0.05, beats on revs (HAS) 45.79 : Reports Q1 (Mar) earnings of $0.12 per share, $0.05 worse than the Thomson Reuters consensus of $0.17; revenues fell 0.1% year/year to $672 mln vs the $660.4 mln consensus. The co repurchased a total of 1.4 million shares of common stock during the first quarter 2011 at a total cost of $63.7 million and an average price of $45.48 per share. At quarter end, $86.4 million remained available under the current share repurchase authorization. "Our first quarter results reflect continued strategic investments to fuel the future growth of Hasbro. In the first quarter, this spending includes higher product development to support the increased number of initiatives Hasbro has planned this year and over the next several years, continued investments in emerging markets and our now fully-staffed team running our television initiatives... The stage has been set for a strong year, and we continue to believe that we will grow revenues and earnings per share for FY11 [consensus +8.7%, +17.9%, respectively]."
6:33AM Vical announces key European patent for TransVax Cytomegalovirus vaccine (VICL) 3.07 : Co announces the issuance of European Patent EP1587816, which extends coverage for TransVax, the company's first-in-class therapeutic DNA vaccine designed to prevent reactivation of latent cytomegalovirus or introduction of CMV through donor cells or tissues in transplant recipients.
6:32AM Silicon Image signs definitive agreement to acquire SiBEAM for $25.5 mln in cash and stock; acqusition expected to be dilutive to co's 2011 on-GAAP earnings by ~$0.06-0.08 and neutral to earnings for 2012 (SIMG) 7.23 : Co announces the signing of a definitive agreement to acquire privately-held SiBEAM, a fabless semiconductor company headquartered in Sunnyvale, CA. The purchase price of the acquisition will be $25.5 million in cash and Silicon Image stock. The proposed transaction is expected to close in the second quarter of 2011. For 2011, the acquisition is anticipated to be dilutive to co's non-GAAP earnings by approximately $0.06 - $0.08 and neutral to earnings for 2012.
6:31AM Human Genome states launch of BENLYSTA in EU on track; expects to reach profitablity in 2013; sees cash and investments at year-end 2011 to total between $550-650 mln; expects SG&A and R&D expense for 2011 to total between $330- 390 mln (HGSI) 29.44 : Co states U.S. launch of BENLYSTA is off to a good start, and its preparations for a European launch are on track, and the collaboration with GlaxoSmithKline (GSK) is going well. Co now expects to reach profitability in 2013. Co reaffirms its 2011 cash and investments to be $550-650 mln. Co expects SG&A and R&D expense for 2011 to total between $330-390 mln. The anticipated SG&A increase to between $150-170 mln will primarily reflect the full-year impact of the U.S. commercial expansion begun in 2010, as well as continued growth of the HGS organization in Europe. The co expects R&D spending for the year to total in the range of between $180-220 mln.
6:21AM Zipcar prices 9.7 mln share IPO at $18 vs. expectations for 8.3 mln shares to be priced at $14-16 (ZIP) :
6:18AM On The Wires (WIRES) :
* Integra LifeSciences (IART) announced a partnership with InstruMedics which will allow Integra's Surgical Instrument sales force to provide a comprehensive solution for managing the service and repair needs of surgical instruments, rigid endoscopes, flexible endoscopes, and powered surgical equipment. * Lenovo (LNVGY) and WinMagic will debut its new version of SecureDoc for Lenovo, a full-disk encryption solution for central management of self-encrypting drives that meet the Opal standard issued by the Trusted Computing Group at Infosecurity Europe. * RADCOM (RDCM) announced that one of Latin Americas' largest cellular operators, which previously selected RADCOM's Service Assurance solution, decided to expand their implementation of RADCOM's Mobile Data solution by adding full network coverage to its already implemented monitoring of 3G multimedia data services. This new deal is valued at ~$2.5 mln, with an expected further expansion valued at ~$3 mln for co to follow in 2012.
6:12AM Prosperity Bancshares beats by $0.03 (PRSP) 41.91 : Reports Q1 (Mar) earnings of $0.72 per share, $0.03 better than the Thomson Reuters consensus of $0.69. The provision for credit losses was $1.700 mln for the three months ended March 31, 2011 and $4.410 mln for the three months ended March 31, 2010. Net charge offs were $1.524 mln for the three months ended March 31, 2011 and $4.381 mln for the three months ended March 31, 2010. Additionally, firm reports: Linked quarter loan growth 2.5% (10.1% annualized); Linked quarter deposit growth 4.9% (19.4% annualized); Non-Performing Assets 0.16% of Average Earning Assets. Tangible Common Equity Ratio was 6.03%.
6:05AM TMS International prices 11.2 mln share IPO at $13 per share, below the $15-17 expected range (TMS) :
6:01AM Universal Health commences exchange offer for 7% Senior Notes due 2018 (UHS) 47.20 : Co announces the commencement of an exchange offer for its outstanding 7% Senior Notes due 2018 that were originally issued in an aggregate principal amount of $250 mln in a private offering on September 29, 2010.
5:44AM On The Wires (WIRES) :
* MicroVision (MVIS) announced the opening of a research and development center at Nanyang Technological University, Singapore. * JAJAH and Globe Telecom , a Telefonica Europe co (TEF) announced a partnership to deliver retail VOIP services to Filipinos abroad. * China Xiniya Fashion (XNY) announced that it has established a dedicated fashion design and sales & marketing center. The new facility has a gross floor area of ~3,000 square meters and is located in the Xiamen Software Park in Fujian Province, China.
5:04AM Check Point Software beats by $0.02, beats on revs (CHKP) 51.98 : Reports Q1 (Mar) earnings of $0.64 per share, $0.02 better than the Thomson Reuters consensus of $0.62; revenues rose 14.8% year/year to $281.3 mln vs the $276.7 mln consensus. Co reports Deferred Revenues As of March 31, 2011, of $460.4 mln, an increase of 10% YoY. During the first quarter of 2011, co repurchased 1.52 mln shares at a total cost of $75 mln.
4:34AM A/S Dam TORM prepares fully underwritten $100 mln Rights Issue (TRMD) 5.56 : Co plans to raise ~$100 mln of new share capital through a fully underwritten discounted rights issue. The rights issue is expected to be launched in the second half of 2011, although not before the publication of the results for the first half of 2011 on 18 August 2011.
3:22AM On The Wires (WIRES) :
* Insitu Pacific announced that the unmanned aircraft systems manufacturer and service provider will be the new Australian distributor of iRobot's (IRBT) line of unmanned ground vehicles. The new relationship will simplify logistics and training for Australian and New Zealand customers seeking to acquire and operate the operationally proven UGVs provided by iRobot's Government and Industrial Robots division. * Theragenics (TGX) announced it has signed an agreement to be a non-exclusive North American distributor with Oncura for its brachytherapy-related products, including the implantable, iodine-125 based OncoSeed. * Texas.gov, the official website of the State of Texas and part of NIC (EGOV), has launched its first Android mobile app in response to the state's rapidly growing Android market. * Cimatron (CIMT) announced today that the newest version of CimatronE will offer Background Calculations, enabling NC programmers to complete projects a lot faster and be more responsive to changes and urgent shop floor needs. * Lattice Semiconductor (LSCC) and Arrow Electronics EMEA today announced they have signed a distribution agreement for Europe, Middle East and Africa.
3:05AM ProLogis increases ownership in ProLogis European Properties to 38 %; announces offer for remaining units at EUR6.10 per Ordinary Unit (PLD) 15.60 : Co announces that it has purchased ~11 mln ordinary units in ProLogis European Properties from a major institutional investor, bringing co's ownership in PEPR to ~38 %of the Units. Co will offer each PEPR unitholder EUR6.10 per Unit in cash, which represents a 22% premium over the unaffected closing price on Euronext of PEPR shares on April 12, 2011, a 27% premium over the volume weighted average price in the preceding six months.
1:30AM Dr. Reddy's launches OTC Fexofenadine HCl tablets (RDY) 37.20 : Co announces it has has launched its over-the-counter Fexofenadine HCl tablets on April 13, 2011. The FDA approved co's Abbreviated New Drug Application for Fexofenadine HCl tablets on April 12, 2011. Co will market the product under store brand labels in the U.S. market. The products are bioequivalent versions of sanofi-aventis' (SNY) Allegra tablets. The Fexofenadine HCl Rx market had brand and generic sales of ~$452 mln for the twelve months ending December 31, 2010 according to IMS Health.
1:26AM NPS Pharm upsizes offering by 2 mln shares and prices 11 mln shares of common stock at $9.00 per share; net proceeds ~$93 mln (NPSP) 9.24 :
1:22AM Gen Growth Prop Completes $1.7 Billion Refinancing of Seven Malls and Increases Credit Facility to $750 Million (GGP) 15.00 : Co announces the refinancing of 7 shopping malls representing $1.7 bln of new mortgages ($1.4 bln is co's share). These seven new fixed-rate mortgages have a weighted average term of 10.3 years and generated cash proceeds in excess of in-place financing of ~$400 mln to co. Co has also been able to lower the weighted average interest rate of these seven mortgages from 5.65% to 5.33%, while lengthening the term by ~7 years over that in place. Additionally, co has also increased the capacity of its credit facility to $750 mln, up from $720 mln. These recent financings, when combined with cash on hand, increases co's liquidity position to over $2 bln. http://finance.yahoo.com/marketupdate/inplay
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