4:30 pm : The stock market settled shy of its session high, but it still managed to score a gain, which successfully snapped a six-session losing streak.
There weren't really any inspiring headlines this morning, but the growing belief that stocks are near-term oversold drove some relief buying. In turn, participants shrugged off news that initial jobless claims for the week ended June 4 totaled 427,000, which is greater than the 423,000 initial claims that had been expected among economists polled by Briefing.com. The latest tally was little changed from the prior week's count.
Although U.S. exports increased by just 1.3% in April after they had climbed by 4.9% in March, the U.S. trade deficit for April totaled $43.7 billion, which isn't quite as deep as the $48.7 billion deficit that had been broadly expected. The latest deficit is also less than the downwardly revised March deficit of $46.8 billion.
There was little corporate news to trade today, but Texas Instruments (TXN 32.91, +0.24) came into focus for cutting its guidance then clarifying that the revision was due to softer demand from a single wireless customer. Fellow semiconductor play National Semiconductor (NSM 24.58, -0.01) failed to see much action ahead of its quarterly report as participants generally ignored the rest of the tech space. A general lack of interest among tech plays left the sector to muster a gain of merely 0.1%. Listlessness in the space also hampered the Nasdaq, which ended the day with only a modest gain.
A bullish USDA report bolstered strength in shares of agricultural chemical and product companies. That helped the broader materials sector climb more than 2% before it drifted into the close to settle with a 1.6% gain.
Financials finally made a strong move higher after falling to a 2011 low in the prior session. The sector's 1.2% gain came in response to strength among both banking issues and insurance plays.
The improved tone among market participants this session took both the Dow and S&P 500 to gains of little more than 1%. The pair spent most of the afternoon stuck in a narrow trading range before slowly surrendering some of their gains into the close.
The stock market's late slip helped relieve Treasuries from some selling. Treasuries had set session lows shortly after the early afternoon release of results from an auction of 30-year Bonds. The auction drew a bid-to-cover ratio of 2.63, dollar demand of $34.2 billion, and an indirect bidder participation rate of 38.4%.
Market participants spent most of the session giving little consideration to a stronger dollar, which was helped by weakness in the euro after European Central Bank President Trichet stated the need to remain vigilant in an environment of upward inflation pressure and economic uncertainty. The ECB opted to keep its target interest rate unchanged at 1.25%.
3:30 pm : August gold finished higher by 0.3% to $1453.00 per ounce, while July silver closed up 2% to $37.36. Despite strength in the dollar, both precious metals rallied on the heels of commentary from ECB President Jean Claude Trichet that implied the bank will hike rates in July -following today's decision to keep them unchanged. Both metals spent the remainder of the session pulling back from those highs, with gold finishing with only modest gains.
July corn futures rallied for 2.9% to close at $7.86 per bushel, after trading to a new all-time high at $7.94 per bushel. This morning's USDA report showed inventory expectations for 2011/12 crop season that fell 22.8% to 695 mln bushels.
July crude oil settled higher by 1.2% to finish at $101.93 per barrel. The rally in crude oil was part of the broad based rally in the commodities sector, but was also underpinned by supply concerns following yesterday's OPEC meeting. July natural gas shed 3.6% to end at $4.67 per MMBtu. The catalyst for the sell-off in natural gas futures was this morning's inventory data, which showed a larger-than-expected build. DJ30 +111.10 NASDAQ +17.00 SP500 +12.57 NASDAQ Adv/Vol/Dec 1788/1.3 bln/784 NYSE Adv/Vol/Dec 2044/560.8 mln/906
3:00 pm : Corporate announcements have been lacking in the last 24 hours, but Texas Instruments (TXN 33.08, +0.41) made headlines with news that it trimmed its forecast for the second quarter due to lower demand from one of its wireless customers. The announcement precedes the latest quarterly report from peer National Semiconductor (NSM 24.61, +0.02), which is scheduled to post results after the close. Only a handful of other companies will post results this evening.DJ30 +131.23 NASDAQ +19.60 SP500 +14.75 NASDAQ Adv/Vol/Dec 1743/1.17 bln/832 NYSE Adv/Vol/Dec 2019/515 mln/931
2:30 pm : The S&P 500 and the Dow continue to trade in a tight range, but the Nasdaq is gradually closing the gap between itself and its two counterparts. Although the Nasdaq has managed to slowly march higher, large-cap tech plays remain a source of weakness for the average.DJ30 +117.76 NASDAQ +16.98 SP500 +13.33 NASDAQ Adv/Vol/Dec 1759/1.09 bln/783 NYSE Adv/Vol/Dec 2005/480 mln/919
2:00 pm : The stock market has become stuck in a rather narrow trading range that runs along session highs. The pause for the past couple of hours comes after stocks made a strong push higher in morning trade, but now look for a catalyst to take them another leg higher.
Meanwhile, Treasuries continue to trade with weakness near session lows, but the dollar is slowly reclaiming some of the gain that it had surrendered a few hours ago. DJ30 +123.89 NASDAQ +17.34 SP500 +13.52 NASDAQ Adv/Vol/Dec 1707/1.00 bln/814 NYSE Adv/Vol/Dec 1979/440 mln/931
1:30 pm : Results from the latest auction of 30-year Bonds were posted just 30 minutes ago. Treasuries have sold off in response. In turn, the yield on the 30-year Bond is now at 4.24% while the yield on the benchmark 10-year Note is back above 3.00%.
Specific to the auction, the bid-to-cover ratio came in at 2.63. Dollar demand hit $34.2 billion. The indirect bidder participation rate was 38.4%. For comparison, the prior auction had a bid-to-cover of 2.43, dollar demand of $38.9 billion, and an indirect bidder participation rate of 33.0%. An average of the past six sessions gives a bid-to-cover of 2.70, dollar demand of $37.6 billion, and an indirect bidder rate of 41.9%. DJ30 +115.38 NASDAQ +15.23 SP500 +12.33 NASDAQ Adv/Vol/Dec 1716/940 mln/804 NYSE Adv/Vol/Dec 1993/410 mln/914
1:05 pm : Relief buying in the wake of a string of losses has stocks up sharply and headed for their best performance of the month. The move has been mostly broad based.
The stock market extended a string of losses in the prior session to log its lowest close in nearly three months, but the notion that stocks have become oversold in the near term brought buyers back into the fold this morning. That said, concerns about economic growth remain, especially amid another underwhelming weekly initial jobless claims tally (427,000 initial claims were compiled for the week ended June 4).
The broad market began the day near the neutral line, but natural resource plays showed early leadership. Materials stocks have since rallied so that the sector now trades with a 2.0% gain. Agricultural chemicals and products plays have been bolstered by a bullish crop report from the USDA.
Financials have finally found favor among market participants. The sector's 1.4% gain comes amid strength in both banks and insurance plays. AIG (AIG 28.25, +0.93) is especially strong following an analyst upgrade.
Large-cap tech has had a hard time attracting interest, however. Its relative weakness has hampered the Nasdaq, which currently trades with a gain that is only about half of what the Dow and S&P 500 have achieved.
Semiconductor giant Texas Instruments (TXN 33.09, +0.42) has managed to trade higher, though. The stock's ascent comes after the firm clarified that a cut to its financial forecast is due to fewer orders from a single wireless customer.
The dollar is up today, but off of its session high. After trading with moderate weakness this morning, it is now up against the yen, sterling pound, and the euro. The greenback began to garner support as European Central Bank President Trichet stated the need to remain vigilant in an environment of upward inflation pressure and economic uncertainty. The ECB opted to keep its target interest rate unchanged at 1.25%. DJ30 +113.14 NASDAQ +14.42 SP500 +11.94 NASDAQ Adv/Vol/Dec 1718/860 mln/783 NYSE Adv/Vol/Dec 1986/375 mln/905
12:30 pm : In 30 minutes traders get their hands on results from the latest auction of 30-year Bonds. The 30-year Bond is currently wrestling with moderate selling pressure, which has taken its yield up to 4.20%. Meanwhile, the benchmark 10-year Note has been clipped so that its yield is now up to 2.98%.
Outside of U.S. debt, the United Kingdom's 10-year Gilt currently yields 3.15% while Germany's 10-year Bund now yields 3.03%. Meanwhile, Spain's 10-year Note currently yields 5.44% while Italy's 10-year Note yields 4.81%. DJ30 +120.30 NASDAQ +12.90 SP500 +12.33 NASDAQ Adv/Vol/Dec 1731/730 mln/749 NYSE Adv/Vol/Dec 2012/340 mln/8688
12:00 pm : Both the Dow and the S&P 500 have stretched to gains of 1%. Their strength remains broad.
Among the 30 blue chips that make up the Dow, only Intel (INTC 21.77, -0.05), Microsoft (MSFT 23.93, -0.01), Disney (DIS 39.15, -0.08), and Verizon (VZ 35.55, -0.35) are in the red. Meanwhile, in the broad-based S&P 500, all 10 major sectors are in higher ground, although gains among telecom (+0.1%) and utilities (+0.3%) remain limited. DJ30 +117.19 NASDAQ +11.04 SP500 +12.74 NASDAQ Adv/Vol/Dec 1619/675 mln/845 NYSE Adv/Vol/Dec 1884/290 mln/967
11:30 am : The Nasdaq has pulled back in recent action. In turn, it now trades with a gain that is less than half of what its counterparts have achieved. The Nasdaq's relative weakness comes as the likes of Apple (AAPL 331.93, -0.31), Google (GOOG 517.60, -1.57), and Microsoft (MSFT 23.90, -0.04) -- all large-cap tech plays -- trade with little support.DJ30 +91.69 NASDAQ +8.61 SP500 +9.39 NASDAQ Adv/Vol/Dec 1607/575 mln/822 NYSE Adv/Vol/Dec 1862/250 mln/968
11:00 am : The materials sector has rallied ahead to a 1.5% gain, which makes it this session's top performing sector. The space is currently led by the likes of Monsanto (MON 69.47, +1.85). The agricultural products company has been helped by a bullish USDA crop report that was released earlier this morning.
Financials have also extended their recent run. In turn, the sector is now up 1.1%, second only to materials. Banks have been a big driver of the move. Strength in that space has the SPDR KBW Bank ETF (KBE 23.36, +0.26) up nicely. DJ30 +92.56 NASDAQ +10.81 SP500 +9.87 NASDAQ Adv/Vol/Dec 1637/445 mln/736 NYSE Adv/Vol/Dec 1869/198 mln/930
10:35 am : Crude oil is extending gains today and is showing some volatility this morning, although in a small range (between ~$100.80-101.80). Crude lost steam followinmg commentary earlier this morning from ECB President Jean Claude Trichet, but has since recovered most of that pullback and is now 0.8% higher at $101.450/barrel
Natural gas has been on a steady trend higher all morning adn ran up to new session highs of $4.95/MMBtu and was at $4.94 ahead of inventory data. Following the data, which showed a build of 80 bcf versus consensus of 75 bcf, natural gas futures fell sharply to $4.78; now at $4.83 -0.3%.
Gold futures have traded in a tight range this morning and are currently flat at $1538.70. Silver has traded higher all morning and is just off recently hit highs of $37.39. In current activity, silver is 1.4% higher at $37.13/oz.
Corn futures futures rise sharply at the open a couple minutes ago, hitting new all-time highs of $7.94 following this morning's bullish USDA report. Wheat is 1.5% higher at $7.59 and soybeans are up 0.3% at $14.06/bu.DJ30 +64.59 NASDAQ +5.78 SP500 +7.70 NASDAQ Adv/Vol/Dec 1532/303.5 mln/748 NYSE Adv/Vol/Dec 1822/140.0 mln/898
10:00 am : A sudden flurry of buying interest among financials has taken the sector up to a 0.8% gain. The move comes after the sector closed at a 2011 low yesterday. AIG (AIG 27.86, +0.54) is a top performer in the financial space, thanks partly to an upgrade by analysts at Deutsche Bank.
Meanwhile, utilities and telecom stocks -- both defensive in nature -- are struggling to find support this morning. The two sectors are down 0.2% and 0.3%, respectively. Electric utilities like Duke Energy (DUK 18.40, -0.06) and Southern Co (SO 39.35, -0.23) are weighing on the utilities space while Verizon (VZ 35.63, -0.27) has quickly become a heavy burden on the telecom complex. DJ30 +55.13 NASDAQ +3.94 SP500 +6.77 NASDAQ Adv/Vol/Dec 1126/130 mln/1035 NYSE Adv/Vol/Dec 1376/72 mln/1260
09:45 am : Despite a slightly positive tone to premarket trade, early action among the major equity averages is rather mixed. The dollar continues to trade with a solid 0.5% gain against a collection of competing currencies, though.
Natural resource plays are showing early strength; materials stocks (+0.5%) and energy stocks (+0.5%) are sporting the best gains in the early going. Telecom (-0.3%) is in the worst shape. DJ30 +27.47 NASDAQ -2.48 SP500 +2.42 NASDAQ Adv/Vol/Dec 1279/28 mln/714 NYSE Adv/Vol/Dec 1452/25 mln/583
09:15 am : S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +2.20. Stock futures suggest that a slightly higher start is in order for today's trade. That would offer stocks at least a modicum of relief after a string of losses left the market to book its lowest close in more than two months yesterday. This morning's bid comes despite mixed action abroad and a rather underwhelming weekly initial jobless claims count. The trade deficit did show improvement, though. Stock futures are also holding gains in the face of a stronger dollar, which has made its way to a 0.5% gain against a basket of major foreign currencies. Most of the greenback's gain is owed to weakness in the euro, which is under pressure following comments from European Central Bank Trichet regarding the need to remain vigilant in an environment of upward inflation pressure and economic uncertainty.
09:05 am : S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +3.00. Germany's DAX is currently up with a fractional gain amid leadership from automakers BMW and Volkswagen. BASF, Adidas, and SAP AG have also contributed to the move, but Commerzbank has been a drag, despite an upgrade from analysts at Citigroup. France's CAC is currently flat. Technip, Alstrom, Schneider Electric, and Suez Environnement have offered positive leadership. Financial issues Credit Agricole, BNP Paribas, and Societe Generale are all weak, however. Financial plays like Lloyds Group (LYG), Royal Bank of Scotland (RBS), and Barclays (BCS) are the three worst performers by percent lost on Britain's FTSE, which has fallen to a 1% loss. Pearson Plc is outperforming. The latest trade data indicate that the United Kingdom's trade deficit totaled 7.39 billion pounds, which is an improvement from the 7.71 billion pounds reported in the previous month. Britain's central bank announced earlier this morning that it will keep its benchmark interest rate at 0.5% and its asset purchase plan at 200 billion pounds. The sterling pound has surrendered a slight gain from earlier to that it now trades fat against the greenback. Meanwhile, the euro has reversed course in the past hour so that it is down 0.5% against the dollar. The European Central Bank opted to leave its target interest rate at 1.25%, as had been expected. During his conference call, ECB President Trichet confirmed that energy prices are putting upward pressure on inflation. He also noted that economic uncertainty remains elevated, so the ECB's policy will remain accommodative and strong vigilance is warranted.
Overnight action in Asia saw mainland China's Shanghai Composite drop another 1.7%. Banks and other financial issues were key sources of weakness, given ongoing concerns about further interest rate increases. Hong Kong's Hang Seng shed 0.2% as mining plays encountered selling pressure. Aluminum Corp of China was hit with particularly sharp selling pressure as traders opted to take profits following the stock had surged 10% in the prior session. Japan's Nikkei eked out a 0.2% gain. Fast Retailing offered price support, but Tokyo Electric Power continued to encounter selling pressure. Japan reported that its first quarter GDP fell by 0.9%, just as it had in the fourth quarter.
08:35 am : S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +2.50. Stock futures are showing little reaction to the latest dose of data. Initial jobless claims for the week ended June 4 totaled 427,000, which is up just 1,000 from the prior week's upwardly revised tally and greater than the 423,000 initial claims that had been expected, on average, among economists polled by Briefing.com. Notably, continuing claims fell to 3.68 million from 3.75 million. Separately, the trade deficit for April totaled $43.7 billion, which isn't quite as deep as the $48.7 billion deficit that had been broadly expected. The latest deficit is also less than the downwardly revised March deficit of $46.8 billion. Exports from the U.S. increased by 1.3% during April after they had climbed by 4.9% in March.
08:05 am : S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +3.00. Stocks appear to be getting some relief after suffering a string of losses in recent sessions. The bid comes despite mixed action abroad and no changes to monetary policy by either the Bank of England or the European Central Bank. Both the euro and the sterling pound are holding on to fractional gains against the dollar in the wake of the decision. The euro could see some increased volatility when ECB President Trichet begins his press conference at the bottom of the hour. International trade data will also be posted at the bottom of the hour, along with the latest weekly initial jobless claims count. Results from an auction of 30-year Bonds will be reported at 1:00 PM ET. There hasn't been a whole lot of corporate news made since the prior session's close, although Texas Instruments (TXN) lowered its second quarter forecast. The stock initially sold off in after-hours trade, but it rebounded during a conference call. During the call, the company noted that its guidance was reduced due to lower demand from a single wireless customer. Shares of TXN were last quoted with a fractional gain ahead of the open.
07:49 am : [BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +4.00.
07:49 am : Nikkei...9467.15...+17.70...+0.20%. Hang Seng...22609.83...-51.80...-0.20%.
5:51PM Grupo Aeroportuario del Pacifico informs that a shareholder has filed a lawsuit against the co (PAC) 40.19 -0.29 : Co informs that a shareholder who represents 0.0002% of the capital stock of the Co has filed a lawsuit before the eleventh district judge in order to declare null our participation agreement and its annexes.
5:27PM Flotek Industries announces senior management elections to receive restricted common shares under terms of management incentive plan (FTK) 8.48 +0.17 : Co announced that all members of the Company's senior management team have elected to receive a portion of their 2011 performance bonus in restricted shares of Flotek common stock. The grants were disclosed in a Current Report (Form 8-K) filed today with the U.S. Securities and Exchange Commission.
5:26PM International Coal Group announces anticipated make-whole fundamental change relating to its 9.00% convertible senior notes due 2012 (ICO) 14.57 :
5:24PM Taseko Mines misses by $0.02 (TGB) 4.98 +0.26 : Reports Q1 (Mar) adjusted earnings of $0.06 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.08; revenues fell 22.1% year/year to $58.8 mln vs the $66.0 mln consensus.
5:06PM Crown Holdings announces new term loan facilities due 2016 and redemption of first priority notes (CCK) 38.93 +0.59 : Co announced that it amended its existing senior secured credit facilities to add a $200 million term loan facility and a euro 274 million term loan facility, each of which will mature on June 9, 2016 and bear interest at LIBOR or EURIBOR plus 1.75%.
4:52PM Chevron: DCP Midstream and West Texas LPG Pipeline announce agreements for NGL gathering services (CVX) 101.23 +1.28 : DCP Midstream LLC (DCP) and West Texas LPG Pipeline LP (WTLPG) announced that they have entered into agreements which provide long-term natural gas liquid (NGL) gathering services for the DCP Midstream Sandhills Pipeline LLC (Sandhills Pipeline) through two new interconnect points with WTLPG. WTLPG pipeline system is jointly owned by Chevron Pipe Line Company, a wholly owned subsidiary of Chevron (CVX) with an 80% interest and wholly owned subsidiaries of Altas Pipeline Partners (APL) with a 20% interest.
4:49PM Benihana misses by $0.14 (BNHN) 9.99 +0.07 : Reports Q4 (Mar) earnings of $0.02 per share, $0.14 worse than the Capital IQ Consensus Estimate of $0.16; revenues rose 5.1% year/year to $81.8 mln vs the $81.1 mln consensus.
4:45PM Altria to record a one-time charge of ~$630 mln against reported earnings related to leveraged lease transactions; reaffirms 2011 EPS guidance (MO) 27.46 +0.17 : Co announced that, based on applicable accounting principles generally accepted in the United States of America (U.S. GAAP), in the second quarter of 2011 it will record a one-time charge of approximately $630 million against its 2011 reported earnings related to the tax treatment of certain leveraged lease transactions entered into by Altria's subsidiary, Philip Morris Capital Corporation. The potential for taking this charge was described previously in Altria's 2011 Q1 earnings press release and its Quarterly Report on Form 10-Q for the period ended March 31, 2011 that Altria filed with the Securities and Exchange Commission. Co reaffirms FY11 EPS of $2.01-2.07, excluding this charge, vs. $2.04 Capital IQ Consensus Estimate. Approximately 50% of the charge, which does not include potential penalties, represents a reduction in cumulative lease earnings booked to date that will be recaptured over the remainder of the affected lease terms. The remaining portion of the charge represents a permanent charge for interest on tax underpayments. Altria does not expect this charge to impact Altria's dividend payments or its previously announced $1.0 billion share repurchase program.
4:39PM Cedar Fair CFO retires (FUN) 19.19 +0.21 : Co announced that Peter J. Crage has submitted his letter of resignation as the Co's chief financial officer, effective June 22, 2011. Crage who has served in this position since 2005, is leaving the Co to pursue a new professional opportunity. David R. Hoffman vice president of finance and corporate tax, and Brian C. Witherow vice president and corporate controller, will lead the finance function in the interim while the Co conducts a search for Crage's successor.
4:34PM Brigham Exploration lowers Q2 production guidance; co Provides Williston Basin Operational Update, Provides Second Quarter Production Update and Affirms Full Year 2011 Production Guidance (BEXP) 27.55 +0.26 : Co announced that the acceleration of its activities in the Williston Basin remains on schedule after adding its eighth operated rig and plans to be at 10 operated rigs by July. Brigham also announced that it has brought on line to production seven additional wells in North Dakota since its last operational release and to date has completed 68 consecutive long lateral high frac stage wells at an average early 24-hour peak rate of ~2,831 barrels of oil equivalent. Importantly, despite the difficult weather conditions, this would represent a sequential increase in production volumes relative to Q1 2011. Williston Basin Operated Drilling and Completion Update Brigham's accelerated development of its acreage in North Dakota and Montana is proceeding with five operated rigs drilling in Rough Rider, two operated rigs drilling in Ross and one operated rig drilling in Montana. Brigham plans to add its ninth operated rig this month and its tenth operated rig in July. Furthermore, it plans to add two walking rigs in Q1 of 2012. Operations in the Williston Basin have been impacted by the worst winter in 100 years and more recently by precipitation that resulted in the closure of roads in Williams County for several days. Despite these tough operating conditions, Brigham believes that Q2 2011 production will still fall within the previously issued production guidance, with the likely outcome being at the low end of the 12,000-14,000 barrels of oil equivalent per day range. Encouragingly, this would represent a sequential increase versus the 11,314 barrels of oil equivalent per day that was produced in the first quarter 2011. This assessment was made based on the best data available to Brigham at this time. As a result of the updated assessment, Brigham reiterates its full year production forecast of 14,000 to 16,000 barrels of oil equivalent per day for 2011.
4:30PM AllianceBernstein announced that preliminary assets under management decreased to $473 billion from $485 billion during May 2011 (AB) 19.45 +0.22 : Co announces that preliminary assets under management decreased to $473 billion from $485 billion during May 2011. The 2.5% decline was due to negative investment returns and net asset outflows, primarily from the Institutions channel.
4:24PM National Fuel Gas raises quarterly dividend rate to $0.355/share, prior $0.345/share (NFG) 67.23 -0.69 :
4:17PM Invesco Mortgage Capital declares Q2 dividend of $0.97/share, prior $1.00/share (IVR) 22.68 +0.11 :
4:17PM Chelsea Therapeutics announces new data from Northera Phase III program in neurogenic orthostatic hypotension presented at International Congress of Parkinson's disease and movement disorders (CHTP) 4.20 -0.08 : Co announces that new data from Phase III trials in symptomatic neurogenic orthostatic hypotension demonstrating the activity and tolerability of NORTHERA, an orally active synthetic precursor of norepinephrine, were presented at the Movement Disorder Society's International Congress of Parkinson's Disease and Movement Disorders. A poster highlighted the results of a meta-analysis of Northera Studies 301 and 302 showing the mean Orthostatic Hypotension Questionnairecomposite score of Northera-treated patients improved significantly from baseline to study completion when compared to placebo-treated patients. Greater improvement in standing systolic blood pressure, mean composite Orthostatic Hypotension Symptom Assessment, and Orthostatic Hypotension Daily Activity Scalescores of the Northera- vs. placebo-treated patients was also observed.
4:15PM Horace Mann lowers FY11 EPS, well below consensus; Estimates Impact of April and May Catastrophes AT ~$45-50 mln (HMN) 15.24 +0.08 : Co said, "While our underlying earnings are meeting our expectations, as a result of the significant level of catastrophe losses in April and May, we are lowering our estimate of full-year 2011 net income before realized investment gains and losses. Co lowers FY11 guidance to $1.10 and $1.30 per share from our previously estimated vs. $1.81 Capital IQ Consensus Estimate, down from $1.75-1.95.
4:12PM Hoku misses by $0.02, misses on revs (HOKU) 1.97 +0.12 : Reports Q4 (Mar) loss of $0.07 per share, $0.02 worse than the Capital IQ Consensus Estimate of ($0.05); revenues fell 62.6% year/year to $0.3 mln vs the $1.3 mln consensus. As of March 31, 2011 and 2010, deferred revenue of $72,000 and $6,000, respectively, were attributable to PV system installation and related service contracts. Mr. Paul summarized the Company's prospects saying, "In fiscal 2012 we will finally begin shipping polysilicon from our Idaho facility, and we expect continued positive growth in our downstream PV business."
4:11PM Cablevision names Gregg Seibert CFO in addition to his other responsibilities as Executive Vice Preseident (CVC) 35.42 +0.16 :
4:09PM RealD beats by $0.20, beats on revs (RLD) 24.07 +0.20 : Reports Q4 (Mar) GAAP earnings of $0.08 per share, $0.20 better than the Capital IQ Consensus Estimate of ($0.12); revenues rose 5.6% year/year to $58.5 mln vs the $53.1 mln consensus.
4:09PM Rentrak reports Q4 (Mar) results, misses on revs (RENT) 22.473 +0.23 : Reports Q4 (Mar) loss of $0.07 per share, may not be comparable to the Capital IQ Consensus Estimate of $0.13; revenues fell 1.2% year/year to $24.7 mln vs the $25.9 mln consensus. Gross margin improved to $10.9 million, or 44 percent of consolidated revenues, for the fiscal 2011 fourth quarter, from $10.4 million, or 41 percent of consolidated revenues, for the same period last year, as the company continued to shift its revenue and profit mix toward its AMI division, which generates higher returns than its Home Entertainment business.
4:09PM Gasco Energy announced a common stock and warrants offering for an indeterminate amount (GSX) 0.30 -0.01 : Lazard Capital Markets is acting as sole book-running manager. Gasco intends to use the net proceeds from this offering for capital expenditures, working capital, acquisitions of oil and natural gas properties, repayment or refinancing of indebtedness, or general corporate purposes.
4:07PM Alaska Comms launches new prepaid wireless plans (ALSK) 8.85 +0.04 : The new prepaid plans range from $25 to $70, depending on the chosen features.
4:06PM Lpath granted additional patent related to lipidomics-based drug development program (LPTN) 1.01 : Co received official notification from the U.S. Patent and Trademark Office (USPTO) that Lpath has been issued a key patent to add to its expanding patent portfolio, which has grown now by six patents over the last six months. This newly issued patent, No. US 7,956,173, claims composition of matter related to sonepcizumab, the drug substance in Lpath's two lead compounds, iSONEP and ASONEP. Sonepcizumab is an antibody that binds to and inhibits sphingosine-1-phosphate (S1P), a bioactive lipid that has been validated as a target in multiple disease states. Lpath
4:05PM Myriad Genetics OnDose study demonstrates need for improved dosing approach for colorectal cancer patients (MYGN) 24.87 +0.22 : Co announced that a study published in Clinical Colorectal Cancer entitled "Body Surface Area-based Dosing of 5-Fluoruracil Results in Extensive Inter-individual Variability in 5-Fluroruracil Exposure in Colorectal Cancer Patients on FOLFOX Regimens" demonstrated Body Surface Area (BSA) dosing in colorectal cancer patients receiving FOLFOX treatment regimens resulted in a wide range of drug plasma concentrations, with most patients falling well outside the target range.
4:04PM National Semi misses by $0.01, beats on revs (NSM) 24.58 -0.01 : Reports Q4 (May) earnings of $0.26 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.27; revenues fell 6.1% year/year to $374.1 mln vs the $365.1 mln consensus. Gross margin was 66.5 percent in the fourth quarter of fiscal 2011 - flat with Q3 and down from the fourth quarter of fiscal 2010. Although revenue increased sequentially, factory utilization dropped slightly in order to reduce days of inventory by 13 in the fourth quarter from 109 days to 96. National reported gross margin of 66.5 percent in the third quarter of fiscal 2011 and 68.8 percent in the fourth quarter of fiscal 2010. "Business conditions were a little better than we expected in the quarter. With bookings up 21%, the first increase for three quarters, we were able to get back to meaningful quarterly revenue growth." National will hold a special meeting of stockholders on June 21, 2011 to seek stockholder approval of the merger with TXN.
4:02PM Yongye International announces closing of previously announced $50 mln equity investment by Morgan Stanley Private Equity Asia (YONG) 4.25 -0.17 :
4:02PM Gladstone Commercial announced a 1 mln share common stock offering (GOOD) 18.45 -0.01 : Janney Montgomery Scott is serving as the sole book-runner and lead manager for the offering. Co intends to use the net proceeds from this offering to acquire additional properties, repay existing indebtedness and for general corporate purposes.
4:01PM DeVry: Richard Gunst to retire as Chief Financial Officer of DeVry (DV) 58.36 -0.41 : Co announced that Richard M. Gunst intends to retire as chief financial officer of DeVry. Gunst will continue in his role as long as necessary to ensure a smooth transition of duties while DeVry conducts an internal and external search for his successor.
4:01PM PNM Resources utility in Texas filed a proposed settlement related to smart meters (PNM) 15.84 +0.07 : Co transmission and distribution utility in Texas, TNMP, today filed a proposed settlement regarding its request to recover the costs of installing an Advanced Metering System throughout its service area. Filed with the Public Utility Commission of Texas, the unopposed settlement was reached with all parties and would allow for the recovery of $113.4 million, including $66.3 million of capital, through a surcharge during the next 12 years. Pending PUCT approval, TNMP will install approximately 240,000 meters beginning this year through 2016.
4:00PM Invesco announces AUM decreased 1.1% m/m to $661 bln (IVZ) 23.17 +0.47 : Co reported preliminary month-end assets under management of $661.4 billion, a decrease of 1.1% month over month. The decrease resulted from the combined effects of net outflows principally in the PowerShares QQQ ETFs, negative market returns and negative foreign exchange. The PowerShares QQQ ETF outflows were partly offset with modestly positive inflows in AUM excluding ETF, UIT and Passive. FX decreased AUM by $2.5 billion during the month. Total average assets for the quarter through May 31 were $655.5 billion and average assets excluding ETF, UIT and Passive for the quarter through May 31 were $561.4 billion.
3:38PM Earnings Calendar (SUMRX) : Today after the close look for the following companies to report:
* HOKU, NSM, RLD, RENT, and SEAC.
Tomorrow before the open look for the following companies to report:
* LULU
3:27PM Stock indices slip back modestly off afternoon/session highs -- Dow +111, S&P +12, Nasdaq Comp +17 (SPY) : Relative sector weakness (underperforming the S&P) in recent trade has been noted in: Biotech IBB, Airline FAA, Health XLV. Staples XLP.
3:01PM Sun Hydraulics announced a 50% stock dividend and increase in the company's cash dividend (SNHY) 43.61 +0.78 : Co announced a 50% stock dividend and increased the Company's cash dividend. The stock dividend increases the total shares outstanding to approximately 25.6 million shares from 17.1 million. The cash dividend is in the amount of $0.09 per share on the new total shares outstanding after the stock dividend.
2:47PM Stock indices hovering near highs -- Dow +120, S&P +13, Nasdaq Comp +16 (SPY) : The Dow did not confirm the new highs in the S&P and Nasdaq at 14:20, which reflects some loss of intraday momentum, but no pressure developed with all three major averages edging back toward session highs again in recent trade.
2:41PM Emergent BioSolutions reports investigational anthrax vaccine, NuThrax, granted fast track designation (EBS) 24.18 +0.16 : Co announced that its investigational anthrax vaccine, NuThrax (Anthrax Vaccine Adsorbed with CPG 7909 Adjuvant), has been granted Fast Track Designation by the FDA. The vaccine candidate, also known as AV7909, consists of BioThrax(R) (Anthrax Vaccine Adsorbed) in combination with a novel immunostimulatory oligodeoxynucleotide compound, CPG 7909, and is currently being evaluated in a Phase 1b clinical trial for safety, tolerability, and immunogenicity. The FDA's Fast Track Development Program provides for expedited regulatory review of drugs and biologics that treat serious or life threatening diseases and that demonstrate the potential to address unmet medical needs.
2:36PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled higher by $1.19 to $101.93, natural gas shed 17.3 cents to close at $4.674, RBOB gasoline finished lower by 0.2 cents to $3.04, while heating oil ended down 0.5 cents to $3.14 (all July contracts).
2:21PM Index Change Reminder (INDXCH) : Nanometrics (NANO) will replace TradeStation Group (TRAD) in the S&P SmallCap 600 index after the close of trading today.
2:19PM International Tower Hill Mines announce results for the final 21 drill holes from its recently completed 2011 Winter Drill Program at the Livengood Gold Project (THM) 7.44 +0.18 : Results continue to expand high-grade zones within the deposit, with multiple thick zones of higher grade mineralization encountered in shallow drilling, including 92.9 metres of 1.62 g/t gold (hole MK-11-116) while deeper core drilling has revealed two major structurally controlled higher grade feeder zones.
2:11PM Boardwalk Pipeline announces $115 million offering of senior notes by its Texas gas subsidiary (BWP) 28.24 +0.44 : Co announced that its indirect wholly-owned subsidiary, Texas Gas Transmission, LLC, priced a private placement of an additional $115 million in aggregate principal amount of its 4.50% senior notes due 2021. Texas Gas originally offered and sold $325 million in aggregate principal amount of its 4.50% senior notes due 2021 on January 19, 2011. The additional issue of notes priced at 101.428% of par to yield 4.313%.
2:07PM Walt Disney unit Disney Consumer Products says it is poised for incremental retail sales growth with new Disney Baby Store & Rich Franchise Investment (DIS) 39.49 +0.21 : Disney is poised to continue expanding its presence on retail shelves with a wide variety of franchises and new entertainment support to keep them as popular as ever. During a media presentation today in preparation for the annual Licensing International Expo 2011 trade show next week, Andy Mooney, chairman of Disney Consumer Products, said that sales of Disney-branded merchandise have grown at a compounded rate of 12 percent per annum over the last 10 years. Mooney also outlined the division's strategies to continue broadening its market reach and increase global sales, including: a Disney Baby retail store strategy; the growth of mega franchises such as Disney--Pixar Cars; and the incredible lasting power of Mickey Mouse - the world's largest on track to generate $9 billion in global retail sales.
2:02PM Crude oil pulling back in final ~30 min of pit trade; now up 75 cents to $101.49 (COMDX) :
2:00PM Tengion confirms FDA orphan-drug designation for Neo-Urinary Conduit (TNGN) 1.26 +0.09 :
1:55PM Aaron's plans to appeal a verdict involving a former Aaron's manager (AAN) 25.92 +0.36 : Co plans to appeal a verdict involving a former Aaron's manager who allegedly sexually harassed a co-worker. Co stated that the award does not accurately reflect the evidence presented in the case. The verdict, which consisted of approximately $90 million in damages awarded to the plaintiff, was rendered in the U.S. District Court for the Southern District of Illinois. Of the total damages awarded, $50 million exceeds the maximum award permitted by law.
1:35PM COMEX Metals Closing Prices (COMDX) : August gold finished higher by $4.30 to $1543.00, July silver gained 74 cents to end at $37.36, while July copper shed 0.2 cents to close at $4.11.
1:33PM Poniard Pharma plans to reconvene on July 8, 2011 to consider reverse stock split proposal (PARD) 0.24 +0.01 : Poniard's board of directors unanimously recommends that shareholders vote for the proposal.
1:05PM Gentex confirms its rear camera display mirrors exceed proposed U.S. NHTSA requirements (GNTX) 26.80 +0.68 :
1:04PM Ford Motor to triple production capacity of electrified vehicles in North America by 2013 (F) 13.84 +0.14 :
12:56PM PPL Corp plans to build data and operations center in Upper Macungie Township (PPL) 27.09 -0.03 : Pending land development approval from the township and necessary permits, PPL plans to begin construction this fall and complete work in late 2012.
12:42PM Sprint Nextel to launch more than 10 new Motorola devices in 2011 (S) 5.43 +0.09 :
12:36PM Fresh session lows for nat gas; now down 11 cents to $4.74 (COMDX) :
12:08PM Basis commodities did not confirm new low (TECHX) : The performance of three basic commodities (cotton, copper, lumber) have in the past shown a propensity to provide a heads-up for a trend pause (click for chart).
12:02PM Tomotherapy shareholders have approved the Agreement and Plan of Merger which provides for the acquisition by Accuray (ARAY) (TOMO) 4.32 +0.08 :
11:56AM Accelr8 Technology states that its policy is not to comment on unusual market activity or rumors (AXK) 7.32 +1.07 :
11:53AM General Electric Healthcare's AngioViz vascular vision software receives FDA clearance (GE) 18.74 +0.25 :
11:44AM QAD announces partnership with Minisoft (QADA) 9.38 -0.13 : Co announced today it has partnered with leading document management solutions provider Minisoft, to provide electronic forms automation software eFORMz.
11:40AM Sector Relative Strength (TECHX) : Dollar slips further off morning high, seeing some additional relative sector strength in Energy/Commodity (OIH, XLB, XLE, JJC, SLV, GLD, GDX, DBC).
11:38AM Crude oil also to fresh highs; now up $1.64 to $102.39 (COMDX) :
11:37AM Gold, silver to fresh highs (COMDX) :
* Gold now up $10.30 to $1549.10. * Silver higher by $0.83 to $37.45.
11:34AM Ormat Tech offered conditional commitment for DOE loan guarantee (ORA) 21.71 +0.76 : Co announced its subsidiary, Ormat Nevada received an offer of a conditional commitment from the DOE that would provide a partial guarantee for up to a $350 mln loan to support a geothermal power project expected to generate up to 121 MW of power from three Nevada based facilities built in two phases.
11:32AM Cycle Country Accessories reports it has received a significant increase of pre-season orders for its products for the 2011-2012 season (ATC) 0.48 +0.18 : Based on these pre-season sales levels, the Company reports that it expects sales for the remainder of fiscal year 2011 and fiscal year 2012 to continue the recovery shown so far this year, and it expects total revenue to be up year-over-year, in spite of the approximately $2.0 million per year of lost revenue from the small, contract manufacturing accounts in its Imdyne division that the Company has exited from. In addition, the Company announced that it has signed a term sheet with a new lender to provide a larger working capital credit facility for an aggregate amount of $5,000,000, replacing the Company's current $2,000,000 working capital facility.
11:31AM Eli Lilly & Synthes sign development and collaboration agreement (LLY) 37.66 +0.39 : The agreement allows for the joint development and licensing of early stage compounds from Lilly to Synthes for use within orthopedic trauma, spine, craniomaxillofacial and reconstructive areas. These compounds have pre-clinical and in some cases clinical data packages and have the potential to aid in the local treatment and regeneration of the skeleton. The two companies will jointly develop site-specific osteoinductive products based on Synthes' biomaterials combined with Lilly's biologics or pharmaceuticals.
11:18AM Gold futures to new highs; now up $6.00 to $1544.60 (COMDX) :
11:13AM Crude oil to fresh session highs at $102.16; now up $1.36 to $102.11 (COMDX) :
10:50AM S&P +10 extends first hour run near short term resistance (SPY) : After six days of selling for a 5% decline this month from intraday high to low, which created an extended and divergent posture (see The Technical Take for chart), the index has put together a solid rebound. A hold above 1287 right now keeps it positioned for another uptick to test a resistance in the 1290/1291 area. The index may be due to an intraday pause near this area given the pattern off yesterday's low and the extent of the move.
10:36AM Fresh session highs for stock indices -- Dow +88, S&P +9.9, Nasdaq Comp +11 (SPY) : Relative sector strength on this move has been noted in Materials XLB, Housing XHB (held at 200 sma noted earlier), Retail XRT, Finance XLF, Disk Drive, Ag/Chem MOO.
10:32AM Corn futures spike to new all-time highs of $7.94/bushel following this mornings bullish USDA report, as pit trade just opened (COMDX) :
10:30AM Natural gas drops quickly back to flat line following inventory data; now unchanged at $4.84 (UNG) :
10:14AM Fresh session highs for stock indices -- Dow +73, S&P +8.7, Nasdaq Comp +8.6 (SPY) :
10:13AM Texas Instruments opened weaker but held at its March low/200 ema and rallied solidly higher with it currently vacillating slightly under its high at 33.27 (TXN) 33.22 +0.55 :
10:08AM Converted Organics announces TerraSphere's British Columbia facility passes food safety audit by CanadaGAP (COIN) 0.16 +0.01 : Co announced today that the British Columbia facility operated by TerraSphere, a subsidiary of Converted Organics, has passed the last step in the rigorous CanadaGAP certification process.
10:06AM Cisco Systems edges to minor new session high of 15.40 (CSCO) 15.36 +0.06 : The stock dropped as low at 15.21 yesterday, its lowest level since March 12, 2009 which was the same week that it established its 2009 bear market low (March 9, 2009). The high of yesterday's two year low bar (15.58) is of technical interest on an intraday and closing basis.
10:02AM American Electric shares plan for compliance with proposed EPA Regulations (AEP) 37.55 -0.11 : Based on the regulations as proposed, AEP's compliance plan would retire nearly 6,000 megawatts (MW) of coal-fueled power generation; upgrade or install new advanced emissions reduction equipment on another 10,100 MW; refuel 1,070 MW of coal generation as 932 MW of natural gas capacity; and build 1,220 MW of natural gas-fueled generation. The cost of AEP's compliance plan could range from $6 billion to $8 billion in capital investment through the end of the decade. High demand for labor and materials due to a constrained compliance time frame could drive actual costs higher than these estimates. The plan, including retirements, could change significantly depending on the final form of the EPA regulations and regulatory approvals from state commissions.
10:01AM Marriott's Ritz-Carlton Hotel charts global expansion plan; adding 36 hotels and residential projects from Morocco to Mexico through 2016 (MAR) 34.60 -0.19 : The Ritz-Carlton Hotel Company, L.L.C. has announced a major expansion and development initiative which it expects will bring the total number of properties in their portfolio to over 100 around the world by 2016. Ranging from Morocco to Mexico, Cairo to Chicago, this strategic plan will expand the brand to urban capitals and emerging tourist destinations, and represents an investment of more than $2 billion by owners.
10:00AM Relative sector strength in recent trade (TECHX) : Early laggard Semi SMH, Retail XRT, Oil Service OIH, Energy XLE, Finance XLF, Materials XLB, Ag/Chem MOO, Rail, Steel SLX, Gold Miners GDX.
9:57AM JPMorgan Chase slightly extends morning push to 40.92, eyeing high of yesterday's six month low bar at 41.07 (JPM) 40.87 +0.48 :
9:49AM Nasdaq Comp set fraction new low under yesterday's trough at 2671, session low 2670, Dow +36 and S&P +3.2 at/near morning highs (SPY) :
9:48AM iShares NASD Biotech extends opening slide to new session/six week low (IBB) 104.60 -0.99 : Weighing on the IBB this morning are: VRTX -11.5%, ALXN -1.6%, WCRX -1.1%, ONXX -1.1%, REGN -1.8%, BMRN -1.2%.
9:46AM Triumph Group announces two-for-one stock split; adjusts dividend (TGI) 91.94 -0.11 : Co announced that its Board of Directors has declared a two-for-one stock split with respect to its common stock in the form of a 100% stock dividend. Co also announced that it will continue to pay a quarterly dividend after the stock split at the rate of $0.04 per share (on a post-split basis), effectively doubling the company's annual dividend expense.
9:39AM Sector laggards in early trade (TECHX) : Semi SMH -0.4%, Housing XHB -0.1% (testing its 200 sma for second day), REITs IYR -0.4%, Casino -.44%, Restaurant -0.4%, Reg Bank KRE -0.4%, Solar TAN -0.4%.
9:36AM Crude pulling back toward flat line; now higher by 21 cents to $100.95 (COMDX) :
9:34AM Semi weighing on Nasdaq -0.3, Dow +23 and S&P +2.5 hanging on to minor gains (SPY) :
9:31AM Geoglobal Resources announces review of strategic alternatives (GGR) 0.49 +0.04 : Co has authorized management to investigate a broad range of strategic alternatives to enhance shareholder value. These capital restructuring and financing alternatives could include, but are not limited to, a sale of assets or stock, a recapitalization or consolidation of the Company, or a joint venture. As part of the process, the Company has retained the services of Rodman & Renshaw to assist in exploring this broad range of strategic alternatives. Co has not altered its business plan or amended its previously disclosed capital budget and continues with the exploration and development program for 2011 as previously outlined. The Company will disclose developments with respect to this review process once the Board has approved a definitive transaction or strategic option or unless otherwise as required by law. There can be no assurance that any strategic alternative will be pursued or completed.
9:31AM Abbott Labs reports interim results from Phase III open-label study of investigational treatment for advanced Parkinson's disease; patients reported improvement in motor symptoms (ABT) 51.68 +0.16 : Co reported interim efficacy and safety results from a long-term, 54-week, Phase III open-label study of its investigational treatment for advanced Parkinson's disease showed that patients treated with levodopa-carbidopa intestinal gel (LCIG) for 12 weeks reported a decrease in "off" time and an increase in "on" time without troublesome dyskinesias.
9:30AM Lubrizol shareholders overwhelmingly approve acquisition by Berkshire Hathaway (BRK.A); transaction projected to close in the third quarter of 2011 (LZ) 134.36 :
9:29AM SPS Commerce says BVCF IV priced the public offering of ~1.2 mln shares of its common stock at $16.50/share (SPSC) 17.50 :
9:29AM Air Products announces new performance target through 2015 at Investor Conference (APD) 90.80 : APD CEO revealed new financial targets for 2015 to take the co to a new level of performance. "Consistent with our proven track record of setting and meeting long-term goals, our opportunities in key growth markets and focused execution will allow us to deliver enhanced revenue growth and sustained margin and return improvement. We expect these results will generate significant shareholder value." McGlade outlined the co's growth advantage with its strong positions in the energy, environmental and emerging markets worldwide. He said by executing on its innovation, improvement and integration actions, the co should continue to lower its costs, improve returns and gain a greater competitive advantage over peers. APD expects to deliver top line growth of 11-13% per year over the next four years (FY11E +10.7%), which would bring the co's total revenues to more than $15 bln in 2015. McGlade anticipates Air Products' operating margin to improve 300 bps to 20%, and its return on capital to increase 150 bps to 15% from 2011 to 2015.
9:25AM Vornado Rlty Trust operating partnership renewed one of its two unsecured revolving credit facilities and increased it to $1.25 bln from $1 bln (VNO) 94.33 -0.55 : Vornado plans to extend its second revolving credit facility of $1.595 billion maturing in September 2012. Vornado's total revolving credit facilities are now $2.845 billion, of which $100 million is outstanding.
9:16AM Procera Networks priced a 2.632 mln common stock offering at $9.50/share (PKT) 9.75 :
9:16AM Euroseas announces time charter renewal for the containership vessel Maersk Noumea (ESEA) 4.28 :
9:14AM Harris Interactive names Al Angrisani as interim CEO (HPOL) 0.72 : Co announces the appointment of Al Angrisani as its Interim Chief Executive Officer, effective immediately. Mr. Angrisani succeeds Kimberly Till, who served as President and Chief Executive Officer of the Company since October 2008. Mr. Angrisani has agreed to serve as the Company's Interim Chief Executive Officer through June 30, 2012 and, subject to mutual concurrence, as the Company's President and Chief Executive Officer for the fiscal year commencing July 1, 2012 and ending June 30, 2013.
9:11AM PURE Bioscience announces appointment of Craig Johnson as Chief Financial Officer, effective August 1 (PURE) 1.05 :
9:10AM Gold, silver also extending their respective moves to the upside (COMDX) :
* Gold now higher by $2.30 to $1541.00. * Silver higher by 59 cents to $37.20.
9:08AM Crude oil trades to fresh highs at $101.80; now up $1.01 to $101.75 (COMDX) :
9:06AM Shaw Group awarded a contract by Indiana Michigan Power Company (SHAW) 33.08 : Co announced it was awarded a contract by Indiana Michigan Power Company, an affiliate of American Electric Power (AEP), to provide plant life-cycle management services for the Cook Nuclear Plant in Bridgman, Mich. The contract, which was signed in the second quarter of fiscal year 2011, follows a detailed feasibility study conducted by Shaw earlier this year for potential life cycle management upgrades and modifications to the plant. Shaw will provide engineering, procurement and construction services on approved projects designed to extend the life cycle of major components to ensure continuous operation of the plant for 20 more years.
9:04AM Coffee Holding reports Q2 EPS of $0.22 vs. $0.15 in 2Q10; revs rose 87% YoY to $37.3 mln - no ests (JVA) 8.50 : "We are pleased to report another strong quarter to our shareholders. Our revenue growth continues to drive our bottom line as our business has been strong in all areas during this period. Our price increases helped us keep pace with the rising price of green coffee, improving our margins on both our private label and branded businesses."
9:03AM Forestar Real Estate withdraws proposed private offerings of senior secured notes and convertible notes (FOR) 14.75 : Co announced that, as a result of recent deterioration in the capital markets, it and its wholly-owned subsidiary, Forestar (USA) Real Estate Group Inc., have decided not to proceed with their previously announced proposed private offerings of $100 million aggregate principal amount of convertible notes due 2018 and $150 million aggregate principal amount senior secured notes due 2019.
9:03AM Sky-mobi has entered into a partnership agreement with Jiayuan.com International, operator of the largest online dating platform in China (MOBI) 6.84 : Under the terms of the one-year agreement, Sky-mobi will collaborate with Jiayuan to develop a Sky-mobi-Jiayuan dating software application to be operated on Sky-mobi's Maopao mobile social network. The program will offer a wide range of dating and social networking features. Over the course of the agreement, the companies will also work together on promotions and user development.
9:03AM BioTime reports first complete sequencing of the nuclear genome of five GMP-compliant human embryonic stem cell lines (BTX) 4.53 : Co will disclose commercial progress in each of the Company's seven subsidiaries. Included in this update will be information on the first complete sequencing of the DNA of five human embryonic stem cell lines, demonstrating their normality and suitability for human therapeutic product development. Dr. West will also describe significant progress in the development by BioTime's subsidiary OrthoCyte Corporation of its HyStem(R)-Rx, OTX-CP-03 and OTX-CP07 therapeutic products, as well as the development of novel potential broad-ranging cancer diagnostic products by the Company's subsidiary OncoCyte Corporation.
9:02AM Plains All Amer sees Q2 EBITDA to meet or exceed high end of previous range (PAA) 60.68 : Sees Q2 EBITDA to meet or exceed high end of adj. EBITDA guidance of $290-320 mln. Based on PAA's most recent estimates, the total response, repair and remediation cost associated with the Rainbow crude oil release is expected to range from $65-75 mln, the majority of which is expected to be covered by insurance. The Partnership cautioned that its estimates remain subject to further refinement and adjustment as additional information is collected.
9:02AM Central Garden amends and extends its revolving credit facility (CENT) 9.75 : Co announces the amendment of its $275 million five-year senior secured revolving credit facility effective June 8, 2011. Under the modified terms, the Credit Facility has a borrowing capacity of $375 million, an increase of $100 mln, and an extension of the maturity date by approximately one year to June 2016. Further, the Credit Facility bears lower interest rates, commitment fees and interest coverage requirements.
9:00AM Tekmira Pharma priced a public offering of units at a price of Cdn$2.85 per unit (TKMR) 2.95 : Co priced a public offering of units at a price of Cdn$2.85 per unit. Each unit consists of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at a price of Cdn$3.35 for a period of five years from closing. The Company expects that the offering will yield gross proceeds, before expenses, of approximately $5.0 million and intends to use the net proceeds of the offering for general corporate purposes. The offering is expected to close on or about June 15, 2011, subject to customary closing conditions.
8:56AM Gold spikes into positive territory; now up $1.80 to $1540.50 (COMDX) :
8:54AM EasyLink correction: Beats by $0.08; beats on top line (ESIC) 3.98 : Last night we incorrectly reported ESIC's Q1 results. The comment should have read: Reports Q1 (Mar) GAAP earnings of $0.13 per share, $0.08 better than the Capital IQ single estimate of $0.05; revenues rose 132% year/year to $47.8 mln vs the $20.1 mln single est. "Our team built upon the momentum we experienced in the previous quarter, growing new and existing customer revenues to record levels. While it is too early to be certain, we believe the increased customer activity is a favorable indicator of our future performance and assurance of our strategy to deliver a broader portfolio of productivity enhancing solutions over the cloud." The prior comment has been removed.
8:46AM Crude oil also seeing modest pullback on strength in dollar; currently higher by 52 cents to $101.26 (COMDX) :
8:44AM Gold, silver starting to react to volatility in dollar on heels of Trichet commentary (COMDX) :
* Gold currently off $3.10 to $1535.60. * Silver higher by 36 cents to $36.98.
8:36AM On The Wires (WIRES) :
* Palisades Media Ventures announced its formal business launch and the introduction of its new model of creating and funding high quality public affairs video content for digital and television platforms as part of WPP (WPPGY). * Marina Biotech (MRNA) announced the completion of dosing for Cohort 1 in the Dose Escalation Phase of its START-FAP clinical trial with CEQ508.
8:33AM Ivanhoe Mines confirms construction of the Oyu Tolgoi mining complex has reached 23% completion and remains ahead of schedule (IVN) 21.94 : Full-scale construction at Ivanhoe Mines' flagship Oyu Tolgoi copper- gold-silver mining complex is continuing toward a projected peak level of activity that is expected to be reached during the third quarter of this year. Overall construction reached a 23.3% level of completion at the end of May. Targeted completion of construction of the first phase of Oyu Tolgoi remains ahead of schedule. Pre-stripping excavation of the open-pit mine is due to begin during the third quarter of this year. The project has set an objective of delivering the first ore from the mine to a mill circuit test in the concentrator within 12 months, in June 2012. The goal of achieving commercial production remains on schedule to begin in the first half of 2013. The arbitration proceeding between Ivanhoe Mines and Rio Tinto (RIO) regarding Ivanhoe's Shareholders' Rights Plan is expected to resume later this month following the expiry of a six-month suspension that was agreed upon by the companies as part of the Heads of Agreement signed in December 2010.
8:32AM Journal Commun announced the sale of the Pelican Press and PelicanPress Marketplace businesses to The Observer Group; Terms of the transaction were not disclosed (JRN) 4.84 :
8:32AM Castle Brands issues $7 mln private placement (ROX) 0.29 : Co announces that it has entered into definitive agreements to issue an aggregate of approximately $7.0 million of the Company's 10% Series A Convertible Preferred Stock, stated value $1,000 per share, in a series of private placement transactions.Under the terms of the transactions, the Company will issue approximately $2.2 million of Series A Preferred Stock for its stated value and warrants to purchase an aggregate of approximately 3.6 million shares of the Company's common stock, to third-party purchasers on or about June 13, 2011
8:31AM Avago Tech increases quarterly dividend by $0.01 per share; authorizes up to $15 mln share repurchase; not to exceed $500 mln of its shares in the aggregate (AVGO) 33.41 :
8:25AM lululemon athletica stockholders approved a two-for-one stock split of the co's common stock (LULU) 84.34 :
8:18AM Spectra Energy prices 6.25 mln common units at $30.96 per unit (SEP) 31.83 :
8:13AM On The Wires (WIRES) :
* Channel Intelligence (ICGE) announced that clients using CI Boost Product Search achieved a 58% year-over-year increase in sales on Google in the first quarter of FY2011 on a same-seller basis. This industry-leading performance is at least two times greater than the results reported by other providers. * TRW Automotive (TRW) announced that on June 7, 2011 certain of the co's Occupant Safety Systems business unit locations in Germany received requests for information from European antitrust authorities in connection with an investigation. A related request was made in the United States. * Stamps.com (STMP) announced a new integration with DigitalShipper(TM), a multi-carrier shipping software that connects enterprise branches, warehouses and distribution centers to a single shipping architecture. * Hitachi (HIT) and VMware (VMW) announced a strategic partnership enabling Hitachi to deliver new cloud services to financial institutions in Asia. * ImmuCell (ICCC) announced that the Center for Veterinary Medicine, FDA has accepted the pivotal Nisin residue data in milk and has assigned a zero milk discard time and zero meat withdrawal period. * Northrop Grumman (NOC) announced the development and demonstration of a new aircraft self-protection system processor that is specifically designed to meet the rigors of the military rotary-wing environment. * SRS Labs (SRSL) has signed a multi-year licensing agreement with HTC Corporation to expand their adoption of SRS audio solutions within their smartphone and media tablet product lines. * Nevsun Resources (NSU) adopted a Shareholder Rights Plan to ensure the fair treatment of shareholders in connection with any take-over bid for the common shares of Nevsun. The Rights Plan seeks to provide shareholders with adequate time to properly assess a take-over bid without undue pressure. It also is intended to provide the Board with more time to fully consider an unsolicited take-over bid and, if considered appropriate, to identify, develop and negotiate other alternatives to maximize shareholder value. * OSI Systems (OSIS) Healthcare division, Spacelabs Healthcare, has received ~$3 million in orders from US hospitals in the Southeast region. * Sutor Technology Group (SUTR) announced the appointment of Mr. Jiuling Li as its new Chief Technology Officer effective June 7, 2011.
8:12AM Spreadtrum Comms announced that it has acquired ~48.44% of the total outstanding shares of MobilePeak Holdings; expects the acquisition to have a minor impact on its EPS in Q2 (SPRD) 15.88 : Co announced that it has acquired approximately 48.44% of the total outstanding shares of MobilePeak Holdings. Spreadtrum acquired ~48.44% of MobilePeak's total outstanding shares, and provided a short-term loan to MobilePeak for the repayment of MobilePeak's outstanding convertible bridge loans, for an aggregate cash consideration of ~$32.58 mln. Spreadtrum intends to purchase all of MobilePeak's issued and outstanding shares, and expects to complete the acquisition in the third quarter of 2011. Thanks to MobilePeak's efficient operations, Spreadtrum expects the acquisition to have a minor impact on its earnings per share in Q2 and the remaining quarters in 2011, and Spreadtrum maintains its Q2 2011 guidance in terms of revenue, gross margin, and operating expenses as a percentage of revenue.
8:06AM OSI Systems Healthcare division, Spacelabs Healthcare, has received approximately $3 million in orders from US hospitals in the Southeast region (OSIS) 39.39 :
8:05AM Vail Resorts misses by $0.08, reports revs in-line; FY11 EBITDA at high end of guidance, net income at low end of guidance due to debt extinguishment; declares first ever dividend: $0.15 per quarter (MTN) 43.41 : Reports Q3 (Apr) earnings of $2.08 per share, $0.08 worse than the Capital IQ Consensus Estimate of $2.16; revenues rose 18.3% year/year to $414.5 mln vs the $412.9 mln consensus. Vail Resorts declares its first ever quarterly cash dividend of $0.15 per share of common stock. "Based on our strong results for the third quarter and the visibility we have to the fourth quarter, we believe that we are now on track to achieve the upper end of the Resort Reported EBITDA guidance range issued on December 7, 2010, which calls for Resort Reported EBITDA in a range of $211-$221 mln, representing a 13-19% increase over fiscal 2010. Our Real Estate Reported EBITDA remains at a range of negative $10 million to zero. However, we now believe Net income attributable to Vail Resorts will be at the lower end of our guidance range of $32-42 mln due to the impact on net income of the $4.6 mln after-tax loss (including anticipated charges in the fourth quarter) on extinguishment of debt associated with the successful refinancing of our senior subordinated bonds."
8:04AM Airmedia chairman and CEO, Herman Guo, has made purchases of US$1,063,293 of its ADSs from the public market during the period from May 26 to June 8 (AMCN) 3.12 : CO announced that its chairman and chief executive officer, Herman Guo, has made purchases of US$1,063,293 of the Company's ADSs from the public market during the period from May 26 to June 8. The purchases were made under the account of Mr. Guo's wife. Mr. Guo, who is the founder and largest shareholder of AirMedia, purchased a total of 299,524 ADSs at an average price of US$3.55 per ADS, with an approximate value of US$1,063,293.
8:03AM Lithium Exploration secures additional $1,500,000 investment (LEXG) 1.87 : Co announces that it has secured an additional $1,500,000 in capital to advance its Valleyview Project. The term sheet that has been executed by the parties is in regards to a placement of convertible debentures in the principal amount of $1,500,000, payable in three equal tranches, to be fully funded by August 1, 2011. The debentures shall bear interest at 12% per annum and shall be due and payable 18 months from their issuance.
8:02AM Seabridge Gold announced that a $5.1 mln exploration program is now underway at its 100% owned KSM project targeting higher grade material favorably located for early production, which could enhance the project's already robust economics (SA) 26.31 :
8:01AM China BAK Battery is seeing a surge in customer demand for its e-bike battery business at its Tianjin facility due to the recent govt suspension of lead-acid battery manufacturing in China (CBAK) 1.11 : Co announces it is seeing a surge in customer demand for its e-bike battery business at its Tianjin facility due to the recent government suspension of lead-acid battery manufacturing in China. Concurrently with these industry developments, the Company has received an increase in the number of requests for China BAK's lithium-based battery cells from e-bike manufacturers. Similarly, the Company's major customers, XDS Shenzhen Xidesheng Bicycle Co., Ltd., Geoby Electric Vehicle Co., Ltd. and NOAHtek Electric Bicycles Company, have recently initiated discussions with the Company regarding future orders. As compared with orders received and expected to be received for the Company's quarter ended June 30, 2011, the Company's forecast quantity of orders for its quarter ended September 30, 2011 from e-bike manufacturers is expected to be approximately 88% higher, or 20,000 battery packs compared to expected sales of approximately 10,600 for the current quarter. China BAK also expects that the Company will see additional new customers from the traditional lead-acid-battery-powered bicycle manufacturers for the quarter ended September 30, 2011.
8:00AM Coinstar and Safewa (SWY) announce agreement to install coin-counting kiosks (CSTR) 47.77 : Coinstar (CSTR) and Safeway (SWY) announce an agreement to install ~1,400 Coinstar kiosks in Safeway's stores in the United States and Canada by the end of 2011. Installations are planned to begin this month.
7:55AM ProLogis recasts $2.2 bln in senior credit agreements (PLD) 33.70 : Additionally, an accordion feature will allow co to increase the credit facility to $2.75 bln, subject to obtaining additional lender commitments
7:47AM On The Wires (WIRES) :
* Ionia Corp, a Boston-based leader in cloud computing technology and a partner of salesforce.com (CRM), announced it has partnered with Strategic Information Group a partner of QAD (QADA) to deliver a framework that seamlessly integrates salesforce.com and QAD Enterprise Applications. * Zhongpin (HOGS) announced that it will further expand into north China by building a new production facility in Tangshan city, Hebei province, east of Beijing. Co will invest about $49 mln for the plant that will have an annual capacity to produce about 60,000 metric tons of chilled pork, 20,000 tons of frozen pork, and 22,000 tons of prepared pork products, for a total annual capacity of 102,000 metric tons.
7:12AM Integra commences private offering of $200 mln of convertible senior notes due 2016 (IART) 47.10 :
7:11AM On The Wires (WIRES) :
* MDxHealth SA (MDXH) announced that it will extend its agreement with Merck KGaA (MKGAY) for use of MDxHealth's MGMT assay in Merck KGaA's brain cancer clinical trials. Financial terms of the agreement are not disclosed. * Cerus (CERS) announced that it has entered into agreements with Ilex Biotech Limited to distribute Cerus' INTERCEPT Blood System for platelets and plasma in South Africa and Israel.
7:06AM Wizzard Media exceeds 1,650 mobile apps for Apple and Android mobile devices; weekly revenues for Wizzard's Apps are up 48% from the same period a year ago. (WZE) 0.15 :
7:03AM Vertex Pharm interim Phase 2 data showed a combination of VX-770 and VX-809 improved function of the defective protein that causes cystic fibrosis in people with the most common form of the disease (VRTX) 53.14 : Co announces interim results from the first part of a Phase 2 study designed to evaluate multiple combination regimens of VX-770 and VX-809, Vertex's lead medicines in development that aim to treat the defective protein that causes cystic fibrosis. The first part of the study met its two primary endpoints: (1) safety and tolerability of the combination regimen and (2) the effect of the combination of VX-770 and VX-809 on CFTR function as measured by sweat chloride, a key measure of the function of the CFTR protein. There were no serious adverse events reported, and the adverse event profile during the combination-dosing portion of the study (Day 14 to Day 21) was similar to that during the VX-809 monotherapy-dosing portion (Day 0 to 14). In the arm that evaluated VX-809 (200 mg) followed by dosing of VX-770 (250 mg) in combination with VX-809, a statistically significant reduction in sweat chloride of -13.17 mmol/L (p<0.001) was observed from baseline (Day 0) through Day 21. In this arm, a -9.10 mmol/L (p<0.001) reduction was observed after VX-770 (250 mg) was added to VX-809 (200 mg) for seven days (Day 14 to 21). Vertex intends to initiate the second part of this study in the fourth quarter of 2011 after the completion of further analyses of data from Part 1. The most commonly reported adverse events were respiratory in nature and occurred in approximately half of people across all arms of the study. One person receiving VX-809 in the monotherapy portion of the study discontinued treatment due to an increase in respiratory symptoms during the first 7 days of the study.
7:02AM Arrowhead Research receives additional 180 day grace period to comply with the NASDAQ $1.00 minimum bid requirement (ARWR) 0.55 :
6:56AM FXCM reports May metrics (FXCM) 9.35 : Retail customer trading volume of $328 billion in May 2011, 12% higher than April 2011 and 5% higher than May 2010. Tradeable accounts of 167,844 as of May 31, 2011, an increase of 1,696 or 1% from April 2011, and an increase of 6,635 or 4% from May 2010. Institutional customer trading volume of $80 billion in May 2011, 28% higher than April 2011 and 4% higher than May 2010.
6:54AM Harry Winston Diamond misses by $0.07; misses on revs (HWD) 15.84 : Reports Q1 (Apr) EPS of $0.04 vs $0.11 Cap IQ consensus; revs increased 26% YoY to $143.9 mln vs $181.5 mln consensus.
6:51AM Titan Machinery beats by $0.18, beats on revs; raises FY12 EPS above consensus, raises revs, in-line (TITN) 27.10 : Reports Q1 (Apr) earnings of $0.40 per share, $0.18 better than the Capital IQ Consensus Estimate of $0.22; revenues rose 54.7% year/year to $318 mln vs the $257.5 mln consensus. Co raises guidance for FY12, sees EPS of $1.53-1.63 vs. $1.48 Capital IQ Consensus Estimate, up from $1.50-1.60; sees FY12 revs of $1.310-1.385 bln vs. $1.35 bln Capital IQ Consensus Estimate, up from $1.275-1.350 bln. All three of the co's main revenue sources -- equipment, parts and service -- contributed to this period-over-period revenue growth. "We are pleased with our strong agriculture and construction business results for the first quarter of fiscal 2012. These results were driven by organic and acquired growth in both businesses. Agriculture same store sales increased 37.6% and our Construction same store sales increased 33.1%. In addition, our Construction business generated pre-tax income of $0.7 million for the first quarter compared to a loss of $1.9 million for the same period last year." We continue to experience strong demand for our equipment offerings, parts and service in both our Agriculture and Construction segments. In recent months, we have closed several strategic agriculture and construction acquisitions and we now have dealerships in eight states throughout the upper Midwest and Northwest. We see additional growth opportunities through acquisitions, and with our recently completed follow-on equity offering of $75 million, we have the financial ability to capitalize on these opportunities and execute on our long-term business strategy of strong organic and acquired growth."
6:41AM On The Wires (WIRES) :
* Lloyd's Register has signed a five-year contract for Orange Business Services, a unit of France Telecom (FTE) to deliver Business VPN fully managed IP based VPN service to facilitate secure, efficient connectivity at its 226 sites in 68 countries. * Seattle Genetics (SGEN) and Agensys, affiliate of Tokyo-based Astellas Pharma announced that Seattle Genetics has exercised an option to co-develop a second antibody-drug conjugate under the companies' existing ADC collaboration agreement. * Seadrill (SDRL) entered into an agreement with Keppel FELS Limited in Singapore to build a new semi-submersible self- erecting tender rig. Total project price for the rig is estimated at below $200 mln. * Magic Software Enterprises (MGIC) announced that the New Reclamation Group has concluded a successful engagement with Magix Integration, Magic Software's South African branch, to develop and implement a solution to integrate a custom-built application with its new, centralized implementation of the SAP Business One application. * LaBarge (LB) disclosed that it has signed a memorandum of understanding with plaintiffs to settle litigation claims filed in the Chancery Court of the State of Delaware. * InfoSonics (IFON) announced the launch of its new verykool R13 active lifestyle handset. * Perceptive Informatics, a leading eClinical solutions provider and a subsidiary of PAREXEL International (PRXL), announced that it is taking a lead role in the biopharmaceutical industry to advance the practical application of revised response criteria for Non-Hodgkin's Lymphoma and Chronic Lymphocytic Leukemia to clinical trials.
6:01AM Visa acquires Fundamo; signs new agreement with Monitise; expected to be slightly dilutive to EPS in FY11 (V) 76.71 : Co announces it is acquiring Fundamo for ~$110 mln in cash. The acquisition is expected to be slightly dilutive to EPS in its fiscal year 2011 ending September 30, 2011. Co also announced a new, long-term commercial agreement with Monitise plc to expand delivery of mobile financial services to banked Visa account holders in conjunction with Visa's financial institution partners.
3:44AM On The Wires (WIRES) :
* New Mexico American Water, a wholly owned subsidiary of American Water (AWK), announced that it intends to supplement its existing Clovis-area water supplies by entering into water leases with area well owners. * 3M (MMM) announced that it has entered into an agreement to acquire Advanced Chemistry & Technology, a manufacturer of quick cure, light-weight polysulfide sealants for aerospace applications. Terms of the transaction were not disclosed. * Nordson (NDSN) announced the opening of a new demo center in Dongguan, China that will further the company's ability to meet the needs of customers in its Advanced Technology Systems operating segment. * Sony (SNE) and Sony Computer Entertainment announced that Sony Network Entertainment International will fully restore all Qriocity services June 9, 2011, in all serviced territories, excluding Japan. * TEAL Electronics, a San Diego based subsidiary of SL Industries (SLI), introduces its newest product line, the TEALsolar Configurable Combiner Box for commercial and utility scale Solar Photovoltaic systems. * Stifel Financial (SF) and Miller Buckfire announced that they have entered into a strategic alliance whereby Stifel Financial will invest $40 mln for Senior Preferred interests in Miller Buckfire. * AMD (AMD) announced an investment in ViVu, a desktop videoconferencing solutions co. The AMD Fusion Fund program makes strategic investments in companies that are developing unique, digital consumer and professional experiences that take advantage of the power of the innovative AMD Fusion Accelerated Processing Unit products. * Arrow Enterprise Computing Solutions, a business segment of Arrow Electronics (ARW), reached a commercial agreement with EcoLogic Systems to add virtual desktop infrastructure optimisation-as-a-service to its portfolio in the United Kingdom. * TowerJazz Semiconductor (TSEM) announced a cost-sharing collaboration with DARPA to advance its roadmap for high frequency SiGe HBT devices. * Evergreen Energy (EEE) announced it has completed the formation of its venture with WPG Resources to jointly develop and produce K-Fuel, Evergreen's coal upgrading technology, throughout Australia.
1:46AM Brookdale Senior Living prices of $275 mln of Convertible Senior Notes due 2018 (BKD) 23.00 :
1:39AM PartnerRe to issue 13 mln shares of 7.25% cumulative redeemable preferred shares (PRE) 71.68 : The Series E Preferred Shares, which are expected to trade on the New York Stock Exchange under the symbol "PRE PrE", will have an annual dividend yield of 7.25% and a liquidation preference and redemption value of $25.00 per share.
1:37AM Fusion-io prices 12.3 mln share IPO at $19.00 per share, above its upwardly revised expected range of $16-18 (prior range $13-15) (FIO) :
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