Market Update: 110614 4:30 pm : A bevy of data brought buyers back into the stock market today. Their support spurred the broad market to its best single-session percentage gain in almost two months.
A positive backdrop to early trade was established by solid gains abroad, which followed a flurry of economic numbers, including the latest price indices from China. Neither China's PPI nor CPI for May came with any negative surprise. They increased 6.8% and 5.5%, respectively. An increase of 50 basis points to the country's reserve requirement ratio was no surprise. Meanwhile, Japan's central bank announced a new lending facility intended to stimulate growth; the target interest rate remains at just 0.1%. Japan also posted strong monthly industrial production.
The positive tone of morning trade was further bolstered by domestic data, which featured a 0.2% increase in both overall producer prices and core producer prices for May. The consensus had called for such increases.
Retail sales for May proved more resilient than anticipated. Even though overall sales slipped 0.2%, that was softer than the 0.7% slide that had been expected among economists polled by Briefing.com. Excluding autos, retail sales actually increased by 0.3%, which is greater than the 0.2% increase that had been forecasted.
Corporate news flow continues to be limited, but Best Buy (BBY 30.13, +1.31) posted an upside earnings surprise, which complemented the retail sales report. Consumer discretionary stocks scored a collective gain of 1.7%.
Energy stocks outperformed for most of the session. They settled with a 2.0% gain. Other cyclical plays weren't far behind; materials stocks and industrial stocks scored gains of 1.9% and 1.8%, respectively.
Riskier issues were also fashionable. That helped both the S&P 400 and the Russell 2000 advance almost 2%. Still, financials found it difficult to match the broader market's rally. The sector settled with a gain of 0.5%, which is less than half of what the S&P 500 achieved.
Fed Chairman Bernanke noted in a speech today that the failure to raise the debt ceiling in a timely matter could result in severe market disruptions, but that was taken in stride by stocks.
Stocks petered out a portion of their gains inside the final hour of the session, but the downward drift was modest relative to overall advance, which helped more than 90% of the stocks in the S&P 500 score gains.
Treasuries were never able to recover from selling pressure and concluded the day's trade near session lows. That left the benchmark 10-year Note to log a loss of almost a full point, which took its yield back up to 3.10% for a 10-day high.
3:30 pm : August gold finished higher by 0.6% to $1524.40 per ounce, while July silver ended up 1.9% to $35.42 per ounce. Both metals traded higher today on a weaker dollar as well as concerns about inflation. In electronic trade, both metals extended their respective rallies as they traded to fresh highs.
July crude oil rallied for 2.1% to close at $99.37 per barrel, ending the session just shy of its highs at $99.44 per barrel. Better-than-expected econ data in the US, as well as China, helped crude oil trade back to near the $100 level. July natural gas finished lower by 1.4% to $4.58 per MMBtu, extending its pullback to a second consecutive session. DJ30 +143.76 NASDAQ 41.75 SP500 17.67 NASDAQ Adv/Vol/Dec 2036/1.3 bln/578 NYSE Adv/Vol/Dec 2587/599.4 mln/482
3:00 pm : The major equity averages continue to trade at or near session highs as they head into the final hour of the trading day. Should the gains hold into the close, the stock market will score its best single-session gain in about three months.
While stocks are at session highs sporting strong gains, Treasuries are down to session lows. Pressure in the fixed income space has the benchmark 10-year Note down almost an entire point. That has taken its yield up to 3.10%, which some traders believe is a point of near-term resistance. DJ30 +164.01 NASDAQ +45.25 SP500 +20.07 NASDAQ Adv/Vol/Dec 2029/1.18 bln/555 NYSE Adv/Vol/Dec 2595/515 mln/473
2:30 pm : Comments from a speech by Fed Chairman Bernanke regarding the budget and the debt ceiling have begun to hit newswires. Stocks haven't really shown much of a reaction, mostly because the comments did not contain any surprises.
Among the key takeaways from his speech, Bernanke noted that failure to raise the debt ceiling in a timely matter could result in severe market disruptions. Failure to create new policies could widen the buget gap over time, but new fiscal policies will require difficult tradeoffs. Failure to put the country's fiscal house in order will erode economic activity. DJ30 +146.45 NASDAQ +41.97 SP500 +18.21 NASDAQ Adv/Vol/Dec 2011/1.09 bln/562 NYSE Adv/Vol/Dec 2591/470 mln/472
2:00 pm : A sudden flurry of selling pressure recently undercut the financial sector, which now trades with a 0.6% gain or less than half of what the broad market has achieved. Only utilities, which are collectively up 0.5%, trade with a less impressive gain.
Recent selling pressure against financials has been largely focused against bank stocks. The effort has taken the KBW Bank Index down to a gain of only 0.4%, as a result. It had been up by about 1% at its session high.
Coming up at the bottom of the hour is a speech by Fed Chairman Bernanke regarding the budget and the debt ceiling. DJ30 +148.98 NASDAQ +43.12 SP500 +18.43 NASDAQ Adv/Vol/Dec 2024/998 mln/550 NYSE Adv/Vol/Dec 2599/428 mln/454
1:30 pm : Both the Dow and Nasdaq have added incrementally to their gains in recent trade. Although their moves have been only modest, the two averages now trade at new session highs. As for the S&P 500, it is stuck in a tight trading range that has kept it moving sideways for the past few hours.
Steady strength among stocks has kept Treasuries under pressure all session. The yield on the benchmark 10-year Note remains at a 10-day high, as a result. Some traders believe that upside resistance exists at 3.10%. DJ30 +155.57 NASDAQ +42.18 SP500 +18.91 NASDAQ Adv/Vol/Dec 2034/905 mln/529 NYSE Adv/Vol/Dec 2600/388 mln/442
1:00 pm : Decent data from both home and abroad have turned many participants into buyers today. That has the major equity averages sporting gains in excess of 1%.
News that China's PPI increased by 6.8% in May, as it did for the same period one year ago, and its CPI increased by a relatively in-line 5.5% were considered positives. The country also posted strong industrial production and retail sales figures, which were generally consistent with what was reported the year before. The decision by the country's central bank to raise the reserve requirement ratio by another 50 basis points was no surprise.
Japan's central bank kept its target rate unchanged at 0.1%, but announced a new special lending facility. Data from the country indicated that its industrial production increased by 1.6%, which is stronger than what was recorded for the same period in the prior year.
As for domestic data, producer prices for May were up 0.2%, which is slightly more than the 0.1% increase had been widely expected. Core producer prices also increased by 0.2%, which is exactly what had been expected.
Retail sales for May slipped 0.2%, but that was actually softer than the 0.7% slide that had been expected, on average, among economists surveyed by Briefing.com. Excluding autos, retail sales actually increased by 0.3%, which is greater than the 0.2% increase that had been generally anticipated.
The solid retail sales report was complemented by stronger-than-expected earnings from Best Buy (BBY 30.04, +1.22), which has been a top performer today. Overall strength in the retail space has the SPDR S&P Retail ETF (XRT 50.92, +1.28) on pace for its best single-session performance this month.
In contrast, an analyst downgrade has caused shares of Cisco Systems (CSCO 14.97, -0.09) to extend the slide that it started several weeks ago. Despite weakness in CSCO, strength among shares of other large-cap tech issues has helped the Nasdaq stage an impressive performance that has put it out in front of its counterparts.
As a group, energy stocks have been this session's top performers. They are currently up 2.0%, collectively. The sector's strength stems largely from a preference for cyclical stocks that were beaten down during the six consecutive weekly losses suffered by the overall market.
That preference has also sent small-cap and mid-cap stocks sharply higher. In turn, both the S&P 400 and the Russell 2000 are flirting with 2% gains. DJ30 +142.13 NASDAQ +40.69 SP500 +18.07 NASDAQ Adv/Vol/Dec 2023/845 mln/535 NYSE Adv/Vol/Dec 2584/360 mln/453
12:30 pm : The stock market has spent the past couple of hours trading in a relatively narrow range alongside its session high. Cyclical plays have been the strongest performers today; as such, energy (+2.1%), industrials (+1.9%), and materials (+1.8%) currently boast the biggest percentage gains among the major sectors.
Utilities have underperformed all session; as a group, they are presently up only 0.2%. Pressure earlier this morning actually sent the defensive-oriented sector into negative territory for a short period. Relative weakness in the space comes mostly in response to the preference among participants for riskier holdings that have been beaten down in recent weeks. DJ30 +137.86 NASDAQ +40.72 SP500 +17.23 NASDAQ Adv/Vol/Dec 2021/765 mln/524 NYSE Adv/Vol/Dec 2583/325 mln/443
12:00 pm : Shares of retailer Best Buy (BBY 30.22, +1.40) had gapped up at the open to their best level in more than a week, but the move was pressured so that gains were pared. The stock has since rebounded to reclaim gains, but it remains shy of its session high. Still, the stock remains one of this session's top performers, thanks largely to an upside earnings surprise in the company's latest quarterly report.
The rest of the retail space is also faring well. In fact, the SPDR S&P Retail ETF (XRT 50.83, +1.19) is on track for its best single session performance of the month. DJ30 +131.77 NASDAQ +40.25 SP500 +16.68 NASDAQ Adv/Vol/Dec 2022/662 mln/498 NYSE Adv/Vol/Dec 2569/202 mln/446
11:30 am : The three major equity averages are sitting near session highs. All three are sporting gains of at least 1%.
The tone of trade has been decidedly upbeat from the opening bell. A key question, though, is whether this is the beginning of some near-term buying interest now that stocks have logged six straight weekly losses or if this is just some intermittent relief buying in the midst of more bearish trading activity. Without any major corporate announcements slated for the next few weeks, data will likely play a pivotal role in determining how participants respond to that question. DJ30 +120.53 NASDAQ +38.22 SP500 +15.45 NASDAQ Adv/Vol/Dec 1998/555 mln/489 NYSE Adv/Vol/Dec 2570/240 mln/422
11:00 am : The Nasdaq, which extended its year-to-date loss with a slip in the prior session, has rallied today. The strength of the move has actully given it a lead over its counterparts.
While many large-cap tech plays have underpinned the Nasdaq's strength this session, Cisco Systems (CSCO 14.94, -0.11) has been a laggard. The stock's latest loss, which marks an extension of a slide that began several weeks ago, comes in response to an analyst downgrade. DJ30 +125.14 NASDAQ +37.46 SP500 +15.42 NASDAQ Adv/Vol/Dec 1990/460 mln/492 NYSE Adv/Vol/Dec 2562/202 mln/396
10:35 am : Crude oil futures are showing gains this morning and are about 2% higher from around noon yesterday. However, the energy component is sitting almost 4% lower from last Thursday's closing price of $101.93/barrel. Currently, crude is back near the $98 level, now at $98.06, up 0.8%.
Natural gas futures are extending losses following yesterday's losses. It sold-off sharply over an hour before floor trading began and fell as far as $4.57/MMBtu earlier. In current activity, natural gas is 1.2% lowers at $4.59/MMBtu.
Gold and silver futures have put in a small rally following the initial decline after floor trading started. Gold rose back near overnight highs of $1524.90/oz. and is now Meanwhile, silver futures just put in a new session high of $35.26/oz a few minutes ago. Gold is currently up 0.5% at $1522.40/oz and silver is 1.3% higher at $35.19/oz.DJ30 +139.26 NASDAQ +39.68 SP500 +17.27 NASDAQ Adv/Vol/Dec 1921/318.6 mln/468 NYSE Adv/Vol/Dec 2429/145.3 mln/384
10:05 am : Business inventory data for April were just posted. Overall inventories increased by 0.8%, which is slightly less than the 1.0% increase that had been broadly expected by economists polled by Briefing.com. The major equity averages haven't had any real reaction to the announcement.
Health care stocks and utilities stocks, both defensive in nature, have been paring their gains during the course of the past 20 minutes. Both sectors started the session with strong gains as they followed the lead of the broad market, but now they are up 0.6% and 0.2%, respectively. DJ30 +113.75 NASDAQ +31.53 SP500 +14.07 NASDAQ Adv/Dec 1899/451 NYSE Adv/Dec 2489/341
09:45 am : Broad-based buying has all 10 major sectors in the S&P 500 sporting solid gains this morning. Energy stocks are in the best shape after sprinting ahead to a 1.6% gain. Energy stocks were also top performers in the early action of the prior session, but ultimately encountered a concerted selling effort that dropped the sector to a loss of roughly 1%. Energy's weakness in the prior session was exacerbated by a 2% drop in oil prices; oil prices are up a tame 0.4% to $97.70 per barrel this morning.
Action in the rest of the commodity complex is somewhat mixed. Still, the CRB Commodity Index is currently up 0.3%.
Elsewhere, the Dollar Index is at the flat line after trading with a modest loss earlier this morning. Its move to the neutral line comes as the British pound pares its gain to just 0.1% so that it trades at $1.639. Meanwhile, the euro has turned upward to trade with a 0.2% gain at $1.444, but the greenback is up 0.5% against the yen, which was last quoted at 80.54 yen per dollar.
As for Treasuries, stiff selling has them down markedly. In turn, the yield on the benchmark 10-year Note is now back near its 10-day high. DJ30 +108.30 NASDAQ +29.04 SP500 +13.85 NASDAQ Adv/Dec 1851/444 NYSE Adv/Dec 2448/336
09:15 am : S&P futures vs fair value: +12.70. Nasdaq futures vs fair value: +21.00. Beginning abroad, data has been the primary driver of buying interest this morning. Markets in both Asia and Europe responded positively by the absence of negative surprises in China's latest price data, although the country's central bank opted to raise the reserve requirement ratio once again. Japan's central bank surprised some by announcing a special lending facility for growth, but kept its target interest rate unchanged. Producer prices in both the United Kingdom an the U.S. made in-line increases in their latest readings. U.S. retail sales may have slipped during May, but the downturn was softer than what many had anticipated. Retailer Best Buy (BBY) reported this morning an upside earnings surprise for its latest quarter. The combination of broad market support and strong quarterly results has the stock up more than 7% ahead of the open. Still to come today is the latest business inventory tally (10:00 AM ET) and comments from Fed Chairman Bernanke regarding the budget and debt ceiling (2:30 AM ET).
09:05 am : S&P futures vs fair value: +13.50. Nasdaq futures vs fair value: +21.50. Although stock futures are up nicely this morning, commodities are mixed. The dollar's effort to trim its loss against competing currencies has undermined buying interest in the commodity complex. Among the more widely watched commodities, crude oil prices are up 0.3% to $97.55 per barrel in the first few minutes of pit trade. Natural gas prices are down 0.4% to $4.63 per MMBtu. Among precious metals, gold prices are up fractionally to almost $1517 per ounce while silver prices are down 0.3% to $34.64 per ounce.
08:35 am : S&P futures vs fair value: +12.90. Nasdaq futures vs fair value: +20.00. Stock futures have added to their morning advance with the release of the latest data dose. Retail sales fell by 0.2% during May, but that was a softer decline than the 0.7% slide that had been expected, on average, among economists surveyed by Briefing.com. Retail sales for the prior month were revised downward to reflect a 0.3% increase. Excluding autos, retail sales actually increased by 0.3% in May. Sales less autos had been broadly expected to increase by 0.2% after a 0.5% increase in the prior month. Separately, producer prices increased by a tepid 0.2% during May. An even softer 0.1% increase had been widely expected among economists polled by Briefing.com. Core producer prices also increased by 0.2%, which is exactly what had been expected.
08:05 am : S&P futures vs fair value: +10.10. Nasdaq futures vs fair value: +14.70. Stocks started the prior session on a strong note, but ultimately faltered for a lackluster finish. The tone ahead of today's open is positive once again. Only a dearth of corporate announcements may have been made this morning, but one difference between today and yesterday is a bevy of data in the backdrop. Among the more noteworthy items, Japan reported an acceleration in industrial production during April. Moreover, the country's central bank opted to leave its target interest rate at 0.1%, but has initiated a special lending facility for growth industries. China's central bank raised the reserve requirement ratio by another 50 basis points. The country reported very early this morning a 5.5% increase in consumer prices for May. That was generally in stride with what had been widely anticipated, but slightly greater than what was recorded during the same period one year ago. The country also announced an increase in May producer prices that was on par with what was experienced in the same period of the prior year. Its retail sales figures for May increased at a slightly slower clip that what had been posted one year ago. Domestic producer price data and retail sales figures are due at the bottom of the hour. Business inventories follow at 10:00 AM ET. At 2:30 PM ET, Fed Chairman Bernanke is scheduled to deliver a speech on the budget and debt ceiling.
06:27 am : [BRIEFING.COM] S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +14.50.
06:27 am : Nikkei...9547.79...+99.60...+1.10%. Hang Seng...22496.00...-12.10...-0.10%.
06:27 am : FTSE...5800.84...+27.40...+0.50%. DAX...7200.20...+115.10...+1.60%.
5:57PM Crude oil extends gains in electronic trade up 27 cents at $99.64/barrel (Crude rallied in today's pit trading session, gaining $2.07 to $99.37/barrel) (COMDX) :
5:33PM Penn Virginia Resource Partners, L.P. announces acquisition of Illinois Basin Coal Reserves (PVR) 25.25 +0.42 : Co announced that it has purchased 26.8 million tons of additional coal reserves in the Illinois Basin. The "Oatsville Reserve" properties acquired by PVR hold deep minable Springfield V seam coal located on ~5,875 acres in Gibson and Pike counties in Indiana. The assets were purchased from Indianapolis Power & Light Company for $13.5 million.
5:28PM China Ming Yang Wind Power rallied as much as 9.5% to $5.75 after hours following news that the co gains access to rare earth resources, further integrates upstream supply chain (see 47:06 comment) (MY) 5.25 -0.12 :
5:21PM Hospitality Properties Trust re-aligns Contracts with Marriott (HPT) 22.13 +0.45 : Co announced that it has entered agreements to re-align three of its five sets of hotel management contracts with Marriott International (MAR). The three sets of affected contracts (which HPT has historically referred to as its Marriott Contracts Nos. 2, 3 and 4) concern 71 hotels and currently provide for payments of owner's priority returns and rents to HPT totaling $98.1 mln/year.
5:06PM MY gains access to rare earth resources, further integrates upstream supply chain (MY) 5.25 -0.12 : China Ming Yang Wind Power Group Limited ("Ming Yang" or the "Company") (NYSE: MY) announced that the co has entered into a strategic framework cooperation agreement with the Municipal government of Ganzhou, the second largest city of China's Jiangxi Province. Under the framework agreement, the Ganzhou government will give priority to provide rare earth resources to Ming Yang, grant Ming Yang exclusive rights to operate wind farms in Ganzhou, and give priority use to Ming Yang's wind turbines in Jiangxi province.
5:05PM RailAmerica reports May 2011 monthly carloads; co reported that its total freight carloads for the month ended May 31, 2011 were 69,776, down 1.7% from 70,967 in May 2010 (RA) 14.60 +0.24 : Co reported that its total freight carloads for the month ended May 31, 2011 were 69,776, down 1.7% from 70,967 in May 2010. The Company had increased shipments in May 2011 in six out of twelve commodity groups compared to May 2010. Much of the decrease was due to lower shipments of Petroleum and Coal. Petroleum carloads were down primarily due to lower shipments in the West and Northeast regions. The decline in coal carloads was primarily due to flooding related service disruptions on the Missouri & Northern Arkansas Railroad (MNA), which resumed full operations on May 13th, and reduced volume on the Indiana Southern Railroad. Excluding coal shipments, carloads increased 7.1% in May. The largest increases were in Agricultural Products, Non-Metallic Minerals and Products, and Pulp, Paper & Allied Products.
5:02PM Watson confirms its subsidiary, Watson Laboratories filed an Abbreviated New Drug Application with the FDA (WPI) 64.93 +1.38 : Co confirmed that its subsidiary, Watson Laboratories, Inc., filed an Abbreviated New Drug Application (ANDA) with the U.S. Food and Drug Administration (FDA) seeking approval to market Olopatadine Hydrochloride Ophthalmic Solution USP, 0.2%. Watson's Olopatadine Hydrochloride Ophthalmic Solution USP, 0.2% is a generic version of Alcon, Inc.'s Pataday(TM) (olopatadine hydrochloride ophthalmic solution) 0.2%, which is indicated for the treatment of ocular itching associated with allergic conjunctivitis.
5:01PM State Auto Financial Reports Estimate of May Storm Activity Impact of ~$45-50 mln (STFC) 16.06 -0.10 : Co announced its preliminary estimate of May 2011 catastrophe storm activity. The co estimates Q2 2011 earnings will include between $45.0-50.0 mln in pre-tax catastrophe losses related to May storms. Additionally, the co confirmed its earlier estimated impact of $75.0-85.0 mln in catastrophe losses related to April storm activity. Prior to 2011, State Auto's historic five-year average catastrophe loss ratio for Q2 is 18 percentage points or $50 mln of losses.
5:00PM Tennant reaffirms FY11 guidance; issues upside Q2 revs guidance (TNC) 34.44 +0.93 : Co reaffirmed FY11 EPS of $1.75-1.95 vs. $1.73 Capital IQ Consensus Estimate; reaffirms FY11 revs at $710-730 mln vs. $725.5 mln consensus. Co issues upside Q2 revs guidance; co anticipates Q2 revs growth to be approximately in line with the 15% gain reported in the 2011 Q1, which calculates to ~$191.1 mln vs $179.9 mln consensus. Co also announced that Karel Huijser, Vice President of the co's International business unit, will be leaving the co but will continue to work for a period of time to complete the transition of his duties. Huijser joined the co in 2006.
5:00PM ATP announces public offering of $150 mln convertible perpetual preferred stock (ATPG) 15.97 +0.41 : Co announced that it has commenced a public offering of ~$150 mln of convertible perpetual preferred stock. The underwriters for the offering will also have a 30-day option to purchase up to 225,000 additional shares of convertible perpetual preferred stock to cover any over-allotments. "We intend to use a portion of the net proceeds of this offering to pay the cost of a capped call transaction to cover all shares convertible in this transaction and our outstanding preferred shares, 13.1 mln shares. The capped call transaction can prevent any dilution of outstanding common shares as long as the share price is below $27.50."
4:58PM Kinross announces investment in Edgewater Exploration Ltd. (KGC) 15.45 -0.05 : Co announced that it has subscribed for 625,000 units of Edgewater Exploration Ltd. ("Edgewater") pursuant to a private placement. Each unit consists of one common share and one half of one share purchase warrant. Each full warrant allows the holder to purchase one common share at an exercise price of CAD$1.10 during the two year period following the closing of the private placement. Prior to the private placement, Kinross held 2 mln common shares and 6,000,000 warrants (5,000,000 of which are only exercisable in the event that Edgewater delineates a 3 mln Au oz resource for the Enchi project). After giving effect to the private placement and assuming the exercise of all warrants held by KGC, KGC would hold 8,937,500 common shares, constituting 12.7% of Edgewater's outstanding common shares. The subscription price for the units is CAD$0.80 per unit for an aggregate purchase price of CAD$500,000. The private placement is subject to approval by the TSX Venture Exchange.
4:55PM 3M obtains rulings for injunctions against manufacturers of retro-reflective fire coat trim in two separate cases (MMM) 92.59 +1.29 : 3M, 3M Innovative Properties Co., and 3M Canada announced that they have settled a patent infringement lawsuit against Eurotex in Canada for infringing a 3M patent relating to reflective fire coat trim. Eurotex consented to an Order entered by the Federal Court in Ottawa, Canada stipulating that Eurotex pay 3M for past profits and issuing an injunction against Eurotex. The injunction prohibits Eurotex from making, selling and distributing any products that would infringe 3M's Canadian Patent No. 2,188,141, including the products that Eurotex previously offered under the names TriViz, TrivizMyLite, and FireLiteC.
4:52PM TC PipeLines, LP announces pricing of $350 mln debut public senior notes offering (TCLP) 45.30 : Co announced that it has priced its debut public debt offering of $350 million of 4.65% Senior Notes due June 15, 2021 at a price of 99.83% of their face value. The offering of the Senior Notes is expected to settle on June 17, 2011, subject to customary closing conditions. J.P. Morgan and SunTrust Robinson Humphrey are acting as joint-bookrunning managers, Deutsche Bank Securities, HSBC and RBS are acting as senior co-managers and Mitsubishi UFJ Securities and Mizuho Securities are acting as junior co-managers for the offering
4:48PM Brigus Gold reports Q1EPS fo $0.02 vs ($0.03) in last year's quarter; sales fell YoY 23.0% go $13.6 mln (BRD) 1.59 +0.08 : Outlook: The co is projecting 2011 production of between 73,000 and 80,000 ounces of gold at a total cash cost of $575-625 per ounce. Brigus projects increasing gold production quarter over quarter during 2011 with higher-grade underground ore augmenting open pit ore for a total throughput of 2,000 tpd at the Black Fox Mill. Black Fox is expected to produce between 16,500-18,000 ounces of gold in Q2 of 2011 and to reach a steady state annual production level of 104,000 ounces in Q3 of 2011. Total capital expenditures in 2011 are estimated at $37.0 mln , mainly for underground development and underground mining equipment at Black Fox. Exploration expenditures for surface drilling are estimated at $11.0 mlnfor 2011. At the Goldfields Project in Saskatchewan, the Company expects to complete an updated National Instrument ("NI") 43-101 technical report during the second half of 2011.
4:45PM Quicksilver Resources (KWK) announces commencement of public offering for 7 mln units of Breitburn Energy Partners L.P. (BBEP) 14.94 +0.29 : KWK announced a registered underwritten public offering of 7,000,000 units of BreitBurn Energy Partners L.P. (BBEP). The underwriters will have a 30-day option to purchase up to 1,050,000 additional units to cover over allotments. Net proceeds from the offering are expected to be used to pay down a portion of the outstanding borrowings under KWK's senior secured credit facility and for general corporate purposes. Quicksilver currently owns ~15,600,000 units of BBEP. Deutsche Bank Securities, BofA Merrill Lynch, Citi and Wells Fargo Securities, are acting as joint book-running managers for the offering.
4:42PM CLARCOR beats by $0.08, beats on revs; guides FY11 EPS in-line, revs in-line (CLC) 41.38 +1.34 : Reports Q2 (May) earnings of $0.64 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.56; revenues rose 11.9% year/year to $288.5 mln vs the $283.2 mln consensus. Co raises FY11 EPS to $2.25-2.40 vs. $2.30 Capital IQ Consensus Estimate, from $2.20-2.35; sees FY11 revs growth of 12-13.5%, which calculates to ~$1.13-1.15 bln vs. $1.13 bln Capital IQ Consensus Estimate. "While we are confident in our ability to execute in the third and fourth quarters, there is some uncertainty in the U.S. and global economies in the second half of the year. We believe our updated guidance is achievable with weakening but still expanding economic growth. However, our updated guidance does not consider a major economic disruption in the remainder of the year such as a 'double-dip' recession in the U.S."
4:42PM Adolor Corp announces agreement to acquire full ownership of ENTEREG (alvimopan) (ADLR) 1.52 +0.02 : Co announced that it has entered into an agreement with GlaxoSmithKline (GSK) whereby Adolor will reacquire all rights to Adolor's FDA-approved product ENTEREG (alvimopan). The transaction is expected to close in September 2011. Currently, ENTEREG is co-promoted by Adolor and GSK in the United States. Under the agreement, Adolor has agreed to pay to GSK $25 mln cash, staged over a six-year period, with $2.5 mln payable in 2011, tiered, mid-single digit royalties on annual net sales and a further one-time, sales-related milestone of $15 mln.
4:37PM Celanese accelerates plan to begin ethanol production in China by mid-2013; opening new ethanol technology development and research facilities in the U.S. (CE) 48.01 +1.13 : Co announced it will accelerate its original schedule and now expects to begin industrial ethanol production in China earlier than previously announced. In addition to the co's previously announced plans for one, and possibly two, greenfield units, the co plans to modify and enhance its existing integrated acetyl facility at the Nanjing Chemical Industrial Park with its TCX advanced technology. The modifications would add ~200,000 tons of ethanol production capacity by mid-2013, pending approvals, and would accelerate the project six to twelve months from its previous plan. The new ethanol production would increase the overall profitability of the site by enhancing the mix of products manufactured with the current capacity of certain critical raw materials available at the site. Total investment for the project is expected to be a fraction of the required capital for a greenfield facility. Celanese's TCX advanced technology combines its proprietary and industry-leading acetyl platform with advanced manufacturing technology to produce ethanol from hydrocarbon-sourced feedstocks. The co also announced it has broken ground on the previously announced technology development unit for ethanol production at its facility in Clear Lake, Texas, which is now expected to be operational by mid-2012. The co also intends to construct a new research and development facility at the Clear Lake site to continue the advancement of its acetyl and TCX technologies. Collectively, the new technology development unit and research and development facility are expected to create 50 additional technical jobs at the Clear Lake site.
4:32PM FuelCell Energy hires new CFO (FCEL) 1.46 +0.04 : Co announced the promotion of Michael Bishop to Senior Vice President, Chief Financial Officer, Treasurer and Corporate Secretary. Mr. Bishop, a Certified Public Accountant, has been with FCEL for eight years, most recently as Vice President, Controller. Mr. Bishop assumes the role of Chief Financial Officer effective today, replacing Joseph Mahler. Mr. Mahler, who was Senior Vice President, Chief Financial Officer, Treasurer and Corporate Secretary since 1998, has resigned to pursue a finance role with a privately held technology company. Mr. Mahler will remain with FuelCell Energy during a short transition period. Bishop has served as Vice President and Controller of the Co since 2007, responsible for the Co's financial reporting and accounting operations. He joined the Co in 2003 as Assistant Controller
4:31PM Universal Stainless/Alloy has signed an agreement to purchase the assets of Patriot Special Metals for $104.5 mln; expected to be accretive to earnings in Q1 of 2012 (USAP) 31.15 +2.77 : Co announced that it has signed an agreement to purchase the assets of Patriot Special Metals located in North Jackson, Ohio. Patriot Special Metals is a substantially completed greenfield facility that includes a state-of-the-art radial forge in the initial startup phase and a Vacuum Induction Melting facility which is scheduled to be completed by Universal Stainless for production in the first quarter of 2012. The facility also includes two Vacuum Arc Remelt furnaces, scheduled for a fourth quarter, 2011 startup, and related equipment for heat treating and finishing long products including trepanning. The purchase price for the assets is $104.5 million subject to certain adjustments and an additional $25 million for the completion of equipment installation. Universal will fund the initial transaction and subsequent capital requirements through a combination of internal cash, bank financing and a $20 million convertible note to the seller. The transaction is expected to close by the end of July 2011, subject to customary closing conditions including regulatory approvals and the completion of bank financing. It is expected to be accretive to earnings in the first quarter of 2012 when the facility will be fully operational.
4:18PM Hexcel common stock approved for listing on NYSE Euronext Paris (HXL) 19.99 +0.64 : Hexcel Corporation's common stock is scheduled to begin trading on Euronext on June 20, 2011. The Company's common stock will trade under the symbol "HXL" and be denominated in Euros on the Paris venue. This listing will not alter Hexcel Corporation's share count, capital structure, or current stock-listings on the New York Stock Exchange, where it also trades under the symbol "HXL."
4:16PM Rare Element reports upgrade and significant increase of rare-earth mineral resources at Bear Lodge (REE) 9.86 +0.67 : Co announce the results of an upgraded and increased NI 43-101 compliant mineral resource estimate of rare-earth elements plus yttrium contained in three deposits located in the Bull Hill area of the Bear Lodge project, Wyoming. The updated resource estimate upgrades 4.9 million tons (4.44 mm metric tonnes) to the indicated category and increases the total pounds of REO contained in the Bull Hill high-grade deposits by 20% from 1,210 million pounds (550 million kg) to 1,450 million pounds (660 million kg) at a 1.5% REO cutoff grade. The mineral resources were estimated by Ore Reserves Engineering (ORE), an independent consultant. The new resource estimate focuses on the dike sets in the Bull Hill Southwest deposit, plus the Bull Hill Northwest and the Whitetail Ridge deposit areas (Figure 1 here: http://files.newswire.ca/675/REfig1.doc). In addition, the drilling indicates significant potential for expansion of all three deposits, for discovering mineralization in the undrilled areas between the deposits, and for definition of resources in other areas, such as Bull Hill West and the Carbon REE target.
4:15PM eHealth announces stock repurchase program of up to $30 mln of the co's common stock (EHTH) 12.95 +0.16 :
4:11PM Verigy has won new GDDR5 volume production test business with its V93000 HSM platform at a Korean customer (VRGY) 14.94 0.00 :
4:06PM Uranium Resources reports the New Mexico Environment Department confirmed that its discharge plan is in timely renewal (URRE) 1.56 -0.01 :
4:06PM Rhino Resource Partners announces the acquisition of approximately 32,600 acres of metallurgical grade coal resources (RNO) 23.79 +0.19 : Co announces the acquisition of approximately 32,600 acres of metallurgical grade coal resources and associated surface rights in Randolph and Upshur Counties, West Virginia. These properties were acquired at a total acquisition cost of approximately $7,500,000. These development stage properties are unpermitted and contain no infrastructure. Rhino intends to fully explore these resources with the hope of proving up a mineable underground metallurgical coal reserve and eventually commencing production.
4:05PM Scotts Miracle-Gro lowers FY11 EPS guidance (SMG) 52.34 +0.48 : Co updated its financial outlook for fiscal 2011 to reflect the continued challenges of unfavorable weather in most of the United States. The co said it is now anticipates reporting sales in line with its performance in FY10, which equates to $3.14 bln vs. $3.04 bln Capital IQ Consensus estimates and lowers FY11 EPS guidance to $3.10 to $3.20 per share vs. $3.67 consensus, down from $3.60-3.70 prior guidance. On a YTD basis, consumer purchases of the co's products at its major U.S. retail partners are down 4 percent from a year ago. On May 3, the co announced that consumer purchases had declined during the critical March and April timeframe due to significant weather issues in much of the U.S. At the time, SMG said it could achieve its original sales and earnings outlook given a double-digit rebound of consumer activity for the balance of the year. The co said it believed a robust rebound was achievable assuming weather was favorable to lawn and garden activity. Consumer purchases have increased only 3% since that announcement. Co said, "We needed to see a double-digit increase in consumer purchases in May and June but through mid-June we are still below last year's levels in nearly every major market in the northern and western United States. Weather has been the primary driver for the shortfall all the way through May. We also were impacted by a more promotional retail landscape and changes in certain retailer strategies within the mass merchandise channel."
4:03PM Pacer Intl announced expansion of its Mexico Direct services (PACR) 4.61 +0.11 : The service which began operations on June 6, 2011, will operate five days per week, to and from the Guadalajara market, providing shippers with seamless intermodal rail service utilizing its networks with Ferromex and the Union Pacific.
4:03PM Bally Technologies reports enterprise-wide agreement with Caesars Entertainment to implement iVIEW Display Manager (BYI) 36.69 +0.92 :
4:03PM Canterbury Park Holding: Looming Minnesota state government shutdown may force Canterbury Park to suspend operations (CPHC) 13.30 +0.21 : Co reported today that it may be forced to suspend substantially all of its operations on July 1, 2011 if the current budget impasse between Minnesota's Governor and Legislature continues into July and if layoff notices recently sent to employees of the Minnesota Racing Commission which regulates Canterbury Park's gaming operations remain in effect on July 1, 2011. As regularly disclosed, Canterbury Park's live horse racing, pari-mutuel wagering and Card Casino operations are all subject to significant regulatory oversight by the MRC and its employees. These employees, along with all other state workers, have been notified that they will be laid off on July 1, 2011 unless the current budget impasse is resolved by that date. However, Canterbury management understands that employees of certain state agencies may continue to work after July 1 if a court determines that such employees work for an agency that provides "critical services." However, there can be no assurance the MRC would be deemed by a court to provide critical services. Therefore, if the current budget stalemate continues into July, unless the MRC is determined to provide critical services, the MRC's employees will be laid off on July 1 and unable to perform the significant regulatory activities which, by law, they are assigned to perform. Without such regulatory oversight, it is legally uncertain whether Canterbury could conduct live horse racing, Card Casino and other gaming operations from July 1 until the date the budget impasse ends.
4:03PM JPMorgan Chase announces organizational changes (JPM) 41.60 -0.06 : Co announced that Heidi Miller, President of its International business, will retire from the firm in early 2012. Jes Staley, CEO of the firm's Investment Bank, will assume additional responsibility for overseeing and coordinating the firm's international franchise across all of its businesses. Importantly, Jes will partner closely with the CEOs of the firm's other wholesale international businesses - Mike Cavanagh in Treasury & Securities Services and Mary Erdoes in Asset Management Separately, Charlie Scharf, CEO of Retail Financial Services, will become a Partner in One Equity Partners, the firm's private equity arm. Todd Maclin, head of the Commercial Bank, will assume additional responsibilities for the company's Retail business, including the branch network, consumer franchise, small business banking and the Chase private client business. He will continue as CEO of the Commercial Bank. Doug Petno, Chief Operating Officer of the Commercial Bank, will continue in his role reporting to Maclin. Frank Bisignano, Chief Administrative Officer and Head of Home Lending, will continue in both of these roles. Gordon Smith, CEO of Card Services, will take on responsibility for the firm's Auto Finance and Student Lending businesses, in addition to his current role.
4:02PM KEMET announced its acquisition of Cornell Dubilier Foil for $15 mln; other terms not diclosed (KEM) 13.94 +0.24 :
4:01PM Immunogen earns milestone with BAY 94-9343 IND submission; event triggers $2 mln payment from Bayer HealthCare Pharmaceuticals (IMGN) 10.89 -0.37 : Co announced that Bayer (BAYRY) HealthCare Pharmaceuticals' submission of an Investigational New Drug application for the TAP compound, BAY 94-9343, triggers a $2 million milestone payment to ImmunoGen. Under this agreement, ImmunoGen is entitled to receive milestone payments potentially totaling up to $170.5 million for each resulting product plus royalties on sales.
4:01PM Patterson Companies names Ranell Hamm Chief Information Officer (PDCO) 32.47 +0.37 : Prior to joining Patterson, she was Senior Director of Clinical Information Delivery for UnitedHealth Group (UNH).
4:01PM AVEO Pharma has commenced an underwritten public offering of shares of its common stock (AVEO) 19.08 +0.16 : Co announced that it has commenced an underwritten public offering of shares of its common stock. All of the shares in the offering are to be sold by AVEO. J.P. Morgan Securities and Jefferies & Company are acting as joint book-running managers and underwriters for the proposed offering, with Canaccord Genuity acting as co-lead manager.
4:00PM Arbor Realty Trust announces approval of share pepurchase program authorizing the co to repurchase in the aggregate up to 1.5 mln shares of its outstanding common stock (ABR) 4.17 -0.01 :
3:54PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : Continuous corn futures ended down 28 cents (or 3.5%) at $7.55/bushel, wheat fell 12 cents to close at $7.31, cont. soybeans fell 14 cents at $13.69, cont. ethanol closed down 0.03 cents to $2.75, while cont. world sugar futures closed 14% lower at 0.25 cents.
3:40PM Earnings Calendar (SUMRX) : Today after the close CLC is scheduled to report. Tomorrow before the open no companies are currently confirmed to report.
3:27PM Stock indices slip back slightly off highs -- Dow +142, S&P +17, Nasdaq Comp +41 (SPY) : Relative weakness in recent action in Oil Service OIH, Energy XLE, Finance XLF, Disk Drive, Silver SLV, Rail.
3:22PM Juniper Networks confirmed its Intrusion Detection and Prevention security systems and Integrated Security Gateway firewall/virtual private network systems with IDP offer protection for new Microsoft (MSFT) vulnerabilities (JNPR) 30.62 +0.71 :
3:18PM Motorola Mobility and Time Warner Cable (TWC) collaborate to deliver an advanced video gateway platform (MMI) 24.15 +0.88 : Motorola Mobility will be demonstrating its advanced video gateway which also acts as a high-speed multimedia hub for the home, enabling content viewing in various formats and on multiple devices more easily.
3:05PM Stock indices edge to new afternoon/session highs -- Dow +166, S&P +20, Nasdaq Comp +45 (SPY) :
2:52PM MGT Capital Investments receives NYSE Amex listing deficiency notification; co intends to submit a plan of compliance by July 8 (MGT) 0.20 0.00 :
2:52PM Senator Tom Coburn's proposal to repeal the Volumetric Ethanol Excise Tax Credit does not pass U.S. Senate (40 Yea, 59 Nay) (COMDX) : Related cos-- Fertilizer stocks (POT +2.6%, MOS +2.6%, CF +1.9%, AGU +1.7%), Seed names (MON, SYT) and farm equipment names (CNH +4.1, DE +2.0%, AGCO +1.3%), livestock producers including (SAFM, TSN, SFD, HRL).
2:49PM Raytheon acquired assets of Ktech Corporation (RTN) 49.01 +0.66 : The transaction is not expected to materially impact Raytheon's sales or earnings in the second quarter or full year 2011. Terms of the agreement were not disclosed. Located in Albuquerque, N.M., Ktech will become part of Raythe
2:42PM Stock indices holding slightly below afternoon/session highs -- Dow +162, S&P +18, Nasdaq Comp +42 (SPY) : Intraday support for the S&P is at 1287/1286 followed by 1283/1282. A continued posture above these levels would not inflict any chart damage to the trending action off yesterday's low that has developed thus far. The next resistance of note is at 1294/1296 (session high 1291.85) which marks the April low/38% retrace of the June slump.
2:37PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled higher by $2.07 to $99.37, natural gas closed down 6 cents to $4.58, RBOB gasoline rallied for 7 cents to finish at $3.03, while heating oil shed 0.2 cents to end at $3.12 (all July contracts).
1:59PM Lockheed Martin Space Systems unit to eliminate ~1,200 positions (LMT) 79.81 +0.91 :
1:54PM DTE Energy received approval from San Joaquin Valley Air Pollution Control District to convert an existing coal-fired power plant at the Port of Stockton to operate on biomass fuel (DTE) 50.04 +0.37 :
1:45PM IVAX Diagnostics confirms that its policy is not to comment on unusual market activity (IVD) +0.93 +0.25 :
1:41PM Michael Baker unit awarded IDIQ contract by South Carolina Air and Army National Guard (BKR) 25.67 +0.50 : The terms of the IDIQ contract include one base year valued at $2 mln with four option years valued at up to $2 mln per year.
1:40PM ConAgra announced the purchase, effective June 9, of the Marie Callender's brand trademarks for a price of $57.5 mln (CAG) 24.46 +0.15 :
1:39PM Fundtech comments on news articles; confirmed that it is in preliminary discussions regarding potential transactions (FNDT) 18.60 +1.20 : Co confirmed that it is in preliminary discussions regarding potential transactions. Co is regularly involved in discussions with parties regarding potential transactions, including potential acquisitions and other business combination transactions, and is having discussions of this kind at this time. One of the transactions currently being discussed is a merger transaction with a company based in the United States of America. In addition, co was recently approached by a multinational corporation to express its interest in entering into a transaction to acquire the company. No agreement has been reached regarding a transaction and there can be no assurances that any transaction will result from the current preliminary discussions, or whether any such transaction would be structured as a cash or stock acquisition. If these discussions result in an agreement regarding a transaction, there can be no assurances that any transaction will be completed. Co does not intend to make any additional comments regarding this matter unless and until a formal agreement has been reached or it is otherwise required to make an announcement.
1:31PM COMEX Metals Closing Prices (COMDX) : August gold finished higher by $8.80 to $1524.40, July silver gained 68 cents to end at $35.42, while July copper closed up a peny to $4.16.
1:21PM American Science & Engineering Receives First NATO C3 Agency Order for the Z Backscatter Van (ZBV) (ASEI) 77.99 +0.46 : Co received order from NATO Consultation, Command and Control Agency (NC3A) for its first Z Backscatter Van (ZBV) X-ray screening system. NATO will add the ZBV to its comprehensive arsenal of AS&E cargo, vehicle, parcel, and personnel screening systems currently deployed at checkpoints. NATO has successfully deployed AS&E's OmniView Gantry, Z Portal, SmartCheck, and Gemini systems at multiple checkpoints.
1:21PM Vringo entered into a agreement with its primary lenders, pursuant to which the lenders will forgive ~$1.4 mln of their outstanding loans to Vringo (VRNG) 1.52 +0.03 :
1:18PM Clean Energy Fuels contracts with Fair Oaks Dairy affiliate to build & operate a new natural gas fueling station (CLNE) 13.08 +0.41 :
1:15PM New highs in silver at $35.47; now up 70 cents to $35.43 (COMDX) :
1:15PM S&P +18 and Nasdaq Comp +40 hovering just under session highs, Dow +147 sets fresh session high (SPY) : Relative sector strength in recent action has been noted in: Silver SLV, Health XLV, Materials XLB. Finance XLF and Semi SMH have lagged as they did not move to new highs with the stock indices.
1:14PM Generac and EcoMotors agree to engine development partnership (GNRC) 18.10 +0.20 : Cos announced an agreement to jointly develop the revolutionary EcoMotors opoc engine for Generac products. The agreement is designed to enable Generac to apply the opoc technology to its market-leading range of residential, commercial and industrial power generation solutions.
1:05PM APAC Cust Svc announced that Greg Carr has joined as SVP, CMO and Chief Sales Officer (APAC) 5.55 +0.09 : Carr joins APAC from Alorica/PRC, where he was senior vice president of sales and marketing.
1:04PM Crude oil ticks to fresh highs at $99.25; now up $1.88 to $99.18 (COMDX) :
1:01PM Canadian Natl Rail announced that construction of its new Calgary Logistics Park will start this summer (CNI) 75.92 +1.07 : Co announced that construction of its new Calgary Logistics Park, an investment of approximately C$200 million, will start this summer with target completion by year-end 2012. The project was first announced in February 2010.
12:43PM Isle of Capri enters into option agreement to sell one of two Lake Charles riverboats (ISLE) 8.14 +0.23 :
12:12PM Garmin unit to acquire privately held navigation provider Navigon; financial terms of the transaction will not be released (GRMN) 32.84 +0.29 :
12:02PM Stock indices edge back toward morning highs -- Dow +132. S&P +16.6, Nasdaq Comp +40 (SPY) : Relative sector strength in recent trade has been noted in Finance XLF, Reg Bank, Retail XRT, Copper JJC, Medical Supplies, Silver SLV, Technology XLK, Semi SMH.
12:01PM Breitburn Energy signed a definitive agreement to acquire oil properties in Niobrara County, Wyoming for $58.1 mln (BBEP) 20.63 +0.42 :
11:58AM Crude pops to fresh highs at $98.76; now higher by $1.32 to $98.62 (COMDX) :
11:55AM Dr. Reddy's confirms its chemical manufacturing facility at Cuernavaca, Mexico receives warning letter from USFDA (RDY) 34.76 +0.14 : Co confirmed that Industrias Quimicas Falcon de Mexico SA de C.V. (Dr. Reddy's chemical manufacturing facility at Cuernavaca, Mexico), a wholly owned subsidiary of Dr. Reddy's Laboratories Limited, has received a four item Warning Letter from FDA. (see 9:26 comment)
11:42AM Color on corn sell-off and Senator Coburn's move to end ethanol subsidies; Corn futures currently down the exchange limit (-30 cents or -3.8%) at $7.53/bushel (see 11:03 comment) (COMDX) : Oklahoma Senator Tom Coburn forced a procedural vote in the U.S. today in an attempt to repeal the Volumetric Ethanol Excise Tax Credit. Coburn will need the necessary 60 votes today to get his proposal passed. The Volumetric Ethanol Excise Tax Credit (a.k.a. blenders credit) is the $0.45 credit given for every gallon of pure ethanol blended into gasoline... The events are currently ongoing in the Senate. Stocks affected include Fertilizer stocks (POT +2.6%, MOS +2.6%, CF +1.9%, AGU +1.7%), Seed names (MON, SYT) and farm equipment names (CNH +4.1, DE +2.0%, AGCO +1.3%), livestock producers including (SAFM, TSN, SFD, HRL).
11:31AM J. C. Penney confirms it named Ron Johnson as next CEO, effective November 1; will join Board of Directors on August 1 (JCP) 32.64 +2.55 : Johnson served for the past 11 years as senior vice president of retail at Apple (AAPL) where he led its retail strategy. As a demonstration of his confidence in J. C. Penney's long-term potential, Mr. Johnson requested and has committed to make a personal investment of $50 million in the Company through the purchase, at fair market value, of 7 1/2-year warrants on 7.257 million shares of J. C. Penney Company stock. ... Myron Ullman will become executive Chairman.
11:30AM Sara Lee provided update on spin-off at Deutsche Bank Global Consumer Conference (SLE) 18.81 +0.13 : Jan Bennink, executive chairman, and Marcel Smits, chief executive officer, both noted that the separation is progressing well, with key work underway to realize cost-saving opportunities and address new company structures. Bennink also stated that the decision had been made for Sara Lee to spin off its International Coffee and Tea business, rather than spinning off the North American business... In addition, Sara Lee provided an update on the sale of its North American Fresh Bakery business to Grupo Bimbo. The company said Grupo Bimbo has had substantive discussions with the Department of Justice and is working with them to agree upon potential remedies. Sara Lee believes that the transaction will close in early fiscal year 2012.
11:30AM TeleComm Sys receives Four U.S. patents for advancements in mobile location technology and applications (TSYS) 4.60 +0.13 :
11:22AM Metals USA's Metals USA entered into four year agreement with Lakeside Steel to provide steel slitting and warehousing services (MUSA) 14.68 +0.28 : Pursuant to the agreement, Metals USA will construct a rail serviced, state of the art slitting and warehousing facility adjacent to Lakeside's pipe mill in Thomasville, Alabama. The adjacent facilities will promote efficiencies for both parties.
11:09AM Heritage Commerce Corp. announces regulators lift written agreement (HTBK) 4.92 -0.12 : Co announced that as a result of the continual improvement of the financial condition of the Company and its banking subsidiary Heritage Bank of Commerce over the past 16 months, the Federal Reserve Bank of San Francisco ("FRB") and the State of California Department of Financial Institutions issued a joint order terminating the regulatory written agreement entered into on February 17, 2010, among the Company, the Bank, the FRB and the DFI. Effective immediately, the Company and the Bank will no longer be subject to the terms and conditions of the Written Agreement.
11:09AM Stock indices edge back slightly off morning highs -- Dow +126, S&P +15, Nasdaq Comp +38 (SPY) : Some relative sector weakness in recent trade has been noted in Finance/Bank, Housing XHB, Energy XLE, Gold Miners GDX, Ag/Chem MOO, Materials XLB, Coal KOL.
11:03AM Corn futures sold off at the open, dropping ~4.3% to $7.53/bu on news that Senator Tom Coburn has forced a procedural vote to end the 45 cent ethanol subsidy (COMDX) :
11:02AM Univ Elec announced that Cox Communications has selected UEI to supply their next generation universal remote control (UEIC) 24.95 +0.41 :
10:34AM PennantPark Floating Rate Capital declares its first monthly distribution for June 2011 of $0.05 per share (PFLT) 12.83 +0.03 :
10:28AM Minor new highs across the board for the stock indices -- Dow +130, S&P +16, Nasdaq Comp +36 (TECHX) :
10:15AM Trimas' NI Industries signed advanced manufacturing development agreement with Solidica (TRS) 20.77 +0.52 : The agreement establishes a pilot manufacturing line for DuraTi. NI Industries will lead the development of the manufacturing parameters and processes.
10:14AM Converted Organics confirms shareholders authorized the Board to consider a reverse stock split (COIN) 0.15 +0.01 :
10:11AM WPCS Intl announced that it has received approximately $7.4 million in new contracts (WPCS) 2.40 +0.07 :
10:08AM Crude to new highs at $98.19; now up 86 cents to $98.15 (COMDX) :
10:07AM Seeing some limited intraday relative weakness off morning highs in finance/banks in recent trade (TECHX) : C, COF, BAC, JPM, AIG, ALL, USB, AXP.
10:02AM CenterPoint unit announced the start of a non-binding open season to gauge market interest in an expansion to support western Oklahoma production growth for delivery to markets in Oklahoma (CNP) 18.74 +0.02 :
10:02AM General Dynamics entered into a definitive agreement to acquire Fortress Technologies; expected to be accretive in 2012 (GD) 70.53 +0.89 : Co has entered into a definitive agreement to acquire Fortress Technologies, a provider of secure wireless networking equipment for the U.S. military and other government customers. The value of the cash transaction, which is expected to be accretive to General Dynamics' earnings beginning in 2012, has not been disclosed. The acquisition has been approved by the boards of directors of both companies and is subject to normal regulatory review. General Dynamics expects the transaction to be completed in the third quarter of 2011.
9:59AM Crude oil ticking back towards highs at $98.06; now up 70 cents to $98 (COMDX) :
9:53AM Relative Sector Performance (TECHX) : Sectors that are outperforming the S&P on a relative basis include: Energy XLE, Housing XHB, Retail XRT, Copper JJC, Solar TAN. Underperforming sectors in recent trade include Biotech IBB, Health XLV, Telecom IYZ, Utility UTIL, Coal KOL, Gold Miners GDX.
9:51AM Opening Point Gainers/Losers (TECHX) : Point Gainers: SINA (+5.13), BIDU (+4.27), AAPL (+3.99), CBRL (+3.14), FSLR (+3.16), HOC (+2.96), WLT (+2.78), CMI (+2.57), SOHU (+2.38), FOSL (+2.12)
9:47AM Sify Technologies Ltd with Fortinet (FTNT) to roll out virtualized network security services on its entire range of IaaS offerings (SIFY) 4.42 +0.18 : Fortinet announced that it has partnered with Sify Technologies to enable the latter to immediately roll out an on-demand security solution to their cloud computing customers and its Clean Connect service.
9:47AM Minor new session highs for major averages -- Dow +114, S&P +14, Nasdaq Comp +28 (SPY) :
9:38AM Strong start for stock indices amid broad based participation -- Dow +95, S&P +12.3, Nasdaq Comp +26 (SPY) : S&P quickly sprints to second level resistance noted in The Technical Take at 1283/1284 (2668/2675 Nasdaq Comp level tested as well). Top performing sectors include: Disk Drive +3.4%, Solar TAN +2.3%, Coal KOL +2.2%, Oil Service OIH +2%, Energy XLE +1.8%, Retail XRT +1.8% (BBY +6.8%), Computer-Hardware +1.8%, Housing XHB +1.6%.
9:37AM EDAP TMS SA secures market clearance for its Sonolith Lithotripters in Asian markets (EDAP) 3.63 +0.43 : Co announced the approval of its Sonolith i-move lithotripter by the Japanese Health Authorities allowing for the marketing of EDAP's innovative Sonolith i-move lithotripter in the Japanese territory. EDAP also announced today the approval of its Sonolith? i-sys high-end integrated lithotripter in Taiwan.
9:31AM Abbott Labs receives FDA approval for CREON (Pancrelipase) infant-specific dosage for patients with exocrine pancreatic insufficiency due to cystic fibrosis (ABT) 51.48 +0.08 : The CREON 3,000 units of lipase capsule provides the lowest dosage strength in the class approved by the FDA. This new option will enable more precise dosing titration in accordance with the Cystic Fibrosis Foundation guidelines for infant dosing.
9:30AM pSivida announces Phase I/II clinical study evaluating Bioerodible, sustained release Latanoprost device in Ocular hypertension and glaucoma (PSDV) 4.15 +0.25 : Co announced the commencement of a Phase I/II clinical trial studying a new bioerodible drug delivery implant for the treatment of glaucoma and ocular hypertension. The implant is designed to provide long-term, sustained release of latanoprost, the most commonly prescribed agent for reduction of intraocular pressure in patients with ocular hypertension and glaucoma worldwide. The product candidate is a new, compact drug-delivery implant based on the co's Durasert technology system. The new study is a dose-escalating study designed to assess the safety and efficacy of the implant in patients with elevated intraocular pressure. If successful, pSivida plans to advance the product into a multi-center Phase II trial. The insert is being developed under the recently amended Research and Collaboration Agreement with Pfizer (PFE).
9:30AM Reed's has gained expanded distribution into more than 350+ Stop & Shop supermarket locations (REED) 2.09 +0.04 : Stop & Shop, a division of Royal Ahold, agreed to authorize 6 Reed's and Virgil's skus to be merchandised in the main beverage aisle of all stores. Distribution into the stores begins immediately and should be on shelf before the end of June 2011.
9:25AM Navios Maritime unit signs 15-Year Charters With Petrobras (PBR) for Cabotage Vessels (NM) 4.92 : CO announces that it has signed 15-year charter contracts with Petrobras for six product tanker vessels to further expand Navios Logistics cabotage business in Brazil. Navios Logistics anticipates generating ~$590 mln of EBITDA from these contracts. The required delivery date commences in 2014 and ends in 2017.
9:21AM Mechel Steel reports accident at Southern Urals Nickel Plant's roasting workshop (MTL) 26.43 : Co reports an accident at the roasting workshop's electric furnace #2 in Southern Urals Nickel Plant, which is part of Mechel Group. Repairs at the furnace #2 will take about 10 days to complete and are estimated to cost approximately 700,000 rubles. The accident will not impact the plant's plans for production in June and for this year as a whole
9:21AM On The Wires (WIRES) :
* Canon (CAJ) has added the LV-8320 to its line of affordable high-performance portable multimedia LCD projectors. * Brown & Brown (BRO) and principals of Corporate Benefit Consultants, located in Durham, Connecticut, announced that Brown & Brown of Connecticut,a subsidiary of Brown & Brown, has acquired certain assets of Corporate Benefit Consultants. * SolarCity and Google (GOOG) announced the creation of a new $280 mln fund to finance residential solar projects. The fund is SolarCity's largest project financing fund and the largest residential solar fund created in the U.S. SolarCity has now created 15 project funds with seven different partners to finance $1.28 bln in solar projects. Telvent (TLVT) announced that Singapore PowerGrid selected to work with Telvent on implementing the next generation of GIS and outage management technology. * Cardinal Health (CAH) opened its first cyclotron facility in the state of Georgia, further expanding its nationwide capability to manufacture molecular imaging biomarkers that aid in the early diagnosis, monitoring and treatment of cancer, neurological disorders and heart disease. * Deutsche Bank's (DB) Global Transaction Banking Division today announced that its Trust & Securities Services unit will expand the brokerage services offered by Deutsche Bank Securities to create dbRemarket, a service that will provide investors with a transparent way of effecting the purchase or sale of holdings in private equity and hedge funds in the secondary market. The dbRemarket service was launched on June 14, 2011. * Enstar Group (ESGR) announced that it has entered into a new three-year $250 mln revolving credit facility. * Mannatech (MTEX) officially opened office headquarters last Saturday in four new countries across central and eastern Europe, including the Czech Republic, Estonia, Finland and the Republic of Ireland.
9:20AM HEICO increases semi-annual cash dividend 25% $0.06 from $0.048 per share (HEI) 51.56 :
9:17AM Charm Communications acquires a 60% stake in privately-held ClickPro in all cash transaction (CHRM) 11.75 : CO announces that it has acquired a 60% stake in privately-held ClickPro, a Chinese performance and search engine marketing firm with proprietary technology and full-service capabilities, through an all-cash transaction expected to close in the third quarter of 2011. The newly acquired group will strengthen co's performance marketing platform by integrating with co's existing search and performance marketing business, to form Charm's fourth major brand, Charm Click.
9:15AM Cloud Peak Energy agrees to terms for terminal capacity (CLD) 19.51 : Co announces announced it has agreed with Westshore Terminals Limited Partnership on terms for the shipment of coal through the Westshore Terminal in Vancouver BC for a period of ten years, which will commence in 2013 when the current contract ends. A definitive agreement embodying these terms will be concluded by the parties. The commercial terms are confidential.
9:09AM China Valves Tech receives purchase orders for Tibet Pangduo hydro project and south-to-north water diversion project (CVVT) 2.91 : Co announced that one of its subsidiaries, China Valve Technology, received purchase orders for the Tibet Pangduo Hydro Project and South-to-North Water Diversion Project worth several million USD in total. The Company expects to deliver these orders in July 2012 and October 2011, respectively.
9:08AM pSivida and Pfizer (PFE) amend agreement to focus solely on development of sustained-release implant to deliver latanoprost for ocular hypertension and glaucoma (PSDV) 3.90 : Co announced it amended and restated its Research and Development Agreement with Pfizer to focus solely on the development of a long-term, sustained-release implant to deliver latanoprost for patients with ocular hypertension and glaucoma. The proposed implant is a bioerodible version of pSivida's proprietary Durasert technology system and is designed to be injected into the subconjunctival space of the eye. Under this revised agreement, Pfizer will make an initial payment of $2.3 mln. pSivida will, with technical assistance from Pfizer, have the right to develop the glaucoma product candidate through Phase II clinical trials. At that point, Pfizer may exercise its option for an exclusive, worldwide license to develop and commercialize the product candidate in return for a $20 mln payment, double-digit royalty payments on any sales of the product and additional development, regulatory and sales performance milestone payments of up to $146.5 mln. If Pfizer does not exercise its option, pSivida will retain the right to develop and commercialize the glaucoma product on its own or with a partner. As part of the amended agreement, pSivida regains all rights to its intellectual property in ophthalmic applications previously included in the original Research and Collaboration Agreement other than that required for the latanoprost implant.
9:08AM Navios Maritime Acquisition announces delivery of new building VLCC vessel (NNA) 3.68 : announces that the Shinyo Kieran, a VLCC vessel of 297,066 dwt, was delivered on June 8, 2011 from a Chinese shipyard to Navios Acquisition's owned fleet. The vessel is chartered out for 15 years at a net rate of $48,153 per day with profit sharing. Time Charter Coverage Currently, Navios Acquisition has contracted 90.1% and 57.4% of its available days on a charter-out basis for 2011 and 2012, respectively.
9:08AM Gold, silver drop to fresh lows (COMDX) :
* Gold now down 30 cents to $1515.10. * Silver off 23 cents to $34.51.
9:04AM Micromet announced the appointment of Ulrich Grau as Executive Vice President, Chief Operating Officer, effective as of today (MITI) 5.46 :
9:03AM Tri-Tech Holding unit have acquired the operating assets of J&Y International; purchase price is an amount up to $1.5 mln to be paid in up to four installments of cash and Tri-Tech stock (TRIT) 6.88 : Co announced that its subsidiaries have acquired the operating assets of J&Y International. The acquisition closed effective as of June 9, 2011. The purchase price is an amount up to $1.5 mln to be paid in up to four installments of cash and Tri-Tech stock, subject to an earn-out purchase price payment to be made based upon the earnings before interest, taxes, depreciation and amortization of the J&Y business through December 31, 2012.
9:03AM Quantum has acquired Pancetera Software; expected to be accretive to operating profit by the end of the current fiscal year (QTM) 2.95 : The $12 million transaction consisted of $8.4 million in cash and $3.6 million in Quantum common stock (approximately 1.2 million shares), and is expected to be accretive to operating profit by the end of the current fiscal year. The acquisition of Pancetera supports Quantum's goal of driving increased total revenue, and the company expects it to contribute to fiscal 2012 revenue growth by broadening the company's DXi solution set. The transaction is anticipated to increase Quantum's quarterly non-GAAP expenses by approximately $1 million, primarily in research and development. By the end of fiscal 2012, the company expects the acquisition to be accretive to operating profit.
9:02AM Agree Realty has acquired a retail property net leased to Advance Auto Parts in Marietta, Georgia (ADC) 20.71 : Co announces it has acquired a retail property net leased to Advance Auto Parts in Marietta, Georgia. The cost of the acquisition was approximately $1,335,000. The store opened for business in April 2011. The base term of the lease is 15 years.
9:02AM Comcast and Skype confirm agreement to bring a HD video calling to the television (CMCSA) 23.71 : Co and Skype announced that the companies have entered into a strategic partnership that will enable Comcast customers to communicate with family and friends through HD video calling on their television. They will soon be able to make and receive Skype video calls from their television, whether their friends and family use Skype on their home TVs, PCs, compatible smartphones or tablets.
8:55AM Citizens Rep Bancorp announces 1-for-10 reverse stock split (CRBC) 0.70 : Co announces a 1-for-10 reverse stock split of co's common stock. Co anticipates the reverse stock split will be effective after the close of trading on July 1, 2011 and that Citizens common stock will begin trading on a split adjusted basis on The NASDAQ Capital Market at the opening of trading on July 5, 2011.
8:53AM Gold momentarily falls into negative territory and to its lowest levels at $1514.30; now higher by 60 cents to $1516.20 (COMDX) :
8:51AM On The Wires (WIRES) :
* Autoliv (ALV) presented the test results of the co's latest innovation. It is an expandeble roof pillar for the windshield that is three times thinner than a traditional windshield pillar in order to enhance the driver's field of view and reduce weight. In addition, the risk of roof intrusion is reduced. * Euroseas (ESEA) announced that its joint venture company, Euromar, signed a memorandum of agreement to purchase the M/V MATE, a geared containership of 35,600 dwt and 2,788 twenty foot equivalent units built in 2004 in Poland.
8:47AM Charles Schwab reports monthly activity highlights for May; says net new assets brought to the company by new and existing clients in May 2011 totaled $9.4 bln (SCHW) 16.00 : Co reported monthly activity for May, including: 1) Net new assets brought to the company by new and existing clients in May 2011 totaled $9.4 billion; 2) Total client assets were $1.67 trillion as of month-end May, up 18% from May 2010 and down 1% from April 2011; and 3) Client daily average trades were 395.9 thousand in May 2011, down 23% from May 2010 and down 9% from April 2011.
8:46AM Graham Packaging receives proposal of $25 per share; this would constitute superior proposal for its acquisition by Reynolds Holdings Group (GRM) 25.63 : Co announces that it has received a proposal for its acquisition by Reynolds Group Holdings at a price of $25 per share in cash. Reynolds intends to fully finance the payment of the purchase price through fully negotiated financing commitments and cash on hand at Reynolds. The definitive terms and conditions of the proposal have been fully negotiated by Reynolds and GRM. The board of directors has concluded that this proposal would, if consummated, constitute a superior proposal as compared to the pending transaction with Silgan Holdings (SLGN). Silgan has the right to adjust the terms of the agreement to make a responsive offer prior to the expiration of such three business day period.
8:45AM Orbit Intl's Power Group receives new $693,000 order for power supply used in oil and gas exploration (ORBT) 4.69 : Co announces that its Power Group, through its Behlman Electronics subsidiary, received a new order valued at $693,000 for a power supply used in oil and gas exploration. This is Behlman's third order for this power supply in 2011, bringing aggregate orders for this unit to $1,155,000. Deliveries are expected to commence in the third quarter of 2011 and continue through the fourth quarter of 2012.
8:44AM ZBB Energy reports registered direct offering with several investors to sell a total of 2,780,439 shares; shares will be sold for a per share purchase price of $0.82 (ZBB) 0.92 : Co announced that it has entered into a securities purchase agreement for a registered direct offering with several investors to sell a total of 2,780,439 shares of common stock, for gross proceeds of $2,279,960 before deducting placement agent fees and estimated offering expenses. The shares will be sold for a per share purchase price of $0.82. MDB Capital Group, acted as the placement agent for this offering. ZBB also entered into stock purchase agreements with certain members of its board of directors, officers and advisors providing for the sale of a total of $247,500 of shares of common stock for a price per share equal to $0.92.
8:44AM Uranium Energy signs first multi-year sales contract (UEC) 2.99 : Co announces that it has secured its first multi-year uranium sales contract. The sales contract provides for the delivery of 300,000 pounds of U3O8 over a period of three years starting in August 2011 from its Hobson processing facility, with the price to be based on published market price indicators at the time of delivery.
8:42AM On The Wires (WIRES) :
* Rosetta Genomics (ROSG) announced the signing of an exclusive marketing agreement with PACE Claims Services to provide educational and marketing services on behalf of Rosetta Genomics' miRview meso diagnostic test to defendants and insurers in mesothelioma legal cases worldwide. PACE is a wholly-owned subsidiary of Navigant Consulting(NCI) and is the market leader in asbestos claims administration. * Polycom (PLCM) announced the new Polycom UC Intelligent Core software release. * Group 1 Automotive (GPI) announced that it acquired the Shamaley Ford and Shamaley Buick-GMC dealerships in El Paso, Texas. The dealerships are expected to generate $190.0 mln in total estimated annual revenues. * EnerNOC (ENOC) announced that Ahold USA will deploy EfficiencySMART Insight, EnerNOC's web-based enterprise energy efficiency solution, in the majority of its Stop & Shop, Giant Food of Maryland, and Giant/Martin's grocery stores. * Porton Group has been closely monitoring, with much interest, the public reaction that followed the significant amount of press regarding 3M's (MMM) UK High Court breach of contract case. Porton's CEO said, "3M's feeble initial public defense of 'buyer's remorse' utterly conflicts with their own marketing material which even today remains on their website."
8:42AM Crude oil testing overnight highs at $97.78; currently higher by 30 cents to $97.60 (COMDX) :
8:34AM Whitestone REIT enters into new revolving credit facility (WSR) 12.84 : Co announces that it has closed on a new $20 million unsecured revolving credit facility with Harris Bank. The facility is expandable to $75 million and matures two years from closing, with a 12 month extension available upon lender approval. The Company will use the new facility for general corporate purposes, including acquisitions and redevelopment of existing properties in its portfolio.
8:34AM Capstead Mortgage increases Q2 dividend to $0.48 per share from $0.41 per share (CMO) 13.29 :
8:32AM United Stationers elects Khan as Senior Vice President and CFO (USTR) 33.13 : Mr. Khan succeeds Victoria Reich, who announced her planned departure from the company in November 2010 and has remained in her role to support a smooth transition.
8:29AM Crude oil now trading near flat line; currently of 20 cents to $97.10 (COMDX) :
8:17AM On The Wires (WIRES) :
* Veeco Instruments (VECO) announced that Taiwan-based Formosa Epitaxy and its Chinese affiliate, Jiangsu Canyang, have placed a multi-unit order for Veeco's recently released TurboDisc MaxBright Multi-Reactor MOCVD System for production of high-brightness light-emitting diodes. * Penson Futures, a unit of the Penson Worldwide (PNSN) group of companies announced today that it now offers customers access to MetaTrader 4, one of the most popular FX trading platforms, as part of Penson Futures' retail FX solutions. * Harmonic (HLIT) announced that SRG SSR, the largest electronic media organization in Switzerland, has selected a combination of Harmonic's multifunction video encoders, stream processing solutions, and management tools to power its new HDTV services. * Accenture (ACN) will help CF Industries Holdings to implement a management and information platform to increase operational excellence and information flow across CF Industries' businesses. * Trex (TREX) announced that it has expanded its original September 2010 licensing agreement with Syracuse, Ind.-based Poly-Wood, Inc., to develop and market additional categories of stylish and comfortable outdoor living furniture. * Precision Castparts (PCP) has agreed to acquire the rings operations of Unison Engine Components from GE Aviation, an operating unit of GE (GE). The transaction is expected to be completed late in the first quarter of fiscal 2012, after which the results of Tru-Form will be reported as part of PCC's Forged Products segment. * Science Applications International (SAI) announced it has been awarded a delivery order to support the U.S. Air Force Deputy Chief of Staff for Operations, Plans and Requirements, Strategic Plans and Policy Division by providing professional and information technology services in support of AF national security initiatives. The delivery order has a five-year period of performance and a total value of more than $89 mln. * NXP Semiconductors N.V. (NXPI) announced a new family of small-signal MOSFETs delivering breakthrough low RDS performance. * Spansion (CODE) announced a collaboration with Texas Instruments (TXN) and Dave, a system design company in Italy, to bring high performance and interactivity to home automation and industrial controls. * Symmetricom (SYMM) and Telco Systems announced that Telco Systems has implemented Symmetricom's embedded solution that supports IEEE 1588v2 PTP standard for their mobile backhaul applications. * EnteroMedics (ETRM) announced that updated weight loss data from clinical studies of the Company's VBLOC vagal blocking therapy delivered via the Maestro Rechargeable System will be presented at the Annual Meeting of the American Society of Metabolic and Bariatric Surgeons. * Power-One (PWER) and Zentrum Mikroelektronik Dresden announced that they entered into a non-exclusive, worldwide, Field of Use agreement for Digital Power Technology patents from Power-One. * SinoHub (SIHI) announced that it has rescheduled its Annual Meeting of Stockholders, originally scheduled for 10:00 a.m. Shenzhen China local time on June 23, 2011, to 10:00 a.m. Shenzhen China local time on July 13, 2011 in order to give it more time to solicit additional proxies in support of the proposals to come before the meeting.
8:12AM DuPont reaffirms sales and pre-tax operating margin growth guidance through 2015 for the Agriculture & Nutrition reporting segment (DD) 49.50 : Dupont will confirm its seed business, Pioneer Hi-Bred, shows strong early financial results through volume gains and price improvements for this season during today's Deutsche Bank Global Industrials and Basic Materials Conference. "The fundamentals of agriculture remain solid. Last December, DuPont announced its expectations for sales and pre-tax operating margin growth through 2015 for the Agriculture & Nutrition reporting segment, which included the seed, crop protection and nutrition and health businesses. Those expectations remain unchanged as these businesses, in the aggregate, are expected to deliver sales at a compounded annual growth rate of 8 to 10% from 2010-15 and increase pre-tax operating margins in the range of 19 to 21% in the same time period." As part of a product pipeline update, Schickler noted regulatory approval and commercialization plans for Optimum GAT soybeans are delayed by Monsanto's actions, which are preventing the regulatory review of the stack.
8:07AM Best Buy beats by $0.02, beats on revs; reaffirms FY12 EPS, revs guidance (BBY) 28.82 : Reports Q1 (May) earnings of $0.35 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.33; revenues rose 1.4% year/year to $10.94 bln vs the $10.7 bln consensus and included a modest comparable store sales decline of 1.7% YoY. Within the Domestic segment, areas of comparable store sales growth included mobile phones, mobile computing (including tablets), eReaders, appliances and services. The online channel was key in driving growth, delivering a 12% revenue increase in the Domestic segment during the quarter. These sales gains were offset by declines in television, digital imaging, and physical media. Growth in the International segment was led by the continued strong performance of the Five Star business in China, which delivered comparable store sales gains during the period, while Europe and Canada each had modest comparable store sales declines. Total co gross profit dollars declined 1% during the quarter, with the Domestic segment gross profit declining 3%, largely offset by International segment growth of 6%. The Domestic segment gross profit dollar decline was primarily driven by a rate decline of 60 bps. The primary factors influencing the rate included: increased promotions to drive improved revenue, industry-wide product supply interruptions of digital imaging products due to the events in Japan, higher transportation costs, and the impact of lapping a large annual vendor rebate that occurred in fiscal first quarter 2011. Partially offsetting these factors was the continued favorable mix impact from the strong growth of mobile phones. Co reaffirms guidance for FY12, sees EPS of $3.30-3.55 vs. $3.46 Capital IQ Consensus Estimate; sees FY12 revs of $51.0-52.5 bln vs. $51.82 bln Capital IQ Consensus Estimate. During the first quarter of fiscal 2012, the co repurchased $505 million, or 16.6 million shares of its common stock at an average price of $30.43 per share. The co has ~$800 mln remaining capacity under its existing share repurchase authorization as of the end of the fiscal first quarter
8:06AM Dejour Enterprises reports Q1 revenues of $1.355 mln compared to $1.135 mln in prior year; operating loss of $0.02 per share compared to a loss of $0.03 in prior year (DEJ) 0.35 :
8:06AM China Intelligent Lighting has determined to affirm decision of Amex Staff to delist common stock from the Exchange (CIL) 2.12 : The Company does not believe that its common stock is currently eligible to be quoted on the OTC Markets Group after delisting from the Exchange. When, and if, the Company is able to file its delinquent reports and become current in its periodic filing obligations, the Company's common stock may become eligible for quotation; however, there can be no assurance that the Company's common stock will ever be, or be eligible to be, quoted.
8:05AM American Lorain signed sales agreement with Shandong INZONE Malls to sell Lorain products to 19 supermarkets managed by INZONE (ALN) 1.36 : According to the agreement, American Lorain will be directly supplying the INZONE supermarkets with 16 kinds of products, including lunch boxes, beans, frozen vegetables and french fries.
8:05AM Cinedigm Digital Cinema announced that Warner Bros. Entertainment has entered into an agreement to license Cinedigm's Theatrical Distribution System (CIDM) 1.78 : Co announced today that Warner Bros. Entertainment has entered into an agreement to license Cinedigm's Theatrical Distribution System to serve as the platform for WBEI's application to manage key aspects of WBEI's theatrical distribution to its domestic territories. Application functionality is expected to include release planning, booking, print management, revenue accruals, settlements, payments and reporting. Cinedigm expects that implementation will be completed by fall 2011.
8:04AM China HGS signs another residential-apartment bulk-purchase agreement worth $9.2 mln (HGSH) 2.48 : The Agreement covers the entire Tower B3 of the Company's "Mingzhu Beiyuan" project, which is comprised of a total of 112 residential-apartment units and is located in downtown Hanzhong. The contracted project is expected to be completed and delivered to the Purchaser within two and a half years after the date of the Agreement, according to the timeline set forth in the Agreement. The total price of the Agreement is RMB 60 million (~$9.2 million), with an average sales price of RMB 309 per square foot (approximately $47.50 per sq. ft.). According to the Agreement, the Hanzhong Municipal Bureau of Justice has agreed to make an initial payment of RMB 100,000 (~$15,385) for each apartment unit within 10 days of the date of the Agreement and make an additional payment to China HGS by the end of August 2011, raising its total payment to 50% of the total price (RMB 30 million, or ~$4.6 million). Upon due payment of the contract price as agreed in the Agreement, China HGS is required to complete the project design, obtain the necessary approvals, and perform the related preparation work within three months of the date of the Agreement.
8:03AM Micronetics Wireless has been awarded a follow-on production contract, valued at ~$3.7 mln, from U.S. DoD prime contractor (NOIZ) 4.38 : Co announced that it has been awarded a follow-on production contract, valued at ~$3.7 mln, from a leading U.S. Department of Defense (DoD) prime contractor for the supply of high performance broadband microwave subsystems. Hardware deliveries are targeted for completion over a 12-month time period beginning in Micronetics' FY2012 second quarter. In addition, the co expects to see potential follow-on and derivative orders that could reach $20 mln over the next several years.
8:03AM Neuralstem updates ALS Clinical Trial Progress; trial's Safety Monitoring Board has unanimously approved advancing the trial to transplantions in cervical region (CUR) 1.15 : Co updated the progress of its ongoing Phase I human clinical trial of its spinal cord stem cells in the treatment of ALS at Emory University. The company announced that, after reviewing the safety data from the first twelve patients, all of whom received injections in the lumbar region of the spine only, the trial's Safety Monitoring Board has unanimously approved advancing the trial to transplantions in cervical region. The next three patients, all of whom are ambulatory, will each receive five injections, unilaterally, in the cervical spinal cord. In addition to the SMB approval, the FDA must also approve the trial's moving to the next level of transplantations. The company expects to present the data from the first twelve patients to the FDA in the near future.
8:03AM US Gold Corp and Minera Andes announce that CEO and largest shareholder of both companies has proposed to combine these companies (UXG) 5.50 -0.24 : McEwen's investment in the combined company (market close on June 13, 2011) would be approximately US$ 345 million. As proposed by Mr. McEwen, Minera Andes shareholders would receive 0.4 of a US Gold common share for each 1.0 Minera Andes share currently held. This ratio is within an average trading range established during the past six months and presents a slight premium over the previous day's closing price on June 13th, 2011. The total number of shares outstanding in the combined company would be approximately 252.7 million. Completion of the business combination is conditional on approval of US Gold's and Minera Andes Board of Directors and their special committees, confirmatory due diligence, the approval of each company's shareholders, and satisfaction of customary approvals, including regulatory, stock exchange, and court approvals. In that regard, the board of directors of each of US Gold and Minera Andes have each formed special committees of independent directors to consider the proposed transaction. The business combination, if approved, is anticipated to become effective in late October 2011. Upon completion of the proposed transaction the combined entity would change its name to McEwen Mining Inc.
8:02AM Chipmos Technology receives approval for Modern Mind transaction (IMOS) 9.18 : Co announced that ThaiLin Semiconductor, a 42.9%-owned subsidiary of ChipMOS' 84.2%-owned subsidiary, ChipMOS TECHNOLOGIES has received shareholder approval at ThaiLin's Annual General Meeting held on June 10, 2011 for the purchase of demand notes issued by Modern Mind Technology. The notes are convertible into common shares with a controlling equity interest in Modern Mind pursuant to an assignment and assumption agreement dated April 22, 2011. The transaction is expected to be completed by the fourth quarter of 2011, subject to the satisfaction of remaining closing conditions, including approval of the Investment Committee of Minister of Economic Affairs, R.O.C, among others. ChipMOS will receive approximately US$40 million upon closure of the transaction. This will be an accretive transaction to ChipMOS and will benefit the Company's operating model and margin profile. Post transaction, there will be no change in how ChipMOS reports consolidated revenue from operations.
8:01AM Credo Petroleum provides operations update; Kansas and Nebraska shallow oil drilling success continues (CRED) 9.16 : Co provides an operatins update. Co states they are seeing excellent drilling success continuing in Kansas. The co has just added three new producing wells, two of which are higher-ownership wells, in its Kansas shallow oil play. The new wells bring the total number of company wells drilled in the play to 79, of which about 40% have been completed as producers. Additionally, Nebraska drilling program is off to a strong start. In southwestern Nebraska, the Company has completed three of its first five wells for a 60% success rate. The Company owns a 70% interest in all of the wells and is the operator. In the Texas Panhandle, the co owns an average 33% working interest in about 3,000 gross acres. As previously reported, the Company's first horizontal well was drilled to a vertical depth of 7,600 feet and has an ~4,000 foot horizontal lateral. The well is currently producing approximately 180 barrels of oil equivalent per day and has produced ~22,500 barrels of oil equivalent in six months.
7:36AM On The Wires (WIRES) :
* GT Solar International (SOLR) opened its new state-of-the-art sapphire production facility located in Salem, Massachusetts. * Alliance Data Systems (ADS) announced it has signed a long-term extension agreement with New York-based J.Crew Group.
7:35AM LM Ericsson acquire 100 percent of the shares of Telcordia for $1.15 bln; expected to be accretive to Ericsson earnings per share within 12 months after closing (ERIC) 13.74 : Co announced that it has reached an agreement with Providence Equity Partners, and Warburg Pincus to acquire 100 percent of the shares of Telcordia, a global leader in the development of mobile, broadband and enterprise communications software and services, for $1.15 bln. Closing anticipated to Q4 2011 with full effect Q1 2012. Telcordia generated revenues of $739 mln during the last fiscal year ended January 31, 2011 and employs more than 2,600 people.
7:33AM Knight Capital Group reports volume stats for May; says average daily U.S. equities dollar volume traded in May 2011 was $28.2 bln (KCG) 11.07 : Co says that for the month of May, its equities volumes were as follows: 1) average daily U.S. equities dollar volume traded in May 2011 was $28.2 bln, up ~3.7% from $27.2 bln in April 2011 and down ~26.4% from $38.3 bln in May 2010; 2) average daily U.S. equities trade volume in May 2011 was 3.9 mln, up ~5.1% from 3.7 mln in April 2011, and down ~26.2% from 5.2 mln in May 2010; and 3) Average daily U.S. equities share volume in May 2011 was 5.1 bln, down ~9.1% from 5.6 bln in April 2011, and down ~58.2% from 12.1 bln in May 2010
7:26AM Wizzard Software sees new podcast account sign-ups and revenues up 26% (WZE) 0.17 : Co announces it is seeing a 26% increase in average weekly signups in 2011 vs. average weekly signups for 2010. In addition, co's premier podcast distribution and monetization platform Libsyn.com has seen average weekly client account revenues increase 27% for 2011 vs. 2010.
7:15AM Crude oil futures drop to their lowest levels of the morning at $96.42; now down 65 cents to $96.62 (COMDX) :
7:10AM On The Wires (WIRES) :
* SMSC (SMSC) announced that SMSC's ViewSpan5G UFX7000 USB 3.0 Graphics controller and LAN9513 USB 2.0 hub and Ethernet controller are integral parts of Samsung's Central Station monitor product, which is shipping today. * AECOM Technology (ACM) announced that a joint venture in which it participates was one of five companies awarded an Indefinite Delivery/Indefinite Quantity contract worth up to $10 billion by the U.S. Department of State's Bureau of International Narcotics and Law Enforcement Affairs. * CorMedix (CRMD) announced it successfully completed patient enrollment in its phase II Contrast-Induced Acute Kidney Injury study with its oral drug candidate CRMD001. TranS1 (TSON) announced that the 10,000th U.S. patient has recently been treated with its AxiaLIF lower lumbar fusion technology * RiT Technologies (RITT) announced that it has formed a strategic partnership with Samsung Fiber Optics under which Samsung Fiber Optics will market, sell and distribute RiT's PatchView intelligent infrastructure management solution on an OEM basis. * Elster (ELT) announced that the City of Cleveland, Ohio Division of Water has selected Elster AMCO Water C700 meters as part of its advanced metering infrastructure project. The Cleveland Division of Water plans to begin installation of the Elster water meters in the third quarter of 2011, completing the project in 2013. * Sonic Foundry (SOFO) announced that as part of the established and growing partnership with InfoComm International, the co's Mediasite platform will be used to stream educational webcasts at InfoComm 2011, taking place this week in Orlando, Fla.
7:06AM Spectrum Pharma announces results of annual meeting of shareholders; complete slate of board nominees reelected to serve one year term (SPPI) 2.07 : "We expect a good second quarter and that 2011 will be a year of record achievements for these two products with revenues from them exceeding $100 million. In addition, we have two drugs in late stage development, belinostat and apaziquone, with potential New Drug Applications in 2012."
7:03AM Hutchinson revises third quarter outlook; now expects suspension assembly shipments to increase ~10%, prior guidance for shipments to be relatively flat (HTCH) 2.07 : Co revised its outlook for its fiscal 2011 third quarter ending June 26, 2011. The co expects its third quarter suspension assembly shipments to increase approximately 10 percent compared with its second quarter shipments of 102.3 million. The company previously expected its third quarter shipments to be relatively flat compared with its second quarter. Through the first eleven weeks of its third quarter, the company has shipped approximately 93 million suspension assemblies. Actual demand in the final two weeks of the third quarter may fluctuate and will determine the final amount of shipments for the quarter... The company also announced that it is currently in discussions with a U.S. bank to establish a secured credit facility of up to $35 million.
7:01AM Agenus announces its Agenus' QS-21 Stimulon Adjuvant Selected for Biodefense Program (AGEN) 0.79 : Co announces a license agreement with Integrated BioTherapeutics for the use of the QS-21 Stimulon adjuvant in the development of a vaccine against Ebola and Marburg viruses1. Under this agreement, co is entitled to receive a license fee, program-based milestone payments and worldwide royalties on net sales of the vaccine product. QS-21 is currently being evaluated in ~15 vaccine candidates.
7:01AM Neutral Tandem announces preliminary results of modified dutch auction tender offer; expects to purchase 3,222,240 shares of common stock at $16.25 per share (TNDM) 16.53 -0.02 :
7:00AM Express-1: Bradley Jacobs to lead equity investment of up to $150 mln in Express-1 Expedited Solutions (XPO) 2.19 : Co and Bradley Jacobs announced that they have entered into an agreement under which Jacobs and minority co-investors will invest an aggregate of up to $150 million in cash in XPO, including an investment by Jacobs Private Equity of up to $135 million, in each case including amounts payable upon exercise of the warrants... Under the terms of the agreement, the investors will receive convertible preferred stock, convertible into approximately 43 million shares of the Company's common stock at a price of $1.75 a share, and warrants to purchase an additional approximately 43 million shares of the Company's common stock at an exercise price of $1.75 per share. These figures will be adjusted for a 4:1 reverse stock split that the Company will implement upon the closing of the transaction. The purchase of the convertible preferred stock will represent an initial investment of $75 million, and the exercise of the warrants will represent an additional investment of up to $75 million.
6:58AM Graham receives award of 2 orders totaling $4.7 mln for an oil refinery under construction in the Middle East, with delivery planned FY13 end (June 2012) (GHM) 19.82 :
6:45AM On The Wires (WIRES) :
* Affymetrix (AFFX) announced the availability of the most widely cited gene expression microarray for use on the GeneAtlas Personal Microarray System, bringing the power of the world's largest collection of referenced microarray gene expression data to the personal bench-top of every life scientist. * Procera Networks (PKT) announced it has received a $2.2 mln follow-on order for PacketLogic from a European mobile operator. * Microchip Technology (MCHP) announced the availability of a PIC32 32-bit microcontroller-based development kit through Digilent. * GSI Technology (GSIT) noted that on June 10, 2011, Cypress Semiconductor (CY) filed a complaint against GSI with the United States International Trade Commission. The ITC complaint seeks a limited exclusion order excluding the allegedly infringing SRAMs, and products containing them, from entry into the United States and permanent orders directing GSI and the other proposed respondents to cease and desist from selling or distributing such products in the United States. To date, the ITC has not instituted an investigation proceeding in response to Cypress' complaint. * GLG Life Tech (GLGL) updated on an important recent Government visit by senior government officials of the Anhui Province to both GLG and AN0C production facilities in the Anhui Province. Co states Chinese gov't leaders fully supported AN0C to start national marketing and sales in China this year and he expects AN0C to develop into the first branded health beverage and foods.
6:38AM Procera Networks received a $2.2 million follow-on order for PacketLogic (PKT) 9.45 : The additional systems will support the operator's capacity expansion and subscriber growth. Procera expects to recognize the majority of the revenue from this follow-on order in its 2011 second quarter, which ends June 30, 2011.
6:37AM GSI Technology comments on Cypress Semiconductor's (CY) filing of a complaint with the International Trade Commission (GSIT) 6.43 : Co noted that on June 10, 2011, Cypress Semiconductor Corporation filed a complaint against GSI with the United States International Trade Commission. As previously announced, Cypress had earlier filed a complaint against GSI in the United States District Court for the District of Minnesota alleging five counts of patent infringement, principally related to GSI's Sigma Quad and Sigma DDR families of SRAM memory products. The ITC complaint alleges infringement by GSI of three of the five patents involved in the District Court case and one additional patent and also alleges infringement by two of GSI's distributors and three of GSI's customers who allegedly incorporate GSI's SRAMs in their products. The ITC complaint seeks a limited exclusion order excluding the allegedly infringing SRAMs, and products containing them, from entry into the United States and permanent orders directing GSI and the other proposed respondents to cease and desist from selling or distributing such products in the United States. To date, the ITC has not instituted an investigation proceeding in response to Cypress' complaint. GSI intends to defend both the lawsuit and the ITC proceeding vigorously.
6:35AM Yuhe International: Officers and directors complete the previously announced executive stock purchase plan; co to host conference call at 8:30 to comment on stock price volatility (YUII) 3.69 : Co announces that certain of its executive officers and directors have completed the previously announced executive stock purchase plan. Pursuant to the previously announced executive stock purchase plan, the participating officers and directors collectively invested ~RMB 2.1 mln, or ~$330,000, in the shares of the co. The co further announced that its mgmt will comment on the recent price volatility of the co's shares through a special conference call before the market opens on Tuesday, June 14, 2011 at 8:30.
6:33AM Pacira Pharma receives FDA extension of EXPAREL PDUFA target date by three months (PCRX) 13.22 : Co announces the FDA has extended the Prescription Drug User Fee Act goal date for its review of the New Drug Application for EXPAREL by three months. The new PDUFA goal date is October 28, 2011. The FDA requested additional information from co, which the co has submitted.
6:32AM Trimble Navigation acquires Yamei Electronics Technology in China to expand its telematics solutions; Financial terms were not disclosed (TRMB) 38.40 : Trimble (TRMB) announced it has acquired Yamei Electronics Technology which manufactures automotive electronics products used for anti-theft GPS monitoring and tracking, RFID-based smart key and start and on-board diagnostics systems. The acquisition is expected to expand co's solutions for the automotive and other markets and allow the co to better address markets in China, Asia Pacific and India. Financial terms were not disclosed.
6:13AM Hampton Roads Bankshares launches at-the-money equity offering of up to 5 mln shares (HMPR) 22.99 :
6:08AM On The Wires (WIRES) :
* Logitech (LOGI) announced the portable Logitech HD Webcam C615 for easy video calling and HD recording on the go, on a PC or a Mac. * Telefonica International Wholesale Services and Orange Business Services, a unit of France Telecom (FTE), have signed an agreement to allow customers in their respective networks to conduct seamless telepresence sessions. * Canadian Solar (CSIQ) announced it has become an official sponsor of the New York Yankees. * Sapient Global Markets (SAPE) and Standard and Poor's Valuation and Risk Strategies have announced a formal alliance to provide clients with in-depth valuation and analysis of structured finance securities including asset- and mortgage-backed securities, and covered bonds. * Cellcom Israel (CEL) announced that following the previously reported negotiations with Netvision , for its merger with the co's subsidiary, the co received an appraisal of the fair market value of Netvision in connection with such merger, prepared by a reputable independent Israeli financial consulting firm nominated jointly by the co and Netvision, or the appraiser. According to the appraisal, Netvision's fair market value as of March 31, 2011 is NIS1,538,378 thousands. * BigBand Networks (BBND) introduced an enhanced IP video delivery solution that now supports on-demand programming and back-office connectivity, in addition to linear TV.
5:31AM Sasol CFO provides co update; he is confident co will meet its full year expectation of an overall solid operational performance (SSL) 50.84 : Co's CFO states that co's profitability has improved further in the third quarter of our 2011 financial year. Robust global commodity prices have countered the impact of the strong rand, supporting healthy margins. Improved production volumes have sustained good cash generation and a solid balance sheet. Chemical product margins improved significantly in the third quarter of the financial year, with international polymer and solvent commodity prices increasing by approximately 15% in US dollar terms from their first half levels. Sasol Olefins & Surfactants continues to improve its financial performance. Robust demand lifted sales volumes by 8% in the third quarter, compared with the quarterly average of the first half of the financial year. In summary, CFO states he "is confident it will meet its full year expectation of an overall solid operational performance and contain costs to within inflationary levels. Oil prices are expected to remain firm, but currencies,to which our earnings are particularly sensitive, remain volatile."
4:17AM On The Wires (WIRES) :
* AMD (AMD) announced the next generation in mainstream consumer computing with the availability of the new high-performance AMD Fusion A-Series Accelerated Processing Units. * McAfee, a unit of Intel (INTC) is launching the SMB Specialization within the McAfee SecurityAlliance program to enable partners to improve profitability while addressing the unique needs of SMB customers. * HP (HPQ) expanded its consumer and business notebook portfolios with 11 new models utilizing AMD's latest VISION Technology. * Fox Chase Cancer Center announced it has entered into an agreement with Life Technologies (LIFE) that will underpin a new program to provide next-generation sequencing analysis of solid tumors. * InfoSpace (INSP) announced the unveiling of its Content Experience Platform, which upgrades its current portal into a more versatile and adaptable service to meet the needs of various devices.
3:18AM Penn Virginia provides operational update; 6 Eagle Ford shale wells are currently producing an aggregate of 4,096 barrels of oil per day (PVA) 14.14 : Co announces provides an update of its activity in the Eagle Ford and Marcellus Shales. Eagle Ford Shale. Co currently has six producing Eagle Ford Shale wells. These six wells, in which we have an ~83% working interest, are currently producing an aggregate of 4,096 barrels of oil per day and 2,072 thousand cubic feet of natural gas per day on a gross basis. The natural gas associated with these wells is also expected to yield ~150 barrels of natural gas liquids per mln cubic feet. With regard to the Marcellus Shale, co continues to test ~35K net acreage position in Potter and Tioga Counties, Pennsylvania and have drilled four horizontal wells. Co has completed and commenced testing of three of these wells, while the fourth well is waiting on completion. Co plan to move a drilling rig to test the eastern portion of our acreage during the second half of the year. In addition, pipeline construction is in progress with sales expected to begin by early August.
3:14AM On The Wires (WIRES) :
* Westway Group (WWAY) announced that its subsidiary Westway Terminal has signed a Lease Conditions Agreement with Valero Refining Texas that gives Westway Terminal the right to lease ~ 5.68 acres of land adjacent to the Westway Houston 1 terminal for up to 30 years and to purchase three tanks totaling 3 mln gallons of capacity and certain associated dock lines and dock assets. * ClearOne (CLRO) announced it is expanding its line of audio and teleconferencing microphones with its first model designed expressly for ceiling installation. * Hecla Mining (HL) is pleased to report that the Consent Decree, which includes final settlement terms, was lodged today with the U.S. District Court in Idaho. * Samson Oil & Gas (SSN) provided operational advice on Earl #1-13H well. The work over to drill out the frac plugs on the well has been completed, and a tubing string is being run into the hole so that oil and gas production can be effected on a permanent basis. During the last phase of the work over, the well was flowing whilst pressure control equipment was being used to allow tubing to be run in and out of the hole. * Air Lease (AL) announced that it has signed lease agreements for 25 additional aircraft. * TRW Automotive (TRW) has developed a range of curtain airbag technologies that help mitigate the risk of occupant ejection. * Tortoise Capital Resources (TTO) announced that it has invested $9.9 mln million indirectly into Lightfoot Capital Partners, which owns a refined products storage business, Arc Terminals.
2:31AM Avis Budget agrees to acquire Avis Europe for ~$1 bln; expected to be accretive on a non-GAAP adjusted EPS basis, with significant operating synergies also expected (CAR) 15.96 : Co announces they have reached agreement on the terms of the acquisition by Avis Budget of all outstanding shares of Avis Europe in exchange for 3.15 pounds in cash per Avis Europe share. The terms of the transaction value Avis Europe's ordinary equity at ~635 mln pounds, or ~$1.0 bln. the acquisition unifies Avis and Budget brands globally under single corporate ownership. Additionally, the acquisition is expected to be accretive on a non-GAAP adjusted EPS basis, with significant operating synergies expected... Avis Budget noted that it has made progress in its discussions with the Federal Trade Commission regarding its potential acquisition of Dollar Thrifty Automotive Group, Inc. (DTG). While Avis Budget will continue to monitor the Dollar Thrifty situation, the Company's focus squarely will be on completing and integrating the significant acquisition of Avis Europe.
2:27AM China Medical Tech reports reports major shareholder Chengxuan purchased 110K of co's ADSs in the open market on June 13, 2011 at an average price of $7.33 per ADS (CMED) 7.22 :
1:56AM Citigroup reduces stake in HDFC by 1.5% to 9.9% (C) 39.17 : Co announces it has reduced its 11.4% stake in Housing Development Finance Corporation by 1.5% to a 9.9% beneficial interest. Reducing its holdings in HDFC to below 10% is part of co's mitigation efforts ahead of the adoption of Basel III capital rules. The transaction resulted in a pre-tax profit of ~$160 mln. Citi has no plans to sell any additional shares of HDFC.
1:55AM Cell Therapeutics completes Type A meeting with FDA's Division of Oncology Drug Products; guidance provided for resubmission of Pixantrone NDA for consideration of accelerated approval (CTIC) 2.18 : Co announces it met with the FDA providing a pathway for re-submitting co's New Drug Application for pixantrone for relapsed or refractory aggressive non-Hodgkin's lymphoma including the potential for accelerated approval based on the PIX301 study results. The DODP confirmed that the NDA would be reviewed within six months from the resubmission of the NDA. Co anticipates filing the additional information later this year, and could obtain FDA approval in the first half of 2012.
1:39AM Blount Intl increases credit facility to $700 mln from $425 mln at lower interest rates; extends maturity date to 2016 (BLT) 16.49 : The Company intends to repay the $273.6 mln outstanding under the existing Term B facility in August 2011 utilizing proceeds from both the amended Term A and revolving credit facilities. The co estimates that cash interest savings from the amended and restated senior credit facility will be ~$7 mln per year.
1:21AM Nokia enters into patent license agreement with Apple (AAPL); specific terms of the contract are confidential; expected to have positive affect to co's Q2 outlook (NOK) 6.11 : Co announces that it has signed a patent license agreement with Apple (AAPL). The agreement will result in settlement of all patent litigation between the cos, including the withdrawal by NOK and AAPL of their respective complaints to the US International Trade Commission. The financial structure of the agreement consists of a one-time payment payable by AAPL and on-going royalties to be paid by Apple to Nokia for the term of the agreement. The specific terms of the contract are confidential. This agreement is expected to have a positive financial impact on NOK's recently revised outlook for the second quarter 2011 of around break-even non- IFRS operating margin for Devices & Services. http://finance.yahoo.com/marketupdate/inplay
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