Market Update: 110627 4:30 pm : Broad-based buying in thin volume helped stocks score strong gains this session. The action precedes a pivotal vote by Greece's parliament tomorrow.
There weren't many headlines to act as cues for traders this morning. Participants even dismissed the day's only data, which featured news that personal income for May increased by 0.3%, but spending was flat. The consensus among economists polled by Briefing.com had called for a 0.4% increase in income and a 0.1% increase in spending. However, core personal consumption expenditures for the month increased by 0.3%, which is greater than the 0.2% increase that had been broadly anticipated.
After hovering near the neutral line for the first few minutes of trade, stocks began to stage a strong climb. Financials led the early effort with a quick sprint up to a gain of more than 1%. The sector spent the rest of the session sporting that gain.
Tech stocks eventually rallied to replace financials as the top performing sector. Tech, which is also the largest sector by market weight, settled with a 1.4% gain. Tech's strength helped give the Nasdaq an added lift.
Gains weren't limited to cyclical plays, though. Instead, all 10 major sectors ended the day in positive territory. Half of them had gains of nearly 1% or more.
The breadth and size of the move was partly made possible by the lack of share volume, which gave each trade greater relative weight than it would have had during a day of even average share volume. At just 835 million shares on the NYSE, total volume today was among the lightest of the year. Such paltry participation will likely persist ahead of the long, holiday weekend (U.S. markets will be closed next Monday for the observance of Independence Day).
Even though vacation plans are expected to pull many off of their trading in coming days, plenty of attention will be paid to Greece's progress in putting its fiscal house in order. Another step comes tomorrow, when the country's parliament votes on whether or not to accept the austerity plan that country officials agreed upon last week with the European Union and International Monetary Fund.
3:30 pm : It was a quiet start to the week for commodities, with no real news out of Greece to create volatility in currencies or commodities... August gold finished lower by 0.3% to $1496.30 per ounce. It traded to its lowest levels in over a month, at $1490.80, but managed to bounce off those levels heading into the close. July silver shed 3.3% to end at $33.50 per ounce, a more drastic sell-off than its counterpart. Silver also traded to its lowest levels in a round a month, at $33.38. Both metals extended their respective sell-offs to a third consecutive session.
August crude oil finished the day lower by 0.6% to $90.61 per barrel. Crude oil did break back below the $90 level to trade to lows at $89.61, a fresh ~4 month low. Crude oil's losses mark a third consecutive session of declines. July natural gas finished higher by 0.4% to $4.25 per MMBtu.DJ30 +152.65 NASDAQ +43.85 SP500 +15.81 NASDAQ Adv/Vol/Dec 1730/1.3 bln/888 NYSE Adv/Vol/Dec 2194/540.9 mln/844
3:00 pm : Stocks continue to sit at session highs as they head into the final hour of the session. The broad-based buying effort precedes an important vote tomorrow by Greece's parliament on whether or not to pass the five-year austerity plan that country officials agreed to last week. The euro is up 0.6% to $1.427 ahead of that vote.DJ30 +137.48 NASDAQ +36.45 SP500 +13.35 NASDAQ Adv/Dec 1613/973 NYSE Adv/Dec 2089/914
2:30 pm : A recent bout of buying interest has helped stocks break free from their afternoon trading range so that they now sit at new session highs.
Tech has become the biggest driver of broad market buying interest, although it should be noted that some of the tech sector's spike higher has likely been helped by some short covering, given that many had bet the sector would resume its descent after modest gains last week allowed the sector to consolidate the losses that it had endured in the preceding weeks. DJ30 +137.48 NASDAQ +36.45 SP500 +13.35 NASDAQ Adv/Vol/Dec 1613/1.11 bln/973 NYSE Adv/Vol/Dec 2089/425 mln/914
2:00 pm : The stock market has entered into a relatively narrow sideways chop. Although that has kept stocks near their best levels of the day, overall action has dulled, which has made today's market watching less entertaining. Nonetheless, today's advance offsets last week's loss.DJ30 +123.40 NASDAQ +34.13 SP500 +11.22 NASDAQ Adv/Vol/Dec 1575/1.02 bln/1011 NYSE Adv/Vol/Dec 1966/380 mln/1036
1:30 pm : Results from an auction of 2-year notes were posted at 1:00 PM ET. Some modest selling has followed the results, which featured a bid-to-cover of 3.09, dollar demand of $108.2 billion, and an indirect bidder participation rate of 22.0%. For comparison, the prior auction produced a bid-to-cover ratio of 3.47, dollar demand of $121.5 billion, and an indirect bidder participation rate of 31.3%. An average of the past six auctions gives a bid-to-cover of 3.32, dollar demand of $116.1 billion, and an indirect bidder participation rate of 30.5%.DJ30 +98.24 NASDAQ +28.23 SP500 +9.02 NASDAQ Adv/Vol/Dec 1557/345 mln/1022 NYSE Adv/Vol/Dec 1903/928 mln/1094
1:00 pm : Despite an absence of catalysts, buying interest has been both strong and broad all session. In turn, stocks are sporting strong midday gains.
The major market averages wavered in the first few minutes of trade, but an early push by financials helped trigger broader buying interest. With help from regional banks, diversified banks, and diversified financial services firms, the financial sector has been trading with a gain of about 1% or more for most of the session.
Tech has rallied to replace financials as the top performing sector. As a group, tech stocks are up 1.4%. Their strength has helped the Nasdaq outperform its counterparts. Materials stocks represent one of the few sectors that has struggled to attract buying interest.
As a group, materials stocks are flat. Support for the sector has been dampened by lower commodities prices, which have collectively fallen 0.7%, according to the CRB Commodity Index.
A dearth of data was posted this morning, but it didn't contain any major surprises. Personal income for May increased by 0.3%. Spending was flat for the month, but core personal consumption expenditures increased by 0.3%. DJ30 +106.22 NASDAQ +32.86 SP500 +10.61 NASDAQ Adv/Vol/Dec 1624/864 mln/943 NYSE Adv/Vol/Dec 2027/325 mln/962
12:30 pm : Stocks continue to trade near session highs. Buying has been both steady and broad since the early going.
There really aren't any headlines to account for the positive mood among participants today. However, many traders have been speculating just how long stocks will continue their gradual descent -- the stock market has mustered only one weekly gain since April, and that move was only incremental. DJ30 +106.86 NASDAQ +31.49 SP500 +10.46 NASDAQ Adv/Vol/Dec 1614/770 mln/942 NYSE Adv/Vol/Dec 2017/293 mln/963
12:00 pm : The major equity averages are all at fresh session highs. The move comes amid broad-based buying interest.
Tech stocks, consumer discretionary stocks, and telecom plays have all caught up with financials, which were early market leaders. Now, each of the four sectors is sporting a 1.1% gain. That reflects the decidedly upbeat tone that has governed trade since the early going. DJ30 +111.60 NASDAQ +31.09 SP500 +10.67 NASDAQ Adv/Vol/Dec 1646/659 mln/893 NYSE Adv/Vol/Dec 2086/255 mln/876
11:30 am : Energy stocks are lagging this session. As a group, they are up just 0.3%, which is only half of what the broader market has achieved. Generally, the sector's relative weakness is owed to lower crude oil prices, which were last quoted with a 0.7% loss at $90.50 per barrel, but drillers and oil well services plays like Nabors (NBR 22.53, -0.51), Diamond Offshore (DO 67.08, -0.63), and Schlumberger (SLB 80.23, -0.69) have been particularly heavy drags on the space.DJ30 +75.91 NASDAQ +23.46 SP500 +7.09 NASDAQ Adv/Vol/Dec 1568/577 mln/949 NYSE Adv/Vol/Dec 1892/223 mln/1046
11:00 am : After a brief pause about one hour ago, stocks extended their climb to set fresh morning highs. Strength has been broad based.
Broad market support has helped the materials sector rebound from a marked drop in the early going. The sector is now unchanged for the session.
Although financials remain out in front of overall action with a 1.2% collective gain, consumer discretionary stocks are catching up. Led by Amazon.com (AMZN 198.47, +5.92), which was added to the Best Ideas List by analysts at Morgan Stanley, retailers and other consumer discretionary plays are up 0.9%. DJ30 +101.42 NASDAQ +26.17 SP500 +9.53 NASDAQ Adv/Vol/Dec 1605/450 mln/880 NYSE Adv/Vol/Dec 2013/175 mln/881
10:35 am : A pullback in the dollar index this morning gave a boost to commodities, but the majority of the complex remains in the red.
Crude oil futures fell as low as $89.60/barrel, which was hit about 40 minutes after floor trading began. Crude has since erased over one points in losses and is currently trading 0.3% lower at $90.92/barrel.
Natural gas has been on a general uptrend for the last three hours and moved back into positive territory around 10:00am EST. The energy component just hit new session highs of $4.25/MMBtu and is now 0.3% higher at $4.24/MMBtu.
Silver remains in the red and been chopping around in a narrow range all morning, while gold has traded near the $1500 level. Currently, silver is down 1.8% at $34.01/oz. and gold is down $1.20 at $1499.60/oz.DJ30 +98.12 NASDAQ +26.83 SP500 +9.50 NASDAQ Adv/Vol/Dec 1321/283.8 mln/1062 NYSE Adv/Vol/Dec 1594/121.2 mln/1149
10:00 am : The broad equity market is easing back a bit after it bounced shortly after the open to a solid gain. Financials remain a key source of support, though; the sector is up 0.9%.
Materials stocks are a source of weakness this morning. Although the sector lacks market weight, it is down a substantial 0.7% at the moment. Weakness among basic materials stocks is somewhat widespread, but Cliffs Natural Resources (CLF 84.98, -1.64) and Owens Illinois (OI 25.10, -0.46) are the poorest performers in the space. Pressure against shares of CLF comes after the company announced late Friday afternoon that regulatory agencies denied the company a remediation plan designed to address carbon monoxide at one of the company's plants. As for OI shares, their weakness comes in the wake of news that analysts at JPMorgan assigned the stock a Neutral rating. DJ30 +53.24 NASDAQ +11.56 SP500 +4.65 NASDAQ Adv/Vol/Dec 1050/135 mln/1275 NYSE Adv/Vol/Dec 1665/68 mln/1108
09:45 am : Stocks slipped shortly after the open, but have managed to make a quick rebound. The bounce has given the major equity averages modest gains.
Financials are primary source of early support. The sector has already sprint ahead to a 1.0% gain. Among financials, banks are in particularly good shape. Buying in the space has the KBW Bank Index up 1.4%. DJ30 +45.52 NASDAQ +6.23 SP500 +3.61 NASDAQ Adv/Dec 1109/1152 NYSE Adv/Dec 1500/1197
09:15 am : S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: -3.80. Stock futures are flat after they had traded with a narrow lead over fair value earlier this morning. Their drift lower hasn't occurred in conjunction with any kind of negative announcement, but rather from a general loss of support. Action abroad has been of little help in providing premarket participants with directional cues for today's trade; Asia's major averages diverged overnight and the major bourses of Europe are currently flat. Data hasn't done anything to inspire action among traders either, mainly because there weren't any significant surprises to the latest monthly personal income and spending figures. Meanwhile, the dollar has made a modest tick higher this morning. It currently leads a collection of competing currencies by less than 0.2%. Amid the greenback's gain, commodities have come under pressure. Collectively, they are down 0.6%, according to the CRB Commodity Index. Treasuries are seeing some mild interest this morning. Results from an auction of 2-year Notes are scheduled to be released at 1:00 PM ET.
09:00 am : S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: -2.00. Action in Europe is mixed at the moment. Specifically, Germany's DAX is down with a fractional loss. Pronounced pressure against financial plays like Commerzbank and Deutsche Bank has been tempered by strength in automakers BMW and Daimler AG. In France, the CAC is up fractionally. Alcatel-Lucent (ALU) is a top performer there, but its strength has been offset by weakness in financial issues like BNP Paribas, Credit Agricole, and Societe Generale. Financial issues have also been a source of weakness for Britain's FTSE, which is currently flat. Royal Bank of Scotland (RBS) is one of the worst performers in the space. According to reports, the company is close to selling its property loan portfolio. BHP Billiton (BHP) and Anglo American have offered some support. Their strength comes in the wake of upgrades from analysts at HSBC.
Asia's major averages concluded overnight action with varied results. Japan's Nikkei fell to a 1.0% loss. Its slide was led by the likes of CSK Corp, Toyota Motor (TM), Sony (SNE), and Fanuc Ltd. Tokyo Electric Power was actually a strong performer in the face of broad market weakness, however. Hong Kong's Hang Seng shed 0.6%. Heavyweight HSBC (HBC) was one of the poorest performers. Several other financial issues shared in the weakness to further induce selling. Mainland China's Shanghai Composite had a more fortuitous day of trade; it advanced 0.4% to book its fifth consecutive gain. Airline plays ascended to score some of the strongest gains.
08:35 am : S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: flat. Stock futures haven't really had much of a response to the latest personal spending and income figures. Personal income for May increased by 0.3%, which is slightly less than the 0.4% increase that had been expected, on average, among economists polled by Briefing.com. Personal spending during May was flat. It had been expected to increase by a tepid 0.1%. However, core personal consumption expenditures for the month increased by 0.3%, which is greater than the 0.2% increase that had been broadly anticipated.
08:05 am : S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +0.20. Coming off of another weekly loss, stocks have benefited from a modest bid this morning. Support comes despite some relatively mixed action abroad. News flow is somewhat slow at this point, but monthly personal income and spending data are due at the bottom of the hour. Results from an auction of 2-year Notes will be reported at 1:00 PM ET. The yield on the 2-year Note was recently quoted at 0.357%. It was at a record low near 0.30% just last week. The dollar is down marginally this morning. Most of its weakness is owed to an upturn by the euro ahead of tomorrow's vote by Greece's parliament on the five-year austerity plan that was established last week with the EU and IMF.
06:53 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +4.00.
06:53 am : Nikkei...9578.31...-100.40...-1.00%. Hang Seng...22041.77...-130.20...-0.60%.
06:53 am : FTSE...5715.06...+17.30...+0.30%. DAX...7121.01...-0.40...0.00.
5:50PM ITT signs corporate procurement agreement with Saudi Aramco (ITT) 56.64 +0.42 : Saudi Arabian Oil Co (Saudi Aramco) and ITT Corporation (NYSE: ITT) announced today that they have signed a comprehensive seven-year strategic partnership agreement for ITT to provide products and services to the world's largest oil producer for oil, gas and petrochemical projects in Saudi Arabia and internationally. The agreement was signed by Munir Rafie, vice president Materials Supply of Saudi Aramco and Robert Pagano Jr., president of ITT's Industrial Process business.
5:33PM Johnson Controls to invest $138.5 mln in Toledo, Ohio battery facility (JCI) 39.52 +0.35 : Co announced plans to invest $138.5 million to convert its battery plant near Toledo, Ohio into an Absorbent Glass Mat battery facility for Start-Stop and other high efficiency vehicles. Subject to final state and local incentives, the facility will be the company's first such plant in the United States.
5:18PM Willbros settles contract dispute with TransCanada (WG) 7.67 +0.02 : Co announced that it had reached full and final agreement with TransCanada PipeLines Limited ("TransCanada") on the amount due to its U.S. construction subsidiary under a cost reimbursable target price construction contract for seven pump stations in Nebraska and Kansas. Willbros will receive $61 mln in cash as payment for its outstanding receivables of $71.2 mln that were disputed by TransCanada and agreed to waive all claims for additional fees and change orders. TransCanada agreed to relieve Willbros of any further liability with respect to the contract and to restore Willbros to its bid list for future work. WG noted that it will incur a non-cash charge in Q2 2011 results of $8.8 mln associated with this settlement agreement. Upon receipt of the funds, the co intends to use $40.0 mln of the cash settlement to retire term loan debt.
5:00PM School Specialty announces planned retirement of CEO (SCHS) 14.06 +0.20 : Co announced that President and Chief Executive Officer David J. Vander Zanden has informed the co's Board of Directors that he intends to retire following the completion of the company's fiscal 2012, effective April 28, 2012. Vander Zanden informed the Board in early 2010 that he was considering retirement sometime in the next two to three years. In anticipation of that possibility, the Board has been purposely and thoughtfully working on a succession plan. In February of 2011, the Board hired PDI Ninth House to begin assessing internal candidates for succession to the role of CEO. The Board has also considered a simultaneous outside search to find a successor to Vander Zanden, and now that a date has been set for his retirement, the Board intends to hire a national search firm to assist in the process. Both internal and external candidates will be considered.
5:00PM Matrix Service selected to construct a new heat recovery boiler at the ConocoPhillips (COP) bayway refinery (MTRX) 6.44 +0.13 : Co announced that its subsidiary, Matrix Service Industrial Contractors, has been awarded a contract for a new heat recovery boiler at ConocoPhillips (COP) Bayway Refinery in Linden, New Jersey. Matrix Service's scope includes structural steel, equipment, piping, ducting and mechanical erection. This ConocoPhillips project is expected to generate approximately 200 skilled labor jobs in the New Jersey area over the course of construction for Matrix Service and other contractors. Work will commence immediately and is scheduled to be completed by January of 2012.
4:41PM Washington Federal announces additional share repurchase authorization of up to 10 mln shares (WFSL) 15.58 +0.08 :
4:38PM Amgen submits application to expand indication for XGEVA (Denosumab) (AMGN) 57.88 +0.84 : Co announced the submission of a supplemental Biologics License Application to the U.S. Food and Drug Administration (FDA) to expand the indication for XGEVA (denosumab) to treat men with castrate-resistant prostate cancer to reduce the risk of developing bone metastases. If approved, XGEVA would be the first therapy licensed to prevent or delay the spread of cancer to the bone. The sBLA submission is based on a pivotal Phase 3 Study ('147) evaluating XGEVA versus placebo in 1,432 men with castrate-resistant prostate cancer. Results of the '147 study demonstrate that XGEVA significantly prolonged bone metastasis-free survival by more than four months compared with placebo (29.5 versus 25.2 months, respectively) in men with castrate-resistant prostate cancer that had not yet spread to the bone. Bone metastasis-free survival is a composite measure of the development of bone metastases or death.
4:31PM Ballard Power renies rumour of Indian investment (BLDP) 1.55 -0.02 : Co announced that it has received a number of inquiries related to recent media reports claiming that Ballard is considering a significant investment in an Indian corporation. Ballard has no current plan or intention of effecting any such transaction and indeed, has not had any contact with the identified company. While Ballard's normal policy is not to respond to market rumours, the extensive distribution this erroneous report is receiving necessitated this response by Ballard.
4:30PM Nordson to acquire Constructiewerkhuizen G. Verbruggen; terms were not disclosed; expects the acquisition to be neutral to the company's earnings in the first full year of operation (NDSN) 51.61 +0.27 :
4:30PM UTi Worldwide issues new bnotes and amends credit facilities (UTIW) 19.17 -0.15 : Co announced that it has successfully issued $150 mln (principal amount) of senior unsecured guaranteed notes, amended and extended two of its existing letter of credit facilities and entered into a new revolving credit facility. The new notes were issued in a private offering, bear a fixed rate of interest of 3.67% per annum and amortize semi-annually beginning February 2014 through maturity in August 2018. Certain other terms of the notes are similar to those under the co's existing senior unsecured guaranteed notes which it issued in July 2009 and which mature August 2014. A portion of the proceeds from the new notes was used to pay the ~$33.3 mln of principal amount remaining outstanding under the co's unsecured notes issued in 2006, which notes had a July 9, 2011 termination date. The company also announced that it has amended and restated its existing letter of credit facility with Nedbank Limited, acting through its London branch, and its letter of credit facility with the Royal Bank of Scotland.
4:29PM Hertz Global announced that Hertz Equipment Rental has acquired WGI Rentals; terms not disclosed (HTZ) 15.22 +0.03 : This acquisition allows Hertz to further penetrate the exploratory drilling activity in and around the Bakken Shale which is a significant market for conventional and unconventional drilling activities.
4:24PM MeadWestvaco will construct a new biomass boiler and upgrade associated power infrastructure at its Covington, Virginia, facility; ~$285 mln investment (MWV) 32.23 +0.37 : MWV expects to secure the necessary permits to begin construction in the fourth quarter of 2011. The company has worked closely with Governor of Virginia Bob McDonnell and officials from Alleghany County and the City of Covington on this strategic investment that creates and secures jobs in the region. The project will take advantage of Federal, state and local incentives. The investment will be financed through a combination of cash and borrowings. The new boiler and infrastructure upgrades are expected to be operational in the fourth quarter of 2013.
4:18PM Nike beats by $0.08, beats on revs; Q4 futures orders rose 15% YoY (NKE) 81.62 +0.44 : Reports Q4 (May) earnings of $1.24 per share, $0.08 better than the Capital IQ Consensus Estimate of $1.16; revenues rose 13.6% year/year to $5.77 bln vs the $5.53 bln consensus. As of the end of the quarter, futures orders for NIKE Brand athletic footwear and apparel scheduled for delivery from June through November 2011, totaled $10.3 billion, 15 percent higher than orders reported for the same period last year. Excluding currency changes, reported orders would have increased 12 percent.*
4:17PM Progress Energy provides update on Crystal River Nuclear plant outage (PGN) 47.38 +0.20 : Co announces Progress Energy Florida has provided an update to the Nuclear Regulatory Commission and the Florida Public Service Commission regarding the status of its Crystal River Nuclear Plant. Based on an initial review, the company believes that repairing the unit is the best option, and is taking steps to complete more detailed engineering and construction analyses. At this time, the company estimates that the unit would return to service in 2014. Progress Energy will meet with the FPSC July 14 to discuss the company's plan in more detail and determine the appropriate timing for moving forward, in coordination with regulators. "This would be a major repair, requiring significant cooperation and coordination with state and federal regulators and others, based on our initial review, our objective is to return the plant to service to ensure that it continues to be a safe, dependable and emission-free resource to meet our customers' energy needs reliably and affordably for many years to come. The Crystal River Nuclear Plant is our least-cost resource to operate, and with it in service, our customers save about $300 million a year in fuel costs. That translates to significant savings over the life of the plant. "In the meantime, nuclear safety remains our top priority. The plant remains shut down and in a safe condition. We will continue to provide energy from other company and purchased resources to meet our customers' needs for reliable electricity."
4:07PM SMSC beats by $0.18, beats on revs; guides Q2 EPS in-line, revs above consensus (SMSC) 24.01 +0.58 : Reports Q1 (May) earnings of $0.47 per share, excluding non-recurring items, $0.18 better than the Capital IQ Consensus Estimate of $0.29; revenues rose 6.5% year/year to $103.5 mln vs the $101.3 mln consensus. Co issues in-line EPS guidance for Q2, sees EPS of $0.36-0.38, excluding non-recurring items, vs. $0.38 Capital IQ Consensus Estimate; sees upside Q2 revs of $112-114 mln vs. $108.17 mln Capital IQ Consensus Estimate. "We do not expect any further material impact as a result of the Japanese crisis and expect further growth in our automotive and consumer revenue."
4:07PM New York Mortgage Trust commenced a 2 mln share common stock offering (NYMT) 7.87 -0.06 : Ladenburg Thalmann will serve as sole bookrunning manager for the offering. NYMT expects to use the net proceeds of this offering to acquire certain of the Company's target assets, including commercial mortgage loans and commercial mortgage-backed securities and Agency RMBS. The Company may also use the net proceeds for general working capital purposes.
4:06PM Seanergy Maritime (SHIPD) announces new time charter agreements for three of its vessels (SHIP) 6.00 +1.00 : As a result of these new charter party agreements, the Company has time charter arrangements that cover its ownership days 90% for 2011, 59% for 2012 and 23% for 2013, based on the latest redelivery date of the charter party agreements.
4:06PM Tanger Factory: Operating Partner closes $150 mln senior unsecured bridge loan with Wells Fargo (SKT) 26.58 -0.10 : Co announced today that its operating partnership, Tanger Properties Limited Partnership, has closed on the $150 million senior unsecured bridge loan committed by Wells Fargo Bank, National Association on June 6, 2011. The loan may be used to fund the acquisition of properties and for general corporate purposes and will bear interest at a spread over LIBOR of 160 basis points, based on Tanger's current long-term debt rating. This interim loan matures September 26, 2011, and at its discretion, the company may extend the maturity to June 22, 2012 by exercising each of its three ninety-day extension options. The remaining terms and conditions of the bridge loan will be substantially the same as the company's lines of credit.
4:06PM Senior Housing announces proposed public offering of 6,500,000 common shares (SNH) 23.16 -0.32 : Co announces it commenced a public offering of 6,500,000 common shares. SNH expects to use the proceeds of this offering to reduce amounts outstanding under its revolving credit facility and, to the extent of any additional proceeds, for general business purposes, including funding acquisitions. It is contemplated that the underwriters will also be granted a 30-day option to purchase up to an additional 975,000 common shares to cover over-allotments, if any. The joint bookrunning managers for this offering are Jefferies & Company, Citi and UBS Investment Bank. The co-lead managers for this offering are Morgan Keegan, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities.
4:02PM Tower Group provides $8 mln in pre-tax charges estimate of losses from severe weather activity in Q2 (TWGP) 23.38 +0.32 : Co expects the weather-related losses will reduce its second quarter earnings by $0.13/share. Tower expects 2011 operating earnings per share to be at the lower end of its previously announced range of $2.70 to $2.90 (Consensus is $2.69).
4:01PM Anacor Pharma announces preliminary results from Phase 2b Trial of AN2728 for psoriasis; says data inform and support Phase 3 development of AN2728 for psoriasis (ANAC) 6.74 -0.14 : Co announced preliminary results from its Phase 2b trial of AN2728 for the treatment of mild-to-moderate plaque-type psoriasis. Subjects treated with AN2728 showed improvement over vehicle at each of the recorded timepoints during the 12-week study period with peak efficacy of 26% occurring after six weeks of treatment with AN2728. This Phase 2b trial, while not powered to demonstrate statistical significance, was conducted under anticipated Phase 3 conditions to inform the design and conduct of fully-powered Phase 3 trials. The trial was designed to provide preliminary indications of efficacy and local tolerability and systemic safety when treating all or nearly all of the plaques on each subject. The highest proportion of subjects achieving PGA Success in the Intent to Treat analysis occurred at Day 42 with 26% of subjects in the AN2728 arm (n=46) achieving PGA Success compared to 18% in the vehicle arm (n=22). At the end of treatment (Day 84), 17% of the subjects in the AN2728 arm met PGA Success, while 14% of the vehicle group met that standard. The most common adverse events were "upper respiratory tract infection" (9.1% in the vehicle group), "contact dermatitis" (8.7% in the AN2728 group) and "nasopharyngitis" (8.7% in the AN2728 group and 4.5% in the vehicle group).
4:01PM First Republic Bank announced a 10 mln share common stock secondary offering by selling shareholders (FRC) 32.75 -0.21 : Morgan Stanley, BofA Merrill Lynch, J.P. Morgan and Jefferies are joint book-running managers.
4:01PM FMC Tech to supply subsea systems for Shell's (RDS.A) prelude project (FTI) 40.39 +0.62 : Co announces it has signed an agreement with Shell Development to supply subsea production and associated topside systems for the Prelude field development. The companies also announced an aftermarket agreement that will result in FMC Technologies Australia performing installation and commissioning services for the project. Orders associated with this award will be received throughout the remainder of 2011.
3:49PM Earnings Calendar (SUMRX) : Today after the close NKE and SMSC are scheduled to report.
Tomorrow before the open no companies are currently scheduled to report.
3:25PM Baidu.com pushes to new session high of 134.15 its 50 sma comes into play above at 134.47 (BIDU) 134.04 +5.36 :
3:23PM Pengrowth Energy confirmed pipeline leak at Judy Creek Field (PGH) 12.06 -0.14 : The co responded to a gathering system pipeline leak and fire at Pengrowth's Judy Creek field, approximately 23 kilometers southwest of the Town of Swan Hills, Alberta. Pengrowth personnel and the local fire department responded, contained and extinguished the fire at the site of the leak. Pengrowth has shut-in and depressurized the pipeline and the spill has been contained. There were no injuries resulting from the incident nor does Pengrowth believe that the incident presents any danger to the public. Pengrowth is working closely with all of the regulatory, safety and health authorities to ensure timely clean-up of the resulting spill. Pengrowth has shut-in the pipeline which affects only a portion of the Pengrowth owned and operated Judy Creek oil field. The main production facilities remain unaffected. As a result, Pengrowth has shut-in approximately 3,000 barrels of oil equivalent (boe) per day from the affected part of the Judy Creek oil field. Pengrowth will continue to monitor the situation and will provide updates as necessary.
3:14PM Starbucks hovering near its 52-wk close high from March at 38.00 (SBUX) 37.98 +0.63 : Its 52-wk intraday high and the top of its broad three month trading range comes into play at 38.21.
3:12PM Consumer Dis Spdr tests/pauses near last week's high and its 50 ema at 39.12/39.10 (XLY) 39.06 +0.56 : MCD +0.6%, DIS +1.8%, AMZN +4.8%, CMCSA +3.5% (testing 50 ema), F +2%, HD +0.5%, DTV +3.1%, NWSA +1.6%, TGT +0.2%, NKE +1.3%, SBUX +1.6% (tested its 52-wk close high from March at 37.97, the 52-wk intraday high is at 38.21).
3:01PM A-Power Energy announces auditor's resignation; company to meet with other independent auditing firms (APWR) 1.67 -0.20 : Co announced that its independent auditor, MSCM, has resigned. In its letter dated June 26, 2011, MSCM stated that it had resigned because the co had not retained a qualified independent forensic accounting firm to evaluate certain business transactions that MSCM stated was necessary for MSCM to complete its audit of financial statements for the year ended December 31, 2010 on a timely basis. In light of MSCM's withdrawal, A-Power and members of the Audit Committee of the Board of Directors will be meeting with other qualified independent auditing firms. Co will announce its new independent auditor after the Audit Committee has selected a firm and an audit engagement contract has been entered into between the Company and that firm. As a result of MSCM's resignation, the Company's annual report on Form 20-F for the year 2010 will be delayed beyond June 30, 2011, the date the filing is due at the Securities and Exchange Commission. A-Power greatly regrets this delay and will work as rapidly as possible with a new independent auditor to complete the audit of its financial statements for the year 2010 and to then file its annual report on Form 20-F. (stock halted).
2:58PM A-Power Energy halted, Additional Information Requested by NASDAQ (APWR) 1.67 -0.02 :
2:39PM Fresh highs for stock indices, Nasdaq 100/Comp break above week long range top -- Dow +161, S&P +15.9, Nasdaq Comp +42 (SPY) :
2:36PM NYMEX Energy Closing Prices (COMDX) : August crude oil settled lower by 55 cents to $90.61, July natural gas closed up 2.1 cents to $4.25, July RBOB gasoline gained 3 cents to finish at $2.74, while July heating oil ended flat at $2.78.
2:06PM Stanley Black & Decker confirms it has acquired Niscayah shares (SWK) 69.55 +0.27 : Co announced that its wholly owned Swedish subsidiary acquired earlier today in Europe, through purchases made outside its pending tender offer to acquire all the outstanding shares and warrants of Niscayah Group AB, 21,010,494 class B shares of Niscayah, representing approximately 5.8% of the outstanding shares,1 at prices not exceeding SEK 18. This accumulation of shares reflects Stanley's commitment to the tender offer announced earlier today. (See our 6:24 ET comment)
1:58PM IMAX continues expansion in Russia With two new exhibitor partners (IMAX) 29.76 -0.57 : Co announced that it has signed agreements with two new exhibitor partners in Russia, Kinomax and MORI Cinema, to open a combined total of four new digital IMAX theatres within new multiplexes. Russia and the CIS comprise IMAX's third-largest market, after the United States and China. This announcement brings the total number of IMAX theatres scheduled to be operating in the region to 45 by 2014.
1:32PM Nasdaq 100/Comp +27 set new highs but Dow +94 and S&P +8.6 did not confirm with some slippage off the highs noted in recent trade (SPY) :
1:31PM COMEX Metals Closing Prices (COMDX) : August gold finished lower by $4.60 to $1496.30, July silver fell $1.14 to end at $33.50, while July copper closed flat on the day at $4.05.
1:23PM Brigham Exploration announces Gobbs 17-8 #1H produces at an early 24-hour peak rate of ~1,818 barrels of oil equivalent (BEXP) 26.89 -0.01 : Co announced the successful completion of the Gobbs 17-8 #1H Montana Bakken well at an early 24-hour peak rate of ~1,818 barrels of oil equivalent (1,544 barrels of oil and 1.64 MMcf of natural gas) after being fracture stimulated with 36 stages. Co anticipates that it will complete and bring on line to production four additional Montana Bakken wells over the next several months. "We believe the Gobbs' result clearly begins to de-risk our Roosevelt County acreage, given that the well is located ~17 miles northwest of Brigham's Johnson 10-19 #1H, which came on line at a Montana Bakken well record of 2,962 barrels of oil equivalent per day. Finally, our operational activity in the Williston Basin continues to accelerate, we currently anticipate bringing on line to production a record operated 10 gross, or 5.8 net wells in the month of June, which will positively impact third quarter production and beats our previous record of 6 gross, or 3.9 net wells."
12:59PM Insituform Tech announces new jv in Saudi Arabia (INSU) 19.25 0.00 : Co announced the creation of a joint venture in Saudi Arabia between Saudi Trading & Research and Corrpro Companies,subsidiary of Insituform. The joint venture, Corrpower International Limited, which is 70% owned by Corrpro and 30% by STARC, will provide a fully integrated corrosion protection product and service offing to government and private sector clients throughout the Kingdom of Saudi Arabia, including engineering, product and material sales, construction, installation, inspection, monitoring and maintenance. The joint venture will serve as a platform for the continued expansion of Insituform's Energy and Mining group in the Middle East.
12:57PM Gold testing overnight lows, while silver trades to new lows at $33.41 (COMDX) :
* Gold now off $8.20 to $1492.70. * Silver lower by $1.17 to $33.47.
12:54PM Ivanhoe Energy announced that new patent was issued in Canada related to Ivanhoe's proprietary Heavy-to-Light heavy oil upgrading process (IVAN) 1.83 -0.06 : This patent broadens and extends Ivanhoe Energy's HTL intellectual property in Canada, home to Ivanhoe Energy's Tamarack heavy oil project and a key market for the Company's HTL heavy oil expansion plans.
12:52PM NVIDIA sets new session below the mid-month trough at 15.31 to establish a new six month low of 15.23 (NVDA) 15.24 -0.50 : Note that this also approximates its early Dec 2010 high/bull breakout point (15.33).
12:38PM Relative sector weakness (TECHX) : Stock indices have extended into midday with a pause not far from the high developing thus far. Have seen some relative sector weakness in recent action in REITs IYR, Gold Miners GDX, Silver SLV, Gold GLD, Reg Bank KRE, Oil Service OIH.
11:55AM iShares NASD Biotech reaches new session high of 103.97 (IBB) 103.89 +0.56 : Working up toward Friday's high at 104.03 with the top of a week long trade range, and its 50/20 day ema at 104.26/104.29. AMGN +1%, GILD +1.3%, ALXN +1.8%, ILMN +1.9%, MYGN +1.7%, ONXX +1.1%, SHPGY +1.1%, REGN +1%.
11:53AM Nasdaq 100/Comp +31 edge to new session highs amid relative Strength in Semi SMH - Software IGV (QQQ) : Dow +105 and Sap +10 have recently joined at fresh session highs.
11:29AM Microsoft continues to provide leadership, sets new high for the month of 25.17 (MSFT) 25.15 +0.85 : Noted the test of its 50 day ema this morning at 24.80 with the penetration extended another 1.5% to bring into play the trendline off the Jan and April highs near 25.20.
11:24AM Ventas prevails in HCP rehearing petition case (VTR) 52.99 +0.24 : Co announced that the U.S. Court of Appeals for the Sixth Circuit has denied HCP (HCP) request to reconsider the court's unanimous affirmation of the $101.6 mln jury verdict in Ventas's favor in the co's lawsuit against HCP and the Court's unanimous decision that Ventas is entitled to seek punitive damages against HCP for its conduct. The denial of HCP's rehearing petition makes final the Court's May 17, 2011 decision.
11:12AM Stock indices slip back slightly off mid-morning highs -- Dow +88, S&P +7.8, Nasdaq Comp +23 (SPY) : Some relative sector weakness on this move in Finance XLF, Reg Bank KRE, Housing XHB, Airline, Disk Drive, Coal KOL, Solar TAN, Energy XLE.
11:10AM Republic Airways announced plans to add nonstop seasonal service between Branson, Mo and both Austin, Texas and Phoenix, Ariz (RJET) 5.06 +0.40 :
11:06AM Intraday relative strength in recent action in Ag/Chem -- POT +2.2%, CF +2%, IPI +1.1%, AGU +0.8, MOS +0.85, MOO +0.6%, BG +0.4%, MON +0.2% (TECHX) :
11:03AM Lockheed Martin wins role on U.S. Army forces command training and operations contract (LMT) 79.14 -0.06 : Co was awarded a contract to provide critical operations planning, training and resource support services to soldiers in the U.S. and overseas by the U.S. Army Forces Command. The co was one of 13 companies selected for the contract. The five-year indefinite delivery/indefinite quantity contract has a cumulative ceiling value of $2.5 bln for all contractors.
11:01AM El Paso and Spectra Energy (SE) announce binding open season for proposed marcellus ethane pipeline system (EP) 26.52 +0.07 : Cos announced that their jointly developed project, Marcellus Ethane Pipeline System, is holding a 30-day open season in an effort to secure binding commitments from potential shippers that desire ethane transportation service from West Virginia and Pennsylvania Marcellus Shale supply areas to destination interconnect points with third party ethane pipelines or storage facilities in the Gulf Coast area. The MEPS project is being designed to transport up to 90,000 BPD and has an anticipated in-service date of Q4 of 2014.
10:53AM Isle of Capri probing 50 sma (ISLE) 8.92 +0.28 : A leader in the casino/gaming related stocks this morning with it setting a new session high of 8.92 in recent trade bringing its 50 sma back into play at 8.93 -- PNK +1.8%, LVS +1.4%, IGT +1.4%, WYNN +1.3%, BYD +1.2%, MGM +0.8%.
10:53AM Chesapeake Energy comments on article out over the weekend; co stands behind all of its statements regarding natural gas discoveries and production (CHK) 27.92 -0.09 : The co rejected an "inaccurate and misleading" article in the June 26, 2011 edition of the New York Times that accused the company of exaggerating natural gas shale wells' productivity and industry reserve estimates of future well performance despite numerous available sources verifying the estimates. "Chesapeake stands behind all of its statements to shareholders, partners and the public regarding our natural gas discoveries and production. Our industry's operations and investment decisions are informed and guided by the best geoscientific, petrophysical and 3-D seismic data available and analyzed by some of the best drilling, completion, production and reservoir engineers in the business. The results of the industry's efforts to revolutionize natural gas development and production have been extraordinary and continue to improve."
10:41AM NuStar Energy unit and Velocity Midstream Partners signed a letter of intent to develop a joint pipeline solution (NS) 64.09 +0.09 : NuStar Logistics, L.P. and Velocity Midstream Partners announced that they have signed a letter of intent to develop a joint pipeline solution to transport west Eagle Ford Shale condensate from Velocity's Gardendale Hub to NuStar's North Beach Corpus Christi, Texas terminal facility... Velocity is currently constructing 65 miles of pipeline and 150,000 barrels of storage to transport condensate to Velocity's Gardendale Terminal for producers, including Shell (RDS.A) E&P, Chesapeake (CHK), SM Energy (SM) and Rosetta Resources (ROSE). Construction of Velocity's 12-inch pipeline and NuStar's Three Rivers storage facility will begin this summer and the system is expected to be in service by April of 2012.
10:37AM Citigroup announces results of cash tender offer to purchase certain of its outstanding notes (C) : Co says an aggregate principal amount of Notes in excess of the overall tender cap of $1.25 bln were validly tendered and not withdrawn. Citi expects to settle all such tenders and commitments on June 30, 2011.
10:31AM DuPont lagging sets new session high at 51.91 (DD) 51.91 -0.05 : Note that last week's high and its 50 ema are not far above at 51.98/52.04
10:30AM General Dynamics awarded $286 million by U.S. Army to Produce Hydra-70 Rockets (GD) 72.75 +0.46 : The U.S. Army Contracting Command in Redstone Arsenal, Ala., awarded the contract, which exercises a fiscal year 2011 option on an existing contract. The U.S. Army orders Hydra rockets for all branches of the U.S. military and select allies. Final deliveries under this order are expected to be completed in April 2015.
10:23AM Stock indices run to fresh session highs, Dollar Index breaks under pre-market low -- Dow +80, S&P +7.9, Nasdaq Comp +21 (SPY) :
10:20AM Caterpillar retesting early session high at 100.47 (CAT) 100.47 +0.46 :
10:17AM Apricus Biosciences reports reanalysis of Its U.S. Phase III trials for MycoVa showing drug is effective in mycological cure resulting in eradication of nail fungus (APRI) 5.19 -0.07 : Co announced that, based on a successful and statistically significant reanalysis of its U.S. Phase III trials for its MycoVa product, originally intended for treating onychomycosis, it is revisiting its regulatory strategy for the drug. Specifically, a combined post-hoc analysis of two randomized, double-blind, vehicle controlled, multicenter, parallel group Phase III studies to assess the efficacy, safety and tolerability of MycoVa, demonstrated statistically significant results in mycological cure, resulting in the eradication of nail fungus in favor of active treatment in patients who did not present with comorbid tinea pedis, as these patients are considered at higher risk of reinfection. The reanalysis indicates that MycoVa is able, over an extended period of time, to kill the infecting fungus in 20% of patients with mild to moderate dermatophyte onychomycosis.
10:11AM Internet Capital's ICG Commerce acquires Neuwing Energy Ventures; the terms of the transaction will not be disclosed (ICGE) 12.36 +0.25 : Co announced the acquisition of Neuwing Energy Ventures, a provider of financially focused and environmentally responsible energy strategies. Although the acquisition is not expected to have material impact on ICG Commerce's financial results in the short term, it allows the company to impact a broader scope of spend and to further develop its sustainability capabilities. In addition to energy incentives that result in cash payments and energy efficiency certificates that improve transparency, the acquisition also adds an active energy management capability focused on reducing energy spend through ongoing monitoring and evaluation of electricity, water and gas consumption. The acquisition of Neuwing Energy Ventures was completed on June 21, 2011.
10:07AM Convergys will implement a single convergent billing platform comprised of Rating and Billing Manager and Customer Service Manager for G-Net (CVG) 13.27 -0.10 : Co expects the implementation to be complete in the fourth quarter of this year.
10:06AM Immunomedics receives third milestone payment from Nycomed (IMMU) 3.78 -0.04 : Co announced the receipt of $10 million from Nycomed relating to a milestone for the clinical development of veltuzumab in rheumatoid arthritis. Nycomed has the worldwide rights to develop, manufacture and commercialize veltuzumab, in the subcutaneous formulation, for the treatment of all non-cancer indications.
10:06AM Servidyne to be acquired by Scientific Conservation Inc. (SCI) for $3.50 per share in an all-cash transaction (SERV) 2.62 : The acquisition is subject to Servidyne, Inc. shareholder approvals and other customary closing conditions, and is currently expected to be completed in Servidyne's second fiscal quarter ending October 31, 2011. Following the sale, Servidyne will no longer be a publicly-traded company, and its shares will cease to be traded on the NASDAQ Global Market. (SERV is halted).
10:04AM Microsoft strong intraday upside extension leaves it back near its 50 ema which capped the upside last week at 24.80 (MSFT) 24.78 +0.48 : Last week's high is at 24.86 with its 50 sma at 24.88.
10:00AM Comtech Telecommunications receives large contract From Bharti Airtel for Satellite Cellular Backhaul Equipment (CMTL) 27.11 +0.38 : Co announced that its subsidiary, Comtech EF Data Corp., received a SATCOM equipment contract from Bharti Airtel Limited, a global telecommunications co with operations in 19 countries across Asia and Africa. Under the contract, CMTL will supply the equipment to support Bharti Airtel's network upgrade and service expansion across its operations in 16 African countries. Bharti Airtel ordered Comtech's CDM-625 Advanced Satellite Modems and the Memotec CX-U Series.
10:00AM PharmAthene achieves Anthrax vaccine program milestone and successfully completes technology transfer (PIP) 3.18 +0.03 : Co announced that it has achieved an important technical milestone in its recombinant protective antigen anthrax vaccine program. PharmAthene has successfully completed initial technology transfer of its manufacturing process for the bulk drug substance of its vaccine candidate, SparVax, at the 100 liter scale to a US-based manufacturing facility at Diosynth RTP. Activities to scale-up production to the final commercial 1,500 liter scale are underway.
9:52AM Sharp reversal in crude oil as dollar pulls back; now off 67 cents to $90.49 (COMDX) :
9:49AM Opening Point Gainers/Losers (TECHX) : Point Gainers: GOOG (+5.10), AMZN (+4.53), SINA (+4.89), AAPL (+3.07), BIDU (+3.13), DECK (+2.99), APKT (+1.84), FFIV (+1.61), CNU (+1.52), SOHU (+1.39), IBN (+1.35), LFC (+1.34)
9:49AM Relative Sector Strength (TECHX) : The indices have pushed off early lows with relative strength (outperforming the S&P) noted in Reg Bank KRE, Finance XLF, Airline, Casino, Housing XHB, Internet FDN, Solar TAN, Coal KOL.
9:42AM Market View- Financials & Banks among the top gainers in the DIA in early trade; BAC, JPM, TRV; XLF +0.85% vs. SPY +0.05% (TECHX) : BAC +2.5%, JPM +1.4%, AXP +0.9%, TRV +0.9%, USB +2.1%, BK +1.2%, C +1.1%, MTB +1.5%, PNC +1.8%, STT +1.2%, WFC +1.4%.
9:41AM Financial Select Sector SPDR displaying relative strength, sets minor new session high to test Friday's peak at 14.89 -- session high 14.89 (XLF) 14.88 +0.12 :
9:41AM Crude oil to new lows at $89.61; now off $1.47 to $89.69 (COMDX) :
9:38AM S&P -0.9 and Nasdaq Comp -5 slip into the red after minor opening upticks, hovering just above Friday lows -- Dow +9.5 has thus far not confirmed (SPY) :
9:37AM Servidyne halted since before the open, news pending (SERV) 2.26 -0.01 :
9:36AM Semiconductor Hldrs ETF slips under Friday's low in early trade (SMH) 32.52 -0.14 : Relative weakness in INTC, NVDA, BRCM, MRVL, LLTC, MCHP.
9:36AM Multimedia Games: Hearing initiated with Buy at Sidoti (MGAM) 4.59 +0.06 :
9:33AM Pearson Plc: Aerohive Networks announces new strategic partnership with Pearson (PSO) 18.03 -0.12 :
9:33AM Intel displays relative weakness, holding slightly above June low and its 200 sma at 21.06/21.04 -- session low 21.10 (INTC) 21.10 -0.10 :
9:29AM Crude oil testing overnight lows; now off $1.11 to $90.05 (COMDX) :
9:23AM Aircastle increased common share repurchase program by up to $30 mln of its common shares, increased dividend to $0.125/share, prior $0.10/share (AYR) 12.20 :
9:21AM Atlas Energy says its lending group on its senior secured credit facility has completed its borrowing base redetermination and has increased Atlas Energy's borrowing base from $125 mln to $160 mln (ATLS) 21.41 :
9:18AM Met-Pro Corp's Environmental Air Solutions business unit has received an order, valued in excess of $500,000 (MPR) 10.27 :
9:17AM NYSE Euronext: ISS proxy advisory services recommends NYSE Euronext shareholders vote for combination with Deutsche Boerse (DBOEY) (NYX) 31.88 :
9:15AM On The Wires (WIRES) :
* American Electric Technologies (AETI) announced that the company has received notification from TUV Rheinland that its 1 MW 1000 Volt Integrated Solar Inversion Station has successfully passed the solar inverter tests as outlined. * Microsoft (MSFT) and General Dynamics (GD) Itronix have signed a patent agreement that provides broad coverage under Microsoft's patent portfolio for General Dynamics Itronix devices running the Android platform. * The Clorox Company (CLX) announced at the Association for Professionals in Infection Control and Epidemiology annual meeting that the U.S. Environmental Protection Agency accepted the registration of Clorox Commercial Solutions Clorox Germicidal Wipes to kill Clostridium difficile spores in five minutes. * Safeguard Scientifics (SFE) announced that it led a $35 mln Series D financing for NovaSom.
9:11AM CEL-SCI Corp announces start of multikine Phase III study by Teva Pharmaceuticals (TEVA) Industries in Israel (CVM) 0.50 : Co announced that its partner Teva Pharmaceuticals (TEVA) has concluded the Site Initiation Visit for the first Israeli clinical center in CEL-SCI's Phase III clinical trial for Multikine the co's flagship cancer immunotherapy. The first hospital is called Tel Aviv Sourasky Medical Center and is located in Tel Aviv, Israel. Patient enrollment is expected to start soon in this center. The goal of this study is to establish Multikine as a first-line standard of care therapy in treating newly diagnosed head and neck cancer patients.
9:07AM Archipelago Learning acquires english language learning provider Alloy Multimedia for $2 mln (ARCL) 10.14 : The transaction closed on June 24, 2011.
9:04AM Cascade Financial Corp receives regulatory approvals for merger with Opus Bank; expected to close on June 30 (CASB) 0.44 :
9:03AM Marshall Edwards announced publication of results from pre-clinical studies of Triphendiol that demonstrate its anti-proliferative activity in pancreatic cancer as both a monotherapy and as a chemosensitizer (MSHL) 1.00 : Co announces publication of results from pre-clinical studies of Triphendiol, a prodrug of the Company's lead drug candidate NV-143, that demonstrate its anti-proliferative activity in pancreatic cancer as both a monotherapy and as a chemosensitizer. The studies detail the in vitro activity of Triphendiol in pancreatic cancer cells as well as its in vivo activity in animal models of pancreatic cancer. In addition, both studies show that pre-treatment with Triphendiol enhances the cytotoxic effect of gemcitabine, the standard-of-care chemotherapy currently used to treat advanced pancreatic cancer.
9:03AM Entertainment Gaming Asia announces update on civil action complaint; All claims against current and former officers and directors were dismissed (EGT) 0.32 : Co announced an update on a civil action complaint filed against the Company and certain of its current and former directors and officers on March 26, 2010. The Complaint concerns various allegations of federal and state securities violations, breaches of fiduciary duty, negligent misrepresentation, and breaches of contract. The most current summary of the Complaint can be found in the Company's 2011 First Quarter Form 10-Q. On June 22, 2011, the district court in the Complaint ruled on the motions to dismiss filed by the Company and certain of its current and former officers and directors. The district court dismissed all of Prime Mover's claims and dismissed all of Strata's claims except for two breach-of-contract counts against the Company. All claims against the current and former officers and directors were dismissed. It is not known at this time whether or when the Plaintiffs may seek leave to amend their dismissed claims. The Company intends to continue to defend vigorously against the Complaint.
9:01AM Cardium Therapeutics Announces Plans to Acquire Transdel Pharmaceuticals Phase 3 Topical Analgesic and Cosmeceutical Business Assets (CXM) 0.27 : Co announces that it had entered into an agreement with Transdel Pharmaceuticals to acquire substantially all of Transdel's business assets including a Phase 3 product candidate Ketotransdel(TM) (TDLP-110), which is a topically-administered analgesic for the treatment of musculoskeletal pain. The business assets would be acquired in connection with a proposed asset purchase under Section 363 of Chapter 11 of the U.S. Bankruptcy Code, and would also include royalty-bearing license agreements for certain cosmeceutical products marketed by third parties that employ Transdel delivery technology. The completion of the asset acquisition is subject to a number of conditions, including approval of the transaction by the bankruptcy court.
9:01AM Gulf Resources signs a non-binding letter of intent with the People's Government of Daying County in Sichuan Province (GFRE) 3.13 : Co announces that its subsidiary, Shouguang City Haoyuan Chemical, has signed a non-binding Letter of Intent with the People's Government of Daying County in Sichuan Province to explore and develop potential underground brine water resources. After the prospect of brine water have been confirmed, the Company will consider to invest approximately RMB1.5 billion (approximately $220 million) over the next three to five year for development of resources.
9:00AM Primoris Services announced new contracts valued at approximately $100 mln for infrastructure and energy projects in California and Texas (PRIM) 12.60 :
8:46AM Aoxing Pharma says it and six note holders have reached an agreement to convert certain outstanding notes and accrued interest thereon totaling 42,449,722.63 RMB (approx USD$6.56 mln) into 2,432,296 shares of common stock at $2.70/share (AXN) 1.43 :
8:45AM Marsh McLennan commences cash tender offers for up to a total of $500 mln for outstanding 5.375% notes due 2014 and 5.750% notes due 2015 (MMC) 29.94 : The Co intends to fund the purchase of the Notes with a combination of cash on hand, borrowings under its revolving credit facility and/or a new debt financing.
8:36AM MDU Resources announces Bakken Leaseholds Acquisition, lowers FY11 production guidance; reaffirms annual earnings guidance; sees Q2 at low end of previous guidance (MDU) 22.04 : Co announced the acquisition of 20,000 additional acres of leaseholds in the Bakken oil play. The new leaseholds are in Richland County, Montana. The co now holds a total of ~90,000 net acres of leaseholds in the Bakken. The co also announced that it is lowering its 2011 oil and natural gas production forecasts as a result of extensive rain and flooding conditions that have hampered operations delaying growth activity in key producing states in the Rocky Mountain region including the Bakken area. "As other cos have noted in their own forecast revisions, severe weather has continued to impact operations through the second quarter. "We are reaffirming our annual earnings guidance of $1.05 to $1.30 per share vs. the $1.29 consensus. However, we expect second quarter earnings will come in at the low end of our second quarter guidance of ~20% of our annual earnings range." Although in the short-term, the co's exploration and development activity is being delayed, the company's long term capital expenditure forecast for the exploration and production business remains unchanged at $2.1 billion over five years, including ~$300 million in 2011. The co is in position to increase development activity once the weather conditions improve."
8:36AM On The Wires (WIRES) :
* B.O.S. Better Online Solutions (BOSC) announced that its supply chain division received new orders of $700K from customers in Asia. This is in addition to $1.6 mln orders already received from Asian customers during the first six months of 2011, for delivery this year. * Interphase (INPH) announces the launch of clouDevice, a comprehensive cloud computing/desktop virtualization product line.
8:33AM Novo-Nordisk says investigational ultra-long-acting insulin degludec reduces hypoglycemia and improves long-term control in patients with type 1 and type 2 diabetes (NVO) 117.09 : Ultra-long acting insulin degludec, under development by NVO, lowers blood glucose levels with significantly reduced rates of hypoglycemia compared to insulin glargine, according to data presented at the 71st Scientific Sessions of the American Diabetes Association. Data were from two, phase three, 52-week clinical trials, one with individuals with type 1 and one in individuals with type 2 diabetes.
8:32AM Toro acquires Lawn Solutions Commercial Products; no terms disclosed (TTC) 59.78 : Co announced it has acquired Lawn Solutions Commercial Products, a manufacturer of innovative turf renovation equipment for the landscape, rental, municipal and golf markets. Terms of the transaction were not disclosed.
8:31AM Chiquita Brands announces proposed refinancing (CQB) 12.14 : Co announces that it has commenced a refinancing of a portion of its existing indebtedness, including its 8 7/8% Senior Notes due 2015 and existing Senior Credit Facility. As part of the refinancing, the company has commenced a cash tender offer for $100 million of approximately $177 million outstanding aggregate principal amount of its 8 7/8% Senior Notes due 2015.
8:21AM On The Wires (WIRES) :
* Verenium (VRNM) and Novus International announced a strategic collaboration to jointly develop and commercialize a suite of new enzyme products from Verenium's late-stage product pipeline in the animal nutrition and health area globally. * Coinstar (CSTR) announced the appointment of Maria Stipp as its chief customer officer. Most recently, Stipp served as the executive vice president and general manager of the Owned Properties Global Business Unit at Activision (ATVI). * Ecolab (ECL) has entered into a strategic alliance with Proventix Systems to use the nGage RFIDsystem to automate hand hygiene compliance monitoring for healthcare customers. The agreement with Proventix provides Ecolab customers with new options for their hand hygiene compliance monitoring initiatives. * Macy's (M) announces the launch of international shipping on its e-commerce site to 91 countries in Africa, Asia, Australia, the Caribbean, Europe, the Middle East, North and South America. * Iteris (ITI) selected by the Orange County Transportation Authority to synchronize 68 traffic lights along Katella Avenue in Orange County, California, as part of the Proposition 1B - Traffic Light Synchronization Program. The contract, valued at $674K, is expected to begin immediately. * New Gold (NGD) announces the drill results for 22 additional holes on its Blackwater Project in central British Columbia. The results demonstrate the continuity of mineralization to both the northwest and northeast, with strong grades over solid widths... * XOMA (XOMA) announced the first presentation of results from its discovery of two new classes of fully human monoclonal antibodies that activate or sensitize the insulin receptor in vivo, each representing a distinct new therapeutic approach to the treatment of patients with diabetes. * DemandTec (DMAN) announced that Monoprix has renewed its subscription for DemandTec's Everyday Price Optimization and Everyday Price Management software services on the DemandTec network. * American Lorain (ALN) announced that the Company has signed a Joint Venture Agreement with Hisaya. * Power-One (PWER) announced that its Aurora PVI-3.0-OUTD-W 3kW inverter has been selected by WindTronics for use with the Honeywell (HON) Wind Turbine for on-grid installations. * Gevo (GEVO) announced that it has successfully produced fully renewable and recyclable polyethylene terephthalate with its potential customer, Toray Industries. * TASER International (TASR) announced an order for 125 TASER X2 electronic control devices and related accessories for the Montana Highway Patrol. * Blue Coat Systems (BCSI) announced that Hostworks has deployed Blue Coat ProxySG appliances with Optimized Video Delivery technology as part of its Hostworks Content Delivery Solution.
8:17AM Agenus reports herpes study results presented show robust immune response (AGEN) 0.77 : Co announced that results from its Phase I study of HerpV for the treatment of genital herpes will be presented by Dr. David Koelle, professor of medicine in the Division of Allergy and Infectious Diseases at the University of Washington School of Medicine, at the BIO International Convention in Washington, DC. The data will be presented on Tuesday, June 28th during the 10:00 am to 11:30 am session entitled, "Therapeutic and Prophylactic Approaches for the Treatment of HSV-2 Infection." HerpV is an investigational therapeutic vaccine being developed to treat herpes simplex virus-2 (HSV-2), the virus that causes genital herpes in infected patients. Results from the Phase 1 HerpV trial demonstrated that the vaccine candidate triggered a cellular immune response, stimulating both CD4+ and CD8+ T cells. A manuscript on the full data set has been submitted to a peer-reviewed journal.
8:11AM Bristol-Myers and AstraZeneca (AZN) also announced results from two 24-week Phase 3 clinical studies examining the investigational compound dapagliflozin at 5 mg or 10 mg plus metformin extended-release (BMY) 28.93 : Co and AstraZeneca (AZN) also announced results from two 24-week Phase 3 clinical studies examining the investigational compound dapagliflozin at 5 mg or 10 mg plus metformin extended-release. In previously-untreated adults with type 2 diabetes who had high baseline blood sugar levels of up to 12%, the studies showed that dapagliflozin plus metformin XR significantly reduced blood sugar levels compared to dapagliflozin or metformin XR alone plus placebo. There were no major hypoglycemia-related events in the studies. Minor hypoglycemia was observed more frequently in the combination arm than for either agent alone.
8:11AM Ameritrans Capital stockholders approve issuance of up to $65 mln of common stock to Renova US Holdings and related proposals (AMTC) 1.15 :
8:10AM Alkermes reports Pharmacoeconomic Value of Addiction Treatments, including VIVITROL was published (ALKS) 17.30 : Co announces the publication of two new studies in the June issue of The American Journal of Managed Care evaluating pharmacoeconomic data on addiction treatments, including VIVITROL, with the endpoint of total healthcare costs. The first paper1 showed that patients receiving an FDA-approved medication for their alcohol dependence had reduced total healthcare costs, including inpatient, outpatient and pharmacy costs, compared to patients treated without medication. Patients treated with VIVITROL had significantly lower hospital costs, fewer days in detoxification and fewer admissions to the hospital than patients treated with any of three other medications: oral naltrexone, disulfiram or acamprosate.
8:05AM OSI Systems' Spacelabs Healthcare awarded a contract for ~$3 mln by a prominent New Jersey health system (OSIS) 41.27 :
8:05AM Pain Therapeutics discusses last week's Complete Response Letter for Remoxy; says potential drug approval unlikely in less than a year (PTIE) 5.30 : Co discusses last week's FDA Complete Response Letter on the resubmission to the new drug application (NDA) for Remoxy (oxycodone) Extended-Release Capsules CII, which was received on 6/23. The FDA's Complete Response Letter raised concerns related to, among other matters, the Chemistry, Manufacturing, and Controls section of the NDA for Remoxy. Certain drug lots showed inconsistent release performance during in vitro testing. It is not known at this time whether this is an artifact of the testing method or a manufacturing deficiency. Sufficient information does not yet exist to accurately assess the time required to resolve the concerns raised in the FDA's Complete Response Letter. In the opinion of Pain Therapeutics, potential regulatory approval of Remoxy in the U.S. is unlikely to occur in less than one year, and could be delayed significantly longer than a year. (PTIE is partnered with PFE on Remoxy; the drug uses DRRX's Oradur technology).
8:04AM GSV Capital says acquired 225,000 shares in social-networking company Facebook at an average price of $29.28 per share (GSVC) 10.36 :
8:03AM Ampio Pharma releases results from Phase III clinical trial of Zertane for the treatment of premature ejaculation (AMPE) 18.83 : Zertane at the lower dose increased the median IELT 2.37 fold over baseline. The mean increase was 4.07 fold over baseline. Geometric mean increase was 2.3 fold over baseline. For comparison purposes dapoxetine (Priligy at the lower dose increased geometric mean by 2.0 fold over baseline (data from meta analysis by McMahon on 5 trials using dapoxetine)... The mean change for all four aspects of the PEP (normal distribution) was significantly higher in both Zertane treatment groups compared to placebo. "We are very pleased with the results of this phase III clinical study which demonstrated both efficacy and no safety concerns for Zertane in treating PE. We are aggressively pursuing regulatory approval for Zertane in Europe and are in discussions with potential distribution partners in Europe and Asia. Equally important, our intellectual property that protects our commercialization of Zertane also encompasses combination products which combine Zertane with erectile dysfunction drugs, so we believe our franchise in the clinical field of sexual dysfunction will be expanded."
8:03AM Arrow Elec acquires the distribution business of Seed International (ARW) 36.68 : Co announced that the company has signed a definitive agreement pursuant to which Arrow will acquire all of the assets and operations of the distribution business of Seed International Ltd. Seed is a value-added distributor of embedded products with 14 offices across China. The company is primarily focused on Texas Instruments (TXN) products. The company's sales for the latest fiscal year were approximately $90 million. The acquisition is subject to regulatory approval and is expected to close during the third quarter of 2011.
8:01AM Carpenter Tech acquires Oilfield Alloys for $4.8 mln (CRS) 53.27 : Co announces the acquisition of Oilfield Alloys Pte. Ltd. for $4.8 mln. Based in Singapore, Oilfield Alloys manufactures and distributes directional drilling equipment in the Asia-Pacific region. A distributor of several Carpenter non-magnetic products, Oilfield Alloys also has a sales location in Dubai. The acquisition will help Carpenter geographically expand its supply of non-magnetic drill collars, Measurement While Drilling/Logging While Drilling housings, stabilizers, and other downhole tools used for directional drilling in the Asia-Pacific region.
8:00AM Libbey announced that Stephanie Streeter has been appointed CEO effective August 1, 2011 (LBY) 14.83 :
7:31AM Akzo Nobel N.V. provided trading update; Q2 results will be adversely impacted by ongoing challenging trading conditions and one-off factors (AKZOY) 64.61 : AkzoNobel confirms that revenue development year-to-date has met the company's expectations, but that results for the second quarter will be adversely impacted by ongoing challenging trading conditions and one-off factors. Recent performance has continued to be impacted by further raw material price inflation in Q2 and, as a result, sequential second quarter contribution margins are expected to be flat compared with Q1. Year-on-year raw material prices are estimated to be around 20 percent higher. In addition, continued softness of demand in our mature markets and prolonged maintenance stops within Specialty Chemicals will also impact results in the second quarter. These factors lead to an expected second quarter EBITDA of around EUR550 million. AkzoNobel expects full-year 2011 EBITDA to be at least in line with the prior year, assuming no further deterioration in economic conditions.
7:31AM Genesis Energy to acquire, for $141 mln, the black oil barge transportation business of Florida Marine Transporters (GEL) 28.05 : Co announes that it has agreed to acquire for $141 million the black oil barge transportation business of Florida Marine Transporters, Inc. and its affiliates. At current market and utilization rates, we would estimate that these assets will generate $17 to $19 million of cash flow on an annual basis.
7:30AM Consol. Graphics signs letter of intent to acquire RT Associates, a marketing services provider; the transaction is expected to be completed in the next 90 days (CGX) 50.32 :
7:17AM On The Wires (WIRES) :
* Omeros (OMER) has identified compounds that interact with orphan G protein-coupled receptors P2Y8 and OPN4. P2Y8 is associated with acute lymphoblastic leukemia. * Rentrak (RENT) announced a multi-year StationView Essentials contract to provide local market TV ratings data for NBC-affiliate, WPSD-TV in the Paducah-Cape Girardeau-Harrisburg market, which serves Western Kentucky, Southern Illinois and Southeastern Missouri. * Learning Tree International (LTRE) announced the introduction of its training schedule in three new locations in Belgium and Germany: Brussels, Cologne and Heidelberg. * Teleflex (TFX) announced a new three-year agreement with Premier Purchasing Partners, the group purchasing unit of the Premier healthcare alliance. The new agreement covers Teleflex's Rusch laryngoscope products. It begins August 1, 2011 and extends through July 31, 2014. * Spectranetics (SPNC) announces the first patient enrollment in the EXCITE ISR clinical trial. The EXCITE ISR clinical trial will enroll up to 353 patients at up to 30 sites in the U.S. The primary efficacy endpoint of the trial is freedom from TLR, which will be evaluated through six months following the procedure. These results will be included in a 510k filing with the FDA. * China Security & Surveillance Technology (CSR) received an approval notice from the Dubai Financial Services Authority for its application for a waiver from the provisions of the DFSA Takeover Rules Module. * Sangamo BioSciences (SGMO) announced the publication of a preclinical study demonstrating permanent functional correction of the gene that causes hemophilia B by the systemic delivery of zinc finger nucleases. The study, published in Nature, represents a significant advance in the development and systemic delivery of ZFP Therapeutics and proof of concept for ZFN-based gene-editing for the treatment of hemophilia and other monogenic diseases. * China Modern Agriculture (CMCI.OB) announced that it has become the official supplier of SuihuaDongxing Dairy Products worth an estimated $1.65 mln in gross revenues.
7:10AM EpiCept receives initial FDA comments on application for ceplene special protocol assessment (EPCT) 0.45 : Co announced that it has received initial written responses from the FDA regarding the co's application for a Special Protocol Assessment of the Ceplene Phase III protocol. Ceplene, which is administered in conjunction with low-dose interleukin-2, is EpiCept's maintenance therapy for patients with acute myeloid leukemia in first remission. Among those responses, the FDA noted that in contrast to its earlier position it is now proposing that the trial attempt to isolate Ceplene's effect by including an IL-2 monotherapy arm in the trial protocol. The FDA has invited the Company to request a meeting to discuss its responses to the Company's application.
7:07AM Dehaier Medical Systems granted three new patents by State Intellectual Property Office of the People's Republic of China (DHRM) 2.50 : The patent awards were related to the design of Dehaier's Sleep Diagnostic and Continuous Positive Airway Pressure ("CPAP") homecare medical products and Medical-grade Air Compressor. These patents were issued in June 2011 and are valid for 10 years.
7:07AM Range Resources announces CEO transition plan (RRC) 52.26 : Co announced its Board of Directors approved a CEO transition plan. In accordance with the plan, Range's President, Jeffrey Ventura, will assume the additional role of CEO beginning January 1, 2012. At such time, John H. Pinkerton, Range's current CEO, will assume the position of Executive Chairman. Pinkerton has served as Range's CEO since 1992.
7:05AM On The Wires (WIRES) :
* STAAR Surgical (STAA) announced the completion of the first procedures to implant its recently CE Mark-approved Visian Implantable Collamer Lens V4c design. * Meredith (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * AT&T (T) announced the availability of its mobile broadband network in Marathon and Lincoln Counties, extending access for advanced mobile services, devices and feature-rich audio and video content to customers in the region. * Thomas Properties (TPGI) announced that on June 21, 2011, the partnership that owns Murano, a high-rise residential condominium project in downtown Philadelphia, closed a new first mortgage loan. The new mortgage loan in the amount of $21.5 mln was made by Wells Fargo Bank (WFC) * Endo Pharmaceuticals's (ENDP) subsidiary Qualitest Pharmaceuticals issued a voluntary nationwide retail level recall of Butalbital, Acetaminophen, and Caffeine Tablets and Hydrocodone Bitartrate and Acetaminophen Tablets. This recall was initiated because an individual bottle of Butalbital, Acetaminophen, and Caffeine Tablets was found incorrectly labeled with a Hydrocodone Bitartrate and Acetaminophen Tablets. * Bruker (BRKR) announces the amendment of its exclusive distribution agreement for clinical microbiology for Bruker's MALDI Biotyper with Francisco Soria Melguizo S.A. to cover now also Portugal, as another territory in addition to Spain. * Meredith Corporation (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * Suntech Power Holdings (STP) announced that Just-Roof, Suntech's building integrated photovoltaic product, has been approved by CEIAB in France and qualifies for the highest solar feed-in tariff for end customers. * Calpine Corporation (CPN) and GE (GE) unit GE Energy Financial Services announced today that they have obtained an $844.5 mln credit facility to finance construction of the 619-megawatt, combined-cycle Russell City Energy Center in Hayward, California. The power plant, now under construction, was the nation's first to receive a federal air permit that includes a voluntary limit on greenhouse gas emissions. * Sangamo BioSciences (SGMO) announced the publication of a preclinical study demonstrating permanent functional correction of the gene that causes hemophilia B by the systemic delivery of zinc finger nucleases. The study, published in Nature, represents a significant advance in the development and systemic delivery of ZFP Therapeutics and proof of concept for ZFN-based gene-editing for the treatment of hemophilia and other monogenic diseases.
7:04AM Hanmi Financial announces private placement of common stock to Woori Investment & Securities (HAFC) 0.89 : Pursuant to the terms of the Common Stock Purchase Agreement dated June 27, 2011, between Woori and the Company, Woori will be purchasing that number of shares equal to 4.9 percent of the Company's outstanding common stock immediately after the closing of the Company's previously announced public offering, subject to adjustment in certain circumstances, at a price per share equal to the public offering price. The private placement is contingent upon the closing of the Company's public offering. The total amount of common stock being sold in the private placement and the Company's public offering is expected to total $75,000,000, assuming no exercise of the underwriter's over-allotment option.
7:04AM On The Wires (WIRES) :
* STAAR Surgical (STAA) announced the completion of the first procedures to implant its recently CE Mark-approved Visian Implantable Collamer Lens V4c design. * Meredith (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * AT&T (T) announced the availability of its mobile broadband network in Marathon and Lincoln Counties, extending access for advanced mobile services, devices and feature-rich audio and video content to customers in the region. * Thomas Properties (TPGI) announced that on June 21, 2011, the partnership that owns Murano, a high-rise residential condominium project in downtown Philadelphia, closed a new first mortgage loan. The new mortgage loan in the amount of $21.5 mln was made by Wells Fargo Bank (WFC) * Endo Pharmaceuticals's (ENDP) subsidiary Qualitest Pharmaceuticals issued a voluntary nationwide retail level recall of Butalbital, Acetaminophen, and Caffeine Tablets and Hydrocodone Bitartrate and Acetaminophen Tablets. This recall was initiated because an individual bottle of Butalbital, Acetaminophen, and Caffeine Tablets was found incorrectly labeled with a Hydrocodone Bitartrate and Acetaminophen Tablets. * Bruker (BRKR) announces the amendment of its exclusive distribution agreement for clinical microbiology for Bruker's MALDI Biotyper with Francisco Soria Melguizo S.A. to cover now also Portugal, as another territory in addition to Spain. * Meredith Corporation (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * Suntech Power Holdings (STP) announced that Just-Roof, Suntech's building integrated photovoltaic product, has been approved by CEIAB in France and qualifies for the highest solar feed-in tariff for end customers. * Calpine Corporation (CPN) and GE (GE) unit GE Energy Financial Services announced today that they have obtained an $844.5 mln credit facility to finance construction of the 619-megawatt, combined-cycle Russell City Energy Center in Hayward, California. The power plant, now under construction, was the nation's first to receive a federal air permit that includes a voluntary limit on greenhouse gas emissions. * Sangamo BioSciences (SGMO) announced the publication of a preclinical study demonstrating permanent functional correction of the gene that causes hemophilia B by the systemic delivery of zinc finger nucleases. The study, published in Nature, represents a significant advance in the development and systemic delivery of ZFP Therapeutics and proof of concept for ZFN-based gene-editing for the treatment of hemophilia and other monogenic diseases.
7:04AM On The Wires (WIRES) :
* STAAR Surgical (STAA) announced the completion of the first procedures to implant its recently CE Mark-approved Visian Implantable Collamer Lens V4c design. * Meredith (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * AT&T (T) announced the availability of its mobile broadband network in Marathon and Lincoln Counties, extending access for advanced mobile services, devices and feature-rich audio and video content to customers in the region. * Thomas Properties (TPGI) announced that on June 21, 2011, the partnership that owns Murano, a high-rise residential condominium project in downtown Philadelphia, closed a new first mortgage loan. The new mortgage loan in the amount of $21.5 mln was made by Wells Fargo Bank (WFC) * Endo Pharmaceuticals's (ENDP) subsidiary Qualitest Pharmaceuticals issued a voluntary nationwide retail level recall of Butalbital, Acetaminophen, and Caffeine Tablets and Hydrocodone Bitartrate and Acetaminophen Tablets. This recall was initiated because an individual bottle of Butalbital, Acetaminophen, and Caffeine Tablets was found incorrectly labeled with a Hydrocodone Bitartrate and Acetaminophen Tablets. * Bruker (BRKR) announces the amendment of its exclusive distribution agreement for clinical microbiology for Bruker's MALDI Biotyper with Francisco Soria Melguizo S.A. to cover now also Portugal, as another territory in addition to Spain. * Meredith Corporation (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * Suntech Power Holdings (STP) announced that Just-Roof, Suntech's building integrated photovoltaic product, has been approved by CEIAB in France and qualifies for the highest solar feed-in tariff for end customers. * Calpine Corporation (CPN) and GE (GE) unit GE Energy Financial Services announced today that they have obtained an $844.5 mln credit facility to finance construction of the 619-megawatt, combined-cycle Russell City Energy Center in Hayward, California. The power plant, now under construction, was the nation's first to receive a federal air permit that includes a voluntary limit on greenhouse gas emissions. * Sangamo BioSciences (SGMO) announced the publication of a preclinical study demonstrating permanent functional correction of the gene that causes hemophilia B by the systemic delivery of zinc finger nucleases. The study, published in Nature, represents a significant advance in the development and systemic delivery of ZFP Therapeutics and proof of concept for ZFN-based gene-editing for the treatment of hemophilia and other monogenic diseases.
7:04AM On The Wires (WIRES) :
* STAAR Surgical (STAA) announced the completion of the first procedures to implant its recently CE Mark-approved Visian Implantable Collamer Lens V4c design. * Meredith (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * AT&T (T) announced the availability of its mobile broadband network in Marathon and Lincoln Counties, extending access for advanced mobile services, devices and feature-rich audio and video content to customers in the region. * Thomas Properties (TPGI) announced that on June 21, 2011, the partnership that owns Murano, a high-rise residential condominium project in downtown Philadelphia, closed a new first mortgage loan. The new mortgage loan in the amount of $21.5 mln was made by Wells Fargo Bank (WFC) * Endo Pharmaceuticals's (ENDP) subsidiary Qualitest Pharmaceuticals issued a voluntary nationwide retail level recall of Butalbital, Acetaminophen, and Caffeine Tablets and Hydrocodone Bitartrate and Acetaminophen Tablets. This recall was initiated because an individual bottle of Butalbital, Acetaminophen, and Caffeine Tablets was found incorrectly labeled with a Hydrocodone Bitartrate and Acetaminophen Tablets. * Bruker (BRKR) announces the amendment of its exclusive distribution agreement for clinical microbiology for Bruker's MALDI Biotyper with Francisco Soria Melguizo S.A. to cover now also Portugal, as another territory in addition to Spain. * Meredith Corporation (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * Suntech Power Holdings (STP) announced that Just-Roof, Suntech's building integrated photovoltaic product, has been approved by CEIAB in France and qualifies for the highest solar feed-in tariff for end customers. * Calpine Corporation (CPN) and GE (GE) unit GE Energy Financial Services announced today that they have obtained an $844.5 mln credit facility to finance construction of the 619-megawatt, combined-cycle Russell City Energy Center in Hayward, California. The power plant, now under construction, was the nation's first to receive a federal air permit that includes a voluntary limit on greenhouse gas emissions. * Sangamo BioSciences (SGMO) announced the publication of a preclinical study demonstrating permanent functional correction of the gene that causes hemophilia B by the systemic delivery of zinc finger nucleases. The study, published in Nature, represents a significant advance in the development and systemic delivery of ZFP Therapeutics and proof of concept for ZFN-based gene-editing for the treatment of hemophilia and other monogenic diseases.
7:04AM On The Wires (WIRES) :
* STAAR Surgical (STAA) announced the completion of the first procedures to implant its recently CE Mark-approved Visian Implantable Collamer Lens V4c design. * Meredith (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * AT&T (T) announced the availability of its mobile broadband network in Marathon and Lincoln Counties, extending access for advanced mobile services, devices and feature-rich audio and video content to customers in the region. * Thomas Properties (TPGI) announced that on June 21, 2011, the partnership that owns Murano, a high-rise residential condominium project in downtown Philadelphia, closed a new first mortgage loan. The new mortgage loan in the amount of $21.5 mln was made by Wells Fargo Bank (WFC) * Endo Pharmaceuticals's (ENDP) subsidiary Qualitest Pharmaceuticals issued a voluntary nationwide retail level recall of Butalbital, Acetaminophen, and Caffeine Tablets and Hydrocodone Bitartrate and Acetaminophen Tablets. This recall was initiated because an individual bottle of Butalbital, Acetaminophen, and Caffeine Tablets was found incorrectly labeled with a Hydrocodone Bitartrate and Acetaminophen Tablets. * Bruker (BRKR) announces the amendment of its exclusive distribution agreement for clinical microbiology for Bruker's MALDI Biotyper with Francisco Soria Melguizo S.A. to cover now also Portugal, as another territory in addition to Spain. * Meredith Corporation (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * Suntech Power Holdings (STP) announced that Just-Roof, Suntech's building integrated photovoltaic product, has been approved by CEIAB in France and qualifies for the highest solar feed-in tariff for end customers. * Calpine Corporation (CPN) and GE (GE) unit GE Energy Financial Services announced today that they have obtained an $844.5 mln credit facility to finance construction of the 619-megawatt, combined-cycle Russell City Energy Center in Hayward, California. The power plant, now under construction, was the nation's first to receive a federal air permit that includes a voluntary limit on greenhouse gas emissions. * Sangamo BioSciences (SGMO) announced the publication of a preclinical study demonstrating permanent functional correction of the gene that causes hemophilia B by the systemic delivery of zinc finger nucleases. The study, published in Nature, represents a significant advance in the development and systemic delivery of ZFP Therapeutics and proof of concept for ZFN-based gene-editing for the treatment of hemophilia and other monogenic diseases.
7:04AM China Sunergy to invest RMB1.8 billion in 1GW solar cells production expansion project (CSUN) 2.10 : Co announces that its fully owned subsidiaries China Sunergy and China Sunergy are to increase China Sunergy's annual silicon cell production capacity by co-investing in a 1GW solar cells expansion project in Yangzhou City situated in Jiangsu Province, China. The first batch of 500MW solar cells production line is expected to be commercialized in the first half of 2012. The investment cost for the fixed assets of the project is estimated to total RMB1.8 billion. This project will be partially funded by a RMB500 million three year general corporate loan from China Electric Equipment Group Corporation
7:03AM On The Wires (WIRES) :
* STAAR Surgical (STAA) announced the completion of the first procedures to implant its recently CE Mark-approved Visian Implantable Collamer Lens V4c design. * Meredith (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * AT&T (T) announced the availability of its mobile broadband network in Marathon and Lincoln Counties, extending access for advanced mobile services, devices and feature-rich audio and video content to customers in the region. * Thomas Properties (TPGI) announced that on June 21, 2011, the partnership that owns Murano, a high-rise residential condominium project in downtown Philadelphia, closed a new first mortgage loan. The new mortgage loan in the amount of $21.5 mln was made by Wells Fargo Bank (WFC) * Endo Pharmaceuticals's (ENDP) subsidiary Qualitest Pharmaceuticals issued a voluntary nationwide retail level recall of Butalbital, Acetaminophen, and Caffeine Tablets and Hydrocodone Bitartrate and Acetaminophen Tablets. This recall was initiated because an individual bottle of Butalbital, Acetaminophen, and Caffeine Tablets was found incorrectly labeled with a Hydrocodone Bitartrate and Acetaminophen Tablets. * Bruker (BRKR) announces the amendment of its exclusive distribution agreement for clinical microbiology for Bruker's MALDI Biotyper with Francisco Soria Melguizo S.A. to cover now also Portugal, as another territory in addition to Spain. * Meredith Corporation (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * Suntech Power Holdings (STP) announced that Just-Roof, Suntech's building integrated photovoltaic product, has been approved by CEIAB in France and qualifies for the highest solar feed-in tariff for end customers. * Calpine Corporation (CPN) and GE (GE) unit GE Energy Financial Services announced today that they have obtained an $844.5 mln credit facility to finance construction of the 619-megawatt, combined-cycle Russell City Energy Center in Hayward, California. The power plant, now under construction, was the nation's first to receive a federal air permit that includes a voluntary limit on greenhouse gas emissions. * Sangamo BioSciences (SGMO) announced the publication of a preclinical study demonstrating permanent functional correction of the gene that causes hemophilia B by the systemic delivery of zinc finger nucleases. The study, published in Nature, represents a significant advance in the development and systemic delivery of ZFP Therapeutics and proof of concept for ZFN-based gene-editing for the treatment of hemophilia and other monogenic diseases.
7:03AM On The Wires (WIRES) :
* STAAR Surgical (STAA) announced the completion of the first procedures to implant its recently CE Mark-approved Visian Implantable Collamer Lens V4c design. * Meredith (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * AT&T (T) announced the availability of its mobile broadband network in Marathon and Lincoln Counties, extending access for advanced mobile services, devices and feature-rich audio and video content to customers in the region. * Thomas Properties (TPGI) announced that on June 21, 2011, the partnership that owns Murano, a high-rise residential condominium project in downtown Philadelphia, closed a new first mortgage loan. The new mortgage loan in the amount of $21.5 mln was made by Wells Fargo Bank (WFC) * Endo Pharmaceuticals's (ENDP) subsidiary Qualitest Pharmaceuticals issued a voluntary nationwide retail level recall of Butalbital, Acetaminophen, and Caffeine Tablets and Hydrocodone Bitartrate and Acetaminophen Tablets. This recall was initiated because an individual bottle of Butalbital, Acetaminophen, and Caffeine Tablets was found incorrectly labeled with a Hydrocodone Bitartrate and Acetaminophen Tablets. * Bruker (BRKR) announces the amendment of its exclusive distribution agreement for clinical microbiology for Bruker's MALDI Biotyper with Francisco Soria Melguizo S.A. to cover now also Portugal, as another territory in addition to Spain. * Meredith Corporation (MDP) significantly enhanced its leadership position in the food media marketplace today with the announcement of (1) the acquisition of the EatingWell Media Group, a multichannel brand focused on healthy eating; and (2) the launch of Recipe.com, a brand that pairs recipes with digital coupons and savings. * Suntech Power Holdings (STP) announced that Just-Roof, Suntech's building integrated photovoltaic product, has been approved by CEIAB in France and qualifies for the highest solar feed-in tariff for end customers. * Calpine Corporation (CPN) and GE (GE) unit GE Energy Financial Services announced today that they have obtained an $844.5 mln credit facility to finance construction of the 619-megawatt, combined-cycle Russell City Energy Center in Hayward, California. The power plant, now under construction, was the nation's first to receive a federal air permit that includes a voluntary limit on greenhouse gas emissions. * Sangamo BioSciences (SGMO) announced the publication of a preclinical study demonstrating permanent functional correction of the gene that causes hemophilia B by the systemic delivery of zinc finger nucleases. The study, published in Nature, represents a significant advance in the development and systemic delivery of ZFP Therapeutics and proof of concept for ZFN-based gene-editing for the treatment of hemophilia and other monogenic diseases.
7:03AM Rubicon Minerals and West Kirkland Mining Announce an Agreement on Large Claim Block on the Long Canyon Trend, Nevada (RBY) 4.54 : The co and West Kirkland Mining have entered into an agreement whereby West Kirkland can earn a majority stake in mineral rights held by Rubicon covering approximately 351 square miles (909 sq. kilometers) in the Long Canyon Trend of north eastern Nevada, while allowing Rubicon to retain a significant interest in any future discovery. Recent discoveries of gold by Fronteer Gold (now Newmont) and others at Long Canyon have resulted in a paradigm shift in the belt, opening up new potential for discovery of large scale gold deposits in the area. Long Canyon is located along a north east structural setting in rocks only recently discovered to be favourable hosts for significant gold mineralization. West Kirkland can earn a 51% interest from Rubicon in a portion of the Rubicon property package directly across the valley to the north east from the Long Canyon gold deposit. There are gold showings noted in historic work in this part of the overall property package, also there are unexplored north east trending structures, outside areas of historic exploration. West Kirkland can earn an initial 51% interest in any of the properties where Rubicon holds a 100% interest by making the expenditures outlined in the table below over four years and Rubicon will retain a 49% interest in the properties. The first year's expenditure is a firm commitment of $2,000,000. West Kirkland can increase its interest to 60% by completing a pre-feasibility study or spending an additional $4,000,000 in exploration and development work, in which case Rubicon will retain a 40% interest in the properties.
7:03AM Garmin announced that the ITC affirmed Garmin patents in litigation between Garmin and Pioneer (GRMN) 33.45 : Co announced that the U.S. International Trade Commission (ITC) issued a final determination on June 24 finding no violation of Section 337 of the Tariff Act with respect to Garmin's imported navigation products. An ITC administrative law judge previously ruled that Garmin's products do not infringe any of the patents asserted by Pioneer. The final determination terminates the ITC's review of Garmin's products. Related litigation between Garmin and Pioneer in the U.S. District Court for the District of Kansas was recently stayed pending the ITC's final determination and any appellate review.
7:03AM Aurizon Mines announces appointment of George Paspalas as Chief Executive Officer effective August 15, 2011 (AZK) 5.38 : Co announce that George N. Paspalas has agreed to join the Company as President and Chief Executive Officer and as a member of the Company's Board of Directors, effective August 15, 2011. David Hall will continue as President & Chief Executive Officer until August 15, 2011 and, following Mr. Paspalas's appointment, will continue to serve the Company as Chairman of the Board. Mr. Paspalas' career includes fourteen years in senior management positions, most recently as the Chief Operating Officer at Silver Standard Resources Inc. Before joining Silver Standard, Mr. Paspalas held senior management positions with Placer Dome Inc., including Executive Vice-President and Senior Vice President Projects - Technical Development and as President and Chief Executive Officer of Placer Dome Africa.
7:02AM Continucare Corporation to be acquired by MDF for ~$416 mln in cash and stock (~$6.45 based on Friday's close, ~35% premium); MDF will issue ~2.7 mln shares, sees deal accretive in 2012; co suspends share repurchase plan pending deal completion (CNU) 4.77 : MDF and CNU have entered into a definitive merger agreement whereby Metropolitan will acquire Continucare in a cash and stock transaction valued at ~$416 mln at the time of announcement. Under the terms of the merger agreement, each share of Continucare common stock will receive $6.25 per share in cash, and 0.0414 of a share of Metropolitan common stock, which, based upon the share price at the time of announcement, is equal to ~$0.20 (~35% premium). The exact value of the consideration per share will depend on Metropolitan's share price at closing. Metropolitan expects to issue ~2.7 mln shares in connection with the pending transaction. The transaction was unanimously approved by the Board of Directors of Metropolitan. Continucare's Board of Directors also unanimously approved the merger agreement and has recommended that Continucare's shareholders approve the merger agreement and the transactions contemplated thereby. In addition, Phillip Frost, M.D., and other shareholders affiliated with Dr. Frost, who collectively own ~43% percent of Continucare stock, have agreed to vote their shares in favor of the merger. To fund the cash component of the purchase price, Metropolitan plans to use some of its and Continucare's cash and investments, which combined totaled $93 mln at March 31, 2011, and has secured a fully underwritten financing commitment from one of the leading health care lenders, GE Capital, Healthcare Financial Services and its affiliates, to arrange ~$355 mln in new credit facilities. Metropolitan projects annual cost savings principally from the elimination of public co-related expenses as well as the elimination of certain executive level positions, and that the transaction will be accretive in 2012. While Metropolitan expects to achieve moderate savings through the elimination of certain Continucare public co expenses and the elimination of certain executive leadership positions, it is anticipated that the Continucare operational staff and employees will remain virtually intact as the two organizations integrate and the combined co positions itself for the potential of significant future growth as a combined entity. Metropolitan is suspending its current share repurchase program pending the completion of the transaction.
7:01AM Nordic American Tanker Chairman and CEO issues letter to shareholders; says dividend policy continues with next dividend payment end August 2011 (NAT) 22.02 : "As long as the average spot market is above our cash break-even level (about $11,000 per day per ship), there is no question that we will continue to pay dividends as we have done for the last 55 quarters. The dividend is a crucial component of the total return that we, as our number one goal, seek to maximize for our shareholders. Our dividend for the second quarter of 2011 is expected to be paid on or about August 31."
7:01AM Hong Kong Highpower Announces $5 mln share repurchase program (HPJ) 1.71 :
7:01AM Seattle Genetics achieves $5 mln milestone under millennium collaboration for European medicines agency acceptance of brentuximab vedotin MAA (SGEN) 20.70 : Co announces that it will receive a $5 million milestone payment under its brentuximab vedotin (ADCETRISTM) collaboration with Millennium: The Takeda Oncology Company, a wholly owned subsidiary of Takeda Pharmaceutical Company Limited. The milestone was triggered by the European Medicines Agency acceptance of the Marketing Authorization Application for brentuximab vedotin for the treatment of relapsed or refractory Hodgkin lymphoma and relapsed or refractory systemic anaplastic large cell lymphoma.
7:00AM Columbia Labs and Watson Pharmaceuticals (WPI) announced that the FDA has accepted for filing Columbia's NDA for PROCHIEVE (CBRX) 3.23 : In addition, Columbia has voluntarily withdrawn its request for priority review. Following discussions with FDA, the companies determined that a standard review would afford the agency the appropriate timeframe necessary to complete its review of the application, including empaneling an agency advisory committee, if necessary. Under the Prescription Drug User Fee Act III (PDUFA), the FDA's goal under standard review is to review and act on the NDA by February 26, 2012. Under the terms of the Purchase and Collaboration Agreement between Columbia and Watson, acceptance of the PROCHIEVE NDA will trigger a $5 million milestone payment to Columbia from Watson.
6:48AM Hanwha SolarOne announces new appointments to its management team (HSOL) 5.90 : Co announced that the its Board of Directors has appointed Ki-Joon Hong as CEO, Jung Pyo Seo as CFO, and Chris Eberspacher as CTO. The appointments will become effective July 1, 2011. Mr. HONG is currently the Chairman of the Board of SolarOne and CEO of Hanwha Chemical. Mr. Seo joins SolarOne from Azdel, an automotive thermoplastic material manufacturer based in Virginia, where he was CFO and COO.
6:38AM AVT Corp issues 2-for-1 forward split of their issued and outstanding common stock, effective as of the close of business on June 21, 2011 (AVTC) 4.75 :
6:32AM Bristol-Myers and AstraZeneca (AZN) announce results of from a long-term Phase 3 clinical study on Investigational Compound Dapagliflozin (BMY) 28.93 : Co announced results from a long-term Phase 3 clinical study which showed that the investigational compound dapagliflozin added to metformin sustained reductions of blood sugar levels from 52-weeks to 104-weeks, in adults with type 2 diabetes when compared to glipizide added to metformin. In addition to sustained reductions in blood sugar levels, the 104-week study, presented as a late breaking poster at the 71st American Diabetes Association Scientific Sessions in San Diego, CA, reported that both the weight reduction achieved by patients taking dapagliflozin added to metformin and the weight gain experienced by patients taking glipizide added to metformin in the initial 52-week trial, were sustained at 104 weeks.
6:25AM LDK Solar approved a share buyback program that authorizes LDK Solar to repurchase up to US$110 million of its American Depository Shares (LDK) 6.81 :
6:24AM Stanley Black & Decker announces recommended offer to acquire Niscayah, a European commercial electronic security & monitoring co for SEK18.00/share in cash (SWK) 69.31 : Co projects synergies Of $80 mln, with more than half realizable in year one. Co also expects EPS accretion of ~ $0.20/share in year one, $0.45/share by year three. The total transaction value including assumed financial debt would be SEK7.6 bln ($1.2 bln). The transaction is expected to close in September 2011.
6:22AM Fundtech and S1 Corporation (SONE) announce stock-for-stock merger (FNDT) 19.58 : Under the terms of the agreement, Fundtech shareholders will receive 2.72 shares of S1 common stock for each Fundtech ordinary share they own. Upon closing of the transaction, S1 shareholders will own approximately 55 percent and Fundtech shareholders approximately 45 percent of the combined company. The transaction is expected to be accretive to S1's 2012 Non-GAAP earnings per share. Non-GAAP earnings exclude purchase accounting adjustments to deferred revenues as well as stock-based compensation expenses, amortization of intangibles, one-time charges including integration costs and other non-cash charges. The transaction, which is structured as a tax-free exchange of shares for Fundtech's United States shareholders, is subject to approval by S1 and Fundtech shareholders, receipt of regulatory approvals, Israeli court approval, and the satisfaction of customary closing conditions. Fundtech's largest shareholder, Clal Industries and Investments Ltd., which currently owns approximately 58% of the outstanding ordinary shares of Fundtech, has entered into a voting agreement with S1 pursuant to which it has agreed, subject to the terms and conditions thereof, to vote in favor of the transaction. S1 and Fundtech expect to complete the transaction in the fourth quarter of 2011.
6:17AM Medtronic: Research presented at ADA adds to the clinical evidence for Medtronic's sensor-augmented insulin pump therapy (MDT) 38.40 : Research presented at the American Diabetes Association's 71st Scientific Sessions (ADA) this week adds to the clinical evidence for Medtronic's sensor-augmented insulin pump therapy for improved glucose control for people with type 1 diabetes. Medtronic has the only FDA-approved sensor-augmented insulin pump (an insulin pump that integrates continuous glucose monitoring into one device).
6:15AM Banks.com receives compliance notice From the NYSE Amex (BNX) 0.12 : Co announced that it received notice from the NYSE Amex on June 20, 2011 indicating that Banks.com is not in compliance with Section 1003 of the Exchange's Company Guide in that the Exchange is concerned that, as a result of its low selling price over the last thirty trading days, Banks.com's common stock may not be suitable for auction market trading. Therefore, the co's continued listing is predicated on it effecting a reverse stock split of its common stock within a reasonable period of time, which the exchange has determined to be no later than November 18, 2011.
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