Market Update: 110701 4:30 pm : Surprisingly strong domestic manufacturing data helped drive the stock market to its fifth straight gain. That helped the stock market lock in its best weekly performance in about two years.
Recent PMI manufacturing numbers from Europe and China either underwhelmed or disappointed, but the June ISM Manufacturing Index impressed. It came in at 55.3, despite calls from economists polled by Briefing.com for the number to fall to 51.1 from the 53.5 that was posted in the prior month.
Stocks responded immediately to the stronger-than-expected ISM reading. News that the final Consumer Sentiment Survey for June from the University of Michigan eased down to 71.5 from the 71.8 that was posted in the preliminary report received little attention. A 0.6% decline in construction spending during May was ignored, even though the consensus had called for no change.
Although participants showed favor for a broad range of stocks, consumer discretionary issues were among the top performers. As a group, they advanced 2.0%. Darden Restaurants (DRI 52.79, +3.03) was a leader in the space after the company posted in-line earnings and hiked its dividend 34% to $0.43 per share. Apollo Group (APOL 46.46, +2.78) also provided a push following news of its upside earnings surprise.
The combination of concerted buying and thin volume helped take eight of the 10 sectors to gains of nearly 1% or more. Materials stocks and consumer staples stocks made up the only major sectors that failed to advance more than 1%. Still, their respective gains of 0.9% and 0.8% remain impressive.
Although a strong ISM number helped drive today's advance, the move really marked a continuation of an upward climb that began early this week. Buyers began to step back in only after stocks had logged seven weekly losses in two months -- the one weekly gain was only an incremental move higher. Amid increasingly attractive stock prices, traders and investors showed more willingness to re-enter the market. Confidence was also restored amid Greece's efforts to restore its financial health by passing new austerity measures and voting to implement the plan.
The improved tone of trade culminated in a weekly gain of 5.6% for the S&P 500. Stocks haven't put together a performance like that since July 2009.
3:30 pm : Weakness in the commodity complex led to a 0.3% decline by the CRB Commodity Complex. For the week, the CRB fell 1.8%.
Oil prices pared losses seen in early pit trade to log a 0.7% loss at $94.79 per barrel, but the energy component finished the week 4% higher than where it began.
Natural gas prices fell 1.4% to $4.34 per MMBtu. The commodity was under pressure all session, but it was able to advance almost 3% for the week.
Precious metals also performed poorly today. Specifically, gold prices dropped 1.3% to $1483.80 per ounce while silver sank 3.2% to $33.72 per ounce. For the week, though, gold prices fell 1.1% while silver prices shed 2.8%. DJ30 +153.90 NASDAQ +39.02 SP500 +17.44 NASDAQ Adv/Vol/Dec 1915/1.24 bln/650 NYSE Adv/Vol/Dec 2508/520 mln/500
3:00 pm : Stocks enter the final hour of the day with big gains. The advance adds to the big gains that were posted in each of the past four sessions. As a result, the stock market is sitting at its highest level in more than a month.DJ30 +177.40 NASDAQ +43.76 SP500 +19.41 NASDAQ Adv/Vol/Dec 1892/1.17 bln/682 NYSE Adv/Vol/Dec 2472/485 mln/520
2:30 pm : Stocks have started July in strong fashion. The action is really an extension of the strong buying that began in the final week of June.
Sellers were actually in control during the first few weeks of June. Their efforts took the stock market down by about 6% to test its 200-day moving average for the first time in months (the key technical point held on a couple of different occasions). Action was highly correlated with trade in Europe, where focus was mostly on Greece and the country's struggle to restore its financial health. Just this week the country moved closer to its goal by adopting a new austerity plan and approving its implementation.
With Greece's situation looking more stable and stocks looking attractive after falling week after week, buyers have been jumping back in. Thin volume ahead of the Independence Day holiday has made it easier for stocks to move higher, given that each trade carries more relative weight than it would on days of greater volume. DJ30 +155.11 NASDAQ +40.33 SP500 +16.91 NASDAQ Adv/Vol/Dec 1898/1.07 bln/662 NYSE Adv/Vol/Dec 2470/445 mln/516
2:00 pm : The stock market's steady climb continues. As a result, the stock market is on pace for another gain of more than 1%. This session's move has the S&P 500 up 5.4% for the week. That ties the week ended July 9, 2010 for the best weekly performance of the past year.DJ30 +151.25 NASDAQ +38.38 SP500 +16.18 NASDAQ Adv/Vol/Dec 1898/993 mln/649 NYSE Adv/Vol/Dec 2456/410 mln/524
1:30 pm : Stocks have extended their steady ascent to a fresh session high. All three of the major equity averages now sport gains comfortably above 1%.
Amid such strength, Treasuries have encountered renewed pressure. In turn, the yield on the benchmark 10-year Note is now above 3.20% for the first time since mid-May. What's more, the move to that mark has been sharp. In fact, the Note's current yield is up approximately 35 basis points from where it began the week. DJ30 +146.25 NASDAQ +36.38 SP500 +15.28 NASDAQ Adv/Vol/Dec 1867/905 mln/659 NYSE Adv/Vol/Dec 2398/375 mln/564
1:00 pm : Flatness this morning suggested that buyers were ready to take a breather after sending the stock market about 4% higher during the four prior sessions, but a surprisingly strong ISM report brought about a new bid. Stocks are now on pace for their best weekly performance in one year.
Trade ahead of the open lacked direction. The insipidity came as attention began to shift away from Greece toward a few underwhelming PMI manufacturing reports from Europe and China's worst PMI manufacturing report in more than two years.
However, once trade opened and participants got their hands on the latest domestic manufacturing data, the mood among traders improved markedly. The ISM Manufacturing Index improved to 55.3 for June. It had actually been widely expected to fall to 51.1. The report completely overshadowed the final June reading on consumer sentiment and an unexpected slip in construction spending during May.
Buying interest on the back of the ISM report has favored industrials (+1.5%), financials (+1.4%), and technology (+1.3%). Consumer discretionary stocks are collectively up 1.5% in response to broad market support and leadership from Apollo Group (APOL 46.82, +3.14) and Darden Restaurants (DRI 52.28, +2.52) following their quarterly reports. Natural resource plays like materials (+0.4%) and energy (+0.3%) are lagging after they outperformed in the prior session.
Broad market strength has the stock market headed for another 1% gain. Similar advances in each of the previous four sessions this week have the S&P 500 at a one-month high and on pace for a 5% weekly gain. That hasn't been done since the second week of July in 2010. DJ30 +129.72 NASDAQ +31.81 SP500 +13.11 NASDAQ Adv/Vol/Dec 1835/830 mln/668 NYSE Adv/Vol/Dec 2378/345 mln/578
12:30 pm : North America auto sales for June are trickling across news wires. Ford's (F 14.02, +0.23) sales in June increased by 14% from the prior year. General Motors (GM 30.70, +0.34) announced that its sales for June increased by 11% from the same period one year ago. Privately held Chrysler reported a 30% year-over-year increase.
Nissan (NSANY 21.19, +0.14) announced that its sales for June increased by 11% year over year. Volkswagen said its sales for June were up 35% from the prior year. DJ30 +128.85 NASDAQ +31.39 SP500 +2.78 NASDAQ Adv/Vol/Dec 1805/770 mln/686 NYSE Adv/Vol/Dec 2339/320 mln/601
12:00 pm : Financials have rallied to a 1.3% gain. The sector, now among those with the best percentage gains this session, had wavered a bit in the early going. Banking plays and diversified financial services issues have been big drivers of the sector's advance. As such, JPMorgan Chase (JPM 41.38, +0.69) and Citigroup (C 42.98, +1.34) are top performers by percent gained. Despite their strength today, shares of JPM are still down about 3% year to date, while shares of C are flat for 2011.DJ30 +116.89 NASDAQ +27.71 SP500 +11.40 NASDAQ Adv/Vol/Dec 1760/670 mln/703 NYSE Adv/Vol/Dec 2311/280 mln/591
11:30 am : Stocks are up markedly for the fifth straight session. That has the S&P 500 on pace for a weekly gain of 5.0%, which is actually the stock market's best weekly performance since a 5.4% advance during the week ended July 9, 2010.
The sharp march higher comes after stocks had spent several weeks stuck in a steady backslide. Prior to this week's advance, the stock market booked only weekly losses since April, save for one week in which the stock market mustered an incremental move higher. DJ30 +122.07 NASDAQ +27.05 SP500 +11.39 NASDAQ Adv/Vol/Dec 1692/585 mln/729 NYSE Adv/Vol/Dec 2250/245 mln/633
11:00 am : The major market averages are resting on solid gains. For the second straight session, industrials are among the best performers. As a group, industrial plays are up 1.2%.
Consumer discretionary stocks are also in strong shape this session. Their 1.1% gain has been led by Darden Restaurants (DRI 51.68, +1.92) and Apollo Group (APOL 46.98, +3.30). Shares of DRI are up in the wake of news that the company posted in-line earnings and hiked its dividend 34% to $0.43 per share. As for APOL, its shares are up sharply in response to news of a better-than-expected bottom line for the latest quarter. DJ30 +110.99 NASDAQ +22.05 SP500 +9.80 NASDAQ Vol 494 mln NYSE Vol 209 mln
10:30 am : Strength in the dollar index is helping cause selling pressure in select commodities this morning.
The entire energy sector is in the red as crude, nat has, heating oil and RBOB all show losses. Crude has been in negative territory all session and fell as far as $93.50/barrel about 45 minutes ago. Crude saw a boost following the better-than-expected ISM data and is currently trading 1.0% lower at $94.48/barrel. Natural gas is down 0.9% at $4.35/MMBtu.
Precious metals are also in the red with silver showing the sharpest losses. Gold futures fell below the $1500 level in overnight trade and put in session lows at $1478.30/oz about 30 minutes ago. Silver has been on a steady downtrend since the overnight session began. In current activity, silver is 2.9% lower at $33.82/oz.DJ30 +114.81 NASDAQ +21.26 SP500 +9.81 NASDAQ Adv/Vol/Dec 1328/244.9 mln/888 NYSE Adv/Vol/Dec 1946/106.3 mln/804
10:05 am : Stocks have made a strong push higher following a few pieces of data.
The final Consumer Sentiment Survey for June from the University of Michigan came in at 71.5, which is down slightly from the 71.8 that was posted in the preliminary report. The consensus among economists polled by Briefing.com had called for the reading to remain unchanged.
The ISM Manufacturing Index for June was also just released. It came in at 55.3, which is far better than the 51.1 that had been expected, on average, among economists polled by Briefing.com. The reading also represented a strong improvement over the 53.5 that was posted in the prior month.
Construction spending during May fell 0.6%, but that was a surprise since many economists had expected no change. DJ30 +59.11 NASDAQ +12.80 SP500 +5.30 NASDAQ Adv/Vol/Dec 1228/150 mln/771 NYSE Adv/Vol/Dec 1950/70 mln/760
09:45 am : The major equity averages are mired near the neutral line in the first few minutes of trade. Leadership is lacking.
Energy stocks were strong performers in the prior session, when they advanced to a 1.5% gain. This morning, though, they are down 0.9%. The drop in prices of energy shares coincides with a sharp pullback in oil prices, which were last quoted with a 1.9% loss at $93.62 per barrel. DJ30 +5.07 NASDAQ +1.22 SP500 -0.97
09:15 am : S&P futures vs fair value: -1.20. Nasdaq futures vs fair value: +0.50. Stock futures continue to point to a flat start for the final session of the week. That would make for a lackluster follow up to the four straight gains already registered. Action could pick up in another hour, however. At 9:55 AM ET, the latest consumer sentiment survey will be posted. It will be followed almost immediately by the latest ISM Manufacturing Index and monthly consumer spending data at 10:00 AM ET. Data from abroad has been underwhelming -- several major European countries reported PMI Manufacturing readings that either showed no change or were revised downward; China posted its worst reading in more than two years. Although data this morning may drive some traders to action, share volume is expected to be thin due to a lack of overall participation ahead of the long, holiday weekend (U.S. markets will be closed on Monday in observance of Independence Day).
09:05 am : S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: +1.00. Several widely watched commodities are under pressure this morning. Specifically, oil prices are down 1.4% to $94.10 per barrel in the first few minutes of pit trade. Natural gas prices have fallen 1.4%. The continuous forward contract currently prices the energy component at $4.33 per MMBtu. Among precious metals, gold prices are down 0.9% to $1488.80 per ounce. Silver prices are down an even deeper 2.5% to trade at $33.97 per ounce.
08:35 am : S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: +3.50. After watching Greece's parliament accept a new austerity plan and approve its implementation this week, trade in Europe has turned mixed. Fading excitement surrounding Greece has been a factor in the tepid tone there, but so have a few underwhelming PMI reports. Germany's final PMI Manufacturing reading came in at 54.6, which is down from the 54.9 that it posted in its preliminary report. Action among stocks has been lackluster there. As such, the DAX is flat. Thyssenkrupp and BMW have been burdens on broad market trade, but MAN SE and Commerzbank have been sources of support. France's CAC is currently off by 0.1%. Weakness in Vivendi and Peugeot SA has offset strength in financials Societe Generale, BNP Paribas, and Credit Agricole. France's final PMI Manufacturing reading for June remained at 52.5. Britain's FTSE presently trades with a 0.2% gain. Financial issues like Lloyds Group (LYG), Royal Bank of Scotland (RBS), Barclays (BCS), and Standard Chartered have been primary leaders there. Capita Group Plc and Fresnillo Plc top the list of laggards. The PMI Manufacturing report for the United Kingdom came in at 51.3, which is a bit less than the downwardly revised 52.0 that was posted for the prior month. The final PMI Manufacturing reading for the overall eurozone remained at 52.0 for June.
In Asia, Japan's Nikkei advanced 0.5% overnight. It was led higher by Fanuc Corp, Fujitsu, and Shinsei Bank. Fast Retailing was among the poorer performers. Japan reported that its CPI increased by 0.3% for May, as it did for the same period one year ago. China's Shanghai Composite closed with a loss of just 0.1%. Banking plays were a source of weakness, but news that the country's PMI Manufacturing report for June fell to 50.9, which is its lowest reading in more than two years, did more to dampen overall sentiment. Hong Kong's Hang Seng was closed for holiday observance.
08:05 am : S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +1.00. Stocks settled the second quarter with a fractional loss, but in the quarter's final four sessions the stock market advanced by about 4%. However, momentum has slowed this morning, so a flat start to the third quarter is generally expected. Overseas markets haven't done a whole lot to help keep buying interest kindled. The lackluster action of Europe comes amid some underwhelming PMI manufacturing reports from the region. Overnight, China posted its worst PMI report in more than two years. Traders get a healthy dose of domestic data later this morning. At 9:55 AM ET the latest reading on consumer sentiment will be posted. It will be immediately followed by the latest ISM Manufacturing Index and monthly construction spending numbers at 10:00 AM ET. Monthly auto sales will be released intermittently during the day.
06:45 am : [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +4.00.
06:45 am : Nikkei...9868.07...+52.00...+0.50%. Hang Seng...Holiday.........
4:31PM Supreme Industries issues stock award to Chief Executive Officer (STS) 3.40 : Co announced the issuance of 5,882 shares of its Class A Common Stock to Kim Korth, the president and chief executive officer of Supreme Industries and its wholly owned subsidiary, Supreme Indiana Operations, Inc. The stock grant was made for services performed in June 2011 pursuant to the terms of Korth's employment agreement, entered into on Feb. 16, 2011, which provide, among other things, that Korth shall receive a monthly stock award equal to the number of whole shares that have a fair market value on the grant date equal to ~$20,000.
4:03PM Western Union extended relationship with Emirates International Exchange to launch its international business payments service, Western Union Business Solutions, in the UAE (WU) 20.24 +0.21 : The five-year service agreement between the two organizations marks Western Union's entry into a new customer segment for the first time in the Middle East, and opens the doors for a number of growth opportunities.
4:02PM Tutor Perini Acquires GreenStar Services Corporation for $208.4 mln plus a structured earnout based on the achievement of certain profitability targets over the next five years (TPC) 19.01 -0.17 : Co announces it has completed the acquisition of Lunda Construction. Lunda has over 600 employees and a current backlog of approximately $400 mln. Revenues were approximately $400 mln in fiscal year ended December 31, 2010. Under the terms of the transaction, Tutor Perini acquired 100% of Lunda's stock for $163.5 mln, consisting of $141.8 mln in cash at closing and $21.7 mln in notes payable in five years, plus a structured earnout based on the achievement of certain profitability targets for the next three years. Lunda will continue to operate under the current company name and will continue to be managed by its current senior management team, with Larry Lunda remaining as President and CEO. The co also announced that it has acquired GreenStar Services. The co is primarily comprised of three operating entities: Five Star Electric Corporation and WDF, Inc., which are located in New York, and Nagelbush Mechanical, which is located in Florida. GreenStar has over 1,900 employees and has a current backlog of approx $1.2 bln. Revenues in fiscal year 2010 were approximately $560 mln. Under the terms of the transaction, Tutor Perini acquired GreenStar through a merger with a wholly-owned subsidiary of Tutor Perini for an initial purchase price of $208.4 mln, plus a structured earnout based on the achievement of certain profitability targets over the next five years. The purchase price consists of $100 mln in cash paid at closing, a $74.9 mln promissory note issued at closing and $33.5 mln of holdbacks to secure certain indemnification obligations. The note is payable no later than October 31, 2011.
3:43PM Earnings Preview for the week of July 4th-8th (SUMRX) : Companies reporting earnings the week of July 4th-8th include:
* Monday: Markets are closed * Tuesday: No companies are scheduled to report. * Wednesday: OCZ * Thursday: HELE, HITK, PSMT, LEDS, and WDFC. * Friday: GBX.
3:30PM Kroger and United Food and Commercial Workers Local 700 ratify agreements covering wage increases, health care and pension (KR) 25.02 +0.22 : The agreements cover approximately 800 associates working in nine Kroger stores in Northwest Indiana.
3:27PM CBOE Holdings reports June trading volumes; averages 4.5 mln options contracts per day increased 10% m/m (CBOE) 24.73 +0.13 : Co reported that June trading volume totaled 99.4 mln contracts; average daily volume (ADV) was 4.5 mln contracts, up 10% from June 2010.... C2 recorded its most active month ever for total volume and ADV, surpassing earlier records in March 2011. June ADV was 210,900 contracts, up 13 percent from May 2011 ADV of 186,400 contracts.
3:18PM Wells Fargo reports 687,047 active trial and completed modifications through May 2011 (WFC) 28.73 +0.67 :
3:07PM Johnson & Johnson: FDA approves Xarelto to help prevent deep vein thrombosis in patients undergoing knee or hip replacement surgery (JNJ) 67.23 +0.71 : JNJ unit Janssen Pharmaceuticals announced today that the FDA has approved Xarelto (rivaroxaban tablets), a novel, once-daily, oral anticoagulant for the prevention (prophylaxis) of deep vein thrombosis which may lead to a pulmonary embolism in people undergoing knee or hip replacement surgery.
2:47PM Ocean Shore Holding announces receipt of regulatory approval and anticipated closing date for acquisition of CBHC Financialcorp (OSHC) 12.10 +0.02 : The merger is expected to be completed in the second quarter or early in the third quarter of 2011.
2:44PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : Continuous corn futures closed 23 cents lower at $5.97/bushel, wheat fell 4 cents to close at $6.11, cont. soybeans rose 18 cents at $13.12, cont. ethanol closed up 5 cents to $2.61, while cont. world sugar futures closed up 0.42% at 0.27 cents.
2:22PM Index Change Reminders (INDXCH) : S&P SmallCap 600 constituent AMERIGROUP (AGP) will replace Nationwide Health Properties (NHP) in the S&P MidCap 400 index, and Northwest Bancshares (NWBI) will replace AMERIGROUP in the S&P SmallCap 600 index after the close of trading.
1:36PM COMEX Metals Closing Prices (COMDX) : August gold shed $19 to close at $1483.80, Sept silver fell $1.12 to end at $33.72, while Sept copper gained 2 cents finish at $4.30.
1:30PM Honda Motor's American Honda Motor reports June sales decreased 24.3% y/y to 83,892 vehicles (HMC) 38.85 +0.24 : Although production limitations caused by the March 11 earthquake in Japan continued to improve, reduced vehicle supplies adversely affected June sales results.
1:08PM Adecoagro S.A. commences the construction of Ivinhema Mill (AGRO) 11.32 +0.19 : Co announced today that on June 27, 2011, it obtained the necessary environmental license to start the construction and assembly of the Ivinhema mill in the State of Mato Grosso do Sul, Brazil. Once Ivinhema is complete, both mills are expected to form a cluster with 10.3 million tons of crushing capacity and over 110,000 hectares of sugarcane plantation, enabling Adecoagro to capture significant synergies and economies of scale resulting from logistics efficiencies, integrated management and shared costs.
1:05PM Xcel Energy: Geronimo Wnd Energy announces renewable energy purchase agreement with Xcel Energy for the Prairie Rose Wind Farm (XEL) 24.58 +0.28 : Xcel Energy has filed the contract with the Minnesota Public Utilities Commission for approval. Construction on the project is expected to begin by the end of 2011 and will be completed by the end of 2012.
1:01PM A-Power Energy announces that an independent director has resigned; files notification of late filing with SEC (APWR) 1.67 : Co announced that an independent director on its board of directors has resigned, effective June 30, 2011. The board of directors has accepted his resignation. A-Power has started its search for an independent director to fill Wu's position on the board... Co said in filing that it "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, and the Company 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 remains halted)
1:01PM Interactive Brokers reports June metrics; DARTs increased 4% y/y (IBKR) 15.86 +0.21 : Co also reports June Ending customer equity increased 57% y/y to $25.7 bln, Ending customer margin loan balances increased 111% y/y to $9.3 bln, Ending customer credit balances increased 50% y/y to $17.5 bln.
12:48PM First Defiance Financial acquires Payak-Dubbs Insurance Agency; terms not disclosed (FDEF) 14.81 +0.12 : Co says the acquisition expands the co's presence into adjacent markets and supports the company's overall growth strategy.
12:47PM Mechel Steel Board of Directors decided to increase co's charter capital (MTL) 24.02 +0.13 : The increase was by way of public offering of 3.644 bln additional ordinary shares, with the nominal value of 7.37 rubles each (0.26 US dollars). Purchase of shares will be paid by bank transfer in Russian rubles or US dollars. The Board of Directors also approved the Prospectus of Mechel Mining OAO of ordinary registered uncertified shares and the decision on issue of additional shares.
12:31PM Nissan Motor North America unit reports June sales increased 11.4% y/y 71.9K (NSANY) 21.19 +0.14 :
12:23PM ArthroCare: NeuroTherm announced it has acquired ArthroCare's Parallax and Contour product lines (ARTC) 34.16 +0.69 :
12:14PM AK Steel announced $455 per ton surcharge for electrical steel products shipped in August 2011 (AKS) 15.93 +0.18 : Co has advised its customers that a $455 per ton surcharge will be added to invoices for electrical steel products shipped in August 2011. AK Steel's surcharges are based on reported prices for raw materials and energy used to manufacture the products, with the June 2011 purchase cost used to determine the August 2011 surcharges.
12:06PM Huntington Ingalls announced that Stratton (WMSL 752) successfully completed builder's sea trials in the Gulf of Mexico (HII) 34.76 +0.26 :
12:05PM Ford Motor reports June sales increased 14% y/y to 194.1K (F) 13.98 +0.19 :
12:04PM Shire plc files lawsuits against Sandoz and Amneal for infringement of VYVANSE (lisdexamfetamine dimesylate) patents (SHPGY) 93.69 -0.52 : Co has filed lawsuits in the U.S. District Court for the District of New Jersey against each of Amneal Pharmaceuticals and Sandoz for infringement of certain of Shire's VYVANSE patents. The lawsuits were initiated in response to Abbreviated New Drug Applications filed by Amneal and Sandoz seeking FDA approval to market and sell generic versions of all currently approved doses of VYVANSE.
11:58AM Ag stocks remains mixed as corn futures continued to trade sharply lower; corn currently down 5.7% at $5.85/bushel (COMDX) : In overnight trade, the continuous corn contract was 39 cents (or 6.2%) lower at $5.82/bushel, while in current activity, corn futures are 5.7% lower at $5.85/bu.
Despite significant weakness in corn futures, certain ag stocks are trading higher. As we head into afternoon trade, farm equipment stocks (TITN +2.7%, CNH +1.8%, DE +1.6%, AGCO +1.5%) are showing nice gains and the large agribusiness names are higher (DD +0.8%, DOW +0.2%). Meanwhile, fertilizer stocks (CF -2.3%, AGU -2.2%, POT -1.9%, MOS -0.7%, IPI -0.5%) and seed stocks (MON -0.1%, SYT -0.1%) trade lower. Livestocks names (SFD +2.3%, TSN +0.2%, HRL +0.1%), excluding SAFM (-1.8%) are higher as lower corn costs benefit their margins.
11:51AM Abraxas Petroleum Corp. closed its second amended and restated credit facility (AXAS) 3.73 -0.10 : The $300 mln amended and restated credit facility has an initial borrowing base of $125 mln, of which ~$90 mln was drawn at closing. Borrowings under the credit facility will bear an interest rate, based on utilization, of LIBOR plus 2.25-3.25%. The tenor on the credit facility is four years and expires in 2015.
11:47AM Bob Evans announces expansion of farm-fresh refresh project; investing ~$10 mln to update 44 restaurants (BOBE) 35.71 +0.74 : Co expects next renovation project to begin in August and be completed in November. Co is investing ~$10 mln to update 44 restaurants in Detroit, Mich. and Toledo, Ohio, regions. Each restaurant will close for a short time to allow for a farm-fresh "makeover" inside and out. Co expects to remodel a total of 56 Bob Evans restaurants and complete six new builds during fiscal 2012.
11:32AM Novartis AG receives approval in Japan for Onbrez Inhalation Capsules, a novel once-daily bronchodilator therapy for patients with COPD (NVS) 60.93 -0.17 :
11:31AM CTG announces extension of 10b5-1 plan to facilitate share repurchases (CTGX) 12.77 -0.40 : Co announces that it has extended a stock repurchase plan under Rule 10b5-1 of the Securities and Exchange Commission to facilitate the repurchase of its common stock. The co had ~1,075,000 shares available for repurchase as of June 30, 2011 under its outstanding repurchase authorizations. "We are again extending our 10b5-1 plan as it gives us the ability to repurchase shares during our self-imposed blackout periods prior to the announcement of quarterly results." The plan is effective from July 7, 2011 until the day following the Company's release of its 2011 second quarter financial results.
11:12AM Alere announces $2.1 bln in credit facilities (ALR) 36.80 +0.18 : The credit facilities consist of term loan facilities totaling $1.85 bln and a $250 mln revolving credit facility. The term loan facilities consist of a $925 mln "A" term loan facility, of which $625 mln was drawn at closing and $300 is available to be drawn on a delayed basis, and a $925 mln "B" term loan facility, all of which was drawn at closing. No amount was drawn under the revolving credit facility at closing.
10:54AM Convergys announces that the sale of its minority interests in the cellular partnerships for ~$320 mln to AT&T has closed (CVG) 13.86 +0.22 : The equity earnings and cash distribution from the cellular partnerships in the first quarter of 2011 were both $10 mln. Under terms of the purchase agreement, Convergys will receive its share of the cash distribution for the second quarter performance, if any. Convergys expects net after-tax cash proceeds from the sale to be ~$250 mln, or $2 per diluted share.
10:47AM General Motors reports June U.S. sales increased 11% y/y to 215.4K (GM) 30.25 -0.11 : Co gains market share in first half of 2011, with sales 192,056 units higher. June retail sales rise 16% YoY and up 4% over May. Chevrolet Cruze sales surpass 20,000 third straight month; retail sales up 153%. June total sales of full-size pickups increased 15% compared to May General Motors dealers in the U.S. reported 215,358 total sales in June, an 11% gain compared to June 2010. The gain was the result of continued solid retail demand for the co's wide selection of fuel-efficient vehicles. Retail sales for GM's brands rose 16% for the month, compared to a year ago, and were 4% higher than May.
10:40AM Reversal in dollar as it trades back to near flat on the session; gold silver extending bounce off of session lows (COMDX) :
10:37AM Volkswagen AG America unit reports June sales increased 35.1% y/y to 28.4K units (VLKAY) 37.14 +0.31 :
10:31AM Duke Energy in the Carolinas requests approval from the North Carolina Utilities Commission to increase electric rates by ~ $646 mln. (DUK) 18.90 +0.07 :
10:11AM Ebix announces plan to double its us exchange sales force (EBIX) 18.82 -0.23 : Co announced that it plans to hire a total of 44 new sales personnel in the Exchange arena in the U.S. in 2011. The co said that it has already hired 14 new Exchange sales personnel in the U.S. in 2011.
10:01AM Crude oil bounces following better than expected econ data; currently off $1.11 to $94.32 (COMDX) :
10:01AM Life Time Fitness and Allina Hospitals & clinics to launch partnership (LTM) 39.50 -0.41 : Allina and Life Time will partner to provide integrated community health and wellness programs to the community with the goals of reducing overall health care costs and improving access to preventative health and wellness education and services.
9:56AM Terex achieves minimum tender condition for Demag Cranes offer (TEX) 28.61 +0.16 : Co announced that the minimum acceptance level of 51% for the voluntary public tender offer by Terex Industrial Holding AG to all shareholders of Demag Cranes AG at EUR45.50 per share has been exceeded. Preliminary information indicates that the offer was accepted for a total of at least 14 million shares of Demag Cranes by the end of the acceptance period. Terex also formally filed the transaction with the European Commission.
9:48AM Baidu.com climbs to opening highs as it lifts back up to probe yesterday's high near the $140.00 resistance zone (BIDU) 140.38 +0.17 :
9:43AM Mkt Vectors Gold Miners ETF display opening relative weakness early on -- RGLD, GOLD, AUY, SA, NEM, GG, GFI, AEM, KGC (GDX) 53.48 -1.12 : Commodity complex relatively weak in general -- USO, SLX, XLE, OIH, GDX, XME, KOL
9:35AM Bank of the Ozarks announces it increased regular quarterly dividend 1 cent to 19 cents/share (OZRK) 52.06 +0.46 :
9:35AM Crude oil drops a quick ~50 cents to fresh lows; now off $1.69 to $93.73 (COMDX) :
9:32AM Geoglobal Resources confirms Israel rig contract signed (GGR) 0.48 +0.01 : Co confirmed that the Company has finalized the terms of the Assignment Agreement entered into with a third party whereby GeoGlobal took assignment of the third party's rights and obligations to an existing Drill Rig and Associated Services Contract for a Semi-submersible Drilling Rig. The Noble Homer Ferrington is a 4th Generation Enhanced Pacesetter design Semi-submersible rig capable of drilling in water depths of up to approximately 2,100 meters (7,000 feet). The rig will be available to the Company on or after December 1, 2011.
9:31AM Canterbury Park Holding suspends gaming operations due to the fact that Minnesota's Governor and Legislature failed to reach an agreement on the State's budget; stock halted (CPHC) 14.68 -0.38 : Co's CEO said they will lose gaming and concession revenues in excess of $1 mln per week even as we continue to incur substantial operating expenses, including expenses to support our backside horse population. Moreover, without any revenues coming in, we are now forced to begin laying off substantially all of our 1,100 full time and part time employees, causing hardship for them and their families.
9:29AM Canterbury Park Holding halted, news pending (CPHC) 14.68 :
9:23AM On The Wires (WIRES) :
* Overstock.com (OSTK) confirms it canceled ad contracts because of the recently passed unconstitutional Sales Tax La. The co will award free Club O accounts ($20 value) pre-loaded with $10 in Club O Reward dollars to customers in California. * Fuwei Films (FFHL) wholly-owned subsidiary, Fuwei Films (Shandong) has been certified to be phthalate free based on testing by SGS-CSTC Standards Technical Services on June 16, 2011.
9:16AM Cyclacel Pharma prices 7.6 mln units of common stock at an offering price of $1.36/unit; gross proceeds of $10.36 mln (CYCC) 1.36 : Each unit consists of one share of common stock and a five-year warrant to purchase 0.5 of a share of common stock at an exercise price of $1.36 per share, exercisable beginning six months after the date of issuance. The offering is expected to close on July 7.
9:13AM New highs in dollar push gold, silver to fresh lows (COMDX) :
* Gold now off $17.20 to $1485.60. * Silver lower by ".03 to $33.80.
9:13AM On The Wires (WIRES) :
* Siemens (SI) USA seeks to fill over 400 open positions in its Building Technologies division. * Hill International (HIL) announced that it has received a contract from HSS Holding / Union of Comoros to provide project management services in connection with EUR2.0 bln ($2.9 bln) of development in the Comoros Islands. The five-year contract has an estimated value to Hill of ~ EUR61.3 mln ($88.9 mln). * Melco Crown Entertainment (MPEL) announced that its subsidiary, Melco Crown Gaming Limited completed the refinancing of its existing credit facilities primarily connected to the City of Dreams and Altira projects. The refinancing credit facilities are for ~$1.2 bln. * Medtronic (MDT) announced the European launch of the CD HORIZON Fenestrated Screw Spinal System, which is used in conjunction with Fenestrated Screw Cement. Starting in Europe, this commercial release will be continued in India, Singapore and Australia in the coming months. * Athenahealth (ATHN) announced that The Wisconsin Health Information Technology Extension Center, the federally designated Regional Extension Center serving the entire state of Wisconsin, has selected athenahealth as one of its valued EHR vendor partners. * UPS Freight (UPS) announced a general rate increase averaging 6.9% covering non-contractual shipments in the United States, Canada and Mexico. The rate adjustment takes effect on Aug. 1, 2011, and applies to minimum charge, LTL rates and accessorial charges. * The Ritz-Carlton Hotel Company, a unit of Marriot (MAR) has entered an agreement with the Ministry of Tourism from the Sultanate of Oman to acquire the full management of Al Bustan Palace in Muscat, Oman.
9:09AM United Security Bancshares to resume trading at 9:45am ET (USBI) 4.76 :
9:03AM Perficient acquires JCB Partners for $18 mln; transaction will increase co's current annualized revenues to ~$275 million; the acquisition is expected to be accretive to EPS immediately (PRFT) 10.26 :
9:03AM United Security Bancshares announces resignation of R. Terry Phillips as President, CEO and Director (USBI) 4.76 : Co announced that R. Terry Phillips has resigned as President and Chief Executive Officer of the Company and the Company's wholly-owned subsidiary, First United Security Bank, and as a member of the Board of Directors of the Company and the Bank, effective June 30, 2011. Based on the policy, the Board will designate a member of its Executive Management Committee to serve as Committee Chairman.
9:02AM Pacific Ethanol (PEIXD) amends Sr. convertible notes terms (PEIX) 1.08 : Co announces it has amended the terms of its senior convertible notes. The amendment relieves the company from making its monthly amortization payment due on August 1, 2011, extends the maturity date one additional month to February 6, 2012 and enables the co to continue to make payments in either cash or stock.
9:01AM Harvard Biosci acquired preclinical business unit of CMA Microdialysis AB through purchase of assets; expect to be immediately accretive to earnings (HBIO) 5.33 : CMA Microdialysis AB is a privately held Swedish manufacturer of microdialysis products.
9:01AM StemCells announced that it will effect a one-for-ten reverse stock split at 12:01am on July 6, 2011 (STEM) 0.53 :
8:59AM Laboratory Corp's conversion right triggered for zero coupon convertible subordinated notes due 2021 (LH) 96.75 : Should Zero Coupon Notes be converted, Co would be required to pay holders in cash for the accreted principal amount of the securities to be converted, with the remaining amount, if any, to be satisfied with shares of Common Stock. The shares required for settlement of the Zero Coupon Notes are included in LabCorp's computation of fully diluted earnings per share.
8:49AM Crude below $94 heading into the open of pit trade; now off $1.45 to $93.97 (COMDX) :
8:42AM Gold futures tick to their lowest levels of the session; currently lower by $15.50 to $1487.30 (COMDX) :
8:33AM On The Wires (WIRES) :
* KEMET (KEM) announced plans to construct a new manufacturing facility in Skopje, Macedonia. * Celanese (CE) announced that its subsidiary, Celanese EVA Performance Polymers will increase the price of all grades of Ateva EVA by $0.08/pound and all grades of LDPE by $0.06/pound effective August 1, 2011, or as contracts allow.
8:31AM Avanir Pharmaceuticals announces Paragraph IV ANDA filing for NUEDEXTA (AVNR) 3.36 : Co announces that the FDA website indicates that an Abbreviated New Drug Application for a generic version of NUEDEXTA capsules was submitted on March 7, 2011. The company received Paragraph IV certification notices on June 30, 2011. Avanir intends to vigorously enforce its intellectual property rights relating to NUEDEXTA, which is protected by several patents covering the method of use of the product and its formulation. All of the currently issued patents are listed in the FDA's Approved Drug Products with Therapeutic Equivalence Evaluations, commonly known as the Orange Book. Under the FDA's rules and regulations, if Avanir initiates a patent infringement suit to defend the patents identified in any Paragraph IV notice it receives within 45 days after its receipt of such notice, the FDA is prevented from approving the ANDA until the earlier of: 1) 30 months; 2) the expiration of the patents at issue; or 3) a decision in the infringement case that all of such patents are not infringed or invalid.
8:10AM On The Wires (WIRES) :
* Alcoa (AA) is partnering with the Global Reporting Initiative to develop the next generation of corporate sustainability reporting guidelines that will shape the way corporations around the world define, deliver and measure their sustainability performance. * Adobe Systems (ADBE) announced an upgrade program for video professionals who have purchased any version of Apple (AAPL) Final Cut Pro or Avid Media Composer and want to switch to video tools by Adobe-Creative Suite CS5.5 Production Premium or Premiere Pro CS5.5. * Chemtura (CHMT) announced that it is raising the price of the products supplied by the Polymer Antioxidant and UV Stabilizer business, primarily as the result of a significant and sustained increase in paracresol costs. Effective on all deliveries after July 1, 2011, or as contracts allow, the price of the Antioxidant and UV Stabilizers will be increased by 10%.
8:07AM HollyFrontier: HOC anf FTO completed their merger, will begin trading as HFC today (HFC) :
8:04AM Blackboard to resume trading at 8:30am ET (BBBB) 43.39 :
8:03AM Arkansas Best's FleetNet America names Gary W. Cummings President and CEO; effective June 30, 2011 (ABFS) 23.73 : Cummings replaces C. Oren Summer whose retirement from the company was previously announced. Since February 2011, Mr. Cummings has served as FleetNet's President and COO.
8:01AM Blackboard to be acquired by Providence Equity Partners for $45.00/share in cash or $1.64 bln (BBBB) 43.39 : Co announces it has entered into a definitive agreement under which Blackboard will be acquired by an investor group led by affiliates of Providence Equity Partners in an all-cash transaction valued at approximately $1.64 bln, plus the assumption of approximately $130 mln in net debt. Pursuant to the terms of the agreement, Blackboard's stockholders will receive $45.00 in cash for each share of Blackboard common stock. The Board unanimously approved the transaction and recommends that Blackboard's stockholders adopt the acquisition agreement. The transaction is anticipated to close during the fourth quarter of 2011. (Stock is halted)
8:01AM PepsiCo announces delivery of squeeze-out demand notice to Wimm-Bill-Dann (PEP) 70.39 : Co announces that it delivered a squeeze-out demand notice to Wimm-Bill-Dann Foods OJSC on June 30, 2011. By delivering the notice, PepsiCo has elected to exercise its right under Russian law to purchase all remaining WBD ordinary shares not already owned by PepsiCo, including those underlying WBD's American Depositary Share. After PepsiCo makes payment to the ADS depositary as registered holder of the ordinary shares underlying the ADSs, the ADS depositary will convert the Russian rubles it receives to U.S. dollars at the spot market conversion rates available to it during the period it takes to complete such conversion. It is expected that this conversion will be completed within approximately two business days following the ADS depositary's receipt of the Russian ruble payment from PepsiCo. Following such conversion period, the ADS depositary will notify registered ADS holders of the ADS pay date. On the ADS pay date, each ADS holder will receive 970.925 Russian rubles per ADS in cash payable in U.S. dollars as described above, without interest, less fees under the ADS deposit agreement of $0.05 per ADS for cancellations, $0.02 per ADS for cash distributions and applicable taxes and other governmental charges, if any, and all outstanding ADSs will be automatically cancelled without further action by the ADS holders.
8:01AM Celsion announces $6.6 million registered direct offering (CLSN) 3.37 : Co has agreed to sell an aggregate of ~2.1 million shares of its common stock and warrants, potentially exercisable for up to ~630,000 additional shares of its common stock. The securities will be sold in units at a price of $3.1675 per unit, with each unit consisting of one share of common stock and a warrant to purchase 0.3 shares of common stock. The warrant will be exercisable at a price of $3.13 per share and will expire five years from the issuance date. Rodman & Renshaw acted as the exclusive placement agent for the offering.
7:59AM MEMC Elec announces termination of Suntech Power (STP) Wafer supply agreement (WFR) 8.53 : Co announces that its unit and and Suntech Power (STP) have agreed to terminate their long-term solar wafer supply agreement. Under the terms of the supply agreement, which was originally signed in July 2006, WFR was to supply solar wafers to Suntech over a 10-year period, with pre-determined pricing, on a take or pay basis beginning in January 2007. As part of the original supply agreement, STP advanced funds to WFR in the form of a loan/security deposit and WFR received a warrant to purchase up to a 4.99% equity stake in STP. Issues with respect to Suntech's price and volume purchase obligations under the supply agreement have created challenges to finding a mutually beneficial arrangement between the parties. After two formal contract amendments, in order to resolve these ongoing challenges, the co's have now agreed to terminate the supply agreement. In exchange for WFR's agreement to terminate the supply agreement, STP has agreed to pay WFR $120 mln, through the retention by WFR of $53 mln of cash deposited previously by Suntech under the supply agreement and currently held by WFR, and a $67 mln irrevocable letter of credit established by STP for the benefit of WFR, to be drawn upon in four equal installments on July 8, 2011, October 1, 2011, January 1, 2012 and April 1, 2012. WFR is assessing the financial impact on its second quarter and full year 2011 earnings of the Suntech termination, related contract termination charges, and other restructuring actions.
7:40AM First Republic Bank announces pricing of secondary offering of 13 mln shares at $31.75/share (FRC) 32.28 : Co says all of the shares in the offering are being sold by shareholders of First Republic. In addition, the selling shareholders have granted the underwriters an option to purchase up to an additional 1.95 mln shares at the public offering price less the underwriting discount from the selling shareholders. First Republic will not receive any proceeds from the sale of common stock by the selling shareholders.
7:35AM On The Wires (WIRES) :
* Panasonic (PC) launched the Panasonic Fuel Cell Development Office Europe in Langen, Germany. The facility will focus on developing residential fuel cells for the European market in close collaboration with leading European utility companies. * Intellicheck Mobilisa (IDN) announced that the Massachusetts Port Authority began an official pilot test using the co's IM2700 TWIC devices.
7:33AM 7 Days Group to acquire Huatian Star (SVN) 19.32 : Co announces that it has entered into a definitive agreement on July 1, 2011 with Huatian Hotel Group to acquire 100% ownership of Hunan Huatian Star Hotel Management. Pursuant to the Agreement, 7 Days agreed to acquire 100% ownership of Huatian Star for a total of RMB136 million (approximately US$21 million) in cash. Huatian Star has economy hotel operations in 12 cities in China including Changsha, Wuhan, and Zhengzhou, with 21 leased-and-operated hotels in prime locations and a total of 2,682 rooms, all of which are to be acquired by 7 Days upon completion of the Transaction.
7:31AM Strategic Hotels & Resorts closes on new $300 mln secured revolving credit facility with allowance for additional borrowing capacity up to $400.0 mln; replaces $300 mln facility set to expire in March 2012 (BEE) 7.08 :
7:31AM Invacare gives notice of right to convert 4.125% convertible senior subordinated debentures due 2027 (IVC) 33.20 : Co announced today that it has determined that its 4.125% Convertible Senior Subordinated Debentures due 2027 have become convertible at the option of the holders beginning on July 1, 2011 and will remain convertible through September 30, 2011. The Convertible Debentures are convertible because the closing price of Invacare's common shares exceeded the conversion threshold price of $32.23 per share for at least 20 trading days during the 30 consecutive trading days ending June 30, 2011.
7:09AM On The Wires (WIRES) :
* Callidus Software (CALD) announced that Real Goods Solar (RSOL) has selected the ForceLogix Coaching solution and Monaco On Demand Sales Performance Management suite to drive the performance of its sales organization in North America. The agreement was signed in the second quarter of 2011. * Roberts Realty Investors (RPI) announced it has retained Sandler O'Neill + Partners, L.P. to explore potential strategic alternatives for the REIT.
7:01AM Acorda Therapeutics licenses rights to investigational treatment for spinal cord injury and traumatic brain injury (ACOR) 32.31 : Co announced that it has licensed worldwide development and commercialization rights to a proprietary magnesium formulation from Medtronic (MDT), which will be referred to as AC105. Acorda plans to study AC105 as an acute treatment for patients who have suffered neurological trauma, such as a spinal cord injury and traumatic brain injury. Acorda made a $3 mln upfront payment to Medtronic and will make up to $32 mln in regulatory and development milestone payments.
7:01AM Merck receives approval to market GARDASIL, ZOLINZA and CUBICIN in Japan (MRK) 35.29 : Co announces that the Japanese Ministry of Health, Labour and Welfare approved three products: GARDASIL, ZOLINZA and CUBICIN, for use in Japan. In Japan, GARDASIL, a quadrivalent human papillomavirus (HPV) vaccine, was approved for the prevention of cervical cancer and their precursor lesions, vulvar intraepithelial neoplasia grade 1/2/3, vaginal intraepithelial neoplasia grade 1/2/3 and genital warts caused by HPV types 6, 11, 16 and 18 in females 9 years of age and older.
7:00AM JA Solar to acquire wafer producer Solar Silicon Valley (JASO) 5.55 : Co announced that it has entered into a definitive agreement to acquire 100% ownership interest in Silver Age Holdings Limited, a British Virgin Islands company that owns 100% of Solar Silicon Valley Electronic Science and Technology, in a transaction that values Solar Silicon Valley at ~$180 mln. At the time of closing JA Solar will issue 30.901 million ordinary shares as consideration at a price of $5.825 per share. Each ADS of JA Solar represents one ordinary share. The consideration for the acquisition represents ~2.6 times the audited net income of Solar Silicon Valley for 2010. Upon completion of the transaction, JA Solar's internal wafer capacity will be increased to approximately 785MW, ensuring a stable supply of low-cost wafers. The acquisition is subject to customary closing conditions and Chinese regulatory approvals, and is expected to close in the third quarter of 2011.
6:38AM Tortoise Capital Resources acquires power transmission assets for $16.1 mln (TTO) 8.10 : Co announced last night that it has acquired a 40% undivided interest in the Eastern Interconnect Project for ~$16.1 mln, including the assumption of $3.4 mln of debt. These transmission assets move electric power across New Mexico between Albuquerque and Clovis. The project is leased on a triple net basis through April 1, 2015 to Public Service co of New Mexico, an independent electric utility. The Public Service co of New Mexico is a subsidiary of PNM Resources (PNM).
6:36AM Akzo Nobel N.V. acquires pioneering plant-based separation technology (AKZOY) 63.28 : Co has booted its technology portfolio in sustainable chemistry after agreeing to acquire from Integrated Botanical Technologies (IBT) its patented Zeta Fraction technology, which is transforming how plant-based chemistry is used. Financial details were not disclosed.
6:34AM Lakes Entertainment announces buy-out of management contract with Pokagon Band of Potawatomi Indians (LACO) 2.20 -0.05 : The Pokagon Band of Potawatomi Indians is pleased to announce the early buy-out of its agreement with Co, which provided development and management services for its Four Winds Casino Resort. Pursuant to the Buy-Out and Termination Agreement on June 30, 2011, the Band paid to Lakes a buy-out fee of ~ $24.5 mln and repaid in full all outstanding debt owed by the Band to Lakes. As a result of the previous sale of those receivables, Lakes did not receive any of the proceeds from the Band's repayment of that debt.
6:16AM Acura Pharma receives $20 mln milestone payment from Pfizer (PFE) triggered by the FDA's approval of Pfizer's new drug application for OXECTA Tablets CII (ACUR) 3.87 : Acura is eligible to collect from Pfizer an additional $3 mln for Pfizer's achievement of certain non-U.S. regulatory milestones for OXECTA and up to $23 mln for Pfizer's achievement of certain regulatory milestones for each of the 3 other unapproved licensed products.
6:10AM On The Wires (WIRES) :
* Acacia Research (ACTG) announced that its subsidiary, AdjustaCam, has entered into a settlement and patent license agreement with Chicony Global * ACCESS and Smartphone Technologies, an affiliate of Acacia Research (ACTG), announced that they licensed to Pantech a portfolio of patents related to smartphones owned by ACCESS CO. The patents cover inventions created by ACCESS, Palm (recently acquired by Hewlett-Packard (HPQ), Palmsource, Bell Communications Research, and Geoworks. Additionally, ACCESS CO and Nokia (NOK) have entered into a Patent License and Settlement Agreement which resolves all disputes between the parties currently pending. * HiSoft Technology (HSFT) announced the adoption of its 2011 Equity Incentive Plan to aid the co in recruiting and retaining key employees, directors and consultants of outstanding ability and to motivate its employees, directors and consultants to exert their best efforts toward the achievement of the co's long-term strategic goals. * Health Management Associates (HMA) announced that a subsidiary of Health Management has executed a definitive agreement to acquire the assets of Mercy Health Partners, which is a subsidiary of Catholic Health Partners.
6:01AM L&L Energy elects new CFO Ian Robinson; effective June 30th (LLEN) 5.10 -0.04 : Robinson has been an Independent Director of L&L since December 2008 and has served as Chairman of the co's Audit Committee.
5:44AM On The Wires (WIRES) :
* Hydrogenics (HYGS) announced an award to supply a HySTAT-60 electrolyzer for a hydrogen fueling station to be based in southern Germany. * The City of Jacksonville has signed a non-binding memorandum of understanding with Cisco (CSCO) to develop networking capabilities that will weave together people, services, community assets and information to transform Jacksonville's physical communities to connected communities. * MI Developments (MIM) announced that the plan of arrangement to eliminate MID's dual-class share structure has been completed and will become effective at 5:00 pm today, at which time those directors elected as post-closing directors at MID's annual general and special meeting of shareholders on March 29, 2011, will commence their term of office.
5:32AM AmerisourceBergen Pres and COO Steven Collis succeeds David Yost as CEO, in accordance to succession plan (ABC) 41.40 :
4:02AM Inovio Pharma transitions Avtar Dhillon to Non-Executive Chairman (INO) 0.60 : Co announces that Dr. Avtar Dhillon has become non-executive Chairman. Dr. Dhillon was initially appointed as Executive Chairman in 2009 in conjunction with the merger between Inovio Biomedical and VGX Pharmaceuticals with a mandate to provide continuity and strategic guidance during their integration. Dr. Dhillon will now exclusively focus on his role as chairman of the Board of Directors and will no longer have executive responsibilities.
1:53AM Research In Motion participates in winning bid for Nortel's (NRTLQ) patent portfolio; co's portion of the purchase consideration is ~$770 mln (RIMM) 28.85 :
1:50AM LM Ericsson part of winning bid for Nortel's (NRTLQ) patent portfolio; co's contributes $340 mln to transaction (ERIC) 14.38 :
1:47AM Oshkosh Truck acknowledges Carl Icahn shareholder filing (OSK) 28.94 : Co announces the acknowledged that Carl Icahn and related persons have filed a Schedule 13D with the SEC reporting that they have acquired beneficial ownership of 9.5% of the co's common stock, consisting of a combination of shares and call options.
1:27AM Regal-Beloit enters into new 5-year $500 mln revolving credit facility; replacing $500 mln facility set to expire in April 2012 (RBC) 66.77 :
1:25AM Nevsun Resources provides update on purchase of 30% of co by Eritrean National Mining; price has yet to be determined (NSU) 6.08 : Co announces that the it continues to work towards finalizing its arrangements regarding the purchase of 30% of the company by the Eritrean National Mining from Nevsun. The Company had previously given guidance on May 3 that the purchase price would be determined by June 30, 2011. The price determination is subject to a process involving two independent international institutions that have now submitted their draft reports. Co and ENAMCO are reviewing the results and will advise when the amount is finalized.
1:22AM Walter Energy CEO resigns effective July 31 to pursue other interests; Board member Joseph Leonard appointed as Interim CEO (WLT) 115.80 : The Board has engaged Spencer Stuart to initiate a search, within co and externally, for a permanent CEO.
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