4:20 pm : Stocks benefited from buying interest in the early going, but a midmorning shift in sentiment sent stocks to their fourth round of losses in five sessions.
Most of Fed Chairman Bernanke's comments to the Senate Banking Committee were consistent with what he expressed yesterday, but he did make note that a default by the Treasury would destroy trust and confidence among investors. That remark came after analysts at Moody's decided to put the Aaa credit rating of the U.S. on review for possible downgrade.
Earlier this week the minutes from the most recent FOMC meeting indicated that the Fed would be willing to provide further quantitative easing, if conditions deemed it necessary, but Bernanke confirmed today that the Fed does not yet have such a plan ready.
Even though it was already established that talk about further quantitative easing by the Fed was nothing more than that, market participants seemed to use Bernanke's confirmation of that point as reason to sell into the stock market's slide, which took the three major equity averages down from solid gains to varied losses.
Of the three, the Nasdaq suffered the worst loss. Google (GOOG 528.94, -9.32) was a heavy drag ahead of its quarterly report. In contrast, the Dow was able to limit its loss amid support from JPMorgan Chase (JPM 40.35, +0.73), which bested the consensus earnings estimate for its latest quarter to trade to a weekly high. However, other diversified financial services stocks and banking plays failed to share in the stock's strength, resulting in a 0.8% loss for the overall financial sector.
An upbeat quarterly report also helped Yum! Brands (YUM 56.37, +0.79) trade with strength, but a miss and downside guidance from Marriott (MAR 34.69, -2.45) made the hotel operator drop to a July low. Weakness in MAR shares imbued many of its peers.
Outside of earnings news, News Corp (NWSA 15.44, -0.49) has come under FBI investigation to see whether or not employees of the company hacked into cellular phones for stories.
Shares of ConocoPhillips (COP 75.61, +1.21) opened trade with a gain of almost 8% in response to news that the company will be separate its refining and marketing operations from its exploration and production business so as to form two publicly traded companies. Support steadily faded as trade progressed, although the stock still settled with a gain. The stock had been an early source of support for the energy sector, which was up more than 1% in the early going, but ended the session with a 0.5% loss.
The dollar traded with increased volatility today. Early this morning it was undercut by the Moody's news, but it managed to rebound in response to rekindled concerns about fiscal conditions among countries in the eurozone periphery. The euro caught a bid around the time that Italy announced its Senate passed a set of austerity measures, but was later backed down as the dollar rallied to close the session with a 0.6% gain against a broader collection of currencies.
Participants got a sizable dose of data this morning, but none had any real impact on sentiment this session. Initial jobless claims for the week ended July 9 totaled 405,000, which is slightly less than the 410,000 that was widely expected, but down from the prior week's upwardly revised initial claims count of 427,000. Continuing claims climbed to 3.73 million from 3.71 million.
Producer prices for June fell 0.4% from the prior month, but core producer prices posted a 0.3% monthly increase. A 0.2% decline in overall prices and a 0.2% increase in core prices had been expected, on average, among economists polled by Briefing.com.
Retail sales for June were up 0.1%, which was better than the 0.2% decline that had been broadly expected, but sales less autos were flat, as had been anticipated.
3:30 pm : Commentary out of the Fed Chairman, at his second day of testimony on the Hill, backed away from talk of QE3. This followed yesterday's testimony, where Mr. Bernanke said the Fed remains prepared to respond should economic developments indicate that an adjustment in the stance of monetary policy would be appropriate. Today the Chairman said that the Fed is not prepared, at this point, to take further action. That comment helped the dollar rebound. It also created volatility for select commodities, including gold, silver and crude oil.
In overnight trade, gold futures traded to a fresh all-time high at $1594.90 per ounce. Futures remained near those highs in mid-morning trade, when Mr. Bernanke's comments hit the wires. This caused for futures to pull back to the flat line. Gold managed to trade back into positive territory to finish the session higher by 0.2% to $1588.40 per ounce. Sept silver saw the same pullback as gold, as prices dropped back to near the flat line. It managed to retrace some of its sell off to finish higher by 1.3% to $38.65 per ounce.
The comments from Mr. Bernanke caused for August crude oil, which settled lower by 2.4% to $95.69 per barrel, to sell off sharply. Prices dropped over 4 points to session lows at $94.53. They managed to rebound off those lows, modestly at least, to finish above the $95 mark. This morning's inventory data, which showed a slightly larger-than-expected build, caused natural gas to drop to low at $4.25. Futures spent the remainder of the session retracing that sell off, ending lower by 0.5% at $4.38 per MMBtu. DJ30 -45.26 NASDAQ -37.27 SP500 -7.84 NASDAQ Adv/Vol/Dec 591/1.5 bln/1959 NYSE Adv/Vol/Dec 645/676.8 mln/2382
3:00 pm : According to reports, the FBI has opened an investigation into whether or not employees of News Corp (NWSA 15.45, -0.48) hacked into cellular phones. That headline has caused shares of NWSA to drop markedly into negative territory. The stock is still above the three-month low that it set earlier this week, though.
Other media plays haven't really benefited from the weakness of NWSA. Instead, Walt Disney (DIS 39.50, -0.06) and Time Warner (TWX 35.84, +0.03) are stuck near the neutral line. DJ30 -36.29 NASDAQ -28.65 SP500 -6.84 NASDAQ Adv/Vol/Dec 645/1.21 bln/1868 NYSE Adv/Vol/Dec 751/529 mln/2205
2:30 pm : Shares of Brasil Foods (BRFS 19.16, +0.66) are up sharply to a new one-month high following news that the company has confirmed the approval of a merger with Sadia. The company's stock has also benefited from analyst upgrades.
In other deal news, Williams Companies (WMB 29.10, +0.31) has raised its offer for Southern Union (SUG 43.50, +1.90) to $44 per share in cash. DJ30 -28.87 NASDAQ -21.31 SP500 -6.19 NASDAQ Adv/Vol/Dec 645/1.21 bln/1868 NYSE Adv/Vol/Dec 751/529 mln/2205
2:00 pm : At its session high, the Dow was up about 90 points. Its descent from that morning high to its afternoon low resulted in a net loss of 76 points. It has since rebounded to trade just below the neutral line.
The volatile action of the Dow comes as participants try to find the market's direction amid ongoing fiscal concerns in the various corners of the eurozone and, more recently, how the U.S. will deal with its debt ceiling in light of the decision by Moody's to put the U.S. on review for possible downgrade.
JPMorgan Chase (JPM 40.72, +1.10) has been a steady source of support for the Dow today. Its upside earnings surprise has put the stock at a weekly high, but it has struggled to get other blue chips and financial plays to follow it higher. For instance, Bank of America (BAC 10.16, -0.03) has spent the entire afternoon in the red. DJ30 -2.91 NASDAQ -26.13 SP500 -2.76 NASDAQ Adv/Vol/Dec 628/1.11 bln/1859 NYSE Adv/Vol/Dec 754/482 mln/2196
1:30 pm : Stocks recently set a fresh session low, but now they are starting to make a sharp rebound. The effort has yet to take any of the major equity averages back into positive territory, though.
Meanwhile, Treasuries have climbed to a session high. Their strength comes after results from the latest auction of 30-year Bonds showed a bid-to-cover of 2.80, dollar demand of $36.4 billion, and an indirect bidder participation rate of 37.8%. For comparison, the prior auction produced a bid-to-cover of 2.63, dollar demand of $34.2 billion, and an indirect bidder rate of 38.4%. An average of the past six auctions gives a bid-to-cover ratio of 2.68, dollar demand of $37.3 billion, and an indirect bidder rate of 40.0%. DJ30 -16.58 NASDAQ -34.44 SP500 -5.21 NASDAQ Adv/Dec 561/1923 NYSE Adv/Dec 697/2305
1:00 pm : Stocks worked their way higher in the early going, but the move failed to find secure footing, causing stocks to go on the retreat.
Even though Moody's put the U.S. on review for possible downgrade, participants bought stocks this morning in a display of their belief that a compromise on the U.S. debt ceiling will be reached. Fed Chairman Bernanke stated during his testimony to the Senate Banking Committee that a default by the Treasury would destroy trust and confidence among investors.
Chairman Bernanke also remarked that the Fed does not yet have a plan ready for the possible implementation of further quantitative easing. That comment came as stocks slid from their morning highs.
Selling pressure has been broad, but the Nasdaq has been hit with some of the sharpest pressure. Google (GOOG 530.00, -8.26), which is scheduled to report its latest quarterly results tonight, has been a heavy drag on the space.
Diversified financial services stocks have been a source of support for the broad market, however. An upside surprise from Dow component and banking bellwether JPMorgan Chase (JPM 40.58, +0.96) has the group up solidly. Regional lenders have failed to fight off selling, though; their weakness has the KBW Bank Index down 1.0%.
Marriott (MAR 33.99, -3.14) was also out with its latest quarterly announcement, which featured a lighter-than-expected top line and downside guidance. The stock is one of this session's poorest performers.
News that ConocoPhillips (COP 76.35, +1.95) is going to split itself into two companies has helped support the energy sector this session. Howevere, excitement over the decision is evidently dwindling because shares of COP have drifted down by about 5% from their opening high.
Economic data has had little influence over today's trade. Initial jobless claims came down from the prior week, but remained at an elevated level above 400,000. Overall retail sales were up a slight 0.1% in June, but sales less autos were flat. Overall producer prices declined 0.4% in June, but core prices climbed 0.3%. DJ30 -43.56 NASDAQ -23.01 SP500 -7.52 NASDAQ Adv/Dec 641/2345 NYSE Adv/Dec 536/1933
12:30 pm : Stocks have drifted deeper into negative territory. Small-cap stocks and mid-cap plays are in the worst shape. Specifically, the S&P 400 is down 0.8% while the Russell 2000 is down 1.0%. Losses therein have left the S&P 400 to trade at a 10-day low, while the Russell 2000 is at a weekly low.
Coming up at the top of the hour are results from an auction of 30-year Bonds. The announcement could induce some action in the fixed income space, which has been rather dull today. DJ30 -14.12 NASDAQ -14.77 SP500 -4.75 NASDAQ Adv/Dec 618/1831 NYSE Adv/Dec 711/2255
12:00 pm : The Nasdaq has descended to a new low for the day. Its slide comes as participants turn against tech plays so that the number of declining issues listed in the Nasdaq Composite outnumbers its advancing issues by 2-to-1.
Google (GOOG 532.98, -5.28), in particular, has been one of the heaviest drags on the Nasdaq. The stock's 1% loss precedes its latest quarterly report, which is scheduled for tonight. The Capital IQ estimate calls for earnings of $7.83 per share. For the same quarter one year ago, Google generated earnings of $6.45 per share.DJ30 +19.64 NASDAQ -10.63 SP500 -0.29 NASDAQ Adv/Dec 801/1607 NYSE Adv/Dec 1003/1902
11:30 am : Oil prices have extended their downturn so that continuous contracts now trade with a 1.4% loss at $96.70 per barrel. Meanwhile, gold prices are now at $1585.50 per ounce, unchanged for the session. General weakness in the commodity complex has the CRB Commodity Index down to a 1.1% loss after it had been only fractionally a couple of hours ago.
Even though their collective gain has been halved, energy stocks continue to outperform the rest of the market. The sector's current 0.6% gain has been mostly supported by strength among integrated plays, but oil and gas service and equipment plays have been a source of weakness for the sector. DJ30 +24.41 NASDAQ -3.05 SP500 +0.85 NASDAQ Adv/Dec 901/1462 NYSE Adv/Dec 1166/1721
11:00 am : Stocks began to roll over about 30 minutes ago. The downturn has gained enough momentum to take the Nasdaq and the S&P 500 to the neutral line, and the Dow to a minimal gain.
The recent bout of selling pressure has been broad, but hasn't been caused by any specific headline. However, The reversal has coincided with a bounce by the dollar, which is now up 0.3% against a basket of major foreign currencies.
In light of Moody's decision to put the U.S. on review for possible downgrade, Fed Chairman Bernanke stated during his testimony to the Senate Banking Committee that a default by the Treasury would destroy trust and confidence among investors.DJ30 +22.10 NASDAQ +2.96 SP500 +0.78 NASDAQ Adv/Dec 893/1454 NYSE Adv/Dec 1191/1670
10:35 am : Select commodities are trading higher currently, including crude oil, heating oil, precious metals and aluminum, while the dollar index is back near the unchanged line. Copper is near the flat line, and soft commodities are in the red.
Natural gas has been in the red all morning, and ahead of inventory data the energy component was trading near session lows of $4.33/MMBtu. Following the data, which showed a build of 84 bcf versus consensus of a build of ~80 bcf, natural gas fell to new session lows of $4.24/MMBtu and is now 1.9% lower at $4.30.
Crude oil traded in positive territory for the majority of morning trade, but just pulled back following the nat gas data. Crude was near the $98.70 area and dropped to the unchanged line a minutes ago to around the $98 level. Currently, it's at 98.12, up 0.1%.
In early morning trade, gold prices hit new all-time highs of $1594.90/oz after chopping around the unchanged line overnight and is now 0.2% higher at $1588.30/oz. Silver rose as high as $39.39/oz and remains near that session high; now at $39.13, up 2.6%.DJ30 +83.33 NASDAQ +14.70 SP500 +8.45 NASDAQ Adv/Vol/Dec 1810/344 mln/935 NYSE Adv/Vol/Dec 1810/164 mln/935
10:00 am : Stocks have made a strong move higher in recent minutes. The push comes as the rest of the market attempts to catch up with the energy sector, which continues to boast a 1.2% gain.
Business inventories for May increased by 1.0% from the prior month. An increase of 0.9% had been expected, on average, among economists polled by Briefing.com.
Fed Chairman Bernanke is expected to begin his testimony on monetary policy to the Senate Banking Committee at any moment. It is assumed that his comments will not deviate from those offered yesterday to the House Financial Services Committee. DJ30 +76.59 NASDAQ +4.79 SP500 +9.00
09:45 am : Early trade is rather choppy, but the major equity averages have managed to remain in positive territory with modest gains.
Energy is an early leader. The sector has sprinted ahead to a 1.2% gain as ConocoPhillips (COP 9.70, +5.30) shares spike more than 7% in response to news that the company will split itself into two publicly traded entities, one which will focus on refining and marketing, the other will take over exploration and production operations.
In the backdrop, oil prices are up 0.6% to $98.70 per barrel. DJ30 +40.11 NASDAQ +5.77 SP500 +4.29
09:15 am : S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +7.70. Stock futures suggest that the cash market will open in positive territory. The bid comes after stock futures had been clipped in response to news that analysts at Moody's have put the Aaa rating of the U.S. on review for possible downgrade. Participants have generally brushed off that review because they are confident the U.S. will be able to reach a deal on its debt ceiling. The dollar was also pressured by the announcement, but a weaker euro helped it improve its position against a basket of major foreign currencies. Weakness in the euro came amid rekindled concern about fiscal conditions in various pockets of the eurozone. That said, it has just been learned that Italy's Senate passed an austerity package. Data has had little impact on trade ahead of the open. Initial jobless claims came down from the prior week, but remained at an elevated level above 400,000. Overall retail sales were up slightly in June, but sales less autos were flat. Overall producer prices declined in June, but core prices climbed. In the corporate space, Dow component JPMorgan Chase (JPM) posted a stronger-than-expected profit for the latest quarter. Google (GOOG) reports tonight. Still on today's docket, Fed Chairman Bernanke will begin his testimony on monetary policy to the Senate Banking Committee. His comments are all but guaranteed to remain consistent with those delivered to the House Financial Services Committee yesterday.
09:05 am : S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +9.00. Crude oil prices are up 0.4% to $98.40 per barrel in the opening minutes of pit trade. Meanwhile, natural gas prices are down 0.8% to $4.35 per MMBtu. Prices could see some volatility with the release of weekly inventory data at 10:30 AM ET. Precious metals are up with varied gains this morning. Specifically, gold was last quoted with a 0.5% gain at record levels above $1592.00 per ounce. Silver is up a dramatic 3.0% to $39.28 per ounce. Mixed overall action among commodities has the CRB Commodity Index down fractionally after it set a one-month high yesterday.
08:35 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +5.70. Stock futures are little changed following a flurry of data. Initial jobless claims for the week ended July 9 totaled 405,000, which is slightly less than the 410,000 that was widely expected, but down from the prior week's upwardly revised initial claims count of 427,000. Continuing claims came in at 3.73 million, which is up from the 3.71 million that was previously reported. As for producer prices, they fell 0.4% month over month, but core producer prices increased 0.3% month over month. The consensus among economists polled by Briefing.com had called for a 0.2% decline in overall prices and a 0.2% increase in core prices. Moving on, retail sales during June increased by 0.1% from the prior month. That was better than the 0.2% decline that had been broadly expected. However, sales less autos were flat, as had been anticipated.
08:05 am : S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +7.20. The decision by analysts at Moody's to place U.S. debt on review for possible downgrade initially undercut stock futures, but the tone of premarket trade has improved to the point that stock futures are now up modestly over fair value. A negative tone of trade continues to linger in Europe, though. The continent's major bourses have been burdened by rekindled concerns about the fiscal health of countries in the eurozone periphery. That has put renewed pressure on the euro, effectively helping to prop up the dollar in the wake of the announcement from Moody's. The dollar is currently unchanged against a collection of competing currencies. In the corporate space, Dow component and financial bellwether JPMorgan Chase (JPM) posted an upside earnings surprise this morning. The stock is up by about 2% ahead of the open. Per usual, the strong performance sets a high bar for other banks and financial players this earnings season. Integrated energy play ConocoPhillips (COP) announced that it will be separating its refining and marketing operations from its exploration and production business so as to form two publicly traded companies. Monthly producer price data are due at the bottom of the hour, along with retail sales figures and the latest weekly initial jobless claims count. Business invenotry numbers will be released at 10:00 AM ET. Fed Chairman Bernanke returns to the podium at 10:00 AM ET to deliver his testimony on monetary policy to the Senate Banking Committee. Bernanke's comments are unlikely to deviate from those presented yesterday to the House Financial Services Committee. This afternoon brings results from another Treasury auction. At 1:00 PM ET participants will see what demand is like for the 30-year Bond at on-the-run interest rates.
06:23 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: +2.00.
06:23 am : Nikkei...9936.12...-27.00...-0.30%. Hang Seng...21940.20...+13.30...+0.10%.
6:51PM Level 3 announces pricing of private offering of senior notes (LVLT) 2.32 -0.12 : Co announced that Level 3 Escrow, Inc., its indirect, wholly owned subsidiary, has agreed to sell an additional $600 million aggregate principal amount of 8.125% Senior Notes due 2019 in a private offering to "qualified institutional buyers." This offering represents an additional offering of the 8.125% Senior Notes due 2019 that were issued on June 9, 2011. These notes are being offered as additional notes under the same indenture as the 8.125% Senior Notes issued on June 9, 2011, and will be treated under that indenture as a single series of notes with the outstanding 8.125% Senior Notes. The Company had originally announced its plans to issue $300 million aggregate principal amount of additional 8.125% Senior Notes due 2019.
6:30PM Vista Gold annonces that Midas Gold Corp. IPO Values Vista Gold Investment at Cdn$103 mln (VGZ) 3.20 -0.26 : Co announced that Midas Gold ("Midas") has successfully completed an IPO, issuing 12,307,700 common shares of Midas ("Midas Shares") for gross proceeds of Cdn$40,000,025 mln. Midas Shares began trading on the Toronto Stock Exchange today under the symbol "MAX." Vista owns 31,802,615 Midas Shares, which following the completion of Midas' IPO represents 30.7 % of the issued and outstanding shares of Midas. Based on the IPO price of Cdn$3.25 per share, Vista's investment in Midas is expected to have a value of Cdn$103,358,499 and based on the number of issued common shares of Vista, this is equivalent to Cdn$1.45 per Vista share.
6:22PM Origin Agritech acting CFO leaves co (SEED) 4.31 -0.22 : Co provided an update on its management team. Co said Mr. Irving Kau, Acting Chief Financial Officer (CFO), has decided to join Global Hunter Securities LLC. The Company is in the process of selecting a suitable candidate to serve as CFO. Irving will remain as the Interim CFO during the transition period. Mr. Kau joined Origin in 2005 and was later promoted to Acting CFO in 2009.
6:13PM Kosmos Energy's makore-1 well extends turonian play fairway to eastern west cape three points block offshore Ghana (KOS) 16.80 -0.02 : KOS announces that the co's Makore-1 exploration well on the West Cape Three Points Block offshore the Republic of Ghana encountered 37 meters (121 feet) of good-quality Campanian-age water-bearing sandstone reservoirs and 46 meters (151 feet) of good-quality Turonian-age water-bearing sandstone reservoirs. The Makore-1 well was Kosmos' first well in the southeastern portion of the block. The well explored a stratigraphic trap in a Turonian-age fan system.
6:09PM Oxygen Biotherapeutics misses by $0.02 (OXBT) 2.26 +0.08 : Reports FY11 earnings of ($0.45), $0.02 worse than the Capital IQ Consensus Estimate of ($0.43); revenues fell 11.3% year/year to $0.32 mln vs the $0.35 mln consensus.
6:05PM Educational Development reports Q1 EPS of $0.08 vs. $0.05 in last year's quarter; revs fell 0.5% to $6.3 mln (EDUC) 5.56 +0.06 :
6:01PM IntercontinentalExchange announces strategic investment with 12.4% stake in Cetip S.A. (ICE) 126.03 -0.09 : Co announced that it will acquire 12.4% of the shares in Cetip, S.A. (BOVESPA: CTIP3). Cetip is a publicly traded company and is Brazil's largest clearing house, as well as the leading operator of registration and custodial services for securities, fixed-income bonds and OTC derivatives. Under the terms of the agreement, ICE will acquire 31.6 mln shares of Cetip common stock for ~$512 mln in cash, or R$25.50 per Cetip common share, in line with the weighted average closing price over the last 90 days. The transaction consideration includes $302 mln from ICE's cash on hand and $210 mln drawn from ICE's credit facilities. The transaction is expected to close on July 15, 2011 and will not materially impact ICE's 2011 earnings. Upon the completion of the transaction, ICE will be the single largest shareholder in Cetip. ICE's investment will be reflected on its balance sheet as a cost method investment.
6:01PM Valmont beats by $0.27; raised FY11 EPS guidance (VMI) 101.20 -1.66 : Reports Q2 (Jun) earnings of $1.72 per share, $0.27 better than the Capital IQ Consensus Estimate of $1.45; revenues rose 38.8% year/year to $668.63 mln vs the $616.4 mln consensus. Co raises FY11 EPS guidance to $5.70-5.90 vs. $5.35 consensus.
5:46PM Endocyte files registration statement with SEC for proposed public offering of common stock of 4,841,610 shares (ECYT) 13.89 -0.11 : Co announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed underwritten public offering of 4,841,610 shares of its common stock. The co is offering 4,000,000 shares and an existing institutional shareholder will sell the remaining shares. In addition, Endocyte has granted the underwriters the option to purchase up to 726,241 additional shares to cover over-allotments.
5:46PM ENGlobal negotiates $10 mln increase to its existing $25 mln credit facility and receives $9.5 mln loan from export-import bank to finance CPC project (ENG) 3.97 -0.04 : Co announced that it has entered into an agreement with Wells Fargo Bank, N.A. ("Wells Fargo") to amend its existing credit facility, which will reset certain financial covenants and increase the underlying line of credit limit. The revolving line of credit will increase from $25 million to $35 million, and will include customary covenants. In addition, with the support of Wells Fargo's Global Banking Group, ENGlobal and the Export-Import Bank of the United States ("Ex-Im Bank") have agreed to the terms of a $9.5 million facility to support the Caspian Pipeline Consortium project.
5:31PM Eagle Bancorp receives $56.6 mln of capital from small business lending fund (EGBN) 13.77 -0.23 : Eagle Bancorp (EGBN), the parent co of EagleBank, today announced that it has received an investment of $56.6 million in the Co's preferred stock from the United States Department of the Treasury under the Small Business Lending Fund (the "SBLF"). The SBLF is a voluntary program intended to encourage small business lending by providing capital to qualified community banks at favorable rates.
5:30PM Chemtura announces price increases for urethane pre-polymers and specialty curatives (CHMT) 17.33 -0.44 : Effective August 15, 2011 or as contracts allow, Chemtura will increase prices for its Urethane products as follows: North America: Up to $0.15 per lb for urethane pre-polymers and $0.25 per lb for specialty curatives Latin America: Up to $0.35 per kg for urethane pre-polymers and $0.55 per kg for specialty curatives Asia-Pacific: Up to $0.50 per kg for urethane pre-polymers and specialty curatives This price increase is necessary given the continued escalation of raw material costs.
5:26PM FXCM reports retail customer trading volume in June 2011 fell from, May; Institutional customer trading volume of $72 bln in June 2011 fell 10% from May (FXCM) 10.90 +0.23 : Co announced certain key operating metrics for June 2011 for its retail and institutional foreign exchange business. Monthly activities included: June 2011 Retail Trading Metrics Retail customer trading volume of $317 bln in June 2011, 3% lower than May 2011 and 10% higher than June 2010. Retail customer trading volume for the second quarter 2011 was $938 bln, the highest in FXCM history and 14% higher than first quarter 2011 and 14% higher than second quarter 2010. Volume from referring brokers and white labels was 57% of total retail trading volume in the second quarter 2011. Average retail customer trading volume per day of $14.4 bln in June 2011, 3% lower than May 2011 and 10% higher than June 2010. Institutional Trading Metrics: Institutional customer trading volume of $72 bln in June 2011, 10% lower than May 2011 and 8% higher than June 2010. Institutional volume for the second quarter 2011 was $214 bln, the second highest in FXCM history and 2% lower than the record first quarter 2011 and 7% higher than second quarter 2010. Average institutional trading volume(1) per day of $3.3 bln in June 2011, 10% lower than May 2011 and 8% higher than June 2010.
5:24PM Crude oil futures move back above the $96 level after hours; now up 34 cents at $96.03/barrel (COMDX) :
5:15PM National Fuel Gas reports that Seneca Resources Corp provides marcellus shale joint venture update and forecasts future marcellus shale production (NFG) 69.62 -1.20 : Co continues to explore a joint venture as a vehicle to further accelerate the development of its Marcellus Shale acreage. Seneca has received offers from several possible joint venture partners and continues discussions about potential deal terms with a few of those parties. As the co enters its fiscal Q4, Seneca is providing an estimate of its likely Marcellus Shale production rate at the end of fiscal years 2011 and 2012. "Our production rates will be ramping up substantially in the last quarter of this fiscal year as groups of new wells are brought on line," stated Matthew D. Cabell, President of Seneca. "We expect our net Marcellus production rate to reach 150 million cubic feet ("MMcf") per day by Sept 30, 2011, and 240 MMcf per day by Sept 30, 2012, with or without a joint venture partner."
5:11PM Parker Acquires SSD Korea Ltd. strengthening sales and support channel in Asia (PH) 85.01 -1.55 : Co announced that it has acquired SSD Korea Co, Ltd. of Seoul, Korea. SSD Korea is focused on sales, distribution, system integration and application support for electromechanical drives and motors that are used in a broad range of industrial and entertainment market applications. Terms of the transaction were not disclosed.
5:09PM RailAmerica reports that its total freight carloads for the month ended June 30, 2011 were 70,238, down 4.4% from 73,466 in June 2010 (RA) 14.88 -0.07 : Co reported that its total freight carloads for the month ended June 30, 2011 were 70,238, down 4.4% from 73,466 in June 2010. The co had increased shipments in June 2011 in six out of twelve commodity groups compared to June 2010. The largest increases were in Metallic Ores and Metals and in Forest Products. Metallic Ores and Metals were up primarily due to higher shipments in the Central and Northeast regions. Forest Products were stronger due to increased shipments in all regions. Lower coal shipments, combined with shortfalls in Non-Metallic Minerals and Products and in Petroleum, resulted in lower total shipments for the month. Coal carloads reflect declines in shipments to several power plants in the Central region and source shifts at the Indiana Southern Railroad. Petroleum carloads were down primarily due to lower shipments in the West region. Non-Metallic Minerals and Products volumes were down primarily due to decreased carloads in the Southeast and Central regions.
5:07PM BlueLinx announced that it has entered into an amendment to the Company's mortgage loan on its owned real estate (BXC) 2.18 -0.04 : Co announced that it has entered into an amendment to the Co's mortgage loan on its owned real estate. Completion of the amendment, which the Co believes will provide it with additional liquidity, was a condition to the Co's previously announced, on-going $60 mln rights offering. This amendment combined with the amendment to the Co's revolving credit agreement announced on May 12, 2011 satisfies all of the rights offering conditions. The rights offering is scheduled to expire on July 22, 2011, unless extended, and the subscription rights distributed by the Co in connection with the offering will continue to trade on the New York Stock Exchange until July 18, 2011, subject to extension if the rights offering is extended.
5:07PM iRobot increases revolving line of credit to $75 mln (IRBT) 35.52 -0.24 : Co announced that it has signed a two-year extension to its existing credit agreement with Bank of America and increased the amount of its unsecured revolving line of credit from $40 mln to $75 mln. The agreement extends the term of the company's credit facilities for an additional two years from June 2012 to June 2014. The revolving line of credit is available to the co for general corporate purposes, including strategic acquisitions. With its existing cash and investments, the additional credit capacity will significantly increase the company's access to the financial resources for working capital and expansion needs.
5:02PM Extreme Networks raises Q4 revs guidance, lowers Q4 Non-GAAP EPS guidance; announces strategic restructuring plan (EXTR) 3.40 -0.07 : Co lowered its Q4 EPS guidance to $0.01-0.02 vs. $0.04 Capital IQ Consensus Estimates, down from $0.03-0.05; co raises Q4 revs to $88-90 mln vs. $81.6 mln consensus, up from $80-85 mln. The co announced the next step in its strategic transformation with a restructuring plan that will lower operating costs in FY'12 by ~$20 million with the goal of enabling the company to achieve consistent double digit operating income. The restructuring plan will affect ~110 people or 16% of its worldwide workforce, and the company will take a pretax restructuring charge of ~$3.5 million in its fiscal Q4 which ended July 3, 2011.
5:00PM Regal Beloit issues senior unsecured notes in private placement (RBC) 66.81 -0.80 : Co announced it has issued $423 mln in senior unsecured notes in a private placement, and anticipates issuing an additional $77 mln in senior unsecured notes in the near term. The notes, which will be issued in a total of seven tranches, have maturities from seven to twelve years and carry fixed interest rates between 4.09% to 5.09%. The proceeds from the issuance of the notes will be available to finance the pending acquisition of the Electrical Products Co from A.O. Smith Corporation. Terms and conditions of the private placement will be described in the co's filings with the Securities and Exchange Commission.
4:56PM Huntington Ingalls Shipbuilding awarded $98.6 mln advance orocurement contract for amphibious transport dock ship LPD 27 (HII) 33.55 -0.49 : The U.S. Navy awarded Huntington Ingalls Industries (HII) a $98 mln cost-plus-fixed-fee advance procurement contract modification for long-lead materials for LPD 27, the 11th amphibious transport dock ship of the USS San Antonio (LPD 17) class. This is the second advance procurement contract for LPD 27. The first contract was awarded in October 2010.
4:49PM Seattle Genetics to resume trading at 17:05 ET (SGEN) 20.33 :
4:45PM BioMarin initiates Phase 1 Trial for BMN 673 in Patients With Advanced Hematological Malignancies (BMRN) 29.87 +0.62 : Co announced the initiation of a Phase 1 trial for BMN 673, a poly ADP-ribose polymerase inhibitor, for the treatment of patients with advanced hematological malignancies. A Phase 1/2 trial for BMN 673 for the treatment of patients with solid tumors was initiated in January 2011 and is ongoing.
4:45PM Moog Aircraft Controls segment has received an order from Boeing (BA) for the refueling boom actuation system on the KC-46 aircraft (MOG.A) 42.66 -0.90 : Moog will provide the design, integration and qualification of the complete actuation system used to extend, retract and guide the refueling boom during in-flight refueling operations. Moog's system will include fly-by-wire actuators to provide precision control of the boom's Rudder and Elevator flight surfaces. Moog will also provide the telescoping and hoist actuators used to extend and retract the entire boom.
4:44PM Rent-A-Center completes senior credit facility refinancing (RCII) 30.34 -0.71 : Co announced the completion of the previously announced refinancing of its senior credit facility. The new $750 million senior credit facility consists of $250 million in term loans and a $500 million revolving credit facility. The Company drew down the $250 million in term loans and $100 million of the revolving facility today and utilized the proceeds to repay its existing senior term debt.
4:42PM Ralcorp Holdings Board of Directors also agreed in principle to separate Ralcorp and Post Foods in a tax-free spin-off to Ralcorp Shareholders (RAH) 86.62 -0.14 : As part of the separation, Post Foods will issue between $1.1 to $1.2 billion of debt with the net cash proceeds of approximately $1 billion going to Ralcorp. Ralcorp's Board of Directors intends to use these proceeds to reduce debt, aggressively pursue private brand acquisitions and pursue additional share repurchases under the Company's remaining share repurchase authorization of approximately five million shares.
4:38PM Ameresco acquires Applied Energy Group (AMRC) 14.49 -0.30 : Co announced that it has acquired Applied Energy Group ("AEG"), a privately held co providing energy efficiency and demand side management consulting services. AEG, headquartered in Islandia, NY, currently serves utilities and government agencies in the Northeast, Mid-Atlantic, Midwest and other regions. In addition to designing, managing and evaluating energy efficiency programs, AEG also provides business operations and regulatory support, renewable energy programs, energy management and information technology solutions. Terms of the transaction were not disclosed. Ameresco will provide additional details regarding its financial outlook and this transaction as part of its upcoming second quarter earnings conference call on August 10, 2011.
4:38PM Ralcorp Holdings guides Q3 below consensus (RAH) 86.62 -0.14 : Co issues downside guidance; co sees Q3 EPS of $1.13-1.18, excl. items, vs $1.38 Capital IQ Consensus Estimate. Co lowers FY11 EPS to $5.20-5.35, excl. items, from $5.45-5.55 vs $5.51 Capital IQ Consensus Estimate. The primary factors causing the decline from prior guidance, include: a lag in pricing realization versus changes in the cost of primary raw materials in the private brand businesses, lower than expected volume in the Branded Cereals segment and an increased number of diluted shares outstanding, as well as increased expense on certain share based compensation, resulting from the increase in Ralcorp's share price after May 1, 2011. The co reiterated that its recently announced accelerated cost reduction program is expected to result in an additional $80 to $100 mln in operating profit in total over the fiscal years 2012-2014. The cop expects to spend additional capital of $115 to $135 mln to complete these projects.
4:33PM Seattle Genetics announces unanimous recommendations from FDA Advisory Committee in favor of accelerated approval of ADCETRIS for post-transplant relapsed hodgkin lymphoma and relapsed or refractory systemic ALCL (SGEN) 20.33 0.00 : Co announced that the Oncologic Drugs Advisory Committee (ODAC) to the U.S. Food and Drug Administration (FDA) voted 10-0 to recommend that the FDA grant accelerated approval of ADCETRIS(TM) (brentuximab vedotin) for the treatment of patients with Hodgkin lymphoma who relapse after autologous stem cell transplant (ASCT). In addition, ODAC voted 10-0 to recommend that the FDA grant accelerated approval of ADCETRIS for the treatment of patients with relapsed or refractory systemic anaplastic large cell lymphoma (ALCL). The FDA is expected to act on the two Biologics License Applications (BLAs) for ADCETRIS by August 30, 2011 under the Prescription Drug User Fee Act (PDUFA). ADCETRIS is an antibody-drug conjugate (ADC) directed to CD30, a defining marker of Hodgkin lymphoma and ALCL. Seattle Genetics' management will host a conference call and webcast to discuss the ODAC recommendations. The call will be held tomorrow, July 15, 2011, at 8:30 a.m. Eastern Time (ET). (stock is halted)
4:30PM Hyatt Hotels announces acquisition of LodgeWorks' portfolio for ~ $802 mln in cash; Hyatt expects this purchase to generate ~$50 mln of Adjusted EBITDA during 2012 (H) 39.27 -1.98 : Co does not expect a significant benefit to 2011 full-year Adjusted EBITDA as result of this purchase, due to the expected timing of the closings, transaction costs, and the fact that several of the assets are continuing to ramp up post-opening.
4:28PM Mercury Computer wins contract to supply signal and image processing capabilities for multi-mode radar program (MRCY) 18.01 -0.47 : Co has been awarded a contract from a global supplier of advanced communication and navigation solutions for an advanced signal and image processing engine. Mercury's technology will perform critical computationally-intensive functions in the customer's sophisticated land-based and shipborne active phased array radar system.
4:26PM Sprott Physical Gold Trust announces follow-on offering of trust units (PHYS) 14.17 +0.11 :
4:23PM Two Harbors Investment announces public offering of 35 mln shares common stock (TWO) 10.51 -0.15 : Credit Suisse Securities (USA) LLC is acting as the lead book-running manager for the offering. Barclays Capital Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are acting as book-running managers. JMP Securities LLC is acting as co-manager. The co expects to use the net proceeds from this offering to make additional acquisitions of residential mortgage-backed securities and other financial assets and for other general corporate purposes, including to finance acquisitions of residential mortgage loans.
4:23PM Lee Enterprises receives NYSE notice regarding <$1.00 share price, targets refinancing, co sees Q3 same property revenue to total 4.2% below a year ago (LEE) 1.08 +0.11 : Co announces it has been notified by the New York Stock Exchange that its 30-trading-day average share price has fallen below the ".00 minimum standard and will need to cure the deficiency within six months for continued listing... Lee's cost outlook also continues to improve. For Lee's 2011 fiscal year, which ends in September, despite the increased cost of newsprint, the latest forecast is for operating expenses, excluding depreciation, amortization and unusual matters, to decrease approximately 3% in the June 2011 quarter and 4-5% in the quarter ending September 25, 2011. Cash costs for the 2012 fiscal year are expected to decrease another 1-2 percent from the 2011 level. Co says same property revenue for Lee's third fiscal quarter ended June 26, 2011, is expected to total 4.2 percent below a year ago "with significant improvement in the month of June."
4:21PM BankAtlantic Bancorp announces final approval of settlement agreement (BBX) 0.90 0.00 : BankAtlantic Bancorp announced that Judge Ursula Ungaro has granted final approval of the settlement that was reached in the shareholder derivative action that was filed against certain of the Co's directors and executive officers in the United States District Court for the Southern District of Florida (Hugo vs. BankAtlantic Bancorp, et al.). Pursuant to the terms of the settlement agreement, the parties have exchanged releases and neither the individual defendants nor the Co will make any monetary payments.
4:21PM Vical to resume trading at 16:30 ET (VICL) 4.30 -0.18 :
4:18PM Artesian Resources announces common stock offering of ~$15 mln (ARTNA) 19.29 -0.20 : Co announced that it has commenced an underwritten public offering of ~$15 mln of its Class A Non-Voting Common Stock. The offering is expected to close on or about July 20, 2011, subject to customary closing conditions. The co has also granted the underwriters an option to purchase up to an additional 15% of the amount sold to cover over-allotments, if any. Robert W. Baird & Co. Incorporated is acting as sole book-running manager and Boenning & Scattergood, Inc.
4:18PM MTR Gaming Group announces termination of senior secured second lien notes offering of $500 mln (MNTG) 3.01 -0.06 : The co will continue to evaluate its financing alternatives.
4:15PM Warwick Valley Telephone announces acquisition of Alteva to strengthen CLEC/cloud business (WWVY) 14.62 -0.08 : Co announce that it has entered into a definitive asset purchase agreement to acquire substantially all of the assets of Alteva, a cloud-based Unified Communications solutions provider and North America's largest enterprise hosted Voice over Internet Protocol provider, for cash and stock with a combined value of approximately $17 million. It is anticipated that the Alteva acquisition will increase WVT's consolidated revenues by approximately 30% on an annual basis, with an even greater percentage improvement in operating cash flow growth, before consideration of cost savings associated with expected integration synergies and the expected increase in business volume.
4:14PM Genesis Energy announced commencement of a registered underwritten public offering of 6.85 mln common units offering; in addition, certain selling unitholders are collectively offering 1.15 mln common units (GEL) 27.35 +0.35 : Net proceeds from the offering by us are expected to be used for general partnership purposes, including funding a portion of the purchase price and related transaction costs for our previously announced pending acquisition of the black oil barge transportation business of Florida Marine Transporters, Inc. and its affiliates. If that acquisition is not consummated, all of the net proceeds of the offering by us will be used for other purposes, including the repayment of borrowings outstanding under our credit agreement. Wells Fargo Securities, BofA Merrill Lynch, Citi, Deutsche Bank Securities, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers for the common units offering. Baird, Morgan Keegan, Madison Williams & Company, BMO Capital Markets and Janney Montgomery Scott are acting as co-managers.
4:13PM AngioDynamics beats by $0.01, reports revs in-line; guides Q1 EPS in-line, revs above consensus; guides FY11 EPS in-line, revs above consensus (ANGO) 14.01 -0.43 : Reports Q4 (May) earnings of $0.11 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.10; revenues fell 6.5% year/year to $56.4 mln vs the $56.4 mln consensus. Co issues mixed guidance for Q1, sees EPS of $0.08-0.10, excluding non-recurring items, vs. $0.10 Capital IQ Consensus Estimate; sees Q1 revs of $53.5-55.5 mln vs. $52.73 mln Capital IQ Consensus Estimate. Co issues mixed guidance for FY11, sees EPS of $0.41-0.49, excluding non-recurring items, vs. $0.48 Capital IQ Consensus Estimate; sees FY11 revs of $217-225 mln vs. $215.96 mln Capital IQ Consensus Estimate.
4:11PM VeriSign Announces Increase in .com/.net Domain Name Fees (VRSN) 32.79 -0.61 : Verisign announced that as of Jan. 15, 2012, the registry fee for .com domain names will increase from $7.34 to $7.85 and that the registry fee for .net domain names will increase from $4.65 to $5.11.
4:10PM U.S. Physical Therapy has increased the commitment amount of its revolving credit agreement to $75 mln from $50 mln (USPH) 24.29 -0.75 :
4:08PM Independent Bank reports Q2 net income of $0.52 per share, Capital IQ consensus $0.54 (INDB) 27.48 -0.32 : Total loans grew to $3.7 billion at June 30, 2011, an increase of $96.9 million, or 2.7%, compared with the prior quarter, or 10.7% on an annualized basis.
4:08PM Resources Connect beats by $0.02, reports revs in-line (RECN) 12.18 -0.38 : Reports Q4 (May) earnings of $0.12 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.10; revenues rose 8.8% year/year to $145.7 mln vs the $147 mln consensus. Gross margin was 38.1% in the fourth quarter of fiscal 2011, up 110 basis points from 3Q11
4:08PM Google beats by $0.91, beats on revs (GOOG) 528.94 -9.32 : Reports Q2 (Jun) earnings of $8.74 per share, excluding non-recurring items, $0.91 better than the Capital IQ Consensus Estimate of $7.83; net rev (subtracting traffic acquisition costs -- TAC) rose 36% YoY to $6.92 bln vs. the $6.55 bln consensus; gross rev +23.9% year/year to $9.03 bln vs the $8.63 bln consensus. Non-GAAP operating income in the second quarter of 2011 was $3.32 bln, or 37% of revenues. This compares to non-GAAP operating income of $2.67 bln, or 39% of revenues, in the second quarter of 2010 and 38% in Q1. Operating expenses, other than cost of revenues, were $2.97 bln in the second quarter of 2011, or 33% of revenues, compared to $1.99 bln in the second quarter of 2010, or 29% of revenues. Average cost-per-click, which includes clicks related to ads served on Google sites and the sites of our AdSense partners, increased ~12% over the second quarter of 2010 and increased ~6% over the first quarter of 2011. Aggregate paid clicks, which include clicks related to ads served on Google sites and the sites of our AdSense partners, increased ~18% over the second quarter of 2010 and decreased ~2% over the first quarter of 2011. As of June 30, 2011, cash, cash equivalents, and marketable securities were $39.1 bln. Net headcount growth (excluding approximately 450 employees hired as part of the acquisition of ITA Software) was similar to the first quarter of 2011.
4:07PM 99 Cents Only reports prelim Q1 revs above consensus (NDN) 20.16 -0.09 : Co reports Q1 total sales of $368.3 mln vs $362.31 mln Capital IQ Consensus Estimate This represents an increase of 6.3% over total sales of $346.5 million for the same quarter last year. The Company's overall same-store sales for the first quarter of fiscal 2012 increased 5.9%. The number of same-store-sales transactions increased 4.3% and the average transaction size increased to $9.70 from $9.56. A favorable Easter selling season timing shift affected same-store sales in the first quarter.
4:06PM FLIR Systems sees Q2 EPS of $0.35 vs. $0.39 Capital IQ Consensus, sees revs of ~$390 mln vs. $410.3 mln consensus (FLIR) 32.11 -0.55 : FLIR issues downside Q2 guidance; co announced preliminary revenue and earnings per share results for Q2 of FY11. FLIR expects to post revenues of ~$390 mln vs. $410.3 mln Capital IQ Consensus Estimates and EPS of ~$0.35, excl. items, vs. $0.39 consensus. Results for the Company's Commercial Systems division remained strong, while continued weak demand in the Government Systems division negatively impacted results for the quarter. Management is evaluating its previously announced guidance for the full year 2011 and will provide updated guidance on its second quarter earnings call on Friday July 22, 2011.
4:05PM Delcath announces 5.0 mln share common stock offering pursuant to underwriting agreement with Jefferies acting as sole bookrunner (DCTH) 5.87 -0.41 :
4:05PM Towerstream announces proposed public offering of common stock; size of offering not disclosed (TWER) 4.10 -0.31 : The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
4:04PM JB Hunt Trans beats by $0.01, beats on revs (JBHT) 47.71 -0.26 : Reports Q2 (Jun) earnings of $0.53 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.52; revenues rose 22.0% year/year to $1.15 bln vs the $1.11 bln consensus. "All four segments contributed to this increase in operating revenue. Load growth of 18% in Intermodal (JBI) helped drive a 29% increase in segment revenue."
4:04PM Cubist Pharma reports Q2 (Jun) results, revs in-line (CBST) 35.93 -0.41 : Reports Q2 (Jun) GAAP loss of $0.34 per share. This loss reflects the impact of $81.8 million of contingent consideration expense attributable to the advancement of Cubist's CXA-201 program. may not be comparable to the Capital IQ Consensus Estimate of $0.43. Cubist's non-GAAP pro forma net income for the second quarter of 2011 was $46.2 million, or $0.76 and $0.59 per basic and diluted share, respectively; revenues rose 4.9% year/year to $176.8 mln vs the $175.7 mln consensus. As of June 30, 2011, Cubist had $1.0 billion in cash, cash equivalents and investments.
4:03PM Rand Logistics announces acquisition of Canadian Flagged Dry Bulk Vessel; projected to be accretive to Rand's free cash flow per share for the year ending March 31, 2012 (RLOG) 7.20 +0.15 : It is anticipated that the closing of the transaction will occur prior to July 31, 2011.
4:02PM Hampton Roads Bankshares announces agreement to sell seven North Carolina branches to ECB Bancorp (ECBE) (HMPR) 8.10 -0.93 : Co announced that Bank of Hampton Roads has entered into a definitive agreement with The East Carolina Bank, the wholly-owned subsidiary of ECB Bancorp (ECBE). Under the Agreement, The East Carolina Bank will purchase all deposits and selected assets associated with seven Gateway Bank branches in North Carolina: Preston Corners, Plymouth, Roper, Chapel Hill, Falls of Neuse, Lake Boone and Wilmington. As of June 30, 2011, deposits in these branches totaled $195 mln. Under the terms of the agreement, Bank of Hampton Roads expects to close the Roper branch and consolidate its accounts into the Plymouth branch prior to the completion of this sale.
4:01PM Vical and Astellas (ALPMY) announce worldwide license agreements for TransVax Cytomegalovirus vaccine (VICL) 4.30 -0.18 : Cos announced that they have signed exclusive license agreements for the United States and for all territories in the rest of world outside the United States to develop and commercialize TransVax. Under the agreements, Astellas will be responsible for further development and commercialization, including all costs. Vical has an option to co-promote TransVax in the United States. Vical will provide assistance to Astellas with TransVax-related manufacturing, regulatory and certain development activities, for which Astellas will reimburse all of Vical's future costs, including personnel and external expenses. Vical will receive near-term payments of $35 mln, including $25 mln upon the effective date and $10 mln upon finalization of the Phase 3 trial design. Vical potentially will receive up to $130 mln in total upfront and milestone payments through commercial launch and double-digit royalties on net sales.
3:41PM Earnings Calendar (SUMRX) : Today, after the close, look for the following companies to report:
* ANGO, CBST, GOOG, and RECN.
Tomorrow, before the open, look for the following companies to report:
* C, FHN, GPC, MAT, and WBS.
3:30PM First Advantage Bancorp filed notice of intent to convert from a federally-chartered savings bank to Tennessee-chartered bank with the Office of Thrift Supervision (FABK) 12.75 0.00 : Co will file an application with the Federal Reserve Board to become a bank holding company.
3:20PM Recent slippage leaves the indices just modestly above session lows -- Dow -60, S&P -9.4, Nasdaq Comp -36 (SPY) : The Nasdaq Comp and Russell 2000 lows are at their 50 ema (2755, 821).
3:07PM Horizon Technology Finance closed new credit facility of up to $150 mln with an initial commitment of $75 mln (HRZN) 15.83 -0.16 : Co previously announced that it received the commitment for this credit facility on June 20, 2011. The new credit facility with Wells Fargo Capital Finance complements the existing WestLB credit facility, which continues to provide leverage to the Company.
3:01PM Alliant Tech announced Tom Sexton, will become the co's interim CFO; effective August 8th (ATK) 70.02 -1.48 : Sexton succeeds John Shroyer who will be leaving the co after it reports FY12 first quarter earnings on August 4.
2:33PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled lower by $2.36 to $95.69, natural gas shed 2 cents to close at $4.38, RBOB gasoline ended down 3 cents to $3.13, while heating oil finished lower by a penny to $3.09 (all Aug contracts).
2:10PM Netflix: DISH Network's (DISH) Blockbuster announces it is launching limited time, nationwide promotion for all Netflix customers who switch to Blockbuster Total Access (NFLX) 288.76 -9.97 :
2:03PM IMAX and Regal Entertainment (RGC) confirm nine new imax locations (IMAX) 27.87 -0.06 : Cos will expand their JV sharing arrangement to install an additional 9 IMAX theatres in the United States, bringing the number of theatres under the agreement to 25 from 16. This expansion fulfills the theatre roll-out as contemplated in the parties' JV. The 9 new locations will bring the total number of Regal's confirmed IMAX theatres to 77.
1:39PM COMEX Metals Closing Prices (COMDX) : August gold ended higher by $2.90 to $1588.40, Sept silver finished higher by 49 cents to $38.65, while Sept copper shed 2.5 cents to close at $4.379.
1:36PM Dollar pulling back, helping crude oil rebound off of sessin lows; now off $2.77 to $95.28 (COMDX) :
1:34PM Dow +10 back in black jumps roughly 90 points off low (SPY) :
1:32PM Lagging Semiconductor Hldrs nears support (SMH) 32.52 -0.34 : The sector ETF has extended today's slide back near support noted in The Technical Take at 32.33/32.23 (session low 32.36) which marks its March low, June/seven month close low and congestion. Nasdaq Comp attempted to hold at its 50 ema noted earlier at 2755 (session low 2755).
1:25PM DigitalGlobe successfully completed the Critical Design Review of infrastructure enhancements on schedule (DGI) 24.51 -0.53 :
1:22PM Crude to fresh lows at $94.53; now off over 3.5% ($3.35) to $94.70 (COMDX) :
1:22PM Steady off first hour highs continues -- Dow -75, S&P -11, Nasdaq Comp -39 (SPY) : S&P has slipped under its 50 sma/ema, Nasdaq Comp is under its 50 sma, currently testing its 50 ema at 2755 (session low 2757).
1:15PM Public Service unit received approval to make additional investments in electric and gas infrastructure (PEG) 31.92 -0.10 : Co receives approval to make additional investments in the co's electric and gas infrastructure, as well as in existing programs to help hospitals and other customers become more energy efficient. ~$273 mln will be spent to accelerate electric and gas projects between now and the end of 2012 to improve reliability and further stimulate New Jersey's economy. The utility will invest an additional $95 mln in its successful energy efficiency programs.
1:01PM Neostem signs definitive merger agreement to acquire Amorcyte in equity transaction (NBS) 1.40 -0.04 : Co announced the signing of a definitive merger agreement whereby NeoStem will acquire Amorcyte, a development stage cell therapy company focusing on novel treatments for cardiovascular disease. Amorcyte's product candidate, AMR-001, is ready to initiate a Phase II study for the treatment of acute myocardial infarction. NeoStem believes AMR-001 stands alone in its ability to claim all of the following attributes: 1) a confirmed mechanism of action 2) a cGMP facility -- an established dose that exceeds the threshold of biological activity 3) use of autologous cells that have no risk of rejection and are capable of integrating and providing local support, potentially for a prolonged. (NBS halted)
12:57PM Life Technologies develops potent drug delivery technology for therapeutics market; proprietary siRNA formulations available through new out-licensing program (LIFE) 50.34 -0.16 : Co annouced that it has developed new drug delivery technology designed for therapeutic applications that is 100-fold more potent than previous formulations. A single dose of 12.5ug siRNA per kg can achieve 50% knock down of a target gene.
12:46PM Minor push off low -- Dow -5, S&P -2.9, Nasdaq Comp -20 (SPY) : The Nasdaq Comp has test and in midday trade held at support noted in The Technical Take at 2773/2767 (session low 2772) while the S&P held at the low end of the 1314/1312 area (20 ema, 50 sma/ema). Some relative sector strength on the bounce attempt has been noted in Oil Service OIH, Reg Bank KRE, Finance XLF, Energy XLE, Silver SLV, Gold Miners GDX.
12:38PM Ocwen Fincl announced earlier servicing advance recovery policy updates on non-agency RMBS Bonds; ests will defer up to $25 mln in servicing advance recoveries (OCN) 13.05 +0.05 : Co estimates that its advance recovery changes, when implemented upon the Litton transfer, will defer up to $25 mln in servicing advance recoveries for a period of ~4-6 months. These changes are not expected to have a material negative effect on Ocwen's advance recovery timelines, liquidity position or financial results.
12:33PM Amazon.com slips under weekly low/four day range low at 211.00 -- session 210.87 (AMZN) 210.88 -2.60 :
12:24PM AMR and Cathay Pacific (CPCAY) expand codeshare agreement (AMR) 5.09 -0.11 : Cos have expanded their codeshare relationship to include Cathay Pacific's new daily service between Chicago O'Hare International Airport and Hong Kong International Airport, as well as Cathay's existing daily service between Hong Kong and Ho Chi Minh City. The new Ho Chi Minh City codeshare gives American a stronger presence in Southeast.
12:22PM S&P -5.4 and Nasdaq Comp -23 drop to new lows for the session/week, Dow -24 at new daily low and 19 points from weekly low (SPY) :
12:11PM Stock indices slide to new session lows -- Dow +1.5, S&P -2.5, Nasdaq Comp -15.4 (SPY) : S&P is back flirting with it 20 ema and 50 sma/ema and the low for the week in the 1314/1312 area (session low 1314). Nasdaq Comp also back to week low at 2780 (session low 2781).
12:10PM New lows for crude at $95.91 (COMDX) :
12:02PM FICO will provide analytics-based fraud protection through German Bayern Card-Services GmbH (FICO) 30.21 -0.11 :
12:01PM IAMGOLD files final base shelf prospectus worth $1bln in next 25 months for renewal of existing facility (IAG) 20.95 -0.03 : Co announced it obtains receipt for a final short form base shelf prospectus further to its filing of a preliminary short form base shelf prospectus. These filings allow the co to make offerings of shares, warrants, debt securities, subscription receipts or any combination thereof. The proceeds may be used by the co to further expand and develop its existing mines, advance development projects, further explore and develop mineral properties, fund working capital requirements or for other general corporate purposes.
12:00PM Southern Union acknowledges receipt of revised proposal from The Williams Companies (WMB); board reaffirms recommendation of existing ETE agreement (SUG) 43.50 +1.90 : Co has confirmed receipt of a revised proposal by The Williams Companies to acquire all of the outstanding shares of Southern Union for $44.00 per share in cash. Southern Union will review the proposal, consistent with its fiduciary duties and its obligations under its revised merger agreement with Energy Transfer Equity, L.P. (ETE) announced July 5, 2011. At this time, the Board reaffirms its recommendation of the existing ETE merger agreement.
11:48AM Pacific Office Properties compliance plan accepted by NYSE Amex (PCE) 2.00 -0.10 :
11:41AM Transocean slips to new session low of 59.93, holds just above this week's low from Tues at 59.92 (RIG) 60.04 -0.59 : The 10 month close and intraday lows from June are at 59.81 and 59.30
11:37AM Fluor announced earlier that it was selected by BASF (BASFY) as engineering partner in Asia & Europe (FLR) 64.84 -0.04 : The partnering agreements will cover capital investment projects with separate service orders throughout Asia and Europe. Services provided on projects covered by the agreement will include front-end engineering and design, project management services and/or detailed engineering, procurement and construction management services.
11:35AM Vicon announces patent suit settlement (VII) 3.95 0.00 : Under the settlement, the Company agreed to a one-time payment of $5 million to Lectrolarm in exchange for the release of all claims against the Company and the dismissal of its suit pending in the U.S. District Court. Although the Company believes that the suit was without merit and has vigorously defended itself for over eight years it decided to settle the matter. Ken Darby, Vicon's Chairman and CEO, said "the resolution of the suit allows the Company to move forward with its strategic plans after years of management distraction and financial uncertainty since the suit was brought in 2003".
11:34AM Moneygram successfully renewed its 10 yr ongoing agreement with Canada Post; added bill payment services to its suite of product offerings (MGI) 3.50 -0.06 :
11:34AM Semiconductor Hldrs slips to minor new session low of 32.78 (SMH) 32.80 -0.08 : Yesterday's low for the week/month is at 32.73 -- ALTR -1.1%, MCHP -0.3%, NVDA -1.3%, LRCX -1.1%, XLNX -0.6%.
11:33AM Crude oil to fresh lows at $96.43; now lower by $1.55 to $96.50 (COMDX) :
11:25AM Crude oil to fresh lows at $96.70, dropping over 2 points in the past hour; now off $1.25 to $96.87 (COMDX) :
11:14AM Crude continues move to downside; now off $1.06 to $97 (COMDX) :
11:13AM NYSE Euronext confirms acceptance by Deutsche Boerse (DBOEY) shareholders of proposed combination (NYX) 33.74 -0.11 : Co confirmed on a preliminary basis, more than 80% of Deutsche Boerse shareholders tendered their shares by July 13th, 2011, surpassing the requisite 75% needed to approve our proposed combination. (NYX is halted)
11:11AM Cephalon shareholders approve acquisition by Teva Pharmaceutical (TEVA) for $81.50/share or ~ $6.8 bln (CEPH) 80.17 +0.07 : The transaction remains under review by the U.S. Federal Trade Commission and the European Commission. Cephalon and Teva continue to operate as two independent companies pending those clearances.
11:02AM Southern Co's SouthernLINC wireless President and CEO Bob Dawson to retire Oct. 1; Don Horsley will succeed (SO) 40.30 -0.02 : Horsley will transition into his new role Aug. 1. Dawson will remain with the company, serving as chairman of the board, until his retirement on Oct. 1. Horsley currently serves on the Power Delivery Council of the Electric Power Research Institute and as board chairman for the United Way of South Mississippi. He is a member of the Bagley College of Engineering Diversity Advisory Council at Mississippi State University and the Mississippi Energy Policy Institute Board, chairing the energy efficiency and smart grid committee.
11:00AM Retreat off morning highs accelerates in recent trade -- Dow +13, S&P +0.07, Nasdaq Comp -4.9 (SPY) : Commodity/Energy is weakening intraday as the Dollar Index jumped to a new session high.
10:54AM Crude to lows at $97.35; now down $0.70 to $97.35 (COMDX) :
10:45AM Quest Diagnostics and Genomic Vision form strategic collaboration to develop genome-based laboratory tests (DGX) 58.04 -0.32 : Under terms of the agreement, Quest Diagnostics has exclusive rights to develop and offer clinical- and research-use laboratory testing services based on Genomic Vision's molecular combing technique in the United States, India and Mexico. Genomic Vision will retain rights to market new testing services that emerge from the collaboration's research and development in Europe, the Middle East and Africa. Quest Diagnostics has also made an equity investment for an undisclosed sum in Genomic Vision. Additional terms were not disclosed.
10:36AM Stock indices slipping back off morning highs -- Dow +62, S&P +5.4, Nasdaq Comp +11 (SPY) : Relative weakness (underperforming the S&P) has been noted in: Disk Drive, Reg Bank KRE, Energy XLE, Oil Service OIH, Commodity Index, Gold Miners GDX. Silver SLV, Gold GLD, REITs IYR.
10:35AM Crude oil seeing pull back on Bernanke comment; now up 7 cents to $98.12 (COMDX) :
10:30AM Natural gas drops to lows following data at $4.25; now off 11 cents to $4.29 (UNG) :
10:20AM Met-Pro Corp Environmental Air Solutions business unit receives equipment order totaling in excess of $1.8 mln; expected to ship in the Q4 of the co's current FY (MPR) 10.98 -0.05 :
10:14AM GOL Linhas Areas Inteligentes S.A. reports June total demand increased 10.4% and load factor was 65.6% on its total route network (GOL) 11.47 -0.10 :
10:03AM General Electric signed contract with Cong Ly Company to provide 10 of its 1.6-82.5 wind turbines and operations and maintenance services (GE) 18.78 +0.28 : Cong Ly Company also has plans for a second phase of the project, which would add up tp 120 megawatts of power to help resolve the country's chronic power shortages. The project will bring clean power generation to Vietnam's Mekong Delta.
10:02AM Accenture entered into an agreement to acquire Duck Creek Technologies (ACN) 61.39 +0.72 : Terms of the transaction, which is expected to close within the next 30 days, were not disclosed.
10:00AM Opening Point Gainers/Losers (TECHX) : Point Gainers: UFPI (+4.68), COP (+4.30), JOYG (+3.45), CF (+3.37), SINA (+3.42), AAPL (+3.15), VMW (+2.74), CNX (+2.71), SOHU (+2.52), RMD (+2.53), SODA (+2.16), GOLD (+2.36)
Point Losers: NFLX (-3.73), RTI (-2.89), MAR (-2.57), FSLR (-1.74), NTGR (-1.48), JVA (-1.65), AVAV (-1.20), LNKD (-1.20), HOT (-1.28), MRX (-1.16), GIL (-1.15), HOGS (-1.03)
9:51AM GFI Group prices $250 mln of 8.375% senior notes due 2018 (GFIG) 4.50 -0.01 : Co intends to use a portion of the net proceeds from the offering of the Notes to repay all outstanding amounts, including accrued and unpaid interest, under its existing credit agreement, to redeem all of its existing senior secured notes due January 30, 2013, including all accrued and unpaid interest thereunder, and to pay all premiums and transaction expenses associated therewith.
9:51AM Stock indices push to new session highs -- Dow +57, S&P +6.5, Nasdaq Comp +10 (SPY) :
9:50AM Kaman and Armick form exclusive teaming agreement to develop and market Armick's Radial Axial Bearing Inspection Tool (KAMN) 36.66 -0.08 : Under the agreement, Kamatics will develop applications and market RABIT gages throughout the military and commercial aerospace industry.
9:46AM KBW Regional Bank underperforming, sets minor new session low (KRE) 25.48 -0.12 : BOH, CVBF, FMER, FULT, MBFI, ONB, PACW, SBNY, SIVB, UMPQ
9:40AM Stock indices stall after minor early gains -- Dow +19, S&P +3, Nasdaq Comp +6 (TECHX) : No follow through yet after the firmer start but limited pressure/no chart damage allows for another rally attempt. Resistance above 1321 S&P is in the 1323/1325 area.
9:32AM YUM! Brands gaps up and extends modestly above its May/early July peaks at 56.98/57.04 (YUM) 57.20 +1.62 :
9:32AM Joy Global confirms strategic investment in China-based international mining machinery holdings (JOYG) 96.37 +1.54 : Co announced that TJCC Holdings Limited and Joy Global have entered into a Share Purchase Agreement in which TJCC has conditionally agreed to sell 534.8 mln shares of International Mining Machinery Holdings to Joy Global for a purchase price of HKD 8.50/share, or a total cash consideration of ~$585 mln. These shares represent ~41% of the issued share capital of International Mining Machinery Holdings... IMM's calendar 2010 financial results had revenues of ~$299 mln and Adjusted EBITDA of $90 mln.
9:30AM DGSE renews credit facility with its primary lender; the credit facility includes a $3.5 mln revolving note and a $1.0 mln term loan (DGSE) 8.07 +0.02 :
9:25AM New highs for crude at $98.84; now up $0.65 to $98.70 (COMDX) :
9:23AM On The Wires (WIRES) :
* Welch Allyn announced it has added Masimo continuous and noninvasive total hemoglobin to its Connex Vital Signs Monitor. Made possible through a strategic partnership with Masimo Corporation (MASI), the availability of SpHb on the CVSM multiparameter device enables healthcare professionals to obtain rapid and continuous hemoglobin measurements at the point-of-care without drawing blood. * American Campus Communities (ACC) announced the commencement of construction on a $34.8 mln off-campus student housing complex next to Texas Tech University and a $44.8 mln off-campus project adjacent to the University at Buffalo. * BIOLASE Technology (BLTI) announced that the U.S. Patent and Trademark Office has issued BIOLASE two new patents covering the use of its laser technologies for treating various conditions of the eye, including presbyopia. * DCT Industrial Trust (DCT) announced that it has signed leases totaling 4.0 million square feet in the quarter ended June 30, 2011. Year to date, leasing activity has totaled 7.0 mln square feet which compares to 6.3 mln square feet in the first six months of 2010. * Kraton Performance Polymers (KRA) announced the execution of a framework agreement with Formosa Petrochemical Corporation which sets forth the major terms and conditions which will, upon completion of the necessary definitive agreements, govern the formation of a 50/50 joint venture between the two companies to construct and operate a 30 kiloton hydrogenated styrenic block copolymer plant to be located in Mailiao, Taiwan. The cost of the plant is currently expected to be in the range of $165 to $200 mln. * Spotify announced its launch into the US, with Motorola as an exclusive launch partner. Motorola Mobility (MMI), Spotify's mobile device and tablet partner, will be launching a number of marketing campaigns in the coming weeks to offer its customers coveted early access to Spotify's on-demand music streaming service. * Illumina (ILMN) announced that the co has been selected as a preferred service provider for Cancer Research UK, the world's leading cancer charity.
9:21AM Michael Baker: PennDOT awards co CM/CI Contract on Seven Separate Projects worth $22 mln; project is expected to last for three years starting in June 2011 (BKR) 22.70 :
9:19AM Ventrus Biosciences announces pricing of Its 4.5 mln shares of underwritten registered offering of common stock at $10.00/share (VTUS) 11.91 :
9:17AM Tri-Tech Holding wins $1.68 mln flash flood early warning contract in Yunnan Province; project is expected to be completed in Nov and Dec 2011 (TRIT) 7.45 :
9:16AM ITT Industries announces names of companies that will result from spinoffs of water and defense businesses; future water company will be named Xylem & future defense company will be named ITT Exelis (ITT) 57.26 : ITT's core industrial business will continue under the ITT Corporation name.
9:10AM Fluidigm announces extension of lock-up agreements (FLDM) 18.68 : Co announced that pursuant to Financial Industry Regulatory Authority (FINRA) rules, the term of lock-up agreements between its pre-IPO stockholders and the IPO underwriters has been automatically extended through and including August 26, 2011. The lock-up agreements restrict dispositions of company securities prior to a date which is 180 days after the effective date of the company's initial public offering, unless prior to the expiration of the 180-day restricted period, the company announces that it will release earnings results during the 16-day period following the last day of the initial 180 day lock-up period, in which case the lock-up period will be extended until the expiration of the 18-day period beginning on the date of the earnings release.
9:04AM Biolase Technology says U.S.PTO has issued it two new patents covering the use of its laser technologies for treating various conditions of the eye, including presbyopia (BLTI) 4.05 :
9:03AM Commerce Bancshares beats by $0.08 (CBSH) 43.38 : Reports Q2 (Jun) earnings of $0.79 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.71. "Net loan charge-offs for the current quarter totaled $15.2 mln, compared to $18.8 mln in the previous quarter and $22.2 mln in the second quarter of 2010. When compared to the previous quarter, net loan charge-offs were lower in nearly all loan categories. As a result of this improved credit environment, our allowance for loan losses declined by $3.0 mln during the current quarter to $191.5 mln, and represents 2.4 times our non-performing loans. Total non-performing assets increased slightly this quarter to $103.3 mln, but represents only 1.1% of our total loans. Our ratio of tangible common equity to assets was 10.3%, while our loans to deposits ratio totaled 60.2%, reflecting strong capital and liquidity positions."
9:02AM Magnum Hunter announced a 133% increase in the quantity of the co's estimated total proved reserves in the 1H11 vs. 2H10 (MHR) 6.92 : Co announces a 133% increase in the quantity of the co estimated total proved reserves at June 30, 2011 as compared to December 31, 2010. The present value of estimated future cash flows, before income taxes, of the co's estimated total proved reserves as of mid-year 2011, also increased 141% as compared to six months ago at year-end 2010. Co's total proved reserves increased by 17.8 mln barrels of oil equivalent to 31.2 mln Boe as of June 30, 2011 as compared to 13.4 mln Boe at December 31, 2010. The co's reserve life was ~17.3 years as of June 30, 2011.
9:02AM Entree Gold received complete assay results from four additional deep diamond drill holes on the Ann Mason deposit; 3 of the holes returned long intercepts averaging from 0.42% to 0.49% copper equivalent (EGI) 2.23 : Co announces it received complete assay results from four additional deep diamond drill holes on the Ann Mason deposit in the Yerington district of Nevada. Three of the holes returned long intercepts averaging from 0.42% to 0.49% copper equivalent.
9:02AM Level 3 confirms expects sequential growth in Core Network Service revenue to strengthen in Q2 (LVLT) 2.44 : Additionally, the co confirms that it expects low double digit percentage growth in Consolidated Adjusted EBITDA in 2011 vs. 2010. Capital expenditures are expected to be approximately 12 percent of Communications revenue for the full year 2011, and Free Cash Flow is expected to be roughly breakeven for the last three quarters of 2011 in aggregate. These expectations exclude any effect from the pending Global Crossing acquisition.
8:59AM American Electric places carbon capture commercialization on hold; cites uncertain status of climate policy, weak economy (AEP) 37.97 : The co is terminating its cooperative agreement with the U.S. Department of Energy and placing its plans to advance carbon dioxide capture and storage (CCS) technology to commercial scale on hold, citing the current uncertain status of U.S. climate policy and the continued weak economy as contributors to the decision. Plans were for the project to be completed in four phases, with the system to begin commercial operation in 2015. AEP has informed the DOE that it will complete the first phase of the project (front-end engineering and design, development of an environmental impact statement and development of a detailed Phase II and Phase III schedule) but will not move to the second phase.
8:58AM Lakeland misses $0.01 (LBAI) 10.76 : Reports Q2 (Jun) EPS of $0.18 vs $0.19 Cap IQ consensus. At June 30, 2011, non-performing assets totaled $56.5 mln (2.06% of total assets) compared to $50.4 mln (1.83% of total assets) at March 31, 2011. The Allowance for Loan and Lease Losses totaled $28.3 mln at June 30, 2011 and represented 1.42% of total loans, as compared to 1.36% at year-end 2010. In the second quarter of 2011, the co had net charge offs totaling $5.3 mln.
8:58AM Level 3 announces proposed private offering of additional $300 mln in 8.125% senior notes due 2019 (LVLT) 2.44 :
8:56AM AXIS Capital comments on net financial impact of second and first quarter 2011 catastrophes; says total expected to be $90-$105 mln (AXS) 30.80 : The net financial impact of the New Zealand aftershock is expected to be $30-$35 mln. The net financial impact of the severe weather events that occurred in the U.S. during the second quarter is expected to be $60-70 mln. Further, the Company has reviewed updated information from clients for the first quarter 2011 catastrophes and expects a negative net financial impact of ~$20 mln due to an increase in the aggregate net loss estimate for the first quarter catastrophes.
8:53AM Reliance Steel agrees to acquire continental Alloys & Services, Inc; financial terms not disclosed (RS) 48.67 : Continental and its affiliates had unaudited combined net sales of approximately $196 million for the six months ended June 30, 2011. The transaction is expected to be finalized within 30 days, subject to customary closing conditions. Terms were not disclosed.
8:46AM On The Wires (WIRES) :
* Science Applications International (SAI) announced it was awarded a prime contract by the U.S. Defense Intelligence Agency to provide measurement and signature intelligence services in support of the National Measurement and Signature Intelligence Office. * FirstService Corporation (FSRV) announced that its subsidiary, FirstService Residential, further expanded its scale and market leadership with the acquisition of Simerra Property Management. Tasso Eracles and Janice Pynn, Simerra's current Partners, will retain a significant equity interest in the business and will continue to lead day-to-day operations. * LRAD Corporation (LRAD) announced that a LRAD 1000X system mounted on a UH-60 Blackhawk helicopter was deployed by the Colombian Air Force recently in their "Audacity and Will" campaign. * IPC The Hospitalist Company (IPCM) announced that it has acquired Coast To Coast Physicians Alliance, P.A. Based in Orlando, Florida, the acquisition is IPC's first in the Orlando area and represents the Company's entry into another new metropolitan market. IPC expects to add ~ 26,000 patient encounters annually from this acquisition. * Solera Holdings (SLH) announced that, as part of the integration of recently acquired Explore Information Services LLC, it will realign its HEMI Region. Nuance Communications announced that it acquired Webmedx. Terms not disclosed. * Dynatronics (DYNT) announced the signing of an agreement with CHAMPS Group Purchasing to promote Dynatronics' products to the 4,000 CHAMPS member facilities across the country.
8:34AM Crosshair Exp. & Mining commences drilling in the central mineral belt, Labrador; program is expected to take 3 months to complete and cost ~$3.8 mln (CXZ) 0.74 : Co announces that drilling has commenced at both the CMB Uranium/Vanadium Project and the CMB JV Uranium Project located in central Labrador, Canada. The CMB Project is a JV with Silver Spruce Resources, whereby co retains a 63% ownership and Silver Spruce 37%. goal of the program is to increase the existing uranium and vanadium resources, as well as test the new uranium targets outlined from the 2009 and 2010 exploration programs. The program is expected to take 3 months to complete and cost ~$3.8 mln.
8:33AM Digital Realty Trust announces repurchase at option of holders and redemption of 4.125% Exchangeable Senior Debentures due 2026 (DLR) 61.37 :
8:32AM Capstone Turbine receives third service blanket order valued at $8.6 mln from Petroleos Mexicanos (CPST) 1.50 : Co announces that it received another comprehensive fleet-wide service blanket order with Petroleos Mexicanos. Capstone has received service blanket orders from PEMEX since 2007 for fleet-wide service support. This new $8.6 million multi-year service blanket order will cover PEMEX's entire 44 unit microturbine fleet. The fleet generates low-emission power for manned and unmanned PEMEX oil platforms throughout the Gulf of Mexico.
8:32AM Oshkosh Truck to supply 400 additional M-ATVs to U.S. Forces (OSK) 31.40 : Co will build and deliver an additional 400 MRAP All-Terrain Vehicle (M-ATV) base variants with integrated underbody protection following an order from the U.S. Army TACOM Life Cycle Management Command (LCMC). The M-ATV order is valued at more than $207 mln. Vehicle deliveries are expected to begin in October and be completed by November. To-date, the FSR order is valued at more than $31 mln and will continue the support of more than 90 FSRs in theater through March 2012.
8:30AM Ixys sees Q2 rev above consensus (IXYS) 14.19 : Co expects Q2 revs in excess of $100 mln vs $98.19 mln Capital IQ Consensus Estimate. The book-to-bill ratio for the June 2011 quarter is estimated to be in the range of 1.10 to 1.15, with backlog estimated to be the highest quarterly backlog ever in the range of $190 mln to $195 mln. Cash at June 30, 2011 is estimated to be about $87 mln, which would be an estimated increase of about $11 mln from the March 31, 2011 cash of about $76 mln.
8:29AM Progressive misses by $0.01, reports revs in-line (PGR) 20.92 : Reports Q2 (Jun) earnings of $0.38 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.39; revenues rose 3.5% year/year to $3.84 bln vs the $3.84 bln consensus.
8:21AM Geo Group announces $100 mln stock repurchase program (GEO) 22.46 : The stock repurchase program will be funded primarily with cash on hand, free cash flow, and borrowings under GEO's revolving credit facility. GEO believes it has the ability to fund the stock repurchase program, its working capital, its debt service requirements, and its maintenance and growth capital expenditure requirements, while maintaining sufficient liquidity for other corporate purposes.
8:18AM On The Wires (WIRES) :
* Bond insurance companies CIFG Assurance North America and Assured Guaranty (AGO) jointly announced that they are extending the expiration date of all outstanding offers to novate those primary market bond insurance policies insuring U.S. municipal and infrastructure bonds that are currently guaranteed by CIFG and reinsured by AGC to September 15, 2011. * DemandTec (DMAN) announced that C&S Wholesale Grocers, one of the largest food wholesalers serving approximately 3,900 grocery stores across the United States, has renewed its subscription for DemandTec's Deal Management software service on the DemandTec network. * Motorola Solutions (MSI) announced it is expanding its current services offering to help enterprises and government agencies maximize the benefits of their business- and mission-critical communications assets. * Autodesk (ADSK) signed a new enterprise agreement for the global use of Autodesk software. * ECOtality (ECTY) announced a partnership with car2go N.A. LLC, a subsidiary of Daimler North America Corporation, to provide electric vehicle charging infrastructure to support the first 100-percent electric car sharing program in North America. * Foster Wheeler AG (FWLT) announced that a subsidiary of its Global Engineering and Construction Group has signed a MOU to cooperate to form a jointly-owned co with The State Oil Company of Azerbaijan Republic. * MicroVision (MVIS) unveiled SHOWWX+ HDMI as the newest addition to its family of pocket-size laser pico projectors. * Nuance Communications (NUAN) announced Dragon Go!, a free application for iPhone and iPod touch that gives consumers immediate, direct access to the mobile content they want. * OSI Systems (OSIS) announced the introduction of the Sonicaid Encore, a high performance fetal and maternal monitor that uses advanced technology for patient monitoring in labor and delivery.
8:09AM Wash. Federal beats by $0.03 (WFSL) 16.69 : Reports Q2 (Jun) earnings of $0.27 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.24. "This was the co's best operating quarter since the beginning of the financial crisis in 2008 and the fourth consecutive quarter of higher net income. We are also pleased to report that overall asset quality continues to improve, although at a much slower pace than would be normal at this stage of a recovery. Company trends are mostly positive and management expects overall financial performance to be quite solid in the future. Investors should be aware, though, that improved economic conditions will likely be necessary to achieve significant earnings growth from this point. Earnings could also prove to be somewhat uneven due to the unpredictability of quarterly credit costs."
8:03AM Neuralstem announces notice of allowance for two additional neurogenic compound patents (CUR) 1.37 : Co received notice of allowance for U.S. Patent Applications 12/939,897 and 12/939,914 entitled: "Compositions to Effect Neuronal Growth." The patents cover three new compounds and include both structure and method claims for inducing neurogenesis and the growth of new neurons, both in-vitro and in-vivo.
8:02AM Chipmos Technology announces new ~$292 mln credit line (IMOS) : Co announced that its majority-owned subsidiary, ChipMOS Technologies has signed a NT$8.4 bln (~$292 mln) non-revolving credit line with a syndicate of thirteen Taiwan banks. The maximum five-year, floating rate Credit Facility will be secured by existing land and plant and equipment owned by ChipMOS Taiwan. Together with existing available cash of NT$1.0 bln (~$34.8 mln) and the proceeds from the Credit Facility, ChipMOS Taiwan will primarily target to refinance its existing bank debt and equipment leases.
8:01AM Southern Union: Williams (WMB) confirms revised proposal to acquire Southern Union for $44.00/share in cash (SUG) 41.60 : Williams confirms that it submitted an enhanced proposal to acquire Southern Union Company (SUG) for $44.00/share in cash, for a total enterprise value of $9.4 bln. Williams conveyed the all-cash, premium proposal via a letter to the Special Committee of Southern Union's Board of Directors. Williams' enhanced proposal represents a premium of 10% over the nominal purchase price in Southern Union's recently revised agreement with Energy Transfer Equity (ETE), announced on July 5, 2011. The Williams proposal also represents a premium of 56% over Southern Union's closing share price of $28.26 on June 15, 2011, the last trading day prior to the initial Energy Transfer announcement.
8:01AM CONSOL Energy provides operations update; Coal division produces 15.4 mln tons, increases guidance; Gas Division produces record 37.5 Bcf, up 18% from year-earlier quarter; gas division issues contracts for two additional flex rigs (CNX) 48.73 : Co announces its Coal Division reports total coal production of 15.4 mln tons for the quarter, including 1.4 mln tons of low-vol metallurgical coal produced by the co's Buchanan Mine. As a result of the strong quarter, CONSOL Energy is increasing its total annual coal production guidance from 60-62 mln tons to between 62.0-63.0 mln tons, with third quarter production between 14.4-14.8 mln tons. This Q guidance reflects the normal seasonal production pattern, which would result in 2011's first and fourth quarter production being higher than the second and third quarters. The third quarter usually has the heaviest miners' vacation schedule. Annual production guidance of low-vol metallurgical coal is now expected to be 5.0 mln tons for 2011. This is an increase from the previous guidance of 4.5 mln tons.
8:00AM St. Jude Medical announces European approval of first and only combined FFR and OCT system (STJ) 45.89 : Co announced it has received European CE Mark approval for its ILUMIEN system, the first integrated diagnostic technology that combines optical coherence tomography and fractional flow reserve technologies on one platform. The combined system offers physicians advanced physiological and anatomical insight to improve the diagnosis and treatment of coronary artery disease.
7:56AM Harry Winston Diamond reports Diavik Diamond Mine Q2 update; FY target production unchanged (HWD) 17.05 : Co reports that in the second calendar quarter of 2011, Diavik produced 1.79 mln carats from 0.5 mln tonnes of ore processed. Ore processed in the quarter was 4% higher, and carats recovered were 11% higher, compared to the same period from 2010, due to an increase in the overall grade of the ore processed. For the first half of the calendar year 2011, Diavik produced 3.14 mln carats from 1.0 mln tonnes of ore processed. Diavik's full-year target production remains at 6.9 mln carats.
7:54AM ICON plc acquires Firecrest Clinical, a provider of technology solutions that boost investigator site performance and study management; financial terms not disclosed (ICLR) 25.09 :
7:51AM Kratos Defense and Security proposes private offering of $80 mln additional 10% Senior Secured Notes due 2017 (KTOS) 11.95 :
7:44AM Advanced Photonix Inc announces Naval Undersea Warfare Center purchased a T-Ray 4000 from its subsidiary, Picometrix (API) 1.24 : The purchase was made via a Phase III contract which is a continuation from prior SBIR contracts. A Phase III contract gives preference to companies involved in related development previously funded under the SBIR program.
7:38AM On The Wires (WIRES) :
* KVH Industries (KVHI) announced that 1,500 TracPhone systems for its mini-VSAT BroadbandSM network have been shipped to customers. * Alliance Data Systems (ADS) announced it has signed a long-term renewal agreement to continue providing private label credit card services for The RoomPlace.
7:33AM Electronic Arts intends to offer $550 million of convertible senior notes due 2016 in a private placement (ERTS) 23.91 : In connection with the pricing of the notes, EA intends to enter into privately-negotiated convertible note hedge and warrant transactions with affiliates of one or more of the initial purchasers of the notes (the "option counterparties"). EA anticipates that the warrants will have an exercise price that is up to 75% higher than the closing price of EA's common stock on the date the warrants are issued. The convertible note hedge transactions are expected to reduce the potential dilution with respect to EA's common stock upon conversion of the notes. EA intends to use a portion of the net proceeds of the offering to pay a portion of the cash consideration for its acquisition of PopCap Games, Inc. ("PopCap"). To the extent the acquisition of PopCap is not consummated, EA intends to use such portion of the net proceeds for general corporate purposes. In addition, EA intends to use a portion of the net proceeds from the offering to pay the cost of the convertible note hedge transactions
7:31AM Unilife Corporation sends out its first order to Sanofi (SNY) (UNIS) 5.07 : Co has received a total of $40 mln from Sanofi for the exclusivity of the Unifill syringe within the full therapeutic class of antithrombotic agents and vaccines in addition to four smaller subgroups up until June 2014.
7:30AM TeleComm Sys receives $60.8 mln world-wide satellite systems order from U.S. Army (TSYS) 5.05 : Co announced that it has been awarded a new order with a ceiling value of $60.8 mln to provide Tactical SHF Satellite Terminals to the U.S. Army. The order is initially funded at $53.1 mln and will be funded up to a total of $60.8 mln if the options are fully exercised. This award was made under the Army's $5 bln World-Wide Satellite Systems Indefinite Delivery Indefinite Quantity contract vehicle in support of the Program Manager for the Warfighter Information Network-Tactical. Delivery of the terminals is expected in the second and third quarters of 2012.
7:14AM JPMorgan Chase beats by $0.07, beats on revs (JPM) 39.62 : Reports Q2 (Jun) earnings of $1.27 per share, $0.07 better than the Capital IQ Consensus Estimate of $1.20; revenues rose 6.3% year/year to $27.41 bln vs the $25.26 bln consensus.
Net income came in at $5.4 bln, compared to expectations of $4.8 bln and prior year of $5.55 bln. The increase was helped by a $1 bln reduction in credit card reserves as credit trends continued to improve. The bottom line also benefitted from an $837 mln gain in Corporate securities. The bank had $1.0 bln in costs for foreclosures in its Retail Financial Services Unit, lower than iits guidance of $1.2 bln per quarter. JPM also stored away an additional $1.4 bln in litigation reserves for mortgage related matters compared to $600 mln in Q1.
The Investment Banking group outperformed expectations with revenues coming in at $7.3 bln compared to $8.23 bln in Q1 and $6.33 bln in the prior year. Net Income in the segment was $2.05 bln up 49% y/y. As expected, the unit's performance was boosted by an increase in fees as IB fees were up 37% y/y, equity underwriting fees rose 29% y/y, and advisory fees were up 69% y/y. Return on Equity was a healthy 21%.
Jamie Dimon, Chairman and Chief Executive Officer, commented: "Our second-quarter earnings reflected solid performance across most of our businesses... Retail Financial Services demonstrated good underlying performance in Retail Banking but continued to experience high losses for mortgage-related issues. We are pleased to report that our results for the quarter reflected continued improvement in credit trends across our consumer and wholesale portfolios... We expect credit card net charge-offs to continue to improve next quarter as we approach a more normalized credit environment... With respect to our mortgage portfolio, delinquency and net charge-off trends improved modestly compared with the prior quarter; however, net charge-offs remained high, and we expect credit losses to remain elevated... Unfortunately, it will take some time to resolve these issues and it is possible we will incur additional costs along the way"...
Commenting on the Firm's balance sheet, Dimon said: "We maintained our fortress balance sheet, ending the second quarter with a Basel I Tier 1 Common ratio of 10.1%. Our strong and growing capital base enabled us to buy back $3.5 billion of stock during the second quarter, and we will continue to buy back stock opportunistically. We estimate that our Basel III Tier 1 Common ratio was approximately 7.6% at the end of the second quarter... During the first six months of 2011, JPMorgan Chase provided credit to and raised capital of over $990 billion for our clients".
7:08AM Seattle Genetics: Trading of Seattle Genetics common stock halted ahead of FDA meeting (SGEN) 20.33 : The U.S. FDA and Oncologic Drugs Advisory Committee is meeting today to discuss the co's Biologics License Applications for ADCETRIS. ODAC will review the BLA for the treatment of relapsed or refractory Hodgkin lymphoma during the morning session and the BLA for the treatment of relapsed or refractory systemic anaplastic large cell lymphoma during the afternoon session. ADCETRIS is an antibody-drug conjugate directed to CD30, a defining marker of Hodgkin lymphoma and ALCL.
7:07AM On The Wires (WIRES) :
* Elster (ELT) today that Kentucky's Glasgow Electric Plant Board has selected Elster's EnergyAxis Smart Grid solution to deliver advanced time-of-use billing capabilities to its customers. * Level 3 Communications (LVLT) announced that it has been selected by Rotterdam-based game server provider Interactive 3D B.V. to provide high-speed IP services to support the co's network scalability and connectivity needs, as well as wavelength transport services out of Level 3's Rotterdam point-of-presence, allowing Interactive 3D B.V. to peer in multiple locations.
7:01AM Nexstar acquires internet technology provider GoLocal.Biz in accretive transaction (NXST) 7.70 : Co announced that it has acquired the assets of Internet technology provider GoLocal.Biz. Though financial terms were not disclosed, the acquisition of GoLocal.Biz, which provides local business directory, coupon, movie and entertainment listings to all 35 of Nexstar's community portal web sites and to other U.S. local market clients, is expected to be immediately accretive to Nexstar's operating results.
6:47AM On The Wires (WIRES) :
* Americo (UHAL), parent co of The U-Haul Company of Western Georgia announced that it has expanded the U-Haul network of self-storage locations with its purchase of Jonesboro, Georgia. * Trimble (TRMB) announced that a SITECH Technology Dealer has been established to serve Colombia and Guyana in South America along with the Bahamas, Turks and Caicos Islands in the Atlantic Ocean.
6:47AM Newstar Financial enters into $125 mln facility to fund new origination (NEWS) 10.75 : Co announces it has entered into an amended credit facility to expand, extend and re-price its existing facility with Wells Fargo and support future loan growth. The financing provides nearly $200 mln of lending capacity and flexibility to fund a wider range of lending activity.
6:46AM ConocoPhillips Board of Directors has approved pursuing the separation of the co's Refining & Marketing and Exploration & Production businesses into two publicly traded corporations (COP) 74.40 : Following the completion of the proposed separation, co will be a large and geographically diverse pure-play exploration and production company with strong returns and investment opportunities. The co's strategy of enhancing returns on capital through developing new resources, growing reserves and production per share, continuing the asset sale program and increasing shareholder distributions will not change. Upon completion of the separation, The co's Chairman & CEO Mulva intends to retire. Until that point, he will continue to serve as ConocoPhillips' CEO and lead the separation efforts.
6:42AM Vical announces advances for multiple programs for DNA vaccines (VICL) 4.48 : Co announced a summary of the company's scientific presentations at the DNA Vaccines 2011 conference. Firstly, Phase 2 Clinical Trial Results of a Therapeutic DNA Vaccine, TransVax, for Control of Cytomegalovirus in Hematopoietic Cell Transplant Recipients, features the most advanced clinical data presented at the conference. Key efficacy, immunogenicity and safety results from the completed Phase 2 trial establish Vical's TransVax cytomegalovirus vaccine as the first to provide evidence of protection in immunocompromised hematopoietic cell transplant recipients. In addition, The company previously reported encouraging data showing that its Vaxfectin formulated monovalent prophylactic vaccine protected mice against challenge with 50 times a lethal dose of HSV-2, provided sterilizing immunity and inhibited viral counts at both primary and latent infection sites. The Vaxfectin adjuvant significantly improved vaccine effectiveness. A Vaxfectin formulated trivalent therapeutic version of the vaccine significantly reduced the recurrence of lesions in guinea pigs with latent infection as well as viral shedding.
6:31AM Genesee & Wyoming reports June carload volume +13.4% YoY, Q2 +12.8% YoY; same store June carload volume +4.2%, (GWR) 58.69 : Co reports June carload volume +13.4% YoY, Q2 +12.8% YoY; same store (ex-FreightLink acquisition) June carload volume +4.2%. The increase was principally due to a 2,101 carload increase in coal & coke traffic, primarily in GWI's Illinois Region, and a 1,577 carload increase in GWI's other commodity group traffic, primarily due to increased overhead coal shipments in GWI's New York/Ohio/Pennsylvania Region. These increases were partially offset by a 1,695 carload decrease in metals traffic primarily in GWI's New York/Ohio/Pennsylvania Region. All remaining traffic increased by a net 1,192 carloads.
6:31AM Key Energy signs definitive agreement to acquire Edge Oilfield Services and Summit Oilfield Services for ~$300 mln in cash and stock; anticipate Edge's business to be accretive to margins and earnings beginning in 2011 (KEG) 18.88 : Co announcesit has reached a definitive agreement to acquire Edge Oilfield Services and Summit Oilfield Services, collectively referred to as Edge, for consideration of ~$300 mln, consisting of ~7.5 mln shares of Key common stock and ~$164 mln in cash, which is subject to working capital and other adjustments at closing. Key anticipates funding the cash portion of the consideration from available cash and borrowings under its credit facility. In addition to the $300 mln of consideration, co has also agreed to reimburse or fund up to $40 mln of Edge's pre-closing capital expenditures related to Edge's expansion into the Eagle Ford shale, which began generating revenue this quarter. Co anticipates Edge's business to be accretive to co's margins and earnings beginning in 2011.
6:30AM Human Genome and GlaxoSmithKline (GSK) receive european authorization for BENLYSTA (HGSI) 23.68 : Co announced today that the European Commission has granted marketing authorization for BENLYSTA 10mg/kg as an add-on therapy in adult patients with active autoantibody-positive systemic lupus erythematosus, with a high degree of disease activity despite standard therapy.
6:25AM Oiltanking Partners prices 10.0 mln unit IPO at $21.50, above the $19-21 expected range (OILT) :
6:01AM Fifth Street Finance lowers pricing and expands ING (ING) credit facility from $215 mln to $230 mln (FSC) 11.75 : The facility's interest rate has been reduced to LIBOR plus 3.0% per annum when the facility is drawn more than 35%. Otherwise, the interest rate will be LIBOR plus 3.25% per annum. The maturity date remains February 22, 2014 while the facility's accordion feature now allows for future expansion up to a total of $350 mln.
5:29AM On The Wires (WIRES) :
* The U-Haul (UHAL) of Western Georgia announced that it has expanded the U-Haul network of self-storage locations with its purchase of Jonesboro Self-Storage, The new U-Haul Moving and Storage of Jonesboro at Flint River Road features more than 400 self-storage units, with more than 52,000 square feet of storage space. * Boeing (BA) has opened a new paint hangar near its Renton, WA, facility that will help increase its Next-Generation 737 production capacity. The 737 program currently produces 31.5 airplanes per month and expects to go to 35 per month in early 2012, 38 per month in second quarter 2013 and then to 42 per month in the first half of 2014. * Accretive Health (AH) and Beaumont Health System today announced an exclusive, five-year operating relationship for revenue cycle operations that is focused on generating sustainable improvements in Beaumont's operating margin while enhancing patient, physician and staff satisfaction. * Magic Software (MGIC) announced a new partnership with Netential, one of the UK's leading providers of managed enterprise computing infrastructure and services for the Oracle JD Edwards community.
4:06AM Inovio Pharma demonstrates positive immune responses in Phase I Clinical Trial of SynCon H5N1 influenza vaccine and launches multi-subtype influenza vaccine Phase I (INO) 0.75 : Co announces significant T cell and antibody responses were generated in its Phase I clinical study of VGX-3400X, a SynCon DNA vaccine for the prevention of avian H5N1 influenza delivered using intramuscular electroporation. VGX-3400X was found to be generally safe and well tolerated at all dose levels. There were no vaccine-related serious adverse events. Reported adverse events and injection site reactions were mild to moderate and required no treatment. Inovio tested for antibody responses against the target antigens and observed high levels of binding antibodies in 26 of 27 evaluated subjects (96%). Antibodies were generated against all three antigens, as tested by the enzyme-linked immunosorbent assay. Positive antibody responses persisted to seven months, the latest time point tested.
2:05AM CB&I receives contract for work on the Gorgon Project; has an estimated value of $2.3 bln; is scheduled to be completed in 2015 (CBI) 38.63 :
1:50AM Peabody Energy and ArcelorMittal (MT) to proceed with Macarthur Coal due diligence (BTU) 58.77 : Peabody Energy (BTU) and ArcelorMittal (MT) note the announcement by Macarthur Coal (MCC) which states that the parties have agreed to a process for due diligence. Following discussions between the parties, Peabody and ArcelorMittal have agreed to: Improve the indicative proposal by allowing a dividend of $0.16 per share to be paid to Macarthur shareholders without reducing the price per share; and reduce the number of conditions attached to the proposal.
1:43AM Prana Biotech files for at-the-market offerring for 5 mln ADSs (PRAN) 1.97 : Co intends to use the proceeds from any sales related to the ATM offering primarily for ongoing and future research programs into the development of its proprietary compounds, including its lead compound PBT2, and for working capital purposes. Co intends to commence a Phase II imaging trial for PBT2 in Alzheimer's disease patients and a Phase II trial for PBT2 in Huntington's disease patients later this year.
1:39AM Forest City Enterprises prices $300 mln of convertible notes due 2018 (FCE.A) 18.06 :
1:38AM DHT misses by $0.01, misses on revs (DHT) 3.75 : Reports Q2 (Jun) earnings of $0.07 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.08; revenues rose 22.7% year/year to $25.9 mln vs the $26.2 mln consensus.
1:35AM North American Energy receives award for 3 new contracts (NOA) 7.35 : Co announces it has been awarded three new contracts, including a five-year civil construction and mining contract with Suncor Energy and two large-diameter pipeline contracts. The new contracts are expected to help offset a slower-than-expected start to the 2012 fiscal year. Co confirms that it has now signed the previously disclosed five-year contract to supply reclamation, overburden removal and light and heavy civil construction services to Suncor's oil sands mine operations near Fort McMurray, Alberta. The indicative value of the contract is ~$500 mln with overburden and mine reclamation work to be priced using a quoted unit-price structure, while civil construction work will be priced on a project-by-project basis. Co has also secured two new pipeline contracts with a combined initial value of $92.5 mln.
1:23AM IMAX: Harry Potter and the Deathly Hallows - Part 2 to open in a record 423 IMAX Theatres (IMAX) 27.93 : The film also has recorded the strongest advance ticket sales for an IMAX release to date, with ~$8 mln in advance ticket sales reported sold as of Tuesday from three-quarters of the confirmed IMAX playdates.
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