The psycho level for silver and gold has been reached....
we have $40 and $1600, some very round numbers that may vanish for a while and soon. The gamble has taken place and the risk value needs a breather so let's not be surprised when they weaken slightly.
Longer term, still a bullish environment. SLV and GLD.
Let's see if the psycho level offers some a few bucks on the sell side.
4:30 pm : Stocks rallied sharply in response to a strong batch of earnings reports, pleasing economic data, and presumed progress in talks about raising the U.S. debt ceiling.
A positive tone permeated trade for the entire session. It was first spurred by renewed buying interest among Europe's major bourses after they had suffered another slide in the prior session. Earnings also stoked early buying interest, given that the vast majority of reports exceeded what had been expected.
Dow components Johnson & Johnson (JNJ 66.72, -0.37), Coca-Cola (KO 69.32, +2.20), and IBM (IBM 185.21, +9.93) all posted upside surprises. Shares of JNJ and KO actually climbed to record highs.
Bank of America (BAC 9.57, -0.15) also beat, but the stock had a different reaction -- it extended its descent to a fresh two-year low. Fellow financial giant Goldman Sachs (GS 128.49, -0.84) also dropped to a two-year low after it broke character to post earnings that failed to come anywhere close to the consensus estimate.
Of all things, housing data also offered encouragement to early traders. Housing starts for June reportedly hit an annualized rate of 629,000 units, which is greater than the clip of 570,000 units that had been anticipated, on average, among economists polled by Briefing.com. The annualized clip posted for June was the most robust rate recorded since January. As for building permits, they improved to a rate of 624,000 from 609,000 in the prior month. The consensus had called for permits to remain at a rate of 609,000.
The stock market traded with an impressive gain for most of the session, but the S&P 500 was restricted to a range between near-term support around 1315 and near-term resistance around 1320 until President Obama provided a mid-afternoon update on the debt ceiling dealings. Obama indicated a bipartisan group of Senators has agreed to a plan that features tough spending cuts and a revenue component.
The stock market responded by extending its advance beyond the upper boundary of its morning range. Buying was broad, but tech stocks offered the most leadership. The sector ascended to a 2.7% gain. Apple (AAPL 376.85, +3.05) was actually a relative laggard ahead of its quarterly report.
Treasuries also responded positively to Obama's update. In turn, the yield on the benchmark 10-year Note dropped back below 2.90%.
As for the dollar, it ended the day with a 0.3% loss against competing currencies. That's about half of what it had endured during the early going.
3:30 pm : August gold, which settled lower by 0.3% to $1597.40 per ounce, and Sept silver, which finished down 0.7% to $40.65 per ounce, spent most of the session chopping around the flat line. However, in the last ~30 min of pit trade, news of a "Gang of Six" debt plan, coupled with a quickly announced press conference for the President on the debt talks, sent both metals sharply lower as the markets anticipated progress being made in the negotiations. Both metals have extended their respective sell-offs in afterhours trade and have recently traded to fresh lows, at $1585.60 for gold and $39.12 for silver.
August crude oil settled higher by 1.6% to $97.50 per barrel. Futures were able to recoup yesterday's losses, aided by better-than-expected econ data, as well as the anticipated progress being made in the debt negotiations. It was an uneventful session for August natural gas, which finished lower by 0.4% to $4.53 per MMBtu.DJ30 +200.52 NASDAQ +58.43 SP500 +22.26 NASDAQ Adv/Vol/Dec 2024/1.5 bln/558 NYSE Adv/Vol/Dec 2404/602.8 mln/638
3:00 pm : Buying has picked up with the arrival of this session's final hour. The effort has lifted the Dow to a 200-point gain and put the Nasdaq Composite on pace for a 2% advance.
Share volume remains moderate, though. That is somewhat surprising, given the number of earnings reports from major companies, which usually drive increased participation. The lack of trading has left share volume on the NYSE to total just a half billion shares. DJ30 +206.99 NASDAQ +57.83 SP500 +21.12 NASDAQ Adv/Vol/Dec 1950/1.31 bln/608 NYSE Adv/Vol/Dec 2287/520 mln/697
2:30 pm : Gains remain strong as stocks sit slightly beneath their session highs. Buying interest has also broadened, such that health care stocks and utilities stocks are up 0.6% after they had been mired near the neutral line for most of the session. Even telecom has pushed up to a 0.4% gain after it had been in the red for a couple of hours.
Meanwhile, the dollar has trimmed its loss. In turn, it now trails a collection of competing currencies by a relativey tame 0.2%. The dollar's upturn has coincided with a downturn by crude oil prices as the energy component enters the close of pit trade. Just before settlement, oil prices were quoted at $97.50 per barrel after they had been above $98 per barrel earlier this session. DJ30 +173.28 NASDAQ +52.86 SP500 +17.09 NASDAQ Adv/Vol/Dec 1919/1.17 bln/610 NYSE Adv/Vol/Dec 2280/466 mln/686
2:00 pm : Stocks recently moved up to fresh session highs. The upturn came in response to an update from President Obama on the debt ceiling dealings. Obama indicated that there is a bipartisan group of Senators that agree with an approach to make tough spending cuts and a revenue component to the potential plan. The deadline for a deal is still about two weeks away.
The comments have also stirred interest in Treasuries, which have ticked up to their own session high. DJ30 +179.82 NASDAQ +52.07 SP500 +17.19 NASDAQ Adv/Vol/Dec 1881/1.06 bln/650 NYSE Adv/Vol/Dec 2224/427 mln/721
1:30 pm : Although participants have displayed a preference for risk this session, Treasuries have managed to tick higher. The move has taken the yield on the benchmark 10-year Note back toward 2.90%.
The dollar hasn't been able to attract much support, however. It is still down 0.5% against a basket of major foreign currencies, including the euro, yen, and sterling pound. With the greenback's gain yesterday, the Dollar Index is down only fractionally for the week. DJ30 +151.41 NASDAQ +41.06 SP500 +14.28 NASDAQ Adv/Vol/Dec 1834/959 mln/683 NYSE Adv/Vol/Dec 2093/380 mln/843
1:00 pm : Stocks have been trading with strong gains all session. The improved tone has been helped along by a big batch of better-than-expected earnings.
Buying interest among Europe's major bourses provided a positive backdrop to early trade. A bevy of better-than-expected quarterly reports further improved the mood among morning participants. Among the more widely followed names, Dow components Johnson & Johnson (JNJ 66.34, -0.75), Coca-Cola (KO 69.34, +2.22), and IBM (IBM 183.19, +7.91) all exceeded earnings expectations. IBM went one step further by issuing upside guidance. That has helped its shares climb to a record high and lead the overall tech sector to a 2% gain.
Fellow blue chip Bank of America (BAC 9.43, -0.30) also reported earnings that topped what Wall Street had anticipated, but the stock has been unable to escape selling interest. In turn, shares of BAC are at a two-year low. Fellow financial giant, Goldman Sachs (GS 126.17, -3.16) had a glaring report that featured an earnings miss. Its shares have also descended to a two-year low. A general lack of favor for financials has left the sector to trade with a gain of only 0.3%.
Even though financials have lagged for most of the session, the broad market continues to sport a strong gain of about 1% as the S&P 500 moves along between 1315 and 1320.
Economic data, though limited, has helped perpetuate a positive tone. Both housing starts and building permits for June exceeded what had been expected, on average, among economists polled by Brieifng.com. DJ30 +123.44 NASDAQ +41.47 SP500 +11.66 NASDAQ Adv/Vol/Dec 1834/885 mln/650 NYSE Adv/Vol/Dec 2143/350 mln/787
12:30 pm : The S&P 500 continues to drift along, just above the 1315 line. Tech stocks, which collectively make up the largest sector by market weight, have been a primary source of support as the group boasts a 1.8% gain. Meanwhile, financials, which are up just 0.1% as a group, continue to undermine that effort.DJ30 +113.41 NASDAQ +41.96 SP500 +10.73 NASDAQ Adv/Vol/Dec 1841/792 mln/633 NYSE Adv/Vol/Dec 2156/314 mln/765
12:00 pm : Although it continues to sport a strong gain, the S&P 500 has drifted lower in recent trade. It now trades near the 1315 zone. Near-term support is said to stand at the 1313 line.
Part of the market's move lower stems from renewed weakness among financial stocks. The sector had staged an early rebound that took it to a solid gain, but that move has failed to hold, so financials are now back near the neutral line with a 0.1% gain.
Bank of America (BAC 9.41, -0.31) continues to be a considerable burden on the overall financial space. Despite an upside earnings surprise for the latest quarter, shares of the diversified bank and financial services giant have dropped more than 3% to a new two-year low. DJ30 +106.71 NASDAQ +40.20 SP500 +10.87 NASDAQ Adv/Vol/Dec 1833/717 mln/627 NYSE Adv/Vol/Dec 2119/287 mln/781
11:30 am : Coca-Cola (KO 69.33, +2.21) shares hit their highest level in a decade today. The 3% surge comes after the company posted some surprisingly strong revenue and earnings figures for the most recent quarter. Peer PepsiCo (PEP 68.12, +0.12), which is scheduled to announce its latest results Thursday morning, hasn't really responded all that positively to Coke's report.DJ30 +115.99 NASDAQ +43.96 SP500 +12.03 NASDAQ Adv/Vol/Dec 1899/609 mln/536 NYSE Adv/Vol/Dec 2249/242 mln/633
11:00 am : Stocks are holding strong near session highs. The effort has been mostly broad based. However, a few defensive-oriented plays have been lagging.
Among the more notable laggards, Johnson & Johnson (JNJ 66.69, -0.40) shares are in the red even though the company reported this morning an upside earnings surprise. UnitedHealth Group (UNH 50.55, -1.40) also bested expectations for the bottom line, but its shares have fallen to fresh monthly lows. Lack of interest in the health care sector has left it to trade with only a 0.2% gain. Meanwhile, the major equity averages are all up by 1% or more. DJ30 +121.70 NASDAQ +46.70 SP500 +13.17 NASDAQ Adv/Vol/Dec 1917/494 mln/478 NYSE Adv/Vol/Dec 2239/194 mln/600
10:30 am : Oil prices have spiked to $98.30 per barrel, which gives them a heady 2.5% gain. Natural gas prices are actually down 0.3% to $4.51 per MMbtu.
As for precious metals, gold prices are down fractionally to $1600.60 per ounce after they set a fresh record high near $1608 per ounce during the prior session. Silver also made a strong push higher yesterday, but the precious metal has pulled back today so that it trades with a 0.3% loss at $40.20 per ounce.
In the backdrop, the dollar has declined to a 0.6% loss against a collection of competing currencies. DJ30 +134.53 NASDAQ +46.87 SP500 +14.32 NASDAQ Adv/Vol/Dec 1903/334 mln/434 NYSE Adv/Vol/Dec 2227/138 mln/544
10:00 am : Tech stocks have sprinted out to a 1.8% gain. The group's strength has helped give the tech-rich Nasdaq a nice lead over its counterparts.
Among tech issues, IBM (IBM 181.20, +5.92) is a top performer. The stock's jump to a new all-time high comes in response to a stronger-than-expected earnings report and upside guidance. Within the Nasdaq, though, Intel (INTC 22.78, +0.50) is a leader ahead of its quarterly report, which is scheduled to take place after the close of trade on Wednesday. DJ30 +121.21 NASDAQ +41.54 SP500 +12.49 NASDAQ Adv/Vol/Dec 1882/135 mln/429 NYSE Adv/Vol/Dec 2237/65 mln/560
09:45 am : The major equity averages are up sharply this morning. The bounce comes after they had suffered sizable losses in the prior session.
Although strength is broad, financials are quickly paring their opening gains. In turn, the sector now trades with a relatively modest gain of 0.3%. Shares of Goldman Sachs (GS 126.77, -2.56) have been a source of weakness following the firm's earnings miss. Pressure against the stock has it at a new 52-week low ahead of its conference call at 10:30 AM ET. DJ30 +123.82 NASDAQ +28.82 SP500 +12.66 NASDAQ Adv/Dec 1886/339 NYSE Adv/Dec 2307/428
09:15 am : S&P futures vs fair value: +7.30. Nasdaq futures vs fair value: +24.80. A big batch of better-than-expected earnings and a rebound by Europe's major bourses have helped stock futures trade higher. Surprisingly strong housing starts figures for June have also helped support the positive tone. The improved mood has also cooled buying of traditional safe haven gold, which hit a new record high yesterday, but is flat this morning. Meanwhile, the dollar has drifted lower. In fact it, currently trails a basket of competing currencies by about 0.5%.
09:05 am : S&P futures vs fair value: +8.20. Nasdaq futures vs fair value: +26.50. Strength in the commodity complex has the CRB Commodity Index up 0.7% this morning. Crude oil has been a big driver of that move; the energy component was recently quoted with a 1.7% gain at $97.50 per barrel in the opening minutes of pit trade. As for gold, which set a new record high near $1608 per ounce in the prior session, the yellow metal is flat at $1602.50 per ounce this morning.
08:35 am : S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +22.30. Stock futures continue to trade with strength. The latest dose of data, and the only bit of it on today's calendar, proved better-than-expected. Specifically, housing starts for June hit an annualized rate of 629,000 units, which is greater than the clip of 570,000 units that had been anticipated, on average, among economists polled by Briefing.com. The June tally also marked an improvement over the downwardly revised rate of 549,000 units that had been recorded for the prior month. Building permits improved to a rate of 624,000 from 609,000 in the prior month. The consensus had called for permits to remain at a rate of 609,000.
08:05 am : S&P futures vs fair value: +5.90. Nasdaq futures vs fair value: +15.50. Stock futures continue to trade with a nice lead over fair value, despite the recent slip that came in response to a disappointing quarterly report from Goldman Sachs (GS). The report has also cast a pall over the rest of the financial space. Still, stronger-than-expected earnings from Bank of America (BAC), Wells Fargo (WFC), KeyCorp (KEY), and Bank of New York (BK) have helped keep their stocks higher ahead of the open. Dow components Coca-Cola (KO) and Johnson & Johnson (JNJ) also posted upside earnings surprises. Fellow blue chip IBM (IBM) did the same, but complemented its report with upside guidance. In addition to a barrage of better-than-expected earnings reports, the overall mood among premarket participants has been helped by renewed buying interest in Europe, where the continent's bourses have rebounded from their slide in the prior session. The euro is also recovering from its retreat yesterday. The economic calendar is light today. It features the latest housing start figures, which are due at the bottom of the hour.
07:07 am : [BRIEFING.COM] S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +19.00.
07:07 am : Nikkei...9889.72...-84.80...-0.90%. Hang Seng...21902.40...+97.70...+0.50%.
07:07 am : FTSE...5780.01...+27.20...+0.50%. DAX...7208.09...+100.20...+1.40%.
6:59PM BancFirst reports Q2 EPS of $0.65 vs. $0.69 Capital IQ Consensus Estimates (BANF) 39.64 +1.07 :
6:53PM Pinnacle Finl reports Q2 EPS of $0.14 vs. $0.12 Capital IQ Consensus Estimates (PNFP) 15.21 +0.35 :
6:33PM TC PipeLines, LP increases second quarter cash distribution 5.5% YoY and 2.7% from last quarter (TCLP) 47.61 +0.42 : Co announced the board of directors of TC PipeLines GP, Inc., its general partner, declared an increase in the Partnership's second quarter 2011 cash distribution to $0.77 per common unit, or $3.08 per unit on an annualized basis. This distribution represents a 5.5% increase from the $0.73 per common unit paid in Q2 2010 and a 2.7% increase from the $0.75 per common unit paid in Q1 2011.
6:30PM Allied World reaffirms position; stands behind terms of TransAllied's merger of equals' agreement (AWH) 55.84 +0.43 : Co commented on the decision by Transatlantic's (TRH) board to "remain committed to the terms of the Allied World Merger Agreement." Co, stated: "We agree with today's decision by Transatlantic's board that the unsolicited proposal set forth by Validus does not constitute a superior proposal. Allied World remains fully committed to the terms of our merger of equals agreement, which we believe provides the best long-term value and benefits for all shareholders. With integration planning underway and having received Hart-Scott-Rodino clearance, we look forward to completing our merger of equals as early as possible in Q4."
6:17PM The Princeton Review signs master publishing agreement with Random House print and electronic books (REVU) 0.24 +0.01 : Co has signed a new multi-year master publishing agreement with Random House, Inc. for the rights to publish all print and electronic books branded and trademarked by The Princeton Review. Random House currently publishes The Princeton Review's best-selling
6:00PM Federal Signal Technologies awarded Turkish Electronic Toll Collection Project (FSS) 6.19 +0.10 : Federal Signal Technologies (FSTech) and its Turkish integration partner, Litum Technologies, announced that they have been awarded a nationwide contract by VENDEKA Bilgi Teknolojileri to transition Turkey's in-lane Electronic Toll Collection (ETC) system infrastructure to ISO 18000-6C. With 580 lanes, it will be the first electronic toll collection project using passive UHF RFID technology in Europe.
6:00PM Bank of the Ozarks announces two-for-one stock split (OZRK) 52.80 +0.79 : Co announced that its Board of Directors has declared a two-for-one stock split of its common stock payable in the form of a 100% stock dividend. The two-for-one stock split is expected to be paid on or about August 16, 2011 to stockholders of record as of August 5, 2011.
5:42PM Carbo raises 2011 Dividend Increase 20% to $0.96; quarterly is now $0.24 (CRR) 175.07 +4.64 :
5:33PM Buckeye Partners reports Irving Oil announces successful acquisition of South Portland Maine Marine terminal in a joint venture (BPL) 64.58 -0.01 : Irving Oil announced that it has acquired a petroleum product marine terminal in South Portland, Maine through a joint venture with an affiliate of Buckeye Partners, L.P. ("Buckeye") (BPL). Under the terms of this arrangement, Irving Oil will have a majority of the ~725,000 barrels of storage capacity at the South Portland terminal, as well as long-term marketing rights at Buckeye's Bangor, Maine terminal.
5:26PM Transatlantic responds to Validus proposal (TRH) 51.34 +0.24 : Co announced that its Board of Directors, after consultation with its independent financial and legal advisors, has determined that the proposal set forth in the letter received from Validus Holdings, Ltd. (VR) on July 12, 2011 to acquire all of the outstanding shares of Transatlantic common stock does not constitute a "Superior Proposal" under the merger agreement that Transatlantic entered into with Allied World Assurance Company Holdings, AG (AWH) on June 12, 2011 (the "Allied World Merger Agreement").
5:22PM Crude oil futures are back over $98 in after hours trade; crude is currently up 53 cents to $98.03/barrel (COMDX) :
5:21PM Dearborn Bancorp reports Q2 EPS of $0.02 vs. ($1.78) in last year's quarter (DEAR) 1.20 +0.03 :
5:11PM DST Systems announces agreement to acquire ALPS Holdings; DST will pay $250 mln funded from cash and existing credit facilities; on a pro-forma basis, the transaction is expected to be accretive (DST) 55.64 +1.12 : The transaction, subject to regulatory approval and certain conditions, is expected to close in fourth quarter 2011. Co plans to operate ALPS as a stand-alone entity. Co expects to realize $5 mln of annualized synergies in the first 24 months through rationalization of technology and service infrastructures. Prior to the realization of synergies and costs associated with rationalization, co estimates that the transaction will break even in fourth quarter 2011 and estimates a contribution on a GAAP basis of ~$0.06/share during 2012. Excluding non-cash charges and costs associated with rationalization, the transaction is expected to deliver $0.26/share during 2012.
5:09PM Crown Hldgs beats by $0.02, beats on revs (CCK) 37.12 +0.47 : Reports Q2 (Jun) earnings of $0.84 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.82; revenues rose 13.5% year/year to $2.28 bln vs the $2.19 bln consensus.
5:09PM AptarGroup misses by $0.01, beats on revs; guides Q3 EPS in-line, raises dividend, announces share repurchase (ATR) 53.54 +1.91 : Reports Q2 (Jun) earnings of $0.74 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.75; revenues rose 17.6% year/year to $614.9 mln vs the $565.6 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.70-0.75 vs. $0.75 Capital IQ Consensus Estimate. The Board of Directors increased the quarterly dividend by 22% to $.22 per share, payable August 23, 2011 to shareholders of record as of August 2, 2011. The increase brings the annual dividend rate to $.88 per share, up from $0.72 per share. The Board approved the repurchase of an additional 4 million shares.
5:07PM Arcadia Resrcs announces receipt of NYSE amex notice of non-compliance with continued listing standards (KAD) 0.06 :
5:03PM Apple component suppliers Cirrus Logic (CRUS), OmniVision (OVTI ), and Skyworks (SWKS) trading higher in after hours following another blow out qtr from AAPL (AAPL) 376.85 +3.05 :
5:03PM Valeant Pharmaceuticals announces distribution agreement for Zuacta in Canada (VRX) 55.60 +0.57 : Co announced that its subsidiary, Valeant International has entered into an agreement with Sanofi-Aventis (SNY) Canada for the Canadian marketing and distribution rights to Zuacta a topical cream of zucapsaicin, which is indicated to be used in conjunction with oral COX-2 inhibitors or NSAIDs for the relief of severe pain in adult patients with osteoarthritis of the knee. Under the terms of the distribution agreement, Sanofi-Aventis will receive from VIB consideration that includes an initial payment payable on the delivery of the first shipment of product and milestone payments based on net sales.
5:01PM Kaiser Alum announces expansion of aerospace extrusion facility; the investment of ~ $11 mln is expected to be completed by year end (KALU) 55.63 +1.85 : Co announced it has commenced expansion of its Kaiser Alexco hard alloy aerospace extrusion facility in Chandler, Arizona. The investment of ~$11 mln is expected to be completed by year end and will provide additional extrusion and heat treat capacity to meet growing demand for these products in the marketplace.
4:55PM BankUnited CEO released statement in response to litigation filed against himself and John Bohlsen (BKU) 25.38 -0.38 : John Kanas, the Chairman, President and Chief Executive officer of BankUnited released statement in response to litigation filed against himself and John Bohlsen, the bank's Vice Chairman and Chief Lending Officer by Capital One Financial (COF). "John Bohlsen and I are well aware of our contractual obligations under our non-competition agreements with Capital One. We have been fully compliant with those obligations, and we will continue to be so. The Herald transaction has been structured to fall squarely within an explicit exception to the non-compete provisions in our agreements. We are very confident of our position and very confident that we will prevail in this lawsuit and that our proposed transaction with Herald, as well as our expansion strategy in the Northeast, will proceed as planned."
4:48PM Transmontaigne Partners and Blueknight Energy Partners (BKEP) entered agreements for construction and operation of 1 mln barrels of crude oil storage adjacent to BKEP's Cushing facility (TLP) 36.06 +0.57 : TLP will lease a portion of the land at BKEP's Cushing, Oklahoma facility and construct storage tanks and associated infrastructure on that property for the receipt of crude oil by truck and pipeline, the blending of crude oil and the storage of 1 million barrels of crude oil. BKEP and TLP will cooperate on the design and construction of the facility and BKEP will provide operational services for TLP under a long-term operating agreement and provide connectivity between the TLP facility and the Cushing market through BKEP's existing facility and infrastructure. TLP has entered into a long-term services agreement with Morgan Stanley Capital Group for the use of the TLP facility. Construction of the TLP facility is expected to begin in August with completion planned for the second quarter of 2012.
4:47PM Bar Harbor Bankshares increases quarterly cash dividend to $0.275/share of common stock, prior $0.27/share (BHB) 28.35 -0.18 :
4:36PM Apple beats by $1.95, beats on revs; guides Q4 conservatively (AAPL) 376.85 +3.05 : Reports Q3 (Jun) earnings of $7.79 per share, $1.95 better than the Capital IQ Consensus Estimate of $5.84; revenues rose 82.0% year/year to $28.57 bln vs the $24.98 bln consensus. Apple reports Q3 gross margins of 41.7% vs Street est of 39.2% and 38.0% guidance. Apple reports 3.95 mln Macs sold in Q3 vs Street est of ~4.2 mln. Apple reports 20.34 mln iPhones sold in Q3 vs Street est of ~16.8 mln. Apple reports 9.25 mln iPads sold in Q3 vs Street est of ~7.9 mln... Co issues guidance for Q4 (Sep), sees EPS of $5.50 vs. $6.44 Capital IQ Consensus Estimate; sees Q4 (Sep) revs of $25 bln vs. $27.65 bln Capital IQ Consensus Estimate... "We're thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent," said Steve Jobs, Apple's CEO. "Right now, we're very focused and excited about bringing iOS 5 and iCloud to our users this fall... We are extremely pleased with our performance which drove quarterly cash flow from operations of $11.1 billion, an increase of 131 percent year-over-year." (Briefing.com note: AAPL is known for giving conservative guidance)
Stock is halted: Resumption time 16:50.
4:32PM Fulton Fincl reports EPS in-line (FULT) 10.32 -0.08 : Reports Q2 (Jun) earnings of $0.18 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.18. The provision for credit losses was $36.0 million for the second quarter of 2011, a $2.0 million, or 5.3 percent, decrease from the first quarter of 2011. "Our second quarter financial performance showed continued improvement," said R. Scott Smith, Jr., Chairman and Chief Executive Officer. "In the credit area, we saw reductions in non-performing loans, loan charge-offs, overall loan delinquency and the provision for credit losses. We also produced strong growth in other income while keeping a tight rein on expenses. Residential mortgage activity and related sale gains showed improvement as did our investment management and brokerage activities. Further reduction of funding costs within our deposit base enabled us to expand the net interest margin. With our strong liquidity position, we are well positioned to grow quality loans and related interest income when improved business and consumer confidence leads to more robust demand for credit. We were also pleased to increase our cash dividend again this quarter."
4:32PM Catalyst Health Solutions appoints Timothy Pearson as Chief Financial Officer (CHSI) 62.15 +0.01 : Pearson currently serves as Chief Financial Officer and Executive Vice President of MedImmune, global biologics business for AstraZeneca (AZN).
4:31PM Intrepid Potash announces preliminary Q2 sales and production results; co estimates that it produced between 205,000-215,000 tons of potash and sold between 220,000-230,000 tons of potash (IPI) 32.95 +1.32 : Co announced today preliminary sales and production results Q2 2011 and provided an update regarding two major capital projects. Preliminary Sales and Production Results: On an unaudited basis, during Q2 of 2011, IPI estimates that it produced between 205,000-215,000 tons of potash and sold between 220,000-230,000 tons of potash. Production within the quarter includes the benefit of ~1 extra month than historically normal of production from our Moab solar solution mine because of favorable brine levels and harvest conditions. Co estimates its average net realized sales price for potash sold during the quarter was ~$455-$465 per ton. The strong sales were a function of the flexibility afforded us by our investment in additional potash granulation capacity at our Moab facility together with the execution of our strategic marketing plan. On an unaudited basis, during Q2 of 2011, co estimates that it produced ~40,000-50,000 tons of Trio and sold ~35,000-45,000 tons of Trio. IPI estimates that its average net realized sales price for Trio during the quarter was ~$215 - $225 per ton. Langbeinite Recovery Improvement Project Update In June 2011, co received its air quality construction permit for the granulation plant which is part of the overall Langbeinite Recovery Improvement Project being constructed at our East Mine near Carlsbad, New Mexico, which is an estimated capital investment of $85 to $90 mln. With respect to the HB Solar Solution Mine project near Carlsbad, New Mexico, the public comment period for the Draft Environmental Impact Statement closed in late June 2011. The current schedule for receiving the Record of Decision from the Bureau of Land Management on the project remains in the first quarter of 2012.
4:28PM Kayne Anderson Energy reports Q2 quarterly distribution increased to $0.38 per share compared to $0.31 in prior year (KED) 20.27 +0.08 : Net asset value: $22.85 per share; up $0.97 per share from the prior quarter (4.4% increase) and up $0.10 per share from previously disclosed NAV (announced on June 30, 2011)
4:27PM Cintas beats by $0.06, beats on revs; guides FY12 EPS above consensus, revs above consensus (CTAS) 30.86 +0.42 : Reports Q4 (May) earnings of $0.49 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.43; revenues rose 11.3% year/year to $1.01 bln vs the $0.97 bln consensus. Co issues upside guidance for FY12, sees EPS of $1.97-2.05 vs. $1.83 Capital IQ Consensus Estimate; sees FY12 revs of $4.0-4.1 bln vs. $3.98 bln Capital IQ Consensus Estimate. "This guidance assumes a moderately improving economy and employment environment. It also incorporates our estimated impact of the relatively high cotton prices experienced in our fiscal 2011 and no significant increases in energy related costs from our fourth quarter of fiscal 2011 levels... During our fourth quarter and into July, we purchased 15.8 million shares of our common stock at a cost of $500 million... Our fourth quarter organic growth rate of 8.0% represents the fifth straight quarter that our organic growth rate improved. We are pleased by the continued revenue momentum in all of our businesses."
4:26PM Trius Therapeutics reports new research indicates potential for continued spread of multidrug resistant strain of staph aureus (TSRX) 7.91 +0.11 : In December 2010, research was published elucidating the mechanism by which an investigational second generation oxazolidinone called torezolid phosphate retains full activity against clinical isolates of Staphylococcus aureus carrying the cfr gene. Torezolid phosphate is an IV and orally administered second generation oxazolidinone currently being developed by Trius Therapeutics in Phase 3 clinical trials for the treatment of serious gram-positive infections, including those caused by methicillin-resistant Staphylococcus aureus, or MRSA.
4:26PM Clark Holdings extends engagement of AlixPartners through July 31, 2011, with an option to extend to September 30, 2011 (GLA) 0.24 -0.0099 :
4:25PM Buckeye Partners acquires refined petroleum products terminals and pipeline in Maine; terms not disclosed (BPL) 64.58 -0.01 : Co has acquired two petroleum products terminals in Maine and a 124-mile pipeline that connects the two terminals from affiliates of ExxonMobil (XOM). Buckeye purchased 100 percent of the pipeline and a terminal in Bangor, Maine. Buckeye also purchased a terminal in Portland, Maine through a 50/50 joint venture with Irving Oil Terminals that will be operated by Buckeye's Development & Logistics group... "This transaction is supported by long-term commitments and is expected to be immediately accretive to Buckeye. Additionally, the Portland terminal further extends the reach of BDL's operational footprint as well as advances our strategy to increase the breadth of assets under BDL operatorship beyond pipelines."
4:19PM Altera beats by $0.01, reports revs in-line; guides Q3 revs above consensus; raises qrtrly dividend 33% to $0.08 (ALTR) 43.56 +1.01 : Reports Q2 (Jun) earnings of $0.65 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.64; revenues rose 16.9% year/year to $548.4 mln vs the $549.1 mln consensus. Co issues upside guidance for Q3, sees Q3 revs +2-6% QoQ to ~$559.4-581.3 vs. $549.06 mln Capital IQ Consensus Estimate. Co raises quarterly dividend 33% to $0.08. "This quarter marks a return to sequential growth following the mild correction we experienced in the first quarter. We expect more sales gains in the third quarter," said John Daane, president, chief executive officer, and chairman of the board. "Early in the quarter we began shipping our Stratix V FPGA family, the industry's first high-end 28-nm FPGA. Our 28-nm FPGA families combine a tailored architecture, an optimal manufacturing process, and specific product features to give us continuing technology leadership that builds on the technology leadership and strong competitive position we established at 40 nm."
4:18PM Infinera reports EPS in-line, revs in-line (INFN) 6.58 +0.37 : Reports Q2 (Jun) loss of $0.11 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of ($0.11); revenues fell 13.9% year/year to $96 mln vs the $95.1 mln consensus.
4:17PM Fortinet beats by $0.01, beats on revs (FTNT) 26.78 +0.25 : Reports Q2 (Jun) earnings of $0.09 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.08; revenues rose 35.0% year/year to $103 mln vs the $96.6 mln consensus. Total billings were $110.2 million for the second quarter of 2011, an increase of 22% compared to the second quarter of 2010.
4:16PM TASER announces that a jury in Charlotte, North Carolina delivered a verdict against TASER International (TASR) 4.27 +0.10 : Co announces that a jury in Charlotte, North Carolina delivered a verdict against TASER International. The case involved the death of Mr. Darryl Turner. Mr. Turner was a 17-year-old male involved in an altercation with law enforcement at a grocery store on March 20, 2008. The verdict amount will be offset by approximately $730,000 in a settlement (including interest) from the City of Charlotte, as well as deducting $40,000 in a settlement from worker's compens. Judgment has not yet been entered. TASER International has moved for judgment in its favor not withstanding the verdict.
4:16PM United Rentals misses by $0.03, reports revs in-line (URI) 23.01 +0.67 : Reports Q2 (Jun) earnings of $0.40 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.43; revenues rose 12.9% year/year to $629 mln vs the $632.9 mln consensus.
4:15PM LDK Solar signed a 15 Megawatt supply contract with juwi Solar in Germany (LDK) 6.45 : Under the terms of the agreement, LDK Solar will provide 15 MW of polycrystalline PV modules from August 2011 to November 2011, with an option to deliver an additional 15 MW immediately, until the end of the year.
4:14PM Verint Systems to acquire Vovici, an enterprise feedback management solutions company (VRNT) 35.68 +0.90 :
4:13PM Government Properties Income Trust announces proposed public offering of 5,000,000 common shares (GOV) 26.37 +0.31 : GOV expects to use the net proceeds of this offering to reduce amounts outstanding under its revolving credit facility and for general business purposes, including funding acquisitions. The joint bookrunning managers for this offering are Morgan Stanley, BofA Merrill Lynch and RBC Capital Markets. The co-lead managers for this offering are Citi, Jefferies & Company, Inc., Morgan Keegan and UBS Investment Bank.
4:12PM Yahoo! reports EPS in-line, misses on revs; guides Q3 revs below consensus (YHOO) 14.59 +0.17 : Reports Q2 (Jun) earnings of $0.18 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.18; revenues fell 4.6% year/year to $1.08 bln vs the $1.1 bln consensus, primarily due to the revenue share related to the Search Agreement with Microsoft. GAAP rev -23% YoY to $1.23 bln. Excluding this item and other special items, revenue ex-TAC for the second quarter of 2011 increased 1% YoY. Special items include the impact of the divestiture of HotJobs, broadband deferred revenue amortization, and certain fee rate reductions. Co issues downside guidance for Q3, sees Q3 revs of $1.05-1.10 bln vs. $1.12 bln Capital IQ Consensus Estimate; GAAP revenue for 3Q11 is expected to be in the range of $1,200 million to $1,260 mln. Total expenses (cost of revenue plus total operating expenses) for the third quarter of 2011 is expected to be in the range of $1,065-1,095 million. Total expenses less TAC for the third quarter of 2011 is expected to be in the range of $915-935 million. Income from operations for Q3 is expected to be in the range of $135-165 mln. "We experienced softness in display revenue in the second half of the quarter due to comprehensive changes we have made in our sales organization to position ourselves for more rapid display growth in the future."
4:12PM Harleysville Grp comments on impact of 2Q catastrophes and weather-related losses; expects to report ~$34 mln in pretax catastrophe losses related to the 2Q storms, resulting in an operating and net loss in the range of $0.40 to $0.46/share (HGIC) 31.61 +0.56 : Co anticipates a statutory combined ratio of ~125%, which reflects ~17 points of catastrophe losses. In the second quarter of 2010, Harleysville Group reported operating income of $0.61/share and a statutory combined ratio of 101.3%, which reflected 3.8 points of catastrophe losses. Both years' catastrophe losses exceed the company's long-term average. Harleysville Group expects to announce its second quarter results on August 8.
4:12PM Rex Energy finalizes settlement agreement in Westmoreland County (REXX) 11.84 +0.66 : Co announced that the company received final court approval of a settlement agreement that resolves pending litigation with landowners in Westmoreland County, Pennsylvania. Under the terms of the settlement agreement, Rex has extended 114 lease offers to landowners who have not already leased with other parties. The lease offers, which were negotiated specifically for the settlement agreement, provide for a term of five years with bonus payments of $2,500 per acre and a 15% royalty. To date, the lease offers cover ~5,000 acres and, if accepted, provide for a maximum value of ~$12.5 mln in lease bonus payments.
4:11PM FriendFinder Networks announced that Brian Prenoveau joined FFN effective immediately as Director of Investor Relations (FFN) 4.57 -0.08 :
4:11PM Parkway Prop sells final two assets in Hampton Roads for ~$16.7 mln (PKY) 17.46 +0.47 :
4:10PM Vishay announces Dieter Wunderlich will assume position of Executive VP - COO and Johan Vandoorn will assume the position of Executive VP - CTO (VSH) 14.80 +0.22 :
4:10PM MicroFinancial announced release of a new iPhone App that will provide mobile access to TimePayment Direct (MFI) 5.56 +0.03 : This new application means that TimePayment Direct will be with vendors and brokers where ever they are, giving them the ability to enter applications, receive credit decisions and track the status of all of their transactions with TPC.
4:10PM Intuitive Surgical beats by $0.20, beats on revs (ISRG) 374.90 +12.62 : Reports Q2 (Jun) earnings of $2.91 per share, $0.20 better than the Capital IQ Consensus Estimate of $2.71; revenues rose 21.4% year/year to $425.7 mln vs the $410.5 mln consensus. "We are pleased with our second quarter procedures, revenue, and earnings growth. Our results reflect the continued adoption of da Vinci surgery across a broad range of procedures."
4:09PM VMware beats by $0.04, beats on revs; guides Q3 revs above consensus; guides FY11 revs above consensus (VMW) 106.02 +5.24 : Reports Q2 (Jun) earnings of $0.51 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.47; revenues rose 36.8% year/year to $921 mln vs the $873.5 mln consensus. Co issues upside revenue guidance for Q3, sees Q3 revs of $915-940 mln vs. $898.75 mln Capital IQ Consensus Estimate. The third quarter non-GAAP operating margin is expected to decline sequentially by 260 to 360 basis points. Co issues upside guidance for FY11, sees FY11 revs of $3.65-3.75 bln vs. $3.63 bln Capital IQ Consensus Estimate.
4:09PM Anworth Mortgage reports EPS in-line, misses on revs (ANH) 7.27 +0.12 : Reports Q2 (Jun) earnings of $0.25 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.25; revenues rose 8.5% year/year to $59 mln vs the $60.9 mln consensus.
4:09PM Marten Transport misses by $0.01, beats on revs (MRTN) 21.90 +0.05 : Reports Q2 (Jun) earnings of $0.28 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.29; revenues rose 20.0% year/year to $151.1 mln vs the $146.4 mln consensus.
4:09PM Riverbed Technology reports EPS in-line, misses on revs (RVBD) 41.40 +2.63 : Reports Q2 (Jun) earnings of $0.21 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.21; revenues rose 34.9% year/year to $170.3 mln vs the $172.7 mln consensus. "Overall it was a solid second quarter, with sales in the U.S. increasing 50% over the prior year... We experienced softness in the EMEA region, which we attribute to both the regional economy and our own execution. Looking ahead, we have confidence in our ability to improve our execution in this region with new EMEA sales leadership announced last week. Our top-line growth was led by a 38% year-over-year increase in product sales. Non-GAAP product gross margin reached an all-time high of 81.5%, and we achieved a record non-GAAP operating margin of 29.6%. Our competitive position is stronger than ever, our product portfolio is even more robust with the acquisitions announced today, and our market opportunity is growing. We expect a strong second half of 2011." Separately, Riverbed announced today the acquisition of two companies, Zeus Technology and Aptimize. See 16:05 comment for details.
4:08PM Cybex reports Q2 EPS of ($0.03) vs. ($0.02) in last year's quarter; revs rose 17.7% to $32.6 mln (CYBI) 0.87 0.12 :
4:07PM Luminex Corporation announces it has received 510(k) clearance from the FDA for its xTAG Respiratory Viral Panel FAST (LMNX) 20.79 +0.38 :
4:07PM Waste Connections beats by $0.02, beats on revs (WCN) 33.47 +0.95 : Reports Q2 (Jun) earnings of $0.39 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.37; revenues rose 18.1% year/year to $390.2 mln vs the $382.4 mln consensus.
4:06PM BioMed Realty trust enters into new $750 mln unsecured revolving credit facility (BMR) 20.02 +0.39 : The new facility matures on July 13, 2015, but can be extended for one year to July 13, 2016 at the company's option. In addition, the terms of the new facility permit BioMed to increase the amount of the revolving credit commitments to $1.25 billion after satisfying certain conditions.
4:06PM Sabra Healthcare REIT announces public offering of 9.5 mln shares of common stock (SBRA) 15.87 +0.11 : Co intends to use a portion of the proceeds to it from this offering to fund the aggregate purchase price for four skilled nursing facilities--Broadmeadow Healthcare, Capitol Healthcare, Pike Creek Healthcare and Renaissance Healthcare (the "SNF Portfolio"). The remaining proceeds to co, or if the acquisition of the SNF Portfolio is not consummated, all of the proceeds to Sabra from this offering, will be used to fund possible future acquisitions or for general corporate purposes. Jefferies & Company, Inc. and Citi are the joint book-running managers for this offering.
4:05PM Chipotle Mexican Grill reports Q2 (Jun) results, beats on revs (CMG) 333.710 +5.72 : Reports Q2 (Jun) earnings of $1.59 per share, may not be comparable to the Capital IQ Consensus Estimate of $1.69; Results for the quarter were also impacted by the loss on Chipotle's investment in ANGR Holdings, LLC, which operated the restaurants awarded on the television program America's Next Great Restaurant prior to their closure. The loss resulted in a pre-tax charge of $2.4 million, or a diluted EPS impact of 5 cents. revenues rose 22.4% year/year to $571.6 mln vs the $557.6 mln consensus. CMG reports a 10.0% increase in comparable restaurant sales. CMG 2011 comp store sales guidance is for an increase in the high single to low double digits; previously guided for mid single digits. Restaurant level operating margin was 25.8% in the quarter, a decrease of 110 basis points over the prior year period. The decrease was primarily driven by food cost inflation partially offset by leverage from comparable restaurant sales growth.
4:05PM CSX beats by $0.02, beats on revs (CSX) 25.48 +0.29 : Reports Q2 (Jun) earnings of $0.46 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.44; revenues rose 13.4% year/year to $3.02 bln vs the $2.98 bln consensus. As previously announced, CSX expects to make 2011 capital investments of $2.2 bln. That is consistent with its intentions to reinvest an average of 18 percent of its revenues into its business through 2015 to further enhance the capacity, quality and flexibility of its rail network. The company remains on target to achieve its current near- and long-term financial guidance, including a high-sixties operating ratio in 2011 and a 65 percent operating ratio by no later than 2015.
4:05PM Riverbed Technology announced the acquisitions of Atimize, and Zeus Technology (RVBD) 41.40 +2.63 : Co announced that it has acquired Aptimize Limited, a privately-owned company that is a market leader in web content optimization. The co also announced it has acquired Zeus Technology, a privately-owned company that delivers high-performance software-based load balancing and traffic management solutions for virtual and cloud environments. The terms were not disclosed in either acquisition.
4:03PM Penn Natl Gaming calls for redemption of all of Its outstanding 6 3/4% senior subordinated notes due 2015 (PENN) 40.38 +0.45 :
4:03PM Penn Natl Gaming secures new $2.15 bln senior secured credit facilities (PENN) 40.37 +0.44 : Co announced that it secured $2.15 billion of senior secured credit facilities which include (i) a $700 million five year revolving credit facility, (ii) a $700 million five year Term Loan A, and (iii) a $750 million seven year Term Loan B. The new senior secured credit facilities replace the Company's existing $640.6 million revolving credit facility due July 2012 and $1.52 billion secured Term Loan B facility due October 2012.
4:02PM STAG Industrial announces the acquisition of two industrial properties for $17.9 mln and Closes a $65 mln acquisition mortgage facility (STAG) 12.56 +0.03 : Co announced the acquisition of two properties for $17.9 mln, which includes a 101,500 square foot manufacturing and distribution facility located in Fort Worth, Texas and a 420,690 square foot warehouse and distribution facility located in Gresham, Oregon.
4:01PM Spectrum Brands announces extension of Black & Decker (SWK) trademark license agreement through 2015 (SPB) 27.81 +0.25 :
3:47PM Earnings Calendar (SUMRX) : Today after the close look for the following companies to report:
3:38PM CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices (COMDX) : Continuous corn futures closed 22 cents higher at $6.88/bushel, wheat rose 4 cents to close at $6.93, cont. soybeans closed down 3 at $13.84, cont. ethanol closed up 7 cents to $2.77, while cont. world sugar futures closed unchanged at 0.29 cents.
3:26PM State Bancorp and Valley National Bancorp (VLY) receive regulatory approval to complete the previously announced merger; expected will take place in Q4 (STBC) 13.30 +0.23 :
3:15PM Gold, sivler continue to move lower in electronic trade, with both metals now at fresh lows (COMDX) :
* Gold currently lower by $17.40 to $1583.70. * Silver dow $1.50 to $38.73.
3:05PM Ballard Power jumps after the co announced commitment from Plug Power (PLUG) to purchase 3,250 Fuel Cell Stacks thru 2012 (BLDP) 1.57 +0.10 : Ballard Power Systems announced a purchase order commitment from Plug Power for a minimum 3,250 fuel cell stacks over the next 18-month period, for use in the material handling market. The deal - structured under an existing equipment supply agreement between the companies that runs through 2014 - calls for Plug Power's minimum purchase of 3,250 Ballard fuel cell stacks by the end of 2012, with power levels ranging from 1.5 kilowatts to 20.0 kilowatts each. Ballard anticipates that both the scale and cadence of associated product shipments will contribute to increased manufacturing efficiency and reduced fuel cell stack cost.
2:49PM Stock indices extend to fresh highs again -- Dow +206, S&P +21, Nasdaq Comp +57 (SPY) : Some relative sector strength (outperforming the S&P) in recent action has been noted in: Oil Service OIH, Finance XLF, and Transports IYT.
2:37PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled higher by $1.57 to $97.50, natural gas shed 2 cents to close at $4.53, RBOB gasoline gained 2.32 cents to finish at $3.12, while heating oil ended up 2.21 cents to $3.11 (all Aug contracts).
2:20PM Portland Gen Elec reports progress implementing its 2020 plan for Boardman Power Plant; also the co and Sierra Club agree to settle lawsuit (POR) 25.37 +0.10 : Under the plan, the co is installing a suite of controls to significantly reduce emissions from the plant, and has agreed to end the use of coal there by the end of 2020. The co has installed the first of the planned emissions control retrofits this spring and has replaced the plant's burners. This fall, co will begin testing a dry sorbent injection system... This week, the co, the Sierra Club, and other environmental groups lodged a consent decree to resolve allegations of Clean Air Act violations at the plant. The decree specifies certain caps in permitted sulfur dioxide emissions from the Boardman Plant during its remaining coal-fired operation, which PGE expects to meet within the framework of the 2020 plan, and would allow for continued operation of the plant through the end of 2020. In addition, PGE and its Boardman Plant co-owners will provide $2.5 million to the Oregon Community Foundation for environmental projects in the Columbia Gorge area and northeastern Oregon, and pay $1 million to reimburse the plaintiffs for legal expenses.
2:09PM Globecomm Systems entered into new $72.5 mln committed secured credit facility (GCOM) 14.74 +0.15 : Co announced that it entered into a new $72.5 mln committed, secured credit facility with Citibank, which continues until October 31, 2014. The new facility replaces the co's existing $65 mln committed credit facility with Citibank. The credit facility provides for up to $50 mln in term loans, a $15 mln revolving credit facility, $10 mln in commercial letters of credit and $30 mln in standby letters of credit. The credit facility will be used to provide bid bonds and performance bonds relating to projects and contracts worldwide and the revolving credit capacity supports the Company's working capital needs.
1:49PM Gold and silver (GLD, SLV) seeing some renewed weakness in recent action (TECHX) : GDX down into its recent gap at $59.73.
1:45PM Latest extension brings the S&P +19 to the flat line for the year at 1325 -- session high 1325 (SPY) :
1:40PM Nasdaq Comp +49 joins Dow +175 and S&P +16 at fresh session highs (SPY) :
1:37PM COMEX Metals Closing Prices (COMDX) : August gold finished lower by $5 at $1597.40, Sept silver shed 31 cents to end at $40.63, while Sept copper gained 6.4 cents to close at $4.46.
1:34PM Gold to lows; off $5.30 to $1597.10 (COMDX) :
1:31PM Crude to fresh highs at $98.64; now up $2.70 to $98.62 (COMDX) :
1:29PM Crude oil pushing back toward highs; now up $2.36 to $98.31 (COMDX) :
1:28PM Dow +147 breaks above midday range high, S&P +14 and Nasdaq Comp +45 are approaching similar levels (DIA) :
1:22PM Northern Trust appoints Chief Operating Officer and Chief Financial Officer (NTRS) 43.35 -0.04 : Co announced that William L. Morrison has been appointed President and Chief Operating Officer. Morrison, an Executive Vice President and member of Northern Trust's Management Group, has served as Chief Financial Officer since September 2009. Replacing Morrison in the role of Chief Financial Officer will be Michael G. O'Grady, who will join Northern Trust in August and assume the role of Chief Financial Officer. O'Grady joins Northern Trust from Bank of America Merrill Lynch's (BAC) Financial Institutions Investment Banking Group, where he served as Managing Director and head of the firm's Depository Institutions Group for the Americas These appointments will be effective October 1.
1:00PM Marathon Oil slides to a new session low of 30.92, probing the lower end of its 4 month trading range at 30.92/30.64 (MRO) 30.95 -0.45 :
12:31PM iShares DJ Transports ETF continues to lag (IYT) : Noted relative weakness in the 12:10 update with the IYT recently dropping to a new low just above the flat line. All three sub-sectors (Rail, Airline, Trucking) have weakened with Airline slipping under yesterday's low to establish a new 11 month low (FAA low 32.31, yesterday's low 32.00). Trucking (DJUSTK) has flirted with yesterday's July low but this index is above its 50 sma/ema.
12:18PM Southern Union and Energy Transfer Equity (ETE) announce improved agreement that provides SUG shareholders $44.25/share in cash or ETE common units (SUG) 43.92 +0.59 : The cos entered into an amended and restated merger agreement under which ETE will acquire SUG for $9.4 bln, including $5.7 bln in cash and ETE common units. Under the terms of the revised agreement, which has been unanimously approved by the boards of directors of both companies, SUG shareholders can elect to exchange their common shares for $44.25 of cash or 1.000x ETE common unit. The maximum cash component is 60% of the aggregate consideration and the common unit component can fluctuate between 40% and 50%. Elections in excess of either the cash or common unit limits will be subject to proration... In connection with the revised merger agreement, ETE has signed an amended drop down agreement to sell SUG's 50% interest in Citrus, which owns 100% of the Florida Gas Transmission pipeline system, to Energy Transfer Partners, L.P. (ETP) for total consideration of $2.0 bln. The obligations of ETE are to be assumed by SUG immediately prior to closing of the ETE/SUG merger. The proceeds received will be used to fund a portion of the merger consideration and to repay existing SUG-related debt to maintain appropriate investment grade credit metrics. The sale of this interest in Citrus is not subject to any financing condition on the part of ETP or ETP unitholder approval and is not a condition to the consummation of the SUG merger... The merger is not subject to any financing condition and is supported by ~$3.7 billion in committed financing from Credit Suisse.
12:10PM Sector Watch (TECHX) : Relative sector weakness as the stock indices hovering near their limited midday pullback lows include: Finance XLF, Reg Bank KRE, Disk Drive, Rail, Casino, Transports IYT -- Dow +98, S&P +10, Nasdaq Comp +40.
12:04PM Permian Basin Royalty Trust announces July cash distribution of $0.148472/share; up from previous month of $0.143921/share (PBT) 22.94 +0.11 :
12:02PM Canadian Natl Rail invests in more extended sidings bringing its investments in seven long sidings in this corridor to more than CAD$30 mln (CNI) 77.39 +0.63 :
11:53AM Sinclair Broadcast announced earlier that the co and The CW extended affiliation agreements (SBGI) 9.92 +0.15 : The co and The CW Network announced that the 10 affiliation agreements with the Network that were due to expire this August have been extended until August 31, 2016.
11:52AM S&P +10 holding above initial intraday support (SPY) : The strong run this morning edged slightly above resistance noted in The Technical Take at 1318/1319 (congestion/38% retrace of July slide) before edging back (session high 1320). Initial intraday supports are at 1313 and 1311 (recently hit 1314).
11:39AM Stock indices slip back further off morning rebound highs -- Dow +108 has dipped 35 points, S&P +10, Nasdaq Comp +39 (SPY) :
11:36AM Apple slips to fresh lows as it begins to come back down into yesterday's high of $374.65 (AAPL) 374.70 +1.08 :
11:02AM Constellation Energy has again been chosen as the endorsed energy supplier for the Rhode Island Manufacturers Association (CEG) 22.70 +0.42 :
11:01AM Theratechnologies announced results of independent study on the effect of Tesamorelin on cognitive function presented at conference in France (THER) 4.33 +0.06 : Co announced A total of 152 older adults, half of whom were cognitively normal and half of whom were diagnosed with amnestic MCI, received either tesamorelin or a placebo. Tesamorelin improved executive function in both cognitively normal healthy older adults and in adults with MCI. Tesamorelin also improved delayed verbal recall in adults with MCI. This study is the first to demonstrate that short-term administration of a human growth releasing factor analogue improves executive function for both cognitively normal and memory-impaired older adults, and has an additional effect on verbal memory for MCI adults, who are at high risk for progression to Alzheimer's dementia.
11:00AM Intel to acquire Fulcrum Microsystems, privately held fabless semiconductor company (INTC) 22.74 +0.46 : Additional terms of the transaction were not disclosed. It is expected to close in the third quarter of 2011.
10:58AM LodgeNet reorganized its Healthcare group as independent, but wholly-owned subsidiary (LNET) 2.97 +0.07 : "After conducting a strategic review, we determined that the best way to enhance shareholder value and the success of the Healthcare group was not only to enable it to leverage synergies, but to develop and execute independently focused strategies based on the unique needs of the healthcare market."
10:55AM Flexible Solutions disputes statements of ex-distributor in Singapore (FSI) 2.87 -0.02 : Flexible Solutions clarifies that the product described by WSP is not Flexible Solutions' WATERSAVR. Flexible Solutions did not manufacture, oversee the manufacture or sell the product described by WSP. The co is unaware that any product sold by WSP has been tested or approved by those authorities who approved Flexible Solutions' WATERSAVR... WSP is not authorized to use Flexible Solutions trade names or trademarks in promoting or advertising products it sells.
10:54AM CEL-SCI Corp and Teva Pharmaceuticals (TEVA) expand licensing agreement for its cancer drug Multikine (CVM) 0.55 +0.05 : Under the agreement, Teva's exclusive license to market and distribute Multikine, the co's investigational Phase III drug for the treatment of head and neck cancer, in Israel and Turkey will be extended to include Croatia and Serbia. Teva is currently funding a part of the global Phase III clinical study at three clinical sites in Israel. Teva will be responsible for the costs of registering and selling the product in Serbia and Croatia and will pay CEL-SCI milestone payments upon approval of Multikine. The parties will share revenue generated from all four countries.
10:46AM Heartland Express beats by $0.05, misses on revs (HTLD) 16.81 +0.19 : Reports Q2 (Jun) earnings of $0.25 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.20; revenues rose 7.7% year/year to $137.2 mln vs the $143 mln consensus. The demand for freight services improved due to capacity issues in the industry. However, operating results were negatively impacted by a combination of tight driver availability and escalating fuel prices. The co is challenged by the shrinking pool of qualified drivers. Fuel expense increased $11.3 million or 36.4% during the quarter primarily due to an increase in average fuel prices. The average age of the Company's tractor fleet was 1.7 years as of June 30, 2011 with 84.7% of the fleet being 2010 models and newer.
10:43AM Golden Star Resources reports Q2 preliminary production results; sees 2011 CapEx of $71 mln (GSS) 2.88 -0.03 : Capital expenditures for 2012 are expected to be ~$70 mln... Wassa continued to operate in line with expectations. On a consolidated basis, while production in the second quarter of 2011 was lower than forecast, full year forecast is within 2% of previous guidance. Bogoso/Prestea mine focused on returning the Bogoso North and Chujah pits to design by mining 32% more waste than in the first quarter. This resulted in a temporary increase in the stripping ratio. Co expects to mine extra waste through the end of 2011 with the stripping ratio dropping to design for the whole of 2012... While the processed ore grade was down 6% in the second quarter of 2011, quarter on quarter, this was offset by the higher metallurgical recovery attained in the sulfide plant.
10:19AM Semiconductor Hldrs ETF is a top performing sector, sets new session high of 33.21 (SMH) 33.17 +0.88 : A resistance of interest above comes into play near here at 33.25/33.36. This marks congestion, the 38% retracement of the July swoon and its 200 day sma.
10:09AM IMAX and Warner Bros. Pictures announced Harry Potter opening weekend results (IMAX) 28.04 +1.06 : The cos announced that Harry Potter surpassed opening weekend IMAX box office records globally by generating $23.2 mln of the film's estimated worldwide gross of more than $481 mln, for an IMAX per-screen average of $59,000. Opening-weekend domestic results in cluded $15.2 mln of the movie's $169 mln of total box office, or ~$55,500 per screen. Internationally, the movie earned approximately $8 mln or $67,000 per screen for IMAX in its opening frame, with several key markets, including China, yet to open.
10:04AM Rockville Financial names Marino Santarelli as Executive Vice President and COO; John Lund, CFO and Treasurer promoted to Executive Vice President (RCKB) 10.32 +0.05 : Santarelli worked for Wells Fargo (WFC) and its predecessor banks, with business banking, commercial, and consumer regional executive assignments throughout the Mid-Atlantic States and the Northeast, including the bank's Connecticut business banking operation. Prior to joining Rockville Bank, Lund had served as a Bank Examiner and Capital Markets Specialist with the Federal Deposit Insurance Corporation out of the Hartford, Conn. office for 15 years.
10:04AM Star Bulk Carriers priced underwritten public equity offering of 16.7 mln common shares at $1.80 per share (SBLK) 1.64 -0.37 :
10:04AM SPDR KBW Bank pulls back into the red (KBE) 22.64 -0.07 : Components include: BAC, BK, BBT, C, JPM, MTB, PNC, STT, USB, WFC.
10:03AM BAE Systems and Crane Carrier Company to integrate hybrid electric propulsion systems into North American refuse trucks (BAESY) 19.40 +0.27 : The newly-formed alliance will perform field trials this year with a plan for Crane Carrier Company to offer HybriDrive powered vehicles to the market by the end of 2012.
10:01AM Travelzoo launches Chinese brand identity; takes a 'bigger step toward its accelerated growth plans in China' (TZOO) 89.16 +4.51 : In China, Travelzoo will be branded and operated in the name of Travelzoo Lv You Zu (in Chinese phonetics).
9:57AM Apricus Biosciences files marketing application for Vitaros as a treatment for erectile dysfunction in Switzerland (APRI) 4.88 +0.03 : Co received marketing approval for Vitaros as a first-line treatment for ED from Health Canada in November 2010.
9:54AM Financial Select Sector pauses after a modest run, pulls back to flat line (XLF) 14.69 +0.04 : The opening strength in the XLF dissipated with it stalling at the high of yesterday' s 8 month low bar at 14.79 (session high 14.78). Thus far it is attempting to hold on the intraday pullback near the flat line -- GS -1.8%, BAC -1.9%, STT -3.9%, PNC -0.3%, BK -0.2%, BBT -0.8%, USB -0.2%.
9:51AM Opening Point Gainers/Losers (TECHX) : Point Gainers: IDCC (+10.12), PII (+6.49), NFLX (+7.08), GOOG (+6.44), IBM (+5.51), AMZN (+4.86), CF (+4.40), CRM (+4.18), HOG (+3.80), BIDU (+3.75), AOS (+3.62), WYNN (+4.25), HANS (+3.40)
9:45AM El Paso Pipeline Partners announces distribution increase to $0.48/unit from $0.40/unit (EPB) 35.50 +0.20 :
9:43AM McDonald's notches new high of 85.98, its 52-wk close high from early July is at 86.06 (MCD) 86.93 +0.53 : The 52-wk intraday high from last week is at 86.46.
9:41AM Sector Watch (TECHX) : Top performing sectors on a percentage basis include: Casino +2.9%, Networking IGN +2.2%, Crude Oil USO +2.1%, Software IGV +2%, Home Construction ITB +2%, Disk Drive +2%, Coal KOL +1.9%, Oil Service OIH +1.9%, Solar TAN +1.8%, Housing XHB +1.8%, Semi Equip XSD +1.7%, Refiners (ALJ, WNR, TSO, SUN, MPC, VLO), Machinery/Construction (IR, CMI, NAV, MTW, JOYG, CAT).
9:36AM Gold, silver trade to new session lows (COMDX) :
9:36AM Strong push of the open with the S&P back above its 50 day averages -- Dow +110, S&P +11, Nasdaq Comp +36 (SPY) :
9:32AM Crude to fresh highs at $98.01; now up $2.07 to $98 (COMDX) :
9:31AM Energy Focus wins $1 mln Ohio development grant to support the development of low cost Intellitube light sensor (EFOI) 0.53 +0.00 : Co announced that its research and development team has been selected to receive a $1 mln grant from the Ohio Third Frontier Sensors Program to develop an ultra-low cost light sensor to complement IntelliTube, Energy Focus' LED based fluorescent replacement technology.
9:31AM Digi Intl announced that Inteligistics will use the iDigi Device Cloud, ConnectPort X wireless gateways and XBee ZigBee modules to enable its asset tracking system (DGII) 13.53 -0.45 :
9:29AM L-1 Identity Solutions and Safran receive approval for the pending merger transaction from the Committee on Foreign Investment in the United States (CFIUS) (ID) 12.00 +0.38 : Co announced that in connection with the pending acquisition of L-1 by Safran, the parties have reached a final agreement on the terms of a definitive mitigation agreement with the United States government. L-1 and Safran were notified by CFIUS on July 19, 2011 that the investigation of the merger transaction is complete and that there are no unresolved national security concerns with respect to the transaction. With CFIUS approval for the merger, and having satisfied all other conditions required prior to closing, the parties intend to complete the merger transaction within the next five business days.
9:23AM Orient Paper wins motion to dismiss complaint filed by Tribank Capital (ONP) 4.11 : Co announced today that United States District Court Judge granted co motion to dismiss the complaint filed by Tribank Capital Investments. The Court granted the motion in its entirety, finding that venue is improper because the contract that forms the basis of the parties' relationship contains a valid and enforceable forum selection clause providing that the Hong Kong Special Administrative Region of China is the exclusive forum for resolution of disputes. The co continues to believe that the action is without merit, and will vigorously defend any further litigation brought by Plaintiff.
9:17AM On The Wires (WIRES) :
* T3 Motion (TTTM) announces T3 Day that will feature rides on the T3, a cutting-edge 'green' personal mobility vehicle and will showcase the sleek, two-passenger R3 vehicle with its innovative design and state-of-the-art technology. * Canon (CAJ) announced its new line of 1.3-Megapixel IP security cameras. * Emulex Corporation (ELX) announced two new adapters based on its new second generation Emulex Virtual Fabric Adapter technology, which have been selected for IBM (IBM) BladeCenter systems.
9:16AM Lucas Energy announces oil price for East Texas Crude; possible plans for Eagle Ford acreage, and $1.9 mln financing transaction (LEI) 3.02 : Co announces it received a high crude oil price of $113.00 per barrel and $106.00 per Bbl for its May and June 2011 crude oil sales, respectively, from its properties in East Texas. Co has also been meeting with investment banking groups to discuss various possible future plans concerning its 4,400 net Eagle Ford acres. Co is considering the different alternatives, including but not limited to converting the position to cash and focusing on the development of the Austin Chalk reserves. Additionally, effective July 18, 2011, the co entered into an Amendment, Settlement and Release Agreement with each of the institutional investors who purchased securities in the co's December 2010 offering. The agreement and subsequent exercises of outstanding warrants by the investors is anticipated to result in the co receiving an aggregate of $1,928,517.
9:11AM MAG Silver and Frensillo JV approved the planned hire of independent consultants to carry out an independent resource est of the Juanicipio property (MVG) 11.66 : Co provides an update on the Juanicipio Property located in Fresnillo, Zacatecas State, Mexico, owned by Minera Juanicipio, a Mexican JV entity owned 44% by MVG and 56% by Fresnillo which is also the project manager. At a recent board of directors meeting of Minera Juanicipio, the board unanimously approved a resolution whereby Minera Juanicipio will hire a qualified and internationally recognized independent consultant to carry out an independent resource estimate based on drilling done on the property up to June 2011. Once finalized, it will be used by AMC (hired consultants) as a basis for the AMC Study. The updated resource estimate will utilize data from the ongoing 2011 drill program designed to convert as much as possible of the resource from the inferred category to an indicated category and therefore is expected to allow AMC to prepare a study with a higher confidence level mine production and mine design plan. The final AMC Study will also include certain tradeoff studies approved by the Minera Juanicipio board of directors. Although no assurances can be made regarding AMC's timing for delivery, Minera Juanicipio now expects the study will be completed in the third quarter of 2011. This deadline will be subject to the completion of the new resource estimate and the schedules of the authors. independent resource estimate.
9:04AM Wizzard Software announced that Slate has chosen LibsynPro to host and publish the Slate network of podcasts (WZE) 0.19 -0.01 :
9:03AM Carlisle Cos to acquire PDT for ~$113 mln (CSL) : Co announced that it has entered into a definitive agreement to acquire PDT Phoenix GmbH for a purchase price of ~EUR80 mln ($113 mln at current exchange rates). The purchase agreement calls for contingent payments based upon PDT's future earnings. PDT is a leading manufacturer of EPDM-based (rubber) roofing membranes and industrial components serving key European markets. With annual sales of ~EUR80 mln, PDT has 273 employees and operates facilities in Hamburg and Waltershausen, Germany.
9:03AM Rudolph Tech announced it intends to offer $50 million in aggregate principal amount of convertible senior notes due 2016 (RTEC) : Co announced it intends to offer, subject to market and other conditions, $50 mln in aggregate principal amount of convertible senior notes due 2016. The notes will be sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The co also intends to grant to the initial purchaser of the notes an option to purchase up to an additional $10 mln aggregate principal amount of the notes.
9:02AM Allergan to acquire privately held dermatologic company, Vicept Therapeutics for $275 mln (AGN) 82.52 : The agreement is estimated to close in the third quarter of 2011.
9:02AM Walter Energy confirms receipt of a letter addressed to its Board of Directors from Audley Capital Advisors; welcome constructive dialogue with all of its shareholders and remain focused on continuing to create long-term shareholder value (WLT) 118.55 :
9:02AM Neostem prices 13,750,000 unit offering at $1.20/share (NBS) 1.32 : Each unit consists of one share of common stock and a warrant to purchase 0.75 of a share of common stock with a per share exercise price of $1.45.
9:01AM Spectranetics selects clinipace worldwide to manage cardiovascular device clinical study (SPNC) 6.84 : The study has enrolled its first patient and is expected to grow enrollment up to 353 patients at up to 30 sites in the U.S. The trial will evaluate the safety and efficacy of laser atherectomy with balloon angioplasty compared to balloon angioplasty alone in the treatment of above the knee peripheral artery in-stent restenosis. The primary efficacy endpoint of the trial will be evaluated through six months following the procedure.
8:47AM MVC Capital approves additional $5 mln share repurchases; this is in addition to $5 mln authorization completed last Q (MVC) 13.03 :
8:46AM Breeze-Eastern Board of Directors has adopted a Shareholder Rights Plan (BZC) 10.42 : The Rights Plan has been adopted to ensure the fair treatment of all shareholders in connection with any take-over bid for the common stock of the Company. When the rights initially become exercisable, as described above, each holder of a Right will be allowed to purchase one one-thousandth of a share of a newly created series of the Company's preferred shares at an exercise price of $14.00. However, if a person acquires 10% or more of the Company's common stock in a transaction that was not approved by the Board of Directors, each right would entitle the holder (other than such an acquiring person) to purchase common stock in an amount equivalent to the exercise price at a 75% discount to the market price of the Company's common stock at that time the rights Plan is triggered. The rights will expire on July 18, 2014. The Company may redeem the rights for $0.01 each at any time until the tenth business day following public announcement that a person or group has acquired 10% or more of its outstanding common stock or one of the grandfathered common stock holders has purchased additional common stock.
8:45AM BioTime announces the issuance of a second U.S. Glycosan hydrogel patent (BTX) 4.99 : Co announced the issuance of United States patent titled "Modified Macromolecules and Associated Methods of Synthesis and Use," covering aspects of the composition of Glycosan hydrogels. The new patent protects compositions related to the products HyStem and Extracel, both of which are cross-linked scaffolds of two molecules crucial to connective tissues, collagen and hyaluronic acid.
8:45AM Diana Shipping announces time charter contract for M/V Protefs; at a gross rate of US$11,750 per day (DSX) 10.49 : Co announced that it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk carriers, at a gross rate of US$11,750 per day, minus a 4.75% commission paid to third parties for a minimum 11 to a maximum 14 month period. The charter is expected to commence on or about July 28, 2011.
8:40AM On The Wires (WIRES) :
* Zilog, a wholly-owned subsidiary of IXYS Corporation (IXYS) introduced its new Z16WiFiMiniZ28 Module. * Arbitron (ARB) announced a multi-year ratings and software contract renewal with Starcom MediaVest and ZenithOptimedia, part of Publicis Groupe, one of the largest brand communications organizations in the world. The contract provides access to the monthly reports in all Portable People Meter markets, the data reports for all diary markets, as well as RADAR, Nationwide and TAPSCAN Web services. * Capstone Turbine (CPST) announced that it sold a C1000 that will be installed at a major hospital in Massachusetts in a combined heat and power application. * Immunomedics (IMMU) announced the issue of U.S. Patent No. 7,981,398 covering additional claims for the patent family "PEGylation by the Dock and Lock technique." * Electronics For Imaging (EFII) announced that it has reached an agreement to acquire privately-held Entrac Technologies. While financial terms of the transaction were not disclosed, the acquisition is not expected to be material to EFI's 2011 results.
8:40AM Fresh highs for crude oil at $97.35; now up $1.41 to $97.34 (COMDX) :
8:39AM 3D Systems acquires Alibre; terms not disclosed; expects this acquisition to be immediately accretive to its net income and contribute favorably to its long-term target-operating model (DDD) 23.47 :
8:33AM Capstone Turbine sold a C1000 that will be installed at hospital in Massachusetts in a combined heat and power application (CPST) 1.50 : Capstone's New England distributor, Earthwise Energy Technologies, also will commission the C1000 this fall.
8:31AM KIT digital sees Q2 rev in-line (KITD) 11.98 : Co sees Q2 revs $48 mln vs $48.06 mln Capital IQ Consensus Estimate; GAAP net loss vs. the ($0.08) consensus. The co added more than 35 net new clients during the quarter, with an average rev per month per customer (ARPU) of more than $30,000, which is consistent with the co's ongoing focus on higher-end opportunities in the market and large, multi-year contracts in emerging sectors and geographies. The co's client base totaled more than 2,300 customers at June 30, 2011. "Our pace of internal growth strengthened during Q2. We feel we are approaching a tipping point in our industry. The proliferation of connected devices is driving service providers around the world to reevaluate their approach to traditional broadcast and IPTV. KIT digital has continued to operate in this 'sweet spot,' leading the global transformation of traditional broadcast television to multi-screen, OTT and multi-platform solutions."
8:31AM A.O. Smith to acquire Lochinvar for $418 mln; expects the acquisition to be accretive to earnings per share in the amount of ~$0.10 (AOS) 40.37 : Co announces it has signed a definitive agreement to acquire Lochinvar for $418 million and will not assume Lochinvar's existing debt. AOS expects the acquisition to be accretive to earnings per share in the amount of approximately $.10 in the fourth quarter of 2011, excluding one-time purchase accounting charges and professional fees related to the acquisition, and in the range of $.40 to $.50 per share in 2012. AOS expects to achieve approximately $10 to $15 million of annual synergies over the next few years from purchasing economies and potential global expansion opportunities.
8:31AM Zuoan Fashion announces sponsorship of Chinese television series (ZA) 4.33 : Co announced its cooperation with Beijing Nesound International Media Limited to sponsor a 30-episode high-end drama called "Hua Li Yi Zu" featuring a renowned cast from both China and Taiwan.
8:30AM Navigant Consult acquires Ignited Discovery, an electronic evidence and discovery services provider; No additional transaction details were released (NCI) 11.28 :
* SPX Corporation (SPW) announced that its Thermal Equipment and Services segment has been awarded a contract worth ~$17 mln from the China Datang Technologies & Engineering Co. to manufacture and install an indirect dry cooling tower system for the DatangWu'an power plant. * Amyris Brasil S.A., a subsidiary of Amyris (AMRS) announced it will begin supplying an expected 160 city buses in the Brazilian city of Sao Paulo with Amyris renewable diesel derived from sugarcane. * China Sky One Medical (CSKI) has won the bidding process on 50-year land use rights covering ~85,000 m2 of land located in the High-Tech Development Zone of Song Bei District in Harbin, China. Co acquired the Land Use Rights for total consideration of ~$7.3 mln. * API Technologies (ATNY) announced it has been awarded new contracts valued, in aggregate, at $2.7 mln to produce circuit card assemblies for use in counter-explosive equipment under the Joint Counter Radio-Controlled Improvised Explosive Device Electronic Warfare program. * The Dow Chemical Company (DOW) and Mitsui & Co (MITSY) announced the formation of a new joint venture and execution of a Memorandum of Understanding aimed at providing innovative and sustainable product solutions to the global high-performance flexible packaging, hygiene and medical markets. * AuthenTec (AUTH) announced that Korea-based Core Logic has integrated the SafeZone Secure Platform in its newest application processor for enhanced system and platform security. * RF Micro Devices (RFMD) announced its Foundry Services business unit has expanded its portfolio of process technologies to include two additional GaAs process technologies - RFMD's FD25 low noise pHEMT process and RFMD's FET1H switching pHEMT process. * KIT digital (KITD) was selected by one of the Philippines' major broadcast networks, TV5, to help it become the first fully automated, IP-based digital and HD-enabled facility in the region. * Limelight Networks (LLNW) announced that Middle East Broadcasting Center has selected Limelight as its sole solutions provider for online video publishing services, site acceleration and media delivery. * Rib-X Pharmaceuticals announced the receipt of a $9 mln milestone payment from Sanofi (SNY). The payment follows the recent signing of a worldwide research collaboration and option for license with Sanofi for novel classes of antibiotics resulting from Rib-X's RX-04 program for the treatment of drug resistant Gram-negative and Gram-positive pathogens. * Ingenico and ScanSource (SCSC) announced a joint non-exclusive partnership to co-market and distribute Ingenico's POS products by leveraging ScanSource's extensive reseller/VAR network in the U.S. According to the agreement, ScanSource will start carrying, marketing and distributing Ingenico's industry-leading POS devices to its extensive reseller network. As a result, Ingenico will significantly expand the distribution channel and shorten its time-to-market cycle for its integrated multi-lane retail POS products in the U.S. * AutoChina International (AUTC) announced that on July 15, 2011, the Company received a written notification from the Nasdaq Stock Market stating that it is not in compliance with the filing requirements for continued listing.
8:11AM Arabian American developmnt announces signing of multi-year $79 mln production contract for Al-Masane Al-Kobra mine (ARSD) 4.25 : Co announced a three-year, $79 mln contract with China National Geological & Mining Corporation effective July 3, 2011 for the operation, management and maintenance of the surface works of the Al-Masane Al-Kobra mine. This contract is in addition to a five-year contract with CGM, effective June 29, 2010, that totaled $125.0 mln which covered the engineering, design, mobilization, rehabilitation of existing mine workings and production work and included a provisional sum of $8.1 mln for equipment that has the option to provide. Arabian American is the original developer and now a 37% equity owner of the AMAK mine project.
8:08AM Goldman Sachs misses by $0.56, misses on revs (GS) 129.33 : Reports Q2 (Jun) earnings of $1.85 per share, $0.56 worse than the Capital IQ Consensus Estimate of $2.41; revenues fell 38.8% year/year to $7.28 bln vs the $8.06 bln consensus. Annualized return on average common shareholders' equity was 6.1% for the second quarter of 2011 and 8.0% for the first half of 2011. The firm's Tier 1 capital ratio under Basel 1 was 14.7% and the firm's Tier 1 common ratio under Basel 1 was 12.9% as of June 30, 2011.
Net revenues in Investment Banking were $1.45 billion, 54% higher y/y and 14% higher q/q. Net revenues in Financial Advisory were $637 million (+35% y/y), Underwriting business (+73% y/y), debt underwriting were significantly higher y/y. Net revenues in equity underwriting were also significantly higher than the second quarter of 2010, reflecting an increase in industry-wide equity and equity-related offerings.
Net revenues in Institutional Client Services were $3.52 billion, 29% lower y/y and 47% lower q/q. Net revenues in Fixed Income, Currency and Commodities Client Execution were $1.60 billion, 53% lower y/y, reflecting significantly lower results in mortgages, commodities and interest rate products. High levels of uncertainty and decreased levels of liquidity during the quarter contributed to difficult market-making conditions, particularly in mortgages and commodities, and prompted the firm to operate at generally lower levels of risk. In addition, net revenues in currencies decreased slightly and net revenues in credit products were essentially unchanged compared with the second quarter of 2010. During the quarter, Fixed Income, Currency and Commodities Client Execution operated in a challenging environment reflecting broad market concerns and uncertainty, which led to slightly lower levels of activity. The effect of these macro concerns was more pronounced within the firm's Asian and European franchises. Net revenues in Equities were $1.92 billion, 19% higher than the second quarter of 2010, primarily reflecting higher net revenues in equities client execution.
Operating expenses were $5.67 billion, 23% lower y/y) and 28% lower q/q. The ratio of compensation and benefits to net revenues for the first half of 2011 was 44.0%.
8:07AM W.W. Grainger beats by $0.10, updates FY11 EPS and sales growth (GWW) 156.31 : Reports Q2 (Jun) earnings of $2.22 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $2.12; revenues rose 12.3% year/year to $2 bln vs the $1.98 bln consensus. Co raises its FY11 guidance, now sees EPS of $8.40-8.70, excluding non-recurring items, up from the previous range of $8.10-8.60 (vs. $8.67 Capital IQ Consensus Estimate). Co now sees sales growth of 9-10%, up from the previous range of 7-10%, which calculates to roughly $7.8-7.9 bln (vs. $7.89 bln Capital IQ Consensus Estimate).
8:07AM Wells Fargo beats by $0.01, reports revs in-line (WFC) 26.88 : Reports Q2 (Jun) earnings of $0.70 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.69; revenues fell 4.7% year/year to $20.39 bln vs the $20.43 bln consensus. Businesses generating double-digit linked-quarter annualized rev growth included corporate banking, commercial real estate, debit card, insurance, international, merchant services, retirement services and SBA lending. Loans: Total loans were $751.9 bln at June 30, 2011, up $766 mln from $751.2 bln at March 31, 2011. Increased balances in many commercial loan portfolios more than offset the continued planned reduction in the non-strategic/liquidating portfolios, which declined $5.1 bln in the quarter compared with a $6.5 bln decline in first quarter 2011. Many portfolios had double-digit linked quarter annualized growth in average loan balances, including asset-backed finance, capital finance, commercial banking, commercial real estate, government banking, insurance, international, and real estate capital markets. Nonperforming assets ended the quarter at $27.9 bln, down 8 percent from $30.5 bln in the first quarter. Nonaccrual loans declined to $23.0 bln from $25.0 bln in the first quarter, with reductions across all major loan portfolios. Foreclosed assets decreased 12% to $4.9 bln, the third consecutive quarterly decline despite extended foreclosure timelines in many states. Loans 90 days or more past due and still accruing also improved in the quarter, totaling $17.3 bln at June 30, 2011, compared with $17.9 bln at March 31, 2011. The allowance for credit losses, including the allowance for unfunded commitments, totaled $21.3 bln at June 30, 2011, down from $22.4 bln at March 31, 2011. Capital: Capital increased in the second quarter, with Tier 1 common equity reaching 9.2%. Under current Basel III proposals, the Tier 1 common equity ratio was an estimated 7.4%. "Credit quality continued to improve in the second quarter, our sixth consecutive quarter of declining loan losses and the third consecutive quarter of lower nonperforming assets."
8:06AM Peabody Energy beats by $0.05, reports revs in-line; guides Q3 EPS below consensus; guides FY11 EPS in-line (BTU) 59.90 : Reports Q2 (Jun) earnings of $1.11 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $1.06; revenues rose 20.9% year/year to $2.01 bln vs the $2.02 bln consensus. Co issues downside guidance for Q3, sees EPS of $1.05-1.25, excluding non-recurring items, vs. $1.42 Capital IQ Consensus Estimate. Co issues in-line guidance for FY11, sees EPS of $4.20-4.60, excluding non-recurring items, vs. $4.49 Capital IQ Consensus Estimate. The company continues to target full-year capital expenditures of $900 to $950 million, with the majority of capital targeted toward mine expansions.
8:06AM Knoll beats by $0.02, reports revs in-line (KNL) 19.49 : Reports Q2 (Jun) earnings of $0.28 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 24.1% year/year to $238.7 mln vs the $237.8 mln consensus. Additionally, co reports Q2 Backlog increased 24.2% YoY to 164.6 mln.
8:04AM Autodesk acquires Pixlr online and social image creating, collecting, editing and sharing service; terms of the transaction were not disclosed. (ADSK) 35.33 :
8:03AM McMoRan Expl misses by $0.16, beats on revs (MMR) 18.38 : Reports Q2 (Jun) loss of $0.32 per share, $0.16 worse than the Capital IQ Consensus Estimate of ($0.16); revenues rose 46.6% year/year to $158.3 mln vs the $139.4 mln consensus. Additionally, co reports 2Q11 production averaged 197 MMcfe/d net to co, compared with 165 MMcfe/d in the second quarter of 2010. Production in the second quarter of 2011 was higher than McMoRan's previously reported estimates of 190 MMcfe/d in April 2011 because of favorable production performance. Production is expected to average ~180 MMcfe/d in the third quarter of 2011 and 185 MMcfe/d for the year, higher than the previous 2011 annual estimate of 175 MMcfe/d. Co's estimated production rates are dependent on the timing of planned recompletions, production performance, weather and other factors.
8:03AM Forest Labs beats by $0.07, beats on revs (FRX) 37.95 : Reports Q1 (Jun) earnings of $1.04 per share, excluding items, $0.07 better than the Capital IQ Consensus Estimate of $0.97; revenues rose 8.0% year/year to $1.15 bln vs the $1.13 bln consensus. Contract revenue was $40.6 million in the current quarter compared to $39.8 million last year. Research and development spending for the current quarter was $194.4 million compared with $219.7 million in last year's first quarter. "It will take time - a few years certainly - for the sales of our numerous new products to increase in volume and the ones that are yet to be filed with the FDA, or are in development, in negotiation, or which we will obtain in the future, altogether to surpass the sales of Lexapro which loses its patent protection in 2012, and Namenda which loses its patent protection in 2015. However we continue to believe that we are well on our way to building and launching a portfolio of new products that could ultimately generate levels of sales and earnings to secure long-term growth for our Company."
8:02AM Hemispherx Biopharma receives U.S. Patent Office notification of new patent granted for the use of Ampligen as an influenza virus vaccine adjuvant for protection against Pandemic Avian Influenza (HEB) 0.37 :
8:01AM Computer Sciences wins $30 mln U.S. Army Air Traffic Control Task Order (CSC) 36.28 :
7:59AM Interdigital Comm exploring potential strategic alternatives (IDCC) 103.75 : Co announced its Board of Directors has initiated a process to explore and evaluate potential strategic alternatives for the company, which may include a sale or other transaction. As a result in a rise in value of intellectual property in the mobile industry the co believes it is an appropriate time to explore potential strategic options that may enhance shareholder value. The co has retained Evercore Partners and Barclays Capital as its financial advisors.
7:58AM Crude oil testing overnight highs at $97.09; now up $1.13 at $97.06 (COMDX) :
7:55AM Huron Consulting appoints Mark Hussey as EVP, CFO, and treasurer; succeeds James Rojas who was appoint COO (HURN) 29.26 : Hussey joins co from Crosscom National, a privately held professional IT services organization in which he served as CFO and was responsible for all finance and administrative functions for the co.
7:50AM On The Wires (WIRES) :
* Jacobs Engineering Group (JEC) announced that it received a ~ $5 mln contract from the Civil Engineering and Development Department of the Government of the Hong Kong Special Administrative Region to provide services in respect of managing and operating the Public Works Regional Laboratory in Tai Po, Hong Kong. Co also announced that it received an $9.5 mln award from the U.S. Army Corps of Engineers. Co also announced that it has been awarded a contract by URENCO ChemPlants Limited, a wholly owned subsidiary of URENCO Ltd, for project management, design engineering, procurement, construction management and inactive commissioning. * Aon Corp (AON) announced it has acquired Westfield Financial and its subsidiary, the Ward Financial Group, from Ohio Farmers Insurance Company. Terms not disclosed. * Blue Coat Systems (BCSI) announced that ACE Insurance Japan has deployed Blue Coat ProxySG and PacketShaper appliances in its headquarters and remote offices to provide protection from escalating and dangerous Web threats and to manage employee use of Web applications.
7:49AM Gold, silver drop to their lowest levels of the morning after giving back modest overnight gains (COMDX) :
* Gold now off $2.10 to $1600.30. * Silver lower by 34 cents to $40.
7:48AM Johnson & Johnson beats by $0.04, beats on revs; reaffirms FY11 EPS guidance (JNJ) 67.09 : Reports Q2 (Jun) earnings of $1.28 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $1.24; revenues rose 8.3% year/year to $16.6 bln vs the $16.23 bln consensus. Co reaffirms guidance for FY11, sees EPS of $4.90-5.00, excluding non-recurring items, vs. $4.95 Capital IQ Consensus Estimate. Operational results increased 2.6% and the positive impact of currency was 5.7%. Domestic sales increased 0.1%, while international sales increased 15.9%, reflecting operational growth of 4.9% and a positive currency impact of 11.0%. Worldwide Consumer sales of $3.8 bln for the second quarter represented an increase of 4.0% YoY consisting of an operational decline of 1.8% and a positive impact from currency of 5.8%. Domestic sales decreased 8.5%; international sales increased 12.4%, which reflected an operational increase of 2.8% and a positive currency impact of 9.6%. Worldwide Pharmaceutical sales of $6.2 bln for the second quarter represented an increase of 12.2% versus the prior year with operational growth of 7.0% and a positive impact from currency of 5.2%. Domestic sales increased 4.1%; international sales increased 22.6%, which reflected an operational increase of 10.7% and a positive currency impact of 11.9%.
7:38AM Coca-Cola beats by $0.01, beats on revs (KO) 67.12 : Reports Q2 (Jun) earnings of $1.17 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $1.16; revenues rose 46.8% year/year to $12.74 bln vs the $12.39 bln consensus; meeting or exceeding their long-term growth targets and gaining volume and value share in total NARTD beverages. Reported worldwide volume grew 6% in both the quarter and year-to-date. Ex-new cross-licensed brands in North America, primarily Dr Pepper brands, worldwide volume grew 5% in the quarter and YTD. Comparable net revenue was also up 47%. This reflects a 6% increase in concentrate sales, a 6% currency benefit, positive price/mix and the acquisition of CCE's North American operations, partially offset by the effect of structural changes. Concentrate sales in the quarter were broadly in line with unit case volume. The positive price/mix in the quarter reflects international and Bottling Investments Group price/mix of 2%. In addition, they achieved 1% to 2% positive retail pricing in North America, with additional incremental pricing programs in place for 2H11 that will enable us to deliver 2-3% positive retail pricing for the full year in North America. Reported cost of goods sold was up 69% in the quarter. Comparable cost of goods sold was up 68% in the quarter, driven by a 6% increase in concentrate sales, a 6% currency impact and the acquisition of CCE's North American operations, partially offset by other items. Higher commodity costs, particularly in our finished goods businesses in the Bottling Investments Group and Coca-Cola Refreshments, continue to impact cost of goods sold as well. Second quarter reported operating income increased 15%, with comparable operating income up 18%. We were not buying shares under our share repurchase program for most of the quarter as we considered strategic alternatives. However, we are planning to purchase at least $2.5 billion in shares under our existing share repurchase program by year end.
7:34AM On The Wires (WIRES) :
* Alliance Data Systems Corporation (ADS) announced that its LoyaltyOne business has expanded its global reach into India with a strategic financial and management investment in Direxions Global Solutions. * Extreme Networks (EXTR) expanded its line of enterprise edge networking solutions with the launch of a new family of value-based Gigabit Ethernet fixed switching solutions. * POZEN (POZN) announced the formation of the POZEN Digital Advisory Board. Co aims to bring drugs to market more affordably than current models allow. The Digital Advisory Board will work alongside the Company as it prepares to launch and market its first products - including PA32540, being investigated for the secondary prevention of cardiovascular and cerebrovascular disease - and will advise POZEN on the use of digital technology to more effectively and efficiently engage and communicate with customers.
7:31AM TD Ameritrade reports EPS in-line, revs in-line (AMTD) 18.07 : Reports Q3 (Jun) earnings of $0.29 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $0.29; revenues fell 4.6% year/year to $685 mln vs the $685.2 mln consensus. Net new client assets of $7.9 billion, an annualized growth rate of 8 percent of beginning client assets. Average client trades per day of approximately 370,000, a decrease of 11 percent During the third quarter of fiscal 2011, TD Ameritrade repurchased 4.8 million shares of its common stock at an average price of $20.24 per share, for approximately $97 million.
7:31AM Allied Nevada reports continued drilling success at Hasbrouck and discovery of the Franco zone with results including 97 meters of 2.3 g/t gold and 34 g/t silver (ANV) 40.28 : Co provided highlights from recent drilling at its wholly owned Hasbrouck project located five miles south of Tonopah, Nevada. Recent assay results indicate the discovery of two new zones of higher grade gold and silver mineralization east of the Saddle Zone. The Franco Zone was discovered in a core hole (hole 68) drilled 530 meters southeast of the Saddle Zone highlighted by 97 meters of 2.3 g/t Au and 34 g/t Ag. This hole was drilled to the northwest, targeting both a mapped major structure and historic anomalous assays. Confirmation and step-out core drilling is underway to test both the continuity and geologic interpretation of the zone. Mineralization occurs in structurally and hydrothermally brecciated silicified rock, with veins and disseminated mineralization present.
7:30AM Spreadtrum Comms acquires Telegent Systems (SPRD) 14.75 : Spreadtrum does not expect significant impact to either its cash position or operating expenses as a result of the transaction.
7:25AM State Street misses by $0.01 (STT) : Reports Q2 (Jun) operating earnings of $0.96 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.97; total revenues rose 8.1% year/year to $2.49 bln. Q2 revenue included $51 mln, or $0.06 per share, of net interest revenue associated with discount accretion related to asset-backed commercial paper conduit securities consolidated onto the co's balance sheet in 2009. Servicing fees were up 16% to $1.124 billion YoY. Investment mgmt fees, generated by State Street Global Advisors, were $250 million, up 24% YoY. "In the second quarter we achieved strong growth in fee revenue due to continued momentum in servicing and management fee revenues driven by global client demand, and supported by seasonal factors affecting securities finance. We achieved positive operating leverage on an operating basis, comparing this year's second quarter with the first quarter, based on our continuing efforts to manage expenses."
7:12AM On The Wires (WIRES) :
* Elster (ELT) announced that Vlaamse Maatschappij voor Watervoorziening in Belgium has selected Elster to supply up to 120,000 V200 volumetric water meters with automated meter reading capability over the next three years. * ARM (ARMH) selected for its low power credentials and comprehensive ARM Partner ecosystem to address low- and high-end applications, such as smartphones, tablets and smart TV's. * TVs Telefonica Brazil (TEF) has chosen Ericsson (ERIC) to provide managed services for field maintenance in Sao Paulo, the largest city in Brazil. Ericsson will provide a range of field operations services, supervising and maintaining Telefonica's fixed network within the following areas in Sao Paulo city: Campo Limpo, Campo Belo, Jabaquara, Consolacao and Ipiranga. * Expedia's (EXPE) TripAdvisor announced it has reached the 50 million reviews and opinions milestone. * Sigma Life Science (SIAL) announced the launch of CompoZr Targeted Integration Kit - mRosa26, which can precisely and rapidly integrate transgenes into the mouse genome at the Rosa26 safe harbor locus. * GlobalSCAPE (GSB) announced the successful deployment of its Managed Information Xchange service at AVI-SPL, the largest global integrator of audio and video communications systems and services. * Ducommun Incorporated (DCO) announced that its Ducommun AeroStructures unit is part of the Boeing (BA) supplier team selected to build the new fleet of aerial refueling tankers for the U.S. Air Force.
7:10AM Bank of America beats by $0.03, misses on revs (BAC) 9.96 : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.30; revenues fell 50.2% year/year to $13.48 bln due to settling of the rep and warranties issue and is not comparable to the $25.34 bln consensus. On a non-GAAP basis firm reported a net loss of $8.8 billion, or $0.90 per diluted share. Excluding certain mortgage-related items and other selected items, net income was $3.7 billion1, or $0.33 per diluted share.
BAC extended approximately $147 billion in credit in the second quarter of 2011, according to preliminary data. Regulatory capital ratios finished above the company's prior guidance with the Tier 1 common equity ratio at 8.23 percent at June 30, 2011 and the tangible common equity ratio at 5.87 percent at June 30, 2011. On June 29, the company estimated that the Tier 1 common ratio at the end of the second quarter of 2011 would be above 8 percent. Tangible book value per share of $12.65 in the second quarter of 2011 was down from $13.21 in the first quarter of 2011 and up from $12.14 in the second quarter of 2010.
With the agreement and other mortgage-related actions taken in the second quarter of 2011, the company believes it has recorded reserves in its financial statements for a substantial portion of its representations and warranties exposure as measured by original principal balance. Consumer Real Estate Services reported a net loss of $14.5 billion, compared to a net loss of $1.5 billion for the same period in 2010. Revenue declined by $14 billion, and noninterest expense increased by $5.9 billion from the year-ago quarter. These amounts were partially offset by a decline in the provision for credit losses of $883 million from a year ago. The year-over-year decline in revenue was primarily driven by the $12.8 billion increase in representations and warranties provision.
7:04AM Omnicom beats by $0.05, beats on revs (OMC) 47.49 : Reports Q2 (Jun) earnings of $0.96 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.91; revenues rose 14.7% year/year to $3.49 bln vs the $3.38 bln consensus. Domestic revenue for the second quarter of 2011 increased 7.8% to $1,764.2 million compared to $1,636.9 million in the second quarter of 2010. International revenue increased 22.7% to $1,723.2 million compared to $1,404.3 million in 2Q10.
7:04AM Harley-Davidson beats by $0.10, beats on revs; raises its shipment forecast for 2011, raises low end of gross margin guidance range (HOG) 41.41 : Reports Q2 (Jun) earnings of $0.81 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.71; revenues rose 18.0% year/year to $1.34 bln vs the $1.26 bln consensus. Second-quarter 2011 earnings results were led by operating income from the Motorcycles and Related Products, which grew 39.2% to $219.8 million on higher shipment volume and operating margin improvement. Operating income from the Financial Services grew 34.9%, compared to the second quarter of 2010. Retail sales of new Harley-Davidson motorcycles grew 7.5% in the U.S. and 5.6% worldwide in the second quarter... The Company raised its shipment forecast for 2011 and now expects to ship between 228,000 and 235,000 new Harley-Davidson motorcycles to dealers and distributors worldwide, an increase of 8% to 12% compared to 2010 shipments. This compares to guidance provided April 19, 2011 of 215,000 to 228,000 motorcycles. In the third quarter of 2011, the Company expects to ship 60,000 to 65,000 motorcycles. For all of 2010, the Company shipped 210,494 motorcycles. The change in shipment guidance reflects ongoing efforts to manage supply in line with demand following strong second-quarter retail sales, as well as the Company's increased confidence in its ability to minimize the impact of potential supply chain interruptions resulting from the March earthquake in Japan. Harley-Davidson now expects gross margin to be between 34.0 percent and 35.0 percent for the full year, versus the prior estimate of 33.5 percent to 35.0 percent.
7:02AM Energy Conversion Devices to divest Ovonic Battery Company (ENER) 1.12 : Co announces that it is initiating a process to divest its Ovonic Battery Company subsidiary. "Given ECD's focus on its solar business, we have elected to seek a buyer that will leverage Ovonic Battery Company's substantial technology portfolio and provide it with a platform for expanding the commercialization and licensing of its advanced battery technologies."
7:01AM Cubic UNIT received a new, nine-month contract from the General Secretariat of the Organization of American States (CUB) 50.10 : Co announces it has received a new, nine-month contract from the General Secretariat of the Organization of American States to provide seaport security assessments and training for six ports in Panama. Cubic's contract covers the six principal port facilities in Panama, four container ports/terminals, and two cruise ship terminals. It includes the Port of Balboa, located at the Pacific entrance to the Panama Canal, and the Port of Cristobal, Port of Cristobal Cruise Terminal, Manzanillo Container Terminal, Colon Container Terminal, and Colon Cruise Terminal, all located on the Caribbean side of Panama.
7:01AM Microsemi acquires the technology and related assets from Brijot Imaging Systems (MSCC) 19.17 : The acqusition strengthens Microsemi's millimeterwave technology offering in the 70-100GHz range.
7:01AM Fuel-Tech announced receipt of a commercial FUEL CHEM order (FTEK) 7.07 : Co announced receipt of a commercial FUEL CHEM order from a domestic electric utility. Fuel Tech's proprietary TIFI Targeted In-Furnace Injection technology will be installed on two small coal-fired boilers to reduce problems caused by the formation of sulfur trioxide. Chemical injection is scheduled to commence in this quarter.
6:51AM Comerica reports EPS in-line (CMA) 32.31 : Reports Q2 (Jun) earnings of $0.53 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.53. Average loans increased in the Middle Market ("60 mln; 1%), Global Corporate Banking ("36 mln; 3%), and Specialty Businesses ($62 mln; 1%) business lines. The estimated Tier 1 capital ratio increased 18 basis points, to 10.53% at June 30, 2011, from March 31, 2011. Net credit-related charge-offs decreased "1 mln to $90 mln in the second quarter 2011, from "01 mln in the first quarter 2011. With regard to co's outlook, co sees: A mid-single digit increase in average loans due to the acquisition of Sterling loans at fair value. Net credit-related charge-offs between "65-185 mln for the second half of 2011. The provision for credit losses is expected to be between $65-85 mln for the second half of 2011.
6:32AM Bank of NY beats by $0.03, beats on revs (BK) 24.64 : Reports Q2 (Jun) earnings of $0.59 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.56; revenues rose 15.2% year/year to $3.85 bln vs the $3.68 bln consensus. Assets under custody and administration amounted to a record $26.3 trillion at June 30, 2011, an increase of 21% compared with the prior year and 3% sequentially. There was no provision for credit losses in the second quarter of 2011 compared with a charge of $20 million in the second quarter of 2010 and no provision in the first quarter of 2011. estimated non-GAAP basel III Tier 1 common 6.6% vs. 6.1% in Q1. "We generated $803 million of Basel I Tier 1 common equity in the second quarter of 2011, primarily driven by earnings retention. In the second quarter of 2011, we increased our estimated Basel III Tier 1 common equity ratio by approximately 45 basis points, reflecting our strong capital generation and improving risk-weighted assets mix. Given the strength of our balance sheet and ability to rapidly grow capital, we do not anticipate accelerating our timeline to meet the proposed Basel III capital guidelines." "Fees and net interest revenue grew nicely over both the prior year and quarter, leading to EPS growth of 9% and 18%, respectively. Expense growth remained high due in part to legal and regulatory costs. We are taking additional actions to reduce expenses."
6:31AM Perma-Fix Enviro signs definitive agreement to acquire Safety and Ecology Holdings for ~$24.5 mln (PESI) 1.51 : Co announces it has signed a definitive agreement to acquire Safety and Ecology Holdings from Homeland Security Capital. Under the terms of the agreement, cox will pay Homeland ~$24.5 mln consideration, consisting of $22.0 mln in cash, subject to working capital adjustments, along with a 3-year unsecured $2.5 mln promissory note, bearing an annual interest rate of 6%.
6:31AM Crosstex Energy increases dividend to $0.10/share from $0.09/share (XTEX) 17.86 : The co also announced that its quarterly distribution on the Partnership's common and preferred units will be $0.31/unit.
6:24AM KeyCorp beats by $0.06 (KEY) 7.73 : Reports Q2 (Jun) earnings of $0.26 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.20; total revenues fell 8.2% year/year to $1.02 bln vs the $1.03 bln consensus. During the second quarter of 2011, the Company continued to benefit from improved asset quality. Nonperforming assets declined $1.1 billion, and nonperforming loans decreased by $861 million from the year-ago quarter to $950 million and $842 million, respectively. Net charge-offs declined $301 million from the second quarter of 2010 to $134 million, or 1.11%, of average loan balances for the second quarter of 2011. At June 30, 2011, Key's estimated Tier 1 common equity and Tier 1 risk-based capital ratios were 11.01% and 13.76%, compared to 10.74% and 13.48%, respectively, at March 31, 2011. "Our results reflected continued improvement in credit quality, disciplined expense management and continued execution of our business plan. We were also encouraged by the growth in our commercial, financial and agricultural loan portfolio, which benefited from the strategic alignment between our relationship-focused Community Bank and the deep industry expertise and advisory capabilities of our Corporate Bank."
6:22AM On The Wires (WIRES) :
* Acacia Research (ACTG) announced that its Data Detection Systems subsidiary has entered into a settlement agreement with NetIQ Corporation regarding a patent for monitoring computer applications. The settlement agreement resolves litigation that was pending in the Eastern District of Texas. * Clean Diesel Technologies (CDTI) announced that it has been chosen as a catalyst supplier to Fisker Automotive, an American manufacturer of the first premium plug-in hybrid electric vehicles with extended range. * Starting Thursday, more Verizon Wireless (VZ) customers in various areas across the nation will be able to surf the web, download files and share music and photos up to 10 times faster than before with Verizon Wireless' 4G Long Term Evolution network. * Navistar Parts, part of Navistar (NAV) is set to offer customers the option to order PARTSMART truck and bus parts, leveraging the infrastructure of e-commerce giant Amazon.com (AMZN). * Feihe International (ADY) announced its participation in the National High Technology Research and Development Program of China. * Clearwire (CLWR), Comcast (CMCSA) and Sprint (S) announced an expansion of the Clearwire 4G network footprint and key capacity upgrades for mobile broadband customers in the greater Puget Sound, including communities on the Kitsap Peninsula, in Snohomish County and near Tacoma. * Identive Group (INVE) announced the acquisition of polyright SA, a provider of identity management solutions for the education and healthcare markets based in Sion, Switzerland. * Hitachi (HIT) and Cegedim Relationship Management announced a formal strategic partnership to offer Customer Relationship Management solutions to Life Sciences companies in the Asia Pacific region. * The Singapore Exchange (SPXCF) is preparing for anticipated growth by offering co-location services to their customers with the support of Transaction Network Services (TNS). Elster (ELT) announced that Vlaamse Maatschappij voor Watervoorziening in Belgium has selected Elster to supply up to 120,000 V200 volumetric water meters with automated meter reading capability over the next three years. * Telefonica Brazil has chosen Ericsson (ERIC) to provide managed services for field maintenance in Sao Paulo, the largest city in Brazil. * ADTRAN (ADTN) announced several key adoption milestones for the company's flagship product, the Total Access 5000.
6:11AM UnitedHealth beats by $0.18, reports revs in-line; raises FY11 EPS, rev guidance, in-line (UNH) 51.95 : Reports Q2 (Jun) earnings of $1.16 per share, $0.18 better than the Capital IQ Consensus Estimate of $0.98; revenues rose 8.5% year/year to $25.23 bln vs the $25.26 bln consensus. Co issues in-line guidance for FY11, raises EPS to $4.15-4.25 from $3.95-4.05 vs. $4.22 Capital IQ Consensus Estimate; sees FY11 revs of $101 bln vs. $101.51 bln Capital IQ Consensus Estimate, up from approaching $101 bln previously. All key performance metrics were again in line with or better than co expectations. UnitedHealthcare revenues increased by nearly 8%, led by a 15% YoY increase in the UnitedHealthcare Community & State business. Optum's 19% revenue increase included double digit%age revenue advances from each of its three primary businesses. The Q2 net margin of 5.0% increased 20 bps from 4.8% in 2Q10. UnitedHealth Group repurchased 28.1 million shares for $1.26 billion through the first six months of 2011 and ended the quarter with $1.4 billion in cash available for general corporate use. The 2Q11 medical care ratio of 81.4% was stable, decreasing 10 bps YoY.
6:06AM Polaris Inds beats by $0.17, beats on revs; guides FY11 EPS above consensus, revs above consensus (PII) 112.88 : Reports Q2 (Jun) earnings of $1.37 per share, $0.17 better than the Capital IQ Consensus Estimate of $1.20; revenues rose 41.1% year/year to $607.9 mln vs the $551.4 mln consensus. Co issues upside guidance for FY11, sees EPS of $5.93-6.05 vs. $5.90 Capital IQ Consensus Estimate; sees FY11 revs of $2.489-$2.549 bln vs. $2.44 bln Capital IQ Consensus Estimate.
6:03AM Nu Skin announces quarterly dividend incresase to $0.16/share from $0.135/share (NUS) 39.76 :
6:01AM Sapient acquires CLANMO, a leading mobile agency in Europe; financial terms not disclosed (SAPE) 14.03 -0.39 :
4:20AM Eli Lilly presents follow-up data on Semagacestat to assist future alzheimer's disease research (LLY) 38.05 : Co announces Data were presented today from the first of two Phase III trials of semagacestat, including data from a 32 week follow-up period after dosing was halted in August 2010. The study data confirmed preliminary results that showed that during the period of dosing, patients receiving semagacestat declined at a greater rate than patients taking placebo. After 76 weeks of treatment with semagacestat or placebo, patients taking placebo (501 patients) worsened by 6.19 points on the Alzheimer's Disease Assessment Scale-cognitive subscale, which is approximately the amount of change expected for placebo-treated patients over this time period. Patients taking 100 mg semagacestat daily (506 patients) worsened by 7.29 points; patients taking 140 mg semagacestat (527 patients) worsened by 7.68 points. Over the seven months after stopping dosing of semagacestat, the differences between placebo- and semagacestat-treated patients were largely unchanged. The adverse effects seen in the IDENTITY trial were similar to those seen during Phase II studies.
2:23AM Novartis AG beats by $0.02, beats on revs (NVS) 60.82 : Reports Q2 (Jun) earnings of $1.48 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.46; revenues rose 27.3% year/year to $14.91 bln vs the $14.59 bln consensus. With regard to co's outlook, co states Group constant currency sales growth is expected to be around the double-digit mark, based on consolidation of Alcon for four months in 2010. Pharmaceuticals is expected to deliver sales growth in low- to mid-single digits, with volume growth more than offsetting the impact of generic competition. Alcon sales are expected to increase at a midto high-single digit rate on a pro forma basis. Sandoz is expected to deliver mid- to high-single digit sales growth.
1:54AM Roche Hldg acquires mtm labs AG for up front payment of ~$180 mln (RHHBY) 41.64 : Co announces has signed an agreement under which it will acquire 100 percent of mtm laboratories AG, a privately-held company based in Heidelberg, Germany. mtm will become part of co's Tissue Diagnostics business unit. Under the terms of the agreement, Roche will pay mtm shareholders an upfront payment of ~EUR130 mln ($180 mln) as well as up to ~EUR60 mln ($85 mln) upon reaching performance-related milestones.
1:45AM Baidu.com launches landmark licensed music service with One-Stop China (BIDU) 148.13 : Co announces that it has signed a landmark agreement for the distribution of digital music with One-Stop China, a joint venture whose shareholders are three of the leading global record companies: Universal Music, Warner Music, and Sony Music. OSC shareholders will license to co their catalogues and upcoming new releases, including Chinese songs (in Mandarin and Cantonese) and international tracks, which can be streamed or downloaded from Baidu's servers.
1:42AM Equity Lifestyle Properties misses by $0.06, beats on revs (ELS) 66.52 : Reports Q2 (Jun) earnings of $0.73 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.79; revenues rose 1.7% year/year to $125.9 mln vs the $115.2 mln consensus.
1:39AM Graham Packaging unit amends tender offer and consent solicitations for the 8.25% Senior Notes due 2017 and 8.25% Senior Notes due 2018 (GRM) 25.26 :
1:36AM Endeavour Intl prices $120 mln of 5.5% convertible senior notes due 2016 (END) 14.24 :
1:21AM Laclede Gas Company enters into two 5 year credit agreement (LG) 37.44 : Co announces it has entered into a new revolving loan agreement. Two new agreements have 5-year terms with three 1-year extension options. The Laclede Group's credit facility provides for a credit commitment of $50 mln, with an added $25 mln accordion feature that provides for the facility to increase with lender approval. This agreement replaces facilities totaling $50 mln that were due to expire on September 30, 2011. The loan agreement for Laclede Gas Company provides $300 mln in credit, with an additional accordion feature of $100 mln. This agreement replaces a $320 mln facility that was due to expire on December 31, 2011.
1:14AM BG Medicine receives ISO 13485 Certification (BGMD) 7.81 : Co announces that it has received certification from the International Organization for Standardization for meeting the requirements of the ISO 13485:2003. ISO 13485 is internationally recognized as the quality standard for the design, development, production and sale of medical devices.
1:10AM Albemarle promotes President Luther Kissam to CEO effective Sep 1; current Chairman and CEO Mark Rohn will remain as Chairman (ALB) 67.39 :
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