4:25 pm : Broad-based buying drove stocks to a near two-week high. Stocks now head into Friday sporting a week-to-date gain of about 2%.
Traders were dealt another large batch of better-than-expected earnings results (a complete list can be viewed on Briefing's Earnings Calendar), but that didn't do much to stimulate broad market buying interest ahead of the open. Meanwhile, a muted response was made to news that initial jobless claims for the week ended July 16 totaled 418,000, which is up from the prior week's tally of 408,000 and greater than the 411,000 initial claims that had been widely expected.
However, word that a deal to restore Greece's economy has been drafted helped stir buying interest shortly before the open. The news also drove the euro upward and the dollar downward. At the end of the trading day, the Dollar Index was quoted with a 0.8% loss, which puts it on pace for a 1.3% weekly loss.
A Philadelphia Fed Survey reading of 3.20 for July provided stocks with another boost, given that the consensus among economists polled by Brieifng.com had called for a reading of 0.00 after the -7.70 that was posted for the prior month.
Although buying was broad, financials outperformed for virtually the entire session. The sector's 2.5% gain, which comes on top of its 1.1% advance in the prior session, was led by Morgan Stanley (MS 24.20, +2.48). Its 11% surge to a seven-week high came after the investment bank and brokerage outfit reported a narrower loss than had been expected for the latest quarter.
Tech stocks traded as relative laggards just about all session. The sector, which ended the day with a 0.5% gain, was hampered by weakness in F5 Networks (FFIV 98.88, -12.56), which sold off in spite of an upside earnings surprise. Many investors were displeased that after such a feat the firm issued an in-line forecast. Meanwhile, tech giant Microsoft (MSFT 27.09, +0.03) mustered a minor gain ahead of its quarterly report.
Stocks experienced some mid-afternoon volatility in response to headlines that suggested officials moved closer to a deal on the U.S. debt ceiling. The announcement was quickly contradicted by Press Secretary Carney in a comment to CNBC, though. Stocks eventually settled into a narrow trading range that left the S&P 500 to dance along the 1345 line for the final couple of hours.
The afternoon crawl may have lacked excitement, but it enabled stocks to maintain their gains. In turn, the broad market heads into Friday with a week-to-date gain of 2.1%, which would offset the 2.1% slide that was suffered last week.
Treasuries turned lower in response to the stock market's strength. The slide in prices lifted the yield on the benchmark 10-year Note back above 3.00% for the first time in a week.
3:30 pm : Among commodities, oil outperformed today. The energy component put together a 0.7% gain to settle at $99.13 per barrel. It had been up above $100 per barrel at its session high, however.
Natural gas started the session with a strong gain, but was backed down in response to a surprise build in weekly inventories. Contracts closed pit trade with natural gas priced at $4.39 per MMbtu for a 2.2% loss.
Precious metals prices were also up this morning, but rolled over to finish in the red. Specifically, gold prices closed at $1587.50 per ounce for a 0.6% loss. Silver settled at $39.09 per ounce for a 1.2% loss. Session highs were set above $1600 and $40 per ounce, respectively. DJ30 +164.84 NASDAQ +23.02 SP500 +19.28 NASDAQ Adv/Dec 1771/813 NYSE Adv/Dec 2457/604
3:00 pm : Only an hour remains in today's trade. As things currently stand, the stock market is on pace for gain of more than 1%. Combining that with a 1.6% jump on Tuesday, the stock market could record a weekly gain of about 2%, which would offset last week's 2.1% slide.
As for all of July, the S&P 500 is currently up 1.8% month to date. Should the gain hold, the stock market will offset the near 2% loss that it endured during June. DJ30 +166.39 NASDAQ +24.32 SP500 +19.39 NASDAQ Adv/Dec 1758/808 NYSE Adv/Dec 2442/601
2:30 pm : Stocks are stuck in a sideways drift, but that has allowed the major equity averages to maintain their gains. Buying today began with news that Greece has drafted a plan to revive its economy and financial system, a stronger-than-expected reading for the latest Philly Fed Survey, and the belief that officials are making progress in their debt ceiling dealings.DJ30 +148.23 NASDAQ +20.10 SP500 +17.92 NASDAQ Adv/Dec 1721/839 NYSE Adv/Dec 2435/595
2:00 pm : The stock market has entered into narrow trading range near its session high. The breadth of buying has been broad all afternoon. Even now, advancing issues outnumber declining issues by almost 5-to-1 on the NYSE.
Financials are still sporting the strongest gains. Collectively, financials are up 2.4%. Only a handful of names in the group have failed to find higher ground. Huntington Bancshares (HBAN 6.10, -0.21) and Genworth Financial (GNW 8.19, -1.28) are on that short list. Weakness in GNW shares comes after the company guided lower, but the slide by HBAN comes in spite of the firm's upside earnings surprise and dividend hike. DJ30 +163.70 NASDAQ +24.05 SP500 +19.56 NASDAQ Adv/Dec 1707/844 NYSE Adv/Dec 2451/582
1:30 pm : Stocks have worked their way back up to the session highs that were set prior to word from Press Secretary Carney that a deal on the debt ceiling hasn't yet been struck.
Strength among stocks continues to drive down Treasuries, which now trade at session lows. That slide has caused the yield on the benchmark 10-year Note tick up above 3.0%. DJ30 +173.50 NASDAQ +24.69 SP500 +20.46 NASDAQ Adv/Dec 1716/814 NYSE Adv/Dec 2468/540
1:00 pm : Talk of progress in Greece, data, and U.S. debt ceiling talks have helped drive stocks sharply higher this session.
The mood this morning was initially rather mixed as participants took in stride a big batch of better-than-expected earnings and another elevated initial weekly jobless claims tally. However, the tone improved shortly before the open when it was learned that a draft plan has been made to restore Greece's economy and that talks were focused on limiting default to only a few days. The news has helped the euro climb.
The broad market didn't really begin to make a meaningful move higher until a stronger-than-expected Philadelphia Fed Survey (3.20) for July was posted.
Financials have been leaders for the second straight session. As a group, financial stocks are up 2.3%. Morgan Stanley (MS 23.88, +2.16) is a top performer following its latest quarterly report. American Express (AXP 52.47, +0.38) posted an upside earnings surprise, but it has had to fight to stay in positive territory.
eBay (EBAY 34.14, +0.97) bested the consensus earnings estimate, but the stock hasn't been able to keep the tech sector from lagging. Although the group is collectively up 0.7%, the tech-rich Nasdaq has trailed its counterparts all session.
The broad market recently stretched to a fresh session high in response to reports that officials are close to a deal on the U.S. debt ceiling, but that announcement was quickly contradicted by Press Secretary Carney in a comment to CNBC. In turn, stocks slipped slightly from their afternoon peak. Overall gains remain strong, though. DJ30 +161.96 NASDAQ +22.29 SP500 +19.23 NASDAQ Adv/Dec 1657/846 NYSE Adv/Dec 2436/574
12:30 pm : The euro has extended its run against the greenback. News that progress is being made in efforts to restore Greece's economy and financial system have helped the euro climb 0.8% to $1.437.
Not to be outdone, the sterling pound has pushed up 0.9% so that it trades at $1.630. Meanwhile, the yen is up 0.5% to 78.44 yen per dollar.
Overall, strength among foreign currencies has caused the Dollar Index to fall to a 0.8% loss. It is now down 1.3% for the week. DJ30 +115.95 NASDAQ +15.21 SP500 +14.32 NASDAQ Adv/Dec 1575/918 NYSE Adv/Dec 2355/633
12:00 pm : The Nasdaq's gain is now about half of what it was an hour ago. Its downturn comes amid a waning support for tech stocks, which are up only a modest 0.3% for the session. Although tech stocks collectively account for the most market weight of any group, many other sectors are sporting impressive gains.
Amid the market's broad support, Treasuries have fallen out of favor. Selling in the fixed income space has sent the yield on the benchmark 10-year Note back up to 3.0%, which makes for a one-week high. DJ30 +125.86 NASDAQ +15.82 SP500 +15.06 NASDAQ Adv/Dec 1576/898 NYSE Adv/Dec 2367/608
11:30 am : After pausing for some time, stocks are slipping off of their morning highs. Overall gains remain strong, though.
Tech stocks continue to lag the rest of the market. The sector's 0.4% gain, which is less than half of what the S&P 500 has achieved, comes as weakness in F5 Networks (FFIV 100.73, -10.71) and Western Digital (WDC 35.30, -2.78) offsets strength in eBay (EBAY 34.04, +0.87) and Motorola Mobility (MMI 24.24, +1.83). F5's slide comes even though the company posted an upside earnings surprise for the latest quarter. eBay did the same last quarter, but investors have had a much more positive response to the company's numbers. DJ30 +120.65 NASDAQ +19.48 SP500 +13.84 NASDAQ Adv/Dec 1684/764 NYSE Adv/Dec 2435/526
11:00 am : The stock market's upward push has taken pause, so as to give stocks a bit of a breather. As things currently stand, the S&P 500 is on pace for a weekly gain of more than 2%.
Financials have been a big driver of today's gains. The sector is now up 2.0%, which makes it the top performing sector in the broad market. For the week, financials are collectively up 3%.
Morgan Stanley (MS 23.26, +1.54) is a top performer among financials today. The stock's 7% spike comes in response to news that the investment bank and brokerage outfit had a narrower-than-expected loss for the latest quarter. Earlier this week peer Goldman Sachs (GS 134.39, +1.64) posted earnings that were well short of what had been widely expected on Wall Street. DJ30 +146.53 NASDAQ +28.73 SP500 +17.34 NASDAQ Adv/Dec 1780/635 NYSE Adv/Dec 2507/429
10:35 am : Crude oil prices opened pit trade with a modest gain, but they have managed to build on that move. As such, oil was last priced with a 1.5% gain at $99.90 per barrel.
Natural gas prices have fallen to a 0.4% loss at $4.45 per MMbtu following news that the latest weekly inventory count showed a build of 60 bcf, which contrasts with the consensus call for a draw of 61 bcf. Earlier this morning, contracts had priced natural gas at about $4.50 per MMbtu.
As for precious metals, gold prices are flat at $1597 per ounce. It has spent the past 30 minutes trading between about $1595.50 and $1602 per ounce. As for silver, it is up 0.3% at $39.68 per ounce after it had been back above $40 per ounce earlier this morning. DJ30 +162.76 NASDAQ +31.92 SP500 +19.03 NASDAQ Adv/Dec 1796/576 NYSE Adv/Dec 2540/366
10:05 am : Stocks are trying to extend their opening advance in response to the latest dose of data.
The Philadelphia Fed Survey for July came in at 3.20, which is better than the 0.00 reading that had been expected, on average, among economists polled by Brieifng.com. It is also an improvement from the -7.70 that was posted for the prior month.
Leading Indicators for June registered a 0.3% increase, as had been widely anticipated. DJ30 +114.81 NASDAQ +14.14 SP500 +13.97 NASDAQ Adv/Dec 1642/623 NYSE Adv/Dec 2394/411
09:45 am : The Dow and S&P 500 are up with solid gains in the early going, but the Nasdaq only recently recovered from a slight loss. The Nasdaq's relative weakness comes as shares of heavyweight Intel (INTC 22.31, -0.68) slump sharply in response to the company's latest quarterly report. Its slide has fully erased the gains recorded during the two prior sessions. Weakness in INTC shares has also imbued the broader tech space, which is currently down 0.2%.
Financials are in strong shape for the second straight session. As a group, financials scored a 1.1% gain in the prior session. They have already advanced another 1.3% this morning. American Express (AXP 53.03, +0.94) is an early leader in the group, following news of its upside earnings surprise. DJ30 +66.79 NASDAQ +2.64 SP500 +8.02 NASDAQ Adv/Dec 1336/844 NYSE Adv/Dec 2201/523
09:15 am : S&P futures vs fair value: +7.20. Nasdaq futures vs fair value: +6.50. Stock futures got some help from news that a plan to stimulate Greece's economy has been drafted. The news has also boosted the euro and, as a result, put the dollar on pace for its third straight loss. Premarket participants have been less responsive to the latest round of earnings reports, which featured a bevy of better-than-expected results. So far, economic data have been limited to the latest initial weekly jobless claims count, which increased slightly more than expected to 418,000. Still to come, the latest Leading Indicators report and Philly Fed Survey are scheduled for 10:00 AM ET. Also at 10:00 AM ET, Fed Chairman Bernanke is scheduled to give a testimony on financial reform.
09:05 am : S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +8.20. Commodities have benefited from varied buying interest this morning. Specifically, crude oil prices are up 0.3% to $98.70 per barrel in the first few minutes of pit trade. Natural gas is up a more impressive 0.8% to $4.50 per MMbtu ahead of the latest weekly inventory report at 10:30 AM ET. Among precious metals, gold prices are up 0.1% at $1599 per ounce while silver was last quoted with a 0.8% gain at $39.88 per ounce. Collective strength in the commodity complex has the CRB Commodity Index up 0.2%.
08:35 am : S&P futures vs fair value: +6.60. Nasdaq futures vs fair value: +7.00. Stock futures are up nicely after hovering near the neutral line only a half-hour ago. The improved tone is mostly due to news that a deal to restore Greece's economy has been drafted. The news has also given the euro a modest lead over the dollar. There has been less of a reaction to news that initial jobless claims for the week ended July 16 totaled 418,000, which is up from the prior week's tally of 408,000 and greater than the 411,000 initial claims that had been widely expected. However, continuing claims came down to 3.70 million from 3.75 million.
08:05 am : S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: -1.80. Stocks settled the prior session with modest losses, but the mood this morning is rather muted. In turn, stock futures are flat. The tepid tone comes amid some lackluster action in Europe, where participants have been digesting some underwhelming PMI data from Germany, France, and the broader eurozone, as well as the latest round of talks related to tackling the region's sovereign debt dilemma. However, the earnings calendar has featured another big batch of better-than-expected bottom line results. American Express (AXP), eBay (EBAY), Qualcomm (QCOM), Morgan Stanley (MS), Nokia (NOK), and PepsiCo (PEP) are among the more widely held names that have exceeded earnings expectations. AT&T (T) and Eli Lilly (LLY) matched what Wall Street had expected, but Whirlpool (WHR) and Travelers (TRV) came short of the consensus earnings estimate. The latest weekly initial jobless claims count is due at the bottom of the hour. The latest Philadelphia Fed Survey and Leading Indicators report are scheduled for 10:00 AM ET. AT the same time, Federal Reserve President Ben Bernanke is slated to start his testimony on financial reform to the Senate. Later today, at 1:00 PM ET, results from an auction of 10-year TIPS are expected.
06:56 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -14.00.
06:56 am : Nikkei...10010.39...+4.50...0.00. Hang Seng...21987.29...-16.40...-0.10%.
06:56 am : FTSE...5807.85...-46.00...-0.80%. DAX...7158.25...-63.10...-0.90%.
5:42PM Owens & Minor raises quarterly dividend 13% to $0.20 (OMI) 34.88 +0.43 :
5:35PM OceanFirst Finl misses by $0.01 (OCFC) 13.84 +0.24 : Reports Q2 (Jun) earnings of $0.28 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.29.
5:23PM Macquarie Infrastructure announces acquisition of fixed base operations by Atlantic Aviation (MIC) 26.89 +0.21 : Co announced that its Atlantic Aviation subsidiary has entered into an asset purchase agreement for the fixed base operations ("FBOs") at the Portland International and Eugene airports in Oregon. The FBOs, operating as Flightcraft, Inc., are being sold by The Pape Group.
5:22PM Finish Line authorizes 5 mln share repurchase program (FINL) 22.80 +0.23 :
5:13PM Mercantile Bancorp receives exchange listing extension from NYSE Amex, LLC (MBR) 0.72 +0.07 : Co reported it had received notice on July 18, 2011 from NYSE Amex, LLC (the "Exchange") accepting the Co's plan of compliance and granting an extension.
5:09PM Spectra Energy Correction: SEP raised its quarterly cash distribution to $0.465/unit from $0.46/unit, not SE (SE) 27.68 +0.45 : Our 16:45 comment has been deleted.
5:08PM Golub Capital BDC closes new $75 mln senior secured revolving credit facility (GBDC) 15.64 +0.02 : Co announced the closing of a new $75 mln Senior Secured Revolving Credit Facility through Golub Capital BDC Funding LLC, as borrower and a wholly owned subsidiary of Golub Capital BDC, Inc.
5:07PM Skypeople Fruit Juice signed a letter of intent with Liaoning Government for fruit and vegetable processing project (SPU) 3.03 -0.03 : Co announced that it signed a Letter of Intent with the People's Government of Suizhong County, Liaoning Province, to establish a fruit and vegetable industry chain and further processing demonstration zone in Suizhong County, Liaoning Province. The Suizhong project is one of the projects promoted by Liaoning government in its efforts to further develop the agricultural product processing industry in Liaoning. SkyPeople Fruit Juice
5:06PM Western Alliance Bancorp beats by $0.01 (WAL) 7.01 +0.15 : Reports Q2 (May) earnings of $0.05 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.04. Total loans of $4.41 billion, up $134 mln from March 31, 2011 and up $282 mln from June 30, 2010; Total deposits of $5.59 billion, up $91 mln from March 31, 2011 and up $358 mln from June 30, 201; Nonperforming assets (nonaccrual loans and repossessed assets) of 3.1% of total assets, down from 3.3% in first quarter 2011 and 4.0% in second quarter 2010
5:01PM Meredith forms syndicated digital content licensing agreement for Online Women's Network Serving European Market (MDP) 29.60 +0.09 : Co announced it will provide editorial content on a syndicated basis to a new online women's network aimed at adult women in Europe. The network will be developed and led by Kyiv-based Atlantic Group. Its new digital content division headquartered in Vienna, Liquid 7, will launch later this calendar year across Central and Eastern Europe.
4:50PM DISH Network's Blockbuster to operate more than 1,500 stores (DISH) 31.91 +0.32 : Blockbuster announced it has assumed contracts with property owners nationwide and will maintain operations of more than 1,500 U.S. Blockbuster stores that would have closed under liquidation, as approved in a New York bankruptcy court this week. Blockbuster also will retain more than 15,000 store employees.
4:42PM Cytec beats by $0.03, beats on revs; guides FY11 EPS in-line, revs in-line (CYT) 56.96 +0.86 : Reports Q2 (Jun) earnings of $0.92 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.89; revenues rose 13.7% year/year to $798 mln vs the $783.7 mln consensus. Co issues in-line guidance for FY11, raises EPS to $3.25-3.50, excluding non-recurring items, from $3.15-3.50 vs. $3.40 Capital IQ Consensus Estimate; raises FY11 revs to $3.00-3.2 bln from $2.9-3.0 bln vs. $3.05 bln Capital IQ Consensus Estimate. "During the quarter we purchased 415,000 shares of our common stock for $23 million. The remaining amount on the current share repurchase authorization is ~$147 million."
4:39PM NCR Corp beats by $0.04, beats on revs; guides FY11 EPS in-line, revs in-line (NCR) 19.40 +0.51 : Reports Q2 (Jun) earnings of $0.46 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.42; revenues rose 11.6% year/year to $1.31 bln vs the $1.25 bln consensus. Co issues in-line guidance for FY11, sees EPS of $1.73-1.80 vs. $1.74 Capital IQ Consensus Estimate; sees FY11 revs +6-8% Y/y, equates ~$5.1-5.2 bln vs. $5.18 bln Capital IQ Consensus Estimate.
4:39PM Books-A-Million announces offer for 30 Borders locations; terms not disclosed (BAMM) 3.02 +0.06 :
4:35PM Hudson Valley Holding to transfer listing to NYSE from NASDAQ on Aug. 2, 2011 under new ticker HVB (HUVL) 19.22 +0.78 :
4:35PM SS&C announces sale of common stock by The Carlyle Group of 7 mln shares; co confirms that there is no change to the financial guidance (SSNC) 20.24 +0.14 : Co announced a public offering of its common stock. The size of the offering is 7 mln shares of common stock offered by investment funds affiliated with The Carlyle Group. The offering is expected to close and settle on July 27, 2011.
4:33PM Skyworks beats by $0.03, beats on revs; guides Q4 EPS above consensus, revs above consensus (SWKS) 22.68 -0.93 : Reports Q3 (Jun) earnings of $0.49 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.46; revenues rose 29.3% year/year to $356.1 mln vs the $346.5 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.53, excluding non-recurring items, vs. $0.51 Capital IQ Consensus Estimate; sees Q4 revs of $400 mln vs. $373.07 mln Capital IQ Consensus Estimate. "Skyworks exceeded all key metrics last quarter and we see a steep growth trajectory heading into the second half of calendar 2011. Our momentum is being driven by content growth and share gains within leading smart phones, tablets, gaming platforms, home automation systems and network infrastructure coupled with diversification into new vertical markets. Further, the advent of LTE, machine-to-machine and cloud computing applications is translating into stronger design win activity as more and more electronic platforms are becoming wirelessly enabled to share data, voice and video. Given our differentiated product portfolio, extensive customer engagements, technology roadmaps and scale, Skyworks is uniquely positioned to capitalize on this rapidly approaching connectivity revolution and, in turn, to sustainably outpace industry growth."
4:32PM Nephros Inc receives 510k approval to market additional ultrafiltration products (NEPH) 53.96 +0.84 : Co announced that the Company has received 510k clearance from the U.S. FDA to market its MSU and SSU ultrafilters to filter out biological contaminants from water and bicarbonate solution used in hemodialysis procedures.
4:31PM Teradata enhances managed services capabilities to support application development projects (TDC) 57.01 +0.18 : Co announced expansion of its Teradata Managed Services capabilities to include application lifecycle development and sustainment. Co will continue to offer support for data warehouse operations, while expanding its services to new application development projects that drive mission-critical data warehouses and enterprise analytics.
4:31PM Southern Community Finl reports Q2 (SCMF) 1.60 -0.09 : Reports Q2 (May) earnings of $0.03 per share, $0.20 better than the Capital IQ Consensus Estimate of ($0.17).
4:30PM DryShips announced earlier the sale of 4 vessels; aggregate sale price for all four vessels amounted to $75.5 mln, resulting in an aggregate book loss of $106.9 mln (DRYS) 4.02 -0.03 :
4:29PM Endologix misses by $0.09, beats on revs; reaffirms FY11 EPS guidance, revs guidance (ELGX) 9.65 +0.01 : Reports Q2 (Jun) loss of $0.09 per share, $0.09 worse than the Capital IQ Consensus Estimate of ($0.00); revenues rose 22.3% year/year to $19.2 mln vs the $0 mln consensus. Co reaffirms guidance for FY11, sees EPS of ($0.30) - ($0.25) vs. ($0.27) Capital IQ Consensus Estimate; sees FY11 revs of $78-82 mln vs. $81.21 mln Capital IQ Consensus Estimate.
4:29PM Chubb beats by $0.41, beats on revs; guides FY11 EPS above consensus (CB) 62.56 +0.72 : Reports Q2 (Jun) earnings of $1.42 per share, $0.41 better than the Capital IQ Consensus Estimate of $1.01; revenues rose 5.9% year/year to $3.06 bln vs the $2.94 bln consensus. The second quarter combined loss and expense ratio was 94.9% in 2011 compared to 90.4% in 2010. The impact of catastrophes accounted for 11.3 percentage points of the combined ratio in the second quarter of 2011, compared to 6.9 percentage points in the second quarter of 2010. Excluding the impact of catastrophes, the second quarter combined ratio was 83.6% in 2011 and 83.5% in 2010. The expense ratio for the second quarter was 31.3% in 2011 and 30.9% in 2010. Co issues upside guidance for FY11, sees EPS of $5.55-5.85 vs. $5.27 Capital IQ Consensus Estimate. The impact of each percentage point of catastrophe losses on 2011 full year operating income per share is approximately $0.26. The revised guidance for full year 2011 also assumes: 1) A 4% to 6% increase in net written premiums, including a 1% positive impact of foreign currency translation based on exchange rates as of June 30, 2011; 2) A combined ratio between 92% and 94%; 3) Approximately flat property and casualty investment income after taxes and 4) Approximately 291 million average diluted shares outstanding for the year.
4:28PM City National beats by $0.11, beats on revs (CYN) 55.16 +1.51 : Reports Q2 (Jun) earnings of $0.88 per share, $0.11 better than the Capital IQ Consensus Estimate of $0.77; revenues fell 14.4% year/year to $282.8 mln vs the $263.6 mln consensus. Co states, "Management continues to expect significantly increased profitability for 2011 as compared with 2010, and now anticipates credit costs for this year to be quite modest."
4:28PM Cosi reports Q2 comps -0.2%; co-owned +0.5%; franchise -1.3%; co-owned sales -9% YoY to $26.1 mln (COSI) 0.94 :
4:27PM Cymer beats by $0.17, reports revs in-line; guides Q3 revs below consensus (CYMI) 46.65 +0.47 : Reports Q2 (Jun) earnings of $0.89 per share, $0.17 better than the Capital IQ Consensus Estimate of $0.72; revenues rose 19.9% year/year to $158.2 mln vs the $157.4 mln consensus. Co issues downside guidance for Q3, sees Q3 revs of approx $130 mln vs. $155.21 mln Capital IQ Consensus Estimate. Sees Q3 gross margins of approx 50%. "The lower level of second quarter DUV light source orders is reflective of chipmakers recently assessing their capital investments. As a result, we expect to ship a significantly reduced number of DUV light sources in the third quarter."
4:27PM StanCorp Fin misses by $0.43 (SFG) 41.22 -0.22 : Reports Q2 (Jun) earnings of $0.61 per share, excluding non-recurring items, $0.43 worse than the Capital IQ Consensus Estimate of $1.04. Results for the second quarter of 2011 were driven by less favorable claims experience in the Company's Insurance Services segment, primarily due to higher claims incidence.
4:26PM Insignia Sys selects Baker Tilly Virchow Krause as its new audit firm (ISIG) 3.98 -0.05 : Co announced that the Audit Committee of the Board of Directors has selected Baker Tilly Virchow Krause to succeed Grant Thornton as the co's independent registered public accounting firm, effective immediately.
4:26PM MedQuist Holdings expanded long-term partnership with Sisters of Mercy Health System of Chesterfield, Mo, for clinical documentation technology and transcription services (MEDH) 13.08 +0.43 :
4:25PM SVB Financial Group beats by $0.27 (SIVB) 61.62 +0.64 : Reports Q2 (Jun) earnings of $0.95 per share, excluding gains of $22.5 million (net of tax) from the sale of certain available-for-sale securities and gains of $1.9 million (net of tax) from the early extinguishment of debt and the termination of corresponding interest rate swaps, $0.27 better than the Capital IQ Consensus Estimate of $0.68.
4:25PM Hancock Holding beats by $0.09 (HBHC) 31.01 +0.36 : Reports Q2 (Jun) earnings of $0.48 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.39. For the quarter ended June 30, 2011, Hancock's average total loans were $6.7 billion compared to $4.9 billion in the first quarter of 2011. Period-end loans totaled $11.2 billion at June 30, 2011, compared to $4.8 billion at March 31, 2011. The increase in both average and period-end loans reflects the Whitney acquisition. Average balances include Whitney's loan portfolio from the date of acquisition. The Company continues to experience limited loan demand throughout its operating region.
4:24PM InfoSpace announced Eric Emans to be appointed interim Chief Financial Officer; effective mid-August (INSP) 9.51 +0.09 : Co announced that David Binder, who has served as Chief Financial Officer of InfoSpace since January 2008, is resigning from the company, effective mid-August. Following Mr. Binder's departure, Eric Emans, who is currently InfoSpace's Chief Accounting Officer, will serve as interim Chief Financial Officer until a permanent successor is selected.
4:23PM Advanced Micro beats by $0.01, reports revs in-line; guides Q3 revs (AMD) 6.50 -0.10 : Reports Q2 (Jun) earnings of $0.09 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.08; revenues fell 4.8% year/year to $1.57 bln vs the $1.58 bln consensus. Gross margin was 46%. Co issues guidance for Q3, sees Q3 revs +8-12% QoQ to ~$1.70-1.76 bln vs. $1.70 bln Capital IQ Consensus Estimate.
4:23PM Western Digital reports Q4 (Jun) results, beats on revs (WDC) 35.13 -2.95 : Reports Q4 (Jun) earnings of $0.81 per share, includes $35 mln in expenses associated with the planned acquisition of Hitachi Global Storage Tech, announced on March 7th, may not be comparable to the Capital IQ Consensus Estimate of $0.66; revenues rose 0.8% year/year to $2.4 bln vs the $2.28 bln consensus. Co commented "In the June quarter, we were able to meet stronger than anticipated demand, especially from our OEM customers, we believe the stronger demand was driven by increased use of sea freight in advance of the second half of the calendar year as well as supply continuity concerns in the aftermath of the Japan earthquake. In a challenging HDD market environment in fiscal 2011, the industry saw unit volume growth of four percent while WD achieved growth of six percent as customers demonstrated a continued preference for the WD value proposition. We remain focused on completing our strategic acquisition of Hitachi GST. We are continuing to engage in the approval process with all the appropriate regulatory agencies and thus far we have received clearance from Brazil, Taiwan and Turkey. We continue to work closely with the remaining agencies which are reviewing our transaction. As previously announced, we now expect that the transaction will close in the fourth calendar quarter of 2011, and our integration planning activities continue on schedule...."
4:22PM Duckwall-ALCO Stores announces new $120 mln credit facility (DUCK) 11.06 +0.11 : The new credit facility replaces an existing $120 million credit agreement with benefits including a 150 basis point reduction in interest rates, access to more availability through an increase of advance rates on the collateral, a streamlined treasury management process and an extended term. In conjunction with the closing of the transaction, the co will record a one-time non-cash after-tax charge of approximately $300,000, or $0.08 per share, in the second quarter ended July 31, 2011.
4:22PM First Financial beats by $0.02 (FFIN) 33.79 +0.79 : Reports Q2 (Jun) earnings of $0.52 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.50.
4:21PM Albemarle beats by $0.11, beats on revs (ALB) 69.86 +1.75 : Reports Q2 (Jun) earnings of $1.23 per share, $0.11 better than the Capital IQ Consensus Estimate of $1.12; revenues rose 25.2% year/year to $742.1 mln vs the $701 mln consensus. Co states, "Our outlook for the second half of 2011 remains positive while we continue to monitor global economic developments for any signs of slower growth. We expect some typical seasonal contraction and potential volume softness in the fourth quarter; however, we believe our continued focus on innovative product development, operational excellence and cost control programs positions us well to deliver solid financial performance for the remainder of the year."
4:21PM AthenaHealth beats by $0.03, beats on revs; guides FY11 EPS in-line, revs in-line (ATHN) 48.58 +0.67 : Reports Q2 (Jun) earnings of $0.22 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.19; revenues rose 32.9% year/year to $77.9 mln vs the $75.1 mln consensus. For the three months ended June 30, 2011, Non-GAAP Adjusted Gross Margin was 64.4%, up from 60.7% in the same period last yearCo issues in-line guidance for FY11, sees EPS of $0.70-0.83 vs. $0.82 Capital IQ Consensus Estimate; sees FY11 revs of $315-325 mln vs. $312.38 mln Capital IQ Consensus Estimate. Sees FY11 non-GAAP gross margins in the range of 62.5-63.5%.
4:21PM Roadrunner Transportation Systems announces general rate increase of an average of 6.9% for all non-contractual customers effective August 15 (RRTS) 16.52 +0.27 :
4:19PM Apple: Lion downloads top one mln in first day (AAPL) 387.28 +0.46 :
4:19PM Gardner Denver beats by $0.15, beats on revs; guides Q3 EPS above consensus; guides FY11 EPS above consensus (GDI) 85.77 +0.65 : Reports Q2 (Jun) earnings of $1.35 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus Estimate of $1.20; revenues rose 4.3% year/year to $637 mln vs the $547.6 mln consensus. Co issues upside guidance for Q3, sees EPS of $1.30-1.35, excluding non-recurring items, vs. $1.20 Capital IQ Consensus Estimate. Co issues upside guidance for FY11, sees EPS of $5.20-5.30, excluding non-recurring items, vs. $4.84 Capital IQ Consensus Estimate.
4:18PM Coinstar raises Q2 EPS, FY11 EPS and rev guidance; lowers Q2 rev below consensus; announces president of rebox resignation; new $250 mln share repurchase, new 5-yr Sr. credit facility (CSTR) 58.63 -0.48 : Co issues guidance for Q2 (Jun), sees EPS of $0.96-1.00 vs. $0.81 Capital IQ Consensus Estimate; sees Q2 (Jun) revs of $434-436 mln vs. $445.92 mln Capital IQ Consensus Estimate. Co issues in-line guidance for FY11 (Dec), raises EPS to $2.90-3.15 from $2.75-3.10 vs. $2.99 Capital IQ Consensus Estimate; raises FY11 (Dec) revs to $1.76-1.85 bln from $1.73-1.85 bln vs. $1.81 bln Capital IQ Consensus Estimate. Co also announces the board has approved a new $250 mln share repurchase plan, on top the $12.5 mln left on the previous repurchase plan. Mitch Lowe has resigned as president of redbox to pursue entrepreneurial and other interests, and will continue to serve as president until a successor is named. Coinstar has commenced an external search to identify a new president of redbox. Co has also entered into a new credit facility agreement consisting of a senior secured $450 mln revolving line of credit commitment that, under certain conditions, may be increased up to an additional $250 million in aggregate and a senior secured $175 mln five-year amortizing term loan facility.
4:18PM RSC Holdings beats by $0.04 (RRR) 11.63 +0.11 : Reports Q2 (Jun) earnings of $0.02 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.02).
4:17PM Premiere Glbl Svcs beats by $0.01, beats on revs; guides FY11 EPS above consensus, revs above consensus (PGI) 8.12 +0.29 : Reports Q2 (Jun) earnings of $0.15 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 7.2% year/year to $118.9 mln vs the $115.2 mln consensus. Co issues upside guidance for FY11, sees EPS of $0.60-0.62 vs. $0.59 Capital IQ Consensus Estimate; sees FY11 revs of $460-470 mln vs. $461.64 mln Capital IQ Consensus Estimate.
4:16PM Informatica beats by $0.02, beats on revs (INFA) 51.40 -0.44 : Reports Q2 (Jun) earnings of $0.33 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.31; revenues rose 23.8% year/year to $192.7 mln vs the $186 mln consensus.
4:16PM Solutia's Therminol heat transfer fluid selected for two solar projects in Spain; terms not disclosed (SOA) 22.60 +0.26 :
4:16PM Global Payment beats by $0.03, beats on revs; guides FY12 EPS below consensus, revs above consensus (GPN) 52.21 +0.10 : Reports Q4 (May) earnings of $0.76 per share, ex-items, $0.03 better than the Capital IQ Consensus Estimate of $0.73; revenues rose 22.3% year/year to $519.8 mln vs the $476.6 mln consensus. Co issues mixed guidance for FY12, sees EPS of $3.02-$3.09 vs. $3.14 Capital IQ Consensus Estimate; sees FY12 revs of $2.1-$2.15 bln vs. $2.01 bln Capital IQ Consensus Estimate.
4:15PM Interactive Brokers misses by $0.01, misses on revs (IBKR) 15.68 +0.09 : Reports Q2 (Jun) earnings of $0.31 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.32; revenues rose 31.4% year/year to $297 mln vs the $329.7 mln consensus.
4:15PM Education Realty Trust reports EPS in-line, beats on revs; raises FY11 EPS in-line (EDR) 9.09 +0.05 : Reports Q2 (Jun) earnings of $0.11 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.11; revenues rose 10.5% year/year to $29.4 mln vs the $26.6 mln consensus. Co issues in-line guidance for FY11, sees EPS of $0.40-0.43, from its previous guidance range of $0.38 to $0.42, vs. $0.41 Capital IQ Consensus Estimate.
4:14PM CB&I beats by $0.03, misses on revs; guides FY11 EPS in-line, revs in-line (CBI) 42.34 +1.51 : Reports Q2 (Jun) earnings of $0.62 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.59; revenues rose 18.4% year/year to $1.08 bln vs the $1.11 bln consensus. Co issues in-line guidance for FY11, sees EPS of $2.35-2.45 vs. $2.40 Capital IQ Consensus Estimate; sees FY11 revs of $4.3-4.7 bln vs. $4.5 bln Capital IQ Consensus Estimate.
4:14PM Assoc Banc-Corp beats by $0.02 (ASBC) 13.58 +0.15 : Reports Q2 (Jun) earnings of $0.15 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.13. Total loans of $13.1 billion were up 3% from the prior quarter, with growth in all major segments of the portfolio. Total deposits and customer funding of $16.1 billion was up $184 million, with solid growth in interest-bearing checking, savings, and sweep account balances during the quarter. Net interest margin for the second quarter was 3.29%. Continued improvements in key credit metrics
4:14PM Compuware beats by $0.01, beats on revs (CPWR) 9.39 +0.06 : Reports Q1 (Jun) earnings of $0.08 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.07; revenues rose 11.3% year/year to $229.9 mln vs the $223.8 mln consensus.
4:13PM Hittite Microwave beats by $0.02, reports revs in-line; guides Q3 EPS below consensus, revs in-line (HITT) 60.87 +0.02 : Reports Q2 (Jun) earnings of $0.68 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.66; revenues rose 13.6% year/year to $68.5 mln vs the $68.5 mln consensus. Co issues mixed guidance for Q3, sees EPS of $0.65-0.68 vs. $0.69 Capital IQ Consensus Estimate; sees Q3 revs of $68-70 mln vs. $70.88 mln Capital IQ Consensus Estimate.
4:12PM Cepheid beats by $0.04, beats on revs; guides FY11 EPS in-line, revs above consensus (CPHD) 31.63 +0.93 : Reports Q2 (Jun) earnings of $0.03 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.01); revenues rose 35.0% year/year to $67 mln vs the $60.9 mln consensus. Co issues mixed guidance for FY11, sees EPS of $0.08-0.11 vs. $0.08 Capital IQ Consensus Estimate; sees FY11 revs of $265-270 mln vs. $255.24 mln Capital IQ Consensus Estimate.
4:12PM Vitran beats by $0.02, beats on revs (VTNC) 10.81 -0.25 : Reports Q2 (Jun) adjusted loss of $0.03 per share, $0.02 better than the Capital IQ Consensus Estimate of ($0.05); revenues rose 23.1% year/year to $208.9 mln vs the $201.1 mln consensus.
4:12PM Net 1 UEPS Techs signs contract with Banamex to provide mobile virtual card technology (UEPS) 8.37 -0.02 : Co announced that its wholly-owned subsidiary, Net1 Universal Technologies AG, has signed a contract with Banamex, a leading bank in Mexico and part of Citigroup, for the delivery of VCpay, Net1's cell-phone based Mobile Virtual Card application designed for Card-Not-Present transactions.
4:11PM Safe Bulkers misses by $0.08, beats on revs (SB) 7.51 -0.09 : Reports Q2 (Jun) earnings of $0.27 per share, $0.08 worse than the Capital IQ Consensus Estimate of $0.35; revenues rose 1.5% year/year to $41.2 mln vs the $40.5 mln consensus.
4:11PM Pernix Therapeutics announces pricing of $28 mln underwritten registered direct offering of common stock (PTX) 8.89 -0.02 : Co announced the pricing of an underwritten registered direct offering of 4 mln shares of common stock at a price of $7.00/share. Net proceeds from the sale of the shares of common stock to be sold by the Company, after underwriting discounts and commissions and estimated offering expenses, is expected to be ~$19.4 mln. The Company plans to use the net proceeds from the offering for future acquisitions and other general corporate purposes.
4:11PM Elec For Imaging beats by $0.04, beats on revs (EFII) 17.47 +0.10 : Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.19; revenues rose 18.5% year/year to $141.2 mln vs the $135.7 mln consensus.
4:11PM Dollar Thrifty announces pricing of $500 mln of medium-term asset backed notes; The $420 mln of Class A notes were priced with an annual coupon of 2.51%, while the $80 mln of Class B notes were priced with an annual coupon of 4.38% (DTG) 73.48 +0.11 : Co announced that Rental Car Finance Corp, a special purpose Oklahoma corporation and wholly owned subsidiary of the co, priced $500 mln in aggregate principal amount of medium-term Series 2011-1 rental car asset backed notes. Following the closing of the transaction, the net proceeds from the sale of the Series 2011-1 notes will be applied to refinance vehicles from one or more of RCFC's outstanding series of variable funding notes, thereby reducing borrowings outstanding under those facilities. The offering is expected to close on July 28, 2011, subject to normal closing conditions.
4:11PM Blue Nile names David Binder its Chief Financial Officer (NILE) 43.59 +0.44 : Mr. Binder will take over finance responsibilities from Vijay Talwar, Interim Chief Financial Officer and Senior Vice President and General Manager of International, who will return full-time to his role leading co's international business. Mr. Binder joins co from Infospace where he has served as Chief Financial Officer and Treasurer since January 2008 and previously, served as its Vice President of Finance. Prior to Infospace, Binder held various financial leadership positions at Drugstore.com, Edge2net, HomeGrocer.com, and AT&T Wireless.
4:11PM KC Southern beats by $0.02, beats on revs (KSU) 61.37 +2.31 : Reports Q2 (Jun) earnings of $0.71 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.69; revenues rose 15.9% year/year to $534.9 mln vs the $524.5 mln consensus. Overall, carload volumes were 7% higher than in second quarter 2010. All commodity groups contributed to the improvement in revenues. The Automotive group experienced a 42% increase in revenues in second quarter compared to the same period a year ago. Intermodal revenues also showed strength increasing 25% over the same time period. Other revenue improvements were 28% for Coal; 14% for Industrial and Consumer Products; 14% for Chemical and Petroleum; and 5% for Agriculture and Minerals.
4:10PM Microsoft beats by $0.11, reports revs in-line; reaffirms expense guidance (MSFT) 27.09 +0.04 : Reports Q4 (Jun) earnings of $0.69 per share, $0.11 better than the Capital IQ Consensus Estimate of $0.58; revenues rose 8.3% year/year to $17.37 bln vs the $17.2 bln consensus. Microsoft reaffirms fiscal 2012 operating expense guidance of 3% to 5% growth from 2011, or $28.0 billion to $28.6 billion. Microsoft Business Division revenue for the fourth quarter grew 7% and 16% for the full year. Server & Tools revenue grew 12% for the fourth quarter, the fifth consecutive quarter of double-digit growth, and grew 11% for the full year. Windows and Windows Live Division revenue declined 1% for the fourth quarter and revenue for the full year decreased 2%. Excluding the impact of the prior year Windows 7 launch and revenue deferral, we estimate full-year revenue growth was in line with PC market growth of 2% to 4%. "Throughout fiscal 2011, we delivered to market a strong lineup of products and services which translated into double-digit revenue growth, and operating margin expansion... Our platform and cloud investments position us for long-term growth."
4:09PM ONEOK partners increases quarterly distribution to $0.585/unit from $0.575/unit (OKS) 44.10 -0.28 : Co announces distribution resulting in an annualized post-split cash distribution of $2.34 /unit. The distribution increase is twice what was originally factored into 2011 financial guidance.
4:09PM Rambus beats by $0.04, beats on revs (RMBS) 14.94 +0.25 : Reports Q2 (Jun) GAAP loss of $0.10 per share, $0.04 better than the Capital IQ Consensus Estimate of ($0.14); revenues rose 79.4% year/year to $66.2 mln vs the $64.2 mln consensus.
4:09PM Avid Tech beats by $0.02, misses on revs (AVID) 18.35 -0.34 : Reports Q2 (Jun) earnings of $0.10 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.08; revenues fell 0.6% year/year to $161.3 mln vs the $169.7 mln consensus.
4:09PM Acme Packet beats by $0.03, beats on revs; guides FY11 EPS above consensus, revs below consensus (APKT) 60.10 -3.55 : Reports Q2 (Jun) earnings of $0.29 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 49.5% year/year to $79.7 mln vs the $76.9 mln consensus. Co issues raises guidance for FY11, raises EPS to $1.14-1.18, excluding non-recurring items, from $1.10-1.15 vs. $1.11 Capital IQ Consensus Estimate; raises FY11 revs to $315-320 from $310-315 mln vs. $321.91 mln Capital IQ Consensus Estimate.
4:09PM Oracle buys Ksplice, creator of update technology for Linux; no details disclosed (ORCL) 58.10 :
4:09PM Polycom beats by $0.01, reports revs in-line (PLCM) 28.93 -2.01 : Reports Q2 (Jun) earnings of $0.26 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 24.1% year/year to $365.6 mln vs the $363.1 mln consensus.
4:08PM Ixia beats by $0.01, beats on revs (XXIA) 10.39 -0.12 : Reports Q2 (Jun) earnings of $0.08 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.07; revenues rose 4.4% year/year to $69 mln vs the $67.9 mln consensus.
4:08PM SanDisk beats by $0.14, beats on revs (SNDK) 41.57 +0.10 : Reports Q2 (Jun) earnings of $1.14 per share, $0.14 better than the Capital IQ Consensus Estimate of $1.00; revenues rose 16.6% year/year to $1.37 bln vs the $1.34 bln consensus. SNDK reports Q3 non-GAAP gross margin of 45.3%, street expectations 43.3%.
4:08PM C.R. Bard reports EPS in-line, revs in-line (BCR) 112.71 +0.67 : Reports Q2 (Jun) earnings of $1.57 per share, excluding charges, in-line with the Capital IQ Consensus Estimate consensus of $1.57; revenues rose 7.6% year/year to $725 mln vs the $728.4 mln consensus.
4:07PM BJ Restaurants beats by $0.02, slight beat on revs (BJRI) 52.00 -2.00 : Reports Q2 (Jun) earnings of $0.29 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.27; revenues rose 17.2% year/year to $152.9 mln vs the $152.0 mln consensus. Comparable restaurant sales increased 6.9%.
4:07PM PMC-Sierra beats by $0.03, beats on revs (PMCS) 7.28 +0.04 : Reports Q2 (Jun) earnings of $0.17 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 6.4% year/year to $171 mln vs the $167.8 mln consensus.
4:07PM Coinstar announces additional $250 million stock repurchase authorization (CSTR) 56.35 -4.06 : Co announces with this authorization and the $12.5 mln remaining under the already existing stock repurchase authorization, the co's total current share repurchase authorization is $262.5 mln. Between January 2010 and the end of the second quarter of 2011, co repurchased ~2.4 mln shares of its common stock for ~$112.6 mln.
4:07PM Lattice Semi misses by $0.01, reports revs in-line; guides Q3 revs in-line (LSCC) 6.09 +0.03 : Reports Q2 (Jun) earnings of $0.12 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.13; revenues rose 8.8% year/year to $83.9 mln vs the $84.7 mln consensus. Co issues in-line guidance for Q3, sees Q3 revs flat to +5% sequentially, which equates to $83.9-88.1 mln vs. $84.58 mln Capital IQ Consensus Estimate; Gross margin percentage is expected to be approximately 60% plus or minus 2%.
4:07PM Digi Intl beats by $0.01, beats on revs; guides FY11 EPS above consensus, revs in-line (DGII) 14.62 +0.10 : Reports Q3 (Jun) earnings of $0.14 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.13; revenues rose 9.3% year/year to $54.3 mln vs the $53.2 mln consensus. Co issues mixed guidance for FY11, sees EPS of $0.45-0.49 vs. $0.44 Capital IQ Consensus Estimate; sees FY11 revs of $205-209 mln vs. $205.76 mln Capital IQ Consensus Estimate.
4:06PM Edwards Lifesciences misses by $0.01, beats on revs; guides Q3 EPS below consensus; reaffirms EPS and rev guidance for FY11 (EW) 82.45 -5.08 : Reports Q2 (Jun) earnings of $0.49 per share, ex-items, $0.01 worse than the Capital IQ Consensus Estimate of $0.50; revenues rose 18.1% year/year to $431.2 mln vs the $425.4 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.37-$0.39 vs. $0.44 Capital IQ Consensus Estimate. Co reaffirms guidance for FY11, sees EPS of $2.01-$2.07 vs. $2.06 Capital IQ Consensus Estimate; sees FY11 revs of $1.66-$1.74 vs. $1.7 bln Capital IQ Consensus Estimate.
4:06PM EastGroup beats by $0.01, beats on revs; guides FY11 EPS in-line (EGP) 45.19 +0.64 : Reports Q2 (Jun) funds from operations per share of $0.73 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.72; revenues fell 0.9% year/year to $43.2 mln vs the $42.3 mln consensus. Co issues in-line guidance for FY11, sees funds from operations per share of $2.89-2.97 vs. $2.91 Capital IQ Consensus Estimate.
4:05PM Flextronics misses by $0.01, beats on revs; guides Q2 EPS below consensus, revs in-line (FLEX) 6.32 +0.13 : Reports Q1 (Jun) earnings of $0.21 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.22; revenues rose 15.0% year/year to $7.55 bln vs the $7.36 bln consensus. Co issues mixed guidance for Q2, sees EPS of $0.21-0.23 vs. $0.24 Capital IQ Consensus Estimate; sees Q2 revs of $7.6-8 bln vs. $7.93 bln Capital IQ Consensus Estimate... Flextronics also announced that its Board of Directors has authorized the repurchase of up to $200 million of the Company's outstanding ordinary shares.
4:05PM Triangle Capital Corporation invests $5.2 mln in BioSan Laboratories (TCAP) 18.73 +0.17 :
4:05PM MarkWest energy increases quarterly cash distribution by 4.5% to $0.70 from $0.67 (MWE) 48.46 +0.28 :
4:03PM EZCORP misses by $0.01, misses on revs; reaffirms FY11 EPS guidance (EZPW) 37.81 +0.81 : Reports Q3 (Jun) earnings of $0.53 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.54; revenues rose 17.1% year/year to $203.2 mln vs the $206.9 mln consensus. Co reaffirms guidance for FY11, sees EPS of $2.55, excluding non-recurring items, vs. $2.56 Capital IQ Consensus Estimate.
4:03PM Human Genome misses by $0.01, misses on revs (HGSI) 23.22 +0.13 : Reports Q2 (Jun) loss of $0.42 per share, $0.01 worse than the Capital IQ Consensus Estimate of ($0.41); revenues fell 35.8% year/year to $24.9 mln vs the $28.6 mln consensus.
4:02PM Renaissance Learning beats by $0.01, beats on revs (RLRN) 13.02 +0.38 : Reports Q2 (Jun) earnings of $0.18 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.17; revenues rose 15.2% year/year to $35.7 mln vs the $32.3 mln consensus. Co says "Despite the strength of our second quarter orders, we remain cautious in the near term as states are continuing to cut or delay education funding, and the third quarter is our largest order period, however, in spite of the school budget challenges, we believe we are well positioned strategically and financially to achieve solid growth over the longer term."
4:02PM Acacia Research beats by $0.09, beats on revs (ACTG) 41.58 +1.95 : Reports Q2 (Jun) earnings of $0.05 per share, $0.09 better than the Capital IQ Consensus Estimate of ($0.04); revenues rose 164.7% year/year to $39.7 mln vs the $18.9 mln consensus. The increase in inventor royalties, including noncontrolling interests, and contingent legal fees primarily reflects the increase in related revenues in the second quarter of 2011. In addition, on a combined basis, inventor royalties, including noncontrolling interests, and contingent legal fees as a percentage of total revenues increased to 54%, as compared to 41% in the comparable prior year quarter.
4:02PM Merit Medical beats by $0.01, beats on revs (MMSI) 18.33 +0.66 : Reports Q2 (Jun) earnings of $0.21 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.20; revenues rose 21.7% year/year to $91.2 mln vs the $88.9 mln consensus.
4:02PM Healthways reports EPS in-line, revs in-line; guides FY11 EPS in-line, revs in-line (HWAY) 17.51 +0.39 : Reports Q2 (Jun) earnings of $0.17 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.17; revenues fell 3.2% year/year to $169.9 mln vs the $168.3 mln consensus. Co issues in-line guidance for FY11, sees EPS of $0.90-$1.08 vs. $0.95 Capital IQ Consensus Estimate; sees FY11 revs of $672-$710 mln vs. $687.24 mln Capital IQ Consensus Estimate.
4:02PM Harmonic misses by $0.02, misses on revs; guides Q3 revs below consensus; guides FY11 revs below consensus (HLIT) 6.46 -0.60 : Reports Q2 (Jun) earnings of $0.09 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.11; revenues rose 40.2% year/year to $133.9 mln vs the $139.4 mln consensus. Co issues downside guidance for Q3, sees Q3 revs of $130-140 mln vs. $146.08 mln Capital IQ Consensus Estimate. Co issues downside guidance for FY11, sees FY11 revs of $540-550 mln vs. $570.31 mln Capital IQ Consensus Estimate.
4:02PM AthenaHealth to acquire Proxsys for $28 mln in cash (ATHN) 48.58 +0.67 : Co announced that it has signed a definitive agreement to acquire Proxsys for $28 mln in cash with the potential for additional consideration of up to $8 mln, based on the achievement of certain business and financial milestones. results. Management expects that the acquisition-related expenses for Proxsys will be immaterial to the cos fiscal year 2011 results.
4:01PM CB&I announces storage tank project in Saudi Arabia has been awarded for $60 mln (CBI) 42.25 +1.42 :
4:01PM Nissan Motor's Altima approved for New York City's Taxi Fleet (NSANY) 21.86 +0.60 : As part of the Taxi of Tomorrow program, Nissan also will work with the City and taxi owners on a pilot program to study the use of zero-emission, electric vehicles as taxis. Nissan will provide up to six 100-percent electric Nissan LEAFs to taxi owners for testing in 2012 as well as the charging stations to support their use.
3:57PM Partner Comms announces receiving a lawsuit and a motion for the recognition of this lawsuit as a class action (PTNR) 14.77 +0.39 : Co announced that it was served with a lawsuit and a motion for the recognition of this lawsuit as a class action, filed against Partner on July 21, 2011 in the Central District Court. The claim alleges that Partner overcharges its subscribers who purchase cellular handsets in payments and are entitled to monthly rebates, by charging the first monthly payment for the cellular handset at the beginning of the commitment period while granting the rebate for this payment only at the end of the commitment period, after 18 months, without paying interest and CPI linkage differences. If the lawsuit is recognized as a class action, the total amount claimed against Partner is estimated by the plaintiff to be ~NIS 402 mln.
3:50PM MediaMind Tech responds to inquiries regarding Israeli tax withholding law in connection with DG FastChannel (DGIT) outstanding tender offer set to expire July 22 (MDMD) 21.62 -0.38 : Co has applied for, and expects to receive, a ruling from the Israeli Tax Authority that exempts certain tendering shareholders that are not Israeli residents from Israeli tax withholding... There can be no guarantee that MediaMind will obtain such a ruling. Assuming a ruling is obtained, MediaMind intends to make available to shareholders information required by the ruling to permit them to comply with the certification requirements... An affiliate of DG FastChannel has filed a tender offer statement on Schedule TO with the SEC and MediaMind has filed a solicitation/recommendation statement on Schedule 14D-9 with respect to the offer.
3:44PM Earnings Calendar (SUMRX) : Today after the close look for the following companies to report:
3:29PM Agria issues statement in regards to unusual activity stated; "that it knows of no material events that would cause unusual market activity" (GRO) 1.19 +0.29 :
3:17PM Community Partners Bancorp adopts shareholder rights plan (CPBC) 4.76 -0.06 : Each right will initially entitle shareholders to buy one unit of a newly authorized series of junior participating preferred stock at an exercise price of $25.00. If a person, group, or other entity becomes the beneficial owner of, or announces a tender offer for, 10.0% or more of common stock, the rights separate from the common stock, and if not redeemed by the Board of Directors within a 10 day period of time, become exercisable.
2:41PM NYMEX Energy Closing Prices (COMDX) : Sept crude oil settled higher by 73 cents to $99.13, Aug natural gas shed 10 cents to finish at $4.39, August RBOB gasoline finished lower by 4 cents to $3.10, while August RBOB gasoline closed off a penny to $3.11.
2:35PM Research In Motion confirms BlackBerry PlayBook first tablet certified for U.S. Government (RIMM) 27.99 +1.35 : Co received FIPS 140-2 certification for the new BlackBerry PlayBook tablet, making the BlackBerry PlayBook the first tablet certified for deployment within U.S. federal government agencies.
2:16PM Crude oil pulling back heading into the close of pit trade; now up 55 cents to $98.95 (COMDX) :
2:01PM OfficeMax confirms it is adding the HP (HPQ) TouchPad to its product selection (OMX) 6.95 +0.15 :
1:56PM Motorola Mobility comments on Carl Icahn's 13D filing; says it "continuously reviews the co's strategic direction and opportunities that it believes are in the best interests of the co and all of its stockholders" (MMI) 25.71 +3.30 : "Motorola Mobility's Board of Directors and management team continuously reviews the Company's strategic direction and opportunities that it believes are in the best interests of the Company and all of its stockholders. Since Motorola Mobility became a new, independent public company in the first quarter of 2011, it has delivered innovative products and solid growth, including 22% revenue growth during its first quarter. Motorola Mobility has achieved these results, in part due to the fact that it has one of the strongest and most respected patent portfolios in the industry with over 17,000 patents and 7,500 pending."
1:33PM COMEX Metals Closing Prices (COMDX) : Aug gold finished lower by $9.40 to $1587.50, Sept silver shed 46 cents to close at $39.09, while Sept copper finished off 5 cents to $4.386.
1:24PM Boeing delivers first 737 with performance improvement engines (BA) 73.10 +1.03 : Co announces the first Boeing Next-Generation 737 with the certified performance improvement engines was delivered on a 737-800 to China Southern Airlines at Boeing Field in Seattle last week. The new CFM56-7BE engine configuration, which is now standard on all delivered 737s, is an improved design that includes high and low pressure turbine modification. Coupled with drag reduction improvements that Boeing started phasing into 737 production earlier this year, it will result in lower fuel consumption and maintenance cost savings.
1:10PM Fresh lows for gold at $1585.50 (COMDX) :
1:04PM Gold back to lows; now off $8 to $1589.10 (COMDX) :
12:51PM Stock indices reverse off midday bounce highs after report that there is no deal -- Dow +136, S&P +16, Nasdaq Comp +20 (SPY) :
12:51PM Reversal in precious metals; gold back to flat (COMDX) :
12:48PM Gold now off close to 10 points on budget deal headlines; silver down 60 cents (COMDX) :
* Gold currently down $6.60 to $1590.20. * Silver lower by 60 cents to $38.96.
12:47PM Dow +176 jumps as much as 78 points to new high on potential deal headlines, S&P +20 reaches new high -- Nasdaq Comp +26 (SPY) :
12:42PM Stock indices lift off midday pullback lows following Obama/Boehner headlines -- Dow +141, S&P +17, Nasdaq Comp +21 (SPY) :
12:41PM Southwest Air slips to new low of 10.39 to retest its July 2011/July 2010 lows at 10.39/10.42 (LUV) 10.43 -0.06 :
12:23PM Neuralstem receives Russian patent for stem cell transplantation to treat neurodegenerative conditions (CUR) 1.42 +0.02 : Co announced that it has received a patent covering the transplantation of human neural cells for the treatment of neurodegenerative conditions from the Russian Federation. The claims include methods of culturing the cells as well as treating ALS, spinal cord injuries, traumatic brain injury, multiple sclerosis, cerebral palsy, epilepsy, Huntington's disease and other conditions through cell transplantation. Neuralstem is currently sponsoring the world's first FDA-approved trial to treat ALS with its spinal cord stem cells and has applied to the FDA to initiate a stem cell trial in chronic spinal cord injury.
12:21PM Churchill Downs' Calder Casino & Race Course officials announced 5% purse increase (CHDN) 44.63 -0.21 : The increase is applied evenly to base overnight purses, excluding overnight stakes, Florida Owners Awards and maiden special weight races; the latter two were both increased last month. "Purse contributions from slot machine gaming offered through the Calder Casino have been better than expected."
12:01PM YUM! Brands slips under its early low of 54.26 in recent trade hits 54.24 (YUM) 54.28 -0.06 : Yesterday/July low is just below at 54.20.
12:01PM Flagstar Bancorp: Elan Financial Services partnered with Flagstar Bancorp to offer its customers Flagstar Bank-branded credit card program (FBC) 1.18 +0.02 :
11:56AM Ferrellgas Partners acquires Florida-based Williams Panhandle Propane (FGP) 22.33 -0.12 : Co announced the acquisition of Williams Panhandle Propane, an independent propane retailer with locations in Tallahassee and Carrabelle, Florida. The acquisition opens new market areas for Ferrellgas and marks the partnership's fifth acquisition since the start of its fiscal year. Terms of the deal were not disclosed.
11:46AM Additional slippage off morning highs -- Dow +111 has pulled back as much as 57 points, S&P +13, Nasdaq Comp +13.8 (SPY) : The Dow and S&P are near the 38% retracement of the run off yesterday's late low to this morning's highs near 12571 and 1337, respectively. The Nasdaq Comp is at the 50% retrace of today's range at 2827.
11:33AM Relative weakness in recent action (TECHX) : Sectors that are underperforming as the stock indices slip off highs include: Internet FDN, Software IGV, Industrial XLI, Airline FAA, Disk Drive, Networking IGN.
11:31AM Stock indices slip back off morning peaks -- Dow +126 is 40 points off its high, S&P +14.7, Nasdaq Comp +19 (SPY) :
11:03AM PepsiCo extends aggressive breakdown after reporting (PEP) 64.99 -3.50 : The stock gapped aggressively lower and extended its slump in recent trade as low at 64.79. This approximates the upper end of its Feb/March base/bull breakout point near 64.90/64.75 (session low 64.79). Initial intraday resistance on a bounce attempt is at 65.17/65.24.
10:50AM Currency Chart Watch: Dollar Index breaks trendline sets new low for the month (TECHX) : (Click for chart).
10:31AM Financial Select Sector SPDR is a top performer again today with it vacillating near its 50 sma/ema at 15.25/15.30 (XLF) 15.30 +0.30 : C +3%, BAC +2.3%, JPM +1.9%, AXP +1.4%, WFC +1.2%, MS +2.3%, GS +1.1%, USB +2%, STT +1.9%, BK +3.2%.
10:30AM Natural gas drops into negative territory on inline inventory data; now off 3 cents to $4.47 (UNG) :
10:30AM Further gains for stock indices -- Dow +166, S&P +18.4, Nasdaq Comp +32 (SPY) :
10:26AM PowerShares QQQ testing its April/multi-year close high at 59.22, its multi-year intraday high from July is at 59.36 (QQQ) 59.22 +0.62 :
10:26AM Merge Healthcare's iConnect image interoperability solution suite selected by Porter Hospital at its 300-bed facility (MRGE) 5.49 -0.12 :
10:15AM Chop in precious metals continues as gold, silver slide back into negative territory (COMDX) :
10:15AM Dow +128 extends opening run (DIA) : Strong follow through on opening gains has brought congestion and the July close high (12700/12719) into play in recent action -- session high 12707. The July intraday peak comes into play at 12753.
10:12AM Crude back above $100; now up $1.67 to $100.07 (COMDX) :
10:08AM Wells Fargo hovering near session high of 29.12 and just under yesterday's two month high of 29.18 (WFC) 29.11 +0.41 : Note that the next level of interest is at its 200 sma at 29.41.
10:06AM JPMorgan Chase back above its 50 day for first time in more than two months (JPM) 41.65 +0.69 : Stock reached as high as 41.68 in recent trade with its July high/multi-week range top at 41.79.
10:02AM JPMorgan Chase selected by AQR Capital Management to provide prime custody and fund administration to its newly launched mutual fund (JPM) 41.54 +0.58 :
10:02AM Crude oil trades to fresh highs following econ data; now up $1.25 to $99.64 (COMDX) :
10:02AM Voyager Oil & Gas addresses unusual market activity; stated that its policy is not to comment on unusual market activity (VOG) 3.58 :
10:01AM New highs for stock indices after economic reports -- Dow +114, S&P +13, Nasdaq Comp +13 (SPY) :
9:52AM Crude Oil continues futures working up toward July high/three week range top at 99.37/99.42 -- session high 99.38 (TECHX) :
9:50AM Solid follow through upticks for stock indices ahead of official release of data -- Dow +93, S&P +11, Nasdaq Comp +12 (SPY) :
9:49AM Fresh highs for crude at $99.24; now up $0.78 to $99.18 (COMDX) :
9:48AM Nasdaq Comp +6.4 weak early amid technology losses but pushes into positive territory (QQQ) : Noted early pressure in Semi names INTC and XLNX but that both were attempting to stabilize near supports (50 ema, 200 ema respectively) with the SMH pushing 1% off its low. Watching 32.80/32.90 resistance for the SMH to gauge the underlying strength of this recovery (session high 32.75).
9:45AM SAIC to acquire Vitalize Consulting Solutions (SAI) 16.56 +0.02 : Co announced that it has entered into a definitive agreement to acquire Vitalize Consulting Solutions a provider of clinical, business and information technology services for healthcare enterprises.
9:44AM Perrigo receives FDA approval to market coated cinnamon nicotine gum (PRGO) 93.55 : Co announced that it has received approval from the FDA to market over-the-counter coated nicotine polacrilex gum USP, 2 mg and 4 mg cinnamon flavor. The product will be marketed under store brand labels and is comparable to GlaxoSmithKline's (GSK) Nicorette Cinnamon Surge coated gum, which is a stop smoking aid.
9:41AM MGM Resorts edges above yesterday's inside day high, eyeing it July and May peaks at 15.75/15.80 -- session high 15.69 (MGM) 15.68 +0.26 :
9:41AM SunCoke Energy IPO opens for trading at $17.00, after pricing at $16, at the midpoint of the $15-$17 expected price range (SXC) 17.11 +1.11 : SXC, a subsidiary of Sunoco (SUN), is the largest independent producer of high-quality metallurgical coke in the Americas.
9:38AM Transocean slides back into the red after opening run stalled near its 50 sma at 64.39 -- session high 64.35 (RIG) 63.89 -0.13 :
9:37AM Crude pulling back toward flat line; now up 28 cents to $98.68 (COMDX) :
9:34AM Intel gaps down to its 50 ema at 22.17 -- session low 22.17 (INTC) 22.24 -0.75 : This average provided support during Monday's slide.
9:32AM Yuhe International Audit Committee retains professional counsel to commence internal investigation; company appeals delisting notification (YUII) 0.90 -0.31 : Co announced that the Audit Committee of its Board of Directors retained Loeb & Loeb LLP as independent counsel to commence an independent investigation with respect to issues relating to the co and the status of previously reported breeder farm acquisition transactions. The co has appealed the determination to the Nasdaq Listing Qualifications Panel, and provided to NASDAQ a formal plan of compliance setting forth the steps that the co proposes to take to regain compliance for continued listing of the co's common stock on the NASDAQ, as well as certain other information relevant to NASDAQ's evaluation of the plan of compliance.
9:32AM Xilinx gaps down near its 200 ema at 31.91 and stabilizes -- session low 31.81 (XLNX) 32.31 -0.87 :
9:30AM Cephalon receives FDA approval for risk evaluation and mitigation strategy for FENTORA and ACTIQ (CEPH) 80.18 : Co announced today that the FDA approved the Risk Evaluation and Mitigation Strategy for FENTORA and ACTIQ. Both products are indicated for the management of breakthrough pain in opioid-tolerant patients with cancer. Under this REMS, pharmacies and healthcare professionals who prescribe FENTORA and ACTIQ will enroll by completing an education module and knowledge assessment focused on safety information including appropriate patient selection.
9:29AM Spirit Aerosystems current COO Buck Buchanan will transition to Sr. VP of advanced projects, focusing on a number of strategic initiatives (SPR) 22.08 : Mike King will assume the role of Sr. VP/Chief Operations Officer.
9:21AM On The Wires (WIRES) :
* TD Ameritrade Holding Corporation (AMTD) announced that it has attracted a record 260 breakaway brokers in the first three quarters of fiscal 2011, a nearly 20 percent increase from the same time last year. * Four Raytheon Company (RTN) Integrated Defense Systems facilities have recently earned Star distinction from the Occupational Safety and Health Administration for superior workplace safety and health management programs. * CA Technologies Korea (CA) announced today that Dongbu CNI, Korea's leading integrated IT service provider, has launched a cloud service platform using the CA AppLogic cloud platform, and Nimsoft Unified Manager. * Capital One Bank (COF) introduced Clear Interest Business Checking, a first-to-market high interest checking account for businesses. * Electronic Arts (ERTS) revealed three editions of Star Wars: The Old Republic, each custom-designed to delight RPG and Star Wars fans worldwide. * Aegean Marine Petroleum (ANW) announced that it has launched physical supply operations in Panama. Including Panama, the co now serves 19 markets covering more than 50 ports worldwide, as compared to 5 service centers at the time of Aegean's IPO in December 2006. * RiT Technologies (RITT) announced a major new addition to its industry-leading line of fiber optic solutions for managed installations. * DSS (DSS) Outlines RFID Business Strategy: First six months 2011 RFID product sales triple over entire calendar year 2010. Co announced its hiring of Gary Andrechak as Manager of RFID Business Development, marking DSS's major commitment to the estimated $5 bln global RFID card market. * Boeing (BA) announced an agreement to acquire Solutions Made Simple, an information services provider for the U.S. government and the Intelligence Community. terms of the transaction were not disclosed. * Terreno Realty (TRNO) acquired an industrial property located in Torrance, California on July 20, 2011 for a purchase price of ~$12.4 mln.
9:18AM Home Bancshares beats by $0.02 (HOMB) 24.53 : Reports Q2 (Jun) earnings of $0.45 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.43.
9:17AM China Ming Yang Wind Power's MY1.5Se wind turbine generator successfully passed low voltage ride through performance tests and has received the certification test report (MY) 5.32 : Co also confirmed all of its wind turbines are capable of fulfilling LVRT requirements.
9:17AM Magellan Midstream increases quarterly cash distribution to $0.785 from $0.7325 (MMP) 59.67 :
9:16AM Steinway Musical announces retention of Allen & Company to assist in evaluating strategic alternatives (LVB) 28.14 -0.13 : Co announced that Allen & Company has been retained to assist the Special Committee in evaluating strategic alternatives, including the previously announced possible sale of the Company's band instrument and online music divisions. Co cautions, however, that there can be no assurance that this evaluation will result in any specific transaction or, if any specific transaction is to occur, the timing of such a transaction. Co does not undertake any obligation to make any further announcement or disclosure of any further developments with respect to its evaluation of strategic alternatives.
9:13AM SearchMedia receives notice of noncompliance from NYSE Amex LLC (IDI) 1.99 : Co disclosed receipt of a noncompliance notice from NYSE Amex dated July 15, 2011. Specifically, the Exchange noted that the co is not in compliance with (1) Section 1003(a)(i) of the Company Guide because it reported stockholders' equity of less than $2,000,000 as of December 31, 2010 and losses from continuing operations and net losses in two of its three most recent fiscal years ended December 31, 2010, (2) Section 1003(a)(ii) of the Company Guide because it reported stockholders' equity of less than $4,000,000 as of December 31, 2010 and losses from continuing operations and net losses in three of its four most recent fiscal years ended December 31, 2010 and (3) Section 1003(a)(iv) of the Company Guide because, in the opinion of the Exchange, the co's losses and its existing financial resources, bring into question whether it will be able to continue operations and/or meet its obligations as they mature.
9:11AM Swift Transportation reports EPS of $0.18, beats on revs (SWFT) 12.82 : Reports Q2 (Jun) earnings of $0.18 per share, in-line with the Capital IQ Consensus Estimate of $0.18; revenues rose 15.5% year/year to $850.5 mln vs the $846.3 mln consensus. The increases in volumes and pricing were the primary reasons for the 100 basis point improvement in Adjusted Operating Ratio, and were partially offset by increases in fuel and equipment maintenance expenses.
9:06AM Safeway beats by $0.01, beats on revs; reaffirms FY11 EPS guidance (SWY) 23.63 : Reports Q2 (Jun) earnings of $0.41 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.40; revenues rose 7.1% year/year to $10.2 bln vs the $9.93 bln consensus. Co reaffirms guidance for FY11, sees EPS of $1.60-1.80, excluding non-recurring items, vs. $1.71 Capital IQ Consensus Estimate. "Q2 earnings results exceeded our expectations. Identical-store sales improved during the second quarter and into the third quarter. We remain focused on building customer loyalty and expect sales to continue to gradually improve through the second half of the year." Gross profit declined 155 bps to 27.00% of sales in Q2 compared to 28.55% of sales in 2Q10. Excluding the 104 basis-point impact from fuel sales and the 32 basis-point impact from the accounting change in gift card commissions, gross profit decreased 19 bps. This decline was largely the result of some delay in recovering cost increases and increased LIFO expense, partly offset by improved shrink and higher gross margin dollars from Blackhawk. Stock Repurchases During the second quarter of 2011, Safeway purchased 14.9 million shares of its common stock at an average price of $24.13 per share and a total cost of $360.8 mln (including commissions). The remaining board authorization for stock repurchases at quarter-end was ~$1.1 bln.
9:04AM VIST Financial announces filing of Form S-1 for $30,000,000 of common stock (VIST) 6.90 : announced today that it has filed a registration statement with the SEC registering $30 mln of its common stock for a proposed underwritten public offering. The number of shares to be offered and the timing of the offering have not yet been determined.
9:04AM Abbott Labs to feature acute HIV diagnostic, metabolic function tests and lab informatics at American Association for Clinical Chemistry annual meeting (ABT) 52.38 :
9:03AM Nucor beats by $0.13, misses on revs (NUE) 39.80 : Reports Q2 (Jun) earnings of $0.94 per share, $0.13 better than the Capital IQ Consensus Estimate of $0.81; revenues rose 21.7% year/year to $5.11 bln vs the $5.18 bln consensus. These increases in profits of 88% and 229%, respectively, were achieved despite the rebalancing by our customers of supply chain inventories, the impact on the manufacturing/auto sector of the devastating Japanese earthquake/tsunami and the lost sales, production and shipments from the weather-related power outages and historic river flooding in North America.
9:03AM StemCells (STEMD) regains compliance for continued NASDAQ global market listing (STEM) 3.82 : In order to continue listing on the NASDAQ Global Market, the NASDAQ Listing Rules require the Company's stock to evidence a closing bid price of $1.00 per share or more for ten consecutive days.
9:02AM Cirrus Logic beats by $0.01, reports revs in-line; guides Q2 revs in-line (CRUS) 17.90 : Reports Q1 (Jun) earnings of $0.24 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.23; revenues rose 12.6% year/year to $92.2 mln vs the $91.5 mln consensus. Co issues in-line guidance for Q2, sees Q2 revs of $101-105 mln vs. $103.15 mln Capital IQ Consensus Estimate. Additionally, Q2 Gross margin is expected to be between 52-54 percent; Combined R&D and SG&A expenses are expected to range between $34.5-37.5 mln.
9:02AM US Airways misses by $0.01, reports revs in-line (LCC) 6.90 : Reports Q2 (Jun) earnings of $0.56 per share, excluding items, $0.01 worse than the Capital IQ Consensus Estimate of $0.57; revenues rose 10.5% year/year to $3.5 bln vs the $3.49 bln consensus. Total revenue per available seat mile increased 6.9 percent year-over-year while mainline cost per ASM excluding special items, fuel and profit sharing increased by only 1.0 percent.
9:02AM Lakeland Industries receives first purchase order under contract with maximum value of over $5 million from the Brazilian Navy (LAKE) 8.10 : Co announced the contract pertains to fire resistant coveralls developed by Lakeland specifically for use by the Brazilian Navy. It is expected that initially all Navy personnel on one ship will use the coveralls as a combat garment and during naval exercises. The initial purchase order is valued at over $500,000 net of VAT taxes.
9:01AM NVR misses by $0.10, reports revs in-line (NVR) 714.20 : Reports Q2 (Jun) earnings of $6.48 per share, $0.10 worse than the Capital IQ Consensus Estimate of $6.58; revenues fell 27.8% year/year to $695.9 mln vs the $689.5 mln consensus.
9:01AM Thermo Fisher signs agreement to make its biomarker assays available on Alere (ALR) triage systems (TMO) 63.65 : Co announced it has signed a long-term license agreement with Alere (ALR) to integrate its novel Thermo Scientific biomarker assays on Alere's leading point-of-care Triage platform. Increased availability of biomarker-based testing on the Triage platform will lead to improved patient care in hospitals and primary care facilities.
8:55AM Nielsen signs U.S. cooperation agreement with Walmart (WMT) (NLSN) 30.22 : Co has signed a cooperation agreement with Walmart, the world's largest retailer, to receive and analyze sales information from Walmart's and Sam's Club U.S. stores. The agreement marks Walmart's return to the consumer packaged goods industry's information sharing model. Agreement will allow Nielsen to provide a better, more precise view of consumer purchase activity for the benefit of the industry.
8:45AM Neogen launches breakthrough NeoSEEK System for rapid genomic detection and identification of emerging pathogens (NEOG) 45.92 : Co announced the development provides next day, DNA-specific test results for seven pathogenic E. coli strains. The technology could be adapted to target almost any bacterium of concern in almost any food sample type. The new pathogen DNA detection method for E. coli strains is the first food safety laboratory technology developed through the close collaboration of co's food safety research group and the co's GeneSeek research team.
8:38AM United Tech's Pratt & Whitney Global Service Partners purchases remaining Japan turbine technologies shares from Japan Airlines; financial terms were not disclosed (UTX) 87.21 :
8:38AM New York Times beats by $0.04, reports revs in-line (NYT) 8.97 : Reports Q2 (Jun) earnings of $0.14 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.10; revenues fell 2.2% year/year to $576.7 mln vs the $577.7 mln consensus. Advertising revenues declined 4.0%, circulation revenues were flat and other revenues decreased 1.0%. The increase in digital advertising revenues, which rose 2.6%, partially offset a 6.4% decrease in print advertising revenues. Circulation revenues were on a par with the second quarter last year as the introduction of digital subscriptions at The Times offset a decline in print copies sold across the News Media Group. Outlook: In Q3, the co currently expects similar advertising revenue trends to those of the second quarter. Total circulation revenues are expected to increase in the low-single digits in the third quarter. The co expects operating costs to decline in the low-single digits in the second half of the year, with most of the decline occurring in the fourth quarter.
8:35AM Sandy Spring Banc beats by $0.01 (SASR) 18.50 : Reports Q2 (Jun) earnings of $0.34 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.33. Non-performing loans declined to $76.5 million compared to $109.3 million at June 30, 2010. The provision for loan and lease losses totaled $1.2 million for the quarter compared to $6.1 million for the second quarter of 2010. Loan charge-offs, net of recoveries, totaled $4.8 million for the second quarter of 2011 compared to net charge-offs of $4.3 million for the second quarter of 2010 and net charge-offs of $4.7 million for the first quarter of 2011.
8:35AM Blackstone beats by $0.30, beats on revs (BX) 16.26 : Reports Q2 (Jun) economic net income (ENI) of $0.63 per share, $0.30 better than the Capital IQ Consensus Estimate of $0.33; revenues rose 137.8% year/year to $1.31 bln vs the $0.9 bln consensus. The increase in ENI compared to the second quarter of 2010 was driven principally by strong investment performance across Blackstone's investment segments, which produced $810.6 mln in Performance Fees and Investment Income, more than six times the $128.5 mln in the second quarter of 2010, and an increase of $96.2 mln, or 23%, in Management and Advisory Fees. Fee-Earning Assets Under Management increased 27% to $129 bln at June 30, 2011, from $101 bln at June 30, 2010, while Total Assets Under Management increased 43% to $159 bln at June 30, 2011. Blackstone funds had $31.4 bln of committed but uninvested capital, or "dry powder", at the end of the second quarter of 2011, a record level. "The carrying values of our investment funds continued to increase, and we once again reported our best quarterly earnings since becoming a public company four years ago. We experienced inflows across all of our businesses as we captured share and deepened relationships with our limited partner investors."
8:34AM First Niagara beats by $0.01, reports revs in-line (FNFG) 13.17 : Reports Q2 (Jun) earnings of $0.25 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.24; revenues rose 29.5% year/year to $291.3 mln vs the $293.9 mln consensus. model. Average total loans and leases in 2Q11, excluding those acquired in the NewAlliance transaction, grew by $248.4 mln, or 9.4%, annualized, compared to the linked quarter. Second quarter 2011 nonperforming loans were $82.5 mln, representing 0.51% of total loans, or 0.93% excluding loans acquired at fair value. Nonperforming loans represented 0.75% of total loans in the first quarter of 2011, or 0.98% excluding all loans acquired at fair value.
8:34AM Meritor sees Q3 revs of $1.28-1.29 bln vs. $1.33 bln consensus (MTOR) 15.64 : Co sees adjusted EBITDA in the range of $100 million to $104 million, and expects free cash flow to be around breakeven. "Sales in the third fiscal quarter are expected to be up between seven percent and eight percent compared to the second quarter of fiscal year 2011, with strong EBITDA conversion, keeping us on the path toward our 2012 financial goals," said Jay Craig, chief financial officer, Meritor. "Cash flow is expected to be around breakeven primarily due to investments in inventory."
8:34AM Borg Warner will build a larger production facility and engineering center in Itatiba City, Brazil (BWA) 76.07 :
8:32AM Celsion announces $18.4 mln in financing (CLSN) 4.22 : Co announced that it has received commitments from investors to purchase an aggregate of $18.4 mln of the Company's securities, of which $13.0 mln are from institutional investors in a registered direct offering and an additional $5.4 mln are from other investors. The estimated net proceeds to the Company from the offerings are expected to be ~$17 mln. The Company intends to use the net proceeds from the offerings for general corporate purposes, including the funding of the clinical development of its product pipeline of cancer drugs.
8:32AM inContact extends market footprint with new fortune 500 customer (SAAS) 4.91 : Co announced that a Fortune 500 communications co selected inContact to unify the sales and service process for customers that interact with more than 200 agents at 14 locations in Europe.
8:32AM Syntel reports EPS in-line, beats on revs; guides FY11 EPS in-line, revs in-line (SYNT) 59.66 : Reports Q2 (Jun) earnings of $0.66 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.66; revenues rose 20.2% year/year to $157 mln vs the $153.8 mln consensus. Co issues in-line guidance for FY11, sees EPS of $2.75-2.90 vs. $2.85 Capital IQ Consensus Estimate; sees FY11 revs of $625-640 mln vs. $631.52 mln Capital IQ Consensus Estimate.
8:31AM Temple-Inland misses by $0.01, reports revs in-line (TIN) 30.92 : Reports Q2 (Jun) earnings of $0.21 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.22; revenues rose 4.1% year/year to $1.02 bln vs the $1.01 bln consensus.
8:31AM Carrol's Restaurant Group names Tim Taft CEO of subsidiary Fiesta Restaurant Group; effective August 15, 2011 (TAST) 10.08 : Co announces Mr. Taft, age 53, succeeds Mr. Vituli as Chief Executive Officer of Fiesta Restaurant Group. Mr. Vituli will remain as the CEO and Chairman of the Board of Carrols Restaurant Group and Chairman of the Board of Fiesta Restaurant Group. Mr. Taft has over 30 years in the restaurant and hospitality industry having worked his way up from a national account director at a regional advertising agency to become President and Chief Operating Officer at Whataburger.
8:27AM Lincoln Electric beats by $0.13, beats on revs (LECO) 35.75 : Reports Q2 (Jun) earnings of $0.68 per share, $0.13 better than the Capital IQ Consensus Estimate of $0.55; revenues rose 35.6% year/year to $699.3 mln vs the $636 mln consensus.
8:22AM On The Wires (WIRES) :
* Monster Worldwide (MWW) launched SeeMore, the world's first cloud-based semantic search and analytics platform for managing companies' own resume databases. Built on Monster's multi-patented, highly successful 6Sense semantic search technology * JPMorgan Chase (JPM) and Bloomberg Television are teaming up again to produce eight new episodes of the popular TV series "Bloomberg The Mentor," and invite all small business owners to apply for a chance to appear on the national television show.
8:22AM MetLife to explore sale of MetLife Bank's depository business (MET) 40.89 : announced today that it is exploring the sale of MetLife Bank, N.A.'s depository business, which includes savings accounts, certificates of deposit and money market accounts. Co plans to continue to offer residential mortgages through its MetLife Home Loans business. Co states "MetLife Bank represented just 2 percent of MetLife Inc.'s first quarter 2011 operating earnings, and we do not believe it is appropriate for the overwhelming majority of our business to be governed by regulations written for banking institutions."
8:18AM Gold, silver pull back sharply on EU Summit Draft Conclusions (COMDX) :
8:16AM Ultratech beats by $0.01, beats on revs (UTEK) 27.38 : Reports Q2 (Jun) earnings of $0.36 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.35; revenues rose 70.6% year/year to $53.9 mln vs the $52.1 mln consensus.
8:16AM On The Wires (WIRES) :
* Sequans Communications (SQNS) Packet One Networks, and global 4G networking solutions provider, Greenpacket, are working together to develop LTE solutions, including dual-mode 4G WiMAX/LTE solutions for Greenpacket's global operator customers, including P1, its operator subsidiary in Malaysia. * MicroVision (MVIS) announced that it has entered into a development agreement with a major automotive manufacturer to incorporate MicroVision's PicoP(R) head-up display technology into its test vehicles. * ACI Worldwide (ACIW) announced the latest release of ACI Retail Commerce Server. This version is integrated with ISD Corporation's In-Store suite of products, following the acquisition of ISD in March 2011. ACI is now a pre-eminent provider of a truly comprehensive retailer payment solution, serving 14 of the top 25 U.S. retailers. * DemandTec (DMAN) announced that Farmacias Ahumada S.A, the largest drugstore chain in Latin America, has extended its subscription to DemandTec's Everyday Price Optimization software service on the network for its retail stores in Chile.
8:13AM PPG Industries beats by $0.09, beats on revs (PPG) 89.35 : Reports Q2 (Jun) earnings of $2.12 per share, $0.09 better than the Capital IQ Consensus Estimate of $2.03; revenues rose 15.3% year/year to $3.99 bln vs the $3.81 bln consensus. "We implemented further pricing initiatives and managed our businesses aggressively to overcome continued input cost inflation, a global economy that has only partially recovered and several transitory impacts to some businesses' volumes early in the quarter. Our strong performance underscores the benefits of our broad end-use market reach and the global business portfolio we have built." CEO Bunch noted that April was the weakest month in the quarter, with negative year-over-year company volumes due to several issues including the full brunt of automotive OEM industry production curtailments due to supplier disruptions related to the March earthquake and tsunami in Japan, poor weather-related architectural painting conditions in the United States, and production downtime in the Commodity Chemicals segment. "Our sales volumes rebounded soundly after April, with most segments realizing mid-single-digit percentage volume gains in May and June vs. last year."
8:10AM Gentex reports EPS in-line, misses on revs (GNTX) 29.63 : Reports Q2 (Jun) earnings of $0.27 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.27; revenues rose 20.5% year/year to $243 mln vs the $247.7 mln consensus. Co said that in early July 2011 the U.S. Dept of Transportation posted an update on its web site related to the timing of certain events associated with the Kids Transportation Safety Act and the pending requirement that all vehicles in the US will be required to be equipped with cameras and rear camera displays by Sept 2014. "The DOT stated that the final rule related to the KTSA is scheduled to go to the Office of the Secretary of Transportation by Aug 8, 2011, and to the Office of Management and Budget by Sept 24, 2011. It further stated that the rule will receive clearance from the OMB by Dec 23, 2011, and that the publication date of the final rule will be by Dec 31, 2011. This is the most current information available to us with respect to the timing of the final rule."
8:07AM TCF Financial misses by $0.02, misses on revs (TCB) 13.22 : Reports Q2 (Jun) earnings of $0.19 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.21; revenues rose 0.7% year/year to $290.3 mln vs the $297.1 mln consensus. Allowance for loan and lease losses was $255.5 mln, or 1.75% of loans and leases, compared with $251.6 mln, or 1.72%, at June 30, 2010 and $255.3 mln, or 1.73%, at March 31, 2011. Net loan and lease charge-offs were $43.8 mln, or 1.19%, annualized, of average loans and leases, down from $47.8 mln, or 1.30%, annualized, in the second quarter of 2010 and down from $55.8 mln, or 1.51%, annualized, in the first quarter of 2011.
8:05AM Aurico Gold Announces Increased Consolidated Production and Reduced Cash Cost Guidance (AUQ) 12.89 : Co announced a positive revision to its consolidated operational outlook for 2011 that includes an increase in production and a reduction in cash cost estimates for 2011. "Throughout the first half of the year Ocampo continued to deliver strong production results at cash costs below the industry average and this robust performance has been further augmented by our growing and diversified production profile. Production from the El Chanate mine contributed to our operating results for the first time in Q2 and with the commencement of commercial production at El Cubo in mid-July."
8:04AM Freeport-McMoRan beats by $0.07, beats on revs (FCX) 55.92 : Reports Q2 (Jun) earnings of $1.43 per share, $0.07 better than the Capital IQ Consensus Estimate of $1.36; revenues rose 50.5% year/year to $5.81 bln vs the $5.57 bln consensus. Consolidated sales from mines for second-quarter 2011 totaled 1.0 bln pounds of copper, 356 thousand ounces of gold and 21 mln pounds of molybdenum, compared with 914 mln pounds of copper, 298 thousand ounces of gold and 16 mln pounds of molybdenum for second-quarter 2010. Consolidated sales from mines for the year 2011 are expected to approximate 3.9 bln pounds of copper, 1.6 mln ounces of gold and 77 mln pounds of molybdenum, including 940 mln pounds of copper, 415 thousand ounces of gold and 18 mln pounds of molybdenum for third-quarter 2011. Based on current 2011 sales volume and cost estimates and assuming average prices of $4.25 per pound for copper, $1,500 per ounce for gold and $15 per pound for molybdenum for the second half of 2011, operating cash flows are estimated to exceed $8 bln for the year 2011.
8:03AM SEI Investments misses by $0.02, misses on revs (SEIC) 21.34 : Reports Q2 (Jun) earnings of $0.29 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.31; revenues rose 4.1% year/year to $237.8 mln vs the $240.6 mln consensus.
8:03AM Cypress Semi beats by $0.02, beats on revs (CY) 21.00 : Reports Q2 (Jun) earnings of $0.32 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.30; revenues rose 9.4% year/year to $255 mln vs the $250.3 mln consensus. 'We have good visibility into Q3 and Q4, especially for our rapidly growing touchscreen controllers and SRAM products. Our book-to-bill for Q2 was 1.09, above our seasonal average, and we ended the first week of the third quarter almost fully booked and with over 50% of the fourth quarter already booked, both well above historical levels. We expect continued revenue and earnings growth in Q3 driven by record touchscreen sales and SRAM growth'.
Non-GAAP consolidated gross margin for the second quarter was 57.2%, down 0.9 percentage points from the previous quarter due mainly to product and customer mix and higher depreciation due to S8 capacity expansion. Net inventory dollars at the end of the second quarter were flat relative to Q1, and days of inventory decreased by 10 days to 87 days, the lowest level in three quarters.
8:03AM NY Comm Bancrp misses by $0.01 (NYB) 15.08 : Reports Q2 (Jun) earnings of $0.27 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.28. Non-performing non-covered loans declined $113.8 mln, or 18.5%, linked-quarter to $503.0 mln at June 30, 2011, and represented 1.76% of total loans, an improvement of 43 basis points. Non-performing non-covered assets represented 1.38% of total assets at the end of the quarter, a 20-basis point improvement from the measure at March 31st. Net charge-offs declined $11.8 mln linked-quarter to $26.8 mln, representing 0.09% of average loans, an improvement of five basis points.
8:03AM USA Truck beats by $0.02, reports revs in-line (USAK) 11.34 : Reports Q2 (Jun) earnings of $0.06 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.04; revenues rose 22.3% year/year to $139 mln vs the $137.9 mln consensus. "Despite a relatively soft freight environment in the first six weeks of the quarter, we nearly tripled our earnings excluding the effect of last year's fuel hedge gain, which amounted to approximately $1.2 million pretax, or $0.07 per share."
8:03AM Union Pacific beats by $0.02, beats on revs (UNP) 99.83 : Reports Q2 (Jun) earnings of $1.59 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.57; revenues rose 16.2% year/year to $4.86 bln vs the $4.74 bln consensus. Summary of Q2 freight revenues: Agricultural up 22%; Chemicals up 19%; Industrial Products up 16%; Energy up 14%; Automotive up 14%; Intermodal up 13%... Looking to the second half of the year, we expect stronger performance despite some economic uncertainties and ongoing flood challenges," said Young. "With our diverse franchise and strong value proposition, we're well-positioned to leverage volume growth and achieve pricing gains that will improve financial returns for our shareholders."
8:03AM Life Time Fitness beats by $0.04, beats on revs; guides FY11 EPS above consensus, revs in-line (LTM) 40.19 : Reports Q2 (Jun) earnings of $0.63 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.59; revenues rose 11.1% year/year to $256.7 mln vs the $251.9 mln consensus. Co issues mixed guidance for FY11, sees EPS of $2.31-2.36, excluding non-recurring items, vs. $2.30 Capital IQ Consensus Estimate; sees FY11 revs of $985 mln-1.0 bln vs. $994.38 mln Capital IQ Consensus Estimate.
8:03AM Sherwin-Williams misses by $0.11, misses on revs; guides Q3 EPS below consensus; guides FY11 EPS below consensus (SHW) 84.92 : Reports Q2 (Jun) earnings of $1.66 per share, $0.11 worse than the Capital IQ Consensus Estimate of $1.77; revenues rose 9.9% year/year to $2.36 bln vs the $2.4 bln consensus. Co issues downside guidance for Q3, sees EPS of $1.65-$1.75 vs. $1.78 Capital IQ Consensus Estimate. Co issues downside guidance for FY11, sees EPS of $4.65-$4.85 vs. $5.02 Capital IQ Consensus Estimate.
8:02AM Corning announces expansion of clean air products facility in China (GLW) 16.86 : Co announced that its board of directors has approved a capital expenditure plan of ~$170 mln to further increase the capacity of its clean air products plant in Shanghai, China. The investment will be used to expand the Corning Shanghai facility and to increase its capacity to manufacture emissions control substrates for light-duty passenger vehicles. This expansion is expected to be complete and operational in the third quarter of 2013.
8:02AM Schlumberger announced Andrew Gould, Chairman and Chief Executive Officer of co will retire as Chief Executive Officer effective August 1st 2011 (SLB) 88.41 : Co annouced Mr. Gould will continue to serve as Chairman of the Board until the annual general meeting of the co's stockholders in April 2012. It is the Board's intention that its directors will select the current independent lead director, Tony Isaac, to be the new non-executive Chairman upon Mr. Gould's departure. Andrew Gould will be succeeded as Chief Executive Officer by Paal Kibsgaard, Chief Operating Officer of Schlumberger Limited. Prior to his appointment as Chief Operating Officer, Mr. Kibsgaard served as President of the Reservoir Characterization Group after assignments as Vice President, Engineering, Manufacturing and Sustaining; and Vice President of Personnel following a series of earlier international positions.
8:02AM Alaska Air beats by $0.01, reports revs in-line (ALK) 65.70 : Reports Q2 (Jun) earnings of $2.44 per share, $0.01 better than the Capital IQ Consensus Estimate of $2.43; revenues rose 13.7% year/year to $1.11 bln vs the $1.11 bln consensus.
8:01AM Computer Sciences & ArcelorMittal (MT) sign infrastructure managed services agreement in Europe; financial terms were not disclosed (CSC) 37.17 : Co announced that it has signed a contract with ArcelorMittal (MT) to provide information technology (IT) infrastructure managed services. The agreement provides the framework for common and country-specific agreements by the local entities of each party, and will become effective upon the signing of the different accession agreements. The contract has a five-year base with two two-year extension options.
8:01AM RealD and Cinemark (CNK) Agree to 1,500 Additional RealD 3D-Enabled Screens (RLD) 18.04 : This agreement doubles the companies' previous arrangement for a total of up to 3,000 RealD 3D-enabled screens, ultimately accounting for RealD 3D capability in approximately 50% of Cinemark auditoriums. Installation of the additional 1,500 RealD 3D-enabled screens has already begun with a total of approximately 2,000 RealD 3D-enabled screens currently installed across Cinemark locations.
8:01AM Janus Capital reports EPS in-line, revs in-line (JNS) 9.07 : Reports Q2 (Jun) earnings of $0.23 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.23; revenues rose 5.9% year/year to $264 mln vs the $263.5 mln consensus.
7:58AM On The Wires (WIRES) :
* DineEquity (DIN) announced that its wholly owned subsidiary, Applebee's Services has signed a multi-restaurant franchise agreement with AMECO Foods for the development of ten new Applebee's restaurants in Egypt. * Freescale Semiconductor (FSL) continues to extend the Tower System development platform with new, feature-rich development boards for medical, industrial and general embedded applications. * Actuate Corporation (BIRT) announced that the company is planning to expand its presence in India by hosting events, engaging with key partners and providing resources to the growing number of Indian software developers already using BIRT to build Business Intelligence, data visualizations and information delivery applications. * Elster (ELT) announced that Spectra Energy (SE) has selected Elster Instromet to supply 16 Q.Sonic ultrasonic meters to provide natural gas custody transfer measurement for one of the company's large-scale pipeline expansion projects. * Plug Power (PLUG) announced that its CEO, Mr. Andy Marsh, has been appointed to the Board of Directors for the California Hydrogen Business Council (CHBC). Plug Power manufactures hydrogen fuel cell solutions, known as GenDrive?, to power electric lift trucks in the $19.9B global material handling market. * Hormel Foods (HRL) and Herdez Del Fuerte, announced it has entered into a definitive agreement to acquire 100 percent of Fresherized Foods. Annual sales are expected to be about $140 mln. The transaction is expected to close in August 2011; terms are not disclosed.
7:55AM BioSante Pharmaceuticals signs Melanoma vaccine license (BPAX) 3.58 : Co announced an exclusive worldwide license of its Melanoma Vaccine to The John P. Hussman Foundation, a charitable foundation that supports research to address life-threatening medical conditions and significant disabilities. BioSante received $100K on signing the license and is eligible for up to $39 mln in milestone payments, plus royalties on sales. Additionally, the Hussman Foundation has committed up to ~$11 mln in Melanoma Vaccine clinical development funding.
7:51AM Landstar System beats by $0.03, beats on revs (LSTR) 46.75 : Reports Q2 (Jun) earnings of $0.62 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.59; revenues rose 5.3% year/year to $675.6 mln vs the $660.6 mln consensus.
7:40AM Penske Auto beats by $0.05, misses on revs (PAG) 23.40 : Reports Q2 (Jun) earnings of $0.43 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.38; revenues rose 10.5% year/year to $2.89 bln vs the $2.96 bln consensus. The rev increase was highlighted by higher average transaction prices on both new and used vehicles during the quarter, including a 13.8% increase in same-store retail revenue from the Company's premium/luxury brands. The parts and service business remained resilient, increasing 7.5% in the quarter; 6.0% on a same-store basis. "Although we faced a challenging inventory situation as a result of the Japan earthquake, our business model continued to prove its resiliency and delivered another solid quarter... offset the 1.1% decline in new retail unit sales with a 16.1% increase in used retail vehicle sales and higher gross profit per new and used retail unit sold. Additionally, the Company's premium luxury brand mix in the U.K. continued to perform well, as same-store retail sales of new units outperformed overall U.K market registrations, which declined by 5.2% in the second quarter according to industry data... OEM partners have made substantial progress in their ability to increase production earlier than originally anticipated. We continue to expect supply challenges of certain brands during the third quarter; however, we expect the situation to continue improving and remain confident in our ability to manage through any continued supply disruption." During the second quarter of 2011, the Company acquired 618,209 shares of its common stock at an average price of $20.06 per share.
7:39AM Alliance Data beats by $0.10, beats on revs; guides Q3 EPS in-line; guides FY11 EPS in-line (ADS) 99.43 : Reports Q2 (Jun) earnings of $1.75 per share, $0.10 better than the Capital IQ Consensus Estimate of $1.65; revenues rose 10.4% year/year to $740 mln vs the $722.3 mln consensus. Co issues in-line guidance for Q3, sees EPS of $1.85 vs. $1.77 Capital IQ Consensus Estimate. Co issues in-line guidance for FY11, sees EPS of $5.00-7.20 vs. $7.11 Capital IQ Consensus Estimate and above prior guidance of $4.90-7.00. Additionally, co expects continued strong double-digit growth in revenue vs current estimate of ~+9.7% YoY growth and adjusted EBITDA for the third quarter of 2011.
7:36AM AT&T reports EPS in-line, revs in-line (T) 30.23 : Reports Q2 (Jun) earnings of $0.60 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.60; revenues rose 2.2% year/year to $31.5 bln vs the $31.32 bln consensus. Led by increased wireless demand, AT&T now expects capital expenditures in the $20 billion range for full-year 2011. Previously, the company expected capital expenditures in the low-to-mid $19 billion range. Free cash flow guidance remains unchanged, with expected growth over 2010 levels.
9.5 percent growth in wireless revenues, with a 7.4 percent increase in wireless service revenues; Total wireless subscribers up 1.1 million to reach 98.6 million subscribers in service, with gains in every customer category including 331,000 postpaid net adds; Best-ever second-quarter smartphone sales of 5.6 million; nearly 70 percent of total postpaid sales were smartphones; iPhone activations remain strong at 3.6 million, with 24 percent of subscribers new to AT&T; iPhone subscriber churn down slightly sequentially; Sales of Android and other smartphones doubled year over year; more than 40 percent of smartphone sales in the quarter; Branded computing subscribers (includes tablets, aircards, MiFi devices, tethering plans and other data-only devices) up 545,000, almost doubling since the second quarter of 2010 to reach 4.0 million; 23.4 percent growth in wireless data revenues, up $1 billion versus the year-earlier quarter; Postpaid subscriber ARPU (average monthly revenues per subscriber) up 2.0 percent to $63.87, the tenth consecutive quarter with a year-over-year increase.
7:36AM Monro Muffler beats by $0.02, misses on revs; guides Q2 EPS in-line; guides FY12 EPS in-line, reaffirms FY12 revs guidance (MNRO) 37.05 : Reports Q1 (Jun) earnings of $0.48 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.46; revenues rose 4.2% year/year to $164.8 mln vs the $167.7 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.46-0.50 vs. $0.49 Capital IQ Consensus Estimate. Co issues mixed guidance for FY12, sees EPS of $1.65-1.77 vs. $1.72 Capital IQ Consensus Estimate; sees FY12 revs of $690-705 mln vs. $704.47 mln Capital IQ Consensus Estimate.
7:34AM ITT Educational beats by $0.21, beats on revs; raises lower end of FY11 EPS, in-line (ESI) 92.59 : Reports Q2 (Jun) earnings of $2.85 per share, $0.21 better than the Capital IQ Consensus Estimate of $2.64; revenues fell 3.5% year/year to $387.9 mln vs the $377.3 mln consensus. Co issues in-line guidance for FY11, raises EPS to $10.00-10.50 from $8.50-10.50 vs. $10.14 Capital IQ Consensus Estimate. New student enrollment in the second quarter of 2011 decreased 19.9% to 17,351 compared to 21,673 in the same period in 2010. Total student enrollment decreased 7.0% to 78,743 as of June 30, 2011 compared to 84,695 as of June 30, 2010.
7:34AM United Continental beats by $0.07, beats on revs (UAL) 20.28 : Reports Q2 (Jun) earnings of $1.49 per share, excluding items, $0.07 better than the Capital IQ Consensus Estimate of $1.42; revenues rose 10.3% year/year to $9.81 bln vs the $9.7 bln consensus. UAL consolidated passenger revenue increased 10.1% in the second quarter of 2011 compared to the pro forma results for the same period in 2010. Second-quarter 2011 consolidated passenger revenue per available seat mile increased 9.0% compared to the pro forma results year-over-year.
7:34AM Manpower beats by $0.08, beats on revs; guides Q3 EPS in-line (MAN) 53.12 : Reports Q2 (Jun) earnings of $0.87 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.79; revenues rose 23.6% year/year to $5.67 bln vs the $5.51 bln consensus. Net earnings in the second quarter were favorably impacted by 11 cents per diluted share, as foreign currencies were relatively stronger compared to the prior year period. Co issues in-line guidance for Q3, sees EPS of $0.90-1.00, which includes an estimated favorable currency impact of $0.10, vs. $0.95 Capital IQ Consensus Estimate.
7:32AM Sonoco Products misses by $0.03, reports revs in-line; guides Q3 EPS below consensus; lowers FY11 EPS guidance (SON) 33.69 : Reports Q2 (Jun) earnings of $0.60 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.63; revenues rose 11.7% year/year to $1.13 bln vs the $1.14 bln consensus. Co issues downside guidance for Q3, sees EPS of $0.64-0.68 vs. $0.71 Capital IQ Consensus Estimate. Co lowers guidance for FY11, sees EPS of $2.46-2.54, prior $2.52-2.62, vs. $2.58 Capital IQ Consensus Estimate. "Lingering unemployment, along with higher grocery and energy prices, have clearly impacted domestic consumer spending during the first half of 2011, which may have impacted volume and mix in certain of our consumer and industrial markets. While this consumer spending trend could continue into the second half, we hope to offset any attrition with new product sales, productivity improvements and cost controls. Our Packaging Services segment has shown improved results in the first half. However, we remain cautious going into the second half due to the previously announced loss of business in contract packaging. In addition, raw material inflation, particularly for recovered paper, may generate some headwind against our Tubes and Cores/Paper segment during the third quarter. Yet overall, we expect improved results in most of our consumer and industrial businesses."
7:31AM NetScout Systems beats by $0.01, reports revs in-line; guides FY12 EPS above consensus, revs in-line (NTCT) 16.07 : Reports Q1 (Jun) earnings of $0.13 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.12; revenues fell 5.2% year/year to $63.3 mln vs the $63.1 mln consensus. Co issues mixed guidance for FY12, sees EPS of $1.07-1.19 vs. $1.05 Capital IQ Consensus Estimate; sees FY12 revs of $300-315 mln vs. $301.86 mln Capital IQ Consensus Estimate.
7:31AM Orbital Sciences beats by $0.01, beats on revs; raises FY11 guidance (ORB) 17.17 : Reports Q2 (Jun) earnings of $0.23 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.22; revenues rose 4.9% year/year to $354.3 mln vs the $328.3 mln consensus. Co issues guidance for FY11, raises EPS to $0.95-1.05 from $0.80-0.90 vs. $0.91 Capital IQ Consensus Estimate; raises FY11 revs to $1.325-1.375 bln from $1.30-1.35 bln vs. $1.36 bln Capital IQ Consensus Estimate. "Our second quarter 2011 revenues set a new quarterly record on strong growth in the company`s launch vehicles segment, while operating profit margins increased in all business segments. Operational activity continued at a good pace, with six major rocket launches and space system deployments in addition to eight additional system deliveries in the second quarter."
7:31AM TeleComm Sys receives $3.6 mln in funding from U.S. Army for SNAP deployable satellite systems and maintenance (TSYS) 5.04 : Co announced that it has received an additional $3.6 mln in funding from the U.S. Army for equipment and maintenance of Secret Internet Protocol Router and Non-secure Internet Protocol Router Access Point Very Small Aperture Terminal satellite systems.
7:31AM RF Industries doubles regular quarterly cash dividend to $0.05/share from $0.25/share QoQ; declares $0.25/share special cash dividend (RFIL) 3.98 : Co announced the regular quarterly cash dividend will be payable October 17, 2011 to shareholders of record on September 30, 2011. RFI also announced today that its Board of Directors has also declared a special one-time cash dividend of $0.25 per common share, payable on September 1, 2011 to shareholders of record on August 15, 2011.
7:30AM Goodrich beats by $0.06, beats on revs; guides FY11 EPS above consensus, revs above consensus (GR) 93.11 : Reports Q2 (Jun) earnings of $1.38 per share, $0.06 better than the Capital IQ Consensus Estimate of $1.32; revenues rose 16.5% year/year to $2 bln vs the $1.94 bln consensus. Co issues upside guidance for FY11, sees EPS of $5.85-6.00, excluding non-recurring items, which includes a $0.16 charge for plant closures, vs. $5.62 Capital IQ Consensus Estimate; sees FY11 revs of approx $8.1 bln vs. $7.94 bln Capital IQ Consensus Estimate.
7:26AM Morgan Stanley beats by $0.27, beats on revs (MS) 21.72 : Reports Q2 (Jun) loss of $0.38 per share, including a negative adjustment of $1.02 related to the previously announced conversion of the firm's preferred stock held by Mitsubishi UFJ Financial Group, $0.27 better than the Capital IQ Consensus Estimate of ($0.65); revenues rose 16.6% year/year to $9.28 bln vs the $8.05 bln consensus. Results for the current quarter included positive revenue of $244 million compared with positive revenue of $750 million a year ago related to changes in Morgan Stanley's debt-related credit spreads.
Morgan Stanley's Tier 1 Common Ratio increased 290bps during the quarter to 14.6%, an Industry Leading Level.
Firm's current quarter compensation to net revenue ratio was 50% with compensation expense of $4.7 billion reflecting an increase in net revenues from a year ago.
Investment Banking revenues were $1.5 billion, the highest second-quarter revenues since 2007, reflecting an increase in both advisory and underwriting market volume from a year ago. Equity sales and trading net revenues were $1.9 billion, the highest since 2008, and reflected market share gains. Fixed income and commodities net revenues were $2.1 billion reflecting a solid performance in challenging markets. Global Wealth Management Group delivered net revenues of $3.5 billion, with client assets of $1.7 trillion and 17,638 global representatives.
Advisory revenues of $533 million increased 85% from a year ago. Underwriting revenues of $940 million increased 57% from last year's second quarter on higher levels of market activity. Equity underwriting revenues increased 56% from the prior year to $419 million reflecting revenue growth across all regions. Fixed income underwriting revenues of $521 million, which were the highest reported for the Firm, increased 59% from last year's second quarter primarily reflecting higher levels of acquisition finance activity in both the investment grade and non-investment grade markets.
7:15AM SunCoke Energy announces pricing of its initial public offering for $16.00/share (IPOXX) : Co announced today the pricing of the initial public offering of ~11.6 mln shares of its common stock at a price of $16/share. SunCoke Energy is currently a subsidiary of Sunoco (SUN). Following the completion of the initial public offering, Sunoco is expected to own ~83.4 percent of SunCoke Energy. The shares will begin trading on Thursday, July 21, 2011, on the New York Stock Exchange under the ticker symbol, "SXC."
7:10AM Pool beats by $0.04, beats on revs; narrows FY11 EPS range by increasing bottom end of prior range (POOL) 29.89 : Reports Q2 (Jun) earnings of $1.19 per share, $0.04 better than the Capital IQ Consensus Estimate of $1.15; revenues rose 9.1% year/year to $706.4 mln vs the $685.5 mln consensus. Co adjusts the bottom end of its FY11 EPS outlook, now sees EPS of $1.38-1.45 (vs. $1.44 Capital IQ Consensus Estimate), narrowed from the prior range of $1.35-1.45. "Consistent with the outlook we provided earlier this year, the second half of the year has tougher sales and margin comparisons. Our expectations are for more modest sales and earnings growth in this period as we do not expect any notable changes in the external environment."
7:08AM PepsiCo beats by $0.01, beats on revs; sees high single digit core EPS growth for FY11 (PEP) 68.49 : Reports Q2 (Jun) earnings of $1.21 per share, $0.01 better than the Capital IQ Consensus Estimate of $1.20; revenues rose 13.7% year/year to $16.83 bln vs the $16.35 bln consensus; +8% organically. Worldwide servings growth was 6% in the quarter and 7% year to date, with strength across the co's diverse snacks and beverage portfolio. Worldwide snacks volume increased 10% reflecting broad-based gains in the snacks portfolio and the impact of the WBD acquisition. Excluding the WBD impact, snacks volume gained 4%. Worldwide beverage volume increased 5%, including a 3-percentage-point impact from the WBD acquisition and despite challenging conditions in the North American beverage market. Volume performance was led by growth in emerging markets, where organic volume increased 9% in snacks and 4% in beverages. For 2011, the co is targeting high-single-digit earnings per share growth on a core, 52-week basis, including an estimated foreign exchange translation benefit of ~2 % pts, from its fiscal 2010 core EPS of $4.13 -- consensus:$4.50. The current guidance compares to the co's previous 2011 guidance of 7 to 8% core constant currency EPS growth and an estimated 1 to 2 % pt benefit from FX.
7:07AM Scholastic Corp beats by $0.06, beats on revs; guides FY12 EPS in-line, revs in-line (SCHL) 26.35 -0.39 : Reports Q4 (May) earnings of $0.82 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.76; revenues rose 1.4% year/year to $545.8 mln vs the $521.8 mln consensus. Co issues in-line guidance for FY12, sees EPS of $1.75-2.10 vs. $2.01 Capital IQ Consensus Estimate; sees FY12 revs of $1.9 bln vs. $1.93 bln Capital IQ Consensus Estimate.
7:06AM Diamond Offshore announced that it has declared a special quarterly cash dividend of $0.75 per share of common stock (DO) 72.73 :
7:06AM ISIS Pharm initiates Phase 1 study of ISIS-PTP1BRx to treat type 2 diabetes (ISIS) 8.71 : Co announced that it has initiated a Phase 1 clinical study for ISIS-PTP1BRx, an antisense drug for the treatment of type 2 diabetes targeting protein tyrosine phosphatase-1B, PTP-1B. ISIS-PTP1BRx is designed to increase the body's sensitivity to the natural hormone insulin, resulting in better glucose control for patients with type 2 diabetes. Because of its unique mechanism ISIS-PTP1BRx has the potential to contribute to the treatment of type 2 diabetes without causing weight gain or hypoglycemia. The reductions in LDL-C produced by PTP-1B inhibition should also provide an added benefit to patients.
7:05AM Entegris beats by $0.01, beats on revs; guides Q3 EPS below consensus, revs below consensus (ENTG) 8.49 : Reports Q2 (Jun) earnings of $0.24 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.23; revenues rose 24.8% year/year to $209.2 mln vs the $207 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.18-0.21 vs. $0.23 Capital IQ Consensus Estimate; sees Q3 revs of $180-190 mln vs. $208.83 mln Capital IQ Consensus Estimate.
7:05AM SunCoke Energy announced that it has priced an offering of $400 mln of its senior notes due 2019 with a coupon of 7.625% (IPOXX) : Co expects the closing of its notes offering to occur on or about July 26, 2011 in connection with the closing of its initial public offering of common stock. The shares will begin trading on Thursday, July 21, 2011, on the New York Stock Exchange under the ticker symbol, "SXC."
7:04AM Penn Natl Gaming beats by $0.08, reports revs in-line; guides Q3 EPS above consensus, revs below consensus; guides FY11 EPS above consensus, revs in-line (PENN) 41.11 : Reports Q2 (Jun) earnings of $0.55 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of $0.47; revenues rose 15.0% year/year to $687.9 mln vs the $684.6 mln consensus. Co issues guidance for Q3, sees EPS of $0.53 vs. $0.43 Capital IQ Consensus Estimate; sees Q3 revs of $703.6 mln vs. $711.25 mln Capital IQ Consensus Estimate. Co issues guidance for FY11, sees EPS of $2.16 vs. $1.71 Capital IQ Consensus Estimate; sees FY11 revs of $2.73 bln vs. $2.73 bln Capital IQ Consensus Estimate.
7:04AM Garmin offers an affordable path to ADS-B compliance; expands warranty through FliteLevel Select; Intergrated flight deck retrofit now available for the TBM 700 (GRMN) 32.00 :
7:03AM PURE Bioscience obtains U.S. EPA Registration of expanded claims for PURE Hard Surface disinfectant/sanitizer (PURE) 0.97 : Co announced the EPA registration of a major amendment to the PURE Hard Surface label to add additional pathogens, including Hepatitis B, Hepatitis C and multiple Carbapenem-resistant bacteria as well as to reduce virus kill times to as quick as 30 seconds and no longer than 60 seconds.
7:03AM Ingersoll-Rand misses by $0.05, reports revs in-line; guides Q3 EPS below consensus, revs in-line (IR) 44.77 : Reports Q2 (Jun) earnings of $0.88 per share, excluding non-recurring items, $0.05 worse than the Capital IQ Consensus Estimate of $0.93; revenues rose 11.8% year/year to $3.89 bln vs the $3.92 bln consensus. Co issues mixed guidance for Q3, sees EPS of $0.85-0.95, excluding non-recurring items, vs. $0.97 Capital IQ Consensus Estimate; sees Q3 revs of $3.85-3.95 bln vs. $3.91 bln Capital IQ Consensus Estimate.
7:02AM Arbitron beats by $0.04, reports revs in-line; reaffirms FY11 EPS guidance, revs guidance (ARB) 41.00 : Reports Q2 (Jun) earnings of $0.27 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.23; revenues rose 8.4% year/year to $95.7 mln vs the $95.2 mln consensus. Co reaffirms guidance for FY11, sees EPS of $1.90-2.05 vs. $1.98 Capital IQ Consensus Estimate; sees FY11 rev growth of 6-8% YoY, which calculates to roughly $419.1-427.0 mln vs. $421.91 mln Capital IQ Consensus Estimate.
7:02AM Snap-On beats by $0.07, reports revs in-line (SNA) 62.36 : Reports Q2 (Jun) earnings of $1.14 per share, $0.07 better than the Capital IQ Consensus Estimate of $1.07; revenues rose 12.2% year/year to $726.7 mln vs the $726.2 mln consensus. Co anticipates that capital expenditures in 2011 will approximate $65 mln, of which $33.3 mln was spent in the first six months of 2011. Snap-on also expects to incur ~$13 mln of higher year-over-year pension expense in 2011 largely due to the amortization of investment losses incurred in 2008 related to its domestic pension plan assets.
7:02AM Philip Morris International beats by $0.12, beats on revs; raises FY11 EPS above consensus (PM) 68.19 : Reports Q2 (Jun) earnings of $1.34 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus Estimate of $1.22; revenues rose 17.2% year/year to $8.27 bln vs the $7.9 bln consensus. Co issues upside guidance for FY11, raises EPS to $4.70-4.80, excluding non-recurring items, from $4.55-4.65 vs. $4.64 Capital IQ Consensus Estimate. ~$0.10 of the increased guidance are attributable to an improved business outlook, driven largely by Japan, and approximately $0.05 reflect favorable currency at prevailing rates.
7:01AM Repligen announces initiation of RG1068 pilot study to improve identification and characterization of pancreatic cancer (RGEN) 3.67 : Co announced that the first patient has been enrolled in a pilot study to evaluate the ability of RG1068 to improve detection and characterization of pancreatic cancer in combination with contrast-enhanced magnetic resonance imaging and computed tomography. In addition, this study will evaluate which imaging technique is optimal for pancreatic tumor detection, staging and evaluation for surgery.
7:01AM Diamond Offshore beats by $0.02, beats on revs (DO) 72.73 : Reports Q2 (Jun) earnings of $1.92 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.90; revenues rose 8.1% year/year to $889.5 mln vs the $873 mln consensus.
6:58AM Huntington Banc increased its quarterly dividend to $0.04/share from $0.01/share QoQ. (HBAN) :
6:58AM Meridian Bioscience misses by $0.04, misses on revs; guides FY11 EPS below consensus, revs below consensus (VIVO) 27.32 : Reports Q3 (Jun) earnings of $0.17 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.21; revenues rose 29.8% year/year to $40.1 mln vs the $43 mln consensus. Co issues downside guidance for FY11, sees EPS of $0.68-0.71 vs. $0.79 Capital IQ Consensus Estimate and below prior guidance of $0.77-0.82; sees FY11 revs of $160-163 mln vs. $166.01 mln Capital IQ Consensus Estimate and below prior guidance of $165-170 mln.
6:46AM Hubbell beats by $0.02, beats on revs; guides FY11 revs in-line (HUB.B) 64.19 : Reports Q2 (Jun) earnings of $1.07 per share, $0.02 better than the Capital IQ Consensus Estimate of $1.05; revenues rose 9.7% year/year to $709.2 mln vs the $683.5 mln consensus. Co issues in-line guidance for FY11, sees FY11 revs of +7-9% YoY calculating to ~$2.72-2.77 bln vs. $2.72 bln Capital IQ Consensus Estimate. Co adds additional color to its outlook: "Based on the strength of the first half, we are now forecasting net sales to increase by 7%-9% for the year. We have increased our outlook for the utility market and now expect that market to grow in the high-single digit range with increases in distribution and higher spending on transmission related projects. We have also increased our overall industrial market outlook due to higher factory utilization and increased demand for our harsh and hazardous products that are benefitting from strong energy markets. While the non-residential construction market is expected to decline, we anticipate that continued higher demand for renovation, relight and controls will provide an offset. However, we expect the residential market to remain weak for the remainder of 2011 with any recovery being delayed into next year. Based on our strong performance in the first half of the year, we anticipate being able to generate record EPS in 2011. We believe that the pricing actions that have been implemented to date are sufficient to offset the commodity cost increases that we have experienced."
6:45AM Travelers misses by $0.30, reports revs in-line (TRV) 57.06 : Reports Q2 (Jun) loss of $0.91 per share, excluding non-recurring items, $0.30 worse than the Capital IQ Consensus Estimate of ($0.61); revenues rose 3.1% year/year to $5.5 bln vs the $5.52 bln consensus. Total revenues of $6.388 bln in the current quarter increased $209 mln, or 3% YoY primarily due to a $163 mln increase in earned premiums. After-tax operating results in the current quarter decreased $1.067 bln from the prior year quarter primarily due to a $1.043 bln after-tax decrease in underwriting results essentially attributable to the significantly higher catastrophe losses. The underwriting results in the current quarter reflected a GAAP combined ratio of 125.0 percent, as compared to 95.2 percent in the prior year quarter. During the second quarter 2011, the co repurchased 3.9 mln of its common shares under its existing Board of Directors' share repurchase authorization at a total cost of $237 mln and paid $174 mln in common stock dividends. "Despite the very large catastrophe losses, there was no meaningful change in our balance sheet strength between the beginning and end of the quarter as we reduced our common share repurchases in line with our revised earnings expectations. As we announced in June, we expect repurchases in the second half of the year to approximate $400 mln in excess of second half operating income. Further, we successfully renewed our catastrophe reinsurance program on July 1 with essentially the same structure and coverage and only a modest increase in price." Adj. book value: $54.28; book value: $59.62.
6:43AM On The Wires (WIRES) :
* SuccessFactors (SFSF) announced that Edwards has selected SuccessFactors to support its rapidly expanding global business operations. * Bharti Airtel announced a five year managed services agreement with Ericsson (ERIC) for its Africa operations. As per the agreement, Ericsson will manage and optimise Airtel's mobile networks in Africa in order to provide a superior customer experience. * Vical Incorporated (VICL) announced today the publication in the journal Vaccine1 of successful results from nonclinical testing of its Vaxfectin adjuvant and Vaxfectin-formulated plasmid DNA vaccines against pandemic influenza prior to their first use in human clinical trials. * Stratus Media Group (SMDI) announced a broadcast agreement with HD Theater, a Discovery Communications (DISCA) subsidiary. The deal enables Stratus to increase the market value to its elite corporate sponsors and provide exclusive coverage of the Mille Miglia North America Tribute in the United States.
6:38AM Eli Lilly reports EPS in-line, beats on revs; raises FY11 EPS in-line, raises FY11 rev growth above consensus (LLY) 38.17 : Reports Q2 (Jun) earnings of $1.18 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate consensus of $1.18; revenues rose 8.8% year/year to $6.25 bln vs the $6.01 bln consensus. This 9% revenue growth was comprised of increases of 5% in volume and 4% due to the impact of foreign exchange rates. Total revenue in the U.S. increased 3% to $3.346 bln primarily due to increased volume, and, to a lesser extent, higher prices. Total revenue outside the U.S. increased 17% to $2.906 bln due to increased volume and the positive impact of foreign exchange rates. Second-quarter 2011 total revenue was reduced by ~$110 mln due to the impact of U.S. health care reform. Co issues in-line guidance for FY11, raises EPS to $4.25-4.35, excluding non-recurring items, from $4.15-4.30 vs. $4.28 Capital IQ Consensus Estimate. The co now expects total revenue to grow in the mid-single digits, an increase from the prior guidance of low-single digit growth vs. the +1.6% consensus. The co now anticipates that gross margin as a % of revenue will decline between 2 and 3% pts. The co still anticipates that the impact of U.S. health care reform will lower 2011 revenue by $400 mln to $500 mln.
6:37AM Fifth Third beats by $0.08 (FITB) 12.33 : Reports Q2 (Jun) earnings of $0.35 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.27. 2Q11 net charge-offs of $304 mln (1.56% of loans and leases), the lowest level since the first quarter of 2008, vs. 1Q11 NCOs of $367 mln and 2Q10 NCOs of $434 mln. Total nonperforming assets of $2.3 bln including held-for-sale declined $78 mln or 3% sequentially (lowest levels since 2Q08); nonperforming assets excluding held-for-sale of $2.1 bln declined $38 mln or 2%. NPA ratio of 2.66% down 7 bps from 1Q11, NPL ratio of 2.09% down 2 bps from 1Q11; NPL inflows of $449 mln down 55% from peak in 3Q09. Tier 1 common ratio 9.20%, up 21 bps sequentially; Tier 1 ratio 11.93% , Total capital ratio 16.03%, Leverage ratio 11.03%.
6:34AM Alexion Pharma beats by $0.03, beats on revs; guides FY11 EPS in-line, revs above consensus (ALXN) 52.04 : Reports Q2 (Jun) earnings of $0.29 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 47.6% year/year to $185.7 mln vs the $178 mln consensus. Co issues mixed guidance for FY11, sees EPS of $1.10-1.15 vs. $1.14 Capital IQ Consensus Estimate and above the previous range of $1.05-1.12; sees FY11 revs of $745-755 mln vs. $740.04 mln Capital IQ Consensus Estimate and above previously announced range of $720-740 mln .
6:32AM Nat'l Technical Systems Acquires Ingenium Testing for $12.5 mln; anticipates the acquisition will contribute at least an additional $3 mln in EBITDA in the first full fiscal year following the acquisition (NTSC) 5.82 : Co announced that it has completed a key step in its strategic growth plan with the acquisition of substantially all of the business and assets of Ingenium Testing, a leading product compliance and engineering services provider based in Rockford, IL. NTS acquired the business and assets of Ingenium and two affiliated companies for $12.5 mln in cash, plus potential earn-out consideration in the event certain performance targets are met. To support its acquisition strategy, and in anticipation of the Ingenium and other potential acquisitions, NTS completed a $14 million private placement of debt and equity with Greenwich, CT-based Mill Road Capital on June 28 of this year.
6:31AM Nexstar Broadcasting to explore strategic alternatives; including a possible sale of the company (NXST) 9.30 : Co announced it has not made a decision to pursue any specific strategic transaction or other strategic alternative and there is no set timetable for the process, so there can be no assurance that the exploration of strategic alternatives will result in a sale of the co or any other transaction. The co does not intend to disclose developments with respect to the progress of its strategic review until such time as the Board has approved a transaction or otherwise deems disclosure appropriate. The co has retained Moelis & Company as its financial advisor and Kirkland & Ellis LLP as its legal counsel.
6:24AM Harvest Natural Announces pre-salt ruche oil discovery offshore Gabon (HNR) 13.20 : Co announced an update to its drilling operations in the Dussafu Ruche Marin-1 well drilled in the Dussafu Marin PSC, offshore Gabon, West Africa. Harvest operates the Dussafu PSC, holding a 66.667% interest. The DRM-1 well was initially drilled in 380 feet of water.
6:20AM BB&T Corp beats by $0.01, beats on revs (BBT) 25.63 : Reports Q2 (Jun) earnings of $0.44 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.43; revenues rose 7.0% year/year to $2.18 bln vs the $2.15 bln consensus. The net interest margin was 4.15% for the second quarter, a 3 basis point increase compared to the second quarter of 2010 and an increase of 14 basis points compared to last quarter. The outlook for margin has increased, with current projections that the margin will remain in the 4.05-4.10% range throughout 2011. Q2 NPAs decreased 13.2% excluding covered assets, the 5th consecutive quarter with lower NPAs. Net charge-offs totaled 1.80% of average loans for the quarter, excluding covered loans.
6:19AM Wesco beats by $0.08, reports revs in-line (WCC) 52.47 : Reports Q2 (Jun) earnings of $1.00 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.92; revenues rose 21.1% year/year to $1.52 bln vs the $1.54 bln consensus. The 21.1% increase in sales includes a 7.4% positive impact from acquisitions and a 1.0% positive impact from foreign exchange rates, resulting in organic sales growth of 12.7%. Sequential sales increased 6.5%. "Our second quarter results were excellent, reflecting effective execution of our sales growth and margin expansion initiatives. We have now posted four consecutive quarters of double digit organic sales growth and have built a strong backlog, which is up over 20% versus last year. Operating margins improved 150 basis points to 5.6% in the second quarter, driven by an effective combination of gross margin expansion and operating cost leverage. The three acquisitions that we made over the last year are also exceeding expectations and have strengthened our business. Overall, our growth strategy is on track and we are very pleased with the good momentum and the improving profitability of our business."
6:17AM Cash America beats by $0.06, beats on revs; guides Q3 EPS above consensus; guides FY11 EPS above consensus (CSH) 15.99 : Reports Q2 (Jun) earnings of $0.84 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.78; revenues rose 14.4% year/year to $334.3 mln vs the $327.8 mln consensus. Co issues upside guidance for Q3, sees EPS of $1.05-1.10 vs. $1.04 Capital IQ Consensus Estimate. Co issues upside guidance for FY11, sees EPS of $4.28-4.48 vs. $4.25 Capital IQ Consensus Estimate.
6:17AM Danaher beats by $0.02, beats on revs (DHR) 53.11 : Reports Q2 (Jun) earnings of $0.69 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.67; revenues rose 15.4% year/year to $3.71 bln vs the $3.53 bln consensus. Core revenues increased 7.5% in the quarter compared to the second quarter of 2010. "We've been very pleased by our strong start to 2011 and our team's execution led to yet another quarter of solid core revenue and earnings growth. Our investments in new product development and go-to-market initiatives continued to drive organic growth and margin expansion and with our increasing exposure to higher growth emerging markets and the addition of Beckman Coulter to the portfolio, we believe we are well positioned to continue to outperform for the remainder of 2011 and beyond."
6:15AM WNS beats by $0.02, beats on revs; guides FY revs in-line (WNS) 9.31 : Reports Q1 (Jun) earnings of $0.22 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.20; revenues rose 9.5% year/year to $97.8 mln vs the $94.5 mln consensus. Co issues in-line guidance for FY12, sees FY12 revs of $387-407 mln , excluding non-recurring items, vs. $395.46 mln Capital IQ Consensus Estimate.
6:14AM Medco Health Solutions disclosed its pharmacy benefit services agreement with UnitedHealthcare (UNH) would not be renewed (MHS) : Co announced it will continue serving UNH clients through the expiration of the current agreement on Dec. 31, 2012, and will work closely with the organization to ensure a smooth and orderly transition.
6:13AM Express Scripts beats by $0.02, reports revs in-line; reaffirms FY11 EPS guidance; acquires MHS in $29.1 bln deal in cash and stock (ESRX) 52.54 : Reports Q2 (Jun) earnings of $0.71 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.69; revenues rose 0.6% year/year to $11.36 bln vs the $11.31 bln consensus. Co reaffirms guidance for FY11, sees EPS of $3.15-3.25, excluding non-recurring items, vs. $3.10 Capital IQ Consensus Estimate... See 6:02 comment for details of MHS acquisition.
6:10AM Whirlpool misses by $0.19, reports revs in-line; reaffirms FY11 EPS guidance (WHR) 75.64 : Reports Q2 (Jun) earnings of $2.76 per share, excluding non-recurring items, $0.19 worse than the Capital IQ Consensus Estimate of $2.95; revenues rose 4.3% year/year to $4.73 bln vs the $4.69 bln consensus. Co reaffirms guidance for FY11, sees EPS of $12.00-13.00, excluding non-recurring items, vs. $11.74 Capital IQ Consensus Estimate, with FCF of $400-500 mln. Given the current operating environment, Whirlpool is guiding EPS to the low end of the range. "We expect global economic volatility to continue in the near term. We are rapidly adjusting to a much more challenging global economic environment. Our primary focus is to expand operating margins, which we expect to do throughout the second half of the year. While demand remains positive globally, we expect to continue to see demand volatility as consumers around the world remain impacted by economic uncertainties and high inflation. We believe the announced and implemented price increases, innovation launches, cost reductions, and productivity improvements will drive positive margin improvement throughout the second half."
6:06AM Medco Health Solutions beats by $0.02, misses on revs; guides FY11 EPS in-line; being acquired by ESRX for $29.1 bln or ~$71.36 per share in cash and stock (MHS) 55.78 : Reports Q2 (Jun) earnings of $0.96 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.94; revenues rose 3.5% year/year to $16.72 bln vs the $17.07 bln consensus. Co issues in-line guidance for FY11, sees EPS of $4.02-4.12 vs. $4.10 Capital IQ Consensus Estimate.
6:03AM Huntington Banc beats by $0.01 (HBAN) 6.31 : Reports Q2 (Jun) earnings of $0.16 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.15. The provision for credit losses declined $13.6 mln, or 28%, from the 2011 first quarter. This reflected a 3% decline in nonaccrual loans from the end of the prior quarter. Total criticized commercial loans declined 11% during the quarter. The period end allowance for credit losses as a percentage of total loans and leases declined to 2.84% from 3.07%.
6:02AM Medco Health Solutions & Express Scripts (ESRX) sign definitive merger agreement; Medco shareholders to receive $29.1 bln or $71.36/share in cash & stock; expected to be slightly accretive to EPS in the first full year after closing and moderately accretive once fully integrated (MHS) 55.78 +0.00 : Cos announced that they have entered into a definitive merger agreement. The agreement has been unanimously approved by the boards of directors of both companies. Under the terms of the agreement, Express Scripts shall form a new holding company called Express Scripts Holding Company. Based on the closing price of Express Scripts stock of $52.54 as of July 20, 2011, the stock component is valued at $42.56/share, which, when combined with the $28.80 in cash brings the total value per share to Medco shareholders of $71.36. This represents a premium to Medco shareholders of 28% over Medco's closing share price on July 20, 2011. Upon closing of the transaction, Express Scripts shareholders are expected to own ~59% of the combined company and Medco shareholders are expected to own ~41 percent. The merger will combine the two complementary pharmacy benefit managers.
6:00AM Autoliv beats by $0.19, beats on revs (ALV) 69.80 : Reports Q2 (Jun) earnings of $1.54 per share, $0.19 better than the Capital IQ Consensus Estimate of $1.35; revenues rose 14.4% year/year to $2.06 bln vs the $1.98 bln consensus.
5:58AM Sapiens Int'l, IDIT and FIS Sign Definitive Agreement to Merge; Merged Company to Become a Major Global Insurance Solutions Provider (SPNS) 3.60 : The merged company is expected to reach $100 mln in revenues in 2012. As consideration in the transaction, Sapiens will issue a total of 17.5 mln common shares and warrants to purchase 1 mln common shares, in addition to a payment of $6.75 mln in cash. Completion of the transaction is subject to the satisfaction of customary closing conditions. The parties may refrain from completing the transaction if the price of the Sapiens common shares at the closing is below a certain agreed upon price. The transaction is anticipated to be completed within 45 days.
5:31AM Thomas & Betts beats by $0.02, beats on revs; guides FY11 EPS in-line (TNB) 54.20 : Reports Q2 (Jun) earnings of $0.82 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.80; revenues rose 13.3% year/year to $566.3 mln vs the $549.5 mln consensus. Co issues in-line guidance for FY11, sees EPS of 3.20-3.35 vs. $3.35 Capital IQ Consensus Estimate and narrowed from previously stated earnings range of $3.15-3.35 per share. With regard to outlook, co states: "Since we last provided guidance, sentiment regarding the sustainability of the recovery has grown increasingly uncertain as unemployment remains stubbornly high in the U.S., the debt crises in Europe are broadening and macro-economic indicators continue to give mixed signals," said Pileggi. "While we remain cautious in our market outlook for the second half of 2011, we continue to expect year-over-year improvement in demand for industrial and utility products and relatively flat demand for construction products."
4:31AM ABB Ltd reports EPS in-line, beats on revs (ABB) 25.38 : Reports Q2 (Jun) earnings of $0.38 per share, in-line the Capital IQ Consensus Estimate of $0.38; revenues rose 27.8% year/year to $9.68 bln vs the $9.22 bln consensus. With regard to co's outlook, co states: "While macroeconomic concerns have increased recently, particularly around public debt in the U.S. and Europe and inflation in China, the long-term global outlook in ABB's major end markets remains favorable. High commodity prices are driving increased customer capital expenditures, while simultaneously supporting spending on efficiency and productivity improvements, including service...Emerging markets will remain the principal drivers of growth in the medium term but demand in the mature economies across all of ABB's portfolio is also expected to continue growing over the coming quarters."
3:24AM Nash Fin misses by $0.04, misses on revs (NAFC) 37.76 : Reports Q2 (Jun) earnings of $0.77 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.81; revenues fell 4.8% year/year to $1.1 bln vs the $1.16 bln consensus.
2:00AM Micron prices $300 mln of its 1.50% convertible senior notes due 2031 (MU) 7.60 :
1:59AM Powerwave offers $100 mln 2.75% convertible senior subordinated notes due July 2041 (PWAV) 2.23 :
1:57AM AstraZeneca: FDA approves new medicine BRILINTA for use in the US (AZN) 49.45 : Co announces the FDA has approved BRILINTA tablets to reduce the rate of heart attack and cardiovascular death in adult patients with acute coronary syndrome, compared to clopidogrel. Now that BRILINTA is approved in the US, AstraZeneca will begin the process of working with hospital formularies, protocol committees, government and managed care reimbursement bodies to bring this medicine to patients. Navigating these steps, which are necessary before BRILINTA will be available to a substantial number of incident ACS patients, will be a key focus for the next 12 months.
1:54AM North American Energy: Harbinger Group (HRG) announces that it acquired in open market purchases 100,000 common shares of North American Energy Partners (NOA) at $6.62 per share (NOA) 6.62 :
1:50AM CVB Financial beats by $0.06, misses on revs (CVBF) 9.52 : Reports Q2 (Jun) earnings of $0.20 per share, $0.06 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 17.3% year/year to $62.4 mln vs the $63.1 mln consensus. Allowance for credit losses represented 3.04% of total CBB non-covered loans & leases. Non-performing loans decreased to $75.1 mln, down from $157.0 mln at December 31, 2010, and now represent 2.35% of total CBB non-covered loans and leases. Non-interest bearing deposits were $1.89 bln at June 30, 2011, an increase of $193.0 mln from $1.70 bln at December 31, 2010
1:45AM Syms engages Cushman & Wakefield to evaluate various potential strategic alternatives; no defined timeline for this strategic review (SYMS) 11.98 :
1:42AM AbitibiBowater appoints Jo-Ann Longworth as Chief Financial Officer (ABH) 19.18 : Co announces that Jo-Ann Longworth will become CFO, effective August 31. She succeeds William Harvey, who will step down from his position. He will also continue to serve as an advisor until March 2012. Currently, Longworth is serving as Special Advisor to President and CEO Richard Garneau, focusing on specific mandates and ensuring an effective transition with Harvey. Additionally, Longworth served from 2008-2010 as Senior Vice President and Chief Accounting Officer with World Color.
1:39AM Edwards Lifesciences: FDA Panel recommends approval of Edwards Transcatheter Valve for treatment of inoperable patients (EW) 87.53 : Co announces that the FDA Advisory Panel voted late today to recommend approval of the Edwards SAPIEN transcatheter heart valve for the treatment of certain inoperable patients. The Edwards SAPIEN valve is an investigational device in the U.S. and not yet available commercially in the U.S. It received CE Mark approval for European commercial sale in late 2007.
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