May 16, 2008 -- 17:58 ET| Trading Points |
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| 17:58 ET Pomeroy Computer's announced that its Board of Directors received a letter, last night, from Charlesbank Partners, LLC informing the Co's Directors that it is withdrawing from the proposed acquisitio Co announced that its Board of Directors received a letter, last night, from Charlesbank Partners, LLC informing the Co's Directors that it is withdrawing from the proposed acquisition of the co. On April 9, 2008, the Co disclosed that its Board of Directors had received a letter from David B. Pomeroy, II, the Co's founder and largest stockholder, proposing to acquire, with Charlesbank Equity Fund VI, LLP as his financial partner, all of the outstanding common stock of the co not owned by him for a price of $7.05 per share. Mr. Pomeroy informed the Board today that he continues to be interested in an acquisition of the Co and is pursuing alternative financing. The non-binding indication of interest from Mr. Pomeroy and Charlesbank had been referred to a Special Committee for review. Incident to its consideration of the offer from Mr. Pomeroy and Charlesbank, the Special Committee also undertook the exploration of a range of other alternative transactions that could enhance stockholder value. The Special Committee intends to complete the efforts that it has begun in this regard. | | 17:28 ET Hovnanian Entrpr announces pricing of $600 mln in notes Co announced that it priced $600.0 mln aggregate principal amount of 11 1/2% senior secured notes due May 1, 2013 in a private placement. The Co also entered into an amendment to its revolving credit agreement, which decreases total commitments thereunder to $300.0 million, increases the amount of collateral, and substantially eliminates maintenance covenants. | | 17:17 ET NYSE Euronext files a mixed-shelf securities offering in an S-3ASR | | 17:10 ET Ixys proposes acquisition of ZiLOG for $4.50 per share Co announced that it has made a proposal to the ZiLOG (ZILG) Board of Directors to acquire all the outstanding shares of ZiLOG common stock for per share consideration of $4.50, to be paid in cash and stock. | | 16:06 ET CBRE Realty Finance files $300 mln shelf registration statement | | 15:45 ET Earnings Preview for the week of May 19th-23rd Companies reporting earnings the week of May 19th-23rd include: Monday: CPB, ELON, EXM, LOW, PWRD, GRRF, CNTF, DRYS, and NCTY... Tuesday: AZO, CSUN, DRS, ESLT, HD, MDT, MF, SKS, SPLS, TGT, UNFI, ADI, HPQ, INTU, LTXX, PHHM, PVH, and RRGB... Wednesday: BJ, BRC, BWS, CHRS, EV, QXM, RTLX, ROST, SOLF, TLB, TNP, TWB, BRS, CHINA, CTRN, CSC, CPWM, GYMB, HOTT, NAPS, NTES, NTAP, PERY, PETM, CRM, SMTC, SNPS, WSTL, and ZL... Thursday: ANN, BKS, BONT, PLCE, CMCO, DKS, FLO, FRO, GME, GSOL, HRL, MPR, NWY, OPXT, PDCO, SAFM, SFL, SSI, SMRT, STP, TECD, BKE, TTC, ZLC, ARO, ARUN, BBOX, CA, DITC, GPS, HIBB, HRAY, LTON, NDSN, PSUN, VRGY, and ZUMZ... Friday: SKIL | | 15:42 ET Conference/Events Calendar for the week of May 19th-23rd (Part 3 of 3) Thursday: 6 AMERI's Mexican Investors Conference; ABT, WLP, COV, HLS, ESRX at Citigroup Healthcare Conference; ADTN, ALVR, CCOI, COMS, EGHT at Kaufman Brothers Next-Generation Infrastructure Tech & Services 1x1 Conference; ATVI, MVL, SUPX, N, PESI, CEVA, HXL, MVSN, VRSN at Wedbush Morgan Securities Management Access Conference for Micro-Small-Mid-Cap Companies; BIDU to attend the Goldman Sachs Ninth Annual Internet Conference; CFY, RES, CPE, SGY, KEG, SPN at 6th Annual Louisiana Energy Conference; CIFS at Roth Capital Partners Third Annual China Discovery Tour and 1x1 Conference (Beijing) (Day 6 of 8); Credit Suisse Group Building Your Long/Short or 130/30 Strategy Conference; Credit Suisse Group China UFO (Under followed Opportunities) Conference; CSR at Oppenheimer & Co. 2nd Annual China Dragon Call Conference (Invitation Only) (Day 3 of 3); DVN, SUN, KWK, VLO, APC, SD, CXO at UBS Global Oil & Gas Conference (Day 4 of 4); ESIO First Annual New York Investor Day; FDRY, MSCC at Thomas Weisel Partners Growth Stock One-on-One Conference; LOGI at 2008 New York Investor and Analyst Day; NOK, at CFO.com Working Capital Management Conference; OKS, BBEP, BWP at Master Limited Partnership Investor Conference; PSSI 2008 Investor Day; ROC, SEE, CYT, ARG, OI, VAL, MEOH, MWV at Goldman Sachs Basic Materials Conference; SMi Group Clinical Trials Logistics Conference; VNR at Raymond James 7th Annual MLP Investors Conference; VPRT, IACI, FMCN, MSO, OWW, GOOG, TZOO at Goldman Sachs Internet Conference; Fed gov Kroszner... Friday: CHBT at Roth Capital Partners Third Annual China Discovery Tour and 1x1 Conference (Beijing) (Day 7 of 8); Consumer Electronics Association Technology & Standards Spring Forum (Day 5 of 5); Financial future & options early close in observance of Memorial Day (13:00 ET); FMX at 6 AMERI's Mexican Investors Conference; Forrester Research IT Forum (Day 4 of 4); ICBI Global Derivatives and Risk Management Conference (Day 5 of 5); Society for Information Display International Symposium (Day 6 of 6). | | 15:39 ET Conference/Events Calendar for the week of May 19th-23rd (Part 2 of 3) Events of interest for the week of May 19th-23rd, include: Wednesday: ASTE , ATAC , AVT , AXE , BWY , CAS at Barrington Research Industrial Growth Conference; ABFS, R, BNI, CP, CNI, KSU, NSC at Wolfe Research, LLC Transportation Conference; ADBE, CTSH, ZRAN, TSS at JPMorgan Technology Conference (Day 3 of 3); ADO at Deutsche Bank Securities Swiss Equities Conference; ALNY, NSTK at IBC Life Sciences TIDES Conference (Day 3 of 3); ATAI, CHDX, CIFS, FSIN at Oppenheimer & Co. 2nd Annual China Dragon Call Conference (Invitation Only) (Day 2 of 3); BA Annual Investors Conference; BIDU to attend the Goldman Sachs Ninth Annual Internet Conference; CA Cheuvreux Spring European Large Cap Conference (Day 3 of 3); CBE, ROK, GWW, TYC, EMR, GE at The Electrical Products Group Conference (Day 4 of 4); CELG, VARI, HOLX, VIVO, SIAL at NASDAQ Investor Program; Consumer Electronics Association Technology & Standards Spring Forum (Day 3 of 5); Credit Suisse- Basic Materials; Credit Suisse Corporate Systems Leadership Pipeline Global Event (Day 3 of 4); Credit Suisse Group EEMEA Equities: Infrastructure Conference; CVS 2008 Analyst/Investor Meeting; DOX, CRDN, DOX, FCS, CALD, ACIW at Wedbush Morgan Securities Management Access Conference for Micro-Small-Mid-Cap Companies; EPIQ, DLR, KDE, POWR, RNOW at JMP Securities Research Conference (Day 3 of 3); EPIX to Present Phase 2a Data at American Thoracic Society Meeting; EPL, GIFI, PQ, TRMA, TMR, WTI at 6th Annual Louisiana Energy Conference; FE EEI Finance Committee Meeting; Fox-Pitt, Kelton Inc. Market Structure Global Conference; FRX Host Webcast to Discuss Aclidinium Bromide Data Presentations at the American Thoracic Society Annual Congress; GE Electrical Products Group (EPG) Conference; IACI, NYT, UNTD, ELNK at Goldman Sachs Internet Conference; JNPR Shareholder Meeting; MEND, ARRY, TMO, HNSN, PARD at Citigroup Healthcare Conference; MRO, FTI, RDC, HERO, NXY at UBS Global Oil & Gas Conference (Day 3 of 4); NST, SRP at EEI Annual Finance Committee Meeting; PAET at Janco Partners, Inc. Walkabout Conference; PPG, PX, DD, ECL, NCX, ROH, CE at Goldman Sachs Basic Materials Conference; PVR, NGLS, CEP, HLND, HPGP at Master Limited Partnership Investor Conference; Roth Capital Partners Third Annual China Discovery Tour Conference (Beijing) (Day 5 of 8); SunTrust Robinson Humphrey Financial Services Unconference; SUPX at Society for Information Display International Symposium (Day 4 of 6); TDSC Analyst Meeting; TRA at Credit Suisse Group Basic Materials Conference; VOLT, OMTR at JPMorgan Securities Research Conference; WM, NCC, FMER, ZION, CMA, AHL, COF at Lehman Brothers Eleventh Annual Lehman Financial Services Conference; WYE, OSIP at SMi Group Clinical Trials Logistics Conference; FOMC policy minutes released. | | 15:31 ET Conference/Events Calendar for the week of May 19th-23rd (Part 1 of 3) Events of interest for the week of May 19th-23rd, include: Monday: ACAS Analyst Meeting; ACTS, CAST, CDS, CHME, CPSL at Brean Murray, Carret & Co., Inc The All Cap All China 1x1 Conference; BIDU to attend the JPMorgan 36th Annual Technology Conference; Cambridge Energy Research Associates Global Energy Conference; Commercial Mortgage Securities Association The Impact of the Interest Capping Rules on Commercial Real Estate Conference; CPST at JMP Securities' Seventh Annual Research Conference; Credit Suisse Corporate Systems Leadership Pipeline Global Event (Day 1 of 4); DB at ICBI Global Derivatives and Risk Management Conference (Day 1 of 5); FDA, MRK, ARCH, GNTA at IBC Life Sciences TIDES Conference (Day 1 of 3); Financial Research Associates Renewable Energy Finance and Investment Summit (Day 1 of 3); Financial Times Business of Mobile Conference: Mobile Europe - Coming of Age?; HOGS, FSIN at Roth Capital Partners Third Annual China Discovery Tour Conference (Beijing) (Day 3 of 8); HON, DHR, HUBB, SPW, TT at The Electrical Products Group Conference (Day 2 of 4); IMFA, ALXA, BXG, DSCM, OMTR at JMP Securities Research Conference (Day 1 of 3); IR, TT Morgan Stanley Electrical Products Group Conference and Ingersoll-Rand to Discuss Its Businesses and Proposed Acquisition of Trane; JP Morgan 36th Annual Technology Conference; MNOV, CTIC, ALNY, CEGE, RGDX at Rodman & Renshaw Annual Global Healthcare Conference; NBR, XTO at UBS Global Oil & Gas Conference (Day 1 of 4); NOC at American Electronics Association CIRCA 2008 Conference (Day 1 of 3); Nomura International (Hong Kong) Limited Asian Corporate Access Week Shinka' Spring Conference (Day 1 of 3); NVO at CA Cheuvreux Spring European Large Cap Conference (Day 1 of 3); PTEC Mid-Year Investor Update; SE Analyst Meeting; SYMC, CSCO, CYMI, DBTK, TASR at JPMorgan Technology Conference (Day 1 of 3); WBNA, MER at SourceMedia Bond Buyers Conference; WW, DB, CS at Terrapinn Pension Fund Investment World Nordic Conference (Day 1 of 3). Tuesday: ABB, PHG, TXT, TNB, ETN, UTX, SI, ROP at The Electrical Products Group Conference (Day 3 of 4); ACAS, ACF, AFL, AIZ, CADE at SunTrust Robinson Humphrey Financial Services Unconference; AEL Investor Day 2008; AGEN, HEPH, CRXX, XOMA, ANX at Rodman & Renshaw Annual Global Healthcare Conference; American Electronics Association CIRCA 2008 Conference (Day 2 of 3); AMLN, ISIS, AVII, ARCH, PTN at IBC Life Sciences TIDES Conference (Day 2 of 3); ANGO, SWIM, CBEY, TITN, ARGN, ANAD at Craig-Hallum Institutional Investor Conference; Bear Stearns - 9th Annual Global Transportation Conference; BIDU to attend the JPMorgan 36th Annual Technology Conference; BITI at Medical Records Institute TEPR Conference (Day 4 of 5); CA Cheuvreux Spring European Large Cap Conference (Day 2 of 3); CCC, CRMT, CSCO, LIME, SGMO at JMP Securities Research Conference (Day 2 of 3); CEDC, CHUX, CBRL, COSI, FGXI, HLF, KONA, LBY, LTM, MRT, NUS, SWHC, TUP, USNA at Avondale's Inaugural Consumer Conference; CLB, GSPH, CFK, WG at New York Society of Security Analysts Energy Equipment and Services Conference; CLDN, KNX, UACL, PACR at Wolfe Research, LLC Transportation Conference; COSI, CBRL, CEDC, KONA, LTM, TUP, CHUX at Avondale Partners Consumer Conference; Credit Suisse Corporate Systems Leadership Pipeline Global Event (Day 2 of 4); Credit Suisse Group EEMEA Equities: Infrastructure Conference; CSR, CIFS, RAE, CHDX at Brean Murray, Carret & Co., Inc The All Cap All China 1x1 Conference; Deutsche Bank Securities Swiss Equities Conference; Financial Research Associates Renewable Energy Finance and Investment Summit (Day 2 of 3); Financial Times Business of Mobile Conference: Mobile Europe - Coming of Age?; Financial Times Reducing Operational Costs Conference; Forrester Research IT Forum (Day 1 of 4); G at Fox-Pitt, Kelton Inc. Norwegian Savings Banks Conference; HAL, RIG, OXY, NE, BHI, DRC, ESV, DRQ, GOK at UBS Global Oil & Gas Conference (Day 2 of 4); LWSN, ONNN, RVBD, ANSS, CSCO at NASDAQ Investor Program; MR, VIT, SIMO, EJ, SCR at Oppenheimer & Co. 2nd Annual China Dragon Call Conference (Invitation Only) (Day 1 of 3); MTB, STT, DFS, CIT, AIG, WFC, at Lehman Brothers Eleventh Annual Lehman Financial Services Conference; PANL at Society for Information Display International Symposium (Day 3 of 6); Roth Capital Partners Third Annual China Discovery Tour Conference (Beijing) (Day 4 of 8); SCHW, CWT at SourceMedia Bond Buyers Conference; TMO Analyst Meeting; TXN, ALTR, AVCT, EXLS, FLIR at JPMorgan Technology Conference (Day 2 of 3); WPI AUA Analyst Briefing. | | 15:23 ET Esmark drops ~$1.00 after the United Steelworkers report ESMK is in violation of collective bargaining agreements ESMK drops roughly $1 after the The United Steelworkers put out a press release announcing " the U.S.W demanded today that Esmark, Inc. repudiate the agreements that it recently entered into with Essar Steel Holdings Limited. In a letter to the company dated today, the USW asserted that the agreements with Essar are in direct violation of the company's collective bargaining agreement with the union. According to the company's recent Form 8K, filed with the Securities and Exchange Commission (SEC), on April 30, 2008 Esmark entered into a memorandum of agreement and other understanding with Essar that would result in the company's eventual sale to Essar. These agreements include a clause which would obligate Esmark to pay Essar a $20.5 mln break-fee and various other payments in the event the company agrees to sell itself to another entity..." | | 14:53 ET CBOT Agriculture and Ethanol Closing Prices July corn closed lower by 8 cents to $5.91 per bushel, July soybeans closed higher by 30 1/2 cents to $13.78 per bushel, July wheat closed higher by 4 cents to $7.75 1/2 per bushel, July Ethanol closed higher by $0.003 to $2.460 per gallon. | | 14:48 ET Equity indices push to new afternoon highs... Dow -24 pts, SPX -0.98, Nasdaq -10 | | 14:05 ET Biovail subsidiary reaches settlement with United States Department of Justice Co announces that a subsidiaryhas reached an agreement with the United States Department of Justice in respect of criminal allegations related to activities surrounding the 2003 commercial launch of Cardizem LA. In particular, the allegations relate to prior management's actions in 2002 and 2003 in respect of the Cardizem L.A clinical experience program, titled PLACE (Proving L.A. through Clinical Experience). The agreement eliminates any criminal liability for Biovail Corporation arising from this matter, and preserves the Company's ability to conduct business in the United States. Under the terms of the agreement, the subsidiary would plead guilty to charges relating to making payments to induce purchasing or ordering of Cardizem(R) LA in 2003 and would pay $24.6 mln to fully settle this matter. | | 13:31 ET Libbey files for up to $550 mln mixed shelf offering | | 13:16 ET Allegiant Travel and MLT Vacations enter agreement for charter air service operations Co's subsidiary Allegiant Air announces that it has entered into an Air Transportation Charter Agreement with MLT Vacations. Under the agreement, Allegiant expects to realize revenues in excess of $10 mln over the term of the contract. | | 13:11 ET Layne Christensen announces acquisition of Wittman Hydro Planning Associates Co announces the acquisition of Wittman Hydro Planning Associates a water resource consulting and development firm. The acquisition includes all the assets, the business and certain liabilities of the Company. The purchase price was $2.5 mln with the potential for additional incentives if certain financial performance measures are met. It is anticipated that the acquisition will be accretive in fiscal 2009. | | 13:10 ET Del Monte confirms it is exploring strategic alternatives for StarKist Seafood Co confirms that it is exploring strategic alternatives for the Company's seafood business, including a potential sale of the business. In making this announcement, the Company advises that there can be no assurance that the exploration of strategic alternatives will result in a transaction and that the Board of Directors has not approved a transaction at this time. The Company does not intend to disclose developments with respect to the exploration of strategic alternatives unless and until its Board of Directors deems it appropriate. | | 13:00 ET United Stationers Inc. increases share repurchase authorization by additional $100 mln | | 12:34 ET Boston Scientific announces FDA approval of new heart failure lead Co announces U.S. Food and Drug Administration approval of its ACUITY Spiral left ventricular lead for use with cardiac resynchronization therapy defibrillators and cardiac resynchronization therapy pacemakers, both of which treat heart failure. | | 11:47 ET European Markets Closing Prices: FTSE: 6284.0 +32.2 +0.5%, DAX: 7145.4 +64.3 +0.9%, CAC: 5078.0 +20.5 +0.4% | | 10:59 ET Sensient officers adopt rule 10b5-1 trading plans Co announces two of its elected officers (Messrs. Hobbs and Hammond) have each adopted a new SEC Rule 10b5-1 plan for trading company stock. Each plan covers periodic sales of Sensient stock over the next four years, starting in October 2008. Each plan was adopted during an authorized trading period when the officers were not in possession of material, non-public information. The transactions under the plans will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. Sales will occur during quarterly "window periods," except for shares from options nearing expiration for Mr. Hammond. Anticipated sales each quarter by Mr. Hobbs and Mr. Hammond may total up to 6,500 shares and 22,000 shares, respectively, plus any "roll-overs" from prior periods where shares were not sold because of minimum price floors. | | 10:37 ET Crystallex, in a press release, says they still maintain that the Director General letter and now the Minister's comments are in conflict with the Las Cristinas Environmental Impact Study approval Co says the Minister's comments of yesterday followed the position outlined in a letter from a Director General in the Administrative Office of Permits at MinAmb which was sent to the Corporacion Venezolana de Guayana as discussed in the Company's press release dated April 30, 2008. Crystallex still maintains that the Director General letter and now the Minister's comments are in conflict with the Las Cristinas Environmental Impact Study approval, Construction Compliance Guarantee Bond Request and Environmental Tax request issued by the same Ministry. Both the posting of the Bond and payment of the requested Tax were satisfied in 2007 and Crystallex obtained receipt of acceptance. Additionally, MinAmb officials testified at a Venezuela National Assembly panel late last year that all the requirements for the issuance of the Las Cristinas Environmental Permit had been satisfied and that the Permit will be issued. The letter from the Director General and the comments made by the Minister appear to be in opposition to all industrial activity in the Imataca Region and leave a number of current and historic projects standing contrary to their position. In addition, Crystallex believes that the comments made by the Minister and the Director's letter contradict Presidential Decrees, National Assembly Resolutions, MinAmb Resolutions, and Ministry of Basic Industry and Mines Resolutions. | | 10:35 ET Sprint Nextel: Moody's Places Sprint Nextel's long and short term debt ratings (Baa3/Prime-3) on review for possible downgrade Moody's Investors Service has placed Sprint Nextel's Baa3 senior unsecured long-term debt rating and its Prime-3 short-term debt rating on review for possible downgrade. The review is prompted by concerns that the company's ability to restore the health of its operations and generate adequate levels of free cash flow may be curbed by powerful competitive challenges and slowing subscriber growth. | | 10:33 ET Rio Tinto PLC announces a resource increase of 628 million tonnes at Kennecott Utah Copper Co annnounces it has further strengthened its global copper resources with the upgrade of mineral resources to 637 mln tonnes at 0.48 per cent copper at its wholly owned Kennecott Utah Copper Bingham Canyon Mine. The resource is located beneath the current Bingham Canyon pit, and is currently under study for extraction by open pit mining methods. This represents an increase of 628 mln tonnes over the December 2007 resource statement. | | 10:30 ET Standard & Poor's Index Services says S&P 500 Q1 earnings were down 25.9% YoY; financials again posts negative earnings According to preliminary figures released today by Standard & Poor's Index Services, Q1 operating earnings for the S&P 500 declined 25.9% over 1Q07, marking the third consecutive quarter the index has reported declining earnings -- an event not seen since the fourth quarter of 2001. With 95% of the data in, first quarter operating earnings for the S&P 500 are preliminarily set at $16.59 per share, compared to $22.39 for the first- quarter of 2007. For the third consecutive quarter, S&P 500 As Reported earnings also posted a decline, falling 27.1% to $15.56 per share from the $21.33 per share posted in Q1 2007. "The shift in earnings continues, with Energy contributing 23.2% of S&P 500 operating earnings during the first quarter, up from 13.6% a year ago... Conversely, Financials have now become a negative contributor after accounting for 29.7% of operating earnings this time last year." | | 10:12 ET Wilson Greatbatch and Sorin Group announce collaborative agreement to leverage Greatbatch's MRI technology for Sorin Group CRM Devices | | 10:11 ET Converted Organics reports Q1 results Co announces Q1 revs of $260,000. The revenue was realized from sales of organic fertilizer manufactured at Converted Organics' operations in Gonzales, California. The co reported a Q1 a loss of $2,395,000 or ($0.51) vs ($0.37 )YoY, primarily attributable to anticipated expenses associated with operation of the Gonzales facility, the cost of Converted Organics' acquisition of United Organic Products, general corporate and business development expenses, and pre-production expenses at its Woodbridge, New Jersey location. | | 10:01 ET AMEN Properties reports 1Q08 EPS of $0.26 vs. $0.14 YoY; revs increased ~20% from a year ago to $3.7 mln - no estimates | | 09:30 ET Imclone: ERBITUX data demonstrate improvements in response rate and progression-free survival in Wild Type K-Ra Metastatic Colorectal Cancer patients in first-line setting Co announces data from the Phase II OPUS study that show that the addition of ERBITUX to FOLFOX chemotherapy significantly improves both response rate and progression-free survival over FOLFOX alone in the first-line treatment of metastatic colorectal cancer patients whose tumors do not have mutations of the K-Ras oncogene. In several recent clinical studies, screening patients for the K-Ras biomarker has been shown to be a highly effective tool in determining which patients will respond better to a particular cancer therapy. The non-mutated, or "wild type," K-Ras gene is expressed in about 65 percent of mCRC patients. | | 09:16 ET S&P futures vs fair value: +2.4. Nasdaq futures vs fair value: +1.5. Stock futures continue to indicate the major indices will open in positive territory. According to Reuters, more merger-related news has surfaced from the airline industry as UAL Corp (UAUA) is holding talks with Continental Airlines (CAL). | | 09:06 ET On The Wires Atlas Energy Resources (ATN) announces that it has increased its previously announced public offering of 1.6 mln common units representing Class B limited liability company interests to 1.8 mln common units... Celanese Acetate (CE) will increase the price of acetate tow in the Asia region (FOB shipping point basis) for standard grades by 7 to 10%, depending on the item. Price increases are effective July 1, 2008, or subject to existing contracts. | | 09:02 ET Piper Jaffray names Thomas Schnettler President and COO The co names Thomas Schnettler as president and chief operating officer of the co and supporting global growth by adding the heads of its Asia and European operations to its executive team. Replacing Schnettler as CFO is Debbra Schoneman, previously managing director and treasurer for Piper Jaffray. | | 09:02 ET Thermo Fisher names Marc Casper as Chief Operating Officer | | 09:01 ET Washington Post says CFO John Morse to retire at the end of 2008 | | 09:00 ET S&P futures vs fair value: +3.5. Nasdaq futures vs fair value: +2.0. Stocks remain on track for a positive start to Friday's trading. A challenging retail environment took its toll on Kohl's (KSS) and Nordstrom (JWN). Yet both companies announced earnings results after yesterday's close that topped analysts' estimates for the most recent quarter. | | 09:00 ET Flextronics announces departure of Chief Financial Officer Co announces that Thomas Smach is resigning as CFO to pursue other interests outside the company effective June 30, 2008. Paul Read, who most recently served as executive vice president of finance for FLEX worldwide operations will be appointed to CFO upon Smach's departure. | | 08:55 ET Flagstar Bancorp to strengthen capital position by raising $100 mln Co announces that it entered into definitive agreements to raise an aggregate $100 mln through direct sale of equity securities to seven institutional investors, to Thomas J. Hammond, Chairman of the co and to Mark T. Hammond, Vice Chairman, President and Chief Executive Officer. With the proceeds of the offering, the co will strengthen its regulatory capital position. The transaction involves the sale of 11,365,000 shares of its common stock at a purchase price of $4.25 per share to the institutional investors and the sale of 635,000 shares of its common stock, in the aggregate, to Mr. Thomas Hammond and Mr. Mark Hammond at a purchase price of $5.88 per share, the closing price of the co's common stock on May 14, 2008. In addition, the co issued 47,982 shares of mandatory convertible non-cumulative perpetual preferred stock to the institutional investors at a purchase price and liquidation preference of $1,000 per share. After receipt of the approval of the co's shareholders, the convertible preferred stock will automatically convert into the co's common stock at an initial exercise price of $4.25 per share, subject to customary anti-dilution adjustments. The institutional investors have anti-dilution protection if the co issues additional shares of common stock in the next twelve months. | | 08:32 ET Nektar Therapeutics announces initial results from Phase 1 study of NKTR-102; shows significant anti-tumor activity Co announces initial results today from a Phase 1 study of NKTR- 102, PEGylated irinotecan. The data shows significant anti-tumor activity in patients with refractory solid tumors. The study also demonstrates that NKTR's small molecule PEGylation technology produced an increase in SN38 exposure that was up to six-fold higher than the exposure previously reported with irinotecan at equivalent doses. SN38, a topoisomerase I inhibitor, is the active metabolite of irinotecan. The ASCO abstract reports interim data on 27 of 32 patients in the first of three dose schedules from the Phase 1 trial. Results for the first schedule (weekly x3 q4 weeks) found anti-tumor activity in 7 out of the total 32 patients evaluable for efficacy. Partial responses were confirmed in three patients, or 10% (greater than 30% tumor regression per RECIST), and other evidence of anti-tumor activity was confirmed in four patients, or 12% (tumor regression by more than 15% but less than 30% per RECIST, or significant biomarker evidence). | | 08:31 ET Lifeway Foods says all of its production facilities remain open and fully operational Co announces all of its production facilities remain open and fully operational. The only product line temporary affected is the cream cheese spreads which are produced only in Pennsylvania by LFI Enterprises, a wholly owned subsidiary of Lifeway. | | 08:31 ET S&P futures vs fair value: +2.5. Nasdaq futures vs fair value: +2.0. Stock futures remain up after the latest residential construction data hit the wires. Housing starts for April totaled 1,032,000, which is above the 939,000 that economists expected. Starts during March were revised from 947,000 to 954,000. Building permits for April totaled 978,000. The consensus forecast called for 915,000. | | 08:30 ET General Electric confirms its intent to seek strategic options for its appliance business Co announces that it was reviewing strategic options for its Appliances business. The co is currently considering three possibilities for the unit: a strategic partnership or joint venture; spin off; or the sale of the business. GE Appliances is a $7.2 bln business and employs about 13,000 people worldwide. It is headquartered in Louisville, KY. | | 08:25 ET Eastman Kodak settles patent litigation with St. Clair Intellectual Property Consultants Co announces that it has resolved its patent dispute with St. Clair Intellectual Property Consultants. Effective May 14, 2008, the parties entered into a Settlement Agreement that resolves all of the litigation between them. Under the terms of the settlement, EK assigned its rights in the patents in dispute to St. Clair, and stipulated that St. Clair is the owner of the patents. St. Clair granted EK a full release and a license to the patents in dispute and committed to grant licenses to two other companies of EK's choosing. | | 08:19 ET On The Wires Yucheng Technologies (YTEC) announces that it has signed a contract and started providing Point of Sale merchant acquiring services to the Beijing Branch of China Construction Bank, following its initiation of partnership with CCB Guangdong Branch in providing such services in late February... Portfolio Recovery Associates (PRAA) announces that it will exit the business of contingent fee third-party portfolio collections overseen by its Anchor Receivables Management unit. | | 08:18 ET Multi-Color misses by $0.01, misses on revs Reports Q4 (Mar) earnings of $0.27 per share, ex items, $0.01 worse than the First Call consensus of $0.28; revenues rose 14.5% year/year to $57.7 mln vs the $69.4 mln consensus. | | 08:05 ET On The Wires Crocs (CROX) introduces two new styles, the Ginger and the Saffron, designed specifically for women in the restaurant, food service, healthcare, and hospitality industries... Abraxis BioScience (ABII) announces that multiple studies of ABRAXANE for Injectable Suspension will be presented at the 44th Annual Meeting of the American Society of Clinical Oncology... Metabolix (MBLX) announces that Telles, its joint venture with Archer Daniels Midland (ADM) that produces Mirel bioplastics, has entered an agreement to supply Mirel resin to Heritage Plastics for the production of BioTuf compostable film. | | 08:02 ET NYMEX reports April average daily volume was 1.712 mln contracts Co announced that average daily volume was 1.712 mln contracts for April 2008, a 22% increase from 1.398 mln contracts per day in April 2007. NYMEX electronic volume on the CME Globex(R) electronic trading platform averaged 772,567 contracts per day for April 2008, representing a 30% increase over 594,311 contracts per day in April 2007 electronic volume. NYMEX floor-traded energy futures and options averaged 222,466 contracts per day for April 2008. (NMX is being acquired by CME) | | 08:01 ET Veraz Networks announces delay in filing its first quarter 10-Q Co announced that it will delay the filing of its Form 10-Q for the first quarter ended March 31, 2008. On May 7, 2008, Veraz announced that the SEC had notified Veraz that it is conducting a confidential informal inquiry and that Veraz's Board of Directors had appointed a special committee to oversee an independent investigation into the matters raised by the SEC informal inquiry. We are continuing to investigate the matters raised by the SEC informal inquiry. We are not currently aware of any facts that would cause us to change our results of operations for either the quarter ended March 31, 2008 or any prior period. | | 08:01 ET Midway Gold proposes to raise up to $13 mln in private placement through issuance of up to 6.5 mln shares at $2/share | | 08:00 ET S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: +2.0. Stock futures currently indicate the major indices will open slightly higher. Oil has passed the $127.00 mark in electronic trading. | | 07:48 ET Sysco announces 'record' sales week Co announces that it posted record sales of approximately $806 million, including an estimated adjustment for EITF 04-13, for the week leading up to the Mother's Day holiday. This is approximately a 6.7% increase over last year's Mother's Day record sales week. | | 07:47 ET On The Wires HP (HPQ) and Novell (NOVL) announces an exclusive alliance to migrate HP Identity Center customers to Novell identity and security management solutions... Multiband (MBND) announces that it has entered into a Letter of Intent to acquire a 51% interest in DirecTech Southwest, a wholly-owned subsidiary of DirecTECH Holding. Under the terms of the transaction, MBND would acquire a controlling interest in Southwest for $7.65 mln, comprised of 1.9 mln shares of Multiband valued at $2.50/share, and the issuance of a $2.95 mln five-year note. | | 07:36 ET On The Wires EMCOR Group (EME) announces that its subsidiary Dynalectric Company of Oregon has begun work on a solar power array for Portland Habilitation Center... Ashford Hospitality Trust (AHT) announced that it has agreed to sell the Hyatt Regency Montreal in Montreal, Quebec to Pandox for $58.5 mln CDN ($58.3 mln U.S. based on yesterday's conversion rate). | | 07:33 ET Perma-Fix Enviro announces agreement to sell Tulsa industrial waste facility for $1.5 mln Co announces a definitive agreement to sell substantially all of the assets of PESI's Treatment Services, one of the co's Industrial Segment facilities located in Tulsa, Oklahoma, to A Clean Environment for approximately $1.5 mln in cash, subject to certain working capital adjustments, and the assumption of certain liabilities. | | 07:32 ET Macy's and Fao Schwarz sign exclusive toy store agreement Macy's and Fao Schwarz announce they have signed an exclusive agreement under which FAO Schwarz will open FAO-operated toy stores in up to 275 Macy's stores in fall 2008. FAO Schwarz stores are planned to expand into a total of approximately 685 Macy's stores over the next two years. Under the agreement, FAO Schwarz has named Macy's the exclusive U.S. retail store host of FAO Schwarz departments, and FAO Schwarz will be the exclusive toy department in Macy's stores. | | 07:32 ET Hovnanian Entrpr announces debt refinancing Co announces that it plans to issue an aggregate principal amount of up to $600 mln of 5-year senior secured notes in a private placement. The co also expects to enter into an amendment to its revolving credit agreement which decreases total commitments thereunder to $300 mln, increases the amount of collateral, and substantially eliminates maintenance covenants | | 07:31 ET Pharmacopeia's first-in-class investigational therapy PS433540 achieves 'statistically significant' reductions in blood pressure in hypertensive patients Co announces that PS433540, its first-in-class Dual Acting Receptor Antagonist showed "statistically significant" blood pressure reductions in a Phase 2a study in patients with mild to moderate hypertension. The Phase 2a study met its primary endpoint by showing a statistically significant reduction in mean 24-hour systolic ambulatory blood pressure over placebo. The study also showed statistically significant improvements over placebo in mean 24-hour diastolic ambulatory blood pressure as well as seated blood pressure. In this double-blind, placebo-controlled study, patients treated with 200 mg of PS433540 once daily experienced a 12/9mmHg drop in mean 24-hour systolic and diastolic blood pressure and those treated with 500 mg experienced a 15/10mmHg drop in mean 24-hour systolic and diastolic blood pressure. | | 07:08 ET On The Wires Lummus Technology, a CB&I co (CBI), has been awarded a contract from PL Propylene for the license and basic engineering of the proprietary CATOFIN technology... Mobistar announces that it will bring the Apple (AAPL) iPhone to the Belgian market... Universal Stainless & Alloy Products (USAP) announces base price increases of 3% to 5% on all stainless and high-strength low alloy grade products manufactured at its Bridgeville and Dunkirk facilities. | | 07:04 ET Continucare announces a 1 mln share increase in its repurchase program | | 07:03 ET Mobile TeleSystems announces that it's consolidated subscriber base reached 85.68 mln users on April 30, 2008 | | 07:03 ET Abercrombie beats by $0.03, misses on revs; reaffirms 1H EPS guidance Reports Q1 (Apr) earnings of $0.69 per share, $0.03 better than the First Call consensus of $0.66; revenues rose 7.8% year/year to $800.2 mln vs the $808.4 mln consensus. Co reaffirms EPS for 1H of $1.61-1.65 vs $1.61 consensus. | | 07:02 ET Dynavax Technologies TOLAMBA chamber study misses primary endpoint; sees total pro forma revs for 2008 unchanged in the range of $42 to $46 mln Co reports that the primary endpoint data from a chamber study of TOLAMBA that showed a measurable clinical benefit, reducing total nasal symptom score by 41% vs. placebo in 253 patients in the intent-to-treat population and by 51% vs. placebo in 222 patients in the per-protocol population. Statistical significance on the primary efficacy endpoint for this Phase 2b environmental exposure chamber study was not achieved. "Consistent with the results of earlier trials, TOLAMBA showed a trend toward a reduction of the symptoms of ragweed allergic individuals relative to placebo, although statistical significance was not achieved. The current trial displayed an unexpectedly high degree of variability in the data set possibly due to the subjective nature of symptom scoring used to assess efficacy. A similar effect was observed in previous TOLAMBA clinical trials. We have concluded that this problem may be difficult to overcome in future clinical studies. We have therefore decided to discontinue clinical development of TOLAMBA." As a result of discontinuing the TOLAMBA program and other measures, the co is revising its financial outlook for 2008. The co's consolidated cash, cash equivalents, marketable securities and investments held by SDI, or total cash, is projected to be greater than $50 mln at the end of 2008, increased from the range of $40 to $44 mln projected in February. Total pro forma revenues for 2008 are unchanged and continue to be expected to be in the range of $42 to $46 mln. Total pro forma operating expenses for 2008 are projected to be in the range of $70 to $78 mln, reduced from the range of $80 to $88 mln projected in February. | | 07:02 ET On The Wires The federal district court overseeing a derivative action concerning the collapse of Countrywide Financial Corporation (CFC) issued an important ruling today upholding, in large part, the plaintiffs' claims against certain officers and directors of the Company. The action alleges breaches of fiduciary duty by Countrywide's officers and directors, including Angelo Mozilo and David Sambol, as well as violations of the federal securities laws... Omrix Biopharmaceuticals (OMRI) announced that Larry Ellberger was named Chairman of the Board of Directors and Pamela McNamara was elected a Director at the co's 2008 Annual Meeting of Stockholders... Radian Group (RDN) announced that it has satisfied all outstanding closing conditions of the first amendment to its revolving credit facility. In return, Radian agreed to certain other conditions and covenants, including to secure the facility and reduce the commitment size from $400 mln to $250 mln, with further reductions to $150 mln to take place if certain repayment events occur... Sucampo Pharmaceuticals (SCMP) announced that its wholly-owned European subsidiary, Sucampo Pharma Europe received notice that all of the Marketing Authorization Applications for lubiprostone, 24 mcg for the indication of Chronic Idiopathic Constipation in adults have been received and validated by the individual regulatory agencies in Belgium, Denmark, France, Germany, Ireland, the Netherlands, Spain, Sweden and the United Kingdom... SRA International (SRX) announced it has been awarded a task order to provide logistics, network support, software engineering and Web services for research and development operations for the Defense Threat Reduction Agency. The task order, awarded in March under the U.S. Army Communications-Electronics Command Rapid Response contract, has an estimated value of $10 mln over two years. | | 06:40 ET Given Imaging: Elron commences partial tender offer for cash for Given Imaging Elron Electronic (ELRN) announces that it is commencing a tender offer to purchase 1,462,640 ordinary shares of GIVN for $16.54 per share, net to the seller in cash, less any required withholding taxes and without interest. If the tender offer is completed, the total payments made by Elron will aggregate to $24,192,065. | | 06:18 ET European Markets FTSE...6336.60...+84.80...+1.4%. DAX...7171.81...+90.76...+1.3%. | | 06:18 ET S&P futures vs fair value: +2.7. Nasdaq futures vs fair value: +3.8. | | 06:07 ET On The Wires ADVENTRX Pharmaceuticals (ANX) announces that, in a registrational bioequivalence clinical study, ANX-530 demonstrated a statistically significant reduction in general disorders and administration site conditions when compared to Navelbine; in addition, in post hoc analyses, ANX-530 demonstrated a statistically significant reduction in injection site reactions when compared to Navelbine. | | 06:06 ET China Finance Online issues upside revenue and earnings guidance for Q208 Co issues upside guidance for Q1 (Mar), sees Q1 (Mar) revs of $10.5-10.8 mln vs. $10.37 mln First Call consensus. Co also raises its guidance on adjusted earnings (non-GAAP) to the range of $4.5-5.0 mln compared to previous guidance fo $3.7-4.0 mln. | | 06:01 ET Ascent Solar Technologies prices its offering of 3.8 mln common shares at $14.00/share | | 03:21 ET Finisar and Optium agree to combine in all-stock merger Co and Optium (OPTM 8.14) jointly announce that they have entered into a definitive agreement under which the two companies will be combined through an all-stock merger. Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, Optium stockholders will receive 6.262 Finisar shares for each Optium share they own. | | 02:40 ET Nexavar improves overall survival rate by 47% in Asia-Pacific liver cancer study Bayer HealthCare Pharmaceuticals and Onyx Pharmaceuticals announce that Nexavar tablets improved overall survival by 47.3% in patients in the Asia-Pacific region with advanced hepatocellular carcinoma, or primary liver cancer versus those receiving placebo. Nexavar also significantly improved time to progression in these patients by 74%. | | 00:40 ET U.S. Air Force awards Lockheed Martin team $1.4 bln contract to build GPS Space System The U.S. Air Force today announces that a team led by Lockheed Martin has won the competition to build the next-generation Global Positioning System Space System program, known as GPS III. | | 00:35 ET Array Biopharma and AstraZeneca announce new Ph. 2 development plans for the investigational anti-cancer drug AZD6244 Co and AstraZeneca (AZN) announce plans for two additional randomized Ph. 2 trials for AZD6244 (ARRY-886). The trials, which will begin during 2H08, will test AZD6244 in combination with a cytotoxic chemotherapeutic agent; one trial will be in melanoma patients and the other in non small cell lung cancer patients. These plans are based upon AZD6244's activity as a single agent in previous monotherapy Phase 2 trials and on data from multiple preclinical studies. | | 00:32 ET On The Wires QLT (QLTI) announces that it has signed a sale and purchase agreement to sell the land and building comprising its corporate headquarters and an adjacent undeveloped parcel of land in Vancouver, BC... Yahoo! (YHOO) and WPP's (WPPGY) GroupM, 24/7 Real Media and WPP Digital announce a strategic partnership that will enable WPP agencies to buy digital display advertising across the Internet. | | 18:42 ET Yahoo! responds to Carl Icahn's intention to nominate candidates for election to Yahoo!'s board of directors Co sent the following letter in response to Carl Icahn's announcement regarding his intention to nominate a slate of ten directors to YHOO's board of directors at the 2008 annual meeting of stockholders, including: Dear Mr. Icahn: We are in receipt of your letter with regard to your intention to seek control of YHOO's board of directors. Unfortunately, your letter reflects a significant misunderstanding of the facts about the Microsoft proposal and the diligence with which our board evaluated and responded to that proposal. A fair-minded review of the factual record leads to one conclusion: that Yahoo!'s ten-member board, comprised of nine independent directors along with Yahoo! CEO Jerry Yang, remains the best and most qualified group to maximize value for all Yahoo! stockholders. Conversely, we do not believe it is in the best interests of Yahoo! stockholders to allow you and your hand-picked nominees to take control of YHOO for the express purpose of trying to force a sale of YHOO to a formerly interested buyer who has publicly stated that they have moved on. Please may I remind you that there is currently no acquisition offer on the table from that co or any other party. That said, we have been crystal clear in our stance that we have been and remain willing to consider any proposal from any party including MSFT if it offers our stockholders full and certain value. From the beginning of the process with MSFT, YHOO's independent directors focused on one central goal: how best to maximize stockholder value. At all times directing this process, YHOO's independent directors carefully considered MSFT's initial unsolicited proposal, which was at the time valued at $31 per share. After considering input from its financial advisers the board unanimously concluded that MSFT's proposal significantly undervalued Yahoo! and was, therefore, not in the best interests of the co or our stockholders. While we rejected this offer publicly on February 11, 2008, we could not have been more clear in that communication and in every subsequent communication, both public and private, that we were and are willing to enter into any transaction that would maximize value for stockholders and provide them certainty of value. | | 18:24 ET Astea Intl reports Q1 EPS of ($0.12) vs $0.83 in the prior year; revs fell 26.3% to $7.0 mln | | 18:19 ET DRI Corp beats by $0.06; guides FY08 EPS in-line, revs above consensus Reports Q1 (Mar) earnings of $0.07 per share, $0.06 better than the First Call consensus of $0.01; revenues rose 41.9% year/year to $17.0 mln vs the $13.9 mln consensus. Co sees FY08 EPS of $0.14-0.17 vs consensus of $0.15, sees revs of $68-70 mln vs $66.4 mln consensus. | | 18:14 ET Celanese announced that it will increase the price of all vinyl-based and acrylic-based emulsions sold in North America | | 18:04 ET KongZhong misses by $0.02, reports revs in-line; guides Q2 revs above consensus Reports Q1 (Mar) earnings of $0.03 per share, excluding non-recurring items, $0.02 worse than the First Call consensus of $0.05; revenues rose 6.5% year/year to $21.4 mln vs the $21.3 mln consensus. Co issues upside guidance for Q2, sees Q2 revs of $22-23 mln vs. $21.06 mln consensus. |
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| Market Internals Data |
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| Issues | NYSE | Nasdaq |
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| Advancing | 1,639 | 1,230 | | Declining | 1,466 | 1,644 | | Unchanged | 119 | 128 | | Total | 3,224 | 3,002 | | Ratio | | Adv. / Dec. | 1.12 | 0.75 |
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