November 25, 2009 -- 01:21 ET| Trading Points |
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| 01:21 ET Nortel selects Ericsson and Kapsch as successful bidders for GSM/GSM-R business Nortel announces that it, its principal operating subsidiary Nortel Networks Limited, and certain of its other subsidiaries, including Nortel Networks, Nortel Networks UK Ltd (in administration), and Nortel Networks SA have concluded a successful auction of substantially all of the global assets of Nortel's GSM/GSM-R business. LM Ericsson and Kapsch CarrierCom AG are the winning joint bidders with a purchase price of $103 mln in cash. | | 01:18 ET Incyte announces collaboration and license agreement for two hematology-oncology programs Co announces that it has entered into a collaboration and license agreement with Novartis (NVS) for two of its investigational hematology-oncology therapies: INCB18424, an oral JAK1/JAK2 inhibitor that is in Phase III development for myelofibrosis, a serious life-threatening neoplastic condition characterized by varying degrees of bone marrow failure, splenic enlargement and debilitating constitutional symptoms, and INCB28060, an oral cMET inhibitor that is about to enter Phase I development as a potential treatment for multiple cancers. Under the terms of the agreement, Incyte will retain exclusive rights for the development and potential commercialization of INCB18424 in the US. Novartis will have responsibility for the future development and commercialization of INCB18424 in all hematology-oncology indications outside of the US. Novartis will also be responsible for the future worldwide development of INCB28060. Novartis will make an upfront payment of $150 mln to Incyte plus an immediate $60 million milestone payment for the initiation of the European Phase III trial of INCB18424, COMFORT-II, that began in July of this year. Novartis will receive ex-US commercialization rights for Incyte's lead JAK inhibitor and global commercialization rights for the cMET inhibitor. | | 18:15 ET Inergy announces closing of new $525 mln four-year revolving credit facility The new credit facility replaces Inergy's old facility that was due to mature in November 2010. | | 17:17 ET Northwestern Corp: Montana Public Service Commission accepts motion for reconsideration regarding company's recent general rate filing | | 17:15 ET Breitburn Energy: Quicksilver Resources reports 'favorable' rulings on BreitBurn lawsuit Quicksilver Resources (KWK) announced that on November 23, 2009 the 48th District Court in Tarrant County, Texas granted Quicksilver's Motion for Partial Summary Judgment and denied the Motion for Partial Summary Judgment filed by BreitBurn Energy. Quicksilver brought suit against BreitBurn and others claiming, among other things, that the BreitBurn Defendants had improperly adopted unilateral changes to the Limited Partnership Agreement which attempted to limit Quicksilver's right to vote for BreitBurn GP, LLC's Board of Directors. | | 17:09 ET Microsoft CFO to leave co Dec. 31; Peter Klein assuming CFO role Co announced that Chris Liddell will be leaving the company at the end of 2009, and named Peter Klein as the company's new chief financial officer. "Chris and his finance team have accomplished a great deal over the past four and a half years. The team is deep and strong, and has an excellent record of building value for our shareholders," said Steve Ballmer, Microsoft chief executive officer. "Peter brings great finance and operations expertise and a deep understanding of the company, and I am looking forward to a smooth transition that continues our commitment to cost containment and finance excellence." | | 17:00 ET General Dynamics awarded $2.2 bln contract for light armored vehicles Co announces that The U.S. Army TACOM Life Cycle Management Command, in support of the U.S. Army Security Assistance Command, has awarded a $2.2 bln contract to General Dynamics Land Systems-Canada for 724 Light Armored Vehicles for a Foreign Military Sale. Vehicle deliveries will begin in April 2011. | | 16:43 ET Toyota Motor unit confirms safety recall on 2000 through 2003 Tundra frame rear cross-member Toyota Motor Sales, U.S.A., Inc. will launch a Safety Recall involving approximately 110,000 Tundra vehicles sold in the United States. | | 16:42 ET Gerber Scientific amended the agreement governing its credit facility Co discloses that on November 19, 2009, it amended the agreement governing its credit facility. The amendment modified certain financial covenants, amended the definitions of Consolidated EBIT, Consolidated EBITDA and Consolidated Asset Coverage Ratio and reduced the borrowing capacity to $75.0 million from $100.0 million. The amendment also requires the co under certain conditions to secure the loans under the credit facility by certain real property owned by the Company located in Tolland Connecticut. | | 16:42 ET J. Crew rallies 3+ points in after-hours following its better than expected report, pauses right at technical resistance marked by its Oct/Nov range highs at 44.18/44.29 JCG is currently trading near 43.90 in after-hours. The conference call just started ~10 min ago. | | 16:37 ET Oritani Financial increases quarterly dividend to $0.075 per share from $0.05 per share | | 16:34 ET Quality Systems announces Patrick Cline has been promoted to president and chief strategy officer Co announces that effective immediately, Patrick Cline, president of its NextGen Healthcare Information Systems subsidiary, has been promoted to president and chief strategy officer of Quality Systems. Steven T. Plochocki, who currently serves as president and chief executive officer, will remain chief executive officer. | | 16:33 ET Giant Interactive reports EPS in-line, beats on revs Reports Q3 (Sep) earnings of $0.12 per share, in-line with the First Call consensus of $0.12; revenues were $42.5 mln vs the $41.6 mln consensus. For the fourth quarter 2009, the Company expects that its flagship ZT Online series will continue to be impacted by changes made to its monetization structure during the third quarter. In addition, while the newly launched games are performing in-line with the Company's expectations, monetization for these games is expected to remain in a preliminary stage during the fourth quarter 2009. As a result, the Company expects continued revenue pressure into the fourth quarter of 2009, while contributions from the new games are expected to ramp up in the first half of 2010. | | 16:28 ET TiVo reports EPS in-line, misses on revs; guides Q4 revs below consensus Reports Q3 (Oct) loss of $0.06 per share, in-line with the First Call consensus of ($0.06); revenues fell 8.9% year/year to $47.1 mln vs the $49.7 mln consensus. Co issues downside guidance for Q4, sees Q4 revs of $43-45 mln vs. $46.19 mln consensus. For the fourth quarter of fiscal 2010, TiVo anticipates a net loss in the range of ($13) million to ($15) million, and an Adjusted EBITDA loss in the range of ($5) million to ($7) million. TiVo expects higher research & development and litigation expenses will impact its fourth quarter 2010 results. "We have devoted a significant amount of time and effort putting the key catalysts for the growth of the Company in place including significant strategic alliances and distribution deals ranging from Best Buy and Comcast to DIRECTV and a linchpin international deal with Virgin Media. We are also keenly focused on continuing to defend our intellectual property against EchoStar and others. The nature of our business necessitates considerable upfront development activity prior to rollout and a return on investment. That said, we enter the fourth quarter on a solid financial foundation with an eye toward 2010 when many of our important initiatives will begin to play out in a much more significant way, lending themselves to increased distribution goals and a trajectory for the Company over the next 12 months that we believe is quite formidable." | | 16:28 ET 3D Systems acquires AdvaTech Manufacturing, extending its 3Dproparts reach into aerospace and defense; terms not disclosed | | 16:28 ET Endologix files motion to discontinue court proceedings related to alleged patent infringement Co announces that it has filed a motion to stay, or discontinue all proceedings in, the patent infringement lawsuit brought against it in October 2009 by Cook. Co has requested that the stay remain in effect while the United States Patent and Trademark Office (USPTO) conducts proceedings to re-examine the two patents asserted by Cook in the lawsuit and determine whether it should have granted Cook the patents. Endologix has already filed papers requesting that the USPTO re-examine the two Cook patents, based on patents that pre-date Cook's patents and were not previously considered by the USPTO in its decision to grant the patents to Cook. | | 16:27 ET Coldwater Creek misses by $0.01, beats on revs Reports Q3 (Oct) loss of $0.04 per share, excluding non-recurring items, $0.01 worse than the First Call consensus of ($0.03); revenues rose 16.7% year/year to $266.7 mln vs the $232.2 mln consensus. "While we are pleased with the strength of our merchandise assortments and our increased same store sales, our strong top line performance came at the expense of margin and increased promotional costs. We are taking steps to improve merchandise margins through changes in pricing and sourcing, while improving the effectiveness and efficiency of our advertising and promotional strategies. We believe that these changes will result in improvements in our long-term financial performance, while continuing our success in providing a strong and compelling assortment of product to our customers." | | 16:26 ET Halliburton announces a major reduction in activity from its primary customer in Mexico for Q4; impact is currently expected to be approx $0.02/share Co announces a major reduction in activity from its primary customer in Mexico, Petroleos Mexicanos (Pemex), for 4Q09. Halliburton's work in the Burgos, Veracruz, and southern areas are being impacted by Pemex's decision to significantly reduce activity due to low natural gas prices and other constraints. The impact of these activity reductions is currently expected to be approximately $0.02 in earnings per share for 4Q09. Note: Current First Call consensus calls for Q4 EPS of $0.28. | | 16:20 ET Brown-Forman: Brown family member to sell portion of nonvoting Brown-Forman class b shares The co has been notified that Ina Brown Bond, a Brown family member and former Company director, plans to direct the sale of up to 1,000,000 shares of the Company's nonvoting Class B common stock during the remainder of this calendar year, depending on market and other conditions. Ms. Bond has told the Company that she and entities that she controls plan to sell the shares for tax planning purposes and general investment diversification. Ms. Bond informed the Company that she remains "as supportive as ever of the Company and management." The shares to be sold are nonvoting and represent less than 1% of the Company's total outstanding stock. The proposed sales would not affect the Company's status as a family-controlled company, as Brown family members would continue to own a substantial majority of the Company's voting stock. | | 16:19 ET Gerdau AmeriSteel announces $610 million refinancing Co announced that it has entered into a loan agreement pursuant to which a wholly-owned subsidiary will borrow $610 mln on arm's length terms from Gerdau Holdings, a subsidiary of Gerdau S.A. The loan, which is expected to be funded on December 3, 2009, will be a senior, unsecured obligation of the obligors, will bear interest at 7.95% per annum, has no scheduled principal payments prior to maturity, and will mature in full on January 20, 2020. Interest will be payable semiannually, starting on July 20, 2010. The amount borrowed represents ~50% of the proceeds of the $1.25 bln of bonds issued by Gerdau Holdings on November 18, 2009. Co intends to use the net proceeds of the loan to prepay $510 mln of its outstanding Tranche A term debt and $100 mln of its outstanding Tranche C term debt and today the co notified the holders of such term debt of its intent to prepay such amounts. | | 16:17 ET General Dynamics to appeal A-12 decision; continues to believe that the government's default termination was not justified The U.S. Court of Appeals for the Federal Circuit denied a request for a rehearing of the Federal Circuit's prior decision sustaining the government's default termination of the A-12 aircraft contract to which General Dynamics and The Boeing (BA) were parties with the Navy. General Dynamics disagrees with this most recent decision and continues to believe that the government's default termination was not justified. The company also believes that the ruling provides significant grounds for appeal, and intends to petition the U.S. Supreme Court for review. | | 16:15 ET MCG Capital's President and CEO establishes 10b5-1 Trading Plan The co announces that Steven Tunney, MCG's President and Chief Executive Officer, has adopted a pre-arranged stock trading plan pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and the Company's policies regarding securities transactions. Under the terms of the plan, Mr. Tunney may sell up to 78,000 shares of MCG common stock, representing approximately ten percent of his total MCG stock holdings. This plan was established by Mr. Tunney to provide liquidity to pay income taxes relating to the expiration of forfeiture restrictions on shares of restricted stock held by him. | | 16:08 ET Blue Coat beats by $0.03, reports revs in-line; guides Q3 EPS in-line, revs in-line Reports Q2 (Oct) earnings of $0.29 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.26; revenues rose 1.2% year/year to $120.4 mln vs the $120.1 mln consensus. Co issues in-line guidance for Q3, sees EPS of $0.31-0.36, excluding non-recurring items, vs. $0.31 consensus; sees Q3 revs of $121-126 mln vs. $124.98 mln consensus. "In the quarter, our non-GAAP operating margin percentage increased sequentially 300 basis points to 15.5% compared with 12.5% in the prior quarter." | | 16:07 ET Enersys announces retirement of Michael Philion as Executive Vice President of Finance and Chief Financial Officer The co announces that Michael Philion, executive vice president of finance and chief financial officer, has elected to retire from EnerSys effective November 23, 2009. Michael J. Schmidtlein, EnerSys' vice president and corporate controller, will serve as chief financial officer on an interim basis while an internal and external search is conducted. Mr. Schmidtlein joined EnerSys in 1995 and has served as the Company's chief accounting officer since 2005. He is a certified public accountant and received his Bachelor of Science in accounting from the University of Missouri. | | 16:05 ET NVIDIA: U.S. Patent Office rejects all 17 claims in three Rambus patents asserted against NVIDIA in International Trade Commission action The co announces that the assigned patent examiner at the U.S. Patent and Trademark Office (USPTO) has rejected all 17 claims in three Rambus (RMBS) patents that the company had asserted against NVIDIA in the International Trade Commission (ITC). The action, known as filing an action closing prosecution, follows preliminary rejection of the claims earlier this year by the USPTO. "This continues our string of victories against Rambus patents in the USPTO," said David Shannon, NVIDIA executive vice president and general counsel. "We believe these patents are invalid and are confident that a similar decision will be made on the patents that continue to be examined." There are still eight claims in two other patents involved in the case, which the USPTO has yet to finally determine but which it had preliminarily rejected. | | 16:05 ET Gen-Probe: Prodesse's ProParaflu+ Assay cleared for US marketing by FDA Co annouces that the US Food and Drug Administration has cleared for marketing Prodesse's ProParaflu+ assay, a molecular test that detects and differentiates parainfluenza 1, 2 and 3 viruses, which cause lower respiratory tract infections. Prodesse is a wholly-owned subsidiary of Gen-Probe. | | 16:05 ET Safe Bulkers entered into a new period time charter for a newbuild Post-Panamax class vessel Co announces that it has entered into a new period time charter for a newbuild Post-Panamax class vessel with a duration of 12 to 14 months at a gross daily charter rate of $22,750 less total commissions of 3.75%. The time charter will commence upon delivery of the vessel to us expected between March and April 2010. | | 16:04 ET J. Crew beats by $0.09, beats on revs; guides Q4 EPS in-line Reports Q3 (Oct) earnings of $0.67 per share, $0.09 better than the First Call consensus of $0.58; revenues rose 14.1% year/year to $414.1 mln vs the $408 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.37-0.42 vs. $0.40 consensus. Store sales increased 20% to $300.1 million, with comparable store sales increasing 8%. | | 16:04 ET Integrated Electrica awarded contract to provide electrical systems for U.S. Army Medical Research Institute of Infectious Diseases Co announces that that its commercial business group has been awarded a contract from Manhattan Torcon JV to install the electrical systems for the Level 4 bio-safety lab replacement facility at the U.S. Army Medical Research Institute of Infectious Diseases at Fort Detrick in Frederick, Md. | | 16:03 ET Siemens AG confirms it has been selected by KCP&L to provide a Smart Grid demonstration project Co confirms it has been selected by KCP&L, Kansas City, Missouri, to provide a Smart Grid demonstration project showing how the latest technologies will enable the advanced utility of the future. Partial funding for the project is from the American Recovery & Reinvestment Act's Smart Grid Investment Grant Demonstration Project program. KCP&L will invest approximately $48.1 million and deliver meaningful benefits to the 14,000 customers in the Green Impact Zone area. | | 16:02 ET Netezza misses by $0.01, beats on revs Reports Q3 (Oct) earnings of $0.01 per share, $0.01 worse than the First Call consensus of $0.02; revenues fell 5.7% year/year to $47.7 mln vs the $47.2 mln consensus. "With the introduction of the TwinFin appliance, we are extremely well positioned competitively to take advantage of an IT spending recovery. In addition, the favorable market acceptance of the TwinFin platform has led to an improvement in our visibility. We believe that our investments in technology and distribution strengthen our lead in the market and set the foundation for the continued growth of our business." | | 16:02 ET Intl Game Tech: New York Lottery renews video lottery contract with IGT through 2017 The New York State Lottery announces the renewal of its contract with IGT through the year 2017. The renewal is evidence of the strong partnership between the New York Lottery and IGT, and points to years of mutual success in the market. Since the inception of the video lottery program in New York, IGT has received 77 percent of the new game allocations via the benchmark review process and based upon game performance. "We're more than satisfied with the partnership between the New York Lottery and IGT," Gordon Medenica, New York Lottery Director, said. "It's because of leading manufacturers like IGT that the program has grown to be what it is today." | | 16:02 ET Tutor Perini announces extension of its $100 mln share repurchase program Co announces that its Board of Directors has extended a program to repurchase up to $100 mln of the Co's common stock through March 31, 2010. As of November 24, 2009 the Company has repurchased 2,003,398 shares under this program for an aggregate purchase price of $31.8 mln. As of October 31, 2009, the Company had ~ 48.5 mln shares of common stock outstanding. | | 16:01 ET Ultra Clean Holdings Acquires Facility in Singapore Co announces the launch of its new manufacturing operation in Singapore at the Spectrum 1 complex in the Woodlands Industrial Estate. Ultra Clean took over the 35,000 sq. ft. facility from Allegro Manufacturing in early November 2009. In addition to acquiring the facility and installed equipment, Ultra Clean has taken over ongoing systems integration business in the facility. | | 16:01 ET Superior Bank announces plans to double mortgage banking team by adding 60 people to its existing operation in Alabama | | 16:01 ET TiVo: Virgin Media selects TiVo for next generation TV platform; no terms disclosed Co and Virgin Media (VMED) announced they have entered into a strategic partnership under which TiVo will develop Virgin Media's next generation TV platform. Under the mutually exclusive agreement, TiVo will develop a converged television and broadband interactive interface to power Virgin Media's next generation, high definition set top boxes. The terms of the deal are not disclosed. TiVo will become the exclusive provider of middleware and user interface software for Virgin Media's next generation set top boxes. Virgin Media will become the exclusive distributor of TiVo services and technology in the United Kingdom. | | 16:01 ET Alexander & Baldwin unit 2010 westbound Hawaii service rates to increase by $120 per container Co's Matson Navigation Company announced that it will raise its rates for the company's Hawaii service by $120 per westbound container and $60 per eastbound container, effective January 3, 2010. Matson estimates that this increase will raise rates by an average of 3.8 percent. The increase will be filed with the Surface Transportation Board. In addition, Matson will raise its terminal handling charge by $125 per westbound container and $60 per eastbound container, also effective January 3, 2010. | | 15:55 ET Conferences and Shareholder/Analyst Meetings of Interest Events of interest for tomorrow, Nov 25, include: PBR Analyst Meeting. Treasury: $32 bln 7-yr Treasury Note Auction. Miscellaneous: Bond markets close early for Thanksgiving Holiday (14:00). | | 15:54 ET Song Remains the Same +09/32 3.314%...euro 1.4964...yen 88.5350 Treasuries got a late session bid following a very well received record level 5-yr auction and assurances from the FOMC that they love the phrases "extremely low" and "extended period." The market will likely be a little less welcoming on tomorrow's record $32B 7-yrs for a number of reasons, including the fact that "it's a 7-yr," one dealer emphasized. There is also the week's weird architecture, with the holiday Thursday followed by what is in essence another holiday Friday, leaving a little less room for players to maneuver after the auction. The day saw another very light activity session although things did pick up some in the last legs of the run higher. The FOMC showed a little inflation concern and shifted their verbiage a little more than has been the norm, but essentially, the song remains the same. "Supply is of no concern, yields are of no concern and the famed bond vigilantes are hiding on the same island with Elvis," said Dan Greenhaus at Miller Tabak. "This will certainly change if even a modest economic recovery is to materialize, but for now, overall economic and rate uncertainty along with year end flows into fixed income products are bond market supportive," (WSJ). The curve trade was fairly tame for the latter part of the session with the 2-10-yr yield spread running near 258. The dollar was pressured much of the day with the index stubbornly holding over the 75 handle, barely. The euro gat caught near the a.4980, but failed late to track off to near 60. The yen continues to reach for early October levels on the buck while trying to spin back to its recent best on the euro. The day ahead has a really fat calendar with personal income and spending, PCE, initial jobless claims, durable orders (8:30), UofM sentiment (9:55ish) and new home sales (10) along with the record $31B 7-yr auction (13), all going down in what will likely be a sparsely attended session. | 15:50 ET Sector ETF strength & weakness approaching today's closing bell Actively Traded Leading Sector ETFs:
iShares heathcare- IYH +.75%, Semis- SMH +.75%, IGW +.75%, SPDRS healthcare- XLV +.75%, Oil HLDRS- OIH +.75%, iShares healthcare providers- IHF +.5%, US bonds- TLT +.5%, Biotech- BBH +.5%, IBB +.5%, XBI +.25%, iShares telecom- IYZ +.5%, Gold- GLD +.5%, Pharma HLDRS- PPH +.25%, Energy- XLE +.25%, IYE +.25%
Actively Traded Lagging Sector ETFs:
Crude/WTI oil- USO -2%, OIL -2%, RBOB gas futures- UGA -2%, Commods- GSG -2%, DBC -1.25%, iShares REITS- ICF -1.75%, iShares real estate- IYR -1.5%, Clean energy- PBW -1.5%, Global shippers- SEA -1.25%, SPDRS homebuilders- XHB -1.25%, Gold miners- GDX -1%, Ag commods- DBA -1%, SPDRS industrials- XLI -1%, iShares US broker/dealers- IAI -.75%, SPDRS retailers- XRT -.75% | | 15:46 ET Mountain Province Diamonds halted, news pending | | 15:45 ET Duke Energy unit files cost update for clean coal gasification power plant Duke Energy Indiana said that design modifications and growth in the scope of its Edwardsport coal gasification plant under construction in southwest Indiana are projected to add ~$150 million, or 6%, to the project's $2.35 bln cost. Still to be determined is how much will need to be added over and above the $150 mln as contingency funds necessary to complete a project of this size and type. Duke Energy Indiana is asking the commission to schedule a separate proceeding by next March, when most of the project's engineering will be complete, so that the company can provide a more detailed, revised cost estimate. | | 15:43 ET Centene receives notification of intent to contract from the state of Mississippi Co announces that the Mississippi Division of Medicaid has selected Centene as one of two Coordinated Care Organizations to participate in the Mississippi Coordinated Access Network. Centene is working with the Division to execute a contract in which the company will serve eligible members throughout the state, as Magnolia Health Plan. Co will provide updated information upon executing final terms of the contract and receiving necessary regulatory approvals. | | 15:41 ET Forest City Enterprises issues statement on New York State Court of Appeals eminent domain ruling for Atlantic Yards Project Co issues statementin response to today's favorable New York State Court of Appeals ruling in a lawsuit related to its Atlantic Yards development project. The suit challenged the State's use of eminent domain related to the project. "We're gratified that today's ruling has once again affirmed the significant public benefit of the Atlantic Yards project... While the economic outlook remains challenging and there are still hurdles to overcome, we are moving ahead with confidence and are fully committed to this great project." | | 15:40 ET Earnings Calendar Today after the close look for the following companies to report: BCSI, JRJC, CWTR, JCG, NZ, SNS, TIVO. Tomorrow before the open look for the following companies to report: CONN, DE, TIF. | | 15:37 ET Brazilian Telecom resumes trading | | 15:16 ET Tanzanian Royalty Exploration announces $3.14 mln financing for evaluation program at Kigosi Gold Project Co announces a $3.14 mln private placement comprising 1,155,835 shares through two European investment funds. Proceeds from the financing will be used to evaluate and develop the Kigosi Gold Project in the Lake Victoria Goldfields of Tanzania where significant quantities of near surface, gold-bearing gravels have been indicted in several phases of RC drilling. | | 15:16 ET Stocks making new 52-week highs/lows New highs (136) outpace new lows (89): New 52-week highs trading over 500k (average daily volume) include: Food (GIS, HNZ, HRL, MKC, SJM), Healthcare-Products (CFN, COV, JNJ, MDT, SYK, VAR, ZMH), Healthcare-Services (DVA, HNT, LH), Pharmaceuticals (BMY, CAH, ESRX, MHS, MYL, NVS, PRX)... New 52-week lows trading over 500k (average daily volume) includes: N/A | | 15:14 ET Ford Motor completes plan to amend and extend existing revolving credit facility Co announces the successful completion of its previously announced plan to amend and extend the revolving credit facility under its secured credit agreement. Revolving lenders have agreed to extend the maturity of commitments totaling $7.2 bln under the facility to November 30, 2013 from December 15, 2011, and such lenders will convert $724 mln of their existing revolving loans to a new term loan that matures on December 15, 2013. The total amount extended to 2013, including the new term loan, is $7.9 bln. Each lender that agreed to extend the maturity of its revolving commitment was permitted to reduce its revolving commitment by up to 25% at its election and to the extent its reduced revolving commitment exceeded certain specified levels, such excess will be converted into the new term loan under the secured credit agreement maturing on December 15, 2013. In addition, lenders that agreed to extend the maturity of their revolving commitments will receive a 1 percentage point increase in interest rate margins, an increase in quarterly fees and payment of an upfront fee. On December 3, 2009, Ford will repay $1.9 bln of the existing revolving loans to effect the commitment reductions elected by extending lenders. Lenders with commitments totaling $886 mln have elected not to extend those commitments, which will mature on the original maturity date of December 15, 2011. The lenders also approved amendments to the credit facility that expand existing limitations on debt prepayments and repurchases to allow for further balance sheet improvements. | | 15:13 ET NSTAR confirms it was awarded additional $7.6 million in stimulus funds to modernize & enhance electric grid Co confirms it has once again been awarded matching federal stimulus funds from the U.S. Department of Energy to help support two pilot projects focused on smart metering and renewable energy inter-connections in an urban network system. The $7.6 million grant represents half of the total cost of both projects, the maximum allowed under the program. This is in addition to $10 million in stimulus funds the DOE awarded NSTAR last month. | | 15:12 ET Shaw Comms agrees to purchase 1,500,000 class B non-voting shares Co announces that it has agreed to purchase for cancellation 1,500,000 of its outstanding Class B Non-Voting Participating Shares or ~0.36% of the Class B Shares outstanding as at October 31, 2009, pursuant to a private agreement between Shaw and an arm's length third party seller for an aggregate purchase price of C$27,892,500. | | 15:10 ET Merck announces new $3 bln share repurchase program | | 15:08 ET Bank of America: Fitch places Bank of America's Individual Rating on rating watch positive Fitch placed its 'D' Individual ratings for Bank of America and its operating subsidiaries on Rating Watch Positive. Fitch has affirmed the Issuer Default Ratings (IDRs) of BAC and its subsidiaries, which are derived from U.S. government support and continue to carry a Stable Rating Outlook. Ratings of long and short-term deposits, long-term and short-term debt, and subordinated debt (with the exception of First Republic Bank are affirmed... BAC's overall risk profile has begun to improve, with the potential for requiring additional government support or needing to omit dividends on preferred stock beginning to recede. Accordingly, Fitch has upgraded the preferred stock rating of BAC to 'BB-' from 'B.' At the same time, Fitch has placed all preferred and trust preferred ratings of BAC and its affiliates on Rating Watch Positive. Earnings remain under pressure, as BAC posted a narrow loss to common shareholders in the most recent quarter after noncash and nonrecurring items are factored out. Asset quality problems remain severe, with loan loss provisions remaining high. However, with a recent slower rate of deterioration in problem assets the pace of reserve build has begun to decelerate, which could indicate the potential for a near-term peak in problem assets. | | 15:00 ET iShares DJ Telecom edges above intraday range top/early high, hovering slightly under its 52-wk close high from Sep at 18.94 -- session high 18.86 The top of its May to Nov trading range and 52-wk high from Sep is at 19.10 (Click for chart) -- T +1.5%, VZ +1.9%, CTL +0.4%, Q +0.3%, NIHD +0.2% | 14:59 ET NASDAQ 100 (NDX) leaders & laggards moving into the final hour of trading NDX Best % Performers:
ILMN +5.5%, DISH +3.25%, MCHP +2.5%, MXIM +2.25%, WCRX +2%, HOLX +2%, LLTC +2%, DTV +1.5%, ALTR +1.25%, BIIB +1.5%, XRAY +1.25%
NDX Worst % Performers:
FWLT -3%, DELL -3%, LBTYA -2.5%, ADSK -2.25%, CA -2%, FLEX -2%, ORCL -1.75%, HANS -1.75%, FSLR -1.75%, RYAAY -1.75%, AKAM -1.5%, FISV -1.5%
NASDAQ TRIN @ +0.95
NASDAQ A/D line @ -600 | | 14:57 ET Mediware Info Sys will acquire Healthcare Automation and Advantage Reimbursement Co announces that it will acquire Healthcare Automation and Advantage Reimbursement and continue the company's market expansion strategy to increase its penetration of the home care solutions market. The two organizations, acquired from a single ownership group, provide software and outsourced reimbursement services to home health providers, specifically home infusion and specialty pharmacies. Terms of the deal include a cash payment of $5.5 million, with an additional cash payment of up to $1.5 million if performance targets are met. Mediware expects to complete the acquisition before December 15. | | 14:57 ET NYMEX Energy Closing Prices The Jan Crude oil contract ended lower by $1.46 to $76.10. Dec Nat gas, which expired at the close, gained 1.6 cents to settle at $4.489, Jan Nat gas fell 1.4 cents to $4.777, Dec heating oil fell 2.98 cents to finish at $1.9501 and Dec RBOB gasoline closed down 3.89 cents to $1.9405. | 14:56 ET Dow (INDU) leaders & laggards moving into the final hour of trading INDU Best % Performers:
VZ +2%, T +1.5%, JNJ +1%, GE +1%, CVX +.5%
INDU Worst % Performers:
JPM -1.75%, HPQ -1.25%, BA -1%, UTX -.75%, DIS -.75%, BAC -.5%
NYSE TRIN @ +1.0
NYSE A/D line @ -280 | | 14:51 ET CBOT Agriculture and Ethanol and ICE Exchange Sugar Closing Prices December corn closed lower by 9.75 cents to $3.775 per bushel, January soybeans closed higher by 5.5 cents to $10.475 per bushel, March wheat closed lower by 25.5 cents to $5.53 per bushel, January Ethanol closed lower by 0.032 cents to $1.955, March world sugar futures closed lower by 0.06 cents at 22.08 cents per pound. | | 14:45 ET S&P -0.2 and Dow -10 approaching flat line, Nasdaq -8 testing intraday range top at 2167 | 14:43 ET Humana shares edge to session highs as clear price resistance @ 42.20~42.25 looms overhead The daily chart shows not one, but two reaction tails up in that zone of 42.20~42.25 this month which may be in play again on further upticks this afternoon.
HoD now @ 42.09 | | 14:32 ET PG&E will seek federal approval for license renewal to extend operation of the Diablo Canyon Power Plant for another 20 years Co announces that it will seek federal approval for license renewal to extend operation of the Diablo Canyon Power Plant for another 20 years past the current operating licenses. Diablo Canyon's two units in San Luis Obispo produce ~18,000 gigawatt-hours of electricity annually. Though Diablo Canyon's current federal operating licenses expire in 2024 and 2025 for units 1 and 2 respectively, the federal license extension review process is expected to take a few years. | | 14:30 ET Saks announces amended and restated revolving credit facility Co announced that it has entered into an amended and restated revolving credit agreement. The amendment extends the maturity date of this facility to November 22, 2013. The maximum committed borrowing capacity of the amended facility remains at $500 mln. The amendment revises certain terms and covenants to the existing revolving credit facility. While the borrowing capacity formula based on eligible collateral remains substantially unchanged, the new interest rates vary with usage and are in the range of LIBOR plus 3.5% to 4.0%. The facility is subject to no financial covenants unless the availability falls below $87.5 mln. At that time, co is subject to a fixed charge coverage ratio of at least 1:1. The credit facility is available for working capital, the issuance of letters of credit, capital expenditures, and other general corporate purposes. | | 14:29 ET Stock indices lift up to their intraday range tops -- Dow -20, S&P -1, Nasdaq -10 Relative sector strength has been noted in Energy XLR / OIH, Casino, Airline, Coal KOL, Shipping SEA. | | 14:28 ET Ingram Micro plans to ship over 3 mln units each peak holiday week | | 14:25 ET Beacon Power confirms it was awarded a $24 mln Smart Grid Stimulus Grant from the DoE Co confrims that the U.S. Department of Energy (DOE) has announced that it has awarded a stimulus grant to Beacon valued at $24 mln, for use in the construction of the Company's second 20 MW flywheel energy storage plant, to be located in Chicago, Illinois. The grant results from one of Beacon's two applications for DOE Smart Grid demonstration project funding. The Department made only one award, which was for Beacon's 20 MW regulation plant. The grant award of $24 mln is for 50% of the project's estimated cost. DOE will provide further details of the grant conditions in the near future. | | 14:13 ET Today's biggest point gainers/losers Biggest point gainers: IWA (15.87 +3.18)... Biggest point losers: FFH (356.55 -4.17), NVR (675.46 -3.97), TBH (11.50 -3.90), CEO (158.51 -3.59), RTP (210.31 -3.56), WBK (109.77 -3.42), EDC (129.71 -3.39), JJS (46.36 -3.17), XPP (79.07 -3.07), NC (50.54 -3.00), DRN (113.47 -5.69), BIDU (433.07 -5.94), CME (319.82 -3.87) | | 14:09 ET United Capital acquires Cranbury, NJ property Co announces the acquisition of a 116,000 square foot industrial building located at 27 Englehard Drive, Cranbury, New Jersey. The property is net leased to TW Metals, Inc., a subsidiary of O'Neil Steel, Inc., and conveniently located just off Exit 8A of the New Jersey Turnpike. The building was originally constructed in 1974 for use as a warehouse and distribution center. TW Metals, Inc. has occupied the property since 2005 and is currently under lease until 2025. Select Investment Realty Advisors acted as broker on the transaction. | | 14:07 ET Summary of FOMC minutes Overall, the Treasury market had recovered substantially from the strains during the financial crisis, and the Manager reported that the completion of the Federal Reserve's purchase program did not appear to have led to any significant upward pressure on Treasury yields or to any notable deterioration in Treasury market functioning. There was little evidence, to date, of a buildup in year-end funding pressures, although demand for Treasury bills with maturities extending just beyond the year-end seemed to be elevated. The Manager noted that the recent path of purchases of agency debt was consistent with buying a cumulative amount of $175 bln by the end of the first quarter of 2010... The staff briefed the Committee on recent developments regarding various Federal Reserve liquidity and credit facilities, including the Term Auction Facility (TAF), the primary credit program, the Term Asset- Backed Securities Loan Facility (TALF), and the swap lines with foreign central banks. Usage of these facilities had been declining in recent months as financial market conditions continued to improve. Regarding the TALF, the staff indicated that auto and credit card asset-backed security issuance was increasingly being funded by non-TALF sources; however, commercial MBS remained more dependent on TALF financing... The information reviewed at the November 3-4 meeting suggested that overall economic activity continued to rise in recent months. The housing sector continued to recover, on balance... In the forecast prepared for the November FOMC meeting, the staff raised its projection for real GDP growth over the second half of 2009 but left the forecast for output growth in 2010 and 2011 roughly unchanged. The spending and production data received during the intermeeting period suggested that economic activity, especially household spending, was a little stronger in the summer than previously estimated. The staff forecast for inflation was little changed from the September meeting. Although oil prices moved higher, likely boosting near-term inflation, the staff also revised up its estimate of the degree of slack in the economy, leaving the forecast for total and core PCE inflation over the next two years little changed. The weakness in labor market conditions remained an important concern to meeting participants, with unemployment expected to remain elevated for some time... Stronger foreign economic activity, especially in Asia, as well as the partial reversal this year of the dollar's appreciation during the latter part of 2008, was providing support to U.S. exports. Participants noted that the recent fall in the foreign exchange value of the dollar had been orderly and appeared to reflect an unwinding of safe-haven demand in light of the recovery in financial market conditions this year, but that any tendency for dollar depreciation to intensify or to put significant upward pressure on inflation would bear close watching.... With respect to the large-scale asset purchase programs, all members supported reiterating the Committee's intention to purchase $1.25 trln of agency MBS by the end of the first quarter of 2010. The Committee also agreed to specify that its agency debt purchases would cumulate to ~$175 bln by the end of the first quarter, $25 bln less than the previously announced maximum for these purchases. | | 14:05 ET Medtronic upgraded to Buy at Noble Financial following earnings this morning Noble Financial upgrades MDT to Buy from Hold following the co's strong 2Q results. The firm notes that MDT has not moved appreciably for over five years, but its new business model may provide the leverage needed to finally draw investor interest. The firm believes that stable revenue growth and market shares across its business units are likely to be intact for the next two to three years at least. While the firm is not as optimistic as the co regarding atrial fibrillation acquisition benefits and timing for the CRM market reacceleration, the firm believes that MDT looks to be able to weather these risks. | | 14:02 ET Limited market reaction to FOMC headlines with narrow range trade persisting -- Dow -41, S&P -3, Nasdaq -13 | | 14:01 ET Pegasystems expands current share repurchase program an additional $15 mln Co announces that its Board of Directors has authorized an expansion of the co's current share repurchase program. Under this expansion, an additional $15 mln in repurchases of Pegasystems common stock has been approved, over and above the initial $15 mln authorization, and the expiration date of the Current Repurchase Program has been extended to December 31, 2010. This expansion is effective as of November 20, 2009. Through November 20, 2009, the Company had repurchased 836,728 shares under the Current Repurchase Program, for an average price of $16.23 per share. | | 14:00 ET Duke Energy unit Duke Energy Carolinas reaches settlement agreement on rate increase and incentive for energy efficiency efforts in South Carolina ... | | 13:59 ET Portland Gen Elec confirms it was selected by DOE as Oregon Utility Partner in $178 mln NW Smart Grid Demo The Department of Energy has selected a Pacific Northwest team including Portland General Electric to conduct a regional smart grid demonstration project designed to expand upon existing electric infrastructure and test new smart grid technology with up to 60,000 customers in five states. Total estimated cost for the project is $178 million. DOE will provide half the funding through the American Recovery and Reinvestment Act. The project's participants, primarily utilities and industry team members including PGE, will provide the remaining funds. | | 13:58 ET Reminder: FOMC minutes due out in about 2 min at 14:00ET | | 13:54 ET Avista confirms it will lead a smart grid demonstration project Co confirms it will lead a smart grid demonstration project that will create the first "smart community" in the Pacific Northwest. Matching funds for the $38 mln project are part of a U.S. Department of Energy grant for a larger $178 mln regional project which is administered by Battelle. Avista will team up with several regional entities for the Pullman, Wash., project. Participants include the City of Pullman, Schweitzer Engineering Laboratories, Washington State University, Itron, Hewlett Packard and Spirae. Avista's portion of the matching funds will be $12.9 mln. | | 13:43 ET Agilysys announces a strategic partnership with Beatty and Company Computing Co announces a strategic partnership with Beatty and Company Computing. The agreement enables Agilysys to add Beatty and Company's Beacen vSeries software, which provides carrier grade desktop virtualization, to the Agilysys list of technology solutions and to create custom solutions which utilize the Beacen vSeries software. | | 13:42 ET COMEX Metals Closing Prices Gold ended the day higher by $2.07 to $1166.77, silver lost 16.1 cents to $18.449 and copper lost 1.38 cents to finish at $3.1217 (all Dec contracts). | | 13:37 ET Exco Resources approves a capital budget of $471.4 mln for 2010 Co has approved a capital budget of $471.4 million for 2010. The budget is expected to be fully funded with cash flow from operations and is expected to provide significant increases in production and reserves. The capital budget, which is net of an estimated $205.1 million carry by BG Group for certain drilling and completion spending in the East Texas/North Louisiana joint venture area. Co currently has 13 operated drilling rigs across its portfolio, and anticipates that this will increase to 17 during the first quarter and remain relatively flat throughout the remainder of 2010. | | 13:26 ET USA Tech issues letter to shareholders urging them to reject any proxy solicitation Co issues letter to shareholders urging them to reject any proxy solicitation and not to sign any blue proxy cards they may receive from dissident shareholders Bradley Tirpak and Craig Thomas. Co says they "intend to engage in a costly and disruptive proxy contest in an attempt to elect three less qualified candidates to our Board of Directors in lieu of the three highly qualified independent Director nominees of USA Technologies at our upcoming December 15, 2009 annual meeting." | | 13:22 ET Green Mtn Coffee slips to new session low of 63.59, its two month low from last week is at 63.32 | | 13:07 ET Stellar Auction +03/32 3.338% The $42B 5-yrs draw 2.175% with an excellent 2.81 cover and an indirect bidder take of 60.9% which was huge. The market was not given a massive bid as a result, but should be able to build on the strong auction to work higher through the session. The yield showed aggressive bidding, with year end buyers stepping on each other to get a piece. The drag will be from the upcoming, record 7-yr hitting tomorrow. | | 13:04 ET Fractional upticks for stock indices after auction results but still range bound -- Dow -47, S&P -3.7, Nasdaq -13 | | 13:01 ET Dow Chemical's Dow AgroSciences Canada announces agreement to acquire Hyland Seeds Dow AgroSciences Canada announces it is acquiring the assets of Hyland Seeds, a division of Thompsons Limited of Blenheim, Ontario. The transactional close is expected in the near future... Under the terms of the agreement, Dow AgroSciences will acquire the Hyland brand and the sales, marketing, and administrative areas. The acquisition also includes germplasm, the R&D program with three R&D sites and the corn production facility. Dow AgroSciences will continue to independently market seeds under the Hyland Seeds brand, and Hyland will continue to be headquartered at its existing location in Blenheim, Ontario. John Cowan, general manager for Hyland Seeds, will continue in the same position. | | 13:01 ET YRC Worldwide announces that its regional subsidiaries have successfully completed their re-validation Co announces that its regional subsidiaries Holland, Reddaway and New Penn have successfully completed their re-validation in the U.S. Customs-Trade Partnership against Terrorism (C-TPAT) program. Participation in this and other programs for shipment security provides customers with faster border clearance for their goods in addition to a more secure supply chain, dedicated lanes and a strong U.S.-Canadian Customs partnership. | | 12:56 ET Losing It +01/32 3.343%...euro 1.4953...yen 88.5150 Treasuries are backing off better levels with the auction and FOMC minutes in their sights while the market suffers from holiday related volume stress. The light flows and the unusually structured week has left trade cautious into the record level 5-yr debt offering. The $42B issue is against a previous, smaller, $41B outing which saw a slightly higher 2.388% yield with a big 2.63 bid-to-cover and an indirect bidder take of 54.8%. The market is expecting a little less interest in this offering, more inline with the past 9 auctions of 09 which have seen an average 2.26 cover and 44.26% indirect bidder rate (when issued now 2.205%). Trade is grappling with the onslaught of global and corporate issuance crowding the market while also somewhat concerned over tomorrow's record level 7-yr auction. The maturity is a bit of a newbie as well as a less malleable maturity than the shorter 2-and-5-yrs and incorporates sizable risk while skirting historic low yields. The FOMC minutes will be combed over for hints on the eventual rate hikes (or general removal of accommodation) although there is unlikely to be any more than concerns over jobs and rates being "extremely low" for an "extended period." Global bonds have been generally bid with stocks sliding. The curve has been grinding in a narrow channel with the 2-10-yr yield spread holding near 258. The dollar has been continues to skirt the recent bottom but has pulled back from the latest lows with the index back near 75.20. Te euro has been churning to better levels under duress in light flow, but has been holding through 1.4950 and crawling better against the yen after ticking to near 6 week lows | 12:50 ET Sector ETF strength & weakness @ midday Actively Traded Leading Sector ETFs:
Semis- SMH +.5%, IGW +.25%, iShares healthcare sector- IYH +.5%, SPDRS healthcare- XLV +.25%, iShares telecom- IYZ +.25%
Actively Traded Lagging Sector ETFs:
Crude/WTI oil- USO -2.25%, OIL -2.25%, RBOB has futures- UGA -2%, US airlines- FAA -2%, Global shippers- SEA -2%, Clean energy- PBW -1.5%, Commods- GSG -1.75%, DBC -1.25%, iShares REITS- ICF -1.75%, iShares real estate- IYR -1.5%, Gold miners0 GDX -1.25% | | 12:49 ET AMBAC Fincl announces resignation of Sean Leonard, Senior Vice President and Chief Financial Officer Co announces that Sean Leonard has resigned as Senior Vice President and Chief Financial Officer of Ambac to pursue other interests. Leonard's resignation is effective today and, until such time as a replacement is named, his department heads will report directly to David Wallis, President and Chief Executive Officer. | | 12:47 ET Agrium continues retail growth acquiring 24 Agriliance retail outlets Co announces that has further expanded its Retail operations in Texas and New Mexico with the acquisition of 24 retail outlets from Agriliance. Under the agreement, Agrium acquired the 24 retail outlets and associated working capital at these locations, as well as over 50,000 tons of fertilizer storage. The retail outlets are expected to have annual crop input revenues of approximately $150-million. The co's President and CEO, Mike Wilson, stated that they believe that this acquisition will be immediately accretive to earnings.. "I would also like to make clear, that this acquisition of retail outlets by no means signals that Agrium has lost any of its focus on acquiring CF Industries Holdings (CF). We remain committed to the proposed combination with CF, as well as growing all of the company's business units through expansion of existing operations and acquisitions." | | 12:44 ET FirstEnergy unit announces that the Beaver Valley Power Station Unit 2 is expected to resume start-up activities later today Co's FirstEnergy Nuclear Operating Company (FENOC) announces that the Beaver Valley Power Station Unit 2 is expected to resume start-up activities later today following water discharge from the reactor coolant system. Restart activities were temporarily suspended this morning when water was inadvertently removed from the reactor coolant system and routed to a holding tank inside the plant's containment building. There was no impact to the health or safety of the public or employees. | | 12:27 ET American Water catches some midday bids as it trends higher to challenge last week's momentum breakout high near 21.80 | | 12:18 ET Amazon.com extends battery life of newest Kindle by 85% and adds native PDF reader | | 12:12 ET PNC Bank extends bounce off morning low back near its opening high of 56.60 Note that yesterday's high and last week's 11 month high are slightly above at 56.73/56.74. Note that its 52-wk high from last Dec is at 57.50. | | 12:03 ET Kronos Worldwide announces effective December 1, prices for all Kronos titanium dioxide grades sold outside North America and Europe will be increased by a minimum of $150 per metric ton | | 11:55 ET European Markets Closing Prices: FTSE: 5324.0 -31.5 -0.6%, DAX: 5769.3 -32.2 -0.6%, CAC: 3784.6 -28.6 -0.8% | | 11:44 ET Sector Watch: Medical Supplies displaying some relative strength The sector index (DJUSMS 369.83 +0.5%) has lagged behind the S&P 500 for the last few months. However, the overall price action has been constructive as it has chopped in a range after establishing a new 2009 high in Sep with it displaying some relative strength thus far this week (Click for chart). Components include: ACL +0.1% (hovering near its Oct-Nov/52-wk highs at 148.85/148.93 --session high 148.26), BAX +0.4%, BDX +1% (set new 10 month high today), BCR +0.2% (session high 81.40, Nov/Sep highs at 82.39/82.98, COO +3% (new 52-wk high today), XRAY +0.6%, EW +1.1% (new 52-wk high today), HOLX +2.5% (holds near support at its 200 sma for third day in a row), IMA +0.1% (session high 42.32, Nov/52-wk high at 43.16) OMI +1%. | | 11:30 ET Brazilian Telecom trading halted | | 11:27 ET Central European Dist prices senior secured notes due 2016 Co prices its offering of $380 mln aggregate principal amount of senior secured notes due 2016 and euro 380 mln aggregate principal amount of senior secured notes due 2016. The U.S. Dollar Notes will be sold to investors at a price of 99.366% of the principal amount thereof and will bear interest at a rate equal to 9.125% per annum. The Euro Notes will be sold to investors at a price of 99.361% of the principal amount thereof and will bear interest at a rate equal to 8.875% per annum. | | 10:48 ET Stock indices extending bounce off lows -- Dow -22, S&P -1, Nasdaq -8.7 Noted the test/stabilization near support for the S&P and the potential for a recovery in the 10:16 update with it cruising through the initial barrier highlighted at 1102/1103. This neutralizes the weaker pattern off yesterday's high and keeps the door open to further upticks as long as 1100 is intact. Leadership has come from Housing (XHB bounced near support mentioned at 10:32). Other sectors helping to underpin include: Energy XLE / OIH, Semi SMH, Finance XLF / RKH, Retail XRT, Consumer Discretionary XLY, Health XLV, Coal KOL, Steel SLX, Airline, Shipping SEA. | | 10:46 ET Time Warner Cable pushes higher intraday as it elevates up into its Sep-Nov range/52-wk high near the 44.00 level | 10:35 ET Sector ETF strength & weakness through the first hour of trading Actively Traded Leading Sector ETFs:
Semis- SMH +.75%, US bonds- TLT +.25%, iShares telecom- IYZ +.25%, US Dollar index- UUP +.25%
Actively Traded Lagging Sector ETFs:
Commods- GSG -2.25%, DBC -1%, Crude/WTI oil- USO -2%, OIL -2%, Global shippers- SEA -2%, US airlines- FAA -2%, RBOB gas futures- UGA -1.75%, Heating oil futures- UHN -1.75%, Clean energy- PBW -1.75%, iShares REITS- ICF -1.5%, iShares real estate- IYR -1.5%, Commercial banks- KBE -1.25% | | 10:32 ET SPDR Homebuilders a laggard but holds above support zone and attempting to bounce The XHB has been a leader on the downside this morning on a percentage basis but it has been able to hold near support at 14.45/14.43 (50% retracement of the Nov rally, last week's low)-- session low 14.48. Components include: LEN -2.1% (holding near early month gap), MDC -1.5%, MTH +0.2% (held above 200 sma early and pushed into the green), PHM -3.4%, TOL -1.4%, HD +0.14%, LOW +0.2%, MHK -0.2%, SHW +0.5%. | 10:28 ET NASDAQ 100 (NDX) leaders & laggards moving through the first hour of trading NDX Best % Performers:
DTV +1.25%, ILMN +1%, MCHP +1%, CEPH +.5%, ROST +.5%, HOLX +.5%, MXIM +.5%
NDX Worst % Performers:
FLEX -2.25%, ADSK -2.25%, LBTYA -2.25%, VRTX -2%, RYAAY -2%, LOGI -2%, DELL -2%, PCAR -2%, AKAM -2%, NVDA -1.75%, FSLR -1.75%
NASDAQ TRIN @ +0.85
NASDAQ A/D line @ -1330 | 10:26 ET Dow (INDU) leaders & laggards moving through the first hour of trading INDU Best % Performers:
VZ +1.5%, T +.5%
INDU Worst % Performers:
HPQ -2%, JPM -2%, AA -2%, PFE -2%, BAC -1.75%, BA -1.5%, KFT -1.5%
NYSE TRIN @ +1.45
NYSE A/D line @ -1425 | | 10:16 ET S&P 500 attempting to stabilize near short term support Noted support for the S&P at 1098 in The Technical Take with only a minimal penetration thus far (session low 1097.63). Has potential for a recovery from this zone with follow through above the key this morning at 1102/1103 to neutralizing the weaker pattern off yesterday's early high. | | 10:15 ET Converted Organics expands U.S. sales force with two new appointments for sales representatives for the northeastern and southeastern U.S. | | 10:12 ET Eaton Vance beats by $0.06, beats on revs Reports Q4 (Oct) earnings of $0.39 per share, including a $0.05 tax benefit from adjustments primarily related to stock based compensation and net realized and unrealized losses (including impairments); $0.06 better than the First Call consensus of $0.33; revenues rose 1.7% year/year to $254.1 mln vs the $250.3 mln consensus. Net inflows of $5.5 bln into long-term funds and separate accounts in the fourth quarter of fiscal 2009 compare to net inflows of $3.9 bln in the third quarter of fiscal 2009 and $0.3 bln in the fourth quarter of fiscal 2008. The Company's annualized internal growth rate for the quarter was 15 percent. Assets under management on October 31, 2009 were $154.9 bln, an increase of $11.2 bln, or 8 percent, over the $143.7 bln of managed assets as of July 31, 2009. "Eaton Vance showed both strong internal growth and sharply rising profits in the fourth quarter of fiscal 2009. Favorable trends in managed assets and ongoing expense control should support further earnings progress in fiscal 2010. We continue to believe that the Company is well positioned for future success." | | 10:12 ET Jan crude falls ~$1, declining to new session lows of $75.60 as the US Dollar Index rebounds; Crude is currently $75.69 -1.87 | | 10:10 ET Home Inns under pressure off the opening, bringing potential support zone around 33.50/33.95 into play Price sinks lower intraday to probe its 20-day exponential moving average around 33.95, eyeing 2-week support around the 33.50 zone. | | 10:10 ET Stock indices unable to hold data related upticks as Dollar Index pushes to new day session high Stock indices have dipped to minor new lows in recent trade -- Dow -83, S&P -7.8, Nasdaq -19. | | 10:06 ET York Water increases quarterly dividend to $0.128 per share from $0.126 per share | | 10:05 ET Microsoft: Fitch affirms Microsoft at 'AA+/F1+'; Outlook Stable | | 10:03 ET Financial Select Sector SPDR on the defensive but holding at support The sector has lagged the S&P since the Oct high and is again this morning but it has thus far been able to hold at support marked by its 50 day ema and the bottom of its two week trading range at 14.61/14.54 (session low 14.62) -- JPM -1.7%, BAC -1.4%, AXP -1.3%, WFC -1.8%, MS -0.9%, CME -1%, STT -1.8%, PNC -0.8%. | | 10:01 ET Market View Stock indices jump off lows after confidence data -- Dow -55, S&P -4.8, Nasdaq -13 | | 09:53 ET Market View: Stock indices slides to fresh session lows -- Dow -72, S&P -7, Nasdaq -15 Relative sector weakness (underperforming the S&P) has been noted in Energy XLE / OIH, Finance XLF / RKH, Housing XHB, Materials, Shipping SEA, Gold Miners GDX, Coal KOL. | | 09:53 ET US Cellular will redeem all of its outstanding 8.75 percent Senior Notes due 2032 | | 09:51 ET Apple sinks lower off the opening towards yesterday's gap up low of 202.95 Next level of interest lies around the 202.00 level followed by last Friday's high/close near the 199.92/200.39 area. | | 09:49 ET Dollar Tree gaps up after reporting, notches new session high of 51.78 slightly above its Aug/previous 52-wk high of 51.72 | | 09:49 ET American Intl breaks to fresh morning lows as it dips into fresh 3-wk low territory below the 35.00 area Would note that the Sep-Oct range low comes into play below at 32.50-33.00. | | 09:48 ET St. Jude Medical displays relative strength as it continues to march on into fresh 4-mth high territory, now approaching a test of its downward sloping 200-day ema at 36.80 | | 09:46 ET Reminder: FHFA Home Price Index and Consumer Confidence data due out in about 14 min at 10:00ET | | 09:45 ET Sector Watch: Early strength in Medical Equipment with MDT pacing the way after reporting The sector index (DJUSMS) has jumped firmly higher in early trade to set a fresh 52-wk high. Components providing leadership include: MDT +7.3%, STJ +3.5%, AMMD +0.9%, BIO +0.8%, BSX +2.8%, HRC +0.8%, MIL +0.3%, NUVA +2.3%, RMD +0.3%, , SYK +0.5%, TMO +0.8%, | | 09:37 ET Washington Banking Co. raised ~$45.0 mln through public offering of 5 mln shares of common stock at a price of $9.00 per share | | 09:37 ET Semiconductors Hldrs Trust outperforming in early trade The SMH has displayed some relative strength while the indices tick lower in early trade. The SMH has flirted with and paused near initial resistance at yesterday's high of 25.58 (session high 25.62). Early strength has been noted in ADI +5.2%, NSM +3.4%, LLTC +0.8%, ALTR +0.8%, LSI +0.4%, MXIM +1%, TXN +0.7%, XLNX +0.5%. | | 09:36 ET United Banksh upgraded to Outperform at Boenning & Scattergood; tgt $20.50 Boenning & Scattergood upgrades UBSI to Outperform from Neutral and establishes a tgt of $20.50. The firm notes that their upgrades is based on valuation and confidence in the co's balance sheet and capital stability. The firm notes that UBSI operates two subsidiary banks in very different markets: West Virginia and the greater Washington DC area. This affords UBSI less expensive deposits and labor for its back office in West Virginia while providing an opportunity for growth in the Washington market. While credit issues have been an area of concern for UBSI, the firm notes that the co's credit metrics remain favorable compared to peers and appear manageable. Furthermore, the firm believes the market is overly concerned regarding further write-downs on United TruPs portfolio. The firm agrees that this is likely to occur; however, they believe the impact, though real, is not as severe as many seem to think. | | 09:31 ET AFLAC to exchange two Lloyds Banking Group Securities, enhance risk-based capital ratio Co announces that the Lloyds Banking Group plc (LYG) has accepted the exchange of two of its investment securities owned by Aflac. The exchange offer program was announced by Lloyds on November 3, 2009, and the exchanges are expected to settle on December 1, 2009. When the transaction settles, Aflac will have exchanged its investment in Lloyds TSB Bank plc yen-denominated, Upper Tier II perpetual securities (par value of $222 mln at September 30, 2009) into yen-denominated, Lower Tier II fixed-maturity securities. The company will also have exchanged its holdings of Bank of Scotland plc yen-denominated, Upper Tier II perpetual securities (par value of $188 mln at September 30, 2009) into yen-denominated, Lower Tier II fixed-maturity securities. The newly issued securities are enhanced capital notes, which convert to common equity if the published Lloyds Banking Group's consolidated core Tier I capital ratio falls below 5%... As a result of the securities exchanges announced, which are considered to be sales and purchases of assets, Aflac now expects to incur an estimated after-tax realized investment loss of $66 mln on two of its Lloyds holdings in Q4 of 2009. | | 09:27 ET PHC awarded contract renewal for services to Wayne County Mental Health Agency; award in excess of $10 mln if all options are exercised | | 09:16 ET Iowa Telecom to be acquired by Windstream Corp; IWA shareholders will receive 0.804 shares of WIN stock and $7.90 in cash per IWA share Co announces that its Board of Directors has approved an agreement for Windstream Corpo (WIN) to acquire IWA in a transaction valued at approximately $1.1 bln. Iowa Telecom shareholders will receive 0.804 shares of Windstream stock and $7.90 in cash per each Iowa Telecom share under terms of the agreement approved by the boards of directors of both companies. Windstream expects to issue approximately 26.5 mln shares of stock valued at $269 mln, based on the company's closing stock price on Nov. 23, 2009, and pay approximately $261 mln in cash as part of the transaction. Windstream also will repay estimated net debt of approximately $598 mln. | | 09:07 ET On The Wires Rhein Main Services, on behalf of the Transit Authority Rhein-Main-Verkehrsverbund, has selected Cubic Deutschland to develop both the initial stage and central core of Germany's first large-scale electronic ticketing system. Cubic Deutschland is part of the transportation segment of Cubic Corp (CUB)... The City of Abilene, TX, has signed a contract with Lawson Software (LWSN) to implement a multi-application contract that includes the Lawson Strategic Human Capital Management and Enterprise Financial Management suites... Elecsys Corporation (ESYS) announces that it has received an order from sales partner Tecnologia Total of Bogota, Colombia for its NTG WatchdogCP II Remote Monitoring System. The order, for ~$100,000 of WatchdogCP II remote monitoring units, will be provided to Transportadora de Gas Internacional and represents the Company's first deployment of WatchdogCP II units in South America. | | 09:07 ET Landstar System initiated with a Neutral at Longbow | | 09:02 ET Forest Oil announces David H. Keyte has resigned his position as Executive Vice President and Chief Financial Officer Co announces David H. Keyte has resigned his position, effective December 1, 2009, as Executive Vice President and Chief Financial Officer to pursue other private opportunities in the oil and gas industry. Michael Kennedy, currently Forest's Vice President, Finance and Treasurer, has been promoted to the position of Executive Vice President and Chief Financial Officer. | | 09:01 ET Tetra Tech awarded $63 mln USAID Engineering Support Program in Afghanistan | | 09:00 ET Interactive Data to acquire online financial solutions assets from Dow Jones & Company .... | | 09:00 ET Gilead Sciences and GlaxoSmithKline announce agreement to commercialize Viread for chronic hepatitis B in "key Asian countries" Gilead Sciences (GILD) and GlaxoSmithKline (GSK) announce a licensing agreement to commercialize Viread for the treatment of chronic hepatitis B infection in adults in five countries in Asia. The companies' combined commercialization activities will expand access to Viread for the treatment of HBV, once approved, to patients in Asia where the prevalence in most countries is greater than 8 percent. Under the agreement announced today, GILD will retain exclusive rights for commercialization of Viread for H.B.V. in Hong Kong, Singapore, South Korea and Taiwan. In China, GSK will have exclusive commercialization rights and registration responsibilities for Viread for H.B.V. Each company will pay royalties to the other on sales of Viread for H.B.V. in their respective Asian territories. The companies are working to expand this agreement to include Japan and other countries. The Viread agreement modifies the terms of the April 2002 licensing agreement between Gilead and GSK under which GSK received exclusive rights to Hepsera, GILD's first hepatitis B treatment, in various territories including China, Japan, South Korea and Taiwan, as well as the right to commercialize Viread for the treatment of HBV under certain circumstances. | | 08:55 ET Salesforce.com upgraded to Outperform at Wedbush Morgan; tgt raised to $74 Wedbush Morgan upgrades CRM to Outperform from Neutral and raises their tgt to $74 from $63 as the firm believes that the co will appreciate more relative to many of the other stocks in their coverage universe over the next 12 months, given the company's strong and stable base of recurring revenue and low and very achievable expectations for growth in F2011. To be sure, as the global economic environment slowly lifts from its protracted decline, the firm believes CRM is in an optimum position to capitalize on improving business trends such as enterprises shifting their primary imperatives to revenue generating activities from cost-savings. This shift could be precipitated by increases in sales capacity, which likely would benefit Salesforce.com's core SFA product sales. | | 08:52 ET Yingli Green Energy downgraded to Neutral at Broadpoint AmTech Research Broadpoint AmTech Research downgrades YGE to Neutral from Buy based on the fact that the catalyst of a beat and raise peer earnings season is behind the co and an ensuing poly ramp skewing the risk/reward more negative into year-end. The firm notes that they have been arguing for higher 2H09 estimates since March, when utilization rates began to turn and ASP declines began abating. However, this became the consensus view following the 3Q09 earnings season. While the firm still believes consensus ASP assumptions may be low for 1H10, the co has given firm guidance to that end, extinguishing some of the potential surprise. Meanwhile, YGE is getting ready to turn on significant capacity in a new arena with its polysilicon manufacturing ramp. With early cost targets in-line with current spot poly pricing at $60/kg, the firm sees the risk/reward to margins during the early stages of the ramp as unfavorable | | 08:52 ET Analog Devices upgraded to Buy at Broadpoint AmTech Research; tgt raised to $35 Broadpoint AmTech Research upgrades ADI to Buy from Neutral and raises their tgt to $35 from $32 following the co's beat and raise report. The firm notes that although the co's revenue recovery is in-line with peers, the firm admits that they under-estimated the EPS power of a faster than expected revenue and gross margin recovery. Though not the firm's favorite "Buy" in Analog, the firm raises their FY10 EPS estimate to $1.74 from $1.37 (consensus $1.32) and raises their tgt to $35 from $32. The firm believes that they have been accurately modeling ADI's leverage; however, they feel further multiple compression is unlikely as focus shifts toward increased absolute earnings, not growth rates. | | 08:51 ET Green Mtn Coffee confirms its $32/share revised cash proposal to acquire Diedrich Coffee (DDRX) | | 08:48 ET Inter Parfums upgraded to Buy at Caris & Company; tgt lowered to $16 Caris & Company upgrades IPAR to Buy from Above Average and lowers their tgt to $16 from $16.50. The firm notes that IPAR guided to 2010E sales growth of 10% yesterday, higher than consensus of 6% and the firm's est of 9%. Additionally IPAR announced that they will invest $0.05/share behind launch of Burberry cosmetics. In response to IPAR's guidance, the firm trimmed their 2010E EPS est to $0.78 from $0.83 (consensus $0.85), which is IPAR's guidance. However, even with higher investment, the firm projects 13% op. profit growth in 2010, driven by launches in each fragrance line, including Burberry Sport for men and women in 1Q10. The firm believes that they have visibility of a positive catalyst in early 2010, as IPAR expects to announce another license, perhaps of an existing line, which would be EPS accretive. | | 08:46 ET Reminder: Case Shiller 20 City Index data due out in about 14 min at 9:00ET | | 08:36 ET On The Wires CytRx Corporation (CYTR) announces plans to initiate a multinational Phase 2 clinical trial with its doxorubicin prodrug INNO-206 as a treatment for patients with advanced soft tissue sarcomas who have failed surgery and radiation. Soft tissue sarcomas are cancers that are formed in the muscle, fat, fibrous tissue, blood vessels or other supporting tissue of the body... Rockwell Collins (COL) announces its intent to acquire AR Group, and its affiliated companies including Air Routing International, a provider of trip support services for business aircraft flight operations. Terms of the agreement were not disclosed... TiVo (TIVO) announces that it has entered into an audience research agreement with Google (GOOG) whereby Google will license and integrate TiVo television viewing data into its measurement of audiences for advertisements sold through Google TV Ads platform. Terms of the deal are not disclosed... Uranium Energy (UEC) announces that drilling commences this week at the co's Grants Ridge Uranium Project located in New Mexico. Exploration permits have now been granted for both the Armijo and the F33 project areas at Grants Ridge. Uran Limited, based in Perth, Australia, is the Company's joint-venture partner and the operator of the project. | | 08:33 ET Freddie Mac reports October 2009 monthly volume summary Co reports October 2009 monthly volume summary. Co reports the total mortgage portfolio increased at an annualized rate of 0.7% in October. Refinance-loan purchase and guarantee volume was $18.0 billion in October, down from $21.4 billion in September. The aggregate unpaid principal balance (UPB) of mortgage-related investments portfolio was $770.1 billion at October 31, 2009, down from $784.2 billion at September 30, 2009. The net amount of mortgage-related investments portfolio mortgage purchase (sale) agreements entered into during the month of October totaled $1.7 billion, down from the $4.6 billion entered into during the month of September. Total guaranteed PCs and Structured Securities issued increased at an annualized rate of 1.1% in October. The single-family portfolio delinquency rate rose to 3.54% in October, up 21 basis points from September. The multifamily delinquency rate was 0.12% in October. | | 08:32 ET Nanosphere announces FDA clearance to update the package insert for its respiratory virus assay to include reactivity with Influenza A in cultured clinical isolates containing 2009 H1N1 Influenza viru Co announces that it has received 510(k) clearance from the FDA to update its package insert for its Verigene Respiratory Virus Nucleic Acid Test on Verigene SP System to include reactivity with Influenza A in cultured clinical isolates containing 2009 H1N1 influenza virus. Nanosphere confirmed through analytical reactivity testing that their RVNATSP assay correctly identifies Influenza A in cultured clinical isolates containing 2009 H1N1. The RVNATSP assay was cleared by the FDA in October 2009, for the differential diagnosis of Influenza A, Influenza B, and RSV infections. Although the RVNATSP has been shown to detect the 2009 H1N1 influenza virus in cultured isolates, the performance characteristics of this device with patient specimens that are positive for the 2009 H1N1 influenza virus have not been established. The RVNATSP can distinguish between Influenza A and B viruses, but it does not differentiate influenza subtypes. For further discussion of the performance characteristics of the assay, please refer to the Verigene Respiratory Virus Nucleic Acid Test on Verigene SP System package insert. | | 08:30 ET Higher +02/32 3.342% Bonds have pulled back in corrective trade while seeing some clean-up trade as the market prepares for the upcoming record 5-yr auction. The market has tapered its expectations with the potential for a higher yield dogging trade. The curve has been flattened back into the 257 area, with the flattening likely to continue. The dollar has been holding but uinder pressure with the index just over 75. Data has GDP (8:30), the housing price index and consumer confidence (9), yet another home price index (10) and finally the big FOMC minutes (14). | 08:30 ET E~mini index futures slide slightly off the higher levels following econ. data ES +1
NQ -1.75
YM +1 | | 08:26 ET DDi Corp announces agreement to acquire Coretec for approx $23.5 mln Co announces that they have entered into a definitive agreement pursuant to which DDIC will acquire Coretec for approximately US $23.5 mln, comprised of approximately CDN $7.4 mln in cash for Coretec's common stock and the assumption of CDN $17.8 mln of Coretec debt outstanding as of Sept 30, 2009. The Coretec debt assumed includes approximately CDN $12.7 mln related to long term facilities secured by property and equipment, and CDN $5.1 mln pursuant to the working capital revolver credit facility. The combined company will benefit from DDi's financial strength, including DDIC's US $25.6 mln of cash on hand as of Sept 30, 2009. Under the Arrangement, Coretec shareholders will receive CDN $0.38 per Coretec common share. Coretec's revenues over the 12 months ending September 30, 2009 were approximately CDN $77.2 mln. The companies will implement a restructuring plan immediately after the transaction closes that is currently estimated to generate US $8 mln in annual cost savings. | | 08:24 ET Interpublic downgraded to Hold at Argus Argus downgrades IPG to Hold from Buy. The firm notes that the shares have recovered nicely from below $3 earlier this year and are approaching their target price of $8. The firm notes that on many momentum stocks, they would be inclined to boost the target to $10. But top-line trends continue to deteriorate at Interpublic, and the firm thinks that challenging economic conditions could cause a negative earnings surprise or two over the next few quarters. | | 08:22 ET Hertz Global upgraded to Buy at Argus; tgt $12 Argus upgrades HTZ to Buy from Sell and sets target price at $12. The firm notes that their upgrade reflects the co's increased financial guidance, and their expectations for improved demand and pricing for rental cars. The firm also notes that HTZ has resolved several issues that have weighed on investor sentiment. Original equipment manufacturers have honored their financial obligations to the company, and Hertz has been able to refinance fleet-related debt. This has helped it to generate a profit even in a weak revenue climate. Looking ahead, the firm expects further improvement in rental pricing over the next few quarters and look for the shares to benefit from additional cost-cutting efforts, an optimized business mix, and generally stronger economic conditions. | | 08:16 ET Lakeland Financial upgraded to Buy at Stifel Nicolaus; tgt $22 Stifel Nicolaus upgrades LKFN to Buy from Hold based on valuation and sets target price at $22. The firm notes that compared to a peer group of 20 high quality small-cap banks, the shares trade at a 22% discount to the average price/TBV of 160%. Given the discount valuation and potential for earnings growth, the firm believes that LKFN shares offer a compelling risk/reward trade off for the growth oriented investor | | 08:16 ET Reminder: GDP - Second Estimate and GDP Deflator - Second Estimate data due out in about 14 min at 8:30ET | | 08:10 ET On The Wires CKE Restaurants (CKR) announces that it is offering Coca-Cola Company's (KO) vitaminwater at all of its 1,212 Carl's Jr. locations... Sealed Air Corporation (SEE) completed a new 150 mln euro senior unsecured European revolving credit facility due July 2012. Co expects this facility to replace its 170 mln Australian dollar revolving credit facility due March 2010. Co did not draw funds under the new European facility at closing. Excluding the ANZ facility, co now has approximately $775 mln of funds available from a combination of committed lines of credit and its accounts receivable securitization program... MDRNA (MRNA) announces the extension and expansion of its collaboration with the Vancouver Prostate Centre, covering the discovery and development of RNAi-based therapeutics for the treatment of bladder cancer... Orexigen Therapeutics (OREX) announces that on November 18, 2009 the Compensation Committee of the Company's Board of Directors granted an inducement stock option to purchase 200,000 shares of common stock to Preston Klassen, M.D., its newly appointed Head of the Global Contrave Program... Comtech (CMTL) announces that its Tempe, Arizona-based subsidiary, Comtech EF Data Corp, received $2.4 mln in orders for satellite modems and redundancy switches. The equipment will be employed by the United States government to support an ongoing military communications program... Visa (V) and SHPS announce the renewal of a collaborative agreement which pairs the electronic payments network with provider of account-based, consumer-driven healthcare solutions. Under terms of the renewal, Visa remains the preferred payment brand for employee benefit card programs administered by SHPS, which serves large and mid-sized employers, health insurance carriers, and government agencies... US Airways (LCC) announces that it has completed a series of transactions with key business partners designed to improve its near-term and future liquidity. Co will significantly reduce capital expenditures over the next three years, eliminate the need to access aircraft finance markets in 2010 and extend certain debt maturities. These transactions improve projected year-end 2009 liquidity by ~$150 mln and generate, in aggregate, approximately $450 mln of projected liquidity improvements by the end of 2010... Uranium Energy (UEC) announces that drilling commences this week at the co's Grants Ridge Uranium Project located in New Mexico. Exploration permits have now been granted for both the Armijo and the F33 project areas at Grants Ridge. Uran Limited, based in Perth, Australia, is the Company's joint-venture partner and the operator of the project.... SuccessFactors (SFSF) announces that Mercy Behavioral Health, based in Pittsburgh, PA, will standardize on SuccessFactors Business Execution Suite to help optimize business execution... CIBER (CBR) announces that they have been awarded a five-year contract with Wallenius Wilhelmsen Logistics. As part of the agreement, CBR will provide global outsourcing services focused on the operation and maintenance of WWL's international data centers and distributed IT infrastructure. | | 08:06 ET Goldcorp provides highlights of its $110 million 2009 exploration program Co provides highlights of its successful $110 million 2009 exploration program. Co reports Red Lake High Grade Zone continues at depth. Several assay intervals in excess of 60 grams per tonne in the deep High Grade Zone support the strong potential for gold resource to reserve conversion between the 46 and 50 levels, as well as for new gold resources below the 50 level. At the Noche Buena deposit north of the Penasquito mine, in-fill drilling is expected to result in an upgrade of the gold resource at this key satellite project. In addition, high grade intercepts in the deeper sulfides demonstrate the potential for a sulfide resource beneath Noche Buena's oxide cap. Ore-grade gold intercepts in the newly-discovered TVZ zone situated laterally from the Hoyle Pond underground are showing continuity over a large vertical distance. Strong results in the C and D Blocks of the core PQ Deeps underground underscore the potential for overall grade increases as the ore body continues downward. | | 08:05 ET Dollar Tree beats by $0.10, reports revs in-line; guides Q4 EPS in-line, revs in-line Reports Q3 (Oct) earnings of $0.76 per share, $0.10 better than the First Call consensus of $0.66; revenues rose 12.1% year/year to $1.25 bln vs the $1.24 bln consensus. Co issues in-line guidance for Q4 (Jan), sees EPS of $1.30-1.39 vs. $1.35 consensus; sees Q4 revs of $1.49-1.53 bln vs. $1.53 bln consensus. | | 08:04 ET Pinnacle announces updated plans for its Sugarcane Bay project Co announces updated plans for its Sugarcane Bay project in Lake Charles, Louisiana, the sister property to the company's highly successful L'Auberge du Lac casino resort. These updated plans are subject to the approval of the Louisiana Gaming Control Board, which is expected to consider such plans at its December 15, 2009 meeting. The Sugarcane Bay project will include a new single-level riverboat casino; 400 high-quality guestrooms and suites; exciting new dining and lounge outlets; a multipurpose venue for entertainment and group meetings; and an expanded spa. The project's budget has been updated to approximately $305 million, excluding capitalized interest, and includes approximately $54 million spent to date. Sugarcane Bay is expected to generate approximately 700 construction-phase jobs and approximately 1,000 permanent jobs, as well as millions of dollars in state and local tax revenues. Pinnacle expects to complete the Sugarcane Bay casino in late 2010 and open the hotel and related amenities in the first half of 2011. | | 08:04 ET American Eagle reports EPS in-line, revs in-line Reports Q3 (Oct) earnings of $0.21 per share, excluding non-recurring items, in-line with the First Call consensus of $0.21; revenues fell 0.7% year/year to $749 mln vs the $748.3 mln consensus. Through the first three weeks of November, consolidated comparable store sales declined 5%. Due to the importance of Thanksgiving weekend, the co will provide fourth quarter earnings guidance on Thursday, December 3, with its November sales announcement. Comparable store sales decreased 4% vs the -2.5% consensus for the third quarter compared to a 7% decline for the same period last year. Gross profit for the third quarter was $300 million, or 40.1% as a rate to sales, compared to $309 million, or 41.0% as a rate to sales last year. Controlled markdown activity led to a higher merchandise margin, which increased 20 basis points. The gross margin decline of 90 basis points was primarily due to higher rent as a percent to sales, reflecting new store growth and the negative comparable store sales. | | 08:02 ET Diedrich Coffee says its is evaluating revised offer from GMCR DDRX announces that, on the evening of Nov 23, 2009, it received a revised offer from Green Mountain Coffee Roasters (GMCR) to enter into a merger transaction pursuant to which GMCR would acquire all of the outstanding shares of common stock of Diedrich Coffee for $32.00 per share in cash, an increase of $2.00 per share over GMCR's prior offer. After reviewing the initial $30.00 per share offer from GMCR, the Board of Directors of Diedrich Coffee had determined that it constituted a "Superior Proposal" to the terms of the existing merger agreement between Peet's and Diedrich Coffee. As required under the terms of the existing merger agreement with Peet's, on November 20, 2009, Diedrich Coffee had transmitted to Peet's notice of the Board's determination. Under the terms of the Peet's merger agreement, Peet's has until 5:00 p.m. Pacific Time on Friday, November 27, 2009 to negotiate with Diedrich Coffee to amend the current merger agreement in a manner that the Diedrich Coffee Board determines is at least as favorable to Diedrich Coffee's stockholders as the offer made by GMCR. As part of those negotiations, Peet's submitted the revised offer described above to Diedrich Coffee; and GMCR subsequently submitted its revised offer described above to Diedrich Coffee. | | 08:01 ET Given Imaging: New studies show PillCam SB to be clinically valuable in classifying and managing pediatric GI symptoms Co announces three new studies that demonstrate the clinical utility of PillCam SB capsule endoscopy in providing physicians with critical information on how they manage and/or diagnose intestinal disorders. These novel studies were carried out in pediatric patients with gastrointestinal symptoms, including children with known or suspected Crohn's disease. The three studies were presented at the Gastro 2009 conference taking place in London from November 21 to 25. Given Imaging is exhibiting at booth #83 at the conference. | | 08:01 ET Diedrich Coffee: Peet's Coffee & Tea Issues Statement in Response to Announcement by Diedrich Coffee of Revised Acquisition Proposal from Green Mountain Coffee Roasters Peet's Coffee & Tea, (PEET) issued the following statement after an announcement by Diedrich Coffee (DDRX) that Green Mountain Coffee Roasters (GMCR) had unilaterally raised its proposed purchase price for the acquisition of Diedrich. Co states, "We were informed by Diedrich yesterday that it received a revised offer from Green Mountain increasing its price from $30.00 per share in cash to $32.00 per share in cash. Diedrich indicated to us that its board of directors required additional time to analyze the proposal relative to Peet's combined cash-and-stock proposal currently valued at $30.41 per share based on Peet's closing price yesterday, November 23, 2009, of $33.06. We appreciate the need to fully understand all elements and implications of both proposals, and believe our current proposal to be superior given the greater certainty of an expeditious closing and the potential upside for Diedrich's shareholders through the Peet's stock component." | | 07:53 ET Hadera Paper announces the election of Oler Bloch as its CEO | | 07:50 ET Becton Dickinson increases dividend to $0.37/share from $0.04/share; authorizes repurchase of up to additional 10 mln shares of common stock | | 07:48 ET Fred's reports EPS in-line, revs in-line; guides Q4 EPS in-line Reports Q3 (Oct) earnings of $0.13 per share, in-line with the First Call consensus of $0.13; revenues rose 1.1% year/year to $422.4 mln vs the $424.2 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.17-0.24 vs. $0.24 consensus. In 4Q09, the Company expects total sales to increase 1-3% (we calculate this to be revs of $474-483 mln vs the $484 mln consensus). Comparable store sales are expected to be approximately flat for the quarter. This compares with a comparable store sales decrease of 1.1% in the fourth quarter last year. Comparable store sales for the quarter increased 1.0% compared with a 1.4% increase in the third quarter last year. Gross margin for the quarter decreased 0.6% to 29.1% compared with 29.7% in the same quarter last year. The overall declines in gross margin resulted from higher markdowns of promotional sales and competitive pricing on pharmacy department sales, offsetting the positive impact of higher initial mark-up on general merchandise and better shrink control. | | 07:41 ET Emerson announces GAAP underlying orders for trailing three months Co announces trailing three-month order rate was down 10-15%, with the recent weakening of the U.S. dollar positively impacting orders by 7%. Co notes they have seen sequential improvement in trailing three-month underlying orders excluding currency every month since July. Order trends continue to support the sales forecast provided during the November 3, 2009 conference call. | | 07:37 ET Genesco beats by $0.09, reports revs in-line; guides Q4 EPS below consensus; guides FY10 EPS above consensus Reports Q3 (Oct) earnings of $0.53 per share, ex-items, $0.09 better than the First Call consensus of $0.44; revenues rose 0.1% year/year to $390 mln vs the $388.4 mln consensus. Co issues downside guidance for Q4, sees EPS of $1.07-$1.13 vs. $1.15 consensus. This guidance is based on flat to slightly positive fourth quarter comparable store sales compared with -5% last year and subject to the same adjustments as our previous guidance. Co issues upside guidance for FY10, sees EPS of $1.78-$1.84 vs. $1.75 consensus, to reflect strong Q3 results. | | 07:37 ET On The Wires EMCOR Group (EME) announces that as previously noted, its University Mechanical & Engineering Contractors subsidiary has received a contract for the installation of mechanical systems for the new Maricopa County Court Tower in Phoenix, Arizona. Co will also be responsible for leading the BIM design work for the mechanical, electrical, and plumbing systems and maximizing the benefits for design, construction, and facility operation... TASER International (TASR) announces that on November 23, 2009, the Prosecuting Attorney cleared a Fort Smith police officer in a deadly officer involved shooting. The incident was captured during a pilot program of the AXON on-officer tactical computer and audio-video recorder that captures incidents from the officer's perspective. | | 07:36 ET Delia*s reports 3Q EPS of ($0.04) vs ($0.04) single analyst estimate; revs increased 4.8% year/year to $59.74 mln vs $60.90 mln single analyst estimate | | 07:33 ET Hormel Foods beats by $0.09, misses on revs; guides FY10 EPS above consensus Reports Q4 (Oct) earnings of $0.77 per share, $0.09 better than the First Call consensus of $0.68; revenues fell 10.0% year/year to $1.68 bln vs the $1.82 bln consensus. Co issues upside guidance for FY10, sees EPS of $2.63-2.73 vs. $2.59 consensus. "Having returned to more normal earnings growth levels this year, we are confident in our ability to continue to enhance our bottom line. We intend to tackle the challenge of a continued weak economy and reduced consumer spending, and expect to restore top-line growth on an annualized basis in 2010 (consensus calls for 4.9% growth)... Our Refrigerated Foods segment led the way with strong earnings resulting from an enhanced product mix bolstered by lower input costs. Our Grocery Products segment posted solid earnings results from lower year-over-year input costs for many items and behind the strength of increased sales and market share of our Hormel chili product line. Our Jennie-O Turkey Store segment benefitted from reduced production levels and lower input costs. A return to positive earnings comparisons by our Specialty Foods and All Other segments, lower freight and warehouse expenses across all of our business segments and improved investment income results also contributed to our strong earnings results." | | 07:32 ET Double Hull Tankers misses by $0.05, reports revs in-line Reports Q3 (Sep) earnings of $0.02 per share, $0.05 worse than the First Call consensus of $0.07; revenues fell 26.8% year/year to $22.7 mln vs the $22.7 mln consensus. Co states, "For the fourth quarter of 2009, the pools in which DHT's vessels operate, report booking of pool capacity as of October 23, 2009 at TCE rates averaging $20,000 per day for the VLCCs with 59% of the fourth quarter revenue days booked, $20,000 per day for the Suezmax vessels with 39% of the fourth quarter revenue days booked and $10,000 per day for the Aframax tankers with 37% of the fourth quarter revenue days booked." | | 07:30 ET Allos Therapeutics initiated with a Buy at ThinkEquity ThinkEquity initiates ALTH with a Buy based upon their belief that the commercial potential for the newly-approved Folotyn in PTCL is underappreciated. The firm believes that the current treatments for this very ill population are ineffective and that Folotyn sales will rapidly grow as the hematology/oncology community adopts the drug across the range of T-cell lymphomas. The firm believes that additional upside to the stock could materialize from positive data in the broader oncology market. | | 07:27 ET On The Wires Heelys (HLYS) announced that on November 17, 2009, the federal judge presiding over the previously disclosed consolidated securities class action and consolidated shareholder derivative action approved the settlements of those lawsuits and signed a Final Judgment and Order of Dismissal with Prejudice with respect to each lawsuit. These cases were pending in the U.S. District Court for the Northern District of Texas, Dallas Division. These settlement agreements were described in the Company's prior filings. Defendants did not admit any liability or wrongdoing in the settlements... SJW (SJW) reported that the California Public Utilities Commission issued its decision in the 2009 general rate case for San Jose Water Company, SJW Corp.'s wholly owned subsidiary, establishing rates for 2010, 2011 and 2012. In summary, the decision authorizes a rate increase designed to increase revenue by ~$18.6 million or 9.24% for 2010. Increases for the escalation years 2011 and 2012 will be calculated using the consumer price indices as forecasted in October of the preceding year. Current estimates of these increases are ~$7.2 million or ~3.3% in 2011, and ~$13.2 million or ~5.8% in 2012... Jacada (JCDA) announced that it has entered into an agreement with a new customer, the Swedish subsidiary of the world's largest gas and power company, E.ON. The agreement with E.ON is the first Jacada utility contract in Europe and signals expansion into the Nordics region... Acacia Research (ACTG) announced that its Thermal Scalpel subsidiary has entered into an agreement with Boston Scientific (BSX). The agreement resolves litigation that was pending in the United States District Court for the Eastern District of Texas with respect to certain Boston Scientific Corporation products. | | 07:25 ET Hormel Foods increases annual dividend to $0.84 from $0.76 | | 07:24 ET On The Wires WABCO Holdings (WBC) announces that WABCO and Chery Automobile Company have completed an agreement for product development and the long-term supply of vacuum pumps for automotive braking applications for diesel and gasoline direct injection engines.... GE Capital, the financial services segment of General Electric (GE) announces the appointment of Steve Sargent as president and CEO of GE Capital's business operations in Asia Pacific. Sargent is a 16-year GE veteran with over 30 years of global financial services experience. Currently he is serving as president and CEO of GE for Australia and New Zealand and president and CEO of GE Capital for Australia and New Zealand... Shire plc (SHPGY) announces that it has submitted a MAA to the European Medicines Agency for velaglucerase alfa, the co's enzyme replacement therapy in development for the treatment of Type 1 Gaucher disease. This is the third marketing application for velaglucerase alfa that has been submitted, with previous submissions in the United States and Canada. | | 07:18 ET Retail Ventures reports Q3 sales increased 13.6% to $444.6 mln vs $371.8 mln single estimate The company's same store sales increased 8.7% for the comparable thirteen week period versus a 4.1% decrease in the prior year. | | 07:17 ET Medtronic beats by $0.03, beats on revs; raises FY10 EPS above consensus Reports Q2 (Oct) earnings of $0.77 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.74; revenues rose 7.5% year/year to $3.84 bln vs the $3.75 bln consensus. Co issues upside guidance for FY10, sees EPS of $3.17-3.22, excluding non-recurring items, vs. $3.15 consensus, up from $3.10-3.20 previously. The company also reiterated its 5 percent to 8 percent constant currency revenue growth outlook for the foreseeable future and believes that the 5 percent to 8 percent constant currency growth rate remains reasonable for the second half of fiscal year 2010. | | 07:13 ET On The Wires OptumHealth, a UnitedHealth Group company (UNH), announced that it has acquired leading global employee assistance program provider PPC Worldwide. As workforces become more global, the acquisition responds to increasing demand around the world for essential services such as employee counseling, work-life balance support and crisis intervention... Nokia (NOK) will be reducing its R&D activities in Japan. This announcement will impact ~220 employees in Japan. The total number would represent slightly more than 1% of Nokia's R&D personnel globally... Greatwide Logistics Services announced the acquisition of the contracts, personnel and equipment of the Dedicated Contract Carriage division of YRC Logistics, a subsidiary of YRC Worldwide Inc. (YRCW)... Newmont Mining Corporation (NEM) announced that its subsidiary, Newmont Indonesia, together with Nusa Tenggara Mining have agreed to sign a sale and purchase agreement for an additional 14% of PT Newmont Nusa Tenggara to PT Multi Daerah Bersaing. Proceeds will total ~$494 million... | | 07:09 ET Brown Shoe reports Q3 (Oct) results, beats on revs Reports Q3 (Oct) earnings of $0.42 per share, excluding charges related to its information technology initiatives of $1.4 million, or $0.04 per diluted share, vs. the single analyst estimate of $0.41; revenues fell 1.0% year/year to $625.6 mln vs the $612.1 mln consensus. Consolidated net sales in the fourth quarter of 2009 are expected to grow in the low- to mid-single digit range versus the fourth quarter of 2008. The Company expects to generate positive earnings in the fourth quarter, resulting in both positive operating earnings (earnings before interest and taxes) and positive net earnings for the full year of 2009 (consensus is for EPS of $0.07). | | 07:08 ET HJ Heinz beats by $0.06, beats on revs; raises FY10 EPS outlook Reports Q2 (Oct) earnings of $0.76 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.70; revenues rose 2.5% year/year to $2.67 bln vs the $2.63 bln consensus, despite a 1% unfavorable impact of foreign currency. Heinz delivered organic sales growth for the 18th consecutive quarter, driven by its strong growth in Emerging Markets, which was led by pricing and higher sales of nutritional beverages in India, and ketchup and baby food in both Latin America and Russia. Co raises guidance for FY10, sees EPS of $2.72-2.82, excluding non-recurring items, vs. $2.75 consensus, up from $2.60-2.70 previously. Heinz also is raising its outlook for operating free cash flow to approximately $1 billion for the year, from an earlier range of $850 to $900 million. Heinz's upgraded outlook for EPS and cash is based on its strong first-half results, the improving currency climate, the Company's plans to significantly increase marketing and value-focused innovation in the second half of the year and confidence in its operating momentum. Gross margin increased to 35.8%, reflecting improved pricing and productivity, partially offset by higher commodity costs. "Heinz delivered a strong financial performance in an adverse economic climate, led by our growing strength in Emerging Markets... we expect increased top-line momentum in the second half of the fiscal year." | | 07:06 ET Cracker Barrel beats by $0.16, reports revs in-line; guides FY10 EPS above consensus, lowers FY10 revs guidance Reports Q1 (Oct) earnings of $0.78 per share, $0.16 better than the First Call consensus of $0.62; revenues rose 1.3% year/year to $581.2 mln vs the $576.1 mln consensus. Co raises FY10 EPS guidance of 3.05-3.30 vs. $3.02 consensus; co lowers FY10 revs guidance and expects revenue to be in a range of flat to an increase of ~ 2%. This equates to a revenue range of $2.37 bln - $2.41 bln (consensus $2.47 bln). The co previously had exepcted revenue to increase ~ 0.5% to 2.5%. This equated to a revenue range of $2.38 bln - $2.43 bln. Co states that for the the first time since the third quarter of fiscal 2008, they reported positive comparable restaurant sales for the quarter. At the same time the co continues to outperform the Knapp-Track index, most recently by more than three percentage points for guest traffic and almost six percentage points in sales. In the first quarter, lower food costs, positive sales leverage and lower operating expenses produced significantly better margins at the store operating level compared with a year ago. | | 07:03 ET DSW beats by $0.14, beats on revs; raises FY10 EPS above consensus Reports Q3 (Oct) earnings of $0.60 per share, $0.14 better than the First Call consensus of $0.46; revenues rose 13.6% year/year to $444.6 mln vs the $424.6 mln consensus. Same store sales increased 8.7% versus a decrease of 4.1% last year. Co raises guidance for FY10, sees EPS of $0.90-1.00 vs. $0.78 consensus and annual comparable store sales of approximately 1%. | | 07:02 ET AEterna Zentaris announces positive results for Phase 2 study with LHRH-receptor targeted cytotoxic conjugate AEZS-108 in endometrial cancer Co announces positive efficacy data from a Phase 2 study with its targeted cytotoxic peptide conjugate, AEZS-108 (formerly AN-152), in patients with advanced or recurrent endometrial cancer. A preliminary evaluation has shown that the study AGO-GYN 5 met its predefined primary efficacy endpoint of 5 or more responder patients with endometrial cancer. The study is currently ongoing, and responders, as well as patients with stable disease after completion of treatment with AEZS-108, will be followed to assess the duration of progression-free survival and, ultimately, overall survival. Detailed analyses of the study results will be presented at forthcoming scientific conferences. | | 07:01 ET Micromet enters into agreement with Lonza for the manufacture of Blinatumomab Co announces that it has entered into an agreement for the process development and manufacture of blinatumomab (MT103) with Lonza AG, a market leading custom manufacturer of antibodies and other biologics. Under the terms of the agreement, Lonza will manufacture blinatumomab for clinical trials. In addition, Lonza will develop the commercial scale process and will supply blinatumomab for the market if so requested by Micromet. | | 06:39 ET Bank of Montreal: BMO Financial Group announces agreement to acquire the Diners Club North American franchise from Citigroup BMO Financial Group announces that it that it has signed a definitive agreement to purchase the Diners Club North American franchise from Citigroup (C), a move that will immediately more than double BMO's overall Corporate Card business. The deal gives BMO exclusive rights to issue Diners Club cards to corporate and professional clients in the U.S. and Canada. Diners' corporate Travel and Entertainment expense card program enhances BMO's own T&E offering in the market and complements the bank's successful Purchasing Card program. In total, the agreement represents net receivables of almost US$1 bln and approximately US$7.8 bln in card transactions. Under the agreement, Citigroup will continue to provide support until the Diners Club business is fully integrated within BMO. As part of the acquisition, BMO will retain key resources responsible for product delivery, sales and customer service. The acquisition, which is subject to certain closing conditions including regulatory approval, is anticipated to close before March 31, 2010. | | 06:34 ET Warner Music Group misses by $0.08, beats on revs Reports Q4 (Sep) loss of $0.03 per share, excluding severance charges, $0.08 worse than the First Call consensus of $0.05; revenues rose 0.8% year/year to $861 mln vs the $820.3 mln consensus. | | 06:32 ET American Wdmrk misses by $0.19, misses on revs Reports Q2 (Oct) loss of $0.36 per share, excluding $0.01 in restructuring, $0.19 worse than the First Call consensus of ($0.17); revenues fell 22.8% year/year to $104.1 mln vs the $105.3 mln consensus. Gross profit for the second quarter of fiscal year 2010 was 12.2% of net sales, compared with 14.4% in the second quarter of the prior fiscal year. | | 06:21 ET European Markets FTSE...5363.51...+8.00...+0.20%. DAX...5799.63...-1.90...0.00. | | 06:21 ET S&P futures vs fair value: +0.90. Nasdaq futures vs fair value: -0.80. | | 06:08 ET On The Wires ZAGG (ZAGG) announces a partnership with T-Mobile Germany. | | 06:06 ET Vimpel Comms misses by $0.02, reports revs in-line Reports Q3 (Sep) basic earnings of $0.43 per ADS, $0.02 worse than the First Call consensus of $0.45; revenues fell 19.9% year/year to $2.28 bln vs the $2.28 bln consensus. Mobile subscribers increased by 1.7 mln vs 2Q09, reaching 65.4 mln. | | 02:35 ET On The Wires AEGON (AEG) announces the offering of $500.0 mln senior unsecured notes due December 1, 2015; notes are being offered under AEG's existing shelf registration statement in the U.S. |
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| Issues | NYSE | Nasdaq |
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| Advancing | | | | Declining | | | | Unchanged | 120 | 148 | | Total | 120 | 148 | | Ratio | | Adv. / Dec. | 0.00 | 0.00 |
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