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Market Update
3:30 pm : Pit trade concluded with oil prices down 3.6% to $79.20 per barrel. The energy component's weak close added to its quarterly loss, which totaled 17.0%. As for natural gas, its price tumbled 2.1% to $3.67 per MMBtu, which is 16.0% below where it began the third quarter.
Precious metals put on a mixed performance today, and the quarter for that matter. Specifically, gold prices eked out a 0.3% gain to close the week at $1622.30 per ounce. The yellow metal was a bright spot in the quarter, during which it advanced 7.9%. Meanwhile, silver prices slid 1.4% to $30.08 per ounce in today's pit trade, but booked a 13.5% loss for the quarter.
The CRB Commodity Index, a collective measure of commodities, closed today's trade with a 2.6% loss at a new 2011 low. The CRB logged a 12% loss for the third quarter. DJ30 -148.87 NASDAQ -42.13 SP500 -17.70 NASDAQ Adv/Vol/Dec 675/1.38 bln/1850 NYSE Adv/Vol/Dec 725/660 mln/2290
3:00 pm : Shares of Eastman Kodak (EK 0.68 -1.01) have been slashed in half this session. The stock's precipitous drop has come in response to rumors that the company may face bankruptcy. Reports have already confirmed that the company has hired legal counsel to advise it in strategic options.
As for the broad market, the S&P 500 has managed to make a modest move off of its session low, but it continues to grapple with aggressive selling pressure. Today's slide has the stock market on pace for a third quarter loss of 13.5%, which makes for the market's worst quarterly performance since the fourth quarter of 2008. DJ30 -153.37 NASDAQ -41.82 SP500 -17.78 NASDAQ Adv/Vol/Dec 680/1.25 bln/1820 NYSE Adv/Vol/Dec 760/595 mln/2250
2:30 pm : Stocks have rolled out of their afternoon trading range to set new session lows. The downturn has been broad based, but cyclical-related sectors materials (-3.0%), industrials (-2.9%) financials (-2.3%), and consumer discretionary (-2.2%) are feeling the brunt of the selling effort. In contrast, utilities (-0.3%), health care (-0.3%), and consumer staples (-0.4%), all defensive oriented, have managed to limit losses.DJ30 -153.71 NASDAQ -44.12 SP500 -19.20 NASDAQ Adv/Vol/Dec 695/1.12 bln/1795 NYSE Adv/Vol/Dec 790/525 mln/2210
2:00 pm : Any attempt by stocks to trim their losses has ultimately been stymied by sellers. As a result, the major equity averages remain mired in negative territory.
Amid such persistent pressure, though, Treasuries have been trading higher all session. Although the benchmark 10-year Note is off of its best level of the day, it continues to sport a gain of more than a half point. That has kept the Note's yeild comfortably below 2.00%. At the start of the third quarter the yield on the Note was narrowly above 3.10%. DJ30 -80.64 NASDAQ -29.16 SP500 -11.44 NASDAQ Adv/Vol/Dec 805/1.04 bln/1655 NYSE Adv/Vol/Dec 921/485 mln/2044
1:30 pm : Action has been choppy, but not exactly volatile. Share volume has been strong, but not exactly robust. Those themes seem to contrast with what would ordinarily be expected in the quarter's final trading day, when many investment managers are rebalancing portfolios and juggling their assets, frequently for dressing up their quarterly statements. To be fair, though, there is still plenty of time before the closing bell will toll.DJ30 -94.98 NASDAQ -30.31 SP500 -12.73 NASDAQ Adv/Vol/Dec 745/940 mln/1710 NYSE Adv/Vol/Dec 794/440 mln/2162
1:00 pm : Stocks have been mired in negative territory for the entire session. The performance makes for an appropriate end to a very weak third quarter.
The prior session ended with varied results as bulls battled sellers, but the pessimists stepped back in this morning. Since the expansion of the EFSF is generally being regarded as a given, many traders turned their attention to data from Europe and Asia. China's HSBC Manufacturing PMI contracted for the third consecutive month, although the official PMI won't be released until the weekend. A 3.0% spike in Eurozone CPI dampened expectations for a rate cut by the European Central Bank.
Domestic data featured bland personal income and spending numbers for August, but both the Chicago PMI and final September reading on consumer sentiment from the University of Michigan proved better than expected. Inclined to sell, participants essentially shrugged off those reports.
Weakness was widespread this morning, but sellers have become more focused in their efforts as trade has progressed. Financials are among those that have been hit the hardest. The sector is currently down 2.0%, mostly because bank stocks are having such a hard time attracting support. Pressure against banking plays has the KBW Bank Index down 2.4%. The KBW has given up about a quarter of its market cap this quarter.
Defensive-oriented issues have done the best job of limiting their losses. As such, consumer staples are flat, health care stocks are up fractionally, and utilities are down only incrementally. For the quarter, consumer staples plays are down about 4%, health care stocks are down 9%, but utilities are actually up roughly 2%. For comparison, the S&P 500 is headed for a quarterly loss of about 13%, which stands as its worst quarterly performance in almost three years. DJ30 -90.21 NASDAQ -30.42 SP500 -12.23 NASDAQ Adv/Vol/Dec 820/885 mln/1620 NYSE Adv/Vol/Dec 880/405 mln/2065
12:30 pm : Financials have descended deeper into negative territory. As such, the sector now contends with a 2.0% loss. Despite that, the financial sector is still on track for a weekly gain of almost 3%. However, that feat is completely overshadowed by the sector's 22% loss for the third quarter.DJ30 -57.82 NASDAQ -22.80 SP500 -10.18 NASDAQ Adv/Vol/Dec 780/810 mln/1640 NYSE Adv/Vol/Dec 845/380 mln/2085
12:00 pm : The market's recent rebound effort has lost momentum, leaving stocks to retrace the move by drifting deeper into the red.
Stocks may be off of their session lows, but weakness remains relatively widespread. Of the major sectors, though, financials have fallen sharply out of favor. The sector is now down 1.7%, which makes it the worst performing bunch in the broad market. Within the financial sector, bank stocks are in especially weak shape. That has the KBW Bank Index down about 2%. DJ30 -41.93 NASDAQ -19.10 SP500 -8.64 NASDAQ Adv/Vol/Dec 970/695 mln/1420 NYSE Adv/Vol/Dec 965/330 mln/1920
11:30 am : Stocks are back at their rebound highs, but all three major equity averages are still in the red. As it did yesterday, the Dow has managed to push ahead of its counterparts. As a result, the Dow's loss is now only a fraction of what it was when stocks were at session lows. McDonald's (MCD 89.83, +1.05), Wal-Mart (WMT 52.36, +0.43), and Merck (MRK 33.20, +0.54) are leaders among blue chips.DJ30 -20.20 NASDAQ -12.65 SP500 -6.90 NASDAQ Adv/Vol/Dec 875/628 mln/1500 NYSE Adv/Vol/Dec 895/290 mln/1990
11:00 am : Recent efforts to pare losses have come under pressure. Sellers' renewed efforts haven't quite sent stocks back to session lows, though.
Amid the market's weakness, the dollar has been bid markedly higher. In turn, the Dollar Index is sporting a 0.9% gain, which has put it at a new weekly high. The dollar's advance comes as the euro extends its prior session slide so that it now trades with a 1.2% loss at $1.342, which is only incrementally higher than its weekly low. DJ30 -101.34 NASDAQ -33.87 SP500 -15.84 NASDAQ Adv/Vol/Dec 620/475 mln/1695 NYSE Adv/Vol/Dec 640/230 mln/2190
10:35 am : Commodities are seeing broad market weakness this morning with copper futures one of the worst performers in the space, now down 3.0% at $3.15/lb. In addition to copper, corn futures are seeing pressure following a negative USDA quarterly grain stocks report. Corn futures were down 4 cents overnight and just fell 36 cents (or 5.7%) at the open a few minutes ago and are now at $5.97.
In the energy markets, everything is in negative territory (WTI crude, Brent crude, nat gas, heating oil and RBOB). Crude oil futures lost steam in early morning trade and remained in a downtrend and fell as far as $80.04/barrel. Crude recently moved back above the $81 level and is currently down 1.4% at $81.01/barrel. Natural gas is near the unchanged line at $3.74 currently.
Gold and silver recently moved back into positive territory. Gold hit a new session low of $1611.30/oz before reversing earlier and is now up 0.5% at $1626.00/oz. Silver couldn't hold its gains and is now down 0.3% at $30.43/oz.
DJ30 -74.77 NASDAQ -27.28 SP500 -11.61 NASDAQ Adv/Vol/Dec 697/417 mln/1593 NYSE Adv/Vol/Dec 706/207 mln/2121
10:00 am : Stocks recently benefited from a modest bout of buying interest that followed a better-than-expected Chicago PMI reading, which improved in August to 60.4 from 56.5 in July. It had been expected to fall to 54.0 by economists polled by Briefing.com.
The final September reading on consumer sentiment from the University of Michigan also proved pleasing. It was revised upward to 59.4 from the preliminary reading of 57.8. The Briefing.com consensus had called for a reading of 57.5.
Despite the positive nature of the data, stocks haven't been able to fully shake free from the hands of sellers. Instead, the major market averages have spent the first 30 minutes of trade chopping along in negative territory with sizable losses. DJ30 -124.80 NASDAQ -41.29 SP500 -17.78 NASDAQ Adv/Vol/Dec 40/48 mln/1860 NYSE Adv/Vol/Dec 315/42 mln/2005
09:45 am : Stocks are down sharply this morning. Their slump comes in response to broad-based selling.
Although all 10 major sectors are currently in negative territory, materials stocks are in the worst shape. As a group, they have already fallen to a 2.3% loss. Materials stocks are also among the poorest performers for the quarter -- in the past three months the sector has plummeted almost 24%, which is about double the drop of the broader market during that time.
Utilities are holding up relatively well amid this morning's selling effort. The sector is currently down about 0.2% this morning, but actually up almost 2.0% for the quarter. DJ30 -73.79 NASDAQ -31.97 SP500 -11.54
09:15 am : S&P futures vs fair value: -14.20. Nasdaq futures vs fair value: -29.30. Stock futures suggest an opening loss of more than 1% for the cash market. Selling pressure comes in response to weakness abroad, where participants have had a negative reaction to data from both Asia and Europe. So far, domestic data has been limited to monthly personal income and spending numbers, which were unexciting. The inclination of participants to sell is keeping with the practices of the third quarter, which concludes today. As of the prior session's close, the stock market is headed for a 12% quarterly loss. That makes for the market's worst quarterly performance since it dropped more than 20% in the fourth quarter of 2008.
09:05 am : S&P futures vs fair value: -14.20. Nasdaq futures vs fair value: -29.50. Oil prices are down 2.2% to $80.35 per barrel in the first few minutes of pit trade. The energy component is coming off of a 1% gain. As for natural gas, prices are down 0.6% to $3.73 per MMBtu. They already fell more than 1% in the prior session. Gold prices are down 0.2% to $1615 per ounce this morning. The yellow metal posted a fractional gain in the prior session. Meanwhile, silver prices are down 1.1% to $30.20 per ounce today. The precious metal concluded the prior session with a 1% gain.
08:35 am : S&P futures vs fair value: -10.20. Nasdaq futures vs fair value: -24.30. Stock futures haven't really had much of a reaction to the latest dose of data, mostly because there weren't any dramatic surprises to the numbers. Personal income for August declined by 0.1%, which contrasts with the Briefing.com consensus call for a 0.1% increase. The unexpected slip comes after income had increased by 0.3% in the prior month. However, personal spending increased by 0.2%, as had been broadly expected. Still, the pickup wasn't as strong as the 0.8% jump that was reported for the prior month. Core personal consumption expenditure (PCE) prices were up 0.1% in August. That's a softer increase than the 0.2% that had been generally expected. It's also softer than the 0.2% increase reported for the prior month.
08:05 am : S&P futures vs fair value: -9.60. Nasdaq futures vs fair value: -21.30. Stocks head into Friday with a weekly gain of about 2%, but that is expected to be challenged by sellers who have already dragged down stock futures in premarket trade. The weakness comes mostly in response to selling abroad, where traders have reacted to some disappointing data. Still, the selling pressure arguably makes for an appropriate conclusion to the third quarter, which has seen the stock market decline by about 12%. Stocks haven't suffered such a nasty quarterly loss since the fourth quarter of 2008. While premarket pressure is substantial, stocks could experience some swings as traders and investment managers make some end-of-quarter portfolio moves. Domestic data could also play a role in today's action. Personal income and spending numbers are due at the bottom of the hour, followed by Chicago PMI at 9:45 AM ET and the final reading on consumer sentiment for September from the University of Michigan at 9:55 AM ET.
06:52 am : [BRIEFING.COM] S&P futures vs fair value: -12.50. Nasdaq futures vs fair value: -26.00.
06:52 am : Nikkei...8700.29...-0.90...0.00. Hang Seng...17592.41...-418.70...-2.30%.
06:52 am : FTSE...5102.06...-94.80...-1.80%. DAX...5465.22...-174.40...-3.10%.
Stocks In Play
3:54PM Exelon to expand its clean energy fleet with acquisition of 230-megawatt solar photovoltaic project from First Solar (FSLR); Up to $1.36 bln investment in Antelope Valley Solar (EXC) 42.70 -0.60 : Co announced its acquisition of Antelope Valley Solar Ranch One from First Solar (FSLR) which developed and will build, operate, and maintain the project. Construction has started, with the first portion of the site expected to come online in late 2012 and full operation planned for late 2013. Co expects the total investment of up to $1.36 bln to be accretive to earnings beginning in 2013 and free cash flow accretive starting in 2013. The project is value accretive, and will have stable earnings and cash flow profiles due to the PPA. Co expects to invest up to $713 million in equity in the project through 2013. The U.S. Department of Energy's Loan Programs Office finalized a loan guarantee of up to $646 million to support project financing for AV Solar Ranch One.
3:41PM Final hour pressure with stock indices dropping to new lows -- Dow -177, S&P -21, Nasdaq Comp -50 (SPY) : The S&P has pulled back to the flat line for the week at 1136 (session low 1135.83) and lifted slightly.
3:33PM First Solar confirms it sells 550-megawatt desert sunlight solar farm (FSLR) 63.67 -1.36 : Co announced completion of the sale of one of the world's largest photovoltaic solar power projects - the 550-megawatt Desert Sunlight Solar Farm near Desert Center, Calif. Co which will continue to build and subsequently operate and maintain the project under separate agreements - has sold the project to affiliates of NextEra Energy Resources the subsidiary of NextEra Energy (NEE) and GE Energy Financial Services (GE). Total indirect local economic benefits to Riverside County, where the solar project is located, are estimated at $336 mln, the majority of which will be generated during construction with the remainder over the minimum 25-year operating period.
3:00PM KC Southern announces amended and restated $200 mln KCSM credit facility (KSU) 50.25 -2.02 : Co announced its subsidiary Kansas City Southern de Mexico has entered into a $200 mln credit facility expiring September 30, 2016. The facility amends and restates KCSM's previous $100 mln credit facility expiring August 30, 2013 and will improve liquidity and financial flexibility at KCSM.
2:52PM Three major averages set new sesion lows under Thursday troughs -- Dow -187, S&P -21, Nasdaq Comp -48 (SPY) :
2:40PM NYMEX Energy Closing Prices (COMDX) : Nov crude oil settled lower by $2.94 at $79.20, Nov natural gas shed 8 cents to close at $3.67 Oct heating oil shed 4 cents to finish at $2.79, while Oct RBOB gasoline finished lower by 2 cents at $2.54.
2:37PM OGE Energy's Enogex announces agreements to acquire pipeline assets (OGE) 47.90 +0.62 : Enogex announced that it signed agreements to acquire natural gas midstream pipeline assets with dedicated rights to gather and process production from a large acreage position located in the Granite Wash, Tonkawa and Marmaton plays of northwestern Oklahoma. The company also approved the further expansion of the new Wheeler County, Texas, processing plant and the construction of a new 200 mln cubic feet per day processing plant.
2:33PM S&P -19 and Nasdaq Comp -44 slip fractionally under morning/Thursday lows, Dow -156 is still above yesterday's low (SPY) : Yesterday's low was 1139.93 S&P (session low 1139.82), 2433.58 Nasdaq Comp (session low 2432.74).
2:30PM Crude to fresh lows at $79.07, falling close to 2 points in final ~30 min of trade; now lower by $2.96 to $79.18 (COMDX) :
2:18PM Index Change Reminders (INDXCH) : S&P SmallCap 600 constituent Home Properties (HME) will replace BJ's Wholesale Club (BJ) in the S&P MidCap 400, and Resources Connection (RECN) will replace Home Properties in the S&P SmallCap 600 index after the close of trading today.
2:17PM Crude oil futures drop to their lowest levels with less than 15 min left in pit trade; now off $2.34 to $79.80 (COMDX) :
1:48PM COMEX Metals Closing Prices (COMDX) : Gold futures ended higher by $5.40 at $1622.70, silver shed 34 cents to close at $30.18, while copper gained 2 cents to close at $3.17 (all Dec contracts).
1:29PM Alere issues statement regarding Axis-Shield offer (ALR) 19.99 -0.63 : Co announces that, as at the date of this announcement, Alere AS Holdings holds, or has agreed to acquire, 14,950,000 Axis-Shield Shares, representing ~29.9 per cent. of the current issued share capital of Axis-Shield. As stated in its announcement on 26 September 2011, Alere took the decision to amend the acceptance condition applicable to the Offer so that the number of valid acceptances required to be received in respect of the Offer shall not be less than such number of Axis-Shield Shares as is necessary to ensure that the Offeror and/or any other members of the Alere Group have acquired or agreed to acquire, whether pursuant to the Offer or otherwise, Axis-Shield Shares carrying, in aggregate, more than 50 per cent. of the voting rights then normally exercisable at general meetings of Axis-Shield.
1:16PM XL Capital announces that it has obtained prior approval to establish an insurance operation in Brazil (XL) 19.09 -0.23 : Co plans to open XL Seguros Brasil S.A. in Sao Paulo to offer a range of Casualty, Property, Professional and Specialty insurance products.
1:03PM Stock indices slip further off late morning bounce highs -- Dow -107, S&P -15, Nasdaq Comp -25 (SPY) : Relative weakness in Semi SMH, Retail XRT, Copper JJC, Casino, Restaurant (MCD 1.5% off high), Discretionary XLY.
1:00PM Agenus announces a reverse stock split of 1:6; effective Oct. 3 (AGEN) 0.55 :
12:38PM Navistar announces redemption notice of Senior Notes for $100 mln (NAV) 32.32 -1.14 : Navistar intends to redeem $50 mln of its Senior Notes on November 1, 2011 at a price of 103 and to redeem an additional $50 mln of the same Senior Notes at a price of 103 on November 2, 2011. The company intends to borrow under its Asset Based Revolving Line of Credit to finance the redemption of the Senior Notes.
12:14PM Currency Chart Watch: Dollar Index retests resistance zone (TECHX) : (Click for daily chart).
11:41AM Genomic Health announces medicare coverage for Oncotype DX colon cancer test (GHDX) 19.64 -0.23 : Co announced that Palmetto GBA, the designated national contractor for its Oncotype DX colon cancer test, has established a formal coverage policy for all Medicare patients. The Oncotype DX colon cancer test has been clinically validated to predict risk of recurrence in patients with stage II colon cancer.
11:41AM Choppy trade continues with stock indices recently setting minor new morning bounce highs -- Dow -40, S&P -6, Nasdaq Comp -16 (SPY) :
11:27AM SMF Energy announces increased quarterly dividend to $0.015/share from $0.0125/share (FUEL) 2.39 -0.05 :
11:25AM Teck Resources announces tentative collective agreement at its Highland Valley Copper operations (TCK) 29.34 -0.31 : Co announced that its Highland Valley Copper operation and the United Steelworkers of America Local 7619 have reached a tentative collective agreement with the assistance of mediator Vince Ready. The union will schedule a ratification vote to be held in the coming days. The tentative agreement is for a five year term, expiring on September 30, 2016. No other terms of the agreement will be disclosed until the ratification vote is complete.
11:24AM CPI Aerostructures announces new C-5 order valued at $3.1 mln (CVU) 9.50 -0.01 : Co announced that it has received a five year contract valued at up to $3.1 mln from the United States Air Force for door assemblies for the C-5B/M aircraft. The initial delivery order is valued at $1.5 mln. The first shipment is scheduled for the fourth quarter of 2012 and will continue through 2013.
11:21AM Bristol-Myers to present new data demonstrating company's leadership in liver disease at The Liver Meeting AASLD Annual Meeting on Nov. 4-8 (BMY) 31.55 +0.43 : Co announced today that 22 abstracts on the Company's research in liver disease have been accepted for presentation at The Liver Meeting
11:21AM Netflix back vacillating near session high after morning hold near yesterday's low (NFLX) 113.58 +0.77 :
11:00AM Quick intraday slide in Silver SLV and Gold GLD (TECHX) :
10:59AM Gold to fresh lows at $1607.80; now off $8.40 to $1608.90 (COMDX) :
10:57AM Gold, silver pulling back here (COMDX) :
10:55AM Merck announces new data analyses for VICTRELIS will be Presented at The American Association for the Study of Liver Diseases 2011 annual meeting on Nov. 4-8 (MRK) 33.04 +0.38 : Co says it will include results from the Phase III PROVIDE study, which evaluated the efficacy of VICTRELIS in combination with peginterferon alfa and ribavirin in adult patients with chronic HCV genotype 1 infection who had prior null response to treatment with peginterferon alfa and ribavirin alone. New data also will be presented on the efficacy and safety of Merck's MK-5172, an investigational once-daily, second-generation oral HCV NS3/4A protease inhibitor, in patients chronically infected with HCV genotypes 1 and 3.
10:45AM Stock indices slip back to morning range mid-point -- Dow -89, S&P -14, Nasdaq Comp -32 (SPY) : Did not see full participation from sectors such as Finance (XLF, KBE, KRE) on the rebound attempt with the averages slipping back to the morning range mid-point. Have noted some relative strength in Casino off lows (LVS, WYNN) after getting hammered again. WYNN rebounded more than 7% off its low with it currently pausing near yesterday's morning/afternoon lows.
10:13AM Minor new bounce highs for stock indices -- Dow -94, S&P -13, Nasdaq Comp -32 (SPY) : Noted the continued hold at support and non-confirmation of new low from the Dow at 10:02 with the indices recently establishing minor new morning bounce highs. Relative sector strength on this push (outperforming the S&P) has been noted in Energy XLE, Oil Service OIH, Materials XLB, Gold Miners GDX. Watching Finance XLF, Reg Bank KRE, Bank KBE as they have thus far not participated in the move.
10:02AM Fractional new session low S&P -17 and Nasdaq Comp -40 (SPY) : They have, however, continued to hold above Thur lows and thus far the Dow -114 has not confirmed the new session low.
9:57AM Stock indices continue to hold near Thur lows, no positive impact from above consensus sentiment -- Dow -127, S&P -17, Nasdaq Comp -39 (SPY) :
9:52AM Apple down into its 50-day ema support area here early on (AAPL) 383.21 -7.54 :
9:47AM Stock indices lift slightly off early lows just ahead of official release of PMI report but currently slipping back off bounce highs -- Dow -113, S&P -15, Nasdaq Comp -40 (SPY) :
9:46AM Crude attemtpting to rebound off of lows as dollar index pulls back from highs; currently lower by $1.41 to $80.71 (COMDX) :
9:40AM Sharp slide off open, stock indices hovering slightly above late Thur lows -- Dow -141, S&P -17, Nasdaq Comp -42 (SPY) : Relative weakness noted in: Casino BJK, Solar TAN, Oil Service OIH, Steel SLX, Ag/Chem MOO, Auto Parts.
9:33AM Key Technology sees Q4 rev -15% YoY vs. the -4.8% consensus; announces restructuring, reduces workforce by 3.5%, (KTEC) 12.20 -0.36 : Co sees Q4 rev -15% YoY vs. the -4.8% consensus, primarily due to delays in customer delivery schedules. Based on estimated fourth quarter sales, and estimated restructuring charges, the Company projects an after-tax net loss of approximately $900,000 for the fourth quarter of fiscal 2011. However, the Company expects both orders and backlog to be relatively strong at quarter-end. The Company estimates that orders for the fourth quarter of fiscal 2011 will be between $34-36 million and ending backlog will be between $36-38 million. A significant portion of the ending backlog is currently scheduled to ship after the first quarter of fiscal 2012. has taken actions to restructure operations and reduce costs. These actions include a reduction of approximately 3.5% of its global workforce, primarily in North America and China. The Company estimates that it will take a $1.1 million pre-tax charge against earnings for termination benefits and associated costs related to the workforce reduction in the fourth quarter of fiscal 2011. These workforce reductions will primarily affect staffing levels and costs in both manufacturing operations and operating expense areas.
9:24AM On The Wires (WIRES) :
- Space Systems/Loral (LORL) announced that the QuetzSat-1 satellite, procured by SES is performing post-launch maneuvers according to plan.
- Provident Energy (PVX) announced that it has entered into a 10 year agreement with a major industrial company in the Sarnia area for the lease of two underground storage caverns along with associated pipeline and drying facilities at Provident's Corunna Facility located near Sarnia, Ontario.
9:19AM Alere acquires additional shares of Axis-Shield (ALR) 20.62 : announced today that on September 29, 2011, it has purchased an additional 5,443,771 shares of Axis-Shield stock, bringing its total current ownership position to 10,990,468 shares, or ~21.98%. The additional shares were purchased at a price per share of 460 pence.
9:08AM CNO Financial announces early payment on senior health note (CNO) 5.62 : Co made an early payment of $25.0 mln on the Senior Health Note, in satisfaction of the scheduled amortization payment due November 12, 2011. The next scheduled amortization payment of $25.0 mln on the Senior Health Note is due November 12, 2012.
9:02AM Agilysys names Robert Ellis Chief Financial Officer (AGYS) 7.34 : Ellis was most recently with Radiant Systems, where he managed a global team as vice president, accounting and financial operations/principal accounting officer from 2007 until its acquisition by NCR Corporation (NCR) in August 2011. He joined Radiant Systems as corporate controller in 2003.
9:01AM Allegheny Tech announced that union-represented employees at ATI Ladish Forging in Cudahy, WI ratified six-year agreements covering ~ 650 employees (ATI) 38.79 : The new agreements will take effect as current agreements expire and extend to 2018 or 2019.
9:00AM Terra Nova Royalty (formerly TTT) begins trading as MFC Industrial (MIL) this morning (MIL) 6.78 :
8:50AM On The Wires (WIRES) :
- Spreadtrum Communications, (SPRD) announced that in 3Q 2011 it has met the last major milestone of a TD-SCDMA research and development grant awarded by China Mobile (CHL) to the Company in 2009.
- Wells Fargo (WFC) announced it will act as a trade services provider for Indian Bank. Wells Fargo and Chennai-based Indian Bank signed a Memorandum of Understanding last week at SIBOS in Toronto.
- TeleCommunication Systems (TSYS) announced that it has received a combined total of $12.1 mln in funding from the U.S. Army for equipment, field services support and maintenance of Secret Internet Protocol Router and Non-secure Internet Protocol Router Access Point Very Small Aperture Terminal satellite systems.
8:39AM Sun Healthcare issues new guidance (previously withdrawn) following assessment of CMS rule imapct; EPS below consensus; rev consensus near high end of new range (SUNH) 3.08 : Sun Healthcare announced the withdrawal of its full-year 2011 guidance on August 1, 2011 in order to have time to evaluate the impact of the final rule for skilled nursing facilities that was published by the Centers for Medicare and Medicaid Services on July 29, 2011. The CMS final rule includes a parity adjustment reducing Medicare rates by 11.1 percent, changes to group therapy reimbursement, and the introduction of new change-of-therapy provisions as patients move through their post-acute stay. Co issues guidance for FY11 (Dec), sees EPS of $0.83-0.94 vs. $1.05 Capital IQ Consensus Estimate ($1.30-1.45 prev.); sees FY11 (Dec) revs of $1.925-1.945 bln vs. $1.94 bln Capital IQ Consensus Estimate ($1.95-1.995 bln prev.). The co has commenced a broad-based mitigation initiative, which includes infrastructure cost reductions that will reduce the net impact of the final rule during the fourth quarter and is expected to continue to ramp up into 2012. "Our analysis demonstrates that the rate reductions imposed by the CMS final rule have far exceeded the stated goal of parity with prior Medicare rates, and we remain concerned that these reductions may have serious consequences for our entire industry. That said, we are moving expeditiously to mitigate the impact of the rule on our operations while retaining our focus on our primary mission of providing quality care."
8:31AM Lexmark announced that the ITC has ruled in its favor in connection with litigation initiated by Lexmark last year against 24 companies engaged in the manufacture, importation and sale of replacement laser toner cartridges for various Lexmark devices (LXK) 28.03 : After a standard 60-day Presidential review period, the ITC orders will take full effect. In addition to the ITC proceeding, Lexmark also filed a related patent infringement complaint against the same 24 companies in the U.S. District Court for the Southern District of Ohio, containing allegations similar to those in the ITC complaint and seeking injunctive relief, monetary damages and attorneys' fees.
8:31AM JinkoSolar Holding announced that it has repurchased in the aggregate amount of 785,900 ADSs, representing 3,143,600 of its ordinary shares since the beginning of the share repurchase program (JKS) 4.96 : The average repurchase price, excluding commissions, was US$6.92 per ADS, and the total purchase price, excluding commissions, was US$5,435,661.
8:17AM Worthington Industries to acquire STAKO; terms not disclosed (WOR) 14.42 : Co announced that its Pressure Cylinders segment has purchased the assets of STAKO, a producer of automotive liquefied propane gas tanks.
8:11AM Koppers Holdings signs three-year contract with CSX for rail joint bars; contract estimated between $12-13 mln over three year period (KOP) 26.23 : Cos agreed to a three-year contract for bonded rail joint assemblies. Koppers also provides CSX (CSX) with various other types of rail joint bar and track component products, treated railroad crossties and other related products and services.
8:02AM Sequans Communications reports lock-up agreements extended (SQNS) 5.23 : Due to the timing of the earnings announcement, pursuant to the terms of the lock-up agreements between its pre-IPO stockholders and the IPO underwriters, the term of the lock-up agreements has been automatically extended through and including November 11, 2011. Consequently, the first day that pre-IPO stockholders who are currently subject to a lock-up may trade Sequans' American Depositary Shares (ADS) will be November 14, 2011.
8:02AM Camelot Information Sys announced that its Chairman and CEO, and its Director and President, previously entered into certain margin loans, which were secured by a pledge of certain shares of the co held by them (CIS) 3.13 : Co announced that its Chairman and CEO, and its Director and President, previously entered into certain margin loans, which were secured by a pledge of certain shares of the co held by them. Due solely to market conditions and pursuant to margin calls, a total of 3,981,153 ADSs, or 15,924,612 shares, representing approximately 8.8% of the Company's total issued and outstanding shares, were divested by one financial institution through sales on the open market and through transfers to other parties, to cover the obligations of Yiming Ma and Heidi Chou thereunder.
8:01AM Pfizer reports top-line results of a Phase 3 clinical trial comparing the efficacy and safety of VFEND - treatment with the combination of VFEND and ERAXIS resulted in a lower all-cause mortality rate (PFE) 17.96 : Co reported the top-line results of an international Phase III clinical trial which compared the combination of VFEND and ERAXISTM to VFEND monotherapy for primary therapy of invasive aspergillosis, a life-threatening invasive fungal infection that can develop as a complication in patients with compromised immune systems. The primary analysis of this double-blinded prospective randomized clinical trial was to compare mortality rates at six weeks after initiation of study treatment in patients with a diagnosis of proven or probable IA. In the primary analysis, treatment with the combination of VFEND and ERAXIS resulted in a lower all-cause mortality rate at six weeks compared to VFEND alone. However, this difference in mortality did not achieve the pre-specified threshold for statistical superiority. The safety and tolerability of the combination of VFEND and ERAXIS in this study was similar to that of VFEND monotherapy. Pfizer plans to submit the detailed results of the study to a future scientific meeting and/or a medical journal.
8:01AM Rambus' Cryptography research signs license with smartphone manufacturer (RMBS) 14.24 : Co announced it has signed a license agreement with a major smartphone and tablet manufacturer for the use of CRI's Differential Power Analysis countermeasures patents. Under the agreement, ongoing royalties will be paid for the use of CRI's patented innovations. Specific terms of the agreement and disclosure of the manufacturer are confidential.
8:01AM Sino Clean Energy reaffirms FY11 guidance; co is conducting comprehensive evaluation of Foshan Nan Hai acq (SCEI) 0.80 : Co reconfirms its fiscal 2011 guidance and expected revenue of between $101.5-110.7 mln (no ests). The co announced on the same day that its major customer, Shenyang Haizhong Heating, has completed pipeline modifications and is expected to resume operations in October as scheduled. Sino Clean Energy's Shenyang facility is prepared to produce CWSF to supply this key customer according to its expected ramp up in demand. Sino Clean Energy has engaged Shaanxi Rongde Law Firm to conduct a comprehensive investigation and evaluation of Foshan Nan Hai's assets, ownership structure, liabilities, and credit worthiness. In regards to the co's lawsuit against Alfred Little, Sino Clean Energy is pleased to announce that the New York State Supreme Court has recently granted the Company an extra 60 days for serving the defendant.
8:00AM Vishay Intertechnology announces acquisition of specialty resistor company Huntington Electric for ~$19.6 mln (VSH) 8.82 :
8:00AM Baxter has submitted an application to the European Medicines Agency's Committee for Human Medicinal Products seeking marketing authorization for HyQ (BAX) 56.20 :
8:00AM ViroPharma licenses rights from intellect neurosciences for product candidate for Friedreich's Ataxia (VPHM) 18.39 : Co announces the license of worldwide rights from Intellect Neurosciences to its clinical stage drug candidate, OX1, being developed for the treatment of Friedreich's Ataxia. Co has exclusive worldwide rights to develop and commercialize OX1 for the treatment, management or prevention of any disease or condition covered by Intellect's patents. Co paid Intellect Neurosciences a $6.5 mln up-front licensing fee and will pay additional milestones based upon defined events. The maximum of these milestone payments assuming successful advancement to market could amount to $120 mln. The co will also pay a tiered royalty of up to a maximum percentage of low teens, based on annual net sales.
7:56AM Sims Metal Management announces the acquisition of UK electronics asset recovery business S3 Interactive; financial terms not disclosed (SMS) 12.04 : Co announced that through its electronics recycling division Sims Recycling Solutions, has expanded its Information Communications Technology Asset Recovery business into mobile devices with the acquisition of S3 Interactive Limited. Glasgow based S3i is a recovery, repair and refurbishment company of devices such as smart phones and tablet computers. The financial terms of the transaction were not disclosed, however, the purchase price consideration is not material to Sims Metal Management Limited.
7:32AM Zogenix achieves Zohydro long-term safety database for NDA; NDA submission remains on track for early 2012 (ZGNX) 1.98 : Co announced that it has obtained the required long-term clinical exposure data from its Phase 3 open label safety study of Zohydro extended-release capsules. The safety database of at least 300 patients on therapy with Zohydro for six months and at least 100 patients on therapy with Zohydro for one year is a requisite component of the 505 New Drug Application for Zohydro to the U.S. FDA which remains on track for submission in early 2012. The pre-NDA meeting is scheduled with the FDA during the fourth quarter.
7:18AM Bayer AG: Phase III study of Bayer's Rivaroxaban in patients with acute coronary syndrome meets primary efficacy endpoint (BAYRY) 56.95 : Co announced that the double blind, placebo controlled Phase III ATLAS ACS TIMI 51 clinical trial of Rivaroxaban plus standard therapy has met its primary efficacy endpoint, showing a statistically significant reduction in the rate of events for the primary composite endpoint of cardiovascular death, myocardial infarction and stroke in patients with ACS, compared to standard therapy plus placebo. For the primary safety endpoint, defined as major bleeding events not associated with Coronary Artery Bypass Graft surgery according to the TIMI-classification, there was a statistically significant increase in such events in patients receiving Rivaroxaban versus placebo.
7:12AM On The Wires (WIRES) :
- Carrizo Oil & Gas (CRZO) and Avista Capital Partners announced that they have entered into a joint venture to acquire and develop acreage in the liquids rich region of the Utica Shale. The JV has closed on its first acquisition of 15,000 at an avg cost of less than $1,500 per acre with CRZO owning an initial 10% and Avista owning the remaining 90%.
- The USEC (USU) board of directors has voted to continue the company's investment in the American Centrifuge Plant for the month of October, but at a reduced spending rate as the company continues working with the Department of Energy to achieve a conditional loan guarantee commitment for the project by November 1. Co also announced that its board of directors has adopted a tax benefit preservation plan to help preserve the value of certain deferred tax benefits, including those generated by net operating losses and net unrealized built-in losses.
- Threshold Pharmaceuticals (THLD) announced that Threshold, in collaboration with Sarcoma Alliance for Research through Collaboration, have initiated a Phase 3 randomized clinical trial of TH-302 in patients with soft tissue sarcoma.
- Callidus Software (CALD) announced that Philips Electronics has selected the Callidus Monaco On Demand SPM suite to drive the performance of its sales organization. The agreement was signed in the third quarter of 2011.
7:02AM Dollar Thrifty renews asset backed financing facility, increases capacity to $600 mln (DTG) 57.31 : Co announced that its Rental Car Finance subsidiary completed the early renewal of its Series 2010-3 Asset Backed Variable Funding Notes. In conjunction with the renewal, available capacity under the Conduit Facility was increased to $600 mln from $450 mln, and the revolving period under the facility was extended to a two-year tenor from the previous 364-day structure. Additionally, the advance rate was increased from ~65% to ~69%.
7:01AM Prospect Capital closes investment with Monomoy Capital Partners for Anchor Hocking, plus 2 additional investments, bringing year to date originations to nearly $900 mln (PSEC) 8.74 :
6:48AM Array Biopharma announced topline results of a randomized phase 2 study of Selumetinib in patients with KRAS-mutant non-small cell lung cancer (ARRY) 2.07 : The study's primary endpoint of overall survival demonstrated a numerically greater increase in survival in favor of selumetinib in combination with docetaxel versus docetaxel alone, but did not reach statistical significance. The key secondary endpoints of progression-free survival, objective response rate, and alive and progression-free at 6 months were all demonstrated with statistical significance, showing improvement in favor of selumetinib in combination with docetaxel versus docetaxel alone. Selumetinib was licensed from Array to AstraZeneca. (AZN)
6:16AM LHC Group reaches settlement agreement with Government; Under the terms of the settlement agreement, the co will pay $65 mln (LHCG) 16.93 : Co announced that the company has reached a settlement agreement with the government that resolves a previously announced civil inquiry involving Medicare reimbursement for home health services for the period of 2006 to 2008.
6:12AM On The Wires (WIRES) :
- Acacia Research (ACTG) announced that a subsidiary has acquired patents for heart valve technology from a major medical device company. Co also announced that its subsidiary, Greenlight Technologies has entered into a Settlement and Patent License Agreement with Leviton Manufacturing.
- Augusta Resource (AZC) announced an update on the permit process for its Rosemont Copper project. The Control Officer of the Pima County Air Quality Control District issued a denial of the Rosemont Copper's air permit application just weeks after releasing a draft permit.
6:01AM Yingli Green Energy announces $100 mln share repurchase program (YGE) 3.23 :
6:01AM Zhongpin to start trial production at new prepared pork plant in Tianjin (HOGS) 8.01 : Co announced that the trial production at its new prepared pork products plant in Tianjin will start on September 30, 2011. The new prepared pork products plant will have an annual production capacity of about 36,000 metric tons. The total investment in phase 2 was ~ $22 mln.
4:09AM Ku6 Media redeems senior convertible bonds of $50 mln from Shanda Interactive Entertainment (SNDA) (KUTV) :
2:19AM Teekay Shipping agrees to acquire 3 FPSO units from Sevan Marine ASA and invest in a recapitalized Sevan (TK) 23.45 : Co announces that it has reached an agreement in principle to acquire three floating production storage and offloading units from Sevan Marine, a Norway-based developer, owner and operator of FPSO units, and acquire an equity interest in a recapitalized Sevan. Under the terms of the agreement in principle, co will: Acquire from Sevan three FPSO units, the Hummingbird, Piranema and Voyageur, along with their existing charter contracts; Finance the completion of the Voyageur FPSO upgrade; Subscribe to a new issuance of Sevan equity to acquire a significant ownership position in a recapitalized Sevan; and Enter into a cooperation agreement to acquire future FPSO projects developed by Sevan.
1:17AM On The Wires (WIRES) :
- Lockheed Martin (LMT) delivered the first MC-130J Combat Shadow II to the United States Air Force's Special Operations Command.
- Inergy (NRGY) announced that its wholly-owned subsidiary, Inergy Midstream, is conducting a non-binding Open Season for shippers desiring to transport incremental natural gas volume on the existing Stagecoach North and South laterals and to a new pipeline interconnect with Dominion Transmission.
- Masimo (MASI) announced that it shipped its 1,000,000th Masimo SET pulse oximeter and rainbow SET Pulse CO-Oximeter.
- International Game Technology (IGT) announced Foxwoods Resort Casino in Mashantucket, Conn, as its newest customer.
- Teck Resources (TCK) announced that strike notice has been received for its Highland Valley Copper Operations from the United Steelworkers of America Local 7619. The strike notice entitles the union to begin strike action on October 2, 2011 at the earliest.
- Toshiba and Amkor Technology (AMKR) announced that they have signed a non-binding memorandum of understanding for the acquisition by Amkor of Toshiba Electronics Malaysia, Toshiba's semiconductor assembly operation in Malaysia, together with a license to Amkor for certain related intellectual property rights.
- Apache (APA) announced that its subsidiary Apache Julimar Pty will proceed with development of the Balnaves oil field in Production License WA-49-L offshore Western Australia.
1:00AM Inland Real Estate prices 2 mln shares of 8.125% Series A Cumulative Redeemable Preferred Stock at $25 per share (IRC) 7.53 :
