October 12, 2011 Market SnapShort

Market Update

4:30 pm : Late selling ate into gains, but the stock market still scored its sixth advance in seven sessions.

Stocks were bid higher in the early going as market participants continued to take their cues from Europe, where the region's major bourses resumed their uptrend amid speculation that Slovakia will eventually vote in favor of the EFSF. The decision by the country's officials to vote down the plan last evening came in conjunction with a vote of no confidence for the country's prime minister.

The belief that plans to improve financial conditions in Europe are moving closer to completion and implementation has helped diminish the perception of risk in the region. That has quelled concern about the exposure of diversified banks and financial services providers. In turn, financials were today's top performers.

Financials were out in front for the entire session, but surrendered some of their gains into the close. Still, the sector ended the day with a 2.7% gain. JPMorgan Chase (JPM 33.20, +0.90) garnered a great deal of buying interest ahead of its latest quarterly report tomorrow morning. Bank of America (BAC 6.58, +0.21) was also among the best performers, but it isn't scheduled to report until next week.

Last evening fellow blue chip Alcoa (AA 10.05, -0.25) announced its latest quarterly results, which came short of what Wall Street had commonly expected. The Dow component's announcement marked the unofficial start of earnings season.

Strength in shares of the two financial giants helped take the Dow above 11,600, which put it in positive territory for the year. However, late selling stole about 100 points from the blue chip average, so the Dow slid back to negative territory for the year.

The weak finish came after the S&P 500 stalled near its two-month closing high and the Dow failed to sustain enough momentum to move meaningfully above its own two-month closing high. Still, blue chips booked their fifth gain in seven sessions while the broader market booked its sixth gain in seven sessions. In that time the Dow is up more than 8%, but the S&P 500 is up almost 10%.

Market participants showed no real reaction to minutes from the most recent FOMC meeting, mostly because the minutes failed to offer any new insight into the mindset of the monetary policy setting committee.

Treasuries also showed little reaction to the FOMC minutes, but news of low dollar demand at the latest auction of 10-year Notes induced additional selling. The benchmark 10-year Note ended the day off of its lows, but its yield remained above 2.20%. That's more than 40 basis points above the depths that it probed less than 10 days ago.

The dollar extended its descent today, mostly driven by 1% gains by both the sterling pound and euro. Their climb has been underpinned by improved sentiment in the eurozone.

Advancing Sectors: Financials +2.7%, Industrials +1.3%, Consumer Discretionary +1.1%, Telecom +1.0%, Materials +1.0%, Consumer Staples +0.8%, Energy +0.8%, Tech +0.5%, Health Care +0.2%
Declining Sectors : Utilities -0.1%DJ30 +102.55 NASDAQ +21.70 NQ100 +0.5% R2K +1.7% SP400 +1.4% SP500 +11.71 NASDAQ Adv/Vol/Dec 1881/1.96 bln/684 NYSE Adv/Vol/Dec 2443/1.07 bln/603

3:30 pm : Crude oil futures ended their recent five session rally today after posting modest declines of 0.3% to end at $85.57 per barrel. Trade in crude oil was relatively quiet today as prices moved sideways around the flat line ahead of tomorrow’s inventory data. Natural gas ended lower by 3.5% at $3.49 per MMBtu. Prices were pressured by mild temperatures across the country, as well as bearish expectations for tomorrow’s inventory data.

After their initial rally in overnight trade, it was a relatively uneventful session for gold and silver futures. Both metals pulled back slowly from their respective highs throughout the morning session. Futures were able to halt that pull back heading into the afternoon and recoup some of their earlier gains. Gold ended higher by 1.3% at $1682.60 per ounce, while silver futures gained 2.4% to finish at $32.79 per ounce.DJ30 +150.46 NASDAQ +29.80 SP500 +18.19 NASDAQ Adv/Vol/Dec 1865/1.5 bln/689 NYSE Adv/Vol/Dec 2460/694.9 mln/607

3:00 pm : Stocks are starting to turn lower following the failure of the S&P 500 to extend its climb above the 1220 line, which was last touched on September 20. The market's pullback hasn't come in response to any kind of negative headline. Rather, it marks a loss of momentum in the face of some intraday resistance.DJ30 +160.30 NASDAQ +28.15 SP500 +18.22 NASDAQ Adv/Vol/Dec 1935/1.30 bln/620 NYSE Adv/Vol/Dec 2580/580 mln/460

2:30 pm : The broad market is trading just shy of its session high. Liz Claiborne (LIZ 7.00, +1.90) is one of this session's top performers, surging almost 40% in response to the company's decision to divest some of its brands. However, the stock's surge this session only now has shares back where they started the year.

Fellow retailer The Buckle (BKE 41.87, -0.82) is at the opposite end of things. Although the stock's decline isn't the dramatic move that LIZ has made, its weakness still flies in the face of broad market strength. DJ30 +198.86 NASDAQ +43.25 SP500 +23.57 NASDAQ Adv/Vol/Dec 1905/1.20 bln/620 NYSE Adv/Vol/Dec 2565/525 mln/475

2:00 pm : Minutes from the most recent FOMC policy meeting were just releaed. They indicated that "Operation Twist" is intended to lower long term rates. Some members felt the latest moves would provide additional accomodation. Overall, though, the stock market hasn't shown any real reaction to the release.DJ30 +161.05 NASDAQ +36.27 SP500 +19.27 NASDAQ Adv/Vol/Dec 1890/1.07 bln/620 NYSE Adv/Vol/Dec 2546/470 mln/465

1:30 pm : Results from this afternoon's auction of 10-year Notes have put added pressure on Treasuries. In turn, the benchmark 10-year Note is now at its worst level of the day.

As for auction specifics, it drew a bid-to-cover of 2.86, dollar demand of $60.1 billion, and an indirect bidder participation rate of 35.0%. For comparison, the prior auction produced a bid-to-cover of 3.03, dollar demand of $63.6 billion, and an indirect bidder rate of 48.5%. An average of the past six auctions results in a bid-to-cover of 3.13, dollar demand of $68.9 billion, and an indirect bidder rate of 43.6%. DJ30 +158.14 NASDAQ +38.88 SP500 +20.32 NASDAQ Adv/Vol/Dec 1880/990 mln/620 NYSE Adv/Vol/Dec 2545/435 mln/450

1:00 pm : Despite a disappointing start to earnings season, the stock market is up sharply and on pace for another strong gain amid leadership from the financial sector.

Alcoa (AA 10.18, -0.12) unofficially kicked off earning season last night, but the Dow component came short of the consensus earnings estimate. That has subjected the stock to some rather aggressive selling pressure this morning. Although it has worked its way up from its morning high, the stock is still down 1% for the day.

However, other blue chips have been bid higher, especially financials. Strength among JPMorgan Chase (JPM 33.55, +1.25), Bank of America (BAC 6.63, +0.26), and American Express (AXP 47.21, +1.44) has helped the Dow return to the flat line for 2011.

The S&P 500 has a ways to go before it can fully offset its loss for 2011, but it remains on pace for its sixth advance in seven sessions, including an incrementally higher finish to the prior session. In that time, the stock market has climbed more than 10%.

Financials have been the biggest drivers of the broad market's recent rally. The sector is up another 3.0% this session. Its strength comes largely in response to improved confidence in Europe, where officials have recently made a stronger commitment to shore up the region's financial system and even recapitalize its banks. That has helped reduce the perception of risk related to the European portfolios owned by diversified banks and financial services firms.

Confidence in Europe has also bolstered buying interest in the euro, which is up 1.2% to $1.38 today. The move marks an extension of its rally from the nine-month low of about $1.31 that was set only last week.

The dollar's decline has helped spur gold prices higher in the face of improved sentiment among stock traders. Gold prices are currently up 1.4% to $1683 per ounce.

Treasuries have been under pressure all session. The action has the yield on the benchmark 10-year Note back above 2.20% after it had been below 1.80% less than 10 days ago. Results from an auction of 10-year Notes are due at any moment.

Later this afternoon (2:00 PM ET), minutes from the most recent FOMC meeting will be released. Participants will be looking for additional insight into economic conditions and the mindset of members of the monetary policy setting committee. DJ30 165.67 NASDAQ 40.53 SP500 20.89 NASDAQ Adv/Vol/Dec 1800/895 mln/645 NYSE Adv/Vol/Dec 2490/390 mln/495

12:30 pm : The top of the hour brings results from an auction of 10-year Notes. The auction is $21 billion in size. Ahead of the results, the 10-year Note's yield is narrowly above 2.20% for a one-month high. Less than 10 days ago it was below 1.80%.

Meanwhile, the dollar continues to wrestle with aggressive selling. As such, it continues to trail a basket of major foreign currencies by almost 1%. Year to date, the dollar is down 2.6%. DJ30 +122.83 NASDAQ +32.84 SP500 +16.87 NASDAQ Adv/Vol/Dec 1755/800 mln/660 NYSE Adv/Vol/Dec 2470/350 mln/490

12:00 pm : Stocks are just shy of their session highs. Today's advance puts the S&P 500 on pace for its sixth advance in seven sessions, including an incrementally positive finish for the prior session. In that time, the S&P 500 has climbed more than 10%.

During that same time, the dollar has declined about 3%. Just one week ago the greenback was at a nine-month high against a basket of major foreign currencies. Its downturn has come in response to a bounce by the euro, which has been bid higher amid improved confidence in the commitment of Europe's leaders to restore regional financial conditions. DJ30 +120.60 NASDAQ +33.16 SP500 +16.09 NASDAQ Adv/Vol/Dec 1835/715 mln/575 NYSE Adv/Vol/Dec 2515/310 mln/415

11:30 am : Stocks have steadied since their recent drift off of session highs. Financials continue to provide the most support -- the sector is now up 2.3%. In just one week's time, the financial sector is up more than 8%. In that same time, the S&P 500 has advanced almost 6%.

Recent buying in the financial sector comes as investors take an improved view on banks now that more concerted efforts are being taken to shore up many of Europe's financial institutions, which have bee plagued by precarious conditions for months. DJ30 +118.82 NASDAQ +36.14 SP500 +16.85 NASDAQ Adv/Vol/Dec 1800/612 mln/555 NYSE Adv/Vol/Dec 2460/270 mln/445
11:00 am : The stock market recently claimed another leg of gains to set a new session high, but it has begun to slip off of that mark. Still, stocks continue to trade with strength. Of the 10 major sectors, only health care (+0.7%), telecom (+0.5%), and utilities (-0.1%) have failed to climb to gains in excess of 1%.

Strength among stocks has kept pressure on Treasuries. As such, the yield on the benchmark 10-year Note is back above 2.20%. Results from an auction of 10-year Notes will be posted at 1:00 PM ET. DJ30 +97.14 NASDAQ +31.09 SP500 +14.71 NASDAQ Adv/Vol/Dec 1820/475 mln/470 NYSE Adv/Vol/Dec 2475/215 mln/380

10:35 am : Commodities are trading higher today on broad market strength. About 15 minutes ago, the CRB Commodity Index rose to a new session high of 312.69. Copper futures are about 3.5% higher at $3.41/lb. and is the best performing commodity in the CRB Index.

In the energy space, crude oil began to trend lower after floor trading began. Shortly after, crude fell into the red and below the $86 level. In recent activity, crude moved back into positive territory and above the $86 area and is now 0.6% higher at $86.32/barrel.

Natural gas is the only energy component in the energy CRB sector that is in negative territory; now down 1.0% at $3.58/MMBtu.

Precious metals are showing gains today. Gold has been in a consolidated range of around $1679.20-1692.70/oz for the entire session thus far and is currently up 1.4% at $1684.10/oz. Silver is moved over $33 earlier this morning to its current session high of $33.10/oz, but has since pulled back. In current trade, silver is up 2.2% at $32.74/oz.DJ30 +109.06 NASDAQ +33.54 SP500 +15.32 NASDAQ Adv/Vol/Dec 1754/410 mln/500 NYSE Adv/Vol/Dec 2321/193 mln/493

10:00 am : Stocks started the session on a strong note, but action has turned a bit choppy in recent trade. The major equity averages continue to sport solid gains, though.

Financials remain out in front of the rest of the market. The sector is now sporting a 1.7% gain and the the KBW Bank Index is up 1.8%.

Tech is also trading with strength this morning. The sector, which is the largest by market weight, is up 1.1% with help from semiconductor stocks. Strength among semiconductor-related issues has the Philadelphia Semiconductor Index up 1.4%. DJ30 +58.54 NASDAQ +25.79 SP500 +9.44 NASDAQ Adv/Vol/Dec 1565/135 mln/470 NYSE Adv/Vol/Dec 2320/80 mln/390

09:45 am : Early action has ushered in solid gains for the major equity averages. Financials have been a primary source of leadership. The sector is already up 1.2% as diversified players like JPMorgan Chase (JPM 33.23, +0.93) and Citigroup (C 28.63, +0.79) rally on the back of aggressive buying.

Utilities stocks, which are defensive in nature, have fallen to a 0.2% loss. They make up the only sector that has failed to stage a gain this morning. DJ30 +39.89 NASDAQ +22.13 SP500 +7.14 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA

09:15 am : S&P futures vs fair value: +11.80. Nasdaq futures vs fair value: +28.20. Stock futures suggest that the cash market will open with a gain of about 1%.

Buyers continue to take their cues from Europe, where the region's major bourses have resumed their upward trend after a pause in the prior session. The resumption of buying interest comes as pundits predict that Slovakia will ultimately pass the EFSF plan after it was voted down at the same time that a vote of no confidence was made against the country's prime minister last evening. Confidence in the region has helped the euro rally to a 1.0% gain against the greenback. The currency now trades at its best level in three weeks.

Corporate news has centered on the start of earnings season, which was unofficially marked by the latest quarterly report from Alcoa (AA). The Dow component came short of the consensus earnings estimate.

There is no actual economic data on tap today, but minutes from the most recent FOMC meeting are expected to be posted at 2:00 PM ET. Market participants will be looking for new insights into economic trends and developments.

09:05 am : S&P futures vs fair value: +11.40. Nasdaq futures vs fair value: +28.00. Crude oil prices are up 0.3% to $86.05 per barrel in the first few minutes of pit trade. The uptick comes even though reports earlier this morning suggested that the IEA cut its forecast for oil demand. Natural gas prices have turned lower, though. The energy component was last quoted with a 0.5% loss at $3.60 per MMbtu. Precious metals are performing well. Specifically, gold prices are up 1.6% to $1687.20 per ounce, while silver is sporting a 2.2% gain at $32.70 per ounce. In the backdrop, the dollar is down markedly as the euro stages another rally.

08:35 am : S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +26.70. Renewed confidence in Europe has the region's major bourses sporting impressive gains today. The action comes as pundits predict that Slovakia will pass the EFSF after the country's officials voted it down last night in conjunction with a no confidence vote in its prime minister. Germany's DAX has advanced 1.1% with help from automakers Daimler, Volkswagen, and BMW. Deutsche Bank (DB) has also provided leadership, but shares of Commerzbank are barely positive. France's CAC has climbed 1.4%. Societe Generale is atop the list of advancing issues. Michelin and Alcatel-Lucent (ALU) have complemented its efforts. Britain's FTSE is up a relatively tame 0.4%. Eurasian Natural Resources and Rangold Resources are a couple of top performers. Royal Bank of Scotland (RBS) and Barclays (BCS) have both bounced to substantial gains, too. Regional data featured an increase of 1.2% in eurozone industrial production during August. That followed a 1.1% increase in the prior month.

Overnight action in Asia saw Japan's Nikkei slip to a 0.4% loss. Flooding in Thailand forced the shuttering of many Japanese factories there. That hurt Nikon and Honda Motor (HMC), but Tokyo Electric and Showa Denko were the worst performers as they booked losses in excess of 5%. Materials and industrial plays performed well, though. Kobe Steel and Mitsui Mining, along with Komatsu and Fuji Heavy Industries, provided support. In Hong Kong, the Hang Seng advanced 1.0%. More impressive is that the Index scored that strong gain after it had tumbled sharply at the open. Property plays provided leadership. Mainland China's Shanghai Composite climbed 3.1% with help from financial outfits like Agricultural Bank of China and Bank of China. The Composite lagged the other major regional averages in the prior session.

08:05 am : S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +20.70. Earnings season made its unofficial start last evening with the latest quarterly report from Dow component Alcoa (AA), which came short of the consensus earnings estimate. The stock is down in excess of 3% ahead of the open. PepsiCo (PEP) has managed to move almost 1% higher in premarket trade, thanks to an upside earnings surprise this morning.

Broad market stock futures are also attracting buyers. Support comes in response to renewed interest in Europe, where most of the region's major bourses are up more than 1% after a lackluster session yesterday. A better-than-expected industrial production reading from the eurozone has helped the tone. Meanwhile, Slovakia's leaders are expected to approve the EFSF expansion plan after the plan failed its first vote, which happened to come amid a no confidence vote for the country's prime minister.

Confidence in the eurozone is helping to drive the euro higher; it is currently up 0.9% to $1.377. In response to currency manipulation by China, the U.S. Senate approved a bill supportive of tariffs against the country.

06:51 am : [BRIEFING.COM] S&P futures vs fair value: +9.90. Nasdaq futures vs fair value: +21.80.

06:51 am : Nikkei...8738.90...-34.80...-0.40%. Hang Seng...18329.46...+187.90...+1.00%.

06:51 am : FTSE...5425.94...+30.20...+0.60%. DAX...5944.97...+80.00...+1.40%.

In Play 

5:33PM Sonde Resources announces additional production results at Drumheller (SOQ) 2.42 +0.17 : Co announced additional production results for its inaugural three-well horizontal infill drilling program in the Mannville "I" pool at Drumheller. In May and June, Sonde drilled and cased three horizontal development wells in its Mannville "I" oil pool at Drumheller in township 29-19W4. The program was designed to test the economic viability of re-developing the entire pool using horizontal drilling and multi-stage hydraulic fracturing technology ("frac"). Specifically, these inaugural wells were located to test the viability of: re-developing the portion of the pool with the highest water cuts (Sonde 3-4); re-developing the most depleted portions of the existing pool (Sonde 3- 5); developing / re-developing the thinner edges of pool (Sonde 14-14). Sonde elected to compare different casing and fracturing techniques on the wells in order to more fully understand the range of development options and costs at an early stage in the program. Specifically, the 3-4 was completed with cemented liner and frac'd with gelled propane; the 3-5 was completed with an "open-hole" packer system and water frac'd; the 14-14 was completed with cemented liner and water frac'd. Fracturing on the wells was completed between late June and mid-September, and the final well, the 14-14, was placed on production the last week of September. Despite a series of operational issues with the wells, including sand flowback on the 3-5 which inhibited early production and required a coiled tubing cleanout, all three wells are now producing at very similar stabilized rates of 200-250 barrels of total fluid a day, plus small amounts of natural gas. Water cuts on the wells remain high (75%-80%), primarily due to large volumes of water pumped during fracturing operations, which exceeded 12,000 barrels of water each for the 3-5 and 14-14 wells (the 3-4 is in a naturally high water-cut portion of the pool). Based on historical water cuts for existing vertical wells immediately adjacent to the horizontal wells, which average 15-20% water near the 3-5 and 14-14 and 50% water near the 3-4, Sonde anticipates average stabilized hydrocarbon production of 100-125 BOEPD for each well. Such rates generally match the economic expectations previously discussed and are similar to average horizontal well production rates and profiles in the Pembina Cardium pool.

5:32PM MedQuist Holdings provides additional information regarding the proposed short-form merger for remaining MedQuist shares (MEDH) 8.15 +0.62 : Co announced that it intends to request that the U.S. Securities and Exchange Commission declare its pending registration statement effective and that it intends to complete its previously announced proposed short-form merger with MedQuist during October 2011. As previously announced, the co no longer intends to conduct a registered exchange offer prior to the completion of the short-form merger. The co has decided to forego the registered exchange offer due to timing and cost considerations. In the short-form merger, each of the remaining 1,231,246 shares of common stock of MedQuist (OTCQB:MEDQ) not currently owned by the co or its subsidiaries will be converted into a share of Company common stock.

5:31PM Fastenal raises quarterly Cash Dividend to $0.14 from $0.13 (FAST) 34.62 -0.14 :  

5:15PM Martin Marietta Materials to acquire Denver operations in asset exchange with Lafarge North America (MLM) 69.31 +0.63 : Co announced that it has signed a definitive agreement with Lafarge North America Inc. for the exchange of certain assets. Under the terms of the agreement, Martin Marietta Materials will receive aggregates quarry sites, ready mixed concrete and asphalt plants, and a road paving business in the metropolitan Denver, Colorado, region. In exchange, Lafarge will receive properties consisting of quarries and distribution yards operated by Martin Marietta Materials along the Mississippi River and a cash payment. The transaction is anticipated to close within 60 days, subject to regulatory approval.

5:10PM UGI Corp CEO resigns (UGI) 26.98 +0.11 : Co announced that Francois Varagne has resigned as chairman and chief executive officer of Antargaz, UGI's French propane distribution business. UGI also announced that Eric Naddeo has been elected Director General of Antargaz effective today. Naddeo joined Antargaz in 1990 and has served the co in various operating roles, including Regional Manager, Logistics and Industrial Department Director, and most recently as Deputy Managing Director. Naddeo holds an Engineering degree from Ecole Nationale Superieure d'Arts et Metiers.

5:06PM Texas Industries quarterly dividend suspended (TXI) 33.57 +0.75 : In view of continued uncertainty regarding the timing of a recovery in the construction industry, the Board of Directors of Texas Industries (TXI) announced the suspension of its quarterly cash dividend, effective immediately.

5:00PM United Tech: Pratt & Whitney and Rolls-Royce announce restructuring of IAE collaboration and new partnership to develop next generation engines for mid-size aircraft (UTX) 74.24 +0.50 : Rolls-Royce and Pratt & Whitney restructure IAE participation Pratt & Whitney, a United Technologies (UTX) co, and Rolls-Royce, the global power systems company, are pleased to announce a restructure of their participation in IAE International Aero Engines AG (IAE), which produces the V2500 engine for the A320 family of aircraft. Under the terms of the agreement, Rolls-Royce will sell its equity and program shares in IAE to Pratt & Whitney for $1.5 bln. Pratt & Whitney intends to discuss a possible offer of a portion of these shares with its IAE partners MTU Aero Engines AG (MTU) and Japanese Aero Engines Corporation (JAEC). In addition, Rolls-Royce shall receive an agreed payment for each hour flown by the current installed fleet of V2500-powered aircraft for fifteen years from completion of the transaction.

5:00PM Seagate provides update on Thailand operations (STX) 11.19 +0.02 : Co provided an update to its operations in Thailand in light of the severe flooding in the region. Currently, all Seagate factories in Thailand are operational and there are no logistical issues with employees reaching its factories. However, the hard disk drive component supply chain is being disrupted and it is expected that certain components in the supply chain will be constrained. Given the volatility of the situation it is unclear what the magnitude of the supply chain disruption will be to Seagate's hard disk drive output from its Thailand operations. Seagate is actively managing its supply chain and factory output to align production capabilities and optimize its build schedule to meet customer requirements. As a result of the disruption caused by the floods, Seagate anticipates hard drive supply will be constrained throughout the current quarter.

4:56PM CP announces results and settlement of tender offer and consent solicitation for 6.25% notes due 2011 (CP) 53.51 +1.32 : Co announced that holders of 82.86% of Canadian Pacific Railway Company's 6.25% Notes due 2011 have tendered their notes pursuant to the tender offer and consent solicitation commenced by its wholly-owned subsidiary, CPRH Canada Inc., on September 13, 2011, and which ended yesterday, October 11, 2011, at 11:59 p.m., New York City time. As of today, CPRH Canada Inc. has accepted and paid for the tendered notes and made the consent payments in connection with the consent solicitation.

4:52PM Cumberland Pharmaceuticals appoints Rick S. Greene CFO (CPIX) 5.75 +0.02 : Co announced that Rick S. Greene, a long-time financial advisor to the Co, has been appointed Chief Financial Officer, effective Tuesday, October 18. He has served as Interim Vice President, Finance & Accounting since April of this year. Mr. Greene has more than 20 years of experience in financial management and reporting. He previously served as Chief Financial Officer at Surgical Alliance Corporation, a specialty hospital co, and Director of Financial Operations at Phycor, Inc., a publicly-held physician management company.

4:52PM PDC Energy upsizes its revolving credit facility (PETD) 19.77 +0.27 : Co announced the its borrowing base under its revolving credit facility has been increased by $50 million to $400 million, effective October 12, 2011.

4:45PM XL Group plc announces preliminary loss estimates of $90-120 mln for Q3 2011 catastrophes (XL) 19.80 +0.31 : Co announced preliminary net loss estimates related to catastrophe loss events in Q3 of 2011, including Hurricane Irene, Tropical Storm Lee, the September Texas Wildfires and the July Danish Floods. The Co's preliminary loss estimates, pretax and net of reinsurance and reinstatement premiums, range from ~$90-120 mln. Approximately three quarters of these losses relate to the Co's Insurance segment.

4:38PM TowneBank announces insurance acquisition (TOWN) 12.78 +0.32 : TOWN announced that Stanton Taylor Agency, insurance agency will affiliate with Towne Insurance Agency, a wholly owned subsidiary of TowneBank. This continues Towne Insurance's expansion into Eastern North Carolina.

4:37PM Textron announces final purchase price for cash tender offer for its 4.50% Convertible Senior Notes due 2013 (TXT) 18.30 -0.18 : Co announced that it has determined the final purchase price offered by the co pursuant to its previously announced tender offer to purchase for cash any and all of its outstanding 4.50% Convertible Senior Notes due 2013. The final purchase price per $1,000 principal amount of Notes is $1,524.03. In addition, holders will receive, in respect of their Notes that are accepted for purchase, accrued and unpaid interest on such Notes to, but excluding, the settlement date of the Offer.

4:32PM Darden Restaurants to purchase Eddie V's Prime Seafood and Wildfish Seafood Grille Restaurant Brands (DRI) 46.33 +0.42 : The co and Eddie V's Restaurants, Inc. today jointly announced a definitive agreement under which Darden has agreed to purchase the Eddie V's Prime Seafood and Wildfish Seafood Grille restaurant brands, and all related assets for $59 million, in an all cash transaction. The brands will become part of Darden's Specialty Restaurant Group. Darden expects to complete the transaction by the end of the calendar year. Darden has agreed to purchase the Eddie V's and Wildfish restaurant brands for $59 million; the brands consist of eight current Eddie V's locations in Arizona, California and Texas; and three current Wildfish locations in Arizona, California and Texas. Co says the transaction adds leading luxury seafood brands to Darden's specialty restaurant group, boosting the group's already significant contribution to long-term sales and earnings growth.

4:32PM API reports weekly inventory data (COMDX) :

• Crude oil stocks were off 3.8 mln barrels.
• Gasoline stocks were off 1.2 mln barrels.
• Distillate stocks were off 3.1 mln barrels.

4:32PM Almaden Minerals expands Ixtaca Zone to Southwest and Ixtaca North Zone, intersects 98.58 m of 0.92 g/t Au and 76.3 g/t Ag (AAU) 2.60 -0.07 : Co announces results from the on-going drilling at the Ixtaca Zone with holes TU-11-45, 51, 53 to 55, 57, 58 and 60. Holes TU-11-51, 53 to 55, 57, 58 and 60 were drilled 180 degrees away from the known Ixtaca veining (at a 330 azimuth) and intersected the zone of mineralisation now referred to as Ixtaca North. The orientation of the Ixtaca North zone remains poorly understood. Hole TU-11-45 was drilled at the southwest extent of the known Ixtaca zone and intersected veining in the overlying ash unit. This intersection shows that the Ixtaca Zone remains open to the southwest. Final assays remain pending for holes TU-11-56 and 59.

4:30PM Exelon and Constellation strengthen merger proposal (EXC) 42.65 +0.55 : Exelon Corporation (EXC) and Constellation Energy (CEG) filed rebuttal testimony with the Maryland Public Service Commission that strengthens the companies' commitments related to the proposed merger, which is currently under review by the PSC. The testimony addresses statements, concerns and proposed conditions set forth in intervenor testimony submitted Sept. 16 from the State of Maryland, Maryland Energy Administration, PSC Staff and the Office of People's Counsel, as well as other parties. The merger proposal provides a direct investment in Maryland of more than $250 million, including a $100 rate credit for each BGE residential customer, investments in energy efficiency and renewable energy, and a new headquarters building in Baltimore. The co's say "We are confident that the proposed merger is good for BGE, its customers and the state of Maryland. Our proposal offers significant direct benefits to BGE's customers. Now we have agreed to additional conditions proposed by the parties."

4:30PM Artio Global Investors reported preliminary month-end AUM of $34.3 bln as of September 30, 2011 vs $40.4 bln as of August 31, 2011 (ART) 8.02 +0.33 :  

4:22PM Mission West beats by $0.01, beats on revs (MSW) 7.29 -0.14 : Reports Q3 (Sept) funds from operations of $0.13 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.12; revenues rose 7.1% year/year to $25.7 mln vs the $22.7 mln consensus.

4:18PM Transocean announces that an investigation confirms there is no oil leaking from sunken rig or riser (RIG) 49.05 +0.06 : A comprehensive two-day underwater examination conducted by Transocean and the US Coast Guard on October 4th and 5th confirmed that there are no hydrocarbons leaking from of the sunken Deepwater Horizon or the riser, the pipe that linked the rig to the well head before the Macondo accident last year.

4:18PM Copano Energy maintains cash distribution; says estimate distribution coverage lower than Q2 primarily due to reduced liquids recoveries (CPNO) 30.50 +0.64 : Co announced a cash distribution for the third quarter of 2011 of $0.575 per unit. "We estimate that our third quarter distribution coverage will be lower than our second quarter coverage primarily due to reduced liquids recoveries at our Houston Central complex as a result of Formosa Hydrocarbons' planned turnaround at its Point Comfort petrochemical complex, which is scheduled to be completed in mid-October... "Eagle Ford volumes gathered and NGLs recovered should increase as the bulk of our Eagle Ford projects are completed and placed into full service during the fourth quarter, and we expect that fourth-quarter distribution coverage will improve significantly as a result."

4:14PM Wal-Mart sees FY13 sales growth ahead of expectations at Investor meeting; Sept third straight month of postive comps in the U.S. (WMT) 55.20 +0.48 : At the meeting, the co announced same store, or comparable store sales, have been positive on the 4-5-4 retail calendar for three consecutive months starting in July. Co also updated its capital spending forecast for the current fiscal year ending Jan. 31, 2012 to between $13.0 and $14.0 billion, which includes acquisition-related expenditures. Walmart expects to hold capital spending for next fiscal year within the same range. The co forecasted FY13 sales growth between 5-7% vs. the +4.7% consensus. Walmart will leverage operating expenses for the current fiscal year and will reduce operating expenses as a percentage of sales by more than 100 bps over the next five years.

4:11PM Frisch's Restaurants has engaged Brookwood Associates to assist in evaluation of strategic alternatives for its Golden Corral business segment (FRS) 19.69 +0.39 : The Company anticipates it will make no further announcements regarding this strategic review unless there are material developments.

4:08PM Canadian Natl Rail announces results and settlement of Tender Offer and Consent Solicitation for 6.375% Notes due 2011 (CNI) 72.74 : Co announced that holders of 76% of its 6.375% Notes due 2011 have tendered their notes pursuant to the tender offer and consent solicitation commenced by its wholly-owned subsidiary, CNLX Canada Inc., on Sept. 13, 2011. Also today, CNLX Canada Inc. has accepted and paid for the tendered notes. Notes not tendered and purchased pursuant to the tender offer will remain outstanding until paid by CN on the stated maturity date of Oct. 15, 2011.

4:07PM The Hanover Insurance Grp currently estimates the impact of unusually severe weather-related activity in the qtr on its commercial and personal lines segments to be in the range of $110 to $115 mln before taxes, or $1.57 to $1.65 after tax per share (THG) 36.23 +0.44 : Co announced the estimated impact of weather-related activity on its 2011 third quarter results. The Hanover currently estimates the impact of unusually severe weather-related activity in the quarter on its commercial and personal lines segments to be in the range of $110 to $115 million before taxes, or $1.57 to $1.65 after tax per share. Included in this estimate were losses from domestic catastrophe events in the range of $85 to $90 million. The largest event, Hurricane Irene, is expected to be $55 to $60 million before taxes, for the commercial and personal lines segments. The quarter was also impacted by other weather-related losses, which were significant in the aggregate, but not classified as catastrophes. Taking into account the weather-related claim activity, increased loss reserves in surety business driven by weak economic conditions, as well as other currently available information, The Hanover expects a third quarter segment loss after tax per share for all segments, including Chaucer, to be in the range of $0.37 to $0.47.

4:06PM Senior Housing announces proposed public offering of 6,000,000 common shares (SNH) 21.51 -0.13 : Co expects to use the proceeds of this offering to repay amounts outstanding under its revolving credit facility and for general business purposes, including funding acquisitions.

4:06PM Regis Mails letter to shareholders - believes Starboard statements are false or misleading (RGS) 16.06 +0.09 : The letter states: "Your vote is important, no matter how many, or how few, shares you own. We ask you to support our vision for the future of Regis by voting your shares today FOR Regis' director nominees.... You may have received materials from Starboard Value and Opportunity Master Fund... proposing to replace three of the directors nominated by the Company. We believe that many of the statements Starboard has made in support of its nominees are false or misleading, that Starboard's strategic and operating recommendations for Regis are flawed and that Starboard seeks disproportionate representation on Regis' Board without a critically-needed understanding of our business or our plan to create shareholder value..."

4:05PM ScanSource announces expanded credit facility (SCSC) 35.15 +0.76 : Co announced that it has entered into a five-year, $300 mln multicurrency senior secured revolving credit facility effective October 11, 2011. The credit facility revises and refinances the Co's $250 mln revolving credit facility and replaces the Co's $25 million note payable that were both scheduled to mature on September 28, 2012.

4:03PM Air Methods selected as preferred provider of air medical transport to Community Health Systems hospital affiliates (AIRM) 69.57 +1.72 : Co has entered into a preferred provider agreement with Community Health Systems (CYH) Professional Services Corporation to provide air medical transport services to CHS-affiliated hospitals. Operations are expected to start in the fourth quarter 2011. As part of the PPA, Air Methods and CHS will jointly develop air medical transport request protocols for transports originating at CHS-affiliated facilities. Air Methods will establish a centralized national call center in Tennessee to receive and facilitate air medical transport requests from CHS-affiliated hospitals.

4:03PM MetLife to explore sale of bank's forward mortgage business (MET) 31.73 +1.15 : Co announced that it will now also explore a sale of the Bank's forward mortgage business. Doing so would divert these resources away from MetLife's primary focus on its global insurance and employee benefits businesses. As previously noted, exiting the depository business and deregistering as a bank holding company also will enable MetLife to operate within the same regulatory framework as other insurance companies.

4:02PM DigitalGlobe enters into new $600 mln credit facility (DGI) 21.36 +0.66 : Co announced that it has entered into a senior secured credit agreement that provides for a $500 mln term loan facility and a $100 mln revolving credit facility. The company has borrowed the full amount of the term loan facility to fund its previously announced cash tender offer to purchase any and all of its outstanding 10.5% Senior Secured Notes due 2014 and related consent solicitation.

4:01PM American Intl entered into two new Bank Credit Facilities totaling $4.5 bln, including a 4-Year $3 bln Bank Credit Facility and a 364-Day $1.5 bln Bank Credit Facility (AIG) 23.76 +1.39 : Co entered into two new Bank Credit Facilities totaling $4.5 bln, including a 4-Year $3 bln Bank Credit Facility and a 364-Day $1.5 bln Bank Credit Facility. The new facilities replace the existing $3.182 bln AIG facilities and the $1.3 bln 364-Day Letter of Credit facility for Chartis, each announced in December 2010. The new 4-Year facility includes a $1.5 bln Letter of Credit sub-limit for AIG subsidiaries, including Chartis, to obtain Letters of Credit.

3:52PM ORIX Corporation has closed on nearly $30 million in equity and debt financing (IX) 42.32 +0.96 : The financing will help support additional acquisitions and continued organic growth.

3:50PM Crude testing lows, in electronic trade, at $84.52 (COMDX) :  

3:49PM Stock indices extending final hour slip -- Dow +102, S&P +12, Nasdaq Comp +21 (SPY) :  

3:46PM Eldorado Gold announces new cedit facility with $280 mln revolver (EGO) 17.62 +0.14 : The credit facility matures on October 12, 2015 and is intended to be used for growth opportunities and for general corporate purposes.

3:46PM Earnings Calendar (SUMRX) : Today after the close UFPI is scheduled to report.

Tomorrow before the open look for the following companies to report:

• CMN, CBSH, FCS, FAST, JPM, LNN, MTOX, SWY, and WGO.

3:06PM Additional afternoon slippage for stock indices -- Dow +150 has pulled back 60 points, S&P +16, Nasdaq Comp +27 (SPY) : Relative sector weakness on this move has been noted in Energy Commodity (XLE, OIH, SLX, SLV, KOL, JJC, XLB).

3:02PM DXP Enterprises announces the acquisition of Kenneth Crosby; financial details not disclosed; expected to be accretive to earnings (DXPE) 20.91 +0.72 :  

2:51PM Limited slip off afternoon/session highs for stock indices -- Dow +191 dipped 30 points, S&P +21, Nasdaq Comp +34 (SPY) :  

2:39PM NYMEX Energy Closing Prices (COMDX) : Crude oil ended off 24 cents at $85.87, natural gas shed 13 cents to finish at $3.49, heating oil rallied for 3.63 cents to close at $2.94, while RBOB gasoline settled higher by 5.4 cents at $2.753 (all Nov contracts).

2:39PM Electro-Sensors announces sale of AutoData System Division; financial terms not disclosed (ELSE) 3.81 -0.01 : Co announced it has sold its AutoData Systems Division to Auto Data Inc. Presently, the AutoData Systems business develops and distributes desktop software for designing scannable forms, such as customer satisfaction surveys and automated data collection using scanners for forms processing. Electro-Sensors, Inc. will receive a 3% revenue earnout from AutoData Inc. for a period of 5 years.

2:27PM CBOT Agriculture, Ethanol and Sugar Closing Prices; wheat falls 5% following this morning's USDA report (COMDX) : Corn settled lower by 2 cents to $6.43, wheat fell 33 cents or -5.0% to end at $6.28, soybeans were 4 cents higher at $12.40, ethanol rose 1 cent to close at $2.55, while sugar fell 0.31% to $0.26.

2:21PM Seven Arts Pictures announces sale of unregistered 250,000 shares of its common stock to Fletcher Asset Management at $1.00/share (SAPX) 0.36 -0.01 : Co announced that on October 5, 2011, BRG Investments acquired 250,000 newly issued shares of Seven Arts common stock at a price of $1.00/share. During the next six months, BRG may purchase an additional 250,000 shares of Seven Arts common stock at the volume weighted average price, but no less than $1.00 or more than $1.50. Seven Arts intends to use the proceeds of this transaction to partially fund its next motion picture production in Louisiana entitled Schism, written and to be directed by Adam Gierasch, the director of Autopsy and Night of the Demons, two recent releases by Seven Arts. Seven Arts and BRG also entered into a mutually acceptable settlement of their dispute relating to their previous investment agreement.

2:17PM Dow +179 and S&P +22 edge to minor new highs, Nasdaq Comp +39 came close but has not yet confirmed (SPY) :  

1:44PM S&P +21 tests the Aug-Oct trade range close high and the Mid-Sep reaction high at 1218.89/1220.39 -- session high 1218.07 (SPY) :  

1:38PM American Express pushes back near its 200 sma and session high at 47.23/47.29 (AXP) 47.23 +1.47 :  

1:31PM COMEX Metals Closing Prices (COMDX) : Gold futures rallied for $21.60 to close at $1682.60, silver gained 79 cents to end at $32.79, while copper rallied for 10 cents to finish at $3.391 (all Dec contracts).

1:12PM Taseko Mines reports unaudited third quarter sales and production results for the Gibraltar Mine which produced 21.3 mln pounds of copper and 324K pounds of molybdenum (TGB) 3.13 +0.12 : Co's 75% share of Gibraltar's copper sales were 21.8 mln pounds on a payable basis. The Company's share of molybdenum sales for the third quarter was 239.5 thousand pounds. Co stated "We are on schedule and on budget for the December 2012 project completion and have placed orders for 50% of the $235 mln construction component of GDP3."

1:11PM Starbucks confirms availability of Starbucks VIA Ready Brew in House Blend and Breakfast Blend at select grocery stores across the U.S. (SBUX) 41.88 +0.55 :  

1:08PM Nasdaq Comp +42 joins Dow +169 and S&P +21 at fractional new session highs (QQQ) : 
12:57PM Deere vacillating slightly under morning peak and 50 sma/ema at 72.76/72.98 -- session high 72.93 (DE) 72.58 +0.90 :  

12:54PM S&P +18 and Dow +149 edge to minor new session highs, Nasdaq Comp +38 slightly under its peak (SPY) : Relative sector strength on the recent extension has been noted in Finance XLF, Bank KBE, Reg Bank KRE, REITs IYR, Gold Miners GDX, Silver SLV.

12:47PM City National confirmed earlier that it is not imposing monthly debit card charges upon its clients (CYN) 41.60 +0.44 :  

12:45PM Kimber Resources announces that 'positive' 2011 exploration results underpin Kimber plans to update mineral resource estimate for Carmen deposit (KBX) 1.41 +0.02 : Co announces plans to update the mineral resource estimate for the Carmen gold-silver deposit at its Monterde Project, Mexico, based on positive 2011 drilling that has included many new high-grade intercepts below the current mineral resource. On the advice of its independent consultants, Kimber's management and Board have determined that these drilling results are essential components of any economic study that will be used for development and production planning and need to be incorporated into mineral resource estimates and economic studies.

12:38PM Genesis Energy, L.P. and Genesis Energy Finance have commenced exchange offer of up to $250 million 77/8% Senior Notes due 2018 (GEL) 24.68 +0.30 :  

12:34PM Meredith to acquire Every Day with Rachael Ray; financial terms not disclosed (MDP) 24.41 +0.11 : The transaction is expected to close later this fall. The acquisition will include the magazine that's published 10 times annually and reaches an audience of 7.3 mln with a ratebase of 1.7 million.

11:57AM Jarden subsidiary and Green Mountain Coffee Roasters (GMCR) announce agreement for expanded line of single-cup coffeemakers utilizing Keurig-Brewed technology (JAH) 31.52 +0.93 : Jarden Consumer Solutions, a wholly owned subsidiary of JAH, and Keurig, Incorporated, a wholly owned subsidiary of Green Mountain Coffee Roasters. GMCR announced an agreement to expand the line of Mr. Coffee single-cup coffeemakers. This expanded offering will feature Keurig's branded, patented single-cup brewing technology for use with the more than 200 varieties of gourmet coffees, teas and hot cocoa packaged in Keurig's single-serve K-Cup portion packs. The Mr. Coffee single-cup coffeemakers will now include brewers that feature reservoirs to quickly brew multiple cups of coffee. This is an addition to the existing single-cup offering of Mr. Coffee coffeemakers featuring Keurig's patented single-cup brewing technology.

11:49AM Priceline.com flirts with 50 sma for third time (PCLN) 501.22 +7.96 : A gap higher start and extension saw PCLN test its 50 sma at 502. It quickly pulled back to 490 and then retested at 11:05. A slip to just 497 was followed by another test of the 50 sma at 11:40.

11:31AM Motorola Mobility and Verizon (VZ) announce plan to collaborate on connected home services (MMI) 38.05 +0.04 : Verizon announced its Home Monitoring and Control service that leverages Motorola's 4Home technology. Motorola's 4Home software platform is embedded into the gateway included in each Verizon service kit.

11:30AM Time Warner announces proposed debt offering (TWX) 32.96 +0.52 : Co has commenced an underwritten public offering of $1.0 billion of debt securities split between senior notes due January 2022 and senior debentures due October 2041. The net proceeds from the issuance of the notes and debentures will be used for general corporate purposes, which may include stock repurchases.

11:13AM Relative sector strength (TECHX) : Noted relative strength in Solar (TAN) in a recent update, also seeing some intraday relative strength in Casino BJK, Energy XLE, Oil Service OIH, Coal KOL, Retail XRT, REITs IYR.

11:09AM Relative strength in Solar in recent trade -- TAN, SOL, TSL, YGE, CSIQ, JASO, JKS, LDK (TECHX) :  

11:07AM Semiconductor Hldrs ETF firmer for seventh session in a row, slips back slightly off high (SMH) 29.82 +0.40 : The SMH is up for the seventh session in a row for a gain of as much as 15.9% from intraday low to high. A second level resistance from The Technical Take was tested this morning at 30.00/30.10 (session high 30.05) with some minor slippage noted over the last half hour. Watching intraday support at 29.70/29.60 for a short term read on the health of the surge.

10:58AM Major averages stall near second level resistances -- Dow +93, S&P +14, Nasdaq Comp +30 (SPY) : Solid follow through for the market this morning with the three major averages recently testing second level resistance from The Technical Take at 2622/2630 Nasdaq Comp (session high 2624), 1213/1214 S&P (session high 1214), 11555/11560 Dow (session high 11552). The slip off the highs has remained very limited thus far.

10:52AM Crude oil drops into negative territory, giving back modest gains; now off 11 cents at $85.70 (COMDX) :  

10:48AM Spire has been selected by Sonali Energees of India to provide a 25 MW PV module turn-key assembly line (SPIR) 1.45 -0.05 :  

10:46AM iShares FTSE/Xinhua China extends gap higher start (FXI) 34.74 +1.34 : The FXI surge off its early month low has reached 34.82 this morning for a 21.7% gain.  This advance leaves it just modestly under its Aug low/breakdown point at 35.02.  Note that its declining 50 ema/sma are not far above at 35.36/35.45.

10:38AM Target vacillating near its Sep/previous eight month high of 53.39 (TGT) 53.40 +0.33 :  

10:33AM Fiserv has signed more than 30 new credit union clients for its Source Capture Solutions within the last ten months (FISV) 55.83 +0.86 :  

10:28AM iShares DJ Real Estate lagged Tuesday, providing upside leadership this morning, tests 20 ema/Monday's high 51.89/51.95 -- session high 51.90 (IYR) 51.86 +0.87 : PEI +3%, AIV +2.8%, KIM +2.6%, GGP +2.3%, MAC +2.2%, CPT +2.1%, SPG +2%, VNO +1.7%, PSA +1.7%, BXP +1.4%, EQR +1.4%, PLD +1.4%.

10:24AM S&P +15 nears second level resistance area (SPY) : Highlighted second level resistance for the S&P in The Technical Take at 1213/1214.  The recent new high has neared this area and paused (session high 1212.39).

10:20AM Financial Select Sector SPDR sets new high, probes its 50 ema (XLF) 12.71 +0.28 : Noted relative strength earlier with the new session high of 12.73 leaving it back at its 50 ema at 12.74.  The last time the XLF was above its 50 ema was two limited and short lived moves above in July -- C, BAC, JPM, GS, USB, MS, AXP, WFC, BK.

10:13AM Minor new highs for stock indices -- Dow +100, S&P +13, Nasdaq Comp +31 (SPY) : Relative sector strength in recent trade has been noted in: Finance XLF, Reg Bank KRE, Coal KOL, Steel SLX, Airline/Rail/Transports FAA/IYT, Industrial XLI.

10:01AM Ashford Hospitality announces pricing of $30 million of 9.00% Series E preferred stock at $23.47/share (AHT) 7.46 +0.01 : The shares were priced at $23.47 per share including accrued dividends equating to a yield of 9.59%. Ashford intends to use the net proceeds from this offering for general corporate purposes, including, without limitation, repayment of debt or other maturing obligations, financing future hotel-related investments, capital expenditures and working capital. Net proceeds may also be used for repurchasing shares of common stock under Ashford's repurchase program.

9:45AM Stock indices extending opening gains -- Dow +78, S&P +11, Nasdaq Comp +28 (SPY) :  

9:44AM Cisco Systems hovering near Monday's high at 17.14, its 200 ema/sma are just above at 17.20 (CSCO) 17.13 +0.14 :  

9:38AM HMS Holdings: AmeriHealth Mercy awards payment integrity services contract to HMS (HMSY) 25.47 +0.18 : Co announced that it had been awarded a "Medicaid Recovery Audit Contractor-like" contract by the AmeriHealth Mercy Family of Companies. The contract runs for three years, with the option to extend for additional one-year periods upon mutual agreement.

9:33AM Hyatt Hotels announced earlier agreements for three hotels in Shanghai (H) 32.18 +0.25 : Co also announced that Hyatt affiliates signed management agreements for eight additional full service hotels in China, bringing the total of announced Hyatt-branded hotels under development in China to 32.

9:31AM China Valves Tech schedules delivery of one 1200 mm 24-way rotary valve worth several million dollars (CVVT) 2.20 -0.10 : Co announced that it has successfully conducted system tests for the RV III-1200 24-way rotary valve, which is newly developed by the Company's subsidiary Shanghai Pudong Hanwei Valve. The valve is ready for dispatch next week.

9:30AM Shuffle Master and Chartwell Technology announce expanded license agreement (SHFL) 9.51 : Under the amendment Chartwell has secured rights to offer Shuffle Master's Three Card Poker game to legal regulated online operators in the British Isles, including the United Kingdom, the Republic of Ireland, the Isle of Man, and the Channel Islands, which together comprise one of the world's largest online gaming markets.

9:21AM On The Wires (WIRES) :

• ZBB Energy (ZBB) announced a contract from a major commercial end user to provide an energy system for use in grid interactive applications utilizing the ZBB EnerSystem integrated power management and energy storage platform.
• Orbit International (ORBT) announced that its Electronics Group has received a follow-on award released against a multi-year Indefinite Delivery/Indefinite Quantity agreement from a U.S. Navy Procurement Agency valued in excess of $600K for its MK 437 Gun Mount Control Panels.
• Affymetrix (AFFX) announced at launch of the Axiom Genome-Wide Pan-African Array, the first commercial product to maximize genomic coverage of both common and rare alleles in populations of African ancestry, including West African, East African, and African American.
• Ocean Rig UDW (ORIG) announced that it has entered into drilling contracts for three additional wells offshore West Africa, with two independent oil operators based in the UK and the USA respectively, for the semi-submersible rig Eirik Raude.
• SciQuest (SQI) announced that ROi selected the SciQuest eProcurement solution to provide an intuitive and comprehensive eCatalog/eMarketplace for ROi's contract portfolio.
• TSYS (TSS) announced it has signed a licensing agreement with Imperial Bank, Kenya, for PRIME 4, the latest version of its card and merchant management solution.
• Columbia Sportswear (COLM) announces the expansion of its global digital marketing footprint with the recent launch of new Columbia and SOREL-branded e-commerce sites in Canada and eight European countries.
• Tyler Technologies (TYL) announced that Kansas has completed its statewide implementation of Tyler's Orion appraisal solution.

9:16AM Neuralstem receives notice of patent allowance for spinal cord delivery platform (CUR) 1.28 : Co announced that it has received a notice of allowance from the U.S. Patent and Trademark Office for patent application 12/418,170 pertaining to a "Spinal Platform and Method for Delivering a Therapeutic Agent to a Spinal Cord Target."

9:15AM Mosaic to redeem 7-5/8% senior notes due December 2016 (MOS) 55.76 : Co announced that it plans to redeem the remaining $469 mln aggregate principal amount of its 7-5/8% senior notes due December 2016 pursuant to the terms of the Indenture dated as of December 1, 2006 relating to the Notes. The redemption date is expected to be December 1, 2011. Calling the bonds is expected to eliminate annual interest expense of ~$36 mln, upon redemption of the Notes.

9:06AM Cooper Cos's CooperVision confirms it continues the voluntary recall of Avaira Toric Contact Lenses (COO) 72.15 : CooperVision is continuing to work with the FDA, distributors, customers, eye care practitioners and lens wearers to complete the recall initiated on August 19, 2011 on certain lots of Avaira Toric contact lenses. The recall was initiated because of the unintended presence of a residue on certain lots of Avaira Toric lenses, which may cause temporary hazy vision and discomfort.

9:06AM Alterra Capital initial loss estimate from Hurricane Irene and other catastrophe events that occurred during the 3Q11 is in the range of $20-30 mln, pretax and net of reinsurance and reinstatement premiums (ALTE) 19.79 : Co announced that its initial loss estimate from Hurricane Irene and other catastrophe events that occurred during the third quarter of 2011 is in the range of $20 million to $30 million, pretax and net of reinsurance and reinstatement premiums. Alterra believes that its estimated losses from first half 2011 global catastrophe events continue to be within previously announced ranges.

9:03AM Gap announced further expansion in Latin America (GPS) 17.58 : Co plans to open its first stores in South America in Chile this month as well as introduce Gap and Banana Republic stores to Panama and Colombia in 2012. Under Gap Inc.'s existing franchise agreement with Komax, the first Gap store in Chile will open in Santiago on October 14 in the Parque Arauco Mall. A second Gap store will open in the country in Concepcion at the Plaza Trebol Shopping Center in November. Gap Inc. has signed a new agreement with Superior Retail Inc. to bring Gap and Banana Republic to Panama. The company plans to open the first stores in Panama City, the country's capital, in January 2012. As part of the new agreement with Superior Retail Inc., the first Gap and Banana Republic stores in Colombia are expected to open in the capital city of Bogota in late 2012.

9:02AM Zale names Thomas Haubenstricker as CFO (ZLC) 2.81 : Mr. Haubenstricker joins Zale from Turnberry Advisors where he served as a Managing Director since January 2010.

9:02AM Silver Bull Resources increases the silver resource of the Shallow Silver Zone at the Sierra Mojada Project, Coahuila, Mexico. (SVBL) 0.63 : At the 15 g/t cutoff for silver, this updated resource estimate represents a 45% increase in the combined inferred and indicated silver ounces of the Shallow Silver Zone that were previously reported by Silver Bull in the NI43-101 Technical Report released in April 2011. It also represents a 174% increase in the number of silver ounces of the Shallow Silver Zone that now report in the indicated category.

9:02AM Microvision receives $3.5 mln order for its PicoP display engine (MVIS) 0.73 : Co received a $3.5 million follow-on order for its current-generation PicoP laser projection display engine from ESPlus.The order is scheduled for shipment during the fourth quarter of 2011.

9:01AM Accuride announces resignation of CFO; effective immediately (ACW) 5.88 : Co announced that James Woodward, Senior Vice President / Finance and CFO, has resigned his position to pursue other interests and opportunities. In order to ensure continuity, Accuride Vice President and Chief Accounting Officer Gregory Risch will serve as Interim CFO, effective immediately, while the company conducts a thorough internal and external evaluation process to secure a permanent replacement.

9:01AM BSD Medical reports published study demonstrates improved survival for pancreatic cancer patients treated using the BSD-2000 Hyperthermia System (BSDM) 2.79 : Co reported that study results demonstrate a survival benefit, without an increase in toxicity, from the addition of hyperthermia for the treatment of advanced pancreatic cancer patients. Maluta et al., University Hospital of Verona, Italy, reported that the pancreatic patients who were treated with hyperthermia combined with CRT had a median overall survival of 15 months, as compared to a median overall survival of 11 months for those treated with CRT alone. This increase in survival is impressive as the majority of the patients had extensive disease and a dire prognosis. The treatment was well tolerated with no increase in toxicity from the addition of hyperthermia. Even though the patients were not randomized, the treatment group and the control group were balanced in terms of patient and disease characteristics.

9:00AM Steiner Leisure announces entry into an agreement for the acquisition of the assets of Cortiva Group (STNR) 41.56 : Co entered into an agreement for the acquisition of the assets of Cortiva Group. Post-closing, Steiner, through its Schools division, would own and operate a total of 30 campuses in 14 states with an anticipated total population of approximately 5,200 students. This transaction, which is expected to be accretive to earnings post integration and neutral to slightly accretive to earnings in 2012, has a purchase price of $33.0 million in cash.

8:44AM Brightpoint announced earlier that its subsidiary, Brightpoint Netherlands has entered into a distribution agreement with Symbol Technologies a subsidiary of Motorola Solutions (MSI) (CELL) 10.55 : Under the terms of the agreement, Brightpoint will distribute Motorola Solutions' ES400 Enterprise Digital Assistant and associated accessories into Belgium, the Netherlands and Luxembourg operator and retail channels.

8:37AM Progressive misses by $0.04, reports revs in-line (PGR) 18.38 : Reports Q3 (Sep) earnings of $0.24 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.28; net premiums written rose 4.2% year/year to $3.87 bln vs the $3.89 bln consensus.

8:33AM Chesapeake Midstream Partners priced its 10 mln common unit offering at $26.65/unit (CHKM) 27.73 :  

8:32AM Quaterra partner Grande Portage continues to intercept high-grade gold at Herbert Glacier, Alaska (QMM) 0.80 : Co announces that high-grade gold intercepts continue to be received from the 2011 core drilling program by Grande Portage Resources, its partner and operator at the Herbert Glacier gold project located near Juneau, Alaska. Grande Portage reports that the new high-grade results were found in drill Hole 11I-4 was drilled at an azimuth of 207 degrees and an angle of -64 degrees to a total depth of 171.3 meters. holes 11I-4 and 11I-5 and contained sections with visible gold in quartz. Another intercept in hole 11I-4 (154.22-155.18 meters) of a silver-and-base-metal-rich zone with a true thickness of 1.73 meters contained 0.1 oz/ton  gold and 38.8 oz/ton  silver. This intercept also showed greater than three percent each of lead and zinc and strongly anomalous antimony and copper. The next hole in the sequence (hole 11I-5) had a true thickness intercept of 1.28 meters (111.13-113.23 meters) which returned a weighted assay of 1.09 oz/ton  gold.

8:32AM Swisher Hygiene acquires A.C.M. Services (SWSH) 4.20 : Total consideration paid for by Swisher Hygiene in connection with this acquisition includes $1,700,000 in cash, the assumption of certain liabilities, the issuance of 66,854 shares of Swisher Hygiene common stock and the issuance of a convertible promissory note which may be converted into a maximum of 337,500 shares of common stock subject to customary restrictions, including acceptance by the Toronto Stock Exchange.

8:32AM NewLead announced that it has recently received a second favorable arbitration award against TMT Bulk for $1,969,821.75 inclusive of interest and costs (NEWL) 0.65 : This is the second favorable arbitration award to NewLead. The total amount received to date, under both arbitration awards is $3,968,757.71. Furthermore, in early October 2011, the Company withdrew the second vessel chartered-out to TMT. The first vessel was withdrawn from TMT's service in late September 2011.

8:32AM China North East Petroleum announces dismissal of securities class actions (NEP) 2.09 : Co announced that the United States District Court for the Southern District of New York has dismissed the three consolidated securities class actions pending against NEP and certain of its current and former officers and directors. The Company understands that plaintiffs may appeal.

8:31AM PVH sees Q3 EPS at least at the high end of guidance; sees FY12 EPS towards high end of guidance (PVH) 64.04 : Co at Deutsche Bank Conf. sees Q3 EPS at least at the high end of $1.75-1.81 vs $1.81 Capital IQ Consensus Estimate; sees FY12 EPS towards high ed of $5.00-5.12 vs. $5.10 consensus.

8:30AM SatCon Tech announced that it signed a Master Service Agreement with Borrego Solar to provide 35 megawatts of industry leading utility-ready solar power solutions (SATC) 1.15 :  

8:25AM On The Wires (WIRES) :

• Education Holdings (NED) announced that it has received the final installment of RMB 30 mln, representing 30% of the total purchase price of RMB 100 mln, net of certain price adjustments pursuant to the acquisition agreement, for the sale of its Electronic Learning Products business and operating assets to First Win Technologies.
• Science Applications (SAI) announced it was awarded a prime contract by the Space and Naval Warfare Systems Center Atlantic to provide information assurance and cybersecurity services in support of its mission to provide U.S. tactical, strategic, and operations support. The contract has a one-year base period of performance, four one-year options, and a total value of more than $210 mln if all options are exercised.
• Aircraft Medical announced that it has signed an exclusive agreement with Covidien (COV). Covidien will market and distribute Aircraft's proprietary McGRATH MAC video laryngoscope in the United States, United Kingdom, Japan, Latin America, Australia and New Zealand.
• Complete Genomics (GNOM) introduced its new Cancer Sequencing Service, which addresses the challenges inherent in sequencing cancer genomes, such as tumor heterogeneity, normal contamination referring to the common mix of tumor and normal tissue within a tumor sample, and widespread copy number changes.
• Rexahn Pharmaceuticals (RNN) announced that the United States Patent & Trademark Office has issued U.S. Patent No. 8,034,829 to Rexahn, entitled "5, 6, or 7-Substituted-3-arylisoquinolinamine derivatives and therapeutic use thereof."
• Red Hat (RHT) announced its endorsement and support for the Advanced Message Queuing Protocol, an open, unencumbered integration protocol for business messaging.
• MedAssets (MDAS) announced that the MedAssets Bundled Payment Solution has been certified "PROMETHEUS Payment-ready" by the Health Care Incentives Improvement Institute.  
• NCR Corp (NCR) announced they will be working with PayPal (EBAY) and S1 Corporation (SONE) to enable real-time person-to-person payments from their bank's ATMs to almost anyone with a mobile phone or e-mail address.
• Telestone Technologies (TSTC) announced that it has completed the main structure of Phase I of the Telestone Intelligent Premises System Industrial Park project, located in Gu'an County, Hebei province.
• OSI Systems (OSIS) announced that OSI Electronics, a business within its Optoelectronics and Manufacturing division, has received orders for components valued at ~ $1.6 mln from a leading fuel cell technology provider that delivers energy solutions for material handling equipment, which is heavily utilized at high-throughput retail distribution centers and large manufacturing facilities.
• Level 3 Communications (LVLT) announced that it has posted a revised peering policy for Internet Protocol traffic exchanged within the United States to accommodate a rapidly changing Internet.
• Telestone Technologies (TSTC) announced that it has completed the main structure of Phase I of the Telestone Intelligent Premises System Industrial Park project, located in Gu'an County, Hebei province.
• Cisco (CSCO) and Citrix (CTXS) announced that they have entered into a strategic alliance to develop and deliver solutions that help customers simplify and accelerate large-scale desktop virtualization deployments.
• Roche (RHHBY) announced the U.S. launch of the latest addition to the company's real-time PCR portfolio of LightCycler instruments for use in research, the LightCycler Nano real-time PCR system.
• T3 Motion (TTTM) announced that the Kuwaiti Ministry of the Interior has placed additional orders bringing the total deployment in Kuwait to $448,000 for T3 Electric Stand-up Vehicles.

8:20AM Gold futures tick to fresh highs following open of pit trade; now up $30.10 to $1691.10 (COMDX) :  

8:16AM Graphic Packaging plans to institute a reduction in force and close its La Porte, Ind. carton facility; anticipates one-time costs of $6 to $8 mln in Q4 (GPK) 3.86 : Co announced plans to institute a reduction in force and close its La Porte, Ind. carton facility. The overall reduction will affect approximately 200-220 employees. The company anticipates one-time costs of $6 million to $8 million in the fourth quarter of 2011 and the first quarter of 2012 with annual savings of $20 million to $25 million. The company will transition business from the La Porte plant to a number of different existing operations in the U.S.

8:15AM J. C. Penney confirms it has acquired rights for Liz Claiborne (LIZ) family of brands as well as the U.S. and Puerto Rico rights for the Monet brand for $267.5 mln (JCP) 29.97 :  

8:07AM Compugen announces the Pulmonary Fibrosis Foundation to fund further therapeutic evaluation studies for Compugen-discovered drug candidate (CGEN) 4.16 : The co and the Pulmonary Fibrosis Foundation announced that the Pulmonary Fibrosis Foundation will provide a grant to scientists to independently evaluate the therapeutic potential of CGEN-25009 for the treatment of idiopathic pulmonary fibrosis. The experiments are designed to further establish the anti-fibrotic properties of CGEN-25009 in multiple animal models of fibrosis, to elucidate the mechanism of CGEN-25009's anti-fibrotic effects, and to prioritize potential biomarkers for the study of CGEN-25009 in patients with idiopathic pulmonary fibrosis... Co says that "although our primary business development efforts are directed towards our oncology and immunology Pipeline Program and 'discovery on demand' activities, we are now in various discussions for arrangements with other organizations to advance certain of these earlier discoveries, including a number of promising novel peptides, largely without the need for further Compugen financial resources, such as the collaboration being announced today."

8:05AM Xyratex announced that its Chairman, Andrew Sukawaty, will be retiring from his position on the Board of Directors on Dec 1; Jonathan Brooks will assume the position on this date (XRTX) 11.52 :  

8:05AM Minefinders reports Q3 Production and Sales Results; Co on track to meet its production guidance of 65,000-70,000 ounces of gold and 3.3-3.5 mln ounces of silver (MFN) 14.70 : Production in the third quarter was lower than planned due to a reduction in cyanide concentration going onto the leach pad and timing of placing ore under irrigation. As a result of the Company's primary supplier of cyanide declaring force majeure at the end of June 2011 it became necessary to conserve cyanide supplies. Cyanide concentrations going to the pad were reduced with the resultant slower recovery of gold and particularly silver. Supplies have now returned to normal levels as has the concentration level of cyanide being applied to the leach pad and the levels of gold and silver in solution.

8:05AM MEMC Elec's SunEdison secures $300 million project finance revolving credit facility from Deutsche Bank and Rabobank for the construction of solar PV projects in North America (WFR) 5.62 : Co secured a $300 mln three-year project finance revolving credit facility arranged by Deutsche Bank Securities and Rabobank. The credit facility will be used to support the construction costs of utility and rooftop solar projects throughout the United States and Canada and the capital is immediately available.

8:03AM Liz Claiborne to sell Liz Claiborne and Monet brands to J.C. Penney and Kensie brand to Bluestar Alliance; completed the sale of its Dana Buchman brand, for total cash proceeds of approx $328 mln (LIZ) 5.10 : Co announced that it has entered into definitive agreements to sell its Liz Claiborne, Monet and Kensie brands, and has completed the sale of its Dana Buchman brand, for total cash proceeds of approximately $328 mln, of which $308 mln represents sale proceeds. The Company has also agreed with Donna Karan International to an early termination of its DKNY Jeans and DKNY Active license. "Our previous 2011 adjusted EBITDA guidance range of $100 to $120 mln has been revised to a pro forma range of $80 to $90 mln. This pro forma approach revises 2011 and 2012 adjusted EBITDA guidance by eliminating full year profits and losses associated with recent portfolio changes. Our previous 2012 adjusted EBITDA guidance range of $180 to $220 mln has been revised to a range of $130 to $150 mln, which assumes that the Mexx joint venture transaction and the transactions associated with today's announcement close in the fourth quarter." The Company also is providing preliminary September 2011 direct to consumer comparable sales as follows: Juicy Couture -5%, Lucky Brand 24%; kate spade 114%; Mexx Europe 1%; Mexx Canada -1%. 

8:02AM Westport Innovations acquired Alternative Fuel Vehicle Sweden for ~$7.6 mln (WPRT) 28.77 :  

8:01AM Eli Lilly new study shows Cialis significantly improved study endpoints in men with both erectile dysfunction and signs and symptoms of benign prostatic hyperplasia (LLY) 37.71 : Co announced that a pivotal Phase III study of Cialis tablets 5 mg for once daily use met its co-primary endpoints, significantly improving measures of both erectile dysfunction and signs and symptoms of benign prostatic hyperplasia in men with both conditions. It is one of three efficacy and safety studies included in the supplemental new drug application Lilly submitted to the FDA last year seeking approval for Cialis in the treatment of the signs and symptoms of BPH and the treatment of both ED and the signs and symptoms of BPH.

7:59AM Eldorado Gold announces operational update (EGO) 17.48 : Iron ore sales in the quarter totalled 170,781 tonnes at a realized price of US$122/tonne. In the first quarter of production start-up Efemcukuru produced ~4,500 tonnes of concentrate containing ~14,000 oz of gold. Year end sales of iron ore are expected to total ~469,000 tonnes. At the Eastern Dragon project in Heilongjiang Province, China, construction of the processing facility is ~70% complete.

7:57AM Legg Mason reported preliminary assets under management of $612 billion as of September 30, 2011 (LM) 26.80 :  

7:35AM On The Wires (WIRES) :

• Rudolph Technologies (RTEC) announced it has received the first orders for its leading-edge defect inspection and latest generation thin film metrology tools capable of supporting integrated circuit manufacturing on 450 mm silicon wafers.
• AECOM Technology (ACM) announced that it has been awarded two contracts worth a total value of $14.1 mln from the Ethiopian Electric Power Corporation.
• Raytheon Company (RTN) announced that its Cyber Operations Training has been added to the company's General Services Administration Schedule 70 contract.
• Citigroup (C) announced the launch of CitiDirect BE Mobile. Co also announced that its Global Transaction Services business has expanded its Commercial Card business into five new markets in the Europe, Middle East and Africa region including Bulgaria, Egypt, Pakistan, Kenya, and Nigeria.
• Illumina (ILMN) announced the availability of novel human exome content for three new microarrays, the Infinium HumanExome, OmniExpressExome, and HumanOmni5Exome BeadChips.
• Life Technologies (LIFE) announced the Applied Biosystems QuantStudio 12K Flex Real-Time PCR system, a genetic analysis instrument that enables interrogation of hundreds of target genes over thousands of samples in a single run.

7:31AM SunOpta announces appointment of Robert McKeracher as Vice President and CFO; effective immediately (STKL) 5.25 : Prior to joining SunOpta, McKeracher was Manager of Business Planning and Treasury for Magna Entertainment where he was responsible for consolidating banking relationships and enhancing cash management controls across operations in the U.S.

7:30AM Perma-Fix Enviro announces authorization to repurchase up to $3 mln of common stock (PESI) 1.18 :  

7:09AM WNS announced $50 mln ordinary share shelf registration; also announces up to ~21.3 mln ordinary shares/ADSs by selling shareholders (WNS) 12.01 : "The shelf will provide us the flexibility to sell shares as and when required to achieve our strategic objectives and fund our growth plans including capital expenditures, acquisitions and other investments in the business"

7:07AM PepsiCo beats by $0.02, beats on revs; reaffirms high single digit FY11 core EPS growth, reduces FX tailwind by 100 bps (PEP) 60.95 : Reports Q3 (Sep) earnings of $1.31 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $1.29; revenues rose 13.3% year/year to $17.58 bln vs the $17.15 bln consensus, reflecting the benefits of volume growth, effective net pricing and favorable foreign exchange. Reported net revenue grew 33 percent in emerging markets. Excluding the WBD acquisition, net revenue grew 9% worldwide and 18% in emerging markets. Worldwide snacks volume increased 8% reflecting broad-based gains in the snacks portfolio and the impact of the WBD acquisition. Excluding the impact of the WBD acquisition, snacks volume grew 3%. Worldwide beverage volume increased 4%, including a 3-percentage-point impact from the WBD acquisition. Volume performance was led by growth in emerging markets, where organic volume increased 8% in snacks and 3% in beverages.  PEP reaffirms its target for high-single-digit EPS growth (consensus +6.9%) on a core, 52-week basis, including an estimated foreign exchange translation benefit of ~1 percentage point (down from 2 % pts), from its fiscal 2010 core EPS of $4.13.

7:05AM NASDAQ announced a share repurchase program of up to $300 mln (NDAQ) 25.07 : Further demonstrating its commitment to paying down existing debt during the fourth quarter of 2011, NASDAQ OMX intends to make a $109 million incremental debt prepayment in addition to the $11 million mandatory quarterly payment. Debt payments are expected to total approximately $120 million in the quarter.

7:02AM SciClone Pharma announces preliminary settlement of stockholder derivative litigation (SCLN) 4.04 : Co announced that the California Superior Court for the County of San Mateo has consolidated the derivative lawsuits pending against certain of its current and former directors and officers and against SciClone Pharmaceuticals as a nominal defendant, and that the court has granted preliminary approval of a settlement reached by the parties. The settlement is subject to final approval by the Court and a settlement hearing is currently scheduled for December 6, 2011. SciClone has agreed that if the proposed settlement terms are approved, it will adopt certain corporate governance measures, to be in effect for at least three years, and has agreed to the payment of $2.5 mln in attorney's fees to counsel for the plaintiffs.

7:02AM United Therapeutics prices private offering of convertible senior notes and announces concurrent exercise of overallotment option (UTHR) 39.74 : Co announced the pricing of its previously announced offering of $210 mln aggregate principal amount of 1.0% convertible senior notes due 2016 to qualified institutional buyers. In addition, the co announced that the initial purchaser has exercised in full its option to purchase up to an additional $40 mln in aggregate principal amount of notes to cover overallotments, resulting in a total offering size of $250 mln aggregate principal amount of notes. The coupon on the notes will be 1.0% per year from the date of issuance, payable semi-annually in arrears. The Company will deliver cash and, in some circumstances, shares of its common stock to satisfy conversions of the notes. The initial conversion rate for the notes will be approximately 21 shares of the co's common stock per $1,000 principal amount of notes, which corresponds to the initial conversion price of $47.69 per share of common stock and represents a 20% conversion premium over the last reported sale price of the Company's common stock on October 11, 2011, which was $39.74 per share.

7:02AM Forbes Energy Services total rig hours for 45,995 for Sep 2011 up from 33,339 in Sep of 2010 (FES) 5.25 :  

7:01AM Gran Tierra Energy initiates exploration drilling operations in Brazil and Colombia (GTE) 5.19 : Co announced that it has initiated exploration drilling operations on two oil prospects in Brazil and exploration drilling operations on one oil prospect in Colombia. Delineation and development drilling is ongoing in Colombia, with additional oil column identified in the Moqueta-6 delineation well.

7:01AM Genesis Energy, L.P. increases quarterly distribution by $0.0125 to $0.4275/share (GEL) 24.38 :  

6:32AM S&P Indices announced change to U.S. Index (INDXCH) : TE Connectivity (TEL) will replace Cephalon Inc. (CEPH) in the S&P 500 index after the close of trading on October 14. Cephalon is being acquired by Teva Pharmaceutical Industries (TEVA) in a deal expected to be completed on or about that date pending final approvals.

6:28AM On The Wires (WIRES) :

• Accelrys (ACCL) announced a strategic collaboration with The Edge Software Consultancy to offer new assay, study management and analysis software solutions that improve R&D efficiency and productivity for biopharmaceutical organizations.
• Pandora (P) announced that Cadillac is the latest one of the co's twelve automotive partners.
• Western Digital Corp. (WDC) announced that production of hard drives in its facilities close to Bangkok, Thailand, will be constrained in the current quarter due to the severe flooding in Thailand. The flooding is causing problems with the region's infrastructure, including transportation and utilities, and has resulted in the inundation of some supplier facilities and employee homes.
• Freescale Semiconductor (FSL) announced the first of several powerful multicore automotive MCUs that help make it easier for automotive designers to improve engine efficiency and reduce exhaust pollution.
• BNP Paribas Cash Management and Bottomline Technologies (EPAY) announced a partnership that will deliver proven cash management services, SWIFT connectivity and value added services to corporates in the United Kingdom and Ireland.
• Canadian Solar (CSIQ) launched its Intelligrated Power module series.

6:17AM RRSAT Global's CFO David Aber, will be resigning to pursue other opportunities, David Aber; effective December 1st, 2011 (RRST) 5.37 :  

4:23AM Teekay LNG Partners and Marubeni joint venture agrees to acquire ownership of eight LNG carriers from A.P. Moller-Maersk for an aggregate purchase price of ~$1.4 bln (TGP) 33.14 : Co announces that its joint venture with Marubeni has agreed to acquire ownership interests in eight liquefied natural gas carriers from Denmark-based global conglomerate, A.P. Moller-Maersk, for an aggregate purchase price of ~$1.402 bln. The transaction includes the acquisition by the Joint Venture of 100% ownership interests in six LNG carriers and 26% ownership interests in two additional LNG carriers. The transaction expected to be accretive to co's distributable cash flow per unit. Financing for the transaction was secured through new loan facilities and a portion of co's existing liquidity.

3:04AM On The Wires (WIRES) :

• Grainger (GWW) announced it has divested its 49 percent stake in MRO Korea to affiliates of its former partner, SK Networks, for $12 mln, resulting in a net gain of ~$5 mln. SK Group intends to transform the MRO Korea business model into a social enterprise, focused on job creation for the underprivileged.
• Honda Manufacturing of Indiana (HMC) marked the start of mass production of the all-new 2012 Civic Natural Gas as it moves to increase production of the alternative-fuel Civic to support an expanding network of certified Civic Natural Gas dealers across the U.S. Engines for the Civic Natural Gas will continue to be supplied by Honda's engine plant in Anna, Ohio.
• Echologics, a part of Mueller Water Products (MWA), secured a 3-year master services agreement with United Water.
• Equity LifeStyle Properties (ELS) entered into purchase and other agreements to acquire a portfolio of 75 manufactured home communities and one RV resort located in 16 states for a stated purchase price of $1.43 bln.
• IDT (IDT) announced that the NYSE will list Genie Energy, Class B common stock with the ticker symbol 'GNE' following the tax-free spin-off of Genie to IDT shareholders.
• Microsemi (MSCC) announced one of its subcontracted manufacturing facilities located in the Rojana Industrial Park in Ayutthaya, Thailand, has suspended operations due to damage sustained from the region's recent flooding. The industrial park is without power and officials have ordered an evacuation of the area.
• Pampa Energia (PAM) announced that the Board of its subsidiary has accepted an offer from co to acquire, subject to certain condition precedent, shares representing 78.44% of the share capital and voting rights of a company with investment purposes, which will hold 99.99% of the share capital and voting rights of EMDERSA Generacion Salta.

2:19AM ASML Holding beats by EUR0.06, beats on revs; guides Q4 revs in-line; guides FY11 revs in-line; Q3 bookings above guidance (ASML) 36.17 : Reports Q3 (Sep) earnings of EUR0.84 per share, EUR0.06 better than the Capital IQ Consensus Estimate of EUR0.78; revenues rose 24.0% year/year to EUR1.46 bln vs the EUR1.4 bln consensus. Co issues in-line guidance for Q4, sees Q4 revs of above EUR1.1 bln vs. EUR1.14 bln Capital IQ Consensus Estimate. Co issues in-line guidance for FY11, sees FY11 revs of EUR5.5 bln vs. EUR5.54 bln Capital IQ Consensus Estimate. Additionally, co reports Q3 bookings (excluding EUV) came in just above guidance at EUR514 mln. Co sees Q4 bookings expected at a level above Q3. Aslo sees sales (excluding EUV) to have a gross margin in Q4 2011 of about 42% (about 41% for sales including EUV). R&D costs for Q4 are expected at EUR150 mln to support our strategic investments. SG&A costs are expected at EUR56 mln.

2:09AM Gramercy Capital files 2011 first and second quarterly reports with the SEC; returns to current financial reporting (GKK) 3.16 :  

2:08AM GLG Life Tech responds to allegations (GLGL) 1.40 : Co announces it has become aware of certain allegations made against it in an article dated October 7, 2011 published on the GeoInvest. Generally, the allegations claim that the co's 2011 financial statements may have been misrepresented and that the co failed to provide adequate disclosure surrounding its operational activities. While the co does not typically respond to rumors or allegations raised in the market, the co believes it is appropriate to respond to these allegations. The co unequivocally denies that the co's previously filed financial statements were misrepresented and believes it has properly and accurately disclosed the nature of its business and operations. The article contains a number of allegations regarding specific operational matters that the co believes are either wholly inaccurate or misleading.

2:06AM Lake Share Gold reports higher commercial production from Timmins Mine in Q3; maintains target production range for 2011 (LSG) 1.49 : Co reports higher commercial production from the Company's 100% owned Timmins Mine in the third quarter of 2011 compared to the first two quarters of the year. Details include: Total gold produced for third quarter 2011 of 18,833 ounces, including growth in commercial production at Timmins Mine of 9% and 24% from the first and second quarters of 2011, respectively. Gold poured during the third quarter of 16,693 ounces. Nine-month gold production of 58,775 ounces, with total gold poured ytd of 60,016 ounces. Gold sold in third quarter totaled 16,570 ounces at an average price of $1,726 per ounce, while nine month gold sales were 69,635 ounces at an average price of $1,501 per ounce.

2:01AM ADTRAN reports EPS in-line, beats on revs; authorizes 5 mln share additional buy back (ADTN) 30.12 : Reports Q3 (Sep) earnings of $0.56 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.56; revenues rose 17.9% year/year to $192.2 mln vs the $189 mln consensus. The co also announced that its Board has authorized the repurchase of an additional 5 mln shares of common stock to commence upon completion of the repurchase plan announced April 14, 2008.

1:56AM IAMGOLD reports quarter-over-quarter 18.1% increase in gold production from continuing operations (IAG) 19.77 : Co reports the following for the third quarter of 2011: gold production of 222,000 ounces from continuing operations and represents: an increase of 18.1% from the 188,000 ounces produced in the second quarter of 2011; a 13.8% increase from the 195,000 ounces produced in the third quarter of 2010, when Essakane was in the early stages of its production ramp-up; and niobium production of 1.2 mln kilograms as compared with 1.1 mln kilograms produced in the second quarter of 2011 and the third quarter of 2010. Co expects 2011 attributable gold production from continuing operations to be within our guidance range of 870,000-930,000 ounces.

1:54AM Heidrick & Struggles announces restructuring charge of ~$18 mln during Q4related to strategic initiatiatives (HSII) 17.07 : Co announces strategic initiatives and management changes designed to strengthen the co and better position it for long-term success. The company expects to realize ~$20-25 million in annualized savings from the strategic initiatives. The co expects to record a one-time pre-tax restructuring charge of ~$18 mln during the 2011 fourth quarter related to its strategic initiatives. The charge primarily relates to employee termination costs, the majority of which will be paid in the fourth quarter, but a portion of the charge relates to the closing of several of its smaller offices. The co expects to partially offset the restructuring charge with savings that will be realized during Q4.

1:50AM AMAG Pharma: MSMB Capital announces that ISS recommends that AMAG shareholders vote against the Allos (ALTH) Transaction (AMAG) 13.24 : MSMB Capital Management announced today that it was pleased to learn that ISS Proxy Advisory Services recommends that its clients holding AMAG vote AGAINST the proposed acquisition of Allos Therapeutic. In its October 8, 2011 report, ISS stated: "The AMAG board has effectively proposed that its shareholders accept 39% dilution in exchange for an asset that, based on the company's own stand-alone financial projections, would not achieve breakeven adjusted EBIT through at least 2027...The $2.44 implied offer value of AMAG shares is substantially higher than the upper end of range, suggesting Allos shareholders are getting an excellent price - and AMAG shareholders may be overpaying...As the strongly negative market reaction, the 13D filings from large shareholders, and the evidence that AMAG may be overpaying for an asset whose potential its current owners cannot unlock without AMAG's help, all argue against the transaction - and the stand-alone alternative is relatively strong, with little apparent operating risk if the deal falls through - A VOTE AGAINST THE PROPOSED TRANSACTION IS WARRANTED."

1:28AM Targa Resources increases quarterly dividend to $0.3075 per share from $0.29 prior Q (TRGP) 31.49 :  

1:24AM Northgate Minerals reports strong Q3 production; total gold production up 14% QoQ (NXG) 3.72 : Co reports Total production for the quarter was 50,014 ounces of gold, which represents a 14% increase from the previous quarter. The Fosterville mine achieved record production of 29,954 ounces of gold during the quarter.o The Stawell mine achieved improved production of 20,060 ounces of gold. The average net cash cost for the quarter was $811 per ounce of gold, which was lower than guidance previously issued by the Company and represents a 14% decrease from the previous quarter.

1:17AM PolyOne expands share repurchase authorization by 5.25 mln shares, bringing total to 10 mln shares (POL) 11.01 :