4:30 pm : Tech helped lead the Nasdaq to a strong gain, but the broader market finished only fractionally above the flat line.
Participants opted to take a breather after the aggressive bout of buying in the prior session. Action was also subdued as participants awaited the EFSF vote by Slovakia and traders showed continued concern about the specter of a default by Greece, despite the Troika's decision to make another disbursement of financial aid to flagging country.
A lack of enthusiasm in Europe also left the euro to drift lower. It eventually rebounded against the greenback to end the day with a marginal gain at $1.364.
The Nasdaq scored another solid gain with help from the tech sector, which ended the day with a 0.6% gain. That has the tech-rich Index at a 10-day high.
Alcoa (AA 10.30, +0.21) offered leadership to the Dow ahead of its latest quarterly report, which unofficially marks the start of earnings season, but the blue chip average stayed close to the flat line all session. The broad-based S&P 500 did the same.
Treasuries stayed under heavy pressure all session. That took the yield on the benchmark 10-year Note is up to almost 2.20%. Since the U.S. bond market was closed yesterday in observance of Columbus Day, Treasuries were left to price in the stock market's prior session surge, which was actually its best single-day jump since August. They didn't really benefit from results of a $32 billion auction of 3-year Notes. The auction drew a yield of 0.544% on a bid-to-cover ratio of 3.30. The indirect bidder participation rate came in at almost 38%.
Advancing Sectors: Tech +0.6%, Industrials +0.4%, Consumer Discretionary +0.3%, Materials +0.2%, Energy +0.1% Declining Sectors : Financials -0.1%, Consumer Staples -0.2%, Health Care -0.4%, Telecom -1.0%, Utilities -1.1%DJ30 -16.88 NASDAQ +16.98 NQ100 +0.7% R2K +0.6% SP400 +0.1% SP500 +0.65 NASDAQ Adv/Vol/Dec 1527/1.66 bln/994 NYSE Adv/Vol/Dec 1666/882 mln/1320
3:30 pm : It was a quiet session for the precious metals, as the markets continued to wait for the EFSF vote in Slovakia, the final and maybe most contested of the 17 EU members. Gold ended lower by 0.5% at $1661 per ounce, while silver finished up 0.3% at $32 per ounce.
Crude oil futures, which ended higher by 0.5% at $85.81 per barrel, also had a relatively quiet session. Futures were able to recoup overnight losses after the dollar gave up earlier gains. They traded to $86.64 in afternoon trade, but pulled back from those highs heading into the close. Natural gas ended up 1.9% at $3.61 per MMBtu.DJ30 -25.43 NASDAQ +10.47 SP500 +1.68 NASDAQ Adv/Vol/Dec 1392/1.3 bln/1115 NYSE Adv/Vol/Dec 1622/609.2 mln/1403
3:00 pm : Lackluster trade continues into the final hour of the session. The action, or arguably inaction, precedes the unofficial start of earnings season tonight. Dow component Alcoa (AA 10.25, +0.16) kicks things off with its latest quarterly report after the close today. The stock is near its 10-day high ahead of that announcement.DJ30 -23.88 NASDAQ +12.51 SP500 -0.46 NASDAQ Adv/Vol/Dec 1240/1.12 bln/1260 NYSE Adv/Vol/Dec 1435/515 mln/1520 2:30 pm : Stocks have slipped a bit in recent action. That has left the major averages to resume mixed trade. The lackluster action comes in contrast to the prior session, when stocks collectively climbed more than 3% in their best one-day pop since August. The move also gave the S&P 500 a close that was comfortably above its 50-day moving average -- that's something that hasn't happened since July.DJ30 -24.75 NASDAQ +12.12 SP500 -0.63 NASDAQ Adv/Vol/Dec 1365/1.00 bln/1120 NYSE Adv/Vol/Dec 1620/470 mln/1325
2:00 pm : Stocks have made an upward move in recent trade. Although that has left the Dow only incrementally positive and the S&P 500 clinging to a slight gain, the Nasdaq is now up nicely. Tech continues to underpin the Nasdaq's strength this session.DJ30 +2.84 NASDAQ +18.10 SP500 +2.39 NASDAQ Adv/Vol/Dec 1220/950 mln/1260 NYSE Adv/Vol/Dec 1450/435 mln/1485
1:30 pm : Treasuries haven't been helped by results from a $32 billion auction of 3-year Notes. The auction drew a yield of 0.544% on a bid-to-cover ratio of 3.30. The indirect bidder participation rate came in at almost 38%. For comparison, the prior auction drew a bid-to-cover of 3.15 and an indirect bidder rate of 35%. An average of the past dozen auctions gives a bid-to-cover of 3.16 and an indirect bidder rate of almost 36%.DJ30 +1.06 NASDAQ +11.38 SP500 +1.10 NASDAQ Adv/Vol/Dec 1115/855 mln/1350 NYSE Adv/Vol/Dec 1300/390 mln/1595
1:00 pm : The major equity averages have been muddling along in mixed fashion all session. The lackluster action comes after stocks scored their strongest single-session surge in almost seven weeks. Per usual, early traders took most of their cues from Europe, where the region's major bourses moved listlessly after scoring strong gains of their own in recent sessions. Slovakia has attracted attention since political fighting there has kept officials from signing off on the expansion of the EFSF, resulting in some uncertainty over the matter. Meanwhile, news that the Troika will make another disbursement of financial aid to Greece failed to regenerate buying interest, mostly because the short-term nature of the aid doesn't fully diminish the threat of a default by the country over a longer time span. Greece's Athex 20 tumbled almost 4% in its latest round of trade.
Even though the S&P 500 and the Dow have spent most of the session chopping along the neutral line, the Nasdaq has managed to make its way modestly higher. The Nasdaq's relative strength comes with help from tech, which is the only sector that has successfully staged any kind of meaningful gain. Tech stocks are currently up 0.6%, collectively.
Financials, which catapulted to a 5% gain in the prior session, have seen mixed interest today. The sector slid to an early loss of more than 1.5%, but then rallied into positive territory. The sector has since slid back into the red so that it trades with a 0.4% loss. Many traders await details on the Volcker Rule, which is expected to be released today by the FDIC. DJ30 -17.67 NASDAQ +9.33 SP500 -0.79 NASDAQ Adv/Vol/Dec 1135/780 mln/1305 NYSE Adv/Vol/Dec 1325/350 mln/1565
12:30 pm : Treasuries have been under heavy pressure all session. As such, the yield on the benchmark 10-year Note is up to almost 2.20%. Since the U.S. bond market was closed yesterday in observance of Columbus Day, Treasuries are just now pricing in the stock market's prior session surge, which was actually its best single-day jump since August. Treasuries could see some volatility with the release of results from an auction of 3-year Notes at the top of the hour.DJ30 +1.06 NASDAQ +15.77 SP500 +1.90 NASDAQ Adv/Vol/Dec 1270/700 mln/1150 NYSE Adv/Vol/Dec 1570/315 mln/1290 12:00 pm : Europe's major bourses recently closed for the day. A move up from their session lows helped Germany's DAX eke out a 0.1% gain, while France's CAC cut its loss to 0.5% and Britain's FTSE finished just 0.3% below where it began. However, Greece's Athex 20 fell 3.9% as traders there shrugged off the decision by the Troika to disburse another round of financial aid to the country, which continues to be haunted by the specter of default over the longer term.
As for domestic action, stocks remain comfortably above their session lows, but the broad market remains challenged to stage any kind of meaningful bounce. DJ30 -2.76 NASDAQ +13.59 SP500 +1.41 NASDAQ Adv/Vol/Dec 1250/635 mln/1130 NYSE Adv/Vol/Dec 1480/285 mln/1560
11:30 am : The major equity averages have drifted lower in recent action. That has left them to trade in mixed fashion. Tech, which represents the largest sector by market weight, continues to hold up relatively well. The sector currently sports a 0.6% gain. Materials stocks, up 0.2% as a group, make up the only other sector in positive territory.
Financials had been a drag on trade in the early going. At its low the sector was down more than 1.5%. However, the sector has since rebounded. Its climb actually took it into positive territory, but slowed momentum has left it to slip to a slight loss. The sector is now down by a mere 0.1%. Bank of America (BAC 6.39, +0.11) is a leader in the bunch for the second straight session. DJ30 -14.99 NASDAQ +11.32 SP500 -0.48 NASDAQ Adv/Vol/Dec 1095/545 mln/1245 NYSE Adv/Vol/Dec 1305/240 mln/1515
11:00 am : The Dow and S&P 500 both managed to move into positive territory in recent trade, but the pair has failed to extend the move. Instead, they are both stuck near the neutral line. The Nasdaq has managed to put together a solid gain, though.
The Nasdaq's relative strength comes as large-cap issues like Apple (AAPL 398.60, +9.79) and Amazon.com (AMZN 235.29, +3.97) tick higher. Not all tech-related components are performing so well, however. Cisco (CSCO 16.95, -0.14) has lagged all session and currently contends with a loss of almost 1%. DJ30 -19.45 NASDAQ +13.15 SP500 +0.83 NASDAQ Adv/Vol/Dec 1190/390 mln/1070 NYSE Adv/Vol/Dec 1400/175 mln/1355
10:35 am : Strength in the dollar index is creating price pressure for a portion of the commodity complex this morning. However, the energy, metals and agriculture sectors remain mixed.
Crude oil has been in the red all morning. The energy component fell below the $84.00 level just before pit trading began earlier as it fell to its current session low of $83.97/barrel. In current action, crude is down 0.6% at $84.91/barrel. Natural gas is up 0.2% at $3.55/MMBtu.
Gold has shown modest losses for the majority of the morning activity. It trended higher over the last hour and 40 minutes, pushing it back near the unchanged line; now at $1669.10 -0.10%. Silver followed the same pattern as gold this morning, but is currently just above the unchanged line, now at $32.04, up 0.2%.DJ30 -13.93 NASDAQ +12.26 SP500 +0.61 NASDAQ Adv/Vol/Dec 1201/364 mln/1060 NYSE Adv/Vol/Dec 1387/163 mln/1380
Crude oil has been in the red all morning. The energy component fell below the $84.00 level just before pit trading began earlier as it fell to its current session low of $83.97/barrel. In current action, crude is down 0.6% at $84.91/barrel. Natural gas is up 0.2% at $3.55/MMBtu.
Gold has shown modest losses for the majority of the morning activity. It trended higher over the last hour and 40 minutes, pushing it back near the unchanged line; now at $1669.10 -0.10%. Silver followed the same pattern as gold this morning, but is currently just above the unchanged line, now at $32.04, up 0.2%.DJ30 -13.93 NASDAQ +12.26 SP500 +0.61 NASDAQ Adv/Vol/Dec 1201/364 mln/1060 NYSE Adv/Vol/Dec 1387/163 mln/1380
10:00 am : The Nasdaq recently poked into positive territory, but has been unable to extend the move as both the Dow and S&P 500 remain mired in negative territory.
Tech continues to fight off selling pressure, leaving it to trade at the flat line, but energy stocks have run ahead so that the sector is the only one to sport a gain. Energy stocks, as a group, are up 0.3% at the moment. Oil and gas equipment, services, and exploration plays are providing leadership to the sector. Schlumberger (SLB 66.68, +0.89) and Halliburton (HAL 35.55, +0.71) are a couple of top performers in the early going. Their strength flies in the face of lower oil prices, which were last quoted at $84.55 per barrel for a 1.0% loss. DJ30 -36.03 NASDAQ -1.76 SP500 -3.65 NASDAQ Adv/Vol/Dec 475/85 mln/1550 NYSE Adv/Vol/Dec 510/50 mln/2080
09:45 am : The major market averages are down this morning. The slide has been led by the financial sector, which is already wrestling with a 1.5% loss. The sector's downturn marks a weak follow-up to its 5% surge in the prior session. Although some pieces of the Volcker Rule have already been leaked, it is expected to be unveiled in its complete form some time today.
There aren't any major sectors in positive territory, but tech has managed to limit its loss to just 0.1%. That has helped the Nasdaq maintain a leg up on its counterparts. DJ30 -60.60 NASDAQ -6.37 SP500 -6.33 NASDAQ Vol N/A NYSE Vol N/A
09:15 am : S&P futures vs fair value: -7.90. Nasdaq futures vs fair value: -6.50. Broad market stock futures suggest a marked loss at the open of today's trade. However, the push against stocks comes only after the S&P 500 rallied more than 3% yesterday, or more than 8% over the course of the past five sessions. Financials led the latest leg of action and will likely remain in focus this session, given the expected release of the Volcker Rule. Action in Europe also continues to guide traders. The bourses there are down today after staging their own strong streak of gains. Their slip comes amid an apathetic response to news that another tranche of funds from the Troika will be disbursed to Greece, which continues to grapple with threats regarding long-term solvency. The dampened mood in Europe has put pressure on the euro, which is currently down 0.4% to $1.357 after it surged some 2% yesterday for one of its best single-session performances in more than a year.
09:05 am : S&P futures vs fair value: -8.30. Nasdaq futures vs fair value: -7.00. During the first few minutes of pit trade, oil prices are down 1.0% to $84.55 per barrel. That follow's the energy component's near 3% gain in the prior session. As for natural gas, prices are up 0.8% to $3.57 per MMbtu, building on the near 2% gain that they staged yesterday. Precious metals have been bid lower. Specifically, gold prices were last quoted at $1663 per ounce for a 0.5% loss, which makes for a rather weak follow-up to their gain of more than 2% in the prior session. Meanwhile, silver prices have slid 1.1% to $31.63 per ounce after they closed yesterday's trade more than 3% higher.
08:35 am : S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -6.30. Following a strong streak of robust gains, participants in Europe are stepping in to pare their positions. Many traders there have shrugged off the decision by the Troika to disburse another round of financial aid to Greece since the decision does little to restore confidence in the country for the longer term. Germany's DAX is presently down 0.7% as declining issues edge out advancers. Metro AG and Allianz (AZ) have been hit relatively hard, but their drag on the broad market has been diminished by strength in Bayer AG and Deutsche Boerse. In France, the CAC is off by 0.9%. Schneider Electric and Essilor International have hampered action. BNP Paribas and Societe Generale are showing strength, though. Britain's FTSE has fallen to a 0.9% loss. Man Group Plc, down 4%, is in the worst shape, while Kingfisher Plc tops the list of advancing issues with its 2% gain. Industrial production in the United Kingdom increased by 0.2% during August after a 0.2% decline in the prior month.
Overnight action in Asia was inspired by the strong performance staged on Wall Street yesterday. In turn, Japan's Nikkei marched to a 2.0% gain. Komatsu and Sumco were the top performers by percent gained -- both advanced in excess of 6%. Honda Motor (HMC) and Sony (SNE) were close behind; the pair boasted gains in excess of 5%. Nikon Corp was at the other end ot the extreme. It fell nearly 4%. According to the monthly report from the Bank of Japan, economic activity in the country has continued to pick up. Hong Kong's Hang Seng swung to a 2.4% gain. Agricultural Bank of China offered leadership as it surged. Many other bank stocks followed. Mainland China's Shanghai Composite underperformed the other two major Asian averages. It mustered a mere 0.1% gain as natural resource plays offset strength in financial issues.
08:05 am : S&P futures vs fair value: -5.10. Nasdaq futures vs fair value: -1.50. An advance of more than 3% yesterday gave the stock market its best single-session bounce since August. Over the course of the past five sessions, the stock market has rallied more than 8%. Buying interest has waned this morning, though. In turn, stock futures are trading slightly below fair value, suggesting a relatively weak start for today's session. Europe remains in focus for many market participants. The continent's major bourses are down today, uninspired by plans by the Troika to release another round of financial aid to Greece. Despite the short-term support, many are unconvinced about the country's prospects over a longer timeline. After one of its strongest rallies in more than a year, the euro is down modestly this morning. It was last quoted with a 0.2% loss at $1.360. The euro's slip has helped give the Dollar Index a 0.2% gain. Meanwhile, Treasuries are currently under sharp pressure as they make up for missing out on the action yesterday, when the Bond market was closed in observance of Columbus Day. Results from an auction of 3-year Notes at 1:00 PM ET will be a point of interest for fixed income traders. The calendar is without any major economic release and there haven't been any meaningful corporate announcements thus far, but the latest quarterly report from Dow component Alcoa (AA) tonight marks the unofficial start to earnings season.
06:45 am : [BRIEFING.COM] S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -8.30.
06:45 am : Nikkei...8773.68...+168.10...+1.90%. Hang Seng...18141.59...+430.50...+2.40%.
06:45 am : FTSE...5356.52...-42.50...-0.80%. DAX...5775.26...-72.00...-1.20%In Play
4:41PM Cliffs Natural Resources Pinnacle mine resumes longwall operations (CLF) 61.02 +0.32 : Co announced that longwall operations at the Company's Pinnacle Mine in West Virginia have resumed. As previously disclosed, Cliffs suspended Pinnacle Mine's longwall operations in May of 2011 due to detected levels of carbon monoxide at the mine. After working closely with regulatory agencies, operations were permitted to resume at the beginning of October.
4:40PM AllianceBernstein announces Sept assets under management fell 7.2% (AB) 13.90 -0.02 : Co announced that preliminary assets under management decreased to $402 billion from $433 billion during September 2011. The 7.2% decline reflects negative investment returns, including the impact of foreign exchange movements, and net asset outflows across the firm's three distribution channels, with Institutions the greatest share.
4:31PM Interval Leisure Group unit announced renewal and expansion of its affiliation with King's Creek Plantation (IILG) 13.90 -0.11 : The multi-year contract broadens the relationship and comprises all three phases of King's Creek Plantation in Williamsburg, Virginia, as well as properties developed during the term of the agreement. In addition, Interval assisted in the design and launch of Club Explore. Interval is providing reservation services for Club Explore members.
4:31PM Charter Comm announces CEO succession plan (CHTR) 48.44 -0.21 : Co announcs it is implementing a CEO succession plan following President and Chief Executive Officer Michael Lovett advising the Board of Directors of his personal decision to step down as President and CEO on April 30, 2012 or earlier if a successor is appointed before that time. Charter's Board of Directors will begin the process of evaluating candidates, and Mr. Lovett will remain in his present positions during this transition period.
4:29PM Parkway Announces Charles Cannada as new Chairman and David O'Reilly as new Chief Investment Officer (PKY) 11.06 -0.24 : Mr. Cannada has served as a Director for Parkway since 2010, and is currently a member of the Audit Committee and Compensation Committee. Committee. Mr. Cannada is a private investor and advisor with an extensive background in the telecommunications industry. Prior to joining co, Mr. O'Reilly was a Partner and Executive Vice President of Banyan Street Capital where he led the firm's investment activities. Prior to joining Banyan Street Capital, Mr. O'Reilly served as the Chief Financial Officer and Director of Capital Markets for Eola Capital starting in August 2009. Mr. O'Reilly also served as Senior Vice President in Barclays Capital's Real Estate Investment Banking Group and was at Lehman Brothers in the same capacity for seven years.
4:25PM Healthcare Services Group declared quarterly cash dividend of $0.16 per common share, prior of $0.15875 per common share (HCSG) 17.52 +0.59 :
4:20PM Healthcare Services Group reports EPS in-line, beats on revs (HCSG) 17.52 +0.59 : Reports Q3 (Sep) earnings of $0.15 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.15; revenues rose 12.2% year/year to $218.9 mln vs the $216 mln consensus.
4:19PM Synergetics beats by $0.01, beats on revs (SURG) 6.28 +0.56 : Reports Q4 (Jul) earnings of $0.08 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.07; revenues rose 20.8% year/year to $15.7 mln vs the $15.3 mln consensus. "Synergetics' record results for the fourth quarter highlight the solid progress we have made since last year in building our sales of ophthalmic and neurosurgical products and in improving our profitability.."
4:18PM EXFO misses by $0.04, reports revs in-line; guides Q1 EPS below consensus, revs below consensus (EXFO) 6.01 +0.07 : Reports Q4 (Aug) earnings of $0.03 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.07; revenues rose 9.9% year/year to $64.4 mln vs the $64.7 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.01-0.05 vs. $0.10 Capital IQ Consensus Estimate; sees Q1 revs of $65-70 mln vs. $70.89 mln Capital IQ Consensus Estimate.
4:17PM Neustar beats by $0.07, beats on revs; raises FY11 EPS, below consensus, raises lower end of revs, in-line (NSR) 28.05 +0.45 : Reports Q3 (Sep) earnings of $0.51 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.44; revenues rose 17.9% year/year to $152.5 mln vs the $148.8 mln consensus. Co issues guidance for FY11, raises EPS to $1.76-1.84 from $1.68-1.78 vs. $1.85 Capital IQ Consensus Estimate; raises lower end of FY11 revs to $595-600 mln from $585-600 mln vs. $596.47 mln Capital IQ Consensus Estimate. The co also purchased ~941,000 shares of its Class A common stock at an average price of $25.10 per share, for a total purchase price of $23.6 mln.
4:16PM Chesapeake Midstream Partners announced a 10 mln common unit offering by selling shareholder Global Infrastructure Partners (CHKM) 27.73 +0.63 : Citigroup, Morgan Stanley, Barclays Capital, Wells Fargo Securities, BofA Merrill Lynch and RBC Capital Markets are acting as joint book-running managers for the offering.
4:16PM Golub Capital says originated $59.8 million in new middle market investment commitments during the three months ended September 30, 2011 (GBDC) 15.06 +0.08 :
4:15PM Gardner Denver announces agreement to acquire Robuschi for $207 mln (GDI) 73.71 +1.74 : Robuschi is headquartered in Parma, Italy, and has annual revenues of approximately EUR 70 million ($95 million). Its shares are currently held by an investor group led by Milan, Italy based Aksia Group. The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals, and is expected to close in the fourth quarter of 2011.
4:13PM Google: ComScore (SCOR) released its monthly qSearch analysis of the U.S. search; GOOG Sites led the explicit core search market in September with 65.3% of search queries (GOOG) 542.71 +5.54 : Google Sites led the U.S. explicit core search market in September with 65.3% market share (up 0.5 percentage points), followed by Yahoo! (YHOO) Sites with 15.5% and Microsoft (MSFT) sites with 14.7%.
4:11PM Invesco reports preliminary month-end assets under management of $598.4 bln, a decrease of 4.9% month over month. The decrease was the result of negative market returns and foreign exchange. (IVZ) 16.94 -0.17 :
4:10PM Dole Food announces acquisition of SunnyRidge Farm; terms not disclosed (DOLE) 9.69 -0.11 :
4:07PM Medicis announced that FDA approved PMA supplement to expand approved use of RESTYLANE Injectable Gel to include lip augmentation (MRX) 37.29 -0.28 :
4:06PM Deltek announces Grant Thornton selects Deltek enterprise software solutions to manage its Global Public Sector business (PROJ) 6.81 +0.32 :
4:03PM Cincinnati Fincl sees Q3 pre-tax catastrophe loss of $88-98 mln (CINF) 26.50 -0.56 : Co announced that The Cincinnati Insurance Companies' property casualty group expects its third-quarter results to include pre-tax catastrophe losses of approximately $88 million to $98 million, with its commercial lines insurance segment accounting for almost two-thirds of that total. Catastrophe losses from storm damage affect property casualty insurance underwriting income, one of the sources of consolidated net income along with profits from investment operations and life insurance operations. Steven J. Johnston, president and chief executive officer, commented, "The impact of storm losses on our third-quarter combined ratio will be significantly higher than our historical 10-year average of 4.9 percentage points for the third quarter and 4.4 points on a full-year basis. The estimated impact of catastrophe losses on our third-quarter 2011 ratio would be approximately 11.5 to 12.5 percentage points, based on estimated property casualty earned premiums.
4:02PM Neustar to acquire TARGUSinfo; network addressing, routing and policy management company for ~ $650 mln in cash; expected to be at least $0.20 accretive to Neustar's EPS in 2012 (NSR) 28.04 +0.44 : Co announced that they have entered into a definitive agreement under which Neustar will acquire TARGUSinfo on-demand information and analytics services including Caller ID ~ $650 mln in cash. The transaction is expected to be at least $0.20 accretive to Neustar's EPS in 2012 excluding the impact of the amortization of intangibles and financing fees. Following completion of the transaction, Neustar will have annual revenues of ~ $750 mln generated from a more platform of information and analytics services.
4:02PM Ashford Hospitality Trust announces an offering of 9.00% Series E Cumulative Preferred Stock, pursuant to an effective registration statement (AHT) 7.45 -0.01 : 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. Stifel, Nicolaus & Company, Incorporated and Robert W. Baird & Co. Incorporated are acting as the joint book-running managers for the offering.
4:02PM Universal Display awarded U.S. Department of Energy SBIR Phase II contract for white OLED lighting (PANL) 47.22 +2.24 : Co announced that the U.S. Department of Energy (DOE) has awarded the company a $999,963 Small Business Innovation Research (SBIR) Phase II grant. The goal of the program is to demonstrate further gains in the performance of large-area, phosphorescent organic light emitting device (PHOLED) lighting panels through enhanced thermal management techniques. This new program builds on the achievements demonstrated by Universal Display during the previous Phase I program.
4:01PM Platinum Underwriters expects losses from major catastrophes in Q3 and increases to its loss estimates for major catastrophes in the Q1 and Q2 will have a net negative impact of approximately $112.4 mln on Q3 results (PTP) 31.77 -0.18 : Co expects losses from major catastrophes in Q3 and increases to its loss estimates for major catastrophes in the Q1 and Q2 will have a net negative impact of approximately $112.4 mln on Q3 results. Approximately $14.1 million of the estimated net negative impact relates to Hurricane Irene, which caused extensive flooding and wind damage in the Caribbean and along the East Coast of the United States in late August of 2011. Additionally, the Company currently estimates that other catastrophe events in 2011 will result in approximately $25 million of loss to the Company during the third quarter of 2011 and will be reflected in the Company's attritional loss ratio.
4:01PM ON Semiconductor confirmed impact from Thailand Flood (ONNN) 7.31 0.00 : Co confirmed that its SANYO Semiconductor division's operations located in the Rojana Industrial Park in Ayutthaya, Thailand, have been suspended as a result of recent flooding in the region. Based on currently available information, the operations located in the Rojana Industrial Park are estimated to have produced ~5 to 10% of ON Semiconductor's total worldwide output as measured by revenues of $905.8 million for the second quarter of 2011. There was no impact to third quarter 2011 results from the flooding. The company expects, however, due to the flood and related damage of operations in the Rojana Industrial Park, some loss of revenue in the fourth quarter of 2011 and into 2012. Multiple factors could affect revenue loss, including the amount of finished goods inventory available, extent of the damage to the building and the equipment, the length of time for operations to resume back to full production levels, the ability to shift production to other locations and the level of demand from customers taking product from this location. The company is actively working to shift production located in the Rojana Industrial Park to other locations worldwide. ON Semiconductor expects to describe the financial impact of the flood in further detail during its third quarter 2011 earnings call in the first week of November.
3:41PM Earnings Calendar (SUMRX) : Today after the close look for the following companies to report: - ADTN, AA, EXFO, HCSG, JOEZ, and SURG.
- ASML, HST, INFY, PEP, and PGR.
3:41PM Citigroup sets new afternoon/session high of 28.27 slightly under its 50 sma at 28.38 and pauses (C) 28.02 +1.53 : Note that its 50 ema comes into play at 28.98.
3:37PM CSX unit confirms National Gateway progress; initiative on track for completion by 2015 (CSX) 20.88 0.00 : CSX Transportation announced that it has work completed or construction underway at one-third of the clearance projects included in the National Gateway, keeping the infrastructure initiative on track for completion by 2015.
3:37PM Stock indices still confined but attempting to put together follow through pattern -- Dow +1, S&P +2, Nasdaq Comp +17 (TECHX) : Relative sector strength in recent trade noted in Finance XLF, Reg Bank KRE, Airline, Retail XRT, REITs IYR , Gold Miners GDX.
3:11PM Apple sees a late-day run off of the $400.00 level as buyers take it up into the $403.00 area (AAPL) 402.90 +14.00 : Would note that the late July high -- or the potential "left shoulder" resistance area of the broad daily pattern -- is up along the $403.00-405.00 zone.
3:10PM Great Panther Silver reported earlier the initial mineral resource estimate at the Company's 100% owned San Ignacio Project (GPL) 2.66 +0.08 : Co reported earlier, the 2011 mineral resource estimate comprises Inferred Mineral Resources of 611K tonnes at 127g/t silver and 2.05g/t gold (~4.5 mln Silver Equivalent Ounces, using a 118g/t Ag Eq cut-off grade. Drilling is continuing, with a total of 40 holes now completed, and the resource will be updated on a periodic basis.
2:38PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled up 40 cents at $85.81, natural gas finished higher by 7 cents at $3.61, heating oil ended off a penny at $2.90, while RBOB gasoline rallied for 5 cents to finish at $2.75 (all Nov contracts).2:36PM USA Truck responded earlier to 13D filing of Celadon Group (CGI) (USAK) 9.72 +1.51 : Co issued the following statement: "USA Truck acknowledges the Schedule 13D Celadon Group filed today. The views of our stockholders are very important to us and we carefully consider their input. Our board of directors will evaluate Celadon's 13D filing in due course. We do not intend to comment further on this matter except as warranted by applicable laws and regulations."
2:17PM CBOT Agriculture, Ethanol and Sugar Closing Prices; corn, wheat rise the exchange limit ahead of tomorrow's USDA report (see 14:04 comment) (COMDX) : Corn settled higher by 40 cents (or +6.6%) to $6.45, wheat rose 50 cents (or +8.3%) to end at $6.62, soybeans were 57 cents higher (or +4.8%) at $12.35, ethanol rose 12 cents (or +5.1%) to close at $2.55, while sugar was unchanged at $0.26.
2:01PM StoneMor Partners L.P announces acquisition of three cemeteries and three funeral homes in Tennessee for $5 mln (STON) 27.33 +0.24 :
1:45PM Jetblue Airways reported its preliminary traffic results for September 2011; Traffic in September increased 7.6% from September 2010, on a capacity increase of 8.7% (JBLU) 4.21 +0.22 : Load factor for September 2011 was 79.8%, a decrease of 0.8 points from September 2010. JetBlue's preliminary completion factor was 99.8% and its on-time performance was 77.9%.
1:45PM Wheat (+7.2%), corn (+6.6%) and soybeans (+4.8%) sharply higher ahead of tomorrow's USDA supply/demand report; JJG +6.0%, CORN 5.3% (COMDX) :
1:32PM CNH Global capital unit to offer retail financing in Russian Federation (CNH) 29.78 +0.78 : Co is strengthening its relationship with De Lage Landen to provide its customers in the Russian Federation with competitive retail finance programs... CNH International and CNH-KAMAZ Commerce, subsidiaries of CNH Global, have entered into an enhanced program agreement with De Lage Landen. The financing program will be operational from the beginning of 2012.
1:32PM COMEX Metals Closing Prices (COMDX) : Gold ended lower by $9.10 at $1661.70, silver finished higher by 9 cents at $32.06, while copper shed 8.2 cents to close at $3.286 (all Dec contracts).
1:31PM Salem Comms unit entered into e-commerce services and investment agreement with DeeperCalling Media (SALM) 2.43 -0.07 : Salem Consumer Products announced that it had entered into an e-commerce services and investment agreement with DeeperCalling Media, a provider of Christian and general market online retail websites and private label webstores. As part of the agreement, DeeperCalling Media will develop customized e-commerce websites for Salem including a Christian book store and a church supplies store. In addition, Salem has made a strategic investment in DeeperCalling Media to help finance its continued expansion.
1:25PM Estee Lauder notches new session high of 94.50, nears its 50 sma at 94.55 (EL) 94.41 +0.26 : Note that its 200 sma is slightly above at 94.78 with the 50 ema coming into play thereafter at 95.05.
1:22PM Intl Game Tech confirmed earlier that it won bonusing patent case against Bally (BYI) (IGT) 15.98 -0.28 : Co confirmed that it has won an important appellate case against Bally Technologies... On Oct. 6, 2011, the U.S. Court of Appeals for the Federal Circuit affirmed a district court's judgment against Bally for infringement of two of IGT's patents. IGT's patents (U.S. Patent Nos. RE37,885 and RE38,812) claim certain methods of paying bonuses at gaming machines. Two of Bally's products, Power Rewards and ACSC Power Winners, were found to infringe. The case will now return to district court for a determination of damages and remedy.
12:57PM Nat gas spikes to highs; now up 7 cents at $3.61 (COMDX) : 12:42PM Stock indices slip back off morning/midday highs -- Dow -27, S&P -1.6, Nasdaq Comp +8.3 (SPY) :
12:36PM Relative Sector Weakness (TECHX) : Relative weakness in REITs IYR continues with Finance XLF, Reg Bank KRE, Housing XHB, Retail XRT, Silver SLV, Steel SLX also underperforming in midday trade.
12:08PM Hutchinson Tech. updates the status of its operations in Thailand (HTCH) 1.88 +0.01 : Co reported that floodwaters have continued to rise and have now entered its assembly plant in the Rojana Industrial Park in Ayutthaya, Thailand. As previously disclosed, the industrial park is without power and an evacuation of the park had been ordered. The company is increasing its production output at its U.S. assembly operations and using existing inventory to meet customer demand.
12:00PM Stock indices edging back toward morning highs -- S&P +2.8 (SPY) : Noted the test/pause at first level resistance from The Technical Take at 1199/1200 in the 10:57 update with intraday support to watch for a read on the underlying health of the extension attempt at 1193/1192. The index hit 1192.75 at 11:20 and bounced to 1197.87 in recent action. Continued posture above this intraday support allows for new highs with the next zone of interest at 1204/1206. Price patterns and indicators are extended suggesting watching for possible signs of a pause/correction of the week long surge over the short term.
11:58AM Crude oil to highs at $85.70; now up $0.26 at $85.68 (COMDX) : 11:54AM Teva Pharma: Significant reduced loss of brain volume in multiple sclerosis patients treated with COPAXONE (TEVA) 37.96 +0.18 : Though all DMT treatment arms resulted in a reduction in brain volume loss compared to the control group of non-treated patients, COPAXONE had a significantly better effect than both low and high dose interferons, in reducing loss of brain volume. COPAXONE is marketed by Teva Neuroscience, Inc., which is a subsidiary of Teva Pharmaceutical Industries. Brain volume loss in multiple sclerosis patients exceeds the rate of healthy control groups. Brain volume loss, sometimes referred to as atrophy, may be correlated with cognitive and physical deficits. Modern magnetic resonance techniques can reliably measure loss of brain volume over time.
11:15AM Cowen Group Mistakenly identified as party to Aurum and Societe Generale (SCGLY.PK) arbitration (COWN) 2.90 +0.00 : Co issued the following clarifying statement related to reports that Cowen is implicated in the recent FINRA arbitration between Societe Generale SA and Aurum STS Aggressive Trading LLC: "The businesses underlying the Societe Generale and Aurum arbitration were never part of the independent Cowen Group that was spun-out of Societe Generale in 2006. Claimants in the original litigation misidentified the parties and any decisions related to this issue remain the sole responsibility of Societe Generale (SCGLY.PK)" 10:57AM S&P +0.8 extends to first level resistance and pauses (SPY) : The index held at a minor barrier (1186) noted in The Technical Take during the early drift keeping the door open to follow through. First level resistance at 1199/1200 has been tested in recent trade (session high 1199.24) with a limited slip seen. Intraday now watching 1193/1192 for a read on the underlying strength of today's extension attempt.
10:47AM Wynn Resorts and Casino/Gaming sector rebounding after early weakness display relative strength in recent trade (WYNN) 140.38 +0.65 : WYNN has edged above yesterday's peak (139.77) with its 50 sma at 141.10 --IGT +3.5%, SHFL +1.1%, LVS +1%, BYD +1%, PNK +0.9%, MGM +0.4%.
10:41AM Financial Select Sector SPDR taking up leadership role in recent trade, nearing yesterday/Oct recovery high at 12.44 -- session high 12.43 (XLF) 12.43 -0.02 :
10:35AM Netflix continues on weak as it begins to edge down toward the $100.00 "psychological" level (NFLX) 103.78 -7.99 :
10:35AM Morgan Stanley breaks above last week's high of 15.53, sets new session high of 15.64 (MS) 15.63 +0.34 :
10:31AM Rick's Cabaret reports Q4 same store sales increased 7.9% YoY (RICK) 6.75 +0.24 : Night club sales rose to $20.7 mln, during its fourth quarter ended September 30, 2011, an increase of 12.7% YoY. Same store sales during the quarter at nightclubs operated for more than one year were $19.8 mln, an increase of 7.9% over the $18.3 mln YoY.
10:28AM Relative Sector Strength (TECHX) : Sectors that are outperforming the S&P on this latest push include: Oil Service OIH, Energy XLE, Materials XLB, Commodity Index, Rail, Steel SLX, Solar TAN, Coal KOL, Rail, Computer-Hardware (AAPL +2.7%).
10:25AM Fresh high for Nasdaq 100/Comp, S&P -0.2 and Dow -14 near flat line (SPY) :
10:20AM Relative strength in Transports (IYT) : The IYT has set a new high of 81.56 leaving it modestly below it 50 ema at 81.73. The DJ Rail Index (DJUSRR) has hit 724.46 in recent action with its 200 ema, which capped the upside in Mid-/late-Aug, at 727. Airline (XAL) is up 1% with Trucking (DJUSTK) up 0.3%.
10:14AM Minor new high for Nasdaq Comp +3.8, S&P -2.3 and Dow -32 confined just slightly under flat line (SPY) : The S&P has held above an initial minor support barrier (1186, The Technical Take) with range trade dominating slightly below the flat line reflecting limited selling interest. First level resistance above Monday's high (1194.91) is in the 1199/1200 zone.
10:11AM Level 3 announced an agreement with Gaikai, Inc. to deliver a complete low latency online infrastructure for its cloud gaming service (LVLT) 1.71 -0.01 :
10:08AM First Solar very weak early on as it edges down to probe its recent multi-yr low near $55.68 (FSLR) 55.87 -3.78 :
10:02AM Volkswagen AG reports deliveries for Passenger cars after three quarters up 12.3% to 3.81 mln vehicles (VLKAY) 26.67 +0.12 : For the month of September, the brand reported 472,100 (September 2010: 415,100; +13.7 percent) deliveries to customers.
9:54AM Thus far Dow -34 and S&P -3.5 have been unable to confirm the Nasdaq move above Monday highs (SPY) :
9:53AM Nasdaq 100 +7 / Comp +2.2 edge slightly above yesterday's highs (QQQ) : The Nasdaq 100 has reach 2285 in recent action, its 200 sma comes into play slightly above at 2290. The QQQ high is 56.09, its 200 sma is at 56.24.
9:52AM Procter & Gamble confirms comments from the co's annual meeting (PG) 64.78 -0.02 : CEO McDonald cited four clear priorities for the year ahead: maintaining sales growth momentum, executing price increases with excellence, delivering high-quality operating profit growth and improving productivity in all aspects of the Company.
9:49AM Relative strength in recent trade in Energy/Coal KOL (KOL) : ANR, ACI, PCX, JRCC, CNX, BTU.
9:46AM Opening Point Gainers/Losers (TECHX) : Point Gainers: AAPL (+7.58), SINA (+3.72), DLTR (+1.52), SYNA (+1.560), RIG (+1.48), GMCR (+1.68), JNY (+1.25), YOKU (+1.39), ALXN (+0.84), JVA (+1.01)
Point Losers: BEN (-3.87), INFY (-2.04), BHP (-2.17), BBL (-2.05), IBM (-2.14), GS (-2.09), WYNN (-1.88), MON (-1.74), RIO (-1.56), JOYG (-1.36), AEM (-1.72), DTG (-1.52)
Point Losers: BEN (-3.87), INFY (-2.04), BHP (-2.17), BBL (-2.05), IBM (-2.14), GS (-2.09), WYNN (-1.88), MON (-1.74), RIO (-1.56), JOYG (-1.36), AEM (-1.72), DTG (-1.52)
9:46AM Calumet Specialty Products increases quarterly cash dividend to $0.50/share from $0.495/share (CLMT) 17.32 -0.04 :
9:37AM Netflix under pressure off open, thus far holding near yesterday's 52-wk low of 107.31 (NFLX) 107.47 -4.05 :
9:31AM GOL Linhas Areas Inteligentes S.A. announced prior to open that it received a notice from its shareholder Wellington Management Company- Wellington declares that does not hold any debentures convertible into shares issued by GOL (GOL) 6.92 +0.54 : Wellington Management is registered as an investment adviser with the SEC on behalf of various separate accounts that hold an interest in shares of the Company. The Accounts do not act as a group nor do they act in concert with respect to the interest in shares. Wellington Management, as the discretionary investment manger of the Accounts, hereby informs, that as of 10 October, 2011, the Accounts have acquired, in the aggregate, a total of ~6.7 mln shares issued by the Company. This represents 5.04% of the shares outstanding." Wellington Management declares that does not hold any debentures convertible into shares issued by GOL and has not entered into any contracts or agreements regulating the exercise of voting rights or the purchase or sale of securities issued by GOL.
9:20AM On The Wires (WIRES) :
- SeaChange International' (SEAC) On Demand Group signed a landmark deal with Cablevision (CVC) to manage its VOD services.
- PositiveID (PSID) has received an order for its VeriChip microchip to be used for disaster preparedness and emergency management in Israel by an integration partner.
- Harris (HRS) received $5 mln in orders to supply Falcon III AN/PRC-117G multiband manpack radios to the Republic of Poland.
- GlycoMimetics announced that it has entered into an exclusive worldwide licensing agreement with Pfizer (PFE) for the GlycoMimetics investigational compound GMI-1070.
9:16AM Curtiss-Wright Acquires South Bend Controls for $10 mln in cash (CW) 30.70 : Co announced that it has acquired the assets of South Bend Controls for $10 mln in cash. South Bend Controls is a designer and manufacturer of engineered, solenoid-based components. The business will operate within Curtiss-Wright's Motion Control segment.
9:11AM Mitek Systems announced that Russell C. Clark has been appointed Chief Financial Officer (MITK) 10.05 : Most recently, Clark served as Senior Vice President, Finance at Epicor Software.
9:06AM Group 1 Auto acquires David Taylor Cadillac Buick GMC in Houston and opens new Volkswagen and Fiat dealerships in Texas and California (GPI) 39.00 : Co announced the acquisition of David Taylor Cadillac Buick GMC in Houston and the opening of two new Volkswagen dealerships in the San Diego and Beaumont, Texas, market areas. In addition, Group 1 announced that it opened Sterling McCall Fiat in Houston. In total, the six mln million in estimated annual revenues and complements the 11 existing dealerships that Group 1 operates in the Houston-Metro market area. The company anticipates that the two dealerships in Texas and California dealerships will add ~$73.0 million in estimated annual revenues.
9:03AM Kinetic Concepts: ISS recommends KCI shareholders vote 'FOR' proposed merger with consortium led by Apax Partners (KCI) 67.52 : ISS stated: "The proposed acquisition of the company by a private equity consortium for $68.50 per share in cash represents a one-day and sixty-day premium of 16.5 percent and 24.7 percent, respectively, and will provide certainty of value for shareholders." The report further noted that KCI "conducted a 40-day post-signing go-shop process from which one additional bidder emerged; however, that bidder ultimately withdrew its offer."
9:02AM Thermogenesis said its submission for approval of the AXP AutoXpress has been accepted by the State Food & Drug Administration in China (KOOL) 1.21 :
9:02AM Canon CR-2 PLUS digital non-mydriatic retinal camera receives clearance from the FDA (CAJ) 46.38 :
9:01AM Rosetta Genomics restructures to reduce operating expenses and focus on commercial opportunities (ROSG) 1.02 : Co announced a corporate restructuring that is expected to result in a 50% reduction in monthly cash burn, thereby reducing annual operating expenses by ~$4.2 million. Under the restructuring, Rosetta Genomics has already provided notices eliminating 24 positions, and will eliminate 11 positions as soon as it can provide termination notices under Israeli employment regulations, primarily in research and development and general and administrative functions in Israel. These measures will go into effect in early November 2011 and are being implemented to provide the Company with sufficient cash and equivalents to enable the Company to raise additional capital to fund operations.
9:01AM iParty adopts new shareholder rights agreement; rights will be exercisable only if a person or group acquires 10% or more of iParty's voting stock (IPT) 0.18 : The rights will be exercisable only if a person or group acquires 10% or more of iParty's voting stock or announces a tender offer, consummation of which would result in ownership by a person or group of 15% or more of the voting stock, subject to certain exceptions. Each right will initially entitle shareholders to buy one one-hundredth of a share of a new series of preferred stock at an initial exercise price of $2.00 per one one-hundredth of a share, subject to adjustment. In addition, upon the occurrence of certain events, holders of the rights will be entitled to purchase either iParty Corp. stock or shares in an "acquiring entity" at half of market value.
8:54AM Campus Crest Communities increases 2011/12 occupancy by 270 bps and rental rate by 280 bps YoY for wholly owned properties (CCG) 10.93 : Co increases occupancy by 270 bps and Rental Rate by 280 bps YoY for Wholly Owned Properties. Total portfolio leases signed at 88.8% (+2 bps YoY); with rental rate +3.2% YoY. Additionally, as previously announced, the co has broken ground on two development properties under construction for delivery in the 2012/2013 academic year. The Company is developing wholly-owned properties at Auburn University in Auburn, Alabama and The University of Maine in Orono, Maine, with total estimated project costs of $51.6 million. T
8:51AM On The Wires (WIRES) :
- Hormel Foods (HRL) announced a new business structure that will result in Grocery Products and Consumer Products Sales reporting to Steven Binder.
- Convergys Corporation (CVG) announced that it has entered a strategic, worldwide reseller agreement with Sigma Systems.
- Barnes & Noble (BKS) announced the expansion of its robust NOOK Newsstand offering with the addition of bestselling magazine Real Simple, available first on NOOK Color for a limited time.
- Verso Paper (VRS) announced that it will permanently reduce its annual production capacity by 193K tons.
- IBM (IBM) announced it has entered into a definitive agreement to acquire Platform Computing. The acquisition is anticipated to close in the fourth quarter of 2011, subject to the satisfaction of closing conditions. Financial terms were not disclosed.
- Satcon Technology Corporation (SATC) announced that it has crossed a significant milestone in Southern California Edison's Solar Photovoltaic Program by delivering over 48 megawatts of its PowerGate Plus 500 kW solution to date.
- BASi (BASI) is expanding its capabilities to meet demand for drug discovery and development services. Co is using some proceeds of a $5.5 million public offering in May to make capital improvements and purchase laboratory equipment. As a result of the growing demand for discovery services, BASi is relocating its in vivo discovery services in 2012 to its facility in the Purdue Research Park of West Lafayette.
8:48AM Crude oil trades to its lowest levels of the morning, as dollar makes highs, at $84.15; now off $1.21 to $84.20 (COMDX) :
8:47AM First Financial Corp. to acquire Freestar Bank (THFF) 29.92 : Co announced the execution of a definitive agreement under which First Financial will acquire all of the stock of Freestar Bank and assume certain liabilities of PNB Holding Co. Freestar Bank has assets of ~$400 million and 13 offices located in east-central Illinois in the communities of Bloomington, Champaign, Urbana, Pontiac, Downs, Mahomet and Gridley. First Financial Corporation, headquartered in Terre Haute, Indiana, has consolidated assets of ~$2.5 bln. First Financial Bank, with assets of ~$2.4 bln, operates 51 banking centers in east-central Illinois and west-central Indiana and more than 100 FirstPlus ATMs.
8:44AM Broadsoft announces definitive agreement to acquire Movial Applications; terms not disclosed; BroadSoft anticipates the acquisition will be non-dilutive to non-GAAP EPS for 2012 (BSFT) 32.34 : Co announced it has signed a definitive agreement to acquire Helsinki, Finland-based Movial Applications, a privately held client developer for IP communications services, in an all cash transaction. The closing of the acquisition is subject to the satisfaction of various customary closing conditions. Co's will acquire Movial's client user applications, products, technologies and related assets, as well as certain employees.
8:35AM PAA Natural Gas Storage increases distribution to $0.3575/unit from $0.3375/unit (PNG) 16.03 :
8:34AM Verso Paper announces permanent shutdown of three paper machines (VRS) 1.70 : Co announced that it will permanently reduce its annual production capacity by 193,000 tons. The paper machine shutdowns will result in an aggregate pre-tax charge to earnings of approximately $22 million, which is expected to occur primarily in the fourth quarter of 2011. This includes approximately $13 million for severance and benefit costs; approximately $7 million in non-cash charges related to the accelerated depreciation of property and equipment over a reduced remaining useful life and the write-off of related spare parts; and approximately $2 million related to other costs. The severance and other shutdown costs require the outlay of cash, which is expected to occur primarily in the fourth quarter of 2011.
8:33AM LKQ Corp announces that Donald F. Flynn, Founder and Chairman, passed away (LKQX) 27.85 : The Company indicated that Joseph Holsten has assumed the role of Acting Chairman of the Board, pending the Board of Directors electing a permanent replacement.
8:33AM Plains All Amer increases distribution to $0.995/unit from $0.95/unit (PAA) 60.63 :
8:32AM Delek US Holdings acquires remaining equity interest in Lion Oil Company for $13 mln (DK) 13.66 : Co has acquired the remaining 11.7 percent minority equity interest in Lion Oil held by a consortium of private investors. Upon closing of the transaction, Delek US increased its total equity ownership in Lion Oil from 88.3 percent to 100 percent for approximately $13 million funded through existing cash on hand. Delek US acquired the minority equity interest for a total consideration below the carrying value attributed to the non-controlling interest in Lion Oil as of June 30, 2011.
8:31AM PowerSecure receives $15 mln of new IDG power system and utility infrastructure project awards (POWR) 4.26 : Co expects to recognize primarily during the fourth quarter of 2011 through the third quarter of 2012.
8:31AM 99 Cents Only to be acquired by affiliates of Ares Management and Canada Pension Plan Investment Board for $22.00 per share in cash in a transaction with a total equity value of approximately $1.6 bln (NDN) 20.49 : Co announced that it has entered into a definitive agreement to be acquired by affiliates of Ares Management LLC and Canada Pension Plan Investment Board for $22.00 per share in cash, in a transaction with a total equity value of approximately $1.6 billion. The co's Special Committee concluded that the transaction with Ares Management and CPPIB is fair to and in the best interests of the Company and its shareholders. The transaction requires the affirmative vote of holders of a majority of the Company's outstanding shares in favor of the transaction, which will be sought at a special meeting of the shareholders of the co.
8:20AM On The Wires (WIRES) :
- Axcelis Technologies (ACLS) announced that it has received an order for the Company's Optima HDx high current implanter from one of the world's largest device manufacturers.
- Motorola Solutions (MSI) won a contract from the Denver Regional Transportation District to move transit voice operations to the Colorado Statewide Digital Trunked Radio System.
- Pacific Pride Services, a subsidiary of Wright Express Corporation (WXS) announced a franchise renewal with J.E. Clark II Corp. Coinciding with the renewal, J.E. Clark has upgraded its facility with new equipment and high speed diesel for commercial trucking customers.
- Vertex Pharmaceuticals (VRTX) announced that INCIVEK tablets are now available in Canada for people with genotype 1 chronic hepatitis C with compensated liver disease.
- Trex Company (TREX) announced that it has entered into a licensing agreement with Manassas, Va.-based Backyard America to develop and market Trex Pergola kits manufactured of durable and low-maintenance cellular PVC TrexTrim.
- Cyanotech (CYAN) has announced a 33% expansion of Astaxanthin capacity at its production facility at Kona, Hawaii.
- Dynamics Research (DRCO) announced a task order award with an estimated value of $2 mln by the Air Force Air Mobility Command. Communications and Information through the company's GSA IT contract vehicle.
- Science Applications (SAI) announced it was awarded a task order by the Space and Naval Warfare Systems Center Atlantic to provide Veterans Affairs Benefits Integrated Product Team, Chapter 33 long-term solution engineering and program support. The contract has a one-year base period of performance, two one-year options, and a total value of more than $24 million if both options are exercised.
- Axcelis Technologies (ACLS) announced that it has received an order for the Company's Optima HDx high current implanter from one of the world's largest device manufacturers.
- Youku.com (YOKU) recently released a major update to its iOS client for iPhone and iPod Touch handsets.
- China Medical Technologies (CMED) announced that it has received two patents from the United Kingdom Intellectual Property Office and Notice of Allowance for four patent applications from the United States Patent and Trademark Office.
- TeleTech Holdings (TTEC) has been awarded a multi-year contract expansion with a health insurance co as a strategic partner for customer care management solutions and process improvement.
- Heartland School Solutions, a division of Heartland Payment Systems (HPY), has acquired School-Link Technologies, a privately held provider of comprehensive K-12 school nutrition and point-of-sale solutions. Terms not disclosed.
- Discover (DFS) and Amazon.com (AMZN) announced that Discover cardmembers can now pay directly with Cashback Bonus for purchases at Amazon.com.
- Immunomedics (IMMU) announced that its majority-owned subsidiary, IBC Pharmaceuticals, was awarded U.S. Patent titled "Tetrameric cytokines with improved biological activity."
8:16AM Selective Insurance announces Q3 pre-tax catastrophe losses of ~$70 mln (SIGI) 13.78 : Co announced pre-tax catastrophe losses for the quarter of ~$70 mln, or 20 points on the combined ratio. The loss estimate is net of reinsurance recoveries and inclusive of reinstatement premium. Hurricane Irene represented the majority of the catastrophe losses at $40 mln (~$50 mln on a gross basis) while the balance came from six additional events in the quarter as well as $11 mln of prior period storm development.
8:08AM Agnico-Eagle Mines payable gold production +11% QoQ (AEM) 58.69 : Co is providing a QoQ operating update in advance of the mailing of the bid circular relating to the proposed acquisition of Grayd Resource. It is anticipated that the circular will be mailed to Grayd shareholders on October 13, 2011. 3Q11 payable gold production totaled 265,978 ounces, an increase of ~11% over the second quarter 2011 level of 239,328 ounces. The higher level of production is largely due to improved performance at Kittila and Meadowbank. Cost data will be announced with the complete third quarter financial results on October 26, 2011. Further improvements in gold production and operating performance are anticipated in the fourth quarter of 2011... It is currently anticipated that the additional capital for monitoring and remediation at the Goldex Mine will be ~C$20 mln in 2012.
8:08AM Renaissance Learning Board has concluded that the previously announced unsolicited, revised definitive acquisition proposal received from Plato Learning could not reasonably be expected to lead to a Superior Proposal under the terms of the definitive merger agreement (RLRN) 17.01 : Co announced that its Board of Directors has concluded that the previously announced unsolicited, revised definitive acquisition proposal received from Plato Learning, on October 7, 2011, could not reasonably be expected to lead to a Superior Proposal under the terms of the definitive merger agreement dated August 15, 2011, as amended on September 27, 2011, under which a company formed at the direction of the Permira Funds will acquire all of the outstanding shares of Renaissance Learning. Under the revised definitive proposal, Plato Learning proposes to acquire all of the outstanding shares of Renaissance Learning for an aggregate purchase price of approximately $496.0 million, which is financially equivalent to the acquisition of all of the outstanding shares of Renaissance Learning for $16.90 per share in cash. The revised definitive proposal does not provide for an allocation of the merger consideration between co-founders Terrance and Judith Paul and affiliates and members of their family, on one hand, and the other shareholders of Renaissance Learning, on the other hand, but provides that Renaissance Learning's Board of Directors or Mr. and Mrs. Paul may propose to allocate the merger consideration in any manner. Under the revised definitive proposal, the additional consideration payable under the revised terms of the proposed acquisition would be financed with an additional $25.0 million in equity pursuant to signed commitment letters and guarantees from funds advised by Thoma Bravo, LLC and HarbourVest Partners, LLC. The revised definitive proposal is not subject to a financing condition or further due diligence.
8:06AM OSI Systems receives contracts valued at up to $7 million from U.S. Domestic Nuclear Detection Office (OSIS) 39.20 : Co announced that its security division, Rapiscan Systems, has been awarded multiple Exploratory Research Program contracts by the U.S. Department of Homeland Security Domestic Nuclear Detection Office. Rapiscan has secured multiple contracts that are incrementally funded for a total obligated value of $2.7 million with additional options that could be exercised for a total value of up to $7 million.
8:04AM Alnylam Pharma announced the publication of two peer-reviewed papers documenting systemic delivery of RNAi therapeutics to certain immune and inflammatory cells (ALNY) 6.69 : These studies provide a foundation for the potential development of RNAi therapeutics to silence disease genes in these cell types for the treatment of inflammatory, autoimmune, and cardiovascular diseases, as well as certain cancers.
8:03AM Hecla Mining increases revolving credit agreement to $100 mln (HL) 5.66 : Co announced that it has reached an agreement with its lenders to increase the amount available under its undrawn secured revolving credit facility to $100 mln from $60 mln. The amendment is effective immediately and represents a new three-year term on the facility. The financial covenants and interest rate at LIBOR plus 2.75% to 3.5% depending on the leverage ratio of the Company, remain unchanged.
8:03AM Rosetta Genomics announces exclusive license with Avatao Biotech for distribution of miRview tests in China (ROSG) 1.02 : Co announced that it has executed a license agreement with Avatao Biotech, a leading biotechnology company developing and distributing cutting-edge diagnostic products in China, for the exclusive rights to market miRview mets and miRview mets, Rosetta's microRNA-based diagnostic tests, in The People's Republic of China. The total potential payments under the agreement exceed $8 million, in addition to royalties from the sales of these products.
8:02AM LyondellBasell names Karyn Ovelmen CFO following retirement of Kent Potter (LYB) 27.25 : Ovelmen most recently served as Executive Vice President and CFO of Petroplus Holdings AG, Europe's largest independent refiner and wholesaler of petroleum products.
8:02AM ISIS Pharm announced that it has designated the second development candidate, ISIS-AATRx, in its collaboration with GlaxoSmithKline (GSK); Isis earned a $5 mln milestone payment from GSK for the selection of ISIS-AATRx (ISIS) 7.47 : Co announced that it has designated the second development candidate, ISIS-AATRx, in its collaboration with GlaxoSmithKline (GSK). Isis earned a $5 million milestone payment from GSK for the selection of ISIS-AATRx. ISIS-AATRx is an antisense drug designed to treat liver disease caused by alpha-1 antitrypsin deficiency, or AATD, by inhibiting the production of an abnormal protein, which accumulates and causes damage in the liver. Isis will develop ISIS-AAT Rx to Phase 2 proof-of-concept, at which time GSK has the option to license the drug.
8:02AM Dex One receives minimum continued listing standard notice from the NYSE (DEXO) 0.62 :
8:02AM Claude Resources provides drilling update on the Amisk Gold project; intercepts 1.88 grams of gold per tonne over 24.61 metres (CGR) 1.79 : Co pleased to provide an update from its 2011 exploration program at the 15,400 hectare Amisk Gold Project in northeastern Saskatchewan, Canada. The Amisk Gold Project is located 20 kilometres southwest of Flin Flon, Manitoba and is a 65:35 Joint Venture between Claude and St. Eugene Mining Corporation. Claude is the operator of the Joint Venture. A total of 18 holes and 5,500 metres have been drilled to date in 2011 with assays returned for 14 of the holes.
8:01AM Transatlantic Hldngs Enters Into Confidentiality Agreement and Discussions With Additional Party (TRH) 50.10 : Co announced that it has entered into a confidentiality agreement and commenced discussions with an additional party regarding potential strategic alternatives. The confidentiality agreement announced today is in addition to the previously announced confidentiality agreements that Transatlantic entered into with Validus Holdings (VR), National Indemnity Company and an additional undisclosed party. Goldman, Sachs & Co. and Moelis & Company LLC are acting as financial advisors and Gibson, Dunn & Crutcher LLP is acting as legal counsel to Transatlantic.
8:01AM Dynamics Research announced task order award of $2 mln by the Air Force Air Mobility Command Communications and Information (DRCO) 9.18 :
7:58AM Paychex increases quarterly dividend to $0.32/share from $0.31/share (PAYX) 27.75 :
7:55AM Key Comments from Troika Statement (FXE) : -- Once the Eurogroup and the IMF's Executive Board have approved the conclusions of the fifth review, the next tranche of EUR 8 billion (EUR 5.8 billion by the euro area Member States, and EUR 2.2 billion by the IMF) will become available, most likely, in early November.
-- Regarding the outlook, the recession will be deeper than was anticipated in June and a recovery is now expected only from 2013 onwards. There is no evidence yet of improvement in investor sentiment and the related increase in investments, in part because the reform momentum has not gained the critical mass necessary to begin transforming the investment climate.
-- In the fiscal area, the government has achieved a major reduction in the deficit since the start of the program despite a deep recession. However, the achievement of the fiscal target for 2011 is no longer within reach, partly because of a further drop in GDP, but also because of slippages in the implementation of some of the agreed measures.
-- As for 2012, the mission believes that the additional measures announced by the government, in combination with a determined implementation of the adjusted Medium-Term Fiscal Strategy, should be sufficient to bring the fiscal program back on track.
-- Looking to 2013-14, additional measures are likely to be needed to meet program targets.
-- In the area of privatisation, progress has been achieved with the creation of a professionally managed privatisation fund. However, delays in the preparation of the assets for privatisation, and to some extent worse market conditions, mean that revenues in 2011 will be significantly lower than expected.
-- Banks have improved their capital base through market-based means.
-- As to structural reforms, areas of progress include the transport sector, licensing procedures, and regulated professions. As overall progress has been uneven, a reinvigoration of reforms remains the overarching challenge facing the authorities.
-- Regarding the outlook, the recession will be deeper than was anticipated in June and a recovery is now expected only from 2013 onwards. There is no evidence yet of improvement in investor sentiment and the related increase in investments, in part because the reform momentum has not gained the critical mass necessary to begin transforming the investment climate.
-- In the fiscal area, the government has achieved a major reduction in the deficit since the start of the program despite a deep recession. However, the achievement of the fiscal target for 2011 is no longer within reach, partly because of a further drop in GDP, but also because of slippages in the implementation of some of the agreed measures.
-- As for 2012, the mission believes that the additional measures announced by the government, in combination with a determined implementation of the adjusted Medium-Term Fiscal Strategy, should be sufficient to bring the fiscal program back on track.
-- Looking to 2013-14, additional measures are likely to be needed to meet program targets.
-- In the area of privatisation, progress has been achieved with the creation of a professionally managed privatisation fund. However, delays in the preparation of the assets for privatisation, and to some extent worse market conditions, mean that revenues in 2011 will be significantly lower than expected.
-- Banks have improved their capital base through market-based means.
-- As to structural reforms, areas of progress include the transport sector, licensing procedures, and regulated professions. As overall progress has been uneven, a reinvigoration of reforms remains the overarching challenge facing the authorities.
7:55AM BioSante reports positive LibiGel safety data review in Phase III program (BPAX) 2.34 : The independent DMC has recommended that the LibiGel safety study should continue as per the FDA-agreed protocol, without modifications. LibiGel is in development for the treatment of female sexual dysfunction, specifically, hypoactive sexual desire disorder in menopausal women, for which there is no FDA-approved product. Co reported that with 3,656 women enrolled and over 4,800 women-years of exposure in its LibiGel Phase III cardiovascular and breast cancer safety study, there have been 29 adjudicated cardiovascular events, with a lower than anticipated event rate of ~ 0.60 percent. In the same population of subjects, there have been 17 breast cancers reported, a rate of ~ 0.35 percent, which is in line with the ages of the subjects enrolled in the study.
7:51AM Jacobs receives contracts for Alberta Oil Sands Projects; contracts for Horizon Nuclear Power Services; signs engineering agreement (JEC) 35.73 : Co announced that it received new contracts in the Q4 FY11 from seven clients in the Alberta Oil Sands to support steam assisted gravity drainage and bitumen upgrading expansion projects. Officials estimate the combined total construction value of the awarded projects at more than $1.4 bln. Co also announced that it has been awarded an extension to its current marine environmental services contract from Horizon Nuclear Power Limited; financial terms not disclosed. Co has signed an agreement with the International Council on Systems Engineering (INCOSE) that allows co to leverage the INCOSE Systems Engineering Professional program.
7:50AM EC, ECB, IMF on Fifth Review Mission of Greece (FXE) : Click here for release.
7:46AM Hanmi Financial announced that Lonny Robinson will join its executive management team as Interim CFO of Hanmi Financial and Hanmi Bank effective October 14 (HAFC) 0.96 : Robinson will serve as Interim CFO pending final bank regulatory approval. Robinson succeeds Brian Cho, who is retiring as Executive Vice President and CFO effective October 14, 2011. Cho's retirement is unrelated to the financial condition or financial reporting of Hanmi or the Bank. Prior to embarking on his banking career, Mr. Robinson was a CPA with Ernst & Young specializing in banks and small business audits.
7:40AM On The Wires (WIRES) :
- The FERC has awarded Accenture Federal Services (ACN) a five-year $10.8 million contract to provide Oracle's PeopleSoft application support and hosting services. The contract supports bringing business intelligence, analytics, and cost accounting to the commission.
- Enterprise Products Partners (EPD) announced the start of a binding open commitment period for capacity on a proposed pipeline designed to transport ethane from the Marcellus and Utica shale regions in Pennsylvania, West Virginia and Ohio to the U.S. Gulf Coast.
- SEMICON Europa-Invensas, a wholly owned subsidiary of Tessera Technologies (TSRA) announced that NANIUM is using Invensas' new multi-die face down packaging technology in the design of NANIUM's latest high density, high speed DRAM solutions.
- TRW Automotive Holdings (TRW) has developed its next generation tire pressure monitoring system - a hybrid system which uses a combination of sensing technologies to provide automatic location functionality.
- NetSol Technologies (NTWK) announced it has selected Aegis Capital as a strategic advisor.
- Comstock Mining (LODE) announced the highlights of its third National Instrument 43-101 technical report. The 2011 Report declared a mineral resource estimate for the Comstock Mine Project in Storey and Lyon Counties, Nevada, of Measured and Indicated Resources containing ~1.7 mln gold equivalent ounces, and an estimate of an Inferred Resource containing an additional 990K gold equivalent ounces.
- Innovative Solutions & Support (ISSC) announced that the co has entered into an OEM agreement with Eclipse Aerospace to provide the Vantage Premier avionics suite for the EA500.
- China TechFaith Wireless Technology (CNTF) announced a new order of WCDMA/GSM 3.5G Android smart phones from a new Latin American customer.
- Evolving Systems (EVOL) announced that a tier-1 wireless carrier in Russia is implementing the Company's Dynamic SIM Allocation.
- Summit Midstream Partners announced that it recently entered into a purchase and sale agreement with Encana Oil & Gas, a subsidiary of Encana (ECA) to acquire natural gas midstream assets located in the Piceance Basin for $590 mln .
- Rentrak (RENT) announced a TV Essentials contract with Shorts International for its network, Shorts HD.
- Omeros (OMER) announced that the first patients have been treated in the Company's Phase 3 clinical program evaluating OMS302 in intra-ocular lens replacement surgery.
- eDiets.com (DIET) has signed a two-year licensing renewal agreement with NBCUniversal Television Consumer Products Group and Reveille for The Biggest Loser Meal Plan by eDiets.
- PROLOR Biotech (PBTH) announced that it received a notice of allowance from the US Patent and Trademark Office for a patent application covering PROLOR's CTP-modified interferons.
- NCR (NCR) and INETCO Systems have signed an exclusive software relationship that combines the ATM-level monitoring and analysis power of NCR APTRA Vision with the holistic transaction monitoring capabilities of INETCO Insight.
7:38AM Biostar Pharma to resume trading at 7:40 following acq. of Shaanxi Weinan Huaren Pharma (BSPM) 0.75 :
7:37AM Bigband Networks to resume trade at 7:40 following news it will be acquired by ARRS for $2.24 per share in cash (BBND) 1.27 :
7:34AM TeleComm Sys patent portfolio value estimated at $114-$171 mln by ipCapital Group (TSYS) 3.65 :
7:33AM Fonar announcement of the diagnostic in multiple sclerosis achieved with advanced Upright MRI; increased resistance to outflow of either CSF or venous blood would be expected to modify the intracranial pressure wave over the cardiac cycle (FONR) 1.70 : Co said that the announcement of the "Major Diagnostic Breakthrough in Multiple Sclerosis Achieved With Advanced Upright MRI" was first announced at a Radiology Department Grand Rounds at the University of California San Diego Medical Center. Dr. Bradley said, "Dr. Damadian has shown that 8 patients with MS had degenerative changes in their cervical spines which impinged on the spinal canal and limited the pulsatile, to-and-fro flow of cervical CSF over the cardiac cycle, as demonstrated on UPRIGHT MRI. His hypothesis that increased resistance to outflow of CSF is linked to the etiology of MS has some similarities to Dr. P. Zamboni's hypothesis that MS is due to the impeded outflow of venous blood from the brain due to dural sinus stenoses. In both theories, increased resistance to outflow of either CSF or venous blood would be expected to modify the intracranial pressure wave over the cardiac cycle.
7:31AM AAR Corp acquires international component repair management provider Airinmar; financial terms not disclosed (AIR) 18.15 : Co announced that it has acquired Airinmar Holdings Limited, an international provider of aircraft component repair management services. The acquisition was paid for from available cash on hand and it is expected to be modestly accretive to earnings over the balance of the co's FY12. The newly acquired business will operate as part of AAR's Aviation Supply Chain segment.
7:31AM Mastech announced that Kevin Horner has been appointed as its President and Chief Executive Officer (MHH) 3.00 :
7:28AM RAM Energy Resources reports update to Osage Mississippian Play; three of four new wells planned have spudded; one more in queue (RAM) 0.69 : Co announces an update of operational activity on its Osage Mississippian oil play. Update to Drilling Activity Drilling of the four vertical wells planned for the third quarter was delayed until late in the quarter due to rig availability. The Cooper #3-35 was spudded on September 24 and drilled to a total depth of 2,380 feet. The Kendrick #1-27 was spudded on September 30 and drilled to a depth of 2,411 feet. Both wells drilled through the Mississippi Chat and Lime formations and are currently awaiting completion operations. The Surber #1-26 continues to produce at rates considerably above the type curve of vertical wells surveyed. After fracture stimulation was applied to the Chat formation, the well produced at a daily rate of 108 barrels of oil equivalent in June. As of September 30, 2011 daily production from the well was 61 BOE. As a result of the production response observed to date after fracturing the Surber #1-26 well, the company is planning to fracture stimulate the Ricketts #2-35 in the Mississippi Chat formation when a frac date becomes available, which is anticipated to occur sometime during the fourth quarter.
7:15AM United Therapeutics announces proposed private offering of $210 mln of convertible senior notes and authorization of $212 mln stock repurchase program (UTHR) 37.86 : Co announced that it intends to offer, subject to market and other conditions, $210 mln in aggregate principal amount of convertible senior notes due 2016 to qualified institutional buyers. Co also expects to grant to the initial purchaser of the notes an option to purchase up to an additional $40 mln . Using the proceeds to the Company from the warrant transaction and the balance of the net proceeds of the offering after purchasing the convertible note hedge, together with cash on hand, the co intends to repurchase a variable number of shares of its common stock for up to ~ $212 mln, pursuant to an accelerated share repurchase agreement to be entered into with an affiliate of the initial purchaser. The accelerated share repurchase will be part of a broader share repurchase program authorized by the Company's board of directors, for up to $300 mln in the co's common stock.
7:07AM Biostar Pharma signs agreement to acquire Shaanxi Weinan Huaren Pharmaceuticals for ~$9.62 mln (BSPM) 0.75 : Co announced that its wholly owned subsidiary, Shaanxi Aoxing Pharmaceuticals entered into a Share Transfer Agreement to acquire Shaanxi Weinan Huaren Pharmaceutical from the holders of 100% of equity interests in Shaanxi Weinan. The aggregate purchase price is RMB 61 mln (~$9.62 mln), all cash and payable in several tranches.
7:06AM InterXion to build seventh data centre in Frankfurt (INXN) 11.50 : This new data centre is secured by a long term lease and is designed to offer up to 1.5 kVA per sqm of continuous customer load, all of which has been secured. The capital expenditures for FRA 7 are expected to total approximately EUR21 million. The Company's 2011 CAPEX guidance of EUR140 to EUR160 million includes the forecasted 2011 spending for this new facility.
7:05AM Primero Mining appoints of Renaud Adams as COO (PPP) 2.68 : He was previously General Manager of the Rosebel Gold Mine in Suriname from 2007 to 2010.
7:02AM Cray lands $97 mln contract to upgrade supercomputer at Oak Ridge National Laboratory (CRAY) 5.98 : Co announces it has signed a contract to upgrade the Cray XT5 supercomputer nicknamed "Jaguar" located at the DOE's Oak Ridge National Laboratory to a new Cray XK6 supercomputer, which will be nicknamed "Titan." The Titan system at ORNL will bring together the features of a proven, production petascale architecture with innovative NVIDIA (NVDA) Tesla graphic processing unit technologies.
7:01AM Bigband Networks acquired by ARRS for $2.24 per share in cash (76% premium to yesterday's close, BBND halted) ARRS sees deal as neutral to accretive on non-GAAP basis by mid-2012 (BBND) 1.27 : ARRIS will acquire BigBand Networks for a purchase price of $2.24 per share in cash. This equates to a diluted equity value of ~$172 mln, or $53 mln net of estimated BigBand cash on hand. ARRIS also anticipates that the transaction will be neutral to accretive on a non-GAAP basis for ARRIS shareholders by mid-2012 and will offer upside potential thereafter by addressing upcoming video network evolution opportunities with a more complete offering. The board of directors of BigBand has unanimously recommended that the shareholders of BigBand accept the offer. Redpoint Ventures and ValueAct Capital Partners, holders of 32% of the outstanding shares of BigBand, have agreed to tender their shares in the offer and to vote their shares in favor of the merger agreement and against any other transaction, subject to the provisions of the agreement. Completion of the transaction is expected to occur in late 2011.
7:00AM Dollar Thrifty announces completion of solicitation process; reiterates share repurchase plan and preliminary guidance for third quarter results (DTG) 60.40 : As of October 10, th co had not received any proposals meeting criterion. Consesequently, co has terminated its solicitation process and will continue to execute its current stand-alone plan... "While Hertz's (HTZ) May 2011 exchange offer remains outstanding and on October 7, 2011 Hertz's CEO called me personally to reaffirm their commitment to pursuing the acquisition of Dollar Thrifty, the fact remains that they have not made a proposal that addresses our Board's requirements. Having received no acceptable offer after conducting an unprecedentedly open process with clearly articulated requirements, it is time for us to move forward on a stand-alone basis." Co also confirmed that it plans to commence its previously announced share repurchase program after its third quarter earnings call on November 1, 2011. Under the terms of the share repurchase program, the co authorized the repurchase of up to $400 million of DTG stock. Co stated that it expects to complete share repurchases of up to $100 million per quarter over the course of the next four quarters, and anticipates that purchases will be executed through accelerated stock buyback programs each quarter. Co may also repurchase shares in privately negotiated transactions, pursuant to derivative instruments or other types of transactions and arrangements. Co reiterated its preliminary expectations for earnings results for Q3 2011. Co expects rental revenue to increase by ~2% y/y. Corporate Adjusted EBITDA, excluding merger-related expenses, is expected to range from $110 to $120 million for the quarter, as compared to $93.7 million for the third quarter of 2010. The Company noted that it expects gains from sales of risk vehicles to be ~$18 million in Q3 2011. Co noted that its previously announced guidance for the full year of 2011 for rental revenues and fleet costs, as well as its targeted range for Corporate Adjusted EBITDA, excluding merger related expenses, of $270 to $290 million, remain unchanged.
6:58AM Extorre Gold Mines announced final assays received-NI43-101 compliant resource estimate proceeding for Zoe Discovery (XG) 7.27 : Co announced that all assays are in hand for the first National Instrument 43-101 compliant resource estimate for the Zoe zone at Cerro Moro, Santa Cruz Province, Argentina. Assays for the final 33 drill holes of the ~100 holes to be included in the initial resource estimate are reported. Drilling continues at Zoe with a total of 119 diamond drill holes now completed since the March 2011 discovery. Results from 19 new holes are awaited.
6:43AM Wal-Mart launches more than 3,500 store-specific Facebook pages; establishes 'My Local Walmart' application (WMT) 54.81 : Co announces in response to Facebook fans seeking a more local focus from the brand, co is launching more than 3,500 store-specific Facebook pages. The "My Local Walmart" Facebook application will provide locally-relevant information on everything from new electronics to hot Rollbacks, as well as continue to illustrate the brand's commitment to creating a deeper relationship with people in the communities it serves.
6:21AM JinkoSolar Holding resumes production at its Haining facility (JKS) 6.69 : Co announced that it has resumed production at its facility in Haining City in Zhejiang Province, China. The Haining facility, one of two JinkoSolar production facilities, suspended production on September 17, 2011, after an accident involving suspected leakage of fluoride from a waste storage warehouse into a nearby small water channel due to extreme and unforeseen weather conditions.
6:09AM On The Wires (WIRES) :
- Aduro BioTech announces the treatment of the first patient in the Phase 2 pancreatic cancer clinical trial of the sequential administration of two cancer vaccines: Aduro's CRS-207 and GVAX Pancreas Cancer Vaccine. GVAX Pancreas was licensed from BioSante Pharmaceuticals (BPAX) for use in combination with Aduro vaccines.
- Panasonic (PC) and Tesla Motors (TSLA) finalized a supply agreement for automotive-grade lithium-ion battery cells.
6:03AM The Jones Group confirmed that it is in discussions with Delta Galil Industries regarding the potential sale of Jones' Jeanswear division for an estimated aggregate amount between $350 mln and $400 mln (JNY) 9.68 : Co expects that discussions with Delta Galil will be concluded or terminated within a month. Co notes that no agreement has been reached and there can be no assurances that any transaction will result from these discussions. Co does not intend to make any additional comments regarding this matter unless and until a formal agreement has been reached or discussions have been terminated.
6:01AM MagnaChip announces $35 mln stock repurchase program (MX) 6.17 :
5:27AM NIDEC provides information on damages caused by floods in Thailand (NJ) 21.09 : Co announces the current status of flood damages to its subsidiaries in northwest Thailand, the region which has been subjected to intermittent heavy rains since July. Two of the co's manufacturing subsidiaries in Thailand, Nidec Electronics and Nidec Precision both located in Rojana Industrial Park, Ayutthaya, have halted operations since October 10 due to inundation, power outages and an evacuation order issued across the entire Rojana Industrial Park. None of the co's other factories outside the Rojana Industrial Park have been experiencing any water immersion currently, and they are operating normally.
1:00AM Newmont Mining appoints Gary Goldberg as Chief Operating Officer (NEM) 65.27 : Co announces the appointment of Gary Goldberg as Executive Vice President and Chief Operating Officer. Goldberg most recently served as President and Chief Executive Officer of Rio Tinto Minerals.
1:00AM AMR: American Airlines adjusts for its winter schedule; expected to result in Q4 mainline capacity that is ~3% lower YoY (AMR) 2.53 : In addition, as part of the reductions, American said it will retire up to 11 Boeing 757 aircraft in 2012.
