October 14, 2011 Market SnapShot

Market Update

2:00 pm : Stocks have stretched ahead to new afternoon highs. The major averages aren't yet back to their best levels of the day, however.

Energy stocks have added to their gains so that the sector is now up almost 3%. That makes for a new session high. More impressive still, the sector is at its best level in almost one month.

Consumer staples stocks and telecom stocks are today's weakest perfomers. Both defensive in nature, they are up just 0.3% and 0.4%, respectively. DJ30 +113.34 NASDAQ +32.54 SP500 +14.55 NASDAQ Adv/Vol/Dec 1475/950/960 NYSE Adv/Vol/Dec 2220/380 mln/745

1:30 pm : Stocks have gradually worked their way up from session lows. Each of the three major equity averages are now up by about 1%.

Strength among stocks has kept pressure on Treasuries. In turn, the yield on the benchmark 10-year Note remains above 2.20%.

As for the greenback, it has struggled to fight back against the euro, which is up 0.9% to $1.386. DJ30 +93.13 NASDAQ +25.11 SP500 +11.80 NASDAQ Adv/Vol/Dec 1400/890 mln/1035 NYSE Adv/Vol/Dec 2160/355 mln/795

1:00 pm : Stocks may be off of session highs, but the broad market has resumed its uptrend. In turn, the stock market is on track for a 5% weekly gain.

Strength among Europe's bourses in the face of Fitch's decision to downgrade Spain brought buyers back into the fold after stocks logged a loss in the prior session. Buying interest was further bolstered by news that total retail sales for September increased by 1.1% and sales less autos were up 0.6%. Respective increases of 0.6% and 0.3% had been generally expected.

The S&P 500 quickly climbed to a gain in excess of 1%, but resistance at the 1220 line, which had already stymied an advance by stocks earlier this week, proved too much to overcome. Stocks trended lower from there, but have since entered into a relatively tight trading range.

For the second straight session tech has been a source of support. The sector, which is the largest by market weight, is up 1.3% today. That comes on top of its 1.0% gain in the prior session. Google (GOOG 589.28, +30.29) has been a driver in both efforts. Its latest leg of gains comes in response to a stronger-than-expected quarterly report. The stock is at its best level in more than a month.

Strength among other large-cap tech stocks has the Nasdaq headed for its eight gain in nine sessions. During that time the tech-rich Index has climbed about 13%.

Not to be ignored, energy stocks have rallied aggressively this session. The sector is currently up 2.3%. Oil and gas equipment and services stocks have been especially strong, thanks partly to a 3.0% jump in oil prices to $86.75 per barrel.

Financials started today's trade on a strong note, but have since fallen back to the flat line. They have remained there for the past few hours. DJ30 +87.95 NASDAQ +21.30 SP500 +10.90 NASDAQ Adv/Vol/Dec 1350/825 mln/1060 NYSE Adv/Vol/Dec 2090/325 mln/840

12:30 pm : The stock market has entered into a sideways drift of sorts. Although that has made for some rather unexciting action, it has allowed stocks to hold steady to their gains, keeping the stock market's uptrend in tact. Should today's gains hold, the stock market will score its seventh advance in nine sessions. The Nasdaq has done slightly better in that time; it is headed for its eighth game in nine trading days.DJ30 +74.44 NASDAQ +18.41 SP500 +9.48 NASDAQ Adv/Vol/Dec 1275/755 mln/1115 NYSE Adv/Vol/Dec 2010/300 mln/885

12:00 pm : Stocks continue to trade near their session lows. Tech, which represents the largest sector by market weight, and energy stocks have been steady sources of support. The two sectors are up 1.1% and 1.9%, respectively.

Among tech plays, Google (GOOG 591.41, +32.42) has been a primary leader. The stock's 5% spike comes on the back of a better-than-expected quarterly report. Baidu.com (BIDU 136.16, +3.19) has traded higher in conjunction with strength in GOOG. As for energy, oil and gas exploration and services stocks like Schlumberger (SLB 69.36, +2.16) and Halliburton (HAL 36.35, +1.33). DJ30 +67.97 NASDAQ +20.26 SP500 +9.31 NASDAQ Adv/Vol/Dec 1350/670 mln/1020 NYSE Adv/Vol/Dec 2120/265 mln/750

11:30 am : Stocks have slipped to new session lows after chopping along in a generally downward direction. Financials, still mired near the neutral line, continue to act as a drag on the broad market.

Despite underwhelming action in the financial sector, which has been a primary driver of action in recent weeks, and the pullback by the broad market, energy stocks are holding steady to strong gains. Their 1.8% advance makes them this session's best performers. Of course, it has helped the oil prices are up to $86.25 per barrel, sporting a gain well in excess of 2%. DJ30 +57.22 NASDAQ +18.87 SP500 +8.75 NASDAQ Adv/Vol/Dec 1470/560 mln/855 NYSE Adv/Vol/Dec 2240/225 mln/625

11:00 am : The major market averages are holding solid gains despite the disappointing Michigan Sentiment data. The S&P 500 and Nasdaq lead the advance with gains of 1.0% while the Dow is seeing slight underperformance as it trades higher by 0.8%.

Financials are stuck near the flat line and are currently trading up 0.2% collectively. Bank of America (BAC 6.16, -0.06) is the worst performer of the large financial institutions as it trades down 1.0%. Rivals Wells Fargo (WFC 26.05, -0.07) and Citigroup (C 27.56, -0.08) are also seeing losses as the space remains under pressure despite the recent run up in equities. DJ30 +86.06 NASDAQ +24.89 SP500 +10.84 NASDAQ Adv/Vol/Dec 1406/502.5 mln/876 NYSE Adv/Vol/Dec 2143/203.2 mln/735

10:35 am : The dollar index is back near its session low of 76.51, which has given a boost to commodities. Aluminum is the only commodity in the CRB Commodity Index that is in the red.

Crude oil futures have been in positive territory all session and rose as high as $87.28/barrel about an hour ago. It pulled back below the $87 level and is now up 2.5% at $86.30/barrel.

Natural gas showed a decent uptrend all morning and hit its own session high about an hour ago as well, reaching $3.62/MMBtu. The energy component is currently trading at $3.60, up 2%

Precious metals have shown gains all morning. Gold ran as high as $1685.5/oz, but has pulled back about $12/oz and is currently up 0.3% at $1673.10/oz. Silver is about 1% off its session high of $32.56/oz and is currently up 1.7% at $32.16/oz. Copper futures are currently up 3% at $3.41/lb.DJ30 +80.53 NASDAQ +24.83 SP500 +9.96 NASDAQ Adv/Vol/Dec 1379/423 mln/895 NYSE Adv/Vol/Dec 2128/169 mln/685

10:00 am : The S&P 500 continues to sport an impressive gain, but it has started to pull back from the 1220 line, which was a point of resistance this past Wednesday. The line essentially represents the stock market's two-month closing high.

The preliminary Consumer Sentiment Survey for September from the University of Michigan came in at 57.5, which is down from the 59.4 that was posted in the prior month, but also less than the 60.0 that had been expected, on average, among economists polled by Briefing.com.

Business inventory numbers for August were also just released. They increased by 0.5%, which is slightly better than the 0.4% increase that had been broadly expected to follow a 0.4% increase in the prior month. DJ30 +115.19 NASDAQ +33.56 SP500 +14.84 NASDAQ Adv/Vol/Dec 1680/112 mln/385 NYSE Adv/Vol/Dec 2465/60 mln/230

09:45 am : Stocks are sporting strong gains in the early going. The effort has been broad based in that all 10 major sectors are in positive territory. More than half of them are sporting gains in excess of 1%.

Strength among stocks has Treasuries under pressure. In turn, the yield on the benchmark 10-year Note is now up to 2.25%, which is about 50 basis points above the depths that it probed barely 10 days ago. 

Meanwhile, the dollar continues to descend against the euro, which is up a sharp 1.0% to $1.387 this morning. That's right in line with the euro's one-month high and just shy of its 50-day moving average. DJ30 +121.25 NASDAQ +36.73 SP500 +16.60 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA

09:15 am : S&P futures vs fair value: +14.80. Nasdaq futures vs fair value: +31.20. The broad market ended the prior session with a modest loss, but it appears poised for a markedly positive open today. Stocks enter Friday more than 4% higher than where they began the week. Buying has been largely based on the actions of Europe, where improved sentiment has helped the continent's major bourses trend higher, even in the face of a recent downgrade of Spain's debt. Buying interest got a boost from a better-than-expected monthly retail sales report, which was released earlier. As for earnings, they don't really get going until next week, but for now, Google (GOOG) has impressed many by posting a significantly better-than-expected quarterly report. That said, many participants continue to keep an eye on financials, which weighed heavily on trade yesterday, after analysts at Fitch placed several investment banks and brokerages on the firm's Negative Watch list.

09:05 am : S&P futures vs fair value: +13.50. Nasdaq futures vs fair value: +28.50. Strength in the commodity complex has the CRB Commodity Index up a healthy 1.4% today. Among its more closely monitored components, oil prices are up a sharp 2.5% to $86.35 per barrel in the first few minutes of pit trade. The upward push comes after the energy component slid to a 1.6% loss. Natural gas prices are currently up 2.0% to $3.60 per MMBtu. They actually registered a 52-week low of $3.45 per MMBtu in the prior session, but rebounded to a 1.2% gain. Gold prices are up 0.8% to $1681 per ounce today. That recoups the 0.8% that the precious metal shed in the prior session. As for silver, it was last quoted with a 1.8% gain at $32.22 per ounce. It fell 3.0% yesterday.

08:35 am : S&P futures vs fair value: +13.60. Nasdaq futures vs fair value: +28.50. Stock futures have ticked higher in recent action. The bidding follows the latest dose of data, which featured news that retail sales increased by 1.1% during September. They had been broadly expected to increase by 0.6% after an upwardly revised 0.3% increase for the prior month. Excluding autos, retail sales were up by 0.6%. That also exceeded what had been widely anticipated, which was a 0.3% increase. Sales less autos for the prior month were revised higher, too. They now show an increase of 0.5%. Separately, import prices increased by 0.2% in September, as they did in the prior month. Export prices, excluding agricultural items, increased by 0.3%, just as they did in August.

08:05 am : S&P futures vs fair value: +10.30. Nasdaq futures vs fair value: +21.50. The broad market ended the prior session above its low, but was unable to garner enough support to post an actual gain. There is a more upbeat tone to trade this morning, though. In turn, stock futures point to a strong start to the final session of the week. Per usual, early participants are taking their cues from Europe, where the continent's major bourses have climbed to strong gains, dismissing news that analysts at Fitch downgraded Spain's debt and cut the rating of UBS (UBS). Analysts at Fitch have also placed Morgan Stanley (MS), Goldman Sachs (GS), Deutsche Bank (DB), Barclays (BCS), Credit Suisse (CS), and BNP Paribas on the firm's Negative Watch list.

Data from Europe featured a 3.0% increase in final CPI for September. Last night China reported a 6.1% increase in its September CPI. Most of Asia's averages logged losses in overnight action.

Google (GOOG) is among the few that have reported quarterly results since the prior session's close. Its better-than-expected results have driven shares some 7% higher ahead of the open.

There's a substantial dose of data on tap for today. The bottom of the hour brings monthly retail sales, along with import and export price data. The preliminary Consumer Sentiment Survey for October from the University of Michigan will be widely available at 9:55 AM ET. Monthly business inventory numbers follow immediately with a release at 10:00 AM ET. The latest Treasury Budget will be posted at 2:00 PM ET.

06:51 am : [BRIEFING.COM] S&P futures vs fair value: +8.90. Nasdaq futures vs fair value: +21.50.

06:51 am : Nikkei...8747.96...-75.30...-0.90%. Hang Seng...18501.79...-256.00...-1.40%.

06:51 am : FTSE...5459.67...+56.30...+1.00%. DAX...5961.50...+46.70...+0.80%.

In Play 

1:35PM COMEX Metals Closing Prices (COMDX) : Gold rose $14.70 to finish at $1683.20, silver ended up $0.50 at $32.17, while copper gained a penny to close at $3.42 (all Dec contracts).

1:22PM Teva Pharma: New data on Teva's Copaxone and Laquinimod to Be highlighted at Ectrims/Actrims (TEVA) 38.93 -0.09 : Presentation of data from the BRAVO study, the second global Phase III clinical trial evaluating oral laquinimod for the treatment of MS. Additional data from the ALLEGRO study demonstrating the positive impact of laquinimod on disability accumulation and rate of severe relapses, as well as patient-reported outcomes. Study results from trials designed to determine the neuroprotective effects of treatment with COPAXONE in two different experimental autoimmune encephalomyelitis models.

12:50PM Kellogg sets minor new high of 54.66, this week's high is at 54.70 with the Sep/two month high at 54.94 (K) 54.65 +0.69 :  

12:40PM Relative sector strength (TECHX) : Modest slip for stock indices off early highs into midday did no chart damage.  Seeing some relative strength on the recent push off pullback lows in Energy (XLE, OIH, XES), Material XLB, Casino BJK, REITs IYR, Gold Miners GDX, Gold GLD, Semi SMH.  Lagging Finance XLF and Reg Bank KRE are improving some as well.

12:36PM Ameren increases quarterly dividend 3.9% to $0.40 (AEE) 30.29 +0.36 :  

12:14PM Baldwin Technology amends credit agreement (BLD) 1.20 +0.16 : Co announced that it has negotiated an amendment to its credit agreement with Bank of America. The amendment extends the maturity date of the revolving credit facility from November 21, 2011 to July 2, 2012.

12:08PM Relative weakness in Semi SMH, Disk Drive, Finance XLF, Reg Bank KRE, REITs IYR, Housing XHB in recent trade (TECHX) : 
11:40AM Mkt Vectors Gold Miners ETF displays some relative weakness in recent trade (GDX) 56.76 +0.48 : GFI, HMY, AU, AEM, KGC, IAG, ABX, GG, NEM, FCX.

11:24AM Dow +60, S&P +9 and Nasdaq Comp +21 slip to new morning pullback lows (SPY) :  

11:10AM Tyler Tech acquires Windsor Management Group for $23.5 mln in cash (TYL) 27.74 -0.03 :  

11:05AM Transglobe Energy 2011 estimated production reduced by ~1,000 Bopd to the 12,000 to 12,300 Bopd range (TGA) 9.13 +0.41 : The oil export pipeline from Marib to the Ras Eisa port on the Red Sea is currently shut down. Production from TransGlobe's An Nagyah field on Block S-1 is shut-in until repairs to the export pipeline can be completed. The pipeline has been the target of a number of attacks since production resumed in mid-July (ending a 4 month shut-in period) and was typically repaired within 24 to 48 hours, which did not impact production. The most recent attack on the pipeline has not been repaired due to local tribal groups preventing access to the pipeline. It is difficult to predict when production will resume. TransGlobe's working interest share of production was approximately 2,250 Bopd prior to being shut-in on October 8th.

10:52AM S&P +12 pulls back to intraday support (SPY) : The early rally in the S&P stalled between the mid-week high and the 50% retracement of the May-Oct decline at 1220/1222 (session high 1221) with some minor downticks noted thereafter as Finance underperformed.  Thus far, however, the S&P has merely retraced 38% of the extension off yesterday's final hour low to the early high at 1213.  Intraday support below is at 1210 with a more important short term barrier at yesterday's high (1207).  Continued posture above/near these levels keeps it positioned for an upside follow through attempt.

10:44AM Ubiquiti Networks IPO opened at $16.50; now +15.5% after pricing at the low end of the $15-17 range (UBNT) 17.32 +2.32 :  

10:29AM EarthLink issued a notice of redemption to redeem all of its outstanding 3.25% Convertible Senior Notes due 2026 (ELNK) 6.82 -0.02 :  

10:21AM Finance XLF and Semi SMH slip into the red (TECHX) :  

10:16AM Minor new pullback lows for stock indices -- Dow +100, S&P +12, Nasdaq Comp +30 (SPY) : Noted relative weakness in Finance XLF and Reg Bank KRE in the 10:04 update and they continue to underperform.

10:04AM Sector Watch as indices slip slightly off highs (SPY) : Sectors that are underperforming the S&P as it slips back off its high of 1221 include: Reg Bank KRE, Finance XLF, Biotech IBB, Utility UTIL, Health XLV.

9:56AM Stock indices slipping back off morning highs following sentiment data -- Dow +117, S&P +14, Nasdaq Comp +33 (SPY) :  

9:43AM Apple slips to gap up lows as it begins to edge down into the $415.00 level (AAPL) 415.63 +7.22 :  

9:42AM Nasdaq Comp +36 vacillating near flat line for the year at 2652 -- session high 2660 (QQQ) :  

9:41AM Dow +124 firmly higher but lagging Nasdaq Comp +38 and S&P +17 (DIA) : The Dow has run as high as 11606, its weekly peak is at 11625 with its 200 ema following at 11646.

9:37AM S&P +15 retests the weekly and Mid-Sep highs at 1220 -- session high 1220 (SPY) : The 50% retrace of the May to Oct decline is at 1222 with its multi-month range top intraday highs at 1229/1230.

9:34AM China Infrastructure Investment reports FY11 (Jun) net loss of $136.5 mln; rev +31% YoY to $555.8 mln (no ests); co will acquire a 51% equity interest in Simian through a series of variable interest entity contractual arrangements (CIIC) 1.00 -0.02 :  

9:33AM Verizon tests/pulls back from its Sep/three month high of 37.39 -- session high 37.36 (VZ) 37.13 +0.11 :  

9:33AM Gen Growth Prop sells Faneuil Hall marketplace for $140 Million (GGP) 12.87 +0.17 : Co announced in the last three months it sold three non-core assets for $280 mln, including Boston's Faneuil Hall Marketplace. In August, the office and garage components of Westlake Center sold for $119 mln; while Riverside Plaza, a retail strip center in Provo, Utah, sold for $21 mln. With these transactions, GGP eliminated from its balance sheet approximately $95 mln of mortgage related debt associated with these properties.

9:30AM Seven Arts Pictures announces funding for two Dark Art films (SAPX) 0.45 0.00 : Co announced that it has closed an initial funding for two films to be produced by Dark Arts a division of Seven Arts' affiliate, Esplanade Pictures. Esplanade will specialize in producing low-budget genre pictures in Louisiana, building on the strength and resources of its local Seven Arts' affiliate Seven Arts Pictures Louisiana LLC.

9:21AM Steel Dynamics announces Mark Millett's Promotion to President and Chief Executive Officer, effective January 1, 2012 (STLD) 11.22 : Millett, a director and co-founder of the company, currently serves as President and Chief Operating Officer of Steel Dynamics.

9:07AM Sino-Forest responds to request to commence action against certain insiders and others (SNOFF.PK) 1.37 : Co announced that it has received a request on behalf of a purported shareholder of the Company, asking the Company to commence legal proceedings against certain Company employees who are subject to a cease-trade order first made by the Ontario Securities Commission on August 26, 2011, against one of the Company's service providers, and against other unidentified persons or entities. The request indicated that, if the Company does not agree to commence legal proceedings as demanded, the purported shareholder may seek court approval to commence such proceedings in the name of the Company. The request on behalf of the purported shareholder raises issues that fall within the scope of review of the Independent Committee.

9:01AM A. Schulman raises dividend to $0.17/share from $0.155/share (SHLM) :  

8:55AM A. Schulman raises FY11 net income guidance (SHLM) 19.04 : Co raises FY11 adj. net income guidance to ~$58 from $50-52 mln. The improvement in adjusted net income compared with the co's guidance was driven primarily by unexpected strength in volume, improved margins, and favorable tax adjustments that positively impacted fiscal 2011 fourth-quarter and full-year results: An unanticipated volume improvement in the European distribution business occurred late in the fourth quarter, which the Company believes was the result of increased buying patterns by customers in anticipation of rising raw material prices. The co also experienced unanticipated general margin expansion across all of its businesses. In addition, the co recorded customary annual tax adjustments which contributed more favorably to net income than usual. "However, the lack of stability in global markets is making forward-looking projections into 2012 very difficult. While this latest boost in margin will contribute to better results for the year, we are not convinced that this favorable trend is sustainable, given the current unpredictability of the global markets."

8:34AM On The Wires (WIRES) :

• Foster Wheeler (FWLT) announced that a subsidiary of its Global Power Group has been awarded a contract by Essar Projects for the design and supply of four circulating fluidized-bed steam generators for Essar Power Salaya Limited in India, which is the owner and developer of the project.
• Brightpoint (CELL) announced that its subsidiary, Touchstone Wireless Repair and Logistics, has entered into a wireless device repair services agreement with GoWireless.
• Watson Pharmaceuticals (WPI) confirmed that its subsidiary, Watson Laboratories filed an Abbreviated New Drug Application with the FDA seeking approval to market Methylphenidate Transdermal System.

8:31AM eMagin announces a $2.5 mln share repurchase program (EMAN) 4.10 :  

8:30AM Ramtron Chief Financial Officer Mark Kent resigns to pursue other opportunities, effective October 7, 2011; names current controller as interim CFO (RMTR) 2.15 : Co announces CFO Mark Kent resigned from his position to pursue other opportunities. The co has named Gery Richards, Ramtron's controller, to serve as interim chief financial officer while the co conducts a search for a chief financial officer.

8:15AM On The Wires (WIRES) :

• Jingwei International (JNGW) announced that New Yulong Information Technology has completed its previously announced disposition of its legacy media business in Beijing New Media Advertising to George Du.
• Camelot Information Systems (CIS) announced that the Company has appointed Qian Zhao and Jian Wang as independent directors 
• Lannett Company (LCI) has commenced shipping three products: Diethylpropion Tablets 25mg, Phentermine HCI Capsules 37.5mg and Loxapine Capsules 5 mg, 10 mg, 25 mg and 50 mg - recently approved by the FDA.
• Western Union (WU) and 7-Eleven have signed a prepaid agreement to offer consumers the ability to obtain The Western Union MoneyWise General Purpose Reloadable prepaid card.
• Dynegy (DYN) announced that it is extending the previously announced offers to exchange up to ~$1.25 bln principal amount of the outstanding notes, debentures and capital income securities of Dynegy Holdings its direct, wholly-owned subsidiary, for Dynegy's new 10% Senior Secured Notes due 2018 and cash to midnight on October 20, 2011.
• Mindray Medical International (MR) announced that it will be showcasing its newly enhanced hand-held M series ultrasound platforms at the American Society of Anesthesiologists conference being held in Chicago between October 14-18, 2011.

8:03AM eFuture is currently in the process of implementing a large-scale total logistics management solutions project for Beijing Jingxinlong Medicine Distribution (EFUT) 3.20 : Beginning in the second half of 2010, eFuture has signed multiple contracts with Beijing Jingxinlong covering end-to-end logistics management solutions. The contracts encompass the design of Beijing Jingxinlong's distribution centers, planning its logistics procedures and implementation of the logistics management system, and include logistics consulting service contracts, warehouse management software system contracts, and digital picking equipment contracts.

8:03AM Webster Financial beats by $0.05 (WBS) 18.22 : Reports Q3 (Sep) earnings of $0.45 per share, $0.05 better than the Capital IQ Consensus Estimate of $0.40.  Combined growth of $79.9 million in commercial non-mortgage and commercial real estate loans from June 30, and $440.4 million from a year ago. Net interest margin of 3.45 percent compared to 3.46 percent in the second quarter and 3.36 percent a year ago. Continued improvement in asset quality as evidenced by a 4.1 percent reduction in nonperforming assets and an 8.8 percent decline in commercial classified loans, both from June 30. Provision for loan losses of $5.0 million compared to $5.0 million in the second quarter and $25.0 million a year ago. "We are pleased to report improved performance in our operating results. Highlights include continued strong growth in business lending, a stable net interest margin, further improvement in credit metrics and reduction in expenses. Slow economic growth and margin pressures ahead require further management action to sustain earnings momentum."

8:02AM White Mountains to commence self-tender offer to purchase up to 300K of its common shares (WTM) 411.75 : Co announced that it intends to commence a "modified Dutch auction" self-tender offer to purchase up to 300,000 of its common shares at a purchase price of not greater than $425 or less than $385 per share net to the seller in cash. The tender offer is expected to commence on October 17, 2011 and expire at 12:00 midnight, New York City time, on November 14, 2011, unless extended. White Mountains' common shares closed on the New York Stock Exchange at $411.12 per share on October 13, 2011.

8:02AM Insmed notified by FDA that it is continuing the clinical hold previously placed on Insmed's phase 3 clinical trial for ARIKACE (INSM) 3.50 : Co announced that it has been notified by the FDA that it is continuing the clinical hold previously placed on Insmed's phase 3 clinical trial for ARIKACE in patients with non-tuberculous mycobacterial lung disease.

8:01AM Ares Capital increases revolving funding facility; upsize of $100 mln brings total facility to $500 mln (ARCC) 14.26 : Co announced that its indirect wholly owned subsidiary, Ares Capital CP Funding, increased its revolving funding facility provided by Wells Fargo Bank, National Association from $400 mln to $500 mln . The other terms of the Facility generally remain unchanged, including the maturity date, which is January 18, 2016, and the stated interest rate, which is based on one-month LIBOR plus a spread that is determined under a pricing grid depending upon Ares Capital's credit ratings. The currently effective LIBOR spread is 2.75%. In addition to this $500 mln Facility, Ares Capital has an $810 mln Revolving Credit Facility, for total revolving debt capacity of ~ $1.3 bln, subject to borrowing base and leverage restrictions.

8:00AM OfficeMax announces $650 mln credit facility (OMX) 4.89 : This credit facility amends the existing $700 mln U.S. and C$60 mln Canadian credit facilities, which were scheduled to expire in July 2012, and consolidates them into a single North American credit facility.

7:30AM eDiets.com: NASDAQ panel grants request of DIET for Continued Listing (DIET) 1.25 : Co announced that on October 13, 2011, it received notice that the NASDAQ Listing Qualifications Panel has determined to grant the co's request for continued listing. The Panel decision allows the co's common stock to remain listed on The NASDAQ Capital Market through November 30, 2011, pending the Company's demonstration of compliance with the NASDAQ listing requirement of $2.5 mln in stockholders' equity.

7:27AM Unilever NV to acquire 82% of russian beauty company Concern Kalina for EUR 500 mln (UN) 33.17 : Co announced that it has agreed to acquire 82% of Concern Kalina. The transaction, which is pending required regulatory approvals, values the equity of the total business at RUB 21.5 bln (EUR 500 mln). Concern Kalina is an expected 2011 turnover of around RUB 13 bln (EUR 303 mln). Under the terms of the agreement, the 82% shareholding Unilever will acquire in Concern Kalina includes these additional 1.2 million shares. Subject to obtaining the required regulatory approvals, the acquisition is expected to complete by the end of 2011. On completion Unilever intends to launch a Mandatory Tender Offer to acquire the remaining shares that are not part of the initial agreement, at such time and on terms mandated by Russian law.

7:18AM On The Wires (WIRES) :

• SM Energy (SM) and Mitsui & Co, the parent of Mitsui E&P Texas, jointly announce that SM Energy and Mitsui E&P Texas have mutually agreed to extend the outside date for closing of their previously announced agreement concerning a 12.5% working interest in SM Energy's non-operated Eagle Ford position to December 23, 2011.
• Red Lion Hotels Corporation (RLH) completed its $40 mln credit facility with Wells Fargo Bank making available up to $10 mln on a revolving line, in addition to $30 mln in term debt obtained in September 2011.
• CooperVision (COO) is continuing to work with the FDA, distributors, customers, eye care practitioners and lens wearers to complete the worldwide recall initiated on August 19, 2011 on certain lots of Avaira Toric contact lenses.
• ShangPharma Corporation (SHP) announced that Ms. Wenjuan Xiao, a member of the board of directors of the co, has resigned from the board, effective October 13, 2011. Ms. Xiao is a co-founder of the co and is the mother of Michael Xin Hui, the chairman and CEO of the co.
• Merge Healthcare (MRGE) announced Merge RIS v7.0 has received the federal government's Meaningful Use stamp of approval, thus becoming the industry's only major radiology information system with complete electronic health record ambulatory certification.
• UGI Corporation (UGI) reported that it has acquired Shell's liquefied petroleum gas distribution businesses in the United Kingdom, Belgium, the Netherlands, Luxembourg, Denmark, Finland, Norway and Sweden.
• NovaBay Pharmaceuticals (NBY) announced the first introduction of NeutroPhase, the only pure, isotonic stable hypochlorous acid solution that is packaged in a convenient glass container which will insure its long-term shelf stability.
• DuPont (DD) business Pioneer Hi-Bred and Pannar Seed expressed regret that the South African Competition Tribunal denied approval to implement their agreement for Pioneer to purchase a majority share of Pannar. The Competition Tribunal upheld a decision by the Competition Commission in December 2010 not to allow the transaction.

7:06AM Ubiquiti Networks prices 7.04 mln share IPO at $15, the low end of the $15-17 expected range (UBNT) : Ubiquiti is offering 2,395,328 shares and selling stockholders are offering 4,642,902 shares.

7:03AM DineEquity announces Founder of Applebee's Neighborhood Grill & Bar sells 40 locations to affiliate of IHOP's largest franchisee; will serve as CEO of Acquiring Organization (DIN) 42.47 : Co announced that existing Applebee's franchisee, Neighborhood Restaurant Partners, an affiliate of IHOP's largest franchisee, has purchased the assets of Apple Restaurants, including 40 Applebee's franchise-operated restaurants located in Atlanta and surrounding areas.

7:01AM Astrotech awarded $2.2 million task order for NASA Mission (ASTC) 0.59 : Co will provide facilities and payload processing services from its Titusville, Florida location in support of the National Aeronautics and Space Administration (NASA) Radiation Belt Storm Probes (RBSP) mission scheduled to launch in September 2012.

6:04AM Mattel beats by $0.01, beats on revs; increases buyback by $500 mln (MAT) 27.78 : Reports Q3 (Sep) earnings of $0.86 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.85; revenues rose 9.0% year/year to $2 bln vs the $1.97 bln consensus. Co also announces Increase in share repurchase program by $500 mln. During the third quarter of 2011, the co repurchased ~6.6 mln shares of its common stock at a cost of ~$173 mln.

6:03AM EnCana reached an agreement that will see Pembina Pipeline Corporation invest about CAD $230 mln to expand the processing and liquids extraction capacity of the Resthaven natural gas processing plant in west central Alberta (ECA) 20.33 : This plant capacity increase, the first of a two-phase expansion, is scheduled to come on stream in late 2013. With this initial expansion, ECA expects to boost its extraction of natural gas liquids at Resthaven from about 1,000 barrels per day to about 8,000 barrels per day. The second expansion is expected to provide ECA with another 4,000 barrels per day of extracted NGLs from its growing liquids-rich natural gas production in the region. The first step in Encana's NGL extraction initiative is set to start up in December when Encana expects to add about 5,000 barrels per day of NGLs production from expanded facilities that Pembina has installed at its Musreau natural gas processing plant, located about 30 kilometres northwest of the Resthaven plant.

6:02AM MPG Office Trust announced it has amended the employment agreement for CFO Shant Koumriqian, providing for Koumriqian's departure from the co on March 31, 2012 (MPG) 2.20 : Koumriqian is expected to remain with Company until that time.

6:00AM Pier 1 Imports announces authorization of new $100 mln share repurchase program (PIR) 10.93 :  

5:45AM On The Wires (WIRES) :

• Delta Air Lines (DAL) and US Airways (LCC) welcomed the decision by the Department of Transportation on Oct. 10 to approve the proposed slot transaction at New York-LaGuardia and Washington-Reagan National airports, subject to certain conditions.
• MediciNova (MNOV) and the Jasdaq Market of the Osaka Securities Exchange, announced that Kissei Pharmaceutical will pay MediciNova $2.5 mln, within 30 days, to support further clinical development of MN-221 for the treatment of acute exacerbations of asthma or chronic obstructive pulmonary disease.
• Panasonic (PC) System Networks Company of America announced an expanded solution partnership with communication applications company Poltys which includes the Direct Care Connect Application for the healthcare market.
• Allos Therapeutics (ALTH) announced that Allos and other named defendants have entered into a memorandum of understanding with plaintiffs' counsel in connection with the putative class action lawsuits filed in the Delaware Court of Chancery in connection with its proposed merger with AMAG Pharmaceuticals (AMAG).
• Kitimat LNG partners Apache Canada (APA), EOG Resources Canada (EOG) and Encana (ECA) announced that the National Energy Board has granted Kitimat LNG a 20-year export licence to ship liquefied natural gas from Canada to international markets.
• WuXi PharmaTech (WX) announced the acquisition of Abgent, Inc., a provider of biological research reagent products and services based in Suzhou, China, and San Diego, California. The financial terms of the acquisition were not disclosed.
• SYNNEX (SNX) announced the official launch of CLOUDSolv, the cloud services automation platform that provides scalable, comprehensive application lifecycle management for resellers to manage their cloud services business.

4:15AM Tor Minerals sells 2 product tankers (TORM) 11.64 : Co announces it has agreed to sell the two LR2 product tankers TORM Mette and TORM Marianne. The parties have agreed not to disclose the sales price. The sale has no impact on the Company's profit and loss statement, but a positive effect on the liquidity of ~$20 mln. Also, the transaction does not change the co's forecast for 2011 of a loss before tax of $100-175 mln.

2:04AM Valmont beats by $0.06, beats on revs; reaffirms FY11 EPS guidance, sees at mid to lower end of prior FY EPS guidance range (VMI) 90.27 : Reports Q3 (Sep) earnings of $1.59 per share, $0.06 better than the Capital IQ Consensus Estimate of $1.53; revenues rose 27.4% year/year to $672.2 mln vs the $644.6 mln consensus. Co reaffirms guidance for FY11, sees EPS at mid to lower end of prior guidance of $5.70-5.90 vs. $5.79 Capital IQ Consensus Estimate.

1:45AM Atlantic Power prices 11 mln common shares at $13 per share (AT) 13.34 :  

1:42AM News Corp: Hulu equity owners decide to terminate the Hulu sale process (NWS) 17.13 : The following is a joint statement from Hulu owners News Corp (NWS), Providence Equity Partners, Disney (DIS) and the Hulu senior management team: "Since Hulu holds a unique and compelling strategic value to each of its owners, we have terminated the sale process and look forward to working together to continue mapping out its path to even greater success. Our focus now rests solely on ensuring that our efforts as owners contribute in a meaningful way to the exciting future that lies ahead for Hulu."

1:38AM IsoRay sells $2.3 mln of common stock and warrants to WestPark Capital; sell 2.5 mln shares of common stock at $0.92 (ISR) 0.95 : Co will immediately sell 2.5 mln shares of its common stock at $0.92 per share in a financing with gross proceeds of $2.3 million, which represents a 4% discount to the closing price on October 11, 2011. Additionally, as part of the transaction, the investors also will receive one warrant for each five shares purchased, exercisable up to five years following the closing at ~$1.06 per share.

1:34AM Montpelier Re reports initial loss estimates from Q3 catastrophe losses and provides update on other recent loss estimates (MRH) 17.80 : Co announces a preliminary estimate of third quarter pretax catastrophe losses. The estimate comprises $30 mln from US events including Hurricane Irene and the Texas wildfires, $20 mln from US regional aggregate covers and $10 mln from the July Danish floods. In addition, the co now estimates it will incur $10 mln of net losses from the June 2011 New Zealand earthquake. All of these amounts are net of retrocessional recoveries and reinstatement premiums.

1:30AM RailAmerica reports September monthly carloads of 65,551, down 10% YoY (RA) 14.78 : Co states a large portion of the decline was due to temporary maintenance downtime at a coal-fired utility plant served by RailAmerica, timing of the harvest, and service interruptions related to Hurricane Irene. During September 2011, Coal was down 5,078 carloads as the Missouri and Northern Arkansas Railroad's Coal volumes declined 2,865 units primarily due to the planned, maintenance downtime of a utility plant.

1:28AM AAR Corp increases size of revolving credit facility to $580 mln from $400 mln; can be increased up to $680 mln under certain circumstances (AIR) 18.38 :