October 24, 2011 Market SnapShot

Market Update

3:30 pm : Crude oil prices surged today, trading to their best levels since early August. On the session futures rallied 4.4% to close at $91.27 per barrel. Futures rallied on the better than expected econ data out in China, as well as strength in equities based on optimism for a deal getting done to help the euro-zone. Natural gas had a very quiet session, chopping around just shy of the flat line and posting declines of 0.8% to settle at $3.60 per MMBtu.

Precious metals did the majority of their rallying in electronic trade. Both metals did manage to trade to their best levels, at $1663.30 and $32.04 respectively, in pit trade but closed below those highs. On the session gold ended up 1% at $1652.00 per ounce, while silver finished up 1.4% at $31.64 per ounce. Copper futures surged 7% to settle at $3.46. Better-than-expected econ data in China, coupled with optimism about a deal getting done in the euro zone, boosted prices today.DJ30 +78.64 NASDAQ +54.09 SP500 +16.10 NASDAQ Adv/Vol/Dec 2006/1.5 bln/550 NYSE Adv/Vol/Dec 2451/620.1 mln/596
3:00 pm : Only an hour remains in today's trade. Action has been decidedly positive all session.
Corporate news flow was somewhat slow this morning, but the pace will pick up after the close. That's when the latest rush of quarterly reports will be made. On deck are companies like Amgen (AMGN 58.96, +0.37), Netflix (NFLX 118.18, +1.14), and Texas Instruments (TXN 31.58, +1.12). Tomorrow morning brings 3M (MMM 82.19, +1.71), BP Plc (BP 41.92, -0.43), Coach (COH 62.79, +2.25), Deutsche Bank (DB 39.48, +0.76), and UPS (UPS 70.86, +0.80). DJ30 +130.33 NASDAQ +64.71 SP500 +17.89 NASDAQ Adv/Vol/Dec 2030/1.30 bln/500 NYSE Adv/Vol/Dec 2475/530 mln/535

2:30 pm : Stocks recently slipped off of their afternoon perch, but were quick to stabilize. The move lower came as not as a result of any headline or catalyst, but more likely because a few participants opted to challenge today's gains by pocketing some profits. With today's advance, stocks are up about 3.5% in three sessions.DJ30 +108.84 NASDAQ +60.03 SP500 +15.04 NASDAQ Adv/Vol/Dec 2035/1.18 bln/485 NYSE Adv/Vol/Dec 2475/485 mln/500
 2:00 pm : Stocks moved another leg higher in recent trade. That makes for new session highs across the major averages.
Even in the face of such broad strength, defensive-oriented stocks continue to struggle. That has left the utilities sector to trade with a 0.4% loss and the consumer staples sector to trade with a 0.5% loss. Worse still, telecom stocks are down 0.9%, collectively. DJ30 +123.07 NASDAQ +65.15 SP500 +17.64 NASDAQ Adv/Vol/Dec 2020/1.10 bln/485 NYSE Adv/Vol/Dec 2465/450 mln/510

1:30 pm : The major equity averages continue to boast robust gains as they trade near their best levels of the day. Sentiment has been positive since the beginning of the session.

The dollar has slowly moved deeper into negative territory. It now trails a basket of major foreign currencies by 0.3%. The dollar has been especially weak against the euro, which was last quoted with a 0.7% gain at $1.394. DJ30 +102.18 NASDAQ +57.80 SP500 +14.83 NASDAQ Adv/Vol/Dec 1950/980 mln/520 NYSE Adv/Vol/Dec 2420/405 mln/550

1:00 pm : Stocks are up nicely at midday, but they were initially a bit slow to build on last week's strong finish.

Early signals were mixed because a manufacturing survey from China showed an increase in activity, but manufacturing and services data from Europe were rather underwhelming. Market participants also continue to await a comprehensive plan from Europe's officials addressing the region's financial problems.

However, financials and materials stocks were quick to offer early support. Both sectors quickly bounced to gains in excess of 1%. Both sectors are currently up 1.8%.

Tech stocks were slower to join the effort, but the sector has since made a gradual ascent to a 2% gain. Oracle (ORCL 32.56, +0.44) has been applauded for its intended purchase of RightNow Tech (RNOW 42.81, +6.85) for $43 per share, or a 20% premium over where shares of RNOW settled last week. General strength among tech stocks has helped give the Nasdaq a gain that is more than double that of the Dow.

Caterpillar (CAT 92.26, +4.87) has been a steady source of support for the Dow, thanks to an upside earnings surprise and strong guidance, but the blue chip Index has been undermined by many of its more defensive components, which have traded with marked weakness all session. DJ30 +90.98 NASDAQ +56.08 SP500 +13.39 NASDAQ Adv/Vol/Dec 1950/915 mln/505 NYSE Adv/Vol/Dec 2400/375 mln/535

12:30 pm : Action in the first 30 minutes was a bit lackluster, but nonetheless positive. Stocks then began to stage a steady ascent that has taken all three major market averages to solid gains. They remain near their best levels of the session as they enter early afternoon trade.DJ30 +98.85 NASDAQ +58.63 SP500 +14.77 NASDAQ Adv/Vol/Dec 1950/820 mln/480 NYSE Adv/Vol/Dec 2420/340 mln/495

12:00 pm : Buyers appear to be taking a bit of a breather after bidding up the broad market to a strong gain in excess of 1%. The effort actually took the S&P 500 back over the 1250 line, but the benchmark Index has been slow to extend the move.

Although stocks have been performing well today, Treasuries haven't really suffered from much selling. In turn, the benchmark 10-year Note is only down a few ticks.

However, the dollar has turned lower after trading higher this morning. It had been up about 0.2% against a collection of competing currencies, but now it is down 0.2% against that very basket. DJ30 +92.04 NASDAQ +54.85 SP500 +13.94 NASDAQ Adv/Vol/Dec 1900/725 mln/500 NYSE Adv/Vol/Dec 2410/300 mln/500

11:30 am : All three major equity averages are now at new session highs, but the Nasdaq's gain is double that of the Dow. Tech stocks, up 2% as a group, continue to prop up the Nasdaq, while the Dow has been somewhat undermined by the weakness currently displayed by blue chips like AT&T (T 28.93, -0.20), Verizon (VZ 36.98, -0.44), Coca-Cola (KO 67.90, -0.29), and McDonald's (MCD 91.94, -0.38).DJ30 +101.12 NASDAQ +54.29 SP500 +15.30 NASDAQ Adv/Vol/Dec 1810/570 mln/535 NYSE Adv/Vol/Dec 2265/240 mln/595

11:00 am : Consumer staples stocks (-0.8%), telecom stocks (-0.7%), and utilities stocks (-0.6%) have descended to new session lows, but tech stocks (+1.4%) and financial stocks (+1.6%) are trading at or near their best levels of the day.

Renewed strength among tech issues has helped put the Nasdaq out in front of its counterparts. The move by the tech-rich Index comes amid help from large-cap players like Oracle (ORCL 32.56, +0.44), which has pushed higher in response to its announcement this morning that the company will acquire RightNow Tech (RNOW 42.81, +6.85) for $43 per share. The acquisition price represents a premium of about 20% over where shares of RNOW settled last week. DJ30 +54.34 NASDAQ +43.06 SP500 +10.72 NASDAQ Adv/Vol/Dec 1765/470 mln/525 NYSE Adv/Vol/Dec 2245/200 mln/600

10:35 am : The dollar index has moved back to the unchanged line, which has given some commodities a boost. Copper is the best performing commodity today, currently showing gains of 5.7% at $3.41/lb.

Crude oil futures is outperforming the rest of the energy sector after rallying over the past hour. Crude hit a new session high of $89.57/barrel in recent trade and is currently trading 2.1% higher at $89.27/barrel. Natural gas is up 0.3% at $3.64/MMBtu.

Precious metals have been in positive territory all session and are trading near their respective session highs. Gold ran as high as $1662.90/oz. earlier this morning and just below that level, now at $1654.40 +1.1%. Silver just hit a new session high of $31.89/oz. and is currently 1.8% higher at $31.75/oz.

Corn futures traded modestly higher overnight, but pulled back at the open of floor trading a few minutes ago. Corn is currently up 7 cents a t$6.57/bushel. Wheat is 1.4% higher at $6.41/bushel.DJ30 +81.25 NASDAQ +35.46 SP500 +11.23

10:00 am : Stocks have given back some of their morning gains, but the overall tone to early trade remains positive.

Caterpillar (CAT 91.39, +4.00) remains an early standout. The stock's spike to a two-month high comes in response to a better-than-expected quarterly report that was complemented by a strong forecast. The stock's strength has helped prop up shares of other agricultural and industrial machinery issues. DJ30 +37.39 NASDAQ +21.58 SP500 +5.71 NASDAQ Adv/Vol/Dec 1455/1.12 bln/565 NYSE Adv/Vol/Dec 1925/65 mln/670

09:45 am : The major equity averages are up nicely this morning. The effort has been led by financials and basic materials stocks, which are up 1.2% and 1.3%, respectively. Defensive sectors like telecom (-0.2%) and utilities (-0.5%) are trailing.

Commodities continue to tick higher, too. As such, the CRB Commodity Index is now up 0.9%.

Meanwhile, the dollar is holding steady to a 0.2% gain over a collection of competing currencies. DJ30 +41.18 NASDAQ +22.46 SP500 +6.29 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA

09:15 am : S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +11.00. Stock futures have gradually garnered buying interest, such that a mildly positive start to the new week is now expected. The bid comes even though Europe's bourses have been backed down from earlier levels to trade near the neutral line. The action there comes amid a mixed batch of manufacturing and services data and ongoing efforts to establish a comprehensive plan aimed at improving European financial conditions. However, encouraging manufacturing data from China has helped preserve a generally positive mood among global participants. There is no domestic data of consequence on tap for today, but corporate announcements have thus far featured an upside earnings surprise from Caterpillar (CAT) and a couple of acquisitions. CIGNA (CI) will purchase HealthSpring (HS) for $55 per share, which is a near 40% premium over the stock's closing price on Friday. Oracle (ORCL) will acquire RightNow Tech (RNOW) for $43 per share, which is a premium of about 20% over the stock's closing price this past Friday.

09:05 am : S&P futures vs fair value: +4.40. Nasdaq futures vs fair value: +11.20. Commodities are generally performing well this morning. That has the CRB Commodity Index up 0.8%. Among the more widely tracked components, crude oil prices are up 1.1% to $88.40 per barrel in the opening minutes of pit trade. Meanwhile, natural gas prices are up 0.4% to $3.64 per MMbtu. Precious metals are also performing well. Specifically, gold prices are presently up 1.4% to $1659 per ounce, while silver is up 1.3% o $31.60 per ounce. The gains come in the face of a modest upward move by the dollar, which was recently quoted with a 0.2% gain against a basket of major currencies.

08:35 am : S&P futures vs fair value: +3.60. Nasdaq futures vs fair value: +9.70. Europe's major bourses have given back early gains to trade near the neutral line. A highly anticipated weekend summit between members of the European Union could not yet produce a comprehensive plan intended to shore up financial conditions in the region. There is still hope that something will take shape by mid-week. In Germany, the DAX is up just 0.2%. Thyssenkrupp, Volkswagen, and Infineon Tech have provided support, but Deutsche Boerse and Deutsche Telekom have counterbalanced them. Germany's Manufacturing PMI for October came in at 48.9, which is down from the 50.3 posted for September. The Services PMI improved to 52.1 from 49.7 month over month, though. In France, the CAC is currently down 0.1%. Alcatel-Lucent (ALU) and ArcelorMittal (MT) are atop the list of leaders, while GDF Suez and Total (TOT) weigh on action. France reported a preliminary October Manufacturing PMI reading of 49.0, which is up from the 48.2 posted in the prior month. However, the Services PMI fell to 46.0 from 51.5 in the prior month. Britain's FTSE is presently up 0.3% with help from Rio Tinto (RIO) and Anglo American, even though both stocks were recently downgraded by analysts at Goldman Sachs. Oil and gas issues Royal Dutch Shell (RDS.A) and BP Plc (BP) are both grappling with some relatively aggressive selling pressure. Data for the broader Eurozone featured a Manufacturing PMI of 47.3 for October, but that is down from the 49.1 recorded for September. The Eurozone Services PMI fell to 47.2 in October from 49.7 in September.

Overnight action in Asia was decidedly positive. That helped Japan's Nikkei climb to a 1.9% gain. It was led by the likes of Tokyo Electric Power, Yokogawa Electric, and TDK Corp. Olympus Corp. was an especially weak performer. Sony (SNE) shares also slid. Hong Kong's Hang Seng spiked to a 4.1% gain. Resource plays like Aluminum Corp. of China and CNOOC (CEO) staged the strongest gains. Data featured a preliminary HSBC Manufacturing Survey of 51.1. A reading below 50 would imply contraction in manufacturing activity. Mainland China's Shanghai Composite posted a 2.3% gain. Natural resource plays were also in favor there.

08:05 am : S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +7.00. Stocks booked big gains on Friday, helping to lock in the broad market's third straight weekly advance, but stock futures suggest that a flat start is in order for the new week. The calm comes after a weekend summit meeting between members of the European Union failed to produce any new or definitive plan regarding efforts to shore up fiscal and financial conditions in the region. Europe's bourses are currently trading along the neutral line, down from their session highs. Economic data from the region was generally mixed. Only a handful of earnings announcements have been made this morning. Caterpillar (CAT) posted an upside surprise and issued strong guidance. The stock is up almost 5% ahead of the open. There are no domestic economic items of consequence due for release today.

06:57 am : [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +3.50.

06:57 am : Nikkei...8843.98...+165.10...+1.90%. Hang Seng...18771.82...+746.10...+4.10%.

06:57 am : FTSE...5512.95...+24.30...+0.40%. DAX...5988.36...+17.40...+0.30%.

In Play 

2:41PM PNM Resources announces cash tender offer for senior notes due 2015 (PNM) 18.02 +0.01 : Co announced it has commenced a cash tender offer to purchase up to $50.0 mln aggregate principal amount of its outstanding 9.25% Senior Notes, Series A, due 2015. As of Oct. 21, 2011, ~ $192.6 mln aggregate principal amount of the notes were outstanding. The tender offer is being made pursuant to an offer to purchase dated as of today, which sets forth a more comprehensive description of the terms of the offer. The total consideration payable for each $1,000 principal amount of the notes validly tendered at or before the early tender date and accepted for payment is equal to $1,170.
2:39PM United Security Bancshares names James House to Be President and CEO (USBI) 4.53 -0.32 :
2:35PM NYMEX Energy Closing Prices (COMDX) : Dec crude oil settled higher by $3.87 at $91.27, Nov natural gas shed 3 cents to end at $3.60, Nov heating oil ended higher by 2.4 cents at $3.04, while Nov RBOB gasoline gained 2.3 cents to finish at Dec crude oil settled higher by $3.87 at $91.27, Nov natural gas shed 3 cents to end at $3.60, Nov heating oil ended higher by 2.4 cents at $3.04, while Nov RBOB gasoline gained 2.3 cents to finish at $2.68..68.
2:28PM CBOT Agriculture, Ethanol and Sugar Closing Prices (COMDX) : Corn settled higher by 3 cents to $6.52, wheat rose 10 cents to end at $6.42, soybeans were 15 cents higher at $12.28, ethanol rose 2 cents to close at $2.59, while sugar rose 0.18% to $0.27.
1:35PM Lannett receives FDA approval for Diethylpropion HCl extended release tablets, 75 mg (LCI) 4.20 +0.24 : Co announced that it has received approval from the FDA of its Abbreviated New Drug Application for Diethylpropion HCl Extended Release Tablets, 75 mg. Sales of Diethylpropion HCl Extended Release Tablets, 75 mg, at Average Wholesale Price were ~$7.6 mln on an annual basis, according to Wolters Kluwer. Diethylpropion HCl, as with most anti-obesity drugs, primarily is sold to bariatric clinics; as a result, prescriptions do not reflect the entire market. The company expects to commence shipping immediately.
1:31PM COMEX Metals Closing Prices (COMDX) : Dec gold ended higher by $15.90 at $1652.00, Dec silver finished up 45 cents at $31.64, while Dec copper surged 23 cents to close at $3.46.
1:29PM InsWeb Corp announces partnership with DialYourLeads (INSW) 8.40 -0.03 : Co announced that they have integrated InsWeb's AgentInsider Lead Program with DialYourLeads, a top provider of lead management software and business telephone solutions. Agents purchasing insurance leads from AgentInsider can be connected via phone to prospects as soon as inquiries are submitted, increasing contact rates and agent success.
1:07PM Zygo awarded $9 million Cnse/Sematech development contract for EUV micro-exposure tool optics (ZIGO) 14.10 +0.03 : Co announced that its Optical Systems Division has been awarded a contract valued in excess of $9 million with the College of Nanoscale Science and Engineering of the University at Albany and the SEMATECH consortium of chipmakers to develop extreme ultraviolet lithography optics to be incorporated into the next, fifth generation Micro-Exposure Tool at CNSE's Albany NanoTech Complex.

12:55PM Mission NewEnergy announced that the Company has received the coveted International Sustainability and Carbon Certification (MNEL) 3.26 +0.02 : Co  announced that it has received the coveted International Sustainability and Carbon Certification (ISCC) for its Jatropha contract farming model, a world first for any Jatropha business. To qualify for ISCC certification, companies must meet strict criteria for sustainable production, as well as reduced emissions of greenhouse gases. The ISCC was developed to certify that biofuels, and biomass for biofuels are produced in compliance with recent EU legislation that requires all biofuels and biomass in Germany to be certified according to the EU-RED requirements.

12:41PM SPDR Gold Shares slip lower intraday as it dips down to probe its gap up opening range low near the $160.50 area (GLD) 160.50 +0.94 : Gap fill down into the $159.52 zone. GDX

12:39PM Misonix has entered into a new exclusive distribution agreement with Promedics Medizinische Systeme GmbH (MSON) 1.75 +0.07 : The agreement provides Promedics with the rights to sell in Austria, Germany and Switzerland. Included in the agreement are annual minimum purchase requirements. Initial product training is complete and open market sales have commenced.

12:14PM Kinder Morgan Partners announced earlier it has signed a definitive purchase and sale agreement to acquire SouthTex Treaters for ~$155 million; transaction is expected to be immediately accretive to cash distributable to KMP unitholders (KMP) 77.74 +1.25 : Co announced it has signed a definitive purchase and sale agreement to acquire SouthTex Treaters, a leading manufacturer, designer and fabricator of natural gas treating plants that remove CO2 and H2S, for approximately $155 million. The manufactured amine plants range in size from 5 to 1,200 gallons per minute of treating capacity. Kinder Morgan Treating, a subsidiary of KMP, is the industry leader and largest provider of contract operated treating and hydrocarbon dew point conditioning plants. The acquisition will allow Kinder Morgan Treating to build amine plants and offer customers the option to own or lease the equipment.

12:02PM Northrop Grumman and ATK (ATK) successfully test Minuteman III Stage 1 for U.S. Air Force (NOC) 56.37 +0.56 : This test was the second Production Quality Assurance (PQA) ground test of the SRMWL Stage 1. The first Stage 1 PQA was successfully tested on March 24, 2011. The SRMWL is designed to sustain critical propulsion-related skills to ensure the weapon system can be sustained.

11:52AM Roche Hldg: Ventana receives FDA Clearance for HER2 (4B5) image analysis and digital read applications (RHHBY) 40.65 -0.12 : Ventana is now the only company with a complete workflow solution for determining HER2 (4B5) expression in breast cancer patients.

11:46AM Crude extends rally to fresh highs at $90.45; currently higher by $3.17 (3.6%) at $90.58 (COMDX) :  

11:31AM Ormat Tech to be awarded with five new exploration concessions in Chile (ORA) 19.26 +0.43 : The said concession areas are respectively called "Aroma", "Quinohuen", "Marimar" "San Jose II" and "Sollipulli." In order to maintain the development rights in these concessions, Ormat has to make certain investment in an exploration program in the next two years. Successful exploration results will be followed by an exploitation license, which is the first step for power plant construction. Studies indicate Chile has a large untapped geothermal energy potential and is expected to lead geothermal development in the region.

11:31AM Abbott Labs's genetic test for acute Myeloid Leukemia prognosis cleared by FDA (ABT) 53.63 -0.23 : Co announced it has received 510K clearance from the FDA for a new in vitro diagnostic test to aid in determining the prognosis of patients with acute myeloid leukemia (AML), one of the most common types of leukemia in older adults. Published reports from several large clinical studies and the National Comprehensive Cancer Network guidelines suggest that chromosomal abnormalities associated with AML are valuable prognostic indicators.

11:08AM Crude oil closing in on $90; now up $2.52 at $89.92 (COMDX) :  

11:05AM Tianyin Pharma announced that Jiangchuan Macrolide Facility began its operation manufacturing Azithromycin raw material (TPI) 1.09 +0.01 : Co Company is targeting for Good Manufacturing Practice (GMP) inspection and certification in November.

11:01AM Exelon expands credit agreements with minority and community banks by more than 25% (EXC) 43.02 -0.30 : Co has entered into new credit agreements totaling $118 mln with 30 minority and community banks in the Chicago and Philadelphia areas and New Jersey. The amount of the agreements represents a more than 25% increase over Exelon's 2010 arrangement for $94 mln, which the new agreements replace.

10:41AM Aurico Gold acquisition of Northgate Minerals (NXG) receives support from shareholders; transaction is expected to close on October 26, 2011 (AUQ) 9.41 +0.27 :  

10:37AM AerCap signs $400 mln credit facility for twelve Boeing (BA) 737-800s (AER) 11.21 +0.30 :  

10:20AM Dec copper futures trade to highs of the morning at $3.40; now up $0.17 (5.2%) at $3.39 (COMDX) :  

10:11AM Opening Point Gainers/Losers (TECHX) : Point Gainers: HS (+13.53), ISRG (+10.77), SWM (+7.81), PCLN (+6.54), RNOW (+6.88), AAPL (+6.40), RL (+6.46), WYNN (+6.37), VFC (+6.29), SEMG (+4.53), BIDU (+4.05), CAT (+3.85), FOSL (+4.02), FIO (+3.90)

Point Losers: SXCI (-13.99), LO (-5.84), KMB (-3.13), NFLX (-0.85), CL (-1.60), SHPGY (-1.43), ROP (-1.35), SHW (-1.25), CBST (-1.20), CLX (-1.10), BTI (-0.87), COG (-0.97)

10:01AM BioCryst Pharm announces new BCX4208 gout data has been accepted as a late-breaker oral presentation (BCRX) 2.91 +0.04 : Co announced that results from its Phase 2b randomized, double-blind, dose-response study of BCX4208 in patients with gout who have failed to reach the clinically important serum uric acid goal of <6 mg/dL on allopurinol alone have been accepted as a late-breaker oral presentation at the 2011 Annual Scientific Meeting of the American College of Rheumatology and the Association of Rheumatology Health Professionals.

9:51AM Crude oil trades to fresh highs at $88.90; now up $1.44 at $88.83 (COMDX) :  

9:41AM TeleComm Sys Commercial mobile alert system receives FEMA certification (TSYS) 3.85 +0.11 : Co announced it has received certification by the FEMA for its Commercial Mobile Alert System. The company successfully met FEMA's CMAS ATIS/TIA J-102 (Section 5.3-Inter-Gateway Test Cases) standards testing in order to qualify for the certification.

9:39AM Met-Pro Corp's Environmental Air Solutions business unit has received an order valued in excess of $3.5 million (MPR) 8.76 : Co received order from a global manufacturer of consumer and industrial building products to supply a Bio-Reaction brand biological air pollution control system. This order is expected to ship in the third quarter of the co's next fiscal year.

9:31AM Scotts Miracle-Gro and Marrone Bio innovations enter into research and development agreement for natural lawn and garden protection products (SMG) 48.19 : Under terms of the deal, ScottsMiracle-Gro will have access to MBI's full portfolio of innovative biopesticides for the development of new products for the lawn and garden market. The two companies will collaborate on research and development efforts, and MBI will manufacture and supply any resulting products and ScottsMiracle-Gro will maintain worldwide marketing rights. Financial terms of the deal were not disclosed.

9:31AM Honda Motor auto plant in Indiana begins second shift of production (HMC) 30.78 +0.23 : Co has began a second production shift for the first time, which increases production at the plant to its full 200,000-unit annual capacity and adds approximately 1,000 new associates to Honda's operations in Indiana. The addition of a second shift at HMIN follows the return to normal production levels at all seven of the Honda automobile plants in North America, following the disruption of parts supplies as a result of the March 11, 2011, earthquake and tsunami in Japan.

9:30AM Shuffle Master and OpenBet announce internet software license agreement (SHFL) 10.27 : Co announced their entry into an Internet Software License Agreement. Under the agreement, OpenBet will be able to provide online games based on some of Shuffle Master's table games to Canada's legalized online gaming sites, including Loto-Quebec and the British Columbia Lottery Corporation.

9:25AM TASER: Court schedules contempt hearing against Karbon Arms and Robert Gruder (TASR) 4.79 : Co announced that the U.S. District Court for the District of Arizona granted TASER International's motion to reopen the lawsuit in which TASER was granted a permanent injunction against Stinger Systems. The permanent injunction restrained Stinger and its officers, agents and employees from making, using, offering to sell, or selling in or from the United States, the Stinger S-200 electronic control devices and all other products that are only colorably different from the S-200 ECDs. Karbon Arms and Robert Gruder are the current CEO of Karbon Arms and the former CEO of Stinger.

9:23AM On The Wires (WIRES) :

• Zhone Technologies (ZHNE) announced that it has expanded its broadband access solutions portfolio, the Zhone FiberHome with the immediate availability of the MXP-160/260 and MXP-180/280 1U SLMS platforms.
• Overstock.com (OSTK) announced March 5, 2012 as the newly set trial date for its case against Goldman Sachs and Bank of America subsidiary, Merrill Lynch. The new date was moved from December 5, 2011.
• Harris Corporation (HRS) has received $20 mln in orders from the U.S. Army's Project Manager-MRAP via the GSA, FAS Assisted Acquisition Services to provide Falcon III AN/PRC-117G multiband manpack radios and associated AN/VRC-114 vehicular amplifier adapters for use in Mine Resistant Ambush Protected vehicles.
• Mechel OAO (MTL) announces that ING Bank N.V and ZAO UnicreditBank have provided a syndicated loan to Mechel Trading AG. The banks have granted a credit facility totaling 180 million US dollars.
• The U.S. Navy's Naval Air Systems Command has awarded Raytheon (RTN) a contract valued up to $83 million to produce LAU-116B/A missile launchers.

9:16AM Neuralstem receives FDA approval to dose patients in cervical region in ongoing ALS trial (CUR) 1.23 : Co updated the progress of its ongoing Phase I safety trial of the company's spinal cord stem cells in the treatment of amyotrophic lateral sclerosis (ALS or Lou Gehrig's disease) at Emory University in Atlanta, Georgia. The co announced that, after reviewing safety data from the first 12 patients, the FDA has granted approval for the trial to advance to transplanting patients in the cervical (upper back) region. Until now, patients have received injections in the lumbar region only. Earlier this summer, the trial's Safety Monitoring Board unanimously approved moving to the cervical injection phase. The trial will now advance to the final two cohorts of patients with ALS, all of whom will be transplanted in the cervical region of the spine.

9:16AM Insituform Tech joint venture awarded $67.3 mln Tite liner project in Morocco (INSU) 13.96 : Co announced that its joint venture, UPS-Aptec Limited, has been awarded a $67.3 mln project for the installation of ~135 miles of high-density polyethylene liner in pipelines located in the Khouribga basin in Morocco. UPS-Aptec Limited is 51% owned by United Pipeline Systems International and 49% owned by Allied Pipeline Technologies a Chilean company. This project together with Insituform's Energy and Mining group's overall efforts in the Middle East and North Africa are expected to generate over $120 mln in revenues in 2012.

9:06AM Interdigital Comm confirms it will not have quarterly conference call (IDCC) 47.65 : As previously disclosed on July 27, 2011, due to the company's announcement that the Board of Directors has initiated a process to explore and evaluate potential strategic alternatives, the company has suspended regular quarterly conference calls until further notice.

9:05AM Cleveland Biolabs announced pre-publication of a study demonstrating CBLB502's ability to both protect from local radiation toxicity and to inhibit tumor growth in mouse tumor models (CBLI) 2.74 : Co announced pre-publication of a study demonstrating CBLB502's ability to both protect from local radiation toxicity and to inhibit tumor growth in mouse tumor models. The study was conducted by scientists at Cleveland BioLabs and Roswell Park Cancer Institute and is available online in the International Journal of Radiation Oncology, Biology and Physics. CBLB502 significantly reduced the severity of dermatitis and mucositis, accelerated tissue recovery and reduced the extent of radiation induced weight loss after a single dose of up to 20Gy. CBLB502 was also protective from cumulative doses up to 30Gy delivered in two or three fractions, respectively. While providing protection to normal oral epithelium, CBLB502 did not affect the radiosensitivity of the squamous cell tumors.

9:05AM S & T Bancorp beats by $0.11 (STBA) 20.63 : Reports Q3 (Sep) earnings of $0.44 per share, $0.11 better than the Capital IQ Consensus Estimate of $0.33. "At S&T Bank, our recent agreement to acquire Mainline Bancorp, Inc. will enable us to gain greater market share and strengthen our existing footprint in Cambria and Blair counties, thereby having a positive impact on future earnings.. our nonperforming assets are at the lowest levels since December of 2008, which demonstrates our continued progress in resolving challenging loans within our portfolio."

9:02AM Arrow Elec announces additional $150 mln share repurchase program (ARW) 32.62 : Co announced the approval by the company's Board of Directors of the repurchase of an additional $150 mln of common stock through a share repurchase program. The company has completed the $100 million share repurchase program authorized in July 2011.

9:02AM China Adv. Construction Materials enters into merger agreement with Novel Gain Holdings and CACMG Acquisition; each share to be converted to $2.65 in cash (CADC) 1.85 : Co announced that it has entered into a definitive agreement and plan of merger with Novel Gain Holdings Limited and CACMG Acquisition. Mr. Xianfu Han and Mr. Weili He, pursuant to which Merger Sub will merge with and into the co with the co continuing as the surviving corporation and a wholly owned subsidiary of Novel Gain. Mr. Han is the co's CEO and the Chairman of the co's Board of Directors and beneficially owns ~32.5% of the co's outstanding shares of common stock, $0.001 par value per share. Mr. He is the co's COO and Vice-Chairman of the co's Board of Directors and beneficially owns ~17.0% of the outstanding co common stock. Under the terms of the merger agreement, each share of the co common stock issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive $2.65 in cash without interest

9:00AM GeoEye received two new awards worth more than $25 mln; awards will increase the backlog for its production services line of business (GEOY) 34.72 :  

8:52AM Great Basin Gold provides Q3 operational update (GBG) 1.57 : The Nevada operations produced 26,045 Au eqv ounces from trial mining activities during the quarter (Q2 2011: 26,757 Au eqv ounces). During the quarter, ore tonnes mined from the Hollister project increased 5% to 26,474 (2Q11: 25,297 tonnes) and tonnes processed at the Esmeralda mill increased by 34% from 22,237 to 29,869. Operational improvements continued at Burnstone, with mechanized ore development increasing by 80% quarter on quarter to 2,786 meters (Q2 2011: 1,550 meters). As of Sept 30, 2011, the co had ~$14 million in cash and near cash reserves with 6,850 Au eqv ounces remaining at the refiner that will be converted to cash in Q4 2011. The previously announced US$40 million standby debt facility with Credit Suisse Ag remains undrawn with the entire facility available.

8:46AM On The Wires (WIRES) :

• Science Applications (SAI) announced it has received a $25 mln order from the TSA. Co also announced it was awarded a prime contract by the United States Navy to provide operational and tactical support to United States Fleet Forces Command. The single-award contract has a six-month period of performance, four one-month options, and a contract value of more than $42 mln if all options are exercised.
• The Babcock & Wilcox (BWC) announced that Babcock & Wilcox Construction has been awarded a contract valued at ~$37 mln to provide construction services for a baghouse installation project at Consumers Energy's Campbell Generating Complex.
• Cyberonics (CYBX) announced that it has submitted applications to both the FDA and its European notified body, DEKRA Certification for the re-design of its AspireHC generator, which was the subject of a voluntary product withdrawal on August 15, 2011.
• Aruba Networks (ARUN) is expanding its reach in Brazil with a new headquarters in Rio de Janeiro and a new sales office in Sao Paulo. Aruba has sold its solutions in Brazil through distributors since 2008.
• Echostar Holdings (SATS) unit Hughes Network Systems announced that it has provisioned GTECH Colombia with an advanced HN satellite networking solution connecting over 1,100 lottery sites in Colombia.
• Dot Hill Systems (HILL) announced a distribution agreement with Harwood International. Harwood will distribute Dot Hill's AssuredSAN storage arrays, and AssuredUVS storage virtualization products that are designed to address the storage requirements of entry- to mid-level markets.
• WuXi PharmaTech (WX) announced the acquisition of MedKey Med-Tech Development and Jiecheng Med-Tech Development. The financial terms of the transaction were not disclosed.
• Solutia (SOA) announced that its Saflex polyvinyl butyral product portfolio will be subject to a price increase effective January 1, 2012.
• Vistaprint (VPRT) announced it has entered into a definitive agreement to acquire Albumprinter, a privately held Dutch photo book and photo product company, for EUR60 mln payable at closing and up to an additional EUR5 million based on a performance based earn-out.
• Codexis (CDXS) announced that one year after launch, its Codex Screening Kits are in use or evaluation in manufacturing process development at 50 pharmaceutical companies worldwide.
• Solutia (SOA) announced that the company's Saflex polyvinyl butyral product portfolio will be subject to a price increase effective January 1, 2012.
• Vertex Pharmaceuticals (VRTX) announced the initiation of a Phase 3b study called CONCISE that will evaluate the potential for treatment with INCIVEK combination therapy to be shortened to 12 weeks in people with genotype 1 chronic hepatitis C who have the 'CC' variation near the IL28B gene.
• CryoLife (CRY) announced that it has enrolled the first patient in its U.S. Investigational Device Exemption (IDE) clinical trial for its BioFoam? Surgical Matrix protein hydrogel technology.
• FedEx (FDX) expects to move more than 17 mln shipments - almost double its daily average volume - through its global networks on December 12, the projected busiest day in company history.
• GE Energy Financial Services (GE) is deploying its capital in critical US infrastructure and expanding into petroleum product terminals by investing $85 million to become a majority owner of Lightfoot Capital Partners.
• Manhattan Associates (MANH) announced that SDV, The Bollor Group's subsidiary, has selected the Warehouse Management and Extended Enterprise Management solution components from the Manhattan SCOPE portfolio.
• 3D Systems (DDD) announced that The3dStudio.com has amassed over two mln 2D and 3D resources including textures, tutorials, stock photos, stock images, and vector images.

8:46AM Fortuna Silver Mines reports Q3 production figures (FSM) 5.45 : With the start of commercial operations at the San Jose mine in September, the co is on a path to deliver sustained quarterly production growth to the planned annual rate of 4.9 mln ounces of silver and 26,000 ounces of gold by Q4 2013. In addition the co is conducting an optimization study at the Caylloma mine. This study is based on the 4 mln tonnes of reserves, and the results, expected for Q1 2012, could lead to production expansions beyond the current 1270 tpd. Silver production was 673,137 ounces, a 42% increase YoY. Gold production of 1,623 ounces, a 157% increase YoY. Lead production of 4,960,154 pounds, a 4% decrease YoY. Zinc production of 5,815,486 pounds; 14% decrease YoY.

8:37AM Rosetta Resources names new Chief Financial Officer John Hagale; effective November 9, 2011 (ROSE) 41.26 : Co announced that John E. Hagale has been named Executive Vice President. He officially joins the Company as Executive Vice President on October 24, 2011 and will assume the additional titles of CFO and Treasurer on November 9, 2011. Hagale previously served as Executive Vice President, Chief Financial Officer and Chief Administrative Officer of The Methodist Hospital System for eight years.

8:36AM Gladstone announced that it plans to sell shares of its newly designated Series 2016 Term Preferred Stock in an underwritten public offering (GLAD) 7.40 : The co intends to use the net proceeds from this offering to repay its existing indebtedness, including a portion of the outstanding balance of its line of credit.

8:33AM Mac-Gray Corp announced that its Board unanimously rejected an unsolicited written proposal from KP Capital to acquire TUC for $17.50 in cash per share (TUC) 13.13 : Co announced that its Board of Directors unanimously rejected an unsolicited written proposal from KP Capital to acquire Mac-Gray for $17.50 in cash per share. The Mac-Gray Board of Directors has completed the comprehensive evaluation it undertook in response to the KP Capital proposal. Based on its evaluation, the Board has unanimously determined that pursuing the transaction proposed by KP Capital, or a sale process, would not be in the best interests of the Company's shareholders at this time. The Board believes that the Company can best maximize long-term shareholder value by continuing to aggressively implement the strategic, operational and financial initiatives currently under way as well as those specific initiatives contemplated in the updated business plan.

8:33AM CGI Group subsidiary CGI Federal closed Q4 with quarterly bookings of more than US$375 million in support of U.S. Army clients (GIB) 19.26 :  

8:33AM Potlatch beats by $0.08, misses on revs (PCH) 33.94 : Reports Q3 (Sep) earnings of $0.63 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.55; revenues fell 3.8% year/year to $152.9 mln vs the $158.2 mln consensus. Commenting on its outlook, co states: "We continue to experience the impact of the weak domestic housing market that is limiting demand for both our logs and manufactured wood products. Unfortunately, a large customer in Arkansas recently idled its facility at the end of the third quarter, which will further lower sawlog demand and corresponding pricing in our Southern region...In total, we now expect our 2011 harvest to be approximately 4.1 million tons, as we have elected to defer roughly 100,000 tons of Southern sawlog harvest this year due to weak market conditions."

8:31AM MSC Industrial announced that Erik Gershwind has been promoted to President from Executive VP; retains his role as COO; co also increased its qtrly dividend by $0.03 to $0.25/share (MSM) 66.69 :  

8:23AM Rightnow Tech to resume trading at 8:35am ET (RNOW) 35.96 :  

8:20AM SemGroup receives proposal by Plains All American Pipeline (PAA) to be acquired for $24.00/share in cash (SEMG) 23.55 : PAA disclosed that on October 6, 2011 it submitted a proposal to SEMG to acquire all of the outstanding shares of SemGroup for $24.00 per share in cash. PAA's proposal is subject to customary documentation and regulatory approvals, but is not subject to a financing contingency. Under its terms, the proposal represents a premium of ~16% to SemGroup's 10-day average closing price through October 5, 2011, the day immediately prior to PAA's proposal, and a premium of ~20% over the 10-day average closing price immediately prior to SemGroup's August 31, 2011 announcement of its pending asset sale to NGL Energy Partners (NGL). Following SemGroup's rejection of and refusal to engage in constructive discussions regarding the October 6th proposal, PAA today sent a letter to SemGroup expressing its continued interest in pursuing the acquisition. The letter stated ""We are disappointed that SemGroup's Board of Directors has refused to engage in constructive discussions with us regarding a possible transaction," said Greg L. Armstrong, PAA's Chairman and Chief Executive Officer."

8:18AM CIGNA/Healthspring (HS) Follow up: CI intends to raise ~20% of the purchase price through the issuance of new equity, with the balance funded from additional debt issuance and internal cash resources (CI) 44.71 : (see our 8:02 comment)

8:11AM Vistaprint agrees to acquire Albumprinter; expects this transaction to be accretive in fiscal 2012 (VPRT) 30.07 : Co announced it has entered into a definitive agreement to acquire Albumprinter, a privately held Dutch photo book and photo product company, for EUR60 million payable at closing and up to an additional EUR5 million based on a performance based earn-out. This acquisition is in line with Vistaprint's recently announced strategy to be more proactive in its evaluation of acquisition opportunities in adjacent markets. Vistaprint expects to pay the purchase price for Albumprinter using cash on hand and borrowings under a new credit facility. On October 21, 2011, Vistaprint entered into a $250 million senior unsecured revolving credit facility. Vistaprint expects this transaction to be modestly dilutive to its GAAP earnings per share in fiscal 2012 and accretive in fiscal 2013. Vistaprint expects this transaction to be accretive in fiscal 2012 to non-GAAP earnings per share, which excludes share based compensation, acquisition-related amortization of intangibles, and write downs of acquisition-related intangible assets, goodwill, inventory, or other assets, if any. Vistaprint will provide updated detailed guidance upon the close of the transaction.

8:08AM Omega Protein announced that it has retained Lipid Technologies as a strategic advisor in connection with its omega-3 fish oil and omega-3 concentrate research and development efforts (OME) 9.95 :  

8:08AM Liberty Prop reduces borrowing cost with new $500 mln unsecured line facility (LRY) 26.96 : Co announced that it has entered into a new $500 million unsecured revolving credit facility maturing November 2, 2015, which replaces its previous $500 million credit line scheduled to mature November 1, 2013.

8:07AM GenCorp announces put option notification for 2 1/4% Convertible Subordinated Debentures due 2024 (GY) 4.71 : Co announces that it is notifying holders of its 2 1/4% Convertible Subordinated Debentures due 2024 that they have an option to require GY to repurchase, on Nov. 21, 2011, all or a portion of their Debentures at a purchase price equal to 100% of the principal amount of the Debentures to be repurchased, plus any accrued and unpaid interest. As of Oct. 19, 2011, the outstanding principal amount of the Debentures was $46,619,000. Under the terms of the Debentures, GY will pay the repurchase price in cash. If all outstanding Debentures are surrendered for purchase pursuant to the Option, the aggregate cash purchase price will be $46,633,568, which includes accrued but unpaid interest.

8:07AM Seabridge Gold options Quartz Mountain project to Orsa Ventures (SA) 23.64 : Co announced that it has entered into an Option Agreement with Orsa Ventures whereby Orsa can purchase Seabridge's 100% interest in the Quartz Mountain Project and all of Seabridge's undivided 50% beneficial joint venture interest in the adjacent Angel's Camp Gold Property. The Properties are located in Lake County, southern Oregon. To exercise its option, Orsa must pay Seabridge: i) $500,000 in cash within five business days following acceptance of the Agreement by the TSX Venture Exchange; ii) $2,000,000 in cash or Orsa common shares, subject to a minimum of 5,000,000 shares, at the 18 month anniversary of the acceptance date; iii) $3,000,000 in cash or Orsa's common shares, subject to a minimum of 7,500,000 shares, within five business days of completion of a National Instrument 43-101 Feasibility Study on the Properties; and iv) $15,000,000 in cash or, at Seabridge's election, a 2% net smelter royalty on the Properties within 60 days of determining that a mine on the Properties has been permitted and bonded.

8:05AM Sara Lee announces the sale of a majority of its North American foodservice coffee and tea operations to The J.M. Smucker Company (SJM) for $350 mln (SLE) 17.77 : announced the sale of a majority of its North American foodservice coffee and tea operations to The J.M. Smucker Co (SJM) for $350 mln. The transaction is expected to close near the beginning of calendar year 2012. The two companies will also establish a long-term partnership to collaborate on liquid coffee innovation. As a result of the licensing and support agreement, Sara Lee will receive a ten-year income stream totaling ~$50 million, plus growth-related royalties, which will help cover its research and development and other support expenses.

8:04AM Kennedy Wilson and its institutional partners agreed to acquire a loan portfolio from Bank of Ireland for $1.8 bln (KW) 11.25 : Co announces that it and its institutional partners agreed to acquire a loan portfolio from Bank of Ireland for $1.8 bln. A majority of the loan portfolio assets are secured by high quality, London-based office, multifamily and retail properties. The purchase will close in two phases, with $1.4 bln completed on Friday, October 21 and an additional $400 mln expected to close at the end of November. With the two closings, it will increase the estimated value of the assets under the company's management to $12 bln.

8:03AM PetMed Express beats by $0.04, misses on revs (PETS) 9.29 : Reports Q2 (Sep) earnings of $0.19 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.15; revenues fell 4.9% year/year to $58.2 mln vs the $60.4 mln consensus. Co acquired ~184,000 new customers for the quarter ended September 30, 2011, compared to 185,000 new customers for the quarter ended September 30, 2010. During the quarter we bought back ~894,000 shares of our common stock for $9.1 mln, an average price of $10.14 per share.

8:02AM Healthspring to be acquired by Cigna (CI) for $55 per share in cash (HS) 40.16 : Co announced that they have signed a definitive agreement under which Cigna will acquire all the outstanding shares of HS for $55 per share in cash, a 37% premium over the closing stock price on Friday October 21, 2011, representing a total transaction value of ~$3.8 bln. The business combination is expected to be accretive to Cigna earnings per share in the first full year of operations. The agreement has been approved by the boards of directors of both companies and is subject to required regulatory approvals. Consistent with its strategy, CI expects to continue to create meaningful near-term earnings growth and expects this transaction to enhance its revenue growth and profitability over time.

8:02AM Rightnow Tech to be acquired by Oracle (ORCL) for $43.00/share (RNOW) 35.95 : ORCL announced that it has entered into an agreement to acquire RNOW for $43.00 per share or approximately $1.5 bln net of RightNow's cash and debt, representing a 20% premium to Friday's closing price. The Board of Directors of RightNow Technologies has unanimously approved the transaction. The transaction is expected to close by late 2011 or early 2012, subject to RightNow stockholder approval, certain regulatory approvals and customary closing conditions.

8:02AM SRS Labs appoints Walter McBride as Chief Financial Officer (SRSL) 7.00 :  

8:01AM ShangPharma purchases Shanghai in-vivo drug research facility from Charles River (CRL) (SHP) 29.64 : Co announces it has, through its main Chinese subsidiary, Shanghai ChemPartner, acquired the assets in Charles River Laboratories' (CRL) Shanghai research facility. As part of the transaction, ShangPharma will take over Charles River's lease for the facility, which will provide the co with an additional 2,972 square meters.

8:01AM Argonaut Group provides preliminary estimates for catastrophe losses of ~ $35-40 mln for Q3 (AGII) 30.50 : This estimate includes ~$20 mln of losses related to Hurricane Irene and the Danish floods and ~$10 mln of loss from aggregate reinsurance covers relating to exposures in the Midwestern United States. The balance of the aforementioned estimate reflects an increase in loss estimates on other 2011 first half catastrophe events. The co also completed its annual asbestos and environmental reserve review in the third quarter and as a result expects to increase its asbestos and environmental reserves by ~$10 mln on a pre-tax basis.

7:53AM On The Wires (WIRES) :

• Carriage Services (CSV) announced that it has acquired Carman Funeral Home and Roberson Funeral Home, both in Northeast Kentucky.
• Science Applications (SAI) announced it was awarded a prime contract by the United States Navy to provide operational and tactical support to United States Fleet Forces Command. The single-award contract has a six-month period of performance, four one-month options, and a contract value of more than $42 mln if all options are exercised.

7:53AM Landstar System beats by $0.02, reports revs in-line; guides Q4 EPS above consensus (LSTR) 44.20 : Reports Q3 (Sep) earnings of $0.64 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.62; revenues rose 9.8% year/year to $684 mln vs the $679.1 mln consensus. Co issues upside guidance for Q4, sees EPS of $0.62-0.67 vs. $0.60 Capital IQ Consensus Estimate. "Although I am very confident as Landstar enters the 2011 fourth quarter, the co's fourth quarter revenue performance in recent years has been somewhat inconsistent, especially in the latter part of the quarter. However, recent trends in September, and thus far in October, indicate continued strength in revenue per load and load volume."

7:41AM Caterpillar beats by $0.07, beats on revs; raises FY11 guidance; guides FY12 revs in-line (CAT) 87.39 : Reports Q3 (Sep) earnings of $1.71 per share, $0.07 better than the Capital IQ Consensus Estimate of $1.64; revenues rose 41.2% year/year to $15.72 bln vs the $15.03 bln consensus. The improvement was largely a result of $2.829 bln higher sales volume. While sales for new equipment and after-market parts improved, the most significant increase was for new equipment. Price realization improved $129 mln, and currency impacts added $356 mln. Bucyrus, which was acquired during the third quarter of 2011, added a further $1.135 bln in sales. Sales for Electro-Motive Diesel (EMD), which was acquired during the third quarter of 2010, increased $122 mln. Financial Products revenues improved slightly. The improvement in sales volume occurred across the world in all geographic regions and in nearly all segments; figures include Bucyrus acq.

Co raises guidance for FY11, raises EPS to ~$6.75 from $6.25-6.75 vs. $6.85 Capital IQ Consensus Estimate; raises FY11 revs to ~$58 bln from $56-58 bln vs. $57.84 bln Capital IQ Consensus Estimate. Co issues in-line guidance for FY12, sees FY12 revs of $63.8-69.6 bln vs. $65.74 bln Capital IQ Consensus Estimate. "Although there is a good deal of economic and political uncertainty in the world, we are not seeing it much in our business at this point. We believe continued economic recovery, albeit a slow recovery, is the most likely scenario as we move forward... We expect the world economy will continue to recover in 2012, with growth improving to about 3.5% (up from 3% in FY11). The United States and Japan should account for much of the improvement... Our order backlog has steadily increased throughout the year and is currently at a record level."

7:30AM Affymax announces FDA advisory committee to review Peginesatide (AFFY) 5.11 : Co announced that the FDA Oncologic Drugs Advisory Committee will review the NDA for peginesatide proposed for the treatment of anemia associated with chronic kidney disease in adult patients on dialysis on December 7, 2011 during the afternoon session. The FDA has established an action date of March 27, 2012 under the PDUFA. Co intends to begin a self-imposed quiet period on November 16, 2011 in anticipation of receipt of FDA briefing documents, and this quiet period will continue until after the Advisory Committee meeting is completed.

7:24AM National Grid announces sale of Utility Metering Services (NGG) 50.94 : Co announced that it has agreed the sale of Utility Metering Services (which trades as Onstream), a non-regulated metering business in the UK, to Macquarie Bank Limited, for a total consideration of ?274.3m. The cash proceeds from the sale will be used within National Grid to fund the continuing investment programme. The sale, which is unconditional, is expected to complete shortly.

7:16AM Lexicon Pharma announced Friday data From Phase 2 clinical studies of telotristat etiprate in patients with carcinoid syndrome: produced biochemical and clinical benefits in patients with carcinoid syndrome (LXRX) 1.17 : Co announced Friday that data from its Phase 2 clinical studies of telotristat etiprate will be presented this weekend at the annual meeting of the North American Neuroendocrine Tumor Society in Minneapolis, Minnesota. Data from a recently-completed placebo-controlled Phase 2 study in the U.S. and preliminary data from an ongoing open-label study in Europe indicate that telotristat etiprate produced biochemical and clinical benefits in patients with carcinoid syndrome who are refractory to currently available therapy. The drug candidate has demonstrated a favorable safety profile in both studies to date.

7:16AM Adolor to resume trading at 7:30am ET (ADLR) 1.92 :  

7:14AM On The Wires (WIRES) :

• Genpact (G) announced the opening of its Dubai, United Arab Emirates global delivery center.
• Sky-mobi (MOBI) announced that it has entered into a strategic agreement with SINA Corporation (SINA).  Under the terms of the agreement, SINA's microblog Weibo.com will be made available as a downloadable application via the Maopao application store and via technical plug-ins to Sky-Mobi's Maopao mobile social network.
• Ur-Energy (URG) has issued a Permit to Mine for the Company's Lost Creek in-situ recovery uranium project located in Sweetwater County. The State permit authorizes Ur-Energy to construct and operate the Lost Creek ISR uranium mine facilities, including the first mine unit.
• C&J Energy Services (CJES) announced that it has signed a two-year contract with a large independent E&P company for a 32,000 hp hydraulic fracturing fleet for operations in the Permian Basin on a full month take-or-pay basis.
• MedQuist Holdings (MEDH) announced that Novation has awarded the company an expanded agreement to serve its member organizations with clinical documentation technology and services.
• Descartes Systems (DSGX) announced that Core-Mark Holding Company (CORE) has selected Descartes' advanced telematics and driver compliance solutions to improve the efficiency and safety of its drivers and use of its mobile assets.
• Equity LifeStyle Properties (ELS) announced Friday it entered into purchase and other agreements to acquire a portfolio of 75 manufactured home communities and one RV resort containing 31,167 sites on ~ 6,500 acres located in 16 states and certain manufactured homes and loans secured by manufactured homes located at the Acquisition Properties for a stated purchase price of $1.43 bln.
• ICF International (ICFI) has been awarded a contract by the U.S. Department of Health and Human Services, Administration for Children and Families, Office of Head Start to support one new region and one re-compete region of the Head Start program. The contract has a value of $34.3 mln and a term of six base months and four option years.
  Fuel Tech (FTEK) announced receipt of multiple air pollution control orders totaling $5.1 mln.
• Actuate (BIRT) announced a strategic alliance with European IT Consultancy GmbH, a Berlin, Germany-based, systems integrator and technology reseller specializing in business process optimization.
• Garmin International (GRMN) announced that it has received the European Aviation Safety Agency's validation of the U.S. Supplemental Type Certificate for the installation of Garmin's Electronic Stability and Protection and Iridium datalink in G1000-equipped King Air 200 and B200 models.
• Cubic Defense Applications (CUB) has won a contract worth at least $19 mln for the Instrumentable Multiple Integrated Laser Engagement System Individual Weapons System.

7:13AM Fabrinet announces flood water infiltrate Chokchai campus (FN) 16.09 : Co announced that, as of ~11:00 PM Saturday night October 22, 2011, Bangkok time, flood waters had infiltrated the offices and manufacturing floor space at its Chokchai campus in Pathum Thani, Thailand. The manufacturing buildings at Chokchai, known as buildings 1 and 2, remain filled with water to a level of ~3.5 feet. Prior to the factory infiltration, the company took precautionary measures, where possible, to move or protect production and test equipment, inventory and tooling. The co has not yet been able to make a full assessment of the damage but believes it is unlikely that production would recommence at Chokchai for the remainder of the current quarter. The flooding has not breached the company's Pinehurst campus, located ~7 miles north of Chokchai. However, production at the Pinehurst campus buildings, known as buildings 3, 4 and 5, continues to be suspended due to the impacted local transportation and utilities that continue to affect both arterial and access roads to Fabrinet's factories and some employee residences.

7:03AM Roper Inds beats by $0.05, reports revs in-line; guides Q4 EPS in-line; guides FY11 EPS above consensus (ROP) 77.69 : Reports Q3 (Sep) earnings of $1.12 per share, $0.05 better than the Capital IQ Consensus Estimate of $1.07; revenues rose 17.8% year/year to $712.7 mln vs the $719 mln consensus. Co issues in-line guidance for Q4, sees EPS of $1.18-1.22 vs. $1.21 Capital IQ Consensus Estimate. Co issues upside guidance for FY11, sees EPS of $4.29-4.33 vs. $4.25 Capital IQ Consensus Estimate.

7:03AM Molycorp purchases remaining shares of European rare earth processing company (MCP) 37.83 : Co announced that it has purchased the remaining shares of Molycorp Silmet AS, one of only two rare earth processing companies in Europe. Molycorp now owns 100% of the Sillamae, Estonia-based facility, known as Molycorp Sillamae. Co stated "Our purchase of the Silmet facility has proven to be highly accretive to Molycorp's global operations, and we see this purchase of the remaining shares of Molycorp Sillamae as bringing additional value to our company,"

7:03AM Lorillard misses by $0.08, misses on revs (LO) 115.64 : Reports Q3 (Sep) earnings of $1.94 per share, $0.08 worse than the Capital IQ Consensus Estimate of $2.02; revenues ex-excise taxes rose 3.7% year/year to $1.11 bln vs the $1.14 bln consensus. Lorillard domestic wholesale shipments increased 2.8% YoY compared to an estimated 6.4% decline in industry domestic wholesale shipments. Adjusted for changes in wholesale inventory patterns, Lorillard domestic wholesale shipments increased ~7% vs year ago. Total Lorillard retail market share increased 1.3 percentage points versus last year to 14.2%. Total Newport retail market share increased 1.1 percentage points versus last year to 11.9%. Total Lorillard share of menthol increased 0.9 percentage points versus last year to 39.2%. Lorillard repurchased 4.0 million shares during the quarter at a cost of $438 million.

7:03AM Navios Maritime Partners beats by $0.02, beats on revs (NMM) 16.39 : Reports Q3 (Sep) earnings of $0.35 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.33.

7:02AM Adolor to be acquired by Cubist Pharmaceuticals (CBST) for $4.25/share in cash (ADLR) 1.92 : Cubist Pharmaceuticals and Adolor Corporation announced that they have signed a definitive agreement under which Cubist will acquire all of the outstanding shares of Adolor for $4.25 per share in cash. The total transaction is valued at up to $415 mln, net of Adolor's third quarter 2011 cash balance, and is expected to be accretive in 2012.

7:01AM MEDNAX expands credit facility to $500 mln and extends through 2016 (MD) 63.95 : Co announced that it has amended and restated its $350 mln revolving credit facility into an expanded $500 million credit facility and also extended it through 2016. The Company plans to use the credit facility as a funding source, in addition to cash flow, for future acquisitions as well as other corporate purposes.

7:01AM Lihua International appoints Daphne Huang as Chief Financial Officer (LIWA) 4.50 : Prior to joining Lihua, Ms. Huang served as a Vice President in the Debt Capital Markets group at GE Capital Markets, Inc. from 2003 to 2009.

6:55AM Peabody Energy and ArcelorMittal (MT) announced earlier they have achieved majority control of Macarthur Coal following acceptances under PEAMCoal Pty takeover bid in respect of more than 50.01% of the Macarthur shares (BTU) 38.90 : PEAMCoal Pty Ltd disclosed that it has a relevant interest in ~ 59.85% of the Macarthur shares, excluding shares subject to the Institutional Acceptance Facility. As a result, the minimum acceptance condition of 50.01% has been satisfied and PEAMCoal has declared the offer unconditional. Those shares subject to IAF instructions will now be converted into actual acceptances of the offer. PEAMCoal will not increase the offer price of A$16.00 per share unless PEAMCoal acquires relevant interests in at least 90% of Macarthur shares. Reaching the 90% relevant interest threshold would allow PEAMCoal to compulsorily acquire all outstanding Macarthur shares. PEAMCoal has declared the increased offer price A$16.25 per share to be final.

6:45AM PharMerica commented Friday on the Notice of Dismissal of a Kentucky shareholder lawsuit filed by the Plumbers and Pipefitters Union Pension-Annuity Trust Fund; PMC Board continues to believe that Omnicare's (OCR) $15.00 offer undervalues Co (PMC) 14.60 : Co stated "We are pleased that the plaintiff has withdrawn its case. From the outset, we disagreed with their contentions and firmly believe our actions in relation to the Omnicare offer were in the best interest of PharMerica and its stockholders. The PharMerica Board continues to believe that Omnicare's $15.00 offer undervalues the Company and recommends that PharMerica stockholders not tender their shares to Omnicare."

6:36AM Eaton reports EPS in-line, misses on revs; guides Q4 EPS in-line (ETN) 42.25 : Reports Q3 (Sep) earnings of $1.08 per share, ex-items, in-line with the Capital IQ Consensus Estimate consensus of $1.08; revenues rose 15.5% year/year to $4.12 bln vs the $4.19 bln consensus. Co issues in-line guidance for Q4, sees EPS of $1.06-1.16, excluding non-recurring items, vs. $1.09 Capital IQ Consensus Estimate. "Our record third quarter results were at the midpoint of our guidance range, which we had increased in our July earnings release. This achievement is despite our incurring $0.06 per share of non cash mark-to-market losses on commodity hedge contracts resulting from the virtually unprecedented declines in metals prices which occurred during the last two weeks of September. We also achieved record operating margins and very strong cash flow in the third quarter, demonstrating that our business is continuing to perform well despite the uncertainty affecting the world economy and a number of our end markets. "Sales in the third quarter increased 15 percent compared to the third quarter of 2010. The 15 percent sales growth was comprised of 11 percent core growth, 2 percent from acquisitions, and 2 percent from foreign exchange. End markets grew 11 percent in the quarter."

6:33AM GLG Life Tech confirms that H3 will be available for planting in the 2012 growing season (GLGL) 1.55 : Co announces the results of its 2011 Agriculture R&D Program and that it has successfully reached another milestone in its stevia seed propagation program and that the co's Huinong Three proprietary stevia varietal propagation is on schedule. Co confirms that H3 will be available for planting in the 2012 growing season. Co states: "We expect to continue to lower our product costs through our dedicated agricultural R&D program. GLG is in the leading position to provide our customers both good-tasting stevia solutions and low cost stevia-based sweeteners."

6:33AM China Automotive to form joint venture in Brazil (CAAS) 5.03 : The new joint venture, which will be 80% owned by CAAS's wholly own subsidiary, Hengsheng, will be based in Sao Paulo and established with two local Brazilian automotive partners, with ownership of 15% and 5%, respectively.

6:31AM Flagstone Reinsurance Iitends to divest Lloyds and Island Heritage operations; Co also announced its preliminary estimates for losses occurring in the Q3 2011, Losses impacting the reinsurance segment related to Hurricane Irene, floods in Denmark, and U.S. Aggregate covers are expected to be ~$20 mln, $10 mln, and $5 mln respectively (FSR) 8.41 : Co announced a number of strategic initiatives designed to realign the Company's strategy and core capabilities. Through these initiatives, Flagstone intends to refocus its underwriting strategy to leverage its existing strengths, and streamline its corporate structure to reduce expenses and enhance capital levels. As a result of this realignment, Flagstone has commenced a formal process to divest its ownership positions in its Lloyds and Island Heritage operations. Co expects that these divestitures will lower its gross written premium by ~ $300 mln per year, without any impact on expected return on equity, as well as produce significant expense savings through reduced infrastructure and the consequent requirement for operational support. Furthermore, these divestures, along with other strategic actions are expected to create significant additional excess capital for rating agency capital requirements. Co also announced its preliminary estimates for losses occurring in the third quarter of 2011. Losses impacting the reinsurance segment related to Hurricane Irene, floods in Denmark, and U.S. Aggregate covers are expected to be ~$20 mln, $10 mln, and $5 mln, respectively, net of reinstatement premiums and retrocession. Furthermore, the Company expects its Lloyd's segment to report a $10 mln net loss for the quarter. In addition, due to updated loss estimates for catastrophes that occurred during the first half of 2011, Flagstone expects that its collective loss estimate related to first half catastrophes will impact the Q3 by ~$35 mln, net of reinstatement premiums and retrocession. Lastly, weak financial markets in the third quarter will have a negative impact on the Company's low duration fixed income investment portfolio of negative 1%.

6:02AM Exelixis Cabozantinib meets primary endpoint in Phase 3 clincial trial for Medullary Thyroid Cancer (EXEL) 5.99 : Co reported top-line results from the ongoing phase 3 clinical trial of cabozantinib in patients with advanced medullary thyroid cancer, known as the EXAM trial. The trial met its primary endpoint of improving progression-free survival compared with placebo and substantially exceeded the threshold of a 75% increase in PFS originally assumed when the trial was designed. Cabozantinib significantly improved median PFS by 7.2 months compared with placebo. The median PFS on the cabozantinib arm was 11.2 months versus 4.0 months on the placebo arm; hazard ratio 0.28. Exelixis intends to report the EXAM data at an upcoming medical conference.

6:02AM Arrowhead Research acquires Roche (RHHBY) RNA assets and site (ARWR) 0.46 : Under the terms of the agreement, Roche transferred to Arrowhead all of its existing RNAi operations and research facilities in Madison, Wisconsin along with its employees, equipment, related technology licenses and intellectual property covering current and planned development programs. Roche obtained a minority stake in Arrowhead as well as rights to negotiate for certain future products, milestone payments and royalties on sales. ARWR also closed on $4 mln of new funding in addition to the $6 mln financing that was recently announced, providing ~$10 mlnof capital. In addition, the Company entered into an agreement with Lincoln Park Capital (LPC) to provide up to $15 mln to support the new operations. Under the LPC agreement, Arrowhead may, subject to customary conditions, draw all or part of the $15 mln commitment at its sole discretion over a three-year period. There are no warrants associated with the facility and pricing is based on closing market prices.

5:40AM On The Wires (WIRES) :

• Global Sources' (GSOL) China Sourcing Fairs exhibition brand is being expanded to South America. The co announced today that the first China Sourcing Fairs in Sao Paulo, Brazil are scheduled to be launched in August 2012.
• Alvarion (ALVR) unveiled its new BreezeCELL solution based on TrueActive DAS technology.
• Telles, a joint venture between Metabolix (MBLX) and Archer Daniels Midland (ADM), announced that Andolfi & C will be launching a compostable bag product line based on Mvera B5002, a compostable film product made from a proprietary blend with Mirel bioplastics.
• Netflix (NFLX) announced it will expand to the United Kingdom and Ireland in early 2012, offering unlimited TV shows and movies streaming instantly over the Internet to TVs and computers for one low monthly subscription price.
• TIBCO Software (TIBX) announced that the Centraal Justitieel Incassobureau, the central fine collection agency of The Netherlands, has selected TIBCO to help make the collection of fines more efficient and pave the way for CJIB's expansion into other government services and collections.
• Quest Software (QSFT) announced it has acquired ChangeBASE, a privately held software provider based in the UK, which specializes in automated application analysis, remediation and conversion for target platforms.
• TSMC (TSM) announced that its 28nm process is in volume production and production wafers have been shipped to customers.
• Silver Standard Resources (SSRI) announced an update on the status of production at the Pirquitas mine in Jujuy province, Argentina. Silver concentrate sales have resumed on a spot basis. Spot silver concentrate sales are expected to continue through the second quarter of 2012 until long-term contracts are finalized.

4:39AM Commtouch Sftwr appoints Shlomi Yanai as CEO (CTCH) 3.21 : He was previously the vice president of corporate development strategy at SafeNe. He is replacing Ido Hadari who is leaving the co to pursue new opportunities.

4:36AM Mattel acquires HIT Entertainment for $680 mln (MAT) 27.69 : Co announces it has entered into an agreement to acquire HIT Entertainment for $680 mln in cash from a consortium led by Apax Partners funds. HIT Entertainment owns a global portfolio of popular preschool brands, including Thomas & Friends. The transaction is expected to be financed with a combination of cash and debt and is expected to close in the first quarter of 2012. The transaction is not expected to have a material impact on co's 2012 earnings, but is expected to be increasingly accretive as the benefits of owning these brands are reflected in co's results, including the addition of Thomas & Friends wood business in 2013 and retention of Thomas & Friends plastic and die-cast business from 2015 onwards.

1:37AM First Financial Northwest reports Q3 EPS of $0.04 (no est) vs ($0.69) in 3Q10 (FFNW) 5.50 : Nonperforming assets decreased $7.9 mln, or 12.3% to $56.0 mln from June 30, 2011 and $60.3 mln, or 51.9% from September 30, 2010. Nonperforming assets now represent 4.9% of assets. Nonperforming loans decreased $7.1 mln, or 18.7% to $30.8 mln from June 30, 2011 and $62.6 mln, or 67.0% from September 30, 2010.

1:32AM On The Wires (WIRES) :

• Momenta Pharmaceuticals (MNTA) announced that the United States District Court for the District of Massachusetts today entered an order extending the temporary restraining order enjoining Amphastar Pharmaceuticals, Watson Pharmaceuticals, and International Medical Systems from offering to sell or selling their generic enoxaparin until October 28, 2011. The Court is continuing to consider Momenta's motion for a preliminary injunction.
• Pinnacle Airlines (PNCL) wholly owned subsidiary, Pinnacle Airlines, announced that a revised tentative agreement with the United Steelworkers AFL-CIO to amend the collective bargaining agreement covering 871 flight attendants has been ratified. The contract provides a five-year extension to the collective bargaining agreement that became amendable on Jan. 31, 2011.
• ADP (ADP) AdvancedMD announced the availability of its cloud clinical and financial solution designed to automate time-intensive, manual processes and create more efficient paperless ophthalmology practices.
• PNM Resources (PNM) petitioned the U.S. Environmental Protection Agency to reconsider its recent decision to adopt a federal plan in favor of a New Mexico plan to address regional haze. The co also expressed support for a decision by N.M. Gov. Susana Martinez and the N.M. Environment Department to challenge EPA's decision in federal appeals court and also to petition the EPA for reconsideration.
• Microsoft (MSFT) and Compal Electronics have signed a patent agreement that provides broad coverage under Microsoft's patent portfolio for Compal's tablets, mobile phones, e-readers and other consumer devices running the Android or Chrome Platform. Microsoft will receive royalties from Compal under the agreement.
• Ampal-American Israel (AMPL) announced that it was advised by East Mediterranean Gas, in which Ampal has a 12.5% interest, that initial gas supply to EMG has resumed today after the successful testing and commissioning procedures that started on October 21, 2011.
• Samson Oil & Gas (SSN) advised that the routine DFIT on Defender US33 #2-29H has now been completed. The data collected from this test has been analysed and preparations are now underway for the fracture stimulation.

1:24AM Sanofi-Aventis reports Alemtuzumab significantly reduces relapses in multiple sclerosis vs interferon Beta-1a in a Phase III study (SNY) 35.63 : Co and its subsidiary Genzyme announce new results from the CARE-MS I trial, the first of two randomized, Phase III clinical trials comparing the investigational drug alemtuzumab to Rebif in patients with relapsing-remitting multiple sclerosis. New data show that 78% of patients treated with alemtuzumab remained relapse-free for two years, providing statistically significant improvement over interferon beta-1a (78% vs 59% at two years) and meeting this secondary endpoint. Additional findings from the CARE-MS I study presented today include other secondary endpoints that suggest positive outcomes with alemtuzumab. Improvement in Multiple Sclerosis Functional Composite scores was observed in alemtuzumab-treated patients, as compared to interferon beta-1a (0.12 vs 0.05 mean change from baseline at year two). MSFC is a composite measurement of physical and cognitive function.

1:21AM Biogen Idec and Abbott (ABT) present positive data for Daclizumab HYP from select Phase 2B trial (BIIB) 108.84 : Biogen  (BIIB) and Abbott (ABT) announce additional results from the SELECT Phase 2b trial in people with relapsing-remitting multiple sclerosis. Results showed that DAC HYP, administered subcutaneously once every four weeks, met the trial's primary endpoint by significantly reducing the annualized relapse rate by 54% in the 150 mg dose group and 50% in the 300 mg dose group compared to the placebo group at one year. In addition to meeting the primary endpoint, both doses of DAC HYP met key secondary endpoints, including measures of magnetic resonance imaging. In a sub-study for a pre-specified subset of patients, both 150 mg and 300 mg of DAC HYP provided a significant reduction in the cumulative number of new gadolinium-enhancing lesions between weeks eight and 24 (69%; 78%). Both doses also provided a significant reduction in new or newly enlarging T2 hyperintense lesions (70%; 79%). In a tertiary endpoint, both 150 mg and 300 mg of DAC HYP also significantly reduced the number of new Gd+ lesions on the week 52 MRI (79%; 86%).

1:17AM CNinsure CEO resigns; to remain with co as Chairman; promotes COO Chunlin Wang to CEO (CISG) 7.07 :  

1:14AM Renasant appoints Corporate Controller Kevin Chapman as co-CFO (RNST) 13.68 :  

1:11AM Value Line appoints current Acting Chairman and CEO, Howard Brecher CEO, President and Chairman (VALU) 12.80 :  

1:07AM El Paso Electric cancels conference call to address El Paso City Council hearing on interim rates (EE) 31.53 : Co announces that it is canceling the investor conference call scheduled for October 26, 2011, the purpose of which was to update investors on the outcome of the City of El Paso's hearing to consider establishing temporary rates. The City has advised the co that it will postpone the date for the temporary rate hearing at its October 25, 2011 council meeting and is likely to reschedule the hearing for November 15, 2011 as the City needed additional time.

1:05AM 1st United Bancorp unit assumes deposits and purchased assets of Old Harbor Bank of Florida (FUBC) 5.01 : Co announces that its subsidiary, 1st United Bank, has assumed all of the deposits, other than depository organization-brokered deposits, and purchased substantially all of the assets of Old Harbor Bank of Florida headquartered in Clearwater, Florida through a purchase and assumption agreement with the FDIC. 1st United will be purchasing substantially all of the assets of Old Harbor at a discount of $8.5 mln. In this transaction, 1st United will be assuming ~$217.8 mln of deposits, and purchasing $154.3 mln in loans and $1.3 mln of other real estate from Old Harbor with the remaining assets primarily comprised of cash and marketable investment securities. The loans and other real estate purchased are covered by a loss sharing agreement with the FDIC. The FDIC has agreed to cover 70% of the losses on the disposition of the loans and other real estate up to $49 mln of losses. Based on June 30, 2011 financials, the pro forma co will have assets of ~$1.4 bln, net loans of $924 mln and deposits of $1.1 bln.

1:02AM Fidelity Southern unit acquires assets and deposits of Decatur First Bank from FDIC (LION) 5.97 : Co announces Fidelity Bank, a unit of co, entered into a purchase and assumption agreement with the FDIC to assume substantially all loans and ~$175 mln in deposits of Decatur First Bank. Decatur First Bank operated as Decatur First Bank in Decatur, as Bank of Morgan County in Madison, and as Lake Oconee Community Bank at Lake Oconee. Fidelity Bank purchased both insured and uninsured deposits and therefore all Decatur First Bank depositor accounts will be honored in full.

1:00AM State Bank Financial unit acquires assets and deposits of Community Capital Bank in Jonesboro, Georgia from FDIC (STBZ) 13.47 : Georgia Department of Banking and Finance closed Community Capital Bank and appointed the FDIC as receiver. In a transaction facilitated by the FDIC, State Bank & Trust, a wholly owned subsidiary of STBZ, has agreed to acquire substantially all of the assets and deposits of Community Capital Bank. State Bank & Trust entered into a purchase and assumption agreement with a loss share arrangement with the FDIC, which includes all deposits as well as certain loans and other assets. As of June 30, 2011, Community Capital Bank reported total assets of ~$181 mln and total deposits of ~$166 mln.