4:30 pm : Trade on Tuesday was quite volatile. The S&P 500 quickly tumbled in excess of 2%, but retraced the downturn into midday. The struggle to extend the move into anything more than an incremental gain invited renewed selling in the afternoon, but a late rally helped the market close with a gain of more than 2%.
Ongoing concerns about financial conditions in Europe and Greece's ability to pay its debts, let alone meet deficit reduction targets, prompted overseas markets to suffer steep losses in schizophrenic-like trade. The negative sentiment permeated premarket trade and prompted domestic participants to push stocks sharply lower in the first few minutes.
Few stocks were sparred from the sell-off as the S&P 500 dropped to the 1075 line for the first time in about 13 months. At that point, the stock market was more than 20% below its early May high, bringing about the undesirable distinction of bear market territory.
Tech stocks provided support in the face of the broad market's dive. The sector rallied to a gain of more than 1% with help from semiconductor-related plays. Tech's strength took the Nasdaq up to a nice midsession gain and helped the S&P 500 reverse its loss, but the broad market measure was unable to move up from the neutral line while the Dow remained mired in the red.
Tech's strength was challenged in the afternoon, though. Loss of leadership from the sector, which is the largest by market weight, invited sellers to redouble their efforts and drive stocks back into negative territory.
Reports that officials in the European Union are considering plans to recapitalize banks coincided with a barrage of buying in the final hour. The move by the S&P 500 from its afternoon low to its close spanned 4%. At the same time, the Dow bounded by more than 350 points with barely a pause along the way. The Nasdaq settled with a 3% gain, the strongest of the trio.
Although the Nasdaq outpaced its counterparts, primary component Apple (AAPL 372.50, -2.01) was unable to find positive territory. The stock's loss came amid a rather negative response to the unveiling of the company's latest iPhone.
Comments from Fed Chairman Bernanke to the Joint Economic Committee were consistent with recent policy statements in that the Fed remains prepared to provide additional support as necessary. The absence of surprises essentially made the speech a non-event for the market.
The market's reversal into the close caused the dollar to take a late dive. It ended the day about 0.7% behind a basket of major foreign currencies after it had worked its way out of the red during afternoon trade. The downturn was largely owed to newfound support for the euro, which settled with a 1.4% gain at $1.337.
Treasuries also sold off. Their downturn wasn't terribly steep, but it was still enough to take the yield on the benchmark 10-year Note back above 1.80%.
A dour mood during pit trade kept pressure on oil prices, which closed the day with a 2.5% loss at $75.67 per barrel. That marked their lowest close in more than a year, but futures prices climbed in conjunction with the equity market after pit trade had closed. As for gold, the precious metal slumped during pit trade to $1616 per ounce for a 2.2% loss, unable to attract even safety seekers.
Advancing Sectors: Financials +4.1%, Materials +3.7%, Energy +3.2%, Consumer Discretionary +3.1%, Industrials +2.6%, Tech +2.1%, Health Care +1.0%, Consumer Staples +0.7%, Telecom +0.6%
Declining Sectors: Utilities -0.5%DJ30 +153.41 NASDAQ +68.99 NQ100 +2.1% R2K +6.4% SP400 +4.1% SP500 +24.72 NASDAQ Adv/Vol/Dec 1903/3.04 bln/691 NYSE Adv/Vol/Dec 1866/1.66 bln/1233
3:30 pm : The safe haven appeal of precious metals faded, for the time being, following commentary from Fed Chairman Bernanke which indicated the Fed might once again interject to help the flailing economy. Both gold and silver sold off throughout the session to finish near session lows. Gold prices ended off 2.5% at $1616 per ounce, while silver pries dropped 3.2% to finish at $29.84 per ounce.
Weakness in the dollar, on the heels of the Fed Chairman's commentary, helped crude oil futures recoup overnight losses. They were, however, unable to maintain those gains and quickly pulled back into negative territory and accelerated to the downside heading into the close of pit trade. On the session, crude oil shed 2.5% to end at $75.67 per barrel, its lowest close since late Sept of 2010. Natural gas ended higher by 0.5% at $3.63 per MMBtu.DJ30 -114.66 NASDAQ -3.46 SP500 -16.72 NASDAQ Adv/Vol/Dec 1328/2.3 bln/1242 NYSE Adv/Vol/Dec 974/1.1 bln/2117
3:00 pm : Stocks have been unable to secure support. That has left the broad market to drift back down to afternoon lows. As a result, both the Nasdaq and S&P 500 now face losses of 1% or more, while the Dow approaches a loss of almost 2%.
Only an hour remains in today's trade. Without any sign that buyers are about to step back in, it appears that stocks will register a new 52-week closing low that has the broad market down some 20% from the high that it set only four months ago.
Importantly, today's trade has come with strong share volume, suggesting that there is plenty of conviction among market participants. With an hour left to go, share volume on the Big Board is quickly approaching 1 billion. DJ30 -174.90 NASDAQ -19.64 SP500 -15.01 NASDAQ Adv/Vol/Dec 1445/2.00 bln/1115 NYSE Adv/Vol/Dec 1060/945 mln/2005
2:30 pm : Stocks are trying to stabilize, but that hasn't stopped Treasuries from trimming their losses. The action has left the benchmark 10-year Note only a handful of ticks in the red.
The dollar has also managed to attract some support. It had surrendered an early gain to trade with a marked loss by midsession, but it has since moved back toward the flat line. The euro is still up 0.6% to $1.325, though. DJ30 -119.54 NASDAQ +0.37 SP500 -7.34 NASDAQ Adv/Vol/Dec 1370/1.83 bln/1180 NYSE Adv/Vol/Dec 940/880 mln/2125
2:00 pm : The stock market continues to trend lower after staging an impressive recovery that took the S&P 500 from a loss of more than 2% to an incremental gain. Tech stocks, which were a driving force in the market's rally, have since completely surrendered their gains. The sector, which was up in excess of 1% at its session high, now trades with a fractional loss.DJ30 -123.25 NASDAQ +2.52 SP500 -6.78 NASDAQ Adv/Vol/Dec 1430/1.67 bln/1105 NYSE Adv/Vol/Dec 1050/805 mln/2005
1:30 pm : Stocks have drifted off of their session highs. The action has left the S&P 500 to trade with a modest loss after it had been plodding along narrowly above the neutral line.
Tech stocks, which were recently up more than 1%, have handed over a substantial portion of their gains. In turn, the sector has been left holding on to a gain of just 0.3%.
Even though the market is pulling back, defensive-oriented issues are under the most pressure. Specifically, telecom stocks and utilities stocks are down 1.6% and 1.9%, respectively. DJ30 -99.7 NASDAQ +13.79 SP500 -3.55 NASDAQ Adv/Vol/Dec 1580/1.53 bln/925 NYSE Adv/Vol/Dec 1250/740 mln/1790
1:00 pm : The stock market took the path of least resistance this morning by sliding to a loss of more than 2% as participants kept their attention on the precarious conditions of Europe.
Stocks descended in the prior session to settle at new 52-week in response to news that Greece does not expect to hit a deficit target. That theme, along with word that eurozone officials have pushed back the disbursement date of aid to the flagging country, prompted participants drop Europe's bourses for another round of big losses again today. Sellers at home followed suit. In fact, pressure was so intense that within the first 30 minutes of trade the S&P 500 dove to the 1075 line, which put it more than 20% below its early May high.
Major market averages didn't stay at session lows for very long, though. They began to rally on the back of the tech sector, which offered considerable strength in the face of broad market weakness. The sector has extended its climb all the way to a 1.0% gain. Semiconductor stocks, collectively up in excess of 3%, have been especially strong performers.
While tech stocks have boosted the broad market, only the Nasdaq has managed to put together a sizable gain. Meanwhile, the S&P 500 is mired near the neutral line and the Dow continues to contend with a marked loss as its financial components stay under pressure.
Comments from Fed Chairman Bernanke about the Fed's readiness to provide additional support as necessary didn't come as any kind of a surprise to market participants, given that the remark is consistent with those issued in recent policy statements. In turn, Bernanke's testimony before the Joint Economic Committee was essentially shrugged off. DJ30 -71.93 NASDAQ +25.17 SP500 +0.68 NASDAQ Adv/Vol/Dec 1635/1.45 bln/880 NYSE Adv/Vol/Dec 1335/685 mln/1705
12:30 pm : The S&P 500 has successfully poked into positive territory, but has been unable to do anything more than dance narrowly above the neutral line. The pause in action comes as participants take a breather after bidding up the stock market from a loss of more than 2%.
Tech, the largest sector by market weight, continues to provide leadership. The sector is now up 1.0%. Within the tech space, semiconductor stocks are showing considerable strength, such that the Philadelphia Semiconductor Index is up more than 3%. That bounce comes after it set a new 52-week low alongside the broader market earlier this morning. DJ30 -78.06 NASDAQ +28.30 SP500 +0.33 NASDAQ Adv/Vol/Dec 1600/1.30 bln/890 NYSE Adv/Vol/Dec 1300/625 mln/1725
12:00 pm : In the face of concerns about macro conditions -- Fed Chairman Bernanke stated in his testimony today that sluggish job growth will continue and that government cuts are likely to drag further on the economy -- consumer discretionary stocks have not only found higher ground, but mounted a collective climb to a 0.9% gain.
Comcast (CMCSA 20.80, +0.44) continues to be a top performer among discretionary plays. Its 2% climb this session comes amid word that analysts at JPMorgan added the stock to their Focus List. DJ30 -70.68 NASDAQ +26.46 SP500 -0.32 NASDAQ Adv/Vol/Dec 1350/1.12 bln/1120 NYSE Adv/Vol/Dec 880/540 mln/2135
11:30 am : Stocks have been backed down a bit in recent trade. Their slip comes after the S&P 500 was rebuffed at the neutral line following its upward climb from a loss of more than 2%.
Although the broad market has not yet found higher ground, the improved tone of trade has caused Treasuries to fall out of favor. As such, the benchmark 10-year Note is now down about a half of a point. DJ30 -128.09 NASDAQ +9.65 SP500 -8.01 NASDAQ Adv/Vol/Dec 1490/995 mln/960 NYSE Adv/Vol/Dec 1140/485 mln/1860
11:00 am : The path has been choppy, but many stocks have successfully slashed losses.
Tech stocks, in particular, have overcome broad market weakness to rally to a 0.4% gain. Tech's strength has been especially helpful to the Nasdaq, which is now in positive territory.
The Dow continues to contend with a loss of more than 1%, however. The blue chip Index has been weighed down Bank of America (BAC 5.37, -0.16), American Express (AXP 41.96, -1.52), Kraft (KFT 32.27, -0.82), and McDonald's (MCD 83.97, -2.05). DJ30 -131.23 NASDAQ +7.87 SP500 -7.48 NASDAQ Adv/Vol/Dec 1120/685 mln/1275 NYSE Adv/Vol/Dec 630/355 mln/2345
10:35 am : Eurozone concerns, especially Greece debt concerns, are weighing on the commodity space today along with broader markets. The dollar index pulled back in recent trade, which gave a boost to commodities. However, the CRB Commodity Index remains about 0.7% lower.
Crude oil has been in the red all session and fell as far as $74.95/barrel. The energy component has recover a portion of its losses and is currently down 1.9% at $76.12/barrel. Natural gas futures are one of the few commodities in positive territory this morning. Nat gas began to trend higher about two hours ago and hit a session high of $3.65/MMBtu just over an hour ago. Currently, nat gas is up 0.6% at $3.64/MMBtu.
Gold futures traded in positive territory during the overnight session, but lost steam in early morning trade. Gold was at $1670/oz around 7am EST, but moved as low as $1636.80/oz. Silver was near the unchanged line for about half of the overnight session. The precious metal has mostly tracked gold and began to break down earlier this morning when gold did. Almost an hour ago, silver fell through the $30.00 area, but is currently at $30.11, down 2.2%. Gold is down 0.6% at $1647.20/oz.DJ30 -197.38 NASDAQ -13.31 SP500 -15.69 NASDAQ Adv/Vol/Dec 1162/659 mln/1225 NYSE Adv/Vol/Dec 708/345 mln/2262
10:00 am : Stocks continue to descend deeper into negative territory, extending their annual lows. The S&P 500 is now down more than 20% from the intraday high that it set in early May.
However, buyers are starting to show some signs of life, helping lift stocks off of their worst levels of the morning. The move comes as prepared remarks from Fed Chairman Bernanke begin to make their rounds. He is scheduled to begin a testimony before the Joint Economic Committee at any moment.
In a small dose of data, factory orders for August were just released. They slipped by 0.2%, which is a slightly greater decline than the 0.1% dip that had been broadly anticipated. DJ30 -234.61 NASDAQ -31.54 SP500 -23.52 NASDAQ Adv/Vol/Dec 670/110 mln/1555 NYSE Adv/Vol/Dec 390/94 mln/2315
09:45 am : Widespread weakness continues to wreak havoc on the major equity averages, which are all at fresh 52-week lows.
Ongoing concerns about financial conditions in Europe and Greece's ability to pay its debts, let alone meet deficit reduction targets, prompted overseas markets to suffer steep losses in schizophrenic-like trade. The negative sentiment permeated premarket trade and prompted domestic participants to push stocks sharply lower in the first few minutes.
Few stocks were sparred from the sell-off as the S&P 500 dropped to the 1075 line for the first time in about 13 months. At that point, the stock market was more than 20% below its early May high, bringing about the undesirable distinction of bear market territory.
Tech stocks provided support in the face of the broad market's dive. The sector rallied to a gain of more than 1% with help from semiconductor-related plays. Tech's strength took the Nasdaq up to a nice midsession gain and helped the S&P 500 reverse its loss, but the broad market measure was unable to move up from the neutral line while the Dow remained mired in the red.
Tech's strength was challenged in the afternoon, though. Loss of leadership from the sector, which is the largest by market weight, invited sellers to redouble their efforts and drive stocks back into negative territory.
Reports that officials in the European Union are considering plans to recapitalize banks coincided with a barrage of buying in the final hour. The move by the S&P 500 from its afternoon low to its close spanned 4%. At the same time, the Dow bounded by more than 350 points with barely a pause along the way. The Nasdaq settled with a 3% gain, the strongest of the trio.
Although the Nasdaq outpaced its counterparts, primary component Apple (AAPL 372.50, -2.01) was unable to find positive territory. The stock's loss came amid a rather negative response to the unveiling of the company's latest iPhone.
Comments from Fed Chairman Bernanke to the Joint Economic Committee were consistent with recent policy statements in that the Fed remains prepared to provide additional support as necessary. The absence of surprises essentially made the speech a non-event for the market.
The market's reversal into the close caused the dollar to take a late dive. It ended the day about 0.7% behind a basket of major foreign currencies after it had worked its way out of the red during afternoon trade. The downturn was largely owed to newfound support for the euro, which settled with a 1.4% gain at $1.337.
Treasuries also sold off. Their downturn wasn't terribly steep, but it was still enough to take the yield on the benchmark 10-year Note back above 1.80%.
A dour mood during pit trade kept pressure on oil prices, which closed the day with a 2.5% loss at $75.67 per barrel. That marked their lowest close in more than a year, but futures prices climbed in conjunction with the equity market after pit trade had closed. As for gold, the precious metal slumped during pit trade to $1616 per ounce for a 2.2% loss, unable to attract even safety seekers.
Advancing Sectors: Financials +4.1%, Materials +3.7%, Energy +3.2%, Consumer Discretionary +3.1%, Industrials +2.6%, Tech +2.1%, Health Care +1.0%, Consumer Staples +0.7%, Telecom +0.6%
Declining Sectors: Utilities -0.5%DJ30 +153.41 NASDAQ +68.99 NQ100 +2.1% R2K +6.4% SP400 +4.1% SP500 +24.72 NASDAQ Adv/Vol/Dec 1903/3.04 bln/691 NYSE Adv/Vol/Dec 1866/1.66 bln/1233
3:30 pm : The safe haven appeal of precious metals faded, for the time being, following commentary from Fed Chairman Bernanke which indicated the Fed might once again interject to help the flailing economy. Both gold and silver sold off throughout the session to finish near session lows. Gold prices ended off 2.5% at $1616 per ounce, while silver pries dropped 3.2% to finish at $29.84 per ounce.
Weakness in the dollar, on the heels of the Fed Chairman's commentary, helped crude oil futures recoup overnight losses. They were, however, unable to maintain those gains and quickly pulled back into negative territory and accelerated to the downside heading into the close of pit trade. On the session, crude oil shed 2.5% to end at $75.67 per barrel, its lowest close since late Sept of 2010. Natural gas ended higher by 0.5% at $3.63 per MMBtu.DJ30 -114.66 NASDAQ -3.46 SP500 -16.72 NASDAQ Adv/Vol/Dec 1328/2.3 bln/1242 NYSE Adv/Vol/Dec 974/1.1 bln/2117
3:00 pm : Stocks have been unable to secure support. That has left the broad market to drift back down to afternoon lows. As a result, both the Nasdaq and S&P 500 now face losses of 1% or more, while the Dow approaches a loss of almost 2%.
Only an hour remains in today's trade. Without any sign that buyers are about to step back in, it appears that stocks will register a new 52-week closing low that has the broad market down some 20% from the high that it set only four months ago.
Importantly, today's trade has come with strong share volume, suggesting that there is plenty of conviction among market participants. With an hour left to go, share volume on the Big Board is quickly approaching 1 billion. DJ30 -174.90 NASDAQ -19.64 SP500 -15.01 NASDAQ Adv/Vol/Dec 1445/2.00 bln/1115 NYSE Adv/Vol/Dec 1060/945 mln/2005
2:30 pm : Stocks are trying to stabilize, but that hasn't stopped Treasuries from trimming their losses. The action has left the benchmark 10-year Note only a handful of ticks in the red.
The dollar has also managed to attract some support. It had surrendered an early gain to trade with a marked loss by midsession, but it has since moved back toward the flat line. The euro is still up 0.6% to $1.325, though. DJ30 -119.54 NASDAQ +0.37 SP500 -7.34 NASDAQ Adv/Vol/Dec 1370/1.83 bln/1180 NYSE Adv/Vol/Dec 940/880 mln/2125
2:00 pm : The stock market continues to trend lower after staging an impressive recovery that took the S&P 500 from a loss of more than 2% to an incremental gain. Tech stocks, which were a driving force in the market's rally, have since completely surrendered their gains. The sector, which was up in excess of 1% at its session high, now trades with a fractional loss.DJ30 -123.25 NASDAQ +2.52 SP500 -6.78 NASDAQ Adv/Vol/Dec 1430/1.67 bln/1105 NYSE Adv/Vol/Dec 1050/805 mln/2005
1:30 pm : Stocks have drifted off of their session highs. The action has left the S&P 500 to trade with a modest loss after it had been plodding along narrowly above the neutral line.
Tech stocks, which were recently up more than 1%, have handed over a substantial portion of their gains. In turn, the sector has been left holding on to a gain of just 0.3%.
Even though the market is pulling back, defensive-oriented issues are under the most pressure. Specifically, telecom stocks and utilities stocks are down 1.6% and 1.9%, respectively. DJ30 -99.7 NASDAQ +13.79 SP500 -3.55 NASDAQ Adv/Vol/Dec 1580/1.53 bln/925 NYSE Adv/Vol/Dec 1250/740 mln/1790
1:00 pm : The stock market took the path of least resistance this morning by sliding to a loss of more than 2% as participants kept their attention on the precarious conditions of Europe.
Stocks descended in the prior session to settle at new 52-week in response to news that Greece does not expect to hit a deficit target. That theme, along with word that eurozone officials have pushed back the disbursement date of aid to the flagging country, prompted participants drop Europe's bourses for another round of big losses again today. Sellers at home followed suit. In fact, pressure was so intense that within the first 30 minutes of trade the S&P 500 dove to the 1075 line, which put it more than 20% below its early May high.
Major market averages didn't stay at session lows for very long, though. They began to rally on the back of the tech sector, which offered considerable strength in the face of broad market weakness. The sector has extended its climb all the way to a 1.0% gain. Semiconductor stocks, collectively up in excess of 3%, have been especially strong performers.
While tech stocks have boosted the broad market, only the Nasdaq has managed to put together a sizable gain. Meanwhile, the S&P 500 is mired near the neutral line and the Dow continues to contend with a marked loss as its financial components stay under pressure.
Comments from Fed Chairman Bernanke about the Fed's readiness to provide additional support as necessary didn't come as any kind of a surprise to market participants, given that the remark is consistent with those issued in recent policy statements. In turn, Bernanke's testimony before the Joint Economic Committee was essentially shrugged off. DJ30 -71.93 NASDAQ +25.17 SP500 +0.68 NASDAQ Adv/Vol/Dec 1635/1.45 bln/880 NYSE Adv/Vol/Dec 1335/685 mln/1705
12:30 pm : The S&P 500 has successfully poked into positive territory, but has been unable to do anything more than dance narrowly above the neutral line. The pause in action comes as participants take a breather after bidding up the stock market from a loss of more than 2%.
Tech, the largest sector by market weight, continues to provide leadership. The sector is now up 1.0%. Within the tech space, semiconductor stocks are showing considerable strength, such that the Philadelphia Semiconductor Index is up more than 3%. That bounce comes after it set a new 52-week low alongside the broader market earlier this morning. DJ30 -78.06 NASDAQ +28.30 SP500 +0.33 NASDAQ Adv/Vol/Dec 1600/1.30 bln/890 NYSE Adv/Vol/Dec 1300/625 mln/1725
12:00 pm : In the face of concerns about macro conditions -- Fed Chairman Bernanke stated in his testimony today that sluggish job growth will continue and that government cuts are likely to drag further on the economy -- consumer discretionary stocks have not only found higher ground, but mounted a collective climb to a 0.9% gain.
Comcast (CMCSA 20.80, +0.44) continues to be a top performer among discretionary plays. Its 2% climb this session comes amid word that analysts at JPMorgan added the stock to their Focus List. DJ30 -70.68 NASDAQ +26.46 SP500 -0.32 NASDAQ Adv/Vol/Dec 1350/1.12 bln/1120 NYSE Adv/Vol/Dec 880/540 mln/2135
11:30 am : Stocks have been backed down a bit in recent trade. Their slip comes after the S&P 500 was rebuffed at the neutral line following its upward climb from a loss of more than 2%.
Although the broad market has not yet found higher ground, the improved tone of trade has caused Treasuries to fall out of favor. As such, the benchmark 10-year Note is now down about a half of a point. DJ30 -128.09 NASDAQ +9.65 SP500 -8.01 NASDAQ Adv/Vol/Dec 1490/995 mln/960 NYSE Adv/Vol/Dec 1140/485 mln/1860
11:00 am : The path has been choppy, but many stocks have successfully slashed losses.
Tech stocks, in particular, have overcome broad market weakness to rally to a 0.4% gain. Tech's strength has been especially helpful to the Nasdaq, which is now in positive territory.
The Dow continues to contend with a loss of more than 1%, however. The blue chip Index has been weighed down Bank of America (BAC 5.37, -0.16), American Express (AXP 41.96, -1.52), Kraft (KFT 32.27, -0.82), and McDonald's (MCD 83.97, -2.05). DJ30 -131.23 NASDAQ +7.87 SP500 -7.48 NASDAQ Adv/Vol/Dec 1120/685 mln/1275 NYSE Adv/Vol/Dec 630/355 mln/2345
10:35 am : Eurozone concerns, especially Greece debt concerns, are weighing on the commodity space today along with broader markets. The dollar index pulled back in recent trade, which gave a boost to commodities. However, the CRB Commodity Index remains about 0.7% lower.
Crude oil has been in the red all session and fell as far as $74.95/barrel. The energy component has recover a portion of its losses and is currently down 1.9% at $76.12/barrel. Natural gas futures are one of the few commodities in positive territory this morning. Nat gas began to trend higher about two hours ago and hit a session high of $3.65/MMBtu just over an hour ago. Currently, nat gas is up 0.6% at $3.64/MMBtu.
Gold futures traded in positive territory during the overnight session, but lost steam in early morning trade. Gold was at $1670/oz around 7am EST, but moved as low as $1636.80/oz. Silver was near the unchanged line for about half of the overnight session. The precious metal has mostly tracked gold and began to break down earlier this morning when gold did. Almost an hour ago, silver fell through the $30.00 area, but is currently at $30.11, down 2.2%. Gold is down 0.6% at $1647.20/oz.DJ30 -197.38 NASDAQ -13.31 SP500 -15.69 NASDAQ Adv/Vol/Dec 1162/659 mln/1225 NYSE Adv/Vol/Dec 708/345 mln/2262
10:00 am : Stocks continue to descend deeper into negative territory, extending their annual lows. The S&P 500 is now down more than 20% from the intraday high that it set in early May.
However, buyers are starting to show some signs of life, helping lift stocks off of their worst levels of the morning. The move comes as prepared remarks from Fed Chairman Bernanke begin to make their rounds. He is scheduled to begin a testimony before the Joint Economic Committee at any moment.
In a small dose of data, factory orders for August were just released. They slipped by 0.2%, which is a slightly greater decline than the 0.1% dip that had been broadly anticipated. DJ30 -234.61 NASDAQ -31.54 SP500 -23.52 NASDAQ Adv/Vol/Dec 670/110 mln/1555 NYSE Adv/Vol/Dec 390/94 mln/2315
09:45 am : Widespread weakness continues to wreak havoc on the major equity averages, which are all at fresh 52-week lows.
Energy stocks are being hit the hardest this morning. The sector has slumped to an early loss of 2.5% as oil prices drop 2% to trade at $76 per barrel for the first time in more than a year. The energy sector is now down 30% from its April high. DJ30 -168.77 NASDAQ -22.16 SP500 -15.06
09:15 am : S&P futures vs fair value: -13.30. Nasdaq futures vs fair value: -22.30. Continued concerns about Greece's ability to pay its debts, and the implications that could stem from a default, are keeping selling interest strong both abroad and at home. That said, stock futures have managed to recoup some of their losses this morning. A lower start to trade is still expected, though. That would deepen the stock market's 52-week low that was set at the close of the prior session. Negative sentiment has also stirred selling interest among commodities, especially crude oil, which is down more than 2% in early pit trade to a new 52-week low of less than $76 per barrel. Amid such precarious conditions and macro concerns, market participants will pay close attention to Fed Chairman Bernanke's testimony on the economic outlook and monetary policy before the Joint Economic Committee at 10:00 AM ET.
09:05 am : S&P futures vs fair value: -13.30. Nasdaq futures vs fair value: -22.30. Oil prices continue to come under pressure, leaving the commodity to trade at $75.85 per barrel for a 2.3% loss in the opening minutes of pit trade. Natural gas prices have moved a penny higher so that they trade at $3.63 per MMbtu. Despite its role as a safe haven, gold isn't benefiting from any kind of buying interest. Instead, the yellow metal is currently down 0.4% to $1650 per ounce. Silver prices are down an even sharper 1.4% to $30.37 per ounce. Collective weakness among commodities has the CRB Commodity Index wrestling with a 0.7% loss, which has left the CRB to trade at a new 2011 low.
08:35 am : S&P futures vs fair value: -16.10. Nasdaq futures vs fair value: -26.80. Europe's major bourses continue to descend in response to worries about a default by Greece after the country had announced over the weekend that it will likely come short of a deficit target and then eurozone officials pushed back the October disbursement date of aid to the country. Greece's Athex 20 is currently down in excess of 6%. As for action in Germany, the DAX has dropped to a loss of almost 4%. Man SE, Volkswagen, and Deutsche Bank (DB) have been heavy drags. Deutsche Bank actually announced that it does not expect to hit previous projections. In France, the CAC has fallen more than 3%. Lafarge, Alcatel-Lucent (ALU), and Renault have been hit the hardest. Britain's FTSE 100 is presently off in excess of 3%. Weir Group, Xstrata, and Lloyds Group (LYG) are leading the decline. Tesco Plc, Wm Morrison Supermarkets, and Smith & Nephew are the only three names currently in positive territory. According to recent data, the United Kingdom Construction PMI fell to 50.1 in September from 52.6 in the prior month. Data for the broader eurozone showed a 5.9% increase in producer prices during August. A 6.1% increase had been reported for the same period one year ago.
Asia's averages endured more selling overnight. The action left Japan's Nikkei to slide 1.1%. Komatsu Ltd., Mitsui Mining, and Mitsubishi Corp. were among the poorest performers. Nikon, Yahoo Japan, and Softbank staged nice gains in the face of broad market weakness, though. In Hong Kong, the Hang Seng tumbled 3.4%. CNOOC (CEO) was especially weak; it slumped to a loss of almost 7%. China's Shanghai Composite remained closed for holiday observance.
08:05 am : S&P futures vs fair value: -19.40. Nasdaq futures vs fair value: -34.00. The S&P 500 closed at a new 52-week low yesterday, and yet market participants continue to apply pressure to stock futures, such that the cash market looks like it will continue its descent with a marked decline at the open. Concern comes amid continued speculation about a default by Greece after the country had announced during the weekend that it will come short of deficit targets and, more recently, eurozone officials indicated that they will push back the disbursement date of aid to country. Amid such weak sentiment, safe havens remain in strong favor. As such, the dollar is up modestly in an extension of its prior session advance. Treasuries have ticked higher, too. However, gold prices are down narrowly to about $1652 per ounce. At 10:00 AM ET, attention shifts to Fed Chairman Bernanke, who will issue an update on the economic outlook and monetary policy before the Joint Economic Committee. Monthly factory orders figures will also hit news wires at 10:00 AM ET.
06:42 am : [BRIEFING.COM] S&P futures vs fair value: -11.30. Nasdaq futures vs fair value: -21.30.
06:42 am : Nikkei...8456.12...-89.40...-1.10%. Hang Seng...16250.27...-571.90...-3.40%.
06:42 am : FTSE...4964.70...-110.80...-2.20%. DAX...5212.11...-164.60...-3.10%.
In Play
3:56PM South Jersey Inds's South Jersey Gas files to extend infrastructure investment program (SJI) 45.89 +1.18 : The company is proposing to spend an incremental $50 mln a year in 2012 and 2013 to complete pipeline system improvements. The program is expected to result in an initial increase of ~ 1% to the average residential customer's monthly bill, which would not take place until after 2012. For a customer using 100 therms of gas in a month that increase translates into $1.22 per bill.
3:56PM Another round of fresh gains and fresh session highs -- Dow +85, S&P +16, Nasdaq Comp +49 (SPY) :
3:52PM Fortress Investment files replacement shelf registration statement (FIG) 2.76 -0.14 : The new registration statement will extend Fortress's ability under the old registration statement to offer and sell, from time to time, up to $1 billion of common shares, preferred shares and other specified securities. This will replace Fortress's existing shelf registration statement, which was declared effective on October 3, 2008 and is set to expire in accordance with SEC rules.
3:47PM Earnings Calendar (SUMRX) : Today after the close look for the following companies to report:
- GPN, LNDC, RECN, and YUM.
- AYI, COST, MON, and RPM.
3:34PM Solid late session push off afternoon lows brings stock indices back to upper end of daily range -- Dow -68, S&P -1.6, Nasdaq Comp +10 (SPY) :
3:05PM Gold breaks back below $1600 to lows at $1597.70 (COMDX) : 2:54PM Apple issued press release confirming launch details for the iPhone 4S, iOS 5 & iCloud (AAPL) 360.67 -13.92 : iPhone 4S will be available in the US for a suggested retail price of $199 for the 16GB model and $299for the 32GB model and $399 for the new 64GB model. iPhone 4S will be available from the Apple Online Store, Apple's retail stores and through AT&T (T), Sprint (S), Verizon Wireless (VZ) and select Apple Authorized Resellers. iPhone 4S will be available in the US, Australia, Canada, France, Germany, Japan and the UK on Friday, October 14 and customers can pre-order their iPhone 4S beginning October 7. iPhone 4 will also be available for just $99 and iPhone 3GS will be available for free with a two year contract. iPhone 4S will roll out worldwide to 22 more countries by the end of October including Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, Hungary, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Mexico, Netherlands, Norway, Singapore, Slovakia, Slovenia, Spain, Sweden and Switzerland.
2:34PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled lower by $1.94 at $75.67, natural gas gained 2 cents to close at $3.63, heating oil ended lower by 3 cents at $2.72, while RBOB gasoline shed 2 cents to finish at $2.48 (all Nov contracts).
2:29PM Perry Ellis's PEI Licensing announces agreement with 1928 jewelry company for laundry by Shelli Segal fashion jewelry (PERY) 17.81 +0.48 :
1:51PM Apple to launch iCloud on October 12 (AAPL) 372.00 -2.60 : Co announced that iCloud, including iTunes in the Cloud, that will work seamlessly with AAPL devices will be available on October 12.
1:33PM COMEX Metals Closing Prices (COMDX) : Gold shed $41.70 to finish at $1616.00, silver fell 97 cents to close at $29.82, while copper ended off a penny at $3.09 (all Dec contracts).
1:31PM Dow Chemical's Dow AgroSciences receives key international patent publication & Dow and OxyChem to form joint venture to produce new chlorocarbon (DOW) 21.93 +0.42 : Co announced the publication of an international patent application for its lead commercial herbicide tolerance event in soybeans. Also, Co and Occidental Chemical , part of Occidental Petroleum (OXY) announced their intent to form a joint venture to manufacture and market a new chlorocarbon solution that is a building block for advanced climate-friendly refrigerants, initially for use in automobile air conditioning systems.
1:06PM Dow Chemical also announced Dow Electrical & Telecommunications executed development agreement for bio-based Dielectric Insulating Fluids (DOW) 21.97 +0.49 : Dow Electrical & Telecommunications recently announced plans to develop algal oils with Solazyme (SZYM) for use in bio-based Dielectric Insulating Fluids (DIFs). Testing and scale-up trials will soon be underway and commercialization is expected in 2013.
1:02PM AMR announced their partnership with MassChallenge, a $1 mln dollar global startup competition and accelerator (AMR) 2.38 +0.40 :
1:02PM Roche Hldg's Ventana Medical Systems receives first FDA 510(k) clearance for H. pylori Antibody (RHHBY) 39.70 +0.54 :
1:01PM Dow Chemical reaffirms near-term earnings target of $10 bln EBITDA at 2011 Investor Day (DOW) 22.07 +0.56 : Co reaffirms financial targets and earnings roadmaps laid out in November 2009, including plans to deliver $10 bln in EBITDA in the near-term. Co also unveiled priorities and financial profiles for its new operating segments. Recently announced U.S. Gulf Coast investments in ethylene and propylene integration, coupled with growing benefits from shale gas dynamics, are expected to deliver at least $2 billion in EBITDA by 2017. Efficiency for Growth is expected to deliver cash flow potential of more than $2 billion by 2015 and $450 million in cost savings by 2012... Liveris noted that since 2009, the Company has successfully rebalanced its portfolio toward markets that produce higher and more consistent profitability, such as electronics, agriculture, energy, infrastructure and health, while divesting commodity-oriented businesses of nearly $8 billion in revenue, with single-digit EBITDA margins.
12:48PM Northern Dynasty Minerals announces Alaska superior court confirms Pebble exploration permits (NAK) 5.36 +0.14 : Alaska Superior Court Judge Eric Aarseth has ruled in favour of the State of Alaska and the Pebble Limited Partnership in a case brought by anti-Pebble activists who charged that the state's system for permitting mineral exploration activity is unconstitutional, and that PLP's exploration program has caused environmental harm... Superior Court Judge Aarseth denied each of the allegations made by Nunamta Aulukestai, and ruled that no evidence of environmental harm was presented... CEO Thiessen said the Pebble Project will likely face further legal, legislative and process challenges in the future, noting a ballot measure currently before voters in the Lake and Peninsula Borough, the local taxing jurisdiction (similar to a County) in which the Pebble Project is located. "If the measure is passed, we're confident that the rule of law in Alaska will prevail yet again, and the proposed legislation will be struck down by the courts as being unconstitutional."
12:45PM ITT Industries announces dollar range of consideration offered in debt tender offer for up to $100 mln aggregate principal amount of its 7.40% Debentures due 2025 (ITT) 40.54 +0.06 : Co announced pursuant to the terms of the Offer for the 6.875% US Treasury Security due August 15, 2025, was 2.192%. On the basis of such reference yield, the range of total consideration offered in the Offer is from $1,548.42 to $1,611.42 per $1,000 principal amount of Debentures. Upon the terms and subject to the conditions of the Offer, the total consideration, which includes an early participation amount of $50 per $1,000 principal amount of Debentures.
12:41PM IMAX signs revenue share deal in China with CJ CGV Holdings (IMAX) 13.77 +0.20 : Co announced that CJ CGV HOLDINGS, a subsidiary of Korean media conglomerate CJ CGV, has signed a revenue share agreement to add 15 new IMAX digital theatre systems in the People's Republic of China. Under the terms of the agreement, CJ CGV HOLDINGS is scheduled to install the first IMAX systems in 2011, with all remaining installations expected to be completed between 2013 and 2017. Today's announcement brings CJ CGV's IMAX commitment to a total of up to 50 theatres: 20 in South Korea and 30 IMAX revenue share theatres in China.
12:22PM SinoTech announces receipt of notice of additional deficiency from NASDAQ and resignation of independent director and legal counsels (CTE) 2.35 0.00 : Co announced that it has received a letter dated September 26, 2011, from The Nasdaq Stock Market stating that an additional basis for delisting the co's securities from the Nasdaq Stock Market is that Ernst & Young Hua Ming has withdrawn its audit opinion, the co is delinquent in its periodic reports, and the co therefore is not in compliance with Listing Rule 5250(c)(1). The co is planning to request a stay of the delisting of the co's stock resulting from the additional alleged basis for the delisting.
12:09PM Seeing reversals in indices, now near session highs; S&P +2.75, DJIA -56.98, NDAQ +35.84 (TOPNX) :
12:07PM Fresh recovery highs with S&P +2 joining Nasdaq Comp +35 in the green -- Dow -56 (SPY) :
12:01PM Hologic announces six-year follow-up results from the MammoSite targeted breast irradiation registry study - MammoSite therapy delivers targeted radiation directly (HOLX) 14.34 +0.11 : Co announced that the six-year follow-up results from the MammoSite Registry Study continue to show promising results for breast cancer patients. The results were presented at the American Society of Radiation Oncology meeting in Miami, Florida, October 3. Co featured its next-generation MammoSite ML radiation therapy system at ASTRO, the largest radiation oncology medical show in the world. The American Society of Breast Surgeons MammoSite Registry of more than 1,400 patients shows "excellent/good" cosmetic results in 90.4% of the cases.
11:46AM Asia Entertainment announces $1.916 bln rolling chip turnover for September 2011, up 189% YoY (AERL) 5.00 0.00 : Co announced unaudited Rolling Chip Turnover for the month of September 2011 at the company's VIP rooms in Macau was $1.916 bln, up 189% YoY. This compares with a year-over-year increase in gross gaming revenue for Macau of 39% for September 2011. For the first nine months of 2011, AERL's Rolling Chip Turnover was US$14.357 bln up 113% YoY.
11:27AM Fresh lows for gold and silver (COMDX) :
- Gold futures now off $38 at $1619.90.
- Silver down $1.25 at $29.56.
11:12AM Another round of new recovery highs for stock indices -- Dow -72, S&P -0.9, Nasdaq Comp +22 (SPY) : Russell 2000 +1.6%, S&P 400 Mid-Cap +1%, Nasdaq Comp +1% and Nasdaq 100 +0.9% are pacing the way.
11:07AM Crude oil turns green; now up 12 cents at $77.73 (COMDX) :
11:46AM Asia Entertainment announces $1.916 bln rolling chip turnover for September 2011, up 189% YoY (AERL) 5.00 0.00 : Co announced unaudited Rolling Chip Turnover for the month of September 2011 at the company's VIP rooms in Macau was $1.916 bln, up 189% YoY. This compares with a year-over-year increase in gross gaming revenue for Macau of 39% for September 2011. For the first nine months of 2011, AERL's Rolling Chip Turnover was US$14.357 bln up 113% YoY.
11:27AM Fresh lows for gold and silver (COMDX) :
- Gold futures now off $38 at $1619.90.
- Silver down $1.25 at $29.56.
11:12AM Another round of new recovery highs for stock indices -- Dow -72, S&P -0.9, Nasdaq Comp +22 (SPY) : Russell 2000 +1.6%, S&P 400 Mid-Cap +1%, Nasdaq Comp +1% and Nasdaq 100 +0.9% are pacing the way.
11:07AM Crude oil turns green; now up 12 cents at $77.73 (COMDX) :
10:59AM Crude oil attempting to turn green; currently off 42 cents at $77.19 (COMDX) :
10:53AM Mannatech: Study shows Mannatech's Ambrotose complex improves well-being in healthy adults (MTEX) 0.46 -0.02 : Co announced findings from a randomized, double-blind, placebo-controlled trial involving more than 100 healthy adults and its Ambrotose complex powder. The study compared the adults who consumed Ambrotose to those who consumed a placebo, and individuals who consumed the complex powder reported numerous health and well-being benefits following 12 weeks of intake. The study, conducted by Dr. Talitha Best and colleagues in Australia, was published in the peer-reviewed journal Applied Research in Quality of Life. Co stated "In this blinded study, healthy adults taking Ambrotose complex powder perceived numerous quality-of-life benefits, including some that have been confirmed by formal cognitive testing"
10:53AM Repligen announced it has received approval from the PDCO on design of Pediatric Investigation Plan for SecreFlo (RGEN) 55.39 -0.04 : Co announced that it has received approval from the European Medicines Agency's Pediatric Committee (PDCO) on the design of the Pediatric Investigation Plan for SecreFlo. This positive action taken by the PDCO will enable the co to file a marketing application for SecreFlo in Europe by the end of the year. SecreFlo has been shown in a Phase 3 clinical trial to improve detection of pancreatic duct abnormalities in combination with MRI in patients with pancreatitis. The co is currently preparing a New Drug Application for SecreFlo for submission to the FDA. The co expects to submit our application next month pending complete receipt of certain manufacturing data from our contract manufacturers.
10:47AM Relative Sector Strength on market's bounce extension (TECHX) : Outperforming the S&P on a relative basis on this move are: Oil Service OIH, Energy XLE, Coal KOL, Steel SLX, Solar TAN, Housing XHB, Networking IGN, Semi SMH.
10:46AM Advanced Battery Tech reports current status of new battery production facility (ABAT) 0.91 -0.07 : Co announced the status of the polymer lithium-ion battery production facility that it is developing in Dongguan City, Guangdong Province, P. R. of China. On January 5, 2011 Cashtech Investment Limited, a wholly-owned subsidiary of the Company, purchased the land and buildings at 3 Middle, Qingxi Town, Dongguan City, Guangdong Province, China. Those assets have been transferred to a wholly-owned subsidiary named "Dongguan QiangQiang New Energy Technology" For the past several months, with the approval of the Dongguan government, the Company has been outfitting the premises to serve as a battery manufacturing facility. This program is currently proceeding on schedule, due to the efforts of ABAT's staff. The program is now in the equipment-installation-and-testing phase, with the construction costs and time to completion well within range of the Company's original estimates. Battery production should commence by the end of November.
10:45AM Crude oil extends bounce off of lows; now lower by 89 cents at $76.71 (COMDX) :
10:44AM Minor new rebound highs for stock indices -- Dow -122, S&P -7.3, Nasdaq Comp +2 (SPY) : (see 10:33 SPY update).
10:33AM S&P -15.8 firmly negative but off morning low (SPY) : The index is still deeply in the red but it did put together a rebound of as much as 14 points before pausing. The price pattern off the low was constructive so a higher low on this move (held near 62% retrace of first leg on pullback) would set the stage for another new bounce high.
10:33AM Boeing projects $760 bln market for new airplanes in North America over the next 20 yrs (BA) 57.17 -1.01 : Demand in the United States and Canada will focus primarily on single-aisle jetliners. This is driven by the need to replace aging airplanes with new, more fuel-efficient airplanes. For the purposes of the Boeing forecast, the North America market consists of the U.S. and Canada. Mexico is included in the forecast for Latin America. Boeing forecasts single-aisle airplanes will grow to 73% of the total North America fleet by 2030.
10:31AM Pacific Biosciences appoints Michael J. Glynn as Chief Commercial Officer (PACB) 2.80 -0.21 : Prior to joining Pacific Biosciences, Mr. Glynn served as Regional President, Japan - Asia Pacific and Senior Vice President at Genzyme Corporation.
10:30AM CTG announces extension of 10b5-1 Plan to facilitate share repurchases (CTGX) 10.35 +0.32 : Co had approximately 890,000 shares available for repurchase as of September 30, 2011 under its outstanding repurchase authorizations. The plan is effective from October 6, 2011 until the day following the Company's release of its 2011 third quarter financial results. CTG's 10b5-1 plan allows for the repurchase of shares during the time following the close of a quarter and the announcement of quarterly financial results when the Company's stock repurchase policy does not allow for the direct purchase of shares by the Company. Repurchases are subject to SEC regulations as well as certain price, market, volume, and timing constraints specified in the plan. The plan does not require that any shares be purchased.
10:13AM McGraw-Hill attempting to reclaim its 200 sma at 39.92 after gap down start -- session low 38.68 (MHP) 39.85 -0.09 :
10:12AM Precious metals attempting to rally off lows on dollar reversal (COMDX) :
10:12AM Dollar Index pulls back after limited push above pre-open high (TECHX) :
10:12AM Sharp reversal in dollar helping crude oil futures trade back above $76 (COMDX) :
10:10AM Push off lows for stock indices minor but this is the best rebound attempt of the morning thus far -- Dow -179, S&P -16, Nasdaq Comp -19 (SPY) :
10:08AM Cisco Systems stabilizes between its Sep and Mid-Aug lows at 14.96/14.90 and lifts -- session low 14.93 (CSCO) 15.14 +0.01 :
10:05AM Wells Fargo holds on initial test of its Sep low at 22.70 -- session low 22.72 (WFC) 22.97 -0.19 : If a breach is seen, its 52-wk low from Aug is at 22.58.
10:02AM Sirius XM Radio: Subaru to offer SiriusXM on all models beginning with model year 2012 vehicles (SIRI) 1.37 -0.08 : The cos announced that Subaru will offer satellite radio on all models beginning with 2012 model year vehicles. Additionally, all 2012 model year Legacy and Outback Limited models will come standard with factory-installed satellite radio.
10:02AM Wi-LAN's Offer to acquire MOSAID receives U.S. and Canadian regulatory clearances (WILN) 4.77 -0.68 : Co announced that the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended in respect of WiLAN's Offer to acquire MOSAID Technologies has expired. The Company has also received a "no-action" letter from the Commissioner of Competition that confirms that the Commissioner does not intend to challenge the Offer under the merger provisions of the Canadian Competition Act.
10:02AM Sonic Foundry announced board member Mark Burish has been elected to the role of Chairman of the Board (SOFO) 9.00 +0.50 :
10:02AM Nymox Pharma announces presentation of results on Nymox NX-1207 BPH Drug in New Orleans October 28 (NYMX) 7.97 -0.03 :
10:01AM Spike in dollar pushing gold, crude back toward session lows (COMDX) :
10:00AM Towers Watson has acquired the business of WellsCanning, an investment advisory firm specializing in the insurance industry (TW) 59.87 +0.04 : WellsCanning is a registered investment advisor providing investment consulting to a diverse client base of life, health and P&C clients ranging from $50 million to $7 billion in assets, located both in the U.S. and offshore.
10:00AM Las Vegas Sands tests and thus far holds near yesterday's low of 36.25 -- session low 36.20 (LVS) 36.76 +0.05 : Note that its 2011 and 11 month lows from Aug and March are at 36.08/36.05.
9:56AM No interest in stepping up to the plate yet as stock indices slide to new lows -- Dow -216, S&P -21, Nasdaq Comp -28 (SPY) : Relative weakness (underperforming the S&P) noted in Energy XLE, Oil Service OIH, Commodity Index, REITs IYR, Finance XLF, Silver SLV, Telecom IYZ.
9:53AM MGT Capital Investments announces rights offering to purchase up to ~ 31.6 mln shares and files registration statement (MGT) 0.04 +0.00 : Co announces that it filed a registration statement on Form S-1 with the SEC on October 3, 2011 in connection with a direct rights offering in which Company stockholders will receive non-transferable and non-tradable rights to purchase up to ~31.6 mln shares of Company common stock.
9:50AM ChinaCast Education resumed trading, now up 12% (CAST) 2.94 +0.36 :
9:47AM Stock indices weak off open set new lows in recent trade -- Dow -177, S&P -17, Nasdaq Comp -23 (SPY) : Supports noted in The Technical Take are at 1081/1080 S&P (session low 1081), 10490/10480 Dow (session low 10472) and 2315/2303 Nasdaq Comp (session low 2311).
9:46AM Hill International receives contracts from Port Authority of New York, New Jersey and from New York State University Construction Fund (HIL) 4.42 +0.11 : Co has received a contract from the Port Authority of New York and New Jersey to provide expert professional construction management and related technical services on a call-in basis. The three-year contract has an estimated value to Hill of ~$2.0 million... Co has received a contract from the New York State University Construction Fund (SUCF) to provide on-call construction management services on various projects in the SUCF's South Region. The three-year contract has an estimated value to Hill of ~$5.0 million.
9:44AM streetTRACKS Gold Shares drop off the open as it dips down to challenge yesterday's lows near $159.93 (GLD) 159.90 -1.08 :
9:41AM Transcept Pharma announces PDUFA date of Nov 27, 2011 for Intermezzo (TSPT) 6.35 +0.31 : Co announced that the FDA has notified the company that it has classified the recent Intermezzo New Drug Application (NDA) resubmission as a complete Class 1 response. The FDA has assigned a PDUFA action date of November 27, 2011 for the completion of the NDA review.
9:37AM Seeing some relative strength in Coal -- ACI, JRCC, WLT (ACI) :
9:35AM Anheuser-Busch InBev to invest mor than $1 bln in its US operations through 2014 (BUD) 52.59 +0.03 : Co announced plans to invest more than $1 blnin its breweries and other facilities nationwide that will support the growth of its brands and reinforce its commitment to local U.S. communities where it operates. These capital expenditures include resources spent or committed in 2011 toward projects to further modernize brewing processes, upgrade systems to reduce greenhouse gas emissions, and install equipment for new products and innovations, among other items, with additional allocations being made for projects through 2014.
9:35AM Dynex Capital reaches agreement-in-principle to settle class action securities litigation and announces CMBS refinance; will reduce EPS for Q3 of 2011 by ~$0.186/share (DX) 7.34 -0.17 : Co announced that it has entered into a memorandum of understanding reflecting an agreement in principle to settle all claims asserted against all defendants of the class action lawsuit captioned In re Dynex Capital, Inc. Securities Litigation. The memorandum of understanding sets forth terms of a proposed settlement whereby the co would pay $7.5 mln into an escrow account following the negotiation and execution of a definitive settlement agreement and preliminary approval by the Court. The proposed settlement amount will reduce EPS for Q3 of 2011 by ~$0.186 per common share. The proposed settlement does not impact the co's previously declared dividend for the third quarter of $0.27 per common share. Separately the Company announced that it expects to exercise its option to refinance in October 2011 ~$74.2 mln in collateralized financings with repurchase agreement financing in order to take advantage of the lower interest rate environment and reduce its overall borrowing costs.
9:31AM Golfsmith announced an exclusive partnership with The MoreGolf Group (GOLF) 3.25 +0.04 : Golfsmith will reinvest the income generated from this new partnership into its core U.S. business. MoreGolf will have an exclusive agreement to sell MacGregor golf products as well as Golfsmith's other proprietary brands throughout the entire MoreGolf group that includes The Pro Shop's 18 stores, its World of Golf facility and 3 World of Golf villages.
9:31AM PROLOR Biotech reports initial data from Bio-Path Holdings' Phase I Clinical Trial accepted for presentation at American Society of Hematology Annual Meeting (PBTH) 0.35 0.00 : "We believe the inclusion of these early results at the ASH annual meeting indicates that the reviewers see the potential importance of our drug candidate Liposomal Grb-2 as a new and novel way of treating AML, CML, ALL and MDS blood cancers."
9:28AM Keyuan Petrochemicals provides final independent investigation report to NASDAQ hearings panel; Expects to file 2010 and 1H 2011 financials by October 12 (KEYP) 4.88 : Co announced today that the Company provided the NASDAQ Hearings Panel ("the Panel") with a copy of the Audit Committee's final investigation report along with a comprehensive list of actions the Company has taken and is committed to taking with regard to remediating accounting and internal control issues.
9:21AM On The Wires (WIRES) :
- Met-Pro Corporation's (MPR) global pump solutions business unit receives international equipment order totaling in excess of $625,000. This order is expected to ship in the fourth quarter of the Company's current fiscal year.
- Jimmy Smith and the Interpublic Group (IPG) announced that they intend to enter into a joint venture to launch a new marketing agency called Amusement Park Entertainment.
- Veolia (VE) ES Technical Solutions and OSRAM SYLVANIA announce the expansion of their joint online program to offer RecyclePak recycling kits into Canada.
- TomTom announces the availability of TomTom Geospatial for Oracle (ORCL), an out-of-the box data solution for geocoding, routing and display.
- IBM (IBM) announced a definitive agreement to acquire privately held Q1 Labs. Financial terms were not disclosed.
- Systems (DDD) announced that it acquired Kemo Modelmakerij, a provider of on-demand custom parts services.
- Abbott (ABT) announced it has begun enrolling U.S. patients in the EXCEL trial.
- Acasti Pharma a subsidiary of Neptune Technologies & Bioressources (NEPT) announces the initiation of the clinical stage of its development by enrolling the first patients in its phase II clinical trial to assess the safety and efficacy of its prescription drug candidate, CaPre, for patients with hypertriglyceridemia.
- TheStreet (TST) announced that they have entered into a strategic alliance whereby TheStreet will provide certain digital content to more than 250 websites in the GateHouse Media network.
- Gentex Corporation (GNTX) announced that its auto-dimming rearview mirrors are available on the OPEL/Vauxhall 2012 Astra GTC, Zafira Tourer, and Ampera.
- JDSU (JDSU) announced that Spain's Telefonica SA has deployed JDSU's Home Performance Management solution to proactively monitor and troubleshoot service issues for its Internet Protocol Television content and on-demand services.
9:17AM NTN Buzztime announced the acquisition of Stump! Trivia for $0.25 mln plus an earn out in each of 2012-2014, depending on gross margins of Stump! (NTN) 0.38 :
9:13AM Acuity Brands announces additional stock repurchase program of 2 mln shares (AYI) 33.98 :
9:11AM CEL-SCI Corp to raise $4 million in registered direct offering (CVM) 0.34 : Co entered into definitive agreements to sell ~13.3 mln shares of its common stock at a price per share of $0.30 in a registered direct offering to institutional investors, representing gross proceeds of ~$4.0 mln.
9:04AM Ameren unit announced the Meredosia and Hutsonville energy centers will cease operating by the end of 2011 (AEE) 29.01 : The closure of these facilities is expected to result in a charge to third quarter 2011 earnings. Ameren Energy Generating Company's net investment in the Hutsonville and Meredosia energy centers totaled $26 mln and $1 mln, respectively, as of June 30, 2011. In addition, the co expects to incur other costs related to employee severance and the closure of these centers that are still being determined. The two facilities provided ~4% of Ameren Energy Resources' total generation over the last two years and a lesser percentage of margin.
9:02AM American Tower prices senior notes offering of $500 mln (AMT) 52.84 : Co announced the pricing of its registered public offering of senior unsecured notes due November 1, 2021 in an aggregate principal amount of $500 mln. The notes will have an interest rate of 5.900% per annum and are being issued at a price equal to 99.858% of their face value. The net proceeds of the offering are expected to be ~ $495.2 mln, after deducting underwriting discounts and estimated offering expenses. The Company intends to use the net proceeds from this offering to, among other things, finance acquisitions and repay $100.0 mln of its outstanding indebtedness under its $1.25 bln revolving credit facility.
9:02AM Ford Motor confirms tentative agreement with UAW on new 4-yr labor contract covering approximately 41,000 UAW-represented employees in the US (F) 9.37 : Co and the United Auto Workers union have reached a tentative agreement on a new four-year labor contract covering approximately 41,000 UAW-represented employees in the United States. The agreement - which is subject to ratification by UAW members - calls for 12,000 hourly jobs to be added in Ford's U.S. manufacturing facilities through the term of the contract in 2015. The new jobs commitment includes additional in-sourcing from Mexico, China and Japan, and is nearly double the co's previous commitment to add jobs in the U.S. The agreement includes $16 bln in U.S. investments - including $6.2 bln for Ford plants in the U.S. - all to design, engineer and produce more new and upgraded vehicles and components by 2015.
9:02AM Taubman Centers to acquire Davis Street assets (TCO) 48.27 : Co announced an agreement to purchase The Mall at Green Hills and The Gardens on El Paseo/El Paseo Village from Davis Street Properties. The purchase price for the properties is $560 million, excluding transaction costs. The consideration consists of the assumption of approximately $206 million of debt, up to $80 million of partnership units in The Taubman Realty Group and the balance of approximately $274 million in installment notes. The number of partnership units will be determined based on a value of $55 per unit.
9:01AM Antares Pharma granted new U.S. patent covering VIBEX injector technology (AIS) 2.14 :
9:01AM Top Image Systems announced that it has fully completed the forced early repayment of all its remaining outstanding convertible debentures, for which it has paid out the amount of $1 mln; this step eliminates co's debt in its entirety (TISA) 1.86 :
8:52AM Hanesbrands announced that it has promoted Richard Moss to CFO; effective immediately (HBI) 23.91 : Prior to joining the company, he served as vice president and CFO of Chattem, a leading marketer and manufacturer of over-the-counter consumer health-care products.
8:46AM BioTime announces appointment of Chief Financial Officer (BTX) 4.17 : Co announced the appointment of Peter Garcia to the position of Chief Financial Officer. Mr. Garcia will lead the accounting, finance, and investor relations functions of the co. Mr. Garcia has been the Chief Financial Officer of six biotech and high-tech companies since 1996, and was instrumental in raising over $500 mln and leading multiple merger and acquisition transactions for these companies.
8:46AM Roche Hldg to expand coagulation testing portfolio, develop new systems for diagnostic laboratories in US and Canada by 2014 (RHHBY) 39.16 : Co announced plans today to expand its coagulation testing product line in North America beyond physician offices and outpatient clinics with the development of a full line of coagulation analyzers for hospital and reference laboratories. The new line is expected to be introduced in the U.S. and Canada in 2014, subject to regulatory approval and other requirements.
8:45AM Orbit Int'l announced that its Power Group, through its Behlman Electronics subsidiary, has received a new order for its COTS Division valued at $590,000 (ORBT) 3.47 :
8:43AM Ebix close to repurchasing all the company shares issued for purchase of ADAM in February, 2011 (EBIX) 13.56 : Co announced that it has repurchased 3.444 million shares since its acquisition of ADAM, Inc. in February 2011, for a cost of $62.7 million. The Company announced that its strong cash flow generation in 2011 has enabled the company to repurchase almost all of the 3.625 million shares issued in February 2011 for the purchase of ADAM. In addition, the Company also disclosed that it repurchased this stock while reducing its net debt balance to approximately $26.9 million as of 30th September 2011, as compared to $35.3 million as of 31st December 2010.
8:34AM IntercontinentalExchange reports 17% increase in September futures ADV; record ADV at ICE Futures U.S.; OTC energy average daily commissions rise 13% in third quarter (ICE) 117.70 : Co reported activity for September and the third quarter of 2011. ICE's futures average daily volume increased 23% in the third quarter of 2011 over the prior year, and grew 17% for the month of September 2011 compared to September 2010. ICE's OTC energy average daily commissions (ADC) were $1.54 million for the third quarter of 2011, up 13% from the prior third quarter.
8:34AM AC Moore to resume trading at 9:00am ET (ACMR) 0.95 :
8:33AM Pacific Ethanol provided an update on its senior convertible notes; aggregate unpaid principal balance of the notes, originally $35 mln as of Oct 6, 2010, has declined from $10.5 mln (PEIX) 0.27 : The aggregate unpaid principal balance of the notes, originally $35.0 million as of October 6, 2010, has declined from $10.5 million as of September 1, 2011 to $8.4 million as of October 3, 2011. To date, a total of $25.4 million in principal has been converted into 32.7 million common shares, at an average conversion price of $0.78 per share. As previously announced, Pacific Ethanol elected to make its October 3, 2011 installment payment in cash. As a result of additional voluntary conversions by certain note holders, the October payment was reduced from $2.2 million to $1.0 million. In addition, on October 3, 2011, Pacific Ethanol also elected to make its November 1, 2011 installment payment in cash, which is currently estimated to be $2.2 million. As of October 3, 2011, Pacific Ethanol had approximately 48.6 million common shares outstanding.
8:32AM IBM to acquire privately held Q1 Labs; Financial terms were not disclosed (IBM) 173.29 : Following the close of the acquisition, Q1 Labs will join the newly-formed IBM Security Systems division, representing the world's most comprehensive security portfolio. After the close, IBM intends the new division to be led by Brendan Hannigan, CEO of Q1 Labs.
8:31AM Red Hat to Acquire Gluster, provider of scale-out, open source storage solutions for ~ $136 mln in cash; reaffirms Q3 and FY2012 guidance (RHT) 40.43 : Co has agreed to acquire Gluster, a privately-held company, for approximately $136 million in cash. As part of the transaction, Red Hat will also assume unvested Gluster equity outstanding on the closing date and issue certain equity retention incentives. The transaction is expected to close in October, subject to customary closing conditions. The acquisition is expected to have no material impact to Red Hat's revenue this fiscal year but should begin to grow next year based on a subscription revenue model. Co is reaffirming its Q3 and fiscal 2012 guidance (Q3 EPS guidance of $0.25-0.26 vs $0.26 Capital IQ Consensus Estimate sees rev $288-290 mln vs $289 mln consensus; FY12 Guidance of $1.03-1.05 vs $1.05 Capital IQ consensus estimate; sees revs of $1.12-1.13 bln vs $1.128 bln consensus), provided on its September 21, 2011 earnings call, for revenue, non-GAAP operating margin, non-GAAP earnings per share and operating cash flow, assuming the exchange rates of September 20, 2011 identified on the call.
8:30AM AC Moore to be acquired by an affiliate of Sbar's for $1.60 per common share in cash (ACMR) 0.95 : Co announced they have signed a definitive agreement to be acquired by an affiliate of Sbar's, one of the largest arts and crafts distributors in the United States, for $1.60 per common share in cash.
8:29AM On The Wires (WIRES) :
- BioSante Pharmaceuticals (BPAX) announced completion of its two pivotal LibiGel efficacy trials, required for the company's anticipated LibiGel new drug application.
- Kohl's Department (KSS) announced it anticipates hiring more than 40,000 associates nationwide this holiday season, up ~ 5% from last year due to store growth in 2011.
- Harris Corporation (HRS) has been awarded a $37 mln recompete contract by the National Cancer Institute's Center for Cancer Research.
- QlikTech (QLIK) has teamed with Informatica to play a role in helping corporate customers quickly and efficiently manage and analyze large volumes of data.
- Ford and Zipcar's (ZIP) announced a grant program will provide students with free Zipcar memberships, driving credits and grants.
- Drew Industries' (DW) Lippert Components has licensed, from Texas Innovators the exclusive rights to manufacture and sell innovative new slide-out boot and slide-out quarter topper products.
- Fortune Brands Home & Security (FBHS) begins its first full day as an independent company, following its spin-off from Fortune Brands late yesterday, October 3. The company's stock will start trading today on the New York Stock Exchange under the symbol "FBHS."
- LogMeIn (LOGM) announced that it has entered a partnership with ViewSonic to pre-install its remote access app, LogMeIn Ignition for
- Android, globally on ViewSonic's new ViewPad 7x Android tablet.
- ATK (ATK) and General Dynamics (GD) Ordnance and Tactical Systems have signed a teaming agreement to offer a full-up solution for the United States Marine Co.
- Bridgeline Digital (BLIN) acquired Magnetic for $1.03 mln in a combination of cash, common stock, and earn-out consideration based on certain future financial performance.
- Dana Holding Corporation (DAN) has entered into a long-term agreement with Blue Bird Corporation to supply Spicer drive axles for Blue Bird buses.
8:06AM Horizon Technology Finance provides investment portfolio update for third quarter 2011 (HRZN) 14.60 : Gross new loan investments during the third quarter of 2011 totaled $7 million. There were no refinanced balances in the third quarter. As of September 30, 2011, Horizon's unfunded loan approvals and commitments ("Committed Backlog") totaled $18.7 million to six companies. This compares to a Committed Backlog of $22 million as of June 30, 2011. While Horizon's portfolio companies have discretion whether to draw down such commitments, in some cases, the right of a company to draw down its commitment is subject to the portfolio company achieving specific milestones (e.g. an additional capital issuance or the completion of a clinical trial).
8:04AM Convergys increases share repurchase authorization by $200 mln (CVG) 8.61 :
8:03AM Intel's McAfee to acquire NitroSecurity; terms are not disclosed (INTC) 20.62 : McAfee announced a definitive agreement to acquire privately owned NitroSecurity. Co anticipates that the acquisition will close by the fourth quarter of 2011.
8:02AM Midway Gold's Pan Project Resource increases to more than 1 million ounces of gold (MDW) 1.94 : Co announced an updated resource estimate that exceeds one mln ounces of gold in the Measured and Indicated categories for the Pan Project, located 29 km southeast of Eureka, Nevada. The 1.13 mln ounces of gold are contained in 37 mln tonnes of 0.49 grams per tonne gold in the Measured category and 43 mln tonnes of 0.40 gpt gold in the Indicated category using a 0.14 gpt gold cutoff grade.
8:02AM Lan Airlines S.A. and TAM agree to continue with the merger and aim for completion by the end of the first quarter 2012 (LFL) 19.54 : Co reports although the mitigation measures are broadly in line with those LAN and TAM were willing to accept in the consultation process, the companies consider that three of the measures are illegal and unconstitutional in certain aspects, and they have resolved to appeal these measures before the Supreme Court of Chile. The cos believe that the appeal will not prevent them from continuing with the merger process, subject to the final resolution of the Supreme Court, and therefore believe that the appeal process will not delay LAN and TAM's plans bring the transaction into effect, which the cos believe can be concluded towards the end of the first quarter 2012.
7:48AM Gold futures trade to session lows at $1647; now off $9.70 to $1648.00 (COMDX) :
7:41AM Almost Family comments on Senate Finance Committee report on home health inquiry - 'none of the documents provided...show that executives ever pushed therapists to target thresholds' (AFAM) 14.81 : Co announced that the Committee's report found: '..none of the documents provided to the committee by Almost Family show that executives ever pushed therapists to target thresholds or to pursue more profitable clinical regimens.' Regarding future changes to home health payment policies, Yarmuth added: "We agree that the number of therapy visits actually provided should be removed from the home health prospective payment model but we feel strongly that at the same time payment policies should be revised to encourage providers to strive for optimal patient outcomes and savings for the Medicare program."
7:37AM Crude oil trades to new 2011 lows at $75.66 after taking out previous lows at $75.71; now off $1.86 at $75.74 (COMDX) : Lows mark crude's worst levels since Sept 1, 2010.
7:36AM Vanguard Natural Resources announces amended senior secured $1.5 bln revolving credit facility (VNR) 23.76 : Co announced it has entered into an amended $1.5 bln senior secured revolving credit facility with an initial borrowing base of $765 mln, with Citigroup as administrative agent, co-lead arranger and sole bookrunner and BNP Paribas as co-lead arranger and co-syndication agent. The amended five year credit facility is predicated upon the successful consummation of the previously announced merger between Encore Energy Partners (ENP).
7:35AM ChinaCast Education clarifies issues regarding shareholder letter on its investor website (CAST) 2.58 : Co says no question or concern has been raised by the co's auditors, audit committee or any other relevant professional related to the co's cash balances. As a result of several incidents that have been reported by auditors of other publicly held Chinese operating companies that have been unable to properly confirm cash balances, the co will be engaging a third party service provider on a voluntary and proactive basis to conduct an independent confirmation in order to provide greater comfort to the marketplace on this issue and to differentiate the co from those cases. Secondly, this effort bears no relation to the co's stock repurchase program. Although the co does not believe it will be able to accelerate repurchases under current price levels due to the constraints outlined in yesterday's shareholder letter, the co does intend to continue repurchasing its shares subject to applicable blackout periods.
7:32AM POZEN sees FY11 rev below consensus (POZN) 2.26 : As a result of the successful patent defense, co expects the royalty from Treximet sales will continue at 18% of net sales, at least through the August 2017 patent expiry, assuming the Court of Appeals upholds the decision. If the pediatric extension is granted, the exclusivity period could extend to February 2018. Co sees FY11 revs $18-19 mln vs $19.85 mln Capital IQ Consensus Estimate; they see FY11 op-ex of $45.5-47.5 mln and a net loss of $27-29 mln... Treximet is marketed by POZEN's exclusive U.S. licensee, GlaxoSmithKline (GSK). The District Court ruled U.S. Patent Nos. 6,060,499 and 6,586,458 to be valid, enforceable and infringed by Par Pharmaceutical (PRX), Alphapharm, and Dr. Reddy's Laboratories (RDY). A third patent, U.S. Patent No. 7,332,183 (the '183 patent) covering the Treximet formulation was held to be valid, enforceable and infringed by Par and DRL. The '183 patent was not asserted against Alphapharm. Each of the defendants have appealed the decision to the U.S. Court of Appeals for the Federal Circuit.
7:32AM CME Group averaged 14.7 mln contracts per day in Q3 2011, up 27% YoY (CME) 247.87 : Co announced September volume averaged 14.0 million contracts per day, up 16 percent from September 2010. Total volume for September was 294 million contracts, of which 85 percent was traded electronically.
7:31AM Senior Housing raises dividend by $0.01 to $0.38/share (SNH) 20.72 :
7:31AM Qualcomm announces Steve Altman will become vice chairman and Steve Mollenkopf has been promoted to President and COO (QCOM) 47.65 : The changes will be effective November 12, 2011. Altman has served as president of QTL and has been a member of the executive committee since 1992. Altman joined Qualcomm in 1989 and is the chief architect of the Company's licensing business model.
7:30AM Ceradyne received ceramic body armor delivery orders totaling approximately $6.9 million for delivery in 2012 (CRDN) 26.32 :
7:14AM On The Wires (WIRES) :
- Pointer Telocation (PNTR) reports entering into an agreement for the supply and installation of advanced solutions to manage a fleet of vehicles in Brazil in a tri-annual agreement for over $3.2 mln.
- Sequenom (SQNM) announced the launch of its iPLEX ADME PGx panel developed to genotype polymorphisms in genes associated with drug absorption, distribution, metabolism, and excretion.
- Yissum Research Development signed a research collaboration framework agreement with General Motors (GM). Under the terms of the agreement, GM will fund research projects of interest led by Hebrew University researchers, and in return will be granted a right of first offer for procuring an exclusive license to use any invention or product that will result from the sponsored research.
- Rentrak Corporation (RENT) announced it is working with Bluefin Labs to offer deeper analysis into television programming.
- ICU Medical (ICUI) announced it is launching the Neutron needlefree catheter patency device with constant neutral pressure. Results of early clinical use and pre-launch testing of the Neutron device have been so favorable, that ICU Medical is offering its customers a $100K Performance Guarantee.
- Concur (CNQR) announced an alliance with Intuit (INTU) that makes Concur's expense management solution available to over 4.5 mln QuickBooks users.
- Streamline Health Solutions (STRM) announced that PeaceHealth, a regional healthcare system serving rural, suburban, and urban communities in Alaska, Washington, and Oregon, has signed an agreement through Streamline Health's strategic partner, GE Healthcare (GE) to upgrade to AccessAnyWare.
7:07AM AutoNation reports Sep sales increased 3% YoY to 18,670 units (AN) 31.54 :
7:06AM NeuroMetrix names Kenneth J. Snow as Chief Medical Officer effective October 3, 2011 (NURO) 1.60 :
7:03AM Primus Telco. announced that a special committee of its Board of Directors has retained the services of Jefferies to explore and evaluate strategic alternatives (PTGI) 10.10 : Co announced that a special committee of its Board of Directors has retained the services of Jefferies & Company (JEF) to explore and evaluate strategic alternatives to enhance shareholder value, which may include sale, merger or other business combination involving PTGi, a recapitalization of PTGi, a joint venture arrangement, the sale or spinoff of PTGi assets or one or more of its business units, or the continued execution of PTGi's business plans. PTGi has not set a timetable for completion of the evaluation process or made a decision to pursue any particular transaction, and there can be no assurance that any transaction will be pursued or completed.
7:02AM LCA Vision reports Q3 procedure volume; same-store volume increases 18%; total volume up 8% (LCAV) 1.94 : Co announces that 12,444 procedures were performed during the third quarter of 2011, an increase of 8% compared with 11,497 procedures (60 vision centers) during the third quarter of 2010. This is the first year-over-year quarterly increase in total procedures since the third quarter of 2007. Same-store procedures (53 vision centers) increased by 18% from 10,569 procedures during the third quarter of 2010, the fourth consecutive quarter of year-over-year same-store procedure growth.
7:01AM Callidus Software acquires Webcom for $9.2 mln in cash (CALD) 4.51 : Pursuant to the terms of the Agreement, the aggregate consideration to acquire Webcom consisted of ~$9.2 mln in cash, including payment for Webcom's cash and accounts receivable of ~$1.0 mln as of the closing date, subject to final adjustments as set forth in the Agreement. A portion of the consideration is subject to a holdback in respect of the Webcom equity holders' indemnity obligations to Callidus. In addition, Callidus may pay up to another $1.75 mln in cash earn-out consideration based on Webcom attaining certain financial targets.
7:01AM WebMediaBrands Board approves stock repurchase plan; purchase plan is expected to continue indefinitely and the amount of purchases will depend on cash available (WEBM) 0.57 : Co announced that its Board has approved a stock repurchase program whereby co may repurchase its common stock from time to time in the open market or through privately negotiated transactions. WebMediaBrands intends to finance the repurchase of its stock with cash and purchases will not be made if they would reduce WebMediaBrands cash below $1.2 mln.
6:43AM Dreamworks Animation: Nintendo (NTDOY) teams up with DWA to provide more content (DWA) 16.93 : Co will provide two Halloween shorts that on the Nintendo Video service. In addition, 3net, a joint venture of Discovery Communications (DISCA), Sony (SNE) and IMAX (IMAX), will provide short-form video content from the 3net network's original series on an ongoing basis.
6:34AM Echelon announced they have teamed with Oracle (ORCL) to help utilities better manage outages & protect revenue (ELON) 6.74 :
6:12AM On The Wires (WIRES) :
- Illumina (ILMN) announced it has entered into a wide-ranging collaborative research agreement with the Institute of Applied Genetics and the Department of Forensic and Investigative Genetics at the University of North Texas Health Science Center.
- CTC Media (CTCM) announces that CTC Media's Channel 31 in Kazakhstan has recorded an all-time record monthly audience share in September 2011.
- Patterson-UTI Energy (PTEN) reported that for the month of September 2011, the Company had an average of 225 drilling rigs operating, including 212 rigs in the United States and 13 rigs in Canada. For the three months ended September 30, 2011, the Company had an average of 221 drilling rigs operating, including 209 rigs in the United States and 12 rigs in Canada.
- Boeing (BA) announced a research task order award from the FAA to maximize performance-based navigation capabilities across the United States. The FAA initiated a $3.1 mln task order for "Greener Skies Initiative 2."
- ACS, A Xerox Company (XRX) announced it is expanding its capabilities in the financial services industry with the acquisition of Symcor's U.S. operations. Financial terms not disclosed.
- Volvo Group (VOLVY.PK) announced it restructures its truck business to be organized in three regional organizational units, directly under the CEO
6:05AM Panhandle Oil and Gas reports intent to purchase Fayetteville assets for $17.5 mln from private seller (PHX) 27.54 : Co reported that it has agreed to purchase interests in 193 non-operated natural gas wells and 1,531 acres of leasehold located in Van Buren, Conway and Cleburne Counties, Arkansas for $17.5 mln from a private seller. The transaction is projected to close on or about Oct. 25, 2011, with an effective date of Sept. 1, 2011.
6:02AM QR Energy LP's Board of Directors approved an increase in the cash distribution for Q4 to $0.4750/unit vs $0.4125/share in Q3 (QRE) 18.42 :
5:43AM Level 3 plans to transfer the listing of its common stock to the NYSE on Oct 20; anticipates reverse stock split will be effective after the close of trading on Oct 19 (LVLT) 1.41 : When the reverse stock split becomes effective, every 15 shares of issued and outstanding Level 3 common stock will be automatically combined into one issued and outstanding share of Level 3 common stock without any change in the par value per share. This will reduce the number of outstanding shares of Level 3 common stock (after giving effect to today's consummation of the Global Crossing GLBC transaction) from ~3.1 bln to ~207 mln and the number of authorized shares of Level 3 common stock from ~4.4 bln to 293 mln.
5:39AM On The Wires (WIRES) :
- SCM Microsystems,a business unit of Identive Group (INVE) announced the launch of a new high-performance UHF desktop reader designed especially for retail and specialty tracking environments.
- Echelon (ELON) announced they have teamed with Oracle (ORCL) to help utilities better manage outages, protect revenue, offer demand response, and offer prepayment options.
- State Street (STT) announced that it has acquired Complementa Investment-Controlling AG, an investment performance measurement and analytics firm based in St. Gallen, Switzerland. Terms were not disclosed.
4:07AM VASCO Data Security reports range of estimated losses related to DigiNotar Bankruptcy to be $3.3-4.8 mln; expects to record the costs and a recovery related to the DigiNotar events beginning in the 3Q11 (VDSI) 4.72 :
3:36AM Evergreen Energy receives $30 mln offer for co's K-Fuel business (EEE) 0.86 : Co announces it had received an offer from Stanhill Capital Partners to purchase the co's K-Fuel process and technology business for $30 mln. Among other things, the offer is expressly conditioned upon completion of due diligence, negotiation of definitive documents, the approval of stockholders and final approval of Stanhill's investment committee.
3:31AM On The Wires (WIRES) :
- SGI (SGI) announced that the National Information Infrastructure Development Institute headquartered in Budapest, Hungary has purchased a combined SGI Altix UV 1000 and SGI Altix ICE 8400 supercomputing solution that will enable advanced academic and scientific research in Hungary.
- Equity LifeStyle Properties (ELS), through its operating partnership, entered into purchase and other agreements to acquire a portfolio of 75 manufactured home communities and one RV resort containing 31,167 sites on approximately 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.
- STR Holdings (STRI) announced that it will further streamline its U.S. operations and improve its cost structure by shutting down operations at its St. Augustine, FL manufacturing facility.
- TEAL Electronics, a subsidiary of SL Industries (SLI), announced the signing of strategic Channel Partners for the TEALsolar family of products, including the UL-1741 Listed Configurable Combiner Box.
- AutoChina International (AUTC) announced the scheduling of its oral appeal hearing with the Listing Qualifications Department of The NASDAQ Stock Market, which previously notified the co of its determination that the its common stock would be delisted from Nasdaq. The hearing has been scheduled for November 10, 2011.
- TalentDrive announced a resume search engine partnership with Taleo (TLEO).
- Dole Food (DOLE) announced the signing of a definitive settlement agreement with the Provost & Umphrey Law Firm, which with full implementation will bring to an end all of their lawsuits brought against Dole and Dole entities on behalf of foreign farm workers who claim injuries from alleged exposure more than 30 years ago to the agricultural chemical DBCP.
- Freescale Semiconductor (FSL) announced that VIKO Electric and Electronic has selected the Freescale MC9S08LH64 microcontroller (MCU) for its single-phase residential electricity meters. These meters are expected to be available early next year.
- Sierra Wireless (SWIR) announced that GORLITZ AG, a leading manufacturer of advanced meter reading and energy information management systems, has selected Sierra Wireless to provide the wireless connectivity solution for its Ethernet / GPRS router.
1:26AM Mattersight provides business update and announces attendance (MATR) 4.15 : Co announces preliminary third quarter results include (no estimates available): Third quarter managed services bookings are expected to be ~$9.5 mln; Including the third quarter bookings, managed services bookings for the last four quarters are expected to total ~$70 mln; Ending third quarter backlog is expected to be ~$102 mln (a year/year increase of ~70%); Subscription revenues are expected to increase ~8-10% sequentially; Total revenues are expected to increase approximately 6-8% sequentially. Co currently expects to experience strong growth in the fourth quarter. In the fourth quarter, the company currently expects subscription revenues will grow approximately 18-22% sequentially and total revenues will grow approximately 15-19% sequentially.
1:21AM GeoResources provides an operations update and also provides 2011 and 2012 production and capital guidance (GEOI) 16.02 : Co provides an operations update as well as guidance on 2011 and 2012 capital expenditure and production levels. The co recently successfully completed drilling its fourth Eagle Ford well, the Peebles #1H in its operated project area in Fayette County, Texas. This well was drilled to a measured depth of 15,100 feet, with a 5,000 foot lateral in 27 days at a cost of ~$3.0 mln. Co currently plans to add two additional rigs to the Eagle Ford project area during 2012. Based on a three to four rig schedule the Company expects to spud between 21 and 24 gross wells in its Eagle Ford project area in 2012 (8.7 to 9.6 net wells). Co has continued to add leases to its Eagle Ford project area throughout 2011 and its current net acreage totals ~25,000. Co continues to refine its capital budget for the remainder of 2011 and 2012. The co currently expects its 2011 capital budget to be ~$120 mln, which is modestly higher than the previously disclosed forecast of $114 mln. The 2012 capital expenditure budget will depend on how quickly the co expands to three or four rigs in both the Eagle Ford and the Bakken. The current expectation is for the 2012 capital budget to be between ~$188 mln and $223 mln.
1:17AM AMR: Allied Pilots Association issues statement regarding pilot retirements, financial condition of American Airlines (AMR) 1.98 : The Allied Pilots Association certified collective bargaining agent for the 10,000 pilots of American Airlines issued the following statement: "For each of the past two months, a larger than usual number of American Airlines pilots have chosen to retire. This increase in retirements can be attributed in part to the stock market's decline during that same period...We have seen some rumors suggesting that our pilots are acting on inside information about the financial state of American Airlines. That is not the case. APA's rank-and-file members are not privy to inside financial information. Our advisers have in fact indicated that the airline does not face any immediate liquidity crisis and possesses respectable cash reserves...We remain focused on intensive bargaining with management, with the goal of reaching agreement on a new collective bargaining agreement in the near future that benefits both the airline and its pilots."
1:11AM LKQ Corp acquires Euro Car Parts for $347 mln; expected to be accretive to diluted earnings per share by $0.15-0.18 in 2012; amends credit facilituy (LKQX) 22.83 : Co announces it has acquired Euro Car Parts, the largest distributor of automotive aftermarket parts in the United Kingdom. The initial purchase price was GBP225 mln ($347 mln). In addition, the purchase agreement provides that the purchase price could increase by up to GBP55 mln ($85 mln) if Euro Car Parts meets certain growth targets in 2012 and 2013. The payments related to the growth targets would be payable in 2013 and 2014. The co indicated that the acquisition is expected to generate Q4 2011 revenue of ~$120-125 mln and to be accretive to diluted earnings per share by $0.15-0.18 in 2012. Co also announced that it amended and restated its credit facility, increasing the facility by $400 mln, to $1.4 bln. The new facility allows the co to draw an additional $200 mln term loan prior to March 31, 2012 and increases the size of the revolving credit loan capacity by $200 mln, to $950 mln. The pricing and financial covenants of credit facility remain substantially unchanged.
1:03AM Brasil Foods S.A. acquires the companies Flora Danica S.A, and Flora San Luis for $150 mln (BRFS) 16.85 : Co announces s that it has acquired, through its subsidiary in Argentina, corporate control of the company Avex S.A. and, through this co , has acquired the companies Flora Danica S.A, and Flora San Luis S.A. and GB Dan S.A. Total investments for both acquisitions will amount to ~$150 mln, with two third of ownership by BRF and one third by other local shareholders. The co is located in Buenos Aires and operates with the following main brands: Danica, Manterina, Vegetalia, Danifesta and Primor. Revenues of $122.7 mln in 2011 and sales of 68.3 thousand tons, with 689 employees. Avex is a company located in Rio Cuarto, Cordoba, and produces whole, cut, chilled and frozen chicken. Revenues of $66.8 mln in 2010, with 70% of sales concentrated in the domestic market.
1:00AM STAG Industrial reports Q3 acquisition and leasing activity (STAG) 10.10 : Co reports it acquired six fully leased functional industrial facilities consisting of ~1.7 mln square feet. On a square foot basis these acquisitions increase the co's asset base by over 11% this quarter. All six properties were purchased at an average cap rate of 9% based on in-place income for a total cost of ~$58.1 mln. The co also announced that it has signed leases totaling 1.1 mln square feet in the third quarter of 2011. This leasing activity consists of ~300,819 square feet of new leases, 20,834 square feet of expansion leases and 825,400 square feet of renewal leases. The year to date tenant retention rate for the existing portfolio's expiring leases has been 88%. Including the acquisitions, the co's occupancy rate for the third quarter increased to 92.2% from 91.0% at the end of the second quarter of 2011.
