October 3, 2011-Market Snapshot

Latest Updates

4:30 pm : The first session of the fourth quarter saw plenty of selling pressure. The effort culminated in a sharp loss for stocks, which settled at new 52-week lows. 

Stocks just booked their worst quarter in almost three years, but sellers aren't yet ready to let up. As such, action today opened in negative territory. Participants continued to take their cues from Europe, where Greece admitted that it does not expect to hit a deficit target and the eurozone's PMI Manufacturing Index for September slipped. Between Germany, France, and the United Kingdom, only the UK experienced an increase in its monthly Manufacturing PMI. 

The major averages managed to lure some buyers into the fold with help from a dose of upbeat data. Specifically, the ISM Manufacturing Index for September improved to 51.6 from 50.6 when it was widely expected to slip to 50.5. Construction spending swung from a 1.3% decline in July to a 1.4% increase in August, contrasting with the consensus call for a 0.5% decline.

Still, stocks struggled to sustain their midmorning move into positive territory. Once stocks faltered, the broad market was never able to return to higher ground. The struggle invited additional selling pressure, which prompted a steady descent. Bleeding was broad, but financials suffered the worst loss of any major sector by falling 4.5%. 

Airlines experienced a dramatic drop, led lower by AMR (AMR 1.98, -0.98), which was caught up in rumors about bankruptcy. The company stated, though, that it is not seeking a prepackaged bankruptcy. 

Given such aggressive selling pressure this session, the S&P 500 broke below the 1100 line and settled there for the first time in little more than a year. Both the Dow and Nasdaq also booked 52-week closing lows, but neither breached their one-year intraday lows. 

Amid such weakness, many participants sought safety. In turn, the dollar advanced 1.1% against a basket of major foreign currencies and the benchmark 10-year Note climbed about a point and a half so that its yield tumbled to 1.75%. Gold prices advanced more than 2% to almost $1758 per ounce.

Advancing Sectors: (None)
Declining Sectors : Consumer Staples -1.5%, Telecom -1.8%, Utilities -2.3%, Tech -2.3%, Materials -2.6%, Consumer Discretionary -2.9%, Industrials -3.0%, Health Care -3.2%, Energy -3.3%, Financials -4.5%DJ30 -258.08 NASDAQ -79.57 NQ100 -2.5% R2K -5.4% SP400 -4.6% SP500 -32.19 NASDAQ Adv/Vol/Dec 209/1.71 bln/2352 NYSE Adv/Vol/Dec 294/1.39 bln/2789

3:30 pm : Concerns about the euro zone were once again the focus in commodities. Those concerns led to a flight to safety in the precious metals. Gold futures did most of their rallying in the overnight session. Throughout pit trade, prices moved sideways. Gold closed with gains of 2.2% at $1657.70 per ounce. Silver futures had a very similar pattern of trade, rallying in overnight trade only to spend pit trade range bound. Silver ended with gains of 2.8% at $30.79 per ounce. 

Strength in the dollar, coupled with concerns about the euro zone, pressured crude oil prices, which finished lower by 2% at $77.61 per barrel, its lowest settlement in a year. Crude did rally into positive territory at one point, but quickly gave back those gains to trade back toward lows. Natural gas prices shed 2% to finish at $3.62 per MMBTu.DJ30 -211.38 NASDAQ -70.77 SP500 -21.74 NASDAQ Adv/Vol/Dec 267/1.9 bln/2326 NYSE Adv/Vol/Dec 295/898.9 mln/2792

3:00 pm : The stock market is trading just above its 52-week intraday low. Many market participants are watching intently to see if stocks break down as they head into the final hour of the trading day. 

Share volume has been relatively strong, suggesting plenty of participation and a sense of conviction among traders. 

Such a decidedly negative showing by stocks has caused many to pursue the relative safety of gold, the dollar, and Treasuries. All are up sharply this session. DJ30 -200.25 NASDAQ -67.16 SP500 -25.49 NASDAQ Adv/Vol/Dec 300/1.68 bln/2260 NYSE Adv/Vol/Dec 320/745 mln/2735

2:30 pm : The Amex Airline Index is down more than 6% this session as the likes of Delta Air Lines (DAL 6.78, -0.72) and US Airways (LCC 4.82, -0.68) slide in response to suggestions that AMR (AMR 2.15, -0.81) could face bankruptcy, even though the company has stated publicly that it is not seeking a prepackaged bankruptcy. The action in AMR shares caused several trading halts before circuit breakers were triggered.DJ30 -213.80 NASDAQ -64.22 SP500 -25.13 NASDAQ Adv/Vol/Dec 340/1.50 bln/2205 NYSE Adv/Vol/Dec 385/675 mln/2640

2:00 pm : Stocks continue to trade near session lows. That has the Nasdaq down well in excess of 2%. The Dow and S&P 500 aren't quite in that bad of shape, though. The Nasdaq's relatively outsized drop comes as large-cap tech names like Google (GOOG $498.00, -17.04) and Intel (INTC 20.68, -0.65) slide to losses in excess of 3%.DJ30 -189.43 NASDAQ 58.51 SP500 -22.90 NASDAQ Adv/Vol/Dec 335/1.37 bln/2205 NYSE Adv/Vol/Dec 395/620 mln/2625

1:30 pm : The S&P 500 recently broke beneath its 52-week closing low, which is right around the 1119-1120 region, but stocks managed to attract support before the broad market measure retested its 52-week intraday low of 1101.

In response to the stock market's slide, Treasuries have turned higher. The action now has the benchmark 10-year Note up more than a point so that its yield is back down to 1.80%. DJ30 -155.68 NASDAQ -47.50 SP500 -19.62 NASDAQ Adv/Vol/Dec 445/1.20 bln/2065 NYSE Adv/Vol/Dec 500/535 mln/2500

1:00 pm : A combination of underwhelming eurozone manufacturing data and news that Greece does not expect to hit a deficit target prompted selling pressure this morning. The mid-morning release of a better-than-expected ISM Manufacturing Index for September and a surprise increase in construction spending in August brought buyers back into the mix, but the market's corresponding bounce ultimately gave way to renewed selling. 

Stocks have since spent the past few hours chopping along in negative territory, and recently setting session lows near critical technical levels around the market's one-year closing low. While widespread weakness has all 10 major sectors in the red, more than half of them are down in excess of 1%. 

Materials stocks have done the best job of limiting losses. The sector, although cyclical and therefore often subject to macro concerns, has managed to keep its loss at just 0.4%. Diversified metals and miners are providing support as gold prices climb today by 2% to $1655 per ounce. 

The dollar has also staged a nice advance today. Its climb has come mostly against the sterling pound and the euro, both of which were recently quoted with losses of 0.7%. That has the pound probing the lows that it set last week, but the euro is now at its worst level in more than eight months. DJ30 -103.79 NASDAQ -37.27 SP500 -14.12 NASDAQ Adv/Vol/Dec 630/1.05 bln/1835 NYSE Adv/Vol/Dec 670/475 mln/2285

12:30 pm : During the course of the past couple of hours the broad market has made a few attempts to push into positive territory, but each time it has failed. That has left stocks to continue chopping along in negative territory. 

Materials plays are showing some strength, however. The sector has managed to eke out an incremental gain with help from gold stocks like Newmont Mining (NEM 64.38, +1.43), which has had some help from a 2% jump in gold prices to $1655 per ounce today. No other major sector is in higher ground. DJ30 -67.50 NASDAQ -20.89 SP500 -9.22 NASDAQ Adv/Vol/Dec 830/935 mln/1615 NYSE Adv/Vol/Dec 935/420 mln/1980

12:00 pm : Europe's bourses closed recently. Action there was bogged down, once more, amid worries about conditions in Greece and the implications related to the country's inability to meet its fiscal targets. Of course, some displeasing manufacturing data for September did nothing to bolster buying interest in the face of such concerns. Among the more widely tracked regional averages, Britain's FTSE fell 1.0%, Germany's DAX dropped 2.3%, and France's CAC closed with a 1.9% loss. 

The euro has also faltered today. It was last quoted at $1.328, which makes for a 0.7% loss and a new eight-month low. DJ30 +4.85 NASDAQ -7.79 SP500 -1.54 NASDAQ Adv/Vol/Dec 900/845 mln/1535 NYSE Adv/Vol/Dec 945/375 mln/1955

11:30 am : Despite more weakness this session, shares of Yahoo! (YHOO 13.72, +0.55) are up nicely after the head of Alibaba made mention of his interest in a potential acquisition of YHOO. Other Internet-related plays aren't faring so well -- Google (GOOG 505.65, -9.39) and AOL (AOL 11.72, -0.28) are both down markedly.DJ30 -3.29 NASDAQ -3.18 SP500 -1.20 NASDAQ Adv/Vol/Dec 935/725 mln/1465 NYSE Adv/Vol/Dec 1005/315 mln/1875 

11:00 am : Stocks turned positive in response to a dose of better-than-expected data, but sellers have since redoubled their efforts, sending the major equity averages back into the red.

Financials had been a source of positive leadership in the early going, but the sector has been imbued by broad market weakness. In turn, the financial sector is now down to a 0.6% loss. Bank stocks continue to hold up relatively well, though; as a group, banking plays are essentially unchanged, according to the KBW Bank Index. DJ30 -66.45 NASDAQ -16.00 SP500 -7.51 NASDAQ Adv/Vol/Dec 750/565 mln/1600 NYSE Adv/Vol/Dec 820/250 mln/2015

10:35 am : Commodities are mostly lower this morning, while the dollar index is showing modest strength. Energy markets are lower, ag markets are mostly lower and metals are mixed. Overnight, corn futures fell 2.2% and wheat lost 0.7%.

Crude oil futures have been in the red all morning and hit a new session low of $76.85/barrel a few minutes after floor trading began. Crude crossed back over the $78 area in recent trade, but is now down 1.5% at $77.94/barrel. Natural gas is down 0.2% at $3.66/MMBtu.

Gold and silver futures have shown nice gains all morning. Gold has been in a rather tight trading range of ~ $1650-1655 for about the last six hours and is currently up 2.0% at $1654.60. Silver is displaying more volatility this morning and is about 2.7% off its session high. Silver rose as high as $31.43/oz. earlier, but is now up 1.6% at $30.57/oz.DJ30 -5.07 NASDAQ -2.90 SP500 -0.04 NASDAQ Adv/Vol/Dec 920/495 mln/1428 NYSE Adv/Vol/Dec 1109/229 mln/1716

10:05 am : Stocks recently retreated in a retracement of their move up from morning lows, but the major averages are now making another attempt to push higher. The move comes in response to the latest dose of data. 

The ISM Manufacturing Index for September came in at 51.6, which is above the 50.5 that had been broadly expected among economists polled by Briefing.com. The latest reading also marks an improvement from the 50.6 that was posted for the prior month. 

Separately, construction spending during August reportedly increased by 1.4%, which is far better than the 0.5% decline that had been generally anticipated. It also marks a strong turnaround from the 1.3% downturn suffered in the prior month. DJ30 -7.60 NASDAQ -7.36 SP500 -0.65 NASDAQ Adv/Vol/Dec 635/140 mln/1525 NYSE Adv/Vol/Dec 945/90 mln/1760

09:45 am : Stocks slipped to marked losses in the first few minutes of trade, but a broad bid has helped give the major averages a bit of a lift in recent trade. Financials are leading the move; the sector is already up to a 0.6% gain after it had opened in negative territory. 

Energy stocks continue to suffer, however. As a group, energy plays have fallen to a 1.1% loss. Their weakness comes amid a sharp decline in oil prices, which were last quoted with a 2.0% loss at $77.60 per barrel. DJ30 -42.00 NASDAQ -11.95 SP500 -3.76 

09:15 am : S&P futures vs fair value: -5.30. Nasdaq futures vs fair value: -16.50. Recent action has taken stock futures farther behind fair value, suggesting that a markedly lower start is in order for the fourth quarter. As was the case last quarter, weakness comes largely in response to fiscal concerns about Greece, which indicated it does not expect to hit a deficit target, and macro conditions in Europe, where a sluggish economy resulted in a lower eurozone Manufacturing PMI for September. To little surprise, Europe's bourses have fallen sharply amid those themes. Many of Asia's major averages also experienced aggressive selling in overnight action. All of it continues to perpetuate negative sentiment. In response to such a dour mood, the dollar has attracted some buyers, giving the greenback a 0.4% lead over a basket of major foreign currencies. Despite the dollar's advance, gold prices have garnered renewed buying interest, which has taken the yellow metal 2.2% higher to $1659 per ounce. Still on the agenda, though, are monthly construction spending numbers and the latest ISM Manufacturing Index, both of which are due at 10:00 AM ET.

09:05 am : S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -20.80. Commodities are mixed this morning, but the CRB Commodity Index is still down 1.2%. Among the most commonly tracked components, oil prices are down 2.5% to $77.25 per barrel in early pit trade. Meanwhile, natural gas prices are down 0.5% to $3.65 per MMbtu. Precious metals are shining, however. Specifically, gold is boasting a 2.0% gain at $1655 per ounce while silver is sporting a 1.7% gain at $30.60 per ounce.

08:35 am : S&P futures vs fair value: -6.90. Nasdaq futures vs fair value: -20.30. The combination of underwhelming data and news that Greece does not expect to hit a deficit target has weighed heavily on action in Europe. Greece's Athex 20 has fallen to a loss of more than 3%. Meanwhile, Germany's DAX has dropped to a 2.8% loss. Not one of its 30 members has managed to muster a gain. Commerzbank, BMW, and Volkswagen are the three worst performers -- each is down in excess of 5%. Recent data indicate that Germany's PMI Manufacturing Index for September slipped to 50.3 from 50.9 in August. France's CAC has fallen to a 2.3% loss. Weakness is widespread there, but Alcatel-Lucent (ALU), BNP Paribas, and Societe Generale are having the most damaging impact. Pernod Ricard is the only issue that has managed to find higher ground. France's Manufacturing PMI for September fell to 48.2 from 49.1 in the prior month. Selling has also been aggressive in Britain, where the FTSE has tumbled to a 1.6% loss. Burberry Group, Standard Chartered, and Royal Bank of Scotland (RBS) are leading losses. Only a limited number of names, including Randgold Resources, Fresnillo Plc, and Vodafone, have staged gains. Outside of equity market action, analysts at S&P affirmed the AAA-rating on the United Kingdom. Its outlook is also said to be stable. In contrast to neighbors, the United Kingdom experienced an increase in its September Manufacturing PMI, which went to 51.1 from 49.0. As for the broader eurozone, its Manufacturing PMI for September eased to 48.5 from 49.0 in the prior month. 

China reported that its September PMI Manufacturing Index improved to 51.2 from 50.9 in the prior month. The report contradicted numbers that had been part of a preliminary look last Friday, but China's Shanghai Composite was closed for trade due to holiday observance. However, Hong Kong's Hang Seng remained opened. It dropped a precipitous 4.4%, which has left it at its lowest level since May 2009. Ping An led the slide as it plunged about 13%. Japan's Nikkei suffered a 1.8% loss. Sumitomo Electric led losses with its 11% slide. Automakers Toyota (TM), Honda Motor (HMC), and Suzuki all logged losses. A September vehicle sales report showed a 1.7% increase, which comes in stark contrast to the 25.5% drop that was endured during the same period one year ago. Obayashi, Shimizu, and Taisei Corp all showed strength in the face of broad market weakness.

08:05 am : S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -9.50. In the final session of September, stocks suffered another loss, which only added to their poor monthly performance and their worst quarterly showing in almost three years. Yet the same crucial themes that weighed on sentiment in recent months continue into the new quarter. More directly, underwhelming data from Europe and news that Greece will come short of its deficit target for 2011 have taken Europe's bourses down sharply and, by extension, put pressure on domestic stock futures. That said, premarket pressure hasn't been too intense. There are a couple of noteworthy releases on tap for today. Both the latest ISM Manufacturing Index and construction spending numbers are due at 10:00 AM ET. Monthly motor vehicle sales numbers will be released intermittently.

06:54 am : [BRIEFING.COM] S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: -9.50.

 

06:54 am : Nikkei...8545.48...-154.80...-1.80%. Hang Seng...16822.15...-770.30...-4.40%.

06:54 am : FTSE...5039.25...-89.20...-1.70%. DAX...5379.75...-122.30...-2.20%.

In Play 

4:56PM Dominion files with Department of Energy to export LNG from Cove Point to non-FTA countries (D) 49.84 -0.93 : Co D) has filed with the Department of Energy for permission to use its Dominion Cove Point facility on the Chesapeake Bay in Lusby, Md., to export liquefied natural gas (LNG) to any country with which the U.S. does not prohibit trade. In its application, Dominion said exports would be in the public's interest because studies show they could provide an enormous economic stimulus, provide energy price stability, promote the continued development of domestic natural gas and natural gas liquids, create thousands of new jobs in the oil and gas industry, increase tax revenues and improve the balance of trade. 

Specifically, economic studies filed with the application show benefits from exports and upstream gas production over the 25-year proposed term could include: A reduction of the U.S. trade imbalance by at least $2.8 bln annually, and possibly as much as $7.1 bln; A total of $22 bln in added government royalty and other revenues to federal, state, and local governments over the 23-year post-construction operating period (2018-2040), an average of $962 mln annually. In addition, there would be $9.8 bln in landowner royalty income over the 25-year operating period; Up to a $40 mln annual increase in local property tax revenues in Calvert County Maryland; and About 14,600 permanent jobs during the 23-year post-construction operating period (2018-2040), which are associated with facility operations and upstream natural gas production.

4:51PM TeamHealth acquires Midwest Emergency Associates (TMH) 15.44 -0.98 : Co announced the expansion of the TeamHealth presence in the Midwest with the acquisition of the operations of Chicago-based Midwest Emergency Associates and its related entities. Through this relationship, TeamHealth will assume the management and staffing of 12 emergency departments and four urgent care centers totaling ~500,000 annual patient visits.

4:37PM Somaxon Pharmaceuticals announces FDA feedback on Silenor OTC regulatory pathway and changes to commercial team (SOMX) 0.80 -0.07 : Co announced that it recently had a meeting with the U.S. Food & Drug Administration (FDA) relating to the over-the-counter (OTC) development program for Silenor(R). In the meeting, which Somaxon attended jointly with its Silenor partner Procter & Gamble, the FDA provided clinical and regulatory guidance that the company believes provides a clear path forward toward an OTC version of Silenor. Somaxon believes that the FDA's guidance provides an opportunity to develop an OTC label that is tailored to Silenor's clinical profile and differentiated from other OTC sleep products. Somaxon believes that Silenor's characteristics, including its lack of addiction potential and its clinical efficacy and safety profile, make it an ideal candidate to be the first prescription insomnia product to be converted to an OTC product. Somaxon also announced changes to its commercial team that promotes Silenor for the treatment of insomnia characterized by difficulty with sleep maintenance.

4:33PM NRG Energy lowers 2011 EBITDA guidance (NRG) 19.93 -1.28 : NRG lowers its 2011 adjusted EBITDA guidance to a range of $1.775-1.850 bln, down from prior guidance of $1.9-2.0 bln and back within the Co's original range of $1.75-1.95 bln issued prior to the second quarter earnings call held on August 4. NRG is also updating guidance on 2011 free cash flow before growth investments to $875-950 mln from the range of $1.0-1,1 bln issued August 4 and cash flow from operations to $1,15-1,225 bln from the range of $1,275-1,375 bln issued August 4. During the month of August, an extreme heat wave unprecedented in both intensity and duration affected Texas, resulting in record power demand and repeated extreme spikes in the wholesale price of electricity, which had a negative financial impact on NRG's wholesale and retail businesses.

4:33PM General Maritime announces amendments to credit facilities (GMR) 0.20 -0.06 : Co announces it has entered into amendments to its $550 mln revolving credit facility, its $372 mln term loan facility and its $200 mln credit facility with affiliates of Oaktree Capital Management, L.P. The Credit Agreement Amendments waive the covenant regarding required minimum balance in cash, cash equivalents and revolver availability under each of the Credit Facilities through November 10, 2011, unless an event of default under any such Credit Facility occurs prior to such date. Under the terms of the amendment to the 2010 Credit Facility, the amortization payment made on September 30, 2011 will be used to pay down the revolver loans in lieu of the term loans. The amount of the Amortization Payment may be reborrowed, subject to the satisfaction of certain conditions. The Company also announced it continues to review its financing options and is currently considering various alternatives with respect to the restructuring of its capital structure. As a result, General Maritime has commenced discussions with its lenders and other creditors concerning a potential restructuring of its indebtedness. There can be no assurance that the Company will be able to reach agreement with its lenders and other creditors on a consensual restructuring of its capital structure.

4:32PM Rollins announces repurchase of 598,986 shares in Q3 2011, may purchase up to 1.15 mln more shares (ROL) 17.50 -1.21 :  

4:31PM Generac unit acquired substantially all of the assets and certain liabilities of Magnum Products; expects transaction to be immediately accretive to Q4 earnings (GNRC) 18.62 -0.19 : Co announced that one of its subsidiaries has acquired substantially all of the assets and certain liabilities of Magnum Products, LLC and its affiliates for $80 million in cash and a modest earn-out based on future performance of a particular product line currently in development. The execution of a definitive agreement and the closing of the transaction occurred on October 3, 2011. For the twelve months ended June 30, 2011, the Magnum Products business generated unaudited revenues of ~$108 million and adjusted EBITDA of $14 million. Generac expects the transaction to be immediately accretive to earnings in the fourth quarter of 2011, with the opportunity for additional accretion thereafter based on anticipated cost synergies. Based on current assumptions, the acquisition should add ~$25-$30 million in revenue and $0.03-$0.04 in adjusted earnings per share in the fourth quarter of 2011, excluding ~$1 million in transaction costs. Future cost synergies are targeted to total ~$2 million on an annual basis, and are expected to be phased in throughout fiscal 2012.

4:31PM Enbridge to expand access to eastern markets for western crude oil (ENB) 30.93 -1.00 : Co and Enbridge Energy Partners (EEP) announced two projects that will provide increased access to refineries in the U.S. upper midwest and in Ontario, Canada for light crude oil produced in western Canada and the U.S. The project involves the expansion of EEP's Line 5 light crude line between Superior, Wisconsin and Sarnia, Ontario by 50,000 barrels per day, at a cost of approximately $100 million. Complementing the Line 5 expansion, Enbridge plans on reversing a portion of Line 9 in western Ontario to permit crude oil movements eastbound from Sarnia as far as Westover, Ontario, at a cost of approximately $20 million. Subject to regulatory approvals, both projects are targeting to be in service in late 2012.

4:31PM Kaiser Alum announces a five-year, $300 mln senior secured revolving credit facility (KALU) 41.28 -3.00 :  

4:30PM Capella Education has entered into a revolving credit agreement (CPLA) 26.51 -1.87 : Co announced that it has entered into a revolving credit agreement. The credit agreement provides $100 million of borrowing capacity, with an increase option of an additional $50 million. The agreement has a term of five years ending Sept. 30, 2016. Capella's previous $10 million line of credit facility was terminated upon entering into the new credit agreement.

4:16PM Western Copper shareholders approve spin-out of Copper North Mining Corp. and Northisle Copper and Gold Inc. (WRN) 1.85 -0.20 : Co announced its shareholders have voted ~38.6 mln shares (99.8%) in favour of approving the spin-out of Copper North Mining and NorthIsle Copper and Gold at a special meeting of shareholders held today in Vancouver. The transaction will include the transfer of Western Copper's 100% interest in the Carmacks Copper Project and the Redstone Project, along with $2 mln, to Copper North, and the transfer of the Company's 100% interest in the Island Copper Project, along with $2.5 mln, to NorthIsle.

4:13PM First Niagara provides update on HSBC branch acquisition; seeing buyer interest in various combinations of the potential divestiture pool (FNFG) 8.89 -0.26 : Co provided an update on its previously announced acquisition of HSBC Bank USA branches in Upstate New York. When announcing the transaction on July 31st, First Niagara indicated it would be required to divest certain Western New York branch locations as a result of the customary antitrust review and that it also planned to divest certain other locations that are outside of the Company's strategic footprint. While discussions regarding both divestiture initiatives continue with prospective buyers, marketing of the WNY branches cannot begin until approval is received from the Department of Justice. "Several potential buyers have expressed interest in various combinations of the potential divestiture pool... Given this overlapping interest in the WNY and other locations, we are prioritizing the required divestiture process before further advancing negotiations for other locations. Although the DOJ process commenced several weeks ago, the timing of the completion of that review remains difficult to predict at this time."

4:10PM GTSI Corp names Jeremy Wensinger Chief Operating Officer (GTSI) 4.60 +0.01 : Co announced that Jeremy Wensinger has been named Chief Operating Officer for the co. Reporting to the company's chief executive officer, Mr. Wensinger will be responsible for core operational activities of the co.

4:09PM Quaker Chemical acquires G.W. Smith & Sons; financial terms not disclosed (KWR) 24.46 -1.46 : The acquired business has net sales of ~$14 mln.

4:09PM Tech Data completes new $500 mln five-year senior unsecured credit facility; renews and upsizes receivables securitization program (TECD) 41.61 -1.62 : Co has entered into a new $500 million five-year revolving credit agreement, replacing a $250 million revolving credit facility that was set to expire in March 2012. The new revolving credit facility expires in September 2016. In addition, the company renewed its Receivables Securitization Program, increasing the borrowing capacity under the facility by $150 million to a maximum of $300 million, and extending the term by one additional year to August 2012.

4:08PM Team beats by $0.08, beats on revs; reaffirms FY12 EPS in-line (TISI) 20.61 -0.37 : Reports Q1 (Aug) earnings of $0.33 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.25; revenues rose 35.0% year/year to $141.1 mln vs the $122.9 mln consensus. Co reaffirms guidance for FY12, sees EPS of $1.45-1.60 vs. $1.55 Capital IQ Consensus Estimate.

4:08PM Morgan Stanley: Mitsubishi UFJ Financial Group (MTU), in response to recent market volatility, reiterates that they are firmly committed to their long-term strategic alliance with Morgan Stanley (MS) (MS) 12.47 -1.04 : Mitsubishi UFJ Financial Group (MTU) issued the following statement regarding its strategic alliance with MS: "In response to recent market volatility MUFG wishes to reiterate that we are firmly committed to our long-term strategic alliance with Morgan Stanley. The special relationship we have formed remains core to our global business strategy. We will continue to work to leverage Morgan Stanley's superior franchise strengths in institutional securities and wealth management with our substantial deposit base and global corporate banking business to add value to both franchises over the decades to come."

4:07PM Community Health's subsidiary has acquired Tomball, Texas Hospital; financial terms not disclosed (CYH) 15.29 -1.35 :  

4:07PM Hewlett-Packard announced that it has acquired control of Autonomy Corporation plc (AUTNF.PK) (HPQ) 22.18 -0.27 : Holders of ~213 mln Autonomy shares have accepted HP's previously announced offer to purchase the entire share capital of Autonomy at a price of 25.50 per share in cash, representing ~87.34% of the current issued share capital of Autonomy. As such, all conditions relating to the offer have now been satisfied, allowing HP to acquire control of Autonomy.

4:06PM IMRIS announces the retirement of the Chief Operating Officer, Ed Richmond effective October 3, 2011 (IMRS) 3.94 +0.04 :  

4:06PM DryShips announces conversion price adjustment for its convertible notes (DRYS) 2.02 -0.32 : Co announced that the applicable conversion price under the Indenture and related Supplemental Indenture governing the Company's 5.00% Convertible Senior Notes due December 1, 2014 has been adjusted to $6.90 per share effective as of September 19, 2011.

4:03PM Sonic reports an increase of 0.4% in same store sales for company drive-ins; increase of 0.5% for the system for Q4 (SONC) 6.78 -0.29 :  

4:01PM Michael Baker acquires RBF Consulting (BKR) 17.93 -1.20 : Co announces it has acquired RBF Consulting, a 540-person engineering, planning, surveying and environmental services firm based in Irvine, California. RBF significantly expands Baker's presence in the Western U.S. transportation, civil and environmental infrastructure markets and, through its water resources experience and expertise, provides a platform for Baker to build a national water and wastewater practice. The terms of the transaction were a total consideration of $50 mln, of which approximately $45.7 mln was paid in cash and approximately $4.3 mln was paid in Baker common stock. RBF Consulting's revenue in 2010 was approximately $103 mln.

4:01PM MedQuist holdings updates timing of proposed short-form merger for remaining MedQuist Inc. shares (MEDH) 6.92 -0.64 : Co announced it intends to complete its previously announced proposed short-form merger with MedQuist Inc. during October 2011. The Company no longer intends to conduct a registered exchange offer prior to the completion of the short-form merger as previously announced. Following the short-form merger, MedQuist Inc. will become an indirect wholly-owned subsidiary of the Company, will cease to be a separate SEC reporting company and its common stock will no longer trade on the OTCQB or on any other market.

4:01PM Ingram Micro announced that Alain Monie will re-join the company as president and COO, effective Nov 1 (IM) 15.76 -0.37 :  

3:48PM Bank of the Ozarks increased regular quarterly dividend by 5.26% to $0.10/share (OZRK) 20.86 -0.06 :  

3:47PM CBOE Holdings September trading at CBOE futures exchange up 154% over year ago; VIX futures traded 46,784 contracts per day during the month (CBOE) 24.02 -0.34 : The CBOE Futures Exchange announced that September 2011 trading volume totaled nearly one mln contracts, and average daily volume was almost 50Kcontracts, both up 154% from year ago levels.

3:46PM Earnings Calendar (SUMRX) : Today after the close look for the following companies to report:

• LRN and TISI

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

• GPN, LNDC, RECN, and YUM

3:36PM AMR issues statement regarding Chicago aviation mtg (AMR) 1.96 -1.00 : American Airlines today issued the following statement from Bob Reding, American's Executive Vice President - Operations, who represented the company at the meeting. "The meeting resulted in a very productive exchange of viewpoints. The emphasis was on identifying the areas in which there are the greatest opportunities for cooperation and success. We are enthusiastic about the positive view the Mayor and his team have about the importance of aviation to the Chicago economy and his clear personal interest in working as partners going forward."

3:29PM VirnetX Holding comments on USPTO reexamination decisions (VHC) 12.68 -2.31 : Co announced that, in response to the USPTO's decision to grant Apple (AAPL) and Cisco Systems (CSCO) reexamination requests on its U.S. Patent No. 6,502,135 , the Company welcomes these reexamination proceedings as they will further validate and strengthen its patent. "We went into litigation against Apple and Cisco fully expecting reexamination requests. These reexamination decisions are no surprise as the majority of reexamination requests made to the USPTO are granted. We welcome these reexamination proceedings as we believe the outcome will only further validate our patent that was already examined by the USPTO in 2010 when all of its claims were found valid and patentable."

3:27PM United Continental announced a new logistics agreement between United Cargo, the cargo division formed by the merger of United and Continental Airlines, and Forward Air (FWRD) (UAL) 17.14 -2.24 :  

3:26PM CBOT Agriculture, Ethanol and Sugar Closing Prices (COMDX) : Corn settled higher by 2 cents to $5.95, wheat gained 9 cents to end at $6.18, soybeans were 3 cents lower at $11.76, ethanol fell 7 cents to close at $2.48, while sugar was unchanged at $0.25.

3:08PM S&P -19 lifts off low after holding near its Aug trough at 1101.54 -- session low 1101.97 (SPY) :  

3:01PM CBOE Holdings reports September 2011 trading volume; average daily volume of 5.0 million options contracts increased 31% from year ago (CBOE) 24.28 -0.19 : Co reported that September trading volume for options on the CBOE and C2 Options Exchange combined, totaled 104.2 mln contracts. Average daily volume was 5.0 mln contracts, an increase of 31% from September 2010's ADV of 3.8 mln contracts per day.

2:38PM NYMEX Energy Closing Prices (COMDX) : Crude oil settled down $1.59 at $77.61, natural gas shed 5 cents to end at $3.62, heating oil ended off 2.1 cents at $2.75, while RBOB gasoline finished lower by 2.6 cents at $2.47 (all Nov contracts).

2:19PM Index Change Reminders (INDXCH) : Fortune Brands Home & Security (FBHS) will replace Overseas Shipholding Group (OSG) in the S&P MidCap 400 index, and Overseas Shipholding Group will replace LCA-Vision (LCAV) in the S&P SmallCap 600 index after the close of trading today. S&P 500 constituent Fortune Brands (FO) is spinning off Fortune Brands Home & Security to shareholders in a transaction expected to be completed on or about that date pending final approvals... Measurement Specialties (MEAS) will replace MedCath (MDTH) in the S&P SmallCap 600 index after the close of trading today.

2:07PM Hyundai Motor America reported Sep sales increased 12% YoY to 52,051 units (HYMTF) 26.25 0.00 :  

2:05PM Triumph Group delivers company notice to holders of 2.625% Convertible Senior Subordinated Notes due 2026 (TGI) 46.57 -2.05 : Co has delivered a notice to holders of its 2.625% Convertible Senior Subordinated Notes Due 2026 to the effect that, for at least 20 trading days during the 30 consecutive trading days preceding September 30, 2011, the closing price of the co's common stock was greater than or equal to 130% of the conversion price of such notes on such last trading day. Accordingly, from October 1, 2011 until December 31, 2011, such notes are eligible for conversion as provided in the Indenture relating to such notes.

2:03PM Carnival announced it will invest more than $500 mln across its fleet (CCL) 29.71 -0.59 : Multi-year initiative features partnerships with Comedian George Lopez, Food Network's Guy Fieri and Entertainment Leaders, Hasbro (HAS) and EA SPORTS, Plus New Carnival Brands. The Carnival Liberty will be the first ship to feature many of the new dining and bar venues when it returns from a scheduled refurbishment later this month. Fourteen ships are scheduled to receive many of the enhancements through 2015.

1:59PM Fractional new session lows for stock indices but attempting to stabilize amid extended intraday posture -- Dow -187, S&P -22, Nasdaq Comp -55 (SPY) :  

1:57PM Mercedes reports Sep US sales increased 15.6% YoY to 23,897 units. (DDAIF) 42.66 -1.69 :  

1:50PM Honda Motor September US Sales fall 8% to 89,532 vehicles (HMC) 29.03 -0.12 :  

1:41PM No let-up in broad based retreat with pressure accelerating in recent trade S&P 500 eyeing its Aug/52-slow low at 1101.54 -- session low 1105.20 (SPY) : Dow -222, S&P -25, Nasdaq Comp -60

1:33PM COMEX Metals Closing Prices (COMDX) : Gold futures rallied for $37.10 to finish at "659.40, silver gained 83 cents to end at $30.91, while copper shed 3 cents to close at $3.12 (all Dec contracts).

1:31PM Toyota Motor reports September US sales decreased 17.5% YoY to 121,451 units (TM) 67.63 -0.63 :  

1:29PM Ennis acquires Printgraphics; financial terms were not disclosed (EBF) 12.78 -0.28 : Co acquired all of the stock of Printgraphics, Inc, wholesale manufacturer of fully integrated document solutions as of October 1, 2011. Printgraphics has two locations.

1:18PM Crude oil moving back toward lows at $76.85; now down $1.95 at $77.25 (COMDX) :  

1:16PM Dow -172 slides to new low of 10741, its Sep and Aug/52-wk close lows are at 10733/10719 (TECHX) :  

1:15PM Location Based Technologies strength attributed to pre-mrkt story of its launch of GPS locators (LBAS) 0.97 +0.07 : Co announced the launch of its unique and easy to use PocketFinder GPS Personal Locator and GPS Vehicle Locator devices for purchase throughout the United States and Canada exclusively from all Apple Retail Stores and the Online Apple Store (AAPL). Sales are expected to begin this month.

1:15PM Best Buy: Rhapsody to acquire Napster, a unit of BBY; financial terms not disclosed (BBY) 22.60 -0.70 : Under the terms of the agreement, Rhapsody will acquire Napster subscribers and certain other assets, and Best Buy will receive a minority stake in Rhapsody. The transaction is expected to close on or around November 30, 2011.

1:03PM SIFCO Industries declared special cash dividend of $0.20 per common share (SIF) 17.30 -1.04 :  

1:02PM NorthWestern seeking electricity contracts for Montana Customers (NWE) 13.50 -0.43 : Co is seeking a two-year electricity contract for 100 megawatts of firm electricity products and exchanges to serve its Montana customers beginning January 1, 2013 through December 31, 2014. The company has issued a Request for Proposal for energy delivered to any available interconnection point on its transmission system or to the Mid-C trading hub. NorthWestern will only consider offers from creditworthy providers. Proposals are due by 3 p.m. MDT on October 12, 2011.

1:01PM Asure Software raises Q3 guidance; issues CY12 guidance (no ests); acquires ADI Time for $7 mln (ASUR) 3.52 +0.25 : Co raises Q3 EPS guidance to $0.03-0.04 from ($0.01)-0.02 previously (no ests); with EBITDA in excess of $375K or $0.12/share. Co sees CY12 rev of $15.5 mln and EBITDA of $2.8 mln... On Oct. 1, 2011 Asure entered into an asset purchase agreement to acquire ADI Time for a $7 million purchase price, comprised of $6 million cash paid at closing and a $1 million, three-year seller's note. Cash paid at closing consisted of cash from Asure's balance sheet, $300,000 in cash acquired as part of the acquisition, and $3.7 million of new debt financing (details disclosed in Asure's 8k, to be filed shortly). In 2012, Asure estimates it will incur approximately $430,000 in acquisition related interest expense. Asure expects total one-time costs incurred to be less than $0.4 million; largely incurred in the third and fourth quarters of 2011. We expect the ADI Time acquisition to increase the cash generation of the business, and anticipate realizing a substantial portion of the deal's synergies by the start of calendar 2012. We will provide an update on the acquisition and our Q4 estimates during our Q3 earnings call in mid-November."

1:01PM Interactive Brokers Reports Brokerage Metrics; Sept DARTs +45% y/y (IBKR) 13.51 -0.41 : Co announced 510 thousand Daily Average Revenue Trades, 45% higher than prior year and 7% lower than prior month. Ending customer equity of $23.3 bln, 23% higher than prior year and 8% lower than prior month. Ending customer margin loan balances of $6.8 bln, 26% higher than prior year and 8% lower than prior month. Ending customer credit balances of $16.5 bln, 25% higher than prior year and 1% lower than prior month.

12:58PM S&P -14 slips under its 52-wk close low from Aug at 1119, the Sep intraday low comes in at 1114 -- session low 1117.06 (SPY) :

12:56PM CME Group surpasses $45 bln in cleared OTC interest rate swaps and credit default swaps (CME) 248.72 +2.32 : For the month of September, the company cleared over $35.5 bln in customer volume in IRS, exceeding the previous record monthly total of $1.2 bln in August. The company also cleared $6.5 bln in customer volume in CDS in September, surpassing the previous record monthly total of $287 mln in August. As of September 30, open interest stood at $34.2 bln in IRS and $5.9 bln in CDS.

12:48PM Adobe Systems announces agreement to acquire Nitobi, Creator of PhoneGap; financial terms not disclosed (ADBE) 23.69 -0.48 : Co announced it has entered into a definitive agreement to acquire privately held Nitobi Software, the creator of PhoneGap and PhoneGap Build. The acquisition is expected to close by the end of October 2011.

12:39PM Teva Pharma respiratory provides resources for patients impacted by Primatene Mist phase-out (TEVA) 36.91 -0.31 : Teva Respiratory is making asthma product samples for ProAir HFA Inhalation Aerosol and for QVAR Inhalation Aerosol available to patients through healthcare practitioners. According to the United States FDA, the only over-the-counter asthma inhaler containing chlorofluorocarbons, Primatene Mist, will be removed from the U.S. market on or by December 31, 2011. The removal of Primatene Mist by the FDA is a result of the Montreal Protocol treaty to stop the use of substances that damage the environment.

12:39PM Lithia Motors completes new $200 million credit agreement (LAD) 14.19 -0.19 : The revolving facility will provide $100 million for new vehicle inventory floorplan financing and $100 million for general corporate purposes including working capital and acquisitions. Under the terms of the new agreement, Lithia notes that based on current borrowing levels pretax floorplan interest expense will be reduced by approximately $250,000 per quarter.

12:37PM New session low for S&P -11.9, Dow -87 and Nasdaq Comp -27 just fractionally above their session lows (SPY) :  

12:35PM Russell 2000 slides below Sep trough at 634.71, joins S&P 400 Mid-Cap at new 52-wk low of 634.35 (IWM) :  

12:33PM Best Buy continues to weaken, slide to new low of 22.84, its 34 month low from Sep is at 22.74 (BBY) 22.84 -0.46 :  

12:22PM J. C. Penney names Michael Francis President (JCP) 26.96 +0.20 : Co announced that Michael R. Francis has been named president of the Company, effective Oct. 4. Francis was most recently a senior executive at Target (TGT).

12:18PM Intraday relative weakness in Finance XLF and Bank KBE as they slides to new session lows at 11.65 and 17.34 (TECHX) 11.65 -0.16 : Reg Bank KRE displaying relative weakness but above early low.

12:16PM Bank of America notches new session/52-wk low as it slips under its Sep/Aug lows at 6.00/6.01 (BAC) 5.99 -0.14 :  

12:14PM Wausau Paper receives letter from Starboard Value (WPP) 6.30 -0.09 : Co announced that it delivered a follow-up letter to the co's President and CEO, Thomas J. Howatt, and the Board of Directors to convey its updated thoughts after having met with management and the Board in late August. In the letter, Starboard stated its concern that, as currently conceived, Wausau's Tissue expansion project requires the co to take on significant additional debt, which in turn would dramatically increase the risk profile for the Company's shareholders. Starboard urged the co to finance the Tissue expansion project by divesting certain non-core assets, including the underperforming Paper business, the company-owned timberlands and the hydroelectric assets.

12:14PM iShares DJ Real Estate displaying intraday relative weakness, sets new session low (IYR) 49.77 -0.80 : MAC -2.5%, GGP -1.9%, PSA -1.9%, AIV -1.9%, KIM -1.7%, PLD -1.6%, VNO -1.5%, EQR -1.5%, PEI -1.4%, BXP -1.3%.

12:02PM Porsche reports Sept North America sales +10% YoY to 2170 (POAHY.PK) :  

12:00PM Ford Motor reports September sales increased 9% y/y to 175199 (F) 9.84 +0.17 : 


11:56AM Merck confirms another trial regarding FOSAMAX ruled in favor of the company (MRK) 32.21 -0.49 : Co said a federal court jury in New York found in its favor in the Secrest v. Merck case, rejecting the claim of a Florida woman who blamed her dental and jaw-related problems on her FOSAMAX use. Today's verdict marks the fourth time a jury has found in Merck's favor on a plaintiff's product liability claim in the litigation regarding FOSAMAX.

11:54AM Nissan Motor Sep US sales rise 25.3% YoY to 92,964 units (NSANY) 18.00 +0.45 :  

11:54AM Nissan Motor's Infiniti unit reports September 2011 US sales rise 2.1% to 8479 units (NSANY) 18.00 +0.45 :  

11:48AM Progressive settles patent dispute with Allstate (ALL) (PGR) 17.65 -0.11 : Progressive Casualty Insurance Company has reached a settlement agreement with Allstate Insurance Company and Allstate Fire and Casualty Insurance Company regarding the litigation in which Progressive alleged that Allstate infringed on Progressive's patents for usage-based insurance and online insurance policy-servicing technology, as well as trademark infringement. As part of the agreement, Progressive has granted a license to Allstate under Progressive's usage-based insurance and policy-servicing patent portfolios; and the companies have entered into a trademark co-existence agreement involving the Drive and DriveWise trademarks. Additional details of the settlement will remain confidential.

11:36AM Copper futures turn positive, rallying close to 20 cents off of overnight lows; now up 2 cents at $3.17 (COMDX) :  

11:32AM Crude oil turns positive; now up 1 cent at $79.20 (COMDX) :  

11:29AM Crude extends bounce all the way back to near unchanged; now off 8 cents to $79.09 (COMDX) :  

11:28AM Time Warner Tcom wins multi-year contract to provide data, internet and ethernet services to U.S. Army's Ft. Bragg (TWTC) 16.52 +0.03 : Under terms of the new multi-year, $2.5 mln contract, tw telecom will continue these services and provide additional communication services to three MEDCOM clinics and Camp Mackall.

11:27AM Relative weakness in recent action noted in Airline (TECHX) : AMR -10%, UAL -4% set new low near its 50 sma at 18.57, DAL -5.3%, LCC -3.1%, LUV -2.2%, RJET -1.4%, FAA -2.2%.

11:10AM DaVita: Frazier Healthcare and New Enterprise Associates announced a partnership to acquire 30 dialysis clinics from DVA (DVA) 62.40 -0.27 :  

11:07AM Dow -88 has set a new session low, S&P -9.7 hovering just fractionally above while Nasdaq Comp -18 is 10 points above its low (SPY) :  

11:06AM Lifepoint Hospitals: Person Memorial Hospital acquired by Duke LifePoint Healthcare (LPNT) (LPNT) 35.34 -1.10 : Under the terms of the purchase agreement, Duke LifePoint acquired PMH and committed to investing $15 mln in capital improvements at the hospital over the next 10 years. A minimum of $6 million will be spent within the first five years of ownership. Other terms of the transaction are not disclosed. Duke LifePoint Healthcare is a joint venture of Duke University Health System and LPNT.

11:04AM Apricus Biosciences announces Korean patent approval for MycoVa for nail fungus (APRI) 3.48 -0.10 : Co announced that the Korean Patent Office will grant a patent for MycoVa, indicated for the treatment of onychomycosis.

11:01AM The Medicines Co launches new formulation of Cleviprex injectable emulsion (MDCO) 16.88 +2.00 : Co announced launch of a new twelve hour formulation for Cleviprex Injectable Emulsion, which was approved by the FDA in June 2011. Cleviprex is an intravenous dihydropyridine calcium channel blocker indicated for the reduction of blood pressure when oral therapy is not feasible or not desirable.

10:47AM Small and Mid-Caps lagging, flirt with 52-wk lows (TECHX) : The Russell 2000 has pulled back near its 52-wk from from Sep at 634.71 (session low 636.18) while the S&P 400 Mid-Cap has probed its 52-wk low from Aug at 770.58 (session low 771.18).


10:45AM Target announces departure of Chief Marketing Officer Michael Francis (TGT) 48.45 -0.59 :


10:40AM Euro futures drops to new session/nine month low, Dollar Index back hovering near its day session high (TECHX) : Stock indices retreat back off data related highs, S&P -4.4 failed at first level resistance noted in The Technical Take (10:14 update) -- Dow -43, Nasdaq Comp -9.5.


10:36AM Legacy Reserves announces increase to its borrowing base and entry into and extension of LIBOR fixed rate interest swaps (LGCY) 25.11 -0.84 : Co announced that it has secured commitments from its 13-member bank group to expand its borrowing base to $535 mln from the previous $500 mln under its $1 bln secured revolving Credit Agreement. In addition, the borrowing base will be automatically increased to $550 mln upon the closing of a pending acquisition which is expected by the end of October 2011. Co recently added $100 mln of LIBOR interest rate swaps with an average fixed rate of 0.71% with a term expiring August 10, 2014. Co also extended certain fixed rate swaps for an additional two years. years. Co now has $364 mln of LIBOR swaps in place with average fixed rates of 2.17% with terms expiring April 2013 through November 2015.


10:33AM Humana slides to new session low of 70.67, hovering slightly above its 200 ema/sma at 70.59/70.54 (HUM) 70/71 -2.02 :


10:24AM Lawson Products announces extension of $55.0 million credit agreement (LAWS) 13.65 -0.05 : Co announced it has entered into an Amendment to the Credit Agreement dated August 21, 2009 between the Company and The PrivateBank and Trust. The Amended Credit Agreement extends the term of the $55.0 mln credit facility, which includes an additional $20.0 mln accordion feature, to October 1, 2016.


10:14AM S&P +7.5 testing first level resistance (SPY) : First level support noted in The Technical Take at 1122/1120 held (session low 1121) during the early pressure with the stronger data triggering a turn with the index now probing first level resistance highlighted in the 1138/1140 zone (session high 1138).


10:10AM Trade firms after data but choppy with averages back in the green -- Dow +27, S&P +3.9, Nasdaq Comp +8.3 (TECHX) : Seeing relative sector strength (outperforming S&P) in Materials XLB, Silver SLV, Gold GLD, Gold Miners GDX, Reg Bank KRE, Semi SMH.  Overall tone is improving amid a variety of other sectors as well.


10:02AM Siemens AG's Mobilett Mira Mobile digital x-ray system receives FDA clearance (SI) 89.34 +0.45 :


10:02AM Expedia's TripAdvisor appointed Julie M.B. Bradley as chief financial officer, effective immediately (EXPE) 25.52 -0.24 :
10:01AM General Motors reports September US Sales up 20% to 207,145 units (GM) 20.26 +0.09 :


10:01AM SEI Investments institutional investment solution for healthcare (HealthcareConnect 360) has been granted the 'Peer Reviewed by HFMA' designation (SEIC) 15.32 -0.06 :


10:01AM Stock indices jump higher after stronger construction/ISM data -- Dow -31, S&P -3.4, Nasdaq Comp -16 (SPY) : 


9:55AM Stock indices fail to build on bounce attempt, slide to new session lows -- Dow -91, S&P -10, Nasdaq Comp -28 (SPY) :  

9:48AM Ivanhoe Mines and and Rio Tinto (RIO) respond to Mongolian govt letter; Ivanhoe Mines expects Oyu Tolgoi investment agreement to remain unchanged (IVN) 13.29 -0.41 : The cos received a letter from a representative of the Mongolian Cabinet to discuss potential changes to the Oyu Tolgoi Investment Agreement. The changes related to the conditions under which the Mongolian Government may negotiate with Ivanhoe Mines to acquire, on mutually agreed terms, an additional 16% interest in the project and the application of a sliding-scale royalty to the project. In response to this letter, Ivanhoe Mines and Rio Tinto have formally advised the Mongolian government that the companies are not prepared to renegotiate the investment agreement. In addition, the companies also have written to the individual members of Mongolia's peak political authority, the National Security Council, requesting its assistance to ensure the government's full and immediate support for the investment agreement. Ivanhoe Mines expects that the parties will continue to honour and implement the terms of the agreement as previously negotiated and has asked the government to affirm its full support for the agreement... The letters also cautioned that the government's actions could seriously undermine the confidence that international investors have in Mongolia's future as a safe and stable country in which to invest.

9:44AM Semiconductor Hldrs ETF extends bounce off early low (SMH) 28.57 +0.13 : INTC dipped below its 50/200 ema at 21.27/21.28 in opening trade (session low 21.17) but has quickly recovered back above.

9:40AM Financial Select Sector SPDR edges back into positive territory (XLF) 11.85 +0.04 : MS has bounced roughly 3% off its early low

9:38AM Weaker start for the stock indices amid broad based pressure -- Dow -67, S&P -7.4, Nasdaq Comp -19 (SPY) : The S&P is flirting with the 1122/1120 congestion zone (session low 1123) with its Aug/52-wk/trade range close low just below at 1119 (Aug intraday low 1114).

9:31AM Goodyear Tire and NASCAR extend agreement (GT) 9.98 -0.11 : Co announced they have signed an extended agreement for Goodyear to continue as the exclusive tire used in NASCAR's top three racing series for the next five years. The agreement, which extends through the 2017 season, renews co as the Exclusive Tire Supplier of NASCAR's Sprint Cup Series, the NASCAR Nationwide Series and the NASCAR Camping World Truck Series.

9:23AM On The Wires (WIRES) :

• Aastrom Biosciences (ASTM) announced that it has been granted a key composition of matter patent from the European Patent Office.
• Interactions Corporation announced an agreement to expand its year-long relationship with health care company Humana (HUM). Interactions and Humana will partner to deploy Interactions' highly advanced voice portal to streamline how Humana members enroll for Medicare Part D benefits.
• Lucas Energy (LEI) announced that the Company has commenced drilling the Kuntschik No.1 HST well new lateral in Gonzales County, Texas.
• Cleveland BioLabs (CBLI) announced that a study demonstrating CBLB502's ability to inhibit acute renal ischemic failure was published in the October 1, 2011 issue of The Journal of Immunology.

9:22AM AstraZeneca's MedImmune announced earlier an execution of an in-licensing agreement with Pfizer (PFE) for tremelimumab (AZN) 44.36 : Under the terms of this agreement, MedImmune will assume global development rights to tremelimumab and Pfizer will retain the rights to use tremelimumab with specified types of combination therapies. MedImmune plans to explore tremelimumab in a number of potential cancer indications. Terms of the agreement were not disclosed.

9:17AM Kinross Gold has subscribed for 6,000,000 units of Revolution Resources (KGC) 14.78 : Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant allows the holder to purchase one common share at an exercise price of CAD$0.75 during the four year period following the closing of the private placement. Assuming the exercise of all warrants held by Kinross, Kinross would hold 9,000,000 common shares, constituting 13.1% of Revolution's outstanding common shares. The subscription price for the units is CAD$0.50 per unit for an aggregate purchase price of CAD$3,000,000. The private placement is subject to approval by the TSX Venture Exchange. Kinross is acquiring the Revolution units for investment purposes.

9:16AM VSE Corp's global division has been awarded a one-year $277 mln cost-plus-award-fee, indefinite-delivery, indefinite-quantity contract by the U.S. Naval Sea Systems Command (VSEC) 25.81 : Co has been awarded a one-year $277 million cost-plus-award-fee, indefinite-delivery, indefinite-quantity contract by the U.S. Naval Sea Systems Command for continuous lifecycle support of naval vessels bought, sold, or otherwise transferred to Foreign Military Sales customers through the International Fleet Support Program. This contract includes options, which, if exercised by NAVSEA, would bring the cumulative five-year maximum potential value of this contract to $1.5 bln.

9:11AM PPD Inc. to resume trading at 9:45am ET (PPDI) 25.66 :  

9:10AM Blueknight Energy announces commencement of rights offering (BKEP) 6.25 : Each whole Right entitles the holder thereof to acquire, for an exercise price of $6.50, a newly-issued Series A Preferred Unit of the Partnership (the "Basic Subscription Right"). In addition, holders of the Rights will be entitled, subject to limitations, to subscribe for additional Series A Preferred Units that remain unsubscribed as a result of any unexercised Basic Subscription Rights at a subscription price of $6.50 per unit, as described more fully in the prospectus supplement that the Partnership filed with the Securities and Exchange Commission on September 27, 2011.

9:09AM Vertex Pharm will present abstracts from CF program on November 3-5 (VRTX) 44.46 :  

9:06AM Yahoo! and ABC News, subsidiary of Disney (DIS) announced earlier launch news and information alliance (YHOO) 13.17 : Yahoo! and ABC News announced a strategic alliance for delivery of news and information. This multifaceted relationship blends Yahoo! News' audience, as well as its depth and breadth of content, with ABC News' global newsgathering operation and lineup of anchors and reporters... ABC News will be the premier news provider on Yahoo! News. ABC News will continue to maintain editorial control of their sites, and Yahoo! maintains editorial control of Yahoo! sites.

9:05AM Dynavax Technologies reports modified intent to treat analysis from the HEPLISAV Phase 3 trial in healthy adults over age 40 (DVAX) 1.86 : Co presented at the Global Vaccine Congress an analysis of the modified intent to treat population from its Phase 3 trial, showing the superiority of HEPLISAV vs. Engerix-B. The previously reported per protocol analysis compared the three consistency lots of HEPLISAV to Engerix-B and included 1123 HEPLISAV and 359 Engerix-B subjects who completed the vaccination regimens according to the protocol. The modified intent to treat populations of 1947 HEPLISAV subjects and 476 Engerix-B subjects included all subjects that had received at least one dose of any of the four HEPLISAV lots or Engerix-B and had at least one post vaccination immunogenicity result. The Phase 3 study, HBV-16, was a multi-center, observer-blinded study to determine if the immunogenicity of two doses of HEPLISAV was non-inferior/superior to three doses of Engerix-B by comparing seroprotection rates at eight weeks post last dose.

9:04AM Deere plans to build two new factories in Brazil to meet growing market demand for its construction equipment products in Brazil and other South American countries (DE) 64.57 : The total investment is approximately $180 million with Deere investing approximately $124 million of the total.

9:04AM Vimicro announces the appointment of Richard Peidong Wu as Chief Financial Officer, effective October 8, 2011 (VIMC) 1.40 :  

9:03AM PPD Inc. to be acquired by the Carlyle Group and Hellman & Friedman for $33.25/share (PPDI) 25.66 : Co announced that it has entered into a definitive merger agreement under which it will be acquired by affiliates of The Carlyle Group and Hellman & Friedman in an all-cash transaction valued at $3.9 bln, after which PPD will be a private company. Under the terms of the merger agreement, Carlyle and Hellman & Friedman will acquire the outstanding common shares of PPD for $33.25 per share in cash. This represents a premium of 29.6% over PPD's closing price on September 30, 2011.

9:03AM Cypress Semi: GSI's (GSIT) alleged infringement ofco's SRAM patents by GSI have ended without a resolution (CY) 14.97 : Co said that negotiations with GSI Technology regarding the alleged infringement of Cypress's SRAM patents by GSI have ended without a resolution. In June, co filed a complaint with the International Trade Commission alleging infringement by GSI of four of its SRAM patents. The complaint seeks an exclusion order from the ITC that would prevent the importation of all infringing GSI SRAMs. The ITC requires disputing companies to meet three times before the trial. Cypress's comments came in the wake of the first of these meetings.

9:02AM Crude drops sharply to lows, at $76.91 following open of pit trade; now off $2.26 at $76.96 (COMDX) :  

9:02AM RDA Microelectronics increases share repurchase program up to $15 mln (RDA) 8.48 :  

9:01AM Intl Game Tech has settled its patent litigation with Aristocrat Leisure (IGT) 14.53 : Co announced that it has settled its patent litigation with Aristocrat Leisure. IGT and Aristocrat have cross-licensed each other to their patents and they will have the right to offer all the products which were the subject matter of the litigations subject to certain royalty obligations. This settlement ends all present patent litigation between IGT and Aristocrat and their subsidiaries.

8:57AM Brown & Brown subsidiary agrees to acquire assets of Industry Consulting Group; financial terms not disclosed (BRO) 17.80 : With ~$7.1 mln of annualized revenues, Industry Consulting Group provides property tax services including tax reporting, payment, and valuation and assessment appeals services to financial institutions and other clients in Texas and throughout the United States.

8:46AM CPI Aerostructures announced today that it has received new purchase orders totaling $1.4 mln from Bell Helicopter, a Textron (TXT) company (CVU) 9.50 : The new orders were for additional requirements to a contract CPI Aero announced in March 2011. Including the new orders, CPI Aero has received aggregate orders in excess of $1.67 mln for AH-1Z aircraft assemblies. Separately, Co announced that it has received authorization from an existing customer for work on an existing program that adds more than $15.7 mln to its current backlog. Details of this award will be announced at a later time.  

8:46AM Vivus annonces two-year treatment with Qnexa has benefits beyond weight loss (VVUS) 8.07 : Co announced that multiple abstracts were presented at The 29th Annual Scientific Meeting of The Obesity Society being held in Orlando, Florida. The presentations highlighted the long-term beneficial effects of Qnexa treatment in addition to double-digit weight loss. Specifically, Qnexa patients had significant improvement in liver function and reductions in medications used for diabetes, high blood pressure and high cholesterol. In addition, Qnexa was found effective in treating severely obese patients. Severely obese patients who were treated with Qnexa top dose for two years had weight loss over 12%.

8:43AM On The Wires (WIRES) :

• Harbinger Group (HRG) announced that Fidelity & Guaranty Life Insurance Company, its indirect wholly-owned subsidiary which offers life insurance and annuity products, received no objection by the Maryland Insurance Administration for the payment of a $20 mln dividend to the Company, which was received on September 30, 2011.
• Corporate Executive Board (EXBD) announced that it has acquired Baumgartner & Partner. Terms not disclosed.
• HP Enterprise Services (HPQ) announced the Florida Agency for Health Care Administration has signed a renewal service agreement to manage the state's Medicaid Management Information System. The $172 million, three-year renewal extension contract will help enable the state to transition to a managed care environment. The agreement extends HP's contract through June 2016. 
• Radvision (RVSN) announced general availability for its SCOPIA Mobile v3 application in the Apple (AAPL) App Store. 
• OSI Systems (OSIS) announced that its security division, Rapiscan Systems, was awarded a contract for ~ $3 mln to provide state of the art baggage, parcel and checkpoint inspection systems to an international airport in the Middle East region.
• The Environmental Protection Agency has awarded CGI Federal, a wholly-owned subsidiary of CGI Group (GIB) a $64.46 mln task order for Custom Applications Management, including a one-year base and four, one-year option periods.
• Swisher Hygiene (SWSH) announced that it has acquired the assets and certain liabilities of L&F Sales.
• O2Micro International (OIIM) was issued 15 claims under United States patent number 7,999,554 for its Battery Voltage Translator circuitry.
• Barnes & Noble (BKS) announces that NOOK Color and NOOK Simple Touch eReaders are now available at Target (TGT) stores nationwide and at Target.com as Barnes & Noble continues to expand the distribution of NOOK devices.
• Quaterra Resources (QMM) announced that holders of ~8.9 mln Warrants have exercised their Warrants to purchase 8.9 mln common shares of the Company at a price of $0.75 per share for proceeds to the Company of ~$6.7 mln The remaining 630K Warrants that were issued under the Placement which closed on September 29, 2009, were not exercised and have expired.

8:38AM PokerTek announces appointment of Joseph Lahti as Chairman of the Board (PTEK) 0.85 : Co announced that its Board of Directors has appointed Joseph Lahti to serve as Chairman of the Board effective October 1, 2011. Lahti has been a member of the Board of Directors since 2006 and also serves on the Audit, Governance and Compensation Committees.

8:35AM Ecopetrol informs that it proved hydrocarbon accumulation in the exploratory well Trasgo-1, in the western block of the Cano Sur exploration and exploitation contract (EC) 40.29 : Drilling of the well started on August 4 of this year, and reached a depth of 2,934 feet. Ecopetrol obtained nuclei of rock from the basal sands of the Carbonera Formation, which was the well's principal exploratory objective, with good crude oil saturation. Subsequently, initial production testing was done at intervals of four feet (from 2,771 to 2,775 feet), with an artificial lift progressing cavity system, which put out an average production of 120 barrels of fluids per day of 13.8 degrees API crude oil.

8:34AM TeleComm Sys receives $16.1 mln orders from U.S. Army for Satellite Communications Solutions (TSYS) 3.45 :  

8:33AM Corp Exec Bd acquires Germany-Based Baumgartner & Partner Unternehmensberatung GmbH (EXBD) 29.80 : Co announced that it has acquired Baumgartner & Partner, a Germany- based transformation and optimization consultancy... The deal, effective Sept. 30, 2011, includes HR, finance and accounting process benchmarking assets as well as HR transformation advisory services.

8:33AM Diana Shipping entered into a time charter contract with Louis Dreyfus Commodities for one of its Panamax dry bulk carriers at a gross rate of US$12,250/day, minus a 5% commission paid to third parties for a minimum 22 to a maximum 26 month period (DSX) 7.42 :  

8:33AM Cerus entered into a growth capital credit facility and a revolving line of credit with Comerica Bank; The combined facility provides Cerus with an initial four-year, $5 mln term loan (CERS) 2.12 : The additional term loan is available between December 31, 2011 and June 30, 2012 in an amount of up to $3 million. The balance of the additional $5 million is available under the revolving line of credit until September 30, 2013. A portion of the initial $5 million term loan was used to repay the company's existing credit facility.

8:33AM Denbury Resources authorizes repurchase program for up to $500 mln of common stock (DNR) 11.51 :  

8:33AM O2Micro receives patent for battery voltage translator circuitry (OIIM) 4.17 : Co was issued 15 claims under United States patent number 7,999,554 for its Battery Voltage Translator circuitry. O2Micro's patented circuitry monitors cell voltage levels within a battery pack, and translates it to a ground reference to ensure accurate and consistent low voltage measurement.

8:32AM Wowjoint Holdings has entered into a new line of business in China, by developing equipment to perform the maintenance and repair of China's ever expanding railway system (BWOW) 0.80 : Co announces it has entered into a new line of business in China, by developing equipment to perform the maintenance and repair of China's ever expanding railway system. Co has been awarded the contract by China's Ministry of Railway to build the first ever equipment for inspection of the overhead concrete beams of the elevated pave way of China's high-speed railway. This specialized equipment is expected to have an average sales price of ~$1 mln.

8:32AM NuPathe reports positive top-line results from 12-month, repeat use safety trial for its migraine patch (PATH) 2.02 : Co announced positive top-line results from NP101-009, its second 12-month, repeat use safety trial for its migraine patch (NP101 or Zelrix). NP101-009 was designed to assess the long-term safety of the migraine patch. A total of 479 patients were enrolled and applied at least one patch. Consistent with the findings from previous studies, the incidence of adverse events known as triptan sensations, which can include chest tightness, flushing and feelings of pressure and numbness, was very low, with only four patients (0.8 percent) reporting a triptan sensation over the course of the 12-month trial.

8:32AM FuelCell Energy announces $3.0 million award for Carbon Capture Utilizing Direct FuelCe (FCEL) 0.84 : Co announced a $3.0 million award from the U.S. Department of Energy to evaluate the use of Direct FuelCell to efficiently and cost-effectively separate carbon dioxide (CO2) from the emissions of existing coal-fired power plants. Efficient and cost-effective carbon capture can then lead to sequestration of this greenhouse gas, preventing its release into the atmosphere.

8:31AM General Moly announces an 18% increase in molybednum and a 47% increase in copper contained at the Liberty Project (GMO) 2.90 : Co announced an updated resource estimate for the co's 100%-owned Liberty project near Tonopah, Nevada based on a revised NI 43-101 compliant pre-feasibility study detailing updated resource estimates and project economics. The report provides an update to a pre-feasibility study that was completed in April 2008. The completed report, which estimates molybdenum and copper reserves and resources, production, capital and operating cost parameters along with project economics, will be filed on SEDAR within 45 days. Highlights of the updated resource estimate include: -A 18% increase in contained molybdenum within proven and probable reserves to 722 million pounds; -A 47% increase in contained copper within proven and probable reserves to 894 million pounds; - A 25% increase in proven and probable tonnage to 541.4 million tons.

8:31AM Vermillion announces 'positive' top-line data from intended use study for Peripheral Artery Disease (VRML) 2.61 : Co announced positive top-line results from the intended use study for its peripheral artery disease blood test, VASCLIR. The goals of the study were to validate the markers described in earlier publications and to develop and validate a biomarker panel applicable to the intended use population. Key takeaways from the study include the individual biomarkers beta 2 Microglobulin cystatin C, and hsCRP, each has statistically significant different levels between PAD subjects and non-PAD subjects.

8:31AM Great Basin Gold announces a change to its management team with the appointment of Dana Roets as COO (GBG) 1.69 :  

8:31AM IRobot receives $11 mln Order from the U.S. Army (IRBT) 25.15 : Co announces it has received an $11 mln order from the U.S. Army Contracting Command in Warren, Michigan for 70 of the company's model 310 SUGV robots and spares kits. The order is the first under a new two-year requirements contract, which allows the Army to purchase model 310 SUGV robots and spares.

8:31AM NeoStem's Progenitor Cell Therapy and ImmunoCellular Therapeutics enter into a manufacturing agreement (NBS) 0.65 : Co announced that IMUC has retained the services of PCT to serve as the second manufacturing site to produce ICT-107, a dendritic cell-based vaccine targeting multiple tumor associated antigens for glioblastoma, for its Phase II clinical trial. As part of this agreement, PCT will transfer and qualify the cGMP manufacturing process for ICT-107 at PCT's West Coast facility in Mountain View, California for use in IMUC's U.S. based Phase II clinical trial, as well as subsequent manufacturing to support future trials and development efforts.

8:16AM Measurement Specialties acquires Celesco for $35 mln (MEAS) 25.96 : The co acquired the capital stock of Celesco for $35 mln, or ~6 times trailing 12 month EBITDA. The co expects the transaction will contribute ~$15 mln to incremental annual sales.

8:08AM Pinnacle Airlines announced that Doug Shockey, vice president and COO, is resigning; replaced by John Spanjers (PNCL) 2.93 : Co announced that Doug Shockey, vice president and chief operating officer, is resigning from the company. He will be replaced by John Spanjers, who will also retain the title of senior vice president, operations for Mesaba Aviation.

8:07AM Gaiam repurchases increased to 23.4% of the outstanding shares (GAIA) 3.37 : Co announced that the Company has repurchased additional shares of its common stock, launched its Gaiam TV streaming platform, and began today its new role as one of two selected consolidators of independent media content into Target's entertainment department.

8:07AM Hercules Offshore announces liftboat struck by waterspouts offshore Louisiana; co is insured for damage to the Starfish up to the insured value of $2.5 mln subject to a $1.0 mln deductible (HERO) 2.91 :  

8:05AM Sunpower announces it will lower guidance on 11/3 earnings conference call (SPWRA) 8.09 : Co announces that "the challenging market conditions continue to impact our global residential and commercial business. As a result, we will revise our 2011 revenue and earnings outlook on our third quarter earnings conference call to be held on November 3, 2011."

8:05AM Cinedigm Digital Cinema names Adam Mizel COO & CFO and Gary Loffredo President of Digital Cinema Services & General Counsel (CIDM) 1.19 : Co announced that Adam Mizel has been named Chief Operating Officer & Chief Financial Officer, and Gary Loffredo has been named President of Digital Cinema Services & will continue as General Counsel, effective immediately.

8:05AM Novavax announced positive top-line results from a Phase I clinical study of its respiratory syncytial virus fusion recombinant nanoparticle vaccine candidate (NVAX) 1.60 : Co announced positive top-line results from a Phase I clinical study of its respiratory syncytial virus (RSV) fusion (F) recombinant nanoparticle vaccine candidate. In a paper titled "Recombinant RSV F nanoparticle vaccine for respiratory disease: antigen characterization, preclinical efficacy and clinical evaluation," Gregory M. Glenn, M.D., Senior Vice President and Chief Medical Officer of Novavax, is presenting safety, immunogenicity and tolerability findings from this study in a poster and oral presentation today and tomorrow, respectively, at the 5th Vaccine and ISV Annual Global Conference in Seattle. In his presentations, Dr. Glenn is reporting that Novavax's RSV vaccine candidate was well-tolerated and highly immunogenic, inducing levels of functional immunity that could potentially correlate with protective immunity in future trials. The primary safety findings were local pain and tenderness at the site of injection, the majority of which were mild in nature with no dose-related increase observed. There were no observed vaccine-related serious adverse events or trends for related systemic side effects. The antibody response to the RSV F protein was significantly increased compared to placebo (p<0.001) in all groups and increased by 19 fold in the highest-dose group at day 60. A significant dose-response pattern was observed.

8:04AM EnteroMedics announces updated data from VBLOC DM2 ENABLE Study and caloric intake study results to be presented at the 29th Annual Obesity Society Meeting (ETRM) 1.71 : Co announced that twelve month Caloric Intake Study data and updated clinical results from the Company's VBLOC-DM2 ENABLE Study evaluating its second-generation Maestro RC System in the treatment of obesity, diabetes and hypertension will be presented at the Annual Meeting of the Obesity Society. The Company will present updated data from additional subjects reaching 18 months in the DM2 Study at the Obesity Society Annual Meeting. These results include change in HbA1c and fasting plasma glucose at 18 months, as well as new data on change in waist circumference at 12 months.

8:04AM PolyOne agrees to acquire ColorMatrix Group; expected to be modestly accretive to earnings in 2012 ($0.02-$0.03 per share) and to add ~ $0.10-$0.12 per share in 2013 (POL) 10.70 : Co announced an agreement to acquire ColorMatrix Group the leading global innovator in liquid colorants, additives and fluoropolymers. Co intends to finance the purchase price of $486 mln, which includes transaction tax benefits of $10 mln, with a combination of cash on hand and the addition of ~ $300 mln of long term debt. The acquisition is being made on a cash free, debt free basis, and the purchase price is subject to a customary working capital adjustment and other closing conditions.

8:03AM Duke Energy: FERC conditionally authorizes Duke Energy-Progress Energy (PGN) merger (DUK) 19.99 : The Federal Energy Regulatory Commission (FERC) has conditionally authorized the proposed merger of Duke Energy and Progress Energy, subject to the agency's approval of mitigation measures to address its finding that the combined company could have an adverse effect on competition in Carolinas power markets... Cos received overwhelming shareholder approval at separate meetings Aug. 23.

8:03AM Great Lakes Dredge & Dock announces new contract awards of $180 mln (GLDD) 4.07 : Co announced eight new contract awards totaling ~$180 mln. The awards include a coastal restoration project in Louisiana, port deepening work in New York's Ambrose channel and six coastal protection/beach re-nourishment projects along the East Coast. Great Lakes was awarded $41.0 mln of work to deepen the Ambrose Channel, the offshore entrance portion of the New York Harbor deepening project. This is another part of the important deepening of the New York/New Jersey Harbors to a 50 foot depth as they prepare for the modern class of larger draft vessels in international trade.

8:02AM Vitesse Semi lowers Q4 rev guidance below consensus; lowers product margin, op-ex guidance (VTSS) 2.95 : Co lowers Q4 rev guidance to $29-30.5 mln from $35-38 mln vs. the $35.8 mln consensus; product margins to 57-59% from 59-61%. "We continue to see softening of global demand as a number of customers manage through existing inventories and curtail purchases due to economic conditions that are impacting performance broadly across our sector, particularly in the Asia Pacific region. A delay in an intellectual property contract also contributed to our reduced revenue expectation. In the quarter, we took actions to further reduce our operating expenses. These measures will reduce 2012 operating expenses by approximately $10 million as compared to 2011."

8:02AM Orexigen Therapeutics announces data presentation demonstrating Contrave benefits on predicted 10-year cardiovascular risk, brain response to food cues and cardiometabolic risk factors and weight-related quality of life (OREX) 1.99 : Co announced that Contrave data will be presented in one oral and multiple poster presentations at the 29th Annual Scientific Meeting of The Obesity Society on October 3, 2011 in Orlando, FL. The Company will present results from evaluations of the COR (Contrave Obesity Research) program data for predicted long-term outcomes as well as responder analyses of Contrave treatment. Additionally, Orexigen will present results of a recently completed clinical trial assessing the impact of Contrave on certain neurobiological mechanisms that control the brain's response to food cues. Co says the data presentation demonstrates Contrave benefits on predicted 10-year cardiovascular risk, brain response to food cues and cardiometabolic risk factors and weight-related quality of life.

8:01AM Audiocodes announces 4 mln ordinary share repurchase program (AUDC) 3.12 :  

8:01AM Chipmos Technology announces $10 million share repurchase program (IMOS) 5.17 : Co also announced that ThaiLin Semiconductor, a 42.9%-owned subsidiary of ChipMOS's 84.2% owned subsidiary, ChipMOS TECHNOLOGIES INC. has completed the purchase of demand notes issued by Modern Mind Technology Limited from ChipMOS. ChipMOS received payment of US$39.95 million from ThaiLin on October 3, 2011.

8:01AM XOMA Limited Secures Federal Contract to Expand Its Next-Generation Human Botulism Antitoxin Portfolio (XOMA) 1.75 : Co has been awarded a new contract for up to $28 million over five years to develop broad-spectrum antitoxins for the treatment of human botulism poisoning. The botulinum toxin, which causes botulism poisoning, is one of the most toxic poisons and is classified as a Class A, the highest level, bio-terror threat by the U.S. government. To date, XOMA has entered into four contracts totaling up to approximately $120 million with the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), to advance biodefense-related product development.

8:01AM ExlService has acquired Trumbull Services from The Hartford Financial Services Group (HIG); terms not disclosed (EXLS) 22.00 : Co announced that it has acquired Trumbull Services, a market leader in subrogation services for property and casualty insurers, from The Hartford Financial Services Group (HIG). In conjunction with the transaction, EXL will continue to provide services to The Hartford consistent with its existing Trumbull relationship. Financial terms of the transaction were not disclosed. All Trumbull employees associated with the transaction have been offered comparable positions with EXL.

7:50AM SAIC announced today that Walt Havenstein will retire as CEO effective June 15, 2012 (SAI) 11.80 : Havenstein said he was leaving for personal reasons.

7:41AM On The Wires (WIRES) :

• Anthelio announced a strategic partnership with MedQuist Holdings (MEDH). The partnership is aimed at improving clinical documentation initiatives, revenue cycle management and IT efficiency.
• NICE Actimize, a NICE Systems company (NICE) announced that the Gulf Coast's Hancock Bank is implementing NICE Actimize's anti-money laundering, fraud prevention and enterprise risk case management solutions.
• Jacada (JCDA) announced that in accordance with its previously announced request for voluntary delisting from the Tel Aviv Stock Exchange, the TASE has set the last day of trading of its ordinary shares on the TASE for October 6, 2011.
• Alkermes (ALKS) announced the initiation of a phase 2b study of ALKS 37, an orally active, peripherally restricted opioid antagonist for the treatment of opioid-induced constipation 
• Auxilium Pharmaceuticals (AUXL) announced that the first patients have been dosed in the Company's phase IIIb trial of XIAFLEX for the treatment of adult Dupuytren's contracture patients with multiple palpable cords.
• Hydrogenics (HYGS) announced that it has finalized and signed an agreement with the Ontario Government that will realize up to $6.0 mln.
• PROLOR Biotech (PBTH) announces that it has received a notice of allowance from the U.S. Patent and Trademark Office for a patent application covering the co's long-acting CTP-enhanced human growth hormone.
• Rudolph Technologies (RTEC) announced that it has shipped its Wafer Scanner 3880 3D Inspection System, multiple NSX Macro Defect Inspection Systems and its Discover Yield Management Software Suite to a semiconductor manufacturer for use in developing through silicon via based processes for advanced 3D IC integration.

7:32AM POZEN announces engaging Keelin Reeds Partners LLC to assist with PA32540 strategic partner search (POZN) 2.41 : Co announces the selection of Keelin Reeds to assist in the strategic partner search for PA32540, currently in late Phase 3 development.

7:32AM AGCO Corp has agreed to acquire GSI Holdings from affiliates of Centerbridge Partners for $940 mln; transaction is expected to be immediately accretive to earnings and cash flow (AGCO) 34.57 : Co has agreed to acquire GSI Holdings Corp. (GSI) from affiliates of New York-based Centerbridge Partners, L.P. for $940 million. With annual revenue of over $700 million, GSI is a leading global manufacturer of grain storage and protein production systems. The transaction is expected to be immediately accretive to earnings and cash flow. AGCO has received committed bank financing from Rabobank to finance the transaction and refinance existing credit lines.

7:32AM Targa Resources has acquired two refined petroleum products and crude oil storage and terminaling facilities (NGLS) 32.88 : Co announces it has acquired two refined petroleum products and crude oil storage and terminaling facilities. The Targa Sound Terminal on the Hylebos Waterway in the Port of Tacoma, Washington has 758,000 barrels of capacity and handles refined petroleum products, LPGs and biofuels, including ethanol and biodiesel. The Targa Baltimore Terminal on the Patapsco River in Baltimore, Maryland has ~505,000 barrels of storage capacity, contains blending and heating capabilities, and has tanker truck and barge loading and unloading infrastructure. Total consideration for both transactions, which closed effective September 30, 2011, was ~$127 mln.

7:31AM Magnum Hunter announces record third quarter daily production exit rate of 8K Boepd; reiterates and confirms its previously announced exit rate guidance of a minimum of 10K Boepd at year-end 2011 (MHR) 3.31 : Co annnounced combination of new wells completed and placed online in the Eagle Ford, Marcellus, and Williston Basin contributed to the significant increase in companywide daily production.

7:31AM Medcath has sold its interest in Louisiana Medical Center & Heart Hospital to Cardiovascular Care Group (MDTH) 13.88 : Co announced that it has sold its interest in Louisiana Medical Center & Heart Hospital to Cardiovascular Care Group. The purchase agreement and the transaction were simultaneously signed and closed, effective Sept. 30, 2011... The transaction was structured such that MedCath and C.C.G simultaneously signed the purchase agreement and closed the transaction. Immediately prior to closing, MedCath converted part of its intercompany loans to the hospital to additional equity in the hospital, increasing MedCath's ownership to 95.4 percent, from 89.2 percent. MedCath then sold its equity and its remaining intercompany loans to CCG for approximately $23.0 million subject to certain working capital adjustments.

7:24AM AOL's The Huffington Post Media Group acquires Localocracy, a online engagement platform; financial terms were not disclosed (AOL) 12.00 :  

7:20AM Focus Media reaffirms Q3 guidance; expands share repurchase program (FMCN) 16.83 : Co reaffirms Q3 rev guidance. Co sees net revenues for the core business are expected to be in the range of $175-$177 mln, the mid-point of which would represent year-on-year growth of 37% and quarter-on-quarter growth of 6%. Net revenues for the non-core business are expected to be in the range of $11-$13 mln. The co's non-GAAP net income is expected to be in the range of $68-$70 mln. The co's non-GAAP net income guidance excludes any contribution from our 15% stake in VisionChina. Co also expands their share repurchase program from $450 mln to $650 mln.

7:19AM Avista announced Friday night that it reached multi-party settlement in Washington Electric and Natural Gas rate requests (AVA) 23.84 : Co announced Friday night that it and other parties in the company's electric and natural gas rate case filings have reached a settlement agreement that, if approved by the Washington Utilities and Transportation Commission is designed to provide an additional $20.0 mln , or a 4.5%, increase in annual electric billed revenue, and $3.75 mln, or a 2.6 %  increase, in annual natural gas billed revenue.

7:09AM Tessera Tech: U.S. Court of Appeals for the Federal Circuit reversed a lower court that had dismissed a lawsuit brought by Powertech Technology against Tessera (TSRA) 11.94 : Co announces that on Sept. 30, 2011, the U.S. Court of Appeals for the Federal Circuit reversed a lower court that had dismissed a lawsuit brought by Powertech Technology against Tessera. In March 2010, PTI filed a lawsuit in U.S. District Court seeking a declaration of noninfringement and invalidity regarding a single Tessera, Inc. patent, U.S. Patent No. 5,663,106. The District Court dismissed the lawsuit on procedural grounds, namely, a lack of subject matter jurisdiction. On appeal, the Court of Appeals disagreed, and remanded the matter back to the District Court for further proceedings. The appellate court's decision is not a ruling on the merits of PTI's claims regarding U.S. Patent No. 5,663,106. "We are confident in the merits of our case, and are prepared to move forward following this ruling by the Court of Appeals. Tessera has the option to petition the panel and/or the full Court of Appeals for rehearing within 45 days, and to petition the U.S. Supreme Court for a writ of certiorari within 90 days after entry of the judgment or any requests for rehearing are denied, whichever is later."

7:08AM Regis names Randy Pearce CEO effective February 2012 (RGS) 14.07 : Co announced the next step in its planned CEO succession process: the Regis Board of Directors has named Randy Pearce, currently President of Regis, as CEO, effective in February 2012. Mr. Pearce will succeed Paul Finkelstein. Pearce serves on the board of Ascena Retail (ASNA)

7:06AM EntreMed's ENMD-2076 demonstrates promising activity in a Phase 2 Study in platinum-resistant ovarian cancer patients (ENMD) 1.52 : Co announces the final data for the primary endpoint of progression free survival rate at 6 months for its Phase 2 study with ENMD-2076 in platinum-resistant ovarian cancer patients. Data from all 64 patients showed a six-month progression free survival rate of 22%. Four patients achieved a partial response as measured by RECIST v1.1. Median overall survival has not yet been reached. The side effect profile was consistent with activity against ENMD-2076's targets, in particular, VEGFR2 and Aurora A.

7:06AM Golden Minerals announces private placement of ~ 4.1 mln shares of common stock at $7.44/share and filing of Shelf Registration (AUMN) 7.40 : Co announced that they have agreed to sell, in a private offering, 4,118,150 shares of its common stock to The Sentient Group, at a price of $7.44 per share, the closing price of the co's on the NYSE Amex on September 30, 2011. The transaction is expected to close on or before Friday, October 7, 2011, subject to customary conditions, and is expected to provide net proceeds of ~30.6 mln to the co. Following the completion of the transaction, Sentient will hold ~19.9% of Golden Minerals' outstanding common stock.

7:06AM Longwei Petroleum withdraws $50 mln Shelf Registration (LPH) 0.90 : Co states: "We are withdrawing the shelf registration to mitigate investor concerns regarding the issuance of securities at the current share price levels. Our operating cash flow is sufficient to fund the total RMB 700 mln (~$108.3 mln) purchase price for the assets of Huajie Petroleum, and our balance sheet and operating results remain strong as we head into our second fiscal quarter."

7:05AM Achillion Pharma to present updated clinical and preclinical data on multiple compounds at AASLD 2011 (ACHN) 4.72 : Co announced that four abstracts on HCV compounds discovered and developed by Achillion were accepted for presentation at the 62nd Annual Meeting of the American Association for the Study of Liver Disease to be held November 4-8, 2011 in San Francisco, CA. During the congress, a poster presentation detailing Phase 2 segment 1 clinical trial results for ACH-1625, a once-daily protease inhibitor, will report updated 28-day safety and efficacy results for ACH-1625 administered in combination with pegylated-interferon and ribavirin for the treatment of treatment naive genotype 1 HCV. Preclinical data on ACH-2684, a once-daily pan-genotypic protease inhibitor, as well as novel preclinical data for Achillion's second generation NS5A inhibitor compounds, will be reported during poster presentations at AASLD.

7:04AM Emergent BioSolutions receives award to supply 44.75 mln doses of BioThrax to U.S. Government over 5 Years for a total value of up to $1.25 bln (EBS) 15.42 :  

7:03AM Sangamo BioSci announces Phase 2b trial of SB-509 in diabetic neuropathy did not meet key study endpoints (SGMO) 4.35 : Co announced that its Phase 2b study did not meet its primary or secondary clinical endpoints in subjects with moderate severity diabetic neuropathy as compared to placebo. SB-509 treatment did not show statistically significant improvements from baseline compared with placebo at 180 days in the primary endpoint, sural nerve conduction velocity the secondary endpoint, neuropathy impairment score in the lower limb or intraepidermal nerve fiber density. SB-509 was generally well-tolerated. There were three serious adverse events in the SB-509 treated group compared with three serious adverse events in the placebo group. The remaining adverse events were mild and reversible and were generally equivalent in both groups. (stock halted)

7:02AM Triple-S Management awarded five regions of Puerto Rico Medicaid Plan; anticipates that this contract would be accretive to earnings in 2012 (GTS) 16.75 :  

7:02AM Contango Oil & Gas implements second share repurchase program of $50 mln (MCF) 54.71 :  

7:02AM MEDNAX acquires St. Louis, MO Maternal-Fetal Medicine Practice; expected to be immediately accretive to its earnings; no additional terms of the transaction were disclosed (MD) 62.62 :  

7:02AM Education Realty Trust reports opening occupancy +112 bps YoY to 94.9% across the co's same-community owned portfolio for the 2011/2012 lease term (EDR) 8.59 : EDR reported opening occupancy of 94.9% across the co's same-community owned portfolio for the 2011/2012 lease term, which represents a 112 basis point improvement over the prior year. Additionally, the company's same-community net rental rates for the 2011/2012 lease term have increased 4.6% over 2010/2011.

7:00AM A-Power Energy receives further Nasdaq Notice of Noncompliance on September 28, 2011 (APWR) 0.36 :  

6:46AM S1 Corp: ACIW raises deal for SONE to $9.55 per share ($6.62 in cash plus 0.1064 shares of ACIW stock, up from $6.20 in cash plus 0.1064 ACIW shares); sees deal accretive to FY12 earnings; both cos reaffirm FY11 guidance (SONE) 9.17 : ACIW will acquire SONE for ~$360 mln in cash and 5.8 mln ACI shares. Under the terms of the transaction, S1 stockholders can elect to receive $10.00 in cash or 0.3148 shares of ACI stock for each S1 share they own, subject to proration, such that in the aggregate 33.8% of S1 shares are exchanged for ACI shares and 66.2% are exchanged for cash. ACI will acquire S1 for a blended value of $9.55 per share as of Sept 30, 2011, consisting of $6.62 per share in cash and 0.1064 shares of ACI common stock, assuming full proration, which represents an increase of $0.42 per share in cash from ACI's previous offer. The boards of directors of both cos have approved the transaction. ACI will amend its pending exchange offer to reflect the terms of the definitive agreement. ACI anticipates that with S1 it will achieve annual cost synergies of ~$30 mln. In addition, the increased global scale and expected cost savings are expected to generate margin expansion. The transaction is expected to be accretive to full year earnings in 2012. ACI and S1 reiterate the respective guidance each had previously provided, excluding the impact of the transaction, for 2011. ACI will update its guidance to include the acquisition of S1 following the completion of the transaction. SONE reaffirms FY11 rev of $240-250 mln vs. the $246.8 mln consensus; ACIW $450-460 mln vs. the $462.8 mln consensus.

6:45AM Foster Wheeler: Kent Masters assumes CEO Role at Foster Wheeler AG (FWLT) 17.79 : Co announced that, in accordance with the co's previously disclosed succession plan, Kent Masters, has assumed the role of CEP of Foster Wheeler AG. Masters will stand for election to the co's board of directors at an Extraordinary General Meeting of Foster Wheeler AG to be held on November 1, 2011.

6:38AM On The Wires (WIRES) :

• Acacia Research (ACTG) announced that its subsidiary, MEMTech has entered into a settlement agreement with Kionix covering patents relating to certain MEMS devices. Co also announced that its subsidiary, Telematics has entered into a settlement agreement with Wireless Matrix.
• National Health Investors (NHI) announced it has entered into a development and lease transaction with affiliates of Polaris Hospital Company to develop a 60-bed general acute care hospital in Murfreesboro, Tennessee that will provide acute psychiatric and in-patient rehabilitation services. NHI's total commitment to the project is $21.5 mln.
• Clean Energy Fuels (CLNE) has signed a 10-year contract with third-party logistics provider Saddle Creek Transportation to build, operate and maintain a new compressed natural gas truck fueling station at Saddle Creek's headquarters and warehouse complex.
• Boeing (BA) and SELEX Systemi Integrati of Italy announced the signing of a Memorandum of Collaboration to work toward compatibility of global air traffic management systems.
• BNY Mellon (BK) has extended its existing relationship with Eureko to provide global custody and value added services for group assets valued at EUR38 bln.
• Ultrapetrol Limited (ULTR) announced it has entered into contracts with a new customer to transport 400K tons of iron ore per year over a period of four years starting in January 2012.

6:37AM Wolverine beats by $0.07, reports revs in-line; guides FY11 EPS in-line, revs in-line (WWW) 33.25 : Reports Q3 (Sep) earnings of $0.82 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.75; revenues rose 12.9% year/year to $361.6 mln vs the $358.1 mln consensus. Co issues in-line guidance for FY11, sees EPS of $2.46-2.52 vs. $2.49 Capital IQ Consensus Estimate and above prior guidance of $2.40-2.50; sees FY11 revs of $1.40-1.43 bln vs. $1.42 bln Capital IQ Consensus Estimate and above prior guidance of $1.38-1.42 bln. Additionally, co reports Gross margin expanded 44 basis points to a record 40.6%. The co repurchased !948,000 of its own shares in the quarter at an average price of $34.45, or an aggregate cost of $32.7 mln.

6:32AM Stereotaxis appoints new Chief Financial Officer (STXS) 1.11 : Co announced the appointment of Samuel Duggan as Chief Financial Officer of the Company, effective immediately. Mr. Duggan will report to President and Chief Executive Officer Michael P. Kaminski. Mr. Duggan has 25 years of financial leadership experience. He was Vice President and Treasurer of RehabCare Group. from 2009 until its 2011 acquisition by Kindred Healthcare.

6:31AM Vical reports prophylactic and therapeutic efficacy with herpes simplex vaccines in guinea pig model (VICL) 2.47 : Co announced that its Vaxfectin-formulated plasmid DNA vaccines against herpes simplex virus type 2 provided complete protection in guinea pigs against both primary and recurrent HSV-2 disease. The vaccines also significantly reduced genital lesion recurrence and viral shedding as well as latent infection in the central nervous system. Data from multiple prophylactic and therapeutic animal studies demonstrated: Prophylactic pDNA vaccines encoding HSV-2 glycoprotein D alone or encoding gD plus the HSV-2 tegument proteins UL46 and UL47 provided complete protection from both primary and recurrent diseases. Both prophylactic vaccines significantly reduced viral replication at the primary infection site.

6:31AM The Medicines Company Settles Angiomax Patent Litigations With TEVA (MDCO) 14.88 : Co announced that it has settled the lawsuits filed by MDCO in the U.S. District Court for the District of Delaware relating to the Abbreviated New Drug Applications filed by Teva Parenteral Medicines (TEVA) and its affiliate, Pliva Hrvatska, for generic versions of Angiomax. The settlement includes a license by MDCO to Teva Pharmaceuticals USA, and its affiliates under which Teva may launch a generic bivalirudin product under one of its ANDAs in the U.S. on June 30, 2019. In certain limited circumstances, MDCO's license to Teva would become effective prior to June 30, 2019.

6:30AM AngioDynamics receives favorable summary judgment order on Claims Against biolitec (ANGO) 13.13 : Co announced the U.S. District Court for the Northern District of New York has granted key portions of AngioDynamics' motion for summary judgment in its legal case against biolitec. Co sued biolitec to recover costs incurred by AngioDynamics in defending and settling two patent infringement cases. Specifically, Co is seeking to recover the costs of its $7 mln settlement with Diomed in April 2008, its $6.8 mln settlement with VNUS Medical Technologies in June 2008 and the legal fees associated with the two cases.

6:08AM Integra launches Integra CUSA NXT extended length tip (IART) 35.77 : Co announced the launch of the IntegraTM CUSA NXT Extended Length Tip for Integra's CUSA NXT and CUSA Selector Ultrasonic Tissue Ablation Systems. The IntegraTM CUSA NXT Extended Length Tip has received 510(k) clearance from the FDA.

6:03AM Susser acquires wholesale fuel supply contracts; expected to be immediately accretive to earnings; financial terms of the transaction were not disclosed (SUSS) 19.92 : Co acquired the assets of Dallas/Fort Worth based Community Fuels of Texas. The acquisition includes the fuel supply contacts to 121 dealer locations and fuel supply rights to 24 commercial accounts. The financial terms of the transaction were not disclosed and the transaction value was not material.

5:59AM On The Wires (WIRES) :

• Accenture (ACN) has been awarded 42-month contract by the State Government of Sikkim to create Internet access to government services, streamlining efficiency and reducing administrative functions.
• TAT Technologies (TATT) announced that it reached agreement with its lending bank in Israel, to adjust certain financial covenants related to a $5.5 mln loan from said lending bank. Accordingly, as of September 30, 2011 the company meets all financial covenants related to such a loan.
• Canadian Solar  (CSIQ) announced that 22,000 of its high quality and high performance solar modules were used by its partner and EPC project supplier, Isolux Corsan, to build the UK's three largest photovoltaic solar power plants. Under the EUR 40 mln project, three new 5 MW solar power plants were built in Langford, Churchtown and Manor based in Cornwall, for a total of 15 MW installed capacity.
• Nova Measuring Instruments (NVMI) announced that its Nova T500 stand-alone optical CD metrology system was selected by a leading foundry in Asia for process control of advanced etch applications. Following a thorough evaluation process, multiple orders were placed with Nova to support 28nm process transfer to manufacturing and volume production.
• SL Green Realty (SLG) announced that it has formed a venture with Stonehenge Partners and entered into a contract to acquire eight retail and multifamily properties for $416 mln. The transaction is expected to be completed in the first quarter of 2012.

5:32AM Heckmann divests China Water & Drinks (HEK) 5.29 : Co announces the disposition of the current operations of its subsidiary, China Water & Drinks through the sale of nine of its 25 Chinese legal entities to Pacific Water & Drinks Group. The transaction closed on September 30, 2011 with no surviving representations or warranties. Co will no longer have any business or operational exposure in China except its equity holding in PWD. As a result, co will record a one-time non-cash charge of ~$25.0 mln to eliminate the remaining China Water net assets and liabilities from the balance sheet in the third quarter of 2011.

3:08AM B Communications (BCOM) and Internet Gold (IGLD) announce retirement of CEO, Eli Holtzman; elects CFO Doron Turgeman as its new CEO (BCOM) 16.26 :  

2:35AM NIDEC reports repurchase of own shares (NJ) 20.07 : From September 1, 2011 through September 30, 2011, co repurchased 1,010,000 shares for a Total repurchase amount of JPY6,199,387,000 on the Osaka Securities Exchange.

2:33AM On The Wires (WIRES) :

• Lufkin Industries (LUFK) announced that it has reached a new labor agreement with the three unions representing the hourly work force at its Lufkin, Texas manufacturing facilities.
• Samson Oil & Gas (SSN) advises that various preparations for the fracture stimulation of Defender US33 #2-29H are progressing such as the running the cement bond log and the placement of water tanks and the loading of frac fluid. The fracture stimulation is planned for the end of October.
• Platts, a division of The McGraw-Hill Companies (MHP), launched the Platts Natural Rubber Index, which is comprised of daily physical spot price assessments for two grades of natural rubber that are key to manufacturing tires and rubber products.
• Research In Motion (RIMM) and Tech Data (TECD) announced a new agreement that enables Tech Data to distribute BlackBerry devices, software and technical support services to its channel of over 60,000 value-added resellers in the United States. The agreement also allows Tech Data to support the end-to-end sale of BlackBerry solutions for small to mid-sized businesses through Tech Data's new TDMobility offering operated by ActivateIT, a Tech Data and Brightstar Corp. joint venture company.

1:22AM On The Wires (WIRES) :

• CSC (CSC) announced that it has been selected to join Google's (GOOG) Cloud Transformation Program.
• Avista (AVA) and other parties in the company's electric and natural gas rate case filings have reached a settlement agreement that, if approved by the Washington Utilities and Transportation Commission, is designed to provide an additional $20.0 mln, or a 4.5%, increase in annual electric billed revenue, and $3.75 mln, or a 2.6% increase, in annual natural gas billed revenue.
• Allegiant (ALGT) announced it will end its scheduled service from the Long Beach Airport. Oshkosh (OSK) has been informed that members of UAW Local 578 have voted on and rejected the five-year contract proposal.
• HealthSpring (HS) announced its 2012 Medicare offerings, which include a range of health and prescription drug plans, as well as special needs plans. All plans offer extra benefits not covered under Original Medicare and are designed to help beneficiaries better manage their health and limit out-of-pocket medical expenses.
• Tianyin Pharmaceutical (TPI) announced the successful completion of the manufacturing environmental assessment at its 250-ton Jiangchuan Macrolide Facility.
• Enbridge Energy Partners (EEP) announced that the Enbridge Ozark Pipeline will be temporarily idled while a precautionary assessment is completed on the pipeline at its crossing of the Mississippi River near Wood River, Illinois.

1:16AM Equifax to acquire eThority for its TALX business unit (EFX) 30.74 : Co announces it has reached an agreement to acquire eThority. Financial terms for the transaction were not disclosed. eThority will become part of TALX, Equifax's workforce solutions business unit. eThority creates and markets analytics software that integrates data from multiple disparate sources and, through an intuitive, secure process, analyzes and converts it into customized, relevant insights and information - in a self-service model.

1:13AM HeartWare reports additional clinical data from bridge-to-transplant and continued access patients (HTWR) 64.41 : Co announces updated clinical data from its bridge to heart transplantation study, ADVANCE, and the Continued Access Protocol. Consistent with previously presented data from this study, co observed high survival rates for patients through the six-month endpoint, and particularly low observed rates for bleeding and infection. Other observations reported during the presentation include: Only 21.6% of study patients had received a transplant at the six-month endpoint, reflecting longer waiting times for heart transplantation; Reduction in the rate of pump exchange for suspected thrombus to less than 0.03 events per patient year, since an adjustment in anticoagulation in March; Reoperations for bleeding and sepsis, and driveline infections were notably infrequent.

1:07AM Coventry Health Care joins forces with Walgreens (WAG), Walmart (WMT) on new 2012 Medicare Part D Plan available across the continental U.S. (CVH) 28.81 : Co announces that it has joined in partnership for 2012 with the nation's largest and best known names in retail and pharmacy, Walgreens (WAG), Walmart, (WMT) and Target (TGT), to offer a novel Medicare prescription drug plan known as First Health Value Plus. As co's newest Medicare Prescription Drug Plan, First Health Value Plus is the lowest premium, zero-dollar deductible Part D plan in the United States.

1:04AM GigaMedia receives Nasdaq notification of non-compliance with minimum bid price rule (GIGM) 0.87 :  

1:00AM Black Hills Corp extends $100 mln term loan agreement for two years (BKH) 30.64 : The cost of borrowing under the loan is based on a spread of 137.5 basis points over LIBOR.

1:00AM Oxygen Biotherapeutics names Dr. Ronald Blanck Chairman of the Board (OXBT) 2.09 : Blanck is chairman of Martin, Blanck & Associates, a federal health services consulting firm. In an unrelated matter, the company also announced that Chief Medical Officer Dr. Gerald Klein notified the company of his intent to resign in October because he accepted a position with another co.

1:00AM Alliance Imaging announces amendment of its credit agreement; receives notice regarding NYSE Listing (AIQ) 1.14 : Co announces modified the financial covenants to provide Alliance with greater flexibility. Under the amended Credit Agreement, Alliance is required to maintain (i) a maximum ratio of consolidated total debt to consolidated adjusted EBITDA of 5.25 to 1.00 through June 30, 2012, 5.00 to 1.00 from July 1, 2012 through June 30, 2013 and 4.00 to 1.00 thereafter, and (ii) a minimum ratio of consolidated adjusted EBITDA to consolidated interest expense of 2.25 to 1.00 through December 31, 2012, 2.50 to 1.00 from January 1, 2013 through December 31, 2014 and 2.75 to 1.00 thereafter. As part of the amendment, the quarterly amortization payments on the term loan facility were increased from $1.15 mln to $3.0 mln and our annual excess cash flow sweep percentage was increased from 50% to 75%. Additionally, co agreed to a decrease to the availability under our revolving credit facility from $120.0 mln to $70.0 mln and to an increase in the margins on borrowings under the Credit Agreement. Additionally, co announced it was notified by the NYSE that it has fallen below the continued listing standard related to total market capitalization of $75 million.

1:00AM Valeant Pharmaceuticals announces that Afexa supports and recommends co's increased offer and agrees to certain amendments to support agreement (VRX) 37.12 : Co announces that Afexa's Board of Directors unanimously recommends co's increased friendly offer for all of the outstanding common shares of Afexa Life Sciences for a price of CAD0.85 per share in cash. The Increased Offer will no longer be subject to a minimum tender condition such that the Offeror will take-up and pay for any and all shares tendered to the Increased Offer if the other customary conditions of the Increased Offer are satisfied. The increase in the break up fee payable to Offeror in certain circumstance has been increased from CAD3.75 mln to CAD4.5 mln.