Market Update
4:30 pm : Stocks overcame a relatively weak start to book another round of big gains, which have resulted in the market's best back-to-back performance in more than a month.
Momentum from the prior session's late surge was tested at the open, when participants contradicted the positive tone of premarket trade to send stocks into the red for the first few minutes of trade. Buyers took little time to step back in, though.
Favor for tech stocks and natural resource plays was the strongest. Tech, which offered leadership for the second straight session, helped the Nasdaq outpace its counterparts on its way to a gain of more than 2%. Yahoo! (YHOO 15.92, +1.46) was a high flyer in response to rumors that Microsoft (MSFT 25.89, +0.55) is interested in the company. Later reports refuted the rumor.
Materials stocks, which lack any kind of meaningful market weight, swung up to a 4.2% gain. Energy stocks climbed to a 3.3% gain, helped along by a spike in crude oil prices, which settled pit trade with at almost $79.70 per barrel for a gain of more than 5% following a weekly inventory report that featured a surprisingly large draw.
Financials dragged on trade for most of the session and were even the cause of a midsession pullback. Down more than 2% at its low, the sector spent all by the final 30 minutes of the day in negative territory as diversified financial services stocks and investment banks more than offset strength among insurers. However, the sector managed to bounce as the broad market staged the last leg of its climb into the close. Financials finished with a gain of more than 1%.
The stock market's final push into the close helped stocks settle near session highs. Stocks have now climbed 4% over the course of the past two sessions.
In the backdrop of today's action, an ADP Employment Change report showed that private payrolls increased by 91,000, which bested the Briefing.com consensus call for an increase of 45,000. The report offers an encouraging preview of the official nonfarm payrolls report, which will be released Friday morning.
The ISM Services Index for September was less exciting. It registered slipped to 53.0 from 53.3 in the prior month, but still narrowly exceeded the 52.8 that had been expected, on average, among economists polled by Briefing.com.
Advancing Sectors: Materials +4.2%, Energy +3.3%, Tech +2.4%, Industrials +2.2%, Consumer Discretionary +1.8%, Health Care +1.6%, Financials +1.2%, Consumer Staples +0.2%
Unchanged: Utilities
Declining Sectors: Telecom -0.3%DJ30 +131.24 NASDAQ +55.69 NQ100 +2.5% R2K +1.5% SP400 +2.1% SP500 +20.09 NASDAQ Adv/Vol/Dec 1761/2.47 bln/798 NYSE Adv/Vol/Dec 2234/1.19 bln/800
3:30 pm : Crude oil futures, which rallied for 5.1% to settle at $79.68 per barrel, snapped a three session losing streak to post sizeable gains today on the back of this morning's bullish inventory data. The data, which showed a draw down versus consensus for a build, helped crude add to overnight gains and traded as high as $79.79 before closing. Natural gas futures ended lower by 7 cents at $3.57 per MMBtu, as they traded steadily lower through the session.
Following yesterday's sell-off, the precious metals rebounded today, with gold posting gains of 1.6% to end at $1641 per ounce and silver finishing higher by 1.8% at $30.35 per ounce. Gold futures rallied sharply off the flat line in afternoon trade, while silver futures traded steadily higher throughout the afternoon.DJ30 +76.86 NASDAQ +45.62 SP500 +11.24 NASDAQ Adv/Vol/Dec 1574/1.9 bln/941 NYSE Adv/Vol/Dec 2022/819.2 mln/1023
3:00 pm : Stocks started to slip from their afternoon perch, but buyers were quick to step back in and offer support. The major equity averages are now back near their best levels of the day.
Shares of Yahoo! (YHOO 15.70, +1.24) have made a strong move on a spike in trading volume to their best level in almost three months. The action comes in response to rumors that Microsoft (MSFT 25.64, +0.30) may be interested in acquiring the company. In contrast, shares of MSFT have slid to afternoon lows. DJ30 +74.48 NASDAQ +46.99 SP500 +13.04 NASDAQ Adv/Vol/Dec 1340/1.68 bln/1150 NYSE Adv/Vol/Dec 1815/685 mln/1180
2:30 pm : Stocks are resting near session highs with only 90 minutes remaining in today's trade.
Natural resource plays are performing the best. Specifically, materials stocks are up 2.8% while energy issues are up 2.4%. Their strength comes alongside a jump in commodity prices, which have given the CRB Commodity Index a 1.9% gain. Just yesterday the CRB set a 2011 low as participants flipped off the risk trade switch prior to the market's dramatic upturn in late day action. DJ30 +71.49 NASDAQ +42.95 SP500 +11.98 NASDAQ Adv/Vol/Dec 1490/1.55 bln/995 NYSE Adv/Vol/Dec 1945/630 mln/1055
2:00 pm : Stocks have extended their recent stretch to set new session highs. The Nasdaq's run continues to outpace that of its counterparts. For instance, the Dow's gain is less than half of the 2% gain currently boasted by the tech-rich Nasdaq.
Financials continue to fight with sellers, though. The sector, although well above its session low, is still down 0.2% for the day. Interestingly, utilities (-0.5%), telecom (-0.3%), and consumer staples stocks (-0.2%), all of which are defensive in nature, make up the only other sectors that have yet to find higher ground. DJ30 +92.49 NASDAQ +47.51 SP500 +13.96 NASDAQ Adv/Vol/Dec 1435/1.44 bln/1020 NYSE Adv/Vol/Dec 1855/580 mln/1135
1:30 pm : Stocks have started to reclaim their gains. The action has put pressure on Treasuries, which are back near session lows. As a result, the yield on the benchmark 10-year Note is now back at 1.90%. DJ30 61.04 NASDAQ 33.8 SP500 9.09 NASDAQ Adv/Vol/Dec 1400/1.35 bln/970 NYSE Adv/Vol/Dec 1720/550 mln/1240
1:00 pm : The major equity averages overcame selling at the open with help from tech and materials stocks, but weakness in the financial sector has undermined recent action.
Although trade in Europe took the region's major bourses markedly higher and the ADP Employment Change for September proved better-than-expected by showing an increase of 91,000 in private payrolls, the major equity averages slipped at the start of today's trade. Stocks managed to garner buying interest before long, extending their climb through the release of an in-line ISM Services Index of 53.0 for September.
For the second straight session, tech helped lift the market out of its morning lull. The sector is currently up 1.5% and has been especially influential giving the Nasdaq a nice lead over its counterparts.
While tech is the largest sector by market weight, materials stocks collectively account for one of the smallest sectors by weight. That has limited their ability to provide leadership. Nonetheless, the sector is up almost 2% today. Financials have failed to attract buyers after the sector soared to a 4% gain yesterday.
The sector's slide to a 1.5% loss comes as diversified financial services plays and investment banks and brokerage issues fall out of favor. Weakness in the sector has undermined sentiment and, as a result, challenged broad market gains in early afternoon action. DJ30 +25.28 NASDAQ +26.26 SP500 +4.54 NASDAQ Adv/Vol/Dec 1335/1.25 bln/1010 NYSE Adv/Vol/Dec 1710/505 mln/1250
12:30 pm : Stocks have started to trend lower, pulling the major equity averages off of their midsession highs. The action has left both the Dow and the S&P 500 to trade near the neutral line while the Nasdaq hands over about half of what it had gained.
There is no clear cause or obvious catalyst to account for the market's recent pullback. After all, tech stocks, collectively up 1.0%, continue to provide support. DJ30 -2.34 NASDAQ +15.07 SP500 +1.53 NASDAQ Adv/Vol/Dec 1330/1.6 bln/1075 NYSE Adv/Vol/Dec 1710/465 mln/1255
12:00 pm : The Nasdaq, which has outpaced its counterparts for the second straight session, has just set a fresh session high. Its strength comes as large-cap names like Amazon.com (AMZN 216.43, +3.93), eBay (EBAY 30.28, +0.93), Dell (DELL 15.15, +0.62), and Cisco (CSCO 16.22, +0.64) all offer leadership. For two straight days, though, Apple (AAPL 372.55, +0.05) has struggled to keep up with the rest of the Nasdaq. Its relative weakness follows the unveiling of its latest iPhone iteration.DJ30 +46.49 NASDAQ +34.98 SP500 +7.36 NASDAQ Adv/Vol/Dec 1515/1.04 bln/790 NYSE Adv/Vol/Dec 2065/415 mln/880
11:30 am : Financials remain out of favor. The sector's weakness has left it to contend with a 0.9% loss, which makes it the worst performing sector this morning. Diversified financial services giants like Bank of America (BAC 5.70, -0.07) and Citigroup (C 24.05, -0.34) have been especially heavy drags on the sector, although insurers like MetLife (MET 28.42, +0.93) and Lincoln National (LNC 15.11, +0.43) are displaying strength.DJ30 +54.57 NASDAQ +28.39 SP500 +7.35 NASDAQ Adv/Vol/Dec 1500/917 mln/855 NYSE Adv/Vol/Dec 1965/370 mln/955
11:00 am : After chopping along in negative territory with modest losses, stocks have worked their way to substantial gains. Their upturn comes with help from the tech sector, which had been a source of support in the prior session. The largest sector by market weight is now up 1.5%, thanks to strong buying interest in semicoductor-related names.
Still, materials stocks are in the best shape. That sector has run ahead to a 2.3% gain. Despite such a strong move, the sector's lack of market weight has limited its ability to lead the broad market. DJ30 62.14 NASDAQ 27.77 SP500 8.40 NASDAQ Adv/Vol/Dec 1465/765 mln/765 NYSE Adv/Vol/Dec 2035/310 mln/850
10:35 am : Oil prices have extended their climb so that they now sport a 3.5% gain at $78.35 per barrel. The latest leg of gains follows weekly inventory data, which showed a draw of 4.7 million barrels. That contrasts with the consensus call for a build of 1.8 million barrels.
Natural gas prices have turned lower since opening pit trade with a modest gain. The energy component is now down 0.8% to $3.61 per MMBtu.
Interest in gold has also dwindled. The yellow metal now trades with a narrow loss at $1613 per ounce. Silver continues to contend with a 1% loss at $29.55 per ounce.
The CRB Commodity Index now sports a 1.3% gain, which makes for a session high. Its move comes mostly because of oil's bounce. DJ30 +7.35 NASDAQ +4.54 SP500 +1.36 NASDAQ Adv/Vol/Dec 810/300 mln/1265 NYSE Adv/Vol/Dec 1165/135 mln/1605
10:00 am : The ISM Services Index for September was just released. It registered a reading of 53.0, which is only a tad better than the 52.8 that had been generally expected amont economists surveyed by Briefing.com. However, the latest reading marks a slight slip from the reading of 53.3 that was posted for the prior month.
Stocks haven't really shown any kind of a response to the report. Instead, the major equity averages continue to chop along with modest losses. DJ30 -5.60 NASDAQ -9.25 SP500 -2.58 NASDAQ Vol N/A NYSE Vol N/A
09:45 am : The mood among market participants soured at the open of trade, causing stocks to slide. The major averages are trying to retrace the move, though.
Momentum from the prior session's late surge was tested at the open, when participants contradicted the positive tone of premarket trade to send stocks into the red for the first few minutes of trade. Buyers took little time to step back in, though.
Favor for tech stocks and natural resource plays was the strongest. Tech, which offered leadership for the second straight session, helped the Nasdaq outpace its counterparts on its way to a gain of more than 2%. Yahoo! (YHOO 15.92, +1.46) was a high flyer in response to rumors that Microsoft (MSFT 25.89, +0.55) is interested in the company. Later reports refuted the rumor.
Materials stocks, which lack any kind of meaningful market weight, swung up to a 4.2% gain. Energy stocks climbed to a 3.3% gain, helped along by a spike in crude oil prices, which settled pit trade with at almost $79.70 per barrel for a gain of more than 5% following a weekly inventory report that featured a surprisingly large draw.
Financials dragged on trade for most of the session and were even the cause of a midsession pullback. Down more than 2% at its low, the sector spent all by the final 30 minutes of the day in negative territory as diversified financial services stocks and investment banks more than offset strength among insurers. However, the sector managed to bounce as the broad market staged the last leg of its climb into the close. Financials finished with a gain of more than 1%.
The stock market's final push into the close helped stocks settle near session highs. Stocks have now climbed 4% over the course of the past two sessions.
In the backdrop of today's action, an ADP Employment Change report showed that private payrolls increased by 91,000, which bested the Briefing.com consensus call for an increase of 45,000. The report offers an encouraging preview of the official nonfarm payrolls report, which will be released Friday morning.
The ISM Services Index for September was less exciting. It registered slipped to 53.0 from 53.3 in the prior month, but still narrowly exceeded the 52.8 that had been expected, on average, among economists polled by Briefing.com.
Advancing Sectors: Materials +4.2%, Energy +3.3%, Tech +2.4%, Industrials +2.2%, Consumer Discretionary +1.8%, Health Care +1.6%, Financials +1.2%, Consumer Staples +0.2%
Unchanged: Utilities
Declining Sectors: Telecom -0.3%DJ30 +131.24 NASDAQ +55.69 NQ100 +2.5% R2K +1.5% SP400 +2.1% SP500 +20.09 NASDAQ Adv/Vol/Dec 1761/2.47 bln/798 NYSE Adv/Vol/Dec 2234/1.19 bln/800
3:30 pm : Crude oil futures, which rallied for 5.1% to settle at $79.68 per barrel, snapped a three session losing streak to post sizeable gains today on the back of this morning's bullish inventory data. The data, which showed a draw down versus consensus for a build, helped crude add to overnight gains and traded as high as $79.79 before closing. Natural gas futures ended lower by 7 cents at $3.57 per MMBtu, as they traded steadily lower through the session.
Following yesterday's sell-off, the precious metals rebounded today, with gold posting gains of 1.6% to end at $1641 per ounce and silver finishing higher by 1.8% at $30.35 per ounce. Gold futures rallied sharply off the flat line in afternoon trade, while silver futures traded steadily higher throughout the afternoon.DJ30 +76.86 NASDAQ +45.62 SP500 +11.24 NASDAQ Adv/Vol/Dec 1574/1.9 bln/941 NYSE Adv/Vol/Dec 2022/819.2 mln/1023
3:00 pm : Stocks started to slip from their afternoon perch, but buyers were quick to step back in and offer support. The major equity averages are now back near their best levels of the day.
Shares of Yahoo! (YHOO 15.70, +1.24) have made a strong move on a spike in trading volume to their best level in almost three months. The action comes in response to rumors that Microsoft (MSFT 25.64, +0.30) may be interested in acquiring the company. In contrast, shares of MSFT have slid to afternoon lows. DJ30 +74.48 NASDAQ +46.99 SP500 +13.04 NASDAQ Adv/Vol/Dec 1340/1.68 bln/1150 NYSE Adv/Vol/Dec 1815/685 mln/1180
2:30 pm : Stocks are resting near session highs with only 90 minutes remaining in today's trade.
Natural resource plays are performing the best. Specifically, materials stocks are up 2.8% while energy issues are up 2.4%. Their strength comes alongside a jump in commodity prices, which have given the CRB Commodity Index a 1.9% gain. Just yesterday the CRB set a 2011 low as participants flipped off the risk trade switch prior to the market's dramatic upturn in late day action. DJ30 +71.49 NASDAQ +42.95 SP500 +11.98 NASDAQ Adv/Vol/Dec 1490/1.55 bln/995 NYSE Adv/Vol/Dec 1945/630 mln/1055
2:00 pm : Stocks have extended their recent stretch to set new session highs. The Nasdaq's run continues to outpace that of its counterparts. For instance, the Dow's gain is less than half of the 2% gain currently boasted by the tech-rich Nasdaq.
Financials continue to fight with sellers, though. The sector, although well above its session low, is still down 0.2% for the day. Interestingly, utilities (-0.5%), telecom (-0.3%), and consumer staples stocks (-0.2%), all of which are defensive in nature, make up the only other sectors that have yet to find higher ground. DJ30 +92.49 NASDAQ +47.51 SP500 +13.96 NASDAQ Adv/Vol/Dec 1435/1.44 bln/1020 NYSE Adv/Vol/Dec 1855/580 mln/1135
1:30 pm : Stocks have started to reclaim their gains. The action has put pressure on Treasuries, which are back near session lows. As a result, the yield on the benchmark 10-year Note is now back at 1.90%. DJ30 61.04 NASDAQ 33.8 SP500 9.09 NASDAQ Adv/Vol/Dec 1400/1.35 bln/970 NYSE Adv/Vol/Dec 1720/550 mln/1240
1:00 pm : The major equity averages overcame selling at the open with help from tech and materials stocks, but weakness in the financial sector has undermined recent action.
Although trade in Europe took the region's major bourses markedly higher and the ADP Employment Change for September proved better-than-expected by showing an increase of 91,000 in private payrolls, the major equity averages slipped at the start of today's trade. Stocks managed to garner buying interest before long, extending their climb through the release of an in-line ISM Services Index of 53.0 for September.
For the second straight session, tech helped lift the market out of its morning lull. The sector is currently up 1.5% and has been especially influential giving the Nasdaq a nice lead over its counterparts.
While tech is the largest sector by market weight, materials stocks collectively account for one of the smallest sectors by weight. That has limited their ability to provide leadership. Nonetheless, the sector is up almost 2% today. Financials have failed to attract buyers after the sector soared to a 4% gain yesterday.
The sector's slide to a 1.5% loss comes as diversified financial services plays and investment banks and brokerage issues fall out of favor. Weakness in the sector has undermined sentiment and, as a result, challenged broad market gains in early afternoon action. DJ30 +25.28 NASDAQ +26.26 SP500 +4.54 NASDAQ Adv/Vol/Dec 1335/1.25 bln/1010 NYSE Adv/Vol/Dec 1710/505 mln/1250
12:30 pm : Stocks have started to trend lower, pulling the major equity averages off of their midsession highs. The action has left both the Dow and the S&P 500 to trade near the neutral line while the Nasdaq hands over about half of what it had gained.
There is no clear cause or obvious catalyst to account for the market's recent pullback. After all, tech stocks, collectively up 1.0%, continue to provide support. DJ30 -2.34 NASDAQ +15.07 SP500 +1.53 NASDAQ Adv/Vol/Dec 1330/1.6 bln/1075 NYSE Adv/Vol/Dec 1710/465 mln/1255
12:00 pm : The Nasdaq, which has outpaced its counterparts for the second straight session, has just set a fresh session high. Its strength comes as large-cap names like Amazon.com (AMZN 216.43, +3.93), eBay (EBAY 30.28, +0.93), Dell (DELL 15.15, +0.62), and Cisco (CSCO 16.22, +0.64) all offer leadership. For two straight days, though, Apple (AAPL 372.55, +0.05) has struggled to keep up with the rest of the Nasdaq. Its relative weakness follows the unveiling of its latest iPhone iteration.DJ30 +46.49 NASDAQ +34.98 SP500 +7.36 NASDAQ Adv/Vol/Dec 1515/1.04 bln/790 NYSE Adv/Vol/Dec 2065/415 mln/880
11:30 am : Financials remain out of favor. The sector's weakness has left it to contend with a 0.9% loss, which makes it the worst performing sector this morning. Diversified financial services giants like Bank of America (BAC 5.70, -0.07) and Citigroup (C 24.05, -0.34) have been especially heavy drags on the sector, although insurers like MetLife (MET 28.42, +0.93) and Lincoln National (LNC 15.11, +0.43) are displaying strength.DJ30 +54.57 NASDAQ +28.39 SP500 +7.35 NASDAQ Adv/Vol/Dec 1500/917 mln/855 NYSE Adv/Vol/Dec 1965/370 mln/955
11:00 am : After chopping along in negative territory with modest losses, stocks have worked their way to substantial gains. Their upturn comes with help from the tech sector, which had been a source of support in the prior session. The largest sector by market weight is now up 1.5%, thanks to strong buying interest in semicoductor-related names.
Still, materials stocks are in the best shape. That sector has run ahead to a 2.3% gain. Despite such a strong move, the sector's lack of market weight has limited its ability to lead the broad market. DJ30 62.14 NASDAQ 27.77 SP500 8.40 NASDAQ Adv/Vol/Dec 1465/765 mln/765 NYSE Adv/Vol/Dec 2035/310 mln/850
10:35 am : Oil prices have extended their climb so that they now sport a 3.5% gain at $78.35 per barrel. The latest leg of gains follows weekly inventory data, which showed a draw of 4.7 million barrels. That contrasts with the consensus call for a build of 1.8 million barrels.
Natural gas prices have turned lower since opening pit trade with a modest gain. The energy component is now down 0.8% to $3.61 per MMBtu.
Interest in gold has also dwindled. The yellow metal now trades with a narrow loss at $1613 per ounce. Silver continues to contend with a 1% loss at $29.55 per ounce.
The CRB Commodity Index now sports a 1.3% gain, which makes for a session high. Its move comes mostly because of oil's bounce. DJ30 +7.35 NASDAQ +4.54 SP500 +1.36 NASDAQ Adv/Vol/Dec 810/300 mln/1265 NYSE Adv/Vol/Dec 1165/135 mln/1605
10:00 am : The ISM Services Index for September was just released. It registered a reading of 53.0, which is only a tad better than the 52.8 that had been generally expected amont economists surveyed by Briefing.com. However, the latest reading marks a slight slip from the reading of 53.3 that was posted for the prior month.
Stocks haven't really shown any kind of a response to the report. Instead, the major equity averages continue to chop along with modest losses. DJ30 -5.60 NASDAQ -9.25 SP500 -2.58 NASDAQ Vol N/A NYSE Vol N/A
09:45 am : The mood among market participants soured at the open of trade, causing stocks to slide. The major averages are trying to retrace the move, though.
Financials led this morning's downturn after it had finished the prior session with a gain in excess of 4%. The sector is still down 1.1% this morning. Bank stocks are dragging on the sector.
Materials stocks have managed to put together an impressive start, though. The sector's push up to a 0.4% gain with help from steel stocks and diversified metals and miners issues. DJ30 -24.06 NASDAQ -13.19 SP500 -3.85
09:15 am : S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: -5.80. Stock futures suggest that the cash market will open on a positive note, thereby extending the late session rally that resulted in a gain of more than 2% for the broad market. Momentum from that late move and an improved mood among those that trade the European bourses have been credited for the positive tone to today's premarket trade. A better-than-expected ADP Employment Change for September is also in the backdrop, but still to come is the latest ISM Services Index (10:00 AM ET). Disappointing eurozone PMI Services readings were reported earlier, but they have been shrugged off, as has news that analysts at Moody's downgraded Italy's debt.
09:05 am : S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: -4.80. Oil prices fell to a 52-week low yesterday, but they have rebounded nicely this morning. The energy component's 2.3% climb to $77.40 per barrel precedes the latest weekly inventory report, which will be posted at 10:30 AM ET. Natural gas prices are up, too. Contracts were last quoted at $3.65 per MMbtu for a 0.3% gain. As for precious metals, gold prices are up 0.6% to $1625 per ounce, but silver has slid 1.1% to $29.52 per ounce. Overall action in the commodity complex has the CRB Commodity Index up 0.9% after it set a 2011 low yesterday.
08:30 am : S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: -7.50. Providing a glimpse of the official payrolls report on Friday, the ADP Employment Change for September showed that private payrollse increased by 91,000, which is far better than the increase of 45,000 that had been expected, on average, among economists polled by Briefing.com. Stock futures ticked higher in the moments that immediately followed the report, but buying interest has since subsided. As a result, stock futures now trade with only a narrow lead over fair value.
08:05 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -3.50. The prior session saw stocks slide more than 2% to set new 52-week lows, but a late rally resulted in a broad market gain of more than 2% for the day. Such a strong finish and an improved mood in Europe have helped stock futures trade higher this morning, although futures are shy of their best levels of the morning. The prior session's strong finish and the positive tone to trade in Europe comes in conjunction with reports that officials in Europe are considering ways to recapitalize banks in the region. Meanwhile, news that analysts at Moody's downgraded Italy's debt hasn't come as any kind of a surprise, and disappointing PMI Service Index results from the eurozone have been disregarded. Market participants get a dose of domestic data today. The latest ADP Employment Report is due at 8:15 AM ET then the ISM Services Index follows at 10:00 AM ET.
06:47 am : [BRIEFING.COM] S&P futures vs fair value: +5.40. Nasdaq futures vs fair value: +4.00.
06:47 am : Nikkei...8382.98...-73.10...-0.90%. Hang Seng...Holiday.........
06:47 am : FTSE...5494.59...+50.00...+0.90%. DAX...5343.48...+126.80...+2.40%.
In Play
3:40PM Earnings Calendar (SUMRX) : Today after the close look for the following companies to report:
CBK, DRWI, MAR, OCZ, and RT
Tomorrow before the open look for the following companies to report:
STZ, HELE, ISCA, and RBN.
3:21PM Sector Watch: Minor new highs in Oil Service OIH, Energy XLE, Finance XLF (TECHX) :
2:57PM Expedia notches new session high of 26.03, approaches resistance at its Mid-Aug low/breakdown point and its 200 sma at 26.08/26.12 (EXPE) 25.98 +0.78 :
2:49PM Stock indices back near their highs -- Dow +84, S&P +13, Nasdaq Comp +49 (SPY) :
2:39PM NYSE Euronext and Deutsche Borse (DBOEY) statement on statement of objections - 'We can confirm that we have received a Statement of Objections from the European Commission' (NYX) 23.76 +0.25 : Deutsche Borse (DBOEY) and NYX today issued the following statement regarding the issuance of a Statement of Objections by the EU Competition Commission: "We can confirm that we have received a Statement of Objections from the European Commission. The Statement of Objections is a normal step in a second phase merger procedure. It sets out a provisional position of the Commission and does not prejudge the final outcome of the case...."
2:35PM NYMEX Energy Closing Prices (COMDX) : Crude oil rallied for $4.01 to settle at $79.68, natural gas shed 7 cents to close at $3.57, while heating oil finished higher by 5 cents at $2.77, and RBOB gasoline gained 8 cents to end at $2.57 (all Nov contracts).
2:34PM Short term index stall amid extended posture -- Dow +57, S&P +10, Nasdaq Comp +39 (SPY) :
2:33PM Delta Air Lines reported system load factor was 83.6%, 1.1 points higher than the prior year, on a 2.2% decrease in capacity (DAL) 7.31 +0.02 : Domestic traffic increased 0.5 percent year over year on a 3.3 percent decrease in capacity.
2:25PM Sector Watch: Laggards recovering (TECHX) : Underperforming REITs IYR has bounced 2.8% off its midday low with lagging Finance XLF back hovering just under its session high at 11.74.
2:22PM IBM and BlueCat Networks sign patent cross-license agreement (IBM) 176.19 +1.45 : BlueCat and IBM have entered into a patent cross-licensing agreement that will allow the two companies to partner and leverage each other's inventions in IP Address Management and IPv6 transitioning.
2:20PM CBOT Agriculture, Ethanol and Sugar Closing Prices (COMDX) : Corn settled higher by 20 cents to $6.08, wheat gained 21 cents to end at $6.25, soybeans were 3 cents higher at $11.63, ethanol rose 6 cents to close at $2.39, while sugar rose 0.2% at $0.25.
2:17PM Ford Motor: Moody's review's Ford ratings for possible upgrade (F) 10.41 +0.34 : 1:48PM Minor new high for S&P +10 and Nasdaq Comp +39 with Dow +69 just under its peak (SPY) : The upper end of a resistance band for the S&P is at 1136 with a minor barrier above at 1139/1140. Intraday support is at 1128 and 1122/1121.
1:32PM COMEX Metals Closing Prices (COMDX) : Gold futures gained $26 to close at $1642, silver rallied for 53 cents to end at $30.37, while copper finished up 2 cents at $3.12 (all Dec contracts).
1:29PM eBay: HubPages announces a new partnership program with eBay partner network (EBAY) 30.33 +0.98 : HubPages community members (Hubbers) will be able to join the eBay Partner Network directly through HubPages, providing them the opportunity to earn money based on activity that occurs on eBay.com through referrals originating from their Hubs.
1:25PM Microsoft also announced earlier partnerships with entertainment companies for Xbox 360 (MSFT) 25.93 +0.59 : Co confirmed earlier plans for TV entertainment on Xbox LIVE. Nearly 40 TV and entertainment providers, including Bravo, Comcast (CMCSA), HBO GO, Verizon (VZ) FiOS and Syfy in the U.S.; BBC in the U.K., Telefonica in Spain; Rogers On Demand in Canada; Televisa in Mexico; ZDF in Germany; and MediaSet in Italy, will begin rolling out entertainment services to the console this holiday. (follows announcement that the co and Verizon will launch FiOS TV on Xbox 360)
1:21PM CF Industries Showing Notable Strength (CF) 132.11 +8.22 : Fertilizer name CF Industries (CF +6.5%) is trading higher and is the best performing materials stock today. CF is also outperforming the rest of the fertilizer group (TNH +6.3%, MOS +4.0%, POT +4.2%, IPI +2.4%, AGU +3.5%). The stock has been trading with additional volatility compared to the rest of the fertilizer group, on both the upside and downside, in recent weeks and clearly has investors interest. Before the recent $70-75/share pullback, which occured in early September, CF rallied ~220% (or +$133/share) from June 2010 to a new all-time high of $192.70, which was hit on August 30, 2011. Broad market strength and strong corn futures today are providing price support in the stock, but looking ahead, it's definitely a name investors/traders should keep on their radar.
1:21PM Cisco Systems top performing Dow component back vacillating near last week/early session highs at 16.36/16.39 (CSCO) 16.37 +0.79 :
1:11PM Regis issues statement in response to Starboard Letter to Regis shareholders - believes Starboard's letter is misleading and contains numerous errors (RGS) 15.08 +0.33 : The letter stated "Regis continues to focus on profitable growth and enhancing shareholder value through its carefully planned and appropriate strategy of revenue initiatives, cost cuts, governance changes and review of alternatives for non-core assets. We believe Starboard's letter is misleading and contains numerous errors, while also falsely claiming credit for initiatives that predate Starboard's investment in the Company in June of this year. We look forward to engaging with shareholders to explain our plans for enhancing value now without sacrificing the long-term viability of the Regis franchise."
12:43PM Gold spikes, again, to new highs; now up $20.90 to $1636.90 (COMDX) :
12:40PM Relative Sector Weakness (TECHX) : Sectors that have underperformed the S&P during the slip off the highs include: Finance XLF, Housing XHB, Retail XRT, Casino, Solar TAN with REITs IYR -4.4% continuing to lead on the downside (EQR -6.4%, CPT -6%, KIM -5.8%, PEI -5.7%, BXP -5.7%, AIV -5.5%, PLD -5.3%, VNO -5%, MAC -4.6%, GGP -4.2%, PSA -4.2%, SPG -3.9%).
12:33PM Minor slip off morning extension highs -- Dow -2.9, S&P +1.6, Nasdaq Comp +15.7 (SPY) : Intraday support for the S&P noted in the 10:21 update at 1122 held firm during the first hour consolidation with the index reaching first level resistance from The Technical Take (1134/1136) at 10:55 (session high 1134.16). A narrow lateral drift persisted for the next hour with some minor downticks seen in recent trade. Initial intraday support once again is at 1122/1121 (recently high 1125.26).
12:26PM Republic Airways's Frontier Airlines traffic increased 2%, to 1.0 bln revenue passenger miles, while capacity was down 2%, at 1.2 bln (RJET) 2.64 +0.01 : Co served 1.3 mln passengers in September, a 5% increase from September 2010. September had a load factor of 86% compared to 83% in the same month last year.
12:18PM Republic Airways generated 1.7 billion revenue passenger miles; 2% decrease YoY (RJET) 2.66 +0.03 : Co reported preliminary passenger traffic results for September 2011. The Company generated 1.7 bln revenue passenger miles, a 2% decrease from the same month last year, while capacity was down 3% at 2.1 bln available seat miles. Block hours were 76,582 in September 2011, a decrease of 4% from September 2010.
12:06PM Verizon and Microsoft (MSFT) announce new FiOS TV coming soon to Xbox 360 (VZ) 35.81 -0.10 : Using a Verizon-developed software application, FiOS TV and Internet customers who are also Xbox LIVE Gold members will be able to view popular live TV channels through their Xbox consoles without any extra hardware required.
12:04PM Gold futures rally ~20 points off of flat line to highs at $1636.50; now up $16 at $1632 (COMDX) :
12:04PM Alere issues statement regarding Axis-Shield Offer; reaffirms that offer will remain open only until Oct 10 (ALR) 19.28 +0.51 : In the event that the Offer is not declared unconditional as to acceptances by 10 October 2011, it will lapse and, under the rules of the City Code, Alere would not be permitted to make another offer for Axis-Shield for a minimum period of twelve months, except with the consent of the Takeover Panel and as otherwise permitted by the City Code... Against a backdrop of sustained market uncertainty, Alere believes the Offer provides Axis-Shield shareholders the opportunity to crystallise the value of their investment at a premium valuation of 460 pence per Axis-Shield Share.
11:57AM Gold and silver seeing a sharp move to fresh highs -- GLD, SLV (TECHX) :
11:57AM Gold futures spiking sharply (COMDX) :
11:47AM Spire and Wanxiang will collaborate on PV Module supply & calibration (SPIR) 1.47 +0.14 : Wanxiang will supply modules that will serve as reference standards for calibration of Spire's industry-leading Spi-Sun Simulator
11:39AM Nasdaq 100/Comp +33 set new session highs, Dow +62 and S&P +8.4 hovering slightly under their morning peaks (SPY) : Finance XLF, Reg Bank KRE, Retail XRT have lagged on the latest move.
11:03AM Semiconductor Hldrs ETF continues to provide morning leadership, tests second level resistance (SMH) 27.90 +0.73 : Solid performance for the SMH this morning has been extended in recent trade bringing a second level resistance from The Technical Take into play between 27.96/28.01 (session high 28.00). A minor barrier above at 28.10/28.15 followed by 28.25/28.34. The top performers include: INTC +2.8%, BRCM +2.9%, LLTC +2.9%, LSI +5.2%, MU +5.7%, NVLS +3%, SNDK +5%, TER +3.4%, TXN +2.7%.
11:01AM Chart Indust to Expand manufacturing capacity to meet growing LNG equipment demand (GTLS) 40.80 +1.31 : Co announced it will eb expanding manufacturing capacity for liquefied natural gas equipment to meet growing LNG infrastructure demand in North America. Chart plans to begin with a first phase investment in the fourth quarter 2011 of ~ $4 mln at a site to be located in the Upper Midwest.
10:49AM Aaron's announced that it has reached an agreement to purchase 11.5% of Perfect Home Holdings Limited, a privately-held U.K. rent-to-own company (AAN) 24.55 +0.51 : Co will pay 10 mln GBP, or ~ $15.4 mln at current exchange rates, for its interest in PerfectHome and will have an option to increase its ownership in the future. The funds will be primarily used by PerfectHome to accelerate the growth of its store openings.
CBK, DRWI, MAR, OCZ, and RT
Tomorrow before the open look for the following companies to report:
STZ, HELE, ISCA, and RBN.
3:21PM Sector Watch: Minor new highs in Oil Service OIH, Energy XLE, Finance XLF (TECHX) :
2:57PM Expedia notches new session high of 26.03, approaches resistance at its Mid-Aug low/breakdown point and its 200 sma at 26.08/26.12 (EXPE) 25.98 +0.78 :
2:49PM Stock indices back near their highs -- Dow +84, S&P +13, Nasdaq Comp +49 (SPY) :
2:39PM NYSE Euronext and Deutsche Borse (DBOEY) statement on statement of objections - 'We can confirm that we have received a Statement of Objections from the European Commission' (NYX) 23.76 +0.25 : Deutsche Borse (DBOEY) and NYX today issued the following statement regarding the issuance of a Statement of Objections by the EU Competition Commission: "We can confirm that we have received a Statement of Objections from the European Commission. The Statement of Objections is a normal step in a second phase merger procedure. It sets out a provisional position of the Commission and does not prejudge the final outcome of the case...."
2:35PM NYMEX Energy Closing Prices (COMDX) : Crude oil rallied for $4.01 to settle at $79.68, natural gas shed 7 cents to close at $3.57, while heating oil finished higher by 5 cents at $2.77, and RBOB gasoline gained 8 cents to end at $2.57 (all Nov contracts).
2:34PM Short term index stall amid extended posture -- Dow +57, S&P +10, Nasdaq Comp +39 (SPY) :
2:33PM Delta Air Lines reported system load factor was 83.6%, 1.1 points higher than the prior year, on a 2.2% decrease in capacity (DAL) 7.31 +0.02 : Domestic traffic increased 0.5 percent year over year on a 3.3 percent decrease in capacity.
2:25PM Sector Watch: Laggards recovering (TECHX) : Underperforming REITs IYR has bounced 2.8% off its midday low with lagging Finance XLF back hovering just under its session high at 11.74.
2:22PM IBM and BlueCat Networks sign patent cross-license agreement (IBM) 176.19 +1.45 : BlueCat and IBM have entered into a patent cross-licensing agreement that will allow the two companies to partner and leverage each other's inventions in IP Address Management and IPv6 transitioning.
2:20PM CBOT Agriculture, Ethanol and Sugar Closing Prices (COMDX) : Corn settled higher by 20 cents to $6.08, wheat gained 21 cents to end at $6.25, soybeans were 3 cents higher at $11.63, ethanol rose 6 cents to close at $2.39, while sugar rose 0.2% at $0.25.
2:17PM Ford Motor: Moody's review's Ford ratings for possible upgrade (F) 10.41 +0.34 : 1:48PM Minor new high for S&P +10 and Nasdaq Comp +39 with Dow +69 just under its peak (SPY) : The upper end of a resistance band for the S&P is at 1136 with a minor barrier above at 1139/1140. Intraday support is at 1128 and 1122/1121.
1:32PM COMEX Metals Closing Prices (COMDX) : Gold futures gained $26 to close at $1642, silver rallied for 53 cents to end at $30.37, while copper finished up 2 cents at $3.12 (all Dec contracts).
1:29PM eBay: HubPages announces a new partnership program with eBay partner network (EBAY) 30.33 +0.98 : HubPages community members (Hubbers) will be able to join the eBay Partner Network directly through HubPages, providing them the opportunity to earn money based on activity that occurs on eBay.com through referrals originating from their Hubs.
1:25PM Microsoft also announced earlier partnerships with entertainment companies for Xbox 360 (MSFT) 25.93 +0.59 : Co confirmed earlier plans for TV entertainment on Xbox LIVE. Nearly 40 TV and entertainment providers, including Bravo, Comcast (CMCSA), HBO GO, Verizon (VZ) FiOS and Syfy in the U.S.; BBC in the U.K., Telefonica in Spain; Rogers On Demand in Canada; Televisa in Mexico; ZDF in Germany; and MediaSet in Italy, will begin rolling out entertainment services to the console this holiday. (follows announcement that the co and Verizon will launch FiOS TV on Xbox 360)
1:21PM CF Industries Showing Notable Strength (CF) 132.11 +8.22 : Fertilizer name CF Industries (CF +6.5%) is trading higher and is the best performing materials stock today. CF is also outperforming the rest of the fertilizer group (TNH +6.3%, MOS +4.0%, POT +4.2%, IPI +2.4%, AGU +3.5%). The stock has been trading with additional volatility compared to the rest of the fertilizer group, on both the upside and downside, in recent weeks and clearly has investors interest. Before the recent $70-75/share pullback, which occured in early September, CF rallied ~220% (or +$133/share) from June 2010 to a new all-time high of $192.70, which was hit on August 30, 2011. Broad market strength and strong corn futures today are providing price support in the stock, but looking ahead, it's definitely a name investors/traders should keep on their radar.
1:21PM Cisco Systems top performing Dow component back vacillating near last week/early session highs at 16.36/16.39 (CSCO) 16.37 +0.79 :
1:11PM Regis issues statement in response to Starboard Letter to Regis shareholders - believes Starboard's letter is misleading and contains numerous errors (RGS) 15.08 +0.33 : The letter stated "Regis continues to focus on profitable growth and enhancing shareholder value through its carefully planned and appropriate strategy of revenue initiatives, cost cuts, governance changes and review of alternatives for non-core assets. We believe Starboard's letter is misleading and contains numerous errors, while also falsely claiming credit for initiatives that predate Starboard's investment in the Company in June of this year. We look forward to engaging with shareholders to explain our plans for enhancing value now without sacrificing the long-term viability of the Regis franchise."
12:43PM Gold spikes, again, to new highs; now up $20.90 to $1636.90 (COMDX) :
12:40PM Relative Sector Weakness (TECHX) : Sectors that have underperformed the S&P during the slip off the highs include: Finance XLF, Housing XHB, Retail XRT, Casino, Solar TAN with REITs IYR -4.4% continuing to lead on the downside (EQR -6.4%, CPT -6%, KIM -5.8%, PEI -5.7%, BXP -5.7%, AIV -5.5%, PLD -5.3%, VNO -5%, MAC -4.6%, GGP -4.2%, PSA -4.2%, SPG -3.9%).
12:33PM Minor slip off morning extension highs -- Dow -2.9, S&P +1.6, Nasdaq Comp +15.7 (SPY) : Intraday support for the S&P noted in the 10:21 update at 1122 held firm during the first hour consolidation with the index reaching first level resistance from The Technical Take (1134/1136) at 10:55 (session high 1134.16). A narrow lateral drift persisted for the next hour with some minor downticks seen in recent trade. Initial intraday support once again is at 1122/1121 (recently high 1125.26).
12:26PM Republic Airways's Frontier Airlines traffic increased 2%, to 1.0 bln revenue passenger miles, while capacity was down 2%, at 1.2 bln (RJET) 2.64 +0.01 : Co served 1.3 mln passengers in September, a 5% increase from September 2010. September had a load factor of 86% compared to 83% in the same month last year.
12:18PM Republic Airways generated 1.7 billion revenue passenger miles; 2% decrease YoY (RJET) 2.66 +0.03 : Co reported preliminary passenger traffic results for September 2011. The Company generated 1.7 bln revenue passenger miles, a 2% decrease from the same month last year, while capacity was down 3% at 2.1 bln available seat miles. Block hours were 76,582 in September 2011, a decrease of 4% from September 2010.
12:06PM Verizon and Microsoft (MSFT) announce new FiOS TV coming soon to Xbox 360 (VZ) 35.81 -0.10 : Using a Verizon-developed software application, FiOS TV and Internet customers who are also Xbox LIVE Gold members will be able to view popular live TV channels through their Xbox consoles without any extra hardware required.
12:04PM Gold futures rally ~20 points off of flat line to highs at $1636.50; now up $16 at $1632 (COMDX) :
12:04PM Alere issues statement regarding Axis-Shield Offer; reaffirms that offer will remain open only until Oct 10 (ALR) 19.28 +0.51 : In the event that the Offer is not declared unconditional as to acceptances by 10 October 2011, it will lapse and, under the rules of the City Code, Alere would not be permitted to make another offer for Axis-Shield for a minimum period of twelve months, except with the consent of the Takeover Panel and as otherwise permitted by the City Code... Against a backdrop of sustained market uncertainty, Alere believes the Offer provides Axis-Shield shareholders the opportunity to crystallise the value of their investment at a premium valuation of 460 pence per Axis-Shield Share.
11:57AM Gold and silver seeing a sharp move to fresh highs -- GLD, SLV (TECHX) :
11:57AM Gold futures spiking sharply (COMDX) :
11:47AM Spire and Wanxiang will collaborate on PV Module supply & calibration (SPIR) 1.47 +0.14 : Wanxiang will supply modules that will serve as reference standards for calibration of Spire's industry-leading Spi-Sun Simulator
11:39AM Nasdaq 100/Comp +33 set new session highs, Dow +62 and S&P +8.4 hovering slightly under their morning peaks (SPY) : Finance XLF, Reg Bank KRE, Retail XRT have lagged on the latest move.
11:03AM Semiconductor Hldrs ETF continues to provide morning leadership, tests second level resistance (SMH) 27.90 +0.73 : Solid performance for the SMH this morning has been extended in recent trade bringing a second level resistance from The Technical Take into play between 27.96/28.01 (session high 28.00). A minor barrier above at 28.10/28.15 followed by 28.25/28.34. The top performers include: INTC +2.8%, BRCM +2.9%, LLTC +2.9%, LSI +5.2%, MU +5.7%, NVLS +3%, SNDK +5%, TER +3.4%, TXN +2.7%.
11:01AM Chart Indust to Expand manufacturing capacity to meet growing LNG equipment demand (GTLS) 40.80 +1.31 : Co announced it will eb expanding manufacturing capacity for liquefied natural gas equipment to meet growing LNG infrastructure demand in North America. Chart plans to begin with a first phase investment in the fourth quarter 2011 of ~ $4 mln at a site to be located in the Upper Midwest.
10:49AM Aaron's announced that it has reached an agreement to purchase 11.5% of Perfect Home Holdings Limited, a privately-held U.K. rent-to-own company (AAN) 24.55 +0.51 : Co will pay 10 mln GBP, or ~ $15.4 mln at current exchange rates, for its interest in PerfectHome and will have an option to increase its ownership in the future. The funds will be primarily used by PerfectHome to accelerate the growth of its store openings.
10:49AM Stock indices edge to another minor new session high but extended short term -- Dow +25, S&P +4, Nasdaq Comp +14 (SPY) : Noted in 10:21 update that as long as the S&P remained above 1121/1120 there was potential for further upticks. It held at 1122 with it reaching initial resistance mentioned at 1130 in recent trade. The next resistance zone of interest is at 1134/1136. It is extended in the wake of the late run yesterday and this morning's extension so watching for indication that corrective trade could be developing.
10:37AM Gold ticks into negative territory again, giving up modest gains; now off $0.90 at $1615.10 (COMDX) :
10:31AM Simon Properties announces new $4.0 billion revolving credit facility (SPG) 109.26 -1.53 : Co announced that it has entered into a new unsecured revolving credit facility that increases the co's revolving borrowing capacity to $4.0 bln. This facility, which can be increased to $5.0 billion during its term, will initially mature on October 30, 2015, and can be extended for an additional year to October 30, 2016 at the Company's sole option. The facility also includes a $2.0 bln multi-currency tranche for Euro, Yen, Sterling, and Canadian Dollar borrowings.
10:31AM Crude oil trades to fresh highs following data; now up $2.53 to $78.20 (COMDX) :
10:21AM Limited follow through for stock indices thus far-- Dow +10, S&P +2, Nasdaq Comp +5 (SPY) : The indices were able to push above Tuesday's highs in the wake of the slightly better ISM data but the move was limited in scope. If the S&P can remain above 1121/1120 there is potential for a very near term extension. A minor resistance is near 1130 with the next area of note in the 1134/1136 area.
10:15AM Opening Point Gainers/Losers (TECHX) : Point Gainers: CF (+4.48), PSMT (+4.08), APOL (+3.01), BIIB (+2.46), SXCI (+2.44), WLT (+2.46), ROC (+2.13), UNP (+2.07), OPEN (+2.03), RIMM (+2.00), GOLD (+2.09), JOYG (+1.86), FFIV (+1.87)
Point Losers: PCLN (-15.27), GOOG (-14.47), AAPL (-9.46), LUFK (-7.82), CMG (-6.31), BIDU (-4.08), GMCR (-3.76), WYNN (-3.36), NVO (-2.78), AVB (-2.77), MA (-1.91)
Point Losers: PCLN (-15.27), GOOG (-14.47), AAPL (-9.46), LUFK (-7.82), CMG (-6.31), BIDU (-4.08), GMCR (-3.76), WYNN (-3.36), NVO (-2.78), AVB (-2.77), MA (-1.91)
10:05AM Dow +32 and S&P +3 push into the black and above yesterday's high, Nasdaq Comp -0.9 off low, nearing flat line (SPY) :
9:59AM RPM Inc acquires European fire protection and insulation business; financial terms not disclosed; expected to be accretive to earnings within one year (RPM) 19.71 +0.95 :
9:45AM China Recycling Energy Announces Acquisition of Shenqiu Power Generation System (CREG) 1.15 -0.00 : Under the assets transfer agreement, Xi'an TCH purchased a set of 12 MW biomass power generation system from Shenqiu for RMB 70 mln (~$10.9 mln) following the company's completion of the conversion of Shenqiu's non-operating coal fired power generation system into a biomass power generation system. On the same date of purchase, Xi'an TCH leased the biomass power generation system to Shenqiu for a leasing period of 11 years under which the company receives monthly lease payments of 1.8 mln RMB (~$281K) for the entirety of the lease. Upon completion of the lease, Xi'an TCH will transfer the biomass power generation system to Shenqiu at zero cost. Shenqiu, the seller and the customer, is located in Shenqiu county, part of Zhoukou City in Henan Province, PRC.
9:41AM Modestly weaker bias for stock indices -- Dow -43, S&P -5, Nasdaq Comp -15 (SPY) : Sectors in the red include: Reg Bank KRE -2%, Bank KBE -1.8%, Solar TAN -1.5%, REITs IYR -1.4%, Finance XLF -1.2%, Oil Service OIH -1.2%, Utility UTIL -1.1%. Limited strength in Biotech BBH +0.7% Rail +0.2%, Coal KOL +0.2%, Stem Cell (PSTI +2.8%, ASTM +2.2%, STEM +2.1%) and Education (APOL +6%, COCO +5.8%, STRA +4.6%, ESI +4.3%, DV =3.1%, COCO +2.5%, LOPE +1.7%, CPLA +1.1%).
9:30AM Navigant Consult acquires Paragon Health; financial terms not disclosed (NCI) 9.41 :
9:30AM Sonoco Products has increased the surcharge on its plywood reels from 11% to 15%, effective Oct 3 (SON) 27.74 :
9:25AM ZAGG introduces protective accessories for the Apple iPhone 4S (ZAGG) 10.42 : Co made available new designs of its invisibleSHIELD and ZAGGskins accessories developed specifically for the Apple iPhone 4S (AAPL)
9:21AM On The Wires (WIRES) :
- InfoSonics (IFON) received notification from the NASDAQ that the Company was granted an additional 180 day period to regain compliance with NASDAQ Rule that requires listed securities to maintain a minimum bid price of $1.00 per share.
- Solazyme (SZYM) announced the expansion of Algenist, Solazyme's microalgae-based luxury skincare line, to include 146 Sephora inside JCpenney (JCP) locations throughout the US.
- Quepasa (QPSA) announced it had signed a global publishing agreement with long-time partner, Viximo. The agreement enables Viximo to manage the localization, publishing and marketing of Quepasa Games.
- Concur (CNQR) and Cvent announced a new partnership through which each company will actively promote and refer the other's products and services.
- Fiserv (FISV) announced that Krung Thai Bank has selected Fiserv for asset/liability, market risk, interest rate risk, foreign exchange risk and daily bank-wide liquidity risk management.
- Cotton Incorporated and American Eagle Outfitters (AEO) announced a partnership for the COTTON taking place in more than 850 American Eagle Outfitters stores and 47 college campuses across the U.S.
- Hitachi Data Systems (HIT) announced its intention to acquire Shoden Data Systems, a provider of data center technology solutions.
- Grupo Aeroportuario del Pacifico (PAC) announced that a common court of first instance for the Federal District held that Articles X and XII of the Company's by-laws do not conform to the Mexican Securities Market Law.
9:17AM Two Harbors Investment announces share repurchase program of 10 mln shares (TWO) 8.32 :
9:16AM Alphatec has resolved a Warning Letter that it had previously received from the FDA for its Carlsbad, CA, facility (ATEC) 2.05 : Co has resolved a Warning Letter that it had previously received from the FDA for its Carlsbad, CA, facility. The FDA issued the Warning Letter on June 21, 2010 in connection with deficiencies in the response letter sent by the Company to the FDA in connection with a FDA inspection that occurred in February 2010. Subsequent to a follow-up audit of the Company's facility, the FDA issued a close-out letter dated September 28, 2011. In this letter, the FDA stated that the Company has resolved all the deficiencies contained in the Warning Letter.
9:15AM Fonar: Co reports "major diagnostic breakthrough" in Multiple Sclerosis achieved with FONR's Advanced FONAR UPRIGHT MRI (FONR) 1.53 : In a newly published paper, medical researchers at FONR report a diagnostic breakthrough in multiple sclerosis (MS), based on observations made possible by the co's unique FONAR UPRIGHT Multi-Position MRI. The findings reveal that the cause of multiple sclerosis may be biomechanical and related to earlier trauma to the neck, which can result in obstruction of the flow of cerebrospinal fluid (CSF), which is produced and stored in the central anatomic structures of the brain known as the ventricles.
9:10AM NextEra Energy announced Moray Dewhurst was named Vice Chairman and CFO of NextEra Energy (NEE) 53.01 : Co announced the following organizational changes, which are effective immediately: Armando Pimentel, currently Executive Vice President and Chief Financial Officer of NextEra Energy, Inc., is named President and CEO of NextEra Energy Resources... Moray Dewhurst is named Vice Chairman and Chief Financial Officer of NextEra Energy. Dewhurst served as the company's CFO from 2001 to 2008. He has served in his present role as Vice Chairman and Chief of Staff of NextEra Energy since 2009, and will retain those responsibilities.
9:04AM Cutera receives Health Canada approval for Excel V laser system (CUTR) 7.05 :
9:04AM Magnum Hunter subsidiary announces Marcellus Gas processing initiative with MarkWest Liberty Midstream, a partnership of Markwest Energy (MWE) (MHR) 2.69 : Co announced today that its wholly-owned subsidiaries, Eureka Hunter Pipeline and Triad Hunter, have entered into definitive services agreementswith MarkWest Liberty Midstream & Resources, a partnership between MarkWest Energy Partners (MWE) and The Energy & Minerals Group. The Agreements provide for long-term midstream processing and related services in the liquids-rich Marcellus Shale. This will include natural gas produced in Northwestern West Virginia that is gathered through the Eureka Hunter Pipeline System, including equity production for Triad Hunter and other third party producers. Eureka Hunter will extend its 20 inch gas gathering system to the Mobley processing complex on or before May 1, 2012 in order to begin delivering unprocessed natural gas production to both Mobley Plants for processing. Eureka Hunter will be gathering both Triad Hunter's and other third parties' natural gas production for delivery to MarkWest Liberty's Mobley processing complex. Initial delivery volumes from Eureka Hunter to the Mobley complex are currently estimated to be in the 50 - 75 MMBTU per day range. Based on current pricing for NGLs, Eureka Hunter and other third party producers are anticipating a "pricing uplift" of between $1.00 - $1.25 per MCFE sold. Additionally, natural gas production processed at the Mobley complex will be able to access both the Columbia Gas Transmission and the Equitrans interstate pipeline systems.
9:03AM Sara Lee confirmed that the companies are finalizing discussions on status of North American Fresh Bakery sale with DOJ; sale should close in the coming weeks (SLE) 16.19 :
9:03AM CBOE Holdings outlined strategic initiatives to enhance share value; committed to pursuing select strategic opportunities that enable us to expand our product and service offerings and capitalize on core competencies (CBOE) 24.35 +0.25 : Co noted that through September of this year, CBOE repurchased $15 mln of common stock, representing 599,900 shares at an average price of $24.82. The shares were purchased as part of the co's $100 mln share repurchase plan, authorized in August. CBOE also will continue to build on the successes of its volatility franchise and the all-electronic C2 Options Exchange.
9:02AM Beam announces redemption of $400 mln of outstanding public debt (BEAM) 44.62 : Along with the tender offers completed in August 2011, the redemption is part of the co's previously announced plan for the reduction of outstanding debt by ~$1.7 bln. Beam intends to fund the redemption using a portion of the $500 mln dividend received from Fortune Brands Home & Security
9:01AM Dynavax Technologies and AstraZeneca (AZN) to advance TLR-9 agonist into clinic for asthma (DVAX) 1.88 : Co and AstraZeneca have amended their existing Collaboration Agreement to accelerate the initiation of clinical development of AZD 1419, a proprietary second-generation TLR-9 agonist for asthma. DVAX will manage the early clinical development on behalf of the collaboration, and development expenses will be fully funded by AZN. DVAX will receive an initial payment of $3 mln to begin the clinical program. Under the terms of the 2006 research collaboration and license agreement and as now amended, AstraZeneca will provide to Dynavax ~ $20 mln in payments to cover the cost of clinical development activities through Phase 2a.
9:01AM SunCoke Energy provided an update on its business; reaffirmed that start-up plans at its new Middletown, Ohio, metallurgical cokemaking facility are on track (SXC) 10.13 : Co provided an update on its business today. The company reaffirmed that start-up plans at its new Middletown, Ohio, metallurgical cokemaking facility are on track. As part of the start-up process, the Company anticipates it will begin heating its cokemaking ovens in mid-October. SunCoke also reported that total U.S. coke production is estimated to increase to 960 thousand tons in the third quarter 2011, driven by improved production at Indiana Harbor. In addition, the Company announced that it has acquired the entire 19% ownership interest in the partnership that owns the Indiana Harbor cokemaking facility.
8:51AM General Motors announced it has entered carsharing business (GM) 21.42 : General Motors and RelayRides announced an exclusive relationship that will allow GM vehicle owners to leverage the OnStar system to rent out their idle cars through the RelayRides marketplace. The program, which will launch in early 2012, is GM's first large-scale involvement in carsharing. RelayRides mobile application is planned for early 2012.8:42AM On The Wires (WIRES) :
- Halozyme Therapeutics (HALO) announced the commencement of patient dosing in a Phase 2 clinical trial with pegylated rHuPH20 in patients with stage IV previously untreated pancreatic cancer. This multi-center, international, randomized, placebo-controlled trial will study the safety, tolerability and efficacy of gemcitabine plus PEGPH20 compared to gemcitabine plus placebo.
- Outdoor Channel (OUTD) announced that the network will be offered through the broadly distribution in New England via Comcast (cmcsa) XFINITY TV.
- T3 Motion (TTTM) announced that the first shipment of T3 Series Electric Stand-up Vehicles (ESV) of $117,600 has been shipped to Luxury Carts, exclusive T3 ESV distributor in Saudi Arabia.
- Neptune Technologies and Bioressources (NEPT) announces that the U.S. Patent and Trademark Office has granted Neptune a new patent covering omega-3 phospholipids comprising polyunsaturated fatty acids, one of the main bioactive ingredients in all recognized Krill Oils.
- Harris (HRS) has been awarded a 16-month, $9.7 mln contract by the U.S. Air Force Space Command's Space and Missile Systems Center to deliver network support services at Los Angeles Air Force Base in California.
- Office of the Project Manager, Combat Ammunition Systems, and ATK (ATK) have successfully completed Precision Guidance Kit Engineering and Manufacturing Development Phase 3 Design Verification guided flight testing during a recent 48-round test at Yuma Proving Ground, Ariz.
- Neptune Technologies and (NEPT) announces that the U.S. Patent and Trademark Office has granted Neptune a new patent covering omega-3 phospholipids comprising polyunsaturated fatty acids, one of the main bioactive ingredients in all recognized Krill Oils. The patent is granted for the U.S. market and is valid until 2025.
- Boston Scientific (BSX) has started patient enrollment in the OMEGA clinical trial, designed to evaluate the safety and effectiveness of the Company's OMEGA Platinum Chromium Bare-Metal Coronary Stent System in treating patients with a single coronary artery lesion.
- Cynosure (CYNO) announced that it has acquired from NuvoLase worldwide exclusive rights to distribute the PinPointe FootLaser. Terms not disclosed.
- Satcon Technology (SATC) announced that it has been selected by Q-Cells North America to supply an additional 40 megawatts of their Prism Platform solutions for the Starwood project in Sault St Marie, Ontario.
8:42AM Lpath granted two additional U.S. patents related to iSONEP and ASONEP drug programs (LPTN) 0.82 : These newly issued patents, US 8,025,877 and US 8,026,342, claim methods and composition of matter for Lpath's anti-Sphingosine-1-Phosphate (S1P) antibody, sonepcizumab, the active component in Lpath's two lead compounds, iSONEP and ASONEP. These patents cover the amino acid sequences of the light and heavy chains of sonepcizumab, and also have claims for the treatment of cancer, as well as cardiovascular and cerebrovascular disease.
8:34AM Keryx Biopharma: Journal of Clinical Oncology Publishes Phase 2 Clinical Trial Results that KRX-0401- P-CAP demonstrated statistical significance (KERX) 2.88 : Co announced that a manuscript reporting Phase 2 activity of KRX-0401 (perifosine) in the treatment of patients with refractory, advanced colorectal cancer, was selected for publication in the October 3, 2011 online edition of the Journal of Clinical Oncology. Perifosine, the co's novel, potentially first-in-class, oral anti-cancer drug candidate that inhibits Akt activation in the phosphoinositide 3-kinase pathway, is currently being investigated in a Phase 3 trial entitled the "X-PECT". KRX-0401 (perifosine) is in-licensed by co from Aeterna Zentaris (AEZS).
8:32AM Bio-Rad Labs acquires QuantaLife and digital PCR technology for $162 mln (BIO) 92.42 : Co announced today that it has purchased QuantaLife for $162 mln in cash plus potential future milestone payments.
8:32AM DigitalGlobe awarded a one-year contract at a funded level of $37.9 million by the U.S. Government via the National Geospatial-Intelligence Agency (DGI) 19.04 :
8:32AM Omnitek Engineering signs letter of intent to form strategic alliance with natural gas fueling station company (OMTK.PK) 1.75 : Co has signed a letter of intent with San Clemente, CA-based Go Natural Gas to form a strategic alliance to facilitate diesel-to-natural gas truck engine conversions through turnkey programs and services. The company is in the process of negotiating various components of the proposed strategic agreement, including economic considerations, geographic scope and related responsibilities.
8:31AM ADA-ES provides update on progress with refined coal activities; jv has installed and operated eight RC systems (ADES) 14.15 : Co updated on the progress of Clean Coal Solutions, its joint venture with an affiliate of NexGen Resources Corporation and an affiliate of The Goldman Sachs Group. To date, Clean Coal has installed and operated eight RC systems at utility sites with a ninth system expected to be qualified this week. Clean Coal's goal is to install and operate up to 11 additional RC systems by year-end, for a total of 20 systems installed in 2011. Co also announced that during full-scale tests co's new technology M45, achieved greater than 20% reduction in emissions of NOx and greater than 40% reduction in mercury emissions, thus demonstrating that the technology also meets the standards necessary to qualify for IRS Section 45 tax credits of over $6.33 per ton of RC.
8:31AM TransAtlantic Petroleum intends to sell its drilling services business, engages PPHB as its Financial Advisor, extends Dalea Credit Agreement Maturity Date, and increases turkish natural gas prices (TAT) 0.85 : Co announces that it intends to sell its drilling services business, which is operated through its wholly owned subsidiaries Viking International and Viking Geophysical Services. Additionally, the co announced a maturity extension on the Dalea credit agreement and increased Turkish natural gas pricing. The co and the its special committee entered into an engagement letter with Parks Paton Hoepfl & Brown, under which PPHB will act as the exclusive financial advisor to the co and the special committee in connection with the sale, transfer or other disposition of Viking International and Viking Geophysical. Accordingly, the co expects to treat its drilling services business as "discontinued operations" for U.S. GAAP accounting purposes.
8:30AM Lender Processing Services announced the appointment of Hugh Harris to serve as the its president and CEO effective October 5, 2011 (LPS) 13.91 :
8:30AM Copper at lows; currently lower by 5 cents at $3.06 (COMDX) :
8:24AM Acuity Brands reports EPS in-line, beats on revs (AYI) 37.73 : Reports Q4 (Aug) earnings of $0.79 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.79; revenues rose 11.7% year/year to $496.2 mln vs the $483 mln consensus. "We remain very positive about the future prospects for our company and our ability to outperform the markets we serve, particularly as we become more diversified and less reliant on new building construction for growth. We expect the North American lighting market, which includes renovation and relight, to grow modestly in our fiscal 2012, although we do see the potential for continuing volatility in customer demand. We intend to invest ~$40 mln in capital expenditures during fiscal 2012, and we estimate our annual tax rate to be ~34% for the year."
8:23AM Gold spikes ~8 points into positive territory following open of pit trade; now up $6.70 to $1622.70 (COMDX) :
8:18AM PharMerica: Omnicare (OCR) announced that it has extended its offer to purchase all outstanding shares of PMC for $15.00/share in cash until December 2nd (PMC) 11.93 : The tender offer was previously scheduled to expire at 12:00, midnight, New York City time, on October 4, 2011. All other terms and conditions of the tender offer remain unchanged. The transaction is valued at ~ $716 mln, which includes PharMerica's net debt.
8:11AM Monsanto beats by $0.05, beats on revs; guides Q1 EPS above consensus; guides FY12 EPS in-line (MON) 63.18 : Reports Q4 (Aug) loss of $0.22 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of ($0.27); revenues rose 15.1% year/year to $2.25 bln vs the $1.91 bln consensus. Co issues upside guidance for Q1, sees EPS of $0.10-0.15, excluding non-recurring items, vs. $0.08 Capital IQ Consensus Estimate. Co issues in-line guidance for FY12, sees EPS of $3.34-3.44, excluding non-recurring items, vs. $3.42 Capital IQ Consensus Estimate. The Seeds and Genomics segment, which saw significant gross profit increase in 2011 and represents the growth area for Monsanto's business in fiscal year 2012 and beyond, is expected to deliver both single digit percentage unit volume growth and continued mix improvement. The company expects Seeds and Genomics gross profit in the range of $5.7 billion to $5.85 billion for the year, with unit volume growth complemented by mix from both germplasm and trait upgrades globally. Gross profit for the Agricultural Productivity segment is expected at roughly $800 million. The company projects free cash flow in the range of $1.3 billion to $1.5 billion for fiscal year 2012.
8:04AM CyberDefender announces additional financing and Greg Thomas asnNew CEO (CYDE) 0.41 : Co announces that it has secured $3.45 million in additional financing and reached an agreement in principle to appoint Greg Thomas as its CEO, effective October 10, 2011, for a twelve month period.
8:04AM Alaska Air reported September operational results for its subsidiaries; Alaska reported a 10.4% increase in traffic on a 7.2% increase in capacity compared to Sept 2010 (ALK) 54.57 : Co reported a 10.4 percent increase in traffic on a 7.2 percent increase in capacity compared to September 2010. This resulted in a 2.4-point increase in load factor to a September record of 83.9 percent. Alaska also reported 91.7 percent of its flights arrived on time, a September record compared to the 90.5 percent reported in September 2010. Horizon reported a 16.6 percent decline in traffic on a 20.1 percent decline in capacity compared to September 2010. This resulted in a 3.3-point increase in load factor to a September record of 79.3 percent. On a combined basis, Air Group reported a 9.5 percent increase in traffic on a 6.1 percent increase in capacity compared to September 2010. This resulted in a 2.6-point increase in load factor to 83.5 percent
8:03AM Regis: Starboard files definitive proxy materials and delivers letter to shareholders of Regis; states that the Regis Board's recent and reactionary changes do not go far enough (RGS) 14.75 : Co announced that it has filed definitive proxy materials with the SEC in connection with the 2011 Annual Meeting and has delivered a letter to all Regis shareholders. "The strategic initiatives and governance changes announced by the Company on October 3, 2011 were made in response to our calls for change and only after we publicly announced a competing slate of director candidates for the Annual Meeting. These reactionary changes do not go far enough to address the significant issues facing the Company and, in our opinion, are transparent attempts by the Company to win votes in the upcoming election contest. When the pressure is off, what will keep the Board from returning to its past practices of complacent oversight and weak governance?...The current board has overseen significant destruction of shareholder value."
8:02AM Hershey Foods announces warehouse and distribution alliance (HSY) 58.01 : Co announced that it has entered into an alliance with The Ferrero Group in North America through a joint warehousing, transportation and distribution initiative. This alliance is consistent with Hershey's ongoing productivity efforts to improve supply chain efficiency and enhance competitiveness.
8:02AM Comstock Mining received a unanimous approval from the Storey County Board of Commissioners passing Special Use Permit 2011-016 that grants it authorization to further develop its exploration drilling in the southern portion of the county (LODE) 1.90 :
8:01AM Novavax has been awarded a $1.3 mln contract from the U.S. Dept of Homeland Security to develop a virus-like particle vaccine countermeasure to protect the US from foot-and-mouth disease (NVAX) 1.48 :
8:00AM Reminder: ADP Employment Change due out in ~15 mins at 8:15 ET (ECONX) : Upcoming economic data due out today at 8:15 ET:
- Sept ADP Employment Change (Briefing.com consensus of 45K; prior was 91K)
7:46AM BMC Software announced the acquisition of StreamStep; financial terms not disclosed (BMC) 38.57 :
7:45AM On The Wires (WIRES) :
- Beam (BEAM) announced that the conversion rate of its $2.67 Convertible Preferred Stock increased from 6.601 to 8.411 shares of common stock per share of $2.67 Convertible Preferred.
- TASER International (TASR) announced that it received an order for its revolutionary new evidence capture and management platform including the TASER AXON on-officer cameras and EVIDENCE.COM service from the Lake Havasu City Police Department in Arizona.
7:39AM RPM Inc beats by $0.01, beats on revs; reaffirms FY12 revs, EPS guidance (RPM) 18.78 +0.72 : Reports Q1 (Aug) earnings of $0.59 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.58; revenues rose 10.2% year/year to $985.9 mln vs the $962.5 mln consensus. Co reaffirms guidance for FY12, sees EPS of +10-15% to ~ $1.59-1.67 vs. $1.59 Capital IQ Consensus Estimate; sees FY12 revs of +8-10% to ~$3.65-3.72 bln vs. $3.6 bln Capital IQ Consensus Estimate. "First-quarter results were on plan, with both our industrial and consumer segments posting solid increases in both sales and EBIT, despite the continued challenging economic climate and higher raw material costs."
7:36AM Ariad Pharm and Merck (MRK) announced that the FDA has accepted for filing and review the New Drug Application for ridaforolimus (ARIA) 8.86 : Co and Merck (MRK) announced the FDA has accepted for filing and review the New Drug Application (NDA) for ridaforolimus, an investigational oral mTOR inhibitor under development for the treatment of metastatic soft-tissue or bone sarcomas in patients who had a favorable response to chemotherapy. The FDA assigned a Standard review classification to this application. Merck and ARIAD previously announced that the European Medicines Agency had accepted the marketing authorization application for ridaforolimus. As part of an exclusive license agreement with ARIAD, Merck is responsible for the development and worldwide commercialization of ridaforolimus in oncology. ARIAD intends to co-promote ridaforolimus in the United States.
7:35AM Wi-LAN provides Q3 update for its licensing, Gladios and Brokerage businesses (WILN) 5.18 : WiLAN signed licenses with four cos during Q3. WiLAN and Ixia (XXIA) entered into a multi-year license agreement for Wi-Fi related technologies. Infinite Digital Inc. and previously announced licensees, Makena Electronic Co and HKC Overseas Limited, signed multi-year licenses related to WiLAN's V-chip technology. WiLAN is currently in licensing discussions and negotiations with a large number of prospective licensees... Gladios has now signed agreements with four additional companies bringing the total number of Gladios clients to six. The four new portfolios cover on-line gaming, on-line gambling, networking technology and internet connectivity... In Q3, WiLAN sold a portion of its biometric technologies (fingerprinting) portfolio including eight U.S. Patents to an undisclosed buyer.
7:32AM Brigus Gold provides updated technical report on Goldfields project (BRD) 1.00 : The Report is a pre-feasibility study which indicates a Net Present Value of $144.3 mln at a 5% discount rate with an internal rate of return of 19.6% assuming a gold price of $1,250 per ounce. The mine has a life of 13 years with a processing rate of 1,825,000 tonnes per year. The capital costs are ~$160 mln. While completing the pre-feasibility study, co has continued exploration and definition drilling on the Goldfields property as well as confirmatory metallurgical sampling and geotechnical investigations. This additional work is expected to enhance the resource and the economics of the project. The ore body is open at depth with the possibility of future upside through underground mining.
7:04AM Enterprise products begins open commitment period for Texas Express pipeline capacity (EPD) 39.97 : Co announces the start of a binding open commitment period for available capacity on a new natural gas liquids pipeline being developed by the co. The project is part of a recently announced joint venture that includes Enbridge Energy Partners (EEP), and Anadarko Petroleum (APC). Initial capacity on Texas Express will be ~280,000 barrels per day, which can be readily expanded to ~400,000 BPD or more depending on shipper interest. The pipeline is expected to begin service in the second quarter of 2013.
7:03AM SodaStream announces that its fully owned subsidiary has acquired 100% of the share capital of CEM Industries, based in Italy; the terms of the transaction were not disclosed (SODA) 31.76 :
7:02AM Gulfport Energy provides operational update; increases borrowing base to $125 mln (GPOR) 22.47 : Co recently entered into an initial 2012 hedging program consisting of fixed price swaps to sell 732K barrels of oil. From January 1, 2012 through December 31, 2012, Co has entered into fixed price swaps for 2,000 barrels of oil per day at a weighted average price of $108.00, before transportation costs and differentials. Gulfport's 2012 fixed price swaps hedge Brent crude as the underlying index. In connection with Co's Fall 2011 redetermination, Gulfport's lead lender has provided a commitment letter increasing its borrowing base from $90 mln to $125 mln, subject to the approval of the other banks within the syndicate. Gulfport recently acquired ~ 600 additional acres in the Permian Basin, increasing its total leasehold position in the play to 15,300 net acres.
7:01AM Celgene and and Agios extend cancer metabolism collaboration (CELG) 61.31 : Co announced that they have agreed with Agios, ahead of schedule, to extend the initial period of exclusivity of the cos' April 2010 collaboration agreement from three to four years. During this period, co has an exclusive option to drug candidates generated by Agios' cancer metabolism research platform. Under the terms of the new agreement, Agios will now receive a $20 mln payment. Co also has the ability to extend the exclusive collaboration period further in the future, for additional payments.
6:33AM GSI Technology responds to comments by Cypress Semiconductor (CY) regarding pending litigation (GSIT) 5.14 : "Fearing GSI's superior and faster products, Cypress's misleading press release of October 3, 2011 is just its latest effort in its campaign to unfairly compete with GSI. In the litigation that Cypress initiated, Cypress has provided no evidence that GSI (or any of its customers) infringe any valid Cypress patent. In fact, GSI is confident that GSI does not infringe any valid patent of Cypress. Importantly, since the filing of its lawsuit, the Patent and Trademark Office has instituted a re-examination proceeding with respect to one of the Cypress patents involved in the litigation (challenging the validity of the patent) and is reviewing whether to institute a re-examination proceeding against another Cypress patent."
6:27AM Nordic American Tanker issues letter to shareholders - full dividend payout policy will continue (NAT) 13.08 : Co says suezmaxes are earning about $7,000 to $14,000 per day depending on the route. The average figure in early October is somewhere near our cash break-even level of about $11,000 per day per vessel. Upon delivery of the last newbuilding from Samsung later this month, co expects to have drawn about $200 mln for working capital and investments. Finally, co has a full dividend payout policy that it will continue to follow.
6:12AM N Amer Palladium provides update on mine expansion plan for LDI (PAL) 2.06 : Co provides a technical update on its mine expansion plan for the Company's flagship Lac des Iles palladium mine in Northern Ontario. Further assessment of bulk mining methods on the increased size of the Offset Zone, the surrounding expansion targets, along with an updated assessment of the geotechnical effects on the rockmass, led to a reconsideration of the main mining method to be used in the Offset Zone. The co estimates that the total average operating cost once mining at full capacity from the shaft will be ~$40-44 per tonne, which is comparable to the $43 per tonne presented in a 2010 Scoping Study. Effective mining dilution is expected to be in the range of 5-10%, as compared to 10% in the 2010 Scoping Study. With the change of mining method to incorporate backfill, mining recovery is expected to improve from 90% in the 2010 Scoping Study to 95% to 100%. There were no significant changes to the metallurgical assumptions for the Offset Zone mineralization, which continues to be comparable to the historical trends of the Roby Zone. However, recent process circuit modifications have incrementally raised the grade recovery curve across a broad range of head grades, therefore the co continues to expect an 82% recovery for the expanded resource despite the lower grade from the original Scoping Study.
6:12AM On The Wires (WIRES) :
- CTC Media (CTCM) announces the user statistics and viewership results of its social TV network Co's Unique visitors since launch were 15 mln people.
- Tranzyme Pharma (TZYM) announced that it has dosed its first patient in a Phase 2b, 12-week trial of its first-in-class, oral, gastrointestinal motility drug candidate, TZP-102.
- Boeing (BA) and Lion Air, an all-Boeing Next-Generation 737 operator, are pioneering the use of precision navigation technology in South Asia with the introduction of Required Navigation Performance flight operations.
6:04AM Precision Drilling announced the signing of eight new build drilling rig contracts; co has increased its 2011 new build rig program to 38 rigs (PDS) 8.60 : These eight rigs are expected to consist of four Super Single rigs for the Canadian market and four Super Triple 1200 rigs for the U.S. market. Co now estimates that capital expenditures for 2011 will total $880 mln. To complete the 2011 new build rig program and rig upgrades, Precision expects there will also be an additional $303 mln of carry forward capital expenditures in 2012. The total 2011 capital expenditure plan includes $144 mln for sustaining and infrastructure expenditures and is based upon currently anticipated activity levels for the year. Additionally, $508 mln is slated for expansion capital for the 2010 and 2011 new build rig programs. The total capital expenditures also include the cost to upgrade ~20 rigs and to purchase long lead time items for future new build rigs or upgrades at an anticipated cost of $228 mln. Co expects the 2011 capital expenditures of $880 mln will be split $790 mln for the Contract Drilling segment and $90 mln for the Completion and Production Services segment.
6:01AM BioCryst Pharm announces positive top-line results from BCX4208 Phase 2B gout study in patients not responding to Allopurinol Alone (BCRX) 2.63 : The primary endpoint of the study was successfully achieved. When added to allopurinol 300 mg, BCX4208 was superior to allopurinol plus placebo. BCX4208 doses evaluated in the study showed response rates ranging from 33% to 49%, compared to 18% for placebo. Adding BCX4208 to allopurinol was generally safe and well-tolerated at all doses studied. Both the frequency and types of adverse events, including infections, were similar between the groups treated with BCX4208 and placebo.
3:39AM On The Wires (WIRES) :
- Praxair (PX) and Yara International ASA of Norway have signed an agreement whereby Praxair increased its ownership in the Yara Praxair AS industrial gases joint venture in Scandinavia from 50% to 66%.
- Alvarion (ALVR) announced that Angola Communications Systems, a Business Unit of MSTelcom, has chosen Alvarion's BreezeMAX Extreme solution to introduce a high-speed wireless broadband network in Angola. ACS has been providing satellite and wireless broadband services to private and public sectors including banks, government departments and entities across Angola.
- VASCO Data Security International (VDSI) announced that it has partnered with OpSource, Dimension Data's wholly-owned enterprise cloud and managed hosting business, providing an enterprise-class solution for joint clients.
2:04AM Forest Labs and Gedeon Richter report positive Phase III results with the investigational antipsychotic Cariprazine in patients with acute mania associated with Bipolar I Disorder (FRX) 30.02 : Co and Gedeon Richter announce preliminary top-line results from a Phase III clinical trial of cariprazine, an investigational antipsychotic agent, in patients with acute mania associated with bipolar I disorder. For the primary endpoint, the Young Mania Rating Scale, the data showed that cariprazine-treated patients with acute manic episodes experienced significant symptom improvement compared to placebo-treated patients seen as early as day four of treatment and at each subsequent time point studied. Further analyses of the data will be completed in the coming weeks. The primary, protocol-specified, endpoint was change from baseline to Week 3 on the YMRS, using the mixed effects model of repeated measures analysis. The YMRS is a comprehensive, clinician-rated instrument used to assess the severity of mania in bipolar patients, and includes such parameters as elevated mood, increased motor activity energy, sleep, and irritability. Statistically significant improvement was noted in patients receiving cariprazine relative to patients receiving placebo on the YMRS scale by MMRM analysis. Overall premature discontinuation rates were 32% for patients receiving cariprazine and 31% for patients receiving placebo.
1:03AM Anadarko Petro announces new exploration and appraisal success Offshore Mozambique; substantially increases resource potential in the Offshore Area 1 (APC) 61.56 : Co announces cumulative results of its exploration and appraisal success offshore Mozambique have substantially increased the resource potential in the Offshore Area 1 of the deepwater Rovuma Basin. The appraisal section of its most recent exploration well at the Camarao prospect encountered ~240 net feet of natural gas pay in an excellent-quality reservoir and confirmed static pressure connectivity with the partnership's previously announced Windjammer and Lagosta discoveries. In addition, the Camarao well discovered ~140 net feet of natural gas pay in shallower Miocene and Oligocene sand packages not encountered in previous wells.
1:01AM Monarch Casino & Resort announces option to acquire land parcel contiguous to Riviera Black Hawk (MCRI) 10.26 : Co announces it has entered into an option to purchase 1.5 acres of developable land contiguous to the Riviera Black Hawk casino from the Black Hawk-Central City Sanitation District. The Option Agreement may be exercised in the fourth quarter of 2011 for $6.0 mln plus a $2.3 mln assessment by the City of Black Hawk for improvements to the street adjacent to the BHCCSD parcel and the Riviera Black Hawk.
1:00AM Talisman Energy provides operations update; resumes production at its Rev facility (TLM) 11.56 : Co announces resumption of production at its Rev facility in Norway. Rev, which is a subsea tieback to the third party operated Armada platform had mechanical issues associated with the maintenance of the gas export line from the host platform. In addition, weather related issues during breakup in western Canada, and slower than anticipated progress on shale ramp ups, resulted in the loss of an additional 7,000 boe/d during the third quarter in North America. The combined volume impact of North America and the North Sea was ~20,000 boe/d during the third quarter, 5,000 boe/d annualized. As a result, the company currently expects third quarter production to average ~400,000 boe/d. North Sea volumes are expected to average 83,000 boe/d in the third quarter, increasing to ~100,000 boe/d in the fourth quarter. Lower volumes in the third quarter also reflect planned maintenance activities during the period.
1:00AM Northgate Minerals intersects 5.44 grams per tonne gold over 54.0 metres at Young-Davidson (NXG) 3.24 : Co announces assay results recently received from four diamond drill holes completed at Young-Davidson. Two of these holes were drilled in the YD West zone, where a new Indicated and Inferred Resource estimate of 536,000 and 53,000 ounces, respectively, was recently announced1. Drill results from these two holes, have enlarged this zone with a higher average grade than the main Young-Davidson deposit. Hole YD11-244,drilled south to north, returned an intersected width of 54.0 m grading 5.44 grams per tonne gold, including 48.3 m grading 5.99 g/t. Hole YD11-243A,an oblique hole completed in the upper portion of the YD West zone, returned 2.68 g/t over 31.2 m east of a post mineral dyke and 4.60 g/t gold over 39.2 m west of the same dyke. The average of these intersections with the dyke removed is 3.75 g/t gold over 70.4 m. It is expected that the results from these two holes will positively impact the recently announced YD West resource when it is updated at the end of the year.
1:00AM eBay instant sale offers top dollar for smartphone trade-ins for iPhone 4S (EBAY) 29.35 : Co announces a smartphone trade-in promotion through Oct. 5 for eBay Instant Sale. The special promotion allows customers to secure a top dollar instant cash offer for select smartphones - including up to $357 for an AT&T iPhone 4 in excellent condition - that can be used toward the purchase of the new iPhone 4S. Qualifying smartphones include the following: AT&T iPhone 4: Up to $357; Verizon iPhone 4: Up to $318; AT&T iPhone 3GS: Up to $229; HTC EVO 3D: Up to $200; HTC Thunderbolt: Up to $200; HTC Droid Incredible 2:Up to $200; HTC Sensation 4G: Up to $225
1:00AM Bank of NY says New York Attorney General's FX lawsuit is wrong on facts and law; co will vigorously defend against baseless claims (BK) 18.82 : Co issues statement in response to a civil lawsuit filed by the Office of the New York Attorney General. The lawsuit relates to foreign exchange services the company provided to certain institutional clients under its "standing instruction" program. In summary, co states: 1) The Attorney General Deliberately ignores key facts that both refute his allegations and support co's legitimate business practices; 2) Co states it executed transactions within fully disclosed, daily guaranteed pricing ranges; decision to use co's fx services rested solely with institutional clients and their investment managers who could opt out on daily basis; 3) It concludes that the lawsuit reflects inappropriate overreaching into commercial relationships. "Importantly, our clients and their investment managers make the decision where and how to execute foreign exchange transactions, not BNY Mellon."
