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| 18:25 |
ME Mariner Energy reports no material damage From Gustav
(27.40 -0.54)
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Co provided a preliminary update on the impact of Hurricane Gustav on the co's Gulf of Mexico production and assets. The co has completed initial assessments of virtually all ME-operated offshore structures and received reports from most operators at its third-party operated assets. Based upon these assessments and reports, it does not appear that any of the structures sustained any material damage. As of Thursday, September 4, ~220 mln cubic feet of natural gas equivalent per day (MMcfe/d) of offshore production was online. Pre-hurricane production from Mariner's Gulf of Mexico properties was ~360 MMcfe/d. |
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| 17:59 |
AHT Ashford Hospitality Trust Board authorizes additional $75 mln for stock repurchase plan
(4.51 +0.11)
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Co announced that the Board of Directors has authorized an additional $75 mln of the co's common stock that may be purchased under its share repurchase program. The co had recently completed substantially all of the repurchase of the $50 mln previously allocated under its existing share repurchase program. |
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| 17:51 |
POT Potash announces private-agreement purchase of common shares under current share repurchase program
(162.05 +11.66)
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Co announced that it purchased for cancellation 500,000 of its common shares outstanding pursuant to private agreement between the co and an arm's-length third-party seller. This purchase brings the cumulative total number of shares purchased under POT's 15.82 mln share repurchase program announced in January 2008 to 15.15 mln shares. |
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| 17:50 |
RKT RockTenn announces price increase on Linerboard and Corrugating Medium
(39.68 +0.42)
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Co announced a $60.00 per ton price increase on both linerboard and corrugating medium from its Solvay and St. Paul mills. The price increase is effective for October orders. |
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| 17:25 |
KBW Keefe, Bruyette & Woods announces filing of shelf registration statement
(28.76 +0.44)
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| 17:17 |
DSL Downey reaches agreement on regulatory consent orders and enhances financial strength; co raises $109 mln in regulatory capital
(3.10 +0.77)
-Update- |
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DSL announced that the co and its subsidiary, Downey Savings and Loan Association, F.A. (the "Bank"), have reached agreement with the Office of Thrift Supervision (OTS) on Consent Orders which, to a large extent, formalize certain measures previously announced by the co to enhance the Bank's financial strength. As a direct result of these measures, the co also announced the sale of certain non-core real estate assets to a third party for aggregate cash proceeds of $110 mln. DSL expects to report a net pre-tax gain of ~$68 mln from this sale. That gain, combined with a dividend to the Bank from a wholly owned subsidiary of the Bank, will result in an immediate increase in the Bank's regulatory capital of ~$109 mln. |
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| 17:07 |
FTO Frontier Oil announces notes offering
(19.62 +0.92)
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Co announced today that it intends to offer, subject to market conditions and other factors, up to $200 million aggregate principal amount of senior notes due 2016 in a registered public offering. Payment of the notes will be guaranteed by all of Frontier's material domestic restricted subsidiaries. he plan Gross thin |
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| 17:00 |
ACAD ACADIA Pharmaceuticals fles rgistration statement as required by previously announced committed equity financing facility
(2.82 +0.42)
-Update- |
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Co announced that it filed a registration statement as required under the terms of its previously announced Committed Equity Financing Facility (CEFF) with Kingsbridge Capital Limited. Under the terms of the CEFF, ACAD has access, at its discretion, to up to $60 mln in capital from Kingsbridge over a three-year period through the sale of newly-issued shares of ACAD's common stock. The funds that can be raised under the CEFF over the term will depend on the then-current price for ACAD's stock and the number of shares actually sold, which may not exceed an aggregate of 7,072,364 shares. ACAD was required to file the S-3 registration statement to cover the shares issuable pursuant to the CEFF and the up to 350,000 shares that may be exercised pursuant to a warrant, which was issued to Kingsbridge upon the signing of the CEFF. The effectiveness of the S-3 registration statement is a condition to Kingsbridge's obligation to purchase shares under the CEFF. ACADIA currently has no specific plans for the CEFF and is not a |
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| 16:48 |
MAC Macerich Elevates CEO Art Coppola to Role of CEO and Chairman
(64.11 -0.24)
-Update- |
|
Co announced a series of key senior management promotions put in place yesterday by its Board of Directors. Art Coppola, formerly President and CEO, is now CEO and Chairman of the Board of Directors, and Ed Coppola, formerly Senior Executive Vice President and Chief Investment Officer, is now President. |
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| 16:25 |
Conference/Events Calendar for the week of September 8th-12th: (part 2 of 2) |
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Events of interest for the week of, September 8th-12th, include: Wednesday: COV Analyst Meeting; PBI Investor Update Meeting; ACOR, CPHD, ARRY, AMAG, MDAS, CLRT at Robert W. Baird & Co. Small Cap Healthcare Conf; ADCT, INTU, OPXT, HLIT, TXN, NETL, PWAV at Jefferies & Co. 2nd Annual Technology Conf; AKAM, CTXS, DRIV, RNOW, ADCT at Deutsche Bank Securities Technology Conf; AKNS, AMSC, CLNE, VRNM, ABAT at Cowen and Company 2nd Annual Clean Energy Conf; APEI, SKIL, CAST, CPLA, COCO, LRN at BMO Capital Markets Back to School Education Conf; AVAV, BDC, DCO, DMND, DXPE, FWRD at BB&T Capital Markets 1-on-1 Conf; CCK, CRS at Keybanc Basic Materials & Packaging Conf; EGLE, SSW, PRGN at Dahlman Rose & Co. LLC 1st Annual Global Transportation Conf; ERTS, SNI, MVL, CVC at Merrill Lynch Media Fall Preview; FCX, NEM, GG, ABX, AU, GFI at Denver Gold Forum; GD, GR, BA, ROK, LMT, GE, HON at Morgan Stanley Global Industrials CEO's Unplugged Conf; MMSI at Credit Suisse Group HOLT UFO Conf; SLM, TRV, AHL, DUF, WFC, AF, BAC at Lehman Brothers Global Finance Services Conf... Thursday: BDN, DCT, LRY, OFC, AIV, EPR at BMO Capital Markets North American Real Estate Conf; BRCM, SAI, SFSF, CNQR, PRO at Jefferies & Co. 2nd Annual Technology Conf; CSX, BNI, CNI, KSU, UNP, NSC at Dahlman Rose & Co. LLC 1st Annual Global Transportation Conf; MOT, PMCS, SIRF, VRSN, FNSR, SIGM at Deutsche Bank Securities Technology Conf; OLN, ARJ, FMC, MEA, POL at Keybanc Basic Materials & Packaging Conf; TKR, LECO, PH, TRN, MTW, IPGP at Longbow Research Industrial Products Investor Conf; TYC, ROP, UTX, RTN, WCC, MTW at Morgan Stanley Global Industrials CEO's Unplugged Conf... Friday: AGP Investor Day Meeting; CTXS, DIGA, ADES, AERG, BITI, INSW at Kaufman Brothers Investor Conf; ICXT, RHB, PACR, BWP, NSIT, PDX at Morgan Keegan Equity Conf; ISIS, NUVA, WAG, CEPH, NXTM, CELG at Thomas Weisel Partners Healthcare Conf... |
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| 16:25 |
Conference/Events Calendar for the week of September 8th-12th: (part 1 of 2) |
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Events of interest for the week of, September 8th-12th, include: Monday: CATY, GLG, ZION, FSR, RNR, WABC at Lehman Brothers Global Finance Services Conf; CELG, CYPB, ACOR, BMRN, ALTH, CGRB at Citigroup Biotech Unplugged Conf; CTIB, TBUS, BLD, BNE at Wall Street Analyst Forum; LSTR, ABFS, YRCW, JBHT, ODFL, CNW at Wachovia First Union Transportation and Packaging Conf; NAK, PAL, AZK, WGI, ANV, VGZ at Denver Gold Forum; SSD, SYNO, CCMP, TSRA, ROL, ACET at Sidoti & Company Healthcare Conf; Dallas Fed pres Fisher... Tuesday: TXN Q3 Mid Quarter Update (17:00 ET); BBND Analyst Meeting; CRA Analyst Meeting; MMM 2008 Investor Day Meeting; NFX Analyst/Investor Meeting; OC Investor Day; SRX Analyst Meeting; PNR Investor and Analyst Day; AIMC, FSS, MEA, SPAR at Next Generation Equity Research, LLC Small and Midcap Investor Conf; ALL, CNB, NTRS, FMER, WB, ACGL at Lehman Brothers Global Finance Services Conf; ALL, CNB, NTRS, FMER, WB, ACGL at Lehman Brothers Global Finance Services Conf; BDX, BIIB, IVC, DNA, AMAG, LLY, AMLN at Morgan Stanley Global Healthcare Unplugged Conf; CLS, NVDA, PMTC, ARBA, ENTR, JDSU at Deutsche Bank Securities Technology Conf; CWCO, PSSI, BSMD, RPM, EPM, EDAP at Wall Street Analyst Forum; OI, PTV, SON, BMS, CCK, SEE at Wachovia First Union Transportation and Packaging Conf; PAAS, RGLD, AEM, NG, EGO, NXG at Denver Gold Forum. |
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| 16:18 |
EGLS Electroglas lowers Q1 revs guidance
(1.33 -0.04)
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Co lowers revs guidance; co announced that it expects its financial results for Q1 to be below the expectations previously provided due to weak semiconductor equipment market conditions and the co now expects revenue to be $8.1-8.4 mln for Q1, down from $10.5-11.5 mln (No consensus). |
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| 16:16 |
MTEX Mannatech receives Wells Notice on previously disclosed inquiry
(4.24 -0.04)
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Co announces that it and its Chief Financial Officer and the Chairman of Mannatech's Audit Committee have received a Wells Notice from the staff of the Division of Enforcement of the United States Securities and Exchange Commission related to the timing and completeness of Mannatech's October 2007 disclosure regarding its dismissal of Grant Thornton LLP as its independent registered public accountants. The Wells Notice stems from an informal inquiry commenced by the SEC with respect to the disclosure, which informal inquiry was previously disclosed by Mannatech in its Form 10-K for the year ended December 31, 2007, which was filed with the SEC on March 17, 2008. |
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| 16:00 |
VSE VeraSun Energy announces startup of Dyersville, Iowa, ethanol biorefinery
(5.15 -0.31)
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Co announced the startup of its 110 mln gallon per year ethanol biorefinery located near Dyersville, Iowa. The Dyersville production facility marks the 14th VSE biorefinery in operation, increasing the co's annual production capacity to more than 1.4 bln gallons. Located on ~200 acres west of Dyersville, construction on the facility began in October 2006. The biorefinery will annually process ~39 mln bushels of corn and produce about 350,000 tons of distillers grains for livestock feed, in addition to employing ~55 workers. VSE took ownership of the plant on April 1, 2008, following its merger with U.S. BioEnergy. |
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|
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| 15:47 |
Earning Schedule for the week of Sept 8th-12th |
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Companies reporting earnings for the week of Sept 8th-12th include: Monday: HITK, CHP, FNSR, LRN, MIND, and PBY. Tuesday: AHII, ARST, GNET, KFY, AVAV, GII, SHFL, and PAY. Wednesday: STEI, GCOM, SEG, and GROW. Thursday: CPB, LULU, and MEI. Friday: Nothing scheduled |
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| 15:33 |
SCANX Weekly Percentage Gainers |
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Stocks over $5 posting the largest percentage loss over the last five sessions include: SCRX +59%, DTG +30%, MDVN +30%, SSCC +28%, TBBK +27%, UST +25%, NOBL +24%, WMAR +24.24 AXL +23%, RBPAA +22%, PSS +22%, WNR +22%, SNDK +21%, ZION +18%, SMN +17%, ABK +17%, SSG +17%, FXP +17%, DUG +17%, BAGL +16%, EEV +16%, IVAC +16%, PACW +16%, RF +15%, DTO +15%, ISLE +15%, SURW +15%, TSON +15%, RJET +14%, ULTA +14%, GRNB +14%, EFU +13%, TAYC +13%, REW +13%, BANR +13%, SUR +13%, ZZ +13%, COIN +12%, TSFG +12%, DEE +12%, AGO +12%, AGA +12%, SRCE +12%, FRE +11%, JOSB +11%, SUPR +11%, FRBK +11%, IMP +11%, QID +11%, ARGN +11%, NWA +11%, CRMT +11%, CPY +11%, JCG +11%, OZRK +11% |
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| 15:25 |
MCF Contango Oil & Gas terminates data room process and announces $100 mln share repurchase program
(65.01 +2.85)
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Co announces that it has terminated the data room process for companies potentially interested in acquiring our Dutch and Mary Rose fields in the Gulf of Mexico. As a result, the co will continue to develop and operate its Dutch and Mary Rose fields and continue to drill and explore in the Gulf of Mexico as Contango Oil & Gas Company. The co also announced that its Board of Directors has approved the implementation of a $100 mln share repurchase program, effective immediately. |
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| 15:24 |
LSTR Landstar System announces Appellate Court issues key rulings in OOIDA lawsuit
(48.50 -0.81)
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Co announces that the United States Court of Appeals issued its rulings in a pending case involving four former Landstar Business Capacity Owners and the Owner-Operator Independent Drivers Association. First, the Court's analysis confirmed that Landstar's current leases with its BCOs comply with the federal leasing regulations and rejected OOIDA's argument that it is unlawful for Landstar to offer programs that make these items available for purchase by BCOs for more than Landstar's third-party costs. Second, the Court overturned a lower court ruling that had found that Landstar "literally complied" with the applicable disclosure requirements of the federal leasing regulations. Instead, although the Court held that Landstar was entitled to recoup its expenses in administering the programs, it also held that even where the exact price for the product or service was stated in the BCO's lease and verified on the BCO's settlement statement, the BCO is entitled to access documents reflecting how the amount of each component of a specific charge was computed. Third, the Court affirmed the lower court ruling that decertified the class of plaintiffs for the purposes of determining damages and ruled that in order for an individual plaintiff to recover any amount in monetary damages in connection with a violation, the individual plaintiff must prove "actual damages" sustained as a result of a violation. |
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| 15:13 |
MIG Meadowbrook Ins announces that its Founder and Chairman, Merton Segal, will retire as an employee
(7.28 -0.16)
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Segal will continue to serve on the Board of Directors as a Non-Executive Chairman and will also be a consultant to the Company effective October 1, 2008. |
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| 14:55 |
ATPG ATP Oil & Gas reports minimal hurricane impact, says 1-2 BCFE of production to be deferred from Q3
(23.52 -0.76)
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Co announces minimal impact from Hurricane Gustav based on preliminary inspections of its production and drilling operations in the Gulf of Mexico. Hurricane Gustav's path was about 12 miles east of the ATP Innovator, moored at ATP's Mississippi Canyon Block 711 "Gomez" Hub; however, the Innovator held position and initial assessments found no significant damage. As a result of temporary shut-ins, ~1-2 Bcfe of production will be deferred from the third quarter. The total duration of the shut-in production is unknown; however, co has reestablished production at a number of its facilities including Canyon Express, Garden Banks 409, and East Cameron 299. |
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| 14:47 |
COMDX CBOT Agriculture and Ethanol Closing Prices |
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Sep corn closed lower by 17 3/4 cents to $5.31 1/2 per bushel, Sep soybeans closed lower by 54 cents to $11.80 per bushel, Sep wheat closed lower by 25 1/2 cents to $7.29 3/4 per bushel, Oct Ethanol closed lower by $0.072 to $2.170 per gallon. |
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| 14:46 |
COMDX NYMEX Energy Closing Prices |
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Crude settled off $1.40 to $106.49, natural gas finished up 11.6 cents to $7.438, heating oil ended lower by 3.87 cents to $2.985 and RBOB gasoline closed down 5.42 cents to $2.6862 |
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| 13:41 |
COMDX COMEX Metals Closing Prices |
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Gold ended the day higher by $0.60 to $803.80, silver finished down 69.5 cents to $12.240 and copper closed off 16.10 cents to $3.1050 (all Dec contracts). |
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| 13:18 |
FRPT Force Protection receives $7.2 mln award for lighter weight test vehicles
(4.07 -0.10)
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Co announces receipt of a $7.2 mln contract award from the United States Marine Corps for 5 reduced weight Cougar vehicles in response to an urgent request to develop vehicles providing enhanced mobility while maintaining survivability. The co noted that these vehicles incorporate significant amounts of design and technology developed as part of the Cheetah platform. |
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| 13:01 |
FNFG First Niagara: Fitch affirms First Niagara Financial Group at 'BBB/F2'; Outlook Stable
(15.04 +0.03)
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The rating affirmation is supported by FNFG's consistent operating performance, historically sound asset quality and solid capital levels. Despite the challenging operating environment, profitability measures for first-half 2008 were up compared to the same period the previous year. Factors attributing to the positive trends were solid growth in commercial loans, significant NIM expansion and continued low credit costs. |
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| 12:58 |
JBLU Jetblue Airways reports August traffic
(6.14 -0.04)
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Co reported today that its traffic in August increased 1.9% from August 2007, on a capacity increase of 1.2%. Load factor for August 2008 was 87.1%, an increase of 0.7 points from August 2007. JetBlue's preliminary completion factor was 96.8% and its on-time (1) performance was 64.7%. JetBlue's preliminary passenger revenue per available seat mile for the month of August increased 12% year over year. |
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| 11:56 |
SGY Stone Energy announces impact from Hurricane Gustav
(44.45 -1.08)
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Co provided an update on the impact of Hurricane Gustav on its operations. The adverse weather conditions associated with Hurricane Gustav resulted in substantially all offshore drilling and production activities in the Gulf of Mexico being suspended as of Saturday, August 30th. Stone safely evacuated all employee and contract personnel prior to the arrival of the storm. Net daily production (including volumes from the acquired Bois d'Arc properties) of approximately 310 mln cubic feet of natural gas equivalent was shut-in as a result of the hurricane. Flyovers of company and certain outside operated properties have begun and based on an initial assessment, all facilities and infrastructure appear to have remained intact. The initial inspections indicate that minimal property damage occurred to some of its facilities. Repairs will begin shortly as Stone had secured railing, grating and other equipment and supplies in advance of the hurricane entering into the Gulf of Mexico. Stone insures selected properties and facilities subject to a deductible; however, Stone does not maintain coverage for business interruption. |
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| 11:46 |
European Markets Closing Prices: FTSE: 5241.2 -120.9 -2.3%, DAX: 6118.4 -161.2 -2.6%, CAC: 4196.7 -107.4 -2.5% |
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| 10:57 |
OFIX Orthofix announces it has received 510(k) approval from the FDA for its unique new PILLAR SA spine interbody device
(25.19 -0.05)
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Co announces it has received 510(k) approval from the FDA for its unique new PILLAR SA spine interbody device, and also received a Notification of Approval to begin selling its CentroNail family of nailing systems in Japan. |
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| 10:33 |
ALGT Allegiant Travel announces preliminary passenger traffic results for August 2008.
(32.58 +0.15)
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Allegiant Air, LLC, a wholly owned subsidiary of Allegiant Travel Company (Nasdaq: ALGT), today reported preliminary passenger traffic results for August 2008. Passengers 303,559 254,687, Revenue passenger miles 262,981, Available seat miles 281,710, Load factor 93.4%. |
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| 10:29 |
COMDX Crude has now set a new 5-month low at $105.13 after taking out the previous 5-month low, set this Tuesday, at $105.46; currently off $2.48 to $105.41 |
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| 10:25 |
COMDX Crude continues to move lower, setting new lows at $105.72; now off $2 to $105.89 |
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| 10:10 |
COMDX Crude's attempt to move into positive territory temporarily stalls as it moves back towards session lows; currently off $1.17 to $106.72 |
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| 10:01 |
CAL Continental Air announces $15 service fee for first checked bag for certain customers who purchase economy-class tickets
(18.07 +0.15)
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| 09:15 |
S&P futures vs fair value: -8.90. Nasdaq futures vs fair value: -17.30. |
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Opening bell for the final trading session of the week is nearing and stocks remain in position to open markedly lower. Analysts at Merrill Lynch have downgraded shares of Advanced Micro Devices (AMD) to Sell from Neutral. They also downgraded shares of Ciena (CIEN) to Neutral from Buy. However, shares of CIEN were upgraded at Credit Suisse to Neutral from Underperform. Credit Suisse also upgraded shares of Monsanto (MON) to Outperform from Neutral. As for financial stocks, Merrill Lynch (MER) was dowgraded to Sell from Neutral at Goldman Sachs, while American International (AIG) was lowered to Equal Weight from Overweight at Morgan Stanley. |
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| 09:06 |
SHLO Shiloh Industries reports Q3 EPS of $0.18 vs $0.06 single analyst estimate; revs decrease 6.6% to $124.2 mln vs $115.80 mln estimate
(8.82 )
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| 09:02 |
RICK Rick's Cabaret completes purchase of Scores-Las Vegas Nightclub, with renegotiated terms; immediately accretive
(13.99 )
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Co has completed its purchase of the Scores-Las Vegas adult nightclub after renegotiating terms of the acquisition. Under the final terms of the purchase agreement Rick's Cabaret acquired the club and an option to purchase the land where it is located for $12 million in cash, a two-year $3 million promissory note at eight percent interest with the initial payment due in April 2009, and issuance of 200,000 restricted shares of Rick's Cabaret common stock. "We will operate the facility under the Rick's Cabaret brand, which is an important step in our national branding strategy. The deal is immediately accretive and we estimate it will add 20 to 25 cents in annualized earnings per share." |
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| 09:02 |
HRLY Herley Industries awarded $1.65 mln contract for Fast Switching Synthesizers and other associated components for use in simulation applications from defense contractor
(18.03 )
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| 09:01 |
XJT ExpressJet announces approval for a 1:10 reverse stock split for its common shares
(0.20 )
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| 09:01 |
TWI Titan Intl to implement price increase of up to 10%
(24.80 )
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Co will implement a price increase on Titan, Goodyear and General branded off-the-road, farm and construction tires, effective October 1, 2008. The increase of up to 10% will offset rising raw materials, such as natural and synthetic rubber, steel, carbon black and energy. Certain tire prices may rise in excess of 10% due to realignment and positioning of the product. |
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| 09:01 |
S&P futures vs fair value: -13.70. Nasdaq futures vs fair value: -17.80. |
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Stocks continue to trend toward a downward open. Dell (DELL) is looking to divest its factories, which would presumably cut operating costs, according to The Wall Street Journal. The outfit would rely on contractual agreements with outside parties to produce its computers. Drugstore.com (DSCM) and Rite Aid (RAD) announced a restructured strategic partnership that includes the launch of a Rite Aid online store to be launched later this year. Rite Aid will pay Drugstore.com $10 million in ten installments. |
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| 09:00 |
TTEK Tetra Tech awarded $50 mln U.S. Navy biological resources contract
(27.20 )
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| 08:50 |
NSM National Semi misses by $0.01, reports revs in-line; guides Q2 revs below consensus
(19.47 )
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Reports Q1 (Aug) earnings of $0.33 per share, $0.01 worse than the First Call consensus of $0.34. Gross margins were 66% vs. 65.9% last quarter and 63% year ago. National's total company bookings in the first quarter of fiscal 2009 were down seasonally by about 7 percent compared to the prior quarter. Co issues downside guidance for Q2, sees Q2 revs of $470-$480 vs. $485.24 mln consensus. |
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| 08:32 |
ROSG Rosetta Genomics identifies potential microrna biomarkers in blood serum
(3.75 )
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CO announces that the results of a study conducted by its scientists describing the identification of microRNA biomarkers in blood serum, have been published online in the peer-reviewed journal PLOS One. The co says that the findings demonstrate that microRNAs have the potential to be used as clinical biomarkers for a wide range of indications in cancer and women's health. "This study further validates our understanding that microRNAs may be used as clinical biomarkers for a wide range of indications, both through invasive and non-invasive methods." |
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| 08:31 |
S&P futures vs fair value: -13.70. Nasdaq futures vs fair value: -17.80. |
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Stocks are on track to open the session sharply lower after the latest batch of employment data. Nonfarm payrolls fell 84,000 during August, bringing the unemployment to 6.1%, according to the latest government statistics. Payrolls were expected to decline 75,000 after shedding 60,000 jobs in July. The unemployment rate was expected to be unchanged at 5.7%. Manufacturing payrolls fell 61,000, which is more than the 35,000 decline widely expected by economists. |
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| 08:11 |
NOK Nokia mobile device market share outlook follow-up
(22.31 )
-Update- |
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As mentioned at 8:03, Nokia lowers its Q3 2008 mobile device market share outlook. Co now expects its mobile device market share in Q3 2008 to be lower than in Q2 2008. This compares to Nokia's earlier estimation provided in Q2 results announcement, when the co said it expected its mobile device market share in Q3 2008 to be approximately at the same level sequentially. Nokia continues to target an increase in its market share in mobile devices for the full year 2008. Nokia expects the overall mobile device market in 2008 to be impacted by the weaker consumer confidence in multiple markets. However, Nokia continues to expect industry mobile device volumes in 2008 to grow 10% or more from the ~1.14 bln units Nokia estimated for 2007. Nokia also continues to expect industry mobile device volumes in Q3 2008 to be up sequentially... Nokia's current estimate that its mobile device market share in the third quarter 2008 will be lower than previously expected is due to multiple factors. These factors include Nokia's tactical decision to not meet certain aggressive pricing of some competitors, the overall market competition, including the entry markets, and the temporary impact of a slower ramp-up of a mid-range Nokia device. Nokia's strategy is to take market share only when the company believes it to be sustainably profitable in the longer term. Nokia has not broadly participated in the recent aggressive pricing activity - as it believes that the negative impact to profitability would outweigh any short term incremental benefits to device unit sales. |
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| 08:03 |
SCMR Sycamore misses by $0.03, misses on revs
(3.37 )
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Reports Q4 (Jul) loss of $0.03 per share, $0.03 worse than the First Call consensus of ($0.00); revenues fell 60.3% year/year to $15.1 mln vs the $25.1 mln consensus. Co states, "Sycamore had a disappointing fourth quarter and lower than expected annual revenue results," said Daniel E. Smith, president and chief executive officer. "We believe the investments we are making to expand our solutions offerings will be effective in positioning Sycamore for long-term success as market demand for more intelligent, packet-capable optical networking equipment evolves in the coming years." |
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| 08:01 |
S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: +1.00. |
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U.S. stock futures are a bit mixed when compared with fair value. The uncertainty in premarket action follows steep losses in the prior session. In its latest quarter, Take-Two (TTWO) topped analysts' consensus earnings per share estimate with relative ease. Hedge fund Atticus denies rumors it is liquidating, according to The Wall Street Journal. Meanwhile, SanDisk (SNDK) says it periodically meets with parties regarding potential business opportunities in response to a Reuters report that Samsung is interested in opportunities with SanDisk. |
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| 08:01 |
CW Curtiss-Wright awarded $18 million contract for helicopter ice-protection systems
(52.27 )
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| 07:55 |
ACET Aceto beats single analyst estimate by $0.13; revs increase 20.1% y/y
(8.51 )
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Reports Q4 earnings of $0.32, $0.13 better than the single analyst estimate of $0.19; revenues rose 20.1% year/year to $104.7 mln (no estimate). Co states, "As we look to expand Aceto's global markets and grow our core businesses, we look to move into marketplaces which appear to be attractive for our business model. One such opportunity is Vietnam where we have been granted a license to sell medicines, medical devices and active pharmaceutical ingredients to the pharmaceutical industry..." |
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| 07:52 |
CECE CECO Environ. announces two new orders totaling approximately $4.0 mln
(4.98 )
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| 07:32 |
WIRES On The Wires |
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Cytokinetics (CYTK) announces the initiation of its third Phase IIa clinical trial evaluating CK-1827452, a novel cardiac myosin activator being developed by the company for the potential treatment of patients with either acutely decompensated or chronic heart failure... Ziopharm Oncology (ZIOP) announces that the first patient has been dosed in its international Phase II randomized controlled trial of palifosfamide in patients with soft-tissue sarcoma. |
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| 07:03 |
NCTY The9 Ltd announces clarification against the rumor regarding the World of Warcraft's renewal contract
(17.98 )
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Co announces clarification against the rumor regarding the World of Warcraft's renewal contract. "The9 is currently in contract negotiations regarding World of Warcraft's future operation in China. Recently, there have been rumors that surfaced regarding the contract negotiations. These rumors are completely unfounded. The9 encourages all parties to refrain from believing in such rumors. The9 is actively conducting the contract extension negotiations, and will announce to the market once a final decision is made." |
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| 07:02 |
LDL Lydall to sell Lydall Transport
(10.84 )
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Co announces that it has signed a definitive agreement to sell for cash Lydall Transport to LTL Acquisition. The Company expects the proceeds from the sale to exceed the carrying value of Lydall Transport and the associated transaction costs. |
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| 07:01 |
SFY Swift Energy reports that facilities and infrastructure in all fields are still in place following Gustav
(43.15 )
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Co announces the status of initial physical assessments of its coastal Louisiana properties, including the Lake Washington Field in Plaquemines Parish, Bay de Chene Field in Jefferson and Lafourche Parishes, and Horseshoe Bayou, Bayou Sale and Cote Blanche Island Fields, in St. Mary Parish. Based on visual inspection conducted by airplane fly-over on Wednesday, September 3, the co reported that the facilities and infrastructure in all fields are still in place. |
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| 07:00 |
PTA Penn Treaty Am to sell agency subsidiary
(2.07 )
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Co announces that it has entered into a non-binding letter of intent to sell its wholly-owned subsidiary, United Insurance Group Agency, at a price above book value. The co will not disclose the identity of the purchaser or the terms of the offer until definitive documentation is completed. |
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| 06:33 |
WIRES On The Wires |
|
Phase Forward (PFWD) announces that it has acquired privately held Clarix LLC, a provider of fully Web-integrated interactive response technology, for $40 mln in cash; co expects Clarix to contribute non-GAAP revenue of between $13 and $15 mln during 2009 and a small amount of operating income for FY09 and be neutral to non-GAAP EPS. The acquisition is expected to become accretive to overall results beginning in 2H09. |
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| 06:31 |
DGIT DG FastChannel and Enliven Marketing Technologies amend merger agreement; transaction re-valued at approx $80 mln
(23.00 )
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The co and Enliven Marketing Technologies (ENLV) announce that they have entered into an amended merger agreement regarding DG FastChannel's previously announced acquisition of Enliven in a stock-for-stock transaction. The revised terms of the transaction value Enliven at approximately $80 mln, inclusive of approx $5.0 mln of Enliven's debt. Pursuant to the terms of the revised merger agreement, each outstanding share of Enliven common stock will be converted into 0.033 shares of DG FastChannel common stock. Upon consummation of the merger, DG FastChannel will have approx 20.9 mln shares of common stock outstanding, with current DG FastChannel shareholders owning approx 86%, and current Enliven shareholders owning approx 14% of the combined enterprise. DG FastChannel will also assume Enliven's outstanding debt. |
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| 06:19 |
S&P futures vs fair value: -7.30. Nasdaq futures vs fair value: -7.30. |
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| 06:19 |
Asian Markets |
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Nikkei...12212.23...-345.40%...-2.80%. Hang Seng...19933.28...-456.20%...-2.20%. |
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| 06:19 |
European Markets |
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FTSE...5292.50...-69.60%...-1.30%. DAX...6187.76...-91.80%...-1.50%. |
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| 03:45 |
SNDK SanDisk issues statement
(13.46 )
-Update- |
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In response to media reports, co issues the following statement: "SanDisk periodically has conversations with multiple parties, including Samsung, regarding a variety of potential business opportunities. We evaluate all of these opportunities, but maintain a policy of not commenting on market rumors or speculation." |
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| 03:33 |
LDK LDK Solar signs eight-year wafer supply agreement with Sumitomo
(45.98 )
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Co announces that it has signed an eight-year contract with Sumitomo Corp., a trading and investment house, in Japan to supply multicrystalline solar wafers to a manufacturer of solar cells and modules in Japan. Under terms of the agreement, LDK Solar will deliver approx 750 MW of multicrystalline silicon wafers to Sumitomo over an eight-year period, commencing in 2009 and extending through 2016. |
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| 02:30 |
WIRES On The Wires |
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Elan (ELN) and Biogen Idec (BIIB) announce the initiation of the first clinical trial of TYSABRI in oncology; the first dose of TYSABRI was administered yesterday in the trial. The objectives of this Phase I/II study are to evaluate the safety and potential anti-tumor activity of TYSABRI in patients with relapsed or refractory multiple myeloma. |
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| 00:02 |
SPNC Spectranetics announces federal investigation
(4.73 )
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Co announces they were jointly served by the FDA and U.S. Immigration and Customs Enforcement this morning with a search warrant issued by the U.S. District Court, District of Colorado. The search warrant requested information and correspondence relating to: (i) the promotion, use, testing, marketing and sales regarding certain of the co's products for the treatment of in-stent restenosis, payments made to medical personnel and an identified institution for this application, (ii) the promotion, use, testing, experimentation, delivery, marketing and sales of catheter guidewires and balloon catheters manufactured by certain third parties outside of the U.S., (iii) two post-market studies completed during the period from 2002 to 2005 and payments to medical personnel in connection with those studies and (iv) compensation packages for certain of the co's personnel. |
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| 00:01 |
NLC Nalco updates guidance
(22.35 )
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Co announces goals for FY08 remain 8% adjusted EBITDA growth, a 35% increase in diluted EPS, free cash flow in the high $200 mln range, and cost savings of $75 mln. Co expects strong single-digit, real sales growth, but has slightly adjusted earnings expectations. Chief Financial Officer expects high single-digit EBITDA increases as they make targeted investments to accelerate growth, with a medium-term return to double-digit EBITDA growth targets as sales accelerate from these investments. "We won't have specific 2009 goals to announce until February but we don't expect our EBITDA target to stray far from this year's 8% growth goal," CFO Bradley J. Bell added. |
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| 00:00 |
WIRES On The Wires |
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Jefferson Bancshares (JFBI) announces that it has signed a definitive merger agreement with State of Franklin Bancshares, under which State of Franklin Bancshares will merge into Jefferson Bancshares in a transaction valued at approx $10.9 mln; JFBI expects the transaction to be significantly accretive to EPS in the first year of combined operations... Northwest Pipe (NWPX) announces they have been named as the pipe supplier for two water pipeline projects; the two projects have a total contract value of $26 mln... Stepan (SCL) and Nalco (NLC) announce the formation of a joint venture to market custom engineered chemical solutions for increased production of crude oil and gas from existing fields. |
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| 18:59 |
TAYC Taylor Capital announces definitive purchase agreements for $120 mln of new capital
(12.78 -0.82)
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TAYC, the holding co of Cole Taylor Bank, today announced that it has entered into definitive agreements with investors for $120 mln in capital through the private placement of $60 mln of non-cumulative, convertible preferred stock by Taylor Capital Group and $60 mln of subordinated debt by Cole Taylor Bank. |
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| 18:52 |
ELY Callaway Golf President and CEO signs new agreement
(13.70 -0.34)
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Co announced that the Board of Directors and George Fellows, President and CEO, have agreed to amend and extend the term of his employment agreement through December 2011. |
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| 18:44 |
LPX Louisiana-Pacific announces indefinite shutdowns at OSB mills in Chambord, Quebec and Athens, Georgia
(10.36 -0.41)
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Co announced that it will curtail operations indefinitely at its oriented strand board mills in Chambord, Quebec, and Athens, Ga. Operations will be curtailed at the two mills effective during the fourth quarter of this year. |
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| 18:44 |
HCN Health Care REIT announces pricing of 7,000,000 shares of common stock at $48.00 per share
(48.00 -2.10)
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Co announced the pricing of its underwritten public offering of 7,000,000 shares of common stock at $48.00 per share. The offering was increased in size from 6,000,000 shares in response to investor demand. The co has granted the underwriters an option to purchase up to an additional 1,050,000 shares during the next 30 days to cover over-allotments, if any. The co estimates that the gross proceeds from this offering will be ~ $336.0 mln (or ~ $386.4 mln if the underwriters' over-allotment option is exercised in full). |
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| 18:43 |
AIG AIG Investments invests in the Advento Group
(21.22 -1.36)
-Update- |
|
Co announced a R$60 mln (US $38.6 mln) investment in Advento Participacoes S.A. ("Advento Group"). Advento Group is a specialty engineering services provider in Brazil. AIG Investments will also have the ability to invest an additional R$20 million towards Advento Group's future expansion activities. The equity investment will be funded by AIG Brazil Special Situations Fund II, L.P. ("BSSF II"). BSSF II is a private equity fund focused on direct investments primarily in Brazil, Mexico, and Colombia. In April, AIG Investments announced the Fund's closing with US $691.9 mln in committed capital. |
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| 18:43 |
WMGI Wright Medical Group announces acquisition of the RAYHACK wrist reconstruction system
(29.85 -1.35)
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Co announced the acquisition of the RAYHACK System for complex wrist reconstruction. Terms of the transaction were not disclosed. |
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| 18:42 |
DVA NxStage announces blood tubing set agreement with DaVita
(56.54 -0.97)
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Co announced that it has signed a one-year extension of its existing agreement with DaVita (DVA) to supply blood tubing sets to DVA centers. |
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| 18:42 |
IHS IHS acquires Documental Solutions, LLC
(61.94 -0.26)
|
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Co announced it has acquired Documental Solutions LLC, a provider of market intelligence and analysis tools for the defense and aerospace industry, for $24.5 mln in cash |
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| 18:41 |
NAV Navistar Defense wins $752 mln contract for lighter, more mobile MRAP variant
(59.01 +4.96)
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Co announced the U.S. Marine Corps today awarded Navistar Defense, LLC., a contract worth more than $752 mln to produce a lighter, smaller and more mobile variant of its International MaxxPro Mine Resistant Ambush Protected (MRAP) family of vehicles. |
|
| 17:15 |
WWWW Web.com announces $20 mln stock repurchase authorization, over the next 18 months
(5.40 -0.20)
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|
| 17:00 |
PH Parker-Hannifin chosen to develop hydraulic and fuel systems for new bombardier CSeries aircraft; contract expected to generate ~$1.2 bln in revs
(59.85 -3.16)
-Update- |
|
Co announced that its Parker Aerospace segment has been chosen by Bombardier Aerospace to design and produce the fully integrated hydraulic and fuel systems for its new CSeries family of aircraft. The co estimates that the contracts will generate ~1.2 bln revenues over the life of the program. |
|
| 16:58 |
SBUX Starbucks: S&P downgrades Starbucks CCR to 'BBB'; off CreditWatch
(15.08 -0.85)
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Standard & Poor's Ratings Services said it lowered its ratings on Seattle-based Starbucks Corp. to 'BBB' from 'BBB+.' S&P affirmed the 'A-2' short-term rating. At the same time, it removed the ratings from CreditWatch with negative implications, where they were placed July 2, 2008; the outlook is stable. "Weakening credit metrics caused by poor operating trends over the past three quarters were the primary cause for the downgrade," explained Standard & Poor's credit analyst Jackie Oberoi. Other factors include growth that will be far slower than our previous expectations, and a potential temporary disruption to operations while the company both closes approximately 600 stores over the next three quarters and implements its new strategic plan. |
|
| 16:50 |
NWA Northwest Airlines airlines reports August traffic
(10.96 -0.18)
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Co announced an August consolidated (mainline and regional) load factor of 86.6%, 1.0 points below August 2007. Northwest reported a mainline load factor of 87.8%, 0.7 points below August 2007. In August 2008, Northwest and Northwest Airlink regional carriers flew 7.3 bln consolidated revenue passenger miles (RPMs) and 8.4 bln consolidated available seat miles (ASMs), a traffic increase of 1.9 percent and a capacity increase of 3.1% versus August 2007. Northwest flew 6.5 bln mainline revenue passenger miles and 7.4 bln mainline available seat miles in August 2008, a traffic decrease of 1.6% and a capacity decrease of 0.9% versus August 2007. |
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| 16:44 |
AMTD TD Ameritrade details new executive appointments
(20.39 -0.96)
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The co announces the structure of its management team as it seeks to extend its leadership position in the trading business, continue its success as an asset gatherer and better position itself for future growth. These changes come as Fred Tomczyk, the Company's president and chief operating officer, transitions to the role of president and chief executive officer on Oct. 1, 2008. On Oct. 1, 2008, Dave Kelley, the Company's chief information officer, will assume the role of chief operating officer. |
|
| 16:43 |
NRG NRG Energy commences $2 bln private debt exchange offers and consent solicitations for its 7.250% Senior Notes Due 2014, 7.375% Senior Notes Due 2016 and 7.375% Senior Notes Due 2017
(34.18 -0.95)
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| 16:33 |
HD Home Depot Names Matt Carey Executive Vice President and Chief Information Officer
(28.57 -0.76)
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Carey will have responsibility for all aspects of the Company's information technology, communication systems and services. He joins The Home Depot from eBay (EBAY), where he was senior vice president and chief technology officer. In that role, he was responsible for all product development, site operations, electronic security, product planning, platform engineering, data warehousing, trust and safety, and catalog operations for eBay Marketplaces |
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| 16:30 |
MEDQ MedQuist names Peter Masanotti as Chief Executive Officer
(4.79 -0.09)
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| 16:30 |
SCIL Scientific Learning announces Chief Financial Officer to depart company
(3.63 -0.24)
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|
Co announces that Jane A. Freeman, Executive Vice President and Chief Financial Officer, has decided to leave the Company to further advance her career goals. Jon Corbett, Controller since 2004, will serve as the Company's interim Chief Financial Officer until the search for a new CFO is completed. |
|
| 16:28 |
ADVS Advent Software to acquire Tamale Software for approx $70 mln; expected to be neutral to 2009 EPS
(43.51 -2.00)
|
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Co announces the signing of a definitive agreement under which Advent will acquire privately held Tamale Software. Under the terms of the agreement, ADVS will pay approx $70 mln for all of the outstanding capital stock of Tamale, with 60% of the consideration payable in shares of ADVS's common stock and the remaining 40% in cash. ADVS will issue approx 900K shares based on the average closing price of $46.44 for the 15 trading days prior to the signing date, in addition to approx $28 mln in cash consideration, subject to adjustment for third-party expenses and certain other specified items. Tamale is a subscription-based business. Based on Tamale's 2008 customer acquisition and run rate, ADVS estimates 2009 revenue from Tamale to be in the range of $17-$20 mln. In addition, ADVS expects the transaction to be neutral to earnings per share (EPS) in 2009 on a non-GAAP basis and dilutive to EPS on a GAAP basis, which will include stock-based compensation and amortization of acquisition-related intangibles. |
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| 16:24 |
ADCT ADC Telecom beats by $0.01, reports revs in-line; guides FY08 EPS in-line, revs in-line
(9.17 -0.51)
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Reports Q3 (Jul) earnings of $0.27 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.26; revenues rose 12.7% year/year to $390.2 mln vs the $388.6 mln consensus. Co issues in-line guidance for FY08, sees EPS of $1.12-1.20, excluding $1.02 in non-recurring items, vs. $1.17 consensus; sees FY08 revs of $1.5-1.52 bln vs. $1.51 bln consensus. Based on their 3Q08 sales, ADCT now expects 4Q08 sales to be lower than 3Q08 as customers' capital spending nears the end of the calendar year. For FY08, gross margins are expected to be around 35%; however, they are expected to rise and decline with sales volume levels and mix from quarter to quarter. Looking ahead and generally consistent with its historical seasonality, ADCT anticipates that sales in Q109 will be lower than Q408. |
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| 16:17 |
MATK Martek Biosci beats by $0.04, beats on revs; guides Q4 EPS in-line, revs in-line; raises FY08 EPS above consensus, raises revs in-line
(32.12 -0.75)
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Reports Q3 (Jul) earnings of $0.28 per share, $0.04 better than the First Call consensus of $0.24; revenues rose 13.6% year/year to $88.4 mln vs the $86.5 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.24-0.27 vs. $0.26 consensus; sees Q4 revs of $87-91 mln vs. $89.12 mln consensus. Co issues raises EPS guidance for FY08, sees EPS of $1.06-1.09 vs. $1.04 consensus, up from $1.01-1.05; sees FY08 revs of $349-353 mln vs. $349.22 mln consensus, up from $344-350 mln. |
|
| 16:16 |
UAHC United American Hlthcare reports Q4 EPS of ($0.08) vs. ($0.19) YoY; revs increased 31% from a year ago to $6.7 mln
(1.95 -0.03)
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|
The increase in fiscal 2008 fourth quarter revenue is primarily attributable to medical premiums revenues of UAHC-TN's Medicare Advantage "Special Needs Plan" ("MA-SNP"), which comprised 43 percent of the Company's total revenues in the quarter. The increase in MA-SNP revenues during the fiscal 2008 fourth quarter helped offset a 6 percent decrease in TennCare-related fixed administrative fee revenue from the prior fiscal year's fourth quarter, principally due to a decrease in TennCare enrollees. As of August 18, 2008, UAHC-TN's total TennCare membership enrollment was 99,821 members, down from 104,850 members a year earlier. |
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| 16:15 |
AIZ Assurant to acquire GE Consumer & Industrial's Warranty Management Group
(56.98 -1.42)
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Co announces that it has signed a definitive agreement with GE Consumer & Industrial, a unit of General Electric (GE), for Assurant to acquire GE's Warranty Management Group business, a unit that markets and sells extended warranties and service contracts for major appliances and consumer electronics. As part of the definitive agreement, Assurant will also enter into a new 10-year agreement to market extended warranties and service contracts on GE-branded major appliances domestically. Under terms of the agreement, Assurant will pay GE $140 mln in cash for the sale, transfer, and conveyance of certain assets and will assume certain liabilities. As part of the transaction, GE will pay Assurant $115 mln in cash for the assumption of certain obligations. |
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| 16:15 |
HOKU HOKU Scientific announces realignment of polysilicon capacity; outlines financing plan
(5.55 -0.19)
-Update- |
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Hoku Materials, a wholly owned subsidiary of HOKU, announces that after recently securing an aggregate of more than $1 bln in new polysilicon purchase commitments from Kinko Energy, Tianwei New Energy, and Wealthy Rise International it has reallocated its planned polysilicon capacity and ended contract amendment negotiations with two of its customers: Sanyo Electric and Global Expertise Wafer Division, a wholly owned subsidiary of Solar Fabrik AG. The company exercised its option to terminate its polysilicon supply contract with GEWD, and both Sanyo and Hoku mutually exercised their options to terminate the supply agreement in place between their respective companies. Hoku had previously reported that its planned Pocatello, Idaho polysilicon manufacturing facility was oversubscribed at its designed 3,500 metric ton annual production level. Termination of the Sanyo and GEWD contracts allowed Hoku to resolve this overage and reallocate some of its expected production capacity to Kinko Energy, Tianwei New Energy, and Solargiga. The contract terminations also enable the company to evaluate further supply contracts with other current and future customers, within its current expected capacity. After the termination of the Sanyo and GEWD agreements and the addition of the recent contracts with Kinko Energy, Tianwei New Energy, and Solargiga, Hoku retains prepayment commitments totaling $270 mln. With the signing of its three most recent contracts, Hoku now has $30 million more in committed prepayments than from the contracts signed in 2007. |
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| 16:14 |
PEC Pike Electric beats by $0.03, reports revs in-line; guides FY09 EPS below consensus, revs above consensus
(19.00 +0.29)
|
|
Reports Q4 (Jun) earnings of $0.17 per share, $0.03 better than the First Call consensus of $0.14; revenues fell 4.5% year/year to $137.8 mln vs the $136.5 mln consensus. Co issues mixed guidance for FY09, sees EPS of $0.55-0.65 vs. $0.75 consensus; sees FY09 revs of $620-650 mln vs. $590.74 mln consensus. |
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| 16:11 |
COO Cooper Cos beats by $0.02, reports revs in-line; guides Q4 revs in-line; narrows FY08 EPS below consensus, narrows revs in-line
(36.30 -0.01)
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Reports Q3 (Jul) earnings of $0.67 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.65; revenues rose 13.5% year/year to $285.9 mln vs the $285.2 mln consensus. Co issues guidance for Q4, sees EPS of $0.58-0.64, may not be comparable to $0.70 consensus; sees Q4 revs of $285-295 mln vs. $291.52 mln consensus. Co narrows EPS guidance for FY08, sees EPS of $2.18-2.24 vs. $2.29 consensus, up from $2.10-2.35; narrows FY08 revs to $1.08-1.1 bln vs. $1.09 bln consensus, up from $1.06-1.1 bln. Co lowers capital expenditures to $140-160 mln in fiscal 2008, up from $160-170 and reaffirms FY09 of $125-140 mln. |
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| 16:11 |
DSCM Drugstore.com and Rite Aid announce restructured strategic partnership; DSCM will receive approx $10 mln in ten monthly installments
(2.22 -0.19)
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drugstore.com (DSCM) and Rite Aid Corporation (RAD) announces a restructured strategic relationship that includes the launch of a new Rite Aid online store for OTC products and expands on the two companies' successful long-term relationship. Under the terms of the agreement, a new Rite Aid online OTC store offering a wide selection of products, including Rite Aid brand items, will be powered by drugstore.com and marketed by Rite Aid to its large customer base. Rite Aid's new online store is expected to launch later this year. As part of the new agreement, the LPU rights (prescriptions ordered online for pick up at a Rite Aid store) will be transferred to Rite Aid. In return, drugstore.com will receive a total of approxi $10 mln in ten monthly installments from Rite Aid. Going forward, drugstore.com will receive marketing services revenue for marketing Rite Aid's LPU offering on the drugstore.com site. |
|
| 16:10 |
HOKU HOKU Scientific and Solargiga sign $455 mln polysilicon supply contract
(5.55 -0.19)
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Hoku Materials, a wholly owned subsidiary of HOKU, and Wealthy Rise International, a wholly owned subsidiary of Solargiga Energy, announce the signing of a definitive contract for Hoku's sale and delivery of polysilicon to Solargiga over a ten-year period beginning in early 2010. According to the contract, up to approximately $455 mln may be payable to Hoku during the ten-year period, subject to product deliveries and other conditions. The contract provides for the delivery of predetermined volumes of polysilicon each year, with the first shipment in the first quarter of 2010 and the remainder over a ten-year period at set prices that will decline throughout the term of the agreement. The contract also provides for a deposit of $22 mln to Hoku within 15 days, and requires that Solargiga make additional deposits for products in the amount of $21 mln by December 20, 2008, $20 mln by March 31, 2009, and $5 mln upon first shipment. Under the agreement, Hoku will grant to Solargiga a security interest in its polysilicon assets to secure Hoku's obligation to repay $68 mln to Solargiga as a credit against product shipments over time. |
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| 16:09 |
SEAC SeaChange beats by $0.02, beats on revs; reaffirms FY09 guidance
(8.32 -0.47)
|
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Reports Q2 (Jul) earnings of $0.05 per share, $0.02 better than the First Call consensus of $0.03. Co reaffirms guidance for FY09 rev growth of 10% (equates to $197.90 mln vs. $198.38 mln consensus). "We continue to expect that revenue for all of fiscal 2009 will be approximately 10% higher than fiscal 2008 revenue and that we will be profitable for the second half of the year. Our confidence in our financial expectations for the rest of fiscal 2009 lies in continued strong spending on VOD and Advertising Insertion software-related products by our core North American cable and telephone customers, as well as continued focus on controlling our selling, general and administrative expenses." |
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| 16:08 |
SORC Source Interlink reports 2Q09 EPS of $0.10 vs $0.12 First Call single analyst ests; revs $577.5 mln vs $602.46 mln First Call single analyst est
(1.34 +0.08)
|
|
"We achieved solid results in our fulfillment businesses during the second quarter, driven by market share growth and the continued benefits of our consolidation and cost reduction efforts, however, our media business was significantly impacted by a challenging advertising environment and some softness at the newsstand," said Michael R. Duckworth, Chairman of Source Interlink. "Despite the economy, our strategies remain intact. We are focused on building scale in fulfillment, expanding our digital platform in publishing, and lowering our cost structure across the organization. As we work toward these goals, our business fundamentals remain strong and we expect to see improved performance once the economy returns to a more normalized level of activity." |
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| 16:08 |
SWHC Smith & Wesson misses by $0.02, beats on revs
(5.39 -0.31)
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|
Reports Q1 (Jul) earnings of $0.05 per share, $0.02 worse than the First Call consensus of $0.07; revenues rose 4.9% year/year to $78 mln vs the $75.4 mln consensus. "While the first quarter presented challenges, many of which we believe are transitory in nature, it also delivered ongoing handgun sales growth in all of our key channels. As we work through this challenging period in the industry and the economy, we will maintain our focus on driving long term revenue growth in each of our markets, and on controlling costs at every opportunity." |
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| 16:06 |
AVZA Aviza Technology receives multiple orders for its PECVD and Etch systems from an optoelectronics manufacturer
(0.58 )
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| 16:06 |
ZMH Zimmer Hldgs announces agreement to acquire Abbott Spine; expects the transaction to be dilutive in 2008 and 2009
(68.41 -2.98)
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The co announces that certain of its subsidiaries have agreed to acquire the Abbott Spine business from Abbott (ABT) for approximately $360 million in cash. Zimmer said it expects to fund the purchase price from cash on hand and borrowings under existing credit facilities. The acquisition is expected to close in the fourth quarter of 2008. The boards of directors of both companies have approved the transaction, which is subject to regulatory approvals and other customary closing conditions. Stockholder approval is not required. Abbott Spine had 2007 revenues of $109 million. Zimmer Spine's revenues for the same period were $197 million. Zimmer expects the transaction to be approximately $0.03 dilutive to adjusted diluted earnings per share in the fourth quarter of 2008, between $0.08 and $0.10 dilutive in 2009 and neutral to slightly dilutive in 2010. The definitive purchase price allocation will be completed after the close of the transaction; however, Zimmer expects to record an in-process research and development charge of approximately $50 million in the fourth quarter and to step up the value of acquired inventory by approximately $25 million. Zimmer also expects to incur $40 to $50 million in restructuring and integration costs in connection with the transaction, primarily related to the integration of the separate global sales networks. |
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