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 Friday After the Close
16:33  OSK Oshkosh Corp exceeds November M-ATV delivery requirement (37.97 -1.19)

Co announced it met the November MRAP All Terrain Vehicle (M-ATV) production requirement ahead of schedule on Nov. 19. This marks the fifth consecutive month the Company has exceeded the accelerated M-ATV delivery schedule. OSK will continue to increase production to meet December's requirement of 1,000 vehicles, with output remaining at that high level through April 2010.
16:32  DMC Document Security Systems announces ruling in patent validity gearing by Austrian Patent Office (2.19 )

Co market reported that the Nullity Department of the Austrian patent office issued its decision in the patent invalidity hearing brought by the European Central Bank (the "ECB") against Document Security Systems, Inc. The Austrian Patent Office has decided that European Patent No 0455750B1, that was awarded to the Company by the European Patent Office, has been deemed invalid in Austria due to "added matter". The judgment is the outcome of a hearing held in Vienna, Austria on October 14, 2009, and does not affect the validity of the patent in other
European countries.
16:30  DRE Duke Realty Corp announces renewal of unsecured revolving credit facility (11.63 -0.05)

Co announced it has renewed its unsecured revolving credit facility, which was set to mature in January 2010. Under terms of the renewal, the facility has a borrowing capacity of $850 mln with an interest rate on borrowings of 275 basis points over the applicable LIBOR rate, and matures in February 2013. The terms also include an option to increase the facility to $1.05 bln. There is currently no balance outstanding under the facility.
16:16  BONDX Strap In -06/32 3.360%...euro 1.4862...yen 88.9320

The market got knocked off as trade shifts ahead of next week's record sized auctions and bonds will be in for a bumpy ride. Trade may be pretty skittish (make that "will be") as there will be more of the "early" year-end activity, global issuance should continue to come in, although volumes will trickle down significantly, while the key question how will the auctions will go, especially the longer 5-and-7-yrs in a what is cut up to be a turkey of a week. Do not even get us started on the data, with a little something for everyone, from Q3 GDP to a run of housing reports. The week saw the return of negative rates on shorter dated instruments as players crowded in in the "risk on" trade, looking for safety into year end in the face of lightened supply. The "good cop, bad cop" on that is that while the last such move to negative rates came amidst market crazies back in September through December, in the current situation its more of a straight supply and demand issue. The curve was unwound from 266.6 on the 2-10-yr late to trade back flatter at 263.3, now but remains near the steepest levels of the month. The dollar was able to end the week on high note, with the index near the best levels since 11/06 the euro was offered early but was able to spin back from the 1.48 point to hang near 1.4850. The yen has stayed pretty much pegged to the 89.00 area over the past 2 sessions, while pulling to near the month's best levels on the euro. The week ahead has a run of data along with the auctions, which will see $44B 2-yrs hit Monday, record $42B 5-yrs Tuesday and the (apprehension) record $32B Wednesday. So far only that chatty Bullard from SL is on deck for the Fed Sunday night. Monday has existing home sales (10) and an early Chicago Fed report that may add some to trade. Along with the 2-yr auction the market will also be swallowing $30B 3-mos and $31B 6-mos.
16:03  OMEX Odyssey Marine acquires stake in venture to pursue exploration of deep-ocean gold and copper deposits (1.53 +0.03)

The co has acquired a minority interest in SMM Project, a company funded by a group of investors to bring together the exclusive licenses and skills of world renowned deep-ocean geologist Dr. Timothy McConachy of Bluewater Metals, the deep-ocean survey and exploration expertise of Odyssey, and the offshore coring and mining expertise of Robert Goodden.
16:01  UPS UPS releases new list rates for 2010 (57.51 +0.36)

Co released new list rates for 2010, including an average increase of 4.9% for UPS Ground packages and an average net increase of 4.9% on all air express and U.S. origin international shipments. The rate increase for air express and international shipments is based on a 6.9 percent increase in the base rate, less a 2 percent reduction in the air and international fuel surcharge index. The new rates take effect on Jan. 4, 2010. Also effective Jan. 4, fuel surcharge tables for air express and ground services will be adjusted. The changes will better align Air and Ground Fuel Surcharges and will substantially reduce the volatility of air surcharges when fuel prices fluctuate.
16:00  AIQ Alliance Imaging announces it has agreed to sell $190 mln in aggregate principal amount of its 8% Senior Notes due 2016 in a private offering (5.55 +0.01)

 
 Today's In Play
15:50  PPH Sector ETF strength & weakness approaching today's closing bell -Technical-

Actively Traded Leading Sector ETFs:
Pharma HLDRS- PPH +1.25%, Base metals- DBB +1%, Nat gas- UNG +.75%, Livestock commods- COW +.75%, SPDRS healthcare- XLV +.75%, Gold- GLD +.5%

Actively Traded Lagging Sector ETFs:
Oil HLDRS- OIH -2%, Wind energy- FAN -1.5%, SPDRS homebuilders- XHB -1.5%, Solar power- KWT -1%, TAN -.75%, Heating oil futures- UHN -1%, Energy- XLE -1%, IYE -1%, Clean energy- PBW -1%, US airlines- FAA -.75%, Semis- IGW -.75%, Crude/WTI oil- USO -.75%, OIL -.75%, iSHares US broker/dealers- IAI -.75%, Gold miners- GDX -.75%, iShares REITS- ICF -.75%, iShares real estate- IYR -.5%, Insurers- KIE -.5%
15:42  Earnings Preview for the week of Nov 23rd-27th

Companies reporting earnings the week of Nov 23rd-27th include: Monday: JOBS, BJS, CPB, LDK, TECD, TSN, ADI, ATW, CTRN, DY, HPQ, NUAN and VAL... Tuesday: AHCI, AEO, AMWD, BKS, BRCD, BWS, CBRL, DAKT, DLTR, DSW, EV, FRED, GCO, HI, HNZ, HRL, MDT, WMG, BCSI, JRJC, CWTR, JCG, NZ, and TIVO... Wednesday: CONN, DE, and TIF... Thursday: Markets are closed... Friday: FRO, and SFL.
15:41  TECHX Market View: New afternoon highs for the stock indices, Dow +1 and S&P -1.8 pause near flat line, Nasdaq -8 -Update- -Technical-

 
15:40  CRTX Cornerstone Therapeutics provides response to FDA warning letter on Deconsal (5.75 -0.28) -Update-

Co confirms that it had received a Warning Letter from the Food and Drug Administration alleging that its Deconsal CT chewable tablets (Phenylephrine HCl 10 mg, Pyrilamine Maleate 16 mg) and Deconsal DM chewable tablets (Phenylephrine HCl 10 mg, Pyrilamine Maleate 16 mg, Dextromothorphan HBr 15 mg) are new drugs lacking an approved application and as such should not be introduced into interstate commerce. Cornerstone is preparing an appropriate response to the FDA. Cornerstone has not sold any Deconsal CT products since July 2009 and has not sold any Deconsal DM products since January 2009. Net revenues from the sales of the Deconsal products in 2009 year to date are $173,498. Cornerstone does not intend to manufacture, or have manufactured, any further lots of this product.
15:22  AMTD TD Ameritrade announces pricing of $1.25 bln senior notes offering (20.83 -0.18)

Co has agreed to sell the following in an underwritten public offering: $250 mln, 2.950% senior unsecured notes due 2012; $500 mln, 4.150% senior unsecured notes due 2014 and $500 mln, 5.600% senior unsecured notes due 2019. The senior notes due 2012 were priced to yield 2.986% to maturity at a spread of 175 basis points over the comparable US Treasury bonds. The senior notes due 2014 were priced to yield 4.172% to maturity at a spread of 200 basis points over the comparable US Treasury bonds. The senior notes due 2019 were priced to yield 5.618% to maturity at a spread of 225 basis points over the comparable US Treasury bonds. The offering is expected to close Nov. 25, 2009, subject to customary closing conditions. 
14:58  RIMM NASDAQ 100 (NDX) leaders & laggards moving into the final hour of trading for Nov. equity options -Technical-

NDX Best % Performers:
RIMM +1.75%, MICC +1.75%, EXPE +1.5%, ESRX +1.25%, BIIB +1%, NIHD +1%, RYAAY +1%, GENZ +.75%, CELG +.75%

NDX Worst % Performers:
DELL -9.5%, HOLX -5%, ILMN -4.5%, NWSA -3.5%, STX -3%, LBTYA -3%, GRMN -3%, JOYG -2.25%, INTU -2.5%, ROST -2.25%

NASDAQ TRIN @ +1.9
NASDAQ A/D line @ -660
14:55  MRK Dow (INDU) leaders & laggards moving into the final hour of trading for Nov. equity options -Technical-

INDU Best % Performers:
MRK +3.5%, PFE +1.75%, KO +1.25%, MCD +1%, KFT +.5%

INDU Worst % Performers:
CAT -1.5%, CSCO -1.25%, GE -1%, MMM -1%, AA -1%, DIS -1%

NYSE TRIN @ +1.1
NYSE A/D line -800
14:50  LCI Lannett authorizes $5 mln common stock repurchase (5.40 +0.49)

 
14:19  S Sprint Nextel: Moody's downgrades Sprint Nextel's ratings; outlook negative (3.79 -0.06)

 
13:51  FICO Fair Isaac to appeal verdict in continuing effort to bring clarity and fairness to consumer ''credit score'' advertisements (18.56 -0.21) -Update-

In a case brought by FICO (claiming trademark infringement, unfair competition and passing off by Experian, TransUnion and VantageScore Solutions, a jury in the United States District Court in Minneapolis decided for the defendants. FICO will file post-trial motions to address certain issues in the case, but should the jury verdict stand, FICO said it plans to appeal.
13:49  TECHX Relative Sector Strength -Update- -Technical-

Sectors that have displayed relative strength (outperforming the S&P) in recent action include: Gold Miners GDX, Solar TAN, Steel SLX, Coal KOL, Retail XRT, Oil Service OIH, Reg Bank RKH, Finance XLF, Semi SMH, Housing XHB, REITs IYR.
13:49  AGYS Agilysys will take no position and make no recommendation either in favor of or against the proposed control share acquisition (8.30 +0.17) -Update-

After careful consideration, including a thorough review of the Ohio Control Share Acquisition Statute with Agilysys' independent financial and legal advisors and consultation with the company's management, and consistent with the recommendation of the Board's Nominating and Governance Committee, the Board of Directors has determined, as permitted under Ohio law, that it will take no position and make no recommendation either in favor of or against the proposed control share acquisition. Accordingly, the Board urges shareholders to carefully review the company's proxy materials that will be distributed in connection with the special meeting for a detailed explanation of the potential advantages and disadvantages of the proposed control share acquisition. Co will hold a special meeting of shareholders on January 5, 2010 for the purpose of considering and voting on whether to authorize MAK Capital, its largest shareholder, to increase its ownership above 20% but not to exceed one-third, of the company's outstanding shares.
13:34  COMDX COMEX Metals Closing Prices

Gold ended the day higher by $6.50 to $1148.40, silver gained 3 cents to $18.485 and copper rose 2.65 cents to finish at $3.1075 (all Dec contracts).
13:18  PFE Pfizer receives FDA approval for Geodon capsules for The adjunctive maintenance treatment Of bipolar disorder in adults (18.35 +0.25) -Update-

Co announces the FDA has approved Geodon Capsules for maintenance treatment of bipolar I disorder as an adjunct to lithium or valproate in adults. The approval is based on clinical data demonstrating that Geodon is an effective and generally well-tolerated adjunctive treatment for long-term symptom control in patients with bipolar disorder.
13:08  ISRG Intuitive Surgical receives regulatory approval from the Ministry of Health, Labor and Welfare to allow marketing of its da Vinci S System in Japan (279.86 +1.32)

 
13:00  FLO Flowers Foods announces Allen Shiver elected President (23.17 +0.12)

Co announces it elected Allen Shiver president of Flowers Foods effective January 1, 2010. George Deese, the chairman of the board, CEO, and president, will continue to serve as chairman of the board and CEO.
12:50  PPH Sector ETF strength & weakness @ midday -Technical-

Actively Traded Leading Sector ETFs:
Pharma HLDRS- PPH +1%, Base metals- DBB +1%, Nat gas- UNG +.5%, Livestock commods- COW +.5%, US Dollar index- UUP +.5%, RBOB gas futures- UGA +.25%, SPDRS healthcare- XLV +.25%

Actively Traded Lagging Sector ETFs:
SPDRS homebuilders- XHB -2.5%, Oil HLDRS- OIH -2.5%, Wind energy- FAN -2%, Solar power- KWT -2%, TAN -1.5%, SPDRS metals/mining- XME -2%, Coal- KOL -1.75%, Clean energy- PBW -1.5%, Energy- XLE -1.5%, IYE -1.25%, Steel- SLX -1.5%, Gold miners- GDX -1.5%, Semis- IGW -1.25%, US airlines- FAA -1.25%, Silver- SLV -1%, Insurers- KIE -1%, SPRDS retailers- XRT -1%
12:46  XHB Relative Sector Weakness -Technical-

The stock indices are trading in narrow ranges not far from the lows but have seen some relative weakness in recent action in Retail XRT, Housing XHB, Consumer Discretionary XLY, REITs IYR, Internet HHH, Energy OIH / XLE, Solar TAN, Coal KOL.
12:29  TECHX Watching Dollar Index off intraday support (75.63 +0.34) -Update- -Technical-

The Dollar Index has pushed steadily lower off its overnight high of 75.87 but this has had little positive impact on the stock indices as they drift not far from the lows. Watching the Dollar Index now (and for a possible negative impact on the stock indices) as it attempts to lift off intraday support at the 50% retracement of the overnight rally and a channel line (Click for chart).
12:08  HXM Homex Development's shareholders approve a plan for a capital increase (31.31 -1.51)

Co's shareholders voted to approve a plan for a capital increase in the range of 5 to 6 percent of the co's current capital to be subscribed through a potential follow-on offering. The plan may be implemented by the Board at any time for a period of eleven months, through October 2010.
11:58  SNV Synovus reiterates capital adequacy under SCAP stress testing (1.67 +0.09)

Co issued a statement in response to inquiries regarding the co's capital position and ability to absorb additional losses and still meet applicable regulatory minimum capital requirements. As stated in its recently filed quarterly report on Form 10-Q for the quarter ended September 30, 2009, Synovus would have been unable to demonstrate that it would meet the minimum Tier 1 threshold of common equity under the "More Adverse" scenario under the Supervisory Capital Assessment Program (SCAP) as of June 30, 2009. The Tier 1 common equity capital threshold is 4% of risk weighted assets under the SCAP framework. The attached SCAP analysis gives effect to Synovus' $600 million public offering of common stock completed on September 22, 2009. This analysis illustrates that, under the SCAP methodology, Synovus exceeds the capital threshold, with a Tier 1 common equity ratio of 6.4% at December 31, 2010. Synovus reaffirmed its capital position through a media release on November 13 and, today, further reiterates its belief in its capital adequacy under the guidelines of the SCAP stress testing.
11:34  MOS Mosaic edges higher intraday towards yesterday's 54.27 high. (54.24 +0.18) -Technical-

Note Agricultural peers POT, AGU also moving to fresh session highs.
11:32  SMH Semiconductors Hldrs Trust vacillating just early low/yesterday's trough at 24.94/24.93 (24.92 -0.28) -Technical-

INTC -1%, KLAC -1.3%, TER -1.7%, NSM -1.8%, AMD -2.4%, ADI -2.1%, AMAT -1.4%, AMKR -2.9%, BRCM -2.2%, ATML -1.2%, LLTC -1.6%, LSI -2.3%, MXIM -1.5%.
11:09  AAPL Extraordinarily tight range in this usual momo favorite, $0.50 over the past hour (199.26 -1.27) -Technical-

It's hovering above the top of the Oct. 20 gap.
11:05  DNDN Dendreon holds test of 50-day SMA (27.86) and recovers 28-level (28.04 -0.01) -Update- -Technical-

Stock tested the average for the second straight day, and has held it so far in morning trading.
11:05  PNBC Princeton Nat'l Bancorp appoints Thomas D. Ogaard President & CEO (11.73 -0.06)

 
10:59  MCO Moody's shares slide to fresh lows as traders retest the Nov. swing low point surrounding 22.60~22.55 (22.57 -.62) -Technical-

LoD now @ 22.56
10:59  GS Goldman Sachs shares slide to session lows with the 100 day SMA in play @ 170.25 (170.59 -2.24) -Technical-

The 100 day SMA provided strong moving average support on the recent test in early Nov. whihc set up the current swing low in place on the daily chart.
LoD now @  170.43
10:58  DPS Dr Pepper Snapple authorizes repurchase of up to $200 mln of outstanding common stock over next three years (26.81 +0.02)

 
10:55  XLF Financial Select Sector SPDR slips to minor new low of 14.55, tests last week's low/nine day range floor at 14.54 (14.56 -0.13) -Technical-

GS -1.2%, AXP -1% (hovering near yesterday's low), WFC -1.9%, STT -1.2%.
10:51  TECHX Minor new lows for S&P -6.2 and Dow -37 in recent trade, Nasdaq -17 still hovering just above -Update- -Technical-

 
10:50  IPI Intrepid Potash - - Relative Strength (29.86 +0.82) -Update- -Technical-

Stock shows Relative Strength against broader market weakness today, as price stages a breakout above 4-week highs around $29.00/29.25.
10:48  PCS MetroPCS pops to fresh highs on a pick up in volume as it lifts up into the 6.50 area (6.42 +0.32) -Technical-

 
10:46  KONA Kona Grill accepts resignation of Mark L. Bartholomay as the COO who is leaving to pursue other business and personal interests effective immediately (2.95 -0.09)

 
10:46  USO Crude Oil contract for Dec retests 50 day support -Update- -Technical-

Early weakness this morning saw the contract approach support at its 50 day ema at 76.12 (session low 76.20) with a sideways consolidation near the low forming thereafter. The slide last week held at this support (last week's low 75.57).
10:45  HOT Starwood Hotels announces early tender results of its cash tender offer (31.69 -0.76)

Co announced that $193,652,000 aggregate principal amount of its 77/8% Senior Notes due 2012 and $132,107,000 aggregate principal amount of its 61/4% Senior Notes due 2013 have been tendered and not validly withdrawn in connection with the previously announced cash tender offer to purchase up to $200 mln aggregate principal amount of the 2012 Notes and $100 mln aggregate principal amount (of the 2013 Notes. 
10:35  PPH Sector ETF strength & weakness through the first hour of trading -Technical-

Actively Traded Leading Sector ETFs:
Pharma HLDRS- PPH +1%, Regional banks- KRE +.5%, Livestock commods- COW +.5%, US Dollar index- UUP +.5%, SPDRS healthcare- XLV +.5%

Actively Traded Lagging Sector ETFs:
SPDRS metals/mining- XME -2.5%, Oil HLDRS- OIH -2%, Wind energy- FAN -2%, Gold miners- GDX -2%, Heating oil futures- UHN -1.75%, SPDRS homebuilders- XHB -1.75%, Crude/WTI oil- USO -1.5%, OIL -1.75%, Solar power- TAN -1.5%, Steel- SLX -1.5%, Coal- KOL -1.75%, Silver- SLV -1.25%, Semis- IGW -1.25%, Clean energy- PBW -1.25%
10:33  COIN Converted Organics settles claim with Armistead Mechanical (0.69 +0.01)

Co announces that it has come to a settlement agreement with construction vendor Armistead Mechanical. The settlement agreement with Armistead is the final of five settlement agreements reached over the past several months with construction vendors that had filed construction lien claims against Converted Organics related to the construction of the Company's facility in Woodbridge, New Jersey. According to terms of the settlement agreement, the construction lien claim and related lawsuit filed by Armistead against Converted Organics will be suspended during the 18-month payment period and will be rescinded completely upon final payment by May 1, 2011.
10:31  FFIV F5 Networks recently dipped to a new session low of 46.10 but held at last week's low at 46.11 and has bounced modestly (46.31 -2.06) -Update- -Technical-

 
10:30  EXPE NASDAQ 100 (NDX) leaders & laggards moving through the first hour of trading -Technical-

NDX Best % Performers:
EXPE +1.5%, NIHD +1.25%, RYAAY +1.25%, RIMM +1%, MICC +1%, INFY +1%, LINTA +1%, GENZ +.75%

NDX Worst % Performers:
DELL -9%, HOLX -5%, NWSA -3%, BRCM -3%, FWLT -2.5%, INTU -2.25%, JOYG -2%, LBTYA -2.25%, STLD -2%

NASDAQ TRIN @ +1.65
NASDAQ A/D line @ -475
10:28  NUVA NuVasive extends yesterday's breakdown lower intraday as it nears a test of its early Nov/6-mth low of 34.73-35.00 (35.21 -1.98) -Update- -Technical-

 
10:27  OXY Occidental Petro extended early slide to its 50 day sma/ema with it lifting slightly off the lows in recent action (80.02 -1.51) -Technical-

The stock fell as low as 79.55 this morning to test its to day sma/ema (79.77/79.36) with a minor lift off the low noted over the last 20 minutes.
10:27  MRK Dow (INDU) leaders & laggards moving through the first hour of trading -Technical-

INDU Best % Performers:
MRK +2.25%, PFE +1.5%, KFT +1%, MCD +1%, KO +1%

INDU Worst % Performers:
CAT -1.5%, AA -1.5%, CSCO -1.25%, GE -1%, INTC -1%, MSFT -1%

NYSE TRIN @ +.95
NYSE A/D line @ -985
10:26  TRA Terra Industries says disappointed that CF Industries Holdings' (CF) three nominees were elected to the Terra Board of Directors (38.94 +0.85) -Update-

 
10:20  TRA Terra Industries: CF Industries confirms three Director nominees elected to Terra Industries Board of Directors (38.94 +0.84) -Update-

CF Industries (CF) confirms that all three of its director nominees were elected to Terra Industries (TRA) board of directors. Based on a preliminary count by CF Industries' proxy solicitor, its nominees, John Lilly, David Wilson and Irving Yoskowitz, were all elected to Terra's board of directors by a substantial margin.
10:18  PPH Pharma PPH +1% and Health XLV +0.4% providing upside leadership -Update- -Technical-

Also currently firmer are Restaurant +0.5%, Retail XRT +0.2%.
10:17  HOL China Holdings Aquisition stockholders approve previously announced proposed business combination with Success Winner Limited (9.78 +0.03)

 
10:16  RIMM Research In Motion breaking higher out of morning range after holding support at the key 58.00 level (58.80 -0.06) -Update- -Technical-

 
10:13  AZO AutoZone pushing up toward its early session high at 147.82 (147.74 +1.91) -Technical-

The next area of interest above is at 148.32/148.78 (Nov/Oct highs).
10:04  DELL Dell sliding back near session low at 14.33 after earnings related gap down start (14.38 -1.48) -Update- -Technical-

Initial support of interest below is at its July peak/bull breakout point and the early Nov low at 14.24.14.21. Note that its 200 day ema is just below at 14.17. 
10:02  AOC Aon confirms that Ted T. Devine will be leaving the firm effective immediately to launch 1World Sports, (38.81 -0.26)

The position of President, Aon Risk Services (ARS) will not be replaced. Steve McGill; chairman and chief executive officer, Mike O'Connor; chief operating officer, and the ARS Executive Committee will continue to work together to serve clients with distinction and provide leadership for the 25,000 ARS colleagues around the world.
09:59  QQQQ Nasdaq Comp extends opening decline, slips under yesterday's low but S&P and Dow do not confirm -Update- -Technical-

The S&P is still 2 points above yesterday's while the outperforming Dow is 60 points above. Support for the Nasdaq is at 2136 (session low 2141.16)
09:55  S&P report says credit crunch could get worse for U.S. consumers

A report published today by Standard & Poor's Ratings Services examines the possible ways even-more scarce, and possibly expensive, consumer credit might affect already credit-starved U.S. consumers and their banks. The report, titled, "Consumers Might Soon Find Loans Tougher To Get, And More Expensive Too," tracks the decline in consumer debt from its peak two years ago and looks ahead to what we view as a more complex landscape of new lending standards, cutbacks in consumer spending, and possible changes in regulations affecting the consumer credit industry. "We are just beginning to understand some of what this might mean," said Standard & Poor's credit analyst John K. Bartko. "It might well mean, however, that consumers, especially subprime borrowers, may find it noticeably tougher to get some loans." Proposed consumer protections could come at a cost to lenders in the form of limited fee income, only to boomerang back to consumers. As banks try to make up any losses some of them may be expecting to see stemming from changes in credit card laws or proposed changes restricting overdraft fees, we believe borrowing costs could increase even for customers with strong credit histories. And, if interest rates rise with an economic recovery, it is our view that some consumers could also simply be priced out of the market for certain loans.
09:53  GPS Gap Inc Earnings Correction: Reports EPS and revs in-line (21.69 -0.17) -Update-

Last night's GPS earnings comment said the company missed revenue expectations in the healline, this was not the case. The prior comment has been removed... Reports Q3 (Oct) earnings of $0.44 per share, in-line with the First Call consensus of $0.44. Revs grew 0.8% YoY to $3.59 bln vs the $3.58 bln consensus. "We're pleased with our third quarter results, particularly our ability to deliver earnings 25% above last year and our highest third-quarter operating margin in a decade," said Glenn Murphy, chairman and chief executive officer. "Looking ahead to the holiday season, we're focused on gaining market share as we invest in marketing and present a strong value proposition to customers across our brands."
09:51  KFT Kraft Foods pulls back after failing near resistance at its Sep gap at 27.86 or hold above its two month range top at 27.73-- session high 27.84 (27.22 +0.25) -Technical-

 
09:48  SJM J.M. Smucker extends its gap up open higher intraday as it continues to climb above its Aug-Nov broad multi-mth range high of 55.00-55.36 (56.51 +3.02) -Update- -Technical-

 
09:47  TECHX Dollar Index pulling back from resistance after setting two week high in early trade -Update- -Technical-

(Click for chart).
09:43  KIRK Kirklands extends higher off the opening post earnings, bringing its 3-month highs near $15 into play (14.93 +1.65) -Update- -Technical-

 
09:42  SPY Mildly weaker start for the S&P 500 but is continues to hold above initial support at 1089/1088 (1093 -1.60) -Technical-

A move back through minor barriers at 1097/1099 and then the more important 1102 level are needed to improve the negative price pattern off this week's high. Next support is in the 1084/1082 area (see The Technical Take for charts).
09:38  DBRN Dress Barn extends its gap up open higher intraday as it lifts modestly above its recent Nov momentum/52-wk high of 21.61 (21.88 +1.28) -Update- -Technical-

 
09:36  NVAX Novavax prices offering of 6.8 mln shares of its common stock at $3.30 per share (3.46 -0.32) -Update-

 
09:32  SJM J.M. Smucker shares gap up above notable daily chart top point @ 55.36 into fresh 52 week highs (56.10 +2.50) -Technical-

Quarterly earnings are the catalyst here as price now trades near the 2008 56.69 high point.
HoD @ 56.50
09:32  BGU Note that many of the Direxionshares leveraged ETFs gapped down this morning due to a distribution

Today is the ex-date for ST & LT capital gains distributions in a number of Direxionshares ETFs: ERX, BGU, TNA, EDC, DZK, TYH, MWJ, TYO, TMF, TMV, DRN.
09:31  AGYS Agilysys receives statement from MAK Capital, its largest shareholder, announcing intent to increase its ownership above 20% of outstanding shares (8.87 +0.74)

Co announces it received statement from MAK Capital Fund and Paloma International notifying it of their intent to increase their direct or indirect ownership of Agilysys' common shares above 20%, but not to exceed one-third. The Acquiring Person Statement indicates that MAK Capital does not intend, either alone or in concert with any other person, to exercise control of the Company. Co is required to conduct a special meeting to allow shareholders to approve or disapprove MAK Capital's ownership in Agilysys above the 20% threshold.
09:03  KOP Koppers Holdings prices offering of $300 million 7.875% senior notes due 2019 at an issue price equal to 98.311% of the principal amount of the Notes (29.55 )

 
09:02  MPR Met-Pro Corp misses by $0.05, misses on revs (9.34 )

Reports Q3 (Oct) earnings of $0.07 per share, $0.05 worse than the First Call consensus of $0.12; revenues fell 29.3% year/year to $19.8 mln vs the $22.6 mln consensus. "We are encouraged by our solid third quarter bookings, the second sequential quarter of increasing new orders, and especially our recent success in closing several large projects. While these new orders are signs of an improvement in the markets we serve, the lack of any significant global economic growth represents a challenge to capital spending, necessitating continued caution regarding the strength of any recovery in the near term. With record cash, our balance sheet remains extremely strong."
08:53  BONDX Leaning Higher unch 3.334%...euro 1.4835...yen 88.9750

Bonds have been mixed with the long end lagging as the safety players continue to pile into the shorter maturities as they look to stash cash into the year end. The longer durations are getting less play as the market looks out to the uncertainty of the mid-term with the potential governmental meddling into the Fed's operations adding to concerns. The 10-yr is back into a holding pattern near the 3.33% yield level, while the 2-yr has been playing in the late 2008 area as it strengthens on year end issues, while stocks slide. The curve has been steepened to over 266 on the 2-10-yr yield spread, with the next stop near 267.5. The dollar has been bid with the index holding near 75.75 as the market tucks into safety in front of year-end. The euro tumbled and fell back to near the 1.48 area as positions were shifted out of riskier plays, taking the regional currency back off to near the lowest since 11/5, while falling back to get just under 132 per yen. The yen has held in to its better part of the range after a general boost on safety concerns and the heels of the BOJ policy stand-off. There is no data and the Fed is muzzled for the day
08:39  PPD Pre-Paid Legal clarifies previous FTC announcement; says it believes the proposed draft complaint from the FTC is next step in an ongoing process between PPD and the FTC (33.27 )

Co announces that it would like to clarify information provided in our press release issued yesterday, Nov 19, 2009. Co believes the proposed draft complaint from the Federal Trade Commission referred to in yesterday's release is the next step in an ongoing process between us and the FTC that began in March 2007. This process has been the subject of prior press releases and disclosures in previous public filings. The proposed draft complaint narrowly focuses on our Affirmative Defense Response System marketing program and specific representations regarding identity theft and data privacy issues. Co believes the permanent injunctive relief proposed by the FTC pertains only to our ADRS marketing program.
08:33  ANW Aegean Marine Petrol subsidiary awarded a contract to increase the available oil pollution response capacity in English Channel and its Atlantic approaches (27.28 )

Co announced its Belgian subsidiary, Aegean Bunkers at Sea N.V., has been awarded a contract by the European Maritime Safety Agency (EMSA) to increase the available oil pollution response capacity in the English Channel and its Atlantic approaches. Under the terms of the agreement, the Sara, a 1990-built and 2003-upgraded 7,233 dwt double-hull bunkering tanker, will serve on stand-by through 2013 in the event the vessel is required to provide oil spill recovery services. Aegean acquired the Sara in October 2007 in connection with its acquisition of Bunkers at Sea, a Belgium-based marketer and physical supplier of marine fuel. The vessel will continue to provide bunkering services in the area during the stand-by period.
08:32  CWCO Consolidated Water announces that Wil Pergande has been elected non-executive Chairman of the Board of Directors (12.84 )

 
08:32  BSX Boston Scientific announces FDA clearance and CE Mark for WallFlex fully covered esophageal stent (8.21 )

Co announces that it has received 510(k) clearance from the FDA and CE Mark approval to market its WallFlex Fully Covered Esophageal Stent for the treatment of malignant esophageal strictures (obstructions) caused by tumors in patients with resectable or non-resectable esophageal cancer.
08:31  DNDN Dendreon receives FDA acknowledgement of complete response (28.05 )

Co announces that the U.S. Food and Drug Administration (FDA) provided written acknowledgement that the amended Biologics License Application (BLA) for PROVENGE (sipuleucel-T) is a complete response. The FDA has assigned a Prescription Drug User Fee Act (PDUFA) date of May 1, 2010, by which time it will respond to Dendreon's amended BLA. The FDA considers this to be a complete, Class 2 Resubmission following the action letter the company received in 2007. The IMPACT study met its pre-specified primary endpoint demonstrating a statistically significant improvement in overall survival in men with metastatic CRPC. The resubmission also contains the remaining information requested by the FDA pertaining to chemistry, manufacturing and controls section of the BLA for PROVENGE. If approved by the FDA, PROVENGE would represent the first product in a new therapeutic class known as active cellular immunotherapies.
08:25  AGEN Antigenics announces that European CHMP formally adopts negative opinion on Oncophage (0.96 )

Co announces that the Committee for Medicinal Products for Human Use, the scientific committee of the European Medicines Agency, has formally adopted a negative opinion on the marketing authorization application for Oncophage as a treatment in earlier-stage, localized renal cell carcinoma. A negative vote of the CHMP indicating this opinion was verbally conveyed to Antigenics and announced in a press release issued on Oct 21, 2009. Based on this opinion, AGEN has decided to withdraw its Marketing Authorization Application and to evaluate its options going forward, including a potential re-filing at a later date. A decision to re-file would be dependent on outcomes following meetings with health authorities in individual European countries and with the EMEA, as well as based on further accumulation and review of clinical data. In the meantime, AGEN is hopeful that it will be in a position to supply Oncophage, as requested, under a named patient program in Europe, in addition to its ongoing commercial efforts in Russia and named patient programs elsewhere globally.
08:08  MRK Merck receives CHMP positive opinion for new fertility treatment, ELONVA (35.33 )

Co announces that the Committee for Medicinal Products for Human Use of the European Medicines Agency has recommended approval of ELONVA as a treatment in controlled ovarian stimulation in combination with a GnRH antagonist for the development of multiple follicles in women participating in an assisted reproductive technology program. If approved by the European Commission, MRK would receive marketing authorization for ELONVA with unified labeling valid in all European Union Member States.
08:03  FUR Winthrop Realty Trust announces preliminary results of its rights offering (9.00 )

Co announces preliminary results of its rights offering to existing shareholders for the sale of its common shares of beneficial interest. Subscriptions, including rights exercised through notice of guaranteed delivery, were received for at least 4,453,069 shares including shares issuable pursuant to oversubscription rights, resulting in gross proceeds of not less than $40.3 million.
08:03  EFJI EFJ announces that its 3e Technologies International subsidiary has received a $3.1 mln contract from the U.S. Defense Threat Reduction Agency (1.02 )

 
08:01  CT Capital Trust announces that its co-founder and CEO is retiring; COO has been appointed to CEO (1.31 )

Co announces that John Klopp, co-founder and CEO, is retiring after 21 years of service to the company and its predecessor. The company also announces that Stephen Plavin, COO, has been appointed CEO and a Director. Geoffrey Jervis, Chief Financial Officer, and Thomas Ruffing, Chief Credit Officer, will continue in their current roles.
08:01  LGND Ligand Pharma presents new preclinical data on its lead SARM molecule LGD-4033 (2.10 -0.26)

Co announced that data from a preclinical study on its selective androgen receptor modulator (SARM) LGD-4033 was featured in a poster presentation. LGD-4033 exhibited desirable in vivo efficacy on skeletal muscle and bone measurements in animal models of male hypogonadism and postmenopausal osteoporosis. The key findings include: LGD-4033 increased bone mineral density and bending strength (an indicator of resistance to fracture) in osteopenic female rats, a model of post-menopausal osteoporosis, by increasing the rate of new bone formation and reducing bone turnover. Statistically significant improvements in bone mineral density were observed after 12 weeks of administering LGD-4033 at doses as low as 0.03 mg/kg/day in cortical bone and 0.3 mg/kg/day in cancellous bone. LGD-4033 potently increased the skeletal muscle mass and the average diameter of the individual muscle fibers in both hypogonadal and hormonally-normal rats. Muscle fiber diameter is known to correlate with the maximum contractile force that can be generated by a muscle fiber, suggesting greater muscle strength following LGD-4033 administration.
08:00  MDSO Medidata Solutions files registration statement with SEC for a proposed public offering of 4.5 million shares of common stock (17.78 )

 
07:48  ANN AnnTaylor beats by $0.13, misses on revs (13.81 )

Reports Q3 (Oct) earnings of $0.20 per share, excluding $0.17 in impairments and restructuring, $0.13 better than the First Call consensus of $0.07; revenues fell 12.3% year/year to $462.4 mln vs the $473.9 mln consensus. Q4 Total sales dollars are expected to be slightly below those achieved in the third quarter of 2009 (consensus calls for a 3.3% decline). Q4 Gross margin rate performance is expected to decline from the levels achieved in Q3 (consnesus calss for 47.6% GM), reflecting anticipated heightened promotional activity to drive traffic and sales volume throughout the holiday season. We expect the fourth quarter 2009 gross margin performance to be considerably stronger than the levels achieved in the fourth quarter of 2008. the Company expects to be a highly promotional retail environment in the fourth quarter. Comparable store sales for the quarter declined 13.7% versus the prior year. At Ann Taylor, comparable store sales declined 25.8% and at LOFT, comparable stores sales declined 9.7%. Gross margin, as a percentage of sales, was 57.3%, 850 bps higher than the gross margin rate achieved in the third quarter of 2008. This strong gross margin performance reflected the success of the co's strategy to conservatively position inventory levels across both divisions as well as a lower level of promotional activity in the quarter.
07:46  NVAX Novavax announces that it intends to offer shares of its common stock in an underwritten public offerin (3.77 )

 
07:40  HFFC HF Financial Corporation announced the pricing of an underwritten public offering of 2.5 million shares of its common stock at a public offering price of $8.00 per share (9.75 )

 
07:34  EMS Emergency Medical Services priced a public secondary offering of 8 mln shares (increased from 6 mln) of class A common stock at $48.31 per share (48.31 )

 
07:33  On The Wires

Global Cash Access Holdings (GCA) and the Arizona Department of Gaming have reached a settlement agreement allowing for GCA's state certification to be renewed. As part of the settlement, GCA will pay a fine in the amount of $500,000 in addition to $300,000 to support Arizona's problem gambling programs and $200,000 as reimbursement to the Department for legal fees, investigative costs and related expenses. GCA had previously reserved these amounts during the quarter ended September 30, 2009... Imperial Sugar Company (IPSU) announced the successful closing of a $100 million tax-exempt bond offering to finance the new construction of the largest sugar refinery in the United States, creating about 500 construction jobs and 145 permanent jobs in the New Orleans-Baton Rouge area... Pepco Energy Services, a subsidiary of Pepco Holdings (POM) has been selected to implement a comprehensive energy performance contract program for Appalachian State University. The 12-year contract calls for Pepco Energy Services to provide energy conservation measures in 15 buildings on the ASU campus... Keithley Instruments (KEI) announced that it has signed a definitive agreement with Agilent Technologies (A) to sell substantially all of its RF product line to Agilent. Co expects to receive cash proceeds of approximately $9 million and to realize a pre-tax gain in the range of $2.5 to $3.5 million during its first quarter ended December 31, 2009, as a result of the sale... Medical Properties Trust (MPW) announced that it has reached agreement to settle all of the claims asserted by Stealth, L.P. in previously disclosed litigation concerning the termination of leases of the Houston Town and Country Hospital and medical office building in October 2006, with the exception of a single contract claim for which Memorial Hermann Healthcare System has agreed to provide indemnification.
07:32  CRXX Combinatorx: FDA extends NDA review for Exalgo extended-release tablets (0.88 )

The co and Neuromed Pharmaceuticals Inc., a privately-held biopharmaceutical company, today announced that the FDA has issued Neuromed a letter extending its review of the New Drug Application (NDA) for the product candidate Exalgo (hydromorphone HCl) extended-release tablets by three months. The extended Prescription Drug User Fee Act (PDUFA) date for the FDA to complete its review of the Exalgo NDA has been set for February 22, 2010. The FDA stated in its letter extending the PDUFA date that the purpose for the extension is to allow the FDA more time for a full review of Neuromed's submission, including a recent amendment by Neuromed to the Exalgo NDA... However, the Exalgo NDA in its current form may not be sufficient to form the basis for approval of Exalgo under Section 505(b)(1) of the FDCA. If that is the case, the FDA may issue a complete response letter to Neuromed, and Neuromed and Mallinckrodt may choose to provide additional data or information to provide a basis for approval of Exalgo or may resubmit the Exalgo NDA under Section 505(b)(2) of the FDCA. At this time, the outcome of any of these efforts or actions is not certain.
07:30  COV Covidien announces that FDA Extends Review of NDA for Exalgo (45.13 )

Co announces that the FDA has set a new action date under the Prescription Drug User Fee Act for the review of the New Drug Application for Exalgo Tablets of February 22, 2010. Neuromed Pharmaceuticals Ltd. and COV recently provided the FDA with supplemental information, which the agency determined to be a major amendment to the NDA. As a result, the FDA has extended its action date by three months to allow more time to review the application. The proposed indication for Exalgo is once daily administration for the management of moderate to severe pain in opioid tolerant patients requiring continuous, around-the-clock opioid analgesia for an extended period of time.
07:23  LOGM LogMeIn announced the pricing of 3,125,000 shares of its common stock at $18.50 per share in a secondary public offering (19.49 )

 
07:22  On The Wires

Cell Therapeutics (CTIC) announced that the Ninth Circuit Court of Appeals reversed a U.S. District Court order and ruled that co should be allowed to pursue all of its claims against The Lash Group, sending the case back to the District Court for trial. CTI filed a complaint against The Lash Group, co's former third-party reimbursement consultant for CTI's product TRISENOX, in 2007 seeking $22.8 million in damages for expenses already incurred related to the investigation, defense and a settlement of claims by the U.S. government concerning Medicare reimbursement for TRISENOX and other business losses... Nokia (NOK) plans to align its research and development operations in Finland and Denmark to be in line with the focused portfolio of future products. The planned changes are expected to affect up to 230 employees at Nokia's Oulu site in Finland and approximately 100 employees at Nokia's Copenhagen site. The total number would represent approximately 2 % of Nokia's R&D personnel globally... Bob Evans Farms, Inc. (BOBE) approved a 12.5% increase in the quarterly cash dividend from $0.16 to $0.18 on the company's outstanding common stock. Co also authorized a stock repurchase program of up to one million shares. The repurchase authorization is effective immediately, through the remainder of the Company's 2010 fiscal year, which ends April 30, 2010...
07:16  SJM J.M. Smucker beats by $0.14, beats on revs; guides FY10 EPS above consensus, revs in-line (53.48 )

Reports Q2 (Oct) earnings of $1.18 per share, excluding $0.04 of amortization, $0.14 better than the First Call consensus of $1.04; revenues rose 51.7% year/year to $1.28 bln vs the $1.24 bln consensus. Co raises EPS guidance to $3.95-$4.05 from their previous range of $3.65-$3.80 vs. $3.83 consensus; co reaffirms FY10 revs of $4.5 bln vs. $4.55 bln consensus.
07:13  KIRK Kirklands beats by $0.15, beats on revs (13.28 )

Reports Q3 (Oct) earnings of $0.23 per share, excluding adjustments to the valuation allowance for deferred tax assets, $0.15 better than the First Call consensus of $0.08; revenues rose 7.6% year/year to $92.4 mln vs the $86 mln consensus. Comparable store sales for the third quarter of fiscal 2009 increased 11.3% compared with an increase of 1.2% in the prior year period. Co says based on the the continued strong performance, the co has revised its assumptions for several key metrics. These assumptions discount the likelihood of a return to the severe economic conditions of last fall, but do consider continued adverse trends in unemployment rates, job creation, and housing recovery that could negatively impact the holiday selling season. The Company started fiscal 2009 with 299 stores compared with 335 stores a year ago. For fiscal 2009, the store base is expected to average approx 30 stores less per quarter than the comparable quarters of fiscal 2008. In accordance with the Company's plan to reposition its store base, closings from natural lease expirations are expected to be approx 35 stores. New store openings are expected to be 18 stores in fiscal 2009. Full year sales are expected to be slightly above fiscal 2008. (FY08 sales were $391.3 mln and current FY09 consensus is $391.6 mln) Full year merchandise and operating margins are expected to be significantly above fiscal 2008 levels with fiscal 2009 operating margin expected to be in the very high single-digit range, approaching 10%. The margin assumptions are based upon the lack of a heavy promotional environment and a comparable store sales increase in the fourth quarter of approx 3% to 5%. Full year pre-tax earnings, are expected to be significantly above the $10.1 mln in pre-tax earnings achieved in fiscal 2008. The co expects to generate positive cash flow for the year with no borrowings expected on its revolving line of credit. Through the first three quarters of fiscal 2009, the co has generated $8.3 mln in cash flow from operations and raised its cash balance from $2.0 mln at November 1, 2008, to $37.0 mln as of October 31, 2009. Fiscal 2009 capital expenditures are estimated to range between $10 and $12 mln, primarily to fund new store construction and information technology projects. Through the first three quarters of fiscal 2009, capital expenditures have totaled $8.0 mln.
07:12  EBAY eBay completes sale of Skype (23.19 )

 
07:09  CRMT America's Car-Mart beats by $0.11, beats on revs (23.14 )

Reports Q2 (Oct) earnings of $0.53 per share, $0.11 better than the First Call consensus of $0.42; revenues rose 14.7% year/year to $82.6 mln vs the $80.6 mln consensus. Active customer base increased 3.3% to over 45,500 during the quarter ended October 31. Accounts over 30 days past due of 3.4% at October 31, 2009 to 3.8% at October 31; Same store revenue increased 11.4% for the quarter. The provision for credit losses was 20.1% of sales compared to 22.0% in the same period last year. Net charge-offs as a percentage of average finance receivables was 5.3% compared to 6.2% in the same period last year. Gross profit on vehicle sales was 43.8% for the quarter compared to 42.8% for the prior year quarter. "We believe we continue to gain market share by building on our successful branding campaign coupled with continuous improvements in execution at the lot level supported by oversight from the corporate level."
07:03  DHI DR Horton misses by $0.43, misses on revs (12.25 )

Reports Q4 (Sep) loss of $0.73 per share, $0.43 worse than the First Call consensus of ($0.30); revenues fell 34.6% year/year to $1.01 bln vs the $1.11 bln consensus. The Company's sales backlog of homes under contract at September 30, 2009 was 5,628 homes ($1.1 bln), compared to 5,297 homes ($1.2 bln) at September 30, 2008. Net sales orders for the fourth quarter ended September 30, 2009 totaled 5,008 homes ($1.0 bln), compared to 3,977 homes ($852.3 mln) for the same quarter of fiscal 2008. The Company's cancellation rate (cancelled sales orders divided by gross sales orders) for the fourth quarter of fiscal 2009 was 27%. Homes closed totaled 4,810, compared to 6,961 homes closed in the same quarter of fiscal 2008. "Our net sales orders in the September quarter reflected a 26% increase compared to the prior year quarter. However, market conditions in the homebuilding industry are still challenging, characterized by rising foreclosures, high inventory levels of available homes, increasing unemployment, tight credit for homebuyers and weak consumer confidence. We have continued to adjust our business to the current homebuilding environment by reducing our owned lot position and completed specs, controlling costs and strengthening our balance sheet.

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