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 Today's In Play
01:02  NXY Nexen appoints Kevin Reinhart as Chief Financial Officer, effective January 1, 2009 (14.46 )

 
01:01  TARG Targanta Therapeutics: FDA advisory committee provides opinion on oritavancin (7.75 )

Co announces that oritavancin, the co's investigational antibiotic therapy for the treatment of complicated skin and skin structure infections caused by gram-positive pathogens,  received a mixed review from the FDA's Anti-Infective Drugs Advisory Committee. During the meeting, the Advisory Committee voted 11-6 (with one abstaining) that clinical study ARRI independently provides evidence of the effectiveness of oritavancin for cSSSI. The Advisory Committee voted 8 to 10 (against) that clinical study ARRD independently provides evidence of the effectiveness of oritavancin for cSSSI. Finally, the Advisory Committee voted by a narrow margin of 8-10 (against) that the data presented demonstrate the safety and effectiveness of oritavancin for the treatment of cSSSI.
00:57  FLOW Flow International announces Chief Financial Officer Douglas P. Fletcher will leave co, effective December 8, 2008 (2.15 )

 
00:53  On The Wires

CVB Financial (CVBF) announces that it has received preliminary approval to participate in the Treasury Dept.'s Capital Purchase Program; the U.S. Treasury will invest up to $130 mln in senior preferred shares of CVB Financial and receive warrants on standardized terms.
 Wednesday After the Close
19:01  AMGN Amgen, Takeda and Millennium announce suspension of Phase 3 Trial of Motesanib in Patients With Non-Small Cell Lung Cancer (53.64 -2.70)

AMGN and Millennium: The Takeda Oncology Co, a subsidiary of Takeda Pharmaceutical Co Limited (TSE: 4052), announced that enrollment in the Phase 3 MONET1 trial evaluating motesanib (AMG 706) in combination with paclitaxel and carboplatin for the first-line treatment of advanced non-small cell lung cancer (NSCLC) has been temporarily suspended following a planned safety data review of 600 patients by the study's independent Data Monitoring Committee (DMC). Motesanib is part of a broad co-development program between Amgen and Takeda. The DMC recommended that enrollment in the study, which allowed both squamous and non-squamous NSCLC patients, be suspended based on an observation of higher early mortality rates in the motesanib group compared to the placebo group. In addition, the DMC recommended that the patients with squamous NSCLC immediately discontinue motesanib therapy based on an observation of a higher incidence of hemoptysis. The DMC did not recommend discontinuation of motesanib therapy for the patients with non-squamous NSCLC. The DMC will review updated data after three months.
18:49  SFN Spherion and AMN Healthcare enter RPO alliance (2.50 -0.19)

Co announced its recruitment process outsourcing (RPO) services division has entered into a strategic alliance with AMN Healthcare (AHS) to jointly provide RPO services to healthcare organizations across the United States. SFN's team of RPO professionals will manage the sourcing, screening and on-boarding of candidates for non-clinical positions, while AMN will focus on finding the most qualified candidates for clinical positions, which include nurses, allied health professionals and physicians. Both firms will also continue to pursue individual RPO business as well.
18:36  Standard & Poor’s Announces Changes to U.S. Indices

S&P SmallCap 600 constituent Southern Union (SUG) will replace Avis Budget Group (CAR) in the S&P MidCap 400, and The GEO Group (GEO) will replace Southern Union in the S&P SmallCap 600. S&P SmallCap 600 constituent ManTech International (MANT) will replace Media General (MEG) in the S&P MidCap 400, and Axsys Technologies (AXYS) will replace ManTech International in the S&P SmallCap 600. As of today's close, Avis Budget Group and Media General had market capitalizations of ~$50 mln and $68 mln respectively, ranking them 400th and 399th in the index. Capella Education (CPLA) will replace Photronics (PLAB), Hittite Microwave (HITT) will replace Sunrise Senior Living Inc. (NYSE:SRZ), Interwoven (IWOV) will replace CPI (CPY), and Oil States International (OIS) will replace Select Comfort (SCSS) in the S&P SmallCap 600. As of today's close, Photronics, Sunrise Senior Living, CPI and Select Comfort all had market capitalizations below $25 mln, whereas the minimum market capitalization needed for admission to the S&P SmallCap 600 index is currently $250 mln.
17:46  SLH Solera Holdings acquires Inpart Servicos Ltda.; further enhances its product and service offering to the Brazilian market (16.84 -1.49)

Co announced that it has completed the acquisition of Inpart Servicos Ltda. ("Inpart"). Inpart is an electronic exchange for the purchase and sale of vehicle replacement parts in Brazil. Inpart has developed an extensive network of parts suppliers as well as an impressive customer list that includes some of Brazil's leading insurance companies and collision repair facilities.
17:45  GFG Guaranty Financial announces resignation of Chairman, President and Chief Executive Officer (1.45 -0.06)

GFG, the parent co of Guaranty Bank, announced that Kenneth R. Dubuque has submitted his resignation as Chairman of the Board, President and Chief Executive Officer of the Company and the Bank, effective November 18, 2008. The co also announced the appointment of John T. Stuart III, a director of the co and the Bank, as Interim Chief Executive Officer and Interim Chairman of the Board of the co and the Bank. Stuart will serve in these interim positions until a qualified replacement can be found.
17:31  AKAM Akamai Tech to take cost cutting measures to support continued investment in key areas (10.63 -1.27)

Co announced that it will take a restructuring action in the fourth quarter to reduce certain operating costs. The co expects to use the ongoing savings generated by this action and its continuing cash from operations to support investments in key growth opportunities for content delivery, application acceleration, and its advertising industry solutions, as well as for further international expansion. As a result of these cost cutting measures, AKAM expects to take a restructuring charge of ~$4 mln this quarter for severance and related expenses. These costs are anticipated to be partially offset by a net reduction in non-cash stock-based compensation of $0.8 mln, reflecting a modification to certain stock-based awards previously granted to the affected employees. Approximately 110 employees, or 7% of AKAM's worldwide employee population, will be affected. Additionally, the co expects to recognize a loss on sublease income of ~$2.5 mln related to certain leased facilities.
17:15  HLX Helix efforts to restore oil & gas production progressing (7.33 -0.80)

Co reported that efforts to restore Gulf of Mexico oil and gas production following hurricanes Gustav and Ike are progressing, with a return to pre-hurricane production rates expected by the end of the year, as previously forecasted. As of November 19, 2008, oil and gas production by Helix has increased to ~50% of its 160 mmcfe/day production levels prior to hurricanes Gustav and Ike, with restoration to pre-storm levels expected by the end of December. This is an increase from the production levels of ~30% of pre-storm levels reported by Helix in late October.
17:11  ABK Ambac commutes ~$3.5 bln of CDO exposure for cash settlement of $1 bln (0.76 -0.38) -Update-

Co announced that it has commuted two CDO of CDO of ABS (commonly referred to as CDO-squared) exposures and two high grade CDO of ABS exposures. The four transactions, with an aggregate of ~$3.5 bln notional outstanding at September 30, 2008, were settled with counterparties in exchange for a total cash payment by Ambac Assurance Corporation (AAC) of $1.0 bln. The two CDO-squared transactions originally comprised collateral consisting of A-rated CDO of ABS tranches, and the two high grade CDO of ABS exposures originally comprised collateral consisting of asset-backed securitizations rated A- or higher. Most of the collateral had been downgraded to below investment grade since the inception of the transactions. All four of the transactions had been internally downgraded to below investment grade.
17:09  PAY Verifone sees Q4 EPS and revs below consensus (6.19 -0.51)

Co issues downside guidance; co sees Q4 revs of $244-246 mln vs $263.6 mln First Call consensus, sees EPS of $0.18-0.20 vs $0.34 consensus. Co says, "Toward the end of Q4, uncertainty and turmoil in the global economy and financial markets impacted demand for our products across all geographies. We experienced higher-than-expected foreign exchange losses, and the volatility of exchange rates resulted in product costs, expressed in local currencies, adversely moving faster than could be reflected in local-currency pricing. We expect a period of uncertainty to persist until financial confidence returns to the market. Accordingly, we are carefully controlling all aspects of our business to minimize expenditures and are making significant reductions in operating expenses."
17:04  CYBX Cyberonics beats by $0.08, beats on revs; raises FY09 revs in-line (10.10 -0.88)

Reports Q2 (Oct) earnings of $0.14 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.06; revenues rose 24.6% year/year to $36 mln vs the $34.2 mln consensus. Co raises guidance for FY09, sees FY09 revs of $136-140 mln vs. $138.44 mln consensus, up from $134-138 mln.
17:02  RIV Riviera Holdings signs definitive agreements with two investor groups Nov 19 (3.00 )

Co announces that it has signed definitive agreements with two existing shareholders: Plainfield Special Situations Master Fund Limited and Desert Rock Enterprises LLC; each of whom currently owns under 10% of the Company's outstanding shares, enabling them to increase their holdings to up to 15% of the co's outstanding common stock. Provisions include: the waiver of the Co's voting limitation set forth in its Articles of Incorporation; an agreement by both Plainfield and Desert Rock not to acquire over 15% of RIV's common stock, unless approved by the Company's Board of Directors; a standstill agreement which ends on either the day following the Company's 2010 annual stockholders' meeting, September 1, 2010.
17:01  NAV Navistar has formally entered into contract negotiations to provide 260 TSV Husky units based off its International MXT platform (16.69 -2.71)

Co expands its customer list to include the United Kingdom through the Ministry of Defence's Tactical Support Vehicle program. The United Kingdom announced in late October that it had earmarked ?350 mln (~$525 mln) for 400 TSV units. Navistar has formally entered into contract negotiations to provide 260 TSV Husky units based off its International MXT platform to meet an urgent need. The company anticipates that the contract will be ratified in early 2009.
16:48  HST Host Hotels outlook revised to negative on worsening revenue expectations at S&P (5.49 -1.18)

S&P revised its outlook on Host Hotels & Resorts and Host Hotels & Resorts to negative from stable and affirmed the 'BB' corporate credit rating and all other ratings. The negative outlook reflects worsening expectation for revenue per available room (RevPAR) in the U.S. next year and that Host's credit measures are likely to deteriorate more than expected because of a higher year-over-year pace of EBITDA decline. "With business and leisure travel demand worsening and prospects for a long and moderate U.S. recession, we now expect RevPAR in the U.S. in 2009 to decline to the mid- to high-single-digits compared to our previous expectation of a decline of 5% or slightly more." Notably, given the current underperformance industry-wide in Host's predominantly upscale and luxury price segments, RevPAR for Host's portfolio of companies could decline at a high-single-digits pace in 2009.
16:35  APWR A-Power Energy misses by $0.04; reaffirms Q4 earnings (4.02 -0.30)

Reports Q3 (Sept) earnings of $0.28 per share, $0.04 worse than the First Call consensus of $0.32; revenues rose 120% year/year to $85.4 mln vs the $100.5 mln consensus. Co says, "As expected, our financial results continued to accelerate during the third quarter and market demand for local power generation continued to increase in China and throughout Southeast Asia. Based on these results and our expectations for Q4, we are reaffirming earnings guidance of over $35 mln for 2008."
16:33  SMTC Semtech reports EPS in-line, revs in-line; guides Q4 EPS below consensus, revs below consensus (8.82 -0.36)

Reports Q3 (Oct) earnings of $0.24 per share, excluding non-recurring items, in-line with the First Call consensus of $0.24; revenues rose 1.4% year/year to $79.7 mln vs the $79.3 mln consensus. Co issues downside guidance for Q4, sees EPS of $0.15-0.20, excluding non-recurring items, vs. $0.23 consensus; sees Q4 revs of $64-72 mln vs. $75.95 mln consensus.
16:33  LTD Limited beats by $0.01, misses on revs; guides Q4 EPS in-line (7.58 -0.75)

Reports Q3 (Oct) earnings of $0.01 per share, $0.01 better than the First Call consensus of ($0.00); revenues fell 4.2% year/year to $1.84 bln vs the $1.88 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.85-1.00 vs. $1.00 consensus. Comparable store sales for the third quarter decreased 7%.
16:32  COIN Converted Organics reports revenues for the first nine months of '08 and Q3 (4.08 -1.09)

Co announced that the Company has filed its Form 10-Q quarterly report with the Securities and Exchange Commission (SEC), announcing revenue of $1,181,423 for the first nine months of 2008, including $428,516 for the third quarter of 2008. (no estimates)
16:32  AJG Arthur J. Gallagher acquires The HR Group, an employee benefits brokerage firm; Terms of the transaction were not disclosed (23.55 -0.69)

 
16:17  HUM Humana reaffirms FY08 EPS guidance of $3.80-3.90 vs $4.28 First Call consensus; reaffirms FY09 EPS guidance of $5.90-6.10 vs $5.89 First Call consensus (27.89 -2.30)

 
16:14  WGOV Woodward Governor reports EPS in-line, beats on revs; guides FY09 EPS below consensus, revs in-line (22.08 -2.10)

Reports Q4 (Sep) earnings of $0.50 per share, in-line with the First Call consensus of $0.50; revenues rose 20.5% year/year to $350.5 mln vs the $343.5 mln consensus. Co issues mixed guidance for FY09, sees EPS of $1.65-$1.90 vs. $2.04 consensus; sees FY09 revs of $1.40-$1.50 bln vs. $1.47 bln consensus. Co states, At this time, our order volumes indicate a modest increase in sales volumes in 2009. However, the significant effects of rapidly weakened European currencies may offset this increase.
16:11  GENT Gentium provides an update on the Phase 3 treatment trial of Defibrotide for Severe Veno-Occlusive Disease (1.45 +0.09)

Co announces interim results from an independent Data Safety Monitoring Board review of the Phase 3 treatment trial of Defibrotide for Severe Veno-Occlusive Disease. The DSMB reported the sample size should be increased to 160 patients in the treatment arm and 80 patients in the historical control arm. Furthermore, the DSMB indicated that the data presented thus far do not raise any safety concerns and did not recommend that the trial be stopped for futility. Co also announced today the preliminary results of an independent Medical Review Committee's (MRC) selection of historical control patients in the trial. Following the results of a prior DSMB meeting announced on June 5, 2008 in which the DSMB expressed concerns regarding the practical application of the criteria used to enroll historical control patients, the MRC met to re-review the criteria and eligibility of all historical control cases. After reviewing the available information, the MRC was only able to conclude that 32 out of the 86 patients initially included in the historical control arm definitively met the eligibility criteria and had a confirmed diagnosis of severe VOD. There are currently 102 patients enrolled in the treatment arm of the study. "We do not intend to enroll the additional number of patients required to achieve a p-value of .01; however, we are evaluating the possible enrollment of additional patients in the historical control arm, which would allow us greater potential to achieve a p-value that could be used as supportive data in favor of an approval of Defibrotide."
16:11  MW Men's Wearhouse beats by $0.06, misses on revs; guides FY09 EPS below consensus (9.75 -1.03)

Reports Q3 (Oct) earnings of $0.30 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.24; revenues fell 10.2% year/year to $459.7 mln vs the $475.5 mln consensus. Co issues guidance for Q4, sees GAAP EPS of $(0.18)-0.00, may not be comparable to $0.09 consensus. Co issues downside guidance for FY09, sees EPS of $1.04-1.22, excluding $0.12 in non-recurring items, vs. $1.25 consensus.
16:11  PMRY Pomeroy Computer announces $5 mln increase in its buyback program (2.80 -0.20)

 
16:10  APII Action Products announces planned growth for 2009 (1.28 -0.09)

In 2009, the Company is projecting sales of $12 million, an estimated $8.5 million in sales is projected to be generated by the existing product portfolio with an additional $3.5 million resulting from acquired products and products presently owned but not previously released to the market. The Company stated a large portion of the incremental $3.5 million will be dependent on the Company's ability to raise investment and working capital to fund acquisitions and launch of new products.
16:07  INTU Intuit beats by $0.03, reports revs in-line; guides Q2 EPS and revs below consensus; lowers FY09 guidance (20.55 -0.72)

Reports Q1 (Oct) loss of $0.09 per share, $0.03 better than the First Call consensus of ($0.12); revenues rose 8.1% year/year to $481 mln vs the $483.4 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.40-0.42 vs. $0.46 consensus; sees Q2 revs of $860-880 vs. $900.16 mln consensus. Co lowers guidance for FY09, sees EPS of $1.78-1.85, excluding items, down from prior guidance of $1.86-1.90, vs. $1.84 consensus; sees FY09 revs of $3.26-3.38 bln vs. $3.33 bln consensus.
16:07  GYMB Gymboree beats by $0.03, misses on revs; guides Q4 EPS in-line; guides FY09 EPS in-line (16.48 -2.44)

Reports Q3 (Oct) earnings of $1.06 per share, $0.03 better than the First Call consensus of $1.03; revenues rose 5.5% year/year to $261.3 mln vs the $269.6 mln consensus. Co issues in-line guidance for Q4, sees EPS of $0.92-1.00 vs. $1.00 consensus. Co issues in-line guidance for FY09, sees EPS of $3.12-3.20 vs. $3.17 consensus.
16:06  PETM PETsMART beats by $0.02, reports revs in-line; guides Q4 EPS in-line (13.32 -1.74)

Reports Q3 (Oct) earnings of $0.28 per share, $0.02 better than the First Call consensus of $0.26; revenues rose 12.2% year/year to $1.25 bln vs the $1.24 bln consensus. Co issues in-line guidance for Q4, sees EPS of $0.59-0.62 vs. $0.60 consensus. See Q4 comparable store sales in the low to mid-single digits. "The unique blend of staples and discretionary items inherent to our business model has allowed us to manage through this challenging environment and deliver on our guidance for the quarter... But we are not immune to the pressures of a slowing economy. We have decided to pull back even further on our capital spending in 2009 and focus on consistent execution and on outperforming in those areas of the business that differentiate PetSmart from the competition."
16:03  PLNR Planar Systems announces sale of digital signage dusiness for gaming industry (1.24 -0.14)

Co announces it has signed a definitive agreement with Bally Gaming under which Bally has acquired, for cash, certain assets of Planar's CoolSign digital signage business for exclusive use within the gaming industry. The transaction closed on November 14, 2008.
16:03  DBRN Dress Barn beats by $0.05; guides FY09 EPS below consensus (6.56 -0.30)

Reports Q1 (Oct) earnings of $0.32 per share, $0.05 better than the First Call consensus of $0.27; revenues rose 3.5% year/year to $376.4 mln vs the $370.4 mln consensus. Co issues downside guidance for FY09, sees EPS of $0.90-1.00 vs. $1.15 consensus, prior guidance $1.23-1.28. This revised earnings per share estimate is based upon various assumptions, including approximately 64.5 million fully diluted shares outstanding and a comparable store sales decrease in the mid-single digit range for the remainder of the fiscal year.
16:02  HOTT Hot Topic beats by $0.01, reports revs in-line; guides Q4 (Jan) EPS in-line (7.10 -0.30)

Reports Q3 (Oct) earnings of $0.17 per share, including approximately $0.01 per share of expense related to ShockHound, $0.01 better than the First Call consensus of $0.16. Co issues in-line guidance for Q4 (Jan), sees EPS of 0.25-0.28 vs. $0.27 consensus. Co's Q4 guidance is based upon a comparable store sales decline of low-single digits.
16:02  DBTK Double-Take Software adopts shareholder rights plan (6.53 -0.43)

Co announces it has adopted a Shareholder Rights Plan with a duration of one year. The Rights Plan is not in response to any specific effort to acquire control of Double-Take Software, but is designed to deter coercive takeover tactics and to prevent an acquirer from gaining control of Double-Take Software without offering a fair price and terms to all of Double-Take Software's stockholders. Under the Rights Agreement, the Board of Directors declared a dividend distribution of one Right for each outstanding share of Double-Take Software common stock, payable to stockholders of record at the close of business on December 1.
16:00  MNI McClatchy reports consolidated revenues in October 2008 decreased 17.8% (1.55 -0.38)

Co reported that consolidated revenues in October 2008 decreased 17.8% and advertising revenues were down 20.4% compared to revenues in October 2007. The Company noted that the declines in print advertising were partially offset by a 12.4% gain in online advertising revenues in October 2008 compared to October 2007. For the first ten months of the year, total revenues declined 15.5% and advertising revenues declined 17.4%. Online advertising grew 10.9% in the first ten months of 2008.