Hourly In Play (R)

Updated: 08-Jan-09 17:00 ET

17:00

CYCL Centennial Comms misses by $0.06 (8.17 +0.05)

Reports Q2 (Nov) earnings of $0.03 per share, $0.06 worse than the First Call consensus of $0.09; revenues rose 8% year/year to $261.9 mln vs the $256.7 mln consensus. The co reaffirms consolidated AOI from continuing operations between $395-415 mln for FY09, excluding stock- based compensation expense. Consolidated AOI from continuing operations for FY08 would have been $385.7 mln if adjusted for the discontinuation of the loaned phones program in the co's Puerto Rico wireless operations. The co has not included a reconciliation of projected AOI because projections for some components of this reconciliation are not possible to forecast at this time. The co expects U.S. wireless roaming revenue to decline by ~$5 mln during FY09 to to ~$55.3 vs prior guidance of down $10-15 mln to $43.3-48.3 mln. U.S. wireless roaming revenue for fiscal 2008 was $58.3 million.

16:59

GRZ Gold Reserve injunction motion to be heard by the Ontario Superior Court of Justice on February 4, 2009 (1.20 -0.03)

Co announces that a Judge of the Ontario Superior Court of Justice has fixed February 4, 2009 as the hearing date for Gold Reserve's injunction motion. The Injunction seeks, among other things: (a) to restrain Rusoro Mining from proceeding with Rusoro's unsolicited offer of December 15, 2008 to acquire all of the outstanding shares and equity units of Gold Reserve; and (b) to compel Endeavour Financial International Corporation to return to Gold Reserve confidential information relating to Gold Reserve's business.

16:55

ARG Airgas lowers Q3 EPS guidance; same-store sales for the quarter were essentially flat (38.17 -0.13)

Co lowers guidance for Q3 (Dec), sees EPS of $0.74-0.76, down from $0.82-0.84, vs. $0.79 First Call consensus.Sales declined sharply in the month of December, driven by rapidly slowing macro economic conditions and extended shutdowns during the holiday season. Total same-store sales for the quarter were essentially flat with the prior year, as hardgoods same-store sales contracted while gas and rent same-store sales slowed but remained positive. The original guidance had assumed mid single-digit total same-store sales growth in the quarter. "During the quarter we began implementation of expense reduction plans which represent about $35 mln in annual savings, over and above the $10 mln in annual savings generated by our previously identified operating efficiency programs. We are prepared to initiate further expense reductions if the low sales volumes we saw in December persist for very long. We will issue fourth quarter guidance with our third quarter earnings release, and should have better visibility on sales and expenses at that time."

16:54

CNC Centene files lawsuit against Amerigroup (20.51 +0.16)

The co announces it filed a lawsuit in the Superior Court of New Jersey Chancery Division against AMERIGROUP (AGP) and its New Jersey subsidiary. The lawsuit was filed in response to Amerigroup's purported termination of its previously disclosed agreement to purchase certain assets of Centene's New Jersey subsidiary (University Health Plans). Centene believes that the purported termination is invalid. While Centene intends to vigorously pursue all of its legal remedies and options, it remains committed to ensuring that its Medicaid membership in New Jersey continues to receive quality care during whatever period of time is required to resolve the dispute. Centene intends to follow its corporate policy of not commenting on pending legal actions.

16:49

IN Intermec expects Q4 revs to be within lower half of its prior range of $220-230 mln vs $226.43 mln First Call consensus (13.54 -0.17)

Co also is reducing its costs throughout the organization. As part of this effort, it expects to reduce its global work force by ~150 full-time positions or 7%. Upon completion of this restructuring, co expects to achieve annual labor related savings of ~$14-16 mln. The majority of the reductions are in selling, general, and administrative areas. Intermec expects to record a pre-tax restructuring charge of ~$9.8-10.8 mln, most of which will be recorded in the first quarter of 2009, with the remainder in the second quarter of 2009.

16:45

BHI Baker Hughes announces that the international rig count for December 2008 was 1,078 (37.12 +1.20)

The co announces that the international rig count for December 2008 was 1,078, down 18 from the 1,096 counted in November 2008, and up 42 from the 1,036 counted in December 2007. The international offshore rig count for December 2008 was 291, down 6 from the 297 counted in November 2008 and unchanged from the 291 counted in December 2007. The US rig count for December 2008 was 1,782, down 153 from the 1,935 counted in November 2008 and down 29 from the 1,811 counted in December 2007. The Canadian rig count for December 2008 was 361, down 56 from the 417 counted in November 2008 and up 1 from the 360 counted in December 2007. The worldwide rig count for December 2008 was 3,221, down 227 from the 3,448 counted in November 2008 and up 14 from the 3,207 counted in December 2007.

16:41

EOG EOG Resources moves earnings conf call date to Feb 5th from Jan 29th (69.61 +0.94)

16:34

LABL Multi-Color sees Q3 revs of $63.00 mln vs $77.45 mln dual analyst estimate; announces plan to consolidate its heater transfer label manufacturing facility (15.25 +0.39)

The co announces plans to consolidate its heat transfer label manufacturing facility located in Framingham, Massachusetts into its other existing facilities. The transition will begin immediately with final plant closure within the next several months. In connection with the closure of the Framingham facility, the Company expects to record a total charge of approximately $2.6 million during its fourth quarter period ending March 31, 2009, consisting of approximately $1.4 million in cash charges for employee severance and other termination benefits related to 62 associates and approximately $1.2 million in non-cash charges related to asset impairments. In addition, the Company expects total net revenues for the third quarter period ending December 31, 2008 to increase approximately 30% to $63.0 million from $48.3 million. The increase in revenues is due to the Collotype acquisition completed in February 2008. Collotype revenues of approximately $22.0 million for the quarter were offset by negative organic growth of approximately 15% or $7.3 million. Total net revenues are expected to be lower than analysts' estimates as a result of continued softness within North America and the impact of foreign currency fluctuations.

16:31

THC Tenet Healthcare subsidiary to close community hospital of Los Gatos (1.45 +0.14)

Co announced that a company subsidiary plans to close Community Hospital of Los Gatos, including its emergency room, on April 10, 2009. As required by state law, the Tenet subsidiary is providing 90 days notice to local and state authorities.

16:31

HGR Hanger Orthopedic announces six acquisitions totaling $8.9 mln of annual net revenue (13.19 +0.32)

Co announce that throughout Q4 of 2008 it acquired Maine Artificial Limb Co., Orthotics Center, Rocky Mountain Orthotic-Prosthetics Center, Riessen's Orthopedic and Prosthetic Services, Inc., First Coast Orthotics & Prosthetics, and Orthopedic Rehabilitation Products, Inc. These acquisitions add patient care centers to existing markets in Maine, Louisiana, Colorado, Washington, and Florida, as well as stock and bill rehabilitation services to our Colorado market. Co says, "As with our previous acquisitions, we financed our purchase with internally generated cash flows and expect them to be accretive to earnings after the completion of the initial integration period."

16:31

STSA Sterling Financial: Sterling Savings Bank of announces Heidi Stanley is now Chairman of the Board (6.99 -0.53)

The co announces the appointment of Heidi Stanley to the role of chairman of the board of directors for Sterling Savings Bank. Ms. Stanley currently serves as chief executive officer of Sterling Savings Bank. She succeeds William Zuppe, co-founder of Sterling Financial Corporation and retired chief executive officer of Sterling Savings Bank, who is retiring as chairman and as a member of the Sterling Savings Bank board of directors. Mr. Zuppe will continue to serve as a director of Sterling Financial, the parent company of Sterling Savings Bank.

16:30

CDNS Cadence Design appoints Lip-Bu Tan President and CEO (4.12 +0.09)

The co announces that its Board of Directors has unanimously appointed Lip-Bu Tan as president and chief executive officer, effective immediately. Tan, who had been serving as interim vice chairman of the Board of Directors of Cadence and member of the Interim Office of the Chief Executive, will remain a member of the Board.

16:30

COH Coach lowers Q2 guidance below consensus (20.90 -0.66)

Co issues downside guidance for Q2 (Dec), sees EPS of $0.67 vs. $0.74 First Call consensus; sees Q2 (Dec) revs of $960 mln vs. $1.04 bln consensus. This level is below last year's earnings of $0.69 per share and the company's previous guidance of $0.77. This sales performance fell short of the company's previous estimate of about $1.05 billion. Given the uncertain environment, the Company will not provide earnings per share guidance for the second half or full year fiscal 2009. However, management will provide additional commentary on its current performance and outlook during its upcoming earnings conference call.

16:25

DMAN Demandtec beats by $0.02, beats on revs (8.29 +0.35)

Reports Q3 (Nov) earnings of $0.05 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.03; revenues rose 19.5% year/year to $19 mln vs the $18.7 mln consensus. Cash, cash equivalents and marketable securities at the end of the third quarter of fiscal 2009 totaled $85.7 million, an increase of approximately $2.2 million from the end of the second quarter of fiscal 2009. The increase in cash, cash equivalents and marketable securities was primarily attributable to cash generated from operations.

16:13

IPCM IPC The Hospitalist acquires Missouri Practice Group; terms not disclosed (15.10 +0.09)

16:12

OREX Orexigen Therapeutics announces that the first of four Phase 3 trials of its lead investigational product Contrave met its co-primary and key secondary endpoints (6.05 )

Co announces that the first of four Phase 3 trials of its lead investigational product Contrave met its co-primary and key secondary endpoints, showing a significant reduction in body weight, improvements in markers of cardiovascular risk and reductions in selected food craving measures. In this trial, which included an intensive diet and exercise behavior modification regimen, obese patients treated with Contrave, based on intent-to-treat and completer analyses, lost an average of 20.3 pounds to 25.0 pounds, or 9.3% to 11.5% of their baseline body weight, vs 11.0 pounds to 16.0 pounds, or 5.1% to 7.3% of baseline body weight, for patients treated with placebo. In addition, in the categorical weight reduction analysis, the percentage of patients who lost greater than or equal to 10% of their body weight was 20.2% in the placebo group compared to 41.5% in the Contrave group. Co believes these results satisfy the categorical FDA efficacy benchmark for clinically significant weight loss. All of these findings were highly statistically significant. Contrave was generally well tolerated by patients. The overall safety profile of Contrave was consistent with its individual components, naltrexone and bupropion, two drugs that have been used separately in patients for over 20 years. Patient enrollment has been completed in the three other Phase 3 trials. Orexigen expects to announce top-line results from these trials in mid-2009 and, pending additional positive results, submit a New Drug Application (NDA) with the FDA in late 2009.

16:11

IHS IHS beats by $0.01, beats on revs; guides FY09 revs in-line (40.05 -0.92)

Reports Q4 (Nov) earnings of $0.53 per share, $0.01 better than the dual analyst est of $0.52; revenues rose 16.7% year/year to $231 mln vs the $225.2 mln dual analyst est. Co issues in-line guidance for FY09, sees FY09 y/y rev growth of 16-18%, which equates to approx $979-$996 mln vs. $981.57 mln dual analyst est.

16:10

SCSC ScanSource issues Q2 revs below consensus (19.65 +0.23)

Co issues downside guidance for Q2 (Dec), sees Q2 (Dec) revs of $474-480 mln vs. $521.81 mln First Call consensus. The decrease in revenues reflects softness in all of the Company's business units and geographies.

16:09

AMMD American Medical reports prelim Q4 revs of $134.0 mln vs $129.54 mln First Call consensus; reaffirms Q4 EPS of $0.21-0.25 vs $0.22 First Call consensus (8.90 -0.21) -Update-

The men's health business grew 0.8% to $88.9 mln in the fourth quarter. Fourth quarter men's health sales were hampered by a slowing of the growth rate for erectile restoration, and a 9.4% decline in laser therapy. While the economy has impacted growth in erectile restoration, we saw strong performance in male continence which continues to experience market expansion driven by the AdVance(R) sling system used to address mild male incontinence. The fourth quarter women's health business grew 7.8% to $45.1 mln. The female continence product line continued strong double digit growth led by the MiniArc Single- Incision Sling system. The prolapse repair product line also achieved double digit growth in the fourth quarter, driven by the recent launch of the Elevate posterior product offering.

16:08

SNX Synnex beats by $0.10, misses on revs; guides Q1 EPS in-line, revs below consensus (12.35 -0.18)

Reports Q4 (Nov) earnings of $0.80 per share, $0.10 better than the First Call consensus of $0.70; revenues rose 6.3% year/year to $2.1 bln vs the $2.14 bln consensus. Co issues mixed guidance for Q1, sees EPS of $0.50-0.53 vs. $0.51 consensus; sees Q1 revs of $1.74-1.84 bln vs. $1.87 bln consensus.

16:08

CXO Concho Resources announces 2009 budget and derivative update (22.09 -0.25)

Co announced that it has recently elected to reduce its first quarter activity level due to the drop in oil and natural gas prices and has entered into certain additional derivative contracts. In its November 11, 2008 press release, the Company outlined a 2009 capital budget of up to $500 million predicated on oil and natural gas prices averaging $65 per barrel and $6 per Mcf for the year. Current prices are below $65 and $6, therefore the Company has elected to take the following actions: reduce its operated drilling rig count in the Wolfberry from eight to five; defer its deepening program on the New Mexico Shelf and defer certain drilling activity in the Lower Abo Horizontal play

16:06

SPNC Spectranetics reports Q4 prelim revs of $26.6 mln vs $27.68 mln First Call consensus (3.00 +0.17)

Fourth quarter results in 2008 included a negative impact of $300,000 from foreign currency fluctuations following the issuance of our guidance in October 2008. Disposable product revenue rose 12% to $22.0 mln, laser revenue increased 8% to $2.3 mln, and service and other revenue increased 8% to $2.3 mln, all compared with the fourth quarter of 2007. The increase in disposable product revenue was comprised of a 14% increase in vascular intervention product sales and a 9% increase in lead management product sales. Of note, lead management revenue was particularly strong in the fourth quarter of 2007, reaching $6.9 mln, up 45% compared to the fourth quarter of 2006. Vascular intervention product sales include atherectomy products, which decreased 9%, and support catheters, which increased 36%, all compared to the year ago quarter. Vascular intervention product sales also include $1.4 mln of sales of aspiration and thrombectomy products that were acquired from Kensey Nash Corporation on May 31, 2008.

16:05

FLIR FLIR Systems announces $12.8 mln order from the Kingdom of Saudi Arabia (31.42 -0.31)

16:04

APOL Apollo Group beats by $0.14, beats on revs (77.22 +0.81)

Reports Q1 (Nov) earnings of $1.12 per share, $0.14 better than the First Call consensus of $0.98; revenues rose 24.4% year/year to $971 mln vs the $912.4 mln consensus. Total degreed enrollment in the first quarter grew by 18.4% year/year to 384,900, while new degreed enrollment grew by 25.6% year/year to 86,300. Bad debt expense declined 60 basis points as a percentage of net revenue, primarily due to a continued focus on front end collection efforts and improved student retention rates. As compared to the fourth quarter of fiscal 2008, bad debt expense increased 60 basis points, as a percentage of net revenue, due, in part, to the risk of collecting aged receivables given the current economic environment. As of November 30, 2008, the Company's cash, cash equivalents, and marketable securities, excluding restricted cash, totaled $821.3 million as compared to $511.5 million as of August 31, 2008.

16:04

HWAY Healthways beats by $0.01, beats on revs (10.35 -0.16)

Reports Q1 (Nov) earnings of $0.37 per share, $0.01 better than the First Call consensus of $0.36; revenues rose 5.5% year/year to $185.4 mln vs the $179.5 mln consensus. "We are pleased to have met our guidance for the three months ended November 30, 2008 and to have completed the quarter with a backlog of estimated annualized revenue from contracts awarded but not yet implemented of $32 million. However, it is clear that our customers and our business are being affected by the national economy. We have previously discussed small contract losses in fiscal 2008, contract renegotiations and the contract termination at the end of calendar 2008, which represent an aggregate reduction in annualized revenue of approximately $70 million. In addition, since the end of fiscal 2008, the effects of the current economic environment have included - and we expect will continue to include in coming months - the negative impact of higher unemployment on billed domestic commercial lives, a lengthening sales cycle and continuing budgetary pressures on our customers..."

16:03

NDN 99 Cents Only same store sales increased 4.2% (10.56 +0.19)

Co's same-store sales for the 91 days ended Saturday, December 27, 2008, increased 4.2% versus the 91 days ended Saturday, December 29, 2007. Co reports total sales of $351.1 mln for the third quarter of fiscal 2009 ended December 27, 2008. This represents an increase of 8.0% over total sales of $325.0 mln for the same quarter last year.

16:03

IDCC InterDigital signs iWOW to worldwide 2G and 3G patent license agreement (27.91 +0.61)

Co announces that its patent licensing subsidiaries have signed a non-exclusive, worldwide, royalty-bearing patent license agreement with Singapore-based iWOW Connections Pte Ltd. The agreement covers the sale of wireless terminal units and infrastructure, including wireless machine-to-machine devices, built to cellular Second Generation standards and Third Generation standards and to non-cellular wireless IEEE 802-based standards, through 2015.

16:03

BAMM Books-A-Million reports holiday sales fell 2.5% year/year (2.72 -0.08)

Co announced that sales for the nine-week period ended January 3, 2009, totaled $127.5 mln compared with $130.8 mln during the same period of fiscal 2008, a decrease of 2.5%. Comparable store sales for the period decreased 5.6% compared with the same period of fiscal 2008. (no estimates)

16:00

NTG NATCO Group announces CFO retirement (15.96 +0.39)

Co announces that Bradley Farnsworth, Senior Vice President and CFO, will retire on March 31, 2009. C. Andrew Smith has been promoted to Senior Vice President-Finance, effective immediately, and will assume the additional duties of CFO upon Farnsworth's retirement.

15:45

Conferences and Shareholder/Analyst Meetings of Interest

Events of interest tomorrow, January 9, include: GIS Analyst meeting; MON R&D Pipeline Update. Fed: Fed's Lacker

15:41

Earnings Calendar

Today after the close look for the following companies to report: MDRX, APOL, DMAN, HWAY, IHS, LWSN, NUHC, and SNX. Tomorrow before the open look for the following companies to report: AZZ, EMMS, GBX, and KBH.

15:40

WAG Walgreens prices $1 bln 10 yr bond offering of 5.25% notes due 2019 (26.76 -0.26) -Update-

15:34

ROH Rohm and Haas reports the European Commission determined that the pending acquisition of Rohm and Haas by Dow does not contravene EC competition law (60.91 +0.85) -Update-

Co reports that the European Commission has determined that the pending acquisition of Rohm and Haas by The Dow Chemical Company (DOW) does not contravene EC competition law. With this decision, the transaction has obtained all necessary approvals in Europe. The sole remaining regulatory clearance necessary for the transaction to close is that of the U.S. Federal Trade Commission. Rohm and Haas Company continues to work diligently towards completing the proposed transaction with Dow in early 2009.

15:16

ZIXI Zix Corp sees Q4 revs inline with previous guidance of $6.8 to $7.1 million (1.35 +0.05)

Co says "We ended the year on a high note in our Email Encryption business, as we booked the highest orders for the year in the fourth quarter... Our new first-year orders for Q4 2008 were $1.5 mln, which was the second highest quarter for orders closed in the company's history. The ZixDirectory, the community of users that forms the backbone of ZixCorp's Email Encryption Service, achieved a new milestone, topping 14 mln members with an increased growth rate of 100,000 new addresses added each week. The company also successfully renewed its OEM contract with Google, which, when combined with its new partners in 2008 - MessageLabs and Code Green Networks - positions the business for a strong 2009." "Driven by its Email Encryption business, ZixCorp overall completed another solid year, in which the company achieved significant milestones with positive cash flow in each quarter of 2008... Preliminary revenue estimates are that we will meet our guidance of $6.8 to $7.1 ml (consensus is $7.02 mln) for the fourth quarter, giving the company full-year 2008 estimated revenues of between $27.7 and $28 mln. Our year-end unrestricted cash balance of $13.2 mln exceeded our guidance of $13.1 mln..."

15:11

EMKR EMCORE Corporation raises additional cash through the sale of shares of WorldWater & Solar Technologies Corporation (1.40 +0.19)

Co announces that that it has completed the first closing of a two step transaction involving the sale of its remaining interests in WorldWater & Solar Technologies Corporation. The Co recently sold 1,446,428 shares of WorldWater Series D Convertible Preferred Stock and 152,522 Warrants to purchase shares of Series D Convertible Preferred Stock to The Quercus Trust for approximately $5.7 million and expects to complete the second closing, for an additional $5.7 million, within the next 90 days.

15:00

ETP Energy Transfer adds vital capacity out of the Barnett Shale (37.25 +0.44)

Co announces the completion of the 31-mile Southern Shale pipeline and the 20-mile Cleburne to Tolar pipeline. The two natural gas pipelines will provide an additional 1.1 billion cubic feet per day of critical capacity from the Barnett Shale natural gas field in North Central Texas, boosting the Partnership's capacity out of the Shale to over 4.5 billion cubic feet per day.

13:24

CKR CKE Restaurants announces that E. Michael Murphy has been promoted to President and Chief Legal Officer (8.41 -0.33)

Co announces that E. Michael Murphy, the current Chief Administrative Officer and General Counsel, has been promoted to President and Chief Legal Officer, effective Jan. 27, 2009. Andrew F. Puzder shall remain the Chief Executive Officer.

13:15

IRIS IRIS Intl unit licenses whole blood separator technology to IDEXX Laboratories for $1.5 mln plus future royalties (10.78 -1.43) -Update-

Co announces that its IRIS Sample Processing Business Unit has entered into a manufacturing and supply agreement with IDEXX Laboratories (IDXX), for internal centrifugal drive systems and related whole blood separators developed by IRIS for use in the new IDEXX Catalyst Dx Chemistry Analyzer for the veterinary market. Under the terms of the agreement, in exchange for a $1.5 mln upfront cash payment and future royalties starting in 2014, IRIS Sample Processing has granted IDEXX an exclusive worldwide license to manufacture the whole blood separator technology developed for the IDEXX Catalyst Dx Chemistry Analyzer. IDEXX will assume manufacturing for the whole blood separator. In addition, for the life of the agreement, which runs through December 31, 2020, IRIS will exclusively manufacture and sell to IDEXX the internal centrifugal drive system IRIS developed for the Catalyst Dx analyzer.

13:01

NOIZ Micronetics Wireless receives an order in excess of $8 mln for Microwave subassemblies used in jamming systems (2.68 +0.01)

12:30

ARM ArvinMeritor provides business update; determined that in this financial environment it cannot capture the appropriate value for LVS by selling the business as a whole (3.54 -0.05)

Co provides an update on the previously announced process to sell its Light Vehicle Systems business, the reorganization of LVS, and its 2009 financial reporting. "As previously announced, we were in negotiations to sell the Light Vehicle Systems business group in its entirety. However, in light of the unprecedented challenges in the credit markets and the volume weakness in our industry, we have determined that in this financial environment we cannot capture the appropriate value for LVS by selling the business as a whole. We are confident that this decision will ultimately generate the best returns for our shareholders"... While the company continues to pursue a sale of the Body Systems business separately, it will be managed to continue to improve its financial performance and to ensure that a future sale will provide an acceptable return to ArvinMeritor shareholders. The company will continue to explore and evaluate strategic alternatives for a timely and orderly exit from Chassis Systems business. As previously announced, ArvinMeritor expects to retain the Wheels business.

12:12

AMMD American Medical announces FDA clearance for Elevate Anterior and Apical Prolapse Repair System (8.99 -0.12)

12:02

MDP Meredith will record a special chrage of approx $16 mln in 2Q09 (18.47 +0.05)

Co announces it will record a special charge of approx $16 mln (approximately $9 million after-tax or $0.20 per share) in its fiscal 2009 second quarter. The charge includes the cost of a companywide workforce reduction of approx 250 employees; the closing of Country Home magazine, effective with the March 2009 issue; and relocating the creative functions of the ReadyMade brand and Parents.com to Des Moines. "The recessionary economy has impacted both Publishing and Broadcasting advertising, which accounts for approx 60% of our revenue stream... Trends indicate a continuing soft economy into calendar 2009 as well."

11:47

European Markets Closing Prices: FTSE: 4510.2 +2.7 +0.1%, DAX: 4885.4 -52.1 -1.1%, CAC: 3324.3 -21.8 -0.7%

11:36

SLM SLM Corp announces the closing of a $1.5 bln, 12.5-year asset-backed securities-based total return swap facility (10.01 -0.53)

11:00

BA Boeing confirms Fourth-Quarter and Full-Year 2008 Deliveries (44.32 -0.43) -Update-

Co confirmed deliveries across its commercial and defense operations for 2008's fourth quarter and for the full year. Commercial Airplanes Programs total for Q4 50, FY08 375.

10:31

RFMD RF Micro Device reports $40 mln in free cash flow in December 2008 quarter and currently expects March 2009 quarter to be free cash flow positive (0.91 +0.02)

Co provides updated financial information, including forecasts for generation of free cash flow (net cash provided by operating activities less capital expenditures for purchases of property and equipment) for its December 2008 and March 2009 quarters, as well as for its 2010 fiscal year, beginning March 29, 2009. "RFMD today is flexible and agile, as evidenced by our ability to quickly decrease capital expenditures, rationalize our supply chain and reduce expenses to match our current demand environment." RFMD's capital expenditures were ~$5 mln in the December 2008 quarter, and the Company expects capital expenditures to be ~$20 mln in calendar 2009. By comparison, RFMD's capital expenditures had been $113 mln through the 12 months ended September 2008. Also co generated ~$40 mln in free cash flow in the December 2008 quarter. Additionally, RFMD reduced net debt by ~$50 mln during the December 2008 quarter, primarily through the generation of cash and open-market repurchases of convertible notes. RFMD currently expects to be free cash flow positive in its March 2009 quarter, and co continues to anticipate free cash flow will improve in fiscal 2010 to ~$80 -120 mln.

10:30

Natural gas sees muted reaction to inventory data; currently off 18.4 cents to $5.688

10:15

FNM Fannie Mae extends foreclosure sale and eviction suspension (0.72 -0.02)

Co announces it would extend the suspension of foreclosure sales and evictions from single-family properties through January 31, 2009. This action will enable the company to work with mortgage servicers to further implement the Streamlined Modification Program announced on November 11, 2008 and initiated on December 15, 2008. The extension will also provide additional time for the company to operationalize its new National REO Rental Policy, which will allow renters in company-owned foreclosed properties to stay in their homes.

09:43

WNS WNS's BizAps acquires purchasing card business unit XiBuy from Paymetric (6.02 +0.02)

Co announced that BizAps, a WNS group company, has acquired XiBuy(TM) from Paymetric. XiBuy is a certified SAP? add-on solution for integrating and managing purchasing card transactions in SAP. As a result of the transaction, BizAps expects to provide all on-going development, support and maintenance activities for XiBuy customers, which include leading blue chip companies, providing seamless continuity by utilizing key Paymetric development and support personnel.

09:35

CVGI Commercial Vehicle Group announces it has entered into an asset based Loan and Security Agreement (1.00 +0.08)

Co announces it has entered into an asset based Loan and Security Agreement for $47.5 mln. The Credit Facility is due January 2012 and bears interest at LIBOR or Prime plus an applicable margin. The Company has paid in full its borrowings under its previous senior credit agreement with borrowings under the Credit Facility and will utilize the new Credit Facility for ongoing operating and working capital requirements.

09:26

BAC Bank of America: Moody's cuts Bank Of America (snr to Aa3 from Aa2), raises Merrill Lynch (13.71 )

Moody's Investors Service lowered the debt ratings of Bank of America Corporation (senior debt to Aa3 from Aa2) and the ratings on its subsidiaries, including its lead bank, Bank of America, N.A. (long-term bank deposits to Aa1 from Aaa). Moody's bank financial strength rating on the lead bank was lowered two notches to B from A-, which translates to a change in the baseline credit assessment to Aa3 from Aa1. The Prime-1 ratings on the short-term obligations of all Bank of America entities were affirmed. The rating outlook is negative. The rating agency also raised the debt ratings of Merrill Lynch to match those of Bank of America Corporation, while the debt and deposit ratings of Merrill Lynch's U.S. bank subsidiaries were raised to equal those of Bank of America's bank subsidiaries. The downgrade and negative outlook on Bank of America reflect Moody's view of the greater challenges Bank of America and Merrill Lynch are likely to face over the next few years under a more difficult economic environment. "Bank of America has taken a number of steps recently to bolster its capital position," said Moody's Senior Vice President, David Fanger, "but we believe that its pro forma tangible common equity position remains relatively weak, leaving a modest cushion to absorb unexpected losses." Additionally, Moody's believes the combined company's equity position is unlikely to improve substantially before 2010 because of reduced earnings from capital markets activities and the need to sustain high loan-loss provisions to absorb higher credit costs, most notably in credit cards and residential real estate loans. At September 30, Bank of America's aggregate exposure to these loan types was roughly $660 billion. The combined company also remains exposed to potential further writedowns in legacy structured assets from both predecessors. Weak earnings, combined with Bank of America's still sizable quarterly dividend payments of approximately $3.0 billion will substantially limit internal capital formation, constraining its ability to reduce its leverage.

09:13

TCK Teck Cominco announces global workforce reduction of 13% and 2009 coal production plan (6.32 ) -Update-

The co announces that it will reduce its global workforce by about 1,400 positions, or 13%, as part of its broader strategy to reduce costs and bolster competitiveness in the face of persistently weak commodity prices. The workforce reduction is expected to generate annual savings of approximately $85 million. Teck also said it plans to reduce coal production in 2009 to 20 million tonnes due to declining global steel demand. Each strategic business unit is adjusting personnel levels to protect operating margins given difficult commodity markets. The company is also significantly reducing staff and contractors associated with exploration activities and research and development. Finally, the workforce reductions will eliminate redundancies at the corporate level created by Teck's recent acquisition of Fording Canadian Coal Trust's assets... In total, about 1,000 employee and 400 contractor positions will be eliminated by the end of 2009, with the majority of the reductions to be completed in the first quarter. Teck expects to take a charge of approximately $35 million in the first quarter for severance and other related costs associated with this reduction.

09:10

APP American Apparel Correction: APP Dec same store sales were +3% vs +5% Briefing.com consensus

Earlier we compared the Q4 same store sales figure, this was incorrect. We have deleted the original comment.

09:09

DBRN Dress Barn lowers FY09 EPS guidance to $0.70-$0.85 vs $0.90 consensus (10.17 )

Co issues downside guidance for FY09, sees EPS of $0.70-$0.85 vs $0.90 First Call consensus and vs its previous earnings guidance of $0.90 to $1.00. The company estimates comparable store sales for its current fiscal second quarter ending January 24, 2009 will decrease by the mid-single digits, with dressbarn stores decreasing in the mid single digits and maurices stores decreasing in the low single digits.

09:02

MVG MAG Silver Reports Discovery of New High Grade Encino Vein at Juanicipio (4.49 )

Co reports it has been advised by the operator of the Juanicipio Joint Venture that a new high grade vein appears to have been discovered as a result of detailed drilling in the vicinity of the Valdecanas Vein. Re-interpretation of a previously reported intersection of high grade gold and silver in Hole JI-06-IE silver, 4.43 g/t gold, 3.54% lead and 5.96% zinc over a true width of 3.41 meters shows that this is a new and separate north-dipping vein named the "Encino". The Encino Vein was not previously recognized because initial drilling in the area, directed at the Valdecanas Vein, was either parallel to and/or in front of this structure.

09:01

WAG Walgreen announces reduction in corporate and field management positions (27.03 )

Co announced it is offering early retirement and severance programs to employees in corporate and field management positions as part of its Rewiring for Growth initiative. Approximately 1,000 positions (about 9% of those currently employed in corporate and field management) will be eliminated by the combination of voluntary and involuntary programs in fiscal 2009. These programs will not impact store personnel. Walgreens expects to incur costs of $300-$400 million over fiscal years 2009 and 2010 as it implements Rewiring for Growth. Fifty percent of the project's benefits are expected to accrue beginning in fiscal 2010, with the full $1 billion in targeted annual savings beginning in fiscal 2011.

09:00

OSIR Osiris Therapeutics receives $5 mln milestone payment (19.59 )

Co announces that it has received a $5 mln milestone payment for reaching the first production threshold of the Osteocel supply agreement with NuVasive. In July of 2008, OSIR announced the sale of the Osteocel business to NuVasive for an initial payment of $35 mln, followed by up to $50 mln in additional milestones. OSIR expects to achieve the remaining $45 mln in milestone payments from NuVasive, including $17.5 mln for further delivery of product, $12.5 mln upon transfer of certain manufacturing assets, and a $15 mln payment upon NuVasive's achievement of $35 mln in cumulative Osteocel sales.

09:00

COV Covidien receives FDA clearance to market SILS port multiple instrument access port (37.10 )

08:52

TXI Texas Industries misses by $0.03, misses on revs (31.00 )

Reports Q2 (Nov) earnings of $0.14 per share, $0.03 worse than the First Call consensus of $0.17; revenues fell 17.4% year/year to $221.8 mln vs the $248.5 mln consensus. Co also announces the delay of its Central Texas cement plant expansion project, beginning in Q4 (May). Co says "It just doesn't make sense to bring capacity on line at a time when the market clearly does not need it... We will resume the project once market conditions improve... The general economy caught up with the state of Texas this fall... In Texas, which accounts for approximately 80% of TXI's sales, cement consumption declined about 20% this Fall compared to last year... We are in the midst of very challenging times."

08:47

On the Wires

CPI Aerostructures (CVU) announces that it has been awarded a $509K contract to provide the U.S. Air Force with three engine nose cowl assemblies for its E-3A Airborne Early Warning aircraft... The Brink's Company (BCO) announces that its Brazil-based subsidiary, has acquired Sebival-Seguranca Bancaria Industrial e de Valores Ltda. and Setal Servicos Especializados, Tecnicos e Auxiliares for approx $50 mln... Rosetta Genomics (ROSG) announces it has signed an exclusive distribution agreement with Teva Pharmaceutical Industries. Under the terms of the agreement Teva will offer Rosetta Genomics' miRview tests in Israel and Turkey. The terms of the deal were not disclosed.

08:37

CVC Cablevision announces $500 mln debt offering (16.60 )

08:36

USG USG amends bank agreement (11.33 )

Co announces that it has amended its unsecured revolving credit facility to provide the co with additional financial flexibility. The amended facility, which is now secured, matures in 2012 and provides for revolving loans of up to $500 mln based on a borrowing base determined by levels of the accounts receivable and inventory of the co and its significant domestic subsidiaries. The restrictive financial covenants in the unsecured credit facility have been replaced with a single financial covenant. In connection with amendment of the credit facility, the co terminated its $170 mln receivables-based credit facility.

08:34

BKS Barnes & Noble reports 9 week same store sales of -7.7%; co sees full-year EPS to be in a range of $1.30-1.60 vs. $1.37 First Call Consensus (17.18 )

The co reports holiday sales for the nine-week holiday period from November 2, 2008 to January 3, 2009. Barnes & Noble store sales were $1.1 billion, a 5.2% decrease over the same period in fiscal 2007. Comparable store sales decreased 7.7%, in-line with previously issued fourth quarter guidance for a 6% to 9% decrease. For the 48 weeks ended January 3, 2009, Barnes & Noble store sales decreased 2.6% to $4.2 billion, while comparable store sales decreased 5.4%. Barnes & Noble.com comparable sales decreased 11.0% for the holiday selling season and totaled $114.2 million. For the 48 weeks ended January 3, 2009, Barnes & Noble.com sales were $422.9 million, representing a comparable sales decrease of 0.4%. Barnes & Noble experienced diminished traffic, and as a result, diminished sales, due to the unprecedented fall-off of retail shopping during the last quarter of the year. After a slow start to the holiday season, our store performance improved and we were able to post comparable store sales increases during the last two weeks of the season, enabling us to meet our sales guidance for the period to date. As a result, if sales trends continue, we expect full-year earnings per share to be in a range of $1.30 to $1.60, in-line with previously issued guidance. The company currently has approximately $275 million of cash on hand and no borrowings under its $850 million Revolving Credit facility. The company's inventory levels are appropriate given the current sales environment and, as a result, the company expects to end the year with no debt and a strong balance sheet.

08:33

CHINA CDC Corp reaffirms its second half 2008 guidance for adjusted EBITDA from continuing operations (1.21 )

Co announces that it has reaffirmed its previously-increased guidance for 2H08, which was originally announced on Nov 13, 2008. Based on preliminary financial results, projections and estimates, the company continues to expect Adjusted EBITDA from continuing operations for the 2H08 to be in the range of approx $16-$18.0 mln. Co states, "...In the fourth quarter, we saw another strong revenue performance from CDC Games. Within CDC Software, we expect to see a continuation of strong recurring revenues from our installed maintenance customer base, and other repeat business from existing customers..."

08:33

AUDC Audiocodes sees Q4 revs $39-41 mln vs $42.12 mln First Call consensus (1.87 )

08:32

ARO Aeropostale reports Dec same store sales +12% vs -5.1% Briefing.com consensus; raises Q4 EPS guidance above consensus

The co noted that it was very pleased with its performance for the month, which underscores the vitality and momentum of the Aeropostale brand. The Company also stated it experienced strength in both its women's and men's categories, while successfully executing on its promotional plans. Based on the better than expected results for the month, the co now expects fourth quarter EPS in the range of $0.90-0.92 vs $0.87 First Call consensus, versus its previously issued guidance of $0.84-0.90 per diluted share.

08:31

CHS Chico's FAS announces that David Dyer appointed President and CEO; December comparable sales fall 12.4% vs. -15.1% Briefing consensus (3.93 )

Co announces that David Dyer, who formerly served as President andCEO of both Tommy Hilfiger and Land's End, has been appointed President and CEO of Chico's FAS. Co also announces December comparable sales of -12.4% vs -15.1% Briefing consensus.

08:31

DUCK Duckwall-ALCO Stores reports December same store sales of -6.3% (11.04 )

08:30

GME Gamestop announces that holiday sales increased 22% to $2.86 bln (22.61 )

Co announces that during the 2008 holiday period, total sales were $2,856.0 million, a 22.3% increase from the prior year of $2,334.6 million. Comparable store sales for the period increased 10.2%. "In a very challenging retail environment, we successfully managed our business to achieve our forecasted earnings. While sales significantly exceeded forecast, gross margin rates were lower than anticipated as a result of a higher mix of hardware sales and the success of our value messaging and promotions during the holiday period. Therefore, we are increasing our fourth quarter 2008 comparable store sales guidance to +9.0% to +9.5%." They are also raising the low end of their previously announced Q4 EPS guidance by $0.02, resulting in a range of $1.31 to $1.34 (vs $1.31 consensus).

08:25

CYT Cytec lowers FY08 EPS guidance; announces initiates to reduce cost base and improve cash flow (23.51 )

Co issues downside guidance, sees FY08 EPS of $3.45-$3.50 vs $3.74 First Call consensus, and vs prior guidance of $3.75-$3.85 per share. CYT's restructuring initiatives are intended to build on its market and technology position in engineered materials, eco-friendly coating resins and mining and phosphine chemistry while navigating through the challenging conditions in its markets globally. CYT expects that these initiatives should lead to a reduction of approx 600 employee positions, approx 10% of CYT's headcount, mostly in the Specialty Chemicals product lines. While still not finalized, CYT anticipates these initiatives should result in an estimated net pre-tax restructuring special item charge up to $140 mln over the next several qtrs which includes an estimated non-cash charge of around $50 mln for the write-off of assets. Also included in this is an estimated $4 mln restructuring charge in 4Q08. These actions are targeted to achieve $85 mln in annualized cost savings by the end of 2009.

08:21

SAY Satyam Computer announces plan to focus on business continuity, corporate transparency and leadership transition -Update-

Co announces it has launched an immediate action plan to ensure business continuity and leadership transition even as it initiates efforts to ascertain its liquidity position and verify allegations by its founder and chairman Mr. Ramalinga Raju of financial irregularities. This includes: Formulation of a Task Force to address all ongoing operational issues to ensure business continuity, including maintaining customer confidence; An immediate customer outreach by all geographical regions to assure clients that Satyam will meet all its business commitments; Assurances to the approx 53,000 associates from leaders and line managers that the company places top priority in protecting the careers and livelihood of employees and their families; Begun a process to ascertain SAY's financial liquidity position and verify allegations by the Chairman. An independent audit is being contemplated.

08:15

After trading modestly higher in overnight trade, crude oil has moved into negative territory and has made lows at $41.63; now down 94 cents to $41.69

08:15

PSMT PriceSmart reports Q109 EPS of $0.37 vs 0.23 Q108; announces Trinidad land acquisition; Dec sales increased 14.8% y/y (18.87 )

Net income was $10.7 mln, or $0.37 per diluted share, in the first quarter of fiscal 2009 compared to $6.7 mln, or $0.23 per diluted share, in the first quarter of fiscal 2008. Total revenue for the first quarter was $305.2 mln compared to $250.4 mln in the prior year. Co had 25 clubs in operation as of November 30, 2008 compared to 24 warehouse clubs in operation as of November 30, 2007. On December 19, 2008, co acquired 30,959 square meters of land in the city of San Fernando, Trinidad upon which the Co plans to construct and operate a new PriceSmart warehouse club, which will be its fourth in Trinidad. It is currently anticipated that the new PriceSmart warehouse club will open in the fall of 2009. Co also plans to develop a portion of the site as a commercial retail center, adjacent to the warehouse club. Co also announced that for the month of December 2008, net sales increased 14.8% to $140.8 mln from $122.6 mln in December a year earlier.

08:13

On the Wires

United Community Financial Corp (UCFC), the parent company of Butler Wick Corp, announces that it has entered into a Stock Purchase Agreement with Farmers National Banc, to sell all of the outstanding capital stock of Butler Wick Trust Company, a wholly-owned subsidiary of Butler Wick. Under the Stock Purchase Agreement, Farmers will acquire the capital stock of Butler Wick Trust from Butler Wick for cash in the amount of $12.125 mln, subject to certain adjustments... ICF Incorporated, a subsidiary of ICF International (ICFI), announces that it won five task orders under the Federal Highway Administration's Environmental Research and Technical Support Contract. The combined value of the five multi-year task orders, all of which started in Sept 2008, is $2.96 mln... Kodiak Oil & Gas (KOG) provided an operations update.

08:12

ANDS Anadys Pharma announces results from the first cohort of an ongoing Phase Ib clinical trial of ANA598 (1.91 )

Co announces results from the first cohort of an ongoing Phase Ib clinical trial of ANA598, the Company's investigational non-nucleoside polymerase inhibitor. ANA598 was very well-tolerated and demonstrated potent antiviral activity in patients infected with chronic Hepatitis C virus (HCV) in this first cohort of the study. All eight patients who received ANA598 demonstrated a rapid decline in viral load, and no patients demonstrated viral rebound while on study drug. In addition to the robust viral load decline, ANA598 was very well-tolerated and there were no serious adverse events in the first dose cohort, although conclusions regarding longer-term safety and tolerability cannot be made until the results of future clinical trials of longer duration in more patients are known. Patients are currently being enrolled in the second cohort (400 mg bid) of the study. Anadys expects to report detailed data from multiple cohorts of the study at an upcoming medical conference.

08:11

ECONX Reminder: Initial Claims data due out in about 19 min at 8:30ET

08:09

CTR Cato reports Dec same store sales of -2%; co expects Q4 EPS at or slightly above high end of previous estimate (14.21 )

Co announces that comp store sales for Dec were -2%. Due to higher than projected margins, they now expect Q4 EPS results will be at or slightly above the high end of their previous guidance of ($0.01)-$0.04 (vs $0.01 consensus).

08:05

GHDX Genomic Health announces that Kimberly Popovits appointed CEO; Bradley Cole named COO (19.79 )

Co announced the appointment of Kimberly J. Popovits as chief executive officer. Formerly president and chief operating officer, Popovits is now the president and CEO of GHDX. In addition, G. Bradley Cole has been appointed as chief operating officer and will continue to serve as the company's chief financial officer, reporting to Popovits.

08:05

BMS Bemis sees Q4 EPS to be approx 25% lower than previous Q4 guidance of $0.44-$0.44 (25.67 )

Co announces based upon preliminary estimates, it expects Q4 diluted earnings to be approximately 25% lower than its previous fourth quarter guidance of $0.40-$0.44 per share (consensus is $0.42).

08:04

FCSX FCStone beats by $0.07, beats on revs (5.05 )

Reports Q1 (Nov) loss of $0.11 per share, $0.07 better than the First Call consensus of ($0.18); revenues rose 16.3% year/year to $85.6 mln vs the $75.2 mln consensus. The increase in first quarter revenues from the prior year first quarter resulted from an increase in commission and clearing fee revenues related to an increase in exchange-contract volume in the Commodity and Risk Management Services segment and increased revenues per trade in the Clearing and Execution Services segment. In addition, service, consulting and brokerage fee revenues increased from the prior year quarter, primarily due to increased consultative services and Forex trade desk transactions, while OTC revenues remained relatively constant, despite a decrease in OTC contract volume. Interest income increased slightly due to increased customer deposits, offset by a significant decrease in short-term interest rates. "While FCStone is not immune to market volatility risks, the need for prudent risk management programs has never been greater. We recognize the need to continue providing reliable risk management solutions and feel we can effectively manage the business in a method that benefits both our customers and our shareholders over the long term."

08:04

PARD Poniard Pharma provides 2009 clinical data goals for picoplatin (3.07 )

Co provided an overview of its 2009 clinical goals for development of picoplatin, its lead product candidate. It is currently being evaluated in a Phase 3 registrational trial in small cell lung cancer, and in Phase 2 clinical trials as a first-line chemotherapy in colorectal cancer and hormone-refractory or castration-resistant prostate cancer. Picoplatin is designed to overcome platinum resistance and has the potential for an improved safety profile compared to other platinum-based chemotherapies currently in use. "We expect that 2009 will be a catalytic year for Poniard, as we expect to complete enrollment in our ongoing registration trial in small cell lung cancer. We believe the results of this trial could support an NDA filing, leading to approval and commercialization of picoplatin in 2010... We continue to execute our clinical strategy to broaden picoplatin's potential as a platform product. We plan to present clinical data from our other ongoing Phase 2 colorectal and prostate cancer trials at multiple medical conferences. These data, together with picoplatin data in over 750 patients in a broad range of tumor types supports future development and use of picoplatin for the treatment of lung, colorectal, ovarian, prostate, breast, head and neck, bladder, pancreatic and other cancers."

08:03

VELC Velcro Industries offering to purchase for cash any and all outstanding shares of its common stock at $21/share (19.75 )

Co announces it has commenced a cash tender offer to purchase all outstanding shares of its common stock at $21 per share. On Sept 1, 2008, Cohere Ltd, the holder of record of more than 95% of the stock, initiated a court proceeding to compel the sale of all shares held by Velcro's minority shareholders

08:03

CMTL Comtech Telecom wins $19.1 million in Satcom Equipment orders for military network expansion (44.69 )

08:02

WWW Wolverine World Wide, Inc. announces acquisition of Cushe Footwear Brand terms of transaction were not disclosed (20.92 )

08:02

GG Goldcorp announces record fourth quarter gold production of 692,000 ounces (27.50 )

The co announces record fourth quarter gold production of 692,000 ounces. Gold production for the 2008 year exceeded 2.3 million ounces, meeting previously issued guidance. Goldcorp's year-end unaudited financial statements are expected to be released on February 19, 2009. The calculation of operating costs for 2008 has not yet been completed, but total cash costs(1) are expected to meet previous 2008 guidance of approximately $300 per ounce of gold on a by-product basis. Goldcorp also provided production and cash cost guidance for the 2009 year. The Company expects to produce approximately 2.3 million ounces of gold at a total cash cost of approximately $365 per ounce on a by-product basis and $400 per ounce on a co-product basis. Forecast production increases at most of Goldcorp's mines are expected to be offset by significant planned declines at Alumbrera and El Sauzal... Goldcorp's strong cash flows, debt-free balance sheet and an undrawn $1.5 billion credit facility will fund key near-term growth projects

08:02

AEO American Eagle reports December same store sales of -17% vs. -11.9% Briefing.com consensus; lowers Q4 EPS guidance (10.62 )

December sales for the AE brand deteriorated from November and were well below the company's recent expectations. During key December holiday shopping periods, traffic and conversion were disappointing. The company is currently clearing through holiday merchandise and expects to enter the spring season with fresh inventories, consistent with its plan. Co is reducing its fourth quarter earnings guidance based on lower-than-expected December sales, a revised outlook for January, and increased markdowns. The current fourth quarter earnings expectation is a range of $0.19-0.21, which excludes any potential other-than-temporary impairment charge related to investment securities, down from prior guidance of $0.30-0.36, vs $0.32 First Call consensus

08:01

GPS Gap Inc reports comparable December sales were -14% vs -9.7% Briefing consensus; lowers FY08 EPS range to $1.27-$1.30 vs. $1.33 First Call Consensus (13.56 )

The co revised its guidance for fiscal year 2008 diluted earnings per share on a GAAP basis to $1.27 to $1.30 vs. $1.33 First Call Consensus from its previous guidance of $1.30 to $1.35. The company continues to generate strong cash flow and maintain a healthy balance sheet. As planned, during December the company repaid $138 million of debt, leaving only $50 million of debt outstanding. The company also reaffirmed that it expects to generate about $1 billion in free cash flow for the year.

08:00

STP Suntech Power achieves 1GW solar cell and module production capacity (12.00 )

The co announces the achievement of reaching 1GW PV cell and module production capacity in Wuxi, China. The co also announced the opening of its new headquarters in Wuxi, China that incorporates a 1MW grid-connected building integrated solar facade, which is the largest in the world.

07:48

PMTC Parametric sees Q1 EPS of $0.14-0.16 vs $0.26 First Call consensus; revs $240 mln vs $253.53 mln First Call consensus (12.85 )

07:38

HELE Helen of Troy reports Q3 (Nov) results, misses on revs (14.73 )

Reports Q3 (Nov) earnings of $0.48 per share, may not be comparable to the First Call consensus of $0.70; revenues fell 11.8% year/year to $185.6 mln vs the $204.2 mln consensus. Group. Net earnings were positively impacted by the settlement of an IRS tax audit for FY05, which resulted in a benefit to tax expense of $461,000 for the quarter ended November 30, 2008.

07:37

TD Toronto-Dominion Bank comments on TD Ameritrade's announced acquisition of thinkorswim (38.05 )

Co comments on an earlier announcement by TD AMERITRADE Holding Corp (AMTD) of its entry into a definitive agreement to acquire thinkorswim Group (SWIM). "We believe this will be a great opportunity for TD AMERITRADE and its customers," said Ed Clark, President and Chief Executive Officer of TD Bank Financial Group. "This acquisition will accelerate TD AMERITRADE's growth, as well as enhance its position in the options trading market and the investor education space."

07:37

SAY Satyam Computer says top leaders commit to stay despite disclosures by founder of financial irregularities (9.35 ) -Update-

Co announces its top leaders have pledged to remain in the company and work jointly to steer the organization following shocking disclosures by its founder and chairman Mr. Ramalinga Raju of financial irregularities. Ten of the most senior executives of Satyam, including interim CEO Mr. Ram Mynampati, gathered at its headquarters in Hyderabad, have collectively committed not to resign from the company which has approximately 53,000 associates. Approximately 40 other top managers from various geographical regions - known as the "Leadership Council" - have also given their commitment to remain in the company. The company will hold a press conference at 5 pm IST in Hyderabad to outline an action plan to address key concerns of various stakeholders including customers, investors, employees and business partners.

07:35

SCHN Schnitzer Steel reports Q1 (Nov) results, beats on revs (38.25 )

Reports Q1 (Nov) loss of $1.21 per share, includes items, may not be comparable to the First Call consensus of ($0.75); revenues fell 17.4% year/year to $499 mln vs the $417.4 mln consensus. The pre-tax operating loss of $50 mln included non-cash inventory write downs of $52 mln for the quarter. While market visibility has improved since the time of the Company's fourth quarter earnings release on October 28, 2008, there still remains uncertainty regarding near-term demand for steel and recycled metal. Based on continued limited visibility, the Company said the factors that will affect its results in the second quarter of 2009 include: Due to shipments delayed from the first quarter, second quarter 2009 ferrous volumes are expected to approximate the volumes shipped in the second quarter of 2008. Nonferrous volumes are expected to be 10% to 20% less than volumes shipped in the second quarter of last year. Lower volumes of scrapped vehicles and lower prices for ferrous and nonferrous metals are expected to offset higher self-service parts sales and result in revenues which decline 20-25% compared to the second quarter of fiscal 2008.

07:34

MSM MSC Industrial beats by $0.05, beats on revs; guides Q2 EPS below consensus, revs below consensus (35.74 )

Reports Q1 (Nov) earnings of $0.72 per share, $0.05 better than the First Call consensus of $0.67; revenues fell 1.1% year/year to $433 mln vs the $427.9 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.39-.043 vs. $0.62 consensus; sees Q2 revs of $354-366 mln vs. $415.65 mln consensus.

07:33

MTRX Matrix Service Co misses by $0.02, misses on revs (8.69 )

Reports Q2 (Nov) earnings of $0.38 per share, $0.02 worse than the First Call consensus of $0.40; revenues fell 9.1% year/year to $176.9 mln vs the $209.2 mln consensus. Gross margins in the quarter were 14.9%. Backlog at November 30, 2008 was $454.0 mln.

07:33

MVCO Meadow Valley announces outside date for merger agreement has passed; parties continue to work toward closing (7.58 )

The co announces that the merger contemplated by that certain Agreement and Plan of Merger, dated July 28, 2008, among Meadow Valley and Phoenix Parent Corp. (which is now known as Meadow Valley Parent Corp.) and Phoenix Merger Sub, both affiliates of Insight Equity I LP, was not consummated on or prior to January 7, 2009, the outside date for the Merger. Pursuant to the Merger Agreement, the failure of the closing to occur by the Outside Date gives either Meadow Valley or Parent the right to terminate the Merger Agreement and abandon the Merger so long as the terminating party has satisfied all of its conditions to closing. As of today, Meadow Valley has not satisfied all of its conditions to closing necessary to consummate the Merger and Parent has not provided Meadow Valley with any notice of termination. Unless and until terminated in accordance with its terms, the Merger Agreement remains in full force and effect and each party thereto remains obligated to use its reasonable best efforts to take all appropriate action to consummate expeditiously the Merger and each of the parties thereto is proceeding towards closing on such basis.

07:32

HVT Haverty Furniture reports Q4 sales of $161.9 mln vs $162.6 mln First Call consensus (8.36 )

Co issues downside guidance for Q4 (Dec), sees Q4 (Dec) revs of $161.9 mln vs. $162.62 mln First Call consensus. On a comparable-store basis, sales for the quarter decreased 22.6%. Comparable- store sales do not include locations opened, closed or otherwise non- comparable during the last 12 months. Sales for the twelve months of 2008 totaled $691.2 mln, compared with $784.6 mln in 2007, representing a decrease of 11.9%. On a comparable-store basis, sales decreased 14.3% for the twelve months. Co says "Our balance sheet remains strong with no term debt and no borrowings under our new revolving credit line. We believe that our conservative focus on reducing our debt and carefully managing our cash is the right strategy for surviving the difficult economic downturn, while positioning Havertys for future growth and profitability."

07:32

XRIT X-Rite announces new profit improvement plan to address economic slowdown; sees Q4 net sales of $60-$61 mln vs $63 mln single analyst est (1.48 )

Co reports preliminary Q4 sales of $60-$61 mln vs $63 mln First Call consensus, and FY08 sales of $216-$262 mln vs $271.4 mln consensus. 2008 adjusted EBITDA, as defined in the company's credit agreements, is estimated in the $57-$60 mln range. The new profit improvement plan is expected to deliver up to $20 mln in 2009 savings, builds on actions taken in April of 2008 and includes accelerating the closure of X-Rite's Viptronic group in Brixen, Italy announced in November 2008.

07:30

SWIM thinkorswim to be acquired by AMTD in a cash and stock deal valued at approximately $606 mln (5.65 )

Co announced that they have entered into a definitive agreement for AMTD to acquire SWIM in a cash and stock deal valued at approximately $606 mln as of Jan. 7, 2009 This acquisition underscores AMTD's position as a successful industry consolidator. thinkorswim is among the fastest growing online brokerage firms and has unique trading and investor education capabilities, particularly for the fastest growing segment of the industry - options trading. AMTD is the current industry leader in the number of equity trades placed each day, and thinkorswim currently leads the industry in retail options trades placed each day. AMTD will acquire thinkorswim for approximately $606 mln, which includes $225 mln to be paid in cash and the issuance of approximately 28 mln shares of AMTD common stock to thinkorswim shareholders. At closing, each share of thinkorswim will be exchanged for $3.34 in cash and 0.3980 of a AMTD share. (Briefing.com note: Based on last night's closing price, the deal values SWIM at ~$8.70 per share)

07:20

On The Wires

ZOLL Medical Corporation (ZOLL) announced that the ZOLL LifeVest Wearable Defibrillator is now covered by the three largest state Medicaid programs in the country--California, New York and Texas, which combined represent a total of over 13 mln covered lives... Q-Med AB announced the termination of its international distribution agreement with Palomar Medical Technologies (PMTI). The international distribution agreement was originally entered into in January 2008 with the intention that Q-Med would eventually be responsible for the marketing, sale and distribution of Palomar's professional products for esthetic treatments outside North America... Heritage Oaks Bancorp (HEOP) announced that it received preliminary approval to participate in the U.S. Department of the Treasury's voluntary Capital Purchase Program... Cell Therapeutics (CTIC) announced that they received $7.5 mln pursuant to the joint venture transaction with Spectrum Pharmaceuticals to commercialize and develop Zevalin in the United States. Co may earn up to an additional $15 mln in product sales milestone payments upon achievement of certain revenue targets... Ormat Technologies (ORA) announced that its wholly-owned subsidiary, Orpower 4, signed loan documents for project financing of up to $105 mln to refinance Ormat's investment in the 48 MW Olkaria III geothermal power plant located in Naivasha, Kenya... OceanFirst Financial (OCFC) announced that it had received preliminary approval as of December 30, 2008 to participate in the U.S. Department of Treasury's Capital Purchase Program... Teton Energy (TEC) announced that it has received a permit from the Bureau of Land Management to drill its first well on its acreage in the Big Horn Basin in northwest Wyoming.

07:19

WSM Williams-Sonoma announces a 24.2% decrease in 2008 comp holiday revs (8 week holiday period); reaffirms Q4 rev, EPS, FY08 rev, EPS guidance (8.81 )

Co reaffirms guidance going forward; net revenues in Q408 are expected to be in the range of $940 mln to $1.0 bln, unchanged from previous guidance. Diluted EPS in Q408 is expected to be in the range of $0.10 to $0.30, unchanged from previous guidance. Net revenues in FY08 are expected to be in the range of $3.294 bln to $3.354 bln, unchanged from previous guidance. Diluted EPS on a Non-GAAP basis is expected to be in the range of $0.13 to $0.33, unchanged from previous guidance.

07:11

SGR Shaw Group beats by $0.09, reports revs in-line (22.17 )

Reports Q1 (Nov) earnings of $0.75 per share, excluding Westinghouse segment, $0.09 better than the First Call consensus of $0.66; revenues rose 11.0% year/year to $1.9 bln vs the $1.91 bln consensus. Group. The co's backlog of unfilled orders at November 30, 2008, was $14.8 bln compared to $14.0 bln at November 30, 2007. Approx $6.0 bln, or 41%, of the current backlog is expected to be converted to revenues during the next 12 months.

07:11

NASDAQ introduces the NASDAQ OMX Government Relief Index (QGRI)

The NASDAQ OMX Group introduced the NASDAQ OMX Government Relief Index (QGRI). The index enables investors to track the performance of U.S.-listed securities that are participating in U.S. government sponsored relief programs such as the Troubled Asset Relief Program (TARP) or other direct government investments. The NASDAQ OMX Government Relief Index consists of companies across multiple industry groups that have received a direct investment from the U.S. Government greater than $1 bln.

07:11

CAH Cardinal Health issues Q2 EPS guidance; lowers guidance for FY09 below consensus (35.94 )

Co issues guidance for Q2 (Dec), sees EPS of $0.90, driven by solid operating results and a better than expected tax rate, may not be comparable to $0.85 First Call consensus. Co lowers guidance for FY09 (Jun), sees EPS of $3.50-3.60 vs. $3.76 consensus, prior guidance $3.80-3.95 Co said, "It is difficult to forecast the exact duration and potential long-term changes in hospital spending patterns, but the company is taking appropriate cost actions to mitigate the impact".

07:11

Q Qwest provides financial update; says "each business unit performed in line with operating expectations" (3.58 )

Co says, in 4Q08, each of Q's business units performed in line with operating expectations and maintained disciplined cost controls. Enterprise service revs, access line trends and demand for broadband services were generally consistent with Q3 performance. The co will provide a detailed discussion of Q4 performance and 2009 financial guidance in its Q4 earnings release. Q will announce its Q4 and FY08 earnings on Tue, Feb. 10, 2009, at 7 a.m. EST. Qwest mmgm will host a conference call at 9 a.m. EST on the same day to discuss the company's perspective on the results and answer questions.

07:04

PLCE Children's Place reports December same store sales of +0% vs. -5.1% Briefing.com consensus (22.33 )

07:03

PENX Penford Corp reports ($0.03) vs ($0.14) 2 analyst ests; revs $80.7 mln vs $96.20 mln 2 analyst ests (11.02 )

07:02

JCG J. Crew lowers Q4 guidance to ($0.29)-($0.24) vs $0.07 First Call consensus (11.69 )

JCG announced that it is revising its fourth quarter and fiscal 2008 guidance, primarily to reflect lower than anticipated sales and gross margin trends. Co sees EPS of ($0.29)-($0.24) vs $0.07 First Call consensus, down from prior guidance for $0.05-0.10. This revised guidance reflects the aggressive inventory actions taken to clear fall and holiday inventory during the fourth quarter. In addition, the co expects to end the year with cash and cash equivalents of approximately $135 mln versus $132 mln last year, $100 million of long term debt versus $125 mln last year and no borrowings under its $200 mln working capital facility.

07:01

IO ION Geophysical sees Q4 revs of $145-165 mln vs $244.25 mln two analyst consensus (4.17 )

Co issues downside guidance for Q4 (Dec), sees Q4 (Dec) revs of $145-165 mln vs. $244.25 mln two analyst est. Co says "Due to the faster than expected slowdown in the North American and Russian energy markets during the fourth quarter that have impacted ION's land systems business and slower than expected year-end data library sales, we expect to report 2008 revenues and earnings that will fall below our original 2008 guidance we provided in December 2007. "It is disappointing but not totally surprising that we generated lower than anticipated fourth quarter financial results due to the nearly complete shutdown of the credit markets with its resulting impact on the global economy and the collapse of both oil and natural gas prices. All of this has created a great amount of uncertainty regarding many energy companies' capital spending plans and a very conservative response by many of our contractor customers.

06:39

S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: +0.80.

06:39

Asian Markets

Nikkei...8876.42...-362.80...-3.90%. Hang Seng...14415.91...-571.60...-3.80%.

06:39

European Markets

FTSE...4457.14...-50.40...-1.10%. DAX...4878.10...-59.20...-1.20%.

06:38

URBN Urban Outfitters reports two-month comp store sales decrease 1.0% (14.00 )

Co announces sales for the two months ended December 31, 2008. Total co sales for the two months increased to $389 mln or 9% over the same period last year. Comp store sales rose 3% at Urban Outfitters and decreased 6% and 13% at Anthropologie and Free People respectively, for a combined 'comp' decrease of 1%. Direct-to-consumer sales fell 25% for the period with all three brands posting double digit growth. Combining the Direct-to-consumer channel with store sales, total co 'comp' sales for the retail segment increased 3% for the period. Free People wholesale sales decreased 11%.

06:34

NCTY The9 Ltd announces the adoption of a shareholder rights plan (14.47 )

Co announces that its Board of Directors has adopted a shareholder rights plan. The rights plan is designed to protect the best interests of The9 and its shareholders. One right will be distributed with respect to each ordinary share of The9 outstanding at the close of business on January 22, 2009.

06:33

MTW Manitowoc sees FY08 EPS within the low end of the previouse guidance range of $3.15-$3.25 (vs $3.20 consensus) (9.50 )

Co announces that for FY08, it ests that adjusted earnings will be within the low end of the previous guidance range of $3.15 to $3.25 per diluted share (vs $3.20 consensus), which includes the results of its recently divested Marine segment and excludes special items and the impact of the Enodis acquisition. For full year 2009, the co anticipates a revenue reduction of approximately 20% for its Crane segment, which will be offset by an approximate 200% revenue increase by its Foodservice segment. This is driven by the full-year impact of the Enodis acquisition. Operating margins for both segments are projected to be in the low double-digit percentage range. Other 2009 financial expectations include capital expenditures of approximately $120 million; depreciation and amortization of approximately $135 million; debt reduction of $1 billion post-funding of Enodis; an anticipated tax rate in the mid-20% range, and earnings of $1.35 to $1.60 per diluted share before special items.

06:32

TFX Teleflex guides in-line for FY09 (48.24 )

Co issues in-line guidance for FY09 (Dec), sees EPS of $4.10-4.40 vs. $4.35 First Call consensus; sees FY09 (Dec) revs exceeding $2.4 bln vs. $2.45 bln consensus. Cash flow from operations is expected to be in the range of $280 to $290 million. Restructuring and other special charges related to the Arrow integration and recently announced Commercial group restructuring program are anticipated to be in the range of $0.30 to $0.40 per diluted share for the year. Pre-tax synergies to be realized in 2009 from the Arrow acquisition are expected to be in the range of $18 to $20 million. Inclusive of these synergies, the company expects to achieve cumulative pre-tax annual synergies related to Arrow in the range of $60 to $62 million through 2009, and $70 to $75 million through 2010.

06:31

SHLD Sears Holdings reports December comparable store sales of -7.3%; guides for Q4, FY09 (40.55 )

Sears Holdings reports December comparable store sales of -7.3%. Co sees Q4 EPS of $2.44-3.09, excluding potential impact, if any, related to store closings, restructuring activities including severance, mark-to-market gains and losses on hedge transactions executed by Sears Canada and impairment of goodwill and other intangible assets, may not be comparable to $1.90 consensus. Guides EPS for FY09 to $1.27-1.90, may not be comparable to $0.62 consensus.

06:30

MKTX Marketaxess announces total monthly trading volume for December 2008 of $16.2 bln (8.16 )

06:07

On The Wires

ICON plc (ICLR) announces that it has completed the acquisition of the remaining 30% shareholding of Beacon Bioscience; ICON acquired a 70% stake in Beacon Bioscience in July 2004... Suncor Energy (SU) reports that production at its oil sands facility during December averaged approx 235,000 barrels per day... American CareSource (ANCI) announces HealthSmart contract extension.

06:03

AOB American Oriental Bioengineering discloses real estate purchase in 8-K filing (7.03 )

In 8-K filing, co discloses $69.98 mln (cash) purchase of buildings occupying 14,615 square meters of land located in the New Economic & Technology Development Zone in Beijing, PRC.

02:02

PMTI Palomar Medical Tech. and Q-MED AB terminate international distribution agreement (10.84 )

Co announces the termination of its international distribution agreement with Q-MED AB. The international distribution agreement was originally entered into in January 2008 with the intention that Q-MED would eventually be responsible for the marketing, advertising, promotion, sale and distribution of Palomar's professional products for aesthetic treatments outside North America.

01:08

On The Wires

Pacific State Bancorp (PSBC) names Justin R. Garner as CFO, effective December 18, 2008... Verizon Wireless (VZ) selects Microsoft (MSFT) to provide portal, local and Internet search as well as mobile advertising services to customers on its devices; the five-year agreement will go into effect in 1H09 when Microsoft Live Search is targeted to be available on new Verizon Wireless feature phones and smartphones... United Microelectronics (UMC) reports net sales for December 2008 decreased 45.54% year/year to $4NT.61 bln; sales decreased 23.49% from November 2008... AU Optronics (AUO) announces December 2008 revenue with preliminary consolidated revenue of $14NT,736 mln and unconsolidated revenue of $14NT,684 mln, down by 17.0% and 16.7% respectively from the previous month. On a year/year comparison, both December 2008 consolidated and unconsolidated revenues decreased by 69.9%.

00:06

OMN OMNOVA Solutions cost reduction actions expected to provide $19 mln in 2009 cost savings (0.99 )

Co announces that it has taken cost reduction actions which are expected to provide $19 mln of year/year savings in 2009. During Q4, co reduces debt by $12.1 mln, to $188.1 mln.

19:09

MPW Medical Properties Trust announces public offering of 10.0 mln shares of common stock (6.12 -0.49)

19:09

PGN Progress Energy announces the upsizing and pricing of common stock offering (38.08 -1.89) -Update-

Co announced that it has priced a public offering of 12.5 mln shares of common stock at $37.50 per share for gross proceeds of ~$469 mln. The size of the common stock offering was increased from the previously announced 11.5 mln shares.

18:35

IPCR IPC Holdings updates its estimate of claims from Q3 2008 hurricanes (29.51 -0.74)

Co announced it has increased its estimate of claims from hurricanes Gustav and Ike by ~$47 mln to a total estimate of ~$135 mln, net of reinstatement premiums. IPC's Q3 2008 results included a total estimate of claims from the above events of $88 mln, net of reinstatement premiums. The revised estimate is the result of new information from clients reflecting larger losses than initial estimates or new notifications. The increases primarily arose from inwards retrocessional business (including reinsurance of direct and facultative business) and, to a lesser degree, onshore energy contracts.

18:15

LLY Eli Lilly: FDA issues a complete response letter for Lilly's olanzapine LAI for treatment of schizophrenia in adults (38.62 -0.95) -Update-

Co announced that it received a complete response letter from the U.S. Food and Drug Administration (FDA) for olanzapine long-acting injection (LAI) for acute and maintenance treatment of schizophrenia in adults. LLY is continuing to work with the agency on the new drug application (NDA). The FDA does not require any additional clinical trials for the continued review of the NDA. Per the agency's request, Lilly is preparing a proposed Risk Evaluation and Mitigation Strategy (REMS), which will be submitted in the near future.

18:09

KGC Kinross Gold provides outlook for 2009 (16.94 -1.42)

Co provided its outlook for 2009 and an update on key developments. Production for the full year 2008 is expected to be in line with the previously stated guidance range of 1.8-1.9 mln gold equivalent ounces, an increase of ~16% over 2007 production. The average cost of sales for 2008 is expected to be in line with the previously stated guidance range of $425-445 per gold equivalent ounce. Full-year production for 2009 is expected to be ~2.4-2.5 mln gold equivalent ounces, consistent with previously stated guidance for the year, an increase of ~32% over 2008 production. The average cost of sales per gold equivalent ounce for 2009 is expected to be in the range of $390-420. Capital expenditures for 2009 are forecast to be ~$460 mln. As mentioned previously, KGC is now in the process of assessing goodwill impairment. As a result, KGC expects to record a goodwill impairment accounting charge in the range of $900-1.2 bln at year end, related primarily to goodwill recorded in the 2007 Bema acquisition. On a preliminary, unaudited basis, KGC expects to record a goodwill impairment accounting charge in the range of $900 mln to $1.2 bln at year-end. The bulk of this impairment relates to goodwill recorded as part of the 2007 Bema acquisition, for which the impairment test is being conducted for the first time. In 2009, KGC expects to produce ~2.4-2.5 mln gold equivalent ounces, consistent with its previously stated guidance for the year. This is an increase of ~32% over 2008 production and reflects the impact of new production from the Paracatu expansion, Kupol, and Buckhorn, offset somewhat by reduced production due to the sale of Julietta in 2008 and expected lower tonnages at Round Mountain in 2009. Cost of sales per gold equivalent ounce is expected to average between $390-420 for the full year 2009. The forecast reduction in cost of sales per ounce compared to 2008 is primarily due to the expected full-year impact of new lower cost production from the Paracatu expansion, Kupol and Buckhorn.

17:32

OESX Orion Energy Systems adopts shareholder rights plan (4.92 -0.25)

Co announced that its Board of Directors adopted a shareholder rights agreement. In connection with the adoption of the rights agreement, the Board declared a dividend of one common share purchase right on each outstanding share of OESX's common stock. The issuance of the rights under the rights agreement will be made on February 15, 2009 to shareholders of record as of the close of business on February 1, 2009.

17:01

ACM Aecom Tech joint venture wins San Francisco Central Subway project worth $147 mln (28.59 -2.09) -Update-

Co announced that it has been awarded a $147-mln contract to provide program-management services to the San Francisco Municipal Transportation Agency for Phase II of its Central Subway project. ACM will perform the work as part of a joint venture with EPC Consultants.

17:00

BQI Oilsands Quest announces the resumption of its overburden characterization program and the reservoir test activities at Test Sites 1 and 3 at Axe Lake (1.02 -0.05)

The co announces the resumption of its overburden characterization program and the reservoir test activities at Test Sites 1 and 3 at Axe Lake in northwest Saskatchewan. Also being resumed is Oilsands Quest's 2009 winter exploration drilling program on its Raven Ridge lands in Alberta. Additionally, the Company is pleased to announce its participation in two conferences being held in Calgary, Alberta and London, England during January 2009. "We expect drilling at Raven Ridge will increase our resource estimates and capitalize on last winter's exploration success on these lands," said Jamey Fitzgibbon, President and Chief Operating Officer.

17:00

ENWV Endwave lowers Q4 revs guidance (2.48 +0.04)

Co anticipates reporting fourth quarter revenues of ~$10 mln, as contrasted with revenues of $12-13 mln projected during their third quarter conference call on October 21, 2008 (no ests). "As discussed on our third quarter conference call, we expected a decline in total revenues during the fourth quarter due to weak demand from our telecommunications customers. However, the contraction in our telecom revenues has been larger than we had originally predicted. While the Telecom market is weak, we continue to see and to capture important opportunities in the defense and security markets. Unfortunately, for 2009, we currently anticipate that our expected growth in defense and security markets will be more than offset by a decline in our telecom revenues. Therefore, we presently expect our total revenues in 2009 will be ~10-15% lower than 2008."

17:00

DEK Dekania to acquire BlueCreek Energy (9.87 +0.00)

Co announces it is entering into a non-binding letter of intent for Dekania Corp. to acquire BlueCreek Energy. Financial terms of the transaction value BlueCreek at $80 mln, less the amount of any assumed indebtedness.

16:59

BVF Biovail reaches settlement agreement with OSC staff (10.59 -0.07)

The co announces it has reached a settlement agreement with the Staff of the Ontario Securities Commission in respect of an investigation of the Company and certain former officers. The settlement agreement, which is subject to approval by the OSC, will be considered at a hearing that has been scheduled for January 9, 2009. The investigation related to specific accounting and financial disclosure practices, as previously disclosed, that occurred between 2001 and March 2004 and resulted in a Statement of Allegations by the OSC in March 2008. Terms of the settlement agreement are confidential and will be made public if and when approved by the OSC.

16:57

RBN Robbins & Myers beats by $0.08, reports revs in-line; guides Q2 EPS in-line; guides FY09 EPS in-line (18.64 -0.53)

Reports Q1 (Nov) earnings of $0.50 per share, $0.08 better than the First Call consensus of $0.42; revenues rose 2.6% year/year to $178 mln vs the $176.5 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.36-0.46, excluding a $0.04 benefit, vs. $0.42 consensus. Co issues in-line guidance for FY09, sees EPS of $1.80-2.00 vs. $1.92 consensus. Co says, "RBN remains financially secure with $74 mln of cash, an undrawn senior credit facility, and $33 mln of debt. We have revised our expectations for the full year to reflect recent changes in order levels, unfavorable global economic conditions and currency translation headwinds, mitigated somewhat by announced share repurchases and efforts to reduce costs."

16:54

NBR Nabors Ind prices $1.125 bln in senior unsecured debt offering at 9.25% (12.79 -0.53)

Co announced that its wholly owned subsidiary, Nabors Industries, Inc., has priced $1.125 bln in Senior Unsecured Notes due 2019, following the private placement offering it announced earlier today. The Notes will bear interest at a rate of 9.25 percent and will be fully and unconditionally guaranteed by Nabors Industries Ltd. The proceeds are intended to be used for the repayment or repurchase of indebtedness and general corporate purposes.

16:53

ZOLT Zoltek anticipates that its carbon fiber and technical fiber shipments will not be materially affected by the disruption in the supply of natural gas to it Hungarian facility (8.03 -1.26) -Update-

The co provides an update on the impact on its Hungarian operations of the disruption of natural gas supplies in Europe. Zoltek anticipates that its carbon fiber and technical fiber shipments will not be materially affected by the disruption in the supply of natural gas to its Hungarian facility because it maintains ample precursor and finished goods inventories. Zoltek is also activating its contingency plans to maintain carbon fiber and technical fiber production at the Hungarian facility by utilizing precursor manufactured at Zoltek's Mexico plant in case the gas shortage persists. Given the critical importance of natural gas to the European economy, suppliers and consumers have a strong incentive to resolve the issues resulting in the disruption and, accordingly, the company expects natural gas supplies in Hungary ultimately will resume historical levels.

16:51

PNC PNC Bank: S&P downgrades PNC, upgrades National City after acquisition (48.31 -0.33)

S&P lowered its long-term counterparty credit rating on PNC Financial Services to 'A' from 'A+'. At the same time S&P raised the counterparty credit rating on National City to 'A/A-1' from 'A-/A-2'. "The rating actions incorporate PNC's acquisition of NCC and our concerns regarding the size of the transaction, which comes amidst the current credit crisis, the incremental exposure to residential mortgage-related loans in some of the weaker banking markets in the Midwest and Florida, and the external operating environment that presents significant challenges for all banks' financial performance." The downgrade of PNC reflects concerns regarding the ongoing deterioration in the mortgage and housing sectors, in which NCC has considerable stakes. Through Sept. 30, 2008, NCC posted an operating loss of $2.7 bln, due to the deterioration in the asset quality of its residential mortgage-related loans and its commercial construction segment. Although we expect continued losses in the acquired portfolio, we believe that significant loss content has already been recognized with aggressive provisioning prior to the transaction's close and purchase accounting adjustments at close.

16:39

CEG Constellation Energy Projects & Services Group announces that it has been awarded an Indefinite Delivery Indefinite Quantity Energy Savings Performance Contract (26.10 +0.28)

Co's Projects & Services Group announces that it has been awarded an Indefinite Delivery Indefinite Quantity Energy Savings Performance Contract (ESPC) by the U.S. Department of Energy (DOE). The contract enables Constellation Energy's Projects & Services Group to continue to conduct energy efficiency, renewable energy and water conservation projects at federally-owned buildings and facilities. The term of the DOE ESPC contract is five years with two optional three year extensions.

16:36

CRXL Crucell N.V. and Wyeth confirm in discussion on a combination of the two companies (20.50 ) -Update-

Crucell N.V. confirms that it is in discussions with Wyeth (WYE) that may lead to a combination of the two companies. These discussions are at a preliminary stage and there is no certainty that they will result in a transaction. An update will be provided in due course.

16:36

EMC EMC Corp reaffirms Q4 EPS above consensus, reaffirms revs guidance in-line; announces program to reduce cost structure (11.18 -0.15)

Co reaffirms Q4 revs of $4.0 bln vs $4.0 bln First Call consensus, reaffirms EPS of $0.25-0.26, excluding $0.10 restructuring charge and a $0.02 intangible asset charge, vs $0.23 consensus. Co says to improve the competitiveness and efficiency of its global business, EMC also announced a restructuring program to further streamline the costs related to its Information Infrastructure business, which does not include VMware. EMC expects the program to reduce costs from its 2008 annualized rate by ~$350 mln in 2009, increasing to ~$500 mln in 2010.

16:35

HSTX Harris Stratex reaffirms Q2 revenue guidance (5.58 -0.26)

Co reaffirms Q2 revenue guidance of $185-$195 mln vs $188.8 mln First Call consensus. The company also announces that based on the current global economic environment and the decline in the company's market valuation, it is likely that the fair value of one or more of its reporting units has been reduced below its carrying value. As a result, the company has commenced an interim review of goodwill and other indefinite-lived assets for impairment, and expects to record a non-cash charge to write down a significant portion of these assets as of the end of Q2. As of September 28, 2008, the balance of goodwill and other indefinite-lived intangible assets totaled $316 mln, and relates primarily to the goodwill recorded in connection with the combination of Stratex Networks and the Microwave Communications Division of Harris Corp.

16:33

PAC Grupo Aeroportuario del Pacifico reports passenger traffic decrease of 16.8% for December 2008 (22.43 )

The co announces preliminary terminal passenger traffic figures for the month of December 2008 compared to traffic figures for December 2007. During December 2008, total terminal passengers decreased 16.8% compared to the previous year; international passenger traffic decreased 10.9%, while domestic passenger traffic decreased 19.9% compared to December 2007. Compared to December 2007, domestic terminal passenger traffic in December 2008 registered a net decrease of 285.3 thousand passengers in all of the airports operated by GAP except Los Cabos. Most of the declines took place at the airports of Tijuana, with 133.4 thousand fewer passengers, Guadalajara, with 57.4 thousand fewer passengers, Guanajuato, with 18.7 thousand fewer passengers, Hermosillo, with 15.3 thousand fewer passengers, and Morelia, with 13.7 thousand fewer passengers.

16:30

ONNN ON Semiconductor lowers Q4 revs guidance and announces additional cost reduction measures (4.04 -0.20)

Co lower guidance for Q4 (Dec), sees Q4 (Dec) revs of $480-490 mln, down from $500-550 mln vs. $510.22 mln First Call consensus. Co also announces that it is taking additional cost reduction measures. In the fourth quarter of 2008. Co is planning a series of additional permanent and temporary actions to reduce its overall cost structure. These planned actions include: Factory closures planned for the end of 2009 will be brought forward to the middle of 2009. Evaluation of other front-end manufacturing locations are ongoing with the objective of closing an additional location by the end of 2009. Factory shutdowns for 4 to 6 weeks in the first and second quarter of 2009. Three weeks of unpaid time off for senior executives in both the first and second quarter of 2009 (Equates to an approximate 23 percent decrease in base salary). Two weeks of unpaid time off or a 4 day work week (based upon local legal requirements) for other employees in both the first and second quarter of 2009 (Equates to an approximate 15 percent decrease in base salary). No annual merit increases. No bonus payments expected to be paid in 2009. A reduction in worldwide personnel of approximately 1,500 which equates to a reduction of approximately 10 percent of total payroll expenses

16:30

FACT Facet Biotech announces restructuring and provides estimate of 2009 cash utilization (8.51 -0.54)

Co announced that it will restructure to narrow its focus and significantly reduce its operating costs. This follows the completion of a previously announced strategic business review. As a result of the cost-cutting measures, the company expects its 2009 cash utilization to be approximately $110 million. This estimate includes the impact of restructuring and other one-time costs but excludes the receipt of potential collaboration milestone payments and costs related to potential in-licensing opportunities. The company plans to provide more detailed 2009 financial guidance by the end of the first quarter. As a result of the recent strategic review, Facet Biotech will reduce its workforce by approximately 80 positions which, together with previously announced reductions, will bring its workforce to a total of approximately 200 positions.

16:20

NAT Nordic American Tanker announces 3 mln share public offering (35.49 -1.27)

16:19

BBBY Bed Bath & Beyond beats by $0.01, reports revs in-line; guides Q4 EPS below consensus (25.55 -0.45)

Reports Q3 (Nov) earnings of $0.34 per share, $0.01 better than the First Call consensus of $0.33; revenues fell 0.6% year/year to $1.78 bln vs the $1.79 bln consensus. Co issues downside guidance for Q4, sees EPS of $0.40-0.46 vs. $0.49 consensus. Comparable store sales in the fiscal third quarter of 2008 decreased by approximately 5.6%, compared with an increase of approximately 0.8% in last year's fiscal third quarter.

16:18

NFLX Netflix announces a partnership with VIZIO that will enable consumers to watch movies from Netflix directly on new VIZIO high definition televisions (32.71 -0.23)

16:16

IPI Intrepid Potash reports on regulatory developments regarding its HB solar solution mine (21.79 -0.12)

Co announces that the Bureau of Land Management ("BLM") has determined that an Environmental Impact Statement ("EIS") will be required to evaluate the environmental impacts of Intrepid's proposed HB Solar Solution Mine project in Carlsbad, New Mexico. As a consequence, final permitting and approval of the HB Solar Solution Mine will be delayed and related capital expenditures deferred for an as-yet-undetermined period. The delay will not have any impact on 2009 potash production volumes. Once the necessary regulatory approvals are obtained, construction will begin and first production should result approximately one year later with full production anticipated approximately two years after approvals are obtained and construction begins.

16:16

MW Men's Wearhouse lowers Q4 guidance (13.39 +0.40)

"After a preliminary review of the first two months' results in our fiscal fourth quarter, we are expecting our Q4 2008 GAAP diluted EPS estimate to be at the lower end of our previously issued guidance range of $0.00 to a loss of $0.18 (($0.15) consensus) provided on November 19, 2008. Sales and operating income results quarter-to-date are in line with initial expectations within the Company's operations based in the United States. However, sales results of the Company's Canadian operations were below initial expectations. The Company does not expect any material change in results in the final month of the fiscal quarter from that experienced over the November/December period."

16:16

SMRT Stein Mart reports Dec comp store sales of -8.5%; reduces expense structure (1.43 -0.05)

As a result of the continued sales declines and the uncertainty of future business trends, a number of additional expense reduction actions will be effective immediately. These include reducing the number of assistant managers in most Stein Mart stores from two to one, resulting in the elimination of 178 positions, and the contraction of some additional store workforce hours. In addition, 31 field and corporate positions are also being eliminated, including 12 positions at the home office in Jacksonville. All remaining management will sustain a five% salary reduction, and co has suspended its corporate matching contribution to associates' 401(k) and deferred compensation plans. This announcement and the earlier actions together should result in savings of $25 mln in 2009.

16:11

RT Ruby Tuesday beats by $0.09, misses on revs; guides FY09 EPS above consensus (1.49 -0.15)

Reports Q2 (Nov) loss of $0.02 per share, excluding $0.71 restructuring charge, $0.09 better than the First Call consensus of ($0.11); revenues fell 9.7% year/year to $289.8 mln vs the $299.7 mln consensus. Co issues upside guidance for FY09, sees EPS of $0.30-0.40, excluding $0.85 in charges for restructuring and goodwill, vs. $0.28 consensus. Co sees FY09 same-restaurant sales are expected to decline 9% to 10% for the year.

16:11

CBEY Cbeyond Comms expects to report ending customers of 42,463 at December 31, 2008 (15.86 )

Co announces that Cbeyond expects to report the following customer results for the quarter ended Dec 31, 2008: 1) ending customers of 42,463 at December 31, 2008, and; 2) monthly customer churn rate of 1.4% for the fourth quarter of 2008.

16:10

WDFC WD-40 Company beats by $0.05, beats on revs; guides Q2 EPS below consensus, revs below consensus; lowers FY09 revs below consensus (26.92 -1.02)

Reports Q1 (Nov) earnings of $0.46 per share, $0.05 better than the First Call consensus of $0.41; revenues rose 5.6% year/year to $83.6 mln vs the $82.4 mln consensus. Co issues downside guidance for Q2, sees EPS of $0.23-0.28 vs. $0.48 consensus; sees Q2 revs of $69-73 mln vs. $82.25 mln consensus. Co lowers FY09 revs guidance to $305-315 mln vs. $329.51 mln consensus, down from $323-343 mln.

16:10

CEP Constellation Energy Ptnrs announces organizational changes (4.10 -0.41)

Co announced that Stephen R. Brunner, president, chief executive officer and chief operating officer of Constellation Energy Partners, has been appointed by Constellation Energy as a Class A manager on the Board of Managers to fill the vacancy resulting from the resignation of Andrew C. Kidd. Both the appointment and resignation became effective as of Dec. 31, 2008. The company also indicated Brunner, Mellencamp, Charles C. Ward, chief financial officer and treasurer, and Michael B. Hiney, chief accounting officer for Constellation Energy Partners, have been transitioned from the management services agreement to become employees of Constellation Energy Partners.

16:06

CBK Christopher & Banks beats by $0.05, beats on revs (4.73 -0.11)

Reports Q3 (Nov) loss of $0.04 per share, $0.05 better than the First Call consensus of ($0.09); revenues fell 7.9% year/year to $143 mln vs the $133 mln consensus. "Regarding the fourth quarter, with the current economic climate remaining soft and the overall retail environment continuing to be highly promotional, the Company anticipates continued pressure on its top line. The Company will remain focused on targeted expense control opportunities and maintaining positive cash flow. The goal is to end fiscal 2009 with inventories on a per-store basis down low to mid single digits and with fresher inventory as compared to the end of fiscal 2008. The Company further expects its merchandise margins to be under additional pressure as it works to entice customers, drive sales and lower inventory levels. The Company is assuming the most recent comparable store sales trends will continue and will be in the negative mid to high teens for the fourth quarter."

16:06

BLUD Immucor beats by $0.03, beats on revs; guides FY09 EPS in-line, revs in-line

Reports Q2 (Nov) earnings of $0.24 per share, $0.03 better than the First Call consensus of $0.21; revenues rose 17.9% year/year to $73 mln vs the $71.1 mln consensus. Co issues in-line guidance for FY09 - raises EPS guidance to $0.97-1.02 vs. $0.98 consensus and vs prior guidance of $0.94-0.98; reaffirms FY09 rev guidance of $292-300 mln vs. $297.24 mln consensus.

16:05

LEAP Leap Wireless announces that it gained approximately 385,000 net customer additions during the fourth quarter of 2008 (33.22 -0.53)

The co announces that it gained approximately 385,000 net customer additions during the fourth quarter of 2008, including approximately 173,000 net additions in the Company's existing markets, approximately 133,000 net additions in the Company's expansion markets2 and approximately 79,000 broadband net additions. Total Company net additions for 2008 were approximately 941,000 and Leap ended the year with approximately 3.84 million customers. Total Company customer churn for the fourth quarter of 2008 was 3.8%; customer churn for the existing business was 3.7 percent, compared to 4.2% for the existing business in the fourth quarter of 2007.

16:05

FIC Fair Isaac announces additional cost reductions under ongoing reengineering program (16.54 -0.38)

Co announces additional cost reductions under its ongoing reengineering program. The company expects to reduce fiscal 2009 operating expenses by approx $40 mln through immediate headcount reductions worldwide, facility consolidations, and modification of certain employee compensation and benefit programs. The company expects to record a pre-tax restructuring charge of approximately $8 mln in the first quarter of fiscal 2009.

16:04

SONC Sonic misses by $0.04, misses on revs (11.40 -0.56)

Reports Q1 (Nov) earnings of $0.12 per share, $0.04 worse than the First Call consensus of $0.16; revenues fell 3.2% year/year to $184.1 mln vs the $189.2 mln consensus. Co says "The economic environment continues to weigh heavily on consumer discretionary spending...While sales and earnings for Q1 reflect challenging conditions, we believe the addition of the value menu, in conjunction with other initiatives, provides a good foundation as we begin calendar year 2009."

16:01

HOTT Hot Topic reports same store sales of +4.3% vs. +1.9% Briefing.com consensus; co sees Q4 EPS of $0.30-0.32 vs. $0.28 First Call Consensus (9.00 +0.04)

The co raises guidance based upon a mid-single-digit comp increase for the fourth quarter.

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