Latest Updates 10:40AM SWSI -- IPO opens for trading at $16.25 16.50 +3.50:See 8:09 ET comment for full details. 10:29AM Microtune announces settlement of SEC investigation (TUNE) 6.42 -0.32:Co announced today that it has reached a settlement with the SEC regarding the investigation initiated by the Commission in August 2003 as a result of the restatement of the co's financial statements for the year ended Dec. 31, 2001 and the quarters ended Sept. 30, 2001, Dec. 31, 2001, March 31, 2002, June 30, 2002 and Sept. 30, 2002. TUNE settled the enforcement proceedings without admitting or denying the Commission's substantive findings and consented to a cease-and-desist order requiring future compliance with specific provisions of the Federal securities laws and regulations. The settlement does not require that TUNE pay a penalty.
10:04AM Lear Corp - - Relative Strength (LEA) 42.64 +2.07: -Technical- -Update- The stock displays relative strength this morning as it climbs to a fresh 3-month high above 42.00.
9:58AM Cameco confirmed that it will not invest in the Point Lepreau nuclear generating station in New Brunswick (CCJ) 48.61 -0.36:-Update-
9:54AM Immucor - - Relative Strength (BLUD) 27.62 +1.45: -Technical- The stock displays relative strength off its recent 6-month low as it runs back up over its 200-day simple ma near 27.61.
9:48AM Union Pacific edges above yesterday's 52-week breakout high of 70.50 (UNP) 70.57 +0.08: -Technical-
9:47AM Kenneth Cole - - 200 Day Alert (KCP) 29.54 -4.30: -Technical- As the stock plummets more than 12% off the opening, it sets up for a test of its 200-day simple moving average near 29.42.
9:45AM Globecomm Systems awarded Satellite Infrastructure Contract from a U.S. Government customer; valued at $6.7 mln (GCOM) 6.51 +0.21:
9:33AM Synaptics opens 25% lower in its late August 2004 bullish gap between 14.91/15.59 (SYNA) 15.75 -5.27: -Technical- -Update-
9:24AM Gapping Down :Gapping down on disappointing earnings/guidance: SYNA -27% (also downgrades from Bear Stearns and First Albany), SYMC -4.3%, LOOK -18%, MUSE -15%, ADRX -15%, IRF -9% (also downgrades from Smith Barney and UBS), LEXR -9%, WEBX -8.6%, HOTT -8.5%, TSCM -5.5%, SAPE -5.3%, DSCM -5.3% (also, Delafield Hambrecht cuts to Sell), NUVA -4.2% (also Lehman downgrade), MGM -2.2%... Other News: APPX -6.2% (does not expect FDA approval on Ceftriaxone in near term), ISRG -4.2% (profit taking after 12% move yesterday), BEXP -3.5% (Harris Nesbitt downgrade), AEOS -1.7% (Lazard downgrade), MOT -1.4% (BofA downgrade).
9:22AM More On the Wires :Regent (RCGI) board OKs up to $20 mln stock buyback... Crystallex (KRY) files preliminary base shelf prospectus for up to C$75 mln... Osteotech (OSTE) CFO Michael J. Jeffries to retire effective Dec. 31... Ivax (IVX) announces that it will distribute in the U.S. morphine sulfate controlled-release tablets C-II in 15, 30, 60, 100, and 200 mg dosage strengths supplied by Purdue Pharma... Brady Corp. (BRC) buys Technology Print Supplies, Ltd. in Thailand, terms not disclosed... Wesco (WCC) says The Cypress Group and its affiliates have agreed to sell the remaining 9.01 mln shares of WCC stock pursuant to previously filed shelf registration... See previous On the Wires at 8:54, 8:20, 7:16 and 6:40.
9:15AM S&P futures vs fair value: -0.3. Nasdaq futures vs fair value: -1.5. :Futures market continues to weaken heading into the open, as indications now point to lower open for equities... Perhaps adding to the change of heart among investors in pre-market trading has been ongoing deterioration in bonds, which have lifted benchmark yields to as high as 4.25%... Consolidation following recent market gains heading into the weekend and ahead of more economic data - Michigan sentiment and Chicago PMI - and oil prices above $60/bbl may also be weighing on early action
9:10AM Gapping Up :Gapping up on strong earnings/guidance: ITWO +55% (also CIBC upgrade), MSTR +20% (also, judge dismisses BOBJ lawsuit), APLX +19%, JILL +16% (also Wells Fargo upgrade), WEN +12% (also announces new strategic plans), BOBJ +11% (also upgrades from Bear Stearns, First Albany), BHS +11%, WFMI +10%, MFE +8%, EDS +8%, PWAV +7%, NDAQ +5%, AZN +2.4%... Stem cells strong on report Sen Frist may support research funding bill: STEM +10%, VIAC +7.6%, ASTM +6%, GERN +4%... Other news: MNT +6.3% (gets FDA approvable letter; Piper upgrade), OVEN +5% (BWeek profile), SWB +20% (Mad Money mention) RGR +11% (Mad Money mention), STGN +3.8% (BWeek profile), RNAI +10% (co's drug profiled on PBS show Nova), SPN +10%, RD +2.6% (CSFB upgrade), NVMI +38%, FORD +2.4%.... Under $3: CKSW +25%, AATK +13%, MPET +10%.
9:07AM Unocal beats by $0.10 (UCL) 65.20 :Reports Q2 (Jun) earnings of $1.77 per share, $0.10 better than the Reuters Estimates consensus of $1.67; revenues rose 20.1% year/year to $2.16 bln.
9:06AM Extended Systems to be acquired by Sybase for approx $71.3 mln (XTND) 3.44 :XTND announces that it has signed a definitive agreement with Sybase (SY) pursuant to which SY will acquire XTND. The proposed acquisition is a cash merger with a total diluted equity price of approx $71.3 mln, or $4.46 per share. (Stock is halted.)
9:03AM Indevus Pharm licenses U.S. rights to Nebido from Schering AG (IDEV) 3.11 :Co announces that it has licensed exclusive U.S. rights from Schering A.G. (SHR) to market Nebido. Under the terms of the agreement, IDEV will be responsible for the development and commercialization of Nebido in the US. Schering will be responsible for manufacturing and supplying commercial product to IDEV. IDEV will make up to $30 mln in up-front, regulatory milestone, and commercialization milestone payments, including $7.5 mln up-front and $5.0 mln upon approval of the product. Following approval of the product, IDEV will pay to Schering a percentage of net sales to cover both the supply of finished product and royalties.
9:02AM MEMC Elec CEO files 10b5-1 plan (WFR) 17.00 :
9:00AM S&P futures vs fair value: +1.0. Nasdaq futures vs fair value: +1.0. :Futures indications off their best levels but still trade above fair value, suggesting a slightly higher open for the cash market... Aside from encouraging GDP data providing early support, strong Q2 earnings from Chevron (CVX), in the wake of ExxonMobil's (XOM) solid report yesterday, have kept energy stocks at the forefront again... Also making headlines are utilities stocks, following reports from AEP, DTE, CEG, PGL and a downgrade on FE
9:00AM EDS guidance correction (EDS) 19.75 :-Update- The 8:08 comment on EDS should read: Co issues upside guidance for Q2 (Jun), sees EPS of $0.09, ex items vs. loss of $0.04 Reuters Estimates consensus. Earlier we reported that EDS saw a loss of $0.09, this was incorrect, we have updated the original story.
8:54AM More On the Wires :Radyne (RADN) announces $2.3 mln contract... Genzyme (GENZ) submits biologics license application to the FDA for Myozyme, a treatment developed for patients with Pompe disease, a muscle disorder resulting from an inherited enzyme deficiency... See previous On the Wires at 8:20, 7:16 and 6:40.
8:49AM Genzyme submits BLA for Myozyme for treatment of Pompe disease (GENZ) 75.20 :-Update- Co announced that it has submitted a biologics license application (BLA) to the FDA for Myozyme (alglucosidase alfa). If approved, Myozyme would be the first treatment developed for patients with Pompe disease, a debilitating and often fatal muscle disorder resulting from an inherited enzyme deficiency. The Myozyme BLA is expected to receive Priority Review by the FDA, which means the agency would be required to act on the application within six months.
8:48AM Tweeter beats by a penny (TWTR) 3.10 :Reports Q3 (Jun) loss of $0.31 per share, excluding non-recurring items, $0.01 better than the Reuters Estimates consensus of ($0.32); revenues rose 2.3% year/year to $166.6 mln vs the $165.3 mln consensus.
8:46AM Golf Galaxy IPO prices above range; golf retailer; recent retail IPOs have been strong (GGXY) 14.00 :Golf Galaxy prices its IPO at $14, above the expected range of $11-$13. The co is a golf specialty retailer offering golf equipment, apparel and pro shop services. The co has 45 stores in 19 states applying its "Everything for the Game." core strategy. The co offers what it calls an exciting, interactive environment that contrasts sharply with smaller independent golf stores, on-course pro shops and the golf depts of general sporting goods retailers. The co's strategy is to focus on leading national brands in golf, rather than promoting private label products or lesser known brands. Its "superstore" format features a racetrack layout highlighting product offerings along with many interactive features, such as an artificial bent grass putting green and golf simulators. The co is profitable and sales of $133 mln for the year ending Feb 2005, up 33% yoy. MayQ sales were $58.6 mln, up 52% yoy... The co's founders (CEO and COO) and its CFO all have extensive retail management experience at Best Buy. Longer-term, management sees potential to support 250 stores nationwide.... Specialty retail IPOs have been hot lately, such as CTRN +64%, DSW +9%, VLCM +33%, ZUMZ +67% (percent change from opening price on first day of trading), especially small float ones. This is a 3.3 mln share deal led by Piper and Wm Blair.
8:44AM Sohu.com: China Mobile approves Sohu.com to resume MMS services from August 1, 2005 (SOHU) 18.30 :Co states that as it will need to rebuild the MMS business after eleven months of suspension, the company currently does not expect the resumption of its MMS services will make its business outlook for the third quarter 2005 to be materially different from the guidance disclosed in the earnings announcement on July 27, 2005.
8:34AM Chevron beats by $0.11 (CVX) 58.94 :Reports Q2 (Jun) earnings of $1.76 per share, $0.11 better than the Reuters Estimates consensus of $1.65; revenues rose 26.4% year/year to $48.34 bln.
8:32AM S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: +2.0. :Futures trade holds relatively steady following economic data, still indicating a slightly higher open for the indices... Advance Q2 GDP checks in at 3.4% (consensus +3.5%), while the chain deflator - a key inflation measure - has come in at 2.4% (consensus +2.6%)... Q2 employment cost index rose 0.7% (consensus +0.8%)... Bonds have also held their ground as the 10-yr note is down 1 tick to yield 4.20%
8:20AM More On the Wires :Gravity (GRVY) to launch Stylia, an online game portal in conjunction with partner Sonnori Ltd... Curtiss-Wright (CW) announces $39.5 mln contract to deliver nuclear propulsion pumps for Virginia-class submarine program...Viisage (VISG) chosen as strategic partner by Cross Match for identity proofing and additional identity solution; Cross Match to help extend VISG Proof functions for gov't and commercial applications... Activision (ATVI) says it expands alliance through new licensing agreement with Marvel.. CH Energy Group (CHG) seeks permission to raise energy delivery rates... American Science & Engineering (ASEI) gets $2.5 mln service and spare parts order for U.S. gov't for ZBackscatter vans... See previous On the Wires at 7:16 and 6:40.
8:14AM Colgate-Palmolive president to retire, company names successor (CL) 53.30 :CL says William S. Shanahan, president, will retire on Sept. 30. Co says it elects Ian M. Cook, 53, currently COO, to become president and COO upon Shanahan's retirement.
8:09AM PMI Group board OKs up to $150 mln share buyback (PMI) 41.11 :PMI Group (PMI) board OKs up to $150 million share buyback, boosts cos' annual common stock divided to $0.21, up from $0.18, starting in Q3.
8:09AM Superior Well Services IPO prices at high end; oilfield services company (SWSI) 13.00 :Superior Well Services prices its IPO at $13, at the high end of its expected $11-$13 range. SWSI is an oilfield services co operating in many of the major oil and natural gas producing regions of the US. It provides a wide range of wellsite services, primarily technical pumping services (90% of sales) and down-hole surveying services (10% of sales). The majority of its customers are regional, independent oil and natural gas cos. The co is profitable and has increased revenue from $15.1 mln in 2000 to $76.0 mln in 2004, with a corresponding increase in EBITDA from $2.8 million to $15.2 million over the same period. Q1 revs increased 71% yoy to $26.0 mln... The timing for this IPO could not be much better. The energy sector has been hot as crude prices remain near $60. Also, most major oil service stocks are near new 52-week highs. The co's growth, hot sector and small deal size of 5 mln shares is attracting interest. This is being led by KeyBanc Cap Mkts.
8:08AM EDS guides Q2 above consnesus; raises FY05 guidance (EDS) 19.75 :Co issues upside guidance for Q2 (Jun), sees EPS of $0.09, ex items vs. -$0.04 Reuters Estimates consensus; sees Q2 (Jun) revs of $5.2 bln vs. 5.08 bln consensus. Co raises guidance for FY05 (Dec), to EPS of $0.50-0.60 from $0.40-0.50, ex items vs. $0.42 consensus.
8:07AM United Industiral subsidiary gets $129 mln U.S. Army order (UIC) 37.00 :United Industrial (UIC) subsidiary A.A.I. receives $129 mln order from U.S. Army for 12 additional Shadow tactical unmanned aerial vehicle systems. The additional 12 systems, which include 48 advanced RQ-7B air vehicles, 24 ground control stations, and associated components and support equipment, will be delivered over the next 18 mos.
8:05AM EDS raises guidance :
8:02AM NBTY Inc beats by $0.04, ex items (NTY) 24.74 :Reports Q3 (Jun) earnings of $0.37 per share, excluding non-recurring items, $0.04 better than the Reuters Estimates consensus of $0.33; revenues rose 9.8% year/year to $439 mln vs the $441.7 mln consensus.
8:02AM Activision expands alliance through new licensing agreement with Marvel (ATVI) 18.97 :Under the terms of the deal Activision is granted the exclusive rights to develop and publish cross property non-persistent role playing games (RPG) that utilize a broad, "ensemble cast" of characters from the Marvel (MVL) Universe. The agreement, expected to further strengthen Activision's leadership position in the Super Hero genre, covers both the console and PC arenas. The first game under the new agreement is expected to be released in fiscal 2007.
8:01AM Mentor Graphics misses by a penny, ex items (MENT) 10.22 :Reports Q2 (Jun) loss of $0.09 per share, excluding non-recurring items, $0.01 worse than the Reuters Estimates consensus of ($0.08); revenues fell 8.7% year/year to $154.8 mln vs the $156 mln consensus.
8:01AM S&P futures vs fair value: +2.2. Nasdaq futures vs fair value: +2.0. :Futures market versus fair value suggesting a higher open for the cash market ahead of a report that may show the economy expanded at a 3.5% annual rate in Q2... At 8:30 ET, investors will get an advance read on Q2 real GDP (consensus 3.5%), chain deflator (consensus 2.6%) and Q2 employment cost index (consensus +0.8%)... Meanwhile, investors continue to digest another round of strong earnings reports from notable names like MET, WEN, ADM, APC and BHI
7:39AM Woodhead beats by $0.02; lowers Q4 guidance below consensus (WDHD) 14.47 :Co reports Q3 EPS of $0.26 per share vs $0.24 Reuters Estimates consensus; revenues rose 8.2% yr/yr to $57.0 mln vs $62 mln consensus. Co sees Q4 EPS of $0.22, $0.04 lower than previous guidance vs $0.26 consensus; sees revs of $55 mln vs $62 mln consensus.
7:37AM StemCells reports Q2 results (STEM) 5.23 :Co reports Q2 EPS of ($0.06), vs ($0.08) reported in 2Q04. Revs were $36k, vs $6k reported in 2Q04. (No analysts cover the stock.) "As we previously announced, the Company filed an Investigational New Drug application with the FDA to begin a clinical trial of our human neural stem cells for the treatment of Batten disease... The trial is on clinical hold pending an IND amendment acceptable to the FDA. In May, we announced that we expected to file our response in Q3, and I am pleased to say that we remain on track to do so."
7:35AM Advancis to cut workforce by about a third (AVNC) 1.45 +0.01:AVNC says it's reducing its workforce by about a third (about 33 jobs) and eliminating all nonessential temporary personnel. Co will now have a total of 54 employees. Co says cuts will reduce annual net spending by about $4.1 mln. Co anticipates restructuring charges of about $3.3 mln in Q3, mainly due to severance. AVNC notes that as of June 30, co had cash, equivalents and marketable securities of about $40 mln.
7:32AM NICOR beats by $0.04, ex items; reaffirms (GAS) 41.75 :Reports Q2 (Jun) earnings of $0.35 per share, excluding non-recurring items, $0.04 better than the Reuters Estimates consensus of $0.31; revenues rose 12.8% year/year to $484.4 mln vs the $450 mln consensus. Co issues reaffirms guidance for FY05, sees EPS of $1.90-2.10, ex items vs. $2.18 consensus;
7:31AM Triumph Group beats by $0.08 (TGI) 37.25 :Reports Q1 (Jun) earnings of $0.45 per share, $0.08 better than the Reuters Estimates consensus of $0.37; revenues rose 7.5% year/year to $177.7 mln vs the $171.6 mln consensus.
7:19AM AGL Resources misses by $0.02, reaffirms Y05 guidance (ATG) 38.54 :Reports Q2 (Jun) earnings of $0.30 per share, $0.02 worse than the Reuters Estimates consensus of $0.32; revenues rose 46.6% year/year to $431 mln vs the $377.2 mln consensus (consensus contains two analyst estimates). Co issues in-line guidance for FY05, reaffirms EPS of $2.25-2.35 vs. $2.31 consensus.
7:16AM More On the Wires :Encore Capital Group (ECPG) expands credit facility with J.P. Morgan Chase to $200 mln... Penn Treaty American (PTA) announces new reinsurance agreement... Sirna Therapeutics (RNAI) notes its clinical drug candidate, Sirna-027, for age-related macular degeneration, was highlighted on the Public Broadcasting System program Nova scienceNow... See previous On the Wires at 6:40.
7:15AM Moody's beats by $0.09, ex items, ups Y05 guidance (MCO) 49.43 :Reports Q2 (Jun) earnings of $0.52 per share, excluding non-recurring items, $0.09 better than the Reuters Estimates consensus of $0.43; revenues rose 24.9% year/year to $446.8 mln vs the $397.7 mln consensus. Co raises Y05 revenue growth guidance to 13-16% growth from previous co guidance of 7-10% growth, also ups EPS growth guidance to 13-17% from previous co guidance of 7-10% growth.
7:13AM Peoples Energy misses by $0.10; sees FY05 EPS at the low end of prior guidance (PGL) 45.42 :Reports Q3 (Jun) earnings of $0.18 per share, excluding non-recurring items, $0.10 worse than the Reuters Estimates consensus of $0.28; revenues rose 13.7% year/year to $455.9 mln vs the $483.5 mln consensus. Co issues guidance for FY05, sees EPS at the low end of $2.55-2.70 vs. $2.60 consensus.
7:10AM IDEXX Labs beats by a penny; guides below consensus (IDXX) 65.29 :Reports Q2 (Jun) earnings of $0.59 per share, $0.01 better than the Reuters Estimates consensus of $0.58; revenues rose 16.9% year/year to $160.6 mln vs the $160.3 mln consensus. Co issues downside guidance for Q3, sees EPS of $0.57-0.59 vs. $0.59 consensus; sees Q3 revs of $155-157 mln vs. $159.00 mln consensus. Co issues downside guidance for FY05, sees EPS of $2.26-2.29 vs. $2.30 consensus; sees FY05 revs of $625-630 mln vs. $637.27 mln consensus.
7:09AM Anadarko Petro beats by a penny (APC) 89.00 :Reports Q2 (Jun) earnings of $2.12 per share, $0.01 better than the Reuters Estimates consensus of $2.11; revenues rose 10.2% year/year to $1.59 bln vs the $1.52 bln consensus.
7:08AM ITT Industries beats by $0.11, ups guidance above consensus (ITT) 101.75 :Reports Q2 (Jun) earnings of $1.43 per share, excluding non-recurring items, $0.11 better than the Reuters Estimates consensus of $1.32; revenues rose 17.7% year/year to $1.94 bln vs the $1.93 bln consensus. Co issues upside guidance for FY05, sees EPS of $5.30-5.40 vs. $5.26 consensus; sees FY05 revs of $7.7-7.8 vs. 7.67 bln consensus.
7:07AM Wendy's OKs additional $1 bln buyback, to sell part of Tim Horton's, co repays debt, reiterates growth rate (WEN) 45.27 :WEN board OKs an additional $1 bln for share repurchases and a 25% increase in the cos' annual dividend rate to $0.68 per share . Co plans to sell 15%-18% of Tim Hortons in an IPO. WEN also launches initiatives to improve operating and financial performance of its core Wendy's business, including rebalancing U.S. store mix, closing underperforming U.S. stores, selling franchised real estate, slowing new store development, rebalancing Wendy's store mix in Canada, and slowing new store development, which alone co says is expected to save $50 mln to $60 mln in annual capital expenditures. WEN reiterates 11%-13% long-term EPS growth rate... See yesterday's Options Activity comment
7:06AM Archer-Daniels beats by $0.03 (ADM) 22.35 :Reports Q4 (Jun) earnings of $0.30 per share, $0.03 better than the Reuters Estimates consensus of $0.27; revenues fell 2.7% year/year to $9.42 bln vs the $9.02 bln consensus.
7:02AM Priority Hlthcare misses by a penny, revs above consensus (PHCC) 27.53 :Reports Q2 (Jun) earnings of $0.27 per share, excluding non-recurring items, $0.01 worse than the Reuters Estimates consensus of $0.28; revenues rose 29.2% year/year to $566.6 mln vs the $545.8 mln consensus.
7:00AM American Electric beats by $0.18, ex items (AEP) 38.51 :Reports Q2 (Jun) earnings of $0.61 per share, excluding non-recurring items, $0.18 better than the Reuters Estimates consensus of $0.43. Co reaffirms for FY05, sees EPS of $2.30-2.50 vs. $2.43 consensus.
6:48AM Staar Surgical gets FDA approvable letter for Visian I.C.L. (STAA) 3.87 :STAA says that the F.D.A. has reviewed the co's pre-market approval application for the Staar Myopic Visian I.C.L. and has determined that it's approvable subject to an F.D.A. inspection. The I.C.L. is a refractive phakic implant intended for placement in the posterior chamber of the eye.
-------------------- Buy Low. Sell High. Posts: 10754 | From: The Land Of The Giants | Registered: Feb 2005
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