10:58AM LSB Industries universal shelf registration of $200 mln of securities has been declared effective by the SEC (LXU) 12.20 +0.34 :  

10:54AM Dollar Index pushes to new day session high of 75.09, Energy/Commodity and stock indices slip slightly off highs (TECHX) : The Dollar Index pulled back near last wk/52-wk close low at 74.83 during a morning downside extension of the overnight slide but it has edged to a minor new day session recovery high triggering some Energy/Commodity and stock index downticks in recent trade.

10:50AM Mkt Vctrs Steel Sector ETF slipping back after minor penetration of last week's 52-wk high of 60.19 -- session high 60.21 (SLX) 59.73 +1.56 : ATI +4.3%, SID +1%, GNA +2.8%, GGB +1.9%, MTL +0.6%, PKX +3.3%, RTP +2.8%, TX +3.1%, VALE +2.6%.

10:48AM Nymox Pharma releases positive new clinical trial data on durability of benefits for early responders to company's BPH Drug NX-1207 (NYMX) 5.19 +0.24 : Co announces the release of positive new clinical trial data from responder analysis of the co's pooled multi-center U.S. Phase 2 studies of NX-1207, indicating durable early responder benefits from Nymox's innovative drug treatment for benign prostatic hyperplasia (BPH). The study concerned patients who reported a 6 point or better improvement in BPH Symptom Score improvement within a month of treatment (early responders). At follow-up (14 months on average post-treatment), proportionally there were over 4.3 times as many NX-1207 early responders who had maintained a 6 point or better improvement in symptom score and who did not require further BPH treatment of any kind as compared to placebo controls. Results were statistically significant and the data was obtained from all available and eligible patients assessed at up to 19 months post treatment.

10:35AM Sector ETF strength & weakness through the first hour of trading (GDX) : Actively Traded Leading Sector ETFs:
Gold miners- GDX +4%, Oil HLDRS- OIH +3%, SPDRS metals/mining- XME +3%, Steel- SLX +3%, Coal- KOL +3%, US airlines- FAA +3%, Heating oil futures- UHN +2.75%, iShares healthcare providers- IHF +2.75%, SPDRS homebuidlers- XHB +2.5%, iShares RUT 2000- IWM +2.75%, Energy- XLE +2.5%, IYE +2.5%, Nat gas- UNG +2.5%, Commercial banks- KBE +2.5%, Global shippers- SEA +2.5%, Solar power- TAN +2.25%, KWT +2.25%, REgional banks- KRE +2.25%, Basic mat- XLB +2%, IYM +2.25%

Actively Traded Lagging Sector ETFs:
US Dollar index- UUP -.75%, US bonds- TLT -.5%

10:33AM IBM edges higher to challenge 2-month highs along the 128.61/128.65 area (IBM) 128.85 +1.89 :  

10:33AM SPDR KBW Bank ETF probes/pauses near resistance at its Nov high at 22.27 -- session high 22.25 (KBE) 22.19 +0.53 : Solid gains to start the week with the KBE testing its two week range top/Nov peak at 22.27. The next resistance if able to sustain a breakout is at 22.49 (50% retrace of Oct-Nov decline) followed by its 50 day sma at 22.62 -- BAC +2.2%, BK +1.4%, BBT +2.2%, C +1.6%, JPM +2.3%, MTB +1.6%, RF +4.2%, STI +3.7%, USB +1.2%, WFC +1.1%

10:28AM NASDAQ 100 (NDX) leaders & laggards moving through the first hour of trading (NIHD) : NDX Best % Performers:
NIHD +6.25%, STLD +4%, LBTYA +4%, MICC +4%, FWLT +3.75%, FLEX +3.75%, AKAM +3.5%, LINTA +3.5%, EXPE +3.25%, STX +3.25%, GRMN +3%, LRCX +3%

NDX Worst % Performers:
CEPH -8.5%, ILMN -2%, JAVA -.25%

NASDAQ TRIN @ +0.75
NASDAQ A/D line @ +1665

10:26AM Potash sinks lower off its opening gap up, eyeing last week's highs around the 115.33/115.53 area (POT) 115.91 +1.20 : Next levels of interest below that are Friday's close of 114.70 followed by the 113.00 zone.

10:26AM Dow (INDU) leaders & laggards moving through the first hour of trading (CVX) : INDU Best % Performers:
CVX +3%, AXP +3%, CAT +2.5%, PFE +2.5%, GE +2.25%, BA +2.25%

INDU Worst % Performers:
NONE

NYSE TRIN @ 0.40
NYSE A/D line @ +2225

10:22AM Life Sciences Research stockholders approved going private transaction (LSR) 8.43 0.00 :  

10:19AM See some relative weakness in Solar as the groups slips back off early highs in recent action -- FSLR, SPWRA, SOL, SOLF, JASO, TSL, STP, YGE, CSIQ, LDK (FSLR) :  

10:15AM Energen increases 2010 hedge position to 65% (EGN) 44.40 +1.45 : Co announces that it now has 65% of its 2010 estimated production of 114 billion cubic feet equivalent hedged. The oil and gas exploration and production subsidiary, Energen Resources Corporation, last week hedged an additional 564,000 barrels of its 2010 oil production at a NYMEX price of $82.25 per barrel and initiated hedging of its natural gas liquids production by selling swaps for 37.9 million gallons at an average price of $0.88 per gallon. Energen Resources also hedged an additional 462,000 barrels of its 2011 oil production at a NYMEX price of $85.80 per barrel.

10:14AM Rambus showing Relative Weakness against broader market strength this morning (RMBS) 17.34 -0.76 : Price displays weakness this morning trends lower off the opening below its 50-day simple moving average (17.60).

10:13AM AutoZone tests/pauses near its previous two month high from Oct at 148.78 -- session high 148.85 (AZO) 148.50 +1.08 :  

10:13AM Origin Agritech trades up 53% following news that the co received the Bio-safety Certificate from China's Ministry of Agriculture as a final approval for its genetically modified phytase corn (SEED) 7.93 +2.72 : SEED is now up 53% after announcing that it has received the Bio-safety Certificate from the Chinese Ministry of Agriculture as a final approval for commercial approval of the world's first genetically modified phytase corn. The stock has a small float of just 13.7 mln shares and has traded the heaviest volume in over a year this morning. See our 1:30 comment for original news posting.

10:12AM Scientific Games issues statement regarding Italian Instant Ticket tender (SGMS) 14.91 +0.27 : Co announced that on November 20, 2009, the Regional Administrative Court of Lazio issued a ruling annulling the tender for the Italian national instant ticket lottery and, as a result, has for the time being voided the tender. Co is waiting to learn of any potential actions to be taken by the Italian Monopoli di Stato as to any appeal of the ruling and further clarity on the tender process.

10:10AM S&P 500 notches a new session high 1112.38, its 52-wk intraday high from early last week is at 1113.69 (SPY) :  

10:09AM Bank of America runs to a new session high of 16.44 approaching its 50 day sma and two week range top at 16.51/16.62 (BAC) 16.43 +0.34 :  

10:04AM FirstEnergy: Haddington sells rights to its Norton Energy Storage project to FirstEnergy (FE) 42.49 +0.51 : Haddington Ventures announced that CAES Development Company, a portfolio company of Haddington's managed funds, has sold to FirstEnergy Generation, a subsidiary of FirstEnergy, the rights to the Norton Energy Storage Project, a compressed air energy storage facility under development in Norton, Ohio.

10:01AM Syniverse Holdings renews pact with Cellular South, builds in North America (SVR) 17.33 +0.58 : The co and Cellular South signed a multi-year contract extension for a broad suite of 11 messaging, roaming, clearing, fraud prevention and business intelligence solutions. The renewal marks the continuation of a 20-year relationship between the nation's largest privately owned wireless communications provider and Syniverse.

10:01AM Market View: Opening market surge pauses in front of home sales data and extends following stronger report -- Dow +160, S&P +19.5, Nasdaq +41 (DIA) :  

9:56AM Agnico-Eagle Mines extends its gap up open higher intraday as it lifts above its Nov range high of 62.61 (AEM) 63.30 +2.47 :  

9:53AM American Intl Industries to form desalination system joint venture with Centriforce Technology (AMIN) 1.20 -0.10 : Co announced that it has continued negotiations with Centriforce Technology subsequent to the Letter Of Intent (LOI) signed on November 2, 2009. Both parties are discussing the development of a Joint Venture (JV) through a new entity to operate in the water desalination industry. The purpose of the JV would be to build and install a commercial desalination plant utilizing Centriforce Technology's advanced design that has been proven to be more efficient than existing technologies. Because of the efficiencies of Centriforce Technology's unique technology, the JV would be in position to profit from operating the plant and selling potable water under contract with municipalities and industrial clients.

9:48AM Moody's says commercial real estate recovery will be long and slow : Property valuations on U.S. commercial real estate have further to fall before they experience a modest rebound to be followed by a long, gradual recovery, according to Moody's Investors Service. Cash flows from properties that back commercial mortgage backed securities (CMBS) will recover slowly over a period of several years. In addition, refinancing risk on commercial mortgage backed securities will grow as maturities near on bonds issued during the peak of the market. Because of these trends, Moody's anticipates further downgrades of up to three notches for many subordinate tranches of 2006-2008 vintage conduit/fusion CMBS. Ratings on the most senior bonds are likely to remain at current levels. Rating actions will take place over time following detailed individual deal reviews. "Cash flows for properties with short-term lease structures, such as hotels and multifamily, will likely hit bottom in 2010 or early 2011," says Moody's Managing Director Nick Levidy "The bottom for office, retail and industrial properties will take longer to form." Commercial property values, which have fallen 42.9% since their October 2007 peak, will remain depressed for far longer than cash flows. Moody's expects property values to decline to 45%-55% off their peak in the coming months. "We believe that valuations will rebound off the bottom and settle in for the longer term at levels 30%-40% below the market top as liquidity and investors return to the sector and property cash flows begin to recover," says Moody's Levidy.

9:46AM Dow punches through last week's peak to set a new 52-wk intraday high of 10467 (DIA) : The strong early sprint has pushed the Dow through the trendline off the 2007/May 2008 highs (click for chart).

9:46AM Peoples Bank (NC) declared cash dividend for q4 $0.02 per share, reduction of $0.05 per share from the $0.07 prior dividend (PEBK) 5.00 -0.09 :  

9:42AM Reminder: Existing Home Sales data due out in about 18 min at 10:00ET (ECONX) :  

9:40AM Dollar Index hovering near its 52-wk low from last week, S&P working up toward last week's 52-wk close high at 1110 -- session high 1107.73 (SPY) :  

9:37AM Aggressive gains in Commodity/Energy in opening trade amid Dollar pressure (GDX) : The Dollar index has reversed off resistance again (see The Technical Take for chart) with Commodity/Energy providing early leadership this morning (Gold Miners GDX Coal KOL, Steel SLX, Energy XLE, Materials XLB Drillers RIG, NE, BHI, PDE, SLB, DO, HAL, WFT) along with Housing XHB, Healthcare +2.9%, REITs IYR +2.3%, Auto Parts +2.3%, Airline +2%.

9:25AM China Green Agriculture to raise approximately $20 mln in registered direct offering (CGA) 17.14 : Co announces it has entered into definitive agreements to sell 1,282,052 shares of its common stock at a price per share of $15.60 pursuant to a registered direct offering to several select institutional investors, representing gross proceeds of approximately $20 mln.

9:18AM Fieldpoint Petroleum announces that on Nov 20th, its Board of Directors authorized the company to repurchase up to $250K in common stock (FPP) 2.17 :  

9:15AM S&P futures vs fair value: +13.20. Nasdaq futures vs fair value: +19.00. : Premarket participants remain focused on the U.S. dollar in the absence of any major corporate headlines. With the Dollar Index still under some stiff pressure, down some 0.7% amid comments from Chicago Fed President Evans and St. Louis Fed President Bullard, stock futures still sport solid gains and suggest a strong start for the major indices. Commodities futures prices are also garnering support, which has sent both energy prices and precious metals prices higher. In particular, gold is up 1.7% to $1165.70 per ounce. It set a new record high near $1167.80 per ounce in recent trade. The overall tone this morning remains positive, but participants await a couple of potential catalysts, namely existing home sales results for October (10:00 AM ET) and results from the latest auction of 2-year Treasuries (1:00 PM ET).

9:15AM Equity futures push to morning highs as dollar ticks to morning lows; Commodities also rising further on weaker dollar with oil and gold at highs (SPY) 109.43 : The dollar index is now trading down -0.60 at 74.97. SPX futures are +13, while DJ futures are +102. Gold is +19.50 at 1170.10, while oil is +1.91 at 79.38.

9:10AM Jan crude oil pops ~$0.40 at the open of pit trading, currently up $1.99 at $79.46 (USO) :  

9:09AM On The Wires : StemCells (STEM) announces that it has commenced patient recruitment for a Phase I clinical trial designed to test the safety and preliminary efficacy of its HuCNS-SC purified human neural stem cells in Pelizaeus-Merzbacher Disease, a neurological disorder that primarily afflicts children...Lawson Software (LWSN) announces that Apache Corp has signed a contract to implement Lawson Global Human Resources, a set of enterprise applications within the Lawson Talent Management Suite... Pacific Asia Petroleum (PAP) announces that it has signed a Purchase and Sale Agreement with CAMAC Energy Holdings and certain of its affiliates to acquire all of CAMAC's interest in a Production Sharing Contract with respect to that certain oilfield asset known as the Oyo Oilfield. In exchange for all of CAMAC's interest in the PSC with respect to the Oyo Oilfield, the company has agreed to pay $38.84 mln in cash to retire existing debts and issue common stock to CAMAC equal to 62.74% of the company's issued and outstanding common stock... Oceanside Pharmaceuticals, part of Valeant Pharmaceuticals International (VRX), announces that it has now launched chlordiazepoxide hydrochloride and clidinium bromide, an authorized generic version of Librax. Oceanside has received its first orders and expects to be a significant player in the Librax generic market... Cleveland BioLabs (CBLI) announces the opening of enrollment for the second human safety study for CBLB502, a drug under development for the treatment of Acute... Reed's (REED) announces that the Co has closed a financing Agreement with GemCap Lending I for a $3 mln revolving credit facility, secured primarily by its accounts receivable and inventory. The GemCap facility will replace Reed's existing credit facility. The new senior revolving facility reflects improved eligibility and reduced reserves on Reed's collateral base for borrowing... Raytheon (RTN) announces that it has received a $241.3 mln U.S. Navy contract to deliver additional open architecture software capability for the Zumwalt-class destroyer... General Physics Corporation, the operating subsidiary of GP Strategies Corporation (GPX), announces that its multi-year contract with a leading global software corporation has been expanded to allow GP to provide delivery, learning infrastructure, and learning operations and logistics services in addition to their existing contract for content development and vendor management... Active Power (ACPW) announces that it has deployed its flywheel-based CleanSource 600 kVA UPS system to a mission critical datacenter facility located in Houston, Texas. The facility is operated by a life science company. The system provides both power protection and power conditioning against all types of electrical disturbances to ensure 24/7 uptime... Education Realty Trust (EDR) announces the closing of a $95 mln secured revolving credit facility. The new facility has a three year term with a one year extension option and contains an accordion feature allowing the Company to increase the total commitment under the facility to $150 mln upon request by the company and lender approval... Quantum Corp. (QTM), announced that Hawaii's Department of Health has significantly improved its data protection process and eased the demands on IT staff by deploying Quantum's DXi7500 disk-based backup and deduplication solution along with a Quantum Scalar tape library.

9:03AM Transocean announces that Rob Saltiel is named Executive Vice President and Chief Operating Officer effective Dec 1, 2009 (RIG) 83.80 :  

9:03AM Exceed Company announces intent to offer program for early cashless exercise of warrants through ordinary share exchange (EDS) 10.05 : Co announced that it intends to offer the holders of all 10,890,000 outstanding warrants the opportunity, for a limited time, to acquire ordinary shares through warrant for share exchange. Exceed intends to modify the terms of the Warrants to permit, instead of paying the purchase price of $5.25 in cash, the exchange of 3.96 Warrants for one Ordinary Share. The exchange ratio was determined by the board of directors of Exceed based on the ratio of the actual average daily closing prices of the Ordinary Shares and Warrants on NASDAQ for the period of November 9, 2009 to November 13, 2009. 

9:02AM Cumberland Pharma announces that Caldolor Injection demonstrates significant fever reduction in hospitalized burn patients (CPIX) 15.44 : Co announces positive new top-line results from a study evaluating the safety and efficacy of Caldolor (ibuprofen) Injection in treating fever in hospitalized burn patients. Statistical significance was achieved for the primary endpoint of reducing fever in burn patients over the first 24 hours of treatment. The study evaluated 61 adult burn patients with second or third degree burns covering more than 10 percent total body surface area. Other participant criteria included an anticipated hospital stay of more than 72 hours and temperatures of 38.0 degrees C (100.4 degrees F) or greater. Patients were administered 800mg of Caldolor every six hours for five consecutive days. The study raised no safety concerns and the medication was well tolerated. There was no difference in adverse effects between patients who received a placebo and those receiving Caldolor.

9:00AM Seattle Genetics and Agensys, an Affiliate of Astellas, Expand Antibody-Drug Conjugate Collaboration (SGEN) 9.30 : Co announces an expansion of the companies' antibody-drug conjugate collaboration. Under the amended agreement, Agensys will pay a $12 mln fee for exclusive rights to ADC licenses against additional antigen targets. Seattle Genetics also receives an option to co-develop another ADC at the time of investigational new drug submission. Under the expanded collaboration, Agensys receives the right to obtain exclusive ADC licenses for multiple additional targets in exchange for payment of the upfront fee. Seattle Genetics also receives an option for 50:50 cost and profit-sharing of a third ADC program at IND filing. The remaining ADC programs will be developed and commercialized exclusively by Agensys. Seattle Genetics is entitled to progress-dependent fees, milestone payments and mid-single digit royalties on worldwide net sales of ADC products developed and commercialized solely by Agensys. Under the terms of the amendment, Seattle Genetics is eligible to receive up to $250 mln in development milestones and $100 million in sales milestones if all of the additional ADC programs are successful.

8:45AM S&P reports on its global survey of large banks' capital : The contrasting capital fortunes of the world's biggest banks are highlighted by Standard & Poor's Ratings Services in a report published today. The report provides the first global comparison of different banks' capital strengths as measured by Standard & Poor's new risk-adjusted capital (RAC) ratio compared with regulatory Tier 1 ratios and leverage ratios. "We found that the average estimated RAC ratio for large international banks was 6.7% as of June 30, 2009, more than three percentage points below their average Tier 1 ratio," said Standard & Poor's credit analyst Bernard de Longevialle. "We expect this more than 300 basis point average gap between ratios to narrow in the future as a result of expected changes in the calculation of regulatory capital ratios." "The RAC results illustrate our qualitative opinion that Tier 1 and leverage ratios are not sufficient to come up with an informed view about individual banks' capital adequacy," added Mr. de Longevialle. "We see an important difference between the relative ranking of individual banks' capital adequacy according to our measure, and what is suggested by Tier 1 ratios."

8:44AM Green Mtn Coffee confirms $30/share cash proposal to acquire Diedrich Coffee (DDRX) (GMCR) 65.01 : Co confirms that it has submitted a proposal to acquire Diedrich Coffee (DDRX) for $30.00 per share in cash pursuant to a cash tender offer, in a transaction with a total enterprise value of approximately $247 mln. Separately, today DDRX announced that the Board of Directors of Diedrich had determined that the GMCR offer constituted a superior proposal, as defined in the existing merger agreement between Diedrich and Peet's Coffee & Tea (PEET) , to the November 2, 2009 Peet's proposal. Diedrich also announced today that is has received a revised offer from Peet's. Under the terms of GMCR's proposal, GMCR will acquire all of the outstanding shares of Diedrich common stock for $30.00 per share in cash, with no financing and no due diligence contingencies. GMCR intends to fully finance this transaction through cash on hand and GMCR's existing bank lines of credit. Co states, "We are pleased that Diedrich's Board of Directors determined that our all-cash offer constituted a superior proposal to Peet's November 2, 2009 proposal. We believe our offer provides Diedrich shareholders with a substantial all-cash premium as well as greater value and greater certainty than the cash and stock proposal from Peet's. We remain committed to this strategic combination."

8:42AM Gladstone Commercial announces intention to sell up to $50 mln in senior common stock (GOOD) 13.67 : Co announces that it plans to commence a continuous private offering pursuant to which a dealer manager may enter into agreements with participating broker-dealers whereby the company may issue a maximum of 3,333,333 shares of its senior common stock at $15.00 per share. The company will also offer up to 500,000 shares of Senior Common Stock at $15.00 per share pursuant to a distribution reinvestment plan to those purchasers of Senior Common Stock who elect to participate in the plan. The net proceeds from the sale of the Senior Common Stock will be used for investment in additional properties and mortgage loans, to repay indebtedness, to potentially purchase shares of the Company's preferred stock on the open market, or other general corporate purposes.

8:41AM On The Wires : Bristol-Myers Squibb (BMY) announces that it has extended its collaboration with Asterand plc for access to Asterand's products and services for up to three years. The agreement will focus on access to Asterand's PhaseZERO drug discovery services and Asterand's XpressBANKTM of human tissue and clinical samples for the continued validation of early drug targets and support for compound optimisation... Xerox Corporation (XRX) and Affiliated Computer Services (ACS) announce that they have resolved claims made in a consolidated action filed by ACS shareholders in Dallas County, Texas, related to Xerox's proposed acquisition of ACS. In a stipulation agreed to by the parties, the plaintiffs have withdrawn their motion for a temporary and/or permanent injunction... Skyworks Solutions (SWKS) announces that the Co's expanded ISO/TS 16949 certification now includes its entire Mexicali, Mexico manufacturing facility. Skyworks' 2007 ISO/TS 16949 certification previously covered only certain facets of its Mexicali operations... China Valves Technology (CVVT) announces that the co's two patent applications submitted to the State Intellectual Property Office of the PRC have been approved and that the Company expects to receive these utility model patents by the end of 2009.

8:37AM Campbell Soup beats by $0.06, misses on revs; raises FY10 sales and EPS growth outlook (CPB) 34.12 : Reports Q1 (Oct) earnings of $0.87 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.81; revenues fell 2.1% year/year to $2.2 bln vs the $2.28 bln consensus. Co raises their FY10 outlook, they now see FY10 sales growth of 4-5% from 3-4% previously, we calculate this to be revs of $7.889-7.965 bln vs the $7.94 bln consensus), they have raised their FY10 EPS growth outlook to 9-11% from 5-7% previously, we calculate this to be FY10 EPS of 2.42-2.46 vs the $2.39 consensus. "We feel good about our performance in the first quarter as we delivered solid earnings growth across all of our key businesses. We're especially pleased with the significant improvement in our gross margin, driven by increased productivity in our supply chain. Our U.S. Soup business faced difficult top-line comparisons with last year's first quarter when sales increased 12 percent. In this year's first quarter, we built momentum in the latter part of the quarter when, as planned, we significantly stepped up our marketing and merchandising programs. Looking ahead, we're optimistic about our U.S. Soup business, led by the renovated 'Campbell's Chunky' line, innovations in our condensed portfolio and our 'Swanson' broth business. While it is early in the fiscal year, we're raising our guidance based on our results in the quarter and our outlook for the remainder of the year, including currency."

8:35AM Integrated Device divests micro networks business for approximately $13 mln (IDTI) 5.97 : Co announces it has signed an agreement to divest its Micro Networks business to Spectrum Control for approximately $13 mln. The transaction, which has already received approval by the IDT Board of Directors, is expected to close by the end of November.

8:35AM S&P futures vs fair value: +10.40. Nasdaq futures vs fair value: +14.80. : Europe's major indices are up solidly. The gains come amid news that the euro-zone economy saw its composite purchasing managers index hit a two-year high in November by coming in at 53.7. In Germany, the country's purchasing managers index advanced to 52.0 in November from 51.0 in October, while the PMI for the services sector picked up to 51.5 from 50.7. The data were stronger than expected, according to reports. Germany's DAX is currently up 1.5% with Siemens (SI) acting as a primary leader. In France, the CAC is up 1.7%. Energy giant Total (TOT) is a primary leader at the moment. Danone, Alcatel-Lucent, and STMicroelectronics are the only three names in the 40-member index to trade with a loss. In Britain, the FTSE is up 1.5%. Global banking giant HSBC (HBC) is providing key support. In Asia, Hong Kong's Hang Seng advanced 1.4%. Financials jumped amid optimism that Beijing will extend its loose monetary policy until next year. Meanwhile, metals stocks gained after gold prices gained further ground. In mainland China, the Shanghai Composite closed 0.9% higher. Auto shares found support after bullish comments were made from the Guangzhou Autoshow. The MSCI Asia Pacific Index advanced 1.0% Monday, but Japan's Nikkei was closed for a holiday.

8:35AM Offered Ahead of Auctions -05/32 3.386% (BONDX) : Bonds are gearing up, or down, as it were, for a batch of supply on top of data that is generally expected to improve. The market is awaiting an at-record $44B 2-yrs as well as a batch of the usual 3-and-6-mo bills. The data, existing home sales, is seen as higher as prices drop and foreclosures ramp higher. The market will be watching the auctions, being the first in a run up to record levels 5-and-7-yrs which have had a billion added to each offering, taking them to $42B and $32B respectively. The curve has been grinding a touch steeper, but should remain resume a flattening stance with the 2-10-yr yield spread 264.7. The dollar has been on offer with the index making stabs at the 75.00 level while talk of faster hikes in the eurozone weigh, with the regional currency still unable to take out the 1.50 point but working on it. The yen is holding near 89, after an a push to the best levels since 10/09 on the buck and through to Thursday levels on the euro, now giving 88.8755 and 133.07. The data have the used home sales (10) while the auctions have the $30B 3-mos and $31B 6-mos going (11:30) as well as the 2-yrs (13) while the usual 4-wk announcement may include cash management bills.

8:34AM Lexicon Pharma to present "Positive Top-Line Phase 2 Results" for LX1031 in non-constipating irritable bowel syndrome (LXRX) 1.50 : Co announces that top-line data from its Phase 2 clinical study with LX1031 in patients with non-constipating irritable bowel syndrome will be presented at GASTRO 2009 in London this week. Results from the study, which showed a significant improvement in IBS symptoms, will be presented by Dr. Philip M. Brown, Lexicon's senior vice president of clinical development, on November 25, 2009 at 2:30 pm local time at the session entitled, "Therapeutic insights in functional digestive disorders."

8:33AM Kratos Defense and Security awarded $1.4 million Department of Labor technical support contract (KTOS) 10.34 :  

8:33AM Valspar beats by $0.04, reports revs in-line; guides FY10 EPS in-line (VAL) 27.55 : Reports Q4 (Oct) earnings of $0.53 per share, $0.04 better than the First Call consensus of $0.49; revenues fell 15.9% year/year to $776.6 mln vs the $783.3 mln consensus. Co issues in-line guidance for FY10, sees EPS of $1.85-2.05 vs. $1.93 consensus. "Our outlook for fiscal 2010 assumes modest revenue growth and ongoing pressure on raw material costs."

8:32AM Brightpoint and Time Warner Cable sign supply chain solution agreement (CELL) 7.41 : Co announces that its subsidiary, Brightpoint North America , has entered into an agreement with Time Warner Cable to provide a suite of integrated supply chain solutions that include transportation management, inventory management, device customization, fulfillment, and reverse logistics. Pursuant to this agreement, Brightpoint will provide Time Warner Cable with these services to support their launch of Road Runner Mobile including wireless data card, accessory and collateral fulfillment and returns, triage and repairs.

8:31AM CDC Software raises its full-year profit guidance to $17.2-$19.3 mln; revenue guidance has not changed at $197-$200 mln (CDCS) 10.00 : Co raises its 2009 profit guidance, sees net income attributable to controlling interest to be in the range of $17.2-$19.3 mln vs. prior guidance range of $15-$18 mln. Sees adjusted EBITDA to be in the range of $50.2 - $51.5 mln. Revenue guidance has not changed and is expected to be in the range of $197-$200 mln (no estimate) for the full year of 2009. "We are pleased to revise our profit guidance upward for 2009 since we have seen stronger gross margins, continuing improvement in cost management, and a growing sales pipeline," said Peter Yip, CEO of CDC Software. "Our fourth quarter sales pipeline has continued to increase and has shown steady growth over the last four quarters. In addition, our cross-sell opportunities during the fourth quarter continued to increase and we already have closed several new sales deals. As we have previously stated, we are well positioned to continue our growth through organic and cross-sell sales opportunities, as well as synergistic acquisitions in both the on-premise as well as Software as a Service models."

8:31AM Daxor Corporation declares special year-end dividend of $1.00 per share (DXR) 14.00 :  

8:30AM ARCA biopharma receives FDA Fast Track Designation for Gencaro development in genotype-defined heart failure population (ABIO) 2.25 : Co announces that the U.S. Food and Drug Administration has designated as a Fast Track development program the investigation of Gencaro, the Company's investigational, pharmacologically unique beta-blocker and mild vasodilator, for the reduction of cardiovascular mortality and cardiovascular hospitalizations in a genotype-defined heart failure population. The Co intends to submit a study protocol for review under the FDA's Special Protocol Assessment process for the design of a clinical trial to assess the safety and efficacy of Gencaro in approximately 3,000 patients with chronic heart failure who have the genotype that appears to respond most favorably to Gencaro. According to the FDA's Fast Track Guidance document, Fast Track programs are designed to facilitate the development and expedite the review of new drugs that are intended to treat serious or life-threatening conditions and that demonstrate the potential to address unmet medical needs. The Co anticipates that it will submit the study protocol for review under the SPA process in the fourth quarter of 2009. Subject to the timing and outcome of the FDA's review of the SPA submission, and subject to the Co's ability to obtain sufficient funding, the Co currently expects it could begin the proposed trial in late 2010 or the first half of 2011.

8:20AM General Cable discloses the DoJ and EC have been conducting antitrust and competition law investigations relating to the cable industry (BGC) 31.21 : Co discloses that U.S. Department of Justice and the European Commission have been conducting antitrust and competition law investigations relating to the cable industry, which General Cable Corporation believes relate primarily to the submarine and underground high-voltage cables businesses. The Company has not been engaged in the high-voltage submarine cable business. It only recently entered the submarine cable business in March 2009 through its German affiliate, Norddeutsche Seekabelwerke GmbH & Co., which the Company acquired in 2007. The Company has received requests for information from both the DOJ and the Commission in connection with their investigations. The Company has provided documents to the DOJ and responded to their questions. With regard to the European investigation, which, in the case of the Company, has been focused principally on its Spanish operations, the Company completed its response to the request for information on November 16, 2009. The Company may receive further requests for information from the DOJ and the Commission. No wrongdoing by the Company or its subsidiaries has been alleged by U.S. antitrust and European Union competition authorities. If any claims were to be made, defending them could involve the Company in lengthy proceedings. If the Company or its subsidiaries were found to have violated antitrust or competition regulations, the Company or its subsidiaries could be subject to fines and claims for damages, which could be substantial.

8:10AM Financial Federal: People's United Financial to acquire Financial Federal in a stock and cash transaction valued at ~$738 mln (FIF) 20.55 : People's United Financial (PBCT) to acquire Financial Federal Corporation (FIF) in a stock and cash transaction valued at ~$738 million. People's United expects the transaction to be significantly accretive to operating earnings in 2010 and to have an IRR greater than 20%. Given Financial Federal's significant excess capital, the transaction is expected to have a slight positive impact on People's United's industry leading capital levels on a pro forma basis. The transaction is expected to close in the first quarter of 2010. "Furthermore, this transaction generates meaningful earnings accretion without diluting our capital ratios, which will continue to provide us with tremendous strategic flexibility in today's volatile markets. Under the terms of the definitive agreement, which has been approved by both companies' boards of directors, at closing Financial Federal Corporation shareholders will receive $11.27 in cash and one share of People's United common stock. Based on the closing price of People's United on November 20, 2009, the transaction is valued at $27.74 per Financial Federal Corporation share. The actual value per Financial Federal share on consummation of the acquisition will depend on the share price of People's United at that time. The receipt of People's United stock by shareholders of Financial Federal is expected to be tax-free.

8:07AM ISIS Pharm issues letter to shareholders; disappointed with the reaction on Wall Street to what co sees as "very positive news" (ISIS) 11.23 : Co issues letter to shareholders. "We are disappointed with the reaction on Wall Street to what we believe is very positive news. We believe mipomersen will continue to provide results that speak for themselves. Each success brings us closer to getting mipomersen to the market and making the drug available to patients in need. Our antisense technology provides a direct route from genes to drugs with the opportunity to dramatically improve the productivity of the pharmaceutical industry. With 19 drugs in development, we have one of the largest and most diverse pipelines in our industry. We know that sick people depend on us. We continue to strive for excellence as we create drugs for the future. We also recognize that behind our successes is the support we receive from you. I would like to personally thank you for that. "

8:06AM Travelzoo announces CEO succession in summer 2010 (TZOO) 14.39 : Co announces that Christopher Loughlin, executive vice president, Europe, will become the co's chief executive officer, effective July 1, 2010, while CEO Holger Bartel will become chairman of the board of directors. Chairman and Travelzoo founder Ralph Bartel, who has served as the chairman of the board of directors for more than eleven years, will continue to serve as one of the five members of Travelzoo's board of directors.

8:06AM Diedrich Coffee evaluating revised offer from Peet's Coffee & Tea (DDRX) 25.99 : Co announced that it received a revised offer from Peet's Coffee & Tea, Inc. (PEET) offering to pay to Diedrich Coffee's stockholders a combination of $19.80 in cash and 0.321 of a share of Peet's common stock for each share of Diedrich common stock tendered and accepted in its exchange offer, representing total consideration of $32.00 per share based on Peet's closing price on November 20, 2009 of $38.00 per share. Peet's submitted its revised offer in response to a binding offer received by Diedrich Coffee from Green Mountain Coffee Roasters, Inc. (GMCR) to enter into a merger transaction pursuant to which GMCR would acquire all of the outstanding shares of common stock of Diedrich Coffee for $30.00 per share in cash. A merger agreement signed by GMCR that contains substantially the same terms (other than the amount and form of consideration) as the merger agreement with Peet's was included with the offer. After reviewing the offer from GMCR, the Board of Directors of Diedrich Coffee had determined that it constituted a "Superior Proposal" to the terms of the existing merger agreement between Peet's and Diedrich Coffee. In light of the different forms of consideration in the Peet's proposal and the GMCR proposal, Diedrich Coffee's Board is analyzing the two proposals to determine whether the GMCR proposal continues to be a Superior Proposal to the terms of the Peet's merger agreement and the exchange offer contemplated thereby as amended by the proposal received from Peet's. Diedrich Coffee intends to make an announcement promptly after a determination is reached by the Board of Directors.

8:04AM Cephalon and Ception Therapeutics provide initial results of a Phase IIb/III study of CINQUIL in pediatric eosinophilic esophagitis; analysis shows significant reduction in esophageal eosinophil levels vs. placebo (CEPH) 59.61 : Ception Therapeutics, Inc, a privately held biopharmaceutical company, and Cephalon (CEPH) announce results from a Phase IIb/III clinical trial for CINQUIL as a treatment for pediatric eosinophilic esophagitis. The study was designed to evaluate improvement in the co-primary endpoints of changes in esophageal eosinophil levels and clinical symptoms. Analyses of the data indicated that patients treated with CINQUIL showed a statistically significant reduction in esophageal eosinophil levels versus placebo. In the second co-primary endpoint, patients treated with CINQUIL showed an improvement in their clinical symptoms; however, placebo treated patients also experienced an unexpectedly large improvement in their symptoms. Therefore, the study did not achieve statistical significance for this endpoint. CINQUIL was well tolerated in the study, with an adverse event profile comparable to placebo. Ception and Cephalon continue to fully analyze the data and are planning to perform an analysis of an ongoing open-label extension study to help further assess the clinical results. The four-month, double-blind, placebo-controlled clinical trial evaluated the efficacy and safety of CINQUIL in 226 pediatric patients between five and 18 years of age with poorly controlled EoE. Study participants were randomized to receive one of three dose levels of CINQUIL (1 mg/kg, 2 mg/kg, and 3 mg/kg) or placebo. The reduction of esophageal eosinophils was marked in all active groups, with statistically significant reductions of peak esophageal eosinophils at all dose levels compared to placebo. All active groups also experienced improvement in the physician global assessment of their symptoms. However, the placebo cohort also demonstrated improvement in their physician global assessment; therefore, there were no statistically significant differences between the active groups and the placebo group for this endpoint. Note: Stock is halted.

8:03AM Merck wins summary judgment in Texas Attorney General's lawsuit involving VIOXX (MRK) : Co announces that Travis County, Texas District Court Judge Scott Jenkins granted MRK's motion for summary judgment, dismissing all claims in a VIOXX-related lawsuit filed on behalf of the State of Texas. In that case, which was filed in 2005 by the Texas Attorney General's Office, the state sought damages and penalties from Merck for alleged violations of the Texas Medicaid Fraud Prevention Act, including a refund of all monies that the state had spent on VIOXX. In its motion for summary judgment, Merck maintained, among other things, that the evidence showed that the company acted responsibly and truthfully in its communications about VIOXX with the State of Texas, doctors in the state and the U.S. Food and Drug Administration. Merck further pointed out that the TMFPA was not designed to apply to claims such as those brought by the state, and that the state had failed to elicit any evidence demonstrating that Merck had caused the state damages. After reviewing the briefs of the parties and hearing oral argument, the court rejected the state's claims, dismissing each of them with prejudice.

8:02AM First Solar sells California solar power project to NRG; no terms disclosed (FSLR) 121.18 : Co announced the sale of the 21 megawatt (MW) AC solar energy project it has developed and constructed in Blythe, Calif., to NRG Energy. Construction began in September and is expected to be completed by year-end. Electricity from the plant will be sold to Southern California Edison under a 20-year power purchase agreement. First Solar will provide operations and maintenance services at Blythe under a long-term contract with NRG. Financial terms of the agreement were not disclosed.

8:01AM Utek announces that Doug Schaedler, currently President, will assume Chief Executive Officer duties effective November 23, 2009 (UTK) 4.00 :  

8:00AM Diedrich Coffee: Peet's Coffee & Tea Increases Diedrich Coffee Acquisition Proposal to $32.00 in Cash and Stock, Expresses Confidence in revised offer (DDRX) : Co announces that on the evening of Sunday, November 22, 2009, it received a revised offer from Peet's Coffee & Tea (PEET) offering to pay to Diedrich Coffee's stockholders a combination of $19.80 in cash and 0.321 of a share of Peet's common stock for each share of Diedrich common stock tendered and accepted in its exchange offer, representing total consideration of $32.00 per share based on Peet's closing price on November 20, 2009 of $38.00 per share. The stock component of the revised purchase price is based on a fixed exchange ratio, so the value of that component will increase or decrease with changes in the market price of Peet's common stock. Peet's submitted its revised offer in response to a binding offer received by Diedrich Coffee from Green Mountain Coffee Roasters (GMCR) to enter into a merger transaction pursuant to which GMCR would acquire all of the outstanding shares of common stock of Diedrich Coffee for $30.00 per share in cash. A merger agreement signed by GMCR that contains substantially the same terms as the merger agreement with Peet's was included with the offer.

7:57AM Cephalon trading halted - news pending (CEPH) 59.61 :  

7:56AM Energy XXI to increase interests in core operated Gulf of Mexico Oil properties for cash considerations of $283 mln (EXXI) : Co announces it has executed a conditional purchase/sale agreement to acquire certain Gulf of Mexico shelf oil and natural gas interests from MitEnergy Upstream, a subsidiary of Mitsui & Co. (MITSY) for a headline cash consideration of $283 mln. The transaction involves mirror-image non-operated interests in the same group of properties Energy XXI purchased from Pogo Producing Company in June 2007. The properties include 30 fields currently producing 8,000 net barrels of oil equivalent per day, about 77% of which is oil and 80% of which is already operated by Energy XXI. Upon restoration of volumes pending repair of third party pipelines damaged by hurricanes in 2008, net production is expected to reach 10,000 BOE per day. Offshore leases included in the purchase total nearly 33,000 net acres. "The original Pogo property acquisition turned out to be an excellent transaction for Energy XXI, and the purchase announced today will double our interests in the same properties," Energy XXI Chairman and CEO John Schiller said. "The synergies are obvious, as no incremental personnel, systems or other overhead will be required. Administrative and operating cash costs are expected to be reduced by about $1 per BOE overall. This transaction will boost our recent production run rate by 43% to about 27,000 BOE per day, with near-term upside anticipated."

7:37AM Anadarko Petro announces successful pre-salt appraisal offshore Brazil (APC) 61.29 : Co announced the Wahoo #2 (also called Wahoo North) appraisal/exploration well in the Campos Basin has encountered more than 90 feet of high-quality net oil pay in the same pre-salt interval as the original Wahoo discovery. The Wahoo #2 appraisal/exploration well is located in block BM-C-30, five miles north and down-dip from the previously announced Wahoo discovery that encountered more than 195 feet of net pay. 

7:33AM Tyson Foods beats by $0.02, beats on revs (TSN) 13.07 : Reports Q4 (Sep) earnings of $0.28 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.26; revenues rose 0.2% year/year to $7.21 bln vs the $6.88 bln consensus. "All operating segments were profitable in the fourth quarter, with Beef, Pork and Prepared Foods within or above historical operating margin ranges, excluding the goodwill impairment. These three segments are operating very well, and measures are in place for more improvement in our Chicken segment. The team knows what to do, and now it's a matter of execution. Fiscal 2010 should be a much better year. We think Beef, Pork and Prepared Foods will continue with a solid performance, and we expect the steps we've taken to improve Chicken will manifest themselves. Also, USDA data point to lower overall protein supplies, and there is potential for good demand improvement as the global economy recovers."

7:30AM Concho Resources acquires Permian Basin Properties (CXO) 40.64 : Co announces that it has entered into a definitive agreement with multiple private sellers to acquire interests in certain producing and non-producing assets in the Wolfberry trend in the Permian Basin for $225 mln in cash, subject to usual and customary closing adjustments. The acquisition of these interests is subject to certain participation rights of third parties; therefore, the Company's final ownership level in these acquired assets will be between approximately 20% and 100%. This transaction is scheduled to close in December 2009 and the Co will update 2010 guidance when its final ownership is determined. Transaction highlights include: Over 300 identified Wolfberry drilling locations, Proved reserves of ~ 16 mln barrels of oil equivalents,  22 MMBoe of identified unproven reserves and 2010 estimated production of 0.7 - 0.8 MMBoe and 2011 estimated production of 1.5 - 2.0 MMBoe, based on assumed capital spending of ~ $110 mln in 2010 and ~ $125 mln in 2011

7:25AM CDC Corp reports 3Q09 EPS of $0.05 vs. $0.02 First Call consensus; revenue decreased 26.4% y/y to $76.6 mln vs. $79.7 mln consensus (CHINA) 2.42 :  

7:22AM On The Wires : Praxair (PX) China has signed a multi-year agreement with MAGI Solar Energy Technology to supply bulk and process gases for its solar cell and module manufacturing facility, located in the Jiangsu Yixing Economic Development Zone, Jiangsu Province... Parkvale Financial (PVSA) announced that Timothy Rubritz has resigned as Vice President and Treasurer and Senior Vice President, Treasurer and Chief Financial Officer of Parkvale Bank effective November 27, 2009 to pursue another opportunity. Rubritz will remain available through January 2, 2010 to provide for a smooth transition. Co has commenced a search for a new Chief Financial Officer and in the interim, Senior Vice President and Chief Information Officer Gilbert A. Riazzi, CPA will assume the responsibilities of principal financial officer... Hawthorn Bancshares (HWBK) announced that David T. Turner will assume the position of president and chief operations officer of Hawthorn Bank effective January 1, 2010. Turner currently serves as Regional President of the Jefferson City area, will assume full operational responsibilities for the entire organization. James E. Smith will remain Chairman & Chief Executive Officer of Hawthorn Bank as well as continue as Chairman & Chief Executive Officer of Hawthorn Bancshares... Blockbuster (BBI, BBI.B) announced its Board of Directors has authorized a combination of its shares of Class A Common Stock and Class B Common Stock into a single class of shares of common stock. Blockbuster believes that elimination of the dual class capital structure will improve the liquidity of its common stock and end confusion regarding the differences between the two classes of common stock. The combination will be subject to obtaining the requisite stockholder approvals at Blockbuster's annual stockholders meeting in 2010 and will not take effect until such approvals are obtained. Blockbuster's Board of Directors may explore additional alternatives with respect to its capital structure if necessary to cure the price condition deficiency... The United States Court of Appeals for the First Circuit upheld an earlier District Court ruling yesterday, approving a settlement in the long-running Average Wholesale Price pharmaceutical litigation against AstraZeneca Pharmaceuticals (AZN). The ruling affirms a settlement that awarded consumers who purchased the pharmaceutical giant's prostate cancer drug Zoladex treble damages, a rare if not unprecedented event in consumer litigation.

7:18AM Tower Semicon signs definitive agreement with Asian entity to provide know-how, training, and turnkey manufacturing solutions at a revenue of $130 million (TSEM) 1.00 :  

7:17AM iBasis: KPN and iBasis reach agreement on tender offer (IBAS) 2.26 : KPN and iBasis announce that they have entered into a settlement agreement under which KPN will make a last and final increase of its offer for the outstanding shares in iBasis not otherwise held by KPN to $3.00 per share in cash. The Special Committee of iBasis's Board of Directors has unanimously approved the agreement and recommends that iBasis stockholders tender their shares in KPN's tender offer.

7:05AM LDK Solar beats by $0.37, beats on revs; guides Q4 revs above consensus (LDK) 8.00 : Reports Q3 (Sep) earnings of $0.27 per share, $0.37 better than the First Call consensus of ($0.10); revenues rose 23.5% year/year to $281.9 mln vs the $277.2 mln consensus. Gross margin for Q3 was 20.1% (consensus is for 8.2%). Operating margin for the third quarter of fiscal 2009 was 13.2% compared to negative 102.9% in the second quarter of fiscal 2009 and 19.9% in the third quarter of fiscal 2008. Co issues upside guidance for Q4, sees Q4 revs of $280-310 mln vs. $258.72 mln consensus, with wafer shipments between 320 MW to 340 MW and module shipments between 20 MW to 30 MW. "We were pleased to see wafer demand strengthen across multiple geographies during the quarter, rebounding from the lower levels seen earlier this year. Our financial results for the third quarter reflect the recent improvement in the operating environment for the solar industry... During the third quarter, we continued to take steps to further strengthen our business."

7:05AM Clean Diesel Technologies reports $528,000 order from Metroline and other London low emissions zone milestones (CDTI) 1.58 :  

7:03AM Tech Data beats by $0.13, beats on revs (TECD) 42.82 : Reports Q3 (Oct) earnings of $0.84 per share, $0.13 better than the First Call consensus of $0.71; revenues fell 9.5% year/year to $5.64 bln vs the $5.33 bln consensus. Assuming the recent signs of improving IT demand continue, combined with the strength of certain foreign currencies against the U.S. dollar, net sales for the fourth quarter ending January 31, 2010 are anticipated to increase in the low-to-mid single digit range year-over-year (consensus calls for -1.2% Q4 rev growth). The strengthening of certain foreign currencies against the U.S. dollar positively impacted the year-over-year third-quarter net sales comparison by approximately two percentage points. Sequentially, net sales for the third quarter ended October 31, 2009 increased 8.8 percent over the second quarter. The stronger foreign currencies contributed approximately three percentage points to the sequential growth.

7:02AM FortuNet: Yuri Itkis Gaming Trust proposes to acquire remaining public stake in FortuNet (FNET) : Co announces that it intends to make a tender offer for all of the outstanding shares of Common Stock of FortuNet (FNET) not already owned by the Trust for $1.70 per share in cash. The offer price represents a premium of approximately 34% over the closing price of the shares on Nov 20, 2009, and a premium of approximately 28% above the average closing price of the shares for the 20 trading days immediately preceding Nov 20, 2009. Assuming the successful completion of the tender offer, the Trust intends to acquire the remaining shares not already owned by it through a "short form" cash merger at the same per share cash price paid in the tender offer.

7:01AM Cliffs Natural Resources to acquire chromite deposits from Freewest Resources Canada (CLF) 43.02 : Co announced it has entered into a definitive agreement to acquire the "Ring of Fire" chromite properties of Freewest Resources Canada. Under the terms of the agreement, Cliffs will acquire Freewest's interests in the Ring of Fire properties, comprising three world-class chromite deposits: 100% of "Black Thor" and "Black Label," and 50% of "Big Daddy", an adjacent deposit held by a joint venture of Freewest, KWG Resources and Spider Resources. Freewest's other assets will be spun off into a "new" Freewest. Following this spin-off transaction, the "new" Freewest would exist independently and its common stock would continue to trade on the TSX Venture Exchange. Freewest has provided additional information on the transaction's structure in a press release issued today. On closing, each Freewest shareholder will receive C$0.55 per share, or C$118 million in aggregate (C$110 million excluding shares Cliffs already owns in Freewest), of consideration in the form of Cliffs Natural Resources common stock.

7:01AM Spectrum Pharma and Handok Pharmaceuticals announce collaboration agreement for Apaziquone in South Korea; total deal value could exceed $19 mln (SPPI) 4.74 : Co announces a collaboration for the development and commercialization of apaziquone in South Korea. Apaziquone is an antineoplastic agent currently being investigated for the treatment of non-muscle invasive bladder cancer by intravesical instillation. SPPI has previously entered into a strategic collaboration with Allergan (AGN) for North America, Europe, and other key markets and Nippon Kayaku Co., Ltd. for Asian countries excluding South Korea. Under the terms of the agreement, Handok will pay Spectrum an upfront payment and potential milestone payments totaling over $19MM. The potential milestones will be based on the achievement of certain regulatory and commercialization milestones. Handok received rights to apaziquone for the treatment of non-muscle invasive bladder cancer in South Korea. Handok will conduct the apaziquone clinical trials pursuant to a development plan and will be responsible for all expenses relating to the development and commercialization of apaziquone in South Korea.

6:25AM S&P futures vs fair value: +10.90. Nasdaq futures vs fair value: +15.80. :

6:25AM European Markets : FTSE...5346.69...+89.20...+1.70%. DAX...5749.57...+86.00...+1.50%.

6:25AM Asian Markets : Nikkei...Holiday......... Hang Seng...22771.69...+315.60...+1.40%.

6:09AM CDC Software beats by $0.02, reports revs in-line (CDCS) 10.00 : Reports Q3 (Sep) earnings of $0.33 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.31; revenues fell 19.7% year/year to $48.6 mln vs the $48.7 mln consensus.

4:53AM 51job beats by $0.09, beats on revs; guides Q4 revs above consensus and announces resignation of CFO (JOBS) 16.66 : Reports Q3 (Sep) earnings of $0.19 per ADS, includes non-recurring items, $0.09 better than the First Call consensus of $0.10; revenues rose 4.6% year/year to $32.2 mln vs the $29.9 mln consensus. Gross margin expanded to 62.4% compared with 52.7% in 3Q08 primarily due to cost control and efficiency measures Co issues guidance for Q4, sees EPS of $0.17-0.20 per ADS, may not be comparable to $0.09 consensus; sees Q4 revs of $31.5-33.0 mln vs. $29.70 mln consensus. Co announces resignation of Peter Lui as Chief Financial Officer, effective immediately. Co names Kathleen Chen as Acting CFO.

2:11AM On The Wires : NICE Systems (NICE) announces the signing of a definitive agreement to acquire the security management solution assets of Orsus, a provider of Security Management Solutions. Under the terms of the agreement, NICE will be acquiring the security management solution assets of Orsus in an all-cash transaction for a total consideration of $22 mln, subject to certain adjustments. Acquisition is expected to be accretive on a non-GAAP basis, within one year after closing.

1:56AM Ameris Bancorp files $60.0 mln mixed shelf offering (ABCB) 6.25 :  

1:54AM Commercial Vehicle Group files $200.0 mln mixed shelf offering (CVGI) 5.27 :  

1:45AM Rogers Communications files preliminary shelf prospectus allowing co to make offerings of debt securities of up to $4 bln in provinces of Canada (RCI) 29.90 : This shelf prospectus, upon becoming final, will replace Rogers' corresponding existing shelf prospectus that expires on December 9, 2009.

1:42AM Cabot Microelectronics receives ruling on pending summary judgment motions in patent infringement enforcement action against DuPont Air Products NanoMaterials, LLC (CCMP) 31.08 : Co announces that on November 16, 2009, the U.S. District Court for the District of Arizona issued its ruling on summary judgment motions, pending in Cabot Microelectronics' ongoing patent infringement litigation against DuPont Air Products NanoMaterials. Cabot Microelectronics believes the Summary Judgment Order will be made accessible by the Court in redacted form, and at such time will be made available electronically by the co. In the Court's Summary Judgment Order, the Court denied a motion filed by DuPont Air Products NanoMaterials for summary judgment of invalidity of three Cabot Microelectronics patents at issue in the case, which are fundamental patents in the field of tungsten CMP. The Court also denied DuPont Air Products NanoMaterials' motion for summary judgment of non-infringement of these patents. In addition, the Court denied DuPont Air Products NanoMaterials' motion for summary judgment of non-infringement of another Cabot Microelectronics patent that is considered to be a foundational CMP patent. The Court also denied Cabot Microelectronics' motion for summary judgment of infringement of the tungsten patents. The Court has ordered the parties to submit pretrial filings by December 16, 2009.

1:32AM Terra Industries Board of Directors comments on CF Industries' lastest approach (TRA) 40.06 : Co announces that, over the weekend, CF Industries (CF 82.73) submitted a proposed merger agreement to Terra, containing the same economic terms as its most recent proposal from November 1, together with a 30-day "go shop" provision subject to a break up fee and expense reimbursement. Terra's Board of Directors previously rejected CF's proposal as financially inadequate, and has once again concluded that the proposed merger agreement does not provide any basis for engagement with CF. During the weeks leading up to the Annual Meeting, Terra shareholders, including those that voted for CF, delivered a consistent message to Terra's Board and management team that CF's proposal to acquire Terra for $24.50 in cash and 0.1034 of a share of CF common stock is inadequate. At Terra's Annual Meeting, it appears that only 38% of the outstanding shares unaffiliated with CF voted in favor of CF's nominees

1:30AM On The Wires : Praxair China (PX) signs a multi-year agreement with MAGI Solar Energy Technology Co., Ltd. to supply bulk and process gases for its solar cell and module manufacturing facility, located in the Jiangsu Yixing Economic Development Zone, Jiangsu Province... Origin Agritech Ltd. (SEED) announces it has received the Bio-safety Certificate from the Ministry of Agriculture as a final approval for commercial approval of the world's first genetically modified phytase corn... The U.S. Court of Appeals for the First Circuit upheld an earlier District Court ruling 11/19 approving a settlement in the long-running Average Wholesale Price pharmaceutical litigation against AstraZeneca Pharmaceuticals (AZN)... Bristol-Myers Squibb (BMY) and Otsuka Pharmaceutical announce the FDA has approved the supplemental New Drug Application for ABILIFY for the treatment of irritability associated with autistic disorder in pediatric patients ages 6 to 17 years, including symptoms of aggression towards others, deliberate self-injuriousness, temper tantrums, and quickly changing moods.