7:59PM Lennar cuts dividend by 75% to $0.04 (LEN) 10.44 -1.55 : Co announced that its Board of Directors has declared a quarterly cash dividend of $0.04 per share, down from $0.16, for both Class A and Class B common stock payable on November 13, 2008 to holders of record at the close of business on October 23, 2008. The $0.04 per share dividend represents a 75% decrease from the quarterly dividend previously paid by the co during the year. Co says, "After thorough consideration by the Company's Board of Directors and management, we have decided to reduce the Company's quarterly dividend. Despite ending our third quarter with $857 million of cash and a 30.2% net debt-to-capital ratio, we concluded that it is prudent to preserve cash to fund future operations and opportunities."

7:50PM MetLife preannounces Q3 EPS and revs below consensus; co withdraws its 2008 earnings; co announces 75 mln common stock offering (MET) 36.87 -7.45 : Co issues downside guidance; co sees Q3 operating EPS of $0.83-0.93 vs $1.48 First Call consensus, sees revs of $1.15 bln vs $1.38 bln consensus. The co's range of operating earnings for Q3 of 2008 primarily reflects: A decline in variable investment income, which is expected to be below plan by ~$117 mln, net of income tax, or $0.16 per diluted common share. The impact of poor equity markets on fee revenue in the company's variable annuity business and a related adjustment to deferred acquisition costs; An accrual of ~$48 mln, net of income tax, or $0.07 per diluted common share, related to the first phase of the company's previously-announced Operational Excellence initiative. The previously-announced decision to commute three excess insurance policies for asbestos-related claims, which amounts to a reduction in operating earnings available to common shareholders of ~$23 mln, net of income tax, or $0.03 per diluted common share. Co says, "MET is a well capitalized co with a strong balance sheet and financial strength ratings that are among the highest in the industry. With our earlier announcement to offer 75 mln shares of common stock to the public, we are taking an additional, proactive step to further assure all of our stakeholders that MetLife is financially sound and well positioned to meet our future obligations." Seperately, co announced plans to offer 75 mln shares of common stock to the public. The offering will supplement the co's strong capital position and will be used for both general corporate purposes and potential strategic initiatives. The underwriters will have a 30-day option to purchase shares representing an additional 15% of the offering amount from MetLife, Inc. to cover over-allotments, if any. The offering is expected to price on Wednesday, October 8, 2008.

7:20PM Bank of America announces pricing of common stock of $22 per share (BAC) 23.77 -8.45 : Co announced the pricing of its offering of $10 bln, or 455 mln shares, of common stock. The transaction includes an option to the underwriters to purchase up to 68.25 mln additional shares of common stock. BAC expects to deliver the shares of common stock on October 10, 2008.

6:38PM Nalco defines earnings impact of Hurricanes; preliminary Q3 sales strong (NLC) 14.332 -1.21 : Co announced that impacts from hurricanes Gustav and Ike are expected to lower pre-tax income by about $10 mln and $2 mln in Q3 and Q4, respectively, dampening the benefits of continued sales strength. At the Adjusted EBITDA level, which excludes write-off losses from hurricane damage, NLC estimates that results will be reduced by $8-9 mln for the year. Expected revenue losses totaling $14 mln, heavily concentrated in Nalco's Energy Services segment, account for the majority of the Adjusted EBITDA impact. In addition to earnings lost from the missed sales, expenses grew due to hurricane-induced raw material disruptions, freight increases, container and inventory write-offs and expenses from plant closings during the hurricanes.

6:11PM Limco-Piedmont announces new Chief Executive Officers (LIMC) 3.72 -0.42 : Co announced that Robert (Bob) Koch and Ehud Netivi have been named Co-Chief Executive Officers effective October 2, 2008. Mr. Koch was previously the President of Limco-Airepair, Inc. and Mr. Netivi was previously the President of Piedmont Aviation Component Services, Inc., subsidiaries of Limco-Piedmont, Inc. They succeed Shaul Menachem who has stepped down as a Director and CEO of the co, but will remain an employee of the co through December 31, 2008. Dr. Shmuel Fledel, the CEO of the co's parent, TAT Technologies Ltd., was also elected Chairman of Limco-Piedmont, Inc. and will assume an active role in the co's business.

6:10PM T. Rowe Price announces participation in U.S. Treasury's temporary money market fund guarantee program (TROW) 46.98 -5.20 : T. Rowe Price Associates and the Boards of Directors of the T. Rowe Price money market funds have decided that its taxable and tax free money market funds will participate in the U.S. Treasury Department's temporary money market fund guarantee program.

6:01PM EnergySolutions announces $19 mln contract (ES) 8.54 -0.69 : Co announced its major role in the clean up of the Asarco Federated Metal Superfund Site in Houston, Texas. ES has responsibility for soil remediation at the 20-year old site pursuant to a $19,000,000 contract with Environmental Liability Transfer, Inc. which acquired the site from the Asarco bankruptcy estate.

6:00PM OMA's September 2008 total passenger traffic decreases 7.5% (OMAB) 8.92 -0.78 : Grupo Aeroportuario del Centro Norte, S.A.B. de C.V., known as OMA, reports that total passenger traffic (terminal passengers) at its 13 airports decreased 7.5% in September 2008, as compared to September 2007. Domestic traffic in September 2008 decreased 7.0% (-63,818 passengers), compared to the prior year period. The airports that reported the most significant reductions were Durango, Mazatlan, Ciudad Juarez, Culiacan, Tampico, Torreon, Chihuahua, and Monterrey; all were affected by the reduction in frequencies by Aviacsa and VivaAerobus, the suspension of Aerocalifornia, and the departure of Avolar from the OMA airports where it operated. Reynosa, Zihuatanejo, Acapulco, San Luis Potosi, and Zacatecas increased domestic traffic.

5:58PM Anheuser-Busch and Teamsters reach tentative agreement (BUD) 62.85 -0.24 : Co and the International Brotherhood of Teamsters have reached a tentative agreement on a five-year contract covering more than 5,000 full-time employees at the company's 12 U.S. breweries. The tentative agreement includes all local, national and economic issues and provides the co with flexibility to maintain maximum efficiency in its operations, while recognizing the contributions of Teamster brewery workers. The Brewery and Soft Drink Workers Conference, the Teamsters National Bargaining Committee and all locals unanimously have recommended the agreement for ratification. A vote is expected in November.

5:44PM Premier Exhibitions beats by $0.02, misses on revs (PRXI) 1.68 -0.07 : Reports Q2 (Aug) earnings of $0.03 per share, $0.02 better than the First Call consensus of $0.01; revenues fell 6.2% year/year to $15.1 mln vs the $18.5 mln consensus.

5:31PM IPC Holdings provides comments on the Impact of Hurricanes; co sees negative impact of ~$90 mln (IPCR) 26.79 -0.28 : Co announced that it currently estimates that the combined net negative impact of hurricanes Gustav and Ike on the co's Q3 net income is expected to be ~$90 mln, with the majority of these estimated losses attributable to hurricane Ike, based on a $12 bln estimated total industry loss. Net negative impact includes the sum of estimates of net claims and claim expenses incurred, net of reinstatement premiums. This initial assessment of losses is based on a combination of our analysis and review of industry market loss estimates, in-force contracts, the output of catastrophe modeling and a limited number of loss advices from clients. Given the magnitude and recent occurrence of these events, delays in receiving claims data, the contingent nature of business interruption and other exposures, and other uncertainties inherent in loss estimation, meaningful imprecision remains regarding losses from these events. Accordingly, the co's actual ultimate net losses from these events may vary materially from this preliminary estimate.

5:30PM Candela: Texas jury rules against Candela in its patent infringement lawsuit against Palomar Medical Technologies (CLZR) 1.67 -0.13 : CLZR announced the jury in the U.S. District Court for the Eastern District of Texas - Lufkin Division ruled in favor of Palomar in a patent infringement lawsuit brought by CLZR against Palomar Medical Technologies (PMTI) in December 2006. The jury ruled that Palomar did not infringe upon Candela's 5,810,801 patent and that claims 11, 12, 13 and 14 of the 5,810,801 patent are invalid.

5:07PM WSI Industries reports Q4 of $0.11 vs $0.08 in the prior year; reports revs growth of 36% to $6.8 mln (WSCI) 3.77 -0.23 :  

5:04PM China Organic Agriculture guides Q3 EPS and revs (CNOA) 0.22 +0.05 : Co sees Q3 EPS of $0.14-0.16 on revs of $34-36 mln. Co says, "Revenue of over $30 mln in a single quarter will be a record for CNOA. With a majority of these sales coming from our Ankang subsidiary, we can be assured our business model's focus on trading opportunities will provide strong growth for shareholders. As discussed in previous reports, this large jump in revenue for the quarter compared to the first two quarters of 2008 is largely due to the cyclical nature of rice sales. Since harvest takes place in Q3 and Q4 of the year, sales tend to be higher in these quarters. Nevertheless, CNOA's recent sales are still considered quite large, compared with last year's third quarter results of $22.4 mln."

5:01PM International Game Technology and Las Vegas Gaming announce investment and business development agreements (IGT) 13.67 -0.69 : International Game Technology's (IGT) wholly owned subsidiary, IGT, and Las Vegas Gaming, announced that they have entered into substantive business and investment agreements. The parties have entered into agreements to create a business relationship going forward. LVGI has agreed to create applications for IGT's server based gaming systems and IGT has agreed to assist LVGI in those efforts. IGT has also agreed to make an investment in Las Vegas Gaming (LVGI) of $11.5 mln.

4:49PM Northern Technologies International files $150 mixed securities shelf offering (NTIC) 9.51 -0.25 :  

4:38PM Legg Mason: Moody's downgrades Legg Mason (senior to A3) (LM) 29.01 -5.09 : Moody's Investors Service has downgraded Legg Mason's debt ratings (senior debt rating to A3 from A2). The downgrade was driven by the continued pressure on Legg Mason's business profile and profitability resulting from its financial support of constant net asset value money market funds managed by its affiliate, Western Asset Management Company, and by the continued weak investment performance in its funds across several affiliated managers, which has contributed to significant outflows in the company's long-term assets under management. This rating action concludes a review for downgrade that began on July 1, 2008. The outlook on the ratings is negative. Moody's stated that Legg Mason's cumulative after-tax losses relating to money market fund support over the past year have now exceeded $650 million, and while these losses reflect the company's unrealized marks on distressed asset exposures, these losses have the potential for increasing and ultimately being realized... Moody's said that a further rating downgrade is possible if additional losses become realized to the point where the company's excess liquidity is substantially depleted and further capital is not raised, if the leverage of the company rises up to above 3x total debt / EBITDA (current total debt / EBITDA is under 2.5x), or if outflows in long-term managed assets further accelerate.

4:32PM Bio-Rad Labs announces intent to list on the New York Stock Exchange; anticipates that trading on the NYSE Big Board will begin on or about October 24, 2008 (BIO) 88.05 -6.67 :  

4:31PM Brocade announces $1.1 billion term loan funding for acquisition of Foundry Networks (BRCD) 4.43 -0.39 : (FDRY)

4:30PM Hungarian Telephone/Cable will continue to pursue its strategy as a publicly traded company while continuing to consider initiatives to enhance shareholder value (HTC) 15.23 -0.18 :  

4:23PM Stewart Enterpr: Service Corp withdraws $11 proposal for Stewart Enterprises (STEI) 7.09 -0.40 : (SCI)

4:20PM Micrel Board increases amount authorized under share repurchase plan (MCRL) 7.06 -0.59 : Co reported that its Board of Directors has approved an increase to the amount authorized for the repurchase of the Company's common stock. The new authorization supersedes the Company's previously approved stock repurchase authorization and increases the amount authorized for share repurchase for calendar year 2008 to $60 million, from the previously authorized amount of $50 million.

4:19PM First Ind. Rlty downgraded to 'BBB-' on reduced earnings, debt coverage measures at S&P (FR) 18.05 +0.05 : S&P lowered its corporate credit ratings on First Industrial Realty Trust and First Industrial to 'BBB-' from 'BBB'. Concurrently, S&P lowered ratings on roughly $1.565 bln of senior unsecured notes and on $275 mln of preferred stock. The outlook is stable. "The downgrades reflect our expectations for a decline in First Industrial's debt service coverage measures resulting from a sharp falloff in asset sales and related gains, which in turn arose from the capital-constrained market for transaction activity and deterioration in the broader economy."

4:16PM Lydall: Charter Medical, a LDL co, receives 510(k) clearance for CELL-FREEZE cryogenic storage containers for peripheral blood stem cells (LDL) 7.00 -0.90 :  

4:15PM Grupo Aeroportuario del Pacifico reports passenger traffic decrease of 14.1% for September 2008 (PAC) 19.73 -1.28 : Co reports preliminary terminal passenger traffic figures for the month of Sep 2008 compared to traffic figures for Sep 2007. During Sep 2008, total terminal passengers decreased 14.1% compared to the previous year; international passenger traffic decreased 13.5%, while domestic passenger traffic decreased 14.3% compared to September 2007.

4:11PM Team beats by $0.01, revs in-line, reaffirms FY09 prior guidance (TISI) 27.39 -1.30 : Co reports Q1 (Aug) earnings of $0.25 per share, a penny better than the First Call consensus. Revenue rose 19% yr/yr to $123.3 mln vs consensus of $123.3 mln (2 ests). Co says it is off to a great start to the 2009 fiscal year and it re-affirms its prior EPS guidance of $1.45-1.60 vs $1.55 consensus.

4:10PM YUM! Brands beats by $0.04, beats on revs; reaffirms FY08 EPS guidance (YUM) 27.50 -0.81 : Reports Q3 (Sep) earnings of $0.58 per share, $0.04 better than the First Call consensus of $0.54; revenues rose 10.6% year/year to $2.84 bln vs the $2.78 bln consensus. Co reaffirms guidance for FY08, sees EPS of $1.89 vs. $1.90 consensus. Co says the U.S. business delivered system same-store-sales growth of 3%. Company same-store-sales growth of 4% was led by strong performance at Taco Bell and Pizza Hut, partially offset by a 4% decline at KFC. The co says international development is on track to deliver at least 1,400 new units, exceeding the 2007 record of 1,358 (YRI 852, China Division 506) and their most recent guidance of 1,300. Co says "...We are confidently reaffirming our full-year forecast for 12% EPS growth based on our year-to-date 17% EPS growth and our fourth-quarter outlook for both strong global system-sales growth and double-digit operating profit growth..."

4:10PM Unica announces the appointment of Kevin Shone as Chief Financial Officer (UNCA) 6.80 -0.26 : Shone most recently served as Vice President, Global Field Finance and Administration at Cognos (an IBM company).

4:10PM Caribou Coffee reports Q3 comparable coffeehouse net sales decreased 4.7% (CBOU) 2.24 +0.04 :  

4:08PM YRC Worldwide expects to have positive free cash flow in both Q3 and Q4 with significant debt reduction for the year (YRCW) 4.98 -2.09 : The co reaffirms that it expects to have positive free cash flow in both the third and fourth quarters of 2008 with a significant debt reduction for the year. In addition, the company expects to remain in full compliance with all terms of its credit agreement, including the leverage ratio. "Despite the continuing unrest in the broad financial markets, our current financial position is solid and we remain well positioned to weather this economic environment."

4:07PM Piper Jaffray announces changes related to tender option bond program (PJC) 35.47 -4.01 : The co announces that it has determined its tender option bond program no longer qualifies for off-balance sheet accounting treatment, and has consolidated the assets and liabilities of the program onto its balance sheet. In addition, Piper Jaffray will discontinue the program as it believes that the TOB trusts will not have long-term lives as originally expected... As a result, Piper Jaffray has consolidated $258.2 million of municipal bonds held in off-balance trusts established under the TOB program onto its balance sheet as assets as of Sept. 30, 2008. In addition, as of Sept. 30, the company has consolidated onto its balance sheet $269.1 million in variable rate trust certificate liabilities sold to institutional customers as part of the TOB program. In conjunction with consolidating the TOB program off-balance sheet assets and liabilities onto the firm's balance sheet, the company recorded a loss of $21.7 million in the third quarter consisting of a $10.8 million realized loss related to a write-down of the residual of the TOB program and a $10.9 million unrealized loss related to the decline in the market value of the municipal bonds held in the TOB trusts compared to the value of the variable rate trust certificates.

4:06PM Monster Worldwide announces final approval of settlement of derivative actions and preliminary approval of settlement of securities class action (MNST) 14.73 -0.10 : Co announces further progress in finalizing two settlements, which were previously announced and disclosed. The Supreme Court of the State of New York, New York County, has issued an order granting final approval of the settlement of the state and federal court derivative lawsuits arising out of the Company's historic stock option grant practices. In addition, the United States District Court for the Southern District of New York has granted preliminary approval of the previously announced settlement of the shareholder class action arising out of those practices. A hearing with respect to final approval of the settlement of the federal shareholder class action is scheduled for November 21, 2008.

4:06PM ScanSource sees Q1 revs below consensus (SCSC) 23.27 -0.72 : Co issues downside guidance; co sees Q1 revs of $535-543 vs $546.7 mln consensus.

4:05PM Alcoa trading halted - news pending (AA) 16.71 -1.40 : Note: The co is due to come out with earnings this afternoon.

4:03PM Unica lowers Q4 EPS and revs guidance (UNCA) 6.80 -0.26 : Co sees Q4 EPS of ~$0.01, down from previous non-GAAP guidance of $0.05-0.07, vs $0.06 First Call consensus; revs of ~$28 mln, down from $31.0-32.0 mln, vs $31.48 mln First Call consensus. "We are disappointed with the financial results we expect to report for the fourth quarter. The increasingly challenging macroeconomic environment had a negative impact on the length of sales cycles and secondarily on the timing of project implementations. "With the potential for current economic challenges to become more pronounced and/or take longer to improve, we believe it is prudent to target modest total revenue growth. At the same time, we expect continued strong growth in our subscription revenue and we are focused on expanding margins and driving positive cash flow in fiscal 2009. Long-term, there are a number of positive developments that make us optimistic about the company's strategic direction and future opportunity. For example, our subscription revenue growth remains very strong, we continue to win marquee customers and our pipeline of opportunities remains solid. Finally, we have a strong balance sheet to support the execution of our growth strategy and enhance shareholder value while the company weathers the short-term macroeconomic challenges."

4:00PM Unica trading halted - news pending (UNCA) 6.80 -0.26 :  

3:59PM S&P 500 drops below 1000 for the first time since October 1st 2003 :  

3:36PM Morgan Stanley and Mitsubishi UFJ Financial Group obtain key regulatory clearances (MS) 17.76 -5.77 : Co announces it and Mitsubishi UFJ Financial Group (MTU) received key regulatory clearances for MUFG's $9 bln investment in the Firm. The investment is being made in connection with a global strategic alliance between the two companies. The investment has been approved by the Federal Reserve in the United States and other key global regulators. Additionally, "early termination" under the Hart-Scott-Rodino Act has been granted by the U.S. government. The transaction is expected to close promptly after the expiration of the Federal Reserve five-day post-approval waiting period. The MUFG investment will bolster Morgan Stanley's capital position. Reflecting only the MUFG investment, Morgan Stanley's Tier 1 Capital Ratio is estimated to be more than 15.5% on a pro-forma basis as of August 31, 2008. This is more than double the 6% required by the Federal Reserve to be treated as well-capitalized and is one of the highest Tier 1 Capital Ratios among bank holding company peers. This investment also will reduce Morgan Stanley's leverage ratio to under 20x and its adjusted leverage ratio to just over 10x, on a pro-forma basis at August 31, 2008. In addition, Morgan Stanley has continued to reduce the size of its balance sheet since the end of the third quarter. As of today, total assets are now under $900 bln, down from $987 bln at August 31, 2008.

3:35PM PMI Group ratings off watch; ratings affirmed at S&P (PMI) 2.37 -0.29 : S&P removed PMI Group and its mortgage insurance subsidiaries in the U.S. and Europe from CreditWatch with negative implications. At the same time, S&P affirmed ratings on all of these companies. The outlook is negative. In resolving the CreditWatch on PMI Group's ratings, Standard & Poor's examined PMI's above average delinquency rate, the credit quality of the 2008 vintage, and the sensitivity of our forecast for PMI's operating results to deterioration in the macroeconomic environment. S&P also considered how the current cyclical downturn impacted Standard & Poor's view of the mortgage insurance industry's long-term fundamentals. After further analysis, Standard & Poor's determined that lowering the ratings of PMI Group and its subsidiaries would not be appropriate.

3:10PM Office Depot: S&P downgrades Office Depot to 'BB'; outlook negative (ODP) 4.65 -0.73 : "Standard & Poor's Ratings Services said it lowered its corporate credit rating on Office Depot to 'BB' from 'BB+'. We also lowered the ratings on the company's $400 million of senior unsecured notes due 2013 to 'BB-' from 'BB+' and changed the recovery rating on these notes to '5' from '4', indicating the expectation for modest (10%-30%) recovery in the event of a payment default. We have withdrawn the bank loan and recovery ratings on the company's previous senior unsecured $1 billion multicurrency revolving credit facility due 2012 and this facility was replaced by a new $1.25 billion asset-based revolving credit facility due 2013 (unrated). We removed all debt ratings from CreditWatch with negative implications, where they were placed on July 8, 2008, following continued erosion of sales and earnings in the first half of 2008. The outlook is negative."

2:48PM CBOT Agriculture and Ethanol Closing Prices (COMDX) : Dec corn closed lower by 7 cents to $4.17 per bushel, Nov soybeans closed higher by 4 cents to $9.26 per bushel, Dec wheat closed higher by 8 cents to $6.0325 per bushel, Oct Ethanol closed higher by $0.025 to $1.847 per gallon.

2:44PM Fairfax Financial announces acquisition of International Forest Products shares (FFH) 300.68 -10.32 : Co announces that it has acquired, through its subsidiaries, 2,382,000 Class A shares of International Forest Products, bringing its total holdings in the company to 6,797,700 Class A shares or ~14.75% of the total Class A shares outstanding. Fairfax continually reviews its investment alternatives and may purchase additional International Forest Product shares from time to time in accordance with applicable laws.

2:36PM NYMEX Energy Closing Prices (COMDX) : Crude rose $2.44 to $90.25, nat gas fell 6.9 cents to $6.766, heating oil closed higher by 3.51 cents to $2.5091 and RBOB gasoline settled up 0.69 cents to $2.066.

2:08PM Minntech acquires assets of Crane and Machinery and Schaeff Forklifts (MNTX) 3.25 +0.01 : Co announces that it has acquired the assets of Crane and Machinery, and Schaeff for $3.7 mln, consisting of $1.0 mln in stock and assumption of $2.7 mln in debt. Crane and Schaeff, formerly private companies owned by GT Distribution, had combined 2007 revenues of $21 mln. "We expect the acquisition to be accretive to our net income beginning in the current quarter."

1:42PM Golf Trust announces litigation settlement agreement; co will pay $140k as a cash settlement and all claims of both parties will be dismissed (GTA) 1.25 -0.15 : Co announces that its Operating Partnership, Golf Trust of America entered in to a settlement agreement with Lake Ozark Construction and Everett Holding. As a result, the co will pay the Plaintiffs $140,000 as a cash settlement and all claims of both parties will be dismissed.

1:32PM COMEX Metals Closing PRices (COMDX) : Gold closed higher by $17.80 to $884.00, silver ended up 12.5 cents to $11.41 and copper finished the session higher by 3.6 cents to $2.529 (all Dec contracts)

1:25PM Empire Resorts announces update on financing of Concord Resort Redevelopment Project; joint venture partner has received a $250 mln commitment participation (NYNY) 2.46 +0.23 : Co has been informed that its joint venture partner, Concord Associates L.P. has received a $250 mln commitment participation in the construction loan for the $1 bln Concord Resort from Union Labor Life Insurance Company. "Construction at the site is progressing as planned with the foundation building permits issued and concrete work for the new hotel and convention center already underway."

1:09PM TechTeam announces that Margaret Loebl has joined co as Corporate Vice President, CFO and Treasurer (TEAM) 6.95 -0.05 :  

12:27PM Zix Corp provides corporate update; will meet Q3 revs guidance of $6.6-7.0 mln vs $6.85 consensus (ZIXI) 1.81 -0.01 : Co offers a corporate update. "Despite the slowing economy, ZixCorp continued to remain cash flow positive in Q3 2008, again driven by the reliability and strength of our Email Encryption business, while developments in our core markets position the company for growth in the future. Preliminary revenue estimates are that we will meet our guidance of $6.6-7.0 mln for the third quarter (vs $6.85 consensus). The Q3 ending cash balance of $13.1 mln met our projected guidance for total cash by exceeding Q2's ending balance of $13.0 mln. The positive cash flow from operations for the third quarter 2008 highlights the corner we've turned this year when compared with the over $550,000 cash burn for the third quarter of last year. This growing track record of positive cash flow from operations forms the strong foundation for growth that we believe will enable us to take advantage of recent catalysts in our core markets to achieve acceleration in our businesses."

11:54AM European Markets Closing Prices: FTSE: 4596.4 +7.2 +0.2%, DAX: 5326.6 -60.4 -1.1%, CAC: 3732.2 +20.2 +0.6% :  

11:43AM CDC Corp reiterates second half 2008 guidance (CHINA) 1.63 -0.03 : Co reiterated its second half guidance for 2008. On September 16, 2008, the co announced that based on preliminary financial projections and estimates, the company expects Adjusted EBITDA for the second half of 2008 to be in the range of approx $10.0 mln to $12.5 mln. "We remain cautiously optimistic with regard to our performance due to the fact that, among other things, we have a highly recurring revenue stream from our installed customer base, including our maintenance revenues... We believe we will continue to generate positive cash from operations. The company also believes it is in an extremely fortunate position to have such significant cash and cash equivalent reserves to assist us in weathering this difficult economic environment.

11:42AM K-Sea Transportation announces withdrawal of general partner IPO (KSP) 16.16 -0.34 : Co announces that it has been informed that the owners of its general partner have withdrawn the registration statement for the proposed initial public offering of K-Sea GP Holdings LP due to the current state of the financial markets. "The fundamentals of our business remain solid and we are confident in our prospects. The possible general partner IPO would have had no impact on our results of operations or financial condition, and its withdrawal also has no impact on us."

11:34AM Ormat Tech: Correction (ORA) 28.60 -1.75 : In our 7:17 comment we incorrectly reported UBS downgrades Ormat Tech (ORA) to Neutral from Buy. UBS actually downgraded Ormat Industries (which trades in Tel Aviv), our previous comment has been removed.

11:12AM Kaman announces it has acquired Industrial Rubber and Mechanics (KAMN) 25.13 -0.41 : Co announces that its subsidiary, Kaman Industrial Technologies Corporation has acquired Industrial Rubber and Mechanics. INRUMEC will become part of KIT, Kaman's industrial distribution segment. The transaction was completed on October 3, 2008 and terms were not disclosed.

11:05AM Goodyear Tire awarded long-term contract with New York City Transit (GT) 12.65 +0.63 : Co announces it has been awarded a seven-year contract to supply tires and business solutions to New York City Transit. Goodyear will supply New York City Transit, an agency of the Metropolitan Transportation Authority of the State of New York, with a variety of bus tires and tire services.

10:51AM Moody's updates its comments on the Irish government's guarantee for six financial institutions : Moody's is updating its comments on the guarantee that has been put in place by the Irish government, covering deposits, senior debt, covered bonds and dated subordinated debt of six local institutions during a two year period that will end on 28 September 2010. The six institutions currently covered under the guarantee are Allied Irish Banks (AIB), Bank of Ireland (IRE), Anglo-Irish Bank, Irish Life & Permanent and EBS and Irish Nationwide Building Societies. Moody's notes that the Irish government has announced that other banks present in Ireland can apply to be covered under the guarantee, however Moody's would expect this to be only extended to institutions with a sizeable retail presence in the country... Following release of the final terms and conditions of the guarantee, assuming that Moody's gains sufficient clarification on the issue of timeliness of payment, a backed short-term issuer rating of Prime-1 is likely to be assigned to Irish Nationwide Building Society. This will reflect that short-term obligations of the institution maturing within the guarantee period are backed by a Prime-1 rated sovereign. To reflect the stand-alone credit profile of INBS and the exposure of creditors once the guarantee is withdrawn Moody's will maintain its short-term bank deposit and debt rating which currently is Prime-2, on review for possible downgrade.

10:29AM Ascent Solar announces that Norsk Hydro has exercised an option to purchase additional shares of Ascent Solar common stock (ASTI) 5.24 +0.08 : Co announces that Norsk Hydro ASA, through its subsidiary Norsk Hydro Produksjon AS, has exercised an option to purchase additional shares of Ascent Solar common stock. The option was granted to Hydro and approved by Ascent Solar's shareholders in June 2007. Gross proceeds to the company from the follow on investment will be approx $15 mln, and reflect a per share purchase price equal to the average of the closing bid, as reported by Nasdaq, for the five consecutive trading days preceding exercise. The co expects the transaction to close by October 8, 2008. Upon acquiring these additional shares, Hydro will hold approx 35% of the total outstanding common shares and also approx 35% of the total outstanding Class B warrants of Ascent Solar. Hydro has invested a total of approx $63 mln in the company.

9:59AM Tyco announces the acquisition of Vue Technology a provider of radio frequency identification technology, for approx $43 mln (TYC) 30.50 -0.28 :  

9:35AM Audiocodes reaffirms its guidance for 2008 (AUDC) 2.42 +0.17 : Co reaffirms its guidance for 2008. Co is confident that revenues and earnings for Q3 of 2008 shall exceed revenues and earnings for Q2 of 2008 (Note in Q2 co reported EPS of $0.09 on revs of $50.3 and consensus for Q3 is EPS of $0.09 and revs of $46.49 mln). Co also confirms that it has experienced solid business trends in recent weeks.

9:28AM Teekay Shipping announces 15% dividend increase and new $200 mln share repurchase program (TK) 19.42 : Co announces its quarterly dividend will increase 15% to $0.31625/share from $0.275/share in previous qtr. TK also announces that its Board of Directors has authorized the repurchase of $200 mln of its common stock. Co states, "We believe Teekay's shares represent very good value and the most compelling investment we can make at this time..."

9:28AM CME Group and Citadel confirm plans to launch the first integrated Credit Default Swaps trading platform and central counterparty facility (CME) 403.85 : CME and Citadel Investment Group announced they have executed a non-binding term sheet to launch a joint venture company within 30 days, which will be the first electronic trading platform that is fully integrated with a central counterparty clearing facility for Credit Default Swaps (CDS). CME Clearing, the world's largest derivatives clearing house, will be the central counterparty for this solution. The joint venture will operate as an independent organization with its own board of directors and management team. 

9:25AM Dynamics Research wins $4.8 mln part identification engineering work under Air Force depot contract (DRCO) 8.74 :  

9:22AM Epoch Holdings announces assets under management of $6.1 bln vs $6.6 bln from June '08 (EPHC) 9.75 :  

9:16AM S&P futures vs fair value: +13.60. Nasdaq futures vs fair value: +13.30. : Nasdaq and S&P 500 Index futures climb to session highs on the news that the Fed created a Commercial Paper Funding Facility.  Crude prices continue to rally, now up 5.2% to $92.32 per barrel.

9:13AM Crude rallies to new session highs at $93.02 following the open of pit trade; now up $4.99 to $92.80 (COMDX) :  

9:06AM On The Wires (WIRES) : Tetra Tech (TTEK) announces that it has acquired the assets of DPK Consulting, a firm with annual revenue of approx $15 mln that is focused on consulting services for the U.S. Agency for International Development. DPK provides technical, management, and consulting services to help developing and transitioning governments improve regulations and the rule of law... Goodrich (GR) has received a contract from the U.S. Army to provide up to 1,000 Vehicle Health Management Systems for UH-60A/L Black Hawk helicopters. The 5-yr IDIQ contract is potentially valued at up to $300 mln and covers deliveries through 2013.

9:04AM Safeway misses by $0.01, reports revs in-line; reaffirms FY08 EPS guidance (SWY) 21.77 : Reports Q3 (Sep) earnings of $0.46 per share, $0.01 worse than the First Call consensus of $0.47; revenues rose 3.9% year/year to $10.17 bln vs the $10.08 bln consensus. Co reaffirms guidance for FY08, sees EPS of $2.25-2.35 vs. $2.26 consensus. "During the third quarter we took action to provide our customers with better everyday values," said Steve Burd, Chairman, President and CEO. "As we begin the fourth quarter, our sales momentum is building, with identical-store sales (excluding fuel) currently above 1.5%, and we are continuing to reduce costs."

9:04AM VeriSign sells minority share of mobile entertainment joint venture to News Corp (VRSN) 23.95 : News Corporation (NWS) and VRSN announce the sale of VeriSign's minority share of the mobile entertainment joint venture to News Corporation for approximately $200 mln.

9:02AM S&P futures vs fair value: +7.90. Nasdaq futures vs fair value: flat. : Futures rebound on news that the Federal Reserve created a commercial paper funding facility, where it will buy three-month commercial paper.  It is meant to provide a liquidity backstop, as the commercial paper market has been strained.

9:02AM American Reprographics acquires The Reprographics Warehouse in United Kingdom (ARP) 15.77 : Co announces the acquisition of the assets of The Reprographics Warehouse, a provider of document management, document reproduction, and related services to the architectural, engineering and construction industry in England. The company is ARC's first wholly owned reprographics company in the United Kingdom.

9:01AM Fed announces creation of the Commercial Paper Funding Facility to help provide liquidity to term funding markets (ECONX) : The Federal Reserve Board on Tuesday announced the creation of the Commercial Paper Funding Facility (CPFF), a facility that will complement the Federal Reserve's existing credit facilities to help provide liquidity to term funding markets. The CPFF will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle (SPV) that will purchase three-month unsecured and asset-backed commercial paper directly from eligible issuers. The Federal Reserve will provide financing to the SPV under the CPFF and will be secured by all of the assets of the SPV and, in the case of commercial paper that is not asset-backed commercial paper, by the retention of up-front fees paid by the issuers or by other forms of security acceptable to the Federal Reserve in consultation with market participants. The Treasury believes this facility is necessary to prevent substantial disruptions to the financial markets and the economy and will make a special deposit at the Federal Reserve Bank of New York in support of this facility. The commercial paper market has been under considerable strain in recent weeks as money market mutual funds and other investors, themselves often facing liquidity pressures, have become increasingly reluctant to purchase commercial paper, especially at longer-dated maturities. As a result, the volume of outstanding commercial paper has shrunk, interest rates on longer-term commercial paper have increased significantly, and an increasingly high percentage of outstanding paper must now be refinanced each day. A large share of outstanding commercial paper is issued or sponsored by financial intermediaries, and their difficulties placing commercial paper have made it more difficult for those intermediaries to play their vital role in meeting the credit needs of businesses and households. By eliminating much of the risk that eligible issuers will not be able to repay investors by rolling over their maturing commercial paper obligations, this facility should encourage investors to once again engage in term lending in the commercial paper market. Added investor demand should lower commercial paper rates from their current elevated levels and foster issuance of longer-term commercial paper. An improved commercial paper market will enhance the ability of financial intermediaries to accommodate the credit needs of businesses and households.

9:01AM Thermage announces FDA 510(K) clearance of new handpieces for skin resurfacing and surgical applications (THRM) 2.72 :  

9:00AM Tetra Tech wins $500 mln USAID global architect-engineer infrastructure services contract; acquires international consulting firm DPK (TTEK) 18.85 : Co announces that it is one of five contractors that has been awarded a $500 mln global architect-engineer infrastructure services contract with the U.S. Agency for International Development. The contractors will share in the $500 mln award ceiling for this five-year indefinite-delivery, indefinite-quantity contract. TTEK will provide engineering studies and design services for USAID funded infrastructure projects worldwide, including water resources, civil infrastructure, telecommunications, and power generation projects... Additionally, the co announces that it has acquired the assets of DPK Consulting, a firm with annual revenue of ~ $15 mln that is focused on consulting services for the U.S. Agency for International Development. D.P.K. provides technical, management, and consulting services to help developing and transitioning governments improve regulations and the rule of law. D.P.K.'s clients include USAID, the Asian Development Bank, the World Bank, and a variety of foreign governments worldwide.

8:59AM Wavecom comments on Gemalto's unsolicited offer (WVCM) 8.72 : WVCM announced overnight that it was informed yesterday that Gemalto filed an unsolicited offer to take control of Wavecom. Contrary to information in the press, Wavecom emphasized that this offer was neither encouraged, endorsed nor discussed with Wavecom and therefore considers the offer hostile. In addition, the management of Wavecom believes that the price offered does not reflect the intrinsic value and prospects of the Company. Anthony Maher, independent board member and Chairman of the M&A sub committee, commented "Accepting this unsolicited offer does not seem the best approach to preserve the interests of Wavecom, its shareholders and its employees" Wavecom's board of directors will meet shortly to consider the terms and conditions of the offer.

8:59AM S&P futures vs fair value: -11.60. Nasdaq futures vs fair value: -21.50. : Nasdaq and S&P 500 futures drop to session lows and then recover a few points.

8:58AM AU Optronics September 2008 consolidated revenue totaled NT$34.6 billion (AUO) 10.59 : The co announces its September 2008 revenue with preliminary consolidated and unconsolidated basis of NT$34,563 million and NT$34,537 million respectively. The uncertainties of the current macro environment resulted in both 6.8% month-over-month decrease, and 35.7% year-over-year decrease. Shipments of large-sized panels(a) used in desktop monitor, notebook PC, LCD TV and other applications for September 2008 totaled 7.0 million units, decreased by 3.3% sequentially. Small-and-medium-sized panel shipments reached 22.7 million units, a 9.1% month-over-month increase. In the third quarter of 2008, AUO's unaudited consolidated and unconsolidated revenues totaled NT$104,314 million and NT$104,069 million. It represented 15.5% and 15.0% quarter-over-quarter decrease, and 24.4% and 24.5% year-over-year decrease.

8:49AM On The Wires (WIRES) : CA, Inc. (CA) announces it has acquired IDFocus and its identity management technology, ACE. Terms of the acquisition were not disclosed... Perini Corp (PCR) announces that it has been awarded new contracts worth more than $248 mln... Pipex Pharmaceuticals (PP) announces that its double-blind, randomized, placebo-controlled phase II clinical trial of oral flupirtine for the treatment of fibromyalgia has received ethics committee approval to initiate the clinical trial.

8:48AM Corning to reaffirm Q3 EPS of $0.43-0.45 ($0.44 First Call Consensus) at Conference (GLW) 13.95 : The co's Vice Chairman and Chief Financial Officer James Flaws will provide an update on the co's Display Technologies segment and Corning's outlook for the 2009 display glass market during the Maxim Group Growth Conference. Third-quarter glass volume shipments for the company's wholly owned business and Samsung Corning Precision Glass grew 2% sequentially, which was lower than expected. Flaws will explain that there was a more pronounced shift in glass demand to Corning's equity venture. "SCP's volume was up 12% in the third quarter, while volume at Corning's wholly owned business was down 10%, which was lower than expected," he will note. Despite the lower than expected volume at the company's wholly owned business, Corning still anticipates that its third-quarter earnings per share will be in line with the September revised guidance of $0.43 to $0.45, before special items. The company believes that inventory levels in the supply chain have declined, noting that Taiwanese panel makers reported improved panel shipments for August, while panel price declines have moderated. Flaws will note that Corning's glass pricing came in as expected in the third quarter and that the company currently intends to continue its pricing strategy in the fourth quarter... "Given this economic uncertainty, we are prepared to adjust our production capacity to match end market demand," Flaws will tell attendees.

8:47AM Emrise receives more than $1 mln in orders for electronic devices for commercial aircraft (ERI) 0.44 :  

8:44AM Whitney Holding trading halted - news pending (WTNY) 21.95 :  

8:42AM PECO II Exploring strategic alternatives (PIII) 3.75 : Co announced that its Board of Directors is engaged in a process to explore strategic alternatives to enhance shareholder value, including, but not limited to, opportunities to acquire, merge with or sell to similar U.S. or foreign businesses. PECO II has retained Western Reserve Partners, an investment banking firm based in Cleveland, Ohio, as its exclusive financial advisor in this process.

8:42AM McMoRan Expl updates Gulf of Mexico operations and impacts of hurricanes Gustav and Ike; expects Q4 production to average approx 180 MMcfe/day (MMR) 17.89 : Co reports on the status of its operations following Hurricanes Gustav and Ike. There was no significant damage to MMR's properties resulting from Hurricane Gustav. Assessments following Hurricane Ike identified several platforms, comprising approx 35 of production and 2% of reserves, with significant structural damage. Substantially all of MMR's remaining production facilities are capable of resuming production pending restoration of downstream pipelines and facilities operated by third parties. MMR has re-established production at a current rate of approx 140 mln cubic feet of natural gas equivalents per day, approx 50% of average production rates in July and August of 2008. Based on reports from third party operators of downstream facilities and pipelines, MMR expects significant additional production to be restored in 4Q08. MMR's Q3 production was previously estimated in July 2008 to approximate 280 MMcfe/d. Through August 31, 2008, MMR's production averaged approx 290 MMcfe/d. MMR estimates that its 3Q08 net production averaged approx 220 MMcfe/d. Based on current information from third party operators of downstream facilities, MMR currently expects Q4 production to average approx 180 MMcfe/day and reach pre-storm levels in early 2009; however the timing is likely to change as new information on these facilities becomes available.

8:34AM On The Wires (WIRES) : Ocean Power Technologies (OPTT) to deploy PowerBuoy developed for US Navy off coast of Atlantic City; US Navy to ocean test PowerBuoy as power source for oceanographic sensors... IXYS Corp (IXYS) announces that the United States Supreme Court denied the petition for a writ of certiorari filed by International Rectifier Corp (IRF). As a result, the ruling previously made by the United States Court of Appeals for the Federal Circuit in favor of IXYS on all remaining claims of patent infringement, stating that "IXYS is entitled to entry of final judgment in its favor as to all claims," stands.

8:32AM Converted Organics announces initial sale of organic fertilizer to Matosantos for Puerto Rico market (COIN) 4.21 : Co announces that Matosantos Commercial Corporation of San Juan, Puerto Rico placed its initial order for the co's organic fertilizer products for the spring 2009 season. The order, totaling 66 tons of product, includes a variety of retail package sizes of COIN's granular 8-1-4 lawn and turf product, as well as the co's granular 4-2-8 flower and shrub formulation.

8:30AM Sandy Spring Banc to record noncash goodwill adjustment for third quarter (SASR) 18.80 -0.70 : Co announces that it will record a $2.3 mln pretax, non-cash charge in its third quarter earnings related to impairment of goodwill associated with the leasing subsidiary, The Equipment Leasing Company. It is anticipated that this goodwill adjustment will effect third quarter earnings by $.08 per share on an after tax basis.

8:30AM Frequency Electronics selected for $4 million satellite payload products (FEIM) 4.64 : Co has received an authorization to proceed on a new contract, valued at approximately $4 mln, to provide satellite payload products for a military space program. The products consist of timing and frequency generator systems to be delivered over the next eighteen months.

8:30AM PeopleSupport announces receipt of request to delay closing of merger transaction up to October 31, 2008 (PSPT) 12.01 : Co announces that it has received a request from Essar Services (Mauritius) to schedule the closing and effective date of the merger by which Essar Services will acquire PeopleSupport for a date no later than October 31, 2008. The Company is currently evaluating this request by Essar Services.

8:28AM S&P futures vs fair value: -7.20. Nasdaq futures vs fair value: -12.80. : Futures go on a sharp retreat, and now suggest a negative start, due to disappointment that a Fed announcement on its Term Auction Facility did not include more measures.  Crude oil prices are rallying, up 3.5% to $90.90 per barrel as the dollar falls 0.8%. Looking ahead, Minneapolis Fed President Stern will speak on financial shock at 11:00 AM ET and Fed Chairman Bernanke will speak about the economy at 1:15 PM ET.  European Central Bank President Trichet will give the keynote address at the World Policy Conference at 11:20 ET.  The minutes from the Sept. 16 FOMC meeting will be released at 2:00 PM ET, followed by consumer credit for August at 2:00 PM ET.  After the close, Dow component Alcoa (AA) kicks off third quarter earnings reporting season.

8:27AM Sonus Networks trading halted - news pending (SONS) 2.43 :  

8:20AM Advance Auto forecasts Q3 EPS estimate to be flat vs 3Q07 EPS of $0.57; First Call consensus is $0.66 (AAP) 34.37 : Co reports that revenue for its Q3 ended Oct 4, 2008 increased approx 2.6% driven by 124 net new stores and flat comparable store sales. The company had expected third quarter sales growth to decelerate vs the second quarter due to the absence of the economic stimulus payments checks issued by the Federal government. However, the challenging economic environment, volatility in the financial and credit markets and the impact of the hurricanes and related gas shortages in the Southeast further limited sales growth in Q3. The lower than anticipated sales growth will result in the company's earnings per share to be approx flat as compared to 3Q07 reported EPS of $0.57, vs First Call consensus of $0.66. In addition, the company believes the third quarter sales trends will continue through the balance of the fiscal year as customers further adjust to the challenging economic environment.

8:19AM Royal Bank of Scotland: S&P lowers RBS L-T rating to 'AA-'; outlook negative (RBS) 2.63 : Standard & Poor's Ratings Services said that it lowered its long- and short-term counterparty credit ratings on the co to 'A+/A-1' from 'AA-/A-1+'. At the same time, Standard & Poor's lowered its long-term counterparty credit ratings on RBS' main rated subsidiaries The Royal Bank of Scotland, National Westminster Bank, Ulster Bank, and Ulster Bank Ireland to 'AA-' from 'AA'. In addition, the 'A-1+' short-term counterparty credit ratings on these rated subsidiaries were affirmed. Moreover, Standard & Poor's lowered its long- and short-term counterparty credit ratings on RBS' main U.S. subsidiary RBS Citizens NA to 'A+/A-1' from 'AA-/A-1+'. The outlooks on all these entities are negative. "The rating actions reflect Standard & Poor's expectation that RBS' financial profile may continue to weaken," said Standard & Poor's credit analyst Nigel Greenwood. A combination of mixed earnings prospects, deteriorating credit risk in its key geographies, and difficult market conditions in which to complete its capital transformation plan leaves RBS less well positioned than some of its major global peers. Standard & Poor's considers that RBS' financial flexibility is currently low, for despite opportunities to delever and dispose of noncore assets, the prevailing environment is not conducive to such actions. While funding conditions for banks in general are currently highly stressed, RBS' liquidity and funding profile does not present any particular vulnerabilities in our view.

8:15AM HearUSA reports Q3 revs of $28.8 mln vs $30.1 mln single analyst estimate (EAR) 0.96 :  

8:14AM Acuity Brands misses by $0.06, misses on revs (AYI) 36.81 : Reports Q4 (Aug) earnings of $1.02 per share, $0.06 worse than the First Call consensus of $1.08; revenues fell 3.3% year/year to $522.8 mln vs the $538.6 mln consensus. The company announced plans to accelerate its ongoing programs to streamline operations including the consolidation of certain manufacturing facilities and the reduction of certain overhead costs. As a result of these actions, the company intends to record a special cash charge of approx $17 mln in the first qtr of fiscal 2009 related to the planned consolidation of certain manufacturing operations and a reduction in workforce. Co states, "While our backlog at August 31, 2008 increased 4% to $177.1 million from a comparable $170.3 million at the end of the prior year, we believe the increase was influenced by orders placed in advance of a price increase that went into effect at the end of August. We expect cash flow from operations to remain strong in 2009 and we intend to invest between $35-$40 million in capital expenditures during the year..."

8:07AM Eli Lilly resolves investigation involving numerous states; will result in Q3 charge of $0.04/share (LLY) 38.42 : Co announces that it has resolved a multi-state investigation involving 32 states and the District of Columbia related to the sales, marketing and promotion of its antipsychotic medication Zyprexa. Co says, "While there is no finding that Lilly has violated any provision of the state laws under which the investigations were conducted, the company will pay $62 mln to be divided among the settling states. This payment will result in a charge in Q3 of $.04 per share. In addition, Lilly will undertake certain commitments regarding Zyprexa for a period of six years following the agreement via consent decrees filed in the various states. These commitments relate to the company's promotional practices, dissemination of medical information, funding of continuing medical education and grants related to Zyprexa, and continued disclosure of Zyprexa clinical trials and their results. Lilly would also agree to provide signatory attorneys general with information related to compensation made to healthcare professionals who have received more than $100 annually from the company for promotional speaking or consulting regarding Zyprexa in the U.S."

8:05AM ION Geophysical awarded multi-year, Marine Multi-Component processing contract (IO) 9.99 : Co announces that its GX Technology Imaging Solutions group has been awarded a multi-year seismic data processing contract by Mobil Producing Nigeria Unlimited, operator of the Nigeria National Petroleum Corporation Joint Venture. The contract, the largest data processing award in IO's history, specifies that GX Technology and its longstanding Nigerian partner -- Bulwark Services -- will provide advanced imaging services for a series of 2C and 4C seabed seismic surveys that will be acquired over the next several years over producing fields offshore Nigeria.

8:03AM Ardea Biosciences presents preclinical anti-inflammatory data on its lead MEK inhibitor; shown to significantly reduce damage (RDEA) 10.36 : Co announces that a poster entitled "RDEA119, a Potent and Highly Selective MEK1/2 Inhibitor is Beneficial in Dextran Sulfate Sodium- induced Chronic Colitis in Mice," was presented at the American College of Gastroenterology 2008 Annual Meeting in Orlando, Florida. The poster, which provided data from a preclinical study of RDEA119, the co's lead mitogen-activated ERK kinase inhibitor, showed the product candidate to be a promising investigational therapy for inflammatory diseases. Oral administration of RDEA119 was shown to significantly reduce damage to colonic tissue and disease activity in dextran sulfate sodium- induced chronic colitic mice. The beneficial effect of RDEA119 exceeded that of Remicade, the current standard-of-care for the treatment of ulcerative colitis.

8:03AM Eastman Chem receives "favorable decision" in ParaStar PET patent infringement case (EMN) 49.90 : The co announces that it is pleased with the recent decision by the United States District Court in Wilmington, Del., to deny a motion filed by Wellman, for a preliminary injunction to stop Eastman's production of certain ParaStar PET resins at its facilities in Columbia, S.C. In September 2007, Wellman filed a lawsuit against Eastman in U.S. District Court claiming patent infringement pertaining to certain unidentified ParaStar PET resins. Wellman then filed the motion for a preliminary injunction in early 2008, and the Court heard arguments on the motion in June 2008.

8:02AM Bristow Group reports update on operational status and impact of recent storms; Expect Sep qtr results to reflect approx $2 mln of reduced operating income (BRS) 27.59 : A total of four bases were damaged by Hurricane Ike: Galveston, Intracoastal City, and Creole, which were previously reported, and Sabine Pass which is a base that is used infrequently. In addition, several bases were damaged in prior storms this year. Flight activity from these damaged bases was redirected to other operational bases along the Gulf of Mexico and has recently resumed in Venice and Intracoastal City. We continue to experience higher than normal operating costs due to the Galveston and Creole bases operating from other locations. In addition, we expect September quarter results to reflect approximately $2 million of reduced operating income related to insurance deductibles, unreimbursed property, evacuation and redeployment expenses, and reduced flight hours. Due to the timing and magnitude of these storms, which were more severe than usual, it took longer than expected for our customer activity to return pre-storm levels. We believe that in future periods, we may experience higher-than-normal flight hours to support our customers' offshore reconstruction efforts.

8:02AM PriceSmart reports September sales increased 19.8% YoY to $93.6 mln; comparable warehouse sales increased 15.3% (PSMT) 14.69 :  

8:01AM Salix Pharm announces data demonstrated that mesalamine granules maintain remission in ulcerative colitis patients who switch from another 5-ASA (SLXP) 7.06 : Co announces that 1.5 g mesalamine granules once-daily maintained remission versus placebo in ulcerative colitis patients who switched from another 5-ASA product. These patients also had a greater probability of remaining relapse free after six months compared to placebo. Mesalamine granules are being studied as a 5-ASA with both a delayed and extended release system that delivers mesalamine directly to the colon with minimal systemic exposure and convenient once-daily dosing.

8:01AM Rambus: US Supreme Court denies Samsung appeal in Rambus case (RMBS) 9.63 : The co announces that the United States Supreme Court has denied Samsung's request for review in the case stemming from the Federal District Court for the Eastern District of Virginia. In previous rulings, EDVA Judge Robert E. Payne held that the case with Samsung was "exceptional" and attempted to make certain factual findings against Rambus relating to alleged destruction of documents. In April, the Court of Appeals for the Federal Circuit issued a ruling vacating the order instructing that Samsung's claims against Rambus be dismissed. With today's Supreme Court order, all appeals have been exhausted and the matter is now closed.

8:00AM Alnylam Pharma earns $20 Million payment from Takeda (ALNY) 23.76 : The co announces that it has earned a $20 million technology transfer milestone payment from Takeda Pharmaceutical Company Limited as part of the strategic alliance the companies formed in May 2008. This payment is related to the transfer of Alnylam's platform technology, including documents, materials, and know-how, to Takeda for the development of RNAi therapeutics. Alnylam has already received a $100 million upfront payment from Takeda upon deal execution. Upon earning this $20 million, there remains an additional $30 million in expected near-term technology transfer milestone payments.

7:59AM Anadarko Petro provides updated information regarding its activities in the debt and equity capital markets (APC) 39.59 : Co provides updated information regarding its activities in the debt and equity capital markets. "During the third quarter, we completed a $600 mln share repurchase and retired approximately $350 mln of floating-rate notes due Sept. 15, 2009," Anadarko Sr. Vice President, Finance and Chief Financial Officer Al Walker said. "The outstanding capital efficiency of our assets is the primary driver for building a cash balance of approximately $1.9 bln at the end of September. We expect to close the previously announced divestiture of the Peregrino field offshore Brazil by year end and apply the net after-tax proceeds to additional debt reduction. We anticipate meeting our year-end debt-to-cap target range of 25-35% and, should prices stay at or above current levels, use our free cash flow above capital spending to repurchase additional shares in 2009."

7:59AM S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +4.50. : Futures are modestly higher. Credit markets remain tight, with dollar Libor climbing across shorter terms, including the overnight rate rising 157 basis points to 3.94%. Bank of America (BAC) preannounced third quarter earnings of $0.15, which fell short of the consensus estimate of $0.66 due to increases in provision expense.  To shore up its capital position due to the "uncertain environment", BofA is cutting its quarterly dividend by 50% to $0.32 and plans to sell $10 billion in common stock.  In overseas news, Australia cut its benchmark interest rate by 100 basis points, which was twice as large as expected, Reuters reports.  Another European financial institution needed to be bailed out, with Iceland taking over its second largest bank, the Wall Street Journal reports.

7:46AM On The Wires (WIRES) : Jacobs Engineering (JEC) announces that it received a contract from EPCOR to provide engineering services for their proposed Genesee Integrated Gasification Combined Cycle project located 70 kilometers southwest of Edmonton, Alberta, Canada. Officials did not disclose the contract value... XTL Biopharmaceuticals (XTLB) announces that the last patient randomized into the Bicifadine Phase 2b clinical trial for the treatment of diabetic neuropathic pain has completed the study.

7:41AM ChinaCast Education announces that is CEO and Chairman will increase his ownership in the company through $500K purchase of stock (CAST) 2.36 :  

7:39AM Royale Energy announces it has discovered natural gas in its Andrus Island East well in the Sacramento Basin of California (ROYL) 3.12 : Co announces it has discovered natural gas in its Andrus Island East well in the Sacramento Basin of California which was drilled as part of its 2008-A drilling project. The well was drilled to 7,000 ft. and logged pay in two natural gas filled sands in the Nortinville formation at 3,350 ft. and 3,800 ft. The deeper Starkey Channel was penetrated at 6,500 ft. and encountered 26 ft. of high porosity and permeable natural gas filled sands.

7:38AM Brigham Exploration announces significant Three Forks discovery in Mountrail County, ND (BEXP) 6.88 : Co announces that its first Three Forks well in the Williston Basin was a discovery, producing at a recent rate of approximately 892 barrels of oil equivalent per day. Brigham controls approximately 27,780 net acres in the Ross Area, where Brigham has completed four consecutive horizontal Bakken wells, and plans an active development drilling program for the Bakken and Three Forks.

7:34AM On The Wires (WIRES) : NGAS Resources (NGAS) provided an update on its drilling and production activities... Cytori Therapeutics (CYTX) received two Notices of Allowance from the U.S. Patent & Trademark Office for patents, which cover methods related to the Celution System output... IMAX Corp(IMAX) and Cineplexx Kinobetrieb, the largest exhibitor in Austria, announce a joint venture agreement to install three IMAX theatres in Austria.

7:32AM EMCOR Group says Welsbach Electric subsidiary awarded contract for installation of the electrical systems at the Newtown Creek Water Treatment Plant (EME) 21.78 :  

7:31AM Monro Muffler reaffirms Q2 guidance for EPS of $0.36-0.38 vs $0.37 consensus; reaffirms comparable store sales growth in the range of 3-5% (MNRO) 19.88 :  

7:28AM TRW Automotive Wwthdraws full-year 2008 guidance; expects Q3 net loss (TRW) 13.39 : Co announces the withdrawal of its Full-Year 2008 sales and earnings guidance provided on July 31, 2008. In addition, the company now expects a net loss for its 2008 Q3 on lower than anticipated sales, significantly higher restructuring expenses and increased commodity costs. In recent months and subsequent to providing the 2008 full-Year guidance on July 31, 2008, both actual and forecasted levels of vehicle production in Europe and North America have declined. In addition, the mix shift away from pickup trucks and sport utility vehicles to smaller and more fuel efficient cars in North America and from large and mid-sized passenger cars to small cars in Europe is having a more dramatic impact than previously anticipated. The effects of the lower vehicle production levels, mix shift of vehicles produced and the increased commodity costs will negatively impact the Company's second half. Given these challenges, TRW continues to realign its capacity and reduce its fixed cost structure, which will result in a higher level of restructuring and asset impairment expense in the second half of 2008.

7:27AM Landry's Seafood: The debt financing required to complete the merger is in jeopardy (LNY) 13.11 : The co reports on the current status of the Merger Agreement with Tilman Fertitta, Chairman, President and CEO, to acquire the co. The Special Committee of the Board of Directors, which was formed to evaluate Mr. Fertitta's offer, has been informed by Mr. Fertitta that in view of the closure of the Company's Kemah and Galveston properties, the instability in the credit markets, and the deterioration in the casual dining and gaming industries, the debt financing required to complete the pending transaction is in jeopardy at the current $21.00 per share price. Mr. Fertitta has further advised the Committee that he is in negotiations with Jefferies and Company about the financing for a transaction at a substantially reduced price. The Committee and Mr. Fertitta have not yet agreed upon terms of a new transaction, and there is no assurance that a transaction at a reduced price will even be reached. In addition, the co stated that the entire Kemah Boardwalk remains closed. The first restaurant is expected to open in a few weeks, and the project should be fully functioning prior to Spring break 2009. Three of the seven Galveston area restaurants are also closed and not expected to open until 2009. All other Houston area restaurants previously closed are now open.

7:05AM On The Wires (WIRES) : Peregrine Pharmaceuticals (PPHM) announces that it has completed enrollment in the first stage of a Phase II trial of bavituximab in combination with chemotherapy in patients with advanced breast cancer... Plug Power (PLUG) highlights passage of the eight-year extension of the Investment Tax Credit for stationary, motive and portable fuel cell purchases... UCN Inc. (UCNN) signed a one year, renewable agreement with RightScale for inContact.

7:04AM Molina Healthcare awarded Medicaid contract (MOH) 29.22 : Co has been awarded a Medicaid managed care contract by the Florida Agency for Health Care Administration. The term of the contract will commence on December 1, 2008, at which time Molina Healthcare of Florida will begin its initial enrollment of Florida NetPASS Medicaid members, with the full transition of NetPASS members expected to be completed in the first quarter of 2009. The contract award by AHCA follows its licensing of Molina Healthcare of Florida to operate as a health maintenance organization in Dade County.

7:03AM Unisys announces the election of Ed Coleman as the co's new CEO, effective today (UIS) 2.05 :  

7:02AM Centennial Comms misses by $0.03, beats on revs (CYCL) 5.21 : Reports Q1 (Aug) earnings of $0.07 per share, $0.03 worse than the First Call consensus of $0.10; revenues rose 6.9% year/year to $265.2 mln vs the $258.1 mln consensus.

7:00AM Nexstar enters into definitive agreement to acquire KWBF-TV in Little Rock, AR (NXST) 1.51 : Co announces that it entered into a definitive agreement to acquire the assets of KWBF-TV, the MyNetworkTV affiliate serving the Little Rock, Arkansas market for $4 mln from Equity Broadcasting. Co intends to finance the acquisition through cash on hand. Pro-forma for the transaction, Nexstar is on track to end 2008 with a total leverage ratio of approximately 6.0x compared to its permitted leverage covenant of 6.50x at December 31, 2008.

6:41AM On The Wires (WIRES) : Myriad Genetics (MYGN) announces that it has acquired the exclusive N. American license to specific application of novel proprietary technology used to perform pharmacokinetic analysis of therapeutic drugs in patients, from Saladax Biomedical; the technology allows a physician to adjust a patient's dose of chemotherapy to provide optimal patient exposure to the chemotherapy to help improve efficacy and minimize toxicity during the course of treatment.

6:36AM On The Wires (WIRES) : Vical (VICL) and AnGes have signed a non-binding Letter of Intent indicating their mutual interest to license the development and marketing rights for Vical's pandemic influenza DNA vaccines in Japan to AnGes. Both parties intend to negotiate terms and conditions potentially leading to a license, subject to completion of a mutually satisfactory definitive agreement... Myriad Genetics (MYGN) announces that it has acquired the exclusive North American license to specific application of novel proprietary technology used to perform pharmacokinetic analysis of therapeutic drugs in patients, from Saladax Biomedical

6:35AM GOL Linhas Areas Inteligentes says domestic passenger traffic for September 2008 increased 0.1% (GOL) 5.18 : Co announces preliminary passenger statistics for the month of September 2008. Consolidated domestic passenger traffic for September 2008 increased 0.1% and capacity increased 9.6% year-over-year. Domestic consolidated load factor for the month was 57% and international consolidated load factor was 60%. GOL's total system load factor for the month of September was 57%.

6:33AM S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: -2.00. :

6:33AM Asian Markets : Nikkei...10155.9...-317.20...-3.00%. Hang Seng...Holiday.........

6:33AM European Markets : FTSE...4590.49...+2.60...+0.10%. DAX...5391.45...+4.60...+0.10%.

6:12AM A-Power Energy appoints John Lin as interim Chief Financial Officer (APWR) 5.82 :  

6:10AM AMD and Advanced Technology Investment Co of Abu Dhabi to create semiconductor manufacturing co (AMD) 4.23 : Co and the Advanced Technology Investment Co of Abu Dhabi confirm the creation of a U.S.-headquartered, semiconductor manufacturing co to address foundry production capabilities. The new co will temporarily be called "The Foundry Company". At the same time, the Mubadala Development will increase its current investment in AMD to 19.3% on a fully diluted basis. AMD will contribute to The Foundry Co its manufacturing facilities, including two fabrication facilities in Dresden, Germany, as well as related assets and intellectual property rights. ATIC will invest $2.1 bln to purchase its stake in The Foundry Co, of which it will invest $1.4 bln directly in the new entity and the remainder will be paid to AMD to purchase additional shares in The Foundry Co. Foundry Co will also assume approx $1.2 bln of AMD's existing debt.

6:06AM On The Wires (WIRES) : Range Resources (RRC) reiterates its guidance for Q308 production of 384 to 386 Mmcfe per day and its guidance for a total of 19% production growth for 2008.

6:05AM Advanced Medical Optics receives FDA approval for Healon D viscoelastic for ophthalmic surgery (EYE) 15.00 : Co announces the FDA has granted premarket approval of Healon D viscoelastic, a clear dispersive ophthalmic viscosurgical device for use as a surgical aid in cataract extraction, intraocular lens implantation, corneal transplant, and glaucoma filtration surgery.

5:12AM Monogram Biosciences reaffirms guidance for FY08 and provides update on oncology programs (MGRM) 0.64 : Co reaffirms guidance for FY08 (Dec), sees FY08 (Dec) revs in excess $60.0 mln vs. $63.96 mln First Call consensus. "We continue to make progress in both our HIV and Oncology programs," said William Young, Monogram chief executive officer. "Our revenues have been at record levels in the first half of this year and we reaffirm our guidance for revenues to be greater than $60 mln for the year, growth of over 40% over 2007. We expect further revenue growth in 2009 from Trofile, our patient selection assay for the CCR5 antagonist class of HIV drugs."

4:43AM China Medical Tech acquires HPV-DNA Biosensor Chip and SPR-based analysis system (CMED) 28.57 : Co announces that it has entered into a definitive asset acquisition agreement with Molecular Diagnostics Technologies to purchase its HPV-DNA Biosensor Chip and Surface Plasmon Resonance based Analysis System for the detection of human papillomavirus. Under the terms of the asset acquisition agreement, the co will pay an aggregate cash consideration of $345 mln in installments with the final payment to be made one year after the closing of the acquisition. Co expects the HPV Chip to generate revenues ranging from RMB160 mln ($23.6 mln) to RMB180 mln ($26.5 mln) in FY2009. Gross margin of the HPV Chip is estimated to be around 80%. Sales of the HPV Chip are recurring in nature and are expected to grow rapidly in subsequent years. Based on these targets and the strategy of providing the SPR System to hospitals, CMED expects the acquisition to be accretive to its non-GAAP adjusted earnings per ADS in FY2009, ranging from Rmb1.1 ($0.16) to RMB1.4 ($0.21). The co expects significantly higher accretion to its non-GAAP adjusted earnings per ADS in subsequent years.

3:21AM F5 Networks lowers Q4 revenue guidance (FFIV) 21.50 : Co issues downside guidance for Q4 (Sep), sees Q4 (Sep) revs of $171.3 mln vs. $173.19 mln First Call consensus. Co expects to meet or exceed its GAAP and non-GAAP EPS targets for the quarter. John McAdam, F5 president and chief executive officer, said results for Q4 reflect further weakening in the financial vertical and a sharp slowdown in Europe during the last week of September, partially offset by a slight rebound in Japan and US Federal revenues and by strong demand for the company's new entry-level products. "Despite weakness in the global economy, demand for the BIG-IP 3600 in particular was much stronger than we initially anticipated," McAdam said. "During the month of September alone BIG-IP 3600 sales exceeded our initial forecast for the entire quarter, resulting in more orders than we could ship during the quarter."

1:39AM Ph. III study showed Rituxan in combination with chemotherapy improved progression-free survival in patients with relapsed chronic lymphocytic leukemia (DNA) 80.62 : Co and Biogen Idec (BIIB 49.39) announce that a global Phase III study of Rituxan in combination with fludarabine and cyclophosphamide chemotherapy met its primary endpoint of improving progression-free survival, as assessed by investigators, in patients with previously treated CD20-positive chronic lymphocytic leukemia compared to chemotherapy alone. There were no new or unexpected safety signals reported in the study. An independent review of the primary endpoint is being conducted for U.S. regulatory purposes.

12:35AM Complete Production Services acquires platform businesses in the Marcellus and Haynesville shales (CPX) 13.82 : Co announces that it acquired substantially all of the operating assets and certain real estate used by Appalachian Well Services, a provider of pressure pumping and E-line services in the Appalachian region, and certain operating assets of TSWS, a provider of well servicing, heavy haul and other related services in Northern Louisiana, East Texas and Southern Arkansas. The consideration paid for the assets of AWS was approx $49.3 mln in cash and 588,292 shares of Complete common stock. Complete will also pay for the completion of the Marcellus Shale frac spread at a cost not to exceed $6.5 mln. Additionally, Complete may pay up to an additional $5.0 mln in cash consideration if certain performance targets are achieved in 2009-2010. The consideration paid for the assets of TSWS was approx $57.0 mln in cash. Both transactions are anticipated to be immediately accretive to earnings.

12:32AM AMD to make corporate announcement on Oct. 7 at 8:00 AM ET (AMD) 4.23 :  

12:05AM Eastern Light Capital comments on 10/06 share price increase (ELC) 6.15 : Co announces they have received a number of recent inquiries about Oct. 6, 2008 stock trading. After the close, Richard J. Wrensen, Chairman and Chief Executive Officer, commented, "While we are unaware of any specific reason for today's increase in Eastern Light Capital's common stock price, about 30 months ago we began to de-leverage our capital structure, and have reduced the systemic risk of current credit market conditions to our shareholders."

12:02AM Manitowoc receives U.S. antitrust clearance (MTW) 12.83 : Co and Enodis plc announce that the necessary antitrust clearance from the U.S. Dept. of Justice Antitrust Division in connection with Manitowoc's proposed acquisition of Enodis has been obtained. Enodis and Manitowoc have reached an agreement with the DOJ that will allow the completion of the Acquisition. Under the terms of the Proposed Final Judgment and the Hold Separate Stipulation and Order, Enodis and Manitowoc have agreed to divest Enodis' ice machine operations in the U.S. following completion of the Acquisition.

12:00AM On The Wires (WIRES) : PolyOne (POL) announces the lifting of force majeure declared on September 17, 2008 for caustic soda shipments from the SunBelt Chlor Alkali Partnership plant located in McIntosh, AL... Advanced Semiconductor Engineering (ASX) announces net revenues for September decreased 15.1% year/year to NT$ 8.32 bln; Q308 net revenues decreased 6.9% to NT$ 25.82 bln from Q307... AU Optronics (AUO) announces September 2008 consolidated revenue decreased 35.7% year/year to NT$ 34.5 bln; Q308 revenue consolidated revenue decreased 24.4% from Q307 to NT$ 104.31 bln.