InPlay from Briefing.com

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4:26 pm This week's biggest % gainers/losers (:SCANX) : The following are this week's top 20 percentage gainers and top 20 percentage losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers

  • Technology: ET (33.62 +46.13%), BV (9.51 +23.1%), MKTG (11.51 +20.99%), OVTI (18.93 +20.85%), CIEN (19.75 +14.74%), OIBR (2.26 +13.2%), MRGE (3.67 +12.65%)
  • Services: KKD (18.04 +23.14%), DANG (7.34 +16.4%)
  • Healthcare: CLVS (71.83 +95.8%), TEAR (11.84 +16.75%), TSRO (39.81 +16.47%), MNKD (7.46 +16.26%), CADX (7.43 +15.77%), ACAD (17.01 +15.47%), AVNR (3.77 +13.31%), IDIX (5.25 +12.75%)
  • Consumer Goods: GIII (48.78 +17.06%)
  • Basic Materials: MHR (4.05 +16.91%), RBY (1.84 +12.5%)
This week's top 20 % losers
  • Technology: SCTY (35.97 -21.35%), PANW (46.2 -17.26%), ZNGA (2.84 -16.91%), MKTO (19.94 -16.05%), UBNT (16.02 -14.17%), RST (15.75 -13.72%)
  • Services: P (15.12 -17.95%), GA (7.33 -17.36%), GOL (3.95 -16.63%)
  • Healthcare: SNTA (4.55 -40.3%), INFI (18.13 -36.06%), RIGL (3.56 -24.95%), ASTX (4.57 -16.67%), ARRY (5.01 -16.53%), CCXI (12.46 -15.49%)
  • Financial: NBG (5.5 -19.24%)
  • Consumer Goods: PAY (17.09 -26.12%)
  • Basic Materials: MTL (2.91 -20.34%), PDH (12.14 -13.98%), KWK (2.22 -13.62%)

4:23 pm Piedmont beats by $0.01, beats on revs; reaffirms FY13 EPS guidance (PNY) : Reports Q2 (Apr) earnings of $0.74 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.73; revenues rose 29.5% year/year to $399.41 mln vs the $327.98 mln consensus.

Co reaffirms guidance for FY13, sees EPS of $1.67-1.77 vs. $1.72 Capital IQ Consensus Estimate.

4:18 pm Wells Fargo business unit customers to receive instructions for remediation (WFC) : Co announced final approval by the Federal Reserve Board of Governors for the company to complete its claims and review processes and compensate Wells Fargo Financial, Inc. customers under the terms of a 2011 agreement. On July 20, 2011, Wells Fargo & Co. and Wells Fargo Financial reached an agreement with the Federal Reserve Board related to certain mortgage loans originated by Wells Fargo Financial between January 1, 2004 and September 30, 2008. Wells Fargo Financial, Inc. officially ceased operations in 2010. The agreement does not involve loans made by Wells Fargo Home Mortgage or by Wells Fargo Bank, N.A. Notifications will be mailed to Wells Fargo Financial customers identified as potentially impacted.

4:16 pm Ellington Financial reports estimated book value per share as of May 31, 2013 of $24.74 on a diluted basis (EFC) : Co announced that its estimated book value per common share as of May 31, 2013 was Co announced that its estimated book value per common share as of May 31, 2013 was $25.14, or $24.74 on a diluted basis. 5.14, or Co announced that its estimated book value per common share as of May 31, 2013 was $25.14, or $24.74 on a diluted basis. 4.74 on a diluted basis.

4:16 pm Stillwater Mining announces retirement of CEO Frank McAllister (SWC) : Co reported today that Frank McAllister, the Company's Chief Executive Officer, has announced his retirement from the Company. Terrell I. Ackerman, Vice President of Corporate Development for the Company, has agreed to serve as the interim Chief Executive Officer of the Company.

4:10 pm GT Advanced Tech. files shelf registration statement (GTAT) : Co announced that it has filed a universal shelf registration statement on Form S-3 with the Securities and Exchange Commission. The shelf registration statement (i) will register the resale of the 3,355,648 shares recently issued in connection with GT's acquisition of substantially all of the business of Thermal Technology LLC and (ii) is designed to provide GT with flexibility to raise capital and take advantage of business opportunities if and when such opportunities arise, subject to market conditions and GT's capital requirements. If and when the shelf registration statement is declared effective, it will, in addition to allowing the security holders of Thermal Technology to sell the GT shares they received in the acquisition, permit GT, from time to time, to offer and sell up to $35.4 million (based on the closing price of GT's common stock on June 6, 2013) of common stock, preferred stock, debt securities, units comprised of any such securities, or any combination thereof in one or more future public offerings. The actual amount and type of securities and the terms of those securities will be determined at the time of sale, if such sale occurs. At the present time, the Company has no specific use of proceeds or plans to offer any of the securities covered by the registration statement.

4:02 pm Pzena reports May 31, 2013 assets under management rose 4.0% month over month to $20.7 bln (PZN) :  

4:02 pm Hampden Bancorp anounced that its Board of Directors authorized an eighth stock repurchase program for the purchase of up to ~275.5K shares, or ~5%, of the Company's outstanding common stock (HBNK) : The Company will commence its eighth stock repurchase program immediately upon the completion of its seventh repurchase program, announced on August 7, 2012, which has ~155.4K shares remaining.

3:56 pm Last minute run to new session highs -- Dow +201, S&P +20.5, Nasdaq Comp +45.8 (SPY) :  

3:48 pm SemGroup announces pricing of $300 mln of 7.5% senior notes (SEMG) : Co announced the pricing of an offering of $300 million in aggregate principal amount of senior unsecured notes due 2021 for sale in a private placement to eligible purchasers. The 7.5% Notes will mature on June 15, 2021, and are being issued at par. SemGroup anticipates that consummation of the offering will occur on June 14, 2013, subject to the satisfaction of customary closing conditions, and intends to use a portion of the net proceeds from the offering to fund the acquisition of Mid-America Midstream Gas Services, L.L.C., a subsidiary of Chesapeake Energy Corporation and to repay amounts borrowed under SemGroup's corporate revolving credit facility. If, for any reason, the Acquisition does not close, the net proceeds will be used for general corporate purposes.

3:31 pm Earnings Preview for the week of June 10 - 14 (:SUMRX) : Of the companies reporting earnings for the week of June 10 - 14 some of the bigger names include:

  • Monday:
    • Pre Market - ANFI
    • After Hours - PBY, LULU, NOA, DMND, STEI
  • Tuesday:
    • Pre Market - PNY, MDCI, LDK
    • After Hours - ULTA, OXM
  • Wednesday:
    • After Hours - HRB, PVH, MW
  • Thursday:
    • After Hours - CASY, RH
  • Friday:
    • Pre Market - SFD

3:18 pm Nasdaq Comp +39 edges to new session high -- Dow +182 and S&P +17 work well off the afternoon lows (:TECHX) :  

3:01 pm AMR announces court enters order approving disclosure statement and authorizing solicitation of votes on plan of reorganization (AAMRQ) : Co announced that the U.S. Bankruptcy Court for the Southern District of New York entered the order approving the Disclosure Statement filed in connection with the co's proposed Plan of Reorganization. The Court also authorized American to begin soliciting votes on the Plan of Reorganization from creditors and stockholders. Solicitation packages will be distributed by June 20 and the voting deadline is July 29. The hearing before the Court to consider confirmation of the Plan is scheduled for Aug. 15, 2013.

The Plan is supported by the Official Committee of Unsecured Creditors. Holders of ~$1.6 billion of prepetition unsecured claims also have committed to vote to accept the Plan. 

The proposed Plan is to become effective concurrently with the consummation of a merger with US Airways (LCC). The proposed merger is expected to maximize recoveries for all of the company's economic stakeholders and the proposed Plan provides a recovery of 3.5% of the common stock (on an as-converted basis) of the combined co for holders of existing AMR equity securities, with the potential for such holders to receive additional shares. Under the terms of the Merger Agreement with US Airways, stockholders of US Airways will receive one share of common stock of the combined company for each share of US Airways common stock then held. The aggregate number of shares of common stock of the combined co issuable to holders of US Airways equity instruments will represent 28% of the diluted equity ownership of the combined co. The remaining 72% of the diluted equity ownership of the combined co will be issued under the Plan to AMR's stakeholders, AMR's labor unions, and certain employees of AMR.

2:55 pm NYMEX Energy Closing Prices (:COMDX) :

  • July crude oil rose $1.31 to $94.74/barrel
    • Crude oil rallied alongside the equity markets following better-than-anticipated nonfarm payrolls data. The energy component pushed off its session low of $93.72 and broke into positive territory to touch a session high of $96.39. It settled slightly below that level, booking a 1.4% gain. Today's advance brought gains for the week to a solid 4.5%.
  • July natural gas settled unchanged at $3.83/MMBtu
    • Natural gas, on the other hand, chopped around just above the unchanged line for most of its pit session. It touched a session high of $3.85 but settled flat, or 3.8% lower than last week's closing price.
  • July heating oil rose 3 cents to $2.90/gallon July
  • RBOB gasoline rose 2 cents to $2.87/gallon

2:53 pm Titan Intl confirms has in cooperation with One Equity Partners and Russian Direct Investment Fund entered into negotiations with Cordiant about a potential investment in Russia (TWI) : Co hopes to successfully complete these discussions in the near future. It is co's belief that the future growth of farming and mining will be in Russia and CIS countries.

Also, Chairman and CEO commented on the current market situation as co sees it through the first five months of 2013. "In the past couple months, millions of dollars in tires have been dropped into the aftermarket from the OEM's in the farm and construction industries and also the mining companies, who had built up inventories greater than a year and are now releasing these tires. This will affect every tire manufacturer worldwide. The entire volume of tires will have an aftermarket effect for a few months before things get back to normal. We feel that this is a bump in the road as we have experienced this in the past. I think of all the overtime and weekend work to produce tires that go into building inventory and then when they see the storage cost, they discount them into the aftermarket. The selling price of all our products is going down because our material cost has been dropping. The guidelines that I gave in December of 2012 will be adjusted downward, but I need to find out approximately how much the mining companies will be lowering their inventories... We are still moving ahead on the acquisition trail and expect a number of these transactions to close before the end of this year. Overall, I still see this year as a record year and one that will set the course for Titan's growth."

2:33 pm Dollar Holds 81.10: 10-yr: -21/32..2.157%..USD/JPY: 97.46..EUR/USD: 1.3222 (:SUMRX) : The Dollar Index saw a quick drop to session lows near 81.10 following the better than expected nonfarm payroll report, but quickly bounced off the level as trade climbed to session highs near 81.80. Action has pulled back slightly, but still holds small gains. Traders will be mindful of the 81.10 area over the coming days as the Index tested, and held, support at the level in each of the past two sessions with buyers emerging in defense of the 200-day moving average

  • EURUSD is -15 pips at 1.3220 after stalling near 1.3300 for a second day. Traders are now monitoring the 1.3150/1.3200 support level as several moving averages converge just below. French industrial production is due out on Monday.
  • GBPUSD is -35 pips at 1.5545 as trade continues to back off yesterday's four-month high. The recent rally has seen sterling climb roughly 700 pips off its lows before running into 1.5700 resistance that coincided with the 200-day moving average. Near-term support in the region will be watched closely with a breach setting up a test of 1.5300, which is aided by both the 50- and 100-day moving averages.
  • USDCHF is +45 pips at .9350 as trade looks to regain the 200-day moving average. The pair has been under significant selling pressure since late-May with trade sliding 600 pips off its highs. Support in the .9250 area has so far held, a positive sign for the bulls. Swiss data is limited to retail sales.
  • USDJPY is +10 pips at 97.55 as trade looks for just its third day of gains in the past twelve sessions. Early weakness battered the pair down to .9500, but trade has been able to reverse course over the U.S. session and climb back above the 100-day moving average (96.35). Japanese data includes the current account balance and Final GDP. Click here to see a daily USDJPY chart.
  • AUDUSD is -70 pips at .9485 after yet another day of selling for the pair. Despite being oversold, the hard currency still has not been able to muster any meaningful rally. A close in negative territory will mark the worst for the pair since September 2010. Australian banks are closed on Monday for the Queen's Birthday. Chinese data out this weekend is heavy as CPI, PPI, the trade balance, fixed asset investment, industrial production, and retail sales are set to cross the wires. Chinese banks are closed for the Dragon Boat Festival.
  • USDCAD is -55 pips at 1.0215 after this morning's strong Canadian jobs report. The report showed the Canadian economy added 95.0K jobs (16.1K expected) as its unemployment rate slipped to 7.1% (7.2% previous). However, the pair has managed to climb well off its lows after buyers came out in defense of the 100-day moving average (1.0170).  

2:29 pm Valeant Pharma announces filing of preliminary base shelf prospectus (VRX) : Co announced that it has filed a preliminary base shelf prospectus in Canada. The preliminary base shelf prospectus was filed with securities regulatory authorities in each of the provinces of Canada. Once receipts for the final base shelf prospectus are obtained from provincial securities regulators, the final base shelf prospectus will be valid for a 25-month period during which time Valeant Pharmaceuticals International, Inc. (the "Company") may, from time to time, offer and issue common shares having an aggregate offering price of up to US$3.0 billion. The specific terms of any offering of common shares will be contained in a shelf prospectus supplement filed in connection with each offering. As previously disclosed by the Company, the Company has entered into a definitive agreement under which the Company will acquire Bausch + Lomb Holdings Incorporated. The Company confirms its expectation that such transaction will be financed with debt and approximately US$1.5 - $2.0 billion of new equity.

2:28 pm CBOT Agriculture and Ethanol/ICE Sugar Closing Prices (:COMDX) :

  • July corn rose 2 cents to $6.66/bushel
  • July wheat fell 3 cents to $6.96/bushel
  • July soybeans fell 3 cents to $15.26/bushel
  • July ethanol rose 1 cent to $2.50/gallon
  • July sugar (#16 (U.S.)) rose 0.10 of a penny to 19.15 cents/lbs

2:25 pm S&P +11.6 and Dow +131 slip to new afternoon lows, Nasdaq Comp +30 (SPY) :  

1:55 pm COMEX Metals Closing Prices (:COMDX) :

  • Aug gold fell $32.80 to $1383.00/ounce
    • Gold fell sharply following better-than-anticipated nonfarm payrolls data released this morning. The yellow metal slid off its session high of $1416.90 and brushed a session low of $1377.10 by late morning action. It then trended slightly above that level and settled with a 2.3% loss. Today's decline brought losses for the week to 0.8%.
  • July silver fell $0.99 to $21.71/ounce
    • Silver sold off below the $22.00 mark during its floor session. Prices tumbled from a session high of $22.65 as low as $22.61. Unable to gain any momentum, silver settled the session 4.4% lower, booking a 2.4% loss for the week.
  • July copper fell 5 cents to $3.27/lb

1:23 pm N Amer Palladium announces $130 mln debt financing from Brookfield, $20 million fully subscribed private placement of flow-through shares and extension of credit facility (PAL) : Co announces financings to fund the Company's ongoing expansion of its Lac des Iles ("LDI") mine in Ontario. Summary:

  • Closing of a US$130 million senior secured term loan from Brookfield Capital Partners Ltd. ("Brookfield"), the private equity group of Brookfield Asset Management Inc.;
  • Payment and satisfaction of the existing $72 million senior secured notes due October 4, 2014;
  • Fully subscribed private placement of approximately $20 million in flow-through shares at a 2% premium to the relevant market price; and
  • Extension of the existing operating credit facility until July 4, 2014.

12:48 pm Stock indices slip slightly under tight midday ranges -- Dow +153, S&P +13, Nasdaq Comp +30 (SPY) :  

12:30 pm Consumer Portfolio Serv. announces renewal of $100 mln credit facility (CPSS) : Co announced that on June 5, 2013 it renewed its $100 million revolving credit facility with Citi. Under the amended terms, the facility will revolve during the first two years and may amortize during year three. Loans under the facility will be secured by automobile receivables that CPS now holds or will purchase from dealers.

12:18 pm Notable movers of interest (:SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

  • UAL (32.57 +6.19%): Upgraded to Neutral from Sell at Goldman; broad based strength in airline companies: DAL, JBLU, LUV, LCC also higher
  • MS (26.59 +4.66%): Initiated with an Outperform at Macquarie
  • BX (21.8 +3.79%): Gafisa S.A. (GFA) confirmed sale of 70% stake in Alphavill Urbanismo S.A. to Blackstone and Patria
Large Cap Losers
  • EQIX (193.28 -5.19%): Trading lower following recent IRS review of REIT qualifications; some have speculated co may pursue a conversion
  • GG (28.72 -3.85%): Weakness in gold companies following declines in gold prices: ABX, NEM also lower
  • AGNC (25.57 -2.42%): Weakness in Agency Mortgage REITs following a rise in 10 year treasury yields
Mid Cap Gainers
  • THO (45.39 +10.06%): Missed quarterly EPS by $0.06 ($0.82 vs $0.88 estimate), revs rose 13.3% yoy to $1.05 bln vs $1.05 bln estimate
  • GME (36.94 +6.70%): Seeing strength following Microsoft announcement that the XBox One will allow for the trade-in and resale of games
  • QCOR (36.44 +6.61%): UnitedHealth Group (UNH) issued favorable drug policy for co's H.P. Acthar Gel
Mid Cap Losers
  • IRM (28.86 -16.10%): Disclosed that the IRS has formed a new internal working group to study the current legal standards the IRS uses to define "real estate" for purposes of the REIT provisions; co anticipates that this will likely delay a response to some, if not all, of its pending private letter ruling requests for REIT conversion
  • AEM (31.45 -5.50%): Weakness in gold companies following declines in gold prices: AU also lower
  • CHMT (21.33 -4.78%): Provided update on Q2 outlook: prolonged winter and wet conditions gave the consumer products segment a slower start; downgraded to Underperform from Perform at Oppenheimer

11:59 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

  • UK's FTSE:+1.2%
  • Germany's DAX:+1.9%
  • France's CAC:+1.5%
  • Spain's IBEX:+0.6%
  • Portugal's PSI:+1.0%
  • Italy's MIB Index:+1.0%
  • Irish Ovrl Index:+1.4%
  • Greece ASE General Index: +0.9%

11:41 am Crude oil rallying, hits new session high; July crude oil now +1.6% at $96.30/barrel (:COMDX) :  

11:39 am Sagent Pharma initiates a nationwide voluntary recall of three lots of Vecuronium Bromide for Injection, 10mg manufactured by Mustafa Nevzat (MN Pharmaceuticals) due to elevated impurity levels (SGNT) : The elevated impurity result has the potential to result in prolonged neuromuscular blockade for critically ill patients with renal failure. Sagent is not aware of any adverse patient events resulting from the use of this product and is continuing its diligent investigation of the situation.

11:38 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (169) outpacing new lows (25) (:SCANX) : Stocks that traded to 52 week highs: ABFS, ACAD, ACLS, AFL, AFOP, AIR, ALEX, ALGT, ALU, ANW, ATK, ATMI, AXP, BA, BEAV, BERY, BHE, BOBE, BWC, BWS, CA, CAKE, CALD, CBOE, CBRL, CCF, CCIX, CEC, CERN, CHTP, CIEN, CITZ, CKP, CLDX, CMRE, CNW, CONN, COO, COWN, CQB, CRTX, CRVL, CSCO, CSFL, CTGX, CTRP, DANG, DENN, DLPH, DXCM, DXYN, EA, ECPG, ECTE, EFII, EFSC, EMES, ENDP, EPAM, ESLT, EXAS, FELE, FET, FFG, FFNW, FII, FIX, FIZZ, FLEX, FLTX, FRM, FRME, FRX, GD, GEF, GNRC, GPS, GY, GZT, HARL, HELE, HEOP, HGG, HILL, HOGS, IBKR, IDT, INFN, ININ, ISSI, ITG, JMBA, JOUT, KAI, KIRK, KKD, KMG, KTOS, LPNT, LXK, LYG, MANH, MDM, MENT, METR, MFRI, MGAM, MS, MTSN, MU, MVIS, NHTB, NLNK, NUTR, NVTL, OAS, OMG, OPAY, OPLK, OSTK, OTEX, PBCP, PCO, PCP, PFPT, PNX, PPC, PRI, PRO, PRSC, PRU, PSUN, PWRD, RAD, RLD, RRGB, SAPE, SCOR, SFG, SFLY, SGMS, SMP, SMRT, SNPS, SNX, SOFO, SONS, SPA, SPB, STL, SWM, SYA, TAM, TCBK, THO, TPL, TRS, TTEC, TTS, UMPQ, USPH, VNTV, VPG, WAIR, WLDN, WSBF, XLS, ZINC, ZLC

Stocks that traded to 52 week lows: ACC, AVL, CDY, CNCO, DVCR, FFN, HSKA, IRM, NBG, OINK, OSN, OXBT, PAY, PGRX, RIGL, RIOM, SID, SQM, TCL, USAP, USM, VALV, WLT, XIDE, XNPT

ETFs that traded to 52 week highs: EIS, GULF

ETFs that traded to 52 week lows: EPU, FXA, KOL

11:18 am Qualcomm under pressure but thus far has stabilized near the five month close low from April at 61.52 -- session low 61.50 (QCOM) : The intraday bounce high after reaching 61.50 is at 61.90.

11:05 am Currency Commentary: DXY Pushes Higher Post-Jobs (:SUMRX) :

  • The Dollar Index slipped to test yesterdays LoD following the release of the May jobs report. The DXY was trading at 81.30 ahead of the jobs number but saw a quick dip on the news testing 81.10. However the greenback saw a sharp rally off the level and has now pushed back to 81.70. The jobs number was slightly better than expected but had a goldilocks-type feel as it was good but not 'too good' to push the Fed into tapering mood. Market focus will slowly turn to the Fed's June meeting (18-19) but at this point it looks like it will be a relative nonevent.
  • The euro was trading at 1.3280 ahead of the jobs number. The single currency had hit 1.33 last night, the first time it touched this level since mid-February. Economic data in the region was better than feared with Germany, Spain and the Netherlands  all beat expectations in their respective Industrial Production reports. Germany's trade balance also posted a higher than expected surplus.
  • The pound is finally showing some signs of tiring following a 3% rally since just before the Memorial Day weekend. Sterling was able to spike to 1.5678 during yesterdays flush but has now pulled back to the 1.5540 level.
  • The yen volatility has cooled off following a strong selling session yesterday. The unwind of the carry trade has been a big driver of the yen which has been able to run from the 103 area to the 95 level against the dollar over the past two weeks. 95 was able to hold resistance though and the yen has slipped back to the 97 area against the dollar (BONDX, FOREX).

11:03 am St. Jude Medical signs equity investment and option to purchase agreement with Spinal Modulation (STJ) : Co and privately-held Spinal Modulation announced that they have entered into a series of agreements under which St. Jude Medical made a $40 million equity investment in Spinal Modulation, a company that has developed an innovative neuromodulation therapy that provides a new pain management option for patients with chronic, intractable pain. The agreement provides St. Jude Medical with an exclusive option to distribute the Axium Neurostimulator System, developed and manufactured by Spinal Modulation, in international markets where it is approved for sale. Additionally, St. Jude Medical will have the exclusive option to acquire the company for up to $300 million plus certain revenue-based milestones following U.S. commercialization.

10:50 am Minor new highs reaches short term resistance zones -- Dow +186, S&P +17, Nasdaq Comp +32 (SPY) : Noted resistance at 1640/1642 for the S&P in The Technical Take with this morning strong follow through reaching as high at 1639.85 in recent trade. Resistance for the Dow is at 15220/15229 (session high 15229) and 3455/3463 Nasdaq Comp (session high 3457).

10:41 am S&P +16 joins Dow +182 at new high, Nasdaq Comp +29 still hovering just below (SPY) :  

10:27 am Minor new session high Dow +161, S&P +15.8 and Nasdaq Comp +26.7 are hovering slightly under their peaks (SPY) :  

10:14 am FIrst Security Group shares trading lower by 56% following news yesterday after the close that company announced that its previously filed Registration Statement on Form S-1 was declared effective by the SEC (FSGI) : The Registration Statement will enable certain selling shareholders to resell up to ~60.735 mln shares of the Company's Common Stock. The selling shareholders may resell all or a part of their shares from time-to-time, but the Company is not currently aware of any plans by its shareholders to do so. The Company is not selling any shares of its Common Stock under the Registration Statement and will not receive any proceeds from the resale by the selling shareholders. All ~60.735 mln shares of common stock that were registered for resale were issued during the Company's previously announced recapitalization which closed on April 11-12, 2013.

10:13 am Crude oil extends gains and hits a new session high (:COMDX) : July crude oil is now +1.0% at $95.72/barrel.

10:11 am Solid follow through gains for stock indices -- Dow +153, S&P +16, Nasdaq Comp +27 (SPY) :  

10:05 am Crude oil moves back into positive territory; July crude is now +0.2% at $94.91/barrel (:COMDX) :  

10:03 am Amazon.com flirts with May highs at 271.79/271.91 for fifth time over last three weeks -- session high 271.50 (AMZN) :  

10:01 am Triumph Group selected to design and build fuselage sections and other components for Embraer (ERJ) second generation of E-Jets; contract worth ~ $1.7 bln over lifetime (TGI) : Co announced that its subsidiary, Triumph Aerostructures-Vought Aircraft Division, has been selected to design and build the center fuselage section III, rear fuselage section and various tail section components (rudder and elevator) for Embraer's (ERJ)second-generation E-Jet family. The contract is worth approximately $1.7 billion over its lifetime. The company's investment in the program, including capital and design activities, will be approximately $130 million which will be spread over the next four years. Planned to enter service in 2018, the program is expected to launch later this year. Spending in FY 2014 will be approximately $25 million.

9:59 am Nasdaq Comp +16 and Dow +90 set new session highs, S&P +9.4 testing its peak (:TECHX) :  

9:48 am Elan issues response to Royalty Pharma announcement: Board will assess the offer, advises shareholders take no action (ELN) : The Board of Elan notes today's announcement regarding the revised offer by Echo Pharma Acquisition Limited to acquire Elan's shares under Rule 2.5 of the Irish Takeover Rules.

The Board of Elan will, as before, in line with its obligations under Irish Takeover law, assess the Royalty Pharma announcement and will advise its shareholders accordingly. In the meantime, Elan shareholders are strongly advised to take no action in relation to the Royalty Pharma offer.

9:47 am S&P 400 Mid-Cap slightly weaker, Russell 2000 back hovering near flat line (:TECHX) :  

9:44 am SPDR Homebuilders displaying relative weakness as it slips into the red (XHB) : MHK -1.2%, SPF -1.2%, TPX -0.9%, TOL -0.5%, OC -0.6%, WHR -0.7%.

9:42 am Sector relative strength (:TECHX) : Gains are broad based with the major averages hovering slightly under early peaks. Sectors that have displayed relative strength (outperforming the S&P) include: Biotech IBB (BIIB, CELG, GILD, REGN, AMGN, MYGN, SGEN, VRTX, ALXN), Restaurant, Transports IYT, Health XLV, Staples XLP, Software IGV (CA, CRM, ADSK).

9:37 am Semiconductor Hldrs ETF slips back into the red after firmer start (SMH) : ARMH -2%, INTC -1.6%, SNDK -0.8%, ALTR -0.4%, AMD -0.1%.

9:35 am Baidu.com edges above 200 sma/ema, probing its May/four month high at 100.68 (BIDU) :  

9:30 am Grupo Aeroportuario del Pacifico May Passengar Traffic +9.3% (PAC) :  

9:28 am Wal-Mart Board approves new $15 bln share repurchase program, effective June 6, 2013 (WMT) : This program replaces the previous $15 billion program announced on June 3, 2011. As of June 6, the company had approximately $712 million remaining on the 2011 Authorization.

9:26 am Sasol provides Chief Financial Officer Update; A 13% weaker average rand/US dollar exchange rate negatively impacted cash fixed costs for the nine months ended 31 March 2013 (SSL) : "A 13% weaker average rand/US dollar exchange rate R8,64/US$ at 31 March 2013) negatively impacted cash fixed costs for the nine months ended 31 March 2013. Cash fixed costs, excluding once-off, growth costs and the impact of exchange rates, have increased above inflation, resulting primarily from increased labour, electricity and maintenance costs. We continue to contain the impact of electricity cost increases, through the utilisation of our own electricity generation capacity. In respect of labour costs, we are entering into wage negotiations over the coming months with our represented unions....Free cash flow for the nine months to 31 March 2013, increased by 18% compared to the prior year comparable period, allowing the group to maintain its strong balance sheet. Our healthy cash generating ability has allowed us to successfully sustain our current operations and fund our approved growth aspirations, while still delivering attractive returns to our shareholders."

9:25 am On The Wires (:WIRES) :

  • KMG Chemicals (KMG) announced that Andrew Lau has joined the co's executive team as Vice President responsible for KMG's global Electronic Chemicals business.
  • Amazon Studios, the original film and series production arm of Amazon.com (AMZN), announced a new innovation for writers and filmmakers-Amazon Storyteller.
  • LPL Financial, a subsidiary of LPL Financial Holdings (LPLA), announced that Michelle Oroschakoff has been appointed Chief Risk Officer and Managing Director.
  • HCC Insurance Holdings (HCC) announced the promotion of Simon Button to Chief Underwriting Officer for HCC International Insurance and Lloyd's Syndicate 4141.

9:22 am Grupo Aeroportuario del Pacifico reports during May, total terminal passengers increased 9.3% compared to the previous year (PAC) : Co announced preliminary terminal passenger traffic figures for the month of May 2013 compared to traffic figures for May 2012. Total terminal passengers increased 9.3% compared to the previous year. Domestic passenger traffic increased 9.9%, while international passenger traffic increased 8.1% compared to May 2012.

9:22 am Commodities extend losses as the dollar index rises, hitting new HoD. Gold, silver and crude oil just hit new session lows (:COMDX) :

  • Apr gold -2.4% at $1382.00/oz
  • July silver is -3.2% at $21.99/oz
  • July crude oil -0.8% at $93.96/barrel
  • July copper -1.6% at $3.27/lb

9:21 am IntercontinentalExchange reports record daily volume in the ICE U.S. Dollar Index (:USDX) futures yesterday (ICE) : Co reported record daily volume in the ICE U.S. Dollar Index (:USDX) futures contract of 116,372 contracts on June 6, 2013. The notional value of USDX contracts traded was ~$9.5 billion. The previous daily volume record of 88,394 contracts was established on March 13, 2013. Year to date through May, ADV for the USDX is 34,707, up 27% over the same period last year.

9:15 am S&P futures vs fair value: +11.20. Nasdaq futures vs fair value: +13.20. (:WRAPX) : The S&P 500 futures trade higher by 0.7% as today's session sets up for a higher open. The bulk of the pre-market gains followed today's May nonfarm payrolls report, which pointed to the addition of 175,000 jobs. However, the unemployment rate ticked up to 7.6% from 7.5% due to an increase in the labor force participation rate.

The bond market displayed volatility following the release, but eventual selling across the Treasury complex ran the 10-yr yield higher by three basis points to 2.115%.

9:15 am Rite Aid guides Q1 EPS above consensus; lowers FY14 EPS by $0.01 to reflect refinancing; raises low end of FY14 adj. EBITDA, reaffirms FY14 rev, comp guidance (RAD) : Co issues upside guidance for Q1 (May), sees EPS of $0.08-0.09 vs. $0.07 Capital IQ Consensus Estimate. Rite Aid estimates that Adjusted EBITDA was between $335 million and $345 million for Q1, compared to Adjusted EBITDA of $274.2 million for the comparable prior-year period. The improvement in results over the comparable prior- year period was largely driven by the continued benefit of new generic introductions on pharmacy gross margin.

Co issues guidance for FY14 (Feb), lowers EPS by $0.01 (to reflect refianncing transaction) to $0.04-0.19 vs. $0.15 Capital IQ Consensus Estimate; reaffirms FY14 (Feb) revs of $24.9-25.3 bln vs. $25.23 bln Capital IQ Consensus; reaffirms comps. Based on the estimated results of first quarter fiscal 2014, Rite Aid has raised the low end of its adj. EBITDA guidance to $1.090 billion. The high end of the Adjusted EBITDA guidance for fiscal 2014 remains at $1.175 billion based on the expectation that results in the second half of the fiscal year will be negatively impacted by lower pharmacy margin resulting from fewer generic drug introductions.

Co has commenced a debt refinancing transaction that would extend the maturity of a portion of Rite Aid's outstanding indebtedness and lower interest expense. The refinancing transaction consists of a cash tender offer for any and all of Rite Aid's $500.0 million aggregate principal amount of 7.5% Senior Secured Notes due 2017 with the proceeds from a new $500.0 million second lien term loan, together with available cash and/or borrowings under Rite Aid's revolving credit facility.

9:08 am Crude oil extends losses, July crude falls below $94/barrel. In current trade, July crude is -0.8% at $94.04/barrel (:COMDX) :  

9:03 am European Markets Update: FTSE +0.2%, CAC +0.6%, DAX +0.7% (:SUMRX) : Major European indices trade near their session highs. In regional economic data, the German trade surplus climbed to EUR17.7 billion from EUR17.6 billion (EUR17.2 billion forecast). Meanwhile, industrial production increased 1.8% month-over-month (-0.2% expected, +1.2% prior). Also of note, the German Bundesbank has lowered its 2013 and 2014 GDP forecasts. This year's GDP expectations were lowered to growth of 0.3% versus the prior expectation of +0.4%. Meanwhile, the 2014 forecast was lowered to +1.5% from +1.9%. Elsewhere, the French budget deficit widened to EUR66.8 from EUR31.0 billion. In addition, the trade deficit was reported at EUR4.5 billion (-EUR4.7 billion expected, -EUR4.5 billion prior). The United Kingdom's trade deficit narrowed to -GBP8.2 billion from -GBP9.2 billion (-GBP8.8 billion expected).

  • In the United Kingdom, the FTSE is higher by 0.2% as miners outperform. Fresnillo and Glencore Xstrata trade with respective gains of 4.1% and 1.6%. Financials are among the laggards as HSBC Holdings registers a loss of 1.2%.
  • In France, the CAC adds 0.6% amid strength in industrials and materials. Vallourec and Vinci are both up near 2.0%.
  • Germany's DAX trades up 0.7% as insurers display strength. Allianz and Muenchener Re trade higher by 0.8% and 1.4% respectively. The strength comes after lower-than-expected losses from the recent floods.

9:03 am Omnicom: Ketchum, a part of Diversified Agency Services, a division of Omnicom Group (OMC) acquired Brandzeichen, a brand public relations agency; financial terms not disclosed (OMC) :  

9:02 am Murphy Oil reports well result offshore Australia; well encountered over 20 feet of net gas condensate pay (MUR) : Co announced today, through its wholly owned subsidiary, Murphy Australia WA-408-P Oil Pty Ltd., the well results of the non-operated Bassett West-1 well in the Browse basin offshore Western Australia.

The well encountered over 20 feet of net gas condensate pay. The partnership group will be performing further technical assessment to evaluate the potential for improved reservoir development across this large structure. The accumulation found in this wellbore is non-commercial and the Company expects to expense this well in the second quarter.

9:02 am Bank of America announces redemption of all $5 mln outstanding floating rate MMCapSSM of progress capital trust IV (BAC) : Co announced today that it will submit a redemption notice to the institutional trustee for Progress Capital Trust IV, which will result in the redemption of all $5 million aggregate liquidation amount outstanding of the trust preferred securities of Progress Capital Trust IV designated as the Floating Rate MMCapSSM. The redemption date for these securities will be July 7, 2013, and the cash redemption price to be paid on the redemption date will be $1,000 per trust preferred security. Accrued distributions for the full current quarterly distribution period of $9.1685 per trust preferred security will be paid to holders of record at the close of business on June 22, 2013 in the customary manner. Bank of America has received all necessary approvals for these redemptions.

9:01 am S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +10.70. (:WRAPX) : U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.5%.

Asian markets endured another rough session as most major indices registered losses. Following the sharp yen rally during the U.S. session, Japan's Finance Minister Taro Aso said there are no plans for an immediate intervention in the foreign exchange markets. In addition the Health Ministry said it will allow its pension fund to diversify its holdings away from bonds. Regional economic data was limited to just a handful of reports. Japan's Leading Index climbed to 99.3 from 97.9 (98.8 expected). South Korea revised its first quarter GDP reading down to 0.8% from 0.9% (0.9% expected). Also of note, Australia's AIG Construction Index ticked up to 35.3 from 35.2.

  • In Japan, the Nikkei closed lower by 0.2% after being down as much as 2.9% before staging a sharp rebound to the tune of nearly 500 points. The notable spike off the lows was attributed to a large ETF purchase by the Bank of Japan. Exporters Bridgestone and Isuzu both lost near 4.8% while Tokyo Electric Power Company rallied 8.4%.
  • Hong Kong's Hang Seng lost 1.2% amid weakness in financials as Bank of China and HSBC Holdings settled lower by 8.0% and 1.5%, respectively. On the upside, Belle International Holdings rose 2.8%.
  • In China, the Shanghai Composite declined 1.3% as cyclical names lagged. Tianjin Marine Shipping and Zhuhai Boyuan Investment both lost near 10.0%.
Major European indices trade near their session highs. In regional economic data, the German trade surplus climbed to EUR17.7 billion from EUR17.6 billion (EUR17.2 billion forecast). Meanwhile, industrial production increased 1.8% month-over-month (-0.2% expected, +1.2% prior). Also of note, the German Bundesbank has lowered its 2013 and 2014 GDP forecasts. This year's GDP expectations were lowered to growth of 0.3% versus the prior expectation of +0.4%. Meanwhile, the 2014 forecast was lowered to +1.5% from +1.9%. Elsewhere, the French budget deficit widened to EUR66.8 from EUR31.0 billion. In addition, the trade deficit was reported at EUR4.5 billion (-EUR4.7 billion expected, -EUR4.5 billion prior). The United Kingdom's trade deficit narrowed to -GBP8.2 billion from -GBP9.2 billion (-GBP8.8 billion expected).
  • In the United Kingdom, the FTSE is higher by 0.2% as miners outperform. Fresnillo and Glencore Xstrata trade with respective gains of 4.1% and 1.6%. Financials are among the laggards as HSBC Holdings registers a loss of 1.2%.
  • Germany's DAX trades up 0.7% as insurers display strength. Allianz and Muenchener Re trade higher by 0.8% and 1.4% respectively. The strength comes after lower-than-expected losses from the recent floods.
  • In France, the CAC adds 0.6% amid strength in industrials and materials. Vallourec and Vinci are both up near 2.0%.

9:01 am WSP Holdings explains failure to file Form 20-F on a timely basis; co indicated that management have encountered unforeseen delays in completing the co's consolidated financial statements (WH) : Information necessary for the filing of a complete and accurate report on Form 20-F cannot be gathered and reviewed within the prescribed time period. The Company remains committed to completing its Form 20-F at the earliest possible time, and anticipates its completion by August 2013 or such later time to be announced.

9:01 am Biolase Names current director Alexander Arrow President and Chief Operating Officer (BIOL) : Co announced that medical technology executive and current Director Alexander Arrow has been named President and Chief Operating Officer. Arrow will report directly to Federico Pignatelli, the Chairman and Chief Executive Officer. From 2007 through 2012, Dr. Arrow was the Chief Financial Officer of Arstasis.

8:57 am Gold, silver, copper and crude oil are all getting hammered (:COMDX) : All dropped sharply in recent minutes, all hitting new session lows. In current trade:

  • Apr gold -1.5% at $1394.50/oz
  • July silver is -2.3% at $22.19/oz
  • July crude oil -0.5% at $94.30/barrel
  • July copper -1.2% at $3.28/lb

8:49 am On The Wires (:WIRES) :

  • WEX (WEX) announced the introduction of WEX Health, a customized virtual payments solution, for the healthcare market.
  • Ambow Education Holding (AMBO) announced that, on June 7, 2013, Beijing Ambow Online Software, its subsidiary in China, entered into a strategic cooperation agreement with Bank of Beijing, Weigongcun Branch. BOB plans to provide Ambow Online and its affiliates with comprehensive finance services.
  • SolarWinds (SWI) announced the signing of a lease agreement for the co's new corporate headquarters in Southwest Austin. Co expects to move into its new space in early 2014.
  • PURE Bioscience (PURE) shipped an opening order of PURE Hard Surface and PURE Multi-Purpose Cleaner Concentrate to European distributor and Italian export consortium, TICE.
  • Puma Biotechnology (PBYI) announced the initiation of its Phase III clinical trial of the co's lead drug candidate PB272 (neratinib) in patients with HER2-positive metastatic breast cancer who have failed two or more prior treatments.
  • Rosetta Genomics (ROSG) has executed a credentialing agreement with Three Rivers Provider Network of Chula Vista, Calif., for the Rosetta Cancer Origin Test.

8:48 am Asian Markets Close: Nikkei -0.2%, Hang Seng -1.2%, Shanghai -1.3% (:SUMRX) : Asian markets endured another rough session as most major indices registered losses. Following the sharp yen rally during the U.S. session, Japan's Finance Minister Taro Aso said there are no plans for an immediate intervention in the foreign exchange markets. In addition the Health Ministry said it will allow its pension fund to diversify its holdings away from bonds. Regional economic data was limited to just a handful of reports. Japan's Leading Index climbed to 99.3 from 97.9 (98.8 expected). South Korea revised its first quarter GDP reading down to 0.8% from 0.9% (0.9% expected). Also of note, Australia's AIG Construction Index ticked up to 35.3 from 35.2. Looking at the currencies...USDCNY declined to 6.1335; USDINR ticked up to 57.066; USDJPY is lower at 96.12; AUDUSD is lower near .9528. In Japan, the Nikkei closed -0.2% after being down as much as 2.9% before staging a sharp rebound to the tune of nearly 500 points. The notable spike off the lows was attributed to a large ETF purchase by the Bank of Japan. Exporters Bridgestone and Isuzu both lost near 4.8% while Tokyo Electric Power Company rallied 8.4%.

In Hong Kong, the Hang Seng ended -1.2% amid weakness in financials as Bank of China and HSBC Holdings settled lower by 8.0% and 1.5%, respectively. On the upside, Belle International Holdings rose 2.8%...In China, the Shanghai Composite settled -1.3% as cyclical names lagged. Tianjin Marine Shipping and Zhuhai Boyuan Investment both lost near 10.0%.

In India, the Sensex closed -0.5%. Tata Motors fell 1.6% and State Bank of India declined 1.2%. On the upside, Dr. Reddy's Laboratories rose 2.5%.

In Australia, the ASX settled -0.9%. Intrepid Mines and Northern Iron ended with respective losses of 18.3% and 11.3%. Meanwhile, Dart Energy jumped 10.0%.

In other regional markets...Taiwan UNCH...South Korea -1.8%...Thailand +1.8%...Philippines +1.4%...Singapore -0.3%...Malaysia +0.3%...Vietnam +1.4%...Indonesia -2.7%.

8:47 am Thinly traded Waterstone Financial announces last night a plan to sell additional stock and convert to fully public company (WSBF) : Co announced that its Board of Directors, together with the Boards of Directors of Lamplighter Financial and the Bank, have unanimously adopted a Plan of Conversion and ReorganizationPursuant to the Plan of Conversion, the MHC will sell its majority ownership in the Company in a "second-step" stock offering. Simultaneously, the Company, which is currently in the mutual holding company structure, will reorganize to a fully public stock holding company.

As part of the conversion and reorganization, the Bank will become a wholly owned subsidiary of a new holding company, which also will be named Waterstone Financial. Shares of common stock of the Company held by persons other than the MHC will be converted into shares of common stock of the new holding company pursuant to an exchange ratio intended to preserve the percentage ownership interests of such persons. In the stock offering, depositors of the Bank with qualifying deposits as of December 31, 2011 will have first priority to purchase the shares of common stock.

8:47 am AMAG Pharma announces its European commercial partner, Takeda Pharmaceutical (TKPYY), has submitted a type-II variation to the European Medicines Agency for Rienso (ferumoxytol) (AMAG) : Co announced that its European commercial partner, Takeda Pharmaceutical (TKPYY), has submitted a type-II variation to the European Medicines Agency for Rienso (ferumoxytol). The submission requests EMA approval to expand the indication for ferumoxytol beyond the current indication for the treatment of iron deficiency anemia in adult patients with chronic kidney disease to include all adult patients with IDA who have a history of unsatisfactory oral iron therapy or in whom oral iron cannot be used. If approved for this indication, we believe that Rienso could provide a new treatment option for iron deficiency anemia patients who cannot tolerate or do not respond to oral iron therapy."

8:45 am Southwest Air May RPM +4.2% (LUV) : Co announced that the Company flew 9.3 bln revenue passenger miles in May 2013, a 4.2 percent increase from the 9.0 bln RPMs flown in May 2012. Available seat miles increased 3.4 percent to 11.4 bln from the May 2012 level of 11.0 bln. The May 2013 load factor was 81.9 percent, compared to 81.3 percent in May 2012. For May 2013, passenger revenue per ASM (:PRASM) is estimated to have decreased approximately two percent compared to May 2012.

8:34 am Gold and silver have both erased its losses following the jobs data and are moving higher now (:COMDX) : Apr gold is -0.25 at $1412.50/oz, July silver is -0.5% at $22.60/oz.

8:34 am S&P futures vs fair value: +5.20. Nasdaq futures vs fair value: +5.00. (:WRAPX) : Equity futures jumped to their highs in reaction to a better-than-expected headline nonfarm payrolls number.

May nonfarm payrolls came in at 175K versus the 159K expected by the Briefing.com consensus. Nonfarm private payrolls added 178K against the 175K consensus. The unemployment rate was reported at 7.6%, worse than the Briefing.com consensus which expected the rate to remain unchanged at 7.5%.

Hourly earnings were unchanged while the Briefing.com consensus expected an uptick of 0.2%. Average workweek was reported at 34.5, which was in-line with the Briefing.com consensus.

8:33 am Prospect Global Resources announced its decision to extend its previously announced rights offering to Monday, June 10, 2013 (PGRX) : Co announced its decision to extend its previously announced rights offering to Monday, June 10, 2013. Stockholders who have not exercised their rights may still do so within the extension period. Those stockholders whose shares are held through a brokerage account, bank or other nominee, will need to provide investment instructions to the nominees not later than Monday, June 10, 2013. The rights offering was originally scheduled to expire on June 6, 2013.

8:32 am Pandora Media reported listener hours for Pandora during the month of May 2013 were 1.35 bln, an increase of 22% from 1.10 billion during the same period last year (P) : Share of total U.S. radio listening for Pandora in May 2013 was 7.29%, an increase from 5.80% at the same time last year. Active listeners were 70.8 million at the end of May 2013, an increase of 33% from 53.3 million during the same time period last year.

8:32 am Sparton Corporation subsidiary completes acquisition of certain assets of Creonix; acquisition is expected to be accretive to earnings within the next 9-12 months (SPA) : Co announces that its wholly owned subsidiary, Sparton Electronic Devices, LLC completed the acquisition of certain assets of Creonix, a $12 mln revenue business, on June 6, 2013 in an all-cash transaction. "Since there will not be an addition of significant fixed overhead in Brooksville related to this transaction, we expect Creonix's revenue to enhance Complex System's EBITDA. The acquisition is expected to be accretive to earnings within the next 9-12 months, once transitioning activities are completed."

8:32 am Gold dropped about $11, below $1400, to a new LoD following the jobs number; silver also dropped to a new LoD. In energy, crude oil moved higher (:COMDX) :  

8:31 am Market View: Front-month Jun. E-mini index futures jump to the best levels of the morning following the 8:30 a.m. ET release of the May Employment Report- ESm3 currently trades 1630.00 +7.25 (:TECHX) :  

8:10 am Scientific Games to provide instant tickets and cooperative services to South Carolina Education Lottery (SGMS) : Co announced that it has signed an instant ticket and cooperative services contract with the South Carolina Education Lottery. The new contract provides for game design and development, manufacturing, warehousing, distribution and marketing assistance for instant lottery games, as well as inventory management and related services. The five-year contract, which begins on October 1, 2013, was awarded through a competitive procurement process and includes an option for SCEL to extend the contract for an additional two years.

8:09 am Ampio Pharma issues statement regarding misleading Seeking Alpha blog; states co has no plans to do an additional financing at this time (AMPE) : Co has chosen to respond to a Seeking Alpha blog entry posted by Joe Dredly of Greenwich Research. The company wants to reassure the shareholder base that the transfer of our listing to the NYSE MKT is intended to help protect the shareholders' interests and the company has no plans to do an additional financing at this time. Michael Macaluso, Ampio's Chairman and CEO, noted that Mr. Dredly's article "50 Shades of Gray..." purported to be in the best interest of the shareholders when it was clearly intended to damage the existing shareholders by triggering a downward pressure on their stock holdings. It is important to understand that the Dredly article is predominately a lengthy quotation from a December 2011 article by an anonymous blogger calling himself the "Banker", also published on the Seeking Alpha blog. Tellingly, Mr. Dredly did not allow the readers to know the identity of the author of this previous article.

8:07 am Edison's Southern California Edison announces plans to retire San Onofre nuclear generating station; co to report a charge in Q2 of $300-425 mln as a result (EIX) : Co Southern California Edison (:SCE) has decided to permanently retire Units 2 and 3 of its San Onofre Nuclear Generating Station (:SONGS).

Both SONGS units have been shut down safely since January 2012. Unit 2 was taken out of service Jan 9, 2012, for a planned routine outage. Unit 3 was safely taken offline Jan 31, 2012, after station operators detected a small leak in a tube inside a steam generator manufactured by Mitsubishi Heavy Industries (MHI). Two steam generators manufactured by MHI were installed in Unit 2 in 2009 and two more were installed in Unit 3 in 2010, one of which developed the leak.

In connection with the decision, SCE estimates that it will record a charge in the Q2 of between $450-650 mln before taxes ($300-425 mln after tax), in accordance with accounting requirements.

8:06 am Bona Film Secures RMB200 Million Credit Facility From China Minsheng Bank (BONA) : Co annoucnes it has entered into a master credit line agreement with China Minsheng Bank, which has agreed to provide a cyclical revolving credit line in the amount of RMB200 million (approximately US$34.2 mln) for a term of three years. The credit line will be used to fund the continued expansion of the co's movie theater business and the co's film production business, distribution business and daily operations.

8:06 am Silicon Labs to acquire Energy Micro for upfront payment of $115 mln in cash, plus ~ $55 mln in deferred and earn-out consideration; deal to be accretive on a non-GAAP basis by end of FY14 (SLAB) : Co has signed a definitive agreement to acquire Energy Micro AS. Based in Oslo, Norway, the late-stage privately held company offers the industry's most power-efficient portfolio of 32-bit microcontrollers (MCUs) and is developing multi-protocol wireless RF solutions based on the industry-leading ARM? Cortex-M architecture. Energy Micro's energy-friendly MCU and radio solutions are designed to enable a broad range of power-sensitive applications for the Internet of Things (IoT), smart energy, home automation, security and portable electronics markets.

This strategic acquisition accelerates Silicon Labs' growth opportunities and positions the co as the foremost innovator in energy-friendly embedded solutions.

Under the agreement, the shareholders of Energy Micro will receive an up-front payment of $115 million in cash, plus ~$55 million in deferred and earn-out consideration. The acquisition is being funded from balance sheet cash resources and will require no borrowing. Energy Micro is expected to contribute ~$7 million in revenue in the second half of 2013. Anticipated growth is expected to allow the transaction to be accretive on a non-GAAP basis by the end of 2014. The boards of each co have approved the acquisition, which awaits the satisfaction of customary closing conditions. The deal is expected to close in July 2013. Additional financial details and guidance will be provided in the Silicon Labs' second quarter earnings call planned for July 25, 2013.

8:06 am Arena Pharm reported today on the launch of BELVIQ; BELVIQ will be available to patients by prescription in US pharmacies beginning June 11 (ARNA) : Co reported today on the launch of BELVIQ (pronounced BEL-VEEK) in the United States. BELVIQ will be available to patients by prescription in US pharmacies beginning June 11. Eisai Inc. is responsible for the marketing and distribution of BELVIQ under its agreement with Arena Pharmaceuticals GmbH, a wholly owned subsidiary of Arena Pharmaceuticals, Inc.

BELVIQ is approved by the US Food and Drug Administration for use as an adjunct to a reduced-calorie diet and increased physical activity for chronic weight management in adult patients with an initial body mass index (BMI) of 30 kg/m2 or greater (obese), or 27 kg/m2 or greater (overweight) in the presence of at least one weight-related comorbid condition (e.g., hypertension, dyslipidemia, type 2 diabetes). The indication includes the following limitations of use: The safety and efficacy of coadministration of BELVIQ with other products intended for weight loss and the effect of BELVIQ on cardiovascular morbidity and mortality have not been established.

8:05 am TeleTech secures a $700 mln, five-year credit facility with an accordion feature to increase up to $1 bln (TTEC) : Co announced that it has entered into a $700 million, five-year, multi-currency revolving credit facility with an accordion feature that permits, under certain conditions, an increase in total commitments up to $1 billion. The credit facility will provide TeleTech with additional financial flexibility under more favorable terms to fund working capital, discretionary investments and capital distributions, along with organic and inorganic growth initiatives, including strategic acquisitions.

8:05 am Gafisa S.A. confirms sale of 70% stake in Alphaville to Blackstone (BX) and Patria (GFA) : Co announced it has signed an agreement to sell a majority stake in Alphaville Urbanismo S.A., the leading urban community development company in Brazil, valuing AUSA at an equity value of R$2.01 billion, to private equity firms Blackstone Real Estate Advisors L.P. (BX) and P?tria Investimentos. Gafisa also agreed to complete the purchase of the outstanding 20% stake in Alphaville which it did not already own, finalizing the arbitration process.

The sale to Blackstone and Patria Investimentos will allow Gafisa to retain 30% of the company and generate expected gross cash proceeds of R$1.4 billion. Blackstone and Patria Investimentos will maintain the existing Alphaville management team, led by Marcelo Willer, which has driven industry-leading growth and returns at the brand. Following the transaction, Alphaville will remain an affiliate to Gafisa and the Company will continue to play a significant role in Alphaville, with representatives serving as directors on the board with two out of six seats.

Additionally, Gafisa entered into an agreement with Alphaville's founding partners to complete the purchase of the outstanding 20% stake in Alphaville for a total consideration of R$367 million.

8:04 am Oclaro announces retirement Of Chairman and CEO Alain Couder; names Greg Dougherty CEO and Marissa Peterson Chair (OCLR) : Co announced that Alain Couder, the Company's chair and chief executive officer, has retired and that the board of directors has named Greg Dougherty, Oclaro board member, as chief executive officer effective immediately. The co also announced that Marissa Peterson, Oclaro board member, has been elected as chair.

Greg Dougherty has served as an Oclaro board member since 2009, and brings to the CEO role substantial leadership, operations, sales, marketing and general management experience in the optical and laser industries, including previous roles as chief operating officer of JDSU, and chief operating officer of SDL.

8:04 am TiVo confirms it settles patent litigation with Cisco (CSCO), Motorola (GOOG) and Time Warner Cable (TWC) for $490 mln; increases stock repurchase authorization to $200 mln with plans to increase size of current 10b5-1 plan; TIVO expects net income and Adjusted EBITDA to benefit from lower litigation spend in the remainder of FY14 and beyond (shares halted) (TIVO) : Co announced that it has settled its pending patent litigation with Motorola (now owned by Google (GOOG) and Arris, Cisco (CSCO) and Time Warner Cable (TWC) and that TiVo has agreed to enter into certain patent licensing arrangements with Arris, Cisco, and Google. As part of the settlement, Google and Cisco will pay TiVo an upfront lump-sum payment of $490 mln, bringing the total from awards and settlements related to the use of certain TiVo intellectual property to roughly $1.6 bln.

In conjunction with approving the terms of the settlement, TiVo's board of directors also approved a major expansion of TiVo's stock repurchase authorization. The board's action doubles the size of the authorization from $100 mln to $200 mln and extends the stock repurchase plan for an additional two years until August 29, 2015. Additionally, TiVo intends to increase the size of its 10b5-1 trading plan significantly as a result. This will allow TiVo to build on the almost $57 mln worth of equity acquired through open market purchases and from tax withholdings on employee restricted share vesting since the time the board of directors first authorized the $100 mln stock repurchase plan. This increased and extended repurchase authorization means TiVo will have over $160 mln of unused stock repurchase authorization. As part of the settlement, TiVo and Motorola, Cisco, and Time Warner Cable agreed to dismiss all pending litigation between the companies.

TiVo will recognize a portion of the payment as past damages during the second quarter and the remainder over time. The company intends to provide additional details regarding the timing of revenue recognition in its second quarter fiscal year 2014 earnings report. Further, as a result of this settlement, TiVo expects net income and Adjusted EBITDA to benefit from lower litigation spend in the remainder of its fiscal year ending January 31, 2014 and beyond.

8:02 am S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: -3.70. (:WRAPX) : U.S. equity futures trade slightly lower amid cautious overseas action. The S&P 500 futures display a loss of 0.1% with some volatility expected to surround the 8:30 ET release of May nonfarm payrolls. The Briefing.com consensus expects the reading to come in at 159,000.

Looking at overnight developments:

  • Major Asian indices ended lower across the board. Japan's Nikkei shed 0.2%, Hong Kong's Hang Seng lost 1.2%, and China's Shanghai Composite fell 1.3%.
    • In regional economic news:
      • Japan's Leading Index climbed to 99.3 from 97.9 (98.8 expected).
      • South Korea revised its first quarter GDP reading down to 0.8% from 0.9% (0.9% expected).
      • In Australia, the AIG Construction Index ticked up to 35.3 from 35.2.
    • Looking at news:
      • Japan's Nikkei endured yet another volatile overnight session. The index was down as much as 2.9% before staging a sharp rebound to the tune of nearly 500 points. The notable spike off the lows was attributed to a large ETF purchase by the Bank of Japan. In addition the Health Ministry said it will allow its pension fund to diversify its holdings away from bonds.

  • Major European indices trade in mixed fashion. Germany's DAX is off by 0.2%, the United Kingdom's FTSE trades flat, and France's CAC registers a slim gain of 0.1%.
    • Looking at regional economic data:
      • German trade surplus climbed to EUR17.7 billion from EUR17.6 billion (EUR17.2 billion forecast). Meanwhile, industrial production increased 1.8% month-over-month (-0.2% expected, +1.2% prior).
      • The French budget deficit widened to EUR66.8 from EUR31.0 billion. In addition, the trade deficit was reported at EUR4.5 billion (-EUR4.7 billion expected, -EUR4.5 billion prior).
      • The United Kingdom's trade deficit narrowed to -GBP8.2 billion from -GBP9.2 billion (-GBP8.8 billion expected).
    • In news:
      • The German Bundesbank has lowered its 2013 and 2014 GDP forecasts. This year's GDP expectations were lowered to growth of 0.3% versus the prior expectation of +0.4%. Meanwhile, the 2014 forecast was lowered to +1.5% from +1.9%.
In U.S. corporate news:
  • Gap (GPS 41.55, +0.57) trades up 1.4% after reporting May same store sales growth of 8.0%.
  • Intel (INTC 24.48, -0.17) is off by 0.7% after Piper Jaffray downgraded the stock to 'Underweight' from 'Neutral.'
In addition to the previously mentioned nonfarm payrolls report, May nonfarm private payrolls, the unemployment rate, hourly earnings, and the average workweek will all be revealed at 8:30 ET. The day's economic news will be topped off by the 15:00 ET report on April consumer credit.

8:02 am Planet Payment removal of restrictions on REG S shares, transfer to PPT line and cancellation of PPTR line (PLPM) : Co announces the following changes in the trading of its shares on AIM. The co announces that, following the termination of restrictions on the Reg S common shares under U.S. securities law, the co will file an application with London Stock Exchange plc AIM Market for all remaining 2,091,127 Reg S Common Shares to be transferred from the Reg S line, trading under PPTR, to the unrestricted line, trading under PPT.

It is expected that this transfer will take effect on June 17, 2013. These shares are therefore freely tradable on both the AIM market under the ticker PPT, as well as on the NASDAQ stock market under the ticker PLPM. No new shares are being issued as part of this process and all Common Shares have always carried exactly the same rights and privileges.

8:01 am Actavis confirms generic diprivan patent challenge (ACT) : Co confirmed that it has filed an Abbreviated New Drug Application with the FDA seeking approval to market Propofol Injection 10mg/mL. Actavis' ANDA product is a generic version of Fresenius Kabi's Diprivan?, which is an intravenously administered sedative and anesthetic.

7:59 am NRG Energy announces filing of registration statement for proposed IPO of NRG Yield (NRG) : Co announced that its wholly owned subsidiary, NRG Yield, has filed a registration statement on Form S-1 with the SEC in anticipation of a proposed initial public offering of the Class A common stock of NRG Yield. NRG Yield was formed by NRG to own and operate a diversified portfolio of long-term contracted renewable energy, conventional generation facilities and thermal infrastructure assets in the U.S. Following the offering, NRG is expected to retain a majority voting interest in NRG Yield and a corresponding economic interest in its subsidiaries. The number of shares to be offered and the price range for the offering have not yet been determined. BofA Merrill Lynch, Goldman, Sachs & Co., and Citigroup will serve as joint book-running managers in the proposed offering.

7:38 am Jarden prices $250 million in aggregate principal amount of Senior Subordinated Convertible Notes due 2019 (JAH) : The Convertible Notes will pay interest semiannually at a rate of 1.50% per annum. The conversion rate will be 17.1054 shares of the Company's common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to a conversion price of approximately $58.46 per share, which represents a conversion premium of 30% to the closing sale price of $44.97 per share of the Company's common stock on June 6, 2013.

7:35 am Quanex misses by $0.12, beats on revs (NX) : Reports Q2 (Apr) loss of $0.20 per share, $0.12 worse than the Capital IQ Consensus Estimate of ($0.08); revenues rose 19.6% year/year to $232.5 mln vs the $224.77 mln consensus.

Outlook:

"The key economic indicators that drive our results are mixed: new housing starts have increased, with growth currently driven primarily by multi-family units, but the R&R window market remains challenging. Quanex is pleased to see a rebound in new construction and believes that growth will continue. New home construction, the R&R market and prime window demand remain low when compared to historical growth figures, and present a challenging environment, as does unemployment and tight credit conditions. Additionally, increased global supply of aluminum product, coupled with tight regional aluminum scrap supply, continue to create a challenging spread environment for Nichols Aluminum.

Quanex expects calendar year 2013 U.S. window shipments to be ~42 million units, a 5% increase above 2012 levels but nearly 12% below Ducker's current forecasted shipments of 47 million. The co believes the majority of the improvement in U.S. window shipments will come from new construction (primarily multi-family units, where Quanex has less exposure) and R&R window shipments will be relatively flat in 2013 when compared to 2012 shipments.

With the spring building season underway, EPG is expected to report net sales during the second half of 2013 of about $315 million and operating income of about $35-$38 million. EPG's depreciation and amortization for the second half of 2013 is expected to be about $16 million. For the second half of 2013, Nichols Aluminum is expected to ship about 160 million pounds at an estimated spread of $0.41 per pound, and generate operating income of about $3.5 million. 

Quanex remains very positive on the long-term growth prospects

7:32 am Clearwire: Aurelius Capital writes letter to CLWR Board to insist that special meeting of stockholders to consider proposed merger with Sprint (S) proceed on June 13,2013 as presently scheduled (CLWR) : Letter stated: "We write on behalf of various fund entities we manage that are substantial holders of Clearwire Class A common stock. In April, many months after the Sprint (S) merger agreement was entered into, Clearwire's shareholders were finally afforded an opportunity to vote on it. The shareholder meeting originally scheduled for May 21 has now been twice adjourned, plainly because shareholders have voted to reject the deal (as was to be expected from the outset). The shareholder meeting is now set for June 13. We write to insist that you not further adjourn the shareholder meeting. Whatever the vote, the shareholder meeting should be held and completed on June 13... In sum, enough is enough. No more adjournments. It is time (indeed, past time) for Clearwire to honor the shareholder vote and put an end to the burdens of the merger agreement."

7:32 am Mercer Intl maintenance shutdown and Q2 update; shutdown, which was planned for 11 days, took 15 days instead (MERC) : Co announced that, during this current quarter of 2013, its Celgar mill took its annual scheduled major maintenance shutdown. As a result of a combination of a lightning strike at the mill and equipment and execution issues, the shutdown, which was planned for 11 days, took 15 days instead.

Further, the start-up of the mill was slower than budgeted. The shutdown and slower start-up resulted in a loss of ~30,300 ADMTs of NBSK pulp production (of which ~14,300 ADMTs was unplanned) and a consequential loss of energy production.

Mercer currently estimates that the Celgar mill's shutdown will have an overall negative impact of ~ 11 million to its operating income in its Q2 of 2013 results, compared to Q1 2013 results.

7:19 am On The Wires (:WIRES) :

  • Nam Tai Electronics (NTE) announced results of its Annual Meeting of Shareholders held on May 31, 2013. Shareholders approved and ratified the appointment of Mr. Ming Kown Koo, Mr. Charles Chu, Mr. Peter R. Kellogg, Dr. Wing Yan Lo and Mr. Mark Waslen as members of the Board of Directors to serve for the ensuing year; and appointment of Moore Stephens as independent registered public accounting firm of the co for the year ending Dec 31, 2013.
  • Raytheon's (RTN) combat-proven Patriot Air and Missile Defense System successfully test fired the PAC-3 MSE missile at White Sands Missile Range, N.M.
  • CyrusOne (CONE) has launched a virtual tour of its 640,000-square-foot Carrollton, Texas, data center on its website.

7:17 am Dollar Slips in Early Trade: 10-yr: +07/32..2.051%..USD/JPY: 95.58..EUR/USD: 1.3252 (:SUMRX) : The Dollar Index has spent the entire overnight session in negative territory after failing on several attempts to retake the flat line. Recent selling has pushed the Index down to 81.35 as traders await the jobs report. Yesterday's low of 81.10 will be watched closely as there should be buyers coming in to defend the 200-day moving average. 

  • EURUSD is +15 pips at 1.3255 as trade ticked to session highs following the stronger than expected German data. Both the trade surplus (EUR17.7 bln actual v. 16.5 bln expected, 17.6 bln previous) and industrial production (1.8% MoM actual v. 0.0% MoM expected) topped estimates and have the single currency on track to close at its best level in three and a half months. Support now rests in the 1.3200 area.
  • GBPUSD is -5 pips at 1.5580 as trade struggles near the May highs. Action has seen little response to today's data which showed consumer inflation expectations hold at 3.6% and the trade deficit narrow to GBP8.2 bln (GBP8.8 bln expected, GBP9.2 bln previous). The 1.5700 area will be watched closely as resistance at the level is aided by the 200-day moving average.
  • USDCHF is -35 pips at 9270 as trade slips onto support dating back to late February. Traders will be watching the .9200/.9250 area, with a breakdown setting up a test of the February lows near .9050. Switzerland's foreign currency reserves were released overnight, climbing to CHF441.4 bln (CHF436.1 bln previous).
  • USDJPY is -200 pips at 95.45 as trade presses to new lows. Today's selling has dropped the pair to its lowest level in just over a month as action dips below the 100-day moving average. The next level of support lies in the 93.00/94.00 area.
  • AUDUSD is -50 pips at .9505 as sellers look to remain in control. The hard currency has fallen in 20 of the previous 28 sessions, shaving off close to 800 pips over that time. Traders will be watching yesterday's lows closely as a breach may set off another round of stops. Conditions remain heavily oversold, setting up the potential for a squeeze. USDCNY ticked down to 6.1338.
  • USDCAD is -25 pips at 1.0245 as trade probes support in the vicinity. Participants will be watching this pair closely as Canadian jobs data is scheduled to cross at the same time as U.S. nonfarm payrolls. Click here to see a daily USDCAD chart.

7:17 am Lamar Advertising: SAC Capital Advisors discloses 5.3% passive stake in 13G filing out last night (LAMR) :  

7:16 am ITT Educational: SAC Capital Advisors discloses 5.3% passive stake in 13G filing out last night (ESI) :  

7:16 am Qiagen significantly expands its offering of assay panels for next-generation sequencing complemented by ingenuity analysis and interpretation capabilities (QGEN) : Co announced plans to significantly expand its existing portfolio of molecular assays used in next-generation sequencing (NGS) during 2013. The current portfolio of nine GeneRead DNAseq panels launched in late 2012 is being expanded to ~ 20 during the course of 2013. QIAGEN is leveraging its deep molecular content and assay portfolio to create these new gene panels for targeted NGS analysis based on the GeneGlobe portfolio of more than 60,000 annotated molecular assays. Initial customer demand has been very strong for these products, which are "universal" and are designed to be used on any NGS platform, and also to integrate seamlessly into the sample-to-result NGS workflow that includes the QIAGEN GeneReader platform targeted for placements to select customer groups in 2013.

7:10 am Flow guides Q4 and Q1 below consensus; announces cost reduction initiatives; retains UBS and commences process to evaluate strategic alternatives (FLOW) : Co issues downside guidance for Q4 (Apr), sees breakeven operating profit vs. (EPS) $0.04 Capital IQ Consensus; sees Q4 (Apr) revs of ~$58 mln vs. $65.02 mln Capital IQ Consensus Estimate.

Co issues downside guidance for Q1 (Jul), sees Q1 (Jul) revs similar to Q4 ($58 mln) vs. $70.15 mln Capital IQ Consensus. 

"In our recently completed fiscal fourth quarter, however, there was renewed uncertainty in the marketplace and orders were relatively uneven. While we continue to experience robust demand in certain markets, we believe that macro-economic uncertainty is making some customers more cautious. That caution was evident in our fiscal fourth quarter and it continues today, leading us to expect similar revenues in our 2014 fiscal first quarter."

"We have already taken action to reduce our operating costs by ~10 percent, or $9 million on an annualized basis. In addition, we are in the process of increasing gross profit margins by 10 points on a recently launched line of new products, which should result in an additional annualized cost reduction of ~$4 million. We expect to fully realize the benefits of our $13 million of annualized cost reduction initiatives by the end of fiscal 2014." As a result of the cost reduction and other initiatives, the co expects to record restructuring charges and other non-recurring costs of ~$1.0 million in the 2014 fiscal first quarter. Ex-these charges, with revenue levels similar to the fourth quarter of fiscal year 2013, Flow expects to deliver operating income of ~$2.0 million in the 2014 fiscal first quarter.

The co also announced that it has amended its existing three-year $25.0 million Senior Credit Facility Agreement that was set to mature on March 2, 2014, and entered into a new $40.0 million four-year Credit Facility Agreement that will mature on May 31, 2017. Covenants and other terms of the new agreement are similar to the prior agreement.

In addition, the co announced that its Board of Directors has initiated a process to evaluate strategic alternatives to enhance shareholder value, including, among other things, the potential sale of the co or other transaction. The Board of Directors has retained UBS Investment Bank as financial advisor to assist it in evaluating these alternatives. The Company noted that there can be no assurance that the exploration of strategic alternatives will result in any transaction. The Company has not set a timetable for completion of the review process, and it does not intend to comment further regarding the review process unless and until a final decision is made or further disclosure is required by law. 

The co expects to report its full financial results for the fiscal fourth quarter of 2013 no later than July 15, 2013.

7:04 am Veolia Environnement announces results of cash tender offer for any and all of its outstanding $546,830,000 6.00% Notes due 2018 (VE) : The Offer expired at 5:00 p.m., New York City time, on June 6, 2013. As of the Expiration Date, the Company received valid tenders for an aggregate principal amount of Notes equal to $94,106,000. All such Notes have been accepted for purchase pursuant to the terms of the Offer. Further to the pricing announcement made yesterday, Holders whose Notes have been accepted for purchase will be eligible to receive a Purchase Price of $1,181.10 per $1,000 principal amount of Notes validly tendered in the Offer. The Company will also pay Accrued Interest in respect of the Notes accepted for purchase. The Settlement Date for the Offer is expected to occur on June 12, 2013.

7:01 am Vivus: New article discusses treatment options for weight management in people with type 2 diabetes; Qsymia cited as treatment option (VVUS) : Co announced that a review article has been published online in The Journal of Diabetes and Its Complications examining the importance of weight management in the treatment of type 2 diabetes. The article reviews treatment options, including lifestyle interventions, pharmacotherapy and surgery, citing Qsymia (phentermine and topiramate extended-release) capsules CIV as a treatment option. According to the article, studies have shown that moderate weight loss in obese patients with type 2 diabetes mellitus (T2DM) can lead to reductions in cardiometabolic risk factors such as dyslipidemia and hypertension and can have a substantial impact on mortality.

6:51 am Old Dominion increases expectations for growth in second-quarter tonnage per day to range of 5.0% to 5.5%; affirms expectations for second-quarter growth in yield (ODFL) : Co updated its expectations for growth in second-quarter 2013 tonnage per day and revenue per hundredweight, excluding fuel surcharges, in preparation for its attendance at the Deutsche Bank Global Industrials and Basic Materials Conference on June 13, 2013. The co expects its growth in tonnage per day to increase in a range of 5.0% to 5.5% compared to the second quarter of 2012, versus its previous expectation of an increase in a range of 4.5% to 5.0%. Supporting this increase, average tonnage per day increased at a rate of 5.7% for April and 5.8% for May, compared to the same months in 2012. In addition, co affirmed its expectation for an increase in revenue per hundredweight, excluding fuel surcharges, in a range of 1.5% to 2.0% as compared to the second quarter of 2012.

6:51 am S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -5.00. :

6:51 am European Markets : FTSE...6317.42...-10.50...-0.30%.  DAX...8045.16...-53.70...-0.70%.

6:51 am Asian Markets : Nikkei...12877.53...-26.50...-0.20%.  Hang Seng...21575.26...-263.20...-1.20%.

6:48 am Elan: increases offer to acquire elan to $13.00/share in cash plus a contingent value right of up to $2.50/share (ELN) : Royalty Pharma announced, pursuant to Rule 2.5 of the Irish Takeover Rules, a firm intention to further increase its offer for ELN to $13.00/share in cash plus a contingent value right worth up to $2.50/share. With the revised offer, Royalty Pharma is now offering a compelling upfront cash value of $4.9 bln for Elan's Tysabri Royalty (or $6.2 bln including the maximum aggregate amount payable under the CVRs), a 52% to 92% premium to the $3.25 bln at which Royalty Pharma believes Elan sold approximately half of its interest in Tysabri to Biogen.  The aggregate amount payable under the Further Increased Offer of $13.00 up to $15.50, represents a premium of 56% to 97% to the Undisturbed Elan Enterprise Value.

The consideration is not conditional on due diligence. Royalty Pharma also stated again that it will waive down the Acceptance Threshold to 50% plus one share if all other conditions to the Further Increased Offer are satisfied, fulfilled or, to the extent permitted, waived.  Pursuant to the terms of the Further Increased Offer, Elan Shareholders will receive $13.00 in cash and one CVR for each Elan Share that they hold.  

6:03 am Nordic American Tanker announced that it had entered into an agreement to acquire a suezmax tanker (NAT) : Co announced that it had entered into an agreement to acquire a suezmax tanker. The tanker was to be delivered no later than mid-May 2013. On request of the Seller of the vessel, NAT agreed to extend the delivery date until June 15, at the latest. Towards the end of May, we were advised by the Sellers that the vessel probably would not be ready for delivery June 15.

6:02 am Baker Hughes announced that the international rig count for May 2013 was 1,283, down 18 from the 1,301 counted in April 2013, and up 58 from the 1,225 counted in May 2012 (BHI) : Co announced today that the international rig count for May 2013 was 1,283, down 18 from the 1,301 counted in April 2013, and up 58 from the 1,225 counted in May 2012. The international offshore rig count for May 2013 was 327, down 4 from the 331 counted in April 2013, and up 8 from the 319 counted in May 2012. 

6:01 am Thermo Fisher priced an underwritten public offering of ~25.73 mln shares of its common stock at $85.50/share (TMO) : Thermo Fisher expects to settle the forward sale agreements at or around the time of the closing of the LIFE acquisition, which is expected to occur in early 2014, but in no event later than 14 months following June 6, 2013. Although Thermo Fisher expects to settle the forward sale agreements entirely by physical delivery of shares of its common stock, it may, subject to certain conditions, elect cash or net share settlement for all or a portion of its obligations under the forward sale agreements. Upon any physical settlement of the forward sale agreements, Thermo Fisher will deliver shares of its common stock in exchange for cash proceeds at the forward sale price of $83.2770 per share, adjusted as provided in the forward sale agreements.

6:00 am ImmunoCellular Therapeutics announces recommendation of data monitoring committee to continue ict-107 phase ii trial following interim analysis; study completion anticipated by YE 2013 (IMUC) : Co announced that the Data Monitoring Committee has completed a pre-specified interim analysis of the ICT-107 phase II clinical trial in patients with newly diagnosed glioblastoma and recommended that the company continue the trial to completion. The trial design for the ICT-107 study provides for the interim analysis to be conducted by the independent DMC after 32 events are reached. ImmunoCellular remains blinded to the actual results and details of the interim analysis and any patient data pertaining to the ongoing trial. No additional interim analyses are planned. The Company anticipates that the phase II trial should be completed by the end of 2013.

4:54 am Chemtura provides update on Q2 outlook (CHMT) : Co provides an update on how its its segments are performing during the second quarter of 2013 and the current outlook for the quarter.

Industrial Performance Products
The segment is experiencing comparable market conditions to the first quarter of 2013, when it earned $29 mln of operating income, and is tracking to deliver a similar performance this quarter.

Industrial Engineered Products
After the sharp decline in sales of flame retardants used in insulation foams during the first quarter of 2013, demand has stabilized as this quarter has progressed. Demand from electronics applications continues to show modest sequential improvement. However, while selling prices for insulation foam products and for flame retardants in Asian electronics markets have stabilized at the levels seen at the end of the first quarter of 2013, they remain lower than the second half of 2012. When combined with the impact upon manufacturing cost absorption of managing production and inventory levels and increases in certain raw materials costs such as those for phenol-based products, margins remain under pressure. The co anticipates the net impact will reduce operating income for the segment this quarter by an amount in the range of $5 mln to $10 mln from the $20 mln it earned in the first quarter of 2013.

Consumer Products
The prolonged winter and wet conditions in certain parts of the United States and Europe gave the segment a slower start to the quarter, but sales are now gaining momentum. June is always the key sales month of this quarter. On current trends, the segment is expected to achieve close to the $20 mln of operating income it earned in the second quarter of 2012.

Chemtura AgroSolutions
The late start to this year's growing season impacted sales in April like many businesses exposed to agricultural markets. In May, sales gained strong momentum and the segment is on track to deliver a comparable performance to that of the second quarter of 2012, when it earned $23 mln of operating income, and may yet exceed that benchmark.

Commentary: "With the first two months of the quarter behind us, we are seeing similar trends in performance to those we saw in the first quarter of 2013. Three of our four segments are performing well and are tracking to deliver comparable results to the second quarter of 2012. However, Industrial Engineered Products continues to face challenging business conditions...With the weakness in Industrial Engineered Products, we now project to fall short of our performance in the second quarter of 2012 on a continuing operations basis. We are encouraged that the performance of this segment appears to be 'bottoming' this quarter and anticipate improving results over the second half of 2013. We are encouraged by the robust performance of our other three segments. We are also on track to eliminate the stranded costs from the divestiture of our Antioxidants business."

3:51 am AU Optronics reports May 2013 consolidated revenue of NT$38.3 bln, increased by 22% YoY, up by 3.5% sequentially (AUO) : Additionally, large-sized panel shipments, with applications on desktop monitor, notebook PC, LCD TV and other applications, exceeded 10.51 mln units, an increase of 11% from the previous month. As for small-and-medium-sized panels, the shipments were around 11.78 mln units, down by 2.5% month-over-month.

3:39 am On The Wires (:WIRES) :

  • Youku Tudou (YOKU) announced a strategic content-sharing alliance with SINA Corp (SINA).
  • Volvo Trucks (VOLVY) became the first manufacturer to announce plans to commercialize dimethyl ether-powered heavy-duty commercial vehicles in North America.
  • IBM (IBM) and 10gen, the MongoDB company, announced they are collaborating on a new standard that will enable the Global 2000 to more easily embrace mobile computing. The collaboration will help to unlock all of the data that exists within an enterprise and simplify the creation of next generation mobile and web apps for all platforms.
  • Coastal Contacts (COA) announced that it has signed a distribution agreement to launch Oakley eyewear on its market leading European website, Lensway.

2:40 am Advanced Semi reports May revs of NT$17.44 bln, +11.5% YoY, +4.3% sequentially (ASX) :  

2:38 am Textura prices upsized 5 mln share IPO at $15 per share, at the high end of the $13-15 expected range (TXTR) : The co originally planned to offer 4 mln shares.

2:37 am Affymax provides update on listing, senior leadership and Board changes (AFFY) : As previously announced, on May 28, 2013, co received a determination letter from the Nasdaq Stock Market delisting the co's common stock from Nasdaq as of June 6, 2013. Effective on that date, its common stock was immediately eligible for and now trades for quotation on the OTCQB for eligible securities traded over-the-counter. The co expects that its common stock will also trade on the OTC Bulletin Board. The common stock will continue to trade under the symbol AFFY.

Senior Leadership Changes
Effective June 6, 2013, Herb Cross was terminated as CFO and an employee of the Company. The co concurrently appointed Rich Brenner of The Brenner Group as CEO, Weston Rose of TBG to serve as President and Mark Thompson of TBG to serve as CFO of the Company during the continuing restructuring of the co.

Board of Director Changes
On June 4 and June 5, Ted Love, M.D., Kathleen LaPorte and Keith Leonard notified the co of their resignation as directors. Each of the Resigning Directors' decision to resign was not a result of any disagreement or dispute with the Company or its management. On June 6, John Orwin was named Chairman, succeeding Hollings Renton, who remains a member of the Board, but who has stepped down from the Chairman role. In addition, Richard Brenner of TBG was appointed to the Board.

2:37 am Alexander & Baldwin to acquire the privately held Grace Pacific Corp for a combination of stock and cash valued at $235 mln (ALEX) : Co announces that they have entered into a definitive merger agreement for A&B to acquire the privately held Grace for a combination of stock and cash valued at Co announces that they have entered into a definitive merger agreement for A&B to acquire the privately held Grace for a combination of stock and cash valued at $235 mln. A&B also will be assuming projected net debt of ~$42 mln at closing. Grace is the State's preeminent infrastructure company, providing aggregate, hot mix asphalt and road construction and paving services.

Subsequent to closing, A&B anticipates that it will initiate a quarterly cash dividend of $0.04 per share, subject to board approval.

Transaction Terms

  • The purchase price of The purchase price of $235 mln will consist of 85% A&B common stock and 15% cash. 35 mln will consist of 85% A&B common stock and 15% cash.
  • A&B also will assume approximately $42 million of debt, net of cash on hand, at closing.
  • The number of A&B shares to be issued at closing will be determined by the 20-day volume weighted average price of A&B shares shortly prior to closing, subject to a $31.50 to $37.50 collar.
  • Accordingly, A&B will issue at closing not more than ~6.34 mln shares and not less than ~5.33 mln shares.
  • Approximately 71% of the shares issued at closing will be subject to a six-month lockup from the closing date.
  • The transaction is expected to be accretive to A&B's per share earnings for the first full year following closing.

2:36 am PBF Energy prices 15,950,000 shares at $27.00 per share, by selling shareholders (PBF) : Co announces pricing of an underwritten public offering of 15,950,000 shares of its Class A Common Stock at a price of $27.00 per share. All of the shares are being sold by funds affiliated with First Reserve and Blackstone. PBF Energy will not receive any of the proceeds from the offering.

2:36 am Safe Bulkers prices 800,000 shares of its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares at $25.00 per share (SB) : Co announces its public offering of 800,000 shares of its 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares was priced at $25.00 per share. The aggregate gross proceeds from the Public Offering and the Private Placement, before the underwriting discount and other offering expenses, are expected to be $40,000,000.

2:35 am Alon USA Energy provides Operational Update On Krotz Springs Refinery (ALJ) : Co announces that the Reformer Unit at the Krotz Springs refinery resumed production activity after being shut-down for unplanned repairs since late April 2013. As a result of these repairs, the co estimates higher KSR operating expenses of ~$0.40 per barrel for the second quarter of 2013.

The co also expects to incur a one-time cost that will reduce the KSR operating margin per barrel for the second quarter of 2013 by ~$2.50 per barrel.

Throughput guidance at KSR for the second quarter of 2013 is 60,000 barrels per day and 66,000 bpd for the year.  During the second quarter of 2013, KSR expects to process 30,000 bpd of WTI crude.

2:35 am Salesforce.com appoints Keith Block as President and Vice Chairman (CRM) : Co announces that that Keith Block has joined the company as President and Vice Chairman, leading the company's global sales, customer support and consulting services organizations. His most recent role was as Oracle's (ORCL) Executive Vice President of North America Sales & Consulting

2:34 am PostRock Energy provides production and operations update, oil production for April and May averaged ~590 Bbls per day (PSTR) : Co provides an update on its production and key operational improvements.

  • Net oil production for April and May averaged ~590 Bbls per day, an increase of 38% from the first quarter and of over 90% from the second quarter of 2012.
  • Monthly net oil sales currently lag production by ~11% due to on-lease inventory buildup as production facilities are constructed in the Cherokee Basin. 
  • Net gas production during the period averaged slightly less than 40 MMcf per day, a 3% decrease from the first quarter of 2013, as all development capital has been directed to oil projects since September 2011. 
    • However, based on a year-to-date 26:1 realized price equivalency ratio of oil to natural gas, production has increased about 5% thus far in the second quarter as compared to the first quarter. 
    • This trend is expected to continue throughout the year as development of the co's oil opportunities proceeds.
Additionally, the co's Cherokee Basin compression reconfiguration project is 20% complete, with full implementation expected by March 31, 2014. 
  • Total project cost is estimated at $7 mln. 
  • When completed, site efficiencies are projected to reduce fuel use by 2.5 MMcf per day, equating to $3 mln in additional annual net revenue at current gas prices, and reduce annual rental costs by $3.2 mln. 

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