4:34PM Broadwind Energy announces appointment
of Stephen Graham as interim CFO (BWEN)
7.45 +0.02 : Co announced that Stephen Graham has
been named Interim Chief Financial Officer effective
May 1, 2009. Graham replaces Matthew Gadow who
resigned effective April 30, 2009 to pursue other
interests.
4:31PM Endeavour Silver temporarily halts work
at both of its operations In Mexico pursuant to the
Mexican Presidential Decree (EXK)
44.04 +1.35 : Co announces that pursuant to the
Mexican Presidential decree (dated April 30, 2009)
to prevent the spread of the H1N1 (Swine Flu Virus),
it is temporarily stopping work at its two
operations and will restart on May 6, 2009. The
Presidential decree regulates that all non-essential
government agencies and private businesses are
ordered to cease operations until May 6th to combat
the spread of H1N1 virus. Management is putting in
place a plan to pick up this lost production
throughput the remainder of the year so it does not
impact their annual forecast. "The company's
operations are relatively isolated and we have no
outbreaks of the flu at either of our locations,
however management believes it is important to be
proactive in the healthcare needs of our employees
and to follow the legal Mexican government decree.
We have provided healthcare instructions to our
employees on how to protect themselves from
contracting the flu."
4:16PM Smithfield sends update to employees on
testing process at Veracruz joint venture (SFD)
8.61 -0.03 : C. Larry Pope, President and Chief
Executive Officer, sent the following update to all
employees on the progress of the testing being
conducted at its joint venture operation in Veracruz:
The media continues to cover the global A(H1N1)
influenza outbreak on a minute-to-minute basis, and
while we would like to accommodate them and the
public about the day-to-day status of the testing
being conducted at our joint venture farm in
Veracruz, it is physically impossible.
Unfortunately, the testing and evaluation process
takes time. Nevertheless, we have promised to keep
you apprised of events, and therefore, in keeping
with that commitment, here is the latest
"news."... Finally, I would like to
reinforce that since A(H1N1) cannot be transmitted
through food, these results - positive or negative -
will not have any effect on the food chain. This
virus spreads the same way that the seasonal flu
does every year - through the coughs, sneezes, and
germs of people that are infected. Pork and pork
products, whether they come from Smithfield or
anyone else, are and will continue to be safe.
4:08PM Pericom Semi beats by $0.01, reports
revs in-line; guides Q4 revs above consensus (PSEM)
8.63 -0.28 : Reports Q3 (Mar) earnings of $0.01 per
share, $0.01 better than the First Call
consensus of ($0.00); revenues fell 40.8% year/year
to $24.4 mln vs the $24.6 mln consensus. Co issues upside
guidance for Q4, sees Q4 revs of $27.0-30.0 mln vs.
$25.27 mln consensus. Gross margin of 35.5%
improved 63 basis points on a sequential basis and
decreased 205 basis points year-over-year.
"Over the past two quarters we have experienced
a sharp decline in revenue, which was consistent
with declining end-market demand and inventory
reduction initiatives across the supply chain. As a
result, we have taken steps to reduce our operating
expenses to better match lower revenue expectations
for our business... We believe the inventory
reduction initiatives have been or will soon be
completed. Our bookings began improving towards the
end of the March quarter and resulted in our having
an improved backlog as we entered the June quarter.
We believe our revenues reached a low point in
the March quarter, and we expect to see
significantly improved revenues this quarter as
demand levels more closely align with end user
demand."
2:37PM NYMEX Energy Closing Prices : Crude
oil closed higher by $1.72 to $52.84, nat gas
rallied for 17.2 cents to $3.545, heating oil
finished up 5.02 cents to $1.387 and RBOB gasoline
gained 1.95 cents to settle at $1.4658 (all June
contracts).
2:01PM Federal Reserve announces expansion of
eligible collateral under Term Asset-Backed
Securities Loan Facility (TALF) (ECONX)
: The Federal Reserve Board announces that, starting
in June, commercial mortgage-backed securities (CMBS)
and securities backed by insurance premium finance
loans will be eligible collateral under the Term
Asset-Backed Securities Loan Facility (TALF). The
CMBS market came to a standstill in mid-2008. The
inclusion of CMBS as eligible collateral for TALF
loans will help prevent defaults on economically
viable commercial properties, increase the capacity
of current holders of maturing mortgages to make
additional loans, and facilitate the sale of
distressed properties. CMBS accounted for almost
half of new commercial mortgage originations in
2007. More than 1.5 million insurance premium
finance loans are extended to small businesses each
year so they can obtain property and casualty
insurance. The loans are often funded through the
asset-backed securities (ABS) market and have become
more expensive and more difficult to obtain since
the shutdown of that market last fall. The inclusion
of insurance premium ABS as TALF-eligible collateral
will facilitate the flow of credit to small
businesses. The Board also authorized TALF loans
with maturities of five years. Currently, all TALF
loans have maturities of three years. TALF loans
with five-year maturities will be available for the
June funding to finance purchases of CMBS, ABS
backed by student loans, and ABS backed by loans
guaranteed by the Small Business Administration. The
Board indicated that up to $100 billion of TALF
loans could have five-year maturities; it will
continue to evaluate that limit. Some of the
interest on collateral financed with a five-year
loan may be diverted toward an accelerated repayment
of the loan, especially in the fourth and fifth
years. Under the TALF, the Federal Reserve Bank of
New York extends loans secured by AAA-rated ABS
backed by newly and recently originated loans.
1:50PM General Motors says US sales fell 34% -
Reuters (GM)
1.82 -0.10 : Note that the consensus was a decline
of 37%.
1:34PM COMEX Metals Closing Prices : June
gold closed lower by $2.30 to $888.90, July silver
finished higher by 17.5 cents to $12.50 and July
copper gained 5.35 cents to end at $2.101.
1:27PM Allied Irish Banks: S&P puts Allied
Irish Banks 'A' L-T rating on watch negative (AIB)
2.41 +0.11 : Standard & Poor's Ratings Services
said that it placed its 'A' long-term
counterparty credit ratings on Allied Irish Banks and
wholly owned subsidiary AIB Group (UK) PLC on
CreditWatch with negative implications. At the same
time, the 'A-1' short-term counterparty credit
ratings on both entities were affirmed. Furthermore,
the ratings on AIB's hybrid capital instruments were
lowered to 'BB' from 'BB+' and remain on CreditWatch
with negative implications. "The CreditWatch
placement with negative implications incorporates
our view of the likely impact of the Irish
government's plan--announced April 7, 2009--to
remove the riskiest lending from the balance sheets
of the country's main domestically owned, commercial
banks via the establishment of a National Asset
Management Agency (NAMA)," said Standard &
Poor's credit analyst Claire Curtin. It also
reflects our view of AIB's announcement on April 20,
2009, of a need to raise an additional EUR1.5
billion in core capital, on top of the EUR3.5
billion committed by the Government of Ireland
(AA+/Negative/A-1+) in the form of preference
shares, following a government stress test.
"The CreditWatch placement of the long-term
ratings on AIB reflects our opinion that the NAMA
proposal will proceed, but also uncertainty about
AIB's medium-term business and financial profile
following its capital raising and the execution of
the NAMA plan," added Ms. Curtin.
1:24PM Bank of Ireland: S&P puts BOI 'A'
L-T rating on watch negative; hybrids cut to 'BB' (IRE)
4.35 +0.48 : Standard & Poor's Ratings Services
said that it placed its 'A' long-term counterparty
credit rating on Bank of Ireland on CreditWatch with
negative implications. At the same time, the 'A-1'
short-term counterparty credit rating on BOI was
affirmed. Furthermore, the ratings on BOI's hybrid
capital instruments were lowered to 'BB' from 'BB+',
and remain on CreditWatch with negative
implications. "The CreditWatch placement
follows our consideration of the Irish government's
plan--announced April 7, 2009--to remove the
riskiest lending from the balance sheets of the
country's main domestically owned, commercial banks
via the establishment of a National Asset Management
Agency (NAMA)," said Standard & Poor's
credit analyst Giles Edwards. The impact of the
planned transfer of assets to NAMA has been factored
into our assessment of BOI's stand-alone credit
profile. We now factor two notches of support into
the ratings on BOI, reflecting our view that the
government will provide further support to BOI if
required. We consider BOI to be of high systemic
importance to the Irish banking sector.
1:07PM Toyota Motor reports April sales
decreased 41.9% YoY to 126,540 vehicles (TM)
79.24 +0.08 : Co reports month-end sales of 126,540
vehicles, a decrease of 41.9% from last April, on a
daily selling rate basis. The Toyota Division posted
April sales of 112,345 units, a decrease of 42.2
percent from the same period last year. The Lexus
Division reported April sales of 14,195 units, a
decrease of 39.2 percent from the year-ago month.
1:07PM Parallel Petroleum announces borrowing
base reaffirmation (PLLL)
1.58 +0.25 : Co announces that it entered into an
amendment to its credit agreement with its bank
lenders on April 30, 2009. The amendment reaffirmed
Parallel's borrowing base of $230 million and
changed the Funded Debt Ratio the Company is
required to maintain. As amended, the ratio of
Consolidated Funded Debt to Consolidated EBITDA may
not exceed 5.00 to 1.00 during 2009, 4.25 to 1.00
during 2010, or 4.00 to 1.00 during 2011 and
thereafter. The ratio is tested at the end of each
fiscal quarter using the results of the twelve-month
period immediately preceding the end of such fiscal
quarter. In addition to establishing the borrowing
base and modifying the Funded Debt Ratio, the
definitions of "Base Rate Margin" and
"Libor Margin" were also amended to
increase the margin percentages by 0.25%.
12:25PM Daimler AG reports a 30.7% decrease
for the Mercedes-Benz Cars Division in the U.S. for
April 2009 (DAI)
35.80 +0.10 : Co reported sales for the
Mercedes-Benz Cars division (Mercedes-Benz and smart
combined) of 15,910 units in the U.S. for April
2009. Mercedes-Benz USA (MBUSA) reported April sales
of 14,565 vehicles, a decline of 28.1% over April
2008. smart USA recorded 1,345 sales in April 2009.
Year to date sales now total 6,282 units which
represents a 2% increase versus April 2008
year-to-date sales.
11:17AM Crude puts in fresh highs at $53.65;
currently higher by $2.28 to $53.40 :
10:54AM Crude oil ticks to fresh highs at
$52.72; now up $1.52 to $52.64 :
9:59AM Kayne Anderson Energy announces that
the decision by Eagle Rock Energy Partners to reduce
its distribution will decrease distributable cash
flow by ~$0.05 per share (KED)
11.26 +0.35 : Co announces that the decision by
Eagle Rock Energy Partners (EROC) to temporarily
reduce its distribution will decrease the Company's
distributable cash flow by approximately $0.05 per
share on a quarterly basis. KED owned approximately
1.6 million Eagle Rock common units as of February
28, 2009, substantially all of which were received
as partial consideration for the sale of Millennium
Midstream Partners, LP.
9:42AM Reminder: Mich Sentiment data due out
in about 13 min at 9:55ET (ECONX)
: Factory Orders and ISM Index data due out in
about 18 min at 10:00ET
9:39AM Buckeye Partners earnings correction (BPL)
39.16 +0.70 : At 18:39 yesterday, we incorrectly
reported figures for BPL's general partner, Buckeye
GP Holdings LP (BGH). This comment has been
deleted. BPL reported Q1 (Mar) earnings of $0.87 per
share, $0.10 better than the First
Call consensus of $0.77; revenues increased 9.6%
year/year to $416.8 mln consensus.
9:32AM Amylin Pharms sends letter to
shareholders; urges shareholders to support the
Board's strategy (AMLN)
11.10 +0.16 : Co announces that it is mailing a
letter to shareholders in connection with the
Company's Annual Meeting of Stockholders on May 27,
2009. Amylin urges all shareholders to vote FOR
Amylin's Directors on the BLUE proxy card today and
reject the nominees of both Carl Icahn and
Eastbourne Capital Management. " If approved by
the FDA, Amylin's exenatide once weekly will be the
first once-a-week treatment for type 2 diabetes.
With no similar drug on the market, we believe it
has the potential to transform the treatment of
diabetes through its efficacy and convenient
once-weekly administration. To ensure that you
benefit from this value opportunity, it is
imperative that Amylin has the best possible Board
of Directors. Accordingly, your Board strongly
recommends that shareholders support Amylin by
voting for your Company's highly qualified,
dedicated nominees on the BLUE proxy card."
9:32AM Amylin Pharms urges all shareholders to
vote FOR Amylin's Directors on the BLUE proxy card
and reject the nominees of both Carl Icahn and
Eastbourne Capital Management (AMLN)
11.16 +0.22 : Co announces that it is mailing a
letter to shareholders in connection with the Annual
Meeting of Stockholders on May 27, 2009. Amylin
urges all shareholders to vote FOR Amylin's
Directors on the BLUE proxy card and reject the
nominees of both Carl Icahn and Eastbourne Capital
Management, L.L.C.
9:02AM Allergan beats by $0.02, reports revs
in-line; guides Q2 EPS in-line, revs in-line;
reaffirms all full yr guidance (AGN)
46.66 : Reports Q1 (Mar) earnings of $0.55 per
share, excluding non-recurring items, $0.02
better than the First Call consensus of $0.53;
revenues fell 6.4% year/year to $1.01 bln vs the
$1.01 bln consensus. Co issues in-line guidance
for Q2, sees EPS of $0.66-0.68 vs. $0.68 consensus;
sees Q2 revs of $1.05-1.10 bln vs. $1.08 bln
consensus. Co said, that For the full year
of 2009, all guidance provided on February 4, 2009
remains unchanged.
8:40AM Mack-Cali Realty prices its 10 mln
share common stock offering at $25/share (CLI)
26.86 :
8:39AM Empire Resorts announced that Governor
Paterson requested the withdrawal of a Guidance
Memorandum that abruptly derailed a casino project (NYNY)
1.67 : Co announced that Governor David A. Paterson,
in a letter dated April 29, 2009, addressed to newly
appointed Interior Secretary Ken Salazar, requested
the withdrawal of a January 2008 Guidance Memorandum
that abruptly derailed the St. Regis Mohawk $600
million casino project at the Monticello Raceway,
which is owned by the Company, as well as dozens of
other Native American land to trust applications for
gaming projects across the United States. Empire
Resorts commends the Governor for his initiative and
strong support of Native American gaming in the
Catskills and for his call for the Secretary of
Interior to withdraw the "misguided policy
issued by the former Administration."
8:38AM On The Wires : Community Health
Systems (CYH) announces that a subsidiary has
acquired the assets of Wyoming Valley Health Care
System located in Wilkes-Barre,
Pennsylvania...Aegean Marine Petroleum Network (ANW)
announce that it has taken delivery of the Sichem
Arctic, a 1991-built 23,400 dwt double-hull
bunkering tanker to be renamed the Aegean Champion,
following the Company's agreement to purchase the
vessel from an unrelated third party...Rural/Metro
Corp (RURL) announce that that its Southwest
Ambulance division was awarded an exclusive contract
this week to continue as the provider of 911
ambulance. The contract is expected to generate
approximately $1.3 mln in net revenue
annually...Constellation Energy (CEG)
announce that its subsidiary, Constellation
NewEnergy, has signed the U.S. General Services
Administration to an electricity and renewable
energy supply contract that will serve more than 150
federal agency and institutional customer accounts
in Washington, D.C.
8:33AM Clorox beats by $0.27, misses on revs;
guides FY09 EPS in-line; guides FY10 EPS below
consensus (CLX)
56.05 : Reports Q3 (Mar) earnings of $1.17 per
share, excluding non-recurring items, $0.27
better than the First Call consensus of $0.90;
revenues fell 0.2% year/year to $1.35 bln vs the
$1.37 bln consensus. Co raises FY09 EPS guidance to $3.70-3.80
vs. $3.72 consensus. Co issues downside guidance
for FY10, sees EPS of $4.00-4.15 vs. $4.21
consensus. For fiscal year 2009, Clorox now
anticipates sales growth in the 3-4% range, versus
its previous outlook of 3-5%. This slightly
lower range reflects higher expected foreign
currency losses. The company now anticipates
year-over-year gross margin improvement in the range
of 140-160 basis points, versus its previous outlook
of 50-100 basis points, due to more favorable
commodity cost expectations and increased cost
savings, partially offset by a more negative impact
from foreign currencies... For fiscal year 2010,
Clorox's initial financial outlook is for sales
growth in the range of 1-2%, which reflects low
single-digit volume growth. The company anticipates
continued foreign currency devaluation versus the
U.S. dollar, partially offset by additional price
increases, primarily in International locations.
8:23AM Borg Warner tgt raised to $40 at
Keybanc as investment thesis remain intact (BWA)
28.95 : Keybanc raises their tgt for BWA to $40 from
$30 based upon the firm's belief that the
longer term investment thesis remains intact as
demand for the Co's fuel saving and emission
lowering products continue to drive solid underlying
organic revenue growth. Additionally the firm
believes that earnings will improve
sequentially driven by a combination of improving
production, restructuring savings and lower
commodities costs, which will serve as a positive
catalyst.
8:10AM Simon Properties beats by $0.13, beats
on revs; guides FY09 FFO in-line; lowers qrtrly
dividend to $0.60 from $0.90 (SPG)
51.60 : Reports Q1 (Mar) funds from operations of
$1.61 per share, $0.13 better than the First
Call consensus of $1.48; revenues rose 2.6%
year/year to $918.5 mln vs the $885.6 mln consensus.
Co issues in-line guidance for FY09, sees FFO
of $6.05-6.20 vs. $6.08 consensus. The co
announces that the Board of Directors approved the
declaration of a quarterly common stock dividend of
$0.60 per share, consisting of a combination of cash
and shares of the Company's common stock. The
Company intends that the cash component of the
dividend will not exceed 20% in the aggregate, or
$0.12 per share. The cash component of the dividend
was increased by $0.03 per share from the first
quarter dividend. Co says, "1Q09 was very
positive for our Company. We delivered excellent
growth in profits, a testament to the stable
performance of franchise retail assets within our
regional mall, Premium Outlet and Mills platforms.
We also strengthened our balance sheet, one of the
strongest in the industry, by raising over $1.6 bln
of capital."
8:09AM Ameren misses by $0.03, misses on revs;
guides FY09 EPS in-line (AEE)
23.02 : Reports Q1 (Mar) earnings of $0.54 per
share, $0.03 worse than the First Call
consensus of $0.57; revenues fell 7.9% year/year to
$1.92 bln vs the $2.28 bln consensus. Co issues in-line
guidance for FY09, sees EPS of $2.70-3.05,
excluding non-recurring items, vs. $2.87 consensus.
8:07AM MasterCard beats by $0.19, misses on
revs (MA)
19.05 : Reports Q1 (Mar) earnings of $2.80 per
share, $0.19 better than the First Call
consensus of $2.61; revenues fell 2.2% year/year to
$1.16 bln vs the $1.21 bln consensus. The decline in
net rev growth was primarily due to the unfavorable
impact of foreign currency exchange and higher
rebates and incentives, partially offset by pricing,
increased processed transactions and increases in
other payment-related services. On a constant
currency basis, net rev increased 1.8% compared to
the same period in 2008. Q1 gross dollar volume and
purchase volume up 0.3%. The number of processed
transactions increased 5.8% compared to the same
period in 2008, to 5.1 bln. Co states, "As we
navigate through these challenging economic times,
we've taken important steps to better align our
operations with the current environment. We've taken
considerable cost-reduction actions allowing us to
deliver a strong operating margin of 48.6%, while
keeping focused to ensure MasterCard is well
positioned for long-term growth.
8:06AM Continental Air announces temporary
reductions in Mexico capacity (CAL)
10.52 : Co announces significant, temporary
reductions in capacity to Mexico, effective May 4,
2009, in response to lower demand. Initially, for
the month of May, the company has reduced capacity
to Mexico as measured by available seat miles by
approximately 50 percent, compared to its original
May 2009 flight schedule. Flight departures have
been reduced by approximately 40%. These reductions
constitute approximately 2% of Continental's
systemwide ASMs for May 2009 compared to its
original May 2009 flight schedule. Reductions are
being implemented by using smaller aircraft on
flights to Mexico or by reducing the frequency of
flights to any one destination. Prior to these
reductions, Continental operated an average of 450
weekly flights to the country.
8:05AM Allete misses by $0.13, misses on revs
(ALE)
26.04 : Reports Q1 (Mar) earnings of $0.55 per
share, $0.13 worse than the First Call
consensus of $0.68; revenues fell 6.5% year/year to
$199.6 mln vs the $216.7 mln consensus.
8:04AM New Gold says in accordance with the
Mexican govts program to confront the flu epidemic,
it will stop mining in the Cerro San Pedro open pit
for five days (NGD)
1.82 : Co announces that in response to the decree
issued by the Mexican Government, which orders a
five day closure of all non-essential activities
throughout the country, it will suspend mining in
the Cerro San Pedro open pit from May 1 to May 5,
2009. Operation of the mine's leach pads will
continue. This action is not expected to
significantly change the 2009 production forecast at
Cerro San Pedro.
8:02AM Federal Signal beats by $0.03, beats on
revs (FSS)
7.77 : Reports Q1 (Mar) earnings of $0.02 per share,
$0.03 better than the First Call consensus of
($0.01); revenues fell 10.1% year/year to $203.5 mln
vs the $191.4 mln consensus.
8:02AM Blount Intl reports EPS in-line, misses
on revs; reaffirms FY09 revs guidance (BLT)
6.40 : Reports Q1 (Mar) earnings of $0.08 per share,
excluding non-recurring items, in-line with
the First Call consensus of $0.08; revenues fell
12.5% year/year to $116.5 mln vs the $121.2 mln
consensus. Co reaffirms guidance for FY09,
sees FY09 revs at the low end of $510-560 mln vs.
$534.75 mln consensus.
8:02AM EMS Tech misses by $0.05, beats on
revs; guides FY09 EPS above consensus (ELMG)
19.05 : Reports Q1 (Mar) earnings of $0.15 per
share, ex-items, $0.05 worse than the First
Call consensus of $0.20; revenues rose 22.3%
year/year to $92.3 mln vs the $91.4 mln consensus.
Co issues upside guidance for FY09, sees EPS
of $1.35-$1.65 vs. $1.32 consensus.
8:01AM Kaydon beats by $0.03, beats on revs (KDN)
31.96 : Reports Q1 (Mar) earnings of $0.30 per
share, $0.03 better than the First Call
consensus of $0.27; revenues fell 10.5% year/year to
$110.3 mln vs the $106.1 mln consensus.
7:50AM Provident Finl beats by $0.01;
allowance for loan losses rose to 1.20% from 0.96%
y/y (PFS)
10.67 : Reports Q1 (Mar) earnings of $0.16 per
share, excluding non-recurring items, $0.01
better than the First Call consensus of $0.15. The
net interest margin decreased 10 bps y/y to 3.10%
for the quarter ended March 31, 2009. Total
non-performing loans at March 31, 2009 were $63.8
mln, or 1.46% of total loans, compared with $59.1
mln, or 1.31% of total loans at December 31, 2008,
and $27.4 mln, or 0.64% of total loans at March 31,
2008. At March 31, 2009, impaired loans totaled
$38.5 mln with related specific reserves of $8.4 mln.
At March 31, 2009, the co's allowance for loan
losses was 1.20% of total loans, and 0.96% of total
loans at March 31, 2008. The co recorded a
provision for loan losses of $5.8 mln for the
quarter ended March 31, 2009, compared with a
provision of $1.3 mln for the quarter ended March
31, 2008. For each of the three-month periods ended
March 31, 2009 and 2008, the co had net
charge-offs of $1.2 mln. Common stock repurchases
for the three months ended March 31, 2009, totaled
5,000 shares at an average cost of $11.36 per share
7:48AM SIA says March chip sales rebound
slightly from February : Worldwide sales of
semiconductors were $14.7 billion in March, a gain
of 3.3% from the prior month when sales were $14.2
billion, the SIA reported. Sales for the first
quarter of 2009 amounted to $44.0 billion, a 29.9%
decline from the first quarter of 2008 when sales
were $62.8 billion. Sales declined by 15.7% from the
fourth quarter of 2008 when sales were $52.2
billion. Sales in all geographic regions except
Japan showed month-to-month gains. Sales in Japan
were sharply lower, reflecting a drop in the
country's economic output. All geographic regions
reported lower first-quarter sales compared to the
same period of 2008. "The modest sequential
rebound in worldwide sales in March suggests that
demand has stabilized somewhat, albeit at
substantially lower levels than last year," said
SIA President George Scalise. "While all major
product sectors showed month-on-month growth, there
continues to be limited visibility in end markets.
There are some bright spots such as 'smart phones'
and 'netbook' PCs, but there are no clear signs of
early firming of demand in other major end markets
such as automotive, corporate information
technology, and consumer electronics.
7:38AM Fortune Brands beats by $0.08, beats on
revs; reaffirms FY09 EPS guidance (FO)
39.31 : Reports Q1 (Mar) earnings of $0.30 per
share, excluding non-recurring items, $0.08
better than the First Call consensus of $0.22;
revenues fell 20.3% year/year to $1.44 bln vs the
$1.41 bln consensus. Co reaffirms guidance
for FY09, sees EPS of $2.00-2.50 vs. $2.25
consensus.
7:32AM FLIR Systems beats by $0.05, misses on
revs; guides FY09 EPS in-line, revs in-line (FLIR)
22.18 : Reports Q1 (Mar) earnings of $0.35 per
share, $0.05 better than the First Call
consensus of $0.30; revenues rose 14.8% year/year to
$272 mln vs the $277.1 mln consensus. Co issues in-line
guidance for FY09, sees EPS of $1.40-$1.47 vs.
$1.44 consensus; sees FY09 revs of $1.2-$1.25 bln
vs. $1.24 bln consensus. The Company's backlog
of firm orders for delivery within the next twelve
months was approximately $617 mln at March 31, 2009,
a decrease of $46 mln during the quarter, and an
increase of $146 mln, or 31% compared with backlog
at March 31, 2008.
7:32AM Domtar reports Q1 EPS of ($0.07) vs
($0.04) First Call consensus; revs of $1.30 bln vs
$1.39 bln First Call consensus (UFS)
1.82 : "Market conditions in all Domtar
businesses remain challenging, although the rapid
decline of paper volumes in recent months has been
abating. In pulp, transaction prices have been
stabilizing in some overseas markets but inventories
are still high. Domtar will continue to manage its
working capital requirements through inventory
control and the balancing of production to meet
customer demand. The indefinite closure of the
Woodland pulp mill will help lower inventories and,
in combination with the permanent closure of a paper
machine at the Plymouth pulp and paper mill, will
contribute to reducing fixed costs in the Papers
segment starting in the second quarter."
7:32AM HMS Holdings beats by $0.04, beats on
revs (HMSY)
29.98 : Reports Q1 (Mar) earnings of $0.21 per
share, $0.04 better than the First Call
consensus of $0.17; revenues rose 28.2% year/year to
$49.94 mln vs the $47.6 mln consensus. "HMSY's
first quarter represents a strong start to what we
expect will be an excellent 2009... We are seeing
revenue growth and new business in each of the
markets we serve."
7:18AM Dean Foods beats by $0.10, misses on
revs, reaffirms FY09 EPS guidance (DF)
20.70 : Reports Q1 (Mar) earnings of $0.52 per
share, $0.10 better than the First Call
consensus of $0.42; revenues fell 12.2% year/year to
$2.7 bln vs the $2.9 bln consensus. "We have
significant momentum in our business with an
exceptionally strong first quarter behind us and
indications of a solid start to the second quarter.
We are expecting adjusted diluted earnings to be at
least $0.38 per share for the second quarter,
(consensus $0.41) assuming the issuance of
approximately $465 mln of new shares of common
stock. For the full year, flowing through some of
the upside from the first quarter, assuming the
issuance of approximately $465 mln of new shares of
common stock, we are maintaining our guidance of at
least $1.55 (consensus $1.61) of adjusted
earnings per diluted share, which is nearly 20% EPS
growth over 2008."
7:16AM Cott reports Q1 EPS of $0.28 vs ($0.07)
First Call consensus; revs $367 mln vs $377.33 mln
First Call consensus (COT)
2.02 : "Cott's renewed focus on private label,
coupled with consumers seeking better value in high
quality retailer brands, drove an improved sales
trend in North America. This trend, in addition to
our focus on reducing costs, helped Cott return to
profitability. We still have a long way to go, but
after several quarters of losses, we are encouraged
by our improved volume, cash flow and bottom-line
performance... While we are pleased with our first
quarter results, we are keenly aware that the
competitive landscape is changing, promotional
activity on carbonated soft drinks is expected to
increase, and that additional challenges lie
ahead."
7:09AM United Therapeutics misses by $0.12,
beats on revs (UTHR)
62.81 : Reports Q1 (Mar) earnings of $0.49 per
share, $0.12 worse than the First Call
consensus of $0.61; revenues rose 28.5% year/year to
$79.7 mln vs the $78 mln consensus. Earnings before
non-cash charges, defined as net income before
non-cash interest and income taxes, depreciation,
amortization, impairment charges and share-based
compensation, were $37.1 mln for the 1Q09, up 44%
from $25.8 mln for 1Q08.
7:08AM On The Wires : Neurobiological
Technologies (NTII) announces it has received
a quarterly royalty payment of approximately $1.5
mln from Merz Pharmaceuticals GmbH for sales of
Memantine for the treatment of Alzheimer's
disease...Fuel Systems Solutions (FSYS)
announces that it has agreed to acquire selected
assets and technology for compressed natural gas refueling
products manufactured by FuelMaker Corporation,
including the home refueling appliance marketed
under the Phill brand. The transaction is valued at
$7.0 mln and is expected to close in the Q2 of
2009.
7:07AM NiSource reports EPS in-line, beats on
revs; guides FY09 EPS in-line (NI)
10.99 : Reports Q1 (Mar) earnings of $0.62 per
share, in-line with the First Call consensus
of $0.62; revenues fell 17.2% year/year to $2.72 bln
vs the $2.66 bln consensus. Co issues in-line
guidance for FY09, sees EPS of $1.00-1.10 vs.
$1.05 consensus.
7:06AM Brookfield Pptys misses by $0.03, beats
on revs (BPO)
7.47 : Reports Q1 (Mar) funds from operations of
$0.32 per share, $0.03 worse than the First
Call consensus of $0.35; revenues fell 9.1%
year/year to $592 mln vs the $532.9 mln consensus.
7:05AM James River Coal beats by $0.22,
reports revs in-line (JRCC)
14.24 : Reports Q1 (Mar) earnings of $1.03 per
share, $0.22 better than the First Call
consensus of $0.81; revenues rose 39.0% year/year to
$192.1 mln vs the $193 mln consensus.
7:04AM Apt Inv & Mgt beats by $0.08, beats
on revs; guides Q2 FFO below consensus; reaffirms
FY09 FFO guidance (AIV)
7.30 : Reports Q1 (Mar) funds from operations of
$0.42 per share, $0.08 better than the First
Call consensus of $0.34; revenues rose 0.4%
year/year to $349.3 mln vs the $311.2 mln consensus.
Co issues downside guidance for Q2, sees FFO
of $0.37-0.43 vs. $0.44 consensus. Co reaffirms
guidance for FY09, sees FFO of $1.65-1.95 vs.
$1.65 consensus.
7:04AM MasterCard: Travelex selects MasterCard
for strategic global prepaid alliance (MA)
183.45 : Co announces that Travelex will extend its
brand relationship with MasterCard and implement the
global prepaid transaction processing capabilities
of MasterCard Integrated Processing Solutions. As
part of the new global agreement Travelex, which
already issues and distributes MasterCard Cash
Passport cards, will launch new MasterCard branded
consumer and corporate Cash Passport programs around
the world utilizing IPS. Travelex will also convert
existing programs to MasterCard.
7:03AM Lifepoint Hospitals beats by $0.11,
beats on revs (LPNT)
28.85 : Reports Q1 (Mar) earnings of $0.74 per
share, $0.11 better than the First Call
consensus of $0.63; revenues rose 7.4% year/year to
$735.5 mln vs the $720 mln consensus.
7:02AM NICOR beats by $0.19, misses on revs;
guides FY09 EPS in-line (GAS)
32.14 : Reports Q1 (Mar) earnings of $0.96 per
share, $0.19 better than the First Call
consensus of $0.77; revenues fell 32.8% year/year to
$984 mln vs the $1.46 bln consensus. Co issues in-line
guidance for FY09, sees EPS of $2.54-2.74, including
upward adjustment of $0.09 per share for the impact
of the recent sale of the company's equity interest
in EN Engineering, vs. $2.54 consensus.
7:02AM T-3 Energy Services misses by $0.03,
misses on revs (TTES)
13.43 : Reports Q1 (Mar) earnings of $0.52 per
share, excluding non-recurring items, $0.03 worse
than the First Call consensus of $0.55; revenues
fell 9.2% year/year to $62.8 mln vs the $64.9 mln
consensus. "T-3 has excellent international
brand acceptance, a strong balance sheet and good
cash flow. Our current results reflect the
continuing worldwide drilling activity decline, and
we are actively adjusting our cost structure in
response. We also intend to focus on our non-capital
products and services and further expand our
international presence. We do not expect our markets
to improve during 2009, but we intend to stay
committed to offering exceptional service and
products to our customers and to expanding our
product offerings."
6:54AM Penn Virginia reports quarterly record
oil and gas production of 152.3 mln cubic feet of
natural gas equivalent per day (PVA)
14.07 : Co announces record levels of quarterly
production and provided an update of its oil and gas
operational activities, including Q1 2009
operational results and full-year 2009 guidance.
Operational results for our oil and gas segment
during the Q1 of 2009 included the following: 1)
quarterly record oil and gas production of 152.3 mln
cubic feet of natural gas equivalent per day, or
13.7 bln cubic feet of natural gas equivalent,
representing production growth of 32% from 115.6
MMcfe per day, or 10.5 Bcfe, in the Q1 of 2008 (six%
higher as compared to the previous quarterly record
of 143.8 MMcfe per day, or 13.2 Bcfe, produced in
the Q4 of 2008); 2) oil and gas capital expenditures
of approximately $86 mln, including approximately
$79 mln for drilling and completion activities; --
19 (14.4 net) wells drilled, with a 94% success
rate; and 3) continued drilling success in the Lower
Bossier Shale in East Texas, the Granite Wash in the
Mid-Continent region, the Selma Chalk in Mississippi
and horizontal coalbed methane (HCBM) in Appalachia.
Full-year 2009 guidance updates are as follows: 1)
production guidance of 131.5 to 137.0 MMcfe per day,
or 48.0 to 50.0 Bcfe, which remains unchanged from
previous guidance; and 2) oil and gas capital
expenditures guidance of $130.0 to $140.0 mln,
excluding drilling rig standby charges discussed
below, which is reduced from the previous guidance
range of $210.0 to $220.0 mln due to expectations of
continued weak near-term gas prices.
6:36AM Aon misses by $0.12, misses on revs (AOC)
42.20 : Reports Q1 (Mar) earnings of $0.76 per
share, excluding non-recurring items, $0.12 worse
than the First Call consensus of $0.88; revenues
fell 2.7% year/year to $1.85 bln vs the $2.08 bln
consensus. Brokerage pretax margin was 21.2%
and the adjusted pretax margin, excluding certain
items, increased 100 bps to 20.7%. Consulting
revenue was $309 mln with organic growth of 2%.
Consulting pretax margin was 22.7% and the adjusted
pretax margin, excluding certain items, decreased
240 bps to 16.8%.
6:18AM S&P futures vs fair value: +2.90.
Nasdaq futures vs fair value: +4.80. :
6:18AM European Markets : FTSE...4241.26...-2.50...-0.10%. DAX...Holiday.........
6:18AM Asian Markets : Nikkei...8977.37...+149.10...+1.70%. Hang
Seng...Holiday.........
3:11AM Citigroup to sell Nikko Cordial
Securities to Sumitomo Mitsui Banking Corp. (C)
3.05 : Co announces that it has reached a definitive
agreement to sell its Japanese domestic securities
business, conducted principally through Nikko
Cordial Securities, to Sumitomo Mitsui Banking Corp.
in a transaction with a total cash value to Citi of
774.5 bln yen ($7.9 bln). The cash value is
comprised of the purchase price for the transferred
business of 545 bln yen, the estimated purchase
price for certain Japanese-listed equity securities
held by Citi of 28.5 bln yen, and 201 bln yen of
cash derived either through the retention of excess
cash in Nikko Cordial Securities or repayment of its
outstanding indebtedness to Citi. The transaction is
expected to generate approx $2.5 bln of
tangible common equity for Citi at closing, with
Citi expected to recognize an after-tax loss of
approximately $0.2 bln. On a pro forma basis for the
transaction, Citi's March 31, 2009 Tier 1 capital
ratio would have increased by approx 27 basis
points.
2:16AM Buckeye GP Holdings LP beats by $0.09,
misses on revenue (BGH)
16.87 : Reports Q1 (Mar) earnings of $0.36 per
share, $0.09 better than the First
Call consensus fo $0.27; revenues increased 9.6%
year/year to $416.8 mln consensus.
1:05AM IPC urges shareholders not to tender
shares in proposed Validus exchange offer (IPCR)
26.04 : Co announces that the IPC board of directors
has unanimously reaffirmed its belief that the
acquisition proposal made by Validus Holdings (VR) does
not represent a superior proposal and continues to
recommend that IPC shareholders vote in favor of the
business combination with Max Capital Group Ltd. (MXGL).
Validus stated that its exchange offer will contain
the same economic terms to IPC shareholders as the
previous Validus proposal that has already been
rejected by the IPC board. IPC's board of directors
strongly urges shareholders not to tender their
shares to the proposed Validus exchange offer, if
and when it is made.
1:02AM Manitowoc beats by $0.05, misses on
revs (MTW)
5.95 : Reports Q1 (Mar) earnings of $0.18 per share,
excluding non-recurring items, $0.05 better
than the First Call consensus of $0.13; revenues
rose 4.0% year/year to $1.03 bln vs the $1.05 bln
consensus. Q109 net sales in the Crane
segment were $672.9 mln, down nearly 24% from $884.4
mln in the first quarter of the prior year. This
includes an 8% negative impact from foreign currency
fluctuations. Crane segment operating earnings for
the Q109 decreased 58% to $56.5 mln from $134.6 mln
in the same period last year. Crane segment backlog
totaled $1.4 bln at March 31, 2009, a decrease of
28% from the $1.9 bln backlog at December 31, 2008.
Although the backlog declined for a third
consecutive quarter, the net-negative order flow
driven by backlog cancellations has recently
stabilized to net-positive orders on a more
consistent basis.
12:57AM On The Wires : Rackable Systems (RACK)
announces that it received court approval to acquire
substantially all of the assets of Silicon Graphics
for $42.5 mln in cash, plus the assumption of
certain liabilities associated with the acquired
assets... Oshkosh (OSK) announces it was
awarded an indefinite delivery/indefinite quantity
contract with the U.S. Army Tank-automotive and
Armaments Command for the purchase of three
additional production-ready Oshkosh MRAP All Terrain
Vehicles for further military testing... Starwood
Hotels & Resorts Worldwide (HOT)
announces that it has priced an underwritten
public offering of $500 million of 7.875%% Senior
Notes due 2014; the notes were offered to the public
at a price of 96.285% of principal amount.
12:54AM Dentsply reports EPS in-line, misses
on revs (XRAY)
28.62 : Reports Q1 (Mar) earnings of $0.43 per
share, excluding non-recurring items, in-line
with the First Call consensus of $0.43; revenues
fell 9.6% year/year to $507 mln vs the $523.6 mln
consensus.
12:52AM U.S. patent office issues notice of
intent to confirm I-Flow's infusion apparatus patent
(IFLO)
5.00 : Co announces that the U.S. Patent and
Trademark Office has concluded its reexamination of
US Patent No. 5,284,481 and has issued a Notice of
Intent to confirm its patentability. This patent
covers intellectual property for the infusion
apparatus used in the co's flagship ON-Q Pain Relief
System and is also used as the basis for other
I-Flow brands and product lines.
