5:09PM CyberSource announces board approves $15 mln stock buyback (CYBS) 6.65 -0.79 :  

5:07PM Cooper Industries expects Q4 EPS to be below previous guidance range of $0.83-0.92 vs consensus $0.88 (CBE) 24.13 +1.32 : Co announces that it expects Q4 results to be below the previous guidance range of $0.83 to $0.92 earnings per share, exclusive of restructuring charges. Co says, "in the past few weeks we have seen business conditions worsen, driven by the unprecedented credit crisis and rapid appreciation of the U.S. dollar. Retail orders in certain businesses have declined significantly, as has quoting and shipping activity in light commercial and certain utility products. We also have seen some customers delay or re-quote projects and we anticipate further destocking of customer inventory levels as the quarter progresses. In the near-term, we expect unprecedented volatility and are reducing production levels to ensure we manage inventory levels, while maintaining customer service. The volatility in commodity prices also is creating a difficult pricing environment in some of our businesses, which impacts margins in the near-term. As a result, we felt it necessary to reduce current expectations and defer issuing new guidance until we have better visibility in terms of customer commitments and a more stabilized economic environment. Although it is difficult to forecast the length and depth of a downturn, we continue to implement contingency plans that will reduce our cost structure, including planned production shutdowns over the remainder of the year as well as the previously announced workforce reduction of 1,000 employees."

4:54PM First Community Bancshares completes sale of securities in U.S. Treasury Capital Purchase Program woth $41.5 mln (FCBC) 24.90 -0.10 : First Community announce that it has issued to the U.S. Department of the Treasury, in exchange for aggregate consideration of $41.5 mln, a total of 41,500 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, with a $1,000 per share liquidation preference, and a warrant to purchase up to 176,546 shares of First Community's common stock at an exercise price of $35.26 per share.

4:33PM Nara Bancorp completes $67 mln capital addition as participant in U.S. Treasury's Capital Purchase Program (NARA) 7.52 +0.12 : Co announced that it has completed its $67 mln capital addition as a participant in the U.S. Department of Treasury's Capital Purchase Program. On November 21, 2008, Nara received an investment of $67 mln from the U.S. Treasury in exchange for 67,000 shares of preferred stock and a warrant to purchase up to 1,042,531 shares of Nara's common stock at an exercise price of $9.64.

4:31PM Target announces it has decided not to pursue further Real Estate Structure Ideas from Pershing Square (TGT) 28.08 +0.08 : Co disclosed today that after a comprehensive evaluation of various real estate structure ideas proposed by Pershing Square over the past six months, it has decided not to pursue them further. Co has concluded that the potential value created, if any, is highly speculative and insufficient to merit pursuit of a transaction given the costs, strategic and operating risks, and loss of financial flexibility related to executing the proposed transaction. These concerns are heightened in the current economic environment. Co's Pershing Square idea revealed that concerns previously expressed by the company remain including: 1) The validity of assumptions supporting Pershing Square's market valuation of Target and the separate REIT entity, 2) The reduction in Target's financial flexibility due to the conveyance of valuable assets to the REIT and the large expense obligation created by the proposed lease payments, which are subject to annual increase, 3) The frictional costs and operational risks, including tax implications, of executing Pershing Square's ideas, and 4) The risk of diverting mgmt's focus away from core business operations over an extended time period to execute such a complex transaction, particularly in the current environment.

4:17PM Porter Bancorp, closes $35 mln preferred stock sale to U.S. Treasury Department (PBIB) 15.51 -1.74 : Co announces today that it completed the sale of $35 mln of preferred stock to the U.S. Treasury Department under the Capital Purchase Program. The Co issued senior preferred shares to the U.S. Treasury that pay a cumulative annual dividend rate of 5% for the first five years and will reset to a dividend rate of 9% after five years.

4:13PM Delek US Holdings provides operational update on Tyler Refinery (DK) 3.85 -0.31 : today provided an operational update on the Company's 60,000-barrel-per-day Tyler, Texas refinery which experienced a halt in production on Nov. 20 following a facility fire. A preliminary facility assessment indicates that a fire occurred in the general vicinity of the Saturates Gas Plant and the Naptha Hydrotreater. Though the extent of the damage to these units has not yet been established, early indications are that the vast majority of Tyler's critical refining units were not impacted by the fire. Delek US currently carries $1 bln in combined limits to cover property damage and business interruption. Delek has a $5 mln deductible for property damage insurance.

4:08PM 3D Systems implements additional cost reductions (TDSC) 6.71 +0.09 : Co announces today that, in anticipation of the difficult economic climate that lies ahead and its uncertain duration, they have undertaken a series of additional cost reduction programs, including the curtailment of various, non-critical planned expenses for the balance of 2008 and beyond. As part of these additional cost reductions, the company announced today that it has begun a reduction in its workforce that will affect about 25 people out of its worldwide workforce of 360, including 5 employees from its Rock Hill, South Carolina headquarters. The co expects to absorb all the costs associated with this reduction during the fourth quarter of this year and to realize some $2 mln in additional annual savings during 2009.

4:06PM CSS Industries announces replacement of revolving credit facility and amendment of accounts receivable securitization facility (CSS) 21.30 +0.76 : Co announces the replacement of its $50 mlnrevolving credit facility, which was due to expire in April 2009, with a new $110 mln revolving credit facility with four banks. Co also announces that it decreased its existing $100 mln accounts receivable securitization facility to $75 mln, effective with entering into the new revolving credit facility.

4:03PM Home BancShares receives preliminary approval to participate in the U.S. Department of Treasury's Capital Purchase Program (HOMB) 24.49 : Co announces as a result of the co's potential participation, the Treasury Department would purchase $50 mln of newly issued preferred equity stock. This preferred stock would carry a 5% dividend for five years increasing to 9% dividend thereafter.

4:00PM NOVA Chemicals to idle Pennsylvania Styrenic Polymer Plant (NCX) 6.38 +0.35 : The co announces a temporary shutdown of its Beaver Valley site in Monaca, Pennsylvania. The Beaver Valley site produces styrenic polymers for building and construction, durable goods and automotive markets. "Market conditions have been poor for the last year and recently have gotten dramatically worse," said Robert Snyder, Vice President, Performance Styrenics. "We expect to restart the plant, but only when we see significantly stronger demand and improving margins."

4:00PM Raymond James discloses it applied to participate in the sale of preferred shares to the U.S. Treasury Department pursuant to the Capital Purchase Program (RJF) 14.37 +1.35 :  

3:56PM Webster Financial announces it has received $400 mln in new capital under the U.S. Department of Treasury's Capital Purchase Program (WBS) 11.57 -0.01 :  

3:44PM Keithley announces additional cost reduction actions (KEI) 2.20 -0.19 : Co announces further cost reduction measures designed to improve the financial results. Effective immediately, co has suspended all salary increases and has implemented a hiring freeze with the exception of a few critical replacements. Co has also reduced plans for capital expenditures, as well as travel and other discretionary spending. It is estimated that these actions will reduce expenses by ~$2 mln during fiscal 2009. Co continues to review other actions it may take in response to the current economic environment.

3:19PM Servidyne comments on current economic conditions' impact on revenues and order activity (SERV) 1.71 -0.02 : Co announces that despite difficult conditions in the overall economy, demand and new business activity improved in the Q2. "It appears that while our profitability remained under pressure in our second fiscal quarter, building performance efficiency revenues were substantially higher than first quarter levels. When we report second quarter results in approximately three weeks, we expect to report a net loss that is slightly greater than the first quarter loss. However, building performance efficiency new order activity in the second quarter improved significantly over the first quarter, as our customers strive to hedge against the deteriorating economic conditions with cost-saving efficiency measures. I am encouraged by an estimated second quarter revenue increase of ~26% in our core building performance efficiency segment, compared to the first quarter, which contributed to an estimated 19% increase in second quarter consolidated revenues when compared with first quarter results."

2:41PM NYMEX Energy Closing Prices : Jan crude oil gained $1.33 to $50.75, natural gas rose 20.9 cents to end at $6.525, heating oil closed up 0.66 cents to $1.07 and RBOB gasoline finished higher by 1.18 cents to $21.94.

2:17PM Index Change Reminders (INDXCH) : Standard and Poor's will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 indices after the close of trading: S&P SmallCap 600 constituent Southern Union (SUG) will replace Avis Budget (CAR) in the S&P MidCap 400, and The GEO Group (GEO) will replace Southern Union in the S&P SmallCap 600. S&P SmallCap 600 constituent ManTech International (MANT) will replace Media General (MEG) in the S&P MidCap 400, and Axsys Technologies (AXYS) will replace ManTech International in the S&P SmallCap 600. Capella Education (CPLA) will replace Photronics (PLAB), Hittite Microwave (HITT) will replace Sunrise Senior Living (SRZ), Interwoven (IWOV) will replace CPI (CPY), and Oil States International (OIS) will replace Select Comfort (SCSS) in the S&P SmallCap 600.

2:03PM Toronto-Dominion Bank: Moody's affirms TD's ratings; changes outlook to negative (TD) 30.76 -2.84 : Moody's affirmed Toronto-Dominion Bank's Aaa long-term deposit and B+ bank financial strength rating, but changed its rating outlook to negative from stable. These rating actions follow the announcement by TD of a sizable write-down related to a portfolio of corporate debt securities and associated credit default swaps. In affirming the ratings, Moody's noted TD's strong market standing in virtually all Canadian retail financial services, solid risk-adjusted profitability, and excellent asset quality. Moody's also notes that the fourth quarter write-down is the first material loss reported by TD since the inception of the credit market turmoil, and that the bank has avoided most of the exposures that have affected many of its North American peers. The change in TD's rating outlook is based on Moody's view that the risk positioning at TD has deteriorated over the past year.

2:00PM Barr Pharma shareholders approve pending Teva acquisition (BRL) 53.37 -0.63 : Co announces that its shareholders approved the proposals submitted to them relating to the acquisition of Barr by Teva Pharmaceuticals (TEVA).

1:47PM COMEX Metals Closing Prices : Gold gained $43.10 to close at $791.80, silver rose 45.5 cents to end at $9.48 and copper finished higher by 0.35 cents to $1.579 (all Dec contracts).

1:39PM Epicor Software comments on the termination of Elliott Associates' tender offer (EPIC) 2.95 -0.64 : Co issues statement in response to Elliott Associates L.P.'s announcement that it has terminated its previously announced tender offer for all outstanding shares of common stock of Epicor. "We believe that our strong slate of existing and new ERP and Retail products and services, including the release of Epicor 9 which is expected to become generally available during the fourth quarter, provide excellent near and long term opportunities to gain market share, while also providing the latest upgrade and migration path for our more than 20,000 customers worldwide. With retention rates consistently in the 94% range, these customers provide excellent high margin recurring maintenance revenues for Epicor that are expected to approach or exceed $200 mln for fiscal year 2008. We believe the company is in an excellent position to drive revenue growth and solid cash flows and we look forward to delivering sustained growth and value creation for our stockholders."

1:07PM Citigroup: S&P ratings on Citibank's structured investment vehicles cut; on creditwatch negative (C) 3.83 -0.84 : S&P lowered to 'AA' from 'AAA' and placed on CreditWatch negative its long-term issuer credit ratings on and its ratings on the medium-term notes issued by six structured investment vehicles (SIVs) sponsored by Citibank N.A. S&P is also placing 'A-1+' short-term issuer credit ratings on CreditWatch negative. At the same time, S&P has placed on CreditWatch negative the ratings on the commercial paper issued by these vehicles. S&P has taken today's rating actions as a result of the announcement by Citibank that it has committed to purchasing the remaining assets of each of its sponsored SIVs. Citibank has entered into an agreement with each SIV that will provide each vehicle with the funds to meet repayments on the senior debt when it becomes due. In S&P's opinion, the dependency on Citibank to make funds available means that the SIVs do not merit a rating higher than the current ratings on Citibank (AA/Watch Neg/A-1+).

12:37PM Crude oil moves back into positive territory as equity markets tick towards highs; currently up 44 cents to $49.86 :  

12:36PM Dean Foods Chairman and CEO enters into forward sale agreement (DF) 11.54 -0.71 : Co announces that Gregg Engles, Chairman and CEO, has entered into a one year forward sale agreement for ~950,000 shares of Dean Foods common stock. The initial proceeds of the transaction have been used by Engles to repay a substantial portion of a personal loan secured by Dean Foods common stock that he owns. In addition to the shares subject to this transaction, Engles continues to hold ~4.6 mln shares of Dean Foods stock and vested options, representing ~2.9% of diluted shares outstanding.

12:33PM United Tech's Carrier acquires Noresco to expand energy solutions capabilities; terms of the deal were not disclosed (UTX) 43.58 +0.34 :  

12:22PM Prudential: Moody's affirms Prudential Financial ratings (A3 senior); changes outlook to negative (PRU) 14.49 +0.76 : Moody's affirmed the ratings of Prudential Financial and its affiliates, but changed the outlook for the companies to negative from stable. According to the rating agency, the change in Prudential's rating outlook to negative primarily reflects 1) the pressures on its profitability and capital adequacy from depressed equity markets given its sizable variable annuities and fee-based businesses, as well as from investment losses, and 2) diminished financial flexibility and liquidity at its holding company given market conditions that may make it difficult for the company to refinance large debt maturities in 2009. In affirming the ratings at this time, however, Moody's stated that the current ratings reflect its expectations that Prudential will successfully undertake various initiatives over the near-term to stabilize the operating companies' capitalization at levels consistent with Aa-rated insurers and to address the liquidity needs of the holding company... A downgrade of Prudential's ratings could occur if 1) co does not successfully implement steps to maintain regulatory capitalization above 350% RBC, 2) material investment losses are sustained or deemed likely to occur over the next several quarters or 3) prospective organic capital generation is diminished due to materially lower profits. Conversely, the outlook could return to stable if investment losses diminish after the third quarter, organic capital generation restarts, and healthy RBC levels are sustained.

12:20PM Banner receives $124 mln investment from the U.S. Treasury's Capital Purchase Program (BANR) 8.70 -0.28 : Co announces it has received $124 mln from the U.S. Treasury Department as a part of the Treasury's Capital Purchase Program. At September 30, 2008, Banner Corporation, Banner Bank and Islanders Bank were each "well-capitalized" under all regulatory guidelines. At that date, Banner Corporation's Tier 1 Leverage Capital Ratio was 8.86% and its Total Risk Based Capital Ratio was 11.00%. The addition of new capital through the Treasury program will increase Banner Corporation's Tier 1 Leverage Capital Ratio to approx 11.25% and Total Risk Based Capital Ratio to approx 13.90%.

12:17PM BOFI Holding announces it has added another 500k shares to its buyback authorization (BOFI) 3.55 -0.18 :  

12:01PM Intl Paper announces indefinite closure of its Louisiana Mill (IP) 10.50 +0.11 : Co announces the indefinite closure of its Louisiana Mill in Bastrop. The decision to idle the 100% pulp mill operation is because of the continuing decline in pulp demand from its customers worldwide coupled with a weak economy across the globe. The closure will result in curtailment of the company's annual pulp production capacity by approx 450,000 tons. The shutdown process will begin immediately. The mill is currently taking downtime due to a lack of pulp orders.

12:00PM Solutia provides update on nylon strategic alternatives process; implements nylon restructuring plan (SOA) 4.50 -0.11 : Co announces that it is restructuring its Nylon business, consistent with its overall process of exploring strategic alternatives for the business. "The Nylon strategic alternatives process is moving forward as planned, and we continue to make progress on transactional scenarios that would result in the disposition of these assets. In the mean time, we are implementing a restructuring plan to position the business for today's dynamic economic environment. This plan will result in an annualized fixed cost reduction of ~$40 mln, or 10%, across the Nylon business." The financial impact of the restructuring plan includes cash outflows related to the workforce reductions of ~$5 mln total anticipated in the fourth quarter of 2008 and the first quarter of 2009. In addition, the non-cash charge from the permanent closure of the Greenwood assets is ~$4 mln, and will occur in the fourth quarter of 2008.

12:00PM Consolidated-Tomoka Land determines that proposal from Wintergreen Advisers is not in best interests of shareholders (CTO) 25.98 +0.30 : Co announces that its Board of Directors has reviewed and rejected a proposal from Wintergreen Advisers, the co's largest shareholder, because it would have provided Wintergreen with undue influence over the co and was deemed not in the best interests of the other shareholders. The Board determined that the proposed terms suggested by Wintergreen were so excessive that they would have infringed on the rights of nearly three-quarters of the shareholders giving the Board no choice but to exercise its fiduciary obligations and reject the proposal.

11:59AM Assoc Banc-Corp Sells $525 mln of senior preferred shares under the Treasury's Capital Purchase Program (ASBC) 15.15 -0.95 : Co announces it has sold $525 mln of senior preferred shares and related common stock warrants to the U.S. Department of the Treasury under the federal government's voluntary Capital Purchase Program. The additional capital will increase the co's Tier 1 capital ratio to 12.22% from 9.22% at September 30, 2008, and increase the total capital ratio to 14.08%, compared to 11.08% at September 30, 2008.

11:46AM European Markets Closing Prices: FTSE: 3764.5 -110.5 -2.9%, DAX: 4073.0 -147.2 -3.5%, CAC: 2881.3 -99.2 -3.3% :  

11:30AM Dyax announces the FDA accepts filing and grants priority review for DX-88 for hereditary angioedema (DYAX) 2.40 -0.11 : Co announces that the U.S. Food and Drug Administration has accepted for filing the Biologics License Application for DX-88 (ecallantide) for the treatment of acute attacks of hereditary angioedema and has designated the application for Priority Review. Based on this designation, the FDA Prescription Drug User Fee Act target action date is March 23, 2009, or six months from the BLA submission date of September 23, 2008. The BLA submission is based primarily on data from two placebo-controlled Phase 3 clinical studies, EDEMA3 and EDEMA4, which, taken together, represent the largest placebo-controlled evaluation of any therapy used in the treatment of HAE. In these studies, DX-88 demonstrated statistically significant improvements over placebo in both the primary and secondary endpoints.

11:10AM Crude oil approaches session lows, set in overnight trade, at $48.25; now off 81 cents to $48.61 :  

11:07AM The Buckle announces 1 mln share buyback (BKE) 14.31 -0.27 :  

10:34AM Crude oil moves into negative territory; currently down 35 cents to $49.07 :  

10:30AM Southwest Air: Fitch downgrades Southwest Airlines to 'BBB+'; outlook stable (LUV) 8.01 +0.25 : Fitch downgraded the debt ratings of Southwest Airlines: Issuer Default Rating (IDR) to 'BBB+' from 'A-'; Senior unsecured debt to 'BBB+' from 'A-'; Unsecured bank credit facility to 'BBB+' from 'A-'. The downgrade reflects Fitch's view that continuing uncertainty in the U.S. airline operating environment and near-term credit market concerns have led LUV to raise leverage to a level that is no longer consistent with an 'A' category credit profile. In particular, LUV's decision to draw $400 mln on its $600 mln revolving credit facility in October, which the airline expects to term out once credit market conditions improve, has driven balance sheet debt to approximately $3.0 bln, up from $2.1 bln at year-end 2007. As management focuses on the need to keep core unrestricted cash and investments (excluding fuel hedge collateral) in the range of $1.0 bln to $2.0 bln in a challenging revenue environment, it appears unlikely that any significant debt reduction will occur in 2009. Scheduled debt maturities over the next three years are light, highlighting the need for LUV to deliver stronger cash flow in order to lower balance sheet leverage over time.

10:25AM Legacy Reserves announces an increase to its borrowing base and its 2009 development capital budget (LGCY) 7.13 +0.15 : Co announces that it has secured commitments from two banks to increase the aggregate commitments under its credit facility to $410 mln from the previous $383.76 mln. The two banks are new participants in Legacy's bank group. The increase is subject to the execution of assignments of maximum credit amounts from the current nine members of Legacy's bank group to the two new banks. Additionally, the Board of Directors of Legacy Reserves, the general partner of Legacy Reserves, approved a 2009 development capital budget of $25.0 mln.

10:10AM Emcore announces its first deployment of a concentrator photovolataics system in China with the XinAo Group (EMKR) 0.90 +0.05 : Co announces its first deployment of a concentrator photovolataics system in China with the XinAo Group. As part of an earlier agreement, the 50 kilowatt test and evaluation system is fully installed and operational, and is producing power in accordance with specifications. EMCORE and XinAo continue to have discussions regarding the possible construction of a joint-owned plant in China, to manufacture CPV systems designed and certified by EMCORE for its coal gasification project and the Chinese market.

9:48AM Dynegy announces that it will provide 2009 guidance estimates prior to the opening of the mkt on December 10, 2008 (DYN) 1.70 +0.19 :  

9:42AM TiVo issues follow up statement on order by U.S. District Court and scheduled additional damages and workaround hearing (TIVO) 4.60 -0.48 : Co offers statement on the order by the United States District Court, Eastern District of Texas, in the lawsuit against EchoStar Communications (DISH): "We are pleased that the U.S. District Court has scheduled a hearing on EchoStar's purported workaround on February 17, 2009. Contrary to EchoStar's statement yesterday, the Court did not rule on TiVo's pending motion for contempt of the injunction. The Court will do so after the hearing as well as rule on the amount of damages owed to TiVo (which EchoStar admitted at the September 4, 2008 hearing are owed) beyond the nearly $105 million already paid by EchoStar. This is a positive step, particularly the accelerated discovery ordered by the Court, towards the ultimate resolution of all issues in the litigation and we remain confident that we will prevail in showing that EchoStar's workaround does not avoid infringement."

9:15AM S&P futures vs fair value: +16.60. Nasdaq futures vs fair value: +18.30. : Only a few minutes remain before the session's opening bell sounds.  Ahead of trading Friday, the stock market is down nearly 14% week-to-date, and down more than 22% month-to-date.  Stock futures are off their morning highs, but continue to indicate a positive start.

9:03AM Merck: New study shows that JANUVIA significantly reduced blood sugar levels and was not associated with hypoglycemia in elderly patients with type 2 diabetes (MRK) 23.56 : New data presented at the 61st Annual Scientific Meeting of the Gerontological Society of America showed JANUVIA, a diabetes medicine from MRK, significantly reduced blood sugar levels in elderly patients with type 2 diabetes and was not associated with hypoglycemia. In this study of 206 patients aged 65 to 96 years, there were no reports of hypoglycemia in either the JANUVIA or the placebo groups. Advanced age contributes to the risk of hypoglycemia.

9:01AM Ixia announces a $25 mln stock buyback (XXIA) 4.90 :  

9:00AM Amgen announces Nplate receives positive opinion for marketing authorisation in the European Union (AMGN) 50.13 : Co announces that the European Committee for Medicinal Products for Human Use has issued a positive opinion recommending marketing authorisation for Nplate in the European Union. The CHMP recommends Nplate for adult chronic immune (idiopathic) thrombocytopenia purpura splenectomised patients who are refractory to other treatments. The CHMP positive opinion is based on data from two separate placebo-controlled Phase 3 studies, demonstrating that platelet counts were raised and sustained in 83% of patients for both splenectomised and non-splenectomised groups when treated with Nplate. Additionally, patients treated with Nplate were able to reduce or discontinue concomitant ITP and emergency medications which are often not well tolerated or whose effects are transient. Upon completion of the Phase 3 studies almost 90% of patients elected to subsequently enroll into the romiplostim long term extension study which demonstrated that, after three years, Nplate continued to effectively increase and sustain platelet counts

9:00AM S&P futures vs fair value: +19.60. Nasdaq futures vs fair value: +22.00. : Stock futures are currently indicating a bit of relief from the losses of prior sessions.  Crude oil futures have rebounded 2.5% to $50.65 per barrel early on.  Their bounce comes after oil last session hit its lowest point in more than three years.  Wal-Mart (WMT) has selected Mike Duke to succeed Lee Scott as president and chief executive officer of the retail giant.  Duke will also serve on the company's board, while Scott will serve on the board's executive committee.

8:54AM Reliance Steel provides update, Oct better than expected, but operating environment has worsened thus far in November (RS) 12.63 : Co said, "We still are not comfortable providing earnings guidance, but our October results were solidly profitable and stronger than we had anticipated given the state of the economy. October sales were $918.2 million, our second highest monthly amount ever, with our tons sold per day down only 1.7% in October from September levels and our average selling price per ton down only 3.8%. Our FIFO gross profit margin deteriorated by 2.2% in October compared to September... Through the first two weeks of November, the operating environment has worsened from October levels. Mill price decreases have accelerated and have been more substantial than in October, leading us to further reduce prices to our customers and causing our customers to significantly curtail their purchasing as economic uncertainty persists. This has caused further deterioration in our gross profit margins as well as our operating income and net income amounts. However, the lower inventory costs and demand levels have allowed us to significantly reduce our working capital, which, along with our continued profitable operations, is producing a substantial amount of positive cash flow."

8:48AM TrimTabs estimates all equity mutual funds post outflow of $19.5 billion in week ended Wednesday, November 19th : TrimTabs Investment Research estimates that all equity mutual funds posted an outflow of $19.5 billion in the week ended Wednesday, November 19, versus an outflow of $31.8 billion in the previous week. Equity funds that invest primarily in U.S. stocks posted an outflow of $12.2 billion, versus an outflow of $21.3 billion in the previous week. Equity funds that invest primarily in non-U.S. stocks had an outflow of $7.2 billion, versus an outflow of $10.5 billion in the previous week. In addition, bond funds had an outflow of $13.0 billion, versus an outflow of $6.3 billion in the previous week, and hybrid funds had an outflow of $4.6 billion, versus an outflow of $2.2 billion in the previous week. Separately, TrimTabs reports that exchange-traded funds that invest in U.S. stocks posted an inflow of $6.7 billion, versus inflow of $3.9 billion in the previous week. ETFs that invest in non-U.S. stocks had an inflow $1.1 billion, versus an outflow $107 million in the previous week.

8:40AM Caraco Pharma announces it will be filing response to FDA warning letter on Nov 24th, as planned (CPD) 3.00 : Co announces that it will be filing its response to the FDA warning letter on Nov 24, 2008 as planned. In the warning letter, received on Oct 31, 2008, the FDA requested a response from Caraco within 15 business days, ending Nov 24, 2008. As previously disclosed, the warning letter was issued as a follow up to the last FDA inspection of the company's manufacturing facility in Detroit, Michigan which was initiated in May 2008. Until the company's responses to the observations have been clarified and explanations provided to the satisfaction of the FDA, the FDA may in the near term withhold approval of pending new drug applications listing the facility as the manufacturer. The company's sales of current products continue in the normal course of business.

8:36AM Wal-Mart announces that Mike Duke is elected new Chief Executive Officer (WMT) 50.66 : Co announces that its board of directors has elected Mike Duke, to succeed Lee Scott as president and CEO, effective Feb 1, 2009. Duke was also elected to the company's board of directors, effective immediately. Scott will continue serving as chairman of the executive committee of the board. The board also approved the promotion of Eduardo Castro-Wright, to vice chairman of Wal-Mart Stores, effective immediately.

8:34AM On The Wires : Move (MOVE) announces that the district court judge, in a patent case pending in the U. S. District Court for the Northern California District, titled Keithley et al. v. The HomeStore.com, granted the co's motion for summary judgment in favor of Moveand its co-defendants the National Association of Realtors and the National Association of Home Builders... BioMimetic Therapeutics (BMTI) announces the United States Patent Office has allowed its U.S. patent application No. 11/159,533 titled "Platelet-Derived Growth Factor Compositions and Methods of Use Thereof."

8:30AM S&P futures vs fair value: +18.30. Nasdaq futures vs fair value: +22.30. : Stock futures indicate a strong start to the session.  Layoffs in the financial sector continue to mount;  Bank of New York Mellon (BK) is reducing its workforce by approximately 4%, eliminating 1,800 positions.  Auto makers are also trimming expenses, responding to weak auto sales; Honda Motor (HMC) is cutting production at some of its global factories.  Meanwhile, U.S. auto makers continue hoping for a quick and speedy government-sponsored plan to help them stave off potential bankruptcy.

8:30AM McKesson announces agreement to settle all private party claims relating to First DataBank's published drug reimbursement benchmarks (MCK) 28.60 : Co announces that it has reached an agreement to settle all private party claims relating to First DataBank's published drug reimbursement benchmarks for $350 million. The settlement terms include an express denial of liability of any kind. The company will also record a reserve for outstanding and expected future A.W.P-related claims by public entities, which is currently estimated to be $143 mln.

8:30AM Ziprealty appoints Lanny Baker as Chief Financial Officer (ZIPR) 2.41 : Co announces that Lanny Baker has agreed to join the company and will assume the role of CFO, effective Dec1, 2008. David Rector, Senior Vice President, Chief Accounting Officer, and Chief Financial Officer, will remain with the company as Senior Vice President and Chief Accounting Officer.

8:01AM S&P futures vs fair value: +17.60. Nasdaq futures vs fair value: +20.00. : After registering record lows in the prior session, stock futures are indicating an upward start to trading Friday.  Dell (DELL) posted better-than-expected earnings per share results for the third quarter.  However, Dell also reported negative operating cash flow for the quarter.  HJ Heinz (HNZ) topped earnings expectations for its latest quarter, and also reaffirmed its outlook.  Retailer Gap (GPS) beat the consensus third quarter earnings per share estimate, and provided an in-line outlook.  KeyCorp (KEY) has cut its quarterly dividend to $0.0625 per share from $0.1875 per share.  According to an article from The Wall Street Journal, Citigroup (C) has begun weighing the possibility of auctioning pieces of the company or even selling it outright.  Meanwhile, a New York Times article stated that Citi's executives are not actively exploring selling the company or splitting it up. 

8:00AM Euro Tech Holdings announces 300k share buyback program (CLWT) 0.89 :  

7:54AM AnnTaylor misses by $0.01, reports revs in-line (ANN) 5.35 : Reports Q3 (Oct) net of breakeven, $0.01 worse than the First Call consensus of $0.01; revenues fell 12.3% year/year to $527.2 mln vs the $531.9 mln consensus. Comparable store sales for the quarter declined 19.4% versus the prior year, with Ann Taylor down 24.8% and LOFT down 15.4%. The co indicated that it currently expects the weakness in consumer spending to persist through the fourth quarter and, as a result, it expects its fourth quarter top-line performance to be consistent with the trends experienced towards the latter part of the third quarter. Furthermore, the co indicated that it expects the competitive environment to remain highly promotional and, coupled with a fourth quarter receipt plan that did not anticipate the magnitude of the current softness, it expects gross margin to remain under significant pressure. Given the volatility and uncertainty heading into the fourth quarter, the co is not providing earnings per share guidance for the fourth quarter or the full year of fiscal 2008 at this time.

7:50AM Novartis AG's Sandoz receives positive EU opinion for biosimilar filgrastim (NVS) : Co's Sandoz received a positive opinion from European regulators for its third biosimilar medicine, filgrastim, marking another important milestone in its efforts to bring affordable high-quality biopharmaceuticals to patients worldwide. "Filgrastim enables them to stay on their required course of therapy at the optimal dose level by raising neutrophil counts to within the normal range. In addition to significant potential cost savings, our product offers patients and healthcare providers a very pure form of filgrastim."

7:46AM Medco Health Solutions reaffirms in 8-K slide show presentation (MHS) 36.11 : Co reaffirms guidance for FY08 (Dec), sees EPS of $2.30-2.33 vs. $2.32 First Call consensus. Co reaffirms guidance for FY09 (Dec), sees EPS of $2.67-2.77 vs. $2.72 consensus.

7:41AM Citigroup: Ladenburg Thalmann says that cash flows are all that matter (C) 4.71 : Ladenburg Thalmann says they see no reason why C should fail. The firm says that the only reason banks fail is because their cash flows turn negative and it does not appear that this is likely at this bank. This, they say, is because the bank is able to roll over its liabilities and because its net interest income is positive. They note the following programs backstop C's liabilities: a) its deposits are FDIC insured; b) the co is working out a program to insure some of its debt with the FDIC; c) the Federal Reserve discount window is always open to the co; d) it can sell commercial paper to the Fed; e) it can use the primary dealer debt facility; f) its deposits, which equal $780 bln, are primarily sourced overseas giving the bank greater diversity in capturing funds; g) it has access to bank protection programs in multiple countries around the world; h) it has $393 bln in long-term debt; i) it has net free cash flows; j) it has paid down $94 bln in long-term debt this year and $42 bln in short-term debt; and k) it is reducing the size of its balance sheet faster than any other co in the banking industry.

7:35AM comScore ranks top 50 US web properties for October 2008 : comScore reports Google Sites continued to lead as the most visited property in October with 147 million visitors, followed by Yahoo! Sites with 144.9 million visitors and Microsoft Sites with 123.5 million visitors. All of the top ten properties maintained their positions from September. New arrivals to the ranking this month included NBC Universal, which entered at position #33 with nearly 25 million visitors and JPMorgan Chase Property, which rose to position #41 with the addition of Washington Mutual, bringing the property's combined audience to more than 23 million visitors.

7:33AM Buckeye GP Hldgs: BGH G.P. Holdings LLC terminates tender offer for common units of Buckeye G.P. Holdings (BGH) 15.98 : BGH GP Holdings, LLC announced that it is terminating its tender offer to purchase all of the outstanding common units of BGH for $17.50 per Unit in cash. The offer was conditioned, among other things, on the Partnership's board of directors or a board committee's not recommending rejection of the offer. On November 19, 2008, the Partnership filed with the SEC a Solicitation/Recommendation on Schedule 14D-9 in which the special committee of the Partnership's board of directors, formed for the purpose of evaluating the offer, recommended that unitholders reject the offer. No Units were purchased in the tender offer and all Units that have been tendered and not withdrawn will be returned promptly in accordance with the terms of the offer.

7:31AM Anixter comments on customer bankruptcy; expects to record expense of approx $20-$22 mln in 4Q08 (AXE) 22.63 : Co comments on the anticipated financial impact from the bankruptcy filing by NetVersant Solutions. On Nov 19, 2008 NetVersant filed for protection under Chapter 11 of the U.S. Bankruptcy Code in U.S. Bankruptcy Court for the District of Delaware. In those filings, NetVersant showed Anixter and its subsidiaries to be unsecured creditors in the amount of $28.6 mln. At this time AXE is evaluating its position with respect to lien or other rights which it may have in connection with sales to NetVersant. Specific to this bankruptcy filing AXE anticipates recording an expense of appro $20-$22 mln in 4Q08 to increase its reserve for doubtful accounts.

7:31AM Epicor Software: Elliott terminates tender offer to acquire Epicor Software (EPIC) 3.59 : Elliott Associates, a major stockholder of EPIC that owns collectively with its affiliated funds 12.5% of the common stock of the company, announced that it has terminated its previously announced tender offer for all outstanding shares of common stock of Epicor. Elliott's offer was scheduled to expire at 11:59 pm, New York City time, on Wednesday, December 3, 2008. Elliott is not accepting for payment any shares that have been tendered, and such shares will be returned promptly, without expense, to the holders who have tendered such shares. The tender offer consideration will not be paid or become payable to any holders of shares pursuant to the tender offer. Under no circumstances should shares be tendered to Elliott and, if tendered, such shares will not be accepted and will be promptly returned to the tendering stockholder.

7:31AM SonoSite awarded portable ultrasound contract with HealthTrust Purchasing Group (SONO) 16.44 :  

7:20AM Moody's downgrades GMAC unsecured debt to C : Moody's downgraded the senior unsecured debt of GMAC to C from Caa1, following GMAC's launch of debt exchange offerings for debt in face amount totaling $38 bln ($29 bln GMAC; $9B Residential Capital). The outlook for the GMAC's ratings is developing. The downgrade of GMAC's ratings is based on Moody's view that the exchange offering is a distressed exchange, as it results in a diminished financial obligation for GMAC. Distressed exchanges are included in Moody's definition of default.

7:19AM Moody's downgrades ResCap to C : Moody's downgraded the senior secured, junior secured, and unsecured senior debt ratings of Residential Capital to C from Ca. The outlook is stable. This action is in conjunction with Moody's downgrade of GMAC to C from Caa1, with a developing outlook. The downgrade follows GMAC's announcement of an exchange offer for ResCap's senior secured, junior secured and substantially all of its unsecured bonds. This is the second distressed exchange related to ResCap bonds in 2008. Distressed exchanges are included in Moody's definition of defaults.

7:03AM On The Wires : Morningstar (MORN) announces that it has entered into a definitive agreement to acquire the business operations of InvestData, a provider of fund information in South Africa. Terms were not disclosed... BPZ Resources (BPZ) announces the spudding of the CX11-15D well in the Corvina field in the Company's offshore Block Z-1 in northwest Peru.

7:03AM LCA-Vision names Michael J. Celebrezze CFO (LCAV) 2.73 : Co announces the appointment of Michael J. Celebrezze to the position of Chief Financial Officer on a permanent basis, effective Dec 1, 2008.

7:02AM J.M. Smucker beats by $0.01, beats on revs; reaffrims FY09 EPS in-line, revs in-line (SJM) 38.25 : Reports Q2 (Oct) earnings of $1.02 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $1.01; revenues rose 19.1% year/year to $843.1 mln vs the $796.1 mln consensus. Co reaffirms in-line guidance for FY09, sees EPS of $3.45-3.50, excluding non-recurring items, vs. $3.47 consensus; reaffirms FY09 revs of $3.8-4.0 bln vs. $3.85 bln consensus.

7:02AM FX Energy suspends drilling operations at Sroda-6 well; geophysical work underway to identify updip location (FXEN) 2.05 : Co announces that preliminary geophysical work has been conducted at the Sroda-6 well. The result of this initial work indicates that the optimum updip location may be out of reach for a well deviated from the original wellbore. Therefore, the well has been suspended pending the completion of additional geophysical work. The geophysical data from this well, along with existing 3-D seismic data, show a closed structure slightly to the northwest of the Sroda-6 well location. A pre-stack depth migration study, which is already underway, is being carried out at both Sroda-6 and regionally to determine the highest point on the Sroda-6 structure, and to better define drillsite locations in surrounding structures. Following this additional work, scheduled to be completed in early 2009, a further drilling decision will be made on Sroda-6 and other locations.

7:00AM Bioscrip appoints Richard Smith as Chief Operating Officer (BIOS) 1.52 :  

6:31AM Vical announces strategic restructuring and staff reduction (VICL) 1.24 : Co announces a strategic restructuring including a staff reduction of 29 employees, approximately 20% of the co's total workforce, and accelerated closure of a research facility. Following the restructuring, the company will have approximately 120 employees and expects to reduce future net losses and cash burn by approximately $4 mln annually. The co expects to incur restructuring charges of approximately $0.8 mln in the fourth quarter of 2008, associated with personnel-related termination costs, and another $0.5 mln in the first quarter of 2009 related to the facility closure.

6:27AM S&P futures vs fair value: +21.60. Nasdaq futures vs fair value: +35.50. :

6:27AM Asian Markets : Nikkei...7910.79...+207.80...+2.70%. Hang Seng...12659.20...+360.60...+2.90%.

6:27AM European Markets : FTSE...3915.81...+40.80...+1.10%. DAX...4257.90...+37.80...+0.90%.

6:18AM Zymogenetics announces retirement of CEO Bruce Carter; Douglas E. Williams named CEO (ZGEN) 3.22 : Co announces in accordance with their succession plan that the Board of Directors has promoted Douglas E. Williams, the co's President, to the position of CEO, effective January 2, 2009. At that time, Bruce L.A. Carter, will retire from the position and will continue to serve as Chairman of the Board of Directors in a non-executive capacity.

6:12AM Canadian Solar misses by $0.13, beats on revs; guides Q4 revs below consensus; guides FY08 revs below consensus (CSIQ) 3.78 : Reports Q3 (Sep) earnings of $0.41 per share, excluding stock-based compensation, $0.13 worse than the First Call consensus of $0.54; revenues rose 159.1% year/year to $252.4 mln vs the $248 mln consensus. Co issues downside guidance for Q4, sees Q4 revs of $70.0-85.0 mln vs. $270.06 mln consensus. Co issues downside guidance for FY08, sees FY08 revs of $650.0-750.0 mln vs. $901.87 mln consensus. Q308 gross margin was 15.5%, compared to 15.8% for Q208. Given the uncertainty of project and customers' financing coupled with softening solar market demand in Europe and USA at the year-end, co has shifted its short-term operational emphasis to preserving cash and minimizing risk from the credit environment. Based on this adjustment, Q4 shipments are estimated to be approx 20 - 25 MW. This will result in revenues of approx $70.0-85.0 mln, as noted above. Accordingly, CSIQ is returning to its previously stated May annual revenue estimate of $650.0-750.0 mln, as noted above. The co anticipates that it will have $40 mln available in unused credit lines by the end of Q4 and is actively negotiating more credit facilities with local banks. For FY09, CSIQ is maintaining its guidance of 500-550 MW with margins of 13-15%.

1:40AM Nike increases quarterly dividend 9.0% to $0.25/share (NKE) 43.61 :  

1:39AM Nidec board authorizes share repurchase of up to 25 bln yen in common shares (NJ) 10.35 :  

1:34AM TiVo statment on order by U.S. District Court, Eastern District of TX and scheduled additional damages and workaround hearing (TIVO) 5.08 : Co offers the following statement on the order by the United States District Court, Eastern District of TX, in the lawsuit against EchoStar Communications (SATS) (DISH): "We are pleased that the U.S. District Court has scheduled a hearing on EchoStar's purported workaround on February 17, 2009. Contrary To EchoStar's statement today, the Court did not rule on TiVo's pending motion for contempt of the injunction. The Court will do so after the hearing as well as rule on the amount of damages owed to TiVo beyond the nearly $105 mln already paid by EchoStar. This is a positive step, particularly the accelerated discovery ordered by the Court, towards the ultimate resolution of all issues in the litigation and we remain confident that we will prevail in showing that EchoStar's workaround does not avoid infringement."

1:33AM DISH Network and EchoStar statement regarding TiVo (DISH) 8.37 : Co and EchoStar Corporation (SATS) issue the following statement regarding 11/20 developments in the TiVo Inc. v. EchoStar Communications lawsuit: "We are pleased that the district court did not find us in contempt on the face of the injunction. We look forward to the February bench trial on our software design-around. Our subscribers can continue using their award-winning DVRs from DISH Network."

12:25AM Ligand Pharma collaborator GlaxoSmithKline receives FDA approval for PROMACTA (LGND) 1.33 : Co announces that the FDA has granted accelerated approval of GlaxoSmithKline's (GSK) PROMACTA for the treatment of thrombocytopenia in patients with chronic immune thrombocytopenic purpura who have had an insufficient response to corticosteroids, immunoglobulins or splenectomy. As a result of the FDA's approval of PROMACTA, Ligand will be entitled to receive a $2.0 mln milestone payment from GSK. In addition, Ligand will earn tiered royalties in the range of 5%-10% on annual net sales of PROMACTA.

12:25AM On The Wires : Biosense Webster, a Johnson & Johnson (JNJ) co, reports the Circulatory System Devices Panel of the FDA unanimously recommended approval of the co's Pre-Market Approval supplement for the NAVISTAR THERMOCOOL Catheter for the treatment of symptomatic paroxysmal atrial fibrillation... Delek US Holdings (DK) confirms that a fire at the co's 60,000-barrel-per-day Tyler, TX, refinery has temporarily caused a halt in production.

12:23AM SurModics announces changes to its organizational structure and cost-cutting initiatives (SRDX) 20.00 : Co announces it will now be organized into clinically and market focused business units. SurModics will have four business units: Cardiovascular, Ophthalmology, In Vitro Technologies, and Brookwood Pharmaceuticals. changes, SurModics is also implementing cost-cutting initiatives, including reducing its workforce by approx 5% and vacating its leased facility in Eden Prairie, MN. As a result of these cost-cutting initiatives, the co is expected to take a one-time restructuring charge of approximately $1.5 to $2.3 mln in Q109. Also in connection with these initiatives, SurModics expects to save approx $2.0 mln on an annualized basis. The effect of the reduction in force and the other cost-cutting initiatives was already accounted for when the cp discussed its outlook for FY09 on its recent earnings call.