After Hours

17:30 After Hours Summary: ONSM up 11.3% on earnings/guidance; END up 22% (announces strategic investment by Smedvig)

Companies moving in after hours trading in reaction to earnings: Trading Up: ONSM +11.3%… Trading Down: N/A… Companies trading in after hours on news: Trading Up: END +22.0% (announces strategic investment by Smedvig); FREE +4.1% (acquires two modern drybulk carriers for a total of $76.75 mln); NOVN +3.7% (announces FDA tentative approval of Stavzor valproic acid delayed release capsules)… Trading Down: N/A
17:17 CAMP CalAmp: Echostar Communications discloses 5.4% stake in SC 13D (2.86 +0.06)
17:08 CRUS Cirrus Logic: Soros Fund Mgmt discloses 5.18% stake in SC 13G (5.04 -0.07)
17:00 MKTIN Market Internals

The Dow was up 0.02% to close at 13551, the Nasdaq was up 0.40% to close at 2724, and the S&P was up 0.08% to close at 1497. Leading sectors included: Diversified Metals & Minerals +2.8%, Coal & Consumable Fuel +2.5, Steel +2.4%, Oil & Gas Equipment +2.2%, Auto Parts & Equipment +2.1%. Lagging sectors included: Real Estate Mgmt -3.9%, Department Stores -2.9%, General Merchandise -2.7%, Residential REITs -2.6%, Retail REITs -2.4%. Today’s movement came from lower than avg volume (NYSE 839, vs. 1530 avg, Nasdaq 2230, vs. 2231 avg), with decliners outpacing advancers on the NYSE (1570/159 and advancers outpacing decliners on the Nasdaq (1667/1317) with new lows outpacing new highs on the NYSE (104/127) and new highs outpacing new lows on the Nasdaq (134/129)
16:56 NOVN Noven Pharma announces FDA tentative approval of Stavzor valproic acid delayed release capsules (14.50 -0.05)

Co announces that the U.S. Food and Drug Administration has issued a tentative approval letter related to the New Drug Application for Stavzor (valproic acid delayed release capsules) in the treatment of manic episodes associated with bipolar disorder, monotherapy and adjunctive therapy in multiple seizure types, and prophylaxis of migraine headaches.
16:45 CBKN Capital Bank Corporation announces write-down and reorganization charges (12.03 -0.10)

Co announces that given the current economic environment and based on a conservative review of existing nonperforming asset position, mgmt has elected to write-down certain assets in an amount estimated to be between $2.6-2.8 mln. In addition, co plans to recognize reorganization charges of approx $1.3-1.4 mln related to multiple projects that the co has undertaken in an effort to refocus to its core markets.
16:31 IUSA InfoUSA’s Board of Directors forms special committee for internal investigation and derivative litigation; Three new members join Board (9.32 +0.01)

Co announces the formation of a Special Committee for Internal Investigation and Derivative Litigation and the appointment of three new directors. The Board has appointed five of its members to serve on the Committee, including three directors who joined the Board effective Dec 24, 2007. The Special Committee has been established in response to the consolidated complaint In re infoUSA Shareholders Litigation, Consol. Civil Action No. 1956-CC (Del. Ch.), and in response to a previously-disclosed informal investigation into the co by the SEC and the related SEC request for the voluntary production of documents concerning related party transactions, expense reimbursement, other corporate expenditures, and certain trading in the co’s securities.
16:31 GKSR G&K Svcs announces the acquisition of Nanoclean Limited in Ireland (39.90 -0.2
16:15 END Endeavour Intl announces strategic investment by Smedvig (1.23 -0.13)

Co announced that it has signed an agreement with the Smedvig Family Office of Norway for a current investment of $40 mln (USD) and with the intent to increase that investment to a total of $100 mln (USD) in the future to support the strategic activities of END. This investment will take the form of a convertible note and is expected to close in mid-January upon completion of required consents and approvals… The convertible notes, due January 2014, have an initial conversion price of $2.36, a 74% premium to the closing price of END common stock on December 24, 2007.
16:14 ONSM Onstream Media reports Q4 EPS of ($0.04) vs ($0.06) yr ago; revs rise 79% to $4.1 mln (0.78 -0.03)

Co gives outlook saying, “for the first two months of FY08, we were tracking above our previously stated guidance of a 40% revenue increase for the year, as compared to the prior fiscal year, We believe we have already laid the foundation for a successful 2008, and look forward to the ongoing contributions of our various segments, as well as incremental gains from the contracts we secured during the last six months.”
16:07 SLM SLM Corp files 8-K regarding co’s equity forward contracts; co discloses it has assigned all of its remaining equity forward contracts to Citibank (22.02 +0.07) -Update-

Co files 8-K related to equity forward contracts with Citibank: Beginning on November 29, 2007, SLM Corporation amended or closed out certain equity forward contracts. On December 19, 2007, the co entered into a series of transactions with its equity forward counterparties and Citibank, N.A. to assign all of the co’s remaining equity forward contracts, covering 44,039,890 shares, to Citibank, N.A. In connection with the assignment of the equity forward contracts, the Corporation and Citibank, N.A. have amended the terms of the equity forward contracts to eliminate all trigger prices (which had previously allowed the counterparty to terminate the contracts prior to their scheduled maturity date) and termination events based on the Corporation’s credit ratings. The strike price for the forward contract is $45.25. The equity forward contract is scheduled to mature on February 22, 2008. The equity forward contract gives the Corporation the option to settle the contract by full physical settlement, net share settlement or net cash settlement (with limits on physical settlement if the Corporation fails to meet a minimum consolidated tangible net worth test and limits on net share or net cash settlement if the Corporation does not have an effective registration statement covering the sale by Citibank, N.A. or an affiliate thereof of the Corporation’s common stock in connection with such net share or net cash settlement). The new Citibank equity forward contract is 100% collateralized with cash.
16:06 FREE Freeseas to acquire two modern drybulk carriers for a total of $76.75 mln (5.59 +0.19)

Co announces that it has agreed to acquire two second-hand drybulk carriers from affiliated parties for a total combined purchase price of approx $76.75 mln. Both vessels are 24,111 dwt Handysize vessels built in 1997 and in 1998, respectively.
16:02 DBTK Double-Take Software acquires TimeSpring for $8.3 mln (21.53 +0.26)

The co announces the acquisition of TimeSpring, a continuous data protection software co. The acquisition bolsters Double-Take Software’s protection and back-up capabilities for virtualized and physical server environments.