Data Feed

19:12 WRAPX After Hours Summary: PDLI -18.6 on earnings/news; ABK +2.6% (says unlikely to announce any capital raising deal Tuesday, according to source — Reuters); PDLI -18.6% (ends sale process for co and restructures to focus on antibody discovery and development); SLM -1.0% (S&P removes SLM rating from credit watch; outlook stable — DJ) -Update-

Companies moving in after hours trading in reaction to earnings: Trading Up: MFB +10.2%; CAP +6.5%; SMTC +6.2%; GOLF +3.1%; DIET +2.6%; SALM +2.4%; KONG +1.5%… Trading Down: PDLI -18.8%; IDSY -8.8%; HLYS -6.1%; KCP -3.2%; RNIN -2.7%; LMAT -1.9%; TUTR -1.5%; NAVI -1.0%… Companies moving in after hours trading in reaction to news: Trading Up: PANC +21.7% (announces discovery of bevirimat patient response predictors; completed phase 2b dose escalation study determines optimal dose range); GRA +13.5% (announces CFO succession plan; Hudson La Force to succeed Robert Tarola); JAV +11.1% (Board appoints Martin Driscoll as Chief Executive Officer); SCON +7.7% (closes on $15.0 mln investment by Hunchun BaoLi Communication); SMTC +6.2% (announces new $50 mln stock buyback plan); DIVX +3.3% (announces stock repurchase program of up to $20 mln of common stock); ABK +2.6% (says unlikely to announce any capital raising deal Tuesday, according to source — Reuters); AVA +1.8% (requests increase in Electric and Natural gas prices in Washington)… Trading Down: PDLI -18.6% (ends sale process for co and restructures to focus on antibody discovery and development); FIX -8.2% (announces it has acquired Merit Mechanical); OSTE -5.7% (signs agreement to distribute Harvest Technologies’ BMAC System); WCI -4.2% (provides preliminary Q4 data); CLMS -2.5% (releases comment on auction rate securities market); COWN -1.5% (Kim Fennebresque, Chairman and Chief Executive Officer retires); HSWI -1.3% (announces it has closed two separate previously announced transactions for $16.56 in additional equity financing); ARB -1.2% (Chairman and Chief Executive Officer adopts 10b5-1 trading plan); AWBC -1.1% (director establishes 10b5-1 stock sale plan); SLM -1.0% (S&P removes SLM rating from credit watch; outlook stable — DJ); SE -1.0% (enters into agreement to take Spectra Energy Income Fund private at CDN $11.25 per unit in cash; co expect it to be accretive to SE’s 2009 EPS by $0.01); MAT -1.0% (to issue $350 mln of senior notes).
19:04 SF Stifel Financial announces proposed public offering of common stock of 2.2 mln shares (46.07 +1.43)

Co announced that it intends to commence an underwritten public offering of 2,200,000 shares of its common stock. Of these shares, 1,900,000 will be offered by certain selling stockholders, with BankAtlantic Bancorp Inc. offering 1,600,000 shares and The Western and Southern Life Insurance Company offering 300,000 shares.
19:03 RHB RehabCare and Floyd Medical Center agree to joint venture specialty hospital (19.60 +0.25)

Co and Floyd Healthcare Resources (FHR) announced that they have reached a joint venture agreement to own and operate The Specialty Hospital, a 24-bed long-term acute care hospital currently owned by FHR and located on the grounds of Floyd Medical Center (Rome, GA). RHB will own 80% of the joint venture. The agreement will require approval by the Georgia Attorney General’s Office.
19:01 GOL Gol Intelligent Airlines announces traffic statistics for February 2008 (17.28 -0.43)

GOL Linhas Aereas Inteligentes S.A. (GOL), the parent co of Brazilian airlines GOL Transportes Aereos S.A. and VRG Linhas Aereas S.A., released preliminary passenger statistics for the month of February 2008. Consolidated domestic passenger traffic (RPK) for February 2008 increased 17% and capacity (ASK) increased 38% year-over-year. Domestic consolidated load factor for the month was 62% and international consolidated load factor was 55%. GOL’s total system load factor for the month of February was 60%. GTA’s domestic passenger traffic (RPK) for February 2008 was 1,428mm and capacity (ASK) was 2,241mm. International passenger traffic (RPK) was 202mm and capacity (ASK) was 259mm. VRG’s domestic passenger traffic (RPK) for February 2008 was 136mm and capacity (ASK) was 292mm. International passenger traffic (RPK) was 357mm and capacity (ASK) was 762mm.
18:46 PTEK Lightning Poker files patent infringement lawsuit against PokerTek (4.86 -0.03)

Lightning Poker, a wholly owned subsidiary of Lightning Gaming (LTGM), a global leader in automated electronic poker tables, announced that it has filed a patent infringement lawsuit against PTEK. The complaint, filed in the United States District Court for the District of New Jersey, alleges that PTEK infringes United States Patent No. 7,306,516, owned by Lightning Poker. PTEK is accused of using, selling and offering for sale poker tables that infringe Lightning Poker’s U.S. patent. The complaint is seeking unspecified monetary damages from PTEK as well as a permanent injunction barring the use and sale of all of PTEK’s products throughout the United States.
18:42 CT Capital Trust reports Q4 (25.80 -1.03)

Reports Q4 (Dec) earnings of $1.62 per share, incl items, may not be comparable to the First Call consensus of $0.99.
18:21 MAT Mattel to issue $350 mln of senior notes (19.74 +0.35)

Co announced that it has agreed to sell $350 ml n aggregate principal amount of 5.625% senior notes due March 15, 2013. MAT intends to use the net proceeds from the offering for general corporate purposes.
18:08 SE Spectra Energy enters into agreement to take Spectra Energy Income Fund private at CDN $11.25 per unit in cash; co expect it to be accretive to SE’s 2009 EPS by $0.01 (23.19 -0.31)

Co announced that its wholly-owned subsidiary, Westcoast Energy Inc. (WEI), has entered into an agreement with SE Income Fund (TSX: SP.UN), (the Fund), by which WEI has agreed to purchase all of the outstanding units of the Fund at a purchase price of CDN $11.25 per unit, payable in cash. SE currently owns, indirectly through WEI, ~46% of the Fund. There are currently ~24.4 mln Fund units held by holders other than SE and its affiliates, representing a value of CDN $274 mln in cash based on the CDN $11.25 per unit purchase price. Co expects it to be accretive to SE’s 2009 EPS by ~$0.01.
18:05 FRX Microbia and Forest Laboratories announced positive top-line results from two Phase 2b randomized, double-blind, placebo-controlled studies (39.52 -0.64)

Microbia and FRX announced positive top-line results from two Phase 2b randomized, double-blind, placebo-controlled studies assessing the safety, therapeutic effect, and dose response of four different once-daily doses of linaclotide: 75 mcg, 150 mcg, 300 mcg, and 600 mcg. The first study examined the effects of linaclotide in patients with chronic constipation (CC), while the second study examined its effects in patients with irritable bowel syndrome with constipation (IBS-C). Preliminary analysis of the CC study data and an interim analysis of the IBS-C study data indicate that each study met its primary endpoint.
18:02 KONG KongZhong reports Q4 (Dec) results, beats on revs; guides Q1 revs above consensus (6.11 +0.03)

Reports Q4 (Dec) earnings of $0.02 per share, includes charges, may not be comparable to the First Call consensus of $0.05; revenues fell 16.4% year/year to $19.8 mln vs the $18.8 mln consensus. Co issues upside guidance for Q1, sees Q1 revs of $20-21 mln vs. $18.79 mln consensus.
17:37 CHT Chunghwa Telecom Reports February 2008 financial summary (24.67 +0.16) -Update-

Co reported its unaudited ROC GAAP February 2008 financial summary. For the month of February 2008, total revenue increased by 3.6% year-over- year to NT16.0 bln while net income decreased by 47.4% year-over-year to NT1.9 bln. As a result, EPS for the month of February 2008 decreased by 44.5% to NT$0.21, or NT$2.11 per ADS. This decrease in net income was primarily due to a NT$3.0 bln charge for an unrealized valuation loss related to a 10-year foreign currency derivatives contract entered into between the Co and an international investment bank in September 2007. The purpose of the contract is to hedge against capital expenditure payments and international call settlement fees denominated in US dollars. As at February 29, 2008, the Coy’s accumulated mark-to-market unrealized valuation loss relating to the contract was NT$4.0 bln, as compared to NT$0.5 bln as at December 31, 2007 and NT$1.0 bln as at January 31, 2008. Excluding the NT$3.0 bln charge, for the month of February 2008, adjusted net income was NT$4.16 bln and adjusted EPS was NT$4.45 per ADS.
17:34 SVLF Silverleaf Resorts reports Q4 EPS of $0.12 vs $0.10 yr ago; revs rise 24.5% to $64.8 mln (3.38 -0.06)

Co revises 2008 EPS guidance to ~$0.70, which is consistent with full-year 2007 results.
17:26 MKTIN Market Internals -Update-

The Dow was down 0.37% at 12214, the Nasdaq was up 0.07% at 2260, and the S&P was down 0.34% to close at 1327. Leading sectors included: Health Care Facilities +4.1%, Semi Equip +3.4%, Airlines +3.4%, Hotels +3.3%, Homebuilding +2.4. Lagging sectors included: Fertilizer and Agricultural Chem -5.8%, Diversified Metals and Mining -4.5%, Gold -4.2%, Commercial Printing -3.2%, Coal and Consumable Fuels -3.0%. Today’s movement came from higher than avg volume (NYSE 1785, vs. 1608 avg, Nasdaq 2643, vs. 2315 avg), with decliners outpacing advancers (NYSE advance/decline 1078/2260, Nasdaq 1149/179 with new lows outpacing new highs (NYSE new high/new low 35/268; Nasdaq 44/324.
17:19 BWA Borg Warner files for a $750 mln mixed securities shelf offering in an S-3ASR (42.25 -0.55) -Update-
17:08 HLYS Heelys Conf Call Summary (4.59 ) -Update-

Saying sell-through was driven my much deeper discounting, particularly at one retailer that was more promotional than the co. would have liked. Noting that they have a new ad campaign coming out. Expecting international business to be up “nicely” in 2008 but not enough to offset the expected decline in the U.S. Anticipating that margins will continue to be under pressure. Saying that they have less visibility than in the past as retailers cut back on orders. Noting that they see Q4 as the toughest qtr and expect business to improve going forward. All in all, the Co. is talking a pretty good game saying, saying that they see demand coming back from trough levels in Q4, though it’s hard to tell whether that is just optimism or is a realistic assessment of demand. Stock trading $4.30
17:02 REFR Research Frontiers licenses GKN aerospace transparency systems to offer SPD-smart armored glass for vehicles (6.84 -0.23)

GKN Aerospace Transparency Systems has acquired a license from the co. The license grants GKN Aerospace the right to manufacture and offer armored SPD-SmartGlass products utilizing Research Frontiers’ patented light-control technology for armored transportation vehicles. The fees and minimum annual royalties payable to Research Frontiers and other license terms were not disclosed.
17:02 CLMS Calamos Asset releases comment on auction rate securities market (18.66 +0.66)

The failure of the closed-end fund auction process has permeated the entire closed-end fund mkt as liquidity providers have stepped away. Initially, failed auctions were limited to lower rated securities, but as liquidity disappeared, closed-end funds began to be impacted. Should the auctions continue to fail, common shareholders may eventually be impacted through lower distribution rates. “The recent turmoil in the U.S. credit markets has spilled over into the auction-rate securities market and in turn, into the closed-end fund market. It’s important to remember, however, that this is a liquidity issue, not a credit issue,” said John Calamos, Sr., the chairman, chief executive officer and co-chief investment officer of Calamos Investments. Each of the five funds that Calamos has outstanding has experienced failed auctions. Pursuant to the standard governing documentation on the preferred securities, a failed auction triggers a “maximum rate” as described in each prospectus. The fund shareholders will continue to receive dividends during this time.
17:01 COWN Cowen Group: Kim Fennebresque, Chairman and Chief Executive Officer retires (7.00 -0.07)

Co announced that its Chairman and Chief Executive Officer, Kim Fennebresque, is retiring as Chief Executive Officer after 10 years with the firm, effective immediately. Mr. Fennebresque will become Non-Executive Chairman of the Board. David M. Malcolm, current Executive Vice Chairman, has been appointed President and Chief Executive Officer, effective immediately. Mr. Malcolm has also been appointed to the Board of Directors.
17:00 DIVX DivX announces stock repurchase program of up to $20 mln of common stock (8.64 +0.34) -Update-
16:57 SLM SLM Corp: S&P removes SLM rating from credit watch; outlook stable - DJ (19.30 -0.4 -Update-
16:56 ADPI American Dental beats by $0.06 (9.77 -0.04)

Reports Q4 (Dec) earnings of $0.23 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.17; revenues rose 45.0% year/year to $79.6 mln vs the $71.9 mln dual-analyst PDG Litigation Accounting - Expected 2008 Impact: The Co will recognize the transfer of the assets to PDG in Q1 of 2008. The fair value of the assets transferred to PDG as part of the litigation settlement is in excess of the book value of the assets. At December 31, 2007, the book value of the assets transferred to PDG was ~$7.3 mln. As a result, the Co will recognize a gain of ~$32.0 mln which will be adjusted for the book value of the assets transferred on February 29, 2008. The Co will recognize net revenue of $10.0 mln for the transition management services to be provided to PDG over the period from January 1, 2008 to September 30, 2008. Pursuant to SFAS 144, the Co has tested and determined, based on the six dental facilities and service agreement it has entered into with the doctor group in these locations, that the intangible asset related to service agreements of $3,466,000 as of December 31, 2007 is recoverable and therefore no impairment expense is necessary.
16:55 OSTE Osteotech signs agreement to distribute Harvest Technologies’ BMAC System (5.05 +0.60) -Update-

The co announces that it has entered into a three-year agreement with Harvest Technologies to distribute the BMAC System. Under the agreement, Osteotech has the exclusive right to distribute the BMAC System for bone regeneration in orthopedic and spinal surgical procedures in most of the United States.
16:53 Y Alleghany Corporation comments on S&P’s rating services action (350.00 -8.00)

On March 4, 2008, Standard & Poor’s Ratings Services informed the co that S&P was lowering S&P’s counterparty credit rating on Y by one notch to ‘BBB’ from ‘BBB+’ with a stable outlook due to S&P’s belief that Alleghany “increasingly resembles a traditional insurance holding company, which reduces the justification for nonstandard notching under (S&P’s) group methodology for financial services companies.” In commenting on S&P’s action, Weston M. Hicks, President and CEO of Alleghany, stated that, “I am surprised and perplexed by S&P’s decision to lower its unsolicited counterparty credit rating of Alleghany, which was made without the benefit of any information being provided by Alleghany to S&P or discussions between S&P and Alleghany. I believe that the decision is entirely arbitrary and in no way reflects any change in Alleghany’s condition. Alleghany continues to maintain an amount of capital that is significantly in excess of its fixed contractual obligations.”
16:50 GSX Gasco Energy misses by $0.01, beats on revs (2.68 -0.02)

Reports Q4 (Dec) loss of $0.03 per share, $0.01 worse than the First Call consensus of ($0.02); revenues fell 15.2% year/year to $5.6 mln vs the $5 mln consensus.
16:50 MFB Maidenform Brands beats by $0.07, beats on revs; sees FY08 revs guidance at lower end of the range of its previously provided guidance (12.03 -0.44)

Reports Q4 (Dec) earnings of $0.27 per share, $0.07 better than the First Call consensus of $0.20; revenues rose 12.7% year/year to $95.8 mln vs the $89.8 mln consensus. Co will be at the lower end of the range of its previously provided guidance for 2008 of 4-7%. MFb does expect net sales for Q1 of 2008 to be lower from a prior year $5.0 mln non-recurring private brand program with a specialty retailer, as well as a more challenging retail environment. The Co then projects net sales to sequentially increase in each quarter throughout the remainder of 2008, resulting in net sales to be flat in the first half of the year, with mid-single digit net sales growth in the second half of 2008. The Co’s consolidated gross margins continue to be projected at approximately 39% for 2008, with margins slightly lower in the first half of the year from customer and product mix. For the second half of 2008, margins are then expected to be comparable to the second half of 2007 due to customer and product mix, in addition to sourcing initiatives.
16:47 HSWI HSW International announces it has closed two separate previously announced transactions for $16.56 in additional equity financing (4.14 unch)

The co announces that it had closed two separate previously announced transactions for $16.56 mln in additional equity financing and the spin-off of its non-core businesses transferred with $2.66 mln in cash. As previously disclosed, the two businesses sold in the spin off, which HSW Intl previously determined were not strategic to the development of its Internet business, were providers of wireless telephone training and educational software. With the close of this transaction, all of HSW International’s assets are in its core Internet business.
16:46 GSX prelim ($0.03) vs ($0.02) First Call consensus; revs $5.6 mln vs $4.96 mln First Call consensus
16:42 MFB sees 2008 revs growth of 4-7%
16:39 MFB prelim $0.27 vs $0.20 First Call consensus; revs $95.8 mln vs $89.77 mln First Call consensus
16:35 ARB Arbitron Chairman and Chief Executive Officer adopts 10b5-1 trading plan (42.65 +0.69)

Co announced that Stephen B. Morris, chairman, president and chief executive officer, has established a new stock trading plan in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934. Mr. Morris is establishing this plan to diversify his investment portfolio in an orderly, prearranged manner and to facilitate payment of taxes. This new plan, which goes into effect on March 4, 2008, will replace an existing stock trading plan, which expired by its terms on November 1, 2007.
16:34 SMTC Semtech beats by $0.02, beats on revs; guides Q1 EPS below consensus, revs below consensus (12.92 +0.33)

Reports Q4 (Jan) earnings of $0.26 per share, excluding non-recurring items, $0.02 better than the First Call consensus of $0.24; revenues rose 35.5% year/year to $78.6 mln vs the $76.9 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.20-0.22, excluding non-recurring items, vs. $0.23 consensus; sees Q1 revs of $70-74 mln vs. $75.15 mln consensus.
16:32 GRA W.R. Grace announces CFO succession plan; Hudson La Force to succeed Robert Tarola (20.60 +0.2

The co announces that Robert Tarola will be stepping down as Grace’s Chief Financial Officer after serving nearly nine years in that role. He will continue to serve as a Senior Vice President focusing on corporate strategy and Grace’s reorganization process until his planned retirement later this year. Succeeding Mr. Tarola on April 1 will be Hudson La Force as Grace’s new Senior Vice President and Chief Financial Officer.
16:31 SMTC sees Q1 $0.20-0.22 vs $0.23 First Call consensus; sees revs $70-74 mln vs $75.15 mln First Call consensus
16:31 ENDP Endo Pharm licenses U.S. rights for Voltaren Gel, revises guidance for 2008 (27.03 +0.02)

Co announces that it has entered into a licensing agreement with Novartis (NVS) to obtain the exclusive U.S. marketing rights for the prescription medicine Voltaren Gel (diclofenac sodium topical gel) 1%. Under the terms of the five-year agreement with Novartis, Endo will make an upfront cash payment of $85 million. Novartis is also eligible to receive a one-time milestone payment of $25 million if annual sales exceed $300 million. Novartis will receive royalties on the net sales of Voltaren Gel in the U.S. and will supply this product to Endo… As a result of today’s announcement, Endo is revising its guidance for 2008. Net sales are now projected to be $1.245-1.280 billion, up from the previous projections of $1.225-1.250 billion. EPS (excluding estimated milestone payments to partners and the expensing of stock-based compensation charges) for 2008 are now expected to be $2.03-2.07, down from the prior EPS guidance of $2.18-2.22. The change in EPS guidance reflects the impact of the additional field force, expected launch costs and amortization of the upfront payment associated with Voltaren Gel. Expectations are that Voltaren Gel will begin to be accretive to earnings in 2009. (Note First Call consensus for FY08 EPS is $2.13 on revs of $1.24 bln)
16:30 SMTC prelim $0.26 vs $0.24 First Call consensus; revs $78.6 mln vs $76.87 mln First Call consensus
16:30 SMTC Semtech announces new $50 mln stock buyback plan (12.92 +0.33)
16:30 TECHX Equity markets end with mixed results for the second consecutive session, Nasdaq posts gains this time

For the second session in a row, the major stock market averages posted mixed results as the technology sector displayed relative strength today, boosting the Nasdaq Comp/Nasdaq 100 to marginal gains. The indices all opened with losses & trended lower throughout the morning and early afternoon as Dow components C (22.10, -4.30%) and INTC (20.00 -0.05%) pressured stocks. Citigroup fueled more worries of CDO-related write downs and fears that recent capital-raising attempts were not enough to weather current market turmoil while Intel lowered Q1 gross margin forecast due to lower NAND flash memory prices. Adding to the bearish sentiment was comments from Fed. President Bernanke indicating the probability for more home foreclosures to come. This pushed all of the averages to their worst levels of the session as the Dow (INDU), S&P 500 (SPX), and Nasdaq 100 (NDX) breached their respective Feb. lows, matching what the Russell 2000 (RUT) and Nasdaq Comp (COMPQ) did in yesterdays session. However, once again, bond insurer bailout developments propelled the markets higher in late afternoon trade as hope for an Ambac (ABK) rescue package grew. Unofficially, the INDU settled @ 12213.80 -45.10 or -0.35%, SPX @ 1326.75 -4.60 or -0.35%, Nasdaq Comp (COMPQ) @ 2260.30 +1.70 or +0.05%, Nasdaq 100 (NDX) @ 1743.70 +10.45 or +0.60%, and Russell 2000 (RUT) @ 680.95 -3.25 or -0.45%. Sector strength in today’s session was noticeable in Homebuilders (XHB +3.4%), Utilities (XLU +1.75%), Internet (HHH +1.2%), select Semis (SMH +0.80%), and select Biotech (BBH +0.75%). Today’s sector weakness was evident in Coal (KOL -4.9%), Silver (SLV -2.7%), select Materials (XLB -2.4%), Commodities (GSG -2.4%, DBA -2.6%), and Oil (USO -2.4%).
16:27 KAI Kadant receives contract of over $4.0 mln for recycling system in Asia (24.61 -0.13)
16:26 SALM Salem Comms beats by $0.04, beats on revs; guides Q1 revs below consensus (3.22 -0.10)

Reports Q4 (Dec) earnings of $0.09 per share, excluding non-recurring items, $0.04 better than the First Call consensus of $0.05; revenues fell 0.2% year/year to $59.1 mln vs the $58.3 mln consensus. Co issues downside guidance for Q1, sees Q1 revs of $55.2 mln vs. $55.90 mln consensus. Co has elected to discontinue the practice of providing specific quarterly revenue, SOI and earnings per share guidance.
16:24 PDLI PDL BioPharma reports Q4 (Dec) results, misses on revs (15.84 -0.19)

Reports Q4 (Dec) earnings of $0.04 per share, may not be comparable to the First Call consensus of $0.11; revenues fell 16.7% year/year to $49.8 mln, plus $57.3 mln in discontinued revs, may not compare to $111.8 mln consensus.
16:23 SALM sees Q1 revs $55.2 mln vs $55.90 mln First Call consensus; co has elected to discontinue the practice of providing specific quarterly revenue, SOI and earnings per share guidance
16:22 SALM prelim $0.01, incl charges, may not be comparable to the $0.05 First Call consensus; revs $59.1 mln vs $58.33 mln First Call consensus
16:21 PDLI prelim $0.04 vs $0.11 First Call consensus; revs $49.8 mln may not compare $111.75 mln First Call consensus
16:21 JAV Javelin Pharmaceutic Board appoints Martin Driscoll as Chief Executive Officer; (2.70 -0.16)

Co announced that its Board of Directors has appointed Javelin Director and veteran pharmaceutical executive Martin Driscoll to the position of Chief Executive Officer, effective immediately. Dr. Daniel Carr has become Vice Chairman of the Board of Directors and will continue in his role as Chief Medical Officer. Javelin’s Board of Directors has also established a Strategic Commercialization and Partnership Committee consisting of members with significant experience in creating partnerships and commercial ventures.
16:21 SCON Superconductor closes on $15.0 million investment by Hunchun BaoLi Communication (4.92 +0.34)
16:18 ETC Environmental Tectonics AMEX hearing scheduled (1.90 -0.03)

Co reports that on 2/29, AMEX had granted the co’s request for an oral hearing to review the determination of AMEX to delist the co’s common stock from listing and registration on AMEX. The hearing is scheduled for April 9, 2008.
16:18 WCAA WCA Waste misses by $0.07, beats on revs (6.14 -0.11)

Reports Q4 (Dec) loss of $0.04 per share, excluding non-recurring items, $0.07 worse than the First Call consensus of $0.03; revenues rose 33.0% year/year to $49.7 mln vs the $47.7 mln consensus.
16:17 PDLI PDL BioPharma ends sale process for company and restructures to focus on antibody discovery and development (15.84 -0.19) -Update-

Co announces that that following an extended strategic review and solicitation of interest in the co and its assets, its board of directors has decided it will no longer actively pursue the sale of the co or of its biotechnology discovery and development assets. The co will remain independent. In pursuing this path, PDL will: 1) substantially reduce its expenses and implement a significant workforce reduction; 2) distribute to stockholders at least $500 million of the initial proceeds from its previously announced commercial, cardiovascular and manufacturing asset sales transactions, pending the close of these transactions, in a form and at a time to be determined; 3) continue to actively evaluate several structures to distribute to its stockholders 50% or more of the value of its future antibody humanization royalties from currently marketed licensed products, net of any applicable corporate-level taxes; and 4) re-start a process led by the board to search for a new chief executive officer. (Stock is halted)
16:16 AVA Avista requests increase in Electric and Natural gas prices in Washington (18.57 +0.06)

The co announces it has filed a request with the Washington Utilities and Transportation Commission that, if approved, would increase electric revenues by 9.2% and natural gas revenues by 3.3%. The proposed revenue increases are driven primarily by capital investments in upgrading aging infrastructure to increase capacity and reliability, relicensing costs for Avista’s Spokane River hydropower projects, and expanding the natural gas storage and delivery capacity at its Jackson Prairie Storage Facility. The requested increases are designed to produce $36.6 mln in additional revenue for electric service and $6.6 mln in revenue for natural gas service. This request is based on a proposed rate of return on rate base of 8.43%, with a common equity ratio of 46.3% and a 10.8% return on equity. The WUTC generally has up to 11 months to review a general rate case filing.
16:16 WCAA prelim ($0.15), may not be comparable to $0.03 First Call consensus; revs $49.7 mln vs $47.66 mln First Call consensus
16:16 AWBC AmericanWest Banc director establishes 10b5-1 stock sale plan (8.55 -0.07)

Co announces that retiring director Ivan Call has established a plan to sell 80,000 shares of AWBC common stock. Under the terms of the plan, Dr. Call will sell 8,000 shares each week beginning on March 31, 2008, subject to certain minimum price requirements.
16:14 RNIN Wireless Ronin misses by $0.09 (4.12 -0.13)

Reports Q4 (Dec) ($0.23), excluding non-recurring items, $0.09 worse than the First Call consensus of ($0.14); revenues rose 31.1% year/year to $1.6 mln vs the $2.3 mln consensus.
16:13 ABK AMBAC Fincl says unlikely to announce any capital raising deal Tuesday, according to source - Reuters (10.72 +0.7 -Update-
16:13 PDLI PDL BioPharma halted (15.84 -0.19)
16:12 RGC Regal Entertainment announces a $190 mln convertible notes private placement offering (19.52 -0.0
16:12 WCI WCI Communities provides preliminary Q4 data (3.57 -0.0 -Update-

“WCI generated approximately $160 to $170 million of cash flow from operating and investing activities in the fourth quarter and $220 to $230 million for the full year. Our earnings for the quarter and full year will reflect the very poor operating conditions that persist in our markets and will also include significant write downs”. Company expects to record a pre-tax loss for the fourth quarter of 2007 in the range of $410 to $460 million. This loss includes impairment charges of approximately $335 to $350 million in the fourth quarter/
16:12 RGC Regal Entertainment announces proposed offering of $190 mln convertible senior notes (19.52 -0.0
16:11 HCN Health Care REIT announces a 3 mln share common stock offering under the co’s existing shelf registration statement (41.44 -0.0
16:09 SSP EW Scripps: IRS confirms tax-free status of Scripps separation (42.42+ 0.14)

Co has received a private letter ruling from the Internal Revenue Service confirming the tax-free status of the company’s proposed separation into two publicly traded companies. The separation will take the form of a pro-rata distribution of stock to Scripps shareholders in a new company — Scripps Networks Interactive Inc. — that will be created in the separation. The IRS has confirmed that the distribution will be tax free to Scripps shareholders for federal income tax purposes.
16:08 HLYS Heelys misses by $0.03, beats on revs (4.59 -0.20)

Reports Q4 (Dec) loss of $0.04 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of ($0.01); revenues fell 78.2% year/year to $15.5 mln vs the $14.8 mln consensus.
16:08 LUNA Luna Innovations reports Q4 EPS of ($0.27) vs ($0.20) First Call consensus; revs +23% to $9.9 mln vs $9.25 mln First Call consensus (6.67 -0.07)

Co sees Q1 revs $8.8 mln vs $8.90 mln single estimate. Co sees FY08 revs $40-42 mln vs $41.16 mln First Call consensus.
16:07 FMD First Marblehead plans to offer one-stop loan processing solutions to colleges and universities and student loan providers (12.00 -0.25)
16:07 LMAT Lemaitre Vascular reports Q4 EPS of ($0.0 vs ($0.04) two analyst est, revs rose 27% YoY to $11.1 mln vs $10.79 two analyst est (4.65 -0.0

The co expects 2008 net sales between $47 and $48 mln vs $51.5 mln two analyst est. In addition, the Company expects its 2008 operating loss to be comparable to the $4.3 million operating loss posted in 2007.
16:07 NAVI NaviSite reports Q2 EPS of ($0.07) vs ($0.05) consensus; co reports revs up 29% yr/yr to $38.9 mln vs $39.5 mln consensus (4.00 -0.04)

Co sees Q3 revs of $41-42 mln vs $44.2 mln consensusl; co sees EBITDA of $9.0-9.5 mln. Co sees Y08 revs of $160-165 mln vs $168.3 mln consensus; co sees EBITDA of $35-38 mln.
16:07 LUNA sees FY08 revs $40-42 mln vs $41.16 mln First Call consensus
16:07 BOBE Bob Evans announces February same-store sales of +3.3% (28.84 +0.05)

February same-store sales at Mimi’s Cafe decreased 5.2%.
16:06 DIET eDiets.com beats by $0.01, beats on revs; reaffirms FY08 revs guidance (5.00 +0.20)

Reports Q4 (Dec) loss of $0.17 per share, $0.01 better than the single analyst estimate of ($0.18); revenues fell 27.4% year/year to $6.9 mln vs the $6.4 mln single analyst estimate. Co reaffirms guidance for FY08, sees FY08 revs of $50.0 mln vs. $48.06 mln single analyst estimate. The firm also sees blended gross margin of 49% for FY08.
16:06 LUNA prelim ($0.11) vs ($0.20) First Call consensus; revs $9.9 mln vs $9.25 mln First Call consensus
16:06 SUMR Summer Infant reports Q4 revs rose 90% YoY, issues 2008 guidance (4.03 -0.17)

Co reports Q4 EPS of $0.07 vs $0.05 single analyst est; revs rose 90% YoY to $23.5 mln vs $18.0 mln single analyst est. Co sees 2008 EPS of $0.30-0.32 vs 0.31 single analyst est; sees revs of $95.0-100.0 mln vs $99.3 mln single analyst est.
16:05 TUTR PLATO Learning beats by $0.02, beats on revs (3.57 +0.02)

Reports Q1 (Jan) loss of $0.16 per share, $0.02 better than the First Call consensus of ($0.18); revenues fell 5.2% year/year to $16.1 mln vs the $15.7 mln consensus.
16:05 WYE Wyeth: WHI findings published ni JAMA do not affect clinical guidance for the appropriate use of hormone therapy (43.18 -0.21)

The co annnounces observational follow-up data from the Women’s Health Initiative (WHI) study published today in the Journal of the American Medical Association (JAMA) provide little new insight into the appropriate use of hormone therapy when it is prescribed to symptomatic, newly menopausal women. The co believes that hormone therapy, when used appropriately, remains a good health care choice to relieve moderate to severe menopausal symptoms for mlns of women seeking treatment.
16:05 CAP CAI Intl beats by $0.05, beats on revs; guides FY08 EPS above consensus (10.30 +0.24)

Reports Q4 (Dec) earnings of $0.36 per share, $0.05 better than the First Call consensus of $0.31; revenues rose 1.5% year/year to $18.9 mln vs the $18.2 mln consensus. Co issues upside guidance for FY08, sees EPS of $1.30-1.35 vs. $1.27 consensus.
16:05 KCP Kenneth Cole beats by $0.03, beats on revs; guides Q1 EPS below consensus, revs below consensus; approves 4 mln shares for buyback; reduces dividend (15.76 +0.7

Reports Q4 (Dec) earnings of $0.17 per share, excluding non-recurring items, $0.03 better than the First Call consensus of $0.14; revenues rose 7.9% year/year to $132.1 mln vs the $128.2 mln consensus. Co issues downside guidance for Q1, sees EPS of $0.03-0.05 vs. $0.07 consensus; sees Q1 revs of $76-80 mln vs. $130.00 mln consensus. Co approves an additional 4 mln shares for buyback program. Co reduces dividend to $0.09 per quarter vs prior level of $0.18.
16:04 WPI Watson Pharm files application for generic SEASONIQUE (28.00 +0.50)

The co confirmes that it has filed an Abbreviated New Drug Application with the FDA seeking approval to market its levonorgestrel and ethinyl estradiol (0.15 mg/0.03 mg) extended-cycle oral contraceptive product, prior to the expiration of patents owned by Duramed Pharmaceuticals, a subsidiary of Barr Pharmaceuticals. Watson’s levonorgestrel and ethinyl estradiol product is a generic version of Barr’s SEASONIQUE.
16:04 IDSY I.D. Systems misses by $0.06, misses on revs; guides FY08 revs below consensus (7.02 -0.17)

Reports Q4 (Dec) loss of $0.14 per share, $0.06 worse than the First Call consensus of ($0.08); revenues fell 4.9% year/year to $3.7 mln vs the $5.2 mln consensus. Co issues downside guidance for FY08, sees FY08 revs of $24 mln vs. $30.64 mln consensus.
16:03 GOLF Golfsmith misses by $0.03, reports revs in-line (2.72 -0.27)

Reports Q4 (Dec) loss of $0.23 per share, excluding non-recurring items, $0.03 worse than the First Call consensus of ($0.20); revenues rose 5.4% year/year to $79 mln vs the $78.8 mln consensus. For fiscal 2008 Golfsmith expects overall sales growth to be slightly positive with slightly negative comparable store sales and a decrease in direct sales. Earnings growth will be driven by gross margin expansion and cost containment as well as reduced store openings.
16:03 TUTR prelim ($0.16) vs ($0.1 First Call consensus; revs $16.1 mln vs $15.68 mln First Call consensus
16:02 IDSY sees FY08 revs $24 mln vs $30.64 mln First Call consensus
16:02 HLYS prelim ($0.04) vs ($0.01) First Call consensus; revs $15.5 mln vs $14.75 mln First Call consensus
16:02 CAMP CalAmp appoints Richard Gold President and Chief Executive Officer, replacing Fred Sturm who has resigned (2.73 -0.01)
16:01 CRTX Critical Therapeutics announces that Frank Thomas has resigned as President and CEO (1.08 +0.03)

The co announces that Frank Thomas has informed the board of directors that he will resign as president and chief executive officer, effective March 31, 2008, and resigned as a director of the co, effective March 2, 2008. Trevor Phillips, Ph.D., who currently serves as the Company’s chief operating officer, will become president and CEO as of April 1, 2008 and was appointed to the board of directors as of March 4, 2008.
16:01 IDSY prelim ($0.14) vs ($0.0 First Call consensus; revs $3.721 mln vs $5.18 mln First Call consensus
16:01 GOLF prelim ($0.23), ex items vs ($0.20) First Call consensus; revs $79.0 mln vs $78.82 mln First Call consensus
16:01 DIET reaffirms FY08 revs $50.0 mln vs $48.06 mln single estimate
16:01 KCP sees Q1 $0.03-0.05 vs $0.07 First Call consensus; sees revs $76-80 mln vs $130.00 mln First Call consensus
16:01 PANC Panacos Pharma announces discovery of bevirimat patient response predictors; completed phase 2b dose escalation study determines optimal dose range (0.69 +0.01)

Co announces that it has discovered factors that predict response to bevirimat, its lead HIV maturation inhibitor. In addition, it has completed a Phase 2b study of five treatment-experienced patient cohorts with doses ranging up to 400 mg daily and provided preliminary analysis of the combined study results. Patients who had the predictors of response and effective bevirimat target blood levels had a mean viral load reduction of 1.26 log10. The active dose range and plasma concentrations required for optimal response to bevirimat have been determined and are achievable using existing solid or liquid formulations. Clinically, bevirimat’s adverse event profile was indistinguishable from placebo across all doses in the study.
16:01 JAH Jarden reiterates goal of $5.00 EPS from continuing operations by 2011 and average 3-5% organic revenue growth during this period (23.45 -0.61)

Co announces it gave a business overview and an update on its business segments at the co’s Analyst and Investor Day held in New York. “Our business platform is resilient, defensive and diversified, and we have proven strategies for creating long-term growth and value opportunities. In January 2005, we outlined a three-to-five-year goal to achieve $3.00 EPS from continuing operations (consensus is $2.88), and we expect to achieve this goal in 2008. As previously stated, our goal is to achieve $5.00 EPS from continuing operations by 2011. Today we outlined our strategies to grow top-line sales and enhance gross margin by developing new, innovative products, extending brands to leverage existing brand equities, diversifying geographically and expanding distribution channels. We see many opportunities for continued sales and earnings growth and will leverage Jarden’s DNA to help us achieve our long-term top-line and EPS goals. At the same time, we will maintain our focus on prudent financial management and effective capital utilization.”
16:00 FIX Comfort Sys USA announces it has acquired Merit Mechanical (12.50 -0.3

The co announces that it has acquired Merit Mechanical a full service commercial HVAC company based in Redmond, Washington. Merit Mechanical had 2007 revenues of approximately $24 million, and if Merit Mechanical had been part of Comfort Systems in 2007 we believe it would have contributed earnings before interest, taxes, depreciation and amortization of at least $1.4 million.
16:00 DIET prelim ($0.17) vs ($0.1 single estimate; revs $6.9 mln vs $6.40 mln estimate
16:00 KCP prelim $0.17 vs $0.14 First Call consensus; revs $132.1 mln vs $128.24 mln First Call consensus
16:00 CSCO Cisco Systems: Morgan Stanley Tech Conference Call Summary (24.32 -0.0 -Update-

During the conference, CEO reaffirms long-term growth rate of 12-17%, and says it is even more comfortable with this guidance since its last conference call. The CEO says he expects this downturn to be short and shallow, and says he expects it to last 2-3 qtrs, or maybe 4-5 qtrs if slowdown is somewhat worse than expected. Initial indications for a bounceback in the U.S. economy would be in service providers and enterprise spending for advanced technologies. CEO says the company is gaining share in most product areas, and currently has 55% share in routing, over 70% in switching, over 40% in security, and 60% in video capabilities. He also says CSCO’s position with service providers is as strong is he’s ever seen, and telecom’s believe CSCO to be their most important strategic partner. For growth areas, CSCO sees mobility architecture, video applications, and markets such as China, India, and the Middle East as strong growth opportunities. On the M&A front, CEO says they will continue to be aggressive in acquisitions, and will move into adjacent technologies, rather than buy competitiors. There isn’t just one specific area they are currently considering.