From Briefing.com: Close Dow +6.06 at 10467.03, S&P +1.49 at 1197.51, Nasdaq +4.33 at 2075.76: The major averages closed slightly higher, finding just enough motivation behind $10.0 bln in new M&A deals to offset underlying economic uncertainty... However, below average volume at both the NYSE and the Nasdaq, coupled with a lack of notable economic and earnings data, provided little conviction behind the day's modest advance that closed eight out of ten economic sectors in positive territory...
Also limiting market gains was some nervousness ahead of Fed Chairman Greenspan's comments via satellite to a Chinese banking group tonight (21:00 ET) and his testimony Thursday before the Joint Economic committee... With regard to M&A news, Washington Mutual (WM 40.55 -1.02) agreed to purchase Providian Financial (PVN 17.63 -0.33) for $6.45 bln in cash and stock while ProLogis (PLD 40.11 -1.26) said it will acquire Catellus Development (CDX 32.99 +3.75) for $3.6 bln... Despite a 1.0% decline in crude oil prices ($54.49 /bbl -$0.54), Energy paced the way higher...
Financial, the most influential leader to the upside, benefited primarily from strength in Brokerage, following reports that E*Trade (ET 12.63 +0.23) raised its bid for Ameritrade (AMTD 14.93 +0.03), which earlier in the day touched a new 52-week high, to $2.0 bln in cash and a 49.5% stake in the combined company... Also providing some support for the sector was a late-day rebound in Treasurys, which closed the benchmark 10-year note up 4 ticks to yield 3.95%... Health Care, which benefited from modest gains in Pharmaceutical and Drug Wholesalers, as well as Consumer Discretionary, which got a boost from strength in Retail and Homebuilding, also traded higher...
The Industrials sector also showed relative strength, as Boeing (BA 65.59 +0.93) - the best performing Dow component - touched a new 52-week high... Technology, however, traded lower, due in large part to weakness in Intel (INTC 27.17 -0.16), IBM (IBM 75.03 -0.76) and Apple Computer (AAPL 37.92 -0.32)... Apple confirmed that it will sever a long-term relationship with IBM and begin using Intel's microprocessors in its Macintosh computer line next year... Pacing the way lower among chip stocks was Freescale Semiconductor (FSL 20.18 -0.56), which will also be replaced by Intel as a chip supplier to Apple, while a Merrill Lynch downgrade on Micron Technology (MU 10.60 -0.22) to Sell from Neutral also weighed on Semiconductor...
Telecom Services was also weak after a Wall Street Journal article highlighted concerns about large local-telephone companies (i.e. VZ, SBC and BLS)...DJTA +0.2, DJUA -0.1, DOT -0.1, Nasdaq 100 +0.1, Russell 2000 +0.4, SOX -0.5, S&P Midcap 400 +0.4, XOI +0.2, NYSE Adv/Dec 1931/1355, Nasdaq Adv/Dec 1613/1380
5:59PM Swing Trader: NTRS, FNM, CERN, LOW : -Technical- Market Breadth was positive this Monday, despite a lower opening, as Advancers outpaced Decliners about 1.3 to 1 and New Highs exceeded New Lows about 4 to 1. Airlines (XAL +1.98%) and Homebuilders (HGX +1.01%) were the leading sectors while Steel (STQ +1.07%) and Gold (XAU +1.14%) lagged. Action in the SPY tested its lower up-channel line near 119.50 to form a Doji. Sentiment readings still suggest ...(continued
4:12PM ProLogis (PLD) 40.11 -1.26: What has been deemed "Merger Monday" was in full swing with several deals hitting the wires before the bell within the banking, real estate, and oil service industries. Prologis, the largest real estate investment trust, announced its purchase of Catellus Development Corp (CDX) for $3.6 bln in cash and stock. This is the largest real estate acquisition to date. The price tag equates to $33.81 per share - a 16% premium to CDX's closing price on Friday.
The REITs have been one of the leading groups within the Financial sector to date up over two percent after bottoming back in April. The news of the deal sent shares in ProLogis down over a dollar as the deal results in shareholder dilution increasing the float by 56 mln shares, or 29%. The deal is structured to include 65% stock and 35% cash. Shareholders can elect either for the stock option of 0.822 shares of PLD for one share of CDX, or cash.
ProLogis, the Aurora, Colorado-based company, is the largest commercial REIT in the US with a portfolio focused on warehouses and distribution centers. Catellus (00C) is clearly an attractive acquisition expanding ProLogis' buildable land base by 95% to 78.6 mln square feet. This is made up of 80 mln square feet in North America, plus 30 mln of buildable land in the largest US distribution markets for a total of $1.6 bln in total development value, according to Legg Mason.
In an interview, the President of PLD Walter Rakowich said, "Global demand for industrial space has been growing at a rapid pace." It currently owns and manages more than two thousand warehouses and distribution centers around the globe totaling 311 mln square feet. The attractiveness of Catellus is its 40.6 mln square feet of mainly distribution centers. Its customers include Wal-Mart (WMT) and Fedex (FDX). The deal is expected to be accretive next year adding ten to fifteen cents in earnings per share in FY06. It also improves PLD's balance sheet by decreasing debt to book capitalization from 51% to 48%. The combination creates the biggest commercial investment, as such, will have to pass through the scrutiny of regulators.
Most analysts expect this will be a year filled with mega-deals within the industry. With interest rates remaining low companies are looking for ways to deploy capital. For those defensive-minded investors out there REITs also offer a considerable dividend yield with the REIT index of the S&P 500 currently 4.99%. Stocks within this index include on the residential side Apartment Investment & Mngt (AIV), Equity Residential (EQR), and Archstone-Smith (ASN). The latter of which has made seven acquisitions this year. While Equity Office Properties (EOP) is the largest owner of office buildings and Simon Property Group (SPG) is involved in the development, management, and acquisition of shopping centers.----Kimberly DuBord, Briefing.com
1:54PM FuelCell Energy, Inc. (FCEL) 7.80 -0.36: In April of last year when gasoline prices were $1.17 per gallon we thought it was a good opportunity to highlight alternative energy stocks, particularly those involved in fuel cells technology. What a difference a year makes, as consumer now have to fork over a dollar-fifty per gallon at the pump. We all know that higher oil and gas prices have been great for Energy stocks, but has this environment increased interest in alternative fuel stocks?
With oil prices rebounding back over $55 per gallon, the market's attention is sure to shift towards alternative energy plays, once again. Over the past year, these stocks have swayed with the ebb and flow in the oil markets. Yet, over the past 12-months many are still in the red. Alternative energy stocks have become more trading, than investment vehicles as many are burning cash and are years away from breaking even. The next catalyst for the group will likely come from the Energy Bill currently being taken up in the House Energy Committee.
So what exactly are alternative fuels? The Dept of Energy defines its list to include biodiesel, electricity, ethanol, hydrogen, methanol, natural gas (compressed natural gas/liquefied natural gas), propane (liquefied petroleum gas), and solar energy. Talk surrounding alternative fuels has gone on for decades, but up until recently, has yet to filter into the mainstream for reasons including cost, availability, reliability, and general lack of commercial acceptance. Today, there are several drivers sparking people's interest including fuel efficiency, a desire for less dependency on foreign oil, and environment effects that need to addressed namely air quality, and global climate changes.
As is the case with any emerging technology, these companies carry high risk. Producers tend to be quite small in terms of market cap and float hence carry increased volatility. Companies have high cash burn rates due to high costs of R&D spending and almost all of them are loosing money. Monday, Fuel Cell Energy, which manufacturers fuel cell power plants, reported a net loss of $16.8 mln, or $0.35 per share. These results surpassed expectations by six cents. Revenues in the second quarter declined 13.3% year/year to $6.1 mln vs. the $7.9 mln consensus due to a decline in research and development contracts. However, product sales revenues grew 74% y/y to $3.3 mln.
Its main product, the Direct FuelCell (DFC) power plants which produce ultra-clean electricity electrochemically from hydrocarbon fuels (natural gas and wastewater treatment gas) developing carbonate fuel cell products. FCEL recently won a high profile order to provide heat and hot water for the State University of New York's College of Environmental Science and Forestry in Syracuse. The plant is expected to produce 5% of the university's power. Cost control remains a critical issue as it burned a significant amount of cash ending the quarter with $16 mln down from $45 mln last year. While there are significant opportunities ahead with more states increasing Renewable Power Source mandates, not to mention overseas growth prospects, volumes are not expected to pick up until 06-07. FCEL is likely not to turn cash flow positive until 2010. While, FCEL has made impressive strides in creating power plants that with more fuel flexibility, environmental benefits, and higher efficiency becoming a power provider is a highly risky endeavor not to mention costly.
We would recommend investors tread with caution, until the horizon becomes clearer. Other alternative energy stocks include Ballard Power (BLDP), Plug Power Inc. (PLUG), Hydrogenics (HYGS), and Westport (WPT CN).----Kimberly DuBord, Briefing.com
1:23PM Washington Mutual (WM) 40.35, -1.22: Amid the wave of consolidation in the financial services industry, Washington Mutual announced that it has agreed to purchase Providian Financial Corporation (PVN $18.00 +0.04) for $6.45 billion, with consideration paid 89% in stock and 11% in cash. Shareholders of PVN will receive a fixed exchange ratio of 0.45 WM common shares for each PVN share. The transaction values PVN at $18.71 per share, representing a 4.2% premium over Friday's closing price of $17.96. The acquisition, pending regulatory and PVN shareholder approval, is expected to be completed by Q4 2005 and will be accretive within a year.
Washington Mutual, as a result of increased volatility in interest rates, has become dependent on its retail and consumer business segments to offset the slowdown in mortgage refinancings and originations. With mortgage services as a key driver of revenues for the business, uncertain economic conditions have detracted from the market's belief in the company's earnings potential. In addition, aggressive consolidation efforts within the financial industry have pressured firms to offer more comprehensive services and shift to additional markets for growth.
As unfolding economic conditions and consolidation continue to impact the financial services industry, Washington Mutual, the largest U.S. savings and loan institution, has shifted its focus to diversifying operations. The acquisition of Providian Financial provides the necessary platform and installed consumer base to enhance Washington Mutual's operations within the middle market. Providian's broad consumer base, approximately 9.5 million households, presents opportunities for cross-selling and substantial growth in consumer banking.
The increased product offering will provide balance to the company's revenue stream and limit its dependence on mortgage lending as it moves to increase its footprint in the consumer market. Given Providian's solid financial performance and high credit quality, Washington Mutual's acquisition at approximately 2x book value is a reasonable price to pay for a deal that we believe will enhance long-term shareholder value. --Richard Jahnke, Briefing.com
8:54AM Page One - More of the Same : Oil is at $55 a barrel. The 10-year yield is holding below 4%. There are no economic or earnings releases. Stock futures indicate a slightly higher open.
There are a few deals of note. Washington Mutual has agreed to acquire Providian Financial for $6.45 billion, and ProLogis plans to buy Catellus Development for $3.6 billion. It has also been reported that E*Trade has raised its bid for Ameritrade. It is a fairly typical Merger Monday.
Trading activity has been on the slow side recently, and that may continue this week. This is a very slow time of the quarter for earnings reports and there are very few this week. It is also a bit early for earnings warnings, which are likely to pick up in the final two weeks of the quarter.
The economic calendar holds little excitement for the week as well. The weekly new claims numbers are due on Thursday, but that's about it unless the market wants to pay attention to either the trade balance or the treasury budget numbers on Friday.
The S&P 500 is down 1.3% for the year. It could languish for a few months more. The market has no clear trend. A trading range approach is still appropriate. That means not panicking when the market dips, and not getting overly enthusiastic on rallies. Bucking the short-term sentiment may prove profitable. Dick Green, Briefing.com
9:19AM Conceptus (CPTS) Sun Trust Rbsn Humphrey upgrades Neutral to BUY. Target $9. Firm notes that late Friday AMMD announced its intention to acquire privately-held Ovion (a competitor to CPTS that is likely 4-5 years away from commercialization). Due to a settlement agreement in 2003, CPTS now actually has a 30-day right of first refusal to acquire Ovion, and also has a patent litigation against Ovion. Firm believes that CPTS can possibly create a cash infusion from this event by either: 1) negotiating with AMMD to waive their option to acquire and settle the litigation, or 2) acquiring Ovion and simultaneously licensing the technology to another player. Firm says the added cash would help lift a heavy burden weighing on the stock.
9:19AM Capital Lease Funding (LSE) RBC Capital Mkts upgrades Sector Perform to OUTPERFORM. Target $11 to $13. RBC upgrades LSE given the co's improving earnings outlook, prospects for accelerating earnings and dividend growth over the next 2-3 qtrs and attractive valuation. Firm thinks the co's earnings visibility and outlook has improved as recent acquisitions have grown the portfolio to $800-$900 mln. They believe this portfolio will generate very stable cash flow given its high-quality tenants and long-lease terms (13-20 years).
9:18AM TETRA Tech (TTI) Raymond James upgrades Mkt Perform to OUTPERFORM. Target $35. Raymond James upgrades TTI based on expectations of improving mkt conditions, which they think will lead to increased earnings expectations and visibility over the next several qtrs. Firm says their channel checks, combined with Q1 mgmt commentary, suggest that despite the weaker than expected mkt last year, the co has a much stronger and growing backlog for well abandonment & decommissioning for this year and even next.
9:17AM Bookham Tech (BKHM) Merriman Curhan Ford initiates BUY. Merriman initiates BKHM based on the co's position as the world's number-two supplier of optical components for communications applications and the prospects for a recovery in investment in fiber optic network infrastructure. They think the co's recently improved terms of its relationship with major customer Nortel has provided improved near-term business momentum, visibility, and financial flexibility, and significant cost reductions are set to continue through FY06 as the co shift manufacturing operations to China and shutters its U.K. facilities.
9:17AM Oplink Comms (OPLK) Merriman Curhan Ford initiates BUY. Merriman initiates OPLK based on the co's exposure to increasing investment in fiber optic communications infrastructure across access, core, and metro networks. Firm believes OPLK is well positioned to benefit from a recovery in fiber optic infrastructure investment as a leading supplier of passive optical networking components and optical manufacturing services.
9:16AM Intrado (TRDO) William Blair upgrades Mkt Perform to OUTPERFORM. Firm says while fundamentals have improved since the FCC decision, they are more focused on the growing shareholder pressure that they believe could ultimately provide for significant improvements in profitability. Combined with the relatively low valuation, they believe the risk/reward has become increasingly favorable.
9:16AM NetLogic Microsystems (NETL) Stanford Research initiates BUY. Target $22. Firm says that the co's mkt is surging, as its two primary end markets, 10 Gbps switching and routing, are forecasted to grow by 55% and 20%, respectively. Also, firm notes that top customer Cisco has grown from 73% of revs in 2004 to 84% in the most recent qtr, and they believe Cisco's dominance as a customer is an endorsement of the technology and NETL's position. Firm also notes that NETL is diversifying its customer base.
9:03AM FirstEnergy (FE) Bernstein upgrades Mkt Perform to OUTPERFORM. Bernstein upgrades FE citing: 1) the impact of the recently approved rate increases in Ohio and New Jersey; 2) the co's projected increase in fuel costs; and 3) recent actions by state and federal regulators.
9:02AM Korn/Ferry (KFY) Robert W. Baird upgrades Neutral to OUTPERFORM. Target $21. Baird upgrades KFY given attractive valuation, particularly on a cash-adjusted basis, combined with prospects for solid Q4 operating results and guidance. Longer term, they believe the co is very well positioned to benefit from the inevitable long term trend of the retirement of the baby boomers and the void that they will leave in executive offices in the U.S. and Europe.
9:29AM More On the Wires :Microsoft (MSFT) announces it's making concessions to address concerns raised by the European Commission regarding interoperability - including an agreement to implement the interoperability measures on a worldwide basis and a new royalty structure for licensing its Windows protocols. Motorola (MOT) says IBM (IBM) will offer Motorola NetPlane Core Services software as part of IbM eServer integrated telco platform... Amdocs (DOX) and Microsoft (MSFT) sign letter of intent to jointly develop market and deliver solutions that will combine DOX consulting and implementation services, Amdocs 6, and MSFT Comms Sector solutions... DirecWay reaches quarter mln subscriber milestone in 2Q05, doubling growth from 4Q04; DirectTV (DTV) group owns 50% of co... Advent Software (ADVS) says Mandatum Private Bank chooses its software... AVI BioPharma (AVII) announces presentation of positive results from two preclinical studies on Neugene antisense drugs for treating prostate cancer and overcoming chemotherapy resistance in ovarian cancer... Mettler-Toledo (MTD) says it's evaluating post- judgment motions and an appeal of the judgment entered in a case relating to exclusive rights of Rainin Instrument Company to distribute certain third party-manufactured pipettes... Sinclair (SBGI) to sell its 17.5% stake in Auto Investment... UTStarcom (UTSI) unveils its first 3G WCDMA handset at Supercomm... Michael Baker (BKR) announces that it will reactivate immediately its share repurchase program; presently, the co has approx 585,300 shares available for repurchase... Shuffle Master (SHFL) announces numerous details about its previously announced Three Card Poker National Championship.. Duraswitch (DSWT) announces that stockholders approved the proposal to change the co name to InPlay Tech (new ticker NPLA to begin trading June 15)... Brown & Brown (BRO) announces that it has acquired the Governmental Programs Division of U.S. Risk...
9:18AM More On the Wires :CDW (CDWC) gets multimedia equipment contract w/ Massachusetts Higher Education Consortium and multiple participation award contract w/ Pennsylvania State System of Higher Education... Insightful (IFUL) and Spotfire announce framework agreement where IFUL licenses to Spotfire its embeddable toolkit for purpose of generating series of comprehensive analytic solutions across key business processes... Emulex (ELX) says Fujitsu Limited selects ELX LightPulse LP10000 Fibre Channel host bus adapter for use w/ its 64-bit open server, called Primequest... TumbleweedComm (TMWD) and Digital Tech say Digital Tech' introduces and supports of TMWD's MailGate AntiSpam and MailGate Edge Appliances in Japan... Akamai (AKAM) and Maven Networks say Clear Channel (CCU) syndication arm starts delivering Podcasts of Rush Limbaugh using Maven's technologies... ADC (ADCT) has created a joint marketing agreement with Calient Networks to create new solutions for fiber-intense networks... Hyperion Solutions (HYSL) has joined Approva's series C venture capital financing... Zoom (ZOOM) earns $3.5 mln on the sale of InterMute to Trend Micro and earns up to $3 mln if certain conditions and performance targets are met... See previous On the
9:07AM Nanophase Tech announces issuance of U.S. Patent (NANX) 6.13 :Co announced that the Company was issued U.S. Patent No. 6,896,958, entitled "Substantially Transparent, Abrasion-Resistant Films Containing Surface-Treated Nanocrystalline Particles." The Company believes that this is a highly significant patent in the field. The patent describes processes for preparing film-forming compositions and for preparing substantially transparent, abrasion-resistant coatings from these compositions.
9:05AM Gapping Down :TEVA -5.3% (gudies lower on court decision preventing sales of its generic version of extended release antibiotic Biaxin), ATYT -4% (guides lower; down in sympathy: NVDA -2%), SNDK -3.3% (Merrill downgrade), MU -3.5% (Merrill downgrade), CRXL -2.6%, BNL -2%, WM -1.6% (to buy Providian).
8:57AM Gapping Up :ACXM +13% (confirms receipt of ValueAct Capital letter for acquisition), AMTD +3% (ET boosts bid for the co), ELOS +5% (co and Thermage resolve patent litigation), TRDO +4.3% (Wm Blair upgrade), NAPS +3.5%, CHRT +3.4% (announces a joint development program with NVLS), BOBJ +2.9% (announces availability of XI built for operational BI), EBAY +2.1% (positive Barron's article)... Recent momentum names are on the move: BDCO +17%, IIJI +4.1%, ABLE +2.7%, GEOI +2%, SOSA +4%... Under $3: PURW +16%, CNXT +11% (analog modem shipments surpass 750 mln).
8:56AM More On the Wires :Tekelec (TKLC) announces the first customer deployment of its full suite of next-generation signaling, switching and applications products, which enable operators of all sizes to roll out voice over Internet Protocol and IP Centrex services... American Mortgage Network (AMNT) says it funded $1.2 bln of mortgage loans in May 2005, compared to $986 mln in April... Informatica (INFA) partners w/ Jaspersoft to extend INFA's PowerAnalyzer w/ robust reporting and report distribution capabilities; also, INFA says Siebel's (SEBL) Systems' Expert Services team select INFA PowerCenter enterprise data integration platform to power high-availability customer software upgrades; also, INFA renews and expands original partnership agreement w/ i2 Tech (ITWH)... Thoratec (THOR) says data from published study demonstrates improved outcomes of patients implanted w/ HeartMate XVE Left Ventricular Assist Device for ongoing, permanent support for late-stage heart failure... GSI Lumonics (GSLI) changes name from GSI Lumonics to GSI Group; co to trade under GSIG on Nasdaq... American Express (AXP) begins issuing Blue from AXP w/ ExpressPay feature in all 50 states and says 7-Eleven (SE) becomes national merchant partner to accept ExpressPay... See previous On the Wires at 8:45, 8:30, 8:26, 8:14, 7:27, 7:16, 6:56, and 6:28.
8:45AM More On the Wires :Embarcadero Technologies (EMBT) settles suit brought by The Client Server Factory; none of the parties admit guilt; EMBT expects a charge of about $600,000 in the current quarter... Radiation Therapy (RTSX) execs adopt 10b5-1 stock trading plans; three plans represent a total of up to 520,000 shares, or 7.9% of the three officers' holdings, to be sold over the next 12 mos... Ligand (LGNDE) earns $2 mln milestone as GlaxoSmithKline (GSK) starts Phase I development of 2nd oral drug for Thrombocytopenia markets; co notes potential for future double-digit royalties... First American (FAF) buys Bar None credit-based lead generation provider, terms not disclosed... Ariba (ARBA) extends sourcing solutions partnership with Tata Motors; under agreement, Tata Motors extends commitment to ARBA Sourcing Services and ARBA QuickSource... eLinear (ELU) gets $1 mln to provide email infrastructure and shared storage devices required to efficiently run and store email traffic for Aldine Independent School District students... Utek (UTK) and Preservation Sciences (Pink Sheets - PSVI) form strategic alliance to "to identify proprietary tech that are synergistic with their core business"... PTC (PMTC) to buy Aptavis Tech and Polyplan Tech; terms of deals not disclosed... ATC Healthcare (AHN) gets contract w/ Crouse Hospital of Syracuse, New York to manage its personnel outsourcing needs utilizing AHN's Alpha Source program... NuVasive (NUVA) buys intellectual property and related assets for cervical plate tech from RSB Spine for $5.5 mln in cash and about 223k shares of NUVA common stock; deal valued at about $9 mln... Verso Tech (VRSO) says DataPro chooses VRSO's next generation Class 4 and Class 5 solutions to support VoIP deployment in South Africa... See previous On the Wires at 8:30, 8:26, 8:14, 7:27, 7:16, 6:56, and 6:28.
8:42AM ATI Tech guides below consensus (ATYT) 15.26 :As mentioned at 8:37, co issues downside guidance for Q3 (May), sees Q3 (May) revs of "about" $530 mln vs. $576.52 mln Reuters Estimates consensus. Gross margin is expected to be approximately 29%. Operating expenses, excluding the costs associated with stock-based compensation, are expected to be about $143 million. "While we believe end-user demand remains stable, a product mix shift in the quarter towards the lower end of the desktop and notebook discrete market caused revenues to come in below expectations. Our desktop IGP business exceeded expectations, growing dramatically in the quarter. Revenues from our consumer business - which includes DTV and handset - were within expectations." Co sees Q4 revs of "about $600 mln" vs $660.4 consensus.
8:30AM More On the Wires :Cerus (CERS) announces that it has entered into a definitive agreement with BioOne for commercialization of the Intercept Blood System for plasma in parts of Asia... Nu Horizons Electronics (NUHC) and Logic Product Development expand global partnership agreement by building on third-party hardware and software agreement between both companies for A.R.M.-based tech from Sharp Micro and the SuperH-based tech from Renesas; also, RUHC will offer Logic's board level products based on low-power AMD (AMD) Geode X86 and Intel (INTC) microprocessors...See previous On the Wires at 8:26, 8:14, 7:27, 7:16, 6:56, and 6:28.
8:27AM Nokia announces $212 contract extension (NOK) 17.08 :Nokia (NOK) and Thailand's second largest mobile operator Total Access Communications PLC have extended their frame agreement to expand DTAC's GSM/GPRS/EDGE network in Thailand. The new two-year agreement is valued at approximately $212 mln.
8:26AM More On the Wires :Autobytel (ABTLE) says customers who came onto ABTLE sites through search engines and then submitted a new vehicle purchase request rose 79% from 2003 to 2004... Interwoven (IWOV) partners with Brandbank to power hosted digital asset management solution... iPass (IPAS) announced today that Alps Automotive has signed an agreement to use iPass Corporate Access secure global connectivity service... Novellus Systems (NVLS) announces a multi-phase joint development program with Chartered Semi (CHRT) focused on reducing the cost of CMP technology for advanced copper applications.... Mesa Air (MESA) reports yr/yr revenue passenger miles increased 22.6% in May while total available seat miles increased 25.1%... Trustreet Properties (TSY) says lawsuit filed against TSY dismissed by Texas Judge Robert H. Frost... Radware (RDWR) and Aventail expand tech partnership by introducing global, high-availability S.S.L. V.P.N. enterprise access strategy... Syneron Medical (ELOS) and Thermage reach agreement resolving lawsuits that claimed ELOS infringed certain patents held by Thermage and that Thermage infringed patent held by ELOS; Thermage and ELOS grant each other non-exclusive paid-up license under their patents in suit and related patents; in addition, ELOS pays Thermage a one-time undisclosed sum... eBay (EBAY) business equipment purchase protection for items bought in selected capital equipment categories; program offers at no cost to buyers or sellers up to $20k against fraud and material misrepresentation on qualified capital equipment purchases... Veritas Software (VRTS) extends its application service management software i3 to support the MSFT .Net framework as well as MSFT S.Q.L. Server '05 databases... See previous On the Wires at 8:14, 7:27, 7:16, 6:56, and 6:28. |
