9:39 am Opening Market Summary: Cyclical Sectors Display Early Weakness (:WRAPX) : The major averages began the day just above their flat lines before sliding into negative territory. The S&P 500 trades lower by 0.2% with six of ten sectors holding early losses.

Heavily-weighted financials and health care outperformed yesterday, but the two groups are mixed today. The health care sector (+0.1%) sits just above its flat line while the financial space (-0.3%) underperforms, narrowing this week's gain to 0.9%.

Similar to financials, other cyclical sectors like consumer discretionary (-0.4%), technology (-0.2%), and industrials (-0.3%) also display opening losses.

Treasuries have slipped from their highs, but they continue holding solid gains with the 10-yr yield down three basis points at 2.26%.

9:37 am Market View: Gold miners out-perform in early trading; GDXJ @ 26.10 +1% & GDX @ 20.14 +0.70% (:TECHX) :  

9:31 am Medtronic presents new clinical data from two different studies show that the IN.PACT Admiral drug-coated balloon successfully treated long lesions in the superficial femoral and popliteal arteries (MDT) : The 157 patients from the IN.PACT Global Study's long lesion imaging cohort had a total of 164 lesions of at least 15 cm in length. In addition to long lesion length, they also featured other challenging characteristics: 71.8 percent had calcified lesions, 60.4 percent had total occlusions and 41.0 percent had diabetes. The co notes that treatment with the IN.PACT Admiral DCB delivered excellent outcomes at 12 months, including a 6.0 percent rate of clinically- driven target lesion revascularization (CD-TLR) and primary patency of 91.1 percent according to Kaplan Meier analysis at 360 days post-procedure.

9:30 am On the Wires (:WIRES) :

• Fiserv (FISV) announced that Merck Sharp & Dohme Federal Credit Union, has expanded its relationship with Fiserv through the addition of multiple solutions that will support and strengthen the credit union's sales culture. The credit union will use the DNA account processing platform and 19 additional solutions
• The Chemours Company, a subsidiary of Dupont (DD), announced that, effective immediately, E. Bryan Snell will assume the role of President of the Titanium Technologies business.
• Celanese Corporation (CE) announced the appointment of Pat Quarles as executive vice president and president, Acetyl Chain and Integrated Supply Chain, and Scott Sutton as executive vice president and president, Materials Solutions, effective June 1, 2015
• Due the outbreak of Avian Flu, Ocean Bio-Chem (OBCI), repeated its public announcement that its Performacide Hard Surface Disinfectant is an option for disinfecting touched surfaces and objects
• Amtech Systems (ASYS) announced that its solar subsidiary, Tempress Systems, has received a large, multi-system order for its next-generation solar diffusion systems from a leading solar cell and module manufacturer in China. The systems are expected to ship within the next three to nine months
• Liquidity Services (LQDT) announced a new partnership with the Machinery Dealers National Association. Through the partnership, MDNA members will be given access to Liquidity Services' online marketplace and AssetZone asset management solution, to inventory, redeploy, and/or sell their surplus equipment
• Global Eagle Entertainment (ENT) announced that it has been selected by Avianca Holdings to provide the in-flight entertainment service onboard its subsidiary airlines

9:28 am BHP Billiton confirms completion of active US investigations; BHP to pay SEC $25 mln, DOJ to take no action (BHP) :  

9:24 am Cimarex priced its offering of 6 mln shares of its common stock at a price to the public of $109.00 per share (XEC) :  

9:11 am TTM Tech and Viasystems Group (VIAS), receive final FTC clearance for TTM's proposed acquisition of Viasystems ; as a result, cos expect transaction closure on May 31, 2015 (TTMI) :  

9:08 am Kamada reports positive updated data from its European Phase 2/3 clinical study of inhaled Alpha-1 Antitrypsin (KMDA) : In addition to previously announced results that focused on the statistically significant lung function beneficial effect, additional data on the nature of symptoms of the first exacerbation, a clinically important measurement were reported.

• The inhaled AAT treated group showed a statistically significant lower symptoms score (for both dyspnea and volume) for patients who experienced first exacerbation versus the placebo group. 
• In addition, the inhaled AAT group had a lower percentage of patients who experienced all 3 symptoms during the first exacerbation (type I exacerbation) of the first exacerbation versus the placebo group. 
• The trial did not achieve statistical significance in primary endpoint of time to first exacerbation
  

9:08 am S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: +4.80. (:WRAPX) : The stock market is on track for a flat open as futures on the S&P 500 trade within a point of fair value. In fact, futures have spent the entire night near their flat lines while Treasuries rallied. Currently, the 10-yr note sits on its session high with the benchmark yield down five basis points at 2.24%.

Economic data released this morning was limited to the weekly MBA Mortgage Index, which fell 1.5% to follow last week's 3.5% decline. Later today, the Federal Reserve will release the minutes from its April policy meeting with the document slated for a 14:00 ET release.

Things have been relatively quiet on the corporate front, but a couple retail names have shown some movement. Specifically, Lowe's (LOW 67.98, -3.85) has given up 5.4% in pre-market after missing bottom-line estimates and reaffirming its guidance while Pep Boys (PBY 10.49, +1.24) has surged 13.4% after the Wall Street Journal reported the company may be an attractive acquisition target for private equity firms. Also of note, Target (TGT 79.70, +1.78) has climbed 2.3% after beating earnings expectations.

9:02 am Avinger announces results from its 30-Day VISION Trial at the EuroPCR 2015 conference, showing that primary efficacy endpoints were achieved with 'encouraging early safety results' (AVGR) : Results demonstrated that following Pantheris treatment residual stenosis of less than or equal to 50% was achieved in 96% of lesions, surpassing the primary efficacy endpoint performance goal. Both blood flow measurement and symptom-based outcomes measures showed statistically significant improvement across all patients undergoing 30-day follow-up.

• Safety data at the time of procedure and through 30 days also indicated an extremely favorable acute safety profile, with zero dissections and zero perforations related to the use of the Pantheris catheter as adjudicated by an independent Clinical Events Committee. 
• While not representative of six-month results, 7% of patients in the VISION trial had experienced an MAE through 30 days.
  

9:00 am Bristol-Myers announces receipt of an amended U.S. FDA Breakthrough Therapy Designation, for its Daclatasvir-based Hepatitis C regimen (BMY) :  

8:57 am PartnerRe's Board says its prepared to engage in discussions with EXOR S.p.A. to determine whether EXOR's offer for $137.50 per share in cash can be improved (PRE) : The co announced it has secured a waiver from AXIS Capital (AXS), allowing direct engagement with EXOR with customary access, including due diligence. PartnerRe expects to undertake these discussions with EXOR as expeditiously and constructively as possible in order to come to a decision that is in the best interest of the Company and its shareholders.

8:56 am S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: +5.20. (:WRAPX) : The S&P 500 futures trade within a point of fair value.

Most markets in the Asia-Pacific region finished higher on Wednesday, bolstered by a better than expected Q1 GDP report out of Japan.

• In economic data: 
  • Japan's Q1 GDP +0.6% quarter-over-quarter (expected +0.4%; prior +0.3%); +2.4% year-over-year (expected +1.5%; prior +1.1%), and Q1 GDP Price Index +3.4% year-over-year (expected +3.6%; prior +2.4%). Separately, Leading Index 106.0 (expected 105.5; prior 105.5) 
  • Australia's May Westpac Consumer Sentiment 6.4% (prior -3.2%) 

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• Japan's Nikkei increased 0.9% following its stronger than expected Q1 GDP report. Top-performing sectors included the utilities (+2.0%), technology (+1.0%), and basic materials (+1.0%) sectors. Shiseido Co (+6.9%), Tokyo Electric Power (+5.8%), and Sumitomo Realty & Development (+5.3%) led individual gainers. Tokio Marine Holdings (-3.7%) was the worst-performing issue. Out of the 225 index members, 147 ended higher, 68 finished lower, and 10 were unchanged. 
• Hong Kong's Hang Seng declined 0.4%, weighed down by modest losses in most sectors. The technology (+0.8%) and utilities (+0.1%) sectors were the only sectors to end with a gain. Bank of Communications (-3.6%), Kunlun Energy Co (-2.7%), China Resources Land (-1.8%), and Tencent Holdings (-1.7%) topped the list of decliners. Hang Lung Properties (+2.0%) led individual winners. Out of the 50 index members, 15 ended higher, 32 finished lower, and 3 were unchanged. 
• China's Shanghai Composite increased 0.7%, topping the 4500 level at one point before succumbing to some late selling interest that knocked it back below 4450. The industrial (+2.3%), communications (+1.2%), and consumer cyclical (+1.1%) sectors were the best-performing sectors in the Chinese market on Wednesday.

Major European indices have slid from their early highs with Germany's DAX (-0.4%) trailing the region. Elsewhere, the Bank of England released the minutes from its latest meeting, which revealed no changes among the voting members with all supporting the status quo.

• Economic data was limited: 
  • Germany's April PPI +0.1% month-over-month (expected 0.2%; prior 0.1%); -1.5% year-over-year (consensus -1.4%; last -1.7%) 
  • Spain's trade deficit narrowed to EUR890 million from EUR2.04 billion (expected deficit of EUR2.00 billion) 
  • Swiss ZEW Expectations improved to -0.1 from -23.2 

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• Germany's DAX is lower by 0.4% even though nearly 20/30 components hold gains. Heavyweights Daimler and Merck are both up near 0.9% while E.On leads with a 1.5% advance. On the downside, Fresenius Medical Care has given up 1.2% while BMW trades lower by 0.4%. 
• France's CAC holds a loss of 0.3% amid mixed action in financial names. BNP Paribas and Unibail-Rodamco are both down near 2.0% while Credit Agricole has added 0.3%. Similar to Germany, utilities are also among the leaders with GDF Suez and Electricite de France higher by 1.5% and 1.3%, respectively. 
• UK's FTSE hovers near its flat line. Vodafone outperforms, up 4.4%, amid hopes the company will come to terms with Liberty Global. Meanwhile, several financials lag with Hargreaves Lansdown, Old Mutual, and Land Securities Group down between 1.4% and 3.4%.

8:54 am Pangea Logistics Solutions announces a long-term Contract of Affreightment, with a major steel producer for use of ice-class vessels, with potential revenue of up to $135 mln over 5 years (PANL) : The first shipment is scheduled to commence in the summer of 2015 and the contract provides for up to 30 shipments per year, each generating nearly $1 million in revenue. Accordingly, the COA is expected to produce approximately $80 million in revenue over the initial three year term, and has the capacity to contribute up to $135 million in revenue over its maximum term

8:50 am On the Wires (:WIRES) :

• The GEO Group (GEO) announced the signing of a contract with the Vermont Department of Corrections for the out-of-state housing of up to 675 inmates at the company-owned North Lake Correctional Facility in Baldwin, Michigan. The contract will have a term of five years inclusive of renewal option periods. At full occupancy, the contract is expected to generate approximately $15 million in annualized revenues. The Facility is expected to begin the intake process at the end of the second quarter 2015
• RF Industries (RFIL) announced the purchase of the ComPro braided product line (ComPro Product Line) from JMA Wireless. JMA retains all of its compression connector product lines for corrugated cables. The ComPro Product Line is used by wireless network operators, installers and distributors in North America and other parts of the world
• The Western Union Company (WU) and Synovus Bank announced they have launched Western Union international and domestic Money Transfer and bill payment services at 249 Synovus Bank full-service branches
• Itron (ITRI) announced that Salzburg AG, has expanded its smart grid contract with Itron. In the second phase of its smart grid pilot project, Salzburg AG will upgrade its OpenWay smart grid solution with Itron Riva edge intelligence technology
  
• Intelligent Systems (INS) announced the preliminary results of its modified "Dutch auction" tender offer .Based on the preliminary analysis by the depository, a total of 230,729 shares were tendered at prices at or below $3.00 per share.
  

8:45 am McGraw-Hill Financial announces an offering of senior notes in a private placement transaction (MHFI) : Co intends to use the net proceeds from the offering for general corporate purposes.

8:44 am Briggs & Stratton acquires specialty turf manufacturer, Billy Goat Industries, for $26 mln in cash (BGG) : Billy Goat has annual net sales of approximately $30 million

8:42 am Eaton Vance misses by $0.02, reports revs in-line (EV) : Reports Q2 (Apr) earnings of $0.58 per share, $0.02 worse than the Capital IQ Consensus of $0.60; revenues fell 0.7% year/year to $351.7 mln vs the $350.63 mln consensus.

• Consolidated net inflows of $6.8 billion in the second quarter of fiscal 2015 represent a 9% annualized internal growth rate (net inflows divided by beginning of period assets managed). 
• Consolidated assets under management were $311.0 billion on April 30, 2015, an increase of 9 percent from the $285.9 billion of managed assets on April 30, 2014 and an increase of 5 percent from the $295.7 billion of managed assets on January 31, 2015.
  

8:39 am European Markets Update: DAX -0.5%, CAC -0.3%, FTSE -0.1% (:SUMRX) : Major European indices have slid from their early highs with Germany's DAX (-0.5%) trailing the region. Elsewhere, the Bank of England released the minutes from its latest meeting, which revealed no changes among the voting members with all supporting the status quo.

• Economic data was limited: 
  • Germany's April PPI +0.1% month-over-month (expected 0.2%; prior 0.1%); -1.5% year-over-year (consensus -1.4%; last -1.7%) 
  • Spain's trade deficit narrowed to EUR890 million from EUR2.04 billion (expected deficit of EUR2.00 billion) 
  • Swiss ZEW Expectations improved to -0.1 from -23.2 

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• Germany's DAX is lower by 0.5% even though nearly 20/30 components hold gains. Heavyweights Daimler and Merck are both up near 0.9% while E.On leads with a 1.5% advance. On the downside, Fresenius Medical Care has given up 1.2% while BMW trades lower by 0.4%. 
• France's CAC holds a loss of 0.3% amid mixed action in financial names. BNP Paribas and Unibail-Rodamco are both down near 2.0% while Credit Agricole has added 0.3%. Similar to Germany, utilities are also among the leaders with GDF Suez and Electricite de France higher by 1.5% and 1.3%, respectively. 
• UK's FTSE has dipped below its flat line not long ago. Vodafone outperforms, up 4.4%, amid hopes the company will come to terms with Liberty Global. Meanwhile, several financials lag with Hargreaves Lansdown, Old Mutual, and Land Securities Group down between 1.4% and 3.4%.

8:32 am Capstone Turbine has received an order for a C1000 microturbine to upgrade an established solid waste treatment center in Tampere, Finland (CPST) : Sarlin Oy Ab, Capstone's distributor for Finland, Latvia, Estonia, and Lithuania, secured the order, which is expected to be commissioned in early 2016. The turn-key project serves as the second major order for Sarlin Oy Ab within the last month.

8:31 am LiveDeal anticipates double-digit revenue increases throughout the rest of 2015 (LIVE) :

• Based on the co's successful transition from its 50-locality focus to a more nationwide approach, and based on current revenue trends, the company believes that revenues will increase significantly on a year-over-year basis.
• At the same time, it has initiated an acquisition strategy to help maintain this aggressive increase by targeting cos that are already revenue producing and profitable with the untapped potential for growth using e-commerce.
  

8:31 am Murphy Oil announces a $250 million variable term, capped accelerated share repurchase program (MUR) : The ASR is part of the board authorized program announced on August 6, 2014, to repurchase up to $500 million of the Company's stock

8:31 am RiceBran Technologies receives additional R$1.2 million arbitration award related to 2008 purchase of Irgovel (RIBT) : Co announced that it has received an additional arbitral award of R$1.2 million from a Brazilian arbitration panel related to the Company's 2008 acquisition of Irgovel. The additional R$1.2 million brings the total amount of the arbitral award to R$4.8 million. As the Company previously disclosed, an escrow account of approximately US$1.9 million was established in a San Francisco bank in 2008 related to RBT's acquisition of Irgovel. The arbitration panel ruled in favor of RBT and initially awarded R$3.6 million to the Company in March of 2015. RBT filed a request to the arbitration panel to clarify and correct the calculation of the original award. RBT is now working with legal counsel to release the escrow funds for use as working capital.

8:30 am Essex rental proposes enhanced settlement terms to Keddie/Casey dissidents (ESSX) : After attempts to elicit discussions with, or a settlement proposal from, Messrs. Keddie and Casey, the Co's Board responded to a request from Keddie and Casey's counsel for "a written term sheet including the board's firm offer of settlement" with the following offer:

• The offer for Lee Keddie and John Climaco to join the Board as of June 4th remains open.
  
• The reimbursement agreement with Hyde Park Real Estate for Co's New York City office space and services will not be renewed upon expiration of the current term in Feb 2016.
• An advisor to evaluate strategic alternatives has been engaged by Essex Crane Rental Corp.
• Director Compensation
  

8:27 am S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: +3.90. (:WRAPX) : U.S. equity futures remain near their flat lines as the range-bound morning continues. Meanwhile, Treasuries have returned to their overnight highs with the 10-yr yield now down four basis points at 2.25%.

Elsewhere, the Dollar Index (95.45, +0.18) has continued this week's strength. The index is higher by 0.2% this morning and up 2.5% for the week. The greenback has added 0.2% against the euro today, pressuring the single currency to 1.1125; however, it is worth noting that the euro has recovered off its early morning low.

8:21 am European Yields (BONDX) : Eurozone Yields Fall

• European sovereign debt added to gains from Tuesday's ECB comments that it would be front-loading asset purchases to avoid causing market disruptions in the illiquid months of July and August. 
• U.K. Gilts sold off on the release of the minutes from the Bank of England's Monetary Policy Committee's most recent meeting
• Germany's Producer Price Index rose a smaller-than-expected 0.1% in April, the same number as March's
• The Greek parliamentary spokesman said that the nation will not be able to meet its June 5th, 305 million euro payment without the unlocking of some of its bailout funds
• EUR/USD: -0.26% to $1.1118
• Yield check:
• France, 10-year OAT: -2 bps to 0.87%
• Germany, 10-year Bund: -1 bp to 0.59%
• Greece, 10-yr note: +5 bps to 10.97%
• Italy, 10-yr BTP: -2 bps to 1.80%
• Portugal, 10-yr note: +2 bps to 2.37%
• Spain, 10-yr Bono: -2 bps to 1.75%
• U.K., 10-yr Gilt: +2 bps to 1.97%

8:17 am IsoRay reports that the survival rate at 5 years was 100% for Cesium-131 lung cancer treatment group, which included many high risk patients, and Cesium-131 added no noticeable side effects (ISR) :

• The study noted that the survival rate at 5 years was exceptional for the Cesium-131 group, which included many high risk patients, and Cesium-131 added no noticeable side effects. Treatment with Cesium-131 was performed at the time of the surgery as a single treatment, in contrast to another treatment option, external radiation, which requires numerous hospital visits.
  

8:13 am Melco Crown Entertainment announces that its Board of Directors has authorized a 2015 stock repurchase program (MPEL) : Under the 2015 stock repurchase program, the Company is authorized to carry out on-market repurchases of up to an aggregate of $500 million of their trading value from May 20, 2015 to the conclusion of the next annual general meeting of the Company in 2016 or the revocation or variation of such 2015 share repurchase mandates by shareholders of the Company in general meeting.

8:08 am EVINE Live misses by $0.08, misses on revs (EVLV) : Reports Q1 (Apr) adj loss of $0.04 per share, $0.08 worse than the Capital IQ Consensus Estimate of $0.04; revenues fell 0.8% year/year to $158.5 mln vs the $165.16 mln consensus. 

• Total active customers on a trailing 12 month basis were 1.4 million, a 2% increase. 
• Net shipped units of 2.2 million, a 17% increase.
  

8:07 am Target beats by $0.07, reports revs in-line; guides Q2 EPS in-line; raises low end of FY16 EPS guidance (TGT) : Reports Q1 (Apr) earnings of $1.10 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $1.03; revenues rose 2.8% year/year to $17.12 bln vs the $17.09 bln consensus.

• Q1 comparable sales increased a better-than-expected 2.3% vs +2% guidance and +2.3% estimate, driven by growth in both transactions and basket size. 
• Digital channel sales increased 37.8 percent, contributing 0.8 percentage points to comparable sales growth. 
• Comparable sales in signature categories (Style, Baby, Kids and Wellness) grew more than double the company average.
• ROIC (ttm) +12.5%.

Co issues in-line guidance for Q2, sees EPS of $1.04-1.14, excluding non-recurring items, vs. $1.12 Capital IQ Consensus.

Co issues guidance for FY16, raises EPS to $4.50-4.65, excluding non-recurring items, from $4.45-4.65 vs. $4.55 Capital IQ Consensus.

8:07 am American Eagle beats by $0.03, beats on revs; guides Q2 EPS (AEO) : Reports Q1 (Apr) earnings of $0.15 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.12; revenues rose 8.3% year/year to $700 mln vs the $690.83 mln consensus. 

• Consolidated comparable sales increased 7%, compared to a 10% decrease last year.
• Total merchandise inventories at the end of the first quarter increased 1% to $333 million compared to $329 million last year. At cost per foot, inventory was flat. 
• Second quarter 2015 ending inventory at cost per foot is expected to be up in the mid single-digits due to merchandise investments and positive sales trends.

Co issues upside guidance for Q2, sees EPS of $0.11-0.14 vs. $0.11 Capital IQ Consensus Estimate.

8:05 am American Intl has acquired a controlling stake in ING Employee Benefits Global Network and renamed it AIG Global Benefits Network; terms not disclosed (AIG) :  

8:05 am Theravance Biopharma presents additional positive phase 2b study data on TD-4208 for treatment of COPD at American Thoracic Society 2015 International Conference (TBPH) : Trial results presented today support the product's potential to offer patients rapid and sustained therapeutic benefit from once-daily administration and to reduce the requirement for short-acting rescue medication.

• The new data from the Phase 2b study of TD-4208 resulted in a rapid onset of action, with a median time to achieve a clinically relevant improvement in lung function of 30 minutes for doses of 88 mcg and above. TD-4208 also reduced the requirement for short-acting inhaled rescue medication in a dose-dependent manner, with a mean reduction of more than one puff a day compared to placebo for doses of 88 mcg and above.
  
• Following end-of-Phase 2 discussions with the FDA, TBPH is preparing to start the TD-4208 Phase 3 registrational program, which is anticipated to begin later this year. The Phase 3 registrational program will include two replicate three-month efficacy studies and a single twelve-month safety study. The studies will include ~2,300 patients and test two doses: 88 mcg and 175 mcg administered once-daily via nebulizer.
  

8:04 am American Eagle sees shares spike about 10% to almost $17.40/share following quarterly results/guidance (AEO) :  

8:03 am PlasmaTech Biopharma announces Orphan Drug and Rare Pediatric Disease designations from the FDA For ABX-101 and ABX-102 (PTBI) : Co announced today that the U.S. FDA had granted both Orphan Drug Designation and Rare Pediatric Disease Designation for both of PlasmaTech Biopharmaceuticals' lead product candidates for the treatment of Sanfilippo Syndromes A and B.

8:03 am Genomic Health announces results from a study of Oncotype DX Genomic Prostate Score results among prostate MRI findings, suggesting that these technologies may provide non-overlapping clinical information in men with localized prostate cancer (GHDX) :

• Co announced results from a study led by the University of California, San Francisco (:UCSF) showing a broad distribution of Oncotype DX Genomic Prostate Score results among prostate MRI findings, suggesting that these two technologies may provide non-overlapping clinical information in men with localized prostate cancer.
• These new results follow the recent publication in Urology Practice of the first decision impact study of the Oncotype DX prostate cancer test that showed use of the test substantially increased the number of men who would be eligible for active surveillance while increasing physician confidence in their treatment recommendations.
  

8:02 am Equinix announces that the IRS has issued a favorable private letter ruling in connection with its conversion to a real estate investment trust (EQIX) : Co announced that the U.S. IRS issued a favorable private letter ruling (PLR.V) in connection with Equinix's conversion to a real estate investment trust ("REIT") for federal income tax purposes effective for its taxable year commencing January 1, 2015.

• The PLR supports Equinix's position with respect to numerous technical tax issues in connection with Equinix's election of REIT status and conversion to a REIT. 
• In accordance with the previously announced unanimous approval of Equinix's conversion to a REIT by the Board of Directors of Equinix, Equinix began its first day as a REIT on January 1, 2015.
  

8:02 am Lpath announces that its multicenter, Phase 2 Nexus clinical trial evaluating iSONEP in patients with wet age-related macular degeneration did not meet its primary or key secondary endpoints (shares halted) (LPTN) : Wet AMD patients who had not responded adequately to existing anti-vascular endothelial growth factor therapies including Lucentis, Avastin and Eylea did not show any statistically significant improvement in visual acuity when treated with iSONEP as an adjunctive or monotherapy. Full study results will be presented during the Retina Subspecialty Days in conjunction with the American Academy of Ophthalmology in Las Vegas, Nevada in November 2015. In addition to iSONEP, Lpath has three drug candidates in its pipeline.

• Lpath will restructure its workforce and conduct a strategic evaluation of its research and development programs in order to conserve working capital and focus its resources on those programs deemed most likely to create value in the near term. The company expects that the reduction in workforce together with planned reductions or delays in other expenditures will decrease annualized cash expenditures significantly. With these planned spending reductions, Lpath estimates that its available cash and committed funding should be sufficient to fund the company's drug discovery and development activities through June 30, 2016.
  

8:01 am InterCloud Systems announces the award of a $2 mln contract for professional services engagements, relating to WiFi and DAS networks for existing and new clients (ICLD) : Contract work expected to be completed in Q2-Q3 of 2015

8:01 am Kennedy Wilson announces mandatory conversion of $100 million series A preferred stock held by affiliates of Fairfax Financial Holdings (KW) : The 6% series A dividends, totaling $6 mln per year, will no longer accrue and be paid as of the mandatory conversion date, which is May 19, 2015.

8:00 am Rocky Brands increases quarterly cash dividend by 10% to $0.11/share (RCKY) :  

8:00 am Gilat Satellite reports Q1 results; reaffirms guidance (GILT) : Q1 non-GAAP EPS ($0.09) vs. ($0.01) last year; rev -11% to $45.2 mln (no estimates).

•  "We reiterate our management objectives for FY2015 of a revenue target of $250 - $260 million and an EBITDA target of $26 - $28 million. As we expect, the second half of 2015 will be significantly stronger than the first half."
  

7:59 am Cesca Therapeutics receives IEC/IRB approval to initiate acute myocardial infarction study (KOOL) :

• Co announced that it has received Institutional Ethics Committee approval to initiate the SurgWerks-AMI and VXP System (patent pending) phase II clinical trial. This multi-site IEC approval paves the way for the safety and preliminary 6 month efficacy study of 40 patients having suffered an ST- Elevated Myocardial Infarction resulting in a Left Ventricle Ejection Fraction (:LVEF) = 40% at least 72 hours after a primary Acute Myocardial Infarction.
• The study will be a 1:1 randomized, open label, active controlled, multi-center device Phase II trial. The study follows a successful 24 month single patient pilot trial of a primary STEMI 43 year old male. 
• The company will conduct this Phase II study in India, and if meeting the safety endpoints, will plan for pivotal efficacy trials in the U.S., E.U., and India in late 2017.
  

7:57 am S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: +2.20. (:WRAPX) : U.S. equity futures trade near their flat lines after the overnight session featured a four-point range in S&P 500 futures. Currently, futures on the benchmark index hover one point below fair value.

Domestic investors have received just one data point today with the weekly MBA Mortgage Index falling 1.5% to follow last week's 3.5% decline.

The Federal Reserve will release the minutes from its April meeting at 14:00 ET.

Treasuries hold gains with the 10-yr yield down three basis points at 2.26%.

In U.S. corporate news of note:

• Autodesk (ADSK 55.35, -2.17): -3.8% after cautious guidance overshadowed better than expected earnings and revenue. 
• Lowe's (LOW 67.20, -4.63): -6.5% after missing bottom-line estimates and reaffirming its guidance. 
• Pep Boys (PBY 10.57, +1.32): +14.3% after the Wall Street Journal reported the company may be a target for private equity firms. 
• Staples (SPLS 15.90, -0.51): -3.1% in reaction to in-line earnings on below-consensus revenue. 

Reviewing overnight developments:

• Asian markets ended mixed. Japan's Nikkei +0.9%, China's Shanghai Composite +0.7%, and Hong Kong's Hang Seng -0.4% 
  • In economic data: 
    • Japan's Q1 GDP +0.6% quarter-over-quarter (expected +0.4%; prior +0.3%); +2.4% year-over-year (expected +1.5%; prior +1.1%), and Q1 GDP Price Index +3.4% year-over-year (expected +3.6%; prior +2.4%). Separately, Leading Index 106.0 (expected 105.5; prior 105.5) 
    • Australia's May Westpac Consumer Sentiment 6.4% (prior -3.2%) 
  • In news: 
    • China's government presented an outline for economic reforms, focusing on aerospace, robotics, new energy, and advanced transport as part of a ten-year plan

• Major European indices trade in mixed fashion. Germany's DAX -0.3%, France's CAC -0.2%, and UK's FTSE +0.1%. Elsewhere, Italy's MIB -0.2% and Spain's IBEX +0.1% 
  • Economic data was limited: 
    • Germany's April PPI +0.1% month-over-month (expected 0.2%; prior 0.1%); -1.5% year-over-year (consensus -1.4%; last -1.7%) 
    • Spain's trade deficit narrowed to EUR890 million from EUR2.04 billion (expected deficit of EUR2.00 billion) 
    • Swiss ZEW Expectations improved to -0.1 from -23.2 
  • Among news of note: 
    • The Bank of England released the minutes from its latest meeting, which revealed no changes among the voting members with all supporting the status quo

7:50 am Leidos announces an accelerated stock repurchase program for $100 mln, ~80% of which will be acquired in the near term (LDOS) :  

7:46 am SouFun Holdings misses by $0.02, beats on revs; raises FY15 rev guidance (SFUN) : Reports Q1 (Mar) earnings of $0.02 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.04; revenues rose 1.9% year/year to $123.5 mln vs the $121.32 mln consensus.

• Co issues raised guidance for FY15, sees FY15 revs of ~$808.3 mln from $773.2 mln vs. $816.03 mln Capital IQ Consensus Estimate. 
• Q1 Adjusted EBITDA was $11.3 million for the three months ended March 31, 2015, a decrease of 79.4% as compared to $54.8 million for the corresponding period in 2014.
  

7:45 am Overnight Treasury Summary (BONDX) : Treasuries Range-Bound

• After the close on Tuesday, the Treasury complex sold off to revisit its lows from Tuesday's morning trade. We spent the overnight session recovering those losses, but are drifting lower at the moment
• Yield check:
• 2-yr: -1 bp to 0.61%
• 5-yr: -2 bps to 1.58%
• 10-yr: -3 bps to 2.27%
• 30-yr: -2 bps to 3.06%

• International News:
• Chicago Fed President Evans (FOMC voter) delivered a speech on current economic conditions and monetary policy in Munich at 03:00 ET
• He thinks that the outlook for growth and labor market is good, but inflation is too low and expects it to be "for some time"
• Evans said that the FOMC should refrain from hiking until there is much greater confidence that inflation "1 or 2 years ahead" will be at 2% 
• Evans is one of the most dovish FOMC members and is unlikely to cast a marginal vote
• The Bank of England's Monetary Policy Committee released the minutes from its most recent meeting
• The MPC thought that inflation was likely to remain near zero but home prices could pose upside risks to inflation in the second half of 2015
• 2 out of the 9 members were "finely balanced" between voting to raise rates and voting to hold steady
• German PPI rose a smaller-than-expected 0.1% m/m in April. The Producer Price Index increased 0.1% in March as well
• Japanese GDP grew much faster than expected in Q1 2015, rising at a 2.4% annual rate versus downwardly revised 1.1% growth in Q4 2014
• The MBA Mortgage Index for the week ending 05/16 fell 1.5% versus a fall of 3.5% for the prior week
• The MBA's chief economist predictably expressed concern over higher mortgage rates depressing activity

• Data out Today:
• Crude Inventories for the week ending 5/16 (10:30 ET)
• FOMC Minutes (14:00 ET)

7:32 am Discovery Labs reports that the first patient has been enrolled in the next phase of its phase 2a clinical evaluation of AEROSURF (DSCO) : This phase is intended to expand upon the knowledge gained in the recently completed phase 2a clinical trial, the results of which were reported in mid-May 2015. The Company expects to complete this study in the fourth quarter of 2015.

• In addition, the Company plans the following phase 2 clinical assessments going forward: A phase 2a clinical trial assessing the safety and tolerability of AEROSURF of escalating doses administered to 26 to 28 week gestational age infants, with an ability to administer repeat doses. The Company anticipates completing this trial in the fourth quarter of 2015; and A phase 2b clinical trial to determine the optimal dose and define the expected efficacy margin of AEROSURF treatment. The Company anticipates completing this trial in mid 2016.
  

7:32 am Netease.com signs a framework cooperation agreement with Everbright Securities and HNA Group to form a joint-venture company (NTES) : The joint venture company will primarily focus on Internet crowdfunding and other Internet finance businesses.

• Under the Agreement, the registered capital of the joint venture company will be approximately RMB100 million, with RMB30 million contributed by Ujia, RMB40 million contributed by Everbright and RMB30 million contributed by HNA Group
  

7:32 am Engility announces award of a $10.5 mln contract, to support the US Army's logistics modernization program (EGL) :  

7:32 am Xueda Education Group Independent Committee retains Financial Advisor and Legal Counsel (XUE) : Co announced that the committee of independent directors of the Company's Board of Directors has retained Lazard Asia (Hong Kong) Limited as its independent financial advisor and Weil, Gotshal & Manges LLP as its independent U.S. legal counsel to assist with the Independent Committee's review and evaluation of the preliminary non-binding proposal letter dated April 20, 2015 from Insight Investment Co., Ltd. to acquire all of the Company's outstanding shares. The Company has retained Simpson Thacher & Bartlett LLP to act as the Company's U.S. counsel. The Company cautions its shareholders and others considering trading its securities that neither the Board nor the Independent Committee has made any decision with respect to the Company's response to the Proposal Letter.

7:31 am Monsanto and Scotts Miracle-Gro (SMG) expand long-standing partnership, SMG to pay MON $300 mln; provides business update and long-term outlook (MON) :

• MON and The Scotts Miracle-Gro Company (SMG) extended their nearly two-decade long partnership in the lawn and garden consumer market. 
• Under the agreement, Scotts will pay Monsanto a one-time upfront payment of $300 million in exchange for a Roundup brand license, extended agency agreement and technology agreement.
• In addition, MON provided an update at Annual AG Conference; highlights vision for ag and strategic rationale for Syngenta proposal; commits to divest all Syngenta Seeds and Traits and certain overlapping chemistry assets.
• The license agreement with Scotts will unlock additional value in the Roundup brand in the lawn and garden segment and provide Monsanto with $300 million in gross profit contribution, a substantial portion of which will be reflected in its fiscal year 2015 third quarter.
  

7:31 am Johnson & Johnson subsidiary Janssen Pharmaceutical Companies announces plan to file for regulatory approval of 10+ products between 2015-2019 (JNJ) : Co announced plans to file for regulatory approval of more than 10 new products between 2015 and 2019, each with the potential to exceed $1 billion in revenue, as well as more than 40 line extensions of existing and new medicines.

7:30 am Primoris Services announces a new parking structure award valued at $11 mln (PRIM) : The contract was secured by ARB Structures, part of the West Construction Services segment. The project is scheduled to begin in the third quarter of 2015 and is anticipated to be completed in the second quarter of 2016.

7:13 am China Mobile Games announces that it subsidiary Chengdu Zhuoxing Technology, has entered an agreement to sell a portion of its interest in Beijing Zhuoyuechenxing Technology Co. (CMGE) : Co announced that Chengdu Zhuoxing Technology, a subsidiary of one of the Company's variable interest entities, has entered into an agreement to restructure and sell a portion of its interest in Beijing Zhuoyuechenxing Technology, a subsidiary of Chengdu Zhuoxing, to Tianjin Zhuoyue Mobile Technology, a company controlled by Shuling Ying, the Company's chief operating officer. The Company also announced that Ying will leave his current position to assume the role of chief executive officer of Beijing Zhuoyuechenxing

• Under the agreement, Chengdu Zhuoxing will sell up to 51% of its equity interest in Beijing Zhuoyuechenxing to Tianjin Zhuoyue over a period of three years for a total consideration of RMB130 million, including a RMB20 million contribution to Beijing Zhuoyuechenxing's share capital. 
• Chengdu Zhuoxing will also transfer the operations of two social games to Beijing Zhuoyuechenxing: Crisis Action and Charming Dancer
  

7:06 am Actinum Pharma to provide clinical update on Actimab-A at upcoming 2015 ASCO annual meeting on Sunday, May 31 (ATNM) : Co announced the upcoming poster and abstract at ASCO 2015, the 51st Annual Meeting of American Society of Clinical Oncology, to be held in Chicago on May 29 - June 2.

• Data will be presented from the Company's ongoing multi-center Phase 1/2 Study for Actimab-A for the treatment of newly diagnosed Acute Myeloid Leukemia (AML.V) in elderly patients. 
• Two out of three Actimab-A treated patients achieved complete remission with different degrees of hematological recovery (CRi). These responses were documented in the settings of high pre-treatment leukemia burdens of up to 88% in the bone marrow. In the previous cohort treated at a lower dose level of Actimab-A, one patient achieved CRi. The Company also recently announced that it began the fourth and last cohort (2.0 Ci/kg per dose) in the Phase I portion of this trial.
  

7:06 am Sajan announces that Paul Rome has accepted the position of Chief Operating Officer with an anticipated start date of June 8, 2015 (SAJA) : Most recently, Rome served as vice president of technology delivery, legal solutions, at Merrill Corporation.

7:05 am Bellerophon Therapeutics announces Peter Fernandes to join as Vice President and Chief Regulatory Officer (BLPH) : Prior to joining Bellerophon Mr. Fernandes was the Vice President of Regulatory Affairs at Ikaria, Inc. from October 2012 to May 2015.

7:03 am Westmoreland Coal announces that its shareholders defeated the New York City Comptroller's proxy access proposal (WLB) :  

7:02 am Alnylam Pharma confirms it has received Orphan Drug Designation from the FDA for Revusiran (ALNY) : Co stated: "We look forward to the continued advancement of revusiran, including enrollment in our ENDEAVOUR Phase 3 trial in ATTR amyloidosis patients with FAC. In addition, we continue dosing TTR cardiac amyloidosis patients in our Phase 2 open-label extension study with revusiran, and plan to present initial data from that study in late 2015."

7:02 am AVEO Oncology announces final results from its TIVO-1 extension study, demonstrating the efficacy of tivozanib in a VEGF treatment refractory population. (AVEO) : Co announced that final results from the TIVO-1 extension study, known as Study 902, in which patients with advanced renal cell carcinoma received tivozanib as second-line treatment subsequent to disease progression on sorafenib in the Company's Phase 3 TIVO-1 first-line RCC study. Final results now show a median PFS in this setting of 11.0 months and median overall survival of 21.6 months, demonstrating the efficacy of tivozanib in a VEGF treatment refractory population.

• Co also announced  that it has received a written response from the U.S. Food and Drug Administration (:FDA) stating that a phase 3 study outlined by the Company, in patients with RCC who have failed at least two prior regimens, including VEGF therapy, "may support AVEO's proposed indication for tivozanib in the 3rd line setting."
  

7:02 am Genocea Biosciences announces positive top-line data from its Phase 2 dose optimization trial of GEN-003, showing a 60 mg highly statistically significant reduction in viral shedding rate (GNCA) : Co announced positive top-line data from a Phase 2 dose optimization trial evaluating GEN-003 for the treatment of genital herpes.

• During the 28-day observation period immediately after completion of dosing, the best dose of 60 g per protein / 75 g of Matrix-M2TM adjuvant demonstrated a highly statistically significant 55% reduction from baseline in the viral shedding rate, the primary endpoint of the trial and a measure of anti-viral activity. 
• All dose combinations tested, including the successful 30 g per protein / 50 g of adjuvant dose from the prior Phase 1/2a trial, demonstrated a statistically significant viral shedding rate reduction versus baseline and only the lowest dose combination did not demonstrate a statistically significant reduction versus placebo.
  
• In a planned secondary analysis to assess impact on patient-reported genital lesion rates, a self-assessed measurement of clinical disease, all dose groups, including the placebo group, demonstrated a statistically significant reduction from baseline.
  

7:01 am xG Technology announces an order for ~$100K in xMax mobile broadband wireless equipment and services (XGTI) : Co announced  that it has received an order for ~$100,000 in xMax mobile broadband wireless equipment and services which will be deployed in a network to be initially installed in Escazu, Costa Rica, with plans to expand in other Latin American locations.

7:01 am Stock Yards Bancorp increases quarterly dividend to $0.24/share from $0.23/share (SYBT) :  

7:00 am Northrop Grumman announces a 14% dividend increase to $0.80/share (NOC) : Co declared a quarterly dividend of $0.80/share on Northrop Grumman common stock, a 14% increase from the prior quarterly dividend of $0.70/share.

6:59 am Asian Markets Close: Japan's Nikkei +0.9%; Hong Kong's Hang Seng -0.4%; China's Shanghai Composite +0.7% (:SUMRX) : Most markets in the Asia-Pacific region finished higher on Wednesday, bolstered by a better than expected Q1 GDP report out of Japan.

Economic data

• Japan
• Q1 GDP +0.6% quarter-over-quarter (expected +0.4%; prior +0.3%); +2.4% year-over-year (expected +1.5%; prior +1.1%)
• Q1 GDP Price Index +3.4% year-over-year (expected +3.6%; prior +2.4%)
• Leading Index 106.0 (expected 105.5; prior 105.5)
• Australia
• May Westpac Consumer Sentiment 6.4% (prior -3.2%)

Equity Markets

• Japan's Nikkei increased 0.9% following its stronger than expected Q1 GDP report. Top-performing sectors included the utilities (+2.0%), technology (+1.0%), and basic materials (+1.0%) sectors. Shiseido Co (+6.9%), Tokyo Electric Power (+5.8%), and Sumitomo Realty & Development (+5.3%) led individual gainers. Tokio Marine Holdings (-3.7%) was the worst-performing issue. Out of the 225 index members, 147 ended higher, 68 finished lower, and 10 were unchanged.
• Hong Kong's Hang Seng declined 0.4%, weighed down by modest losses in most sectors. The technology (+0.8%) and utilities (+0.1%) sectors were the only sectors to end with a gain. Bank of Communications (-3.6%), Kunlun Energy Co (-2.7%), China Resources Land (-1.8%), and Tencent Holdings (-1.7%) topped the list of decliners. Hang Lung Properties (+2.0%) led individual winners. Out of the 50 index members, 15 ended higher, 32 finished lower, and 3 were unchanged.
• China's Shanghai Composite increased 0.7%, topping the 4500 level at one point before succumbing to some late selling interest that knocked it back below 4450. The industrial (+2.3%), communications (+1.2%), and consumer cyclical (+1.1%) sectors were the best-performing sectors in the Chinese market on Wednesday.
• India's Sensex jumped 0.7%, led by gains in the technology (+1.6%) and financial (+1.5%) sectors. Housing Development Finance Corp (+2.4%), Wipro (+2.1%), and Tata Consultancy Services (+1.8%) led the winners while Bajaj Auto (-2.3%), Tata Steel (-1.9%), and Bharat Heavy Electrical (-1.7%) paced the losers.
• Australia's S&P/ASX 200 declined 0.1%, recovering most of the losses it suffered in an early retreat that took the index down 0.7%. The metals & mining (-2.2%), resources (-2.0%), and gold (-1.9%) sectors were the weakest links on Wednesday.
• Regional advancers: South Korea +0.9%, Malaysia +0.02%, Indonesia +0.4%, Philippines +0.1%, Vietnam +2.5%
• Regional decliners: Taiwan -0.3%, Singapore -0.4%

FX

• USD/CNY -0.05% at 6.2037
• USD/INR +0.07% at 63.836
• USD/JPY +0.2% at 120.96
  

6:50 am Eagle Pharma announces it has submitted an NDA to the US FDA for its ready-to-use Bivalirudin product (EGRX) :  

6:47 am On the Wires (:WIRES) :

• NextGen Healthcare Information Systems, a subsidiary of Quality Systems (QSII) announced it has entered into an agreement with Reno Sparks Tribal Health Center, where RSTHC will deploy NextGen solutions, including NextGen Ambulatory EHR, NextGen Practice Management and NextGen Electronic Dental Record, to improve its organizational efficiency.
• CME Group,(CME) announced the launch of eight new European Power futures contracts on CME Europe. European Power futures are base load and peak load contracts covering the German, French, Spanish and Italian markets
• Canon U.S.A. (CAJ) announces two new additions to its portfolio of Canon Image Stabilizer binoculars, with availability of the 10x30 IS II and 12x36 IS III
• STMicroelectronics (STM) and Paradox Engineering SA announced that they will be demonstrating wireless mesh network technologies for Smart City at Techno-Frontier 2015
• eGain (EGAN) announced that Navy Federal Credit Union has selected eGain for proactive member engagement across digital touchpoints.
• Atara Biotherapeutics (ATRA) announced that the American Society of Clinical Oncology 2015 Annual Meeting website was updated for abstract 10016 being presented by its collaborating investigators at Memorial Sloan Kettering Cancer Center. The updated abstract adds information on T-lymphocytes activated against Epstein-Barr Virus in the treatment of patients with rituximab-refractory EBV associated lymphoproliferative disease after solid organ transplantation

6:46 am Citi Trends beats by $0.01, misses on revs (CTRN) : Reports Q1 (Apr) earnings of $0.74 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.73; revenues rose 3.7% year/year to $194.9 mln vs the $197.83 mln consensus; comps +1.8%.

6:38 am Black Knight Financial (NYSE: BKFS) priced its upsized 18 mln share IPO at $24.50 per share, the high end of the expected $22.00-25.00 range (BKFS) : The IPO was increased from original plans to offer 17 mln shares

6:34 am Hormel Foods beats by $0.04, misses on revs; reaffirms FY15 EPS guidance (HRL) : Reports Q2 (Apr) earnings of $0.67 per share, $0.04 better than the Capital IQ Consensus of $0.63; revenues rose 1.5% year/year to $2.28 bln vs the $2.39 bln consensus; volume up 5 percent. Total segment operating profit increased 29%.

Co reaffirms guidance for FY15, sees EPS of lower end of $2.50-2.60, excluding non-recurring items, vs. $2.54 Capital IQ Consensus. 

• "While we enjoyed an excellent first half, we expect Jennie-O Turkey Store to be significantly challenged going forward due to the impacts of avian influenza on our turkey supply chain," commented Ettinger. "Refrigerated Foods and Grocery Products will continue to benefit from value-added product growth and lower pork input costs. Specialty Foods is positioned to deliver substantial earnings increases in the back half with the CytoSport business." 
  

6:30 am ContraFect appointsSteven C. Gilman, PhD, to its Board of Directors where he will assume the role of Executive Chairman (CFRX) :  

6:30 am Yahoo! issues statement regarding IRS comments, believes the IRS statement is not specific to the planned spin-off of its Alibaba (BABA) stake (YHOO) : Yahoo confirmed that an IRS representative stated Tuesday that the IRS plans to study its rules for issuing private letter rulings regarding the active trade or business requirement in spin-off transactions and will hold off processing new ruling requests. Yahoo notes it understands that the IRS's statement is not specific to Yahoo's planned Q4 2015 spin-off of its remaining stake in Alibaba Group and Yahoo Small Business, reflects no change in applicable law, and does not affect previously filed ruling requests. Yahoo filed its pending ruling request with the IRS in Q1 2015. Yahoo continues to work toward completing the planned spin-off in Q4 2015.

6:25 am Global Net Lease anticipates its shares of common stock to list and begin trading on the NYSE during the week of May 26th (:GNL) : As previously announced, GNL intends to launch a tender offer in conjunction with the listing to purchase up to $125 million of its shares of common stock at $10.50 per share.

6:11 am Atento beats by $0.01, reports revs in-line; reaffirms FY15 guidance (ATTO) : Reports Q1 (Mar) earnings of $0.20 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.19; revenues fell 8.1% year/year to $515.9 mln vs the $513.93 mln consensus. 

• Q1 Adjusted EBITDA was $58.3 million, or 11.3% of revenue, compared to $62.8 million, or 11.2% of revenue, for the first quarter of 2014.
• Co reaffirms the following FY15 guidance: Constant currency revenue growth estimated to range between 6% and 9% Adjusted EBITDA Margin estimated to range between 13.0% and 13.5%. The Company expects normal seasonal impacts which would cause our quarterly revenue to follow similar trends as last year, with a greater portion recorded in the second half of the year.
  

6:08 am Staples reports EPS in-line, misses on revs; guides Q2 EPS in-line (SPLS) : Reports Q1 (Apr) earnings of $0.17 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.17; revenues fell 6.9% year/year to $5.26 bln vs the $5.46 bln consensus.
North American Stores:

• Comparable sales: -3% 
• Comparable store sales: -5% 
• Staples.com local currency sales growth: +3% 
  

Guidance
Co issues in-line guidance for Q2, sees EPS of $0.11-0.13 vs. $0.11 Capital IQ Consensus Estimate.

• expects sales to decrease versus the second quarter of 2014 (2Q14: $5.22 bln). This is in-line with current estimate of $5.08 bln
  

6:07 am Lowe's misses by $0.04, reports revs in-line; reaffirms FY16 EPS, rev, and comp guidance; Q1 comps +5.2% (LOW) : Reports Q1 (Apr) earnings of $0.70 per share, $0.04 worse than the Capital IQ Consensus Estimate of $0.74; revenues rose 5.4% year/year to $14.13 bln vs the $14.26 bln consensus.

• Co reaffirms guidance for FY16, sees EPS of $3.29 vs. $3.31 Capital IQ Consensus Estimate; sees FY16 revs of +4.5-5.0% to ~$58.75-59.0 bln vs. $58.97 bln Capital IQ Consensus Estimate; reaffirms comp guidance of 4 to 4.5%. Co expects to open 15 to 20 home improvement and hardware stores.
• Q1 comparable sales for the quarter increased 5.2%. Comparable sales for the U.S. home improvement business increased 5.3%.
  

6:02 am Rubicon Minerals announces that it has been accepted into the Industrial Electricity Incentive Stream 3 Program from the Independent Electricity System Operator (RBY) : As part of the 9-year IEI Program contract, Rubicon anticipates an average electricity cost savings of ~C$4.0 mln per full year of operations based on 2014 electricity rate information.

5:51 am S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: +0.80. :

5:50 am European Markets : FTSE...6999.52...+4.40...+0.10%.  DAX...11809.03...-44.30...-0.40%.

5:50 am Asian Markets : Nikkei...20196.56...+170.20...+0.90%.  Hang Seng...27585.05...-108.50...-0.40%.

4:56 am Edwards Lifesciences provides new SAPIEN 3 Valve data that demonstrated low mortality supporting previous study (EW) : Co announced that 30-day outcomes for intermediate-risk patients treated transfemorally with the SAPIEN 3 transcatheter aortic valve at centers in Europe and Canada demonstrated very low mortality and stroke rates, and no severe paravalvular leaks. These independently adjudicated data are consistent with the outcomes recently reported in a similar study of 1,000 patients treated at 51 centers in the United States.

4:29 am St. Jude Medical provides new data supporting its OCT Technology (STJ) : Co announced preliminary results from the ILUMIEN I trial and final results from the ILUMIEN II clinical study. Taken together, the findings from both studies show that with resolution up to 10 times higher than intravascular ultrasound, optical coherence tomography imaging can help improve stent selection and deployment, better support clinical decision-making and improve patient outcomes.

Findings from ILUMIEN I: Optimizing PCI with OCT Guidance
In the largest prospective study to date examining OCT's impact on clinical decisions and their associated outcomes, ILUMIEN I assessed 418 patients suffering stable or unstable angina or non-ST segment elevation myocardial infarction (:NSTEMI). The study's 12-month data shows:

• OCT guidance conducted either pre- or post-PCI altered physician decision-making in 65% of patients. 
  
• Pre-PCI OCT altered treatment planning in 55% of patients and led to changes in decisions related to stent length and diameter. 
  
• OCT imaging was associated with a reduction of in-hospital MI when used pre- and post-PCI to change the procedural strategy. 
  

4:27 am Yingli Green Energy responds to 'Going Concern' reports; co believes it will meet its repayment obligations (YGE) : Co issued a statement to respond to recent media coverage on the Company's ability as a going concern as disclosed in its annual report on Form 20-F for the year ended December 31, 2014.

• Co recently filed the 2014 Annual Report with the SEC, in which the Company disclosed its operating and financial results for 2014, including the Company's historical financial performance, as well as the Company's overall losses, debt-to-equity ratios and strategic investments. 
• Co stated in the 2014 Annual Report that there is substantial doubt as to the Company's ability to continue as a going concern. 
• However, co states this statement has been taken and interpreted out of context in some media coverages. 
• The Company has been transparent not only about the risks and challenges it faces, but also about the Company's alternative plans to mitigate future risks and challenges.
• The Company has already taken a series of positive and substantive actions and steps relating to its debt repayment plans, including the recent repayment of the Company's mid-term notes in the principal amount of RMB 1.2 billion, which matured on May 3, 2015. 
• Overall, the Company is optimistic about and confident in its ability to continue servicing the global solar market, and feel well-positioned with our quality products and access to capital in order to take advantage of the current surge in solar demand. 

3:49 am On The Wires (:WIRES) :

• Alibaba.com, the platform for global wholesale trade owned by Alibaba Group (BABA), launched Trade Assurance, a free service designed to create trust in trade by giving businesses peace of mind when trading with China. 
• Norwegian Cruise Line (NCLH) announced that the Norwegian Dawn had a temporary malfunction of its steering system, causing the ship to sail slightly off course as the ship was departing Bermuda, resulting in the vessel making contact with the sea bed. All guests and crew are safe and there were absolutely no injuries. The ship's officers, engineers and an independent dive team have confirmed the structural integrity of the ship. )-- Canon (CAJ) announces two new additions to its portfolio of Canon Image Stabilizer binoculars with the 10x30 IS II and 12x36 IS III. 
• Disney (DIS) Store opened the doors of its flagship store in Lujiazui area of Pudong, Shanghai, China. The landmark store is the largest retail space of any Disney Store in the world featuring 5000 square meters of immersive shopping experiences and innovative product, and also features an outdoor plaza. 
• Constellium N.V. (CSTM) announces its AIRWARE technology was aboard Orion's successful first flight test, Exploration Flight Test-1 (EFT-1). 
• Built by Lockheed Martin (LMT), NASA's Orion spacecraft is designed for human exploration of deep space.
  

3:20 am On The Wires (:WIRES) :

• Blizzard Entertainment (ATVI) and NetEase (NTES) jointly announced that the Nexus portal is wide open to heroes everywhere, as open beta testing for Heroes of the Storm, its brand-new free-to-play online team brawler for Windows PC, is now live in China. 
• Equinix (EQIX) announced that Azure ExpressRoute has deployed into its Melbourne data center, ME1. As of today, Equinix enables Melbourne businesses to be able to directly connect with Microsoft Azure through the ME1 International Business Exchange data center.
  
• Bright Horizons Family Solutions (BFAM) announced it has acquired Pennsylvania-based Hildebrandt Learning Centers, welcoming its centers, staff and leaders to the Bright Horizons family along with the children, families, and clients they serve. The acquisition closed on May 19, 2015, and financial terms were not disclosed.
  
• Consolidated-Tomoka Land (CTO) announced the acquisition of a 23,329 square-foot property situated on 2.46 acres in Glendale, Arizona for ~$8.6 million.
  

2:29 am UBS resolves FX matter with DOJ; fined $342 mln; no financial impact on 2Q 2015 results (UBS) : UBS announced that it has approved entering into resolutions with the US Department of Justice DOJ, the Board of Governors of the Federal Reserve System and the Connecticut Department of Banking in their investigations of the global foreign exchange markets. This follows the firm's resolutions last November with the Swiss Financial Market Supervisory Authority, UK Financial Conduct Authority and the US Commodity Futures Trading Commission. 

• Firm faces no criminal charges and no DOJ fine on FX 
• UBS granted conditional immunity from prosecution for FX by Antitrust Division of DOJ 
• DOJ to terminate 2012 LIBOR NPA requiring UBS AG to plead guilty on legacy LIBOR conduct and pay USD 203 million 
• Payment to Board of Governors of the Federal Reserve System of $342 million 
• UBS fully provisioned for these resolutions; no financial impact on 2Q 2015 results
  

2:21 am B2Gold secures new $350 mln revolving credit facility (BTG) :  

2:11 am Integrated Silicon receives letter from Starboard Group; Starboard disappointed ISSI Board does not appear to be doing everything in its power to negotiate the best possible deal for shareholders (ISSI) : Starboard Value LP, the largest shareholder of Integrated Silicon Solution, with ownership of approximately 11.5% of the Company's outstanding common stock, today announced that it has delivered a letter to the independent members of ISSI's Board of Directors. The major points of the letter are as followed:

• Extremely disturbed to learn that ISSI is frustrating Cypress Semiconductor's (CY) attempts to conduct customary due diligence
• Disappointed ISSI Board does not appear to be doing everything in its power to negotiate the best possible deal for shareholders
• Currently intends to vote against ISSI's Merger with the Buyer Consortium at the June 3 Special Meeting and commence a consent solicitation to remove and replace a
• Majority of the ISSI Board in the event the board fails to immediately take the following actions:
• Announce it has formed a special committee of independent directors to oversee all further deal negotiations without undue influence from management
• Enter into an appropriate confidentiality agreement with Cypress
• Confirm that cypress will be provided reasonable access to information it may require and cooperation from management.
  

1:33 am Interactive Intelligence prices $150.0 mln of its 1.25% Convertible Senior Notes due 2020 (ININ) :  

1:31 am Sociedad Quimica y Minera misses by $0.04; misses on revs (SQM) : Reports Q1 EPS of $0.27 vs $0.31 Capital IQ consensus; revs increased 27% YoY to $387.5 mln vs $532.5 mln consensus. 

• In the industrial chemical business line, co sees very positive signs in the solar salt  business, and expect to move forward some sales anticipated for 2016 to 2015. 
• This shift should bring sales volume expectations for 2015 to over 75,000 metric tons, an increase of over 50,000 metric tons when compared to last year.

1:21 am Momenta Pharma prices 7,250,000 shares of common stock at $19.00 per share (MNTA) :  

1:18 am Energy Transfer Equity prices $985 mln of 5.500% senior notes due 2027 (ETE) :  

1:15 am Deutsche Post divests 4.16% stake in Sinotrans (DPSGY) : Co announced that it has reduced its financial holding in Sinotrans Ltd. of 5.16% of total issued shares (equivalent to 11.07% of issued H-shares) by disposing 191,400,000 H-shares representing about 4.16% of the number of total issued shares (equivalent to 8.92% of number of issued H-shares).

1:03 am NiSource unit Columbia Pipeline Group, prices $2.75 bln of Senior Notes (NI) : Co announced the pricing of $2.75 billion in aggregate principal amount of 2.45% senior unsecured notes due 2018, 3.30% senior unsecured notes due 2020, 4.50% senior unsecured notes due 2025 and 5.80% senior unsecured notes due 2045