11:57 am Mylan Labs comments on the earlier ruling by the U.S. Court of Appeals which found Teva's (TEVA) U.S. Patent for Copaxone to be invalid as indefinite (MYL) : "We have stated all along that the '808 patent on Copaxone is invalid and are gratified that the Federal Circuit Court of Appeals has agreed and put this matter to rest. We continue to remain very confident in our application for our generic version of Copaxone and look forward to bringing our product to market upon approval from the U.S. Food and Drug Administration. Further, we believe this ruling underscores concerns with Teva's ongoing financial prospects, as Teva's Copaxone franchise has historically been its largest and most significant revenue driver."

11:52 am CF Industries to debottleneck the existing urea plant at its Courtright Nitrogen Complex in Sarnia, Ontario, in order to upgrade ammonia into additional urea-based products (CF) : Once completed, production capacity at Courtright for urea-based products, including diesel exhaust fluid, granular urea, and urea liquor, will increase by 130,000 tons.

• The debottleneck project will begin in 2015 at an estimated cost of $85 million. Completion is anticipated for the fourth quarter of 2017 concurrent with a scheduled turnaround of the urea plant.
  

11:51 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

• UK's FTSE:+0.4%
• Germany's DAX:+1.1%
• France's CAC:+0.3%
• Spain's IBEX:+0.6%
• Portugal's PSI:0.0%
• Italy's MIB Index:+1.1%
• Irish Ovrl Index:+0.4%
• Greece ASE General Index: +0.4%

11:35 am PBF Energy to purchase Chalmette Refining, LLC, consisting of the 189k barrel per day Chalmette Refinery and related logistics assets for $322 mln; Expected to be immediately accretive to earnings (shares halted) (PBF) : The co announced that its subsidiary has signed a definitive agreement to purchase Chalmette Refining, LLC, consisting of the 189,000 barrel per day Chalmette Refinery and related logistics assets, from ExxonMobil (XOM) and PDV Chalmette, LLC. With the acquisition PBF will increase its total throughput capacity to over 725,000 barrels per day. The purchase price for the assets is $322 million, plus working capital including inventory to be valued at closing. PBF Energy does not expect to issue equity to finance any portion of this transaction.

• The transaction is expected to be approximately 20% accretive to 2016 consensus earnings in the first year of operation and is expected to close prior to year-end 2015, subject to customary closing conditions and regulatory approvals. 
• In addition to refining assets, the transaction includes 100 percent ownership of the MOEM Pipeline, providing access to the Empire Terminal, as well as the CAM Connection Pipeline, providing access to the LOOP facility through a third party pipeline.
  

11:30 am New all time high Nasdaq Comp +67 (:TECHX) :  

11:27 am Floor Talk (:TALKX) : And just like that the S&P 500 has returned to the upper end of the trading range that has been intact since early April (2080-2120).  It just so happens that the upper end of that range also means the S&P 500 is near its all-time high.

Support structures underpinning today's rally effort include:

• A dovish interpretation of the FOMC meeting and Fed Chair Yellen's remarks yesterday
• A rosy combination of economic data today that painted a picture of improved economic activity and low inflation pressure
• CPI (+0.4%) and core CPI (+0.1%) prints were lower than expected
• Initial claims, Philly Fed Index, and Leading Indicators were all better than expected
• S&P 500 regaining a posture above the 50-day simple moving average off the open
• With the ongoing saga in Greece, a notion that the U.S. is a more secure place to be invested right now
• Russell 2000 is breaking out to new all-time high today
• Dollar weakness helping to lift stocks of multinational companies

The test heading into the afternoon session will be whether the S&P 500 can break out of its trading range to the upside.  The financial (+0.6%) and technology sectors (+0.7%) may hold the key in that respect.  They are up today, but underperforming the broader market.

11:19 am Underperforming Transports display some relative strength today (IYT) : The IYT has notched a new session high of 151.85, its bounce high from last week is at 152.05 (Rail +1.3%, Trucking +1.4%, Airline JETS unch).

11:15 am TG Therapeutics announces a favorable safety profile for patients in its Phase 2 clinical trial of TG-1101 in combination with ibrutinib (TGTX) : Co announced updated clinical results from its Phase 2 study of TG-1101 (ublituximab), the Company's novel glycoengineered anti-CD20 monoclonal antibody, in combination with ibrutinib, the oral BTK inhibitor.

• TG-1101 in combination with ibrutinib was well tolerated in the 44 CLL patients evaluable for safety, with day 1 infusion related reactions (IRR) being the most frequently reported adverse event (regardless of causality), the majority of which were Grade 1 or 2 in severity. Only 3 Grade 3 or 4 adverse events were observed in > 5% of patients: neutropenia (11%), anemia (11%), and IRR (7%). 
• Adverse events were manageable with only 7% of CLL patients (3/44) discontinuing from the study due to an adverse event: 1 diarrhea (attributed to ibrutinib) and 2 non-related adverse events. Overall, aside from day 1 IRR, the addition of TG-1101 to ibrutinib did not appear to alter the safety and tolerability profile of ibrutinib monotherapy.
• Of the 44 CLL patients treated, 40 were evaluable for response. The 4 patients who were not evaluable included 2 who discontinued due to an adverse event and 2 who withdrew consent, in each case, prior to a first efficacy assessment. Of the 20 CLL patients with previously treated high-risk disease, the patient population we are currently studying in our Phase 3 GENUINE study, 95% (19/20) achieved an objective response with 20% achieving MRD negativity and/or a CR or an unconfirmed CR (pending bone marrow confirmation) as per the iwCLL (Hallek 2008). 
• Additionally, disease response improved for the high-risk CLL patients from a median 64% nodal reduction by month 3 to a median 85% nodal reduction by month 6. Amongst all 40 CLL patients evaluable for efficacy, 88% (35/40) achieved an objective response per the iwCLL (Hallek 2008) criteria and 4 patients, or an additional 10%, achieved nodal reductions ranging from 20%-55%, without disease progression. 

11:14 am Nasdaq Comp +66 probes its March 10, 2000 high at 5132.52 -- session high 5132.27 (:TECHX) :  

11:07 am Boyd Gaming flirts with previous multi-year high from last week at 51.38 -- session high 51.39 (BYD) :  

11:04 am Avis Budget and JetBlue Airways (JBLU) expand their existing marketing affiliation (CAR) : Co announced that it has signed a multi-year preferred partnership agreement with JetBlue Airways (JBLU). The new agreement  expands the existing marketing affiliation between the two companies, under which Avis Budget Group has served as a partner within JetBlue's TrueBlue loyalty rewards program.

• Under the new agreement, Avis Budget Group will promote its Avis Car Rental, Budget Car Rental and Payless Car Rental brands, products and services as well as money-saving offers directly to JetBlue customers and TrueBlue members.
  

11:02 am Applied DNA Sciences partnered with the Fairfield (NJ) Police Department to create the first 'DNA Protected Community' in New Jersey (APDN) : The DNA Home Asset Marking Program enables home and business owners to mark property with a unique and invisible plant based DNA specific to the owner. This initiative follows the previously announced partnership with law enforcement and government agencies in Suffolk County, NY, to utilize DNAnet in a pilot program to protect home and business owners, and is followed by the training of law enforcement in other parts of New Jersey.

10:54 am Relative sector strength (:TECHX) : Sectors that have outperformed the S&P on the push to a new high in recent action include: Biotech IBB, Semi SMH, Health XLV, Utility XLU, Restaurant, Staples XLP.

10:52 am Stock indices edge to new session highs -- Dow +177, S&P +18, Nasdaq Comp +60 (:TECHX) :  

10:41 am Cybersecurity ETF surpasses $1 billion in assets under management just seven months after inception (HACK) : HACK launched in November 2014 and tracks the ISE Cyber Security IndexTM. As of May 31, 2015, the stated per share NAV has appreciated 15.30%, since inception 

10:41 am Momenta Pharma highlights that a US Federal Circuit Court of Appeals, has found the patent related to a method of manufacturing glatiramer acetate, is invalid as indefinite (MNTA) : Co stated: "We are very pleased with the Federal Circuit's decision to declare Teva's (TEVA) manufacturing process patent invalid once again."

10:37 am Some intraday relative sector weakness in Oil Service OIH, Energy XLE in recent trade (:TECHX) :  

10:35 am Pace of morning market advance slows -- Dow +148, S&P +15, Nasdaq Comp +51 (:TECHX) : The A/D Line and Dow did not confirm the new S&P session high which suggests some slowing of this morning's upside momentum.

10:16 am Shutterfly: Ancora sends another letter to SFLY following annual meeting (SFLY) : "We believe the results of Shutterfly's 2015 meeting of shareholders strongly indicate that shareholders desire transformation, particularly relating to the executive compensation structure and capital allocation practices. As you contemplate how to best direct the Company under a revised mandate from shareholders, we urge that you pursue the following:

• Dramatically overhaul the executive compensation incentive structure to align management with long term shareholders (with Cimpress 2012 as a template) 
• Appoint at least one of the newly elected Marathon representatives to the Compensation Committee 
• Develop and implement a stated capital return policy"
  

10:14 am Nasdaq Comp +54 extends to 5119.38 to probe its 15 year high from April at 5119.83 (:TECHX) : Its all time intraday high from March 2000 is at 5132.52.

10:10 am Micronet Enertec executes a Memorandum Of Understanding, to be the exclusive supplier of rugged tablets and other telematics equipment to a leading MRM solution provider (MICT) : Co announced that its Mobile Resource Management subsidiary Micronet executed a binding Memorandum Of Understanding (:MOU) to be the exclusive supplier of rugged tablets and other telematics equipment to a leading MRM solution provider. The exclusivity arrangement pursuant to the MOU is for the later of two years or the delivery by Micronet to the customer of 20,000 units of Micronet's All In One A317 rugged tablet and a new Android-based On Board Computer.

• As part of the MOU, the customer agreed to place an initial purchase order for 4,000 units, valued at a minimum price of $950,000, which will be delivered by Micronet by the end of 2015. Based on inputs from the customer, management estimates that the potential value of this engagement may reach $4.7M.
  

10:09 am Major averages extend to fresh session highs in recent trade -- Dow +162, S&P +15.9, Nasdaq Comp +52 (:TECHX) :  

10:08 am Fitbit opens for trading at $30.40 after pricing IPO at $20 (FIT) :  

10:07 am Russell 2000 edges above April peak to set a new all time high of 1278.97 (:TECHX) :  

10:04 am Equity averages holding near highs after Philadelphia Fed and Leading Indicators beat expectations (SPY) : S&P 500 now +12.82 (+0.6%).

10:02 am Stock indices tick slightly higher after second round of data --Dow +138, S&P +12, Nasdaq Comp +41 (:TECHX) :  

9:57 am Restoration Hardware prices $250 million of 0% convertible senior notes due 2020 at a 25% conversion premium to yesterday's closing stock price of $94.50 (shares halted) (RH) : Restoration Hardware also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $50 million of the notes on the same terms and conditions, for a total potential offering size of up to $300 million. 

• The Company has entered into convertible note hedge and warrant transactions on terms that have the effect of limiting earnings dilution as a result of the convertible notes issuance up to a 100% premium to today's closing stock price. Under the terms of these transactions, the Company's shareholders are not expected to experience earnings dilution until the Company's stock price is above approximately $189, which corresponds to a market capitalization in excess of $7.9 billion based on the current diluted shares outstanding. 
• The notes will not bear interest and will mature on July 15, 2020, unless earlier purchased by us or converted. The initial conversion rate is 8.4656 shares of common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $118.13 per share representing a premium of 25% over yesterday's closing stock price.
  

9:56 am Stock indices hovering near session highs in front of second round of data -- Dow +127, S&P +11, Nasdaq Comp +41 (:TECHX) :  

9:50 am Oracle gaps aggressively lower, extends near its March low at 41.20 and stabilizes -- session low 41.08 (ORCL) :  

9:49 am Sector strength (:TECHX) : Sectors that helped underpin the market in early dealings include: Biotech IBB (BMRN, JUNO, OTIC, REGN, CLVS, BLUE, MDVN), Silver SLV, Gold GLD, Gold Miners GDX, REITs IYR, Defense PPA, Rail, Cyber Security HACK, Health XLV, Medical Supplies, Home Const ITB.

9:41 am Opening Market Summary: Nasdaq Paces Opening Advance (:WRAPX) : The major averages climbed out of the gate with the Nasdaq Composite (+0.6%) trading ahead of the S&P 500 (+0.4%).

All ten sectors hold early gains with health care (+0.8%) in the lead. The countercyclical group has received support from biotech names, evidenced by a 1.3% increase in iShares Nasdaq Biotechnology ETF (IBB 371.24, +4.69).

Over on the cyclical side, the consumer discretionary (+0.6%) sector trades ahead of the broader market while the remaining five growth-sensitive groups hold slimmer gains.

Elsewhere, the 10-yr note remains near its flat line with its yield at 2.32%.

May Leading Indicators (expected 0.4%) and the Philadelphia Fed Survey for June (consensus 8.0) will be reported at 10:00 ET.

9:40 am Small-cap Russell 2000 retests yesterday's high and its all time close high from April at 1274/1275 (:TECHX) : The all time intraday high from April is at 1278.62.

9:36 am Ring Energy prices its offering of 4.5 mln shares of its common stock to the public at $11.50 per share (REI) :  

9:36 am Comcast gaps vacillating near its May peak at 60.00 (CMCSA) : Like the overall market CMCSA has been traversing within a broad range for the last several months. The next short term area of interest of follow through develops is at a series of highs near 60.30 with its all time close high from March at 50.57 (all time intraday high at 60.75).

9:29 am On the Wires (:WIRES) :

• Caterpillar (CAT) has entered into a strategic alliance with Modustri, a provider of service and measurement technologies, for use in the field. Caterpillar and Modustri will work together to develop advances that enhance Cat customers' abilities to measure wear on parts during operation
  
• USMD Holdings (USMD) announced that Sunbal Zafar, M.D., has joined its USMD Affiliated Services.
  
• Tecogen Inc. (TGEN) announced the sale of two CM-75 combined heat and power modules to a school district in New Jersey located ~35 miles from New York City.
  
• Apigee (APIC) announced the availability of API Health, new software-as-a-service that allows organizations to monitor the status of the APIs (application programming interfaces) that are powering their mobile and Web applications
  
• Zipcar, a unit of Avis Budget Group (CAR) announced a new partnership with the City of Wilmington to bring its "wheels when you want them" membership service to the area
  
• Papa Murphy's Holdings (FRSH) announced its selection of BellTower Technologies to implement its communication, management and reporting system to respond in the event of suspected food quality or safety issues.
  
• BrightRoll, a division of Yahoo! Inc. (YHOO), announced the international expansion of its technology infrastructure into Hong Kong with Equinix. With expansion into Equinix's Hong Kong data center facilities, advertisers can access the BrightRoll Marketplace in APAC and connect to publishers in the region, including Yahoo owned and operated inventory.
  
• TouchPal announced a strategic partnership with Yahoo! that adds Yahoo's mobile search capabilities to TouchPal's Android user platform

9:29 am On the Wires (:WIRES) :

• Fiserv (FISV) has expanded its card production capabilities to include milling and embedding, enabling the company to complete the entire EMV chip card production process in house
  
• ChannelAdvisor Corporation (ECOM) announced its support of Amazon (AMZN) Business
  
• Federal-Mogul Holdings Corporation (FDML) announced the appointment of Colleen Hanley to vice president of Communications and Investor Relations
  
• YOU On Demand Holdings (YOD) announced that based on the collaborative success of its original partnership with Beijing Hiveview Technology both companies have agreed to expand the existing distribution agreement to closer integrate YOU On Demand's services with Dr. Peng Group's branded consumer products and broadband services. Under the expanded collaboration and special promotion, Dr Peng Group will provide 1-year or 2-years of automatically activated and bundled YOU Hollywood service, to both the first 2 million purchasers of Dr. Peng's new Domy Box and the first 200,000 purchasers of the new Domy Smart TV The fee for the YOU Hollywood service will be built into and included in the sale price of each individual piece of hardware. Upon the sale of a device, YOU On Demand will receive payment from Dr. Peng Group.
  
• Planda Biotechnology (PLPL) announced that its green tea extract has been packaged by Azochem Laboratories, a contract manufacturer for USN in South Africa, and is now on shelves in USN locations in that country
  
• 3D Systems (DDD) announced that Southend University Hospital has established an interventional stroke service using its ANGIO Mentor Suite simulator at Anglia Ruskin University for team training for endovascular stroke treatment.
  

9:26 am General Electric says its Aviation unit and its JV companies announced more than $19 bln in orders and commitments at this week's Paris Air Show (GE) : The orders and commitments included close to 1,000 GE and CFM engines as well as OnPoint solution agreements for engine maintenance, repair and overhaul

9:16 am Campus Crest Communities announces several transaction agreements to reduce its joint venture exposure (CCG) : Co announced the recent signing of several transaction agreements to further reduce the Company's joint venture exposure and updates pertaining to the selection of a new auditor.

• The agreements currently include: The sale of the Company's entire ownership interest in the two evo Montreal properties to its existing joint venture partner in the Canadian venture. As part of the transaction, the existing project loan will be refinanced, releasing Campus Crest from all guaranty and indemnity obligations associated with the joint venture. 
• The material reduction in the number of assets held in joint venture ownership with Harrison Street Real Estate Capital through the acquisition and disposition of a select number of assets by each party. 
• Upon closing, the Company will increase its number of wholly owned properties. The acquisition of the remaining minority interest in the Copper Beech assets Klondike-Purdue and Northbrook Greens-State College. 
• After a comprehensive review, the audit committee of the Board has concluded the selection process to identify a new accounting firm to serve as the Company's independent registered public accounting firm beginning with our 2Q15 financial reporting cycle. Upon finalization of the engagement letter, the Company will publicly announce the new accounting firm, a leading audit and tax firm with a top ten national practice.
  

9:13 am S&P futures vs fair value: +3.90. Nasdaq futures vs fair value: +11.20. (:WRAPX) : The stock market is on track for a higher open as futures on the S&P 500 trade four points above fair value. Index futures climbed off their overnight lows shortly before the start of the European session. However, unlike U.S. futures, European equities trade lower across the board with little hope that a deal will be struck between Greece and its creditors. Meanwhile, Greek Prime Minister Alexis Tsipras is in St. Petersburg today and is scheduled to meet Russian President Vladimir Putin tomorrow.

On the economic front, the CPI report for May came in below expectations (+0.4% month-over-month; Briefing.com consensus 0.5%) while Core CPI (+0.1%; Briefing.com consensus 0.2%) was also cooler than expected. Meanwhile, weekly Initial Claims declined to 267,000 from 279,000 while the Briefing.com consensus expected a smaller drop to 276,000.

Two more economic reports remain with May Leading Indicators (expected 0.4%) and the Philadelphia Fed Survey for June (consensus 8.0) set to be reported at 10:00 ET.

Treasuries held solid gains during overnight action, but they have slumped to lows not long ago with the 10-yr yield at 2.32%.

In corporate news of note, Oracle (ORCL 42.32, -2.59) is on track to open lower by 5.8% after missing earnings/revenue estimates and guiding below consensus expectations.

9:13 am Nucor -- Additional color on lowered guidance (NUE) : As a follow-up to our 9:00 comment, steel producer Nucor just guided to Q2 EPS of $0.20-0.25, which is below the $0.30 CapitalIQ consensus.

Overall operating performance at the steel mills segment in Q2 is expected to decrease from Q1. Pricing has begun to stabilize, but Nucor experienced some margin erosion as the decrease in average sales prices during the quarter slightly outpaced the decrease in the average cost of raw materials consumed. Pricing remains under pressure from exceptionally high levels of imports that continue to flood the domestic market in Q2. Imports accounted for an estimated 32% of the finished steel market in the first five months of 2015, compared 26% in the first five months of 2014. Nucor says it's somewhat encouraged to see a slight decrease in imports since the beginning of the year.

Energy markets remain challenging as domestic rig counts continue to decline and the destocking of the energy supply chain is not yet complete. The operating performance of the downstream products segment has improved in Q2 as compared to the year ago period due to the continuing gradual improvement in nonresidential construction markets. The downstream products segment also benefited from typical seasonality in nonresidential construction markets as weather conditions have improved....NUE currently trading at $47.13 (-2.1%)

Briefing.com Note: Keep in mind that NUE historically tends to be pretty conservative in the guidance they provide near quarter end. They guided sharply lower for Q1 in mid-March then wound up reporting a $0.07 beat a month later. In terms of other names, we would not be surprised to see STLD guide lower in the coming days. They tend to both provide guidance, and often in the same direction, in the last few weeks of a quarter. Other steel producers to watch include: AKS, CMC, MT, SCHN, X. Steel processors to watch: ROCK, RS, RYI, WOR, ZEUS.

9:05 am Town Sports Intl announces that President and Chief Executive Officer Dan Gallagher is leaving the Company, effective June 19, 2015 (CLUB) : Patrick Walsh, Chairman of the Board of Directors, will serve as Executive Chairman while the Board conducts a search for Gallagher's successor.

9:02 am Allstate reports a May catastrophe loss estimate of $178 mln (ALL) : Co announced estimated catastrophe losses for the month of May 2015 of $178 million, pre-tax ($116 million after-tax). Catastrophe losses occurring in May comprised 8 events at an estimated cost of $180 million, pre-tax, partially offset by decreased reserve reestimates of prior reported catastrophe losses. Four severe weather events accounted for over 77% of the estimated catastrophe losses for May events

9:02 am Willis Lease announces it will provide spare engines to support the Southwest Airlines (LUV) fleet of Boeing 737NG aircraft, over the next five years (WLFC) : Under the terms of the agreement, Willis Lease will provide Southwest Airlines with CFM56-7B24 spare aircraft engines over the next five years.

9:02 am Command Security announces notification of the U. S. Postal Service's decision to confirm contract award (MOC) :

• On December 31, 2014, Command Security Corporation ("Command Security" or the "Company") received notification of the award of the USPS contract under Solicitation No. 2B-14-A-0078, valued at approximately $250 million over a ten year term of service. 
• On January 29, 2015 the Company announced that the USPS had issued a stay of the transition of the contract awarded to the Company pending the resolution of a dispute over the award of such contract. 
• On January 27, 2015, the Company was notified by the USPS that ABM Security Services ("ABM") had lodged a protest with the USPS seeking to overturn the contract that was awarded to the Company. In a decision dated June 15, 2015, the USPS Supplier Disagreement Resolution Officer found that the December 31, 2014 contract awarded to the Company represented the best value for the USPS. 
• Now, the Company was notified by the United States Department of Justice that ABM has expressed an intent to file a protest with the Court of Federal Claims challenging the award of the USPS contract to the Company, and seeking an injunction to stop the transition of the USPS contract to the Company.
  

9:01 am New York REIT: First Winthrop Corp and The Witkoff Group offer to become external advisor to New York REIT, Inc. (NYRT) : First Winthrop Corp and The Witkoff Group release two letters previously sent to the BoD and CEO and President of New York REIT, outlining an offer to be engaged as NYRT's external advisor.

• Winthrop/Witkoff hereby proposes that in lieu of NYRT continuing to retain its existing advisor, NYRT retain a newly formed entity controlled by Winthrop/Witkoff pursuant to which the New Advisor will become the external advisor to NYRT for an initial period of five years together with a substantial reduction to the existing fee structure.
  
• The Asset Management Fee and expense reimbursement shall be the same as currently provided in the Sixth Amended and Restated Advisory Agreement between NYRT and New York Recovery Advisors except that the total of such amounts shall not exceed the lesser of (i) 0.75% of the Cost of Assets; and (ii) 1.5% of the imputed equity value of NYRT. For purposes of determining the imputed equity value multiply the number of existing issued and outstanding shares by $9.15 increased by $100,000,000, and then further increased or decreased as the case may be by the price of future common and/or preferred share issuances less the price paid for common and/or preferred share redemptions or liquidating distributions.
  
• We are further offering to acquire from NYRT 8,333,000 newly-issued common shares of NYRT for a purchase price of $12.00 per share. This price is a 32% premium to the current trading price for NYRT's common shares. The acquisition of the shares would occur simultaneously with the entering into of the New Agreement with Winthrop/Witkoff. Not only would such acquisition give Winthrop/Witkoff an ownership stake in NYRT, thereby aligning its interests with that of the NYRT shareholders, but it will provide NYRT with $100 mln of equity capital for future investment and growth. Such purchase would be in addition to the common shares Winthrop/Witkoff currently owns in NYRT.

9:01 am Patriot National acquires InsureLinx, a private company that provides technology services for workers' compensation administration and insurance premium billing; terms not disclosed (PN) :  

9:01 am LiqTech International receives a $830,000 system order for the removal of heavy metals for a wastewater application, expected to be delivered in 2015 (LIQT) :  

9:01 am Alexza Pharma amends its Adasuve commercial partnership agreements (ALXA) :

• Co announced that it has updated and amended its Adasuve commercial partnerships with Grupo Ferrer Internacional and Teva Pharmaceutical Industries (TEVA). 
• Ferrer is Alexza's commercial partner for Adasuve in the European Union, Latin America, the Commonwealth of Independent States and other countries in Europe. 
• Alexza and Ferrer have agreed to identify more suitable long-term solutions for future Adasuve manufacturing. Alexza's current Adasuve manufacturing obligations are to be suspended for a period of time.
  
• Teva is Alexza's commercial partner for Adasuve in the United States.
  

8:59 am On the Wires (:WIRES) :

• New Source Energy Partners (NSLP) announced that the Board of Directors of its General Partner has declared a cash distribution for its 11% Series A Cumulative Convertible Preferred units of $0.5118 per unit
  
• Atlas Air Worldwide Holdings (AAWW) announced the placement of an additional Boeing 747-400 freighter into ACMI service
  
• Entegris (ENTG) announced the first shipments of production quantities of UPE membrane from its i2M Center for Advanced Materials Science in Bedford, Massachusetts.
  
• American International Group (AIG) commenced cash tender offers for 26 series of debt securities of AIG and one of its subsidiaries, AIG Life Holdings. The offering is for up to $3 bln of those securities
  

8:57 am Organovo prices its ~9.43 mln common stock offering at $4.25/share (ONVO) : Gross offering proceeds to Organovo from the sale of the shares are expected to be $40,056,250. Co anticipates using the net proceeds from this offering for general corporate purposes, including research and development, the development and commercialization of its products, general administrative expenses, license or technology acquisitions, and working capital and capital expenditures.

8:55 am S&P futures vs fair value: +4.60. Nasdaq futures vs fair value: +12.70. (:WRAPX) : The S&P 500 futures trade five points above fair value.

Asian markets ended mostly lower with China's Shanghai Composite (-3.7%) leading the slide after the House Prices report for May showed a 5.7% year-over-year decline. Elsewhere, reports out of Japan suggest tomorrow's policy meeting at the Bank of Japan could feature some pushback from members against the open-ended QQE program.

• In economic data: 
  • China's May House Prices -5.7% year-over-year (prior -6.1%) 
  • Japan's June Reuters Tankan Index ticked up to 14 from 13 
  • Hong Kong's May Unemployment Rate held at 3.2% (consensus 3.3%) 
  • New Zealand's Q1 GDP +0.2% quarter-over-quarter (expected 0.6%; prior -0.8%); +2.6% year-over-year (consensus 3.0%; last 3.5%). Separately, Q1 GDP Expenditure +0.1% quarter-over-quarter (consensus 0.5%; prior 1.1%) 

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• Japan's Nikkei declined 1.1% in a trend down day that finished with the market at its lows for the session. A stronger yen helped drive things lower. Losses were paced by the financial (-1.7%), communications (-1.6%), and industrial (-1.2%) sectors. Sumco Corp (-5.6%), Sojitz Corp (-4.3%), and Nisshinbo Holdings (-4.3%) led all decliners. Yamaha Corp (+4.4%) sat atop a small group of winners. Out of the 225 index members, 14 ended higher, 208 finished lower, and 3 were unchanged. 
• Hong Kong's Hang Seng declined 0.2% with losses in the communications (-0.7%) and energy (-0.6%) sectors weighing. China Unicom Hong Kong (-4.0%), Bank of Communications (-2.4%), and China Merchants Holdings (-2.2%) were the biggest losers. China Resources Enterprise (+8.2%) and China Resources Land (+2.5%) were the best-performing issues. Out of the 50 index members, 23 ended higher, 24 finished lower, and 3 were unchanged. 
• China's Shanghai Composite dropped 3.7% with nearly the entirety of the loss taking place over the final two hours of trading. The impact of new share listings received most of the attribution for the weak showing. There was a report showing home price declines decelerated in May, yet they were still down 5.7% year-over-year. The communications (-6.3%), technology (-6.1%), and consumer non-cyclical (-4.1%) sectors were among the weakest areas in the Chinese market on Thursday and helped drive a 4.1% decline in the CSI 300 Index. 

Major European indices trade lower across the board as the Eurogroup begins today's meeting with little hope that a deal will be struck between Greece and its creditors. Meanwhile, Greek Prime Minister Alexis Tsipras is in St. Petersburg today and is scheduled to meet Russian President Vladimir Putin tomorrow. Elsewhere, the Swiss National Bank held its key interest rate at -0.75%, as expected, while the Norges Bank lowered its benchmark interest rate by 25 basis points to 1.00%, leaving room for additional cuts this year

• Investors received several data points: 
  • Eurozone Q1 Labor Cost Index +2.2% year-over-year (last 1.2%) 
  • UK's May Retail Sales +0.2% month-over-month, as expected; +4.6% year-over-year (consensus 4.8%; prior 4.6%). Core Retail Sales +0.2% month-over-month (expected 0.1%; prior 0.8%); +4.4% year-over-year (consensus 4.5%; last 4.6%) 
  • Spain's trade deficit widened to EUR2.25 billion from EUR890 million (expected deficit of EUR1.50 billion) 
  • Swiss trade surplus expanded to CHF3.43 billion from CHF2.66 billion (expected surplus of CHF2.72 billion) 

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• UK's FTSE is lower by 0.2% with consumer names among the laggards. TUI, InterContinental Hotels, and International Consolidated Airlines are down between 0.2% and 2.1%. On the upside, miners trade broadly higher with Anglo American, BHP Billiton, Fresnillo, Glencore, and Randgold Resources up between 2.4% and 2.8%. 
• France's CAC trades lower by 0.6% with heavyweights Airbus, Peugeot, and Renault down between 1.5% and 2.5%. Meanwhile, ArcelorMittal outperforms, trading higher by 1.0%. 
• Germany's DAX has given up 0.8%. Infineon Technologies is the weakest performer, down 2.9% while exporters BMW, Daimler, and Volkswagen are down between 0.3% and 1.7%.

8:49 am European Markets Update: FTSE -0.2%, CAC -0.6%, DAX -0.8% (:SUMRX) : Major European indices trade lower across the board as the Eurogroup begins today's meeting with little hope that a deal will be struck between Greece and its creditors. Meanwhile, Greek Prime Minister Alexis Tsipras is in St. Petersburg today and is scheduled to meet Russian President Vladimir Putin tomorrow. Elsewhere, the Swiss National Bank held its key interest rate at -0.75%, as expected, while the Norges Bank lowered its benchmark interest rate by 25 basis points to 1.00%, leaving room for additional cuts this year

• Investors received several data points: 
• Eurozone Q1 Labor Cost Index +2.2% year-over-year (last 1.2%) 
• UK's May Retail Sales +0.2% month-over-month, as expected; +4.6% year-over-year (consensus 4.8%; prior 4.6%). Core Retail Sales +0.2% month-over-month (expected 0.1%; prior 0.8%); +4.4% year-over-year (consensus 4.5%; last 4.6%) 
• Spain's trade deficit widened to EUR2.25 billion from EUR890 million (expected deficit of EUR1.50 billion) 
• Swiss trade surplus expanded to CHF3.43 billion from CHF2.66 billion (expected surplus of CHF2.72 billion) 

------

• UK's FTSE is lower by 0.2% with consumer names among the laggards. TUI, InterContinental Hotels, and International Consolidated Airlines are down between 0.2% and 2.1%. On the upside, miners trade broadly higher with Anglo American, BHP Billiton, Fresnillo, Glencore, and Randgold Resources up between 2.4% and 2.8%. 
• France's CAC trades lower by 0.6% with heavyweights Airbus, Peugeot, and Renault down between 1.5% and 2.5%. Meanwhile, ArcelorMittal outperforms, trading higher by 1.0%. 
• Germany's DAX has given up 0.8%. Infineon Technologies is the weakest performer, down 2.9% while exporters BMW, Daimler, and Volkswagen are down between 0.3% and 1.7%.
  

8:45 am Dataram appoints David Moylan as President and CEO, effective June 8, 2015 (DRAM) : Moylan has been the company's interim President and CEO since January 22, 2015, when he replaced John Freeman

8:44 am Radian Group announces ongoing changes to its capital structure (RDN) : Co announced today that, following the pricing of its 5.25% Senior Notes due 2020, it has entered into privately negotiated agreements with certain of the holders of its 3.000% Convertible Senior Notes due 2017 to purchase an aggregate of $389 million principal amount of 2017 Convertible Notes for a combination of cash and shares of Radian common stock .

• Radian plans to fund the Convertible Purchase with $127 million in cash and by issuing to the Sellers ~28.4 million shares of common stock. Following the Convertible Purchase, which is expected to close by June 23, 2015, $61 million principal amount of the 2017 Convertible Notes will remain outstanding. 
• In order to reduce the dilutive impact of the Convertible Purchase, Radian also intends to enter into an accelerated share repurchase program (ASR) to repurchase an aggregate of approximately $202 million of Radian's common stock. Under the ASR, Radian expects to receive an upfront delivery of approximately 9.2 million shares. 
• In connection with the purchase of the 2017 Convertible Notes, Radian is terminating a corresponding portion of the Capped Call it had entered into in 2010 in connection with the initial issuance of the 2017 Convertible Notes, for expected proceeds of approximately $12 million in cash and 2.3 million in shares of Radian common stock.
  

8:34 am US equity futures tick up to morning highs following better than expected jobless claims data, slightly cooler than expected CPI data (SPY) : S&P futures are now +7 points. 

8:34 am S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +14.10. (:WRAPX) : The S&P 500 futures trade six points above fair value.  

The latest weekly initial jobless claims count totaled 267,000 while the Briefing.com consensus expected a reading of 276,000. Today's tally was below the unrevised prior week count of 279,000. As for continuing claims, they fell to 2.222 million from 2.272 million.

Total CPI rose 0.4% (Briefing.com consensus +0.5%) in May while Core CPI, which excludes food and energy, rose 0.1% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is flat and core CPI is up 1.7%.

The current account deficit for the first quarter totaled $113.30 billion while the Briefing.com consensus expected the deficit to hit $116.70 billion. The fourth quarter deficit was revised to $103.10 billion from $113.50 billion.

8:33 am Boeing provides recap of the Paris Air Show; says that customers announced orders and commitments during the week for a total of 331 Boeing airplanes, valued at $50.2 billion list price (BA) : Large orders included in the recap include:

• $10.9 billion commitment from Garuda Indonesia for (30) 787-9s (30) 737 MAX 8s 
• $10.7 billion order from AerCap for (100) 737 MAX 8s and
• $7.4 billion commitment from Volga-Dnepr Group for (20) 747-8 Freighters
  

8:32 am Vringo receives a six month extension to comply with the Nasdaq Minimum Price Bid requirement, applicable through Dec. 14, 2015 (VRNG) :  

8:31 am Oxford Lane Capital announces an offering of 7.50% Series 2023 Term Preferred Shares (OXLC) : Co plans to use the net proceeds of this offering for acquiring investments and/or for general working capital purposes, which may include the payment of operating expenses, including advisory and administrative fees and expenses, and/or for the redemption of all or a portion of its outstanding Series 2017 Term Preferred Shares.

8:31 am Market View: Front-month Sep. stock-index futures continue to trade bid above fair values following the 8:30 am ET economic data points (:TECHX) :

• ESu5 @ 2096.00 +6.75
  
  
• NQu5 @ 4470.75 +16.50
  
  
• YMu5 @ 17899 +73

8:31 am Pacific Ethanol acquired the final 4% ownership interest in PE Op, the sole owner of the Pacific Ethanol plants - bringing total ownership interest to 100% (PEIX) : The purchase price of the final 4% ownership interest was $3.8 million in cash. On an aggregate basis, the company purchased its 100% ownership interest in PE Op Co. for $60.8 million, or $0.30 per gallon of capacity.

8:30 am Teva Pharma to Present New Findings at the American Headache Society Meeting - Analysis of Migraine Phase IIb Studies Provides Novel Insights into TEV-48125 Efficacy and Safety in Both Episodic & Chronic Migraine (TEVA) : Co announces new data from additional analyses of its phase 2b studies in migraine prevention on efficacy and speed of onset of two distinct doses of TEV-48125, a novel monoclonal anti-CGRP antibody administered subcutaneously once monthly for the preventive treatment of high frequency episodic migraine and chronic migraine.

• Results from the episodic migraine study demonstrated that a single administration of both tested doses of TEV-48125 resulted in a statistically significant separation from placebo. Furthermore, a decrease of at least 50% of migraine days for the duration of the study were seen in 28% of those receiving placebo relative to 53% and in 59% of the individuals given 225mg and 675mg correspondingly. These findings were even further pronounced in the sub group of patients that had not used other preventive medications in parallel -- a decrease of at least 50% in episodic migraine days was observed in 22% of those receiving placebo, relative to 66% and in 67% of the individuals given 225mg and 675mg correspondingly.
  
• Results from the chronic migraine study demonstrated significant decreases in the average number of headache hours, relative to placebo, after only one week of therapy for both TEV-48125 doses, a benefit that extended through the second and third weeks of therapy. The 900mg dose separated from placebo after 3 days of therapy and the 675/225mg dose separated on day 7.
  

8:30 am Health Care REIT and Revera to acquire Regal Lifestyle Communities through joint venture (HCN) :

• Co announced that they have entered into a definitive agreement to acquire Regal Lifestyle Communities through an existing 75/25 joint venture for CAD 12.00/share in cash, or a total enterprise value of ~CAD 766 million, or $623 mln. 
• The initial cash yield is anticipated to be 6.1% and anticipated to be immediately accretive to FFO and FAD per share. All currency references are based upon an exchange rate of CAD to USD of 1.23:1.
  

8:29 am On the Wires (:WIRES) :

• Proofpoint (PFPT) announced the appointment of Luanne Tierney to the position of senior vice president of Marketing and Ryan Kalember to the position of senior vice president of Product Marketing
• BioBlast Pharma (ORPN) announced that it will present pre-clinical proofs of concept for two of its therapeutic platforms at the 19th International SMA Researcher Meeting
• Air Serbia, the national airline of the Republic of Serbia, has entered into a V-Services Fixed Price Agreement with United Technology Corp (UTX) to maintain its 21 V2500 engines.
• Varian Medical Systems (VAR) announced that it has entered into a multi-year agreement with Inova to be its exclusive supplier of advanced technology for image-guided, high-precision radiotherapy and radiosurgery.
• Glu Mobile (GLUU) announced the availability of its Cooking Dash 2016 application on the App Store and Google Play.
  
• Jack Henry & Associates' (JKHY) Symitar division announced that Suncoast Credit Union has selected Episys for its core processing

8:21 am SuperCom prices its 2.1 mln common stock offering at $12/share (SPCB) : Co expects gross proceeds of $25,200,000. Co intends to use the net proceeds from this offering for general corporate purposes, including working capital. The Company may also use a portion of the net proceeds for the acquisition of, or investment in, technologies, solutions or businesses that complement its business. 

8:20 am Kroger beats by $0.03, misses on revs; reaffirms FY16 EPS guidance, raises comps (KR) :

• Reports Q1 (Apr) earnings of $1.25 per share, $0.03 better than the Capital IQ Consensus of $1.22; revenues rose 0.3% year/year to $33.05 bln vs the $33.44 bln consensus. 
• Identical supermarket sales growth, without fuel, of 5.7%, above estimates.
• Co reaffirms guidance for FY16, sees EPS of $3.80-3.90 vs. $3.88 Capital IQ Consensus. This range is within the company's long-term net earnings per diluted share growth rate guidance of 8 -- 11%, plus a growing dividend. 
• Kroger raised its identical supermarket sales growth guidance, excluding fuel, to a range of 3.5% to 4.5% from +3-4%.

8:18 am European Yields (BONDX) : European Bonds (ex-Greece) Surge

• Global sovereign debt traded higher this morning as investors around the world questioned the reasoning behind the bond sell-off that began in April. In her press conference on Wednesday, Fed Chair Yellen said that while price and labor market pressures have increased, "room for further improvement remains."
  
• Markets seem resigned to the idea that Greece will not be making its 1.5 bln euro payment to the IMF at the end of June but sanguine about the risk of contagion
• Retail sales in the U.K. rose 0.2% m/m in May, in line with expectations but worse than the 0.9% growth in April
  
• The Swiss National Bank held rates steady at -0.75% and maintained forward guidance
• Yield Check:
• France, 10-yr OAT: -7 bps to 1.17%
• Germany, 10-yr Bund: -5 bps to 0.77%
• Greece, 10-yr note: +4 bps to 12.80%
• Italy, 10-yr BTP: -5 bps to 2.26%
• Portugal, 10-yr note: -6 bps to 3.09%
• Spain, 10-yr Bono: -5 bps to 2.25%
• U.K., 10-yr Gilt: -6 bps to 2.01%

8:15 am Hologic announces a private offering of $1 bln in senior notes due 2022 (HOLX) : Co intends to use the proceeds of the offering, plus available cash, to redeem its outstanding 6.25% senior notes due 2020 in the aggregate principal amount of $1.0 billion.

8:06 am StemCells announces that Health Canada has authorized it to expand its Phase II clinical trial, for chronic cervical spinal cord injury into Canada (STEM) :  

8:02 am Integrated Silicon: Cypress (CY) send letter to ISSI Board, raises takeout offer to $21.25 from $20.25 vs. Uphill Investment's $21 offer (ISSI) :

• Cypress (CY) sends a letter to the ISSI Board. Co raised its offer to $21.25/share in cash from $20.25/share vs. Uphill Investment's $21 offer. 
• ISSI is holing a special meeting regarding its takeout tomorrow. 
• "Our revised offer of $21.25 per share is clearly superior to the price offered by Uphill. Furthermore, we have introduced a ticking fee (as fully described in the Revised Definitive Merger Agreement), which will add an incremental $0.10 per share for each additional quarter required to obtain regulatory approval for a transaction with Cypress. This ticking fee will accrue daily starting on October 1, 2015 (the day after you expect the Uphill transaction to close) and will be payable by Cypress to ISSI stockholders at transaction close. The Uphill Agreement provides no such ticking fee. 
• Co also includes a reverse termination fee even though co thinks it is entirely unnecessary.
  

8:02 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance: RATE -15.2%, JBL -7.5%, ORCL -6.2%, RAD -5.5%, OIS -5.4%


Other news: ONVO -8.7% (proposed secondary offering), SPCB -4.5% (proposed public offering of ordinary shares, size not disclosed), CA -3.7% (following ORCL results), ISLE -3.7% (Chief Development Officer John Wilson disclosed sale of 10k shares at average price of ~$19.89, transaction date 6/16/15), MNK -1.6% (discloses update to previously announced investigation related to Questcor's 2013 acquisition of rights to develop and commercialize Synacthen Depot), CTRP -0.8% (announces proposed offering of $1 billion convertible senior notes), SAP -0.8% (in symp with ORCL)

Analyst comments: LUV -1.7% (downgraded to Underweight from Overweight at Barclays), SAVE -1.3% (downgraded to Neutral from Outperform at Credit Suisse)

8:02 am News Corp. amends stockholder rights plan; plans to initiate a semi-annual cash dividend of ~$.10/share (NWSA) : The amendment extends the expiration date of the Rights Plan until June 18, 2018, unless redeemed earlier by the Company as provided for in the Rights Plan. 

• The Company also announced it expects to initiate a semi-annual cash dividend of approximately $0.10 per share in the first quarter of fiscal 2016, which begins on June 29, 2015, for payment in the second quarter. The anticipated dividend would mark the first time the Company has paid a dividend since the "new" News Corp was established as a separate, publicly traded company in mid-2013.
  

8:02 am SunPower breaks ground on Henrietta Solar Project; co expects the plant to be operational by the end of 2016 (SPWR) : Co announces it has started construction on the 102-megawatt (:AC) Henrietta Solar Project in Kings County, California. The system will generate power for Pacific Gas and Electric's customers under a long-term power purchase agreement. SunPower expects the plant to be operational by the end of 2016.

8:01 am NRG Yield enters into an agreement with GE Unit (GE) GE Energy Financial Services to acquire its 25% interest in the Desert Sunlight Solar Farm in Riverside, CA for $285 mln (NYLD) :

• NRG Yield, Inc., through its subsidiary NRG Yield Operating LLC, has entered into an agreement with GE Unit (GE) GE Energy Financial Services to acquire its 25% interest in the Desert Sunlight Solar Farm in Riverside, CA for $285 million, subject to customary working capital adjustments, plus the assumption of $287.4 million of non-recourse project level debt.
• The acquisition, which provides NRG Yield with a total ownership of 137.5 megawatts (MW) of operating solar capacity, will place NRG Yield into a partnership with subsidiaries of NextEra Energy and Sumitomo Financial, who are the 50% and 25% owners of Desert Sunlight, respectively.
• The transaction is expected to increase both the annual run-rate EBITDA by ~$45 million and cash available for distribution by ~$22 million by 2016.
  

8:01 am First Cash acquires the assets of a 25-store chain of large format pawnshops, with locations in North Carolina and Virginia; reduces Q2 guidance, re-affirms FY15 guidance (FCFS) : Co announced that it has acquired the assets of a 25-store chain of large format pawnshops with 24 locations in North Carolina and one in Virginia. In addition, the Company announced the recent acquisition of two additional pawn stores located in Kentucky in a separate asset purchase transaction.

• The combined purchase price of the 29 stores acquired this year is approximately $31.8 million, net of cash acquired. These all-cash transactions were funded with operating cash flows and available funds drawn on the Company's $160 million bank line of credit. The most recent 25-store acquisition closed on June 16, 2015.
• Co stated: "Year to-date, we have now acquired 29 U.S. locations in four states and expect the acquired stores, all of which have significant retail operations and make pawn loans on a wide array of general merchandise collateral, to become accretive to earnings by the end of 2015."
• The Company expects to incur approximately $0.03 to $0.04 per share in non-recurring expenses in the second quarter of 2015 related to acquisition costs and consumer lending store closures. The majority of these non-recurring expenses were not contemplated in the Company's previous second quarter guidance of $0.48 to $0.52 per share. In addition, the further weakening of the Mexican peso during the quarter is expected to reduce second quarter earnings by an additional $0.01 to $0.02 per share. 
• As a result of the combined impact of non-recurring expenses and foreign exchange rates, which totals $0.04 to $0.06 per share, the Company now anticipates second quarter earnings to be in the range of $0.44 to $0.47 per share. The Company is maintaining its full year guidance of $2.75 to $2.90 per share, although it is expected to be at the lower end of this range given the further weakening of the peso.
  

8:01 am Teva and Microchips Biotech announce partnership to enhance patient outcomes through digital drug delivery technology (TEVA) : Co and and Microchips Biotech, Inc. today announced that they have entered into a partnership under which the companies will explore innovative ways to apply Microchips Biotech's implantable drug delivery device to Teva's portfolio of products with the goal of enhancing clinical outcomes for patients on chronic drug therapies.

• Under the terms of the agreement Teva will make a $35 mln upfront payment to Microchips Biotech in the form of an equity investment and technology access fee. The partnership has an initial focus on one selected disease area, but will provide Teva with the option to later expand the program into several additional therapeutic areas and sensing applications that are proprietary to Teva. As programs advance, Microchips Biotech will receive development and commercial milestone payments and royalties on future product sales.
  

8:00 am Famous Dave's announces CEO Ed Rensi stepping down, effective immediately (DAVE) : Co announced that Ed Rensi has stepped down from his role as Chief Executive Officer effective immediately.

• Mr. Rensi joined the Famous Dave's Board in January 2014, and agreed to assume the role of Chief Executive Officer in February 2014 following the unexpected resignation of his predecessor. 
• The Board has appointed Adam J. Wright, an independent director of the Company since 2013, to serve as interim Chief Executive Officer while the Board conducts a search for a permanent CEO.
  

8:00 am Skyworks increases quarterly dividend 100% (SWKS) : Co declares a cash dividend of $0.26 per share, representing a 100% increase from the prior quarterly dividend of $0.13 per share. The new annual yield is about 1%. 

8:00 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance: PIR +7%, OPGN +1.8%

M&A news: LMNS +13% (will be acquired by XIO Group for $14.00/share in cash ),SYT +2.7% (cont M&A spec),AXS +2.6% (Arch Capital (ACGL) considering $65/share bid for AXS, according to FT),QIHU +1.6% (Bloomberg real M&A column discusses that Chairman's buyout proposal of $77/share might be the best offer the company will receive),GM +0.7% (General Motors and Fiat (FCAU) have hired bankers to advise on merger related considerations, according to Reuters)

Select metals/mining stocks trading higher (Gold and Silver futures ~+2% in pre-mkt): BHP +2.2%, AG +1.9%, RIO +1.8%, AUY +1.8%, GOLD +1.7%, GG +1.6%, SLW +1.6%, AEM +1.4%, GFI +1.3%, NEM +1.2%, FCX +1.2%, MT +1.2%, SLV +1%, PAAS +0.9%, VALE +0.9%

Select oil/gas related names showing strength (Crude ~+1% in pre-mkt): CNX +2.4%, SNP +0.9%, RIG +0.8%, CHK +0.8%, SDRL +0.8%

Other news: JOEZ +24.5% (cont strength),FREE +15% (cont strength),CRDS +14.4% (Announces Patent Litigation Update Including Results of Markman Hearing; A Federal Court in the Western District of Texas entered an order in which the Court determined the meaning of 17 disputed claim terms in the patents-in-suit),RDUS +6.3% (reports Positive top-line data from ACTIVExtend Trial including combined 25 month results),BMRN +6% (announces positive results of a Phase 2 proof-of-concept and dose finding study of BMN 111, an analog of C-type Natriuretic Peptide, in children with achondroplasia),ERN +5.6% (Commences Production From the Oyo-7 Well; Production from Oyo field expected to double),PARN +2.9% (announces positive top-line pivotal trial results for its Zydax therapeutic),NBG +2.7% (cont volatility in Greece negotiations),NOR +2.4% (to evaluate strategic alternatives; Board of Directors engages Morgan Stanley; co also suspends dividend and seeks reverse stock split),DEO +2% (still checking),ADVS +1.3% (reports U.S. Department of Justice Clears SS&C's (SSNC) Acquisition of Advent),ALKS +0.8% (favorable commentary on Thursday's Mad Money)

Analyst comments: DGLY +5.5% (initiated with a Buy at H.C. Wainwright (Rodman & Renshaw); tgt $24),JNPR +1.3% (upgraded to Outperform from Neutral at Wedbush),SAN +1.1% (upgraded to Overweight from Neutral at JP Morgan),ALK +0.8% (upgraded to Outperform from Neutral at Credit Suisse),MRVL +0.7% (upgraded to Neutral from Sell at Goldman -- Removed from Americas Sell List),SNH +0.5% (upgraded to Neutral from Sell at UBS)

7:58 am S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +7.90. (:WRAPX) : U.S. equity futures trade modestly higher despite cautious action overseas. The S&P 500 futures hover four points above fair value after climbing off their lows ahead of the European session.

The Eurogroup has begun today's meeting with little hope that a deal will be struck between Greece and its creditors. Meanwhile, Greek Prime Minister Alexis Tsipras is in St. Petersburg today and is scheduled to meet Russian President Vladimir Putin tomorrow.

Treasuries hold gains with the 10-yr yield down three basis points at 2.29%.

Weekly Initial Claims (Briefing.com consensus 276K), May CPI (consensus 0.5%), and Q1 Current Account Balance (expected -$116.70 billion) will all be reported at 8:30 ET while May Leading Indicators (expected 0.4%) and the Philadelphia Fed Survey for June (consensus 8.0) will be reported at 10:00 ET.

In U.S. corporate news of note:

• Juniper Networks (JNPR 27.79, +0.37): +1.4% after Wedbush upgraded the stock to 'Outperform' from 'Neutral.' 
• Oracle (ORCL 42.05, -2.86): -6.4% after missing earnings/revenue estimates and guiding below consensus expectations. 
• Rite Aid (RAD 8.66, -0.26): -2.9% despite reporting a one-cent beat. 

Reviewing overnight developments:

• Asian markets ended mostly lower. China's Shanghai Composite -3.7%, Japan's Nikkei -1.1%, and Hong Kong's Hang Seng -0.2% 
  • In economic data: 
    • China's May House Prices -5.7% year-over-year (prior -6.1%) 
    • Japan's June Reuters Tankan Index ticked up to 14 from 13 
    • Hong Kong's May Unemployment Rate held at 3.2% (consensus 3.3%) 
    • New Zealand's Q1 GDP +0.2% quarter-over-quarter (expected 0.6%; prior -0.8%); +2.6% year-over-year (consensus 3.0%; last 3.5%). Separately, Q1 GDP Expenditure +0.1% quarter-over-quarter (consensus 0.5%; prior 1.1%) 
  • In news: 
    • Reports out of Japan suggest tomorrow's policy meeting at the Bank of Japan could feature some pushback from members against Japan's open-ended QQE program

• Major European indices trade lower across the board. UK's FTSE -0.2%, Germany's DAX -0.8%, and France's CAC -0.8%. Elsewhere, Italy's MIB -0.7% and Spain's IBEX -0.8%
  • Investors received several data points: 
    • Eurozone Q1 Labor Cost Index +2.2% year-over-year (last 1.2%) 
    • UK's May Retail Sales +0.2% month-over-month, as expected; +4.6% year-over-year (consensus 4.8%; prior 4.6%). Core Retail Sales +0.2% month-over-month (expected 0.1%; prior 0.8%); +4.4% year-over-year (consensus 4.5%; last 4.6%) 
    • Spain's trade deficit widened to EUR2.25 billion from EUR890 million (expected deficit of EUR1.50 billion) 
    • Swiss trade surplus expanded to CHF3.43 billion from CHF2.66 billion (expected surplus of CHF2.72 billion) 
  • Among news of note: 
    • The Swiss National Bank held its key interest rate at -0.75%, as expected 
    • The Norges Bank lowered its benchmark interest rate by 25 basis points to 1.00%, leaving room for additional cuts this year

7:58 am On the Wires (:WIRES) :

• Yissum Research Development Company announced that it had signed multiple research and licensing agreements in the area of advanced materials with ICL (ICL). The expanded collaboration includes a research agreement involving work in the field of materials and 3D printing of Prof. Shlomo Magdassi at the Casali Institute of Applied Chemistry, as well as a research and license agreement for an invention in the field of solar energy by Dr. Lioz Etgar from the Institute of Chemistry at the Hebrew University.
• Staples Advantage Canada, the business-to-business division of Staples (SPLS) and Ital Florist, a national online flower business affiliated with FTD Companies (FTD), announced a partnership to offer flower and gift basket services to Staples Advantage customers
• Perion Network (PERI) announced that Standard & Poor's Maalot Ratings Services has affirmed its corporate credit rating of ilA-, with a Stable rating outlook
  
• Luxfer Gas Cylinders, a unit of Luxfer Holdings (LXFR) has provided lightweight compressed natural gas systems for seven Iveco Urbanway buses that are now transporting visitors at the Expo 2015 conference

7:52 am Nevsun Resources announces the discovery of new sulphide at its grassroots Asheli prospect (NSU) : Co announced assay results from a new massive sulphide discovery at the grassroots Asheli prospect on the Mogoraib River Exploration License located 20 kilometers southwest of the Bisha processing plant. The Asheli area was targeted for the initial drill testing of the over 5 kilometer long Asheli Trend which is characterized by an extensive highly siliceous felsic fragmental unit that has numerous geophysical (airborne VTEM and ground Transient EM) anomalies associated with it.

• Hole MX-044 drilled immediately below historical holes ASD-001 and ASD-003 which had tested a surface gold bearing gossan intersected the first indications of a new massive sulphide deposit. MX-044 returned 8.30 meters of massive sulphide grading 1.44% Cu, 4.00% Zn, 0.37 g/t Au, 27 g/t Ag. Follow-up drilling in hole MX-052 confirmed the new discovery with 22.90 meters of massive sulphide grading 2.29% Cu, 4.50% Zn, 0.45 g/t Au, 37 g/t Ag and similar results were encountered in hole MX-056 drilled ~ 100 meters above MX-052. The mineralization is associated with strongly chlorite and sericite altered felsic volcanics. Chalcopyrite-rich zones in the massive sulphide produce strong borehole TEM responses and these responses are helping to guide the drilling of the deposit by allowing large over 100 meter step-outs in the initial drill evaluation. 
• The zone remains open to expansion in a number of directions. The Asheli discovery highlights the prospectivity of the Asheli Trend. With only 1 kilometer of the trend drill tested during this first phase of exploration and an additional 4 kilometers that has never been drill tested and having similar geology, the likelihood of further discoveries is high.

7:48 am Asian Markets Close: Japan's Nikkei -1.1%; Hong Kong's Hang Seng -0.2%; China's Shanghai Composite -3.7% (:SUMRX) : Markets in the Asia-Pacific region featured some winners and some losers. It was the losers that stood out, though, as part of that grouping included Japan's Nikkei (-1.1%) and China's Shanghai Composite (-3.7%). The former was pressured by a stronger yen and finished at its lows for the day while the latter recoiled in a late selloff driven by concerns over an influx of new share listings.

Economic data

• China
• May House Prices -5.7% year-over-year (prior -6.1%)
• FDI +10.1% (prior +10.4%)
• Japan
• June Reuters Tankan Index 14.0 (prior 13.0)
• Hong Kong
• May Unemployment Rate 3.2% (expected 3.3%; prior 3.2%)
• New Zealand
• Q1 GDP +0.2% quarter-over-quarter (expected +0.6%; prior +0.8%); +2.6% year-over-year (expected +3.0%; prior +3.5%)

Equity Markets

• Japan's Nikkei declined 1.1% in a trend down day that finished with the market at its lows for the session. A stronger yen helped drive things lower. Losses were paced by the financial (-1.7%), communications (-1.6%), and industrial (-1.2%) sectors. Sumco Corp (-5.6%), Sojitz Corp (-4.3%), and Nisshinbo Holdings (-4.3%) led all decliners. Yamaha Corp (+4.4%) sat atop a small group of winners. Out of the 225 index members, 14 ended higher, 208 finished lower, and 3 were unchanged.
• Hong Kong's Hang Seng declined 0.2% with losses in the communications (-0.7%) and energy (-0.6%) sectors weighing. China Unicom Hong Kong (-4.0%), Bank of Communications (-2.4%), and China Merchants Holdings (-2.2%) were the biggest losers. China Resources Enterprise (+8.2%) and China Resources Land (+2.5%) were the best-performing issues. Out of the 50 index members, 23 ended higher, 24 finished lower, and 3 were unchanged.
• China's Shanghai Composite dropped 3.7% with nearly the entirety of the loss taking place over the final two hours of trading. The impact of new share listings received most of the attribution for the weak showing. There was a report showing home price declines decelerated in May, yet they were still down 5.7% year-over-year. The communications (-6.3%), technology (-6.1%), and consumer non-cyclical (-4.1%) sectors were among the weakest areas in the Chinese market on Thursday and helped drive a 4.1% decline in the CSI 300 Index.
• India's Sensex increased 1.1% on the back of strength in the energy (+3.1%) and financial (+1.0%) sectors. Individual standouts included Reliance Industries (+5.1%), Tata Motors (+2.7%), and Oil & Natural Gas Corp (+2.2%). Cipla Ltd (-1.0%) led a small pack of decliners. Out of the 30 index members, 25 ended higher, and 5 finished lower.
• Australia's S&P/ASX 200 declined 1.3%. The information technology (-2.0%), consumer staples (-1.9%), and REIT (-1.7%) sectors led the way lower. Ten Network Holdings (-12.8%), Cabcharge Australia (-6.3%), and Bradken (-5.9%) were the biggest losers.
• Regional advancers: South Korea +0.3%, Taiwan +0.3%, Vietnam +0.3%, Philippines +0.9%
• Regional decliners: Malaysia -0.5%, Indonesia -0.01%, Singapore -0.8%, Thailand -0.6%

FX:

• USD/CNY -0.03% at 6.2079
• USD/INR -0.2% at 63.770
• USD/JPY -0.6% at 122.64
  

7:42 am PartnerRe filed presentation; said 'Board's unanimous decision to recommend AXIS Capital (AXS) transaction is result of careful evaluation of strategic alternatives' (PRE) :

• After evaluating a full range of alternatives, it became clear that AXIS Capital -- a potential strategic partner with a roughly even split of reinsurance and insurance businesses -- was the most compelling opportunity for the Company and its shareholders. The merger of equals with AXIS Capital results in an even stronger company with higher, more diversified earnings, lower volatility and enhanced business profile. 
• The AXIS Capital transaction is expected to result in substantial financial and operational synergies, and it satisfies the key objectives of PartnerRe's long-term business plan, which include developing capabilities in the primary insurance market and the ability to dynamically deploy capital.
  
• EXOR has made various deceptive assertions in a transparent effort to distract shareholders from the inadequacy of its opportunistic offer for PartnerRe relative to the merits of the AXIS Capital transaction.
  

Briefing Note:FT reported that Arch Capital (ACGL) considering $65/share bid for AXS (see 7:22). AXS and Exor have both bid for PRE -- vote for merger will be at Shareholder Meeting on July 24, 2015

7:41 am Erin Energy Commences Production From the Oyo-7 Well; Production from Oyo field expected to double (ERN) :

• Co announced it has commenced production from the Oyo-7 well located in OML 120 offshore Nigeria.
• Erin Energy is the operator of the Oyo field and has a 100% interest in the block.
• Oyo-7 was drilled to a total depth of ~8,000 feet (2,438 meters) and was successfully completed horizontally in the Pliocene formation.
• The well is located in ~1,000 feet (300 meters) of water and is producing into the Floating Production Storage and Offloading vessel, Armada Perdana.
• Oyo-7 is expected to produce ~7,000 barrels of oil per day following optimization of choke size.
• Erin Energy drilled the Oyo-7 with two planned objectives. The primary objective was to target the Pliocene formation from which it is now producing; and the secondary objective was to test the deeper Miocene formation for hydrocarbon potential.
• The Oyo-7 successfully confirmed hydrocarbon in the Miocene formation, which was previously undrilled on the block. This successful test has de-risked the Miocene in Erin Energy's offshore Nigeria blocks and has provided valuable data for the Co's planned Miocene exploration program, which targets recoverable P50 resources of nearly 3 billion barrels of oil equivalent.
• Drilling of the Co's first Miocene exploration well is slated for 4Q 2015.
  

7:37 am Overnight Treasury Market Summary (BONDX) : Treasuries Follow Through on Post-Fed Rally

• U.S. governments moved higher overnight as markets further digested the FOMC statement released on Wednesday as well as Fed Chair Yellen's remarks at the accompanying press conference. The rally has been led by the 5-year note, but all maturities are sharply higher
• Yield Check:
• 2-yr: -2 bps to 0.63%
• 5-yr: -3 bps to 1.59%
• 10-yr: -3 bps to 2.29%
• 30-yr: -3 bps to 3.07%

• International News:
• Chinese equities declined sharply on Thursday, with no apparent proximate cause
• Chinese stocks are widely believed to be in a bubble. Last week, the China Securities Regulatory Commission directed brokerages to keep margin leverage at a maximum of 4 to 1
• The Shanghai Composite was down 3.7% on the session, putting the index down 7.6% from its 52-week high
• Retail sales in the U.K. rose 0.2% m/m in May, in line with expectations but worse than the 0.9% growth in April
• The Swiss National Bank held rates steady at -0.75% and maintained forward guidance
• There is a Eurogroup meeting today where no new proposals are expected to be offered to Greece. Greece's lead negotiator, Euclid Tsakalotos, confirmed yesterday that the Greek government cannot make the 1.5 bln euro payment due to the IMF at the end of June without further assistance
• EUR/USD is up 0.46% to $1.1406. The pair has not been responding to Greek woes for some time, and all European sovereign debt is rallying today, reflecting limited contagion concerns

• Data out Today:
• Initial Jobless Claims for the week ending 6/13 and Continuing Jobless Claims for the week ending 6/6 (08:30 ET)
• May CPI and Core CPI (08:30 ET)
• Q1 Current Account Balance (08:30 ET)
• June Philadelphia Fed (10:00 ET)
• May Leading Indicators (10:00 ET)
• Natural Gas Inventories for the week ending 6/13 (10:30 ET)
• New Supply:
• $7 billion 30-Year TIPS (reopening) (results at 13:00 ET)

7:32 am Aeterna Zentaris receives an additional 180 calendar day period, until December 14, 2015, to regain compliance with Nasdaq's minimum $1.00 per share requirement (AEZS) :  

7:31 am TASER announces Axon Body Camera orders; Dallas PD to deploy 1,000 Axon Body Cameras (TASR) : Co announced the Dallas Police Department deployment will include shipment of 400 Axon Flex and Body cameras in Q2 of 2015 and an additional 600 Axon cameras will ship over the next three years.

7:31 am Parnell Pharmaceuticals enters into a non-dilutive $11 mln term loan agreement (PARN) : The Term Loan has a 45-month term, being interest only for the first 18 months and Parnell has the ability to extend the interest only period to the first 24 months of the loan upon achieving certain revenue targets as stipulated in the agreement. The Company intends to use the loan proceeds for the expansion of its Companion Animal sales team in the US and general company purposes.

7:31 am Noranda Aluminum to evaluate strategic alternatives; Board of Directors engages Morgan Stanley; co also suspends dividend and seeks reverse stock split (NOR) : Co has engaged Morgan Stanley & Co. LLC to serve as financial advisor for the Company as it evaluates a variety of strategic alternatives.

• The Company also announced that its Board of Directors has decided to suspend the Company's quarterly dividend and will seek stockholder approval of a reverse stock split at a ratio to be determined.
  

7:30 am Derma Sciences Completes non-clinical aclerastide toxicology program; results demonstrate no notable adverse outcomes or carcinogenicity, successfully completes FDA requirements agreed to for toxicological assessments (DSCI) :

• Co announces that the required two-year animal carcinogenicity study for aclerastide has produced "clean results" related to safety findings and, in particular, carcinogenicity. This was the final study agreed to with the FDA for toxicological assessment.
• The two-year toxicology study supplements safety data of aclerastide in preclinical animal models that include several weeks of dermal and subcutaneous dosing studies, and fertility and embryonic studies. There were no adverse findings in any of the toxicology studies. Systemic toxicity was evaluated by the subcutaneous route of administration in rats and mice for up to 13 weeks. A 39-week minipig study also showed no consistently notable local effects on the skin and no evidence of systemic toxicity.
• Genetic toxicology studies showed no mutagenic effects in a battery of studies. A fertility study and teratology studies in rats and rabbits showed no effects of the drug on reproductive processes.
• In all non-clinical studies and the clinical pharmacokinetic (:PK) study, circulating levels of aclerastide were below the quantitation limit, indicating potentially negligible systemic exposure to aclerastide following daily topical administration to the skin. In addition, in PK and toxicokinetic studies in multiple species where aclerastide was administered subcutaneously, showed that the drug is removed from systemic circulation rapidly.
  

7:30 am Solar3D says it has secured an ~$1 mln contract to design and install a photovoltaic system for a large rice drying facility based in Sutter, California (SLTD) :

7:30 am Biogen: New Biogen Hemophilia data at ISTH Congress to highlight extension study outcomes and pediatric use; full results from Alprolix pediatric study to be released for the first time (BIIB) :

• Data presentations include a late-breaking platform presentation from the Kids B-long study detailing the safety and efficacy of Alprolix, Fc Fusion Protein in children with hemophilia B. 
• This is the first time the full results from the Kids B-LONG study will be publicly presented. Additionally, an interim Aspire study analysis is focused on the long-term safety and efficacy of Eloctate, Fc Fusion Protein for the prevention and treatment of bleeding in previously treated adults and adolescents with hemophilia A. 
• Aspire is a multi-year extension study for people who completed the pivotal, phase 3 A-LONG or Kids A-LONG studies.
  

7:29 am On the Wires (:WIRES) :

• Career Education Corporation (CECO) announced that it has closed on an agreement transferring control of Brooks Institute, one of its Career College institutions, to gphomestay. Terms of the agreement were not disclosed
• Verisk Insurance Solutions, a Verisk Analytics (VRSK) business, announced a new strategic alliance with connected-car company Intelligent Mechatronic Systems. The strategic alliance will strive to expand the co's offering of driver analytics insight.
• Emulate announced that it recently formed a research collaboration with Janssen Biotech, a unit of Johnson & Johnson (JNJ), to deploy Emulate's Organs-on-Chips platform across certain Janssen programs to better predict the potential human response of drug candidates and improve the drug development process. Under the terms of the collaboration agreement with Janssen, Emulate will provide its Organs-on-Chips technology to advance the clinical goals for three research programs: the use of the Lung-on-Chip and Thrombosis-on-Chip to evaluate pulmonary thrombosis; use of the Liver-on-Chip to better predict liver toxicity, a major cause of drug failures in the clinic; and a third undisclosed research program.
• New York & Company (NWY) and actress Eva Mendes announced that they have extended their agreement to collaborate on the Eva Mendes Collection through 2019
• Daegis Inc. (DAEG) announced its partnership with Cloud Recover, a Sydney, Australia-based managed solution provider. Cloud Recover will broaden its offerings by providing a cloud-based version of the AXS-One solution
• Bombardier (BDRBF) announced that it has signed a five-year heavy maintenance agreement with Mesa Air Group, of Phoenix, Arizona. Under this contract, which extends to 2020, Bombardier will perform all heavy maintenance tasks for the airline's fleet of CRJ700 and CRJ900 aircraft at its service centres in Macon, Georgia, Bridgeport, West Virginia and Tucson, Arizona.

7:09 am Rite Aid beats by $0.01, reports revs in-line; updates guidance to include EnvisionRx acquisition, reaffirms comps (RAD) :

• Reports Q1 (May) earnings of $0.04 per share (ex-$0.02 in Envision RX expenses), $0.01 better than the Capital IQ Consensus of $0.03; revenues rose 2.8% year/year to $6.65 bln vs the $6.64 bln consensus. 
• Same store sales for the quarter increased 2.9 percent over the prior year, consisting of a 0.6 percent increase in front-end sales and a 3.9 percent increase in pharmacy sales. 
• Co issues guidance for FY16, including the EnvisionRX acquisition: sees EPS of $0.14-0.22 (from $0.19-0.27), not comparable to $0.19 Capital IQ Consensus; raises FY16 revs to $30.7-31.2 bln from $26.9-27.4 bln, not comparable to $28.23 bln Capital IQ Consensus; reaffirms comps +2.5-4.5%.
  

7:03 am McEwen Mining to pay an annual dividend of $0.01 per share (MUX) : The co's inaugural dividend installment of $0.005 per share will be paid on August 17, 2015 to shareholders of record on July 31, 2015

7:02 am Christopher & Banks: Macellum Advisors shareholder group sends a letter to the co's Board of Directors, pushing for a process to explore strategic alternatives (CBK) : In the letter, Macellum states its belief that the Board has failed to exercise appropriate oversight and has not served as a good sounding board for CEO, LuAnn Via. Macellum further notes that it is disappointed to have its request to add highly qualified directors to the Board, including former CEO, Joel Waller summarily rejected.

• In the letter, the Group expresses that issues it raised earlier this year are negatively impacting the business, that the Company can no longer blame the West Coast port strike for its declining results and the Company must look internally for solutions. 
• The group highlights its additional concerns over the deterioration in the Company's results and believes that with proper governance and oversight, the Company should be capable of achieving high single digit operating margins and meaningful revenue growth by gaining back lost market share within its target demographic. 
• Group states its belief that with the trend toward consolidation in the missy sector, highlighted by Ascena Retail Group Inc agreeing to purchase ANN Inc., the Company would be an attractive target and should formally begin a process to explore strategic alternative.
  

7:01 am Parnell Pharmaceuticals announces positive top-line pivotal trial results for its Zydax therapeutic (PARN) : Co announced that Zydax, Parnell's osteoarthritis (OA) therapeutic being developed for dogs and horses, demonstrated a significant improvement in clinical signs of osteoarthritis in dogs in a pivotal clinical efficacy trial. Key highlights of the trial results include:

•  Using a validated measure for assessing changes in the clinical signs of osteoarthritis, Zydax treated dogs achieved significant improvements in mobility. 
• Dog owners used the Client Specific Outcome Measures (:CSOM) tool to quantify an Activity Impairment Score (:AIS) to track changes in their dogs' mobility. At 14 days, Zydax treated dogs achieved an AIS reduction of 2 (20% improvement; p=0.04 vs. placebo) and at 28 days an AIS reduction of 3 (30% improvement; p=0.01 vs. placebo) 
• The Primary End-Point for the trial was a reduction of 3 or more in the Activity Impairment Score; 56% of Zydax treated dogs achieved this end-point vs. 40% for placebo (p=0.02). 
• Additional trial analysis assessed the spectrum of responses in dogs with early to mid-stage clinical signs of osteoarthritis at enrollment. Zydax treated dogs demonstrated a range of improvements in AIS; after 28 days of treatment with Zydax, 81% of dogs achieved at least an 11% improvement (AIS reduction of =1; p=0.02) while 23% of dogs achieved more than 56% improvement (AIS reduction of =5; p=0.03).
  

7:01 am ARMOUR Residential REIT announces expectations to increase its quarterly dividend in Q3, and Board approval for an eight-for-one reverse stock split (ARR) : Co announced that it expects to increase common stock dividends in Q3 2015 and that its Board of Directors has approved a reverse stock split of ARMOUR's outstanding shares of common stock at a ratio of one-for-eight. The reverse stock split is scheduled to take effect on July 31, 2015

7:00 am Tessera Tech appoints Steve Teig as Chief Technology Officer (TSRA) :

• Co announced that it has named Steve Teig as chief technology officer effective immediately. Craig Mitchell, who has been serving in dual roles as CTO of Tessera and as president of the Company's subsidiary, Invensas Corporation, will dedicate more of his time towards accelerating the growth of Invensas.
• Prior to that Teig was CTO and chief scientist at Cadence Design (CDNS) Systems
  

6:57 am On the Wires (:WIRES) :

• Ingenico Group (INGIY) announced that Ingenico Payment Services, its flagship brand for digital transactions, has teamed up with Google (GOOG) to help online merchants boost their business abroad with a joint program called the Export Accelerator.
  
• ChromaDex (CDXC) announced that a collaborative human clinical study on NIAGEN is underway at the University of Colorado Boulder. The placebo controlled, double-blind, randomized, cross-over study will assess the potential benefits of daily NIAGEN supplementation over the course of 6 weeks. Endpoints that will be assessed in this study include physical function, cardiorespiratory fitness and overall metabolism.
  

6:43 am Cynapsus Therapeutics (Nasdaq: CYNA) priced its 4.5 mln share IPO at $14.00/share (CYNA) : The Company intends to use the net proceeds of the offering to fund its Phase 3 bridging, efficacy and safety studies and research and development overhead expenditures; to fund pre-approval commercialization efforts in the U.S. market; for initial regulatory and clinical activities for European market registration; to fund CMC-related expenses; to fund other early stage pipeline development programs; and for working capital and other general corporate purposes.

6:29 am On the Wires (:WIRES) :

• New York REIT (NYRT)  announced that it has completed a new 10-year lease with Prometheus Global Media, totaling ~33,100 square feet at Worldwide Plaza, bringing the occupancy rate for office space at Worldwide Plaza to 100%.
  
• ABB (ABB) has won a contract to supply the main component, a Michelson interferometer, for the satellite of the GOSAT-2 mission that will enable the Japanese government to continue and enhance spaceborne measurement of major greenhouse gases. This contract agreement is with Mitsubishi Electric Corporation, who is the primary equipment supplier for this secondJapan's Greenhouse Gases Observing SATellite program. GOSAT-2 is being jointly developed by the Japan Aerospace Exploration Agency, the National Institute for Environmental Studies, and Ministry of the Environment, Government of Japan, and is expected to be launched by JAXA in Japan Fiscal Year 2017.
  
• Constellation Brands (STZ) announced its CEO recently met with Enrique Pea Nieto, the President of Mexico to discuss the investments the company is making. Last year, Constellation announced that it planned to invest approximately $2 billion to increase the Nava brewery's production capacity, and expand the glass plant, also located in Nava. When the expansions are complete, Constellation Brands expects that approximately 2,500 people will be employed at the brewery, glass plant and Mexico City office locations.
  

6:01 am Oculus Innovative Sciences regains compliance with the Nasdaq Minimum Bid Price rule (OCLS) :  

6:01 am Nobilis Health confirms it will join the Russell indexes; provides updates on its hospital acquisition and Texas weather (HLTH) :

• Co announces that it is working with the debtor in possession of Victory Medical Center Plano to finalize the acquisition of the hospital through the bankruptcy. On Friday, June 12th, Victory Parent Company and several of its affiliate hospitals, including Victory Medical Center Plano, sought bankruptcy protection in the Northern District of Texas. Nobilis has been in continuous contact with Victory's management and supported Victory's decision to file. 
• The storms passing through the Houston and Dallas metropolitan areas over the last few days have had minimal negative impact on Nobilis' facility operations or physical plant. Surgical procedures scheduled to be performed this week have been performed or have been rescheduled to accommodate patients.
  

6:00 am Lumenis LTD will be acquired by XIO Group for $14.00/share in cash (LMNS) : Co announced today that it has signed a definitive agreement to be acquired by XIO Group for $14.00 per share in cash, for an aggregate purchase price of ~$510 million.

• The transaction is subject to customary closing conditions, including approval by Lumenis' shareholders, and is expected to close in September 2015. 
• The two largest shareholders of Lumenis, Viola Group and XT Hi-Tech Investments, which collectively own approximately 59% of the shares of Lumenis, have entered into a customary voting agreement with XIO Group.
  

5:56 am Fenix Parts announces anticipated management additions, Board member changes (FENX) : The co announced that it is in discussions with two senior-level candidates to join the Fenix management team. While Fenix eagerly anticipates the addition of these executives, Stericycle (SRCL), where both executives are currently employed, has informed Fenix that it believes that Fenix's offers of employment may violate the provisions of a November 2010 agreement between Stericycle and Fenix's CEO Kent Robertson, who was then a Stericycle employee. Fenix disagrees, and the disagreement with Stericycle has caused an unexpected conflict of interest for two of Fenix's directors -- Richard Kogler and Frank ten Brink -- who are officers and employees of Stericycle. Because of an internal Stericycle policy, Messrs. Kogler and ten Brink were required to resign from the Fenix Board, effective immediately. The company also announced the election of Clayton K. Trier to its Board of Directors and as Chairman of the Board's Audit Committee.

5:50 am S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: -7.10. :

5:50 am European Markets : FTSE...6629.56...-52.00...-0.80%.  DAX...10824.09...-153.90...-1.40%.

5:50 am Asian Markets : Nikkei...19990.82...-228.50...-1.10%.  Hang Seng...26694.66...-59.10...-0.20%.

5:47 am Fitbit (NYSE: FIT) priced its upsized 36.575 mln share IPO at $20.00/share, above the upwardly revised range of $17.00-$19.00 (FIT) : The company was initially planning to offer 29.85 mln shares (Personally selling 22,387,500 shares, and selling stockholders offering 7,462,500 shares) at an expected range of $14.00-$16.00. Then yesterday, the company increased the offering by boosting the share portion to 34.5 mln (With FitBit itself offering 22,387,500 shares (unchanged), and selling shareholders offering 12,112,500 shares) as well as lifted the expected priced range to $17.00-$19.00

• In today's pricing, Fitbit noted it is offering 22,387,500 shares (still unchanged) and certain selling stockholders are offering 14,187,500 shares (an additional increase)
  

4:42 am On The Wires (:WIRES) :

• Hitachi High-Technologies (HICTF) and QIAGEN (QGEN) have entered into a long-term strategic collaboration involving initiatives to deliver important advances in molecular testing.  
• Epson (SEKEY) announced the All-in-One Collaborative Whiteboard designed exclusively for its BrightLink Pro-Series meeting room solutions that transform any flat surface into digital whiteboards and interactive spaces. 
  

3:57 am On The Wires (:WIRES) :

• The Competition Appeal Court heard the matter, first heard in December 2014, in respect of Sasol's pricing of propylene and polypropylene, and in its ruling, concluded that the decision of the Tribunal is set aside and that Sasol's (SSL) appeal is upheld. 
  
• CME Group (CME) announced the first trade of its new European Power Contracts. The contract traded for the first time on CME Europe, CME Group's European exchange, on Tuesday, 16 June 2015.
  

2:45 am Volvo reports May 2015 were flat YoY at 17,475 vehicles (VOLVY) : In May 2015, truck deliveries rose by 22% in North America and by 4% in Europe. Deliveries in South America were down by 58% while deliveries rose by 4% in Asia. In total the Volvo Group's wholly-owned operations delivered 17,475 trucks, which was on the same level as in May 2014.

2:28 am On The Wires (:WIRES) :

• ACE Group (ACE) announced the creation of a dedicated and centralized unit in Asia Pacific in response to increasing demand from Corporate Customers to deliver bespoke Risk Transfer and Risk Managed solutions. This unit will provide customized products and services to Captive Insurers and Complex Multinational clients to serve their unique and sophisticated needs.
• Dassault Systmes (DASTY) announced a partnership with Safran Group, an international high-technology group in aerospace, defense and security, to develop expertise in the virtual validation of the additive manufacturing process using Dassault Systmes' 3DEXPERIENCE platform.
  

1:58 am Alibaba and Foxconn (FXCNY) to invest JPY14.5 bln in SoftBank (SFTBY) Robotics (BABA) : SoftBank (SFTBY), Alibaba (BABA) and Foxconn Technology Group (FXCNY) announced an agreement under which Alibaba and Foxconn will each invest JPY14.5 bln in SoftBank Robotics Holdings Corp, the SoftBank Group's intermediate holding company responsible for its robotics business.

• Under the agreement, upon the completion of the investment by Alibaba and Foxconn, SoftBank's SBRH share ownership ratio will become 60%, and Alibaba and Foxconn will each hold ownership stakes of 20%. 
• SoftBank, Alibaba and Foxconn will build a structure to bring Pepper and other robotics businesses to global markets, and cooperate with the aim of spreading and developing the robotics industry on a worldwide scale. 

1:33 am Galapagos has completed recruitment for the Phase 2 Proof-of-Concept study in ulcerative colitis with GPR84 inhibitor GLPG1205; topline results from this study are now expected in Q1 2016 (:GLPG) :  

1:18 am On The Wires (:WIRES) :

• IMAX Corporation (IMAX) and TCL jointly announced the launch of the IMAX Private Theatre "Palais-the first premium, in-home private theatre developed through IMAX's joint venture with TCL Multimedia Technology Holdings Limited in China. 
• Canon (CAJ) announced an exciting addition to its G-series of premium compact digital cameras -- the Canon PowerShot G3 X.
  

1:14 am AV Homes prices $80 mln of new 6.00% Senior Convertible Notes due 2020 (AVHI) :  

1:11 am Ur-Energy confirms the increase in mineral resources previously announced for its for its Lost Creek Property (URG) : Due to the assessment of drill hole data obtained from recently completed wellfield installation within MU1, 2.308 million pounds of Measured Resources were added to the earlier resource total for MU1 (for a 95% increase to the last reported resource estimate).

• Experience gained from the higher uranium recoveries during production operations was also factored into this assessment, resulting in lowering the uranium grade X thickness cut-off used in resource estimation from 0.30 to 0.20. An adjustment to the new mineral resource figure was then made because of the production of ~979,000 pounds of uranium from MU1, through March 31, 2015. After taking into consideration the pounds produced, the current Measured Resource for MU1 increased by 1.329 million pounds to a revised total of 3.757 million pounds, a 55% increase to the last reported MU1 resource in the 2013 PEA.
  

1:03 am Radius Health reports Positive top-line data from ACTIVExtend Trial including combined 25 month results (RDUS) : Co reports top line data from the first six months of ACTIVExtend and the 25 month combined data from ACTIVE and ACTIVExtend. Additionally, Radius is reporting new data from an exploratory analysis of major osteoporotic fractures in the ACTIVE trial.

• ACTIVExtend results show that the group previously treated with abaloparatide had no new vertebral fractures during the first six months on alendronate. From the start of the ACTIVE study, this group showed an 87% reduction in new vertebral fractures, 52% reduction in non-vertebral fractures, 48% reduction in clinical fractures, and a 58% reduction in major osteoporotic fractures over the 25-month period. 
• A recent exploratory analysis of the ACTIVE trial showed that, for major osteoporotic fractures, there was a 67% reduction in major osteoporotic fractures for the abaloparatide treatment group versus placebo, and a 53% reduction in major osteoporotic fractures for the abaloparatide treatment group as compared to teriparatide.
  

12:58 am Edwards Lifesciences confirms FDA approval for SAPIEN 3 Transcatheter Heart Valve; approved for high-risk indication and all valve sizes (EW) : Co announced the FDA approval of its most advanced transcatheter aortic heart valve -- the Edwards SAPIEN 3 valve with the Commander Delivery System -- for the treatment of high-risk patients suffering from severe, symptomatic aortic stenosis.

• Given the earlier-than-anticipated FDA approval of SAPIEN 3, the company is ramping up supply and expects the launch to be largely completed by the end of the year.