9:57 am Vicor announces a positive patent trial and appeals board ruling, regarding its Synqor litigation (VICR) : .....

9:49 am Relative sector performance (:TECHX) : Sectors that have underperformed the S&P on a relative basis in recent trade include: Housing XHB, Semi SMH, Bank KBE, Reg Bank KRE, Finance XLF, Biotech IBB, Internet FDN, Software IGV, Defense PPA. Groups that are outperforming the S&P include: Oil Service OIH, Energy XLE, Restaurant, Coal KOL, Crude Oil USO, Gold Miners GDX, Silver SLV, Gold GLD.

9:48 am Flextronics announces selection by NEXTracker, for the high-volume manufacturing of its self-powered tracker controllers (FLEX) :  

9:46 am Major averages extend opening slide back below their 50 day -- Dow -173, S&P -19, Nasdaq Comp -60 (:TECHX) :  

9:45 am Opening Market Summary: Influential Sectors Display Early Weakness (:WRAPX) : As expected, the major averages began the session under pressure. The S&P 500 trades lower by 0.8% while the Nasdaq Composite (-1.1%) underperforms.

All ten sectors display early losses with the energy space (-0.2%) hovering near its flat line with crude oil trading higher by 0.7% at $59.68/bbl. On the flip side, heavily-weighted technology (-1.0%), financials (-0.8%), health care (-0.7%), and consumer discretionary (-0.7%) have struggled in the early going. The four laggards will be in focus today considering they are the largest sectors by weight.

Elsewhere, Treasuries have reclaimed most of their overnight losses, leaving the 10-yr yield higher by a basis point at 2.30%.

The Job Openings and Labor Turnover Survey for March will be released at 10:00 ET.

9:43 am Telus acquires 40 MHz of 2500 MHz spectrum in Canada, for $479 mln, to be funded by the co's existing credit facility (TU) :  

9:42 am Major averages slip to minor new session lows -- Dow -134, S&P -16, Nasdaq Comp -49 (:TECHX) :  

9:41 am Patriot Coal this morning filed voluntary petitions for restructuring under Chapter 11 of the United States Bankruptcy Code; currently evaluating a range of strategic alternatives to maximize the value of its assets (PCXCQ) : The co announced that it is engaged in active negotiations for the sale of substantially all of the Company's operating assets to a strategic partner. The Company is also engaged in ongoing discussions with key stakeholders as it evaluates a range of strategic alternatives to maximize the value of its assets.  The Company intends to complete its review of strategic alternatives and present a value-maximizing restructuring plan to the Court as quickly as possible.

• Patriot expects its customer shipments and mining operations to continue in the ordinary course during the restructuring process. The Company has received a commitment for $100 million in "debtor in possession" financing led by a consortium of the Company's secured debt holders to support its continued operations. Upon approval by the Court, the DIP financing, combined with cash generated from ongoing operations will provide sufficient liquidity to support the business during the restructuring process.

9:35 am Firmly negative start -- Dow -112. S&P -12, Nasdaq Comp -36 (:TECHX) : Early sector weakness noted in: Biotech IBB, Internet FDN, solar TAN, Technology XLK, REITs IYR, Health XLV, Social Media SOCL, Materials XLB, Software IGV, Retail XRT.

9:33 am Astrotech's 1st Detect subsidiary announces the receipt of an initial order for its disruptive mass spectrometry technology from a leading snack food producer (ASTC) :  

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

• CSG International (CSGS) announced that Gabon Telecom has implemented its Wholesale Business Management Solution
• RLHC (RLH) announced that the company has entered into a franchise license agreement with the owner of the former Holiday Inn Hotel and Conference Center in Harrisburg, Pennsylvania. The property is expected to convert to the Red Lion Hotel designation on or about May 13, 2015.
• TransCanada (TRP) announced that its Prince Rupert Gas Transmission project has entered into a Project Agreement with the Lake Babine Nation of northern B.C. that provides the Nation with financial and other benefits related to the pipeline project. The Project Agreement will provide annual legacy payments for the duration of the commercial operation of the pipeline, plus immediate benefits on signing, and at other key project milestones.
• Bombardier (BDRBF) announced that it has made an agreement with with Pratt & Whitney, a division of United Technologies (UTX) to develop and implement a data management service for the CSeries aircraft. The service will facilitate remote troubleshooting and diagnostics for use by maintenance and flight crews.
• MoneyGram (MGI) has renewed a long-standing agreement with Bremer Bank, a privately-owned financial institution, to provide official check services.
• Honeywell (HON) and the U.S. Army announced a $22.4-million modernization project at the Rock Island Arsenal Garrison in Rock Island, Ill. The project will help the Garrison eliminate coal-fired heating and replace equipment with high-efficiency boilers
• Rocket Fuel (FUEL) announced a contract extension of the company's alliance with Cyber Communications that originally began in 2012. CCI will continue to use Rocket Fuel's DSP as its primary platform, and Rocket Fuel will continue to partner with CCI as its channel partner in Japan
• Kopin Corporation (KOPN) announced that it has licensed certain wearable technologies and is supplying key components to the FUJITSU IoT Solution Ubiquitouswear Head-Mounted Display

9:11 am S&P futures vs fair value: -12.60. Nasdaq futures vs fair value: -30.30. (:WRAPX) : The stock market is on track for a lower open as futures on the S&P 500 trade 13 points below fair value. Index futures retreated overnight amid continued selling in the Treasury market that has pushed the benchmark 10-yr yield up to 2.30% (+2 bps). Similarly, European bonds have also faced some additional selling with Germany's 10-yr yield jumping six basis points to 0.68%.

Staying in Europe, Greece has reportedly made its EUR750 million payment to the International Monetary Fund, but according Kathimerini, the country used its reserves held at the Fund, which must be replenished within a month.

Turning back to the U.S., corporate news has been limited, but AOL (AOL 50.28, +7.69) has spiked 18.1% in pre-market after agreeing to be acquired by Verizon (VZ 49.55, -0.25) for $50/share.

Today's economic data will be limited to the 10:00 ET release of the Job Openings and Labor Turnover Survey for March and the 14:00 ET release of the April Treasury Budget (Briefing.com consensus $155.00 billion).

9:09 am LRAD announces $700k in orders for LRAD 360X systems and accessories for a country in Asia replacing and upgrading its tsunami warning system (LRAD) : The order is part of an ongoing rollout of LRAD 360X installations into additional cities and towns. The order is scheduled for delivery this fiscal year.

9:08 am MGM Resorts: Land & Buildings issues additional letter to shareholders urging them to vote for its four board nominees on the GOLD Proxy Card today (MGM) : Land and Buildings commented that, "Given the substantial underperformance of MGM and the Board's lackluster response to this underperformance, Land and Buildings believes that the addition of its independent nominees would compel the Company to take the necessary steps to close the persistent and material discount to its potential valuation."

9:03 am Aviat Networks announces an agreement with a United Arab Emirates security agency to implement CTR microwave routers in a new public safety LTE network (AVNW) : Initial deployments will comprise CTR 8540 microwave routers. When the customer deploys commercial LTE, Layer 3 services at the network edge will be introduced into the network via IP/MPLS technology.

9:01 am NiSource announced its intention for NiSource and Columbia Pipeline Group to pay shareholders an initial combined quarterly common stock dividend of $0.28/share, up 7% from the current level (NI) :  

9:00 am Baxter to acquire the Oncaspar (pegaspargase) product portfolio from Sigma-Tau Finanziaria S.p.A for $900 mln (BAX) : Co announced it has signed a definitive agreement to acquire the Oncaspar (pegaspargase) product portfolio from Sigma-Tau Finanziaria S.p.A. The acquisition further accelerates the innovation capabilities and the commercial presence of Baxter BioScience in growing oncology markets for rare and orphan diseases.

• The Oncaspar transaction is expected to close in the third quarter.
• Under the terms of the agreement, Baxter will purchase the portfolio for USD $900 million before working capital and other transaction adjustments. 
• The company expects to finance the transaction through a combination of foreign cash and debt. 
• This transaction is expected to be accretive to adjusted earnings on a cash basis in the first full year and increasingly accretive thereafter.

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

• CGI (GIB) announced that the State of Louisiana's Division of Administration, Office of Technology Services has extended its agreement with CGI to deliver IT services for various programs. The contract renewal is valued at $19 million over three years.
• NETGEAR, Inc. (NTGR) announced that AT&T (T) will bring the NETGEAR AirCard 779S Mobile Hotspot to market under the brand name, AT&T Unite Express for GoPhone
• West Pharmaceutical Services (WST) announced it will add additional technological capabilities to all of its global Packaging Systems R&D facilities, and develop two R&D Centers of Excellence, one in the Asia Pacific region and one in Europe
• EnerNOC (ENOC) announced that Weis Markets, has expanded its deployment of EnerNOC's energy intelligence software across its entire chain of 163 supermarkets
• GuideOne Insurance and Guidewire Software (GWRE) announced that GuideOne has launched Guidewire's PolicyCenter as its new underwriting and policy administration solution
  

8:56 am S&P futures vs fair value: -12.60. Nasdaq futures vs fair value: -31.30. (:WRAPX) : The S&P 500 futures trade 13 points below fair value.

Markets in the Asia-Pacific region were mixed Tuesday as Wall Street's weak showing on Monday and the striking jump in sovereign bond yields around the globe curtailed investor enthusiasm. China's Shanghai Composite was a notable exception in the region as it followed up Monday's 3.0% gain with a 1.6% increase on Tuesday.

• In economic data: 
  • Japan's March Leading Index 105.5 (expected 105.5; prior 104.8); Coincident Indicator -1.2% (prior -2.8%) 
  • Australia's March Home Loans +1.6% month-over-month (expected +1.0%; prior +1.1%); March Invest Housing Finance +6.4% month-over-month (prior -3.4%) 
  • New Zealand's REINZ House Price Index +0.5% month-over-month (prior +6.7%) 

• Japan's Nikkei ended Tuesday flat, but finished the session on an upswing that recouped an earlier loss of about 150 points. The financial (+0.7%) and industrial (+0.4%) sectors provided support that offset weakness in the energy (-0.5%) and basic materials (-0.3%) sectors. Sharp Corp (+11.1%) rebounded from Monday's drubbing to lead individual gainers and was followed by Suzuki Motor (+7.8%) and Nisshinbo Holdings (+7.7%). Nippon Kayaku (-7.7%) and Taiyo Yuden (-6.8%) were the biggest decliners. Out of the 225 index members, 136 ended higher, 83 finished lower, and 6 were unchanged. 
• Hong Kong's Hang Seng declined 1.1% and ended at its low for the day, dropping roughly 200 points in the final hour. Every sector closed the day with a loss. The technology (-2.6%) and basic materials (-2.0%) sectors were the weakest areas, but the financial sector (-1.1%) was the most influential laggard. China Overseas Land & Investment (-3.6%), China Unicom Hong Kong (-2.8%), and China Mengniu Dairy (-2.5%) were the largest decliners. Tingyi Cayman Islands Holding (+3.8%) was the only stock to gain more than 1.0%. Out of the 50 index members, 5 ended higher, 43 finished lower, and 2 were unchanged. 
• China's Shanghai Composite continued Monday's rally and added 1.6% on Tuesday. The index closed at its high for the day, underpinned by broad-based buying interest. The utilities (+3.1%) (+3.1%), communications (+2.9%), and industrial (+2.6%) sectors led the way for the Chinese market. 

• Economic data was limited: 
  • UK's March Industrial Production +0.5% month-over-month (expected 0.1%; prior 0.1%); +0.7% year-over-year (consensus 0.2%; previous 0.1%). March Manufacturing Production +0.4% month-over-month (consensus 0.3%; last 0.5%); +1.1% year-over-year (expected 1.0%; prior 1.2%) 

• In France, the CAC is lower by 1.2% with all but three names in the red. Industrial names underperform with Airbus, Peugeot, and Renault down between 1.5% and 3.0%. On the upside, Technip outperforms, trading higher by 0.8%. 
• UK's FTSE has given up 1.6% amid broad weakness. EasyJet is the weakest performer, down 9.9%, in reaction to a warning that an air traffic control strike in France would reduce profits by GBP25 million. Peer International Consolidated Airlines trades down 3.2%. Miners outperform with Fresnillo and Randgold Resources both up near 1.4%. 
• Germany's DAX trades down 1.8% with exporters BMW, Daimler, and Volkswagen down between 2.2% and 2.9%. Steelmaker ThyssenKrupp is the lone advancer, trading higher by 3.3%.

8:52 am Noranda Aluminum announces the pricing of the secondary public offering of 22,840,000 shares held by certain funds affiliated with Apollo Global Management (APO) (NOR) : Following the completion of this offering, the Selling Stockholders will no longer own any shares of the Company's common stock and the co expects Matthew R. Michelini, Matthew H. Nord, Eric L. Press, and Robert J. Kalsow-Ramos, who are affiliates of the Selling Stockholders, to resign from the board of directors.

8:47 am Perrigo acquires the Mexican operations of Patheon for $34 mln in cash; acquisition is expected, after exclusions, to be immediately accretive to CY 2015 adjusted EPS, (PRGO) :  

8:33 am Eli Lilly announces a cash tender offer for $1.6 bln of various series of outstanding notes (LLY) : The tender offer is for the co's:

• 5.55% Notes due 2037 and 4.650% Notes due 2044
• 5.950% Notes due 2037 and  5.50% Notes due 2027 
• 6.77% Notes due 2036 and 7.125% Notes due 2025 
• 5.20% Notes due 2017
  

8:33 am Immunomedics receives a patent that covers its investigational antibody-drug conjugate, Sacituzumab Govitecan (IMMU) : The co announced the issuance of U.S. Patent No. 9,028,833 for a new patent family "Dosages of immunoconjugates of antibodies and SN-38 for improved efficacy and decreased toxicity."

8:33 am Select Comfort: Blue Clay Issues letter, notes it is encouraged by the Board's implementation of Blue Clay's recommended actions, withdraws proxy solicitation at Select Comfort Corporation (SCSS) :

• "We strongly urged the Co to focus on high-ROIC new store growth and significantly increase store openings from its current level of ~463. Following our discussions, mgmt has increased its goal from 550 to 650 stores. We believe that this is a step in the right direction, and that store openings will accelerate in previously identified new and underpenetrated markets as the Board and mgmt come to realize our recommendation for faster, but thoughtfully staged growth, is not risky, as it has been characterized, but rather the highest ROIC strategy available."
  
• "We advised the Board and mgmt to modify and greatly increase the Co's share repurchase program, prompting the Co to change its repurchase objective from "maintain[ing] common shares outstanding at current levels" to a more sensible approach that repurchases be "accretive to earnings." Further, the Co doubled its monthly share repurchase to $10 mln in March 2015, which we support. Lastly, and most importantly, the Board and management have now incorporated an ROIC framework in their share repurchase decisions, as well as in performance metrics for the Co's executive compensation."
  
• "In recognition of the Co moving in the overall direction of our recommendations, we are withdrawing our slate of two director nominees for election to the Board at this year's annual shareholders meeting."

8:32 am On Track Innovations beats by $0.01, beats on revs (OTIV) : Reports Q1 (Mar) loss of $0.05 per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.06); revenues fell 3.8% year/year to $5 mln vs the $4.66 mln consensus.

8:32 am European Markets Update: CAC -1.3%, FTSE -1.6%, DAX -1.9% (:SUMRX) : Major European indices trade lower across the board with Germany's DAX (-1.9%) leading the retreat. According to Kathimerini, Greece has made its EUR750 million payment to the International Monetary Fund by using reserves held at the Fund, which must be replenished within a month.

• Economic data was limited: 
• UK's March Industrial Production +0.5% month-over-month (expected 0.1%; prior 0.1%); +0.7% year-over-year (consensus 0.2%; previous 0.1%). March Manufacturing Production +0.4% month-over-month (consensus 0.3%; last 0.5%); +1.1% year-over-year (expected 1.0%; prior 1.2%) 

• In France, the CAC is lower by 1.3% with all but three names in the red. Industrial names underperform with Airbus, Peugeot, and Renault down between 1.5% and 3.0%. On the upside, Technip outperforms, trading higher by 0.8%. 
• UK's FTSE has given up 1.6% amid broad weakness. EasyJet is the weakest performer, down 9.9%, in reaction to a warning that an air traffic control strike in France would reduce profits by GBP25 million. Peer International Consolidated Airlines trades down 3.2%. Miners outperform with Fresnillo and Randgold Resources both up near 1.4%. 
• Germany's DAX trades down 1.9% with exporters BMW, Daimler, and Volkswagen down between 2.2% and 2.9%. Steelmaker ThyssenKrupp is the lone advancer, trading higher by 3.3%.
  

8:32 am Cardiome Pharma agrees to a commercialization agreement with AOP Orphan Pharma for the sale of Esmocard and Esmocard Lyo in Italy, France, Spain and Belgium; financial terms not disclosed (CRME) :  

8:32 am Orexigen Therapeutics and Takeda Pharmaceuticals announce termination of the cardiovascular outcomes study (light study) of the obesity drug contrave (OREX) :

• Takeda Pharmaceutical Company Limited and its wholly-owned subsidiary, Takeda Development Center Americas, Inc. (Takeda) and Orexigen Therapeutics (OREX) have accepted the recommendation of the Executive Steering Committee (:ESC), chaired by Dr. Steven Nissen of The Cleveland Clinic, for early termination of the Light Study, a cardiovascular (:CV) outcomes trial that compared the obesity drug Contrave (naltrexone HCI and bupropion HCl extended-release tablets) to placebo, in addition to diet and exercise counselling, in 8,909 overweight and obese patients with certain CV risk factors.
• The Light Study is not being terminated due to a finding of superiority or harm. The ESC, Takeda and Orexigen expect to report the final Light Study data in a scientific forum after all of the CV events in the Light Study have been collected and properly adjudicated
  

8:30 am Jamba announces that its Board of Directors increased its share repurchase authorization from $25 mln to $40 mln (JMBA) :  

8:30 am MobileIron announces appointment of Simon Biddiscombe as Interim CFO (MOBL) : Co names Simon Biddiscombe as interim CFO. He brings more than 20 years of management and financial experience to MobileIron. He spent five years at QLogic (QLGC) as CFO and Senior VP, then as CEO. Simon joins MobileIron from ServiceSource Intl (SREV) where he served as Interim CFO.

8:30 am S&P futures vs fair value: -14.90. Nasdaq futures vs fair value: -35.20. (:WRAPX) : U.S. equity futures continue holding the bulk of their losses with futures on the S&P 500 trading about five points above their session low. Similarly, Treasuries have retreated overnight, and they too hover near their low. As a result, the benchmark 10-yr yield is higher by five basis points at 2.33%.

It is worth noting that the selloff has not been limited to the U.S. For instance, Germany's 10-yr bund has also tumbled, sending its yield higher by almost ten basis points to 0.71% after beginning the month near 0.36%.

On a related note, the Dollar Index (94.47, -0.54) is lower by 0.6% with the euro adding 0.8% against the greenback (1.1237).

8:30 am Argan acquires Atlantic Projects Company Limited; terms not disclosed (AGX) :

• Co announced that it has entered into a share purchase agreement to acquire Atlantic Projects Company in exchange for a combination of cash and common stock of Argan, Inc.
• APC is a provider of construction and technical services for power generation. 
• The transaction is expected to close by May 31, 2015.
  

8:28 am On the Wires (:WIRES) :

• Starwood Hotels & Resorts Worldwide (HOT) announced its Sheraton brand will debut in Danang, with the signing of Sheraton Danang Resort, which is scheduled to open in early 2018
• Cover-All Technologies (COVR) announced that it has signed agreements with three new insurance carriers in May 2015. The new Cover-All customer contracts for license, maintenance and professional services include: A mid-size regional insurance carrier, A tier-1 mid-west insurance carrier, and A division of a tier-1 insurance carrier
• ZS Pharma (ZSPH) announced that data from the Phase 3 trials of ZS-9, an investigational treatment for hyperkalemia, will be presented at a meeting of the American Society of Hypertension on May 15 to 19, 2015, in New York, NY
• Yingli Green Energy Holding (YGE) announced that it has entered into a solar panel supply agreement with Borrego Solar Systems. Under the terms of the agreement, it expects to supply Borrego Solar with up to 40 megawatts (MW) of solar panels in 2015

8:27 am On the Wires (:WIRES) :

• Northrop Grumman Corporation (NOC) has been awarded a 28.8m contract by the United Kingdom Home Office to provide service and systems operations and maintenance to the Forensic and Biometric Interim Capability, otherwise known as FABrIC. Under the two-year FABrIC contract, Northrop Grumman will maintain and enhance the IDENT1 core software
• Zillow Group (Z) announced that Zillow and Trulia have signed 105 new agreements with multiple listing services in the past six weeks. In total, Zillow Group has signed 235 new agreements with MLSs since January 2015
• UBIC (UBIC) announced that they have agreed to jointly provide new solutions that detect and prevent potential information leakage through analysis of employee communications. The alliance combines UBIC's AI-based Predictive Coding and Digital Arts' information security products for possible corporate and government agency customers
• Rosetta Genomics (ROSG) announces that data on the Company's novel, microRNA-based assay for accurate thyroid nodule classification will be presented at the American Association of Clinical Endocrinologists 24th Annual Scientific and Clinical Congress, being held May 12-15, 2015 in Nashville, Tenn

8:27 am European Yields (BONDX) : Sovereign Yields Spike

• European government debt has renewed its sell-off that had seemed to crescendo at the end of last week. There was no new economic data that induced the wave of selling, but European sovereigns opened down in sympathy with the deep losses in U.S. Treasuries on Monday and took the lead from there
• Greek 10-year notes are the second best performers in Europe today, with their yields rising only 7 basis points to 10.82%
• Despite the global nature of this move higher in yields, the ECB will be faced with some tough questions about the effectiveness of its QE program. The obvious reply will be (just as the Fed argued after yields rose following its QE program) that higher yields show that the program is working. Higher yields, however, are also leading to a higher euro in the FX market and this is surely not a welcome development for the European recovery
• Yield check:
• France, 10-yr OAT: +11 bps to 1.00%
• Germany, 10-yr Bund: +9 bps to 0.70%
• Greece, 10-yr note: +7 bps to 10.82%
• Italy, 10-yr BTP: +12 bps to 1.88%
• Portugal, 10-yr note: +11 bps to 2.47%
• Spain, 10-yr Bono: +11 bps to 1.86%
• U.K., 10-yr Gilt: +7 bps to 2.03%

8:23 am Diana Containerships beats by $0.01, beats on revs (DCIX) : Reports Q1 (Mar) loss of $0.01 per share, $0.01 better than the Capital IQ Consensus Estimate of ($0.02); revenues rose 3.0% year/year to $13.9 mln vs the $13.03 mln consensus.

• Time charter revenues, net of prepaid charter revenue amortization, were $13.9 million for the first quarter of 2015, compared to $13.5 million for the same period of 2014, mainly due to the decrease of prepaid charter revenue amortization and the increase in ownership days resulting from the enlargement of our fleet, partly offset by decreased average time charter rates.
• Time charter equivalent (:TCE) rate fell 17% to $14,410/day in the quarter. 
  

8:09 am Ares Commercial Real Estate reports Q1 EPS of $0.25 vs. $0.27 CapIQ Consensus; Raises FY15 EPS Guidance, Authorizes $20 mln share buyback (ACRE) : Co reports Q1 EPS of $0.25 vs. $0.27 CapIQ Consensus. Total revenue increased 33% y/y to $18.4 mln. For the Principal Lending segment, originations for the three months ended March 31, 2015 totaled $41.6 million in commitments and outstanding principal, with an additional $17.6 million of fundings on existing commitments. Loan repayments totaled $218.1 million in outstanding principal for the three months ended March 31, 2015.

• Guidance: Co raises guidance for FY15, sees EPS of $1.04-$1.14 vs. $1.09 CapIQ Consensus.
  
  
• Stock Buyback: Co authorizes the repurchase of up to $20.0 million of its outstanding common stock over a period of one year.

8:04 am Arcos Dorados misses by $0.08, misses on revs (ARCO) : Reports Q1 (Mar) loss of $0.13 per share, $0.08 worse than the Capital IQ dual estimate of ($0.05), mainly due to lower operating results and higher foreign exchange losses; revenues fell 15.3% year/year to $775.06 mln vs the $852.84 mln dual estimate.

• Systemwide comparable sales increased by 9.4% year-over-year. 

8:03 am Seabridge Gold gives update on its 2015 exploration program at the KSM Project in NW British Columbia (SA) : Co stated that this year's main target is a possible higher grade core zone beneath KSM's largest deposit, gold-rich Mitchell. Drilling is planned to begin at the lower elevations of the Mitchell valley and then proceed to Kerr and Iron Cap.

• Co stated: "This summer, we expect to conclude our three year core zone exploration program. The potential under Mitchell has been our top exploration target for more than four years but earlier attempts to drill it ran into technical difficulties. We believe we now have a reliable solution that will enable us to complete holes into this high value target. No additional funding is required for the 2015 program following the $16.4 million raise completed last month."
  

8:03 am Relmada Therapeutics receives a patent from the USPTO for broad coverage of levorphanol and other opioids, with validity expected until at least 2028 (RLMD) : The new SECUREL patent application is entitled "Multimodal Abuse Resistant and Extended Release Opioid Formulations." Co's lead development program, LevoCap ER is the first product candidate utilizing the SECUREL technology platform. The patent contains claims that provide broad coverage for levorphanol and other opioids that could leverage the SECUREL technology platform.

8:03 am International Tower Hill Mines appoints David Cross as Chief Financial Officer (THM) : Mr. David A. Cross, CPA, CGA, has been retained under contract to serve as the Chief Financial Officer (CFO) of the Company, effective May 11, 2015. Mr. Cross will remain a partner in the firm of Cross Davis & Company LLP, Certified General Accountants

8:02 am Legg Mason reports preliminary assets under management of $706.8 billion as of April 30, 2015 (LM) :

• Co reported preliminary assets under management of $706.8 billion as of April 30, 2015. This month's AUM included preliminary long-term inflows of $0.1 billion, driven by fixed income inflows of $1.0 billion, partially offset by equity outflows of $0.9 billion.
• Liquidity inflows were $0.2 billion. April AUM included the previously disclosed $1.9 billion fixed income redemption, which was partially offset by $0.5 billion of equity inflows for a funding that had been expected in May. This month's AUM included $3.0 billion in positive foreign exchange impact.
  

8:01 am Miller Energy Resources announces receipt of notice from the NYSE for non-compliance with respect to the $50+ mln equity minimum rule; co intends to regain compliance (MILL) :  

8:01 am Pain Therapeutics announces top-line results of an FDA Category 3 Human Abuse Potential Study with REMOXY Extended-Release Capsules CII; REMOXY meets both primary endpoints with statistical significance (PTIE) : This study demonstrated with statistical significance (p

• "We believe results of today's study speak to the clinical and commercial potential of REMOXY. REMOXY's high viscosity is intended to deter injection and snorting. We believe this feature, coupled to today's data on oral abuse, contributes to an overall assessment of abuse potential that supports a label-claim for REMOXY."
  

7:59 am On the Wires (:WIRES) :

• pSivida Corp. (PSDV) announced that it has signed two funded technology evaluation agreements with a global pharmaceutical company. The agreements will each evaluate the use of pSivida's Durasert technology to deliver a specific compound to treat a significant ophthalmic disease.
• Jacobs Engineering Group (JEC) announced that it was awarded a four-year contract by Sadara Chemical Company for engineering, procurement and construction management services. The contract value was not disclosed. Co also noted that it was awarded a contract by EDF Energy to provide project management resources to the company's eight nuclear power stations and two technical centers in the United Kingdom. The contract is for five years with two optional two-year extensions.
• Inovalon (INOV) announced the expansion of its relationship with Geisinger Health Plan to include Inovalon's EDGE server solution for electronic claims aggregation, analysis, and submissions for Geisinger's commercial Affordable Care Act population.
  

7:57 am S&P futures vs fair value: -17.00. Nasdaq futures vs fair value: -37.80. (:WRAPX) : U.S. equity futures trade near their pre-market lows amid cautious action overseas. The S&P 500 futures trade 17 points below fair value after notching their lows at the start of the European session. The retreat in futures has occurred amid continued weakness in Treasuries with the 10-yr yield higher by six basis points at 2.33%.

Today's economic data will be limited to the 10:00 ET release of the Job Openings and Labor Turnover Survey for March and the 14:00 ET release of the April Treasury Budget (Briefing.com consensus $155.00 billion).

In U.S. corporate news of note:

• AOL (AOL 50.35, +7.76): +18.2% after agreeing to be acquired by Verizon (VZ 49.40, -0.40) for $50/share. 
• Gap (GPS 38.50, -1.37): -3.4% in reaction to a 12.0% decline in April same store sales. 
• Pall (PLL 120.17, +20.86): +21.0% after the Wall Street Journal reported Danaher (DHR 83.56, 0.00) and Thermo Fisher Scientific (TMO 129.87, -0.11) may be interested in PLL. 
• Rackspace Hosting (RAX 45.75, -7.38): -13.9% despite reporting a one-cent beat. The stock received a pair of downgrades following earnings. 

• Asian markets ended mixed. Hong Kong's Hang Seng -1.1%, China's Shanghai Composite +1.6%, and Japan's Nikkei settled flat. 
  • In economic data: 
    • Japan's March Leading Index 105.5 (expected 105.5; prior 104.8); Coincident Indicator -1.2% (prior -2.8%) 
    • Australia's March Home Loans +1.6% month-over-month (expected +1.0%; prior +1.1%); March Invest Housing Finance +6.4% month-over-month (prior -3.4%) 
    • New Zealand's REINZ House Price Index +0.5% month-over-month (prior +6.7%) 
  • In news: 
    • The dollar/yen pair spent the night in a 50-pip range with the yen currently trading higher by 0.1% against the greenback at 120.00. 
• Major European indices trade lower across the board. France's CAC -1.4%, UK's FTSE -1.6%, and Germany's DAX -2.0%. Elsewhere, Italy's MIB -0.5% and Spain's IBEX -1.5%.
  • Economic data was limited: 
    • UK's March Industrial Production +0.5% month-over-month (expected 0.1%; prior 0.1%); +0.7% year-over-year (consensus 0.2%; previous 0.1%). March Manufacturing Production +0.4% month-over-month (consensus 0.3%; last 0.5%); +1.1% year-over-year (expected 1.0%; prior 1.2%) 
  • Among news of note: 
    • According to Kathimerini, Greece has made its EUR750 million payment to the International Monetary Fund by using reserves held at the Fund, which must be replenished within a month.

7:46 am Overnight Treasury Summary (BONDX) : Global Bond Rout Continues

• Yields moved sharply higher overnight as the Treasury complex added to yesterday's losses and European yields spiked in sympathy. Losses came all across the Treasury curve, although, as has been the theme for this move higher in yields, the 2-year note was spared most of the carnage
• Yield check:
• 2-yr: +2 bps to 0.64%
• 5-yr: +6 bps to 1.66%
• 10-yr: +7 bps to 2.35%
• 30-yr: +8 bps to 3.12%

• International News:
• The sovereign debt sell-off that began another leg in the U.S. yesterday hit European markets this morning, with German and French yields rising 8 and 10 basis points, respectively, at the 10-year maturity
• 10-year JGB (Japanese government bond) yields rose 7 basis points to 0.46%
• In the U.K., Manufacturing Production grew 0.4% m/m in March, surpassing expectations but falling short of the 0.5% growth in February
• U.K. Industrial Production rose 0.5% m/m in March, higher than both expectations and the reading of +0.1% in February
• Greek Prime Minister Tsipras has reported that Greece has slightly more than 600 mln euro of reserves

• Data out Today:
• March JOLTS -- Job Openings (10:00 ET)
• April Treasury Budget (14:00 ET)
• New Supply:
• $24 billion 3-year note auction (13:00 ET)
• Fed Speaker:
• San Francisco Fed President Williams (FOMC voter) speaks before the NY Association for Business Economics (12:45 ET)

7:39 am Cancer Genetics beats by $0.10, beats on revs (CGIX) : Reports Q1 (Mar) loss of $0.44 per share, $0.10 better than the Capital IQ Consensus Estimate of ($0.54); revenues rose 205.6% year/year to $4.37 mln vs the $3.85 mln consensus.

7:36 am Advanced Drainage Systems beats by $0.06, beats on revs; guides FY16 revs in-line (WMS) : Reports Q1 (Mar) net of breakeven, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of ($0.06); revenues rose 31.3% year/year to $206.6 mln vs the $188.48 mln consensus.

Co issues in-line guidance for FY16, sees FY16 revs of $1.32-1.37 bln vs. $1.32 bln Capital IQ Consensus Estimate; adjusted EBITDA ~$190-215 mln; CapEx of ~$40 mln

• "Our guidance for FY16 reflects anticipated overall domestic end market growth of high single digits in non-residential, flat to modest growth in infrastructure, total housing starts of 1.1-1.2 mln and a decline of mid-single digits in the agriculture market. In addition to organic growth in our core end markets, we also expect to see incremental growth above the market as we continue to execute on our strategies in gaining market share from traditional materials in both our domestic and international segments. Adjusted EBITDA growth is forecasted to be driven by higher sales volumes, increased operating leverage, and a more favorable cost environment driven by lower raw material and fuel costs, as well as the contribution of a full year of operating results from our Ideal Pipe acquisition in Canada."
  

7:36 am Zix Corp announces share repurchase program of up to $15 mln (ZIXI) :

• Co announced that its board of directors approved a share repurchase program that enables the company to purchase up to $15 mln of its shares of common stock from time to time in the open market or in block purchase transactions.
• The $10 mln share repurchase program announced in January 2015 is being terminated and replaced by this new $15 mln share repurchase program.
  

7:35 am FMSA Holdings beats by $0.02, misses on revs (FMSA) : Reports Q1 (Mar) earnings of $0.19 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.17; revenues rose 2.2% year/year to $301.5 mln vs the $310.7 mln consensus.

• "Our first quarter performance under the challenging market conditions is a result of the resilience of our differentiated business model...We acted quickly to help our customers lower their cost per barrel of oil equivalent (BOE) by leveraging our broad operating footprint and logistics network and by providing price reductions to allow them to remain competitive. We also have taken a number of internal actions, including organizational restructuring and facility consolidation, in order to more closely align our own cost structure with the near-term oil and gas market conditions."
• At this time, co is continuing to forgo providing earnings guidance due to the uncertainty in the oil and gas markets. Given the sustained lower level of rig counts and drilling activity, the co does anticipate that proppant volumes and pricing will face continued pressure, which could result in lower levels of revenues and profitability in the near term.
  

7:31 am Imprimis Pharmaceuticals enters into a loan agreement with Life Sciences Alternative Funding, for $15 mln of borrowing capacity (IMMY) : Under the terms of the agreement, LSAF, through its affiliate, provided Imprimis with $10 million on the initial closing date of May 11, 2015. Up to an additional $5 million will be available to Imprimis, at its option, on or before May 11, 2016, subject to Imprimis achieving certain revenue milestones within 12 months of the initial closing date. The agreement has an initial term of up to five years and bears interest at 12.5% per annum with monthly interest-only payments for the first three years. Co intends to use the proceeds from the loan for working capital and general corporate purposes

7:31 am Alliqua announced it has amended its exclusive licensing agreement with Celgene Cellular Therapeutics, and received the right to develop and market CCT's connective tissue matrix product (ALQA) : Co stated: "Alliqua plans to launch connective tissue matrix mid 2016 to compete in the approximately $660 million advanced tissue market, along with our Biovance Human Amniotic Membrane Allograft."

7:31 am TASER receives an order from the Louisville Metro Police Department for 988 Axon Flex body-worn cameras, all on the Evidence.com unlimited plan (TASR) :  

7:30 am Airgas has acquired the assets and operations of Valley Air Supply; terms not disclosed (ARG) : Valley Air Supply is an industrial gas and welding supply distributor that generated $10 million+ in sales in calendar year 2014

7:30 am Fed's William Dudley Speech- The Global Implications of Diverging Monetary Policy Settings in Advanced Economies (ECONX) : Excerpts- 

• "a few words on the timing of normalization. To be as direct as possible: I don't know when this will occur. The timing of lift-off will depend on how the economic outlook evolves. Since the economic outlook is uncertain, this means the timing of liftoff must also be uncertain".
• "If the improvement in the U.S. labor market continues and the FOMC is "reasonably confident" that inflation will move back to our 2 percent objective over the medium-term, then it would be appropriate to begin to normalize interest rates".
• "The good news is that many EMEs generally appear to be better equipped today to handle the Fed's prospective exit from its exceptional policy accommodation than they were during past tightening cycles".

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

• Scientists from the Oregon State University, Corvallis and Aradigm Corporation (ARDM) demonstrated that Aradigm's investigational drugs Lipoquin and Pulmaquin significantly reduced the growth of the pulmonary non-tuberculous mycobacteria infection after 3 weeks of once daily respiratory tract dosing in mice. The number of colony forming units of Mycobacterium Avium Subsp Hominissuis was reduced by 79% and 77% by Lipoquin and Pulmaquin, respectively compared to saline controls. In contrast, unencapsulated ciprofloxacin had no effect. The detailed description of this research and its findings will be presented at Session D108 at the American Thoracic Society 2015 International Conference in Denver, CO
• Century Aluminum of Kentucky General Partnership, a subsidiary of Century Aluminum Company (CENX) announced that members of USW Local 9423 at its Hawesville, Kentucky smelter rejected the Company's modified Last, Best, and Final offer Monday night, May 11, 2015. As a result, a lockout is scheduled to commence at 8 a.m. CDT on May 12, 2015. The lockout will allow other personnel to maintain uninterrupted plant operations, which is required in the continuous-flow operation of an aluminum smelter
• SunEdison (SUNE) announced that is has signed an agreement with the County of Alameda, Calif. to install 3 MW DC of solar systems as part of the second phase of the Regional Renewable Energy Procurement Program
• Sigma-Aldrich Corporation (SIAL) announced the expansion of its existing facility in Carlsbad, Calif. The investment will enable SAFC to offer clinical and commercial bulk drug production, as well as fill/finish of viral products for its gene therapy, viral vaccine and immunotherapy customers. Co also announced it has completed the expansion of its St. Louis facility to support commercial-scale antibody drug conjugate manufacturing

7:22 am PartnerRe: Exor confirms it has increased its all-cash binding offer to acquire PartnerRe to $137.50 per Share (PRE) : EXOR S.p.A. announced that it has delivered an irrevocable and binding offer to the Board of Directors of PartnerRe to acquire all of the outstanding common shares for $137.50 per share in cash, valuing PartnerRe at $6.8 billion.

• EXOR's commitment to its offer is underscored by its decision to invest $572 million in PartnerRe, representing 9.32% of the total outstanding common shares. EXOR is now PartnerRe's largest shareholder. 
• EXOR continues to maintain that the Board of PartnerRe has conducted a flawed process to date and has mischaracterized the nature of its discussions with EXOR. In fact, PartnerRe revised the Amalgamation Agreement with AXIS (AXS) in an attempt to preclude competition to acquire the Company by including, among other changes, an excessive break-up fee and increased restrictions on PartnerRe's ability to consider competing proposals.
• Exor commented that if the PartnerRe Board continues to ignore the best interests of the Company by working to favor its transaction with AXIS, this filing enables EXOR to solicit PartnerRe shareholders to vote "AGAINST" the demonstrably inferior AXIS transaction.

7:11 am Kimball Electronics reports Q1 results (KE) : Q1 EPS $0.25 vs. $0.22 last year; rev +11% to $206.9 mln (no estimates). Sales related to the exit of JCI were down $17.2 million compared to the same quarter last year.

7:10 am General Employment Ent. confirms it has filed a universal shelf registration for up to $75 mln (JOB) : Under the Form S-3, once declared effective by the SEC, General Employment may from time to time issue various types of securities in one or more offerings, using any combination of common stock, preferred stock, debt securities, warrants, or units, consisting of one or more of the foregoing. The Company is registering to offer and sell up to $75 million in securities over the next three years

7:06 am Installed Building Products misses by $0.04, beats on revs (IBP) : Reports Q1 (Mar) earnings of $0.05 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus Estimate of $0.09; revenues rose 22.7% year/year to $129.9 mln vs the $128.01 mln consensus. 

• On a same branch basis, net revenue improved 14.0% from the prior year quarter, with approximately half of the growth attributable to an increase in the number of completed jobs and the remainder through price gains and a more favorable customer and product mix.
  

7:06 am Astronics misses by $0.27, misses on revs; reaffirms FY15 revs guidance (ATRO) : Reports Q1 (Mar) earnings of $0.47 per share, $0.27 worse than the Capital IQ Consensus Estimate of $0.74; revenues rose 14.6% year/year to $161.6 mln vs the $171.79 mln consensus.

• Co reaffirms guidance for FY15, sees FY15 revs of $680-740 mln vs. $719.88 mln Capital IQ Consensus Estimate. 
• Approximately $550 million to $580 million of forecasted 2015 revenue is expected from the Aerospace segment, while approximately $130 million to $160 million of the forecasted revenue is expected from the Test Systems segment.
• "We expect Test shipments to improve dramatically in the coming quarters, particularly in the third quarter, resulting once again in new records."
  

7:05 am Aecom Tech beats by $0.05, beats on revs; guides FY15 EPS above consensus (ACM) : Reports Q2 (Mar) earnings of $0.58 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.53; revenues rose 140.7% year/year to $4.51 bln vs the $4.43 bln consensus. New wins in the quarter of $4.6 billion were driven by growth in the company's Europe, Middle East, Africa, and India region and its building construction business. After adjusting for acquisitions, total backlog grew six percent organically. The company's book-to-burn ratio6 was 1x for the quarter, with total backlog at March 31, 2015, of $40.7 billion. Co issues upside guidance for FY15, sees EPS of $3.15-3.55, excluding non-recurring items, vs. $2.88 Capital IQ Consensus Estimate.

7:04 am Intl Flavors beats by $0.02, reports revs in-line (IFF) : Reports Q1 (Mar) earnings of $1.45 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $1.43; revenues rose 0.6% year/year to $774.89 mln vs the $767.91 mln consensus.

• "Looking to the balance of year, we continue to believe we can deliver attractive returns to our shareholders. On a currency neutral basis, we expect all of our key financial metrics to be in line with our long-term targets in 2015. Yet, if global currencies remain where they are today throughout the rest of the year, we expect adjusted operating profit and adjusted EPS to grow low to mid-single-digits."
  

7:02 am FactSet increases its quarterly dividend by 13% to $0.44/share from $0.39/share (FDS) :  

7:02 am Westmoreland Coal and Athabasca Minerals announce an agreement for production at Westmoreland's Obed Mountain Mine site (WLB) : Highlights of the agreement include Athabasca purchasing the Obed rail transloading facility and royalty payments to Westmoreland for all gravel, sand and frac sand produced from the Obed Mountain Mine site. The deal is expected to close by the fourth quarter of 2015

7:02 am MEDNAX to acquire Virtual Radiologic Corporation for $500 mln, with expected accretion to co earnings (MD) : vRad currently generates annual revenue of roughly $185 million. The transaction is expected to be completed during the second quarter of 2015. This is a cash transaction, and it is expected to be accretive to earnings, including interest and non-cash amortization expense.

7:01 am Asian Markets Close: Japan's Nikkei flat; Hong Kong's Hang Seng -1.1%; China's Shanghai Composite +1.6% (:SUMRX) : Markets in the Asia-Pacific region were mixed Tuesday as Wall Street's weak showing on Monday and the striking jump in sovereign bond yields around the globe curtailed investor enthusiasm. China's Shanghai Composite was a notable exception in the region as it followed up Monday's 3.0% gain with a 1.6% increase on Tuesday.

Economic data

• Japan
• March Leading Index 105.5 (expected 105.5; prior 104.8)
• Coincident Indicator -1.2% (prior -2.8%)
• Australia
• March Home Loans +1.6% month-over-month (expected +1.0%; prior +1.1%)
• March Invest Housing Finance +6.4% month-over-month (prior -3.4%)
• New Zealand
• REINZ House Price Index +0.5% month-over-month (prior +6.7%)

• Japan's Nikkei ended Tuesday flat, but finished the session on an upswing that recouped an earlier loss of about 150 points. The financial (+0.7%) and industrial (+0.4%) sectors provided support that offset weakness in the energy (-0.5%) and basic materials (-0.3%) sectors. Sharp Corp (+11.1%) rebounded from Monday's drubbing to lead individual gainers and was followed by Suzuki Motor (+7.8%) and Nisshinbo Holdings (+7.7%). Nippon Kayaku (-7.7%) and Taiyo Yuden (-6.8%) were the biggest decliners. Out of the 225 index members, 136 ended higher, 83 finished lower, and 6 were unchanged.
• Hong Kong's Hang Seng declined 1.1% and ended at its low for the day, dropping roughly 200 points in the final hour. Every sector closed the day with a loss. The technology (-2.6%) and basic materials (-2.0%) sectors were the weakest areas, but the financial sector (-1.1%) was the most influential laggard. China Overseas Land & Investment (-3.6%), China Unicom Hong Kong (-2.8%), and China Mengniu Dairy (-2.5%) were the largest decliners. Tingyi Cayman Islands Holding (+3.8%) was the only stock to gain more than 1.0%. Out of the 50 index members, 5 ended higher, 43 finished lower, and 2 were unchanged.
• China's Shanghai Composite continued Monday's rally and added 1.6% on Tuesday. The index closed at its high for the day, underpinned by broad-based buying interest. The utilities (+3.1%) (+3.1%), communications (+2.9%), and industrial (+2.6%) sectors led the way for the Chinese market.
• India's Sensex declined 2.3% in a steady selloff and ended at its low for the day. The weakness preceded the release of the industrial production and CPI reports and was paced by big losses in the basic materials (-5.4%), industrial (-3.7%), and financial (-2.9%) sectors. Tata Steel (-6.2%), Vedanta Ltd (-5.2%), and Bharat Heavy Electricals (-5.2%) topped the list of decliners. Hero MotoCorp (+3.5%) and Dr Reddy's Laboratories (+3.3%) were the only two stocks that finished the day higher.
• Australia's S&P/ASX 200 increased 0.9% in a rebound effort that was led by the materials (+1.7%), metals & mining (+1.7%), and information technology (+1.7%) sectors.
• Regional advancers: Taiwan +0.2%, Indonesia +0.6%, Philippines +0.2%
• Regional decliners: South Korea -0.03%, Singapore -0.8%, Malaysia -0.4%, Thailand -1.0%, Vietnam -1.3%

• USD/CNY -0.06% at 6.2089
• USD/INR +0.1% at 64.171
• USD/JPY -0.1% at 119.98
  

7:00 am AOL to be acquired by Verizon (VZ) for $50 per share, or ~$4.4 bln (AOL) : The transaction will take the form of a tender offer followed by a merger, with AOL becoming a wholly owned subsidiary of Verizon upon completion. Verizon expects to fund the transaction from cash on hand and commercial paper. Verizon also continues to expect to return to pre-Vodafone transaction credit ratings in the 2018-2019 timeframe.

6:58 am GigaMedia announces that it has entered into a non-binding letter of intent with an independent third party in relation to its potential acquisition of a controlling interest in a global cosmetics e-commerce company (GIGM) : The co notes the target is an established online distribution and retail platform of beauty products, with its own website and mobile application. It has a comprehensive sales and distribution network covering the major countries worldwide, with increasing contributions from the fast growing economies in Asia. The Target has also established a global sourcing network of a comprehensive range of beauty products with more than 700 brands and 30,000 stock keeping units. The Target has an annual net turnover of over $200 million. The Company sees potential significant synergies with the Target.

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

• Trimble (TRMB) announced that a SITECH Technology Dealer has been established in North and South Dakota, with the exception of several counties in North Dakota adjacent to Montana. The dealer will also operate in Clay County, Minnesota
• Petrobras (PBR) issued a statement clarifying that the 2015-2019 Business & Management Plan is still being drafted. Therefore, no date has yet been set for its release. Additionally, the Company does not confirm the investment amounts that have been disclosed in media reports
• Pacific Booker Minerals (PBM) announced it has submitted a response to the BC Environmental Assessment Office, the Ministry of Environment and the Ministry of Energy and Mines in response to the Aboriginal groups' comments on both the Mount Polley Independent Technical Review Board Panel Report Recommendations and Pacific Booker's response to the Report. The response includes a letter, prepared by Harvey McLeod of Klohn Crippen Berger Ltd., that addresses the points raised in the April 2015 letters from the First Nations.

6:46 am BiondVax Pharmaceuticals (Nasdaq: BVXV) priced its upsized 1.9 mln ADS IPO at $5.00 per share (BVXV) : The co announced the pricing of its IPO in the United States of 1,910,000 American Depositary Shares (ADSs), each ADS representing 40 of its ordinary shares, and warrants to purchase 1,910,000 ADSs at an offering price of $5.00 per ADS and $0.01 per warrant. The warrants will have a per ADS exercise price of $6.25, are exercisable immediately and will expire on May 15, 2020. The company's shares currently trade in Tel Aviv. Ahead of today's pricing, the latest plans from the company were to offer 1.46 mln ADS in its IPO

6:31 am Carrizo Oil & Gas announces details on its farm-out agreement in the Delaware Basin, in which it plans to begin operated drilling activities later this year (CRZO) : Carrizo recently signed a farm-out agreement with a larger operator providing it the right to earn approximately 2,800 net acres in eastern Culberson County.

• Co plans to bring a rig into the play during the third quarter and drill three horizontal wells during 2015. Due to the timing of completion and hook-up for the wells, the Company does not currently expect material production from the play during 2015. Carrizo will be the operator of these wells and expects to have an average working interest of at least 80% in them. 
• In order to fund the Delaware Basin activity, Carrizo has allocated approximately $30 million to its 2015 drilling and completion capital expenditure plan, increasing it to $470-$490 million from $440-$460 million. The company's 2015 land and seismic capital expenditure plan remains unchanged at $35 million.
  

6:16 am Landmark Infrastructure Partners announces a public offering of 2.5 mln common units (LMRK) : Co intends to use the net proceeds from the offering, including any proceeds from any exercise of the underwriters' option to purchase additional common units, to repay a portion of its outstanding borrowings under its revolving credit facility and for general partnership purposes, including to potentially fund future acquisitions.

6:13 am Leidos beats by $0.07, beats on revs; reaffirms FY16 EPS guidance, revs guidance (LDOS) : Reports Q1 (Apr) earnings of $0.65 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $0.58; revenues fell 5.0% year/year to $1.25 bln vs the $1.21 bln consensus.

• Co reaffirms guidance for FY16, sees EPS of $2.20-2.45 vs. $2.60 Capital IQ Consensus Estimate; sees FY16 revs of $4.6-5.0 bln vs. $5.01 bln Capital IQ Consensus Estimate.
  
• Co sees FY15 cash flows provided by operating activities from continuing operations of at or above $200 million
  

6:08 am Care.com misses by $0.02, beats on revs; guides Q2 revs in-line; slightly raises FY15 rev guidance (CRCM) : Reports Q1 (Mar) loss of $0.33 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of ($0.31); revenues rose 38.7% year/year to $35.1 mln vs the $34.19 mln consensus.

• Co issues in-line guidance for Q2, sees Q2 revs of $34-36 mln vs. $35.02 mln Capital IQ Consensus Estimate. 
• Co issues in-line guidance for FY15, slightly raises FY15 revs to $146-155 mln from $145-155 mln vs. $150.26 mln Capital IQ Consensus Estimate. 
• On an adjusted EBITDA basis for the consolidated business, the first quarter 2015 loss was $7.1 million -- which exceeded our Q1 guidance of a loss of $8.2 million to $7.6 million.
  

6:04 am Magellan Petroleum reports an update on its Horse Hill-1 well, showing 'best estimate' gross oil in place of 21 mmbbls (MPET) : Co provided an update on the Horse Hill-1 well and PEDL 137, in which it owns a 35% direct working interest. An independent study of the conventional reservoir in the Upper Portland sandstone in PE0DL 137 and concluded that the "best estimate" gross oil in place amounted to 21.0 MMbbls. The announcement also clarified that the OIP should not be construed as recoverable resources and that meaningful estimates of recoverable oil from the Upper Portland can only be made following the proposed HH-1 flow test, which is planned for later in 2015

6:02 am Threshold Pharma and Partner Merck KGaA (MKGAY.PK) receive FDA fast track designation for Evofosfamide, to treat advanced pancreatic cancer (THLD) :  

5:49 am S&P futures vs fair value: -19.40. Nasdaq futures vs fair value: -41.70. :

5:49 am European Markets : FTSE...6911.97...-117.90...-1.70%.  DAX...11411.11...-262.90...-2.30%.

5:49 am Asian Markets : Nikkei...19624.84...+3.90...+0.00%.  Hang Seng...27407.18...-311.00...-1.10%.

5:11 am Telenor announces Sigve Brekke new Group CEO (TELNY) : Co announces the appointment of Sigve Brekke as the company's new Group President and Chief Executive Officer. He will succeed Jon Fredrik Baksaas by 17 August 2015.

• Sigve Brekke is the Executive Vice President and Head of Telenor Group's Asia operations. He joined Telenor in 1999 and has held several executive positions in the company since then.
  

5:02 am Inovio Pharma Initiates clinical trial with DNA immunotherapies to prevent and treat Ebola (INO) : Co announced that the company has initiated a phase I trial to evaluate safety, tolerability and immune responses of Inovio's DNA immunotherapy for Ebola. In previously published preclinical testing, Inovio's DNA-based Ebola immunotherapy protected 100% of immunized animals from death and sickness after being exposed to a lethal dose of the Ebola virus. This is the first step in the Inovio-led consortium selected by the U.S. Defense Advanced Research Projects Agency to take a multi-faceted approach to develop products to both prevent and treat Ebola infection.

4:32 am On The Wires (:WIRES) :

• Qumu (QUMU) announced their next generation mobile apps and integration with Citrix XenMobile Enterprise Mobility Management. With these additions, Qumu will provide its customers with an even broader function set to address the significant growth expected for mobile video globally.
  
• Meraas, a leading Dubai-based holding company, and Aliyun, Alibaba Group's (BABA) cloud computing subsidiary, signed a deal to setup a new technology enterprise that offers system integration services to private companies and government institutions in the MENA region. 
• Ruckus Wireless (RKUS) announced that Ruckus Smart Wi-Fi products and technology have been chosen by Kansai International Airport to provide free public Wi-Fi service for international travelers. 
• Boeing (BA) and Turkish Airlines celebrated a milestone with the delivery of the airline's 125th airplane purchased from Boeing -- a Next-Generation 737-900ER -- and one of 12 airplanes the Turkish flag-carrier will take delivery of this year.
  

4:03 am On The Wires (:WIRES) :

• Nevro Corp (NVRO) announced that it had learned that a unit of Boston Scientific (BSX) has filed with the U.S. Patent and Trademark Office two petitions for inter partes review challenging the validity of U.S. Patent No. 8,359,102. The '102 patent is one of Nevro's 52 issued U.S. patents directed to Nevro's innovations in the neuromodulation field. Nevro intends to vigorously defend its intellectual property in this matter. 
• Takeda Pharmaceutical Company (TKPYY) announced that the first patient has been enrolled in the Phase 3 TOURMALINE-MM4 study of investigational oral ixazomib. This is a superiority study designed to demonstrate whether sustained proteasome inhibition, delivered orally, improves the long term clinical outcomes of people living with multiple myeloma.

3:47 am Blackstone to offer euro-denominated senior notes (BX) : Co announced its intention to offer, subject to market and other conditions, euro-denominated senior notes of Blackstone Holdings Finance Co. L.L.C., its indirect subsidiary.

3:26 am On The Wires (:WIRES) :

• El Paso Electric (EE) filed with the New Mexico Regulation Commission for an increase in non-fuel base rates of approximately $8.6 million or 7.1 percent. These proposed rates will increase, on average, residential bills by 9.0 percent. 
• Technip (TKPPY) was awarded by BP Exploration & Production Inc. a lump sum project for the design, engineering, fabrication, installation and pre-commissioning of the new production pipeline systems on the south side of the Thunder Horse production drilling quarters unit. 
• Stratasys (SSYS) announced that ClearCorrect LLC, a leading manufacturer of clear aligners, has incorporated an additional batch of Objet Eden500V 3D Printers to its sizable fleet of Stratasys 3D Printers. 

2:30 am Yara approves dividend and share buy-back program and elects new vice chair (YARIY) : Co approved a dividend of NOK 13.00 per share and a new Power of attorney to the Board regarding acquisition of own sharesThe dividend of NOK 13.00 per share will be paid on 21 May 2015 to shareholders as of 11 May 2015, and the Yara share will be traded ex dividend from 12 May 2015. American Depository Receipts will also be traded ex dividend from 12 May 2015, with a dividend payment date of 29 May 2015.

• Maria Morus Hanssen was elected as new Board member for a period of one year. After the general meeting, the Board elected Morus Hanssen as its new vice chair.
  
• Co approved the cancellation of 730,000 of the Company's own shares and the redemption of 414,406 shares owned by the Norwegian State.
  

2:27 am Koninklijke Ahold confirms preliminary discussions with Delhaize Group (DEG) (AHONY) :  

2:24 am Statoil ASA appoints new Chief Financial Officer (STO) : Co announces CFO Torgrim Reitan is appointed EVP for Development & Production USA after Bill Maloney decided to not prolong his contract with Statoil. Hans Jacob Hegge is appointed new EVP and CFO. Hegge comes from the position as senior vice president for Operations North in Development & Production Norway.

2:22 am Endeavour Silver releases positive preliminary economic assessment for the Terronera Project, Jalisco State, Mexico (EXK) : Co released a positive Preliminary Economic Assessment for its emerging new high grade silver-gold discovery on the large (6,159 hectares), historic (discovered 1542) and prospective (more than 50 old mines) Terronera Project (previously known as San Sebastian) in Jalisco State, Mexico.

The positive results of the PEA are as follows:

• Total pre-production capital expenditures of $65.4 million 
  
• Construction period of 12 months 
  
• Total operating revenue of $542 million from estimated sales of 20.4 million ounces (oz) of silver and 138,500 oz of gold at $18 per oz silver and $1,260 per oz gold 
  
• Mine-life of 10.3 years 
  
• Total operating costs of $287 million at estimated mine-site cash operating costs of $3.93 per oz silver net of gold credits (silver:gold ratio 70:1) based on $83 per tonne total operating costs
  

2:18 am Pan Am Silver to proceed with dolores pulp agglomeration and underground expansion project (PAAS) : Co announced that its Board of Directors has approved the investment of $112.4 million required to expand its Dolores mine in Chihuahua, Mexico, by adding a milling and pulp agglomeration circuit to improve silver and gold recoveries, as well as by developing an underground mine to extract mineral resources that exist beneath and to the south of the ultimate open pit

• 40% increase in the average annual silver production during the first five years from 4.5 million to 6.3 million ounces of silver 
• 52% increase in the estimated annual gold production during the same period from 135,100 to 205,700 ounces 
• Increased life of mine metal production to 50 million ounces of silver and 1.5 million ounces of gold, from 41 million ounces of silver and 1.3 million ounces of gold
  
  

1:58 am Clorox increases quarterly dividend 4% to $0.77 per share (from $0.74 prior) (CLX) :  

1:38 am Pan Am Silver misses by $0.06, reports revs in-line (PAAS) : Reports Q1 (Mar) loss of $0.13 per share, $0.06 worse than the Capital IQ Consensus Estimate of ($0.07); revenues fell 15.1% year/year to $178.1 mln vs the $178.79 mln consensus.

• Silver production of 6.08 million ounces 
  
• Gold production of 37,500 ounces 
  
• Consolidated All-in Sustaining Costs per Silver Ounce Sold, net of by-product credits of $14.24 
  
• Consolidated cash costs(3) of $11.71 per silver ounce, net of by-product credits 
  

• Pan American reaffirms its annual precious metals production forecast of between 25.50 million and 26.50 million silver ounces, and between 165,000 ounces and 175,000 ounces of gold. Provided metal prices remain at or near current levels, the Company also believes that it will be within its annual guidance for AISCSOS of between $15.50 and $16.60, net of by-product credits and annual consolidated cash costs of between $10.80 and $11.80 per silver ounce, net of by-product credits. 
• In addition, the Company reaffirms its forecast for 2015 annual sustaining capital of between $71.0 and $84.0 million. With the addition of the Dolores expansion project, the Company now expects to invest between $111.0 million and $120.0 million in project development in 2015.

1:11 am Samson Oil & Gas provides monthly production update (SSN) : Co reports April production 1,064 Barrels of oil equivalent per day

• April's oil production was higher than prior months because additional wells were bought on line during that month. 
• Currently all of the wells except for one well (Matilda Bay 2 which is undertaking a work over) are on line. 
  

12:54 am Pain Therapeutics announces update on drug portfolio (PTIE) : Co announced an update regarding its portfolio of drug candidates. After staying quiet for the past six months, management expects an uptick in news flow for the rest of 2015. Expected milestones include a clear path to the FDA for re-filing the REMOXY NDA, announcement of proof-of-concept results for an abuse deterrent transdermal pain patch and announcement of non-dilutive funding for a new drug development initiative in a major indication.

REMOXY Update

• Co believes REMOXY's previous sponsor undertook substantial studies and expenses to address the deficiencies previously noted in REMOXY's 2011 Complete Response letter. We also believe the collective data generated from these new studies form the basis to re-file the REMOXY NDA. 
  
• Co believes the adequacy of the clinical data generated by REMOXY's previous sponsor will not require us to conduct any new clinical studies to re-file the REMOXY NDA. 
  
• Co plans to conduct certain non-clinical activities prior to re-filing the REMOXY NDA. This includes in vitro work that was initiated but never completed by REMOXY's previous sponsor due to the timing of their decision to return REMOXY. It may take up to six months to conduct such work, depending on the workflow and availability of our consultants and vendors.