Platinum Group metals Ltd

Published : August 31st, 2015

1:57 am Platinum Group Metals files WBJV Project 1 technical report supporting the disclosure of the ...

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1:57 am Platinum Group Metals files WBJV Project 1 technical report supporting the disclosure of the updated mineral resource and reserve estimate

3:55 pm Earnings Calendar (:SUMRX) :

Today after the close look for the following companies to report:


 Tomorrow before the open look for the following companies to report:


2:31 pm Arthur J. Gallagher acquires National Administration Company; terms not disclosed (AJG) : National Administration Company is a national program administrator that offers affinity group and association products and services throughout the United States

2:02 pm Patriot National Bank: controlling shareholder PNBK Holdings announces that it has received an investment in PNBK Holdings from Castle Creek Capital LLC (PNBK) :  

1:39 pm Notable movers of interest (:SCANX) :

The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).

Large Cap Gainers

  • TWTR (28.09 +4.7%): Upgraded to Buy from Neutral at Sun Trust Rbsn Humphrey; tgt $38.
  • SNDK (54.68 +4.61%): Renewed M&A chatter.
  • PSX (79.11 +2.43%): Warren Buffett's Berkshire Hathaway disclosed it had accumulated a 58 mln share stake, worth ~$4.5 bln ahead of today's trading.

Large Cap Losers

  • BBD (6.36 -5.22%): Brazil names underperforming (ITUB, UGP, BSBR, ABEV also underperforming).
  • NTES (111.91 -5.09%): Cautious trading in Chinese names as volatility in Chinese indices continues (VIPS, BABA, among other names from the region lower).
  • NEE (98.19 -3.57%): Utilities underperforming (DUK, SRE, EXC among peers lower).

Mid Cap Gainers

  • WLL (19.85 +12.78%): Outperforming amid continued recovery in crude oil prices, late Friday Integrated Core Strategies disclosed a 4.7% passive stake in a 13G filing
  • CALM (53.31 +6.09%): Upgraded to Buy from Hold at BB&T Capital Mkts.
  • GWRE (56.46 +4.83%): Price target raised to $70 at Deutsche Bank.

Mid Cap Losers

  • W (38.26 -9.38%): Citron issued a new report on Wayfair, reiterating their prior cautious stance.
  • PBYI (91.03 -4.02%): Biotech's notably under performing the broad market (ALNY [had data], KITE, NVAX, CBPO, OPK among other names in the space lower).
  • QUNR (32.87 -4.55%): Chinese names weak in today's session, following action overseas, as mentioned above (MOMO, CTRP, also lower).

1:23 pm Intel is the top performer Dow component and has recently extended to a new session high (INTC) : The stock has established a new session high of 29.13 in recent trade leaving it slightly under its 50 day ema/sma at 29.18/29.20. 

1:08 pm BioTime's Asterias subsidiary concludes enrollment of its Phase 1/2a clinical trial evaluating activity of escalating doses of AST-OPC1 in newly injured patients with sensory and motor complete cervical spinal cord injury (BTX) :

The co says the results of the study continue to support a robust safety profile for AST-OPC1, with no serious adverse events observed in any of the three treated patients to date.

  • The Company expects to begin enrollment of the second dose cohort following Data Monitoring Committee review of the 30-day post-injection safety data from all three patients. The second cohort will enroll five patients who will receive 10 million AST-OPC1 cells. "The safety data in this first cohort now paves the way for testing the higher doses of AST-OPC1 (10-20 million cells) that we believe correspond most closely to the doses that showed the greatest efficacy in animal studies," commented Dr. Edward Wirth, Chief Medical Officer of Asterias.

1:03 pm Midday Market Summary: Looking Better, but Still Not Great (:WRAPX) :

It's the first day of a new trading week, which also happens to be the last trading day of the month.  Not surprisingly, there has been some roller-coaster action today that featured big losses shortly after the open and a substantive rebound effort that kicked in when the S&P 500 briefly traded below last Friday's lows.  

A major turn in oil prices has been a big driver of the rebound that has the major indices looking much better (but not great) than they did 35 minutes into the start of trading.  At that juncture, the Dow, Nasdaq, and S&P 500 were down 199, 52, and 23 points, respectively. It was around that time, too, when oil prices hit $43.60 per barrel.

Given the scope of those losses, it also won't be a surprise to hear that all ten sectors were showing a loss, none more so than the energy sector, which dropped as much as 2.6%.

Coming out of the New York lunch hour, though, losses in the major indices have been cut drastically, oil prices are just shy of $48.000 per barrel, and the energy sector is up 0.6%.

The sharp reversal in oil prices was borne out of the Energy Information Administration's (EIA) monthly production report for June, which showed production dropping by roughly 100,000 barrels per day from May to an estimated 9.3 million.  That news ignited a reversal in prices and presumably drove some short-covering activity that expedited the move up in prices.

The buying interest has died down some, yet oil prices continue to hang near their best levels of the day.

The gains in the energy sector have provided some needed support for the broader market, yet help is still lacking seeing that the information technology sector (+0.1%) is the only other sector sporting a gain at this time.

The utilities sector (-2.1%) has picked up the mantle as today's worst-performing sector and is being followed by the health care sector (-1.0%), which had been a relative strength leader off the open.

There hasn't been a lot of corporate news of note to move things along.  

Before the open, there was some focus on China, which had another roller-coaster session, too.  Down 3.8% at its low, the Shanghai Composite ended the day down 0.8%, digesting a press report that suggested the Chinese government is going to back away from making large-scale stock purchases to prop up the market.

On a related note, Goldman Sachs cuts its 2016, 2017, and 2018 GDP growth targets for China to 6.4%, 6.1%, and 5.8%, respectively, from 6.7%, 6.5%, and 6.2%.

That move, and a suggestion over the weekend from Fed Vice Chairman Fischer that a September rate hike is still a possibility, proved to be a drag on the S&P futures and pressured sentiment at the start of trading.  Mr. Fischer's suggestion notwithstanding, the U.S. Dollar Index (96.00, -0.10) hasn't perked up at all nor has selling interest in the 2-yr note, which is flat for the day.

The lone economic release today -- the Chicago Purchasing Managers Index for August -- was a bit weaker than expected at 54.4 ( consensus 54.7) and down slightly from the July reading of 54.7.  This report didn't have much influence on the trading action, which has largely honored last Friday's trading range.

12:49 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (38) outpacing new highs (23) (:SCANX) : Stocks that traded to 52 week highs: AXGN, CENT, COMM, DSGX, DXLG, EDUC, EFOI, FBNK, HRTX, INCY, JHY, LJPC, MBTF, MDCO, NCIT, NDRM, POST, SIG, SMED, SPWH, SRPT, SWHC, TANH


ETFs that traded to 52 week highs: None

ETFs that traded to 52 week lows: ENZL

12:47 pm NetApp is range trading just under its session high of 32.01 (NTAP) : Note that its Mid-July and August highs are modestly above at 32.18 and 32.29.

12:32 pm Booz Allen Hamilton selected by the Space and Naval Warfare Systems Center Atlantic to be a prime contractor on the $199 mln Indefinite Delivery/Indefinite Quantity, Multiple Award Contract (BAH) :  

12:17 pm WTI crude oil pulling back some after rallying above $48/barrel... now +4.4% at $47.19/barrel (USO) :  

11:59 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

  • Germany's DAX:-0.4%
  • France's CAC:-0.5%
  • Spain's IBEX:-0.9%
  • Portugal's PSI:-0.6%
  • Italy's MIB Index:-0.2%
  • Irish Ovrl Index:+1.0%
  • Greece ASE General Index: -1.5%

11:41 am New recovery highs for the major averages -- Dow -47, S&P -6.7, Nasdaq Comp -12 (:TECHX) : Relative sector strength (outperforming the S&P) in recent action has been noted in Energy XLE, Oil Service OIH, Crude Oil USO, Materials XLB, Semi SMH.

11:22 am Stock indices slip back off morning rebound attempt highs -- Dow -105, S&P -12, Nasdaq Comp -26 (:TECHX) : The indices opened weaker and have spent the morning in the red. A modest rebound attempt off the low (1965) stalled well shy of the flat line with some backtracking noted. For this morning, the key to keeping the intraday S&P recovery mode intact (bounce high 1979) is a continued posture above initial support at 1970.

11:21 am Currency Commentary: FOMC Hawkish At Jackson Hole (:SUMRX) :

  • The Dollar Index is pushing above the 96 level. The market is digesting comments from FOMC members over the weekend. They were viewed as being hawkish and moving toward a rate rise at some point in the back end of 2015. Perhaps the best example of this was the Fed's Fischer saying that current inflation headwinds would soon fade and that the Fed should not wait for inflation to reach 2% before raising rates.  In addition, central bankers from around the World appear to be on board and prepared for an eventual Fed rate hike. Economic data still remains a key issue for members and the Friday jobs number looms as an important figure for market participants. This morning we saw a slight miss to the Chicago PMI but not enough to rock the boat.
  • The euro is whipping around between the 1.1160-1.1250 area as we start the week. Economic data from the region was generally in line as CPI numbers remain light but are trending with expectations. German Retail Sales also saw a bounce back. 1.12 is setting up as a key early level in trade for the single currency.
  • The pound continues to test its 200 sma as it sits right at 1.5375. Sterling has been under selling pressure over the past week and has yet to see buyers step in to stem the recent selling. But it is finding support at the 200 sma. BoE Governor Mark Carney noted at Jackson Hole that the recent turmoil in China is not having an impact on the banks monetary policy.
  • The yen is back to trading in the 121 level as it slowly gives up some of its risk off gains. Economic data from the region was weak which may have some thinking the Bank of Japan could provide further stimulus in October. Industrial Production and Housing numbers both missed expectations (BONDX, FOREX).

11:12 am Mechel Steel signs agreements to restructure its loan with Gazprombank (MTL) : The co reported the signing agreements on restructuring its loan with Gazprombank totaling 1.4 billion US dollars and 33.7 billion rubles (approx. 507 million US dollars). The loan agreements set the grace period on the body of the loan until April 2017 with repayment to be made in monthly installments until April 2020. Interest payments exceeding 8.75% will be capitalized. The loan agreements are subject to approval by directors' boards and shareholder meetings of Mechel OAO and the group's subsidiaries.

11:02 am LM Ericsson signs license agreements with Cisco Systems (CSCO) and Tektronix Communications to license its OSS interfaces for integration with Cisco self-optimizing network products and Tektronix Communications TrueCall geoanalytics platform (ERIC) :  

10:59 am Sify and Fujitsu (FJTSY) sign MOU agreeing to a strategic partnership to provide global ICT solutions (SIFY) : The two companies will engage in go-to-market collaboration to support global customers, initially starting with the North American market. 

10:52 am Goldman Sachs edges to new session high at 189.35, its recovery high from last week is at 189.86 (GS) :  

10:44 am SPDR Housing ETF edges to new session high (XHB) : Stocks that have underpinned include: OC +0.9%, KBH +9.9%, LEN +0.8%, WHR +0.7%, SPF +0.4%, RYL +0.4%.  The next chart area of resistance are at the Tues - Friday range high from last week at 36.38/36.46. 

10:31 am Sunshine Heart announces that the FDA has approved an amendment to the stopping rule criteria, for its Counter HF pivotal study (SSH) : Co announced that the FDA has approved an amendment to the stopping rule criteria for the Company's COUNTER HF pivotal study for its C-Pulse Heart Assist System. The Agency has agreed to change this protocol from "all cause" deaths to specifically, mortality associated with device, procedure or therapy.

10:31 am NeuroMetrix announces preliminary results from a pilot study of its wearable pain relief technology in subjects with restless leg syndrome (NURO) : A total of nine subjects were evaluated. Two-thirds of the subjects were responders to the therapy according to the Clinical Global Impression of improvement (CGI-I) scale. Overall RLS severity decreased by 32%, as assessed by the International Restless Leg Syndrome (:IRLS) scale, which was statistically significant. Similarly, several sleep related outcomes measures (MOS Sleep Scale) showed statistically significant (or a trend towards) improvement. A complete set of results and analyses will be published by Dr. Winkelman who stated, "Pharmacologic treatments, though an important advance over the past 20 years for patients with RLS, leave much to be desired. Effective non-pharmacological treatments would be of great value, and these are encouraging preliminary results that must now be confirmed in a sham-controlled study."

10:29 am Stock indices working off morning lows -- Dow -113, S&P -13, Nasdaq Comp -27 (:TECHX) : Relative sector strength on this move (outperforming the S&P) has been noted in: Ag/Chem MOO, Retail XRT, Materials XLB, Finance XLF.

10:03 am Further morning slippage for market averages -- Dow -177, S&P -20, Nasdaq Comp -45 (:TECHX) : Sectors displaying relative weakness (underperforming the S&P) include: Semi SMH, Biotech IBB, Casino.

9:50 am Nasdaq Comp -30 joins Dow -170 and S&P -17 at new session lows (:TECHX) :  

9:46 am Embraer SA's new Legacy 450 business jets receive type certification from the FAA (ERJ) :  

9:41 am New lows for Dow -150 and S&P -14 -- Nasdaq Comp -21 is still holding above its early low (:TECHX) :  

9:41 am Opening Market Summary: Energy Paces Opening Slide (:WRAPX) :

The stock market has been confronted with opening selling pressure, as expected.  The energy sector (-1.8%) is the weakest area as it falls prone to profit taking following a rally last week that saw it gain as much as 10.8% on Thursday and Friday.

Some of the early selling there has been influenced by the weakness in oil prices (-0.8% at $44.87/bbl) and Goldman Sachs cutting its 2016, 2017, and 2018 GDP growth targets for China.

Elsewhere, the health care sector (unch) is a pocket of relative strength and also the only sector that isn't showing a loss at this time.

9:38 am Relative sector weakness (:TECHX) : Sectors that have underperformed in early trade include: Gold Miners GDX, Crude Oil USO, Steel SLX, Oil Service OIH, Energy XLE, Copper JJC, Solar TAN, Casino, Coal KOL, Paper, Mining XME.

9:34 am Modestly weaker start for market averages --Dow -94, S&P -9.4, Nasdaq Comp -17 (:TECHX) :  

9:31 am MagnaChip Semi: Pleasant Lake Partners formally submits an indication of interest to purchase all of the outstanding shares of Magnachip for $10/share in cash; PLP has a 9.9% stake (MX) :

Highlights from the letter disclosed alongside the 13D filing:

  • "As you know, funds managed by Pleasant Lake Partners ("PLP") are one of the largest shareholders of Magnachip Semiconductor Corporation ("Magnachip" or the "Company") with a 9.9% stake in the Company. We have stated to you our desire to increase the size of our investment and have requested that the Board consider removing the Company's poison pill. We have also requested to be included in any upcoming auction process for the Company. However, we have yet to receive a formal response to either request. Furthermore, while the Company has formed a Strategic Review Committee, shareholders have seen little tangible progress to date. We believe the Company needs major and immediate strategic change and that the best course for value maximization for all shareholders is to sell Magnachip. Accordingly, in order to effectuate this, we are writing to you today to formally submit an indication of interest to purchase all of the outstanding shares of Magnachip that PLP does not currently own at a price of $10.00 per share in cash (the "Proposal"). The Proposal represents a premium of approximately 29% to Friday's closing price and approximately 58% to PLP's average cost and is subject to confirmatory due diligence and the negotiation of definitive transaction documents."
  • "While we are obviously not such a strategic acquirer, we think shareholders should have the ability to decide for themselves whether to accept our Proposal at $10.00 per share, or wait for other potentially better offers; were any such offers to emerge, we would be prepared to vote our shares in favor of an offer that we believe is materially superior to our Proposal."
  • "We respectfully ask that you and the Board immediately engage with us to discuss the Proposal and negotiate a transaction. We are prepared to devote all necessary resources to evaluate and consummate a transaction, and believe we can obtain the necessary financing to do so.

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

  • FMC Corporation (FMC) and Monsanto Company (MON) announced an expanded agreement to continue their participation in the Roundup Ready PLUS Crop Management Solutions platform. The exclusive agreement includes FMC's Authority brand sulfentrazone herbicides, and adds FMC's Capture LFR insecticide as a soil-applied insecticide for corn in the Monsanto recommendation platform as a qualifying brand 
  • inContact (SAAS) announced a business process outsourcing firm, with more than 250 call center agents supporting multiple industries, has selected to use its complete cloud platform
  • Gigamon Inc. (GIMO) announced a collaboration with RSA, the Security Division of EMC (EMC), to provide visibility into Software Defined Data Center traffic via Gigamon's new Security Delivery Platform, GigaSECURE
  • Dex Media, Inc. (DXM) announced the appointment of James McCusker as EVP and chief revenue officer. Previously, McCusker served as the company's vice president of expansion channel sales.
  • Bio-Path Holdings, Inc., (BPTH) announced the formation of its inaugural Scientific Advisory Board comprised of oncology experts. Jorge Cortes, M.D. from The University of Texas MD Anderson Cancer Center, will join as Chairman. Amy P. Sing, M.D., a member of Bio-Path's board of directors and Senior Director of Medical Affairs at Genomic Health, Inc., will also join as a founding member
  • Lipocine Inc. (LPCN) announced that it has submitted a 505(b)(2) New Drug Application to the U.S. Food and Drug Administration for LPCN 1021

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

  • Sibanye Gold (SBGL) announced the successful conclusion of a $350 mln revolving credit facility which was concluded on 20th August 2015.
  • ARI Network Services, Inc. (ARIS) announced that two European website providers-Vision Spares and Euroweb- will offer ARI's PartStream illustrated parts lookup solution to dealers and distributors in the EU
  • Advaxis, Inc. (ADXS) announced that final clinical data from Stage 1 of the ongoing two-stage Phase 2 study of Advaxis's lead Lm Technology immunotherapy, axalimogene filolisbac in patients with persistent or recurrent metastatic (squamous or non-squamous cell) carcinoma of the cervix will be presented at the American Gynecological & Obstetrical Society annual meeting
  • Noranda Aluminum Holding Corporation (NOR) announced that it has completed a 31,000 metric tonne shipment of smelter grade alumina from its alumina refinery in Gramercy, Louisiana to an aluminum smelter in China. This shipment, which is part of a multi-shipment export arrangement at market prices, marks the first export shipment outside of North America in Gramercy's history
  • Newtek Business Services Corp. (NEWT) announced that it has entered into an exclusive contract with iThinQware, Inc. Through the contract, NTS will provide exclusive hosting services as well as act as a Master Reseller of iThinQware's advanced suite of mobile applications including iWatch, iTag and iPredict
  • Royal Caribbean Cruises (RCL) announced that Michael Giresi has been named SVP and chief information officer
  • WellCare Health Plans, Inc. (WCG) announced it has named Michael Radu to the newly created position of senior vice president, clinical operations and business development, effective today

9:25 am Danaher completes acquisition of Pall Corp (PLL) (DHR) :  

9:16 am S&P futures vs fair value: -14.30. Nasdaq futures vs fair value: -29.30. (:WRAPX) :

Try as it has, the futures market has been unable to overcome the negative bias that took root in overnight action.  The S&P futures are down 18 points, which leaves them 0.7% below fair value.

The question on everyone's mind is, will the opening dip quickly get bought to retain last week's rebound flare?

With today being month end, some seesaw trading action would not be a surprise.  One thing being seen at the moment, though, is some decent buying interest at the back end of the Treasury yield curve.  The 10-yr note yield has dropped four basis points to 2.15%.

9:16 am Perseon initiates a multi-organ in vivo ablation zone study, for its MicroThermX microwave ablation system (PRSN) : Co announced the initiation of a multi-organ in vivo ablation zone study for its MicroThermX microwave ablation system designed to provide ablation volumes based on different antenna configurations and varying ablation times in the liver, kidney and lung. The study is part of Perseon's INSPIRE 2017 campaign, which was created to strengthen the use of microwave ablation in cancer care and gather relevant clinical data to support the movement.

9:10 am American Superconductor receives an ~$40 mln order for wind turbine electrical control systems from Inox Wind Limited (AMSC) : AMSC expects to begin shipments under this new order during the second quarter of fiscal 2015 and expects to complete the vast majority of shipments by the end of fiscal year 2015.

9:04 am Sanofi-Aventis to collaborate with Google Life Sciences to improve care and outcomes for type 1 and type 2 diabetes patients (SNY) : The companies will explore how to improve diabetes care by developing new tools that bring together many of the previously siloed pieces of diabetes management and enable new kinds of interventions. This includes health indicators such as blood glucose and hemoglobin A1c levels, patient-reported information, medication regimens and sensor devices. Sanofi and the life sciences team at Google will combine their respective expertise in science and technology to work on better ways to collect, analyze and understand multiple sources of information impacting diabetes. The hope is that it will be easier for patients to successfully manage their diabetes, which would reduce the risk of complications, improve outcomes and ultimately lower costs.

9:03 am Synalloy announces Board authorization for a 1 mln share common stock purchase program (SYNL) :  

9:02 am Community West Bancshares announces $3 mln share repurchase program (CWBC) :

  • Co announces that its Board of Directors has authorized the repurchase of up to $3 million of the outstanding common stock of the Company.
  • The repurchase program is expected to be executed over no more than a two-year period.

9:02 am Quanex acquires Woodcraft Industries for $248.5 mln in cash; transaction expected to be accretive to 2016 EPS and EBITDA margins (NX) :

Co significantly broadened its product portfolio and service model by entering into an agreement to acquire Woodcraft Industries, a premier supplier of doors and components to leading original equipment manufacturers in the kitchen and bathroom cabinet industry.

  • The all-cash transaction, which is expected to close in the 4th calendar quarter of 2015, is valued at ~$248.5M and will be funded with a combination of cash on-hand, a new asset-based revolving credit facility and a new term loan, each of which will be entered into prior to the closing of the acquisition. Woodcraft is expected to add $240M in revenues at 13% EBITDA margins to Quanex's growing portfolio as a leading OEM component supplier in Building Products. 
  • Transaction Expected to be Accretive to 2016 EPS and EBITDA Margins
  • Adds $45M-$50M to Mid-Cycle EBITDA Guidance -

9:01 am ITT Industries to acquire Wolverine Automotive Holdings for ~$300 mln; transaction is expected to be accretive to ITT earnings in the first full year after closing (ITT) :

Co has signed an agreement to acquire Wolverine Automotive Holdings Inc., the parent company of Wolverine Advanced Materials, a co that  develops and manufactures  customized technologies for automotive braking systems and specialized sealing solutions for harsh operating environments across a range of industries. The transaction purchase price of ~$300 million, free of debt, will be funded from the company's cash and revolving credit facility. The transaction is expected to close in the fourth quarter of 2015.

  • Wolverine, which is headquartered in Dearborn, Michigan, anticipates full year 2015 revenues of ~$180 million (including sales to ITT), with adjusted EBITDA of ~ $38 million, and is expected to be accretive to ITT earnings in the first full year after closing.

9:01 am Aerohive Networks announces CFO transition-names John Ritchie as CFO/SVP; expects q3 revenue at top end of guidance range $40-42 mln vs $41.26 mln consensus (HIVE) : Co announced that Gordon Brooks, the company's CFO and senior vice president, has resigned to pursue other opportunities and that John Ritchie has been appointed CFO and senior vice president effective August 31, 2015. Mr. Brooks will remain with the company as an advisor through the closing of its current third quarter and assist with the transition over the next several months.

9:01 am Southern acquires a controlling interest in the 200-megawatt (MW) Tranquillity Solar Facility in California from Canadian Solar Inc (CSIQ) (SO) :

  • Co announces the acquisition of a controlling interest in the 200-megawatt Tranquillity Solar Facility in California from Recurrent Energy, a subsidiary of Canadian Solar (CSIQ).
  • One of North America's largest solar developers, Recurrent Energy is constructing the facility and will retain the remaining interest in the project.

8:56 am On the Wires (:WIRES) :

  • Drone Aviation Holding Corp. (DRNE) announced that The Mid-Atlantic Aviation Partnership at Virginia Tech will collaborate with DAC to research, test, and advance the commercialization of the Company's tethered unmanned aircraft systems
  • BioSpecifics Technologies Corp. (BSTC) announced that XIAFLEX has been listed on the Japanese National Health Insurance drug price standard for the treatment of patients with Dupuytren's contracture
  • Clean Harbors, Inc. (CLH) announced that its Safety-Kleen subsidiary is revising pricing related to managing used engine and industrial oils. Effective immediately, Safety-Kleen is expanding its charge-for-oil (CFO) program to full implementation across its used oil customer base, as well as increasing its service stop-fee program
  • Gastar Exploration Inc. (GST) announced that it has completed its second scheduled borrowing base redetermination of its revolving credit facility for 2015 and, as a result, the borrowing base has been reaffirmed by the lending participants at $200 million. Currently, Gastar has drawn $65 million under its revolving credit facility
  • Acronis and Check Point Software Technologies Ltd. (CHKP) announced a partnership to eliminate mobile threats for companies by providing integrated data security and protection for mobile workers, through a new joint solution that combines Check Point Capsule with the Acronis Access Advanced solution
  • BNY Mellon (BK) announced that it has appointed Michelle Neal as President of BNY Mellon Markets Group
  • Amyris, Inc. (AMRS) announced that it has developed a yeast strain ready to produce a new fragrance molecule at commercial scale in less than 12 months from the start of strain engineering, and plans to begin manufacturing of this molecule in September at its Brotas production facility. Co stated: "At maturity, we expect each of these molecules to deliver $30 million to $40 million of annual product revenue at approximately a 60% gross margin."

8:44 am ConforMIS lowers FY15 guidance following voluntary recall of specific serial numbers of patient-specific instrumentation (see 8:37) (:CFMS) :

  • Co issues lowered guidance for FY15 (Dec), sees FY15 (Dec) revs of $64-66 mln from $72-74 mln vs. $72.74 mln Capital IQ Consensus Estimate.
  • The Company expects manufacturing to be substantially reduced in September and possibly October as it completes its investigation and executes a plan of resolution. The Company maintains a validated, alternative sterilization process that it already uses in the production of certain of the Company's implants and instruments and plans to increase its reliance on this alternative process until it has completed its investigation and taken all necessary corrective action.

8:43 am GT Advanced Tech. reduces global headcount by ~40% (GTATQ) :

In July, the company announced it had secured a $95 million debtor-in-possession term loan facility, and is now taking steps it believes are necessary to align its cost structure with its revised business plan being developed to allow the company to successfully emerge from Chapter 11 in the first quarter of 2016.

  • The revised business plan's foundation will be centered on the breadth of the company's core technologies and product offerings, including its ASF sapphire equipment business, its traditional polysilicon and DSS solar PV business, the commercialization of the Merlin cell interconnect technology and its specialty sapphire materials business. In addition to its ASF equipment sales efforts, the company is taking steps to ensure that its solar PV product offerings are ready to capitalize on new demand from customers as the solar capital equipment business returns to growth over the next two years. Additionally, the company is looking at its other businesses to assess their strategic importance to the company's operations once it emerges from Chapter 11.
  • The action impacts all locations and functions of the company's global business operations and is expected to reduce headcount and related operating expenses by approximately 40 percent.

8:37 am ConforMIS initiates a voluntary recall of specific serial numbers of patient-specific instrumentation, for its iUni, iDuo, iTotal CR and iTotal PS knee replacement product systems (:CFMS) :

ConforMIS has initiated this action in response to three recent complaints of moisture on the patient-specific instrumentation. In all three cases, the knee replacement procedures were completed without apparent incident and the Company does not believe that the customized knee implants used in these procedures were themselves affected. While the number of complaints the Company has received is small, and the Company has not received any reports of adverse events related to these complaints to date, the Company initiated this recall voluntarily and is working to resolve the complaints quickly.

  • Co has temporarily suspended its use of the ethylene oxide sterilization process and is working expeditiously to investigate the root cause of the excess moisture and evaluate potential corrective and preventative actions. A total of ~950 patient-specific instrumentation sets are affected by this recall, of which ~650 sets were used in knee-implant procedures and ~300 sets have been shipped but not yet used in scheduled surgeries

8:36 am TCF Financial appoints Craig R. Dahl to succeed William Cooper as CEO of the company, effective January 1, 2016 (TCB) : Dahl joined TCF in 1999 as president and chief executive officer of TCF Equipment Finance, Inc. and later was named president and chief executive officer of Winthrop Resources Corporation. He began serving as vice chairman of TCF in 2012 and was promoted to president in 2015

8:35 am Perrigo acquires ScarAway; terms not disclosed, expected to be immediately accretive to 2015 adjusted EPS (PRGO) : The co announced that it has acquired ScarAway, a leading U.S. OTC scar management brand, from Enaltus, LLC.  The brand is expected to generate approximately $10 million in full, calendar year 2015 net sales or approximately $3 million for the remainder of the year. The acquisition is expected to be immediately accretive to Perrigo's calendar year 2015 adjusted earnings per share and to immediately exceed Perrigo's ROIC threshold.

8:35 am Extreme Networks announces the appointment of John Kispert as Chairman of its Board, effective Aug. 25, 2015 (EXTR) : Kispert has served as a member of the board for the previous six years

8:35 am Arch Coal announces extension of private debt exchange offers and support agreement, now set to expire at midnight on September 23, 2015 (ACI) :  

8:35 am Healthsouth to acquire the home health agency operations of CareSouth Health System, for $170 mln in cash (HLS) :

  • Co announces its Encompass Home Health operating unit has entered into a definitive agreement to acquire the home health agency operations of CareSouth Health System for a cash purchase price of $170 million.
  • The transaction was approved by both companies' boards of directors and is expected to close in the fourth quarter of 2015, subject to regulatory approval.
  • HealthSouth expects to fund the transaction with cash on hand and borrowings under its senior secured credit facility.

8:34 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: N/A.

Select financial related names showing weakness: NBG -3.3%, SAN -1.5%, MS -1.5%, DB -1.1%, BAC -0.9%, WFC -0.8%, C -0.6%, UBS -0.6%, CS -0.5%

Select metals/mining stocks trading lower: AUY -4.1%, AU -3.7%, MT -3.4%, GFI -2.5%, BHP -1.9%, FCX -1.4%, RIO -1.3%, ABX -0.9%.

Select oil/gas related names showing early weakness: SDRL -5.1%, STO -3%, RIG -2.8%, TOT -1.6%, RDS.A -1.5%, BP -0.8%, CVX -0.7%

Other news: BTH -100% (The Carlyle Group (CG) will acquire all of Blyth's outstanding shares of common stock in a transaction valuing Blyth at $98 million, equating to $6.00 per share), ARIA -3.2% (small pull back following Friday's run up), TSEM -2.8% (still checking), IDCC -2.4% (provides statement following the decision of the U.S. International Trade Commission in the investigation involving InterDigital and respondents Microsoft (MSFT) Mobile Oy, and Nokia (NOK)), YNDX -2% (changing its pay-per-click advertising platform), NFLX -1.5% (will remove some high profile movies from streaming service), SQNM -1.3% (files for $300 mln mixed shelf offering), BABA -0.8% (Chinese mkts weak overnight), GM -0.7% (Japan reports July 2015 auto sales down 7.6% YoY; passenger car production also fell 6.5%), YHOO -0.7% (in symp with BABA)

Analyst comments: REGN -0.9% (downgraded to Neutral at Chardan Capital Markets), SYT -0.5% (downgraded to Neutral from Buy at UBS)

8:34 am OncoMed Pharma completes enrollment of Phase 2 ALPINE clinical trial of Tarextumab in Pancreatic Cancer (OMED) :

Co has completed patient enrollment in its Phase 2 "ALPINE" clinical trial of tarextumab (anti-Notch2/3, OMP-59R5) for the treatment of pancreatic cancer more than eight months ahead of schedule.

  • The ALPINE study enrolled 177 patients with advanced pancreatic cancer who had not received prior treatment.
  • The protocol for the randomized Phase 2 ALPINE trial was amended in February 2015 to designate overall survival as the primary endpoint (rather than progression-free survival), and the target enrollment increased from 124 to at least 160 patients. These changes occurred based on the anti-cancer stem cell mechanism of action of tarextumab and following the review of final data from the Phase 1b portion of the ALPINE trial in 40 patients with first-line metastatic pancreatic cancer, where 24 patients received the tarextumab-Abaxane-gemcitabine combination.

8:34 am S&P futures vs fair value: -13.60. Nasdaq futures vs fair value: -21.30. (:WRAPX) :

The rebound from overnight lows has stalled a bit, yet that belies the fact that the futures are still much improved from their worst levels of the day.  The latter point notwithstanding, the major indices are all on track for a lower start.

Currently, the S&P futures are 0.7% below fair value.

Corporate news flow is pretty light, so the market continues to be driven primarily by a macro orientation.  To that end, it is taking stock of Goldman Sachs cutting its 2016, 2017, and 2018 GDP growth forecasts for China, the 2.0% decline in oil prices ($44.32, -$0.90) at the moment, and Fed Vice Chairman Fischer suggesting in his speech in Jackson Hole about inflation developments that a September rate hike is still a possibility.

8:33 am Computer Sciences team wins FAA cloud services contract valued at more than $108 mln, with the potential to reach $1 billion over 10 years (CSC) : Co announces that the Federal Aviation Administration (:FAA) awarded its team -- including Amazon Web Services (AWS.V), Microsoft Azure and other strategic business partners -- a contract to deliver cloud services, data center consolidation and cloud migration capabilities. This contract is valued at $108,992,884 with the potential to reach $1 billion over 10 years.  CSC's team will consolidate FAA data centers and migrate FAA data and systems to a hybrid cloud environment.

8:33 am iKang Healthcare Group receives preliminary non-binding 'going private' proposal for $17.80/share (shares halted) (KANG) :

The co announced that its board of directors has received a non-binding proposal letter, dated August 31, 2015, from Ligang Zhang, founder, chairman and chief executive officer of iKang and certain of his affiliated entities, and FV Investment Holdings, proposing a "going-private" transaction to acquire all of the outstanding Class A common shares and American depositary shares of the Company not already owned by the Buyer Group for $17.80 in cash per American depositary share of the Company, which represents a premium of 10.8% to the closing trading price of the Company's ADSs on August 28, 2015, and a premium of 18.0% and 9.7% to the volume-weighted average closing price of the Company's ADSs during the last 7 and 30 trading days, respectively.

  • According to the proposal letter, the Buyer Group intends to fund the consideration payable in the Transaction with a combination of debt and/or equity capital, and rollover equity in the Company. A copy of the proposal letter is attached as Annex A to this press release.
  • The Board intends to form a special committee consisting of independent directors to consider this proposal.

8:32 am Female Health receives an order from its Brazil distributor, Semina Indstria e Comrcio Ltda, for 15 million FC2 female condoms (FHCO) : "This brings the total number of FC2 Female Condoms ordered under the tender to 40 million."

8:32 am Ixys increases quarterly dividend to $0.04/share from $0.035/share, announced a new 1 mln share repurchase programs (IXYS) :  

8:31 am Bristol-Myers granted exclusive right to acquire Promedior and gain worldwide rights to its lead asset PRM-151, a recombinant form of human pentraxin-2 protein in Phase 2 development for the treatment of idiopathic pulmonary fibrosis and myelofibrosis (BMY) :

PRM-151 has been granted Fast Track designation in the U.S. and Orphan designation in the U.S. and Europe for the treatment of MF and Orphan Designation in the U.S. and Europe for the treatment of IPF. Promedior is a clinical stage immunotherapy company pioneering the development of targeted therapeutics to treat fibrotic diseases. Total aggregate payments to Promedior under the agreement have the potential to reach $1.25 billion, which includes an upfront cash payment for the right to acquire Promedior, an exercise fee payable if Bristol-Myers Squibb elects to exercise its right to acquire the company, and subsequent clinical and regulatory milestone payments.

  • Under the terms of the agreement, Bristol-Myers Squibb will make payments aggregating up to $1.25 billion that includes an upfront cash payment of $150 million as consideration for both the right to acquire Promedior and as payment for services in support of the MF and IPF Phase 2 clinical trials. The companies have agreed on a development plan that will be executed by Promedior. It is anticipated that the Phase 2 trials in MF and IPF will be initiated in the coming weeks. Bristol-Myers Squibb can exercise its right to acquire Promedior upon completion of either of these trials.

8:31 am Atlas Energy and Atlas Resource Partners, L.P. (ARP) announced the appointment of Jeffrey M. Slotterback as CFO of both ATLS and ARP, which will take effect as of September 18th (ATLS) : Co announced the appointment of Jeffrey M. Slotterback as Chief Financial Officer of both ATLS and ARP, which will take effect as of September 18th. Mr. Slotterback currently serves as Chief Accounting Officer of both Atlas companies, which has been his position since March 2011. Sean McGrath, currently Chief Financial Officer of ATLS and ARP, will be pursuing other business activities outside of the energy industry and will transition his role with Mr. Slotterback over the next several weeks. Mr. McGrath's decision was not due to any views on the companies' financial position or any disagreements with management.

8:30 am On the Wires (:WIRES) :

  • Corbus Pharmaceuticals Holdings, Inc. (CRBP) announced that patient enrollment has commenced in the Phase 2 clinical study of its investigational new drug Resunab for the treatment of diffuse cutaneous systemic sclerosis
  • Vital Therapeutics (VTL) announced that additional data from its VTI-208 clinical trial were presented by two principal investigators of the study at the 16th International Symposium on Albumin Dialysis in Liver Disease on Saturday, August 29, 2015 in Rostock-Warnemunde, Germany. Topline data from the VTI-208 clinical trial, which failed to reach its primary or secondary endpoints, was disclosed on August 21, 2015
  • Dot Hill Systems Corp. (HILL) reported that its AssuredSAN 3004 and 4004 hybrid storage arrays have been ENERGY STAR certified
  • CenturyLink, Inc. (CTL) announced that it was awarded a contract by the State of Texas Health and Human Services Commission (:HHSC) to provide managed IP-based voice service for the agency's more than 400 statewide locations.
  • Chanticleer Holdings, Inc. (HOTR) reminds shareholders and the investment community that tomorrow is the last day to purchase its stock, in order to be considered a shareholder of record to participate in its previously announced rights offering
  • CCA (CXW) announced that it has closed on the acquisition of four community corrections facilities from a privately held owner of community corrections facilities and other government leased assets, for ~$13.5 million. The all-cash transaction closed August 27, 2015, and CCA did not assume any debt as part of the transaction.

8:30 am On the Wires (:WIRES) :

  • Lion Biotech (LBIO) announced the appointments of Gregory MacMichael, PhD, as vice president of process development, and Howard B. Johnson as vice president of corporate development. Dr. MacMichael joins Lion from Novartis' (NVS) Cell and Gene Therapies Therapeutic Unit, where he led process development for CAR-T and other immunotherapies
  • Pacific Mercantile Bancorp (PMBC) and PM Asset Resolution announced the entrance into an Exchange Agreement with SBAV, LP, an affiliate of Clinton Group and Carpenter Community BancFund pursuant to which SBAV and the Carpenter Funds have agreed to exchange an aggregate of 112,000 shares of the Company's Series B Convertible 8.4% Noncumulative Preferred Stock, 35,225 shares of the Series C 8.4% Noncumulative Preferred Stock and warrants to purchase 761,278 shares of the Company's common stock for an aggregate of 3,009,148 shares of the Company's common stock
  • Colony Bankcorp, Inc. (CBAN) announced redemption of 4,833 shares of its Cumulative Perpetual Preferred Stock, for a $4,833,000 payment
  • CenturyLink, Inc. (CTL) announced that it was awarded a contract by the State of Texas Health and Human Services Commission (:HHSC) to provide managed IP-based voice service for the agency's more than 400 statewide locations.
  • Banco Latinoamericano de Comercio Exterior, S.A. (BLX) announced the closing of a US$60 million long-term A/B loan with Banco Financiera Comercial Hondurena S.A. The transaction comprises a $30 million 7-year FMO A-loan and a $30 million 5-year Bladex B-loan
  • Northern Dynasty Minerals (NAK) announced that it has completed a first tranche closing of the fundraising through a private placement of 25,624,408 Special Warrants, exercisable into the Company's listed common shares at a price of C$0.399 per Special Warrant, for gross proceeds of C$10.2 million. The company is also advancing towards completing definitive agreements with Cannon Point Resources in respect of the acquisition of 100% of the outstanding shares of Cannon Point.

8:30 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance
:MAGS +3.7%

M&A news: EXC +9.8% (Exelon and Pepco Holdings (POM) issue statement following PSCDC's Order, says continue to believe the merger proposal is in the public interest, and will continue working to complete the merger)

Other news: BLFS +60% (announced that its customer TiGenix recently disclosed that its lead compound Cx601 met the primary endpoint in the Phase III ADMIRE-CD trial ),RXII +21.5% (he 30-day review period following the filing of the Company's Investigational New Drug (IND) for ocular indications with the U.S. Food and Drug Administration (:FDA) has passed and the IND is now active),MDCO +19.7% (positive ongoing Phase 1 clinical trial with ALN-PCSsc for the treatment of hypercholesterolemia),VTL +19.1% (presentation of additional data from its VTI-208 clinical trial),BVX +17% (FDA 510(k) Approval for New J-Plasma Pistol Grip Configurations), GDP +7.9% (suspends the quarterly dividends on some of its Convertible Preferred Stock),ICPT +5.3% (announces FDA acceptance for review and Priority Review status, of its NDA for obeticholic acid to treat primary biliary cirrhosis),ALNY +4.5% (reports ALN-PCSsc generally well tolerated with no clinically significant drug-related adverse events to date),PSX +3.1% (Berkshire Hathaway late Friday disclosed an ~58 mln share, or ~$4.5 bln stake as of August 28th),QURE +1.7% (Point72 discloses an increased 5.0% passive stake in 13G filing)

Analyst comments: SUNE +5.8% (initiated with an Outperform at Macquarie),TWTR +3.4% (upgraded to Buy from Neutral at Sun Trust Rbsn Humphrey),JCP +2.6% (upgraded to Buy from Hold at Deutsche Bank)

8:20 am Great Basin Scientific submits its Staph ID/R Blood Culture Panel to the FDA for 510(k) clearance (GBSN) :  

8:20 am Axalta Coating Systems has won a four-year contract to supply industrial coatings and architectural building paint which will be used to restore and sustain different buildings and the locks of the Panama Canal (AXTA) :  

8:17 am Vital Therapies +16% after announcing the presentation of additional data from its VTI-208 clinical trial (VTL) : Topline data from the VTI-208 clinical trial, which failed to reach its primary or secondary endpoints, was disclosed on August 21, 2015. Newly presented information includes:

  • A review of baseline characteristics and demographics of two of the pre-specified subsets: subjects with baseline Model for End-stage Liver Disease (:MELD) score under 28, and age less than the median.  
  • A post-hoc analysis using log-rank statistics of the Kaplan Meier survival curves up to study day 91 (which was a pre-specified sensitivity analysis in the intention-to-treat, or ITT, and per protocol, or PP, populations), applied to the 59 subject (ELAD N = 26, Control N = 33) combination of these two pre-defined subsets (MELD less than 28 and age less than the median of 46.9 years), revealed no deaths in the ELAD group and eight deaths in the Control group. Had this combination been pre-defined, the p-value would have been
  • The Company continues analyzing the entire VTI-208 data set in order to determine the potential next steps in clinical development. In particular, the company is exploring the design of a new phase 3 clinical trial, which limits patients based on both MELD and age.  The Company will provide periodic updates on material developments.

8:10 am Ares Commercial Real Estate names John Jardine as President and Co-CEO, reaffirms FY15 guidance (ACRE) :

ACRE Chairman Robert L. Rosen was also appointed as Co-Chief Executive Officer on an interim basis. The Company also announced that Todd Schuster has resigned as ACRE's President and Chief Executive Officer and as a Director. Mr. Schuster's resignation was not related to any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

  • The co also announced that it is reaffirming its guidance of estimated net income per diluted common share to be between $1.12 to $1.18 for the year ending December 31, 2015 vs $1.15 Capital IQ Consensus Estimate

8:06 am On the Wires (:WIRES) :

  • ArcelorMittal Bremen, a subsidiary of ArcelorMittal (MT) has renewed its partnership with CGI (GIB). ArcelorMittal Bremen outsourced its IT to CGI five years ago, and, since then, CGI has managed the company's two data centers in Bremen, provided IT infrastructure support, and maintained all applications predominantly developed by ArcelorMittal Bremen, as well as other warehousing and automated production control systems. In addition, CGI provides field service support for ~2,000 Windows end-user systems
  • Crestwood Equity Partners LP (CEQP) and Crestwood Midstream Partners LP (CMLP) announced that Crestwood Equity's Registration Statement on Form S-4 has been declared effective by the SEC. Crestwood Midstream will hold a special meeting for its unitholders to vote on proposals related to the merger on September 30, 2015 
  • Leidos (LDOS) announced the appointment of Martin Miner as senior vice president and chief information officer. Most recently Miner was the chief strategy officer for the Integrated Systems Group in the company's National Security Sector

8:03 am CB&I is awarded a contract valued at ~$300 million by Sunoco Partners Marketing & Terminals, LP for the expansion of its Marcus Hook Industrial Complex (CBI) : The scope of work includes the engineering, procurement, fabrication and construction of four large low-temperature tanks that will be used for the storage of refrigerated ethane, butane and propane

8:03 am Exelon and Pepco Holdings (POM) issue statement following the PSCDC's Order, saying they continue to believe the merger proposal is in the public interest, and will continue work to complete it (EXC) :  

8:02 am S&P futures vs fair value: -11.50. Nasdaq futures vs fair value: -21.00. (:WRAPX) :

U.S. equity futures are off their lows of the morning, but are still pointing to a weaker start for the major indices. The S&P futures, which were down nearly 30 points at their worst levels of the overnight trade, are now down 15 points, leaving them 0.6% below fair value.

The early weakness is owed in part to some expected profit taking following last week's comeback rally effort and the indication from Fed Vice Chairman Fischer over the weekend that a September rate hike is not off the table at this juncture.

The front of the Treasury yield curve is holding pretty steady while the back end has benefited from some modest buying interest that has driven the yield on the 10-yr note down two basis points to 2.16%.

Today's economic data will be limited to the Chicago PMI for August, which will be released at 9:45 ET.

U.S. corporate news of note:

  • Phillips 66 (PSX 77.23): SEC filings indicate Berkshire Hathaway (BRK.B) has acquired roughly 58 million shares in the company, which amounts to a greater than 10% stake in the oil refiner.
  • J.C. Penney (JCP 9.22, +0.28): +3.1% on the heels of a Deutsche Bank upgrade to Buy from Hold
  • Blyth (BTH 2.92): The Carlyle Group announced acquisition of company for $98 million or $6.00 per share, which is a premium of approximately 105% over Friday's closing price.

Reviewing overnight developments:

  • Asian markets ended mixed. China's Shanghai Composite -0.8%, Japan's Nikkei -1.3%, Hong Kong's Hang Seng +0.3%.
  • In economic data:
    • Japan's July Industrial Production -0.6% month-over-month (consensus 0.1%; prior 1.1%), July Construction Orders -4.0% year-over-year (previous 15.4%), and July Housing Starts +7.4% (expected 11.0%; previous 16.3%)
    • Hong Kong's July Retail Sales -2.8% year-over-year (prior -0.4%) and M3 Money Supply +10.25% (prior +8.77%)
    • Australia's August MI Inflation Gauge +0.1% month-over-month, HIA July New Home Sales -0.4% month-over-month, Q2 Company Gross Operating Profits -1.9% quarter-over-quarter (expected -2.0%, prior -0.3%), and July Private Sector Credit +0.6% (expected 0.5%; prior 0.4%) New Zealand's July Building Consents +20.4% month-over-month (prior -3.3%) and August ANZ Business Confidence -29.1% (last -15.3%) South Korea's September Manufacturing BSI Index 73 (prior 73), July Service Sector Output +1.7% month-over-month (prior -1.7%), and July Industrial Production -0.5% month-over-month; -3.3% year-over-year (expected -1.0%; last 1.4%)
  • In news:
    • There was a Financial Times report indicating China's government is going to back away from making stock purchases in the Chinese equity market, and instead concentrate its efforts on cracking down on participants that it thinks are destabilizing the market.
    • Goldman Sachs cuts its 2016, 2017, and 2018 GDP growth projections for China to 6.4%, 6.1%, and 5.8%, respectively, from 6.7%, 6.5%, and 6.2%.
  • Major European indices are trading modestly lower. Germany's DAX Index -0.6%, Frances's CAC 40 -0.7%, and Spain's IBEX 35 -0.7%. The UK's FTSE 100 is closed for Summer Bank Holiday.
  • In economic data:
    • Eurozone August CPI +0.2% year-over-year (expected 0.1%; prior 0.2%)
    • Germany's July Retail Sales +1.4% month-over-month (expected 1.0%; last -1.0%); +3.3% year-over-year (consensus 1.9%; last 5.2%)
    • Italy's June Retail Sales -0.3% month-over-month (prior -0.2%); +1.7% year-over-year (last 0.1%). Separately, August CPI +0.2% month-over-month (expected 0.1%; prior -0.1%); +0.2% year-over-year (consensus 0.1%; last 0.2%)
    • Spain's June Current Account EUR 1.34 billion (prior EUR 1.15 billion)
    • Swiss August KOF Leading Indicators 100.7 (consensus 99.5; prior 100.4)
  • In news:
    • Italian energy company Eni reported a major natural gas find in Egyptian waters

8:02 am Stantec acquires VA Consulting; terms not disclosed (STN) :

  • North American design firm Stantec will further expand its support to infrastructure clients in Southern California and Arizona through the acquisition of Irvine, Calif.-based, VA Consulting.
  • Founded in 1973, VA Consulting is a 60-person community development, transportation, and water engineering firm serving clients throughout Southern California's Orange County, Los Angeles, San Diego, and Inland Empire regions, as well as the greater Phoenix area.

8:01 am Endo Health announces commercial launch of XIAFLEX set for 9/16/2015 in Japan; Endo will receive a $20 mln milestone payment upon the first commercial sale of XIAFLEX in Japan (ENDP) :

Co announced that XIAFLEX for the treatment of Dupuytren's contracture has been listed on the Japanese National Health Insurance drug price standard.

  • Endo partner Asahi Kasei Pharma expects to commercially launch the product in Japan on September 16, 2015.
  • Endo will receive a $20 mln milestone payment upon the first commercial sale of XIAFLEX in Japan.

8:01 am Corrections Corp acquires four community corrections facilities for ~$13.5 mln (CXW) :

  • Co announced that it has closed on the acquisition of four community corrections facilities from a privately held owner of community corrections facilities and other government leased assets, for ~$13.5 million, excluding transaction related expenses.
  • The all-cash transaction closed August 27, 2015, and CCA did not assume any debt as part of the transaction.

8:01 am Alamos announces the purchase of 8 mln common shares of AuRico Metals (AGI) :

  • Co announces the purchase of 8 mln common shares of AuRico Metals representing approximately 6.34% of the outstanding common shares of AuRico. The Shares are being acquired by Alamos by way of private placement at a price of CAD $0.70/share.
  • Prior to the Transaction, Alamos owned directly ~5.767 mln common shares of AuRico, which represented ~4.8% of the issued and outstanding common shares of AuRico.

8:00 am Bovie Medical Receives FDA 510(k) Approval for New J-Plasma Pistol Grip Configurations (BVX) : The new configurations have received FDA 510(k) approval and will be available beginning September 2015.

8:00 am Aecom Tech announces it received 5 year $43-mln SeaPort-e task order by the US Navy (ACM) :

  • Co announces it has been awarded a task order by the United States Navy to provide electromagnetic compatibility and engineering support services to Seaport-e, the Navy's electronic platform for acquiring support services across a variety of technical areas.
  • The five-year, $43-mln task order supports the Naval Surface Warfare Center, Dahlgren Division, and offers four one-year option periods.
  • Under the new task order, AECOM will continue to support the NSWCDD Electromagnetic Effects Division.

7:33 am Eisai and Purdue Pharma enter into a worldwide collaboration agreement for the development and commercialization of Eisai's clinical candidate lemborexant, which is entering Phase III clinical development for the treatment of insomnia (ESALY) :

Under the terms of the agreement, Eisai and Purdue Pharma will share the costs of lemborexant global clinical studies. While the potential indication for the product candidate is for the treatment of insomnia, the companies may also seek to develop other indications in the future. In addition, the two companies will form a joint steering committee to manage development and pursue marketing authorizations for lemborexant worldwide.

  • Once approved, Eisai and Purdue Pharma will co-promote the product and share co-promotion costs and profits in the United States and other territories (to be agreed by the parties), which may include the European Union, China, Japan and Canada. Eisai will book sales in all co-promotion territories. In certain other countries, either Eisai or Purdue Pharma may solely commercialize lemborexant and pay the other party a royalty. Eisai will receive an upfront payment from Purdue Pharma, and is also eligible to receive certain other milestone payments that are contingent upon achieving regulatory approval and certain commercial milestones.
  • With the signing of this agreement, the Phase III clinical development program will commence immediately.

7:31 am WPX Energy agrees to sell a North Dakota gathering system for ~$185 mln to a private equity fund managed by the Ares EIF Group, a subsidiary of Ares Management, L.P. (ARES) (WPX) :

  • The parties expect to close the transaction in ~60 days. The sale is part of WPX's delevering plan targeting $400-$500 mln in divestitures by the end of 2015.
  • WPX also is targeting another $400-$500 mln in asset sales in 2016.
  • WPX is working to quickly reduce debt just two weeks after closing a transformative acquisition that added decades of drilling inventory in the core of the Permian's Delaware Basin.
  • Under the terms of the agreement, WPX will continue to operate the system which currently gathers ~11,000 barrels per day of oil, ~6,500 Mcf/d of natural gas, ~5,000 barrels per day of water, and can be expanded. The system supports WPX's development in the Van Hook peninsula area.

7:29 am The Medicines Co up ~20% premarket following positive ongoing Phase 1 clinical trial with ALN-PCSsc for the treatment of hypercholesterolemia (MDCO) :

  • MDCO and ALNY announced positive initial results from their ongoing Phase 1 clinical trial with ALN-PCSsc at ESC Congress 2015 held August 29 -- September 2, 2015, in London.
    • MDCO is up ~20% and made a new all time high near $42 earlier in premarket trade.
    • ALNY is indicated up ~6%.
  • Investigational First-in-Class PCSK9 Synthesis Inhibitor Achieves up to 83% Maximal and 64% Mean Maximum LDL-C Lowering, Comparable to Published Results with Anti-PCSK9 Monoclonal Antibodies, but with Clinically Significant Reductions in LDL-C Clamped Down for More than 140 Days after Just a Single Dose --
  • ALN-PCSsc Generally Well Tolerated with No Clinically Significant Drug-Related Adverse Events to Date
  • Program Lead Transitions from Alnylam to The Medicines Company, who Together Launch "ORION" Development Program, with Initial Phase 2 Start Planned by End-2015 and Phase 3 Start Expected in 2017; ORION to Include Comparative Study with Anti-PCSK9 Monoclonal Antibodies.
    • REGN, AMGN and ESPR alco compete in the cholesterol market.

7:28 am On the Wires (:WIRES) :

  • Conn's, Inc. (CONN) announced it has revised its schedule for releasing the August sales and delinquency data to September 9, 2015 in order to coincide with its release of the second-quarter fiscal 2016 financial results
  • Opus Bank (OPB) announced that the Small Business Administration has issued a "Green Light" letter inviting Opus to continue its application process to obtain a license to form and operate a Small Business Investment Company
  • Soligenix, Inc. (SNGX) announced it has completed enrollment of the additional subjects, as directed by the Data Review Committee (DRC) earlier this year, into the company's Phase 2 study for SGX942. Consistent with prior guidance, Soligenix anticipates reporting preliminary results in the fourth quarter of 2015
  • Medtronic plc (MDT) announced findings from two independent studies that have identified a gene associated with life-threatening abnormal heart rhythms. The study results were presented in a hotline session at the 2015 European Society of Cardiology (:ESC) Congress in London. The studies evaluated genetic "markers" to determine which gene abnormalities may be associated with dangerous heart rhythms that can lead to sudden cardiac death. The initial Medtronic DISCOVERY (Diagnostic Data Influence on Disease Management and Relation of Genetic Polymorphisms to Ventricular Tachyarrhythmia in ICD Patients) trial identified a gene associated with SCD in patients with implantable cardioverter defibrillators, and the second study, Oregon Sudden Unexpected Death Study (Oregon SUDS) confirmed this finding in the general population

7:28 am On the Wires (:WIRES) :

  • Disguise, Inc., the Halloween costume division of JAKKS Pacific, Inc (JAKK), announced that it has secured a licensing agreement with the LEGO Group to "construct" children's Halloween costumes, role play and accessories based on popular LEGO characters. The multi-year, multi-category agreement grants Disguise rights to distribute its LEGO licensed products across channels in North America, Europe, Korea and China
  • JA Solar Holdings Co (JASO) announced that Australia's 70 MW Moree Solar Farm has begun to install the batches of solar modules provided by JA Solar since June. As MSF's exclusive supplier, JA Solar will keep delivering JAP6-315 and JAP6-310 modules to meet all demand of 70 MW modules
  • Titan Pharmaceuticals (TTNP) announced the resubmission by Braeburn Pharmaceuticals of a New Drug Application to the FDA for Probuphine. Co expects a 6 month review cycle of the application
  • Quanta Services, Inc. (PWR) announced that Rockies Express Pipeline, selected Quanta Services to provide turnkey engineering, procurement and construction services for the REX Zone Three Capacity Enhancement Project. Quanta has commenced engineering and other front-end services for the project, with construction expected to begin in the second quarter of 2016 or when REX receives the required regulatory approvals
  • Gilat Satellite Networks Ltd. (GILT) announced that GeoTelecommunications, a satellite services provider in Russia, selected Gilat's SkyEdge II-c platform for the delivery of high-speed Internet access to business and households throughout the region

7:23 am Novogen concludes review of pipeline and development programs, targeting to have two products enter clinical development in 2016 (NVGN) :

Acting Chief Executive Officer, Iain Ross, said that following his appointment last month, Novogen initiated a company-wide review, including a comprehensive science review, to determine top priorities and enabling the Company to focus valuable resources to achieve high value opportunities in a highly competitive market place. Ross said that following the scientific review, the Company had decided to pursue a patent protection approach for its degenerative and regenerative medicine program known as Jacob's Hope. This program would now take a lower profile while we focus on the nearer term core opportunities.

  • Cantrixil, the Company's lead superbenzopyran drug candidate designed to be injected into the intra-peritoneal cavity: The co aims to treat ovarian cancer by targeting both differentiated cancer cells and potentially cancer initiating cells, the cells thought to be responsible for cancer recurrence post chemotherapy. The company says that while it is not possible at this stage to be precise as to when clinical trials will commence, it continues to target 2016 to commence a first-in-human trial for Cantrixil in Australia.
  • Anisina, the Company's lead anti-tropomyosin compound, which is a unique first-in-class anti-cancer agent. Pending a successful safety evaluation outcome, the Company is targeting 2016 to open an all-comers Phase 1 clinical trial in Australia, where the primary outcome will be safety. Novogen has re-affirmed our commitment to pediatric neuroblastoma and has assembled the relevant therapeutic medical experts to participate on an Anisina pediatric oncology board.
  • Trilexium, the Company's second lead SBP drug candidate and its least advanced drug candidate. Novogen has identified a high value opportunity where there are currently no approved treatments and the current life-expectancy for patients is no more than 8 months. Once a proof-of-concept study is completed, the Company plans to commence the required safety evaluation program. By targeting DIPG, the Company anticipates that this strategy may provide a fast-to-market opportunity and is also planning to file for an Orphan Drug Designation status with the FDA. At this stage, first-in-human trials are targeted to commence by 2017.

7:05 am Intercept Pharma announces FDA acceptance for review and Priority Review status, of its NDA for obeticholic acid to treat primary biliary cirrhosis (ICPT) : The FDA has set a target date of February 29, 2016 to take action under the Prescription Drug User Fee Act

7:02 am Albany Molecular and Saneca Pharmaceuticals announced strategic collaboration focused on opium-derived active pharmaceutical ingredients (AMRI) :

AMRI and Saneca Pharmaceuticals announced a strategic collaboration focused on the development, manufacture and marketing of a portfolio of opium-derived active pharmaceutical ingredients, ("APIs").

  • Under terms of the collaboration, Saneca will supply intermediates, and where appropriate, process transfer technology to enable AMRI to develop over two dozen APIs. Based on customer demand, AMRI will prepare the U.S. regulatory filings, and following FDA approval, will manufacture the APIs at its U.S. DEA approved facilities. The companies will share revenue of any marketed APIs resulting from the collaboration.

7:02 am RXi Pharma announces that the 30-day review period following ifs filing of an IND with the FDA for ocular indications, has passed and the IND is now active (RXII) : Preparations are ongoing for the initiation of a Phase 1/2 trial in Ophthalmology to evaluate the safety and clinical activity of RXI-109 to prevent the progression of the scarring component of retinal diseases. The process to obtain approval from the Investigational Review Board (:IRB) is underway. If the current plan is acceptable to the IRB, a multi-dose, dose-escalating trial will initiate early in the fourth quarter of this year.

7:01 am Asterias Biotherapeutics concludes recruitment of initial safety cohort of the SCiStar Phase 1/2a dose-escalation clinical trial of AST-OPC1 for complete cervical spinal cord injury; safety of the injection procedure confirmed with no reported serious adverse events (AST) :

  • The third patient was successfully dosed at Chicago-based Rush University Medical Center in a Phase 1/2a clinical trial evaluating activity of escalating doses of AST-OPC1 (oligodendrocyte progenitor cells) in newly injured patients with sensory and motor complete cervical spinal cord injury (SCI). This represents the final patient treated at the initial low-dose (2 million cells) safety cohort.
    • The results of the study continue to support a robust safety profile for AST-OPC1, with no serious adverse events observed in any of the three treated patients to date.
  • The Company expects to begin enrollment of the second dose cohort following Data Monitoring Committee review of the 30-day post-injection safety data from all three patients.
  • "We are encouraged by this performance improvement and are confident in meeting our disclosed timelines."

7:01 am Blyth Industries to be acquired by The Carlyle Group (CG) for $6.00/share, or ~$98 mln (BTH) : The Carlyle Group (CG) will acquire all of Blyth's outstanding shares of common stock in a transaction valuing Blyth at $98 million, equating to $6.00 per share, which represents a premium of approximately 105 percent over the closing price of Blyth common stock on Friday, August 28, 2015 and a premium of 65 percent over Blyth's 30-day average share price as of such date. The transaction has been unanimously approved by Blyth's board of directors and will be completed by means of a tender offer followed by a merger.

7:00 am Kratos Defense and Security is awarded a ballistic missile defense program related task order, valued at $12 Million (KTOS) : Co ecently received a Task Order under the Theoretical Research & Engineering Research contract with a total potential value of $12.02 million related to certain Ballistic Missile Defense and scientific research programs. Kratos received $6.38 million in funding under this award, with three options for an additional $5.64 million.

7:00 am Natl Oilwell Varco appoints Jose A. Bayardo as SVP & CFO, effective August 28, 2015 (NOV) : Prior to joining National Oilwell Varco, Bayardo served as Senior Vice President, Resource and Business Development at Continental Resources

6:31 am Atara Biotherapeutics completes enrollment in its randomized, PINTA 745 Phase 2 clinical trial, designed to treat end-stage renal disease; prelim top-line data expected in 4Q15 (ATRA) :  

6:28 am On The Wires (:WIRES) :

  • Ipsen (IPSEY) announced that The Lancet Neurology has published online detailed results from the Ipsen sponsored phase III randomized study showing the efficacy and safety of Dysport in post-stroke or traumatic brain injury patients with upper limb spasticity. Regulatory procedures are still ongoing in different European and Rest of World countries.
  • Great Panther Silver (GPL) announces that its board of directors has determined that it is not in the best interests of the Company to accept the resignation submitted by Jeffrey Mason, who was elected at the Company's Annual General Meeting of Shareholders held on June 4, 2015. Mr. Mason did not receive the support of the majority of the votes cast at the meeting. The Board has now considered and determined to reject the tendered resignation.
  • Gemalto (GTOMY) has been selected by Tigo to deliver a suite of unique M2M solutions in Latin America. Starting in Colombia, Tigo customers will use Gemalto's Cinterion Machine Identification Modules and secure MIM services to improve preventive maintenance with remote monitoring and management of MIMs in the field.
  • SCOR SE (SCRYY) announced that Nicolas Tissot joins SCOR with effect from 31 August 2015, as the Group's Chief Operating Officer. Prior to joining SCOR, he had been Financial Director and an Executive Committee member at Alstom (ALSMY) since 2010
  • InterOil (IOC) advises that the PRL-15 Joint Venture has started drilling a side-track well at the Antelope-4 site, as part of its appraisal campaign on the Elk-Antelope gas field in Papua New Guinea. The Antelope-4 appraisal had been suspended in May 2015 at a true vertical depth sub-sea of 2,056m (6,745 feet), approximately 158m above the field gas water contact.
  • BioLife Solutions (BLFS) announced that its customer TiGenix NV, an advanced biopharmaceutical company focused on developing and commercializing novel therapeutics from its proprietary platforms of allogeneic expanded stem cells, recently disclosed that its lead compound Cx601 met the primary endpoint in the Phase III ADMIRE-CD trial of complex perianal fistula in Crohn's Disease patients.
  • Pacific Exploration & Production (PEGFF) announced the start of operations of Puerto Baha port facilities in Cartagena, Colombia. The terminal officially commenced liquid and general bulk transport operations on August 28, 2015, opening a multi-modal and world-class specialized port for the public.
  • Yandex.Direct, Yandex's (YNDX) pay-per-click advertising platform, is changing its auction system and introducing new ranking rules for paid search results. Starting tomorrow, instead of a generalized second-price auction, Yandex.Direct will be using a Vickery-Clarke-Groves auction to serve ads in the premium positions on its search engine results page and the SERPs of websites in the Yandex Advertising Network.

6:21 am B Communications announces Board approval for a dividend of $0.19/share (BCOM) :  

6:10 am Stora Enso OYJ to divest its offset printed micro-flute packaging plant in Komarom, Hungary to Van Genechten Packaging for ~EUR 12 mln (SEOAY) : The transaction has no material income statement impact and is expected to be completed within one month. Based on 2014 annual figures, the divestment is expected to reduce Stora Enso's annual sales by EUR 14 million and simultaneously decrease the annual corrugated packaging converting capacity by approximately 15 million m2.

6:01 am Amicus Therapeutics acquires privately-held Scioderm, Inc for $229 mln in cash and stock (FOLD) :

Co and Scioderm, Inc. a privately-held biopharmaceutical company focused on developing therapies for treating diseases with high unmet need, have signed a definitive agreement under which Amicus will acquire 100% of the capital stock of Scioderm, Inc. Scioderm's lead product candidate Zorblisa is a novel, late-stage, proprietary topical cream and potential first-to-market therapy for EB.

  • Amicus will acquire Scioderm in a cash and stock transaction. At closing, Amicus will pay Scioderm shareholders $229 million, of which $125 million will be paid in cash and $104 million will be paid through the issuance of 7 million newly issued Amicus shares. Amicus has agreed to pay up to an additional $361 million to Scioderm shareholders in cash or stock upon achievement of certain clinical and regulatory milestones and $257 million to Scioderm shareholders in cash or stock upon achievement of certain sales milestones. If Zorblisa is approved, EB qualifies as a rare pediatric disease and a Priority Review Voucher will be requested. If the Priority Review voucher is obtained and subsequently sold, Amicus will pay Scioderm shareholders the lesser of $100 million or 50% of the proceeds of such sale.
  • The Boards of both companies have approved the transaction and the companies currently anticipate that the transaction will be completed in the third quarter of 2015. Amicus intends to finance the acquisition through cash on hand and has a $50 million debt commitment from Redmile Group.

5:50 am S&P futures vs fair value: -16.40. Nasdaq futures vs fair value: -34.00. :

5:50 am European Markets : FTSE...Holiday.........  DAX...10185.74...-112.80...-1.10%.

5:50 am Asian Markets : Nikkei...18890.48...-245.80...-1.30%.  Hang Seng...21670.58...+58.20...+0.30%.

5:46 am On The Wires (:WIRES) :

  • Disney (DIS) Interactive launched Disney Infinity 3.0 Edition, the latest installment in the highly successful Disney Infinity "toys-to-life" franchise, bringing together Star Wars with Disney, DisneyPixar and Marvel for the ultimate family gaming experience. 
  • ADTRAN (ADTN) announced its Open Application Programming Interface is gaining momentum in enabling service orchestration, customization and analytics through third-party platforms. ADTRAN offers a complete RESTful API within its broadband, enterprise and Wi-Fi access portfolios.

5:05 am On The Wires (:WIRES) :

  • Magic Software (MGIC) announced that AA Shipping LTD and its Royal Cargo tax division deployed a customized ERP system based on the Magic xpa Application Platform.
  • American Airlines (AAL) welcomed fellow oneworld alliance member and Pacific Joint Business partner Japan Airlines to Dallas/Fort Worth International Airport with its return to service between Tokyo Narita and DFW starting Nov. 30, 2015. American will add its code to the route.
  • SPYRUS announced the world's first 512 GB high-capacity Microsoft (MSFT) Windows 10 certified Windows To Go SSD live drives.
  • Razorfish Global, a part of Publicis Groupe (PUBGY) announced the acquisition of Sydney-based 2DataFish, the leading Adobe data analytics and marketing optimisation consultancy in Australia and APAC.
  • Canadian Oil Sands (COSWF) announced that on Aug 29, a process fire occurred in the interconnecting piping between the hydrotreating units and environmental units at Syncrude's Mildred Lake upgrader. Emergency personnel quickly responded to the incident and safely extinguished the fire. No injuries were associated with the event and there was no environmental impact.
  • Progress (PRGS) announced significant momentum in the public sector's use of Progress Corticon Business Rules Management System, bolstered by several new state agency contract signings and the recent release of Corticon BRMS 5.5.
  • Magnesium Elektron, a division of Luxfer Holdings (LXFR) has announced the publication of a new design standard recording the removal of a long-standing regulatory ban on the use of magnesium alloys in commercial aircraft seats
  • DaVita Kidney Care, a division of DaVita HealthCare Partners (DVA) announced it is forming a joint venture kidney care specialty hospital chain in Shandong province China. The agreement establishes DaVita Kidney Disease Hospital Co, a first-of-its-kind renal dialysis joint venture between a multinational health care provider and the private sector in China.

4:43 am Volkswagen and Suzuki (SZKMY) terminate alliance per arbitration hearing; Volkswagen to dispose of its 19.9% stake in Suzuki; expects positive effect on earnings (VLKAY) :

An arbitral tribunal in London has announced its ruling in the dispute between Suzuki Motor Corporation and Volkswagen Aktiengesellschaft. As a result, cooperation between the two parties is deemed terminated. The arbitrators confirmed that Volkswagen met its contractual obligations under the cooperation agreement and found that Suzuki has terminated the agreement upon reasonable notice.

  • Volkswagen will therefore now dispose of its 19.9% stake in Suzuki and expects a positive effect on the Company's earnings and liquidity from the transaction. The arbitral tribunal also confirmed that Suzuki breached its contractual obligations to Volkswagen under the agreement and that Volkswagen has the right to claim damages
  • Furthermore, the arbitration court confirmed that Suzuki committed an infringement of the agreement. Suzuki broke off an ongoing cooperation project at the end of 2010/beginning of 2011 and failed to give Volkswagen last-call rights for the delivery of diesel engines. Volkswagen reserves the right to claim damages against Suzuki.

Regarding Suzuki

  • At this stage, Suzuki does not foresee any need to amend its forecast of consolidated results for the fiscal year ending March 31, 2016, however, if any matters that need
    to be disclosed occur, such matter will be promptly disclosed.

4:32 am Toshiba sells its interest in Topcon Corp (TOSBF) :

Co announces that it has decided to sell all shares of Topcon Corp held by the co.

  • The sale will be made by secondary offering.
  • The purpose of the sale is in-line with current mgmt strategy to of promoting cash flow and the sale will help bolster its balance sheets.
  • Co announced that consolidated FY16 result forecasts will be available as soon as the price of the sale is known.

3:45 am Eni discovers a supergiant gas field in the Egyptian offshore (E) :

Eni announces it has made a world class supergiant gas discovery at its Zohr Prospect, in the deep waters of Egypt.

  • The discovery could hold a potential of 30 trillion cubic feet of lean gas in place covering an area of about 100 square kilometres. Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea.
  • Eni will immediately appraise the field with the aim of accelerating a fast track development of the discovery that will utilise at best the existing offshore and onshore infrastructures.

3:16 am Abengoa receives 24 month contract for sanitation works in Uruguay for $13 mln (ABGB) :  

3:14 am On The Wires (:WIRES) :

  • Hulu and the premium entertainment network EPIX have closed a landmark, multi-year digital SVOD deal that will bring new releases from Lionsgate, MGM and Paramount to Hulu for the first time beginning October 1st. EPIX is a joint venture between Viacom (VIA), its Paramount Pictures unit, Lionsgate (LGF) and Metro-Goldwyn-Mayer Studios.
  • Celyad SA (CYAD) announced that it has entered into a new collaboration and distribution agreement with its Hong-Kong based partner, Medisun International. This license agreement confirms Celyad's intention to expand the global footprint of its lead cardiac disease cell therapy candidate for the treatment of ischemic heart failure, C-Cure.

3:08 am St. Jude Medical reports 5 year data from the FAME Trial; confirms long term benefit of FFR-guided PCI over angiography (STJ) :

Co announced that five year results from the landmark FAME trial have confirmed the long term benefits of fractional flow reserve in guiding percutaneous coronary intervention over angiography alone. An analysis of the study's five year follow up data confirms that in patients with multi-vessel coronary artery disease, FFR-guided PCI can contribute to reductions in all-cause mortality, cardiac mortality and an overall use of health care resources.

  • The data, which were presented at the ESC Congress 2015, build upon previously-published results from the St. Jude Medical sponsored FAME trial at 12-months and two-year follow up intervals.
  • In addition, five year follow up data from the FAME trial demonstrate:
    • Improved patient outcomes. In patients with multi-vessel coronary artery disease, FFR-guided PCI resulted in a 27 percent relative reduction of cardiac mortality versus angiography alone.
    • An overall decline in adverse events. Adverse events among patients who received FFR-guided PCI consistently decreased compared to patients who received angiography-guided PCI.
    • FFR's positive economic impact on health care cost. Five year data from the FAME trial further supports the positive economic impact and reduction of health care resource utilization shown by the original results of the study.

3:06 am Elbit Systems Cyber unit receives new contracts from European and African Customers (ESLT) :

Co announced that its wholly-owned subsidiary, CYBERBIT, was recently awarded two contracts.

  • One of the contracts was awarded by the National Police of a European country, and the second contract was awarded by a law enforcement agency of an African country.
  • Each of the contracts, which are in a total amount that is not material to Elbit Systems, will be performed over a two-year period.

3:04 am St. Jude Medical announces LEADLESS II Trial results published in NEJM (STJ) :

Co announced primary results from the LEADLESS II study that confirm the positive benefits of the Nanostim leadless pacemaker for patients in need of a single-chamber ventricular pacemaker. The study also demonstrated the Nanostim leadless pacemaker's longer-term retrievability and the device's significant projected battery longevity. After six months, data from LEADLESS II shows the trial met both endpoints for primary effectiveness (appropriate pacing and sensing) and safety (freedom from serious adverse device effects). In addition, data from LEADLESS II also demonstrated:

  • Nanostim Leadless Pacemaker's Retrievability. Retreivability is a core benefit of the Nanostim leadless pacemaker. Over the duration of the study, LEADLESS II demonstrated that retrieval of the implanted Nanostim leadless pacemaker was successful in 100 percent of patients requiring retrieval without any associated complications.
  • Projected Longevity of the Nanostim Leadless Pacemaker. Based on data from LEADLESS II, Nanostim leadless pacemaker's battery could be projected to last an average of 15 years, and possibly projected as high as 21 years depending on pacing needs. The longevity of the Nanostim device has been estimated to be 9.8 years at 100 percent pacing.

3:01 am Alnylam Pharma reports ALN-PCSsc generally well tolerated with no clinically significant drug-related adverse events to date (ALNY) :

Alnylam Pharma (ALNY) and The Medicines Company (MDCO) announced positive initial results from their ongoing Phase 1 clinical trial with ALN-PCSsc at ESC Congress 2015 held August 29 -- September 2, 2015, in London. ALN-PCSsc is an investigational RNAi therapeutic targeting PCSK9 -- a genetically validated protein regulator of LDL receptor metabolism -- being developed for the treatment of hypercholesterolemia. In contrast to anti-PCSK9 monoclonal antibodies (MAbs) that bind to PCSK9 in blood, ALN-PCSsc is a first-in-class investigational medicine that acts by turning off PCSK9 synthesis in the liver.

  • In the Phase 1 study, subcutaneous administration of ALN-PCSsc resulted in an up to 83% lowering of LDL-C, with an up to 64 5% mean maximum reduction, comparable to published results for anti-PCSK9 MAbs.
  • Similar reductions in LDL-C were seen in patients on and off concomitant statin therapy. The effects of ALN-PCSsc were highly durable, with clinically significant and clamped reductions in LDL-C maintained for over 140 days, supportive of a once-quarterly and possibly bi-annual subcutaneous dose regimen. Maximal lowering effects on LDL-C were consistently achieved at a dose of 300 mg associated with a low injection volume of 1.5 mL; this dose was significantly below the 800 mg top dose studied per the Phase 1 protocol.
  • Importantly, ALN-PCSsc was generally well tolerated with no clinically significant drug-related adverse events. The development leadership of ALN-PCSsc now transitions from Alnylam to The Medicines Company, who together announce today initiation of the ORIONTM development program, with an initial Phase 2 study planned to begin by end-2015 and a Phase 3 study expected to begin by end-2017.
  • ORION is also expected to include a comparative study of ALN-PCSsc with anti-PCSK9 MAbs.

1:57 am Platinum Group Metals files WBJV Project 1 technical report supporting the disclosure of the updated mineral resource and reserve estimate (PLG) :  

1:39 am On The Wires (:WIRES) :

  • Pacific Gas and Electric Company (PCG) crews completed repairs to three transmission towers in Burlingame ahead of schedule, after a third party doing construction work severely damaged the towers and related electrical equipment on Friday night, halting traffic on Highway 101 on the Peninsula in both directions.
  • Bristol-Myers Squibb (BMY) and QIMR Berghofer Medical Research Institute have signed a research collaboration and license agreement to discover novel therapeutic antibodies against an undisclosed immuno-oncology target.
  • NVIDIA (NVDA) launched NVIDIA GRID 2.0 with broad industry support for its ability to deliver even the most graphics-intensive applications to any connected device virtually.
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Platinum Group metals Ltd

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Platinum Group Metals is a platinum development stage company based in Canada.

Platinum Group Metals holds various exploration projects in Philippines.

Its main asset in development is WESTERN BUSHVELD JV in South Africa and its main exploration properties are AGNEW LAKE and LAC DES ILES in Canada, WAR SPRINGS and TWEESPALK in South Africa and ACT (ADLAY CAGDIANAO TANDAWA NICKEL) in Philippines.

Platinum Group Metals is listed in Canada and in United States of America. Its market capitalisation is CA$ 306.1 millions as of today (US$ 244.7 millions, € 214.4 millions).

Its stock quote reached its highest recent level on November 30, 2012 at CA$ 9.90, and its lowest recent point on June 15, 2018 at CA$ 0.12.

Platinum Group Metals has 133 070 008 shares outstanding.

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10/10/2012Technical Report Filed
9/25/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage Business News Netwo...
9/19/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage - Bloomberg TV – Lu...
9/17/2012.: Significant New Intercepts Expand the Waterberg Platinum ...
9/11/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage – Kitco News from D...
7/10/2012Adopts Shareholder Rights Plan
6/19/2012Confirms Plans
5/23/2012New Waterberg Results
5/8/2012Announces Waterberg Discovery Expands
5/2/2012– Media Coverage – Business Day
4/4/2012.: Mining Right Granted for WBJV Project 1 Platinum Mine
2/29/2012CEO Addresses BMO Global Metals and Mining Conference
2/27/2012Reminder: Join PLATINUM GROUP METALS for cocktails at PDAC!
2/6/2012.: Waterberg Discovery of Thick High Grade Reefs Expanded
9/6/2011President and CEO Interviewed on Business News Network (BNN)
8/29/2011North Limb Platinum Exploration Update
8/2/2011.: Mandate for $260 Million WBJV Project Loan Completed
7/11/2011Adds to its Board
7/5/2011Construction Update
5/16/2011. Announces Acceptance of Western Bushveld Joint Venture (WB...
5/5/2011' Partner Completes Transaction with Chinese Consortium
4/13/2011Global Exploration Update Platinum Group Metals Ltd.
4/4/2011Project 1 Mine Advances Underground and Mining Right Applica...
2/21/2011– Media Coverage – The Globe and Mail
2/21/2011Appoints Gordon Chunnett to Advisory Board
2/17/2011Eskom Agreement Completed for Delivery of 40MVA Electricity ...
2/9/2011Media Coverage
12/22/2009Platinum For A New World
10/8/2009Hosts Webcast for WBJV Update
6/26/2009Company Update
6/17/2009Announces Closing for C$35 Million
5/29/2009Announces Pricing of Offering
5/28/2009Announces C$35 Million Offering
12/9/2008Definitive Agreements For 74% Deal Executed
9/15/2008Creates New Funded Platinum Joint Venture
9/6/2008Platinum Group in Loan Talks for $506 Million Mine
6/25/2008We Are Building on Platinum
4/1/2008Platinum Group Metals Ltd - Project 2 Update Western Bushvel...
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