CLIFFS Natural Resources

Published : April 28th, 2015

10:48 am Cliffs Natural Resources completes the sale of its Chromite assets in Northern Ontario, Canada to Noront Resources under a revised purchased agreement for $27.5 mln in cash, which is an incre

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10:48 am Cliffs Natural Resources completes the sale of its Chromite assets in Northern Ontario, Canada to Noront Resources under a revised purchased agreement for $27.5 mln in cash, which is an increase of $7.5 mln over the previously anno

3:46 pm Teva Pharma earlier confirmed launch of generic Abilify Tablets in the US (TEVA) : Co earlier confirmed the launch of the generic equivalent to Abilify (aripiprazole) Tablets, 2 mg, 5 mg, 10 mg, 15 mg, 20 mg, and 30 mg, in the United States. Aripiprazole tablets, an atypical antipsychotic medication, are approved for the treatment of schizophrenia and for the acute treatment of manic and mixed episodes associated with bipolar I disorder. Abilify (aripiprazole) Tablets, marketed by Otsuka Pharmaceutical, had annual sales of approximately $7.8 billion in the United States, according to IMS data as of December 2014.

3:44 pm Twitter (halted) beats by $0.03, misses on revs, MAU in-line; guides Q2 below consensus; lowers FY15 guidance; announces DoubleClick partnership with Google, acquires TellApart (TWTR) : Reports Q1 (Mar) earnings of $0.07 per share, $0.03 better than the Capital IQ Consensus of $0.04; revenues rose 74.0% year/year to $435.9 mln vs the $456.55 mln consensus and $440-450 mln guidance. Ex-FX, total revenue would have increased 80%.

  • Twitter's first quarter revenues were affected by a lower-than-expected contribution from its newer direct response products. The Company expects this revenue impact to continue for the remainder of the fiscal year.
  • Monthly Active Users (MAU.V) +18% YoY and +4.9% QoQ to 302 mln vs. 301 mln Briefing.com Consensus. 
    • Average Mobile MAUs represented ~80% of total MAUs.
Co issues downside guidance for Q2, sees Q2 revs of $470-485 mln vs. $538.08 mln Capital IQ Consensus; EBITDA $97-102 mln.

Co issues downside guidance for FY15, lowers FY15 revs to $2.17-2.27 bln from $2.3-2.35 bln vs. $2.38 bln Capital IQ Consensus; lowers EBITDA to $510-535 mln from $550-575 mln.

Twitter announced that it has entered into a definitive agreement to acquire TellApart, Inc., a leading marketing technology company providing retailers and e-commerce advertisers with unique cross-device retargeting capabilities through dynamic product ads and email marketing.

Twitter also announced a partnership with Google's DoubleClick platform to improve advertising performance measurement and attribution for Twitter direct response marketers. As part of the partnership, Twitter will also make its inventory available through the DoubleClick Bid Manager, making it easier for clients who prefer to centralize their buying through DBM to create and manage campaigns on Twitter. 

3:39 pm Earnings Calendar (:SUMRX) : Today after the close look for the following companies to report:

  • HELE, RNST, MSTR, PSEM, AMCC, FFIC, MRCY, OTEX, SBCF, TRMK, TSS, WDC, WSBC, X, AHGP, ARLP, AZPN, CGI, CRUS, DHT, HLIT, NATI, SWI, APAM, CLF, MTSI, NANO, OI, AFL, CALX, CBL, EQR, IACI, MWA, RNG, RSYS, ULTI, WYNN, BMR, CEB, CINF, CMRE, FEIC, GPRE, BWLD, GPRO, TPX, TWTR, IPHI, TE, ACGL, AKAM, GNW, HIW, KFRC, NCR, RPXC, SKT, WSH, XOOM, ACHC, AUY, DDR, EEFT, PNRA, KRFT, LOGM, BXMT, CHE, EXAC, KALU, PEI, PSB, WRI, INAP, ESRX, OHI, BGFV, EIX, EPR, HURN, RRC, SLCA, VRSK, XCO, AEGN, ANIK, ARI, BLDP, ESRT, FARO, NVDQ, HAWK, CNL, KBR, EPIQ, TAHO, BOOM, SFS
Tomorrow before the open look for the following companies to report:
  • MWV, NSC, ISSI, NEE, SPIL, ADT, AME, ANTM, BOKF, CFR, CUBI, EVER, FCAU, GD, GIB, HCBK, HES, IP, MTOR, PX, RES, ROL, UMC, BC, DHX, NOC, NYCB, BEN, MA, SAIA, AVY, ETN, SLGN, SPR, ABB, CBG, HUM, LFUS, LVLT, OIIM, SLAB, SO, GRUB, SNCR, CBZ, CCJ, WEX, HOT, PCG, SAVE, ACCO, BGCP, CG, MDLZ, TRI, TWX, WOOF, CVE, HERO, Q, SPW, EXC, GT, WM, DX, DXYN, GRMN, HLT, FUN, GEL, IDCC, LINE, EDR, VRX, FDML, FI, LL, OCR, WCIC, CRI, FCH, ICON, AMED

3:35 pm Twitter to acquire marketing technology company TellApart; terms not disclosed (shares halted) (TWTR) :  

3:28 pm Treasuries Fall (BONDX) : Losses Across Curve Despite Weak Data and Strong Auction

  • Weaker-than-expected consumer confidence and solid demand for 5-year notes could not support the Treasury complex today as the curve steepened and 30-year yields made a 6-week high
  • Yield check:
    • 2-yr: +2 bps to 0.56%
    • 5-yr: +4 bps to 1.38%
    • 10-yr: +6 bps to 1.98%
    • 30-yr: +6 bps to 2.68%
  • News:
    • Home prices rose 5% y/y in February, greater than the Briefing.com consensus of 4.7% and the prior, downwardly revised change of 4.5
    • The Conference Board's Consumer Confidence Index declined to 95.2 in April from an upwardly revised 101.4 (from 101.3) in March. The Briefing.com Consensus expected the Consumer Confidence Index to increase to 102.2 
      • Relatively higher gasoline prices in April and a volatile stock market offset continued improvements in labor market conditions
      • Treasuries popped initially on the release, but gave back the gains rather quickly
    • The $35 billion 5-year note auction stopped through 1.2 basis points, indicating strong demand
      • Auction results:
        • High yield: 1.38%
        • Bid-to-cover: 2.56
        • Indirect bid: 61.2%
        • Direct bid: 5.57%
  • Commodities:
    • WTI Crude fell 0.11% to $56.93/bbl
      • There was an intraday spike when news outlets falsely reported that Iran had seized an American ship. This rumor proved to be unfounded
    • Gold rallied 0.74% to $1,212.10/troy oz. -- a multi-week high
    • Copper rose 0.47% to $2.783/lb.
  • Currencies: 
    • EUR/USD: +0.89% to $1.0972
    • USD/JPY: -0.23% to 118.85
  • Data Out Wednesday: 
    • MBA Mortgage Index for the week ending 4/25 (07:00 ET)
    • Q1 GDP-Advanced Estimate (08:30ET)
    • Q1 Chain Deflator-Adv (08:30 ET)
    • March Pending Home Sales (10:00 ET)
    • Crude Inventories for the week ending 4/25 (10:30 ET)
    • April FOMC Rate Decision (14:00 ET)
  • New Supply:
    • $29 billion 7-year note auction (results at 13:00 ET)

3:26 pm Crown Castle REIT subsidiaries announce intent to issue a series of senior secured tower revenue notes (CCI) : The servicing and repayment of the offered notes are expected to be made solely from the cash flow from the operation of the U.S. towers that are part of the transaction. Co expects to use the net proceeds received from such offering to retire previously issued 2010-4 Notes, pay fees and expenses related to the offering of the Offered Notes and the retirement of the 2010-4 Notes and for general corporate purposes

3:11 pm Floor Talk (:TALKX) : The broader market is clinging to modest gains after a volatile start to the day that was attributed to news reports, which were later refuted, about Iran seizing a U.S. cargo vessel in the Persian Gulf. Remarkably, the stock market is trading higher without the help (at this juncture) of Apple (AAPL 130.89, -1.76, -1.1%) or the biotech group, which have been among its best performers this year.

Apple's weakness can't be attributed to anything really other than profit taking.  Riding the popularity of its iPhone, the company delivered better than expected first quarter results befitting a growth company.  With a 6% gain in the six sessions leading up to its report, it's fair to say that good news was expected and that today has the stamp of a sell-the-news response.

The biotech stocks aren't in the same boat. Granted they, too, had a nice run in recent sessions, yet they continue to bleed on selling efforts driven by a lack of news.  Notably, the iShares Nasdaq Biotechnology ETF (IBB 345.43, -3.12, -0.9%) violated support this morning at its 50-day simple moving average (now 345.35) but has battled back and is sitting right on top of that key technical level, which has been a mainstay of support in limited pullbacks this year.

Further selling in these market leaders in coming sessions could start to weigh more noticeably on the broader market.  What is evident today, however, is that their weakness isn't a source of broad market weakness so much as it is a source of broad market rotation.

Most sectors are higher today, including the health care (+0.4%) sector, which is being led by Merck (MRK 60.20, +3.10, +5.4%) after its earnings report, and the much maligned financial sector (+0.4%), which is presumably attracting some value-based buying interest along with the energy sector (+0.4%).

Separately, we suspect an element of broad market support is being provided by the assumption that tomorrow's FOMC decision will strike a dovish tone.

2:58 pm Currency Market Summary (FOREX) : U.S. Dollar Index Continues Slide

  • The dollar lost against all of the majors today as falling consumer confidence conspired with a deteriorating technical picture to unwind some more of the dollar bull market gains
  • GBP/USD rallied 0.69% despite GDP in the U.K. missing estimates at +0.3% for Q1 2015. That was half of the +0.6% growth in the prior quarter
  • EUR/USD rallied again on optimism about the prospects for Greece and unwinding of the very crowded short EUR/USD trade
    • Greek 10-year yields fell 66 basis points to 10.90%
  • USD/JPY fell 0.23% to 118.85 despite retail sales falling in Japan by an unexpected 1.9% in March
  • The Antipodeans rallied sharply, with AUD/USD trading a 3-month high:
    • AUD/USD: +1.90% to $0.8014
    • NZD/USD: +1.16% to $0.7724

2:55 pm Regency Energy Partners LP Comm announces that its unitholders have met and voted to approve its merger with Energy Transfer Partners (ETP); closure expected on April 30, 2015 (RGP) :  

2:42 pm BB&T Corp reiterates an increase in its quarterly common stock dividend to $0.27/share from $0.24/share, as previously announced in its CCAR on March 11, 2015 (BBT) : In addition, the board also authorized a previously announced, cumulative share buyback of up to $820 million beginning in the third quarter of 2015.

2:38 pm Intel notches new session high of 32.84, last week's high and its April peak are at 32.97/32.99 (INTC) : The late March first thrust high is in the same zone at 33.00.

2:25 pm Comerica reiterates an increase in its quarterly common stock dividend to $0.21/share from $0.20/share, as previously announced in its CCAR on March 11, 2015 (CMA) :  

2:12 pm Casella Waste confirms receipt of director nominations from JCP Investment Management (CWST) : Co confirmed that it has received a notice of nomination from JCP Investment Management, LLC regarding its intention to nominate three director candidates for election to the Company's Board of Directors at the 2015 Annual Meeting of Stockholders. Co stated:

  • "Casella strives to maintain constructive, ongoing communications with all of its stockholders and welcomes and values their input. In that regard, since earlier this year, we have had discussions with JCP's representatives to hear their views on Casella. 
  • Despite our open and constructive dialogue with JCP and the good faith manner in which we approached our discussions with JCP, the first time we heard from JCP any interest in proposing director candidates was when we received JCP's notice of nominations threatening us with a costly and distracting proxy contest if we did not agree to accept their proposed director candidates."

2:05 pm Wells Fargo reiterates an increase in its quarterly common stock dividend to $0.375/share from $0.35/share, as previously announced in its CCAR on March 11, 2015 (WFC) :  

1:39 pm Myers Industries shareholders have elected all three GAMCO (GBL) nominees to the Board, according to preliminary results (MYE) :  

1:12 pm Cablevision announces a new agreement with Hulu, that will offer its customers Hulu's subscription streaming service (CVC) : Cablevision is the first cable or satellite provider to agree to distribute Hulu's catalog of on-demand content. Co plans to provide pricing and other particulars for Hulu, including its availability date, in the near future

1:10 pm Auction Out (BONDX) : Treasury Auction Results

  • The $35 billion 5-year note auction was met with strong demand: 1.2 basis point stop-through
  • Results:
    • High yield: 1.38%
    • Bid-to-cover: 2.56
    • Indirect bid: 61.2%
    • Direct bid: 5.57%
  • Prior 12-auction averages:
    • High yield: 1.595%
    • Bid-to-cover: 2.62
    • Indirect bid: 54.1%
    • Direct bid: 11.1%

1:05 pm Endurance International issues response to Gotham City, states the claims in the report are 'baseless and not rooted in reality' (EIGI) : The company issued the following statement in response to today's Gotham City Research report:

  • "The claims in this 'report' are baseless and not rooted in reality. The reality is, since going public, Endurance has beat expectations every quarter, showing consistent growth throughout the company. Endurance senior executives still own a significant stake in the company and are deeply invested in its future success. To suggest otherwise, is ridiculous. Endurance is transparent in how it calculates all of its metrics including its average revenue per subscriber, subscriber counts, organic growth and monthly revenue retention. The company has always been clear in its financial disclosures and reports on its financial health and growth. KPMG serves as Endurance's internal auditor including auditing Sarbanes-Oxley controls. BDO serves as the company's external auditor. As previously disclosed, the company's free cash flow for operations in 2014 was $143 million. Additionally, Warburg Pincus and Goldman Sachs own more than 40 percent of the company. Endurance has never interacted with Gotham City Research or the unnamed analyst who authored this report."

1:01 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

  • MRK (60.07 +5.19%): Beat Q1 consensus EPS estimates by $0.10, beat on revs; guided FY15 EPS in-line, revs in-line; announced that its trial of Januvia achieved its primary endpoint of non-inferiority for the composite cardiovascular endpoint; also announces publication of data from two Phase 3 clinical studies of ZERBAXA in which both studies met the primary endpoint.
  • WAT (126.01 +3.28%): Reported Q1 (Mar) earnings of $1.21 per share, $0.19 better than the Capital IQ Consensus Estimate of $1.02; revenues rose 6.9% year/year to $460.4 mln vs the $443.44 mln consensus.
  • BSBR (5.47 +4.49%): Reported Q1 net profit of BRL 1.63 bln, up 14% y/y , total revenues reached R$ 9,968 mln in the first three months of 2015, an increase of 3.5% y/y.
Large Cap Losers
  • COH (39.03 -7.81%): Reported Q3 (Mar) earnings of $0.36 per share, excluding items, $0.01 better than the Capital IQ Consensus Estimate of $0.35; revenues fell 15.5% year/year to $929.3 mln vs the $949.55 mln consensus, N Am comps -23%.
  • HMC (33.3 -8.06%): Missed Q4 (Mar) consensus EPS estimates by JPY20.08, missed on revs; guided FY16 EPS below consensus, revs above consensus.
  • WHR (186.27 -5.84%): Missed Q1 consensus EPS estimates by $0.35, missed on revs; lowered FY15 EPS below consensus.
Mid Cap Gainers
  • WIN (12.24 +15.36%): Upgraded to Buy from Neutral at Nomura; tgt raised to $15 from $10.50; favorable mention on Monday's Mad Money as well.
  • OMI (35.64 +6.63%): Beat Q1 consensus EPS estimates by $0.01, reported revs in-line; reaffirmed FY15 EPS guidance.
  • JBLU (20.85 +5.78%): Reported Q1 EPS in-line, revs in-line; guided for Q2 CASM to increase 1-3%.
Mid Cap Losers
  • EIGI (17.17 -21.74%): Under significant pressure following negative Gotham City Research report.
  • IDXX (140.64 -12.68%): Beat Q1 consensus EPS estimates by $0.02, missed on revs; lowered FY15 guidance.
  • JEC (43.62 -6.52%): Missed Q2 (Mar) consensus EPS estimates by $0.06, missed on revs; guided FY15 EPS below consensus.

12:58 pm Midday Market Summary: Influential Sectors Lead (:WRAPX) : The stock market holds a modest midday gain with the small-cap Russell 2000 (+0.6%) trading ahead of the S&P 500 (+0.3%).

Equity indices retreated through the first 45 minutes of the session, but reversed course with help from influential sectors like technology (+0.5%), financials (+0.3%), and health care (+0.6%). Adding to the early weakness was a report from Al Arabiya indicating that a U.S. cargo vessel was seized by Iran. The U.S. Navy promptly refuted the report with subsequent stories revealing that the cargo ship came from the Marshall Islands, which is under U.S. protectorate.

Although the major averages have erased their opening losses, they have struggled to build on their slim gains. The telecom services sector (+1.4%) leads, but more notably, technology (+0.5%) trades ahead of the remaining cyclical groups. The tech sector has rallied behind some of its largest components while Apple (AAPL 132.70, +0.05) trades little changed after beating earnings/revenue estimates and guiding in-line with analyst expectations.

High-beta chipmakers have struggled to keep pace with the tech sector, evidenced by a 0.1% decline in the PHLX Semiconductor Index. Similarly, another high-beta group-biotechnology-has yet to erase its early loss. The iShares Nasdaq Biotechnology ETF (IBB 348.07, -0.48) remains lower by 0.1% as its battle with the 50-day moving average (348.22) continues. However, the health care sector (+0.6%) has been able to overcome that weakness thanks to a 5.0% gain in Merck (MRK 59.93, +2.82) in reaction to better than expected results. Another major sector component-Pfizer (PFE 34.32, -0.27)-also reported above-consensus results, but its cautious guidance has the stock trading lower by 0.8%.

Treasuries hover near their lows with the 10-yr yield higher by five basis points at 1.97%.

Economic data was limited to Consumer Confidence and Case-Shiller 20-City Index:

  • The Case-Shiller 20-city Home Price Index for February rose 5.0% against a 4.7% increase expected by the Briefing.com consensus 
  • The Conference Board's Consumer Confidence Index declined to 95.2 in April from an upwardly revised 101.4 (from 101.3) while the Briefing.com consensus expected an increase to 102.2 
    • The Expectations Index fell to 87.5 in April from 96.0 in March, which was the lowest level since September 2014 
    • The Present Conditions Index dropped to 106.8 in April from 109.5 in March

12:44 pm iShares DJ Telecom continues to display relative strength (IYZ) : Solid advance off morning lows has been extended to yesterday's peak at 31.74 (session high 31.74). Its nine month high from last week is slightly above at 31.80 -- T, VZ, CTL, LUK, WIN.

12:38 pm First Financial increases quarterly dividend to $0.16/share from $0.14/share (FFIN) :  

12:27 pm SunTrust Banks increases quarterly dividend to $0.24/share from $0.20/share (STI) :  

12:26 pm Marine Harvest ASA issues update on operations following the recent Calbuco volcanic eruption (MHG) : "We have two sites located within the 20 kilometre exclusion zone put in place by the national emergency office ONEMI. Rio Blanco is a fresh water hatchery handling eggs and producing fry, and Copihue is a broodstock facility. Volcanic material and landslides have affected such operations adversely. In this incident 6.8 million fry, 2.4 million eyed eggs and around 3,700 broodstock have been lost. We are currently in close dialogue with our insurance supplier. Our preliminary assessment is that insurance proceeds related to physical assets will exceed asset net book values. In addition, we have insurance coverage of our biomass. We are in discussion with our insurance provider if the recorded value qualifies for full recovery. The outcome of such discussions is at this stage uncertain. Our stocking plans and expected harvest volumes for 2015 and 2016 will not be affected by the aforementioned events. Our sea water operations in Region X and Region XI have not been affected by the volcanic eruption."

12:20 pm Youku Tudou announces it has filed its 2014 annual report, adjusts upward various previously reported audited net revenues (YOKU) : The co announced that within the 2014 Annual Report, among other things, the Company adjusted upward its previously reported audited net revenues for the years ended December 31, 2012 and 2013, and unaudited net revenue for the year ended December 31, 2014 by RMB114.2 million, RMB40.5 million and RMB193.3 million, respectively.

  • The Company's previously disclosed audited net losses for the years ended December 31, 2012 and 2013, and unaudited net loss for the year ended December 31, 2014 have been adjusted downward by RMB21.2 million, upward by RMB19.4 million, and downward by RMB51.1 million, respectively. These adjustments were made mainly in connection with a restatement of the Company's consolidated financial statements reflecting certain revisions to its accounting treatment for (i) licensed copyrights and (ii) non-monetary exchanges of licensed copyrights, as further described in the 2014 Annual Report, to correct certain errors in the preparation of the previously issued financial statements. 
  • The Restatement was made in response to a review by the SEC of the Company's annual report on Form 20-F for the fiscal year ended December 31, 2013. 

12:10 pm Nasdaq Comp +10 joins S&P +4.1 and Dow +56 above its opening high (:TECHX) :  

12:04 pm European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

  • UK's FTSE:-1.0%
  • Germany's DAX:-1.9%
  • France's CAC:-1.8%
  • Spain's IBEX:-0.3%
  • Portugal's PSI:-0.6%
  • Italy's MIB Index:-1.2%
  • Irish Ovrl Index:-1.1%
  • Greece ASE General Index: +1.4%

12:01 pm Euronav announces that on 27 April 2015 the temporary difference between its ordinary shares tradable on the NYSE and its ordinary shares tradable on Euronext Brussels has expired (EURN) : Therefore all of the Company's ordinary shares now have the same rights and privileges in all respects.

11:48 am New Supply (BONDX) : Treasury Auction Preview

  • $35 billion 5-year note auction (results at 13:00 ET)
    • Prior auction results:
      • High yield: 1.39%
      • Bid-to-cover: 2.35
      • Indirect bid: 55.7%
      • Direct bid: 4.72%
    • Prior 12-auction averages:
      • High yield: 1.595%
      • Bid-to-cover: 2.62
      • Indirect bid: 54.1%
      • Direct bid: 11.1%

11:44 am Crown Hldgs prices its private placement of Euro 600 mln in 3.375% senior unsecured notes due 2025 at par (CCK) : Co intends to use the net proceeds of this offering, together with other available funds, to repay its outstanding Term Loan B facility, to pay fees and expenses associated with the offering of the notes and for general corporate purposes.

11:39 am Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (75) outpacing new lows (46) (:SCANX) : Stocks that traded to 52 week highs: AAPL, ACH, ADPT, AET, AGEN, AKAM, ALSK, APB, ASPX, ASR, AYR, BHLB, BT, CADT, CDNS, CFGE, CHDN, CHU, CMT, CYOU, DDC, DOX, DTSI, DTV, ENI, EOC, EVI, FCCO, FSBW, GIMO, GSBC, GSH, GTT, HASI, HLS, HMST, HOFT, HSII, HTLF, IIVI, INFA, ING, IPGP, IPKW, ISLE, JBLU, JBSS, JLL, JNPR, JPC, KMG, LMAT, MFLX, NCFT, NRZ, OPB, PLAY, PSG, QTM, RTEC, RWC, SC, SHEN, STNG, STRZA, SYKE, TAST, TRQ, TSE, UEC, USAT, USCR, VNTV, WAT, XRS

Stocks that traded to 52 week lows: ADAT, AERI, AGNC, AHC, AI, AKAO, AKBA, AMCF, AMPE, ARDX, ATL, AXE, BAGR, CBAY, CECO, CIDM, CMLS, DDD, DXM, EGL, EOX, FORD, FUEL, GRC, HLSS, IKAN, KERX, LXP, NATH, NKTR, NLY, NNVC, NVTA, OCRX, PANL, PRTS, PTNR, RLOC, SIR, SSYS, STRM, TRIV, UNXL, UTIW, VVUS, WPCS

ETFs that traded to 52 week highs: EWJ, EZA

ETFs that traded to 52 week lows: EGPT, JJA

11:38 am New recovery/session high for S&P +3.9 and Dow +57 -- Nasdaq Comp +3.2 extends turnaround back near its early highs (:TECHX) :  

11:31 am Ocean Bio-Chem, Inc. releases update on use of PERFORMACIDE To control bird flu infections (OBCI) :  

11:18 am MSA Safety announces that its Q1 investor conference call extended into market hours due to technical difficulties; trading to resume shortly (shares halted) (MSA) : As a result, the opening of trading of its stock was delayed this morning. The technical issues have been resolved, and the call concluded at approximately 9:45 a.m. EDT. As a result, trading will resume shortly.

11:17 am Currency Commentary: DXY Slides Further (:SUMRX) :

  • The Dollar Index has extended its losses as we await the Fed meeting tomorrow. The DXY has slipped below its 50 sma and is now at its lowest level in seven weeks. A miss on Consumer Confidence was the latest economic data point to miss the mark. The weak data in April has many expecting the FOMC to strike a dovish tone in tomorrow's statement. 
  • The euro is squeezing higher today as it moves above its 50 sma. It still has a strong resistance level at 1.10 sitting above. Also aiding the move has been improved commentary surrounding the Greek situation. Greek officials have been making more conciliatory remarks. However, Greek PM Tsipras is now saying he may push a vote on any bail out toward a countrywide referendum.
  • The pound continues to surge as it pressed above 1.53. This marks the first time since March 4 that cable has traded above 1.53. The move comes despite a miss on today's Q1 GDP. GDP grew 0.3% in the quarter, the weakest growth since 2012. This will be viewed as a strike against Prime Minister David Cameron ahead of the May 7 elections.
  • The yen continues to press up against resistance levels 118.30-118.50. The consolidation pattern continues to tighten and the moving averages continue to converge, setting up a potentially larger move in yen. Japan saw Retail Sales drop nearly 10% on a y/y basis, missing expectations of a 7.4% decline. Despite the weak data, the Bank of Japan is expected to remain on hold when it meets tomorrow (FOREX, BONDX). 

11:10 am Bio-Path confirms the receipt of Orphan Drug Designation from the FDA for Liposomal Grb-2 to treat Acute Myeloid Leukemia (BPTH) :  

11:09 am Stock indices continue to extend recovery off morning low -- Dow +22, S&P +0.5, Nasdaq Comp -0.5 (:TECHX) :  

11:02 am ARI Ntwrk Service has acquired the assets of TASCO Corporation and its affiliated company Signal Extraprise Corporation; terms not disclosed (ARIS) :  

10:51 am Equities turnaround from lows (SPY) :

  • As mentioned earlier, the broader market sold off amid reports that Iran seized a U.S. cargo ship and 34 sailors (as reported by Saudi-based Al Arabiya news). Equities held technical support and have reversed a portion of earlier losses, and the S&P 500 is now -3 points, around 10 points off the lows. The VIX and oil have also reversed their early spikes.
  • There is now a NBC news headline saying reports of seized US Navy ships are false; however, note that the initial reports indicated it was a cargo ship that was seized. At any rate, the story is still developing and the market had turned prior to the NBC News report.
  • Sectors that outperformed the S&P on the recovery off the morning low include: Retail XRT, Biotech IBB, Semi SMH, Technology XLK, Transports IYT. 
  • Nasdaq -11.66, Dow -29, S&P 500 -3.

10:48 am Lakeland Industries intends to submit Form 12b-25 for extension of filing of the annual report due to ongoing exploration of strategic alternatives and other issues (LAKE) : Prior to the 12b-25 filing, the Company also intends to make a separate announcement pertaining to certain developments relating to its operations in Brazil following approval by its Board of Directors. The Company expects to announce its fiscal 2015 year-end results as soon as practical.

10:48 am Cliffs Natural Resources completes the sale of its Chromite assets in Northern Ontario, Canada to Noront Resources under a revised purchased agreement for $27.5 mln in cash, which is an increase of $7.5 mln over the previously announced sale (CLF) : Cliffs is scheduled to report its Q1 earnings after the close

10:48 am Pengrowth Energy announces the resignation of COO Marlon MacDougall, effective July 1, 2015 (PGH) : Macdougall resigned to pursue other opportunities. Co announced that  Randy Steele, General Manager of the Conventional Business Unit, will expand his role with the responsibility for all non-thermal operations. Steve De Maio, VP Insitu Development and Operations has responsibility for continued growth of all thermal operations. Together the co says they will lead Pengrowth's Operations functions

10:44 am American Electric subsidiary Appalachian Power Company announces redemption of $350 mln of its 7.95% senior notes due 2020 at par (AEP) :  

10:44 am Small-cap Russell 2000 reaches back to positive territory (:TECHX) :  

10:39 am Relative sector strength (:TECHX) : Sectors that outperformed the S&P on the recovery off the morning low include: Retail XRT, Biotech IBB, Semi SMH, Technology XLK, Transports IYT.

10:30 am MetLife increases quarterly dividend 7% to $0.375/share from $0.35/share (MET) :  

10:30 am American Water Works increased quarterly cash dividend payment to $0.34/share from $0.31/share (AWK) :  

10:28 am Stock indices working off morning troughs -- Dow -81, S&P -8, Nasdaq comp -31 (:TECHX) : The S&P held above second level support from The Technical Take at 2091/2091 (session low 2094) and has climb back to the 2100 level. Initial intraday resistances are at 2104/2105 and 2109/2110.

10:27 am IBM Board increases quarterly dividend 18% to $1.30/share from $1.10/share (IBM) :  

10:19 am Equities pull back from morning highs a headlines cross wires indicating Iranian forces seized a U.S. vessel; this has sent the VIX and oil higher (SPY) :

  • Tech-heavy Nasdaq is underperforming, down 0.9% vs. S&P 500 (-0.5%) and Dow Jones Industrial Average (-0.5%).
  • Oil is +0.69 at 57.68.
  • VIX is +0.88 at 14.00.

10:14 am Stock indices extended across the board -- Dow -106, S&P -12, Nasdaq Comp -52 (:TECHX) :  

10:07 am Stock indices extend pullback off morning highs -- Dow -42 has pulled back as much as 110 points, S&P -6, Nasdaq Comp -36 (:TECHX) :  

10:02 am Strategic Hotels & Resorts announces an agreement to sell its joint venture, the Hyatt Regency La Jolla (BEE) : Co announced it has signed an agreement with affiliates of Walton Street Capital and JMA Ventures to sell a 100 percent interest in the 417-room Hyatt Regency La Jolla for $118.0 million. The Company currently owns a 53.5 percent interest ($63.13 mln of transaction's value) in the asset. At closing, the joint venture will retire $89.2 million of debt secured by the hotel, which is currently consolidated on the Company's balance sheet. The transaction is expected to close in the second quarter of 2015

10:01 am Stock indices slip after data -- Dow +1, S&P -2.3, Nasdaq Comp -20 (:TECHX) :  

10:00 am Mkt Vectors Gold Miners ETF is flirting with its mid-month high at 20.23 (GDX) : Attempting to edge above its mid-month high and roughly two week range top at 20.23 -- AEM, ABX, GFI, GG, KGC, NEM, BVN, AUY, EGO.

9:51 am S&P -2.7 and Nasdaq Comp -14 slide under yesterday's lows -- Dow +15 (:TECHX) :  

9:50 am Relative sector weakness (:TECHX) : Sectors on the defensive this morning include: Trucking, Utility XLU, Oil Service OIH, Ag/Chem MOO, Restaurant, Semi SMH, Transports IYT, REITs IYR, Solar TAN, Discretionary XLY.

9:44 am Opening Market Summary: Health Care Displays Early Strength (:WRAPX) : The major averages have spent the opening minutes of the session near their flat lines with the Dow (+0.2%) trading a little ahead of the S&P 500 (unch).

Only four sectors display early gains with health care (+0.3%) rebounding from yesterday's loss. In addition, telecom services (+0.3%), energy (+0.1%), and financials (+0.1%) also hold slim gains.

On the downside, the utilities sector (-0.5%) is the weakest performer, but the group represents just 3.0% of the entire market.

The Consumer Confidence report for April will cross the wires at 10:00 ET (expected 102.2).

9:44 am Apple slides back into the red (AAPL) :  

9:41 am Relative sector strength (:TECHX) : Sectors displaying relative strength this morning include: Biotech (BLUE, OTIC, CLVS, JUNO, NBIX, VRTX, MYGN, CHRS), Health XLV, Medical Supplies, Gold Miners GDX, Mining XME, Steel SLX, Silver SLV,

9:37 am Tone improves after mixed, weaker start -- Dow +44, Nasdaq Comp +5.2, s&p +0.7 (:TECHX) : Pacing the way for the outperforming Dow are: MRK +5.4%, AAPL +0.7%, DD +0.7%, CVX +0.6%, XOM +0.5%.

9:30 am AU Optronics beats by NT$0.05, reports revs in-line (AUO) : Reports Q1 (Mar) earnings of NT$0.54 per share, NT$0.05 better than the Capital IQ Consensus of NT$0.49; revenues rose 1.6% year/year to NT$95.3 bln vs the NT$94.99 bln consensus.

9:26 am CNinsure to receive $42.3 mln strategic investment from Alltrust Insurance (CISG) : The co announced that it entered into an agreement to bring in Alltrust Insurance Company of China Limited, or Alltrust Insurance, as a strategic investor. 

  • Pursuant to the agreement, CNinsure will issue and sell 93,000,000 of its ordinary shares to Alltrust Insurance, for an aggregate purchase price of $42.31 million, or $0.455 per ordinary share ($9.10 per ADS), which is the average closing price of the 20 trading days prior to the signing date of the agreement.

9:21 am Escalade increases quarterly dividend to $0.11/share from $0.10/share (ESCA) :  

9:17 am Cerulean Pharma announces that the FDA has granted Fast Track designation to its lead nanoparticle-drug conjugate, CRLX101, in combination with Avastin (bevacizumab) for the treatment of metastatic renal cell carcinoma (CERU) : CRLX101 is currently being evaluated in combination with Avastin as a treatment of relapsed renal cell carcinoma in a randomized Phase 2 trial.

9:15 am You On Demand announces strategic partnership with C Media, where YOD's YOU Cinema service will become available to millions of train passengers through C Media's recently launched railway Wi-Fi service platform (YOD) :  

9:13 am S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: +5.20. (:WRAPX) : The stock market is on track for a flat open as futures on the S&P 500 trade within a point of fair value.

Yesterday's session did not feature any earnings of note, but the largest company by market cap-Apple (AAPL 134.38, +1.73)-reported its results after the closing bell. Apple beat earnings and revenue estimates while its guidance was in-line with analyst estimates. As a result, the stock is higher by 1.3% in pre-market action.

Similar to Apple, Merck (MRK 60.00, +2.90) and Pfizer (PFE 34.70, +0.11) are on track for early gains in reaction to better than expected results while apparel retailers are likely to show early weakness following disappointing results from Coach (COH 39.80, -2.53).

Treasuries hold modest losses with the 10-yr yield higher by three basis points at 1.95%.

The Consumer Confidence report for April will cross the wires at 10:00 ET (expected 102.2).

9:13 am Gilead Sciences: Proxy firm ISS declares support for shareholder proposal which asks the Board to increase transparency around the management and mitigation of the business risks associated with its pricing strategies (GILD) :  

9:03 am Aerocentury announces that Glass Lewis proxy advisory firm recommends stockholders vote on its white proxy card FOR AeroCentury's nominees, and reject Beaumont nomination (ACY) :  

9:02 am Superior Drilling Products announces restructuring of its $12.5 mln Hard Rock note (SDPI) : Co announces that on April 22, 2015, the original $12.5 mln seller-carried promissory note for the acquisition of Hard Rock Solutions in 2014 has been restated and amended. Under the terms of the Amended and Restated Hard Rock Note, the Makers will pay five principal installments of $2.5 mln plus accrued interest.

9:02 am UMB Financial Corporation beats by $0.04 (UMBF) : Reports Q1 (Mar) earnings of $0.75 per share ($0.74 diluted), $0.04 better than the Capital IQ Consensus Estimate of $0.71. 

  • Average loans for the three months ended March 31, 2015, increased 11.8 percent to $7.5 billion compared to the three months ended March 31, 2014

9:02 am Ameriprise Financial to acquire the retail assets of JHS Capital Advisors, an independent broker-dealer and investment advisor based in Tampa, Fla; terms not disclosed (AMP) : JHS is privately owned and provides comprehensive financial services to clients through a team of 150 financial advisors operating across the U.S. JHS generated over $38 million in revenue in 2014 and at year-end had retail assets totaling $4.1 billion.

9:01 am S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: +4.90. (:WRAPX) : The S&P 500 futures trade a point below fair value.

The Case-Shiller 20-city Home Price Index for February rose 5.0% against a 4.7% increase expected by the Briefing.com consensus. This followed the previous month's revised increase of 4.6% (from 4.5%).

8:46 am Cape Bancorp to purchase ~$102 mln of Philadelphia metropolitan area based commercial loans and loan commitments from a financial institution (CBNJ) : The composition of loans includes commercial real estate loans, commercial and industrial loans, as well as lines of credit, which have interest rate structures that are either fixed or variable. The aggregate yield on the purchased loans is 3.94% with a weighted average maturity of 6.5 years and was purchased at a price of 102 percent of unpaid principal balance.

8:45 am Iron Mountain misses by $0.02, misses on revs; maintains 2015 guidance (IRM) : Reports Q1 (Mar) funds from operations of $0.50 per share, $0.02 worse than the Capital IQ Consensus Estimate of $0.52; revenues fell 2.7% year/year to $749 mln vs the $767.5 mln consensus. Co maintains 2015 guidance for FFO to grow roughly 1-5% on a C$ basis.

8:45 am Good Times Restaurants has commenced an underwritten registered public offering of up to 2.375 mln shares of its common stock (GTIM) : The Company plans to use the proceeds received from the offering together with cash on hand for the acquisition of Bad Daddy's International, LLC and to fund additional development of Good Times Burgers & Frozen Custard restaurants and Bad Daddy's Burger Bar restaurants.

8:45 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: TCS -25.3%, MDCA -14.8%, IPHS -9.9%, AMKR -8.1%, AI -6.6%, WHR -6.2%, UTHR -5.9%, ALSN -5.8%, OLN -5.4%, PHG -4.8%, COH -4.7%, PRCP -4.3%, TXT -3.8%, HMC -3.4%, CUDA -3.3%, YNDX -3.3%, CHRW -2.8%, AUDC -2.8%, OSTK -2.3%, ORAN -2.1%, AGNC -1.6%, CHA -1.5%, SWFT -1.4%, CR -1.4%, ABX -1.2%, F -1.2%

Select EU financial related names showing weakness following Commerzbank's capital raise
: DB -2.8%, CS -1%, HSBC -0.8%

Other news: UNXL -37.2% (disclosed that on April 22, 2015, through its Uni-Pixel Displays subsidiary exercised its right to terminate that certain Manufacturing Facility Installation with Eastman Kodak Company), WBAI -5.7% (confirms it currently is not generating any revenue and that as of the date of the filing, there is no clear indication how long its temporary suspension will last), AMRN -4.7% (discloses receipt of 'anticipated' Complete Response Letter from the FDA regarding its Vascepa), SHLM -3.8% (commences $110 mln offering of Cumulative Perpetual Convertible Special Stock), COR -2.5% ( announces the sale of 4,500,000 shares of its common stock by investment funds affiliated with The Carlyle Group), PRTK -1.7% ( announces proposed public offering of $60 mln of its common stock), LEAF -1.7% (announces public offering of ~22.73 mln shares of common stock; ~3.8 mln shares being offered by selling stockholders and ~18.9 mln shares being offered by the company), GWPH -1.5% (proposed public offering of 1.25 mln ADS shares), ZGNX -1.4% (appointed Stephen Farr, Ph.D as new CEO of Zogenix effective immediately)

Analyst comments: MPEL -2% (downgraded to Underweight from Equal-Weight at Morgan Stanley), DISCA -1.8% (downgraded to Sell from Neutral at UBS; initiated with a Underperform at Credit Agricole), CPRT -1.7% (initiated with a Reduce at Sun Trust Rbsn Humphrey), ERIC -1.1% (downgraded to Neutral from Buy at Goldman)

8:42 am Fidelity National announces it has secured a $120 mln credit facility, to finance its national consolidation strategy (FNF) :  

8:41 am Scorpio Bulkers reports EPS in-line, misses on revs (SALT) : Reports Q1 (Mar) loss of $0.10 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of ($0.10); revenues rose 124.5% year/year to $12.3 mln vs the $15.28 mln consensus.

  • TCE revenue was $12.3 mln for the three months ended March 31, 2015, associated with 20 vessels time chartered-in and eight vessel owned compared to TCE revenue of $2.4 mln during the three months ended March 31, 2014, associated with 12 vessels time chartered-in.
    • TCE revenue per day was $6,652 and $5,715 for the three months ended March 31, 2015 and 2014, respectively. The increase in TCE revenue during the three months ended March 31, 2015 compared to the prior year period is primarily attributable to the increase in the number of revenue days, which increased to 1,845 days during the three months ended March 31, 2015 compared to 423 days during the prior year period.
Update on Fleet Financing:
  • Including other credit facilities the company has (but excluding the $26 mln Credit Facility), the co has now either signed credit facility agreements for or received commitments for 62 of the vessels in its fleet, excluding the vessels which the co intends to sell.
  • In addition, the co is in discussions with a few leading European financial institutions to finance a portion of the cost of our remaining four unfinanced dry bulk vessels. The terms and conditions of these facilities, for which commitments are expected during the first half of 2015, are consistent with those of the co's existing credit commitments. 

8:40 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance
: RTEC +12.9%, VDSI +11.9%, GIG +10.3%, (thinly traded), RCII +7.2%, MTL +5.6%, MRK +4.4%, ACPW +4.2%, DAC +4%, SIMO +3.6%, WNC +2.9%, (light volume), CMP +2.7%, TOT +2.5%, CNC +2.1%, BP +2.1%, SAN +2.1%, AVB +2%, AET +1.9%, PROV +1.9%, BMY +1.7%, AAPL +1.6%, IIVI +1.6%, UHS +1.5%, MDXG +1.5%, VLO +1.5%, CNX +1.4%, ALLY +1.4%, BSMX +1.1%, WYN +1%

Other news: NLST +22.8% (announces it has entered into a Letter of Intent with LG Electronics to jointly work on a HyperVault Mobile Memory Controller ),VRML +17.7% (announces expanded medical policy coverage for OVA1 Test),KEG +12.1% (still checking),AEZS +12% (Data Safety Monitoring Board Recommends Continuation of Phase 3 Study of Zoptarelin Doxorubicin in Advanced Endometrial Cancer),DGLY +8.3% (in response to the riots in Baltimore),AGEN +7% (publishes study showing GlaxoSmithKline's (GSK) shingles vaccine containing Agenus' QS-21 stimulon adjuvant provides over 97% protection in people over the age of 50),IDN +6.8% (awarded a $300K contract by the U.S. Army Corps of Engineers),PRAN +5.3% (PBT2 recommended for Orphan Designation in Europe),NBG +4.6% (cont vol surrounding Greece default),MRK +4.5% ( Merck announces the trial evaluating cardiovascular outcomes with Sitagliptin Met Primary Endpoint),CVEO +3.5% (announces it has won four new contracts totaling CAD $64 mln in aggregate value),MANT +3% (awarded two IDIQ contracts totaling $7.2 bln to support the U.S. Army INSCOM),TASR +2.6% (in response to the riots in Baltimore; also announced it was selected by the British Transport Police for a body-worn video proof of concept),SYMX +2.2% (cont momentum),VVUS +2.1% (Qsymia capsules will be available on the Sam's Club Extra Value Drug List),FAC +1.1% (still checking),RDS.A +0.8% (in symp with BP and TOT)

Analyst comments: WIN +2.6% (upgraded to Buy from Neutral at Nomura),MELI +2.6% (upgraded to Outperform from Neutral at Credit Suisse),FCX +2.4% (upgraded to Overweight from Equal-Weight at Morgan Stanley),AMAT +1% (resumed with a Buy at Goldman),VIAB +0.6% (initiated with a Buy at Credit Agricole)

8:38 am Geo Group has begun to mobilize the company-owned, 1,740-bed North Lake Correctional Facility located in Baldwin, Michigan (GEO) : The decision to mobilize the Facility was made as a result of the current demand for out-of-state correctional bed space. The mobilization effort will entail hiring staff and purchasing supplies in order to prepare the previously idle Facility to receive inmates. GEO does not currently have a contract to house inmates at the Facility, but GEO believes that it may secure one or more contracts in the near future and expects it may need to activate the Facility in the next 60 to 90 days.

8:35 am A.M. Castle misses Q1 estimates; announces restructuring (CAS) : Reports Q1 (Mar) loss of $0.93 per share, excluding non-recurring items, $0.50 worse than the Capital IQ two est avg of ($0.43); revenues fell 12.3% year/year to $222.2 mln vs the $243.3 mln single est. 

  • "Our cost structure and inventory investment are clearly too high in light of the conditions in the market." 
  • "Castle's financial results over the past several quarters clearly demonstrate that changes are necessary in how we operate in order to achieve profitability and ensure that we properly manage our assets. Our plan has two essential thrusts -- (i) improve the value proposition we provide our customers by increasing customer intimacy, service and support, and (ii) improve the financial position of the Company through better balance sheet management and a reduced, more efficient cost structure."
    • Consolidation of up to 10 facilities by first quarter 2016 into geographically overlapping facilities 
    • Strategic delayering through headcount reductions via efficiency gains and consolidation of facilities 
    • Cost savings to begin in the middle of second quarter 2015

8:34 am AK Steel misses by $0.04, reports revs in-line (AKS) : Reports Q1 (Mar) loss of $0.28 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus Estimate of ($0.24); revenues rose 26.6% year/year to $1.75 bln vs the $1.74 bln consensus.

  • "Shipments and selling prices in the carbon steel spot market were significantly impacted during the first quarter by the tidal wave of what we believe were unfairly traded foreign steel imports...Despite the negative effects of imports on AK Steel's results, the company experienced strong sales in automotive markets and generated positive adjusted EBITDA of $57.5 million."

8:33 am MGM Resorts sends letter to shareholders; highlights accomplishments and initiatives (MGM) : Co announces that it has sent a letter to shareholders in connection with its 2015 Annual Meeting to be held on May 28, 2015. Co says it's focused on continuing to drive above industry average shareholder returns through the development, implementation and execution of a multi-faceted strategic plan. Co says it's compelled to address 0.38% shareholder Land & Buildings' (L&B) "flawed proposal and mischaracterization" of MGM's performance and investment decisions. Contrary to L&B's assertions, co says it's very well positioned to continue delivering value to shareholders and has a clear strategy in place to deliver on the company's potential.

8:33 am Ecolab misses by $0.01, misses on revs; guides Q2 EPS below consensus; lowers FY15 EPS guidance (ECL) : Reports Q1 (Mar) earnings of $0.80 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.81; revenues fell 1.2% year/year to $3.3 bln vs the $3.35 bln consensus.

  • Co issues downside guidance for Q2, sees EPS of $1.05-1.11 vs. $1.13 Capital IQ Consensus Estimate. 
  • Co lowers guidance for FY15, sees EPS of $4.45-4.60 vs. $4.60 Capital IQ Consensus Estimate. Ecolab's previous earnings forecast was $4.50 to $4.70.

8:33 am China Gerui regains compliance with NASDAQ listing requirements (CHOP) : Co announced that it has regained compliance with listing requirements of The NASDAQ Global Select Market that require a market value of publicly held shares to be at least $5,000,000 and maintenance of a minimum $1.00 per share bid price.

8:32 am Casella Waste: JCP Investment Management announces dissident slate for election at Casella's Annual Meeting (CWST) :

  • "As a significant shareholder of Casella, JCP has serious concerns with the chronic underperformance of the Co and the inability or unwillingness of this Board to take the right steps to enhance shareholder value. In our view, the underlying cause for these problems is a capitalization structure and decision-making construct that is heavily skewed to protect insiders at the expense of public shareholders. This has led in our view to complacency on the Board and lack of urgency in delivering value for public shareholders."
  • "We always have been, and remain, open to constructive engagement with the Board. We intend to continue to work hard to reach an amicable resolution on Board composition. However, to the extent that no agreement is reached, we will not hesitate to take all actions we believe necessary to protect the best interests of ALL Casella shareholders."

8:32 am SMTP announces significant customer wins in international markets, made possible through two recent acquisitions (SMTP) : These sales were enabled by SMTP's rapid integration of the newly acquired GraphicMail global sales channel which resulted in the opening of new markets for SharpSpring's world-class marketing automation system. GraphicMail was acquired in Q4 2014, following the acquisition of SharpSpring in Q3. In Q1, the first full quarter of sales post-acquisition, SMTP reported 12 SharpSpring sales that are expected to represent over $125,000 in annual recurring revenue through the GraphicMail global network.

8:31 am Daxor Corporation announces receipt of a contract for a BVA-100 Blood Volume Analyzer to be placed at the Lankenau Medical Center (DXR) :  

8:31 am Tutor Perini announces that its subsidiary, Roy Anderson has recently been awarded four contracts collectively valued at ~$127 mln (TPC) :  

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

  • Greek yields declined again today and led Spanish, Italian, and Portuguese yields lower as well
    • Whether the market had simply gotten too pessimistic about Grexit or Greek Prime Minister Alexis Tsipras's rejiggering of his negotiating team Monday actually improved prospects for an agreement is hard to tell
    • After a television interview last night where Tsipras said that he did not have a mandate to continue with the old bailout program, there is speculation that there will be a referendum in Greece
    • EUR/USD: +0.56% to $1.0936
  • GDP in the U.K. missed estimates, rising only 0.3% in the first quarter versus 0.6% in Q4 2014
  • Yield check:
    • France, 10-yr OAT: -3 bps to 0.40%
    • Germany, 10-yr Bund: -2 bps to 0.15%
    • Greece, 10-yr note: -58 bps to 10.98%
    • Italy, 10-yr BTP: -3 bps to 1.32%
    • Portugal, 10-yr note: -3 bps to 1.89%
    • Spain, 10-yr note: -3 bps to 1.29%
    • U.K., 10-yr Gilt: -2 bps to 1.70%

8:25 am S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: +1.60. (:WRAPX) : The S&P 500 futures trade four points below fair value.

Markets in the Asia-Pacific region finished mostly lower on Tuesday, including China's Shanghai Composite (-1.1%), which succumbed to some profit-taking efforts. Japan's Nikkei (+0.4%) bucked the regional trend and closed higher despite a weaker-than-expected retail sales report for March.

  • In economic data: 
    • Japan's March Retail Sales -9.7% year-over-year (expected -7.3%; prior -1.7%) 
    • Hong Kong's March Trade Balance deficit widened to -HKD46.2 billion from -HKD35.90 (expected -HKD37.5 billion) as Exports -1.8% month-over-month (expected +2.5%; prior +7.2%) and Imports -2.7% month-over-month (expected -0.8%; prior -0.9%) 
    • Australia's CB Leading Index +0.5% month-over-month (last 0.4%) 
------
  • Japan's Nikkei increased 0.4% and climbed back above the 20,000 level despite a weaker-than-expected retail sales report. The advance was led by the energy (+2.0%), consumer cyclical (+1.5%), and financial (+1.0%) sectors. Individual standouts included JTEKT Corp (+11.9%), Denso Corp (+4.5%), and Toyo Seikan Group Holdings (+4.0%). Leading laggards included Tokyo Electron (-14.8%), Kyocera (-6.5%), and Hitachi Construction Machinery (-6.1%). Out of the 225 index members, 150 ended higher, 68 finished lower, and 7 were unchanged. 
  • Hong Kong's Hang Seng was pretty much flat for the day, mirroring a flat showing from its influential financial sector. Leading gainers included CITIC (+5.8%), Hengan Intl (+2.1%), and China Construction Bank (+1.8%). The worst-performing stocks were China Petroleum & Chemical Corp (-4.9%), PetroChina (-4.7%), and Galaxy Entertainment (-1.7%). Out of the 50 index members, 19 ended higher 24 finished lower, and 7 were unchanged. 
  • China's Shanghai Composite declined 1.1% on profit taking that followed a positive morning session. Sector losses were broad-based in the Chinese market with the energy (-4.9%) and consumer cyclical (-3.9%) sectors among the hardest-hit areas.
Major European indices trade lower across the board with France's CAC (-1.6%) showing the largest decline.
  • Economic data was limited: 
    • UK's Q1 GDP +0.3% quarter-over-quarter (consensus 0.5%; prior 0.6%); +2.4% year-over-year (expected 2.6%; last 3.0%). Separately, BBA Mortgage Approvals 38,800 (consensus 37,900; last 37,500) 
    • French Consumer Confidence ticked up to 94 from 93, as expected 
------
  • UK's FTSE trades lower by 1.1% with better than expected earnings from BP masking some of the weakness resulting from a disappointing GDP report. The energy giant has added 0.5% while miners Anglo American, BHP Billiton, and Fresnillo show gains between 0.6% and 1.2%. On the downside, health care names lag with AstraZeneca and Shire down 3.2% and 2.0%, respectively. 
  • Germany's DAX has given up 1.3% with more than 2/3 of the index in negative territory. Financials Commerzbank, Deutsche Bank, and Munich Re are down between 1.8% and 3.4%. On the upside, Daimler has gained 1.1% after reporting better than expected results. 
  • In France, the CAC trades down 1.6% with all but three names in the red. Bouygues, Cap Gemini, and Orange lead the retreat with losses between 3.6% and 4.5% while Total outperforms, trading higher by 1.8% in reaction to better than expected results.

8:24 am CyrusOne acquires Cervalis Holdings, a privately-held owner and operator of data centers, for $400 mln in cash (CONE) : Co announced today the signing of a definitive agreement to acquire four data center facilities and two work area recovery facilities serving the New York metropolitan area through the acquisition of Cervalis Holdings.

  • Pursuant to the terms of the definitive agreement, a subsidiary of CyrusOne will acquire Cervalis for approximately $400 million, excluding transaction-related expenses, in an all cash transaction. The transaction is expected to close in the next 45 to 60 days. 
  • The acquisition is expected to be accretive to Normalized FFO per diluted share and unit in the first year after completion. Additionally, CyrusOne expects to increase utilization of the data centers which is also expected to create additional long-term accretion. 
  • The Company will provide updated guidance for the year subsequent to closing

8:15 am European Markets Update: FTSE -1.1%, DAX -1.3%, CAC -1.6% (:SUMRX) : Major European indices trade lower across the board with France's CAC (-1.6%) showing the largest decline.

  • Economic data was limited: 
    • UK's Q1 GDP +0.3% quarter-over-quarter (consensus 0.5%; prior 0.6%); +2.4% year-over-year (expected 2.6%; last 3.0%). Separately, BBA Mortgage Approvals 38,800 (consensus 37,900; last 37,500) 
    • French Consumer Confidence ticked up to 94 from 93, as expected 
------
  • UK's FTSE trades lower by 1.1% with better than expected earnings from BP masking some of the weakness resulting from a disappointing GDP report. The energy giant has added 0.5% while miners Anglo American, BHP Billiton, and Fresnillo show gains between 0.6% and 1.2%. On the downside, health care names lag with AstraZeneca and Shire down 3.2% and 2.0%, respectively. 
  • Germany's DAX has given up 1.3% with more than 2/3 of the index in negative territory. Financials Commerzbank, Deutsche Bank, and Munich Re are down between 1.8% and 3.4%. On the upside, Daimler has gained 1.1% after reporting better than expected results. 
  • In France, the CAC trades down 1.6% with all but three names in the red. Bouygues, Cap Gemini, and Orange lead the retreat with losses between 3.6% and 4.5% while Total outperforms, trading higher by 1.8% in reaction to better than expected results.

8:15 am Versar awarded $11 mln contract to continue work at joint base Lewis-McChord (VSR) : The co announced it was awarded a new contract from U.S. Army Corps of Engineers Seattle District to provide comprehensive environmental quality support services at Joint Base Lewis-McChord and Yakima Training Center, Washington state. The firm fixed price contract has a maximum five year period of performance consisting of a base year and four option years.

8:13 am Telefonica Brasil priced the previously announced offering of 236,803,588 preferred shares, including 29,591,758 preferred shares in the form of ADS, at a price of R$47.00 per preferred share or $16.08 per ADS (VIV) :  

8:12 am Advaxis announces granting of two new patents (ADXS) : The co announced that the United States Patent and Trademark Office has granted U.S. Patent No. 9,012,141 with composition of matter claims covering the Advaxis product candidate, ADXS-PSA, and U.S. Patent No. 9,017,660 with methods of use claims covering the Advaxis product candidate, ADXS-HER2. Currently Advaxis has 29 granted patents and 35 pending applications in the United States, in addition to having 54 granted foreign patents and 55 pending foreign applications.

8:10 am Franklin Electric misses by $0.02, misses on revs; guides Q2 EPS below consensus (FELE) : Reports Q1 (Mar) earnings of $0.32 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.34; revenues fell 2.5% year/year to $225.7 mln vs the $240.23 mln consensus.

  • Most of the factors that contributed to our Q1 2015 operating results will remain with us in the second quarter. We believe the impact of foreign currency translation will lower our Net Sales and Operating Income by about 8% when compared to Q2 of 2014, and, the continued impact of lower oil and gas prices will reduce sales an additional 3%."
  • Further, unfavorable early season weather and higher than normal inventories in regions of the U.S. will continue to dampen its domestic ground water business. Offsetting these headwinds, are strong organic growth in many of its developing region markets, and, the pricing actions and fixed costs controls that the co has put in place
  • Co issues downside guidance for Q2, sees EPS of $0.54-0.58 vs. $0.59 Capital IQ Consensus Estimate.

8:08 am Kyocera Corp Unimerco unit acquired Lithuanian woodworking tool manufacturer Garsdalo Medienos Technologija (KYO) : The share transfer agreement was concluded on April 27, making GMT a wholly owned subsidiary of KUA. Through this acquisition, KUA aims to strengthen its woodworking tool business currently centered in Northern Europe, and nearly double its sales in this business segment by FY2020 (April 2019 to March 2020).

8:07 am NCI's AdvanceMed business was awarded the Zone Program Integrity Contractor contract for Zone 3 (NCIT) : The one-year contract, valued in excess of $14 million, is in support of the Centers for Medicare and Medicaid Services (CMS). The company will provide program integrity (:PI) services to identify and reduce Medicare fraud in the seven states covered under this award: Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio and Wisconsin.

8:06 am UPS named Richard Peretz as Chief Financial Officer, replacing Kurt Kuehn who has elected to retire; appointment of Peretz is effective July 1, 2015 (UPS) :  

8:05 am Sungy Mobile's s announces retention of financial and legal advisors to help evaluate and determine its response to the non-binding, going-private proposal (GOMO) : Co has retained Duff & Phelps  as its financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP as its legal advisor. The financial advisors and legal advisor to the Special Committee will assist it in, among other things, evaluating and determining the Company's response to the non-binding "Going-Private" proposal   that the Company's board of directors received on April 13, 2015 from Mr. Yuqiang Deng. The Company has not made any decision with respect to the company's response to the proposal

8:05 am ManTech awarded two IDIQ contracts totaling $7.2 bln to support the U.S. Army INSCOM (MANT) : Co announces the U.S. Army Intelligence and Security Command has awarded it one of its 11 indefinite delivery, indefinite quantity (:IDIQ) contracts to provide global intelligence support services.

  • This multiple award IDIQ contract has a base year, with 4 option years and a potential value of $5 billion.

  • MANT was also on a team that won one of the restricted small business IDIQs, which has a potential value of $2.2 billion.

8:05 am Supervalu beats by $0.03, reports revs in-line (SVU) : Reports Q4 (Feb) earnings of $0.24 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.21; revenues rose 10.4% year/year to $4.36 bln vs the $4.39 bln consensus.

  • Identical store sales in the Save-A-Lot network were +3.6%.
  • Identical store sales for corporate stores within the Save-A-Lot network were +6.6%.
  • Identical store sales in the Retail Food segment were +1.1%.
  • Company begins to supply select Haggen stores in Pacific Northwest
  • "We finished the year with a strong quarter, highlighted by positive identical store sales at both Save-A-Lot and Retail Food as well as the transition of the first stores in our important new relationship with Haggen...Overall, fiscal 2015 was a year of strategic investment in all three of our business segments and I'm pleased with how these investments have positioned us for growth in fiscal 2016."

8:05 am AGL Resources beats by $0.11, misses on revs; guides FY15 EPS in-line (GAS) : Reports Q1 (Mar) earnings of $1.62 per share, $0.11 better than the Capital IQ Consensus Estimate of $1.51; revenues fell 30.1% year/year to $1.72 bln vs the $2.08 bln consensus. Co issues in-line guidance for FY15, sees EPS of $2.85-3.10 vs. $2.92 Capital IQ Consensus Estimate.

8:05 am Trimas misses by $0.02, misses on revs; reaffirms FY15 EPS guidance, lowers FY15 revs below consensus (TRS) : Reports Q1 (Mar) earnings of $0.41 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus Estimate of $0.43; revenues rose 0.3% year/year to $366.5 mln vs the $378.79 mln consensus.

Co issues guidance for FY15, reaffirms EPS of $2.10-2.20, excluding non-recurring items, vs. $2.15 Capital IQ Consensus Estimate; lowers FY15 revs to +1-3% (from +3-5%) to ~$1.51-1.54 bln vs. $1.55 bln Capital IQ Consensus Estimate.

8:05 am First Commonwealth beats by $0.02, reports revs in-line (FCF) : Reports Q1 (Mar) earnings of $0.16 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 1.4% year/year to $61.36 mln vs the $60.82 mln consensus.

8:05 am Magnegas: Central Florida Fire Rescue Department Completes Testing and Confirms MagneGas Fuel Order (MNGA) :  

8:04 am Intelli-Check has been awarded a $300K contract by the U.S. Army Corps of Engineers' Mississippi Valley Division for its Defense ID system (IDN) :  

8:04 am The Eastern Company: Barington Group sends additional letter to shareholders, encouraging them to vote its WHITE proxy card; believes that Eastern's corporate governance is extremely poor and demonstrates a disregard for shareholder interests (EML) :  

8:04 am AGCO Corp beats by $0.14, misses on revs; guides FY15 EPS above consensus, revs below consensus (AGCO) : Reports Q1 (Mar) adjusted earnings of $0.43 per share, $0.14 better than the Capital IQ Consensus Estimate of $0.29; revenues fell 27.0% year/year to $1.7 bln vs the $1.75 bln consensus.

  • First quarter regional sales results: North America (25.3)%, Europe/Africa/ Middle East (10.4)%, South America (14.4)%, Asia/Pacific (14.7)%.

  • Inventory at March 31, 2015 approximately $175 million lower than March 31, 2014 on a constant currency basis. 

  • Guidance: Co issues mixed guidance for FY15, sees EPS of $3.00 vs. $2.88 Capital IQ Consensus Estimate; sees FY15 revs of $7.7-$7.9 bln vs. $7.97 bln Capital IQ Consensus Estimate.

    Co states: "Challenging farm economics are expected to negatively impact industry demand across the developed agricultural equipment markets in 2015...Gross and operating margins are expected to be below 2014 levels due to the negative impact of lower sales and production volumes along with a weaker sales mix. Benefits from the company's restructuring and other cost reduction initiatives are expected to partially offset the volume-related impacts..."

8:04 am IPG Photonics beats by $0.09, misses on revs; guides Q2 EPS in-line, revs in-line (IPGP) : Reports Q1 (Mar) earnings of $1.08 per share, $0.09 better than the Capital IQ Consensus Estimate of $0.99; revenues rose 16.6% year/year to $199 mln vs the $201.34 mln consensus.

  • Co issues in-line guidance for Q2, sees EPS of $1.05-1.15 vs. $1.07 Capital IQ Consensus Estimate; sees Q2 revs of $215-225 mln vs. $218.47 mln Capital IQ Consensus Estimate.

8:04 am Twin Disc beats by $0.12, misses on revs (TWIN) : Reports Q3 (Mar) earnings of $0.26 per share, $0.12 better than the Capital IQ Consensus Estimate of $0.14; revenues rose 0.3% year/year to $60.9 mln vs the $63.5 mln consensus. 

  • Gross margin for the fiscal 2015 third quarter was 31.2 percent, compared to 27.2 percent in the fiscal 2014 third quarter.

8:04 am Intl Game Tech. PLC announces receipt of requisite consents with respect to $800 mln Notes due 2020 and 2023 (IGT) :  

8:03 am Semler Scientific announces it has received an order from one of the largest 15 insurance plans in the country that offer Medicare Advantage programs (SMLR) : Co announced that it has received an order from another one of the largest 15 insurance plans in the country who offer Medicare Advantage programs. This brings the total count to four of the top 15 insurance plans who are now customers of Semler. No further details are provided.

8:03 am iCAD has acquired the M-Vu Breast Density software from VuCOMP; terms not disclosed (ICAD) : Under the terms of the agreement, iCAD acquired the breast density intellectual property product, which will be integrated with iCAD's PowerLook Advanced Mammography Platform. PowerLook AMP, iCAD's flagship product, is a modular solution designed to provide advanced tools for breast disease detection and analysis, including CAD for tomosynthesis.

8:03 am Fresh Del Monte misses by $0.13, reports revs in-line (FDP) : Reports Q1 (Mar) earnings of $0.83 per share, $0.13 worse than the Capital IQ Consensus Estimate of $0.96; revenues rose 2.7% year/year to $1.01 bln vs the $1 bln consensus.

8:02 am CombiMatrix executes final settlement ending litigation with Plaintiff Michael Strathmann (CBMX) : Co announced the execution of a Settlement Agreement with the Plaintiff Michael Strathmann regarding his complaint filed with the Superior Court of the State of California for the County of Orange. Pursuant to the Agreement, Plaintiff relinquishes the right to further litigate his complaint. In return, co relinquishes its right to recover certain court costs and to pursue reimbursement of court and legal fees from Plaintiff.

8:02 am Select Income REIT beats by $0.04, beats on revs (SIR) : Reports Q1 (Mar) funds from operations of $0.70 per share, $0.04 better than the Capital IQ Consensus Estimate of $0.66; revenues rose 78.1% year/year to $94.4 mln vs the $88.6 mln consensus.

8:02 am Zuoan Fashion to change the ratio of ADS to ordinary shares from 1:4 to 1:16, effective May 1, 2015 (ZA) :  

8:01 am PTC Therapeutics announces that its oncology program targeting BMI1, has entered a Phase 1 study in patients with advanced solid tumors (PTCT) : The open-label, first-in-human study will investigate the safety and pharmacokinetics of PTC596, an orally available small molecule. PTC's BMI1 program is supported by a collaboration with the Wellcome Trust.

8:01 am Good Times Restaurants enters purchase agreement for all of the interests of Bad Daddy's International (GTIM) : Co announced that it has entered into a Membership Interest Purchase Agreement for all of the membership interests in Bad Daddy's International, LLC. Upon completion of the purchase, which is subject to financing, BDI will become a wholly owned subsidiary of the co. BDI owns all of the member interests in four restaurants in North Carolina, a portion of the member interests in three other restaurants in North Carolina, the license for the Bad Daddy's Burger Bar in the Charlotte airport, the intellectual property associated with the Bad Daddy's Burger Bar concept and 52% of the member interests in Bad Daddy's Franchise Development, LLC, which has granted franchises for two Bad Daddy's restaurants in South Carolina and Tennessee and licensed rights to the co for its restaurants in Colorado. As a result of the purchase of BDI, co will acquire all of these rights and interests.

7:55 am S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: +0.90. (:WRAPX) : U.S. equity futures trade near their pre-market lows after spending the entire night in negative territory. The S&P 500 futures hover five points below fair value.

Index futures have followed global markets lower in reaction to a couple disappointments. First, the People's Bank of China chief economist pushed back against media reports suggesting the PBoC is readying a quantitative easing program, which sent the Shanghai Composite lower by 1.1% after a 3.0% surge on Monday.

Over in Europe, UK's Q1 GDP missed expectations, increasing 0.3% quarter-over-quarter (consensus 0.5%) while the year-over-year reading climbed 2.4% (expected 2.6%).

Domestically, the Case-Shiller 20-city Index for February will be reported at 9:00 ET (Briefing.com consensus 4.7%) while the April Consumer Confidence report will cross the wires at 10:00 ET (expected 102.2).

Treasuries are little changed with the 10-yr yield at 1.92%.

In U.S. corporate news of note:

  • Apple (AAPL 135.95, +3.30): +2.5% after beating earnings/revenue estimates and guiding in-line. 
  • Barracuda Networks (CUDA 41.00, -2.43): -5.6% despite beating by a penny. 
  • BP (BP 43.97, +0.93): +2.2% in reaction to better than expected results. 
  • CH Robinson (CHRW 67.00, -1.94): -2.8% in reaction to a one-cent miss on light revenue. 
  • Coach (COH 39.00, -3.33): -7.9% after disappointing revenue and light same store sales overshadowed a one-cent beat. 
  • Ford (F 15.60, -0.30): -1.9% after missing estimates and reaffirming its profit guidance for the fiscal year. 
  • Honda Motor (HMC 36.23, +0.01): flat after missing earnings/revenue estimates and issuing mixed guidance. 
  • Merck (MRK 59.66, +2.56): +4.5% in reaction to better than expected results. 
  • Pfizer (PFE 34.95, +0.36): +1.0% after above-consensus earnings and revenue overshadowed cautious guidance. 
  • Rent-A-Center (RCII 29.40, +2.36): +8.7% after beating expectations. 
  • Yandex (YNDX 20.14, -0.13): -0.6% despite beating bottom-line estimates. 
Reviewing overnight developments:
  • Asian markets ended mixed. China's Shanghai Composite -1.1%, Japan's Nikkei +0.4%, and Hong Kong's Hang Seng ended flat 
    • In economic data: 
      • Japan's March Retail Sales -9.7% year-over-year (expected -7.3%; prior -1.7%) 
      • Hong Kong's March Trade Balance deficit widened to -HKD46.2 billion from -HKD35.90 (expected -HKD37.5 billion) as Exports -1.8% month-over-month (expected +2.5%; prior +7.2%) and Imports -2.7% month-over-month (expected -0.8%; prior -0.9%) 
      • Australia's CB Leading Index +0.5% month-over-month (last 0.4%) 
    • In news: 
      • Regulators in China pushed back against speculation surrounding the potential deployment of a QE program. Notably, People's Bank of China deputy governor said that current PBoC operations are capable of providing needed liquidity and that cuts to the reserve requirement ratio are possible.
  • Major European indices trade lower across the board. UK's FTSE -1.0%, Germany's DAX -1.3%, and France's CAC -1.6%. Elsewhere, Spain's IBEX -0.3% and Italy's MIB -0.6%
    • Economic data was limited: 
      • UK's Q1 GDP +0.3% quarter-over-quarter (consensus 0.5%; prior 0.6%); +2.4% year-over-year (expected 2.6%; last 3.0%). Separately, BBA Mortgage Approvals 38,800 (consensus 37,900; last 37,500) 
      • French Consumer Confidence ticked up to 94 from 93, as expected 
    • Among news of note: 
      • UK's disappointing GDP growth weighed on the FTSE, but better than expected results from BP have offset some of the weakness in the FTSE.

7:54 am Affiliated Managers beats by $0.01, misses on revs (AMG) : Reports Q1 (Mar) economic earnings of $2.91 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $2.90; revenues rose 7.1% year/year to $635.0 mln vs the $648.8 mln consensus.

  • "the transaction environment remains highly favorable for us, and we have a growing pipeline of prospective new Affiliates, including a broad array of leading traditional and alternative firms around the world."

7:53 am United Bankshares beats by $0.01 (UBSI) :

  • Reports Q1 (Mar) earnings of $0.50 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.49. 
  • "United's first quarter of 2015 results produced an annualized return on average assets of 1.16% and an annualized return on average equity of 8.38%. These returns compare favorably to the most recently reported average return on assets of 0.96% and average return on equity of 8.14% for the year of 2014 reported by United's Federal Reserve peer group (bank holding companies with total assets over $10 billion)."

7:50 am Echo Therapeutics announces updates following its strategic partner, Medical Technologies Innovation Asia's meeting with the Medical Device Evaluation Center of the CFDA (ECTE) : Co announced that its strategic partner, Medical Technologies Innovation Asia  held a meeting with the Medical Device Evaluation Center of the China Food and Drug Administration (:CFDA), Beijing Branch, on April 23, 2015 to define its strategy and clinical pathway for CFDA regulatory approval.  

  • Positive feedback from the meeting is assisting MTIA in executing its strategy to initiate and complete the clinical development for Echo's continuous glucose monitoring system in China. 
  • MTIA expects to commence the CFDA clinical trial and safety testing in the second half of 2015 following completion of product manufacturing and internal testing.
  • Clinical sites for the approximately 120-patient trial have been identified and secured. Echo and MTIA are in the process of finalizing manufacturing assets in China in support of the clinical trial and commercialization.

7:49 am Bristol-Myers Squibb announces cash tender offer for up to $400 mln aggregate principal amount of its outstanding debt securities (BMY) :

  • The co announced that it has commenced a cash tender offer for up to $400 mln aggregate principal amount (the "tender cap") of specified series of its outstanding debt.
  • Pursuant to the tender offer, BMY is offering to purchase, under certain conditions and subject to certain limitations, its 6.125% Notes due 2038, 5.875% Notes due 2036, 6.80% Debentures due 2026 and 7.15% Debentures due 2023. 
  • The early tender date is 5:00 p.m., New York City time, on May 11, 2015, unless extended.

7:46 am Nevsun Resources announces high grade drill results from its Harena Mining license (NSU) : The drilling is part of the 2015 Bisha regional exploration program. Since drilling was renewed at Harena in mid-2014, the indicated resource at Harena has grown by 1.4 million tonnes and the inferred resource has increased by 6.1 million tonnes. Harena technical update highlights include: 

  • Intersections of high grade massive sulphide in Lower Zone include: 
    •  HX-050: 1.66% Cu, 6.62% Zn, 0.41 g/t Au, 28 g/t Ag over 67.2 m including 4.61% Cu, 3.43% Zn, 0.99 g/t Au, 63 g/t Ag over 22.1 m 
      • and 0.22% Cu, 8.18% Zn, 0.13 g/t Au, 10 g/t Ag over 45.1 m 
    • HX-051: 1.09% Cu, 3.57% Zn, 0.43 g/t Au, 22 g/t Ag over 73.5 m including 4.25% Cu, 1.17% Zn, 1.01 g/t Au, 62 g/t Ag over 11.0 m 
    • New Gold Zone intersection confirming continuity: HX-045: 7.49 g/t Au, 171 g/t Ag over 11.0 m 
    • Lower Zone massive sulphide extended 120 m down dip with increasing width and grade 
    • Upper Zone extended over 150 m along strike

7:40 am FirstMerit Corp reports EPS in-line, misses on revs (FMER) : Reports Q1 (Mar) earnings of $0.33 per share, in-line with the Capital IQ Consensus Estimate of $0.33; revenues fell 3.7% year/year to $251.47 mln vs the $258.24 mln consensus.

  • Total loan growth of $164.7 mln, or 1.07% from the prior quarter.
  • Net charge-offs to average originated loans of 0.13%; nonperforming assets as a percent of period end originated loans plus other real estate at 0.53%.

7:40 am UPS beats by $0.03, misses on revs; reaffirms FY15 EPS guidance (UPS) : Reports Q1 (Mar) earnings of $1.12 per share, $0.03 better than the Capital IQ Consensus Estimate of $1.09; revenues rose 1.4% year/year (+3.6% ex-FX) to $13.98 bln vs the $14.25 bln consensus.

  • Profitability improved across all segments, pricing initiatives drove yields higher 
  • international operating profit increased 14%; U.S. Domestic up 11% 
  • U.S. Domestic first quarter revenue increased 3.8% to $8.8 billion. Daily package volume improved 2.4%. Total revenue per package was up 1.3% primarily due to UPS Ground yield increasing 3.1%. Operating profit increased to $1.0 billion, an 11% improvement from the prior-year period. Operating margin expanded 70 basis points, driven by productivity gains.
Co reaffirms guidance for FY15, sees EPS +6-12% to $5.05-5.30 vs. $5.15 Capital IQ Consensus Estimate. 

7:39 am Valero Energy beats by $0.20, beats on revs (VLO) : Reports Q1 (Mar) earnings of $1.87 per share, $0.20 better than the Capital IQ Consensus Estimate of $1.67; revenues fell 36.6% year/year to $21.33 bln vs the $15.84 bln consensus.

  • The refining segment reported Q1 2015 operating income of $1.6 billion versus $1.3 billion in Q1 of 2014.
    • The $361 mln increase in operating income primarily resulted from the $1.49 increase in throughput margin per barrel from $10.90 in Q1 of 2014 to $12.39 in Q1 of 2015.
  • The increase in throughput margin per barrel was mainly driven by stronger gasoline and secondary product margins per barrel relative to Brent crude oil and lower natural gas costs.
    • These positive drivers were partially offset by lower discounts per barrel for most sweet and sour crude oils relative to Brent crude oil. First quarter 2015 refining throughput volumes averaged 2.7 million barrels per day, an increase of 9,000 barrels per day from Q1 of 2014. Valero's refineries operated at 92% throughput capacity utilization in Q1 of 2015.
  • The ethanol segment reported Q1 2015 operating income of $12 million versus $243 million in Q1  of 2014.
    • The $231 million decrease in operating income was mainly due to lower gross margin per gallon driven by a decline in gasoline and ethanol prices, which more than offset a decline in corn prices.

7:37 am T-Mobile US misses by $0.05, beats on revs (TMUS) : Reports Q1 (Mar) loss of $0.09 per share, $0.05 worse than the Capital IQ Consensus Estimate of ($0.04); revenues rose 14.9% year/year to $7.8 bln vs the $7.69 bln consensus.

  •  1.8 million total net adds 
  • 1.1 million branded postpaid net adds 
  • 1.0 million branded postpaid phone net adds
  • Best-ever branded postpaid phone churn of 1.30%, down 43 bps QoQ and 17 bps YoY.
2015 Outlook Guidance
  • Branded postpaid net customer additions for 2015 are now expected to be between 3.0 and 3.5 million, an increase from the previous guidance of 2.2 and 3.2 million. 
  • For the full-year of 2015, T-Mobile expects Adjusted EBITDA to be in the range of $6.8 to $7.2 billion, unchanged from previous guidance despite the increase in branded postpaid net customer additions guidance. 
  • Cash capital expenditures for 2015 are expected to be in the range of $4.4 to $4.7 billion, also unchanged from previous guidance.

7:36 am Overnight Treasury Summary (BONDX) : Treasuries Trade Sideways

  • The U.S. Treasury complex was little changed this morning, holding yesterday's gains and potentially awaiting a flight to quality due to some risk aversion in equities
  • Yesterday's equity trade created some bearish chart patterns (mostly in the Russell 2000) that has caused some traders/investors to be more risk averse. Whether or not this is just another buying opportunity is anybody's guess. Weakness in the very frothy biotech sector has been noted as well
  • Yield check:
    • 2-yr: unch at 0.54%
    • 5-yr: unch at 1.34%
    • 10-yr: unch at 1.92%
    • 30-yr: unch at 2.61%
  • International News:
    • GDP in the United Kingdom rose only 0.3% in Q1 2015, lower than expectations and lower than the 0.6% rate of the previous quarter
      • This may negatively affect the Tories prospects at the polls in the upcoming general election
    • Greek 10-year yields are now down 48 bps to 11.08%
      • European officials are talking up the possibility of successful negotiations after PM Alexis Tsipras's shakeup of his team on Monday
      • The experts think that the shakeup was just window dressing, but the 5-year default probability has declined below 80% 
      • The recent poll showing that 70% of Greeks still want to remain in the single-currency bloc may also be reinforcing optimism
  • Data Out Today:
    • February Case-Shiller 20-City Index (09:00 ET)
    • April Consumer Confidence (10:00 ET)
    • $35 billion 5-year note auction (results at 13:00 ET)

7:36 am RTI Intl Metals beats by $0.02, beats on revs (RTI) : Reports Q1 (Mar) earnings of $0.20 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.18; revenues rose 13.8% year/year to $198.5 mln vs the $196.29 mln consensus. 

  • Titanium mill product shipments were 4.3 million pounds compared to 3.8 million pounds in last year's first quarter.

7:36 am Parker-Hannifin beats by $0.07, misses on revs; guides FY15 EPS below consensus (PH) :

  • Reports Q3 (Mar) earnings of $2.06 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus Estimate of $1.99; revenues fell 5.9% year/year to $3.16 bln vs the $3.3 bln consensus. 
  • Co sees FY15 EPS of $7.55-7.75 vs. $8.01 Capital IQ Consensus Estimate.

7:36 am Ally Financial beats by $0.10 (ALLY) : Reports Q1 (Mar) earnings of $0.52 per share, $0.10 better than the Capital IQ Consensus Estimate of $0.42. 

  • Strong operating results in the Dealer Financial Services franchise continued with pre-tax income totaling $409 million for the quarter. 
  • Auto financing originations for the quarter remained strong and grew to $9.8 billion, increasing 9 percent from the previous quarter and 7 percent year-over-year, driven by strong performance in the Growth and Chrysler channels. 
  • Excluding GM lease originations, consumer auto originations increased 27 percent year-over-year. Moreover, new and used originations from Growth dealers grew 54 percent compared to the prior year period.

7:35 am Hospira beats by $0.45, beats on revs; Reminder: Pfizer (PFE) previously announced the co will acquire HSP (HSP) : Reports Q1 (Mar) earnings of $0.97 per share, $0.45 better than the Capital IQ Consensus Estimate of $0.52; revenues rose 11.8% year/year to $1.17 bln vs the $1.08 bln consensus.

  • Note: In the first quarter, Hospira and Pfizer [PFE] announced that the two companies had entered into a merger agreement under which Pfizer will acquire Hospira for $90 a share in cash for a total enterprise value of ~$17 billion. The merger, which is subject to customary closing conditions, including regulatory approvals in several jurisdictions and approval of the merger by Hospira's shareholders, is expected to close in the second half of 2015.

7:34 am Jetblue Airways reports EPS in-line, revs in-line (JBLU) : Reports Q1 (Mar) earnings of $0.40 per share, in-line with the Capital IQ Consensus Estimate of $0.40; revenues rose 12.9% year/year to $1.52 bln vs the $1.53 bln consensus. 

  • Revenue passenger miles for the first quarter increased 11.1% to 9.6 billion on a capacity increase of 9.6%, resulting in a first quarter load factor of 84.3%, an increase of 1.2 points year over year. 
  • Passenger revenue per available seat mile for the first quarter 2015 increased 4.5% year over year to 12.33 cents and operating revenue per available seat mile increased 3.0% year over year to 13.34 cents.
Guidance: For the second quarter of 2015, CASM excluding fuel and profit sharing is expected to increase between 1.0% and 3.0% versus the year-ago period. Excluding fuel and profit sharing, CASM for the full year 2015 is forecasted to grow between zero and two percent year over year. Capacity is expected to increase between 5.5% and 7.5% in the second quarter 2015 and between 7.0% and 9.0% for the full year, in line with prior guidance.

7:33 am CTG reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs slightly below; guides FY15 EPS in-line, revs in-line (CTG) : Reports Q1 (Mar) earnings of $0.08 per share, in-line with the Capital IQ Consensus Estimate of $0.08; revenues fell 0.4% year/year to $97.5 mln vs the $97.88 mln consensus. The decline in the 2015 first quarter operating margin reflects lower margins on healthcare solutions revenue and a shift in business mix to a higher proportion of lower margin staffing business. In addition to the current quarter's margin reduction, last year's first quarter benefited from the completion of a small medical claims data analytics project.

  • Co issues guidance for Q2, sees EPS of $0.09-0.11 vs. $0.10 Capital IQ Consensus Estimate; sees Q2 revs of $93-95 mln vs. $95.48 mln Capital IQ Consensus Estimate. 
  • Co issues in-line guidance for FY15, sees EPS of 0.36-0.44 vs. $0.38 Capital IQ Consensus Estimate; sees FY15 revs of $375-389 mln vs. $385.37 mln Capital IQ Consensus Estimate.
  • "While I believe CTG's basic fundamentals are sound, I plan to review and modify the business unit strategies as necessary during the next few months to ensure the Company is properly positioned to take advantage of the appropriate market opportunities and improve profitable growth and value creation for our shareholders."

7:33 am Circor misses by $0.01, reports revs in-line (CIR) :

  • Reports Q1 (Mar) earnings of $0.60 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.61; revenues fell 21.4% year/year to $165.9 mln vs the $165.82 mln consensus. 
  • "Our first-quarter revenues were in line with expectations overall at $166 million with adjusted EPS of $0.60 despite significant headwind from currencies. In our Energy segment, strong orders in our long-cycle large international projects business offset weaker orders in our short-cycle distributed valves business. Aerospace & Defense orders came in as expected. After adjusting for divestitures and currency, organic orders grew 9%."
  • Company will provide its Q2 guidance during the conference call later today.

7:33 am Bristol-Myers beats by $0.21, beats on revs; raises low end of FY15 EPS, just below estimates (BMY) : Reports Q1 (Mar) earnings of $0.71 per share, $0.21 better than the Capital IQ Consensus Estimate of $0.50; revenues rose 6.0% year/year to $4.04 bln vs the $3.8 bln consensus.

  • Excluding the divested Diabetes Alliance, global revenues increased 10% or 17% adjusted for foreign exchange impact. U.S. revenues increased 16% to $2.0 billion in the quarter compared to the same period a year ago. International revenues decreased 2% to $2.0 billion.
Co issues in-line guidance for FY15, raises EPS to $1.60-1.70 from $1.55-1.70 vs. $1.71 Capital IQ Consensus Estimate.

7:31 am Imprimis Pharmaceuticals announces it has obtained exclusive US commercial rights to Alkalinized Lidocaine and Heparin Formulation to treat painful bladder syndrome (IMMY) : Imprimis was granted the non-exclusive US licensing rights for Hep-Lido-A from Urigen Pharmaceuticals in October 2014.

  • Under the license agreement, Imprimis had the option to convert to an exclusive license between the six-month and one-year anniversary period from the date of the agreement. 
  • On April 24, 2015, Imprimis provided formal notice to Urigen of its intent to convert its commercial rights of Hep-Lido-A to exclusive for the remaining term of the agreement.
  • In 2014, physicians wrote more +80,000 prescriptions of Heparin, generating an estimated $5.5 million in sales

7:31 am Diana Shipping announces acquisition of two vessels (DSX) : The co announced that on April 27, 2015 it signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to acquire from an unaffiliated third party the m/v Torm Island, a 2010 built Kamsarmax dry bulk vessel of 82,194 dwt, for a purchase price of $18.05 million. The vessel is expected to be delivered to the buyer during the second quarter of 2015.

  • The Company also announced that it signed, through a separate wholly-owned subsidiary, an agreement to acquire from an different unaffiliated third party a new-building Capesize dry bulk vessel of approximately 180,000 dwt, being built by Shanghai Waigaoqiao Shipbuilding Co., Ltd., for a purchase price of $43.0 million. The vessel, "Hull No. H1364", is expected to be delivered to the buyer during August 2015.

7:31 am TASER announced it was selected by the British Transport Police for a body-worn video proof of concept, and will deploy 250 Axon body cameras and 400 evidence.com licenses (TASR) :  

7:31 am Penske Auto beats by $0.03, reports revs in-line (PAG) : Reports Q1 (Mar) earnings of $0.85 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.82; revenues rose 11.4% year/year to $4.47 bln vs the $4.51 bln consensus.

  • "Our retail automotive and U.S.-based commercial truck businesses continue to perform very well as our business posted record Q1 unit sales, revenue, income from continuing operations, and earnings per share performance. We look for the strength in these parts of our business to continue. However, in addition to the impact from exchange rates in the quarter, the challenging economic conditions faced by our Australian commercial vehicle distribution business resulted in a year-over-year decline of ~$0.04 in earnings per share as the Australian heavy-duty truck market declined 14.3% in Q1 of 2015."

7:30 am NetList announces it has entered into a Letter of Intent with LG Electronics to jointly work on a HyperVault Mobile Memory Controller with the intention of adopting HVMMC on a next generation mobile system of LG Electronics (NLST) : Under the LOI, it is expected that Netlist and LG would combine the strengths of both companies to actively cooperate to build a superior mobile memory controller for smart phones.

7:28 am SwedbankAB reports Q1 results (SWDBF) :

  • Q1 Total income of SEK 9.61 bln, +3% y/y.
  • Q1 Total Expenses SEK 5.71 bln, -2% y/y.
  • Q1 Profit attributable to shareholders SEK 4.32 bln, +14% y/y.
  • Q1 EPS SEK 3.88 compared to SEK 3.41 in prior year period.
  • Q1 RoE 14.9% compared to 13.3% in prior year period.
  • Common Tier 1 capital ratio 20.5% compared to 21.2% in prior year period.
CEO Comments- Market movements during the first quarter were extraordinary after actions by the world's central banks. The Riksbank's rate cut changed market conditions for us and our customers. Negative rates place new demands on the bank as a financial advisor, at the same time that our income is being squeezed. The rate cuts are also affecting the prices of several asset classes, which is reason for caution. We believe the negative rate overshoots the target -- and may even jeopardise growth and productivity. What Sweden needs is measures that will increase housing construction and infrastructure investment. At the same time, additional measures are needed to mitigate structural risks. It is unfortunate that the Swedish Financial Supervisory Authority's amortisation requirements are being withdrawn. Swedbank will however continue to recommend that our customers amortise their mortgages down to a 50% loan-to-value ratio.

7:20 am Banco Santander Brasil reports Q1 net profit of BRL 1.63 bln, up 14% y/y (BSBR) : Total revenues reached R$ 9,968 million in the first three months of 2015, an increase of 3.5% (or R$ 334 million) in twelve months and 0.1% in the quarter. 

  • Net Interest Income BRL 7.14 bln, +2% y/y.
  • Fee & Commission Income BRL 2.82 bln, +7.4% y/y.
  • Reports RoE of 12.8% cvompared to 11.2% in prior year period.
  • Efficiency Ratio 49.8% compared to 49.3% in prior year.
  • Loans to individuals closed March 2015 at R$ 79,819 million up 5.8% (or R$ 4,373 million) in 12 months and 1.9% in the quarter. The annual upturn was fueled by mortgage, agricultural and credit cards loans. In the quarter, the portfolio was fueled by mortgage and payroll loans.

7:20 am Corning beats by $0.02, misses on revs (GLW) : Reports Q1 (Mar) earnings of $0.35 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.33; revenues rose 4.5% year/year to $2.43 bln vs the $2.47 bln consensus.

  • "We anticipate 2015 will be another year of strong core earnings-per-share growth for Corning. Our performance will be led by our Optical Communications segment, which is experiencing strong demand and benefiting from recent acquisitions. Consumer demand for handheld electronic devices, particularly new smartphone models, will drive Gorilla Glass 4 glass volume increases during the year. We expect growth in our Environmental Technologies and Life Sciences segments as well, but the potential for further weakening of the Euro exchange rate may negatively affect this growth."

7:17 am Carbonite beats by $0.02, beats on revs; guides Q2 EPS below consensus, revs in-line; guides FY15 EPS in-line, revs above consensus (CARB) : Reports Q1 (Mar) loss of $0.05 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of ($0.07); revenues rose 13.3% year/year to $33.03 mln vs the $32.12 mln consensus. These results are in-line with the co's April 16 guidance of: "revenue to exceed the high end of the previously provided guidance range of $31.9M - $32.1M and expects a smaller non-GAAP net loss per share than the previously provided guidance range of ($0.09) -- ($0.07) per share."

Guidance:

  • For Q2, co sees EPS of $(0.04)-(0.02), excluding non-recurring items, vs. $0.03 Capital IQ Consensus Estimate; sees Q2 revs of $33.5-33.7 mln vs. $33.5 mln Capital IQ Consensus Estimate. 
  • For FY15, co sees EPS of $0.09-0.11, excluding non-recurring items, vs. $0.09 Capital IQ Consensus Estimate; sees FY15 revs of $137.3-138.3 mln vs. $137.1 mln Capital IQ Consensus Estimate.

7:14 am McGraw-Hill Financial beats by $0.09, reports revs in-line; reaffirms FY15 EPS guidance (MHFI) : Reports Q1 (Mar) earnings of $1.09 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $1.00; revenues rose 6.4% year/year to $1.27 bln vs the $1.27 bln consensus. Co reaffirms guidance for FY15, sees EPS of $4.35-4.45 vs. $4.40 Capital IQ Consensus Estimate.

7:14 am IDEXX Labs beats by $0.02, misses on revs; lowers FY15 guidance (IDXX) : Reports Q1 (Mar) earnings of $0.98 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.96; revenues rose 6.2% year/year to $382.5 mln vs the $395.02 mln consensus.

  • Co issues downside guidance for FY15, lowers EPS to $4.14-4.24 from $4.33-4.43, excluding non-recurring items, vs. $4.36 Capital IQ Consensus Estimate; lowers FY15 revs to $1.60-1.62 bln from $1.64-1.66 bln vs. $1.65 bln Capital IQ Consensus Estimate. 
  • The Company is updating its 2015 financial guidance to reflect expectations for 12% to 13% normalized organic revenue growth and to reflect additional strengthening of the US dollar relative to foreign currencies. At current foreign exchange rates, we estimate that the effect of the stronger US dollar will adversely impact 2015 reported revenue and EPS growth by 6% and 9%, respectively.

7:13 am Jacobs misses by $0.06, misses on revs; guides FY15 EPS below consensus (JEC) : Reports Q2 (Mar) earnings of $0.72 per share, $0.06 worse than the Capital IQ Consensus Estimate of $0.78; revenues fell 8.6% year/year to $2.9 bln vs the $3.19 bln consensus.

  • Co issues downside guidance for FY15, sees EPS of $2.90-3.20 vs. $3.34 Capital IQ Consensus Estimate, citing continued headwinds in certain end-markets causing them to remain cautious in our outlook.
  • Jacobs also announced continued strength in total backlog of $18.9 billion at March 27, 2015, including a technical professional services component of $12.6 billion.

7:13 am 1-800-FLOWERS beats by $0.06, reports revs in-line; raises FY15 EPS above consensus, reaffirms FY15 revs guidance (FLWS) : Reports Q3 (Mar) loss of $0.13 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus Estimate of ($0.19); revenues rose 29.3% year/year to $232.2 mln vs the $233.31 mln consensus.

Co issues guidance for FY15, raises EPS to exceed high end of $0.45-0.50 range, excluding non-recurring items, vs. $0.47 Capital IQ Consensus Estimate; reaffirms FY15 revs in excess of $1.1 bln vs. $1.14 bln Capital IQ Consensus Estimate.

7:13 am Group 1 Auto beats by $0.09, reports revs in-line (GPI) : Reports Q1 (Mar) earnings of $1.47 per share, $0.09 better than the Capital IQ Consensus Estimate of $1.38; revenues rose 7.6% year/year to $2.43 bln vs the $2.45 bln consensus.

7:12 am Natl Oilwell Varco beats by $0.05, reports revs in-line (NOV) : Reports Q1 (Mar) earnings of $1.14 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $1.09; revenues fell 15.6% year/year to $4.82 bln vs the $4.82 bln consensus. 

  • Ending backlog for the first quarter of 2015 was $10.43 billion for the Company's Rig Systems segment and $1.46 billion for the Company's Completion & Production Solutions segment.
  • "We have the financial resources to invest in acquisitions, as well as the transformative new technologies we have a long history of pioneering. Cyclical downturns provide extraordinary opportunities to deploy capital to better position our enterprise for a recovery. While we don't know the duration of this downturn, we know that we will be better when the recovery comes."

7:11 am ServiceMaster beats by $0.05, reports revs in-line; reaffirms FY15 revs guidance (SERV) : Reports Q1 (Mar) earnings of $0.33 per share, excluding non-recurring items, $0.05 better than the Capital IQ Consensus Estimate of $0.28; revenues rose 7.1% year/year to $571 mln vs the $570.33 mln consensus.

  • Co reaffirms guidance for FY15, sees FY15 revs of $2.55-2.59 bln vs. $2.58 bln Capital IQ Consensus Estimate.

7:10 am Dorman Products misses by $0.07, misses on revs; ERP transition shows steady progress (DORM) : Reports Q1 (Mar) earnings of $0.60 per share, $0.07 worse than the Capital IQ Consensus Estimate of $0.67; revenues rose 2.7% year/year to $188.5 mln vs the $196.2 mln consensus.

  • "We continue to work towards completion of the stabilization and transition phase of our ERP conversion. The incremental costs associated with the post go-live ERP transition declined significantly in the quarter, but were higher than expected. To ensure our customer demands were met during this period, we intentionally increased our distribution costs. The increased distribution costs are expected to decline over the next three to six months before stabilizing. We expect to offset the remaining incremental costs gradually through improved efficiencies beginning later this year," said Mr. Berman.
  • "The distraction associated with the ERP implementation did slow down the introduction rate of our new products, but we expect to return to our previous pace in the next few months. We remain confident in our ability to return to low double digit sales and earnings growth later this year."

7:10 am Oshkosh beats by $0.02, beats on revs; reaffirms FY15 EPS guidance, revs guidance (OSK) : Reports Q2 (Mar) earnings of $0.81 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.79; revenues fell 7.4% year/year to $1.55 bln vs the $1.52 bln consensus. Co reaffirms guidance for FY15, sees EPS of $4.00-4.25, excluding non-recurring items, vs. $3.99 Capital IQ Consensus Estimate; sees FY15 revs of $6.50-6.60 bln vs. $6.39 bln Capital IQ Consensus Estimate.

7:09 am Navigant Consult beats by $0.10, reports revs in-line; reaffirms FY15 EPS guidance, revs guidance (NCI) : Reports Q1 (Mar) earnings of $0.23 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $0.13; revenues before reimbursements rose 14.9% year/year to $201.15 mln vs the $199.37 mln consensus.

  • Co reaffirms guidance for FY15, sees EPS of $0.90-1.00 vs. $0.95 Capital IQ Consensus Estimate; sees FY15 revs before reimbursements of $831-845 mln vs. $831.57 mln Capital IQ Consensus Estimate.

7:08 am Masco reports EPS in-line, misses on revs (MAS) : Reports Q1 (Mar) earnings of $0.20 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.20; revenues rose 2.7% year/year to $2.02 bln vs the $2.04 bln consensus. 

  • North American sales increased 5 percent and international sales decreased 8 percent in U.S. dollars but increased 10 percent in local currency. 
  • "Our outlook for the year remains positive as we anticipate increasing demand for our market-leading products and services."

7:08 am Entegris beats by $0.02, reports revs in-line; guides Q2 EPS in-line, revs in-line (ENTG) : Reports Q1 (Mar) earnings of $0.18 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.16; revenues rose 58.9% year/year to $263.4 mln vs the $265.34 mln consensus.

  • Co issues in-line guidance for Q2, sees EPS of $0.18-0.21 vs. $0.21 Capital IQ Consensus Estimate; sees Q2 revs of $265-280 mln vs. $278.49 mln Capital IQ Consensus Estimate.

7:08 am K12 beats by $0.08, beats on revs; guides Q4 revs in-line (LRN) : Reports Q3 (Mar) earnings of $0.45 per share, $0.08 better than the Capital IQ Consensus Estimate of $0.37; revenues rose 4.0% year/year to $244.6 mln vs the $238.63 mln consensus. Public School Enrollment was flat y/y at 135,495. Co issues in-line guidance for Q4, sees Q4 revs of $225-235 mln vs. $235.60 mln Capital IQ Consensus Estimate.

7:08 am Sirius XM Radio misses by $0.01, reports revs in-line; raises 2015 guidance for revenue and subscribers (SIRI) : Reports Q1 (Mar) earnings of $0.02 per share, $0.01 worse than the Capital IQ Consensus Estimate of $0.03; revenues rose 8.3% year/year to $1.08 bln vs the $1.08 bln consensus. SiriusXM added 431 thousand net new subscribers in the first quarter, a 61% increase from the 267 thousand net new subscribers added in the first quarter of 2014. Self-pay net subscriber additions were 394 thousand in the first quarter of 2015 compared to 173 thousand in the first quarter of 2014. Marking the strongest first quarter for self-pay subscriber growth since 2008.

  • The company increased its 2015 guidance for revenue and subscribers, and reiterated its guidance for adjusted EBITDA and free cash flow: 
    • FY15 revs of $4470 vs. $4.48 bln Capital IQ Consensus Estimate.
    • Net subscriber additions of approximately 1.4 million
    • Adjusted EBITDA of approximately $1.6 billion, and Free cash flow of approximately $1.25 billion.

7:07 am Waters beats by $0.19, beats on revs (WAT) : Reports Q1 (Mar) earnings of $1.21 per share, $0.19 better than the Capital IQ Consensus Estimate of $1.02; revenues rose 6.9% year/year to $460.4 mln vs the $443.44 mln consensus.

7:06 am Ford Motor misses by $0.03, misses on revs; reaffirms FY15 profit (F) : Reports Q1 (Mar) earnings of $0.23 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.26; revenues fell 6% year/year to $31.8 bln vs the $33.9 bln consensus. 

  • Automotive operating-related cash flow positive; cash and liquidity in line with targeted levels 
  • Wholesale volume and Company revenue down due to major product launches and the impact of the strong U.S. dollar on international revenue 
  • North America, Asia Pacific and Middle East & Africa profitable 
  • Three of 15 global new product launches complete; remainder on track.
Company reconfirms 2015 pre-tax profit guidance of $8.5B to $9.5B; improves North America operating margin guidance to 8.5-9.5 percent and revises South America profit guidance down in light of external environment. 

7:05 am NeoGenomics reports EPS in-line, misses on revs; reaffirms FY15 revs guidance (NEO) : Reports Q1 (Mar) loss of $0.01 per share, in-line with the single estimate of ($0.01); revenues rose 26.5% year/year to $23 mln vs the $23.28 mln consensus.

  • Co reaffirms guidance for FY15, sees FY15 revs of $103-108 mln vs. $103.88 mln Capital IQ Consensus Estimate.

7:05 am Coach beats by $0.01, misses on revs; N Am comps -23% (COH) :

  • Reports Q3 (Mar) earnings of $0.36 per share, excluding items, $0.01 better than the Capital IQ Consensus Estimate of $0.35; revenues fell 15.5% year/year to $929.3 mln vs the $949.55 mln consensus. 
  • Co reports Q3 N Am comps -23% vs -21% year ago ; gross margin of 71.6% vs ~70.5% estimate and 71.1% Q3 year ago. North American direct sales declined 23% for the quarter with comparable store sales down 23% including the impact of reduced eOutlet events, which pressured total comparable stores sales by about 11 percentage points. At POS, sales in North American department stores declined about 30% versus prior year, as expected, reflecting the elimination of Coach-specific promotional events from the prior year, while shipments into department stores declined similarly.
  • Sales in China rose 10% on a constant currency basis and 8% in dollars with positive comparable store sales and slower distribution growth. In Japan, sales declined 11% on a constant currency basis, better than expected given last year's double-digit gain prior to the April 1st tax increase.

7:05 am FirstService misses by $0.11, reports revs in-line (FSRV) : Reports Q1 (Mar) earnings of $0.11 per share, excluding non-recurring items, $0.11 worse than the Capital IQ Consensus Estimate of $0.22; revenues rose 11.5% year/year to $608 mln vs the $602.6 mln consensus.

  • "FirstService achieved record results for the seasonally slow first quarter, continuing the momentum from the prior fiscal year, despite currency translation headwinds. Each of our service lines generated solid revenue growth and is well positioned to deliver continued growth in revenues, EBITDA and earnings per share for the balance of the year," said Jay S. Hennick, Founder and Chief Executive Officer of FirstService.
  • Note: "Last week, shareholders overwhelmingly approved a proposal to separate FirstService into two independent, public companies: Colliers International, a global leader in commercial real estate; and new FirstService Corporation comprised of the FirstService Residential and FirstService Brands business units.

7:05 am Pfizer beats by $0.02, beats on revs; guides FY15 EPS below consensus, revs in-line (PFE) : Reports Q1 (Mar) earnings of $0.51 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.49. Include a $0.03 negative impact associated with an upfront payment to OPKO Health, Inc. (:OPKO); revenues fell 4.0% year/year to $10.9 bln vs the $10.73 bln consensus. 

Co issues mixed guidance (Guidance solely updated to reflect impact of FX) for FY15, sees EPS of $1.95-2.05 (Prior $2.00-2.10) vs. $2.11 Capital IQ Consensus Estimate; sees FY15 revs of $44-46 bln (Prior $44.5-46.54 bln) vs. $45.98 bln Capital IQ Consensus Estimate. 

7:05 am Merge Healthcare beats by $0.01, misses on revs (MRGE) : Reports Q1 (Mar) earnings of $0.05 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus Estimate of $0.04; revenues rose 6.9% year/year to $54.4 mln vs the $56.18 mln consensus. 

  • Adjusted EBITDA was $10.5 million in the first quarter of 2015 compared to $10.2 million in the first quarter of 2014. 

7:04 am Heidrick & Struggles beats by $0.14, beats on revs; guides Q2 revs in-line (HSII) : Reports Q1 (Mar) earnings of $0.18 per share, $0.14 better than the Capital IQ Consensus Estimate of $0.04; revenues rose 3.6% year/year to $115.15 mln vs the $113.72 mln consensus.

  • Co issues in-line guidance for Q2, sees Q2 revs of $127-137 mln vs. $134.41 mln Capital IQ Consensus Estimate.

7:03 am Tyson Foods confirms plan to eliminate the use of human antibiotics from its U.S. broiler chicken flocks, by the end of September 2017 (TSN) : The company will report annually on its progress, beginning with its fiscal 2015 Sustainability Report. Co notes that it has already stopped using all antibiotics in its 35 broiler hatcheries and has reduced human antibiotics used to treat broiler chickens by more than 80 percent since 2011

7:03 am Boston Scientific reports EPS in-line, revs in-line; guides Q2 EPS in-line, revs below consensus; reaffirms FY15 EPS guidance, guides FY15 revs below consensus (BSX) : Reports Q1 (Mar) earnings of $0.21 per share, in-line with the Capital IQ Consensus Estimate of $0.21; revenues fell 0.2% year/year to $1.77 bln vs the $1.78 bln consensus.

  • Co issues mixed guidance for Q2, sees EPS of $0.20-0.22 vs. $0.22 Capital IQ Consensus Estimate; sees Q2 revs of $1.800-1.850 vs. $1.86 bln Capital IQ Consensus Estimate. 
  • Co issues mixed guidance for FY15, sees EPS of $0.878-0.92 vs. $0.91 Capital IQ Consensus Estimate; sees FY15 revs of $7.225-7.375 vs. $7.46 bln Capital IQ Consensus Estimate.
  • "We achieved strong results in the first quarter, and we continue to build global momentum." said Mike Mahoney, president and chief executive officer, Boston Scientific. "In particular, our Interventional Cardiology business, including structural heart, delivered excellent results. We are also excited about bringing new innovation to patients with the recent Food and Drug Administration approvals of the WATCHMAN Left Atrial Appendage Closure Device and the EMBLEM Subcutaneous Implantable Defibrillator System."

7:03 am Mitek Systems announces that it has been issued a new patent titled 'systems and methods for developing and verifying image processing standards for mobile deposit' by the USPTO (MITK) :  

7:02 am Merck beats by $0.10, beats on revs; guides FY15 EPS in-line, revs in-line (MRK) : Reports Q1 (Mar) earnings of $0.85 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus Estimate of $0.75; revenues fell 8.2% year/year to $9.43 bln vs the $9.06 bln consensus.

  • Co issues in-line guidance for FY15, sees EPS of $3.35-3.48, excluding non-recurring items, vs. $3.37 Capital IQ Consensus Estimate; sees FY15 revs of $38.3-39.8 bln vs. $39.23 bln Capital IQ Consensus Estimate.

7:02 am Alamos Gold announces that the injunction order granted against the Turkish Ministry of the Environment and Urbanization's approval of the Environmental Impact Assessment for the Agi Dagi gold project has been dismissed (AGI) : With this ruling, the Ministry's approval of the EIA has been returned to good standing. The Ministry previously signed and issued formal approval in the form of an EIA Positive Decision Certificate for Agi Dagi in August 2014. In January 2015, the Canakkale Administrative Court in Turkey granted an injunction order against the Ministry's approval of the EIA. The Ministry successfully appealed the ruling with the Canakkale Administrative Court dismissing the injunction on the basis that the challenge against the EIA approval was registered after the deadline for such challenges to be filed had expired.

7:01 am Waddell & Reed misses by $0.03, reports revs in-line (WDR) : Reports Q1 (Mar) earnings of $0.80 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.83; revenues fell 1.3% year/year to $385.5 mln vs the $382.54 mln consensus. 

  • Assets under management ended the first quarter at $123 billion, down less than 1% sequentially as market appreciation of $2.8 billion helped to offset $3.6 billion in net outflows.

7:01 am Vivus Announces that effective May 1, 2015, its Qsymia capsules will be available on the Sam's Club Extra Value Drug List (VVUS) : Co announced that effective May 1, 2015, Qsymia will be the sole anti-obesity agent available on the Sam's Club Extra Value Drug List (:EVDL). Qsymia patients paying cash who are premium members of Sam's Club, will pay lower out-of-pocket costs for Qsymia therapy than those offered through current discount card programs.

7:00 am Otonomy announces that its NDA for the approval of AuriPro as a treatment of middle ear effusion in pediatric patients undergoing tympanostomy tube placement surgery has been accepted for filing by the FDA (OTIC) : The acceptance of the NDA indicates the application is sufficiently complete to permit a substantive review by the FDA.

7:00 am Ducommun announces the finalization of a long-term supply agreement with United Technologies (UTX), to provide electronic and structural assemblies for UTC's aerospace business (DCO) :  

7:00 am Agenus: NEJM publishes study showing GlaxoSmithKline's (GSK) shingles vaccine containing Agenus' QS-21 stimulon adjuvant provides over 97% protection in people over the age of 50 (AGEN) : The co announced that primary and secondary endpoint data from GlaxoSmithKline's (GSK) randomized Phase 3 trial of HZ/su, a vaccine candidate for the prevention of shingles, was simultaneously presented at the 25th Scientific Conference of the European Society of Clinical Microbiology and Infectious Disease (:ECCMID) in Copenhagen, and published in the New England Journal of Medicine. GSK's HZ/su incorporates Agenus' QS-21 Stimulon adjuvant, which is designed to increase immune response to antigens. 

  • The data show that GSK's HZ/su reduced the risk of shingles (herpes zoster) by 97.2% in adults aged 50 and older, compared to placebo. Importantly, the protection was maintained across all studied age groups, ranging from 96.6% in subjects aged 50-59, 97.4% in those aged 60-69, and 97.9% in those aged 70 or older. No major safety concerns were identified in the study. The most common reported adverse event was pain at injection site, fatigue and myalgia.

6:58 am Banco Santander reports Q1 results (SAN) :

  • SAN reports Q1 EPS of EUR 0.12 compared to EUR 0.11 in 4Q14. 
  • Lending reached EUR 813,260 million, EUR 100,000 million and 14% more than the same period last year. Deposits and mutual funds also grew 14% and now total 780,020 million. Customer funds increased in the ten key markets as did lending in all countries, except Portugal.
  • The growth in profit brought an improvement in ROTE of 1.1 points, to 11.5%, and a 6% increase in earnings per share.
  • Profit grew in nine of the ten markets. Europe contributed 52% of group profit (United Kingdom 20% and Spain 15%), Latin America 38% (Brazil 21% and Mexico 7%) and U.S., 10%. 
  • Banco Santander made attributable profit of EUR 1,717 million in the first quarter, 32% more than the same period of 2014. Of the ten core markets in which the group operates, only Chile showed a decline in profit. The strong growth was supported by the bank's three largest markets, Spain, UK and Brazil.
  • Exchange rates, marked by the euro-dollar and euro-pound depreciation, had a positive impact on growth rates in the balance sheet and results for the first quarter of 2015, adding to the favourable trend in the business and in group revenues. Attributable profit for the quarter grew 32%, a change that would have been 22% without the exchange rate effect.
  • Revenues increased 13%, 7% without the exchange rate factor; and lending grew 14%, 7% without the exchange rate variation. The improvement in profits are a result of an increase in basic revenue of 13%, a change that is two points greater than costs, which grew 11%.
  • This performance allows continued improvement in the efficiency ratio of almost one point, to 47.0%, which positions Banco Santander among the most efficient financial institutions in the world. 
  • Net operating income, the difference between income and costs, stood at EUR 6,067 million, with growth of 15%. This increase, together with the decrease in loan loss provisions of 5%, means that the final result shows a 32% improvement.
  • At the beginning of the year the bank carried out a rights issue for EUR 7,500 million via an accelerated bookbuilding offer among institutional investors. At the close of the first quarter, Banco Santander's total equity stood at EUR 91,915 million, 27% more than one year before. The bank's capital ratio is 12%, with core capital of 9.7%, both fully loaded.

6:57 am II-VI beats by $0.02, beats on revs; guides Q4 EPS in-line, revs in-line (IIVI) : Reports Q3 (Mar) earnings of $0.23 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.21; revenues rose 5.2% year/year to $182.7 mln vs the $179.41 mln consensus.

  • Co issues in-line guidance for Q4, sees EPS of $0.20-0.24 vs. $0.23 Capital IQ Consensus Estimate; sees Q4 revs of $185-193 mln vs. $189.22 mln Capital IQ Consensus Estimate.

6:54 am Asian Markets Close: Japan's Nikkei +0.4%; Hong Kong's Hang Seng unch; China's Shanghai Composite -1.1% (:SUMRX) : Markets in the Asia-Pacific region finished mostly lower on Tuesday, including China's Shanghai Composite (-1.1%), which succumbed to some profit-taking efforts. Japan's Nikkei (+0.4%) bucked the regional trend and closed higher despite a weaker-than-expected retail sales report for March.

Economic data

  • Japan
    • March Retail Sales -9.7% year-over-year (expected -7.3%; prior -1.7%)
  • Hong Kong
    • March Trade Balance HKD -46.2 bln (expected HKD -37.5 bln; prior HKD -35.9 bln)
      • Exports -1.8% month-over-month (expected +2.5%; prior +7.2%)
      • Imports -2.7% month-over-month (expected -0.8%; prior -0.9%)
  • Australia
    • CB Leading Index +0.5% month-over-month (prior +0.4%)
Equity Markets
  • Japan's Nikkei increased 0.4% and climbed back above the 20,000 level despite a weaker-than-expected retail sales report. The advance was led by the energy (+2.0%), consumer cyclical (+1.5%), and financial (+1.0%) sectors. Individual standouts included JTEKT Corp (+11.9%), Denso Corp (+4.5%), and Toyo Seikan Group Holdings (+4.0%). Leading laggards included Tokyo Electron (-14.8%), Kyocera (-6.5%), and Hitachi Construction Machinery (-6.1%). Out of the 225 index members, 150 ended higher, 68 finished lower, and 7 were unchanged.
  • Hong Kong's Hang Seng was pretty much flat for the day, mirroring a flat showing from its influential financial sector. Leading gainers included CITIC (+5.8%), Hengan Intl (+2.1%), and China Construction Bank (+1.8%). The worst-performing stocks were China Petroleum & Chemical Corp (-4.9%), PetroChina (-4.7%), and Galaxy Entertainment (-1.7%). Out of the 50 index members, 19 ended higher 24 finished lower, and 7 were unchanged.
  • China's Shanghai Composite declined 1.1% on profit taking that followed a positive morning session. Sector losses were broad-based in the Chinese market with the energy (-4.9%) and consumer cyclical (-3.9%) sectors among the hardest-hit areas.
  • India's Sensex bounced back from Monday's weak showing and increased 0.8%. The consumer cyclical (+2.6%), communications (+2.5%), and financial (+1.7%) sectors were pacesetters in the advance. ICICI Bank (+7.7%), Maruti Suzuki India (+5.0%), and Bharat Heavy Electricals led individual gainers while ITC Ltd (-2.7%), Coal India (-1.5%), and Reliance Industries (-1.4%) topped the list of decliners.
  • Australia's S&P/ASX 200 declined 0.6% and finished at its lows for the day. Gold stocks did relatively well in the wake of Monday's jump in prices; however, weakness in the health care (-1.9%), energy (-0.9%), and information technology (-0.9%) sectors weighed.
  • Regional advancers: None
  • Regional decliners: Taiwan -0.2%; South Korea -0.5%, Singapore -0.6%, Malaysia -0.2%, Thailand -1.1%, Indonesia -0.1%, Philippines -0.9%
  • Holiday closure: Vietnam (Hung King Ann) 
FX
  • USD/CNY -0.2% at 6.2065
  • USD/INR -0.2% at 63.120
  • USD/JPY -0.1% at 118.92

6:54 am CONSOL Energy beats by $0.25, reports revs in-line; reaffirms E&P production guidance; thermal coal MLP and MetCo spin offs on track (CNX) : Reports Q1 (Mar) adj earnings of $0.37 per share, $0.25 better than the Capital IQ Consensus Estimate of $0.12; revenues -8% year/year to $889.6 mln vs the $892.94 mln consensus. 

  • Adjusted EBITDA from continuing operations was $266 million for the 2015 first quarter, compared to $310 million in the year-earlier quarter. 
  • CONSOL's E&P Division had another outstanding quarter by achieving record production of 71.6 Bcfe, or an increase of 48% from the 48.4 Bcfe produced in the year-earlier quarter. 
    • CONSOL Energy's annual gas production guidance remains at 30% growth for 2015 and 20% for 2016. 
  • CONSOL's Coal Division produced 8.3 million tons in the 2015 first quarter. In the Virginia Operations, CONSOL's premier Buchanan Mine, again, repeated another stellar cost performance. 
  • CONSOL remains on-track to execute the previously announced transactions for a thermal coal MLP and MetCo initial public offering (IPO). The thermal coal MLP, which will be known as CNX Coal Resources LP ("CNXC"), and CONSOL continues to expect a mid-year 2015 IPO. The co continues to expect the MetCo IPO to occur around early fourth quarter 2015.

6:47 am Entergy beats by $0.38, misses on revs; reaffirms FY15 EPS guidance (ETR) : Reports Q1 (Mar) earnings of $1.68 per share, excluding non-recurring items, $0.38 better than the Capital IQ Consensus of $1.30; revenues fell 9.0% year/year to $2.92 bln vs the $2.96 bln consensus.

Co reaffirms guidance for FY15, sees EPS of $5.10-5.90, excluding non-recurring items, vs. $5.44 Capital IQ Consensus.

6:45 am Capella Education misses by $0.03, reports revs in-line (CPLA) : Reports Q1 (Mar) earnings of $0.80 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.83; revenues rose 3.3% year/year to $109.1 mln vs the $109.25 mln consensus. 

  • Capella University total active enrollment increased 4.6 percent to 37,536, new enrollment increased by 15.3 percent from first quarter 2014 and early cohort persistence improved by approximately 3 percent. 
  • Outlook: For the second quarter ending June 30, 2015, Capella University new enrollment growth is expected to increase in the low single-digit percent range year-over-year. Total enrollment is expected to grow about 3.5 to 4.5 percent year-over-year, and consolidated revenue is expected to increase about 2.5 to 3.5 percent compared to second quarter 2014. The consolidated operating margin is anticipated to be approximately 15.0 to 16.0 percent of total revenue for the second quarter of 2015.

6:42 am Lexmark beats by $0.04, reports revs in-line; guides Q2 EPS in-line, revs in-line; reaffirms FY15 EPS guidance, revs guidance (LXK) : Reports Q1 (Mar) earnings of $0.81 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.77; revenues fell 2.9% year/year to $852 mln vs the $849.48 mln consensus.

  • Co issues in-line guidance for Q2, sees EPS of $0.75-0.85, excluding non-recurring items, vs. $0.82 Capital IQ Consensus Estimate; sees Q2 revs of decline of 2-4% YoY to $856.1-873.2 mln vs. $862.25 mln Capital IQ Consensus Estimate. 
  • Co reaffirms guidance for FY15, sees EPS of $3.60-3.80, excluding non-recurring items, vs. $3.66 Capital IQ Consensus Estimate; sees FY15 revs of -5 to -3% to ~$3.52-3.60 bln vs. $3.59 bln Capital IQ Consensus Estimate. 
  • Gross profit margin of 40.5 percent compares to 41.0 percent in the same period last year.

6:42 am Wolverine beats by $0.03, misses on revs; reaffirms FY15 guidance (WWW) : Reports Q1 (Mar) earnings of $0.37 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus Estimate of $0.34; revenues rose 0.6% year/year to $631.4 mln vs the $642.98 mln consensus.

  • Mid single-digit growth from the Heritage Group and low single-digit growth from the Lifestyle Group were partially offset by a low single-digit revenue decline from the Performance Group. On a constant currency basis, revenue grew 3.4%.
Co reaffirms guidance for FY15, sees EPS of $1.53-1.60, excluding non-recurring items, vs. $1.56 Capital IQ Consensus; sees FY15 revs of $2.82-2.87 bln vs. $2.85 bln Capital IQ Consensus, representing growth in the range of ~2% to 4% versus the prior year. Constant currency revenue growth is expected in the range of ~5% to 7%. Constant currency adjusted diluted earnings per share is expected in the range of $1.71 to $1.78. 

6:39 am Flagstar Bancorp beats by $0.29; Loan sales result in 'substantially improved' asset quality (FBC) :

  • Reports Q1 (Mar) earnings of $0.43 per share, $0.29 better than the Capital IQ Consensus Estimate of $0.14. 
  • Net interest margin decreased to 2.75 percent for the first quarter 2015, as compared to 2.80 percent for the fourth quarter 2014. The decrease from the prior quarter was driven primarily by increased Federal Home Loan Bank advances that provided more stable funding for planned loan growth, partially offset by increased interest income.

6:38 am Wyndham Worldwide beats by $0.11, beats on revs; raises FY15 EPS, reaffirms FY15 revs guidance (WYN) : Reports Q1 (Mar) earnings of $1.03 per share, $0.11 better than the Capital IQ Consensus Estimate of $0.92; revenues rose 5.8% year/year to $1.26 bln vs the $1.24 bln consensus.

  • In constant currency, revenues increased 9%. Adjusted EBITDA increased 14% compared with the first quarter of 2014. 
  • In constant currency, adjusted EBITDA increased 18%. 
  • During the quarter, the Company repurchased 1.7 million shares of its common stock for $150 million.
Co issues guidance for FY15, raises EPS to $4.81-4.96 from $4.75-4.90 (ex-share repurchases) vs. $4.93 Capital IQ Consensus (includes share repurchases); reaffirms FY15 revs of $5.45-5.55 bln vs. $5.48 bln Capital IQ Consensus Estimate. 

6:35 am CIT Group misses by $0.12, misses on revs (CIT) : Reports Q1 (Mar) earnings of $0.59 per share, $0.12 worse than the Capital IQ Consensus Estimate of $0.71; revenues rose 7.9% year/year to $423.8 mln vs the $453.48 mln consensus. 

  • Book value per share at March 31, 2015 grew to $50.26 from $50.13 at December 31, 2014 and $45.10 at March 31, 2014. 
  • Board authorized additional $200 million share repurchase in April.

6:33 am Textron misses by $0.02, misses on revs; reaffirms FY15 EPS guidance (TXT) : Reports Q1 (Mar) earnings of $0.46 per share, $0.02 worse than the Capital IQ Consensus of $0.48; revenues rose 7.9% year/year to $3.07 bln vs the $3.19 bln consensus.

Co reaffirms guidance for FY15, sees EPS of $2.30-2.50, excluding non-recurring items, vs. $2.48 Capital IQ Consensus. 

  • "While we expected military deliveries would be down at Bell this year, the medium segment of the commercial helicopter market remains soft. As a result, we are adjusting production levels and taking additional cost actions to allow Bell to perform within its targeted 2015 segment margin range of 11 to 12 percent." 
  • The company expects that the net impact of the Bell cost actions and lower commercial revenues on Textron's expected 2015 earnings and cash flow will be offset by stronger results at Textron Aviation and Industrial.

6:29 am Santander Consumer USA beats by $0.15, beats on revs (SC) : Reports Q1 (Mar) earnings of $0.81 per share, $0.15 better than the Capital IQ Consensus of $0.66; revenues rose 10.1% year/year to $1.15 bln vs the $1.09 bln consensus. 

  • Return on average equity of 31.2%, up from 29.1% in prior quarter and 11.6% in prior year first quarter. Core return on average equity for prior year first quarter 2014 was 22.4%. 
  • Total originations of $7.4 billion, up from $6.1 billion in prior quarter and in line with $7.3 billion originated in prior year first quarter.

6:28 am Honda Motor misses by JPY20.08, misses on revs; guides FY16 EPS below consensus, revs above consensus (HMC) : Reports Q4 (Mar) earnings of JPY54.30 per share, JPY20.08 worse than the Capital IQ Consensus Estimate of JPY74.38; revenues rose 8.3% year/year to JPY3353.73 bln vs the JPY3443.81 bln consensus.

  • Strong sales growth in Asia and positive currency effects were more than offset by lower unit sales in Japan due to severe market conditions, higher SG&A expenses, including quality related costs, as well as other factors, leading to a decline in operating income to 111.9 billion yen.
Guidance:
Co issues mixed guidance for FY16, sees EPS of JPY291.3 vs. JPY369.99 Capital IQ Consensus Estimate; sees FY16 revs of JPY14.5 trln vs. JPY13557.8 bln Capital IQ Consensus Estimate.

6:28 am Great Western Bancorp beats by $0.01 (GWB) : Reports Q1 (Mar) earnings of $0.34 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.33. Net interest margin was 3.89%, 3.91% and 3.96%, respectively, for the quarters ended March 31, 2015, December 31, 2014, and March 31, 2014

6:26 am On The Wires (:WIRES) :

  • Cadence Design Systems (CDNS) announced the Cadence Indago Debug Platform, a new debugging solution which reduces the time to identify bugs in a design by up to 50% compared to traditional signal- or transaction-level debug methods
  • Scientific Games (SGMS) announced that Baha Mar Casino & Hotel, the Caribbean's newest and largest casino resort, has selected a host of Scientific Games solutions in systems, games, table products, and interactive to drive entertainment, help transform customer service, increase operating efficiency, and provide end-to-end casino and slot-management solutions.
  • Melco Crown Entertainment (MPEL) jointly announced plans with Pacha to open Macau's first megaclub, Pacha Macau, at Studio City, the eagerly anticipated cinematically-themed integrated entertainment, retail and gaming resort in Macau.
  • Wendy's (WEN) announced the appointment of Kurt Kane, to the newly created position of Chief Concept Officer, responsible for all North America Marketing and Innovation efforts for the Wendy's brand, effective May 4. Most recently, Kane served as Global Chief Marketing and Food Innovation Officer at Pizza Hut, Inc.
  • Arabsat and King Abdulaziz City for Science and Technology announced contracts for Lockheed Martin (LMT) to manufacture two A2100 communications satellites. In conjunction with the award, Lockheed Martin, KACST and TAQNIA Space Company, a subsidiary of the Saudi Technology Investment and Development Company, signed an agreement to explore future design, manufacture, assembly and integration of satellites in the Kingdom of Saudi Arabia.
  • Petrleo Brasileiro S.A. (PBR) announced it has filed on April 24th, the request to join as Assistance to Federal Prosecutors Office in seven criminal actions from the "Lava Jato Operation" which has the Company as the defendant. Petrobras notes it is taking all measures, together with the Brazilian Authorities, to remedy damages incurred due to unlawful acts reported under the "Lava Jato Operation".
  • TIM Participaes S.A (TSU) announced that Mr. Roger Sol, Chief Marketing Officer, submitted his resignation of the position in the Company to take new challenges. The co also informed that Mr. Rogerio Takayanagi, will assume the function in this transitional phase, a position he held successfully in the past.
  • SolarCity (SCTY) announced that is now offering its products and solar services available in New Hampshire for the first time
  • Amazon (AMZN) announced the launch of Amazon Business, a new marketplace on Amazon.com with features and benefits tailored to suit business transactions.

6:25 am Aixtron beats by EUR 0.03, misses on revs; reaffirms FY15 revs guidance (AIXG) : Reports Q1 (Mar) loss of 0.08 per share, 0.03 better than the Capital IQ Consensus of (0.11); revenues fell 8.2% year/year to 40.3 mln vs the 48.87 mln consensus.

Co reaffirms guidance for FY15, sees FY15 revs of EUR 220-250 mln vs. 254.91 mln Capital IQ Consensus.

  • As the Company will be pressing ahead with implementing its innovation roadmaps, productivity and efficiency programs across all areas, mgmt expects to see a sequential increase of the results in both halves of 2015 compared with the previous six-month periods and a return to positive EBITDA numbers in the second half of 2015.

6:25 am Stock Building Supply Holdings misses by $0.01, misses on revs (STCK) : Reports Q1 (Mar) loss of $0.01 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of ($0.00); revenues rose 6.3% year/year to $297.6 mln vs the $311.38 mln consensus. 

  • "Based on the prevailing positive trends in the employment market and consumer confidence, as well as the aging of U.S. housing stock, we remain optimistic about continued growth in the residential construction markets in 2015 and beyond"

6:22 am Novogen regains full compliance with Nasdaq listing rule (NVGN) :  

6:21 am Sensata Tech reports EPS in-line, revs in-line; guides Q2 in-line; reaffirms FY15 guidance (ST) :

  • Reports Q1 (Mar) earnings of $0.65 per share, excluding non-recurring items, in-line with the Capital IQ Consensus Estimate of $0.65; revenues rose 36.1% year/year to $750.7 mln vs the $752.22 mln consensus.
  • Co issues in-line guidance for Q2, sees EPS of $0.69-0.75, excluding non-recurring items, vs. $0.74 Capital IQ Consensus Estimate; sees Q2 revs of $755-795 mln vs. $776.81 mln Capital IQ Consensus Estimate. 
  • Co reaffirms guidance for FY15, sees EPS of $2.80-3.04, excluding non-recurring items, vs. $2.95 Capital IQ Consensus Estimate; sees FY15 revs of $2.985-3.145 bln vs. $3.07 bln Capital IQ Consensus Estimate.

6:17 am Whirlpool misses by $0.35, misses on revs; lowers FY15 EPS below consensus (WHR) : Reports Q1 (Mar) earnings of $2.02 per share, excluding non-recurring items, $0.35 worse than the Capital IQ Consensus Estimate of $2.37; revenues rose 11.1% year/year to $4.85 bln vs the $5.07 bln consensus. 

  • The benefit of cost and capacity-reduction initiatives, ongoing cost productivity and benefits from the acquisition integration activities were offset by unfavorable currency and a weakened demand environment in Brazil. Excluding the impact of both foreign currency and Brazilian (:BEFIEX) tax credits, sales increased over 23 percent, primarily driven by the acquisitions.
Co issues downside guidance for FY15, lowers EPS to $12.00-13.00, excluding non-recurring items, from $14.00-15.00 vs. $13.91 Capital IQ Consensus. 
  • Whirlpool Corporation has adjusted its full-year 2015 guidance to reflect the impact of unfavorable currency and a weakened demand environment in Brazil. Whirlpool Corporation recently announced cost-based price increases in Latin America and Eastern Europe, which along with strong cost productivity programs are expected to deliver significant second-half 2015 margin expansion. The company expects to deliver record sales and ongoing earnings for the year. 

6:13 am Provident Fincl beats by $0.03 (PROV) : Reports Q3 (Mar) earnings of $0.29 per share, $0.03 better than the Capital IQ Consensus Estimate of $0.26. 

  • Net interest margin expands 31 basis points to 3.05% compared to same quarter last year 
  • Loans held for investment increase 6% to $819.6 million since June 30, 2014

6:12 am United Therapeutics beats by $0.31, misses on revs (UTHR) : Reports Q1 (Mar) earnings of $2.55 per share, excluding non-recurring items, $0.31 better than the Capital IQ Consensus Estimate of $2.24; revenues rose 13.2% year/year to $327.5 mln vs the $353.41 mln consensus. 

  • "Our total revenues increased as compared to the prior year and we are continuing to see a growing number of patients being prescribed our pulmonary arterial hypertension products,"

6:11 am Del Frisco's Restaurant beats by $0.02, reports revs in-line; reaffirms FY15 (DFRG) : Reports Q1 (Mar) earnings of $0.23 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus Estimate of $0.21; revenues rose 12.8% year/year to $75.1 mln vs the $75.29 mln consensus. 

  • Reaffirms FY15 guidance: Total comparable restaurant sales increase of 2% to 3%; Restaurant-level EBITDA of 22.0% to 22.4% of consolidated revenues

6:09 am ICON plc beats by $0.04, reports revs in-line; raises FY15 EPS and slightly lowers FY15 rev guidance to reflect changes in f/x (ICLR) : Reports Q1 (Mar) earnings of $0.86 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus Estimate of $0.82; revenues rose 11.0% year/year to $388.2 mln vs the $391.11 mln consensus.

  • Co issues in-line guidance for FY15, raises EPS to $3.60-3.70 from $3.45-3.60, excluding non-recurring items, vs. $3.53 Capital IQ Consensus Estimate; lowers FY15 revs to $1.6-1.65 bln from $1.61-1.68 bln vs. $1.65 bln Capital IQ Consensus Estimate. (Taking into account recent foreign exchange movements)
  • Gross business wins were $516 million, representing a gross book to bill of 1.33. Net business wins were $454 million, representing a net book to bill of 1.17.

6:05 am Aetna beats by $0.45, misses on revs; raises FY15 EPS (AET) : Reports Q1 (Mar) earnings of $2.39 per share, excluding non-recurring items, $0.45 better than the Capital IQ Consensus Estimate of $1.94; revenues rose 8.0% year/year to $15.09 bln vs the $15.5 bln consensus.

  • Medical membership totaled approximately 23.7 million at March 31, 2015, a sequential increase of 122,000 members.
Co issues upside guidance for FY15, raises EPS to $7.20-7.40, excluding non-recurring items, from at least $7.00 vs. $7.17 Capital IQ Consensus Estimate.

6:03 am Corp Office Props misses by $0.01, beats on revs; guides Q2 FFO in-line; guides FY15 FFO in-line (OFC) : Reports Q1 (Mar) funds from operations of $0.45 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of $0.46; revenues rose 9.7% year/year to $161 mln vs the $145.41 mln consensus.

  • Co issues in-line guidance for Q2, sees FFO of $0.48-0.50, excluding non-recurring items, vs. $0.49 Capital IQ Consensus Estimate. 
  • Co issues in-line guidance for FY15, raises FFO to $1.99-2.03 from $1.97-2.03, excluding non-recurring items, vs. $2.01 Capital IQ Consensus Estimate. 
  • The Company's same office portfolio for the quarter ended March 31, 2015 consists of 168 properties and represents 91% of the operating portfolio's total rentable square feet.

6:02 am Iron Mountain announces agreement in principle to acquire Recall Holdings (IRM) : The co announced that it has reached an agreement in principle with Recall Holdings Limited to acquire Recall by way of a recommended court approved Scheme of Arrangement for 0.1722 of an Iron Mountain common share for each Recall share. The proposed transaction between the companies is contingent on Iron Mountain and Recall conducting confirmatory due diligence and negotiating and executing mutually acceptable merger documentation and other terms and conditions.

  • "The combined company's broader footprint, stronger infrastructure and increased economies of scale will enable us to better serve our customers and address unmet document storage and information management needs around the globe. In addition, both companies' shareholders stand to benefit from potential significant synergies and tax synergies to be achieved by way of REIT conversion, currently estimated at $125 million to $140 million."
  • Under the terms of the proposed transaction, Recall shareholders will receive 0.1722 of an Iron Mountain common share for each Recall share, with Iron Mountain to establish a secondary listing on the Australian Securities Exchange to allow Recall Shareholders to trade Iron Mountain shares locally, if the Scheme of Arrangement is approved and implemented.In addition, Recall shareholders will be offered the option to elect to receive alternative consideration of A$8.50 per Recall share in cash, subject to a proration mechanism that will cap the total amount of cash consideration to be paid to Recall shareholders at A$225 million

6:02 am Nam Tai Property announces a share repurchase by way of a cash tender offer, of up to 3 mln shares for $5.50/share (NTP) : The tender offer is expected to commence on April 28, 2015 and to expire on May 29, 2015

6:01 am Lombard Medical announces entrance into a $26 mln secured term loan facility (EVAR) : Lombard Medical received $11 million in proceeds from the loan at closing on April 24, 2015. The Company has the option of drawing another $10 million after achieving a specific near-term revenue milestone, with a final $5 million becoming available after reaching an additional revenue target.

6:01 am Kamada announces executive appointments; names Amir London as Chief Executive Officer (KMDA) : Co also announced that David Tsur, co-founder and Chief Executive Officer, will become Deputy Executive Chairman of the Board and Gil Efron, currently Chief Financial Officer, will take on the added role of Deputy Chief Executive Officer. The changes are expected to go into effect in July 2015.

5:52 am S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: +1.30. :

5:52 am European Markets : FTSE...7046.04...-57.90...-0.80%.  DAX...11949.60...-90.40...-0.80%.

5:52 am Asian Markets : Nikkei...20058.95...+75.60...+0.40%.  Hang Seng...28442.75...+9.20...+0.00%.

5:51 am Boston Scientific: New data evaluating Boston Scientific's Eluvia drug-eluting vascular stent system demonstrate 94.4% primary patency rate at nine months (BSX) : The co announced that a key trial evaluating it's Eluvia Drug-Eluting Vascular Stent System met its primary endpoint, with more than 94% of the lesions treated remaining open at nine months post implantation. This was accompanied by a target lesion revascularization rate of less than 4% and no deaths or amputations

5:32 am Portland Gen Elec misses by $0.07, misses on revs; guides FY15 EPS below consensus (POR) : Reports Q1 (Mar) earnings of $0.62 per share, $0.07 worse than the Capital IQ Consensus Estimate of $0.69; revenues fell 4.1% year/year to $473 mln vs the $490.31 mln consensus. Co issues downside guidance for FY15, sees EPS of $2.05-2.20 vs. $2.28 Capital IQ Consensus Estimate and down from $2.20 - $2.35 per share prior 

  • Earnings guidance revised due to warm winter weather

4:39 am On The Wires (:WIRES) :

  • DigitalGlobe (DGI) announced the general availability of its Basemap +Vivid product for the entire African continent. Keeping pace with the rapid evolution of mapping technology, this is the first time that a complete, consistent satellite imagery base layer with 50 cm ground resolution has been available for Africa. 
  • DBV Technologies (DBVT) announced that it has been selected by EnterNext, part of the Euronext exchange, to become a member of the Tech 40 Index tier. 

4:15 am Audiocodes reports EPS in-line, misses on revs; guides FY15 EPS in-line, revs below consensus (AUDC) : Reports Q1 (Mar) earnings of $0.05 per share, in-line with the Capital IQ Consensus Estimate of $0.05; revenues rose 4.2% year/year to $37.5 mln vs the $38.64 mln consensus.

Guidance:
Co lowers guidance for FY15, sees EPS of $0.24-0.28 vs. $0.28 Capital IQ Consensus Estimate (vs $0.26-0.30 prior); sees FY15 revs of $158-162 mln vs. $164.37 mln Capital IQ Consensus Estimate (vs $162-167 mln prior).

New Chief Accounting Officer
The Company announced that it has appointed Niran Baruch as its new Chief Accounting Officer and Vice President of Finance, effective May 1st, 2015. Mr. Baruch joined AudioCodes in 2005 initially as Director of Finance and then as Vice President of Finance, responsible for the management of the finance department. Mr. Baruch has over 15 years of experience in Nasdaq traded public companies, and is a Certified Public Accountant (CPA) with a BA in Business Management and Accounting. Ofer Segev, AudioCodes' Vice President of Finance and CFO, will be leaving AudioCodes at the end of the month to pursue new challenges.

4:01 am BP beats by $0.07, beats on revs (BP) : Reports Q1 (Mar) earnings of $0.14 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.07; revenues fell 40.9% year/year to $54.2 bln vs the $51.93 bln consensus.

  • BP's first-quarter replacement cost (RC.TO) profit was $2,103 million, compared with $3,475 million a year ago. After adjusting for a net charge for non-operating items of $413 million and net unfavourable fair value accounting effects of $61 million (both on a post-tax basis), underlying RC profit for the first quarter was $2,577 million, compared with $3,225 million for the same period in 2014. 
  • The underlying result for the group was lower, mainly due to reduced profit in Upstream, which was partly offset by an improved result in Downstream, as well as certain favourable tax impacts. 
  • The Upstream result for the first quarter was a profit of $604 million comprising a loss of $545 million in the US and a profit of $1,149 million for non-US. This compares with a profit of $4,401 million for Upstream for the first quarter of 2014. 
  • All amounts relating to the Gulf of Mexico oil spill have been treated as non-operating items, with a net pre-tax charge of $332 million for the first quarter. 
    Total capital expenditure on an accruals basis for the first quarter was $4.5 billion, of which organic capital expenditure* was $4.4 billion, compared with $6.1 billion for the same period in 2014, of which organic capital expenditure was $5.4 billion.
Dividend:
BP today announced a quarterly dividend of 10.00 cents per ordinary share ($0.600 per ADS), which is expected to be paid on 19 June 2015. The corresponding amount in sterling will be announced on 8 June 2015. See page 23 for further information.

3:36 am Gold Standard Ventures to begin drilling next month on the Pinion and Dark Star Oxide Gold Deposits, Railroad-Pinion Project (GSV) : Co announced plans for the 2015 Phase 1 exploration program at its 100%-owned/controlled Railroad-Pinion Project in Nevada's Carlin Trend. The $1.2 million program includes up to 6,000 m of RC drilling at the Pinion and Dark Star oxide gold deposits, and is designed to expand known resources and test new high value targets.

2:30 am SINA adopts continuation of previous Shareholder Rights Plan (SINA) : The Rights will become exercisable only if a person or group obtains ownership of 10% or more of the Company's ordinary shares or enters into an acquisition transaction at which time each Right would enable the holder of such Right to buy additional ordinary shares of the Company.

2:18 am Total S.A. beats on top and bottom lines (TOT) : Reports Q1 EPS of $1.13 and may not comp to $0.97 Capital IQ consensus; revs declined 30% YoY to $42.3 bln vs $31.4 bln conxsensus 

  • In the Upstream, in addition to the three projects that have already started up in 2015, the Termokarstovoye gas field is scheduled to start up in the second quarter, followed by GLNG, Laggan-Tormore, Surmont 2 and Vega Pleyade in the second half of 2015. In the second quarter, production will be impacted by heavy seasonal maintenance activity, mainly in Nigeria, the United Kingdom and Norway. In addition, due to the lag effect in contractual formulas, gas prices in the second quarter will be further affected by the decreasing oil price. 
  • In addition to the volatility in energy markets, the beginning of 2015 has been marked by rising geopolitical tensions. Due to the deteriorating security conditions in Libya and Yemen, production was halted in February 2015 in onshore Libya and in April 2015 in Yemen. Due to the geographic diversity of the Group's portfolio, the impact of these events on the Group's results is limited. The Group's first priority wherever it is present is the safety of its people and the security of its installations.

1:57 am On The Wires (:WIRES) :

  • Intel (INTC) Security announced they are collaborating with KIOSK Information Systems. KIOSK provides licensing options for deployers to secure their self-service retail platforms with Intel Security's McAfee Integrity Control technology before shipment and installation, enabling safer connected Internet of Things devices used by consumers and global retailers. 
  • Technip (TKPPY), in partnership with UNICO, a Japanese engineering consultant, was awarded a Project Management Consultancy contract on a reimbursable basis, for the upgrading of the Basra refinery. This contract, awarded by South Refineries Company -- Ministry of Oil, covers the engineering, procurement, construction, commissioning, start-up and warranty management phase of the refinery upgrading project, located in Basra, Iraq.

1:34 am Biomarin Pharm announces Prosensa Therapeutics B.V. changes name to BioMarin Nederland (BMRN) : BioMarin Pharmaceutical announced that Prosensa Therapeutics B.V., a BioMarin company, changed its name to BioMarin Nederland B.V. This name change reflects the further integration of Prosensa into BioMarin. BioMarin acquired Prosensa on Jan. 15, 2015. BioMarin maintains operations at the former Prosensa headquarters, based in Leiden, The Netherlands and has integrated personnel from that office into the company.

1:31 am Sanofi-Aventis: FDA grants Fast Track Designation to Genzyme's investigational substrate reduction therapy for the treatment of fabry disease (SNY) : Genzyme, a Sanofi company, announced that the FDA has granted Fast Track designation for the development of GZ/SAR402671, a new investigational oral substrate reduction therapy for the treatment of Fabry disease.

FDA's Fast Track Drug Development Program is designed to facilitate frequent interactions with the FDA review team to expedite the clinical development and review of a New Drug Application (:NDA) for medicines with the potential to treat serious or life-threatening conditions and address unmet medical needs for such disease or conditions. It also provides the opportunity to submit sections of an NDA on a rolling basis before a sponsor submits the complete application. Genzyme is currently enrolling patients in its Phase 2a trial of GZ/SAR402671, and plans to enroll nine treatment-nave male adult patients with Fabry disease in this international, multicenter study.

1:29 am Prana Biotech's PBT2 recommended for Orphan Designation in Europe (PRAN) : Co announced the European Medicines Agency's Committee for Orphan Medicinal Products has adopted a positive opinion recommending designation of PBT2 for the treatment of Huntington disease as an orphan medicinal product to the European Commission. Following finalisation of relevant documents the European Medicines Agency forwards the opinion to the EC for its decision on the designation.

1:27 am Merrimack Pharma completes MM-398 New Drug Application Submission to FDA (MACK) : PharmaEngine announced that its licensing partner, Merrimack Pharmaceuticals has completed the rolling submission of the New Drug Application for MM-398 (irinotecan liposome injection) to the FDA in patients with metastatic adenocarcinoma of the pancreas who have been previously treated with gemcitabine-based therapy. Merrimack also announced that they have requested priority review of the MM-398 NDA by the FDA.

  • MM-398 NDA application is supported by the data from a Phase 3 study conducted in patients with metastatic pancreatic cancer who previously received gemcitabine-based therapy. MM-398 in combination with 5-fluorouracil and leucovorin achieved its primary and secondary endpoints by demonstrating a statistically significant improvement in overall survival, progression free survival, and overall response rate compared to the control arm of 5-FU and leucovorin alone. This was the first global Phase 3 study in a post-gemcitabine setting to show a survival benefit in this devastating disease. The topline and expanded analysis data were presented in June 2014 and January 2015. 

1:21 am Micron prices $550 million of its 5.250% senior notes due 2024 and $450 million of its 5.625% senior notes due 2026 (MU) :  

12:54 am On The Wires (:WIRES) :

  • Kia Motors has been working with Accenture (ACN) to develop and execute a strategy to significantly increase the effectiveness of its social media marketing. The new strategy has raised the engagement of followers and influencers with the Kia brand and optimized Kia's social marketing spend -- with results showing more than twice the level of positive interactions with followers at less than half (47%) the cost. 
  • Qualcomm Technologies, a subsidiary of Qualcomm Incorporated (QCOM), announced due to the increasing popularity of LTE-Advanced Carrier Aggregation among mobile operators in China, that there are 40 designs in the pipeline for premium tier and high-volume mobile devices in China. 

12:23 am Coeur d'Alene Mines reports 89% increase in silver reserves and 76% increase in gold reserves at palmarejo post-Paramount Acquisition (CDE) : Co announced the addition of 25.4 million silver ounces and 376,000 gold ounces to the proven and probable reserves at its Palmarejo mine in Mexico, representing 89% and 76% increases, respectively, compared to year-end 2014. Palmarejo's reserves now total 54.0 million silver ounces and 876,000 gold ounces.

  • Included in these reserves are 20.1 million silver ounces and 278,000 gold ounces at the newly-acquired deposit previously named Don Ese by Paramount Gold and Silver Corp., which is the continuation of Coeur's recently-discovered Independencia deposit.
Read the rest of the article at finance.yahoo.com

CLIFFS Natural Resources

PRODUCER
CODE : CLF
ISIN : US18683K1016
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CLIFFS Natural Res is a iron producing company based in United states of america.

CLIFFS Natural Res produces iron, coal in Australia, in Brazil and in Canada, and holds various exploration projects in Canada.

Its main assets in production are WABUSH MINE, EMPIRE AND TILDEN MINES, HIBBING TACONITE, NORTHSHORE MINE, UNITED TACONITE, OAK GROVE MINE, GREEN RIDGE MINE and PINNACLE MINE in Canada, AUSTRALIAN IRON ORE and SONOMA in Australia and AMAPA in Brazil and its main exploration properties are MT JACKSON J1 in Australia and DIAGNOS, WAWA, FREEWEST, MC FAULD'S LAKE, MACFADYEN, WAWA CLAIMS and BIG DADDY in Canada.

CLIFFS Natural Res is listed in France, in Germany and in United States of America. Its market capitalisation is US$ 3.5 billions as of today (€ 3.1 billions).

Its stock quote reached its highest recent level on May 16, 2008 at US$ 99.17, and its lowest recent point on January 15, 2016 at US$ 1.20.

CLIFFS Natural Res has 297 400 968 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
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Option Grants of CLIFFS Natural Resources
4/14/2011Declares Quarterly Cash Dividend on Common Shares
Nominations of CLIFFS Natural Resources
2/8/2011Announces Planned Retirement of William Calfee, Executive Vi...
Project news of CLIFFS Natural Resources
1/27/2016Iron ore miner Cliffs Natural posts smaller fourth-quarter l...
10/19/20159:37 am Cliffs Natural Resources issues a statement followin...
2/14/2014Cliffs Natural Resources Inc. Issues Open Letter to Sharehol...
2/11/2014Cliffs Natural Resources Inc. Announces Significant Reductio...
1/28/2014Cliffs Natural Resources Inc. Statement on Shareholder Engag...
12/12/2013Cliffs Natural Resources Inc. Reach New Labor Agreement with...
12/5/2013Cliffs Natural Resources Inc. Names P. Kelly Tompkins, Execu...
10/29/2013Cliffs Natural Resources Inc. Announces Planned Retirement o...
10/24/2013Cliffs Natural Resources Inc. Files Form 10-Q/A
10/24/2013Cliffs Natural Resources Inc. Reports Strong 2013 Third-Quar...
9/30/2013Cliffs Natural Resources Inc. Board Elects New Director
8/28/2013Cliffs Natural Resources Inc. Reports on Sustainability Prog...
8/27/2013Cliffs Natural Resources Inc. Announces Long-term Pellet Sup...
7/25/2013Cliffs Natural Resources Inc. Reports 2013 Second-Quarter Re...
7/9/2013Cliffs Natural Resources Inc. Board Elects New Director
7/9/2013Cliffs Natural Resources Inc. Announces CEO Succession Plan
6/27/2013Cliffs Natural Resources Inc. Announces Retirement of Dana B...
6/13/2013Cliffs Natural Resources Inc. Announces an Extension of its ...
6/12/2013Cliffs Natural Resources Announces Board of Director Retirem...
4/24/2013Cliffs Natural Resources Inc. Reports 2013 First-Quarter Res...
3/26/2013Cliffs Natural Resources Inc. Announces Early Warning Requir...
3/11/2013Cliffs Natural Resources Inc. Announce Plans to Idle Wabush ...
2/12/2013Cliffs Natural Resources Inc. Reports Fourth-Quarter and Ful...
1/28/2013Cliffs Natural Resources Inc. Announces Legal and Sustainabi...
1/24/2013Cliffs Natural Resources Inc. Expects to Include Non-cash Im...
10/24/2012Cliffs Natural Resources Inc. Reports Third-Quarter 2012 Res...
9/13/2012Cliffs Natural Resources Inc. Announces Executive Management...
8/3/2012Cliffs Natural Resources Inc. Reports on Sustainability Prog...
7/31/2012Cliffs Natural Resources Inc. to Webcast 2012 Analyst and In...
7/25/2012Cliffs Natural Resources Inc. Reports Second-Quarter 2012 Re...
5/2/2012Cliffs Natural Resources Inc. Announces Management Realignme...
4/25/2012Cliffs Natural Resources Inc. Reports First-Quarter 2012 Res...
4/23/2012Cliffs Natural Resources Inc. Ranked No. 34 on The Maplecrof...
3/14/2012Cliffs Natural Resources Inc. Announces Management Appointme...
3/13/2012Cliffs Natural Resources Inc. Announces Capital Allocation S...
2/15/2012Cliffs Natural Resources Inc. Reports Fourth-Quarter and Ful...
1/26/2012Cliffs Natural Resources Inc. Provides Update on 2011 Expect...
1/19/2012Cliffs Natural Resources Inc. Announces 2012 Capital Expendi...
1/5/2012Cliffs Natural Resources Inc. Reaches Agreement for Sale of ...
8/15/2011Cliffs Natural Resources Inc. Announces Four Million Share R...
7/27/2011Cliffs Natural Resources Inc. Reports Second-Quarter 2011 Re...
6/27/2011Cliffs Natural Resources Inc. Names David Webb Senior Vice P...
6/24/2011Cliffs Natural Resources Inc. to Webcast 2011 Analyst and In...
6/2/2011Cliffs Natural Resources Inc. Announces Outlook for Recently...
5/16/2011Cliffs Natural Resources Inc. Launches "Together. It Starts ...
5/9/2011(Oak Grove Mine)Announces Underground Mining Resumes at Oak Grove Mine Follo...
4/29/2011(Oak Grove Mine)Oak Grove Mine Impacted by Severe Weather in Alabama
4/12/2011Cliffs Natural Resources Inc. Receives Investment Canada Act...
4/8/2011Cliffs Natural Resources Inc. Announces Negotiated Settlemen...
Corporate news of CLIFFS Natural Resources
7/28/2016Cliffs beats 2Q profit forecasts
7/28/2016Cliffs Natural Resources Inc. Reports Second-Quarter 2016 Re...
7/8/2016Cliffs Natural Resources Inc. Comments on Nashwauk Mine Site
7/8/2016Cliffs Natural Resources Inc. to Announce Second-Quarter 201...
2/2/2016What Drove Management’s Guidance for US Iron Ore Volumes?
1/30/2016Cliffs Natural Resources: 4Q15 Earnings and Conference Call
1/27/2016Edited Transcript of CLF earnings conference call or present...
1/27/2016Will Cliffs Natural Resources’ Cost-Cutting Initiatives Work...
1/27/2016Cliffs Natural Q4 Loss Lower Than Expected, Sales Miss
1/27/2016Cliffs Natural's (CLF) Q4 Loss Narrower than Expected
1/27/2016Cliffs reports 4Q loss
1/27/2016Cliffs Natural Resources Inc. Announces Exchange Offers for ...
1/27/2016Cliffs Natural Resources Inc. Reports Fourth-Quarter and Ful...
1/27/2016Factors Impacting Iron Ore’s Performance in 2016
1/27/2016How Will the Sale of Coal Assets Impact Cliffs Natural Resou...
1/26/2016Why Earnings Season Could Be Great for Cliffs Natural Resour...
1/26/2016Does Cliffs Natural Resources’ High Debt Mean More Trouble A...
1/26/2016Could Cliffs Natural Resources’ US Volumes Fall below Estima...
1/25/2016Cliffs Natural (CLF): What's in Store This Earnings Season?
1/22/2016Low Steel Prices May Hurt Cliffs Natural Resources’ USIO Div...
1/22/2016Cliffs Natural Resources: 4Q15 Market Expectations
1/21/2016Could BHP Fall below Its Fiscal 2016 Iron Ore Guidance?
1/21/2016Will the Iron Ore Carnage Continue in 2016?
1/20/2016Rio’s Iron Ore Volume Guidance Might Have an Upside
1/19/2016Cliffs Natural Resources’ Woes Continued in the Fourth Quart...
1/19/2016What to Look for in Cliffs Natural Resources’ 4Q15 Results
1/4/2016Cliffs Natural Resources Inc. Announces Increase in Conversi...
1/4/20164:19 pm Cliffs Natural Resources announces an increase in th...
12/28/2015FBR Slashes Cliffs Price Target To $1.00, Sees 37% Downside
12/24/2015Should Cliffs Be Concerned about US Steel Industry’s Shift t...
12/24/2015Is More Downside for Cliffs Natural Resources on the Horizon...
12/23/2015Cliffs Closes Sale of Remaining North American Coal Business
12/22/2015Cliffs Natural Resources Inc. Completes the Sale of its Rema...
12/21/2015How the US Steel Industry’s Woes Have Impacted Cliffs
12/21/2015Dimming US Steel Industry Pressured Cliffs’ YTD Share Prices
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11/4/2015Cliffs Natural Resources: 3Q15 Earnings and Conference Call
11/2/2015What Can Cliffs Do to Weather the Industry Downturn?
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10/30/2015Energy Future Bondholders Look to Challenge $890 Million Cou...
10/30/2015Cliffs’s Asia Pacific Iron Ore Division: More Cost Cuts?
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10/29/2015What Does Terminated Contract with Essar Algoma Mean for Cli...
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10/23/2015How Might Cliffs’s USIO Division’s Realized Revenue Fare in ...
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10/16/2015Cliffs to Announce 3Q15 Results on October 29
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10/15/2015What Impacts Iron Ore Miners’ Break-Even Costs?
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10/6/20154:20 pm Cliffs Natural Resources Terminates Pellet Supply Ag...
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9/29/2015China’s Weak Steel Production Outlook Will Hurt Iron Ore Min...
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9/24/2015Should You Get Rid of Cliffs Natural Resources (CLF) Now?
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8/11/2015Assessing Cliffs’ Position after Its 2Q15 Results
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8/5/2015Cliffs’ US Iron Ore Segment Reports Lower Realized 2Q15 Reve...
8/4/2015Key Highlights of Cliffs Natural Resources’ 2Q15 Earnings
8/4/2015Cliffs Natural Resources 2Q15 Results Miss Estimates
8/4/2015Is Steel A Better Trade In The Second Half Of 2015?
8/1/201510-Q for Cliffs Natural Resources, Inc.
7/31/2015Cliffs Natural Resources Inc. Announces Tender Offer for its...
7/30/2015Edited Transcript of CLF earnings conference call or present...
7/29/2015How are Cliffs’s Cost-Cutting Initiatives Progressing?
7/29/2015Cliffs Natural's (CLF) Q2 Earnings Reverses Year-Ago Loss - ...
7/29/2015Cliffs misses Street 2Q forecasts
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7/9/2015Can Cliffs Gain from Capacity Cuts in US Integrated Steel Ma...
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4/21/2015Communications Sales & Leasing Set to Join the S&P MidCap 40...
4/21/2015Will Sigma-Aldrich (SIAL) Miss Earnings Estimates in Q1? - A...
4/16/2015Demerger Vote for BHP Billiton and South32 Is on May 6
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4/14/2015Brazil’s Iron Ore Exports Rose to a 3-Month High in March
4/14/2015Is Cheaper Australian Iron Ore Displacing Chinese Production...
4/13/2015Another huge bullish bet on Cliffs
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4/2/2015TransDigm Announces the Hiring of Terrance Paradie as Execut...
4/2/2015Ally Financial and Whiting Petroleum: The Biggest Debt Issue...
4/2/2015High Yield Debt Issuance Gains Momentum
4/2/2015Cliffs Natural Resources Inc. Names P. Kelly Tompkins New Ch...
3/31/2015Cliffs’ US Iron Ore Segment Is Doing Okay – for Now
3/31/2015U.S. Steel Idles Iron Ore Plant: What’s the Impact on Cliffs...
3/31/2015Bloom Lake Liabilities – Is There Really No Recourse for Cli...
3/30/2015Cliffs Natural Resources Inc. Announces Successful Completio...
3/30/20154:17 pm Cliffs Natural Resources announces successful comple...
3/30/2015Why the US Steel Industry Is Important to Cliffs
3/27/2015Cliffs Natural (CLF) Extends Exchange Offer for Senior Notes...
3/27/2015Cliffs Natural Resources Inc. Declares Quarterly Cash Divide...
3/26/2015Cliffs Natural Resources stock prices in a changing environm...
3/26/2015Cliffs Natural Resources Inc. Announces Extension of Exchang...
3/25/2015Cliffs Natural Resources Inc. Announces Pricing of $540,000,...
3/16/2015The 52-Week Low Club for Monday
3/12/2015Cliffs Natural Resources Inc. Announces Results to Date of E...
3/12/2015Cliffs Natural Resources Inc. Announces Results to Date of E...
3/10/2015Cliffs (CLF) Ratings Downgraded by Moody's, Outlook Stable -...
3/9/2015Analyst Sees Cliffs Natural Resources Redlining Debt Pacts
3/9/2015UPDATE: Axiom Capital Management Downgrades Cliffs Natural R...
3/6/2015Cliffs Natural Resources Inc. Announces Increase in Size of ...
3/5/2015Cliffs Natural Resources Inc. Announces Increase in Size of ...
2/14/2014Cliffs Natural Resources Inc. Reports Full-Year 2013 Revenue...
2/13/2014Cliffs Natural Resources Inc. Announces the Appointment of G...
2/11/2014Cliffs Natural Resources Inc. Declares Quarterly Cash Divide...
11/21/2013Cliffs Natural Resources Inc. Announce Plans to Halt Develop...
11/12/2013Cliffs Natural Resources Inc. Declares Quarterly Cash Divide...
10/25/2013Cliffs Natural Resources Inc. Announces the Appointment of N...
9/10/2013Cliffs Natural Resources Inc. Declares Quarterly Cash Divide...
8/29/2013Cliffs Natural Resources Inc. and United Steelworkers Reach ...
8/2/2013Cliffs Natural Resources Reaches Tentative Agreement with th...
7/9/2013Cliffs Natural Resources Inc. Declares Quarterly Cash Divide...
7/2/2013Cliffs Natural Resources Inc. Restarts its Wabush Scully Iro...
6/29/2013Cliffs Natural Resources Inc. Temporarily Idles its Wabush S...
6/12/2013Cliffs Natural Resources Temporarily Suspends its Chromite P...
5/8/2013Cliffs Natural Resources Inc. Declares Quarterly Cash Divide...
4/26/2013Cliffs Natural Resources Inc. Announces Planned Departure of...
3/20/2013Cliffs Natural Resources Inc. Declares Cash Dividend on Pref...
2/15/2013Cliffs Natural Resources Inc. Prices Public Offering of Comm...
2/12/2013Cliffs Natural Resources Inc. Announces Public Offering of C...
11/13/2012Cliffs Natural Resources Inc. Declares Quarterly Cash Divide...
11/12/2012Cliffs Natural Resources Inc. Finalizes Sale of its Sonoma C...
7/10/2012Cliffs Natural Resources Inc. Announces Sale of its Sonoma C...
7/10/2012Cliffs Natural Resources Inc. Declares Quarterly Cash Divide...
6/15/2012Cliffs Natural Resources Announces North American Thermal Co...
2/7/2012Cliffs Natural Resources Inc. to Dissolve Michigan Iron Nugg...
1/11/2012Cliffs Natural Resources Inc. Declares Quarterly Cash Divide...
12/5/2011Cliffs Natural Resources Inc. Announces Anticipated Producti...
10/11/2011Cliffs Natural Resources Inc. Pinnacle Mine Resumes Longwall...
9/1/2011Cliffs Natural Resources Inc. Reaches Labor Agreement with U...
7/12/2011Cliffs Natural Resources Inc. Board of Directors Approves 10...
6/24/2011Cliffs Natural Resources Inc. Provides Update on Pinnacle Mi...
6/13/2011Cliffs Natural Resources Inc. Closes Public Offering of Comm...
6/8/2011Cliffs Natural Resources Inc. Prices Public Offering of Comm...
6/6/2011Cliffs Natural Resources Inc. Announces Public Offering of C...
5/12/2011Cliffs Natural Resources Inc. and Consolidated Thompson Iron...
5/10/2011Ranks in Top Tier of the Barron's 500 List for 2011
5/9/2011Receives Clearance from Chinese Ministry of Commerce to Proc...
5/6/2011Joins Ranks of the Fortune 500
4/29/2011Reports First-Quarter 2011 Results
4/21/2011Announces Settlement Agreement with Essar Steel Algoma Inc.
2/25/2011Cliffs Natural Resources Inc. Announces Consolidated Thompso...
2/16/2011Reports Fourth-Quarter and Full-Year 2010 Results
7/28/2008 Merge, Creating Cliffs Natural Resources
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NYSE (CLF)PARIS (CLF.PA)
11.65-3.20%12.65+2.85%
NYSE
US$ 11.65
09/20 12:56 -0.390
-3.2%
Prev close Open
12.03 11.91
Low High
11.42 11.95
Year l/h YTD var.
10.91 -  22.83 -41.07%
52 week l/h 52 week var.
10.91 -  22.83 -19.27%
Volume 1 month var.
5,452,338 -6.05%
24hGold TrendPower© : -3
Produces Coal - Iron
Develops
Explores for Diamonds - Gold - Iron - Palladium - Platinum
 
 
 
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Last updated on : 2/8/2010
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DateVariationHighLow
2024-42.97%22.9711.42
202326.75%22.8313.62
2022-26.00%34.0411.83
202149.52%26.5112.77
202077.13%9.9610.12
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
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