9:56 am Dow -37 and S&P -5.4 join Nasdaq Comp -33 below yesterday's lows (:TECHX) :  

9:53 am Nasdaq 100 -15, Nasdaq Comp -18 slip under yesterday's lows, Dow -15 and S&P -1 are range trading slightly above (:TECHX) :  

9:52 am Retails stocks (XRT -0.7%) fall below support at the $40 level to a two year low (XRT) :  

9:48 am Sector laggards (:TECHX) : Sectors that have underperformed thus far this morning include: Silver SLV, Bold GLD, Auto Parts, Solar TAN, Auto, Airline JETS, Social Media SOCL, Defense PPA, Home Const ITB, Trucking.

9:47 am Sector Summary: Industrials open slightly higher, but reverse gains (:SUMRX) :

Industrials are slightly down this morning (XLI -0.1%), after opening higher, which is behind the broader market (SPY +0.2%). Transportatnion stocks are slightly down again this morning (IYT -0.2%) after falling ~ 3.8% yesterday. 

Earnings

CLARCOR(CLC +3.8%) beat on Q4 EPS of $0.74 per share vs the Capital IQ Consensusof $0.72; revenues fell 9.9% Y/Y to $372.5 mln vs the $378.76 mln Capital IQConsensus.

• Co issued FY16 guidance for EPS of $2.60-2.80 vs. $2.73 Capital IQ Consensus Estimate and FY16 revs of $1.375-1.415 bln vs. $1.46 bln Capital IQ Consensus Estimate.
• "Macroeconomic pressures that have been adversely affecting many U.S. industrial companies also negatively impacted our financial performance in the fourth quarter, causing our fourth quarter 2015 non-GAAP adjusted net sales, after removing net sales from our packaging business from all periods, to decline approximately 5% from last year's fourth quarter."

News

• II-VI (IIVI +0.4%) has expanded its 980 nm pump laser assembly lines with a newfacility in the Philippines and additional capacity in China. Co expects thesecapacity increases to begin contributing to production Q1, and to be fullyoperational in Q2.
  
• Scorpio Tankers (STNG -0.9%) received a commitment to up-size its previously announced $87.0 mlncredit facility with ING Bank to $132.5 mln.
  
• Noble Group (NOBGY): Fitch affirmed Noble Group'sratings at 'BBB-' with Outlook for IDR Stable; the affirmation was primarilydriven by improved balance sheet providing sufficient liquidity followingdisposal of remaining stake in Noble Agri.
  
• Embraer SA (ERJ -1.1%) reported Q4 deliveries of 33commercial and 45 business jets. Of the 45 business jets, 25 are light jets and20 are large. This is the highest volume of deliveries in 5 years. Thefirms order backlog has reached $22.5 bln.

Broker Calls

• CSX (CSX +2.0%)
  • Target lowered to $27 at RBC Capital Mkts. 
  • Upgraded to Buy from Hold at BB&TCapital Mkts.
• Spirit Airlines (SAVE +1.0%) initiated with a Overweight at JP Morgan;target set at $52 (currently ). 
• Virgin America (VA  -2.0%) initiated with a Underweightat JP Morgan.
• Actuant (ATU -0.8%) initiated with a Mkt Perform at Avondale. 
• easyJet (ESYJY) downgraded to Equal-Weight at Morgan Stanley.
  

9:47 am Opening Market Summary: Futures Signal Slightly Higher Open (:WRAPX) :

Equity indices all briefly opened above their flat lines, but at this juncture the S&P 500 (+0.2%) and the Dow Jones Industrial Average (+0.2%) lead the Nasdaq (UNCHF).

On the leaderboard, utilities (+1.0%), energy (+0.7%), consumer staples (+0.4%), and telecom services (+0.3%) lead while consumer discretionary (-0.3%), technology (-0.1%), and materials (-0.1%) trail. 

Meanwhile in commodities, WTI crude has slipped from its overnight high but remains higher by 1.5% at $30.94/bbl.

Treasuries have spent their morning on their highs with the 10-yr yield higher by three basis points at 2.07%. 

9:46 am Trade turns choppy/mixed after mildly firmer start -- Dow +16, S&P +2.9, Nasdaq Comp -0.2 (:TECHX) :  

9:45 am Fiat Chrysler confirms lawsuit alleging that FCA US offered financial incentives to falsely report vehicle sales by reporting retail unit sales in one month and reversing them in the following month (FCAU) :

The co announced it has become aware that a lawsuit has been filed against FCA US LLC (FCA US) by a dealer in the U.S. alleging that FCA US offered it financial incentives to falsely report vehicle sales by reporting retail unit sales in one month and reversing them in the following month.

• While the lawsuit has not yet been served on FCA US, the company believes that the claim is without merit and was filed by internal counsel to the dealer group as FCA US has concurrently been discussing with the dealer group the need to meet its obligations under some of its dealer agreements. The company states it is confident in the integrity of its business processes and dealer arrangements and intends to defend this action vigorously.

9:45 am Yelp extends its January distribution down -30% on a downgrading, allowing it to probe the $20-mark at fresh multi-year lows. (YELP) : Note its 2012 IPO lows come in play around the $14-level.

9:45 am Chipotle Mexican Grill continues recovery (CMG) : Noted yesterday in early trade that CMG was displaying some relative strength with it probing the high of Tuesday's two year low bar at 420.79. The breach of this technical barrier, commentary from the company at a conference and from the Street helped to underpin lifting the stock as high as 432.30. An upgrade this morning contributed to the recovery with it gapping up and extending to 452.50 this morning.

9:38 am ProPhase provides update on current flu season; new product launch of TK supplements (PRPH) :

Co noted that key industry statistics reveal that according to IMS Health, the incidence of upper respiratory illness across the country has been down double digits for the current cold season to date compared to the prior year cold season.

• For the week ending December 31, 2015, cold and flu related illnesses are down ~25% as compared to the week ending December 31, 2014.
• As the Company has previously reported, the category of cough and cold product sales, including our Cold-EEZE sales, are highly correlated to the incidence of upper respiratory illness. With a mild cough and cold season this winter, co is expecting a corresponding impact on sales.

NEW PRODUCT LAUNCH

• In order to offset the seasonality of our revenues and our dependence on the severity of the cold season, co is launching a new product line of over the counter, dietary supplements that will leverage our existing infrastructure, retail relationships and sales force.
• Following ~2 years of successful development, co is making first foray into the dietary supplements category with the launch of our new line of TK Supplements

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

• Cerus (CERS) announced that AABB has granted the first requests of U.S. blood centers and hospitals to use INTERCEPT pathogen reduction in place of irradiation to satisfy AABB's requirement to reduce the risk of transfusion-associated graft versus host disease.
• Great Panther Silver (GPL) reported a theft of explosives from one of the mines at its Guanajuato Mine Complex.
• Diebold (DBD) introduced a mobile-enabled self-checkout concept; enables consumers to scan items they want to purchase while shopping in-store via their mobile device.
• Amazon (AMZN) and PBS announced a content licensing agreement to make Prime Video the exclusive subscription streaming home for the new PBS original series Mercy Street, with each episode available to Prime members in the U.S. seven days after broadcast on PBS stations. 
• Carnival (CCL) appoints Roger Chen as chairman in China. Additionally, the company has announced plans to operate two additional cruise brands in China in 2017. Carnival Cruise Line and AIDA Cruises will join Costa Cruises and Princess Cruises in the Chinese market in 2017
• Diana Shipping (DSX) subsidiary into a time charter contract with Transgrain Shipping for one of its Panamax dry bulk vessels, the m/v Nirefs. The charter is expected to commence tomorrow. This employment is anticipated to generate ~$1.5 mln of gross revs for the minimum scheduled period of the time charter.
• Oshkosh Defense Canada (OSK) filed a challenge with the Canadian International Trade Tribunal of Public Works and Government Services Canada's now Public Services and Procurement Canada, contract award decision for the Medium Support Vehicle System Standard Military Pattern procurement. The MSVS SMP contract award was announced in July 2015 and valued at CAD 834 mln. The challenge process, which is the legal process designed to provide an independent review of Canadian Government procurements, was initiated by Oshkosh on January 6, 2016 and the CITT has now accepted the inquiry based on Oshkosh's filing.
  

9:29 am Canadian Pacific responds to Union Pacific (UNP); confident the STB will assess the proposed merger on its merits, without any pre-conceived ideas or external pressure (CP) : In response to UNP CEO comments from 2011 and 2013 arguing that consolidation enables the railroad to create "an efficient system removing bottlenecks and inefficient operations, including unnecessary interchanges, and increasing single-line service.", CP states, "CP is confident the STB will assess the proposed merger on its merits, without any pre-conceived ideas or external pressure."

9:23 am LRAD: Iroquois Capital delivers letter nominating two candidates to the Board (LRAD) : Iroquois Capital states, "Unfortunately, it now appears that despite our efforts in 2013, management remains in control and perpetuating what we view as a problematic, value-destructive status quo while demonstrating little accountability for performance. ... In order to drive the level of change that we believe is required at LRAD, we have determined to provide shareholders with alternative nominees to elect at LRAD's 2016 annual meeting of shareholders. "

9:16 am TEGNA and NBC have agreed to renewal of affiliation agreements of all 17 TEGNA Media NBC stations (TGNA) :  

9:12 am S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +21.00. (:WRAPX) :

The stock market is on track for a modestly higher open with S&P 500 futures trading ten points above fair value. Futures have climbed in recent action as they moved off overnight lows. 

Overnight, the People's Bank of China continued to fix the yuan slightly higher and injected 160 billion yuan in reverse 7-day repos. This did little to calm markets outside of China as regional indices declined with the exception the Shanghai Composite (+2.0%). Meanwhile in Europe, the ECB released its policy minutes, cut its deposit rate to -0.3% from -0.2%, and extended asset purchasing by six months to March 2017. The two policy moves disappointed regional indices, which were expecting stronger actions.

The week thus far has been quiet on the economic front, but participants received a few data points this morning. This week's initial jobless claims disappointed showing an increase to 284,000 (Briefing.com consensus 275,000) while continuing claims rose to 2.263 million from last week's revised tally of 2.234 million (2.230 million). Separately, export prices, excluding agriculture, decreased 1.0% in December. Excluding oil, import prices decreased 0.4%.

On the corporate front, JPMorgan Chase (JPM 58.60, +1.26) trades higher by 2.2% following the company releasing Q4 earnings this morning. The company reported a beat with EPS coming in at $1.32/share and revenue tallying at $22.9 billion. Elsewhere, Infosys (INFY 17.62, +1.16) has climbed 7.1% after reporting a Q3 earnings of $0.23, narrowly beating consensus expectations and beating on revenue. Additionally, the company raised FY 2016 guidance from revenue growth of 11.5%-13.5% to +12.8%-13.2%.

In Treasuries, the benchmark note has moved off its high, but the yield on the 10-yr note remains lower by one basis point at 2.08%. 

9:02 am Isle of Capri Casinos announces retirement of President and CEO Virginia McDowell at year's end (ISLE) :

• President and CEO Virginia McDowell will retire from the company and board, effective April 27 2016
• Isle's current CFO Eric Hausler will succeed McDowell as CEO

McDowell states, "I believe now is the right time for me to retire and allow this team to bring new excitement, energy, ideas and perspectives to the company"

9:02 am First Business Financial appoints Ed Sloane, Jr. as CFO, effective January 19 (FBIZ) : Sloan most recently served as EVP, CFO and Treasurer with Peoples Bancorp.

9:02 am LendingTree adds $50 mln to repurchase program (TREE) :

This stock repurchase authorization is in addition to the May 2014 $10 million repurchase program expansion, of which approximately $7.3 million remains.

• "...while we haven't yet given updated guidance for 2016, the year is off to a great start and we expect to release increased 2016 guidance at our next earnings call."

9:01 am Gold Resource FY15 production meets guidance (lowered last quarter) (GORO) :

• Preliminary production for the 2015 year was ~29,644 gold ounces and 2,506,000 silver ounces, meeting its revised annual production targets of 29,600 gold ounces and 2,500,000 silver ounces. Fourth quarter gold and silver production totaled ~7,684 ounces and 573,726 ounces respectively. Annual base metal production included approximately 1,310 tonnes of copper, 4,174 tonnes of lead and 13,900 tonnes of zinc.
• Base metal production is not reported in the Company's precious metal AuEq production results, as the Company uses revenues generated from base metal sales as a by-product credit to offset against its total cash cost measure.

9:00 am BOK Financial announces asset purchase agreement with E-Spectrum Advisors (BOKF) : Co announces that it has signed an asset purchase agreement with E-Spectrum Advisors, a boutique energy investment banking firm based in Dallas. Terms of the transaction were not disclosed.

• E-Spectrum Advisors offers a range of oil and natural gas property sales and strategic advisory services to clients and has closed more than 150 transactions with an aggregate value of more than $10 bln since 1997.
• Co states: "Despite the current commodities downturn, we see significant opportunity in the energy industry... With that expertise under the BOK Financial umbrella, we now bring a complete banking solution to our energy customers, including traditional banking services, acquisition and divestiture advisory, and derivatives risk management ..."
  

8:58 am S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +19.10. (:WRAPX) :

The S&P 500 futures trade nine points above fair value. 

Equity markets in the Asia-Pacific region endured another session that ended with losses in most markets while China's Shanghai Composite outperformed, climbing 2.0%. Keep in mind that even after today's rally, which was reportedly assisted by a sizable liquidity injection from the People's Bank of China, the index is still down 15.0% already this year. Elsewhere, Japan's Nikkei was down more than 4.0% in the early going, but narrowed its loss to 2.7% by the close. It is worth noting that investor sentiment appeared to be improving in the early going, but reports of a terrorist attack in Jakarta, Indonesia weighed on risk tolerance.

• In economic data:
  • Japan's November Core Machinery Orders -14.4% month-over-month (expected -7.9%; previous 10.7%); +1.2% year-over-year (consensus 6.3%; last 10.3%). Separately, December CGPI -0.3% month-over-month (expected -0.4%; previous -0.1%); -3.4% year-over-year (consensus -3.5%; prior -3.6%)
  • Australia's December Employment Change -1,000 (expected -12,500; previous 75,000) and Unemployment Rate held at 5.8% (consensus 5.9%)
  • New Zealand's December Electronic Card Retail Sales -0.2% month-over-month (expected 0.5%; prior 0.3%); +5.3% year-over-year (last 3.7%)
  • India's December WPI Inflation -0.7% year-over-year (consensus -1.2%; previous -2.0%)
  • The Bank of Korea left its key interest rate unchanged at 1.5%, as expected

---Equity Markets---

• Japan's Nikkei fell 2.7% with every sector losing more than 1.8%. The decline was paced by industrials (-3.3%) and health care (-3.3%) while energy (-3.0%) and consumer staples (-3.0%) also struggled notably. Sumitomo, Eisai, Alps Electric, Sony, Toho, Sharp, and Mitsubishi Heavy Industries fell between 4.2% and 5.8%. On the upside, only five names posted gains with Nikon advancing 3.0% after receiving an analyst upgrade.
• Hong Kong's Hang Seng rallied into the close, but still lost 0.6%. Consumer names like Want Want China, Li & Fung, and CK Hutchinson lost between 1.1% and 4.3% while property names also finished near the bottom. New World Development, Cheung Kong Property Holdings, and Henderson Land registered losses between 1.1% and 2.6%.
• China's Shanghai Composite gained 2.0%. Baoshan Iron & Steel, Wuhan Iron & Steel, and Shanxi Coal posted gains between 2.9% and 8.2%. Elsewhere, Bank of China added 0.3% and CITIC Securities gained 2.5%.

Major European indices have retreated steadily through the early portion of the trading day with Germany's DAX (-2.1%) and France's CAC (-2.0%) leading the slide. European markets have not shown much of a reaction to the latest policy decision and meeting minutes from the Bank of England. The central bank kept its key rate and the purchase program unchanged at their respective 0.5% and GBP375 billion while the minutes showed no change in sentiment among policymakers. Eight members voted for no change to policy while Ian McCafferty remained in the rate hike camp.

• In economic data:
  • Germany's December WPI -0.8% month-over-month (expected 0.1%; previous -0.2%) and Annual GDP +1.7% (expected 1.6%; previous 1.6%)
  • Italy's November Industrial Production -0.5% month-over-month (consensus 0.2%; last 0.5%); +0.9% year-over-year (expected 2.5%; last 3.0%)

---Equity Markets---

• Germany's DAX has slid 2.1% with all but one component trading in the red. Daimler, BMW, and Deutsche Bank are down between 4.0% and 5.0% while K+S has added 0.2%. Elsewhere, Bayer, Merck, and Adidas have given up between 1.9% and 3.0%.
• France's CAC trades down 2.0% amid broad weakness. Renault has tumbled 18.5% after French authorities raided the company's offices. Peer Peugeot is the second weakest performer, down 6.2%, while financials BNP Paribas, Credit Agricole, and Societe Generale show losses between 1.9% and 3.2%.
• UK's FTSE is lower by 1.2% with discretionary names struggling while a handful of consumer staples outperform. InterContinental Hotels, TUI, and EasyJet are down between 3.6% and 6.7% while Tesco and Sainsbury show respective gains of 3.9% and 1.4% after Tesco beat sales estimates.

8:58 am On The Wires (:WIRES) :

• ManTech Advanced Systems (MANT) received a a prime contract to design, develop, deploy, and provide operational maintenance support for a web-based Enterprise Terminology Tooling Suite and a compatible stand-alone PC-based Terminology Integrated Development Environment. The firm-fixed-price contract has a 12-month base period of performance with two 6-month option periods and a potential total value to ManTech of $25.6 mln.
• CounterPath (CPAH) has agreed to resell Bria and Stretto with Apps2com and ITAC to expand distribution in France.
• Orbital (OA) awarded a $47 million contract from the U.S. Air Force Space and Missile Systems Center Launch Systems Directorate for the development of a solid rocket propulsion system prototype to support the Evolved Expendable Launch Vehicle program for national security space missions. The Air Force award includes options for additional scope, valued at up to $133 million.
• MagneGas (MNGA) announced today that a previously announced major waste to energy company, which had placed initial orders of MagneGas2 fuel, has now expanded use of the fuel into multiple facilities. The Company has been using MagneGas2 for steel refurbishment and repairs and has decided to expand the use of MagneGas2 into a total of 6 facilities. In addition, they have requested MagneGas2 for additional locations in states in which the Company intends to service as additional fuel production facilities come online.
• FuelCell Energy (FCEL) received contingent certification for a prospective pathway for its renewable hydrogen generation solution using fuel cells at wastewater treatment facilities under the Low Carbon Fuel Standard, administered by the California Air Resources Board. Under the LCFS, certified pathways define the carbon intensity of various types of alternative fuels. The new tri-generation pathway has a remarkable negative carbon intensity, meaning that a vehicle using hydrogen fuel from tri-generation is not only carbon free, but in fact is offsetting carbon emissions compared to alternatives.

8:57 am Filings, Offerings and Pricings (:PRICE) :

Filings:

• Bluerock Residential Growth (BRG) files ~2.262 mln share Class A common stock offering by selling stockholders

8:46 am Brown-Forman to sell its Southern Comfort and Tuaca trademarks to Sazerac for $543.5 mln (BF.A) : The sale of these brands is expected to close by March 1, 2016 resulting in a one-time operating income gain for Brown-Forman of approximately $475 million in fiscal 2016. The transaction, which is subject to regulatory clearance in the U.S. and customary closing conditions, will be discussed in further detail during Brown-Forman's March conference call following the issuance of its third quarter earnings release.

8:42 am Sarepta Therapeutics pops then pulls back after FDA does not approve BioMarin's (BMRN) DMD (muscular dystrophy) drug; SRPT AdCom is next Friday (SRPT) :

• The Advisory Committee for SRPT's DMD drug is Jan 22; PDUFA date is Feb 26.
• BMRN: FDA has concluded that the standard of substantial evidence of effectiveness has not been met. BioMarin is reviewing the Complete Response Letter and will work with the FDA to determine the appropriate next steps regarding this application.
• The AdCom did not go well so this news isn't a huge surprise; BMRN slightly higher after initially dropping.

8:34 am Gapping down (SCANX) : Gapping down
In reaction to disappointing earnings/guidance: GPRO -26.4%, (lowers Q4 guidance; will cut workforce by ~7%; SVP of Entertainment resigns, takes Board seat), PSG -15.6%, BBY -8.6%, SAR -3.5%, ATML -3.1%, WTR -1.9%

Select EU related names showing weakness with the DAX -2%+ today: IHG -4.2%, DB -2.1%, CS -1.5%, RCL -1.5%, RACE -1.3%, CCL -1.3%, BCS -1%


Other news: CGG -24.8% (following yesterday's rights offering), AMBA -10% (in symp GPRO guidance), AUY -2.2% (provides preliminary 2015 operational results; also downgraded to Equal Weight from Overweight at Barclays), SBUX -0.5% (issues statement on Jarkarta attacks; reports indicate explosion occurred in one of its stores)

Analyst comments: YELP -6.5% (downgraded to Sell from Neutral at B. Riley & Co), NVDA -2.6% (downgraded to Underweight from Equal Weight at Barclays), UBNT -2% (downgraded to Mkt Perform from Outperform at Bernstein)

8:34 am S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +16.00. (:WRAPX) :

The S&P 500 futures trade nine points above fair value.

The latest weekly initial jobless claims count totaled 284,000 while the Briefing.com consensus expected a reading of 275,000. Today's tally was below the unrevised prior week count of 277,000. As for continuing claims, they rose to 2.263 million from last week's revised tally of 2.234 million (2.230 million).

Separately, export prices, excluding agriculture, decreased 1.0% in December. Excluding oil, import prices decreased 0.4%.

8:32 am VOXX Intl appoints Loriann Shelton as COO; previously SVP and CAO (VOXX) :  

8:31 am Smart Tech announces receipt of notice of delisting from Nasdaq and intention to appeal (SMT) :  

8:31 am Gapping up (SCANX) : Gapping up
In reaction to strong earnings/guidance: BGFV +6.8%, INFY +5.7%, MTN +3.3%, (Season-to-date lift ticket rev +19.4%; expects to exceed EBITDA guidance ), JPM +1.8%, CLC +1.6%, WNS +1.1%, BCE +0.5%

M&A news: WBMD +7.1% (in talks with a number of potential buyers over parts or all of its business, according to the FT),FORTY +2.9% (Formula Systems and Israel Aerospace Industries acquire military unit of Ness Tech (:NSTC) for $50 mln)

Select financial related names showing strength after JPM earnings: MS +1.6%, C +0.8%, BAC +0.7%

Select metals/mining stocks trading higher: HMY +3.9%, BBL +2.4%, VALE +2.2%, BHP +1.8%, RIO +1.5%

Select oil/gas related names showing strength: EPE +5.8%, SN +3.9%, TOT +2.7%, BP +2.3%, OAS +2%, COG +1.8%, RDS.A +1.2%, CHK +1.1%

Other news: IPCI +11.8% (announces successful bioequivalence results for abuse deterrent Rexista Oxycodone XR),MNKD +5.1% (cont pre-mkt volatility),ERIC +2.4% (extends patent cross license agreement with Huawei)

Analyst comments: TRGP +5.3% (upgraded to Buy from Hold at Jefferies),CMG +1.8% (upgraded to Buy from Outperform at Credit Agricole)

8:31 am Ardmore Shipping announces successful refinancing; extends debt maturities, lowers interest rates, and strengthens financial flexibility (ASC) :

• Co announced that it has completed a refinancing of substantially all of its outstanding debt
• This refinancing strengthens the Co's financial flexibility by extending debt maturities to 2022 and smoothing out its repayment profile, providing additional borrowing capacity to support accretive growth, and lowering the Co's cost of debt. Ardmore has received total senior secured term loan commitments of $364 million across two facilities.

8:30 am Market View: Mar. E-mini stock-index futures maintain a bid above fair values here following the 8:30 am ET economic data points (:TECHX) :

• ESh6 now +8.00
  
  
• YMh6 now +69
  
  
• NQh6 now +7.25

8:30 am Biomarin Pharm receives Complete Response Letter from the FDA regarding its NDA for Kyndrisa for the treatment of Duchenne muscular dystrophy amenable to exon 51 skipping (BMRN) :

The FDA issues Complete Response letters to indicate that the review cycle for an application is complete and that the application is not ready for approval in its present form. FDA has concluded that the standard of substantial evidence of effectiveness has not been met. BioMarin is reviewing the Complete Response Letter and will work with the FDA to determine the appropriate next steps regarding this application.

• The ongoing Kyndrisa extension studies will continue, as will the ongoing clinical trials for other exon-skipping oligonucleotides, BMN 044, BMN 045 and BMN 053, while BioMarin is exploring next steps for this application. Patients currently receiving Kyndrisa, BMN 044, BMN 045 and BMN 053 will remain on therapy.

8:27 am Cheniere Energy expects to export the first liquefied natural gas commissioning cargo from its Sabine Pass liquefaction project in late February or March 2016; initially expected to occur by late January (CQP) :

CEO states, "With construction of Train 1 finished, we remain well ahead of the guaranteed contractual schedule with Bechtel, anticipate no issues in meeting all contractual targets and guaranteed completion dates, construction for Trains 2-5 is on accelerated schedule, these trains are expected to come on-line on a staggered basis, Bechtel will hand over control of each train as they complete its scope of work"

• Co. plans to construct up to six liquefaction trains
• Each liquefaction train expected to have production capacity of ~4.5 "mtpa" of LNG
• Has entered into six LNG SPA's that equates to ~19.75 mtpa of LNG

8:23 am Rentrak sees FY16 at high end of guidance; guides FY17 rev above estimates; offers longer term outlook (RENT) :

• Co sees FY16 (March) adj. EBITDA $25.6 mln vs. $22.7-25.9 mln guidance; revs $142.9 mln vs $140-143 mln guidance and $139.29 mln Capital IQ Consensus
• FY17 EBITDA $43.3 mln, rev $201.5 mln vs. $190.4 mln consensus
• FY18 EBITDA $64.8 mln, $274.7 mln.
• FY19 EBITDA $89.9 mln, rev $358.4 mln.

8:08 am Hansen Medical also details key near-term clinical, regulatory and commercial events (in addition to confirming strategic alternatives - halted to resume 8:30am ET) (HNSN) :

• ARTISAN IDE Study: As of January 8, 2016: 148 subjects have been enrolled and treated, and 2 cases are pending to complete full enrollment of 150. In preparation for future commercialization, the initial PMA shell was submitted to FDA, paving the regulatory pathway. This clinical trial includes a Bayesian adaptive design, which permits an interim analysis and incorporates stopping rules to evaluate early success or futility.
• Indication Expansion Plans: Hansen Medical has begun the preparatory process to submit the 510k to FDA for a neurological indication for the Magellan Robotic System. The company anticipates submitting a 510k to the FDA in Q1 2016 for this expanded indication.

8:06 am S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +7.00. (:WRAPX) :

U.S. equity futures trade near their highs with S&P 500 futures currently trading four points above fair value.

In Treasuries, the benchmark note has moved off its high but the 10-yrs yield remains lower by one basis points at 2.09%.

On the economic front, the weekly Initial Claims Report (Briefing.com consensus 275k) and December Import/Export Prices will cross the wires at 8:30 ET.

In U.S. corporate news of note:

• JPMorgan Chase (JPM 58.40, +1.06): +1.9% after reporting a 4Q beat with EPS coming in at  $1.32/share and revenue coming in at $22.9 billion 
• GoPro (GPRO 11.15, -3.46): -23.7% following the company guiding Q4 revenue below consensus to $435 million from $500-550 million. The company also announced that it will be cutting its workforce by 7%.
• Yelp (YELP 20.25, -1.82): -8.3% after receiving a downgrade to 'Sell' from 'Neutral' at B. Riley & Co.
• Best Buy (BBY 27.45, -1.81): -6.2% following the company reporting holiday sales revenue declining 3.6% to 10.96 billion and lowering Q4 revenue.
• Infosys (INFY 17.25, +0.79): +4.8% after beating on earnings and revenue estimates 
• Taiwan Semiconductor (TSM 20.61, +0.13):+0.6% following the company reporting a beat on earnings and revenue estimates 

Reviewing overnight developments: 

• Asian indices endured a shaky session with Japan's Nikkei -2.7%, Hong Kong's Hang Seng -0.6%, and China's Shanghai Composite +2.0%.
  • In economic data:
    • Japan's November Core Machinery Orders -14.4% month-over-month (expected -7.9%; previous 10.7%); +1.2% year-over-year (consensus 6.3%; last 10.3%). Separately, December CGPI -0.3% month-over-month (expected -0.4%; previous -0.1%); -3.4% year-over-year (consensus -3.5%; prior -3.6%)
    • Australia's December Employment Change -1,000 (expected -12,500; previous 75,000) and Unemployment Rate held at 5.8% (consensus 5.9%)
    • New Zealand's December Electronic Card Retail Sales -0.2% month-over-month (expected 0.5%; prior 0.3%); +5.3% year-over-year (last 3.7%)
    • India's December WPI Inflation -0.7% year-over-year (consensus -1.2%; previous -2.0%)
    • The Bank of Korea left its key interest rate unchanged at 1.5%, as expected
  • In news:
    • In Indonesia, at least seven people were killed after a suspected terrorist attack was carried out in the city of Jakarta. 

• Europeans indices trade sharply lower with Germany's DAX -2.3%, France's CAC -2.3%, and the U.K. FTSE -1.4%. 
  • In economic data:
    • Germany's December WPI -0.8% month-over-month (expected 0.1%; previous -0.2%) and Annual GDP +1.7% (expected 1.6%; previous 1.6%)
    • Italy's November Industrial Production -0.5% month-over-month (consensus 0.2%; last 0.5%); +0.9% year-over-year (expected 2.5%; last 3.0%)
  • In news:
    • The Bank of England has kept its key rate and the purchase program unchanged at their respective 0.5% and GBP375 billion

8:05 am Shaw Comms misses by $0.04, reports revs in-line; Reaffirms 2016 outlook (SJR) :

• Reports Q1 (Nov) earnings of CC$0.43 per share, CC$0.04 worse than the Capital IQ Consensus of CC$0.47; revenues rose 2.2% year/year to CC$1.42 bln vs the CC$1.42 bln Capital IQ Consensus.
• "Shaw will continue to operate its current businesses until such time the WIND and Shaw Media transactions close and Shaw confirms at this time that there are no changes to our previously issued fiscal 2016 guidance. Operating income before restructuring costs and amortization is expected to range between flat to low single digit growth over 2015. Capital investment on a consolidated basis is planned to be approximately $980 million and free cash flow is expected to range between $665 and $680 million".

8:04 am AEP Industries reports FY15 EPS of $5.64 vs ($1.03) last year; revs -4.3% to $1141.4 mln (no estimates); confirmed intention to declare quarterly dividends (AEPI) :

• Co confirmed intention to declare quarterly dividends beginning in fiscal 2016 with quarterly dividend of $0.25 per common share.
• "Like many other companies, AEP's sales volume was negatively impacted by unusual volatility in the resin markets in fiscal 2015. While we are disappointed in our sales volume for fiscal 2015, we are very pleased with our improved margins resulting primarily from declining resin prices, as well as our diligent cost management."
  

8:03 am Tahoe Resources reports FY15 gold and silver production and 2016 production guidance (TAHO) :

• Co reports FY15 production of 20.4 mln ounces of silver and gold production of 230,436 oz. Both in top end of guidance. 
• Co gives FY16 production guidance of 18-21 moz of silver and 200-250 koz of gold.

8:03 am Albany Molecular signs a collaboration agreement with the New York Center for Nanomedicine Research to co-market its nanotechnology services (AMRI) : As part of the three-year agreement, AMRI gains access to NYCNMR's nanoscale therapeutic and formulation services.

8:02 am IsoRay appoints Thomas LaVoy as CEO effective February 15 (ISR) :  

8:02 am Lilis Energy appoints Ronald D. Ormand Chairman of the Board (LLEX) :  

8:01 am Big 5 Sports raises Q4 EPS guidance; sees sales above estimates comps +0.1% (BGFV) :

• Co raises Q4 EPS to $0.20-0.21 from $0.10-0.20 vs $0.15 Capital IQ Consensus; sees Q4 sales +10% to $275 mln vs $262.28 mln Capital IQ Consensus
• Comps +0.1% vs. negative low single digit to +LSD guidance.
• The Company's merchandise margins increased ~20 basis points from the fourth quarter of fiscal 2014.
• Same store sales in our apparel category increased in the high single-digit range and footwear sales increased in the low single-digit range for the period due to strong sales of winter-related products. Hardgoods sales decreased in the mid-single-digit range for the period. Customer transactions decreased in the low single-digit range and our average transaction size increased in the low single-digit range for the quarter.
• "Although we are only in the second week of the first quarter of fiscal 2016, we are very pleased with our start to the period, as sales continue to benefit from favorable weather conditions in many of our markets."
• The Company expects to issue earnings results for the fiscal 2015 fourth quarter and full year in early March."

8:00 am Hansen Medical announces that its Board has entered a process to explore strategic alternatives (HNSN) : The co announced that its board of directors has entered a process to explore strategic alternatives for the company focused on enhancing stockholder value, including, but not limited to, a licensing transaction, a refinancing transaction, a strategic business combination, partnership, a possible sale or disposition of one or more corporate assets or the company itself. On January 12, 2016, Jack Schuler resigned from his position as a director of the company.

7:47 am Rofin-Sinar Technologies believes only one of SilverArrow's 3 Board nominees could be suitable (RSTI) : Co received formal notice on January 12, 2016, from SilverArrow Capital Advisors that it has nominated three candidates to stand for election to co's Board. Co states, "We are highly disappointed by SilverArrow's decision to pursue its short-term interests through a self-serving proxy fight to the detriment of ROFIN and its other stockholders... Our independent Nominating Committee has conducted a thorough evaluation of all three of SilverArrow's candidates: Mr. Gebhard Rainer, Mr. Jordan Kovler and Mr. Thomas Limberger. The Nominating Committee believes only one candidate, Mr. Rainer, could be an effective contributor to the Board."

7:38 am Shiloh Industries reported Q4 adj EPS ($0.05) on revs +10% y/y to $296.9 mln (no estimates); expects challenging Q1 (SHLO) : Shiloh expects the first quarter of 2016 to be challenging but also anticipates improvement in profitability in future periods as it begins to see the benefits of improving mix of business. In addition, the Company expects to transition the portfolio away from lower margin commodity products and capitalize on its strategy of focusing on higher margin, higher value-add products. This transition starts with the new business wins. In 2016, the Company has 238 launches planned, which will allow more focused and efficient launches while keeping revenue trajectory more closely aligned with growth forecasts for auto production.

7:37 am Market View: Mar. E-minis seeing some modest up-ticks in recent pre-market trade here with ESh6 now +5.25, NQh6 now +4.50, & YMh6 now +53 (:TECHX) :  

7:33 am On The Wires (:WIRES) :

• Shake Shack (SHAK) announces The Chick'n Shack, co's debut Chicken Sandwich, becomes available today in all locations except for NYC's Theater District, JFK Airport Shacks and stadium
• j2 Global (JCOM) announced the completion of 4 acquisitions in 4Q15. The acquired companies were Ausweb, Offers.com, On Demand Recovery, and MX Toolbox email security business
• Accuray (ARAY) announced that the first centers in Qatar, Latvia, and Bulgaria are now equipped with its radiation therapy technology
• SunEdison (SUNE) announced it has signed solar power purchase agreements with 25 California elementary, middle, and high schools. SunEdison plans to install high-performance solar parking canopies at each of the campuses.
• FirstService Corporation (FSV) announced that its California Closets business has further expanded its company-owned operations with the acquisition of its Los Angeles franchise. Terms of the transaction were not disclosed.

7:32 am Geron initiaties a Phase 2/3 clinical trial to evaluate imetelstat in patients with myelodysplastic syndromes w/ Janssen (JNJ) (GERN) :

Co announces the dosing of the first patient in a Phase 2/3 clinical trial to evaluate imetelstat in patients with myelodysplastic syndromes.

• This clinical trial, also referred to as the IMerge study, is the second study to be initiated under the terms of the exclusive worldwide imetelstat license and collaboration agreement between Geron and Janssen Biotech.
• The purpose of the Phase 2/3 clinical trial is to evaluate imetelstat in transfusion dependent patients with International Prognostic Scoring System Low or Intermediate-1 risk MDS who have relapsed after or are refractory to prior treatment with an erythropoiesis-stimulating agent.
• The primary efficacy endpoint is designed to be the rate of red blood cell transfusion-independence lasting at least 8 weeks, defined as the proportion of patients without any red blood cell transfusion during any consecutive 8 weeks since entry to the trial.
• A primary efficacy analysis is planned to occur 12 months after the last patient is enrolled.
• Secondary efficacy endpoints in the trial include the proportion of patients achieving red blood cell transfusion-independence lasting at least 24 weeks, the time to and duration of red blood cell transfusion-independence, the proportion of patients achieving hematologic improvement, the proportion of patients achieving complete remission or partial remission per 2006 International Working Group criteria for MDS, the proportion of patients requiring red blood cell transfusions and the amount, the proportion of patients requiring the use of myeloid growth factors and the dose, as well as assessments of the change in the patients' quality of life using several different validated instruments.
• These secondary endpoints are expected to be assessed at the time of the primary efficacy analysis.

7:30 am Intellipharmaceutics announces successful bioequivalence results for abuse deterrent Rexista Oxycodone XR (IPCI) :

• Co announced bioequivalence trials of Rexista Oxycodone XR extended release tablets had demonstrated bioequivalence to Oxycontin extended release tablets as manufactured and sold in the United States by Purdue Pharma.
• Results show that the ratios of the pharmacokinetic metrics, Cmax, AUC0-t and AUC0-f for Rexista vs. Oxycontin, are within the interval of 80% - 125% required by the FDA with a confidence level exceeding 90%.
• Co intends to complete the regulatory filing requirements and file a New Drug Application for Rexista Oxycodone XR with the FDA within the next 6 mths. 

7:27 am European Markets Update: DAX -2.7%, CAC -2.6%, FTSE -1.7% (:SUMRX) :

Major European indices have retreated steadily through the early portion of the trading day with Germany's DAX (-2.7%) and France's CAC (-2.6%) leading the slide. European markets have not shown much of a reaction to the latest policy decision and meeting minutes from the Bank of England. The central bank kept its key rate and the purchase program unchanged at their respective 0.5% and GBP375 billion while the minutes showed no change in sentiment among policymakers. Eight members voted for no change to policy while Ian McCafferty remained in the rate hike camp.

• In economic data:
  • Germany's December WPI -0.8% month-over-month (expected 0.1%; previous -0.2%) and Annual GDP +1.7% (expected 1.6%; previous 1.6%)
  • Italy's November Industrial Production -0.5% month-over-month (consensus 0.2%; last 0.5%); +0.9% year-over-year (expected 2.5%; last 3.0%)

---Equity Markets---

• Germany's DAX has slid 2.7% with all but one component trading in the red. Daimler, BMW, and Deutsche Bank are down between 4.0% and 5.0% while K+S has added 0.2%. Elsewhere, Bayer, Merck, and Adidas have given up between 1.9% and 3.0%.
• France's CAC trades down 2.6% amid broad weakness. Renault has tumbled 18.5% after French authorities raided the company's offices. Peer Peugeot is the second weakest performer, down 6.2%, while financials BNP Paribas, Credit Agricole, and Societe Generale show losses between 1.9% and 3.2%.
• UK's FTSE is lower by 1.7% with discretionary names struggling while a handful of consumer staples outperform. InterContinental Hotels, TUI, and EasyJet are down between 3.6% and 6.7% while Tesco and Sainsbury show respective gains of 3.9% and 1.4% after Tesco beat sales estimates.

7:16 am Best Buy down 5% after holiday sales miss expectations (comps -1.2%), citing industry declines in the mobile phone category (BBY) :

• "During the holiday period, Domestic revenue declined 0.8% against a backdrop where the NPD-reported categories were down a greater-than-expected 4.8%. The Domestic decline was primarily driven by the mobile phone category, which was softer than both our expectations and the prior year. Excluding mobile phones, Domestic revenue increased year over year due to our strong performance in health & wearables, home theater and appliances".
• Seemingly another negative read through for AAPL's quarter, where estimates have come down over recent weeks.

7:09 am Endurance International reports prelim Q4 results with adj EBITDA of ~$72 mln and adj revs of ~$195 mln vs. $193.87 mln Capital IQ Consensus Estimate (EIGI) :

• Co announced certain preliminary, unaudited financial information in connection with financing activities related to the pending acquisition of Constant Contact (CTCT).
• Co reported Q4 Free cash flow of ~$33 mln and unlevered free cash flow (as reported) of ~$55 mln. (Full year 2015 adj revs, EBITDA and Unlevered free cash flow were all within previously issued guidance range)

7:04 am B2Gold: Forsys signs earn-in agreement with B2gold Namibia whereby B2Gold can earn up to 100% interest in Ondundu Gold Project (BTG) : The principal commercial terms of the Earn-In are as follows: 1. In the first 12 months B2Gold will have the right to acquire 25% of Ondundu for a committed spend of $900K; 2. If B2Gold exercise their first right, in the second 12 months they will spend a further $1.1 mln to acquire an additional 24% interest (49% in total); 3. If B2Gold exercise their second right, they may spend a further $1.3 mln to acquire an additional 26% interest in Ondundu (75% in total) in the third 12 months; and 4. B2Gold and Forsys may separately exercise a call or put option to transfer the balance of Ondundu for $8.5 mln after 24 months or 36 months respectively.

7:02 am Asian Markets Close: Nikkei -2.7%, Hang Seng -0.6%, Shanghai +2.0% (:SUMRX) :

Equity markets in the Asia-Pacific region endured another session that ended with losses in most markets while China's Shanghai Composite outperformed, climbing 2.0%. Keep in mind that even after today's rally, which was reportedly assisted by a sizable liquidity injection from the People's Bank of China, the index is still down 15.0% already this year. Elsewhere, Japan's Nikkei was down more than 4.0% in the early going, but narrowed its loss to 2.7% by the close. It is worth noting that investor sentiment appeared to be improving in the early going, but reports of a terrorist attack in Jakarta, Indonesia weighed on risk tolerance.

• In economic data:
  • Japan's November Core Machinery Orders -14.4% month-over-month (expected -7.9%; previous 10.7%); +1.2% year-over-year (consensus 6.3%; last 10.3%). Separately, December CGPI -0.3% month-over-month (expected -0.4%; previous -0.1%); -3.4% year-over-year (consensus -3.5%; prior -3.6%)
  • Australia's December Employment Change -1,000 (expected -12,500; previous 75,000) and Unemployment Rate held at 5.8% (consensus 5.9%)
  • New Zealand's December Electronic Card Retail Sales -0.2% month-over-month (expected 0.5%; prior 0.3%); +5.3% year-over-year (last 3.7%)
  • India's December WPI Inflation -0.7% year-over-year (consensus -1.2%; previous -2.0%)
  • The Bank of Korea left its key interest rate unchanged at 1.5%, as expected

---Equity Markets---

• Japan's Nikkei fell 2.7% with every sector losing more than 1.8%. The decline was paced by industrials (-3.3%) and health care (-3.3%) while energy (-3.0%) and consumer staples (-3.0%) also struggled notably. Sumitomo, Eisai, Alps Electric, Sony, Toho, Sharp, and Mitsubishi Heavy Industries fell between 4.2% and 5.8%. On the upside, only five names posted gains with Nikon advancing 3.0% after receiving an analyst upgrade.
• Hong Kong's Hang Seng rallied into the close, but still lost 0.6%. Consumer names like Want Want China, Li & Fung, and CK Hutchinson lost between 1.1% and 4.3% while property names also finished near the bottom. New World Development, Cheung Kong Property Holdings, and Henderson Land registered losses between 1.1% and 2.6%.
• China's Shanghai Composite gained 2.0%. Baoshan Iron & Steel, Wuhan Iron & Steel, and Shanxi Coal posted gains between 2.9% and 8.2%. Elsewhere, Bank of China added 0.3% and CITIC Securities gained 2.5%.
• India's Sensex made a brief appearance in the green, but ended lower by 0.3%. The slim decline masked the fact that only seven out of 30 index components posted gains with Infosys rising 4.3% in reaction to better than expected results. On the downside, AXIS Bank, Tata Steel, Hindalco Industries, and Tata Motors lost between 2.6% and 3.9%.

---FX---

• USDJPY -0.1% to 117.62
• USDCNY +0.2% to 6.5905
• USDINR +0.9% to 67.52

7:02 am Fortuna Silver Mines reports FY15 production of 6.6 mln oz of silver and 39.7 thsd oz of gold; provides FY16 guidance (FSM) :

Co Reports:

• Silver production of 6.6 mln oz; 0.4% increase over 2014
• Gold production of 39.t thsd oz; 12% increase over 2014
• Zinc production of 35.8 mln lbs; 31% increase over 2014
• Lead production of 23.8 mln lbs; 48% increase over 2014

Co Guides: 

• San Jose plans to process 875 thsd tonnes of ore averaging 230 g/t Ag and 1.65 g/t Au.
• Caylloma plans to process 503 thsd tonnes of ore averaging averaging 89 g/t Ag, 4.08% Pb and 4.37% Zn.

7:02 am Broadwind Energy announces $8 mln in new tower orders for 2016 delivery (BWEN) : "The production tax credit that was passed just a few weeks ago is having an immediate impact on the industry by bringing late-stage order discussions such as this one to closure."

7:01 am Global Eagle announced multi-year renewal of its strategic content services agreement with JAL Brand, subsidiary managing Japan Airlines IFE operations (ENT) : As part of the agreement, GEE will provide a full range of content services, including movies and TV, on international and domestic JAL flights. As one of Japan's largest airlines, JAL has relied on GEE for much of its inflight entertainment (:IFE) content for over a decade.

7:01 am Karyopharm Therapeutics initiates a new Phase 2/3 clinical trial with oral selinexor oral Selective Inhibitor of Nuclear Export compound that inhibits exportin 1 (KPTI) :

Co announces the initiation of SEAL, a new Phase 2/3 clinical trial with oral selinexor oral Selective Inhibitor of Nuclear Export compound that inhibits exportin 1.

• Patients will be randomized to receive either 60mg of selinexor or placebo given twice weekly per six week cycle until progression or intolerability.
• Fifty patients are expected to be enrolled in the Phase 2 portion of the study, with the potential to increase enrollment in the Phase 3 portion following an interim analysis.
• The primary endpoint of progression free survival was acceptable to the FDA.
• Top-line data from the Phase 2 portion of this study are expected in early 2017.

7:00 am Best Buy holiday comps -1.2%; lowers Q4 rev, raises margin guidance (BBY) :

Reports holiday (nine week) rev -3.6% to $10.96 bln (co guided for low single digit decline); domestic rev -0.8% to $10 bln (guided for near flat rev).

• Domestic: This decrease was primarily driven by a comparable sales decline of 1.4%, excluding the estimated 20-basis point benefit associated with the classification of revenue for the mobile carrier installment billing plans and the loss of revenue from closed stores.
• Domestic online revenue of $1.7 billion increased 12.6% on a comparable basis primarily due to a higher conversion rate. As a percentage of total Domestic revenue, online revenue increased 200 basis points to 16.7% from 14.7% last year.
• Comparable sales growth in health & wearables, home theater and major appliances was more than offset by significant declines in mobile phones, tablets and digital imaging. The company also saw continued revenue declines in services due to investments in services pricing, declining attach rates of traditional warranty plans and, to a lesser extent, the reduction of frequency and severity of claims on extended warranties which has reduced repair revenue.
• "Enterprise outlook includes (1) a revenue decline of near 4% versus our previous expectation of a low single-digit decline; and (2) a non-GAAP operating income rate decline of ~15-30 bps vs their previous expectation of a rate decline of 25-45 bps. From a tax rate perspective, we now expect the non-GAAP effective income tax rate from continuing operations to be in the range of 34.5% to 35%, versus 34.2% last year, which is expected to result in a negative $0.01 to negative $0.03 year-over-year non-GAAP diluted EPS impact in Q4 FY16."

6:59 am Bon-Ton Stores holiday comps -1.6%; sees FY16 EBITDA at low end of prior $110-120 mln range (BONT) :

Holiday comps -1.6% (nine-week holiday ended January 2, 2016)

• Maintained Full-year Adjusted EBITDA guidance of $110 mln to $120 mln, at the lower end of range
• Total sales for November and December were $784.4 million, a decrease of 1.5% from sales of $796.4 million in the prior year holiday period
• Co. will provide additional details on March 15, 2016 and report results for Q4
• "We saw a significant improvement in holiday sales following soft selling trends during an unseasonably warm November. The rebound began with a successful Black Friday event and extended through the month of December. We also drove double-digit sales growth in our omnichannel operations, successfully leveraging our new West Jefferson facility and store-fulfillment network. Based on current sales trends, we are maintaining our full-year Adjusted EBITDA guidance (see Note 1) of a range of $110 million to $120 million, exclusive of implementation costs associated with planned expense reductions in fiscal 2016. We expect to be at the low end of this range given the higher level of promotional activity, particularly in seasonal goods. The decrease in sales of cold-weather merchandise, in fact, exceeded increases we otherwise achieved in non-seasonal merchandise categories"

6:55 am JPMorgan Chase beats by $0.02, beats on revs (JPM) :

• Reports Q4 (Dec) earnings of $1.32 per share, $0.02 better than the Capital IQ Consensus of $1.30; reported revenues rose 0.6% year/year to $22.89 bln vs the $22.34 bln Capital IQ Consensus; Managed revenue was $23.74 bln.
• Fourth-quarter results included $99 million of after-tax impact from legal-related matters ($0.03 per share decrease in earnings) n Includes $417 million of after-tax Firmwide legal expense and $318 million of after-tax benefit related to a legal settlement.
• Credit Costs
  • The provision for credit losses was $1.3 billion, up 49%, due to reserve increases in the current quarter versus reserve releases in the prior year quarter, partially offset by lower net charge-offs. The reserve increases in the current quarter reflected an increase in wholesale reserves of $185 million, driven by downgrades, including $124 million in the Oil & Gas portfolio and $35 million in Metals/Mining.
• Key Metrics
  • Return on Tangible Common Equity 11% compared to 15% in Q3.
  • Return on Assets 0.90% compared to 1.11% in Q3.
  • Average core loans up 16% y/y (+5% q/q)
  • Overhead Ratio 62% compared to 67% in Q3.
  • Interest Rate Spread 2.12% compared to 2.06% in Q3.
  • Net Yield on Interest Earning Assets 2.23% compared to 2.16% in Q3. 
  • Tangible book value per share of $48.13, up 8% n Basel III common equity
    
  • Tier 1 capital of $173 billion; ratio of 11.6%
  • Firm SLR of 6.5% and Bank SLR of 6.6%
• CIB Unit
  • Net income was $1.7 billion, an increase of 80%, driven by lower legal expense. Net revenue was $7.1 billion, a decrease of 4%.
  • Banking revenue was $2.8 billion, down 6%. Investment Banking revenue was $1.5 billion, down 11%, on lower debt underwriting fees, partially offset by higher advisory fees.
  • Markets & Investor Services revenue was $4.3 billion, down 3%. Excluding the revenue decline related to business simplification, both total Markets and Fixed Income Markets revenue would have been down 1%, while Equity Markets revenue would have been flat. Fixed Income Markets revenue reflected continued weakness in Credit, lower revenue in Currencies & Emerging Markets and lower Commodities revenue, largely offset by strength in the Rates business. The decline also reflected higher interest costs on higher long-term debt.
  • Noninterest expense was $4.4 billion, down 20%, primarily driven by lower legal and compensation expense.
  • The provision for credit losses was $81 million, compared to a benefit of $59 million in the prior year quarter, primarily reflecting $76 million in higher reserves driven by $63 million in the Oil & Gas portfolio.

6:50 am Ametek CFO Robert R. Mandos, Jr. to retire; Board names William J. Burke to succeed as CFO (AME) :

• Mandos' retirement will be effective May 15, 2016.
• Burke is currently co's SVP, Comptroller & Treasurer.

6:47 am Embraer SA delivered 33 commercial and 45 business jets, 25 of which are light jets and 20 are large, during Q4, highest volume of deliveries in 5 years (ERJ) :

• ERJ delivered 33 commercial and 45 business jets in Q4
• Co. ended year with 101 commercial aircraft, 120 to the executive aviation market, totaling 82 light and 38 large business jets
• Achieved targeted delivery guidance, firm order backlog reached $22.5 bln
• Highlights of commercial aviation segment are the signing of an order for 19 additional E175 by SkyWest, operated under a Capacity Purchase Agreement w. Delta Air Lines
• Highlights in executive aviation segment were deliveries of the Legacy 450, contract with Emirates Flight Training Academy, signing a firm order for five Phenom 100E business jets
• options for five more aircraft of the 100E model

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

• Premier Oil (PMOIY) provided update regarding suspension of shares. As announced yesterday, Premier's ordinary shares remain suspended from trading on the London Stock Exchange, pending clarification from the UKLA on the status of the proposed acquisition of E.ON's UK North Sea assets. Discussions with the UKLA remain on-going and there can be no certainty over the period that the shares will remain suspended.
• On January 7, the California Water Service (CWT) received aletter from a lawyer for the City of Visalia stating that the City has decidednot to pursue an acquisition of the Visalia District Water System. The letter also states that the notice doesnot waive or prejudice the City's reconsideration of the acquisition in thefuture. The Company reiterates that the Visalia District Water System is notfor sale and it will strongly oppose any future eminent domain action by theCity of Visalia, if the City reconsiders the acquisition.
• Samsung Electronics  (SSNLF) announced that it has begun mass production ofadvanced logic chips utilizing its 14nm LPP (Low-Power Plus) process, the 2ndgeneration of the company's 14nm FinFET process technology.
• Sanofi Pasteur, the vaccines division of Sanofi (SNY), has signed an agreement with the Human Vaccines Project Inc. topartially fund the non-profit, public-private partnership convening leadingacademic researchers and industrial partners to solve the primary problemsimpeding vaccine/immunotherapy development by "decoding" the human immunesystem.

6:34 am Cascade Microtech sees Q4 rev at the high end of guidance; Q1 rev to reflect typical seasonality (CSCD) :

Co expects

• Revenue for Q4 to be at the high-end of previously-announced range of $37-40 mln vs. $38.5 mln guidance.
• Book-to-bill ratio as of December 31, 2015 to be comfortably above 1 to 1.
• They also expect their results for the first quarter of 2016 to reflect typical revenue seasonality for the quarter.
• Co will report in early February.

6:33 am Ur-Energy provides Q4 operational results and further guidance; production targets and exploration goals were met at Lost Creek during 2015 (URG) :

• Lost Creek Uranium Sales and Operational Highlights - For the quarter, 211,717 pounds of U3O8 were captured within the Lost Creek plant; 189,480 pounds U3O8 were packaged in drums; and 181,567 pounds U3O8 of drummed inventory were shipped from the Lost Creek processing plant to the converter. Production numbers increased q/q, with an increase of nearly 23% additional captured pounds and an increase of 7% additional dried and drummed pounds. At December 31, inventory at the conversion facility was ~63,776 pounds U3O8.
• The Q1 2016 production target for Lost Creek is to produce ~185,000 pounds U3O8 and dry and drum ~200,000 pounds U3O8.

6:31 am Genesee & Wyoming reports December traffic was 214,781 carloads, +22.9% y/y; same-railroad traffic was 140,100 carloads, -19.8% y/y (GWR) : G&W's traffic in the fourth quarter of 2015 was 712,623 carloads, an increase of 202,482 carloads, or 39.7%, compared with the fourth quarter of 2014. G&W's same-railroad traffic in the fourth quarter of 2015 was 427,455 carloads, a decrease of 82,686, or 16.2%, compared with the fourth quarter of 2014.

6:18 am Nokia and Alcatel-Lucent (ALU) announced first day of combined ops; NOK reopens public exchange offer for ALU shares in France and US (NOK) :

Nokia (NOK) and Alcatel-Lucent (ALU) announced their first day of combined operations, marking the completion of Nokia's latest transformation in technology and services for an IP connected world. 

• Following the integration of the former Nokia Siemens Networks, the divestment of Nokia's Devices & Services business, the sale of HERE and the acquisition of Alcatel-Lucent, Nokia is now a business focused on network equipment and wireless technology.
• Additionally, Nokia announced that it has reopened its public exchange offer in France and in the United States for the outstanding Alcatel-Lucent ordinary shares, American Depositary Shares and OCEANE convertible bonds not tendered during the initial public exchange offer period.
  

6:13 am Taiwan Semi beats by TWD 0.18, reports revs in-line; guides Q1 revs in-line (TSM) :

• Reports Q4 (Dec) earnings of TWD2.81 per share, TWD0.18 better than the Capital IQ Consensus of TWD 2.63; revenues fell 8.5% year/year to TWD 203.52 bln vs the TWD 203.07 bln Capital IQ Consensus.
  • Gross margin for the quarter was 48.6%, operating margin was 38.3%, and net profit margin was 35.8%.
  • Shipments of 16/20-nanometer accounted for 24% of wafer revenues, and 28-nanometer process technology accounted for 25% of total wafer revenues.

Guidance:

• Co issues in-line guidance for Q1, sees Q1 revs of NT$198-201 bln vs. $200.13 bln Capital IQ Consensus Estimate.
• Gross profit margin is expected to be between 47-49%
• Operating profit margin is expected to be between 36.5-38.5%
• CAPEX: The management also states 2016 capital budget to be between $9-$10 bln

6:02 am Alamos sees Q4 rev in-line; gold production +6% YoY to 104,700 oz; sees FY16 gold production -3% to +5% at substantially lower costs and capital spending levels (AGI) :

• Achieved year-end underground mining rate target of 6,000 tons per day
• Sold 104,419 oz. of gold (+6%) in the fourth quarter of 2015, average realized price of $1,109 per oz, 
• Q4 revenues of $115.8 mln vs. $115.5 mln Capital IQ Consensus.
• Production guidance of 370,000 to 400,000 ounces of gold, an increase over 2015 with production growth from both Young-Davidson and Mulatos
• Expect consolidated all-in sustaining costs to decrease by over $100 per ounce to $975 per ounce driven by an 18%, or $175 per ounce decrease in all-in sustaining costs at Young-Davidson to $825 per ounce
• Gobal capital budget of $138-158 million in 2016, representing a 20% decrease from the mid-point of 2015 guidance

6:01 am Capital Senior announces Board authorization for a continuation of its $10 mln stock repurchase program (CSU) : The existing stock repurchase program was last amended in December of 2011, and approximately $9 million remains as part of the authorization.

6:00 am S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: -5.10. :

6:00 am European Markets : FTSE...5850.26...-110.70...-1.90%.  DAX...9688...-273.00...-2.70%.

6:00 am Asian Markets : Nikkei...17241...-474.70...-2.70%.  Hang Seng...19817.4...-117.50...-0.60%.

5:58 am Shanghai... +1.97% (FXI) :  

4:42 am Ericsson extends patent cross license agreement with Huawei (ERIC) :

Ericsson and Huawei have agreed on extending their global patent license agreement between the two companies.

• The agreement includes a cross license that covers patents relating to both companies' wireless standard- essential patents
• Under the agreement, both companies are able to access and implement the other company's standard essential patents and technologies globally.
• As part of the renewed agreement, Huawei will make on-going royalty payment based upon actual sales to Ericsson from 2016 and onwards. Further details of the agreement are confidential.
• Ericsson's estimate for full year 2015 IPR revenues of SEK 13-14 bln reaffirmed

4:38 am Veolia Environnement acquires Nuon Energie und Service GmbH from Vattenfall (VEOEY) :

Veolia announced it has acquired Nuon Energie und Service GmbH from Vattenfall.

• The company is utility operator of the Niederau industrial park in Dren and owner and operator of Bizzpark Oberbruch, an industrial park in Heinsberg (North Rhine Westphalia). The acquisition contributes to the development of Veolia's industrial portfolio in Germany.
• Veolia expects a cumulated revenue of 287 million over a period of 12 years.

4:36 am Oculus Innovative Sciences receives CE Mark for Microcyn-based MucoClyns (OCLS) :

Co announced the issuance of a new CE Mark in Europe for Microcyn-based MucoClyns, a Microcyn-based solution intended for use in emergencies.

• It is safe to use on mucous membranes, cuts, abrasions, burns and body surfaces for treatment immediately after an unexpected exposure to infection risk, and before receiving professional medical attention.
• Oculus is currently in discussions with potential European partners for the distribution of MucoClyns in Europe. Future consumer applications for the general population are also being evaluated
  

4:34 am B Communications: Internet Gold (IGLD) sells ~2% stake in B Communications (BCOM) :

Internet Gold (IGLD) announced the sale of 575,000 ordinary shares of its subsidiary, B Communications (BCOM), representing ~1.92% of the issued and outstanding shares of B Communications.

• The aggregate sale price is ~NIS 56 million. As a result of the sale, Internet Gold holds approximately 65% of the outstanding shares of B Communications

3:59 am Formula Systems and Israel Aerospace Industries acquire military unit of Ness Tech (:NSTC) for $50 mln (FORTY) :

Formula Systems announced that Israel Aerospace Industries and Formula have entered into a definitive agreement for the purchase of TSG - a subsidiary and the military arm of Ness Technologies, engaged in the fields of command and control systems, intelligence, homeland security and cyber security.

• The total purchase price in the transaction will be $50 million in cash, with each of IAI and Formula acquiring 50% of TSG for $25 million

3:56 am Starbucks issues statement on Jarkarta attacks; reports indicate explosion occurred in one of its stores (SBUX) : Co's statement: "We are deeply saddened by the senseless acts that have taken place in Jakarta today; our hearts are with the people of Indonesia. Amidst reports of attacks targeting police posts throughout central Jakarta, initial reports are that an explosion took place close to our store in the Skyline building near one of these police posts. One customer sustained injuries and was treated on the scene; our partners (employees) are all confirmed to be safe. This store and all other Starbucks stores in Jakarta will remain closed, out of an abundance of caution, until further notice..."

3:53 am Statoil acquires minority stake in Lundin Petro (LNDNY) (STO) :

Statoil (STO) announced it has acquired 37,101, 561 shares in Lundin Petroleum, corresponding to 11.93% of the shares and votes, at a total purchase price of ~SEK 4.6 billion.

• The investment in Lundin Petroleum will increase Statoil's indirect exposure to core assets on the Norwegian Continental Shelf

3:51 am On The Wires (:WIRES) :

• Spok (SPOK) announced that St George Hospital in Sydney, Australia, has selected Spok solutions for Radiology result notification and web directory to improve clinician communications and patient care.
• Southern California Gas (SRE) continues to work as quickly and safely as possible to stop the natural gas leak at its Aliso Canyon Storage Facility while reducing the odor reaching the community. The relief well efforts are now in Phase 4, the "Follow" phase, and drilling is occurring at more than 7,600 feet as of Jan. 13.
• ALEXANDER'S (ALX) announced that it has renewed and extended 192,000 square feet with Bloomberg L.P. at 731 Lexington Avenue. This space is part of 889,000 square feet Bloomberg L.P. leases for its global headquarters at 731 Lexington Avenue, which now constitutes one lease expiring in February 2029, with a ten-year renewal option. 
• Power Integrations (POWI) announced its InnoSwitch-CP family of off-line CV/CC flyback switching ICs.
• Graa y Montero S.A.A. (GRAM) announced that its subsidiary Concar has been awarded the contract for the service of road management, improvement and conservation of the road corridor -- Chinchaypujio -- Cotabambas -- Tambobamba -- Chalhuahuacho" for a length of 209 kilometers. The services will start this month and last for a period of 8 yrs.

3:47 am Taseko Mines receives requisition notice from Raging River Cap'l to vote on removal of 3 directors (TGB) :

Co announced that it has been provided with a shareholder meeting requisition notice, 2016 from Raging River Capital, a holder of 5.1% of Taseko's shares which has declared itself to be an activist investor.

• The Requisition demands the convening of a meeting of shareholders within four months at which shareholders will be asked to vote on a special resolution to remove three incumbent Taseko directors and replace them with four Raging River nominees, while also increasing the number of Taseko directors to nine from eight.
• The Company is reviewing the Requisition and will provide a detailed response in the near future. Taseko's Board of Directors has formed a special committee of three independent directors who have not been targeted by Raging River to assist the Board in its response to the Requisition

3:44 am Yamana Gold provides preliminary 2015 operational results; gold production within the guided range (AUY) :

Co provides full year preliminary production and cost estimates for 2015, as well as 2016 cost guidance

• Consolidated gold production is within the guided range
• Silver production is slightly below the guided range
• Copper production is above the guided range

2016 EXPECTATIONS

• For 2016, the Company expects to deliver gold production of between 1.23 million and 1.31 million ounces of gold.
  • Silver production is projected at between 6.9 million and 7.2 million ounces of silver and copper production is projected at between 122 million and 125 million pounds.

3:34 am Goodrich Petroleum commences NYSE delisting; to begin trading on OTC on Jan 14 (GDP) :

Co announced that it received notification from the New York Stock Exchange that the NYSE has commenced proceedings to delist the Company's common stock as a result of the NYSE's determination that the Company's common stock was no longer suitable for listing on the NYSE based on "abnormally low" price levels

• The Company anticipates that its common stock, under the symbol GDPM, will begin trading on the OTC Markets marketplace on January 14.

3:31 am CLARCOR beats by $0.02, misses on revs; guides FY16 EPS in-line, revs below consensus (CLC) :

• Reports Q4 (Nov) earnings of $0.74 per share, $0.02 better than the Capital IQ Consensus of $0.72; revenues fell 9.9% year/year to $372.5 mln vs the $378.76 mln Capital IQ Consensus.
• Co issues guidance for FY16, sees EPS of $2.60-2.80 vs. $2.73 Capital IQ Consensus Estimate; sees FY16 revs of $1.375-1.415 bln vs. $1.46 bln Capital IQ Consensus Estimate.

3:28 am H.B. Fuller reports EPS in-line, beats on revs; guides FY16 EPS below consensus, revs in-line (FUL) :

• Reports Q4 (Nov) earnings of $0.69 per share, in-line with the Capital IQ Consensus of $0.69; revenues rose 0.1% year/year to $548.1 mln vs the $541.9 mln Capital IQ Consensus.
  • Constant currency revenue increased 5.0 percent compared to the prior year, driven by strong growth in Asia Pacific and Construction Products operating segments;
• Guidance:
  • Co issues guidance for FY16, sees EPS of $2.40-2.60 vs. $2.67 Capital IQ Consensus Estimate; sees FY16 revs of ~$2.1 bln vs. $2.15 bln Capital IQ Consensus Estimate.

3:23 am Pfizer acquires Treerly Health Co from Sirio Pharma; terms not disclosed (PFE) :

Pfizer announced that it has acquired Sirio Pharma's wholly-owned subsidiary, Treerly Health Co, and its family of Treerly products.

• The Treerly portfolio complements Pfizer Consumer Healthcare's product portfolio in China and will strengthen its position as a leading provider of over-the-counter dietary supplements.
• Sirio Pharma is a private, closely-held contract manufacturing company in China that produces dietary supplements and drugs. Sirio is currently a qualified third-party supplier to Pfizer Consumer Healthcare.
• Under the terms of the agreement, Sirio will continue to supply the high-quality Treerly family of products to Pfizer Consumer Healthcare

3:11 am Medivation and Astellas (ALPMY) announce Phase 2 TERRAIN trial meets primary end point; results published in Lancet Oncology (MDVN) :

Medivation (MDVN) and Astellas Pharma (ALPMY) announced that results from the Phase 2 TERRAIN trial of enzalutamide compared to bicalutamide in metastatic castration-resistant prostate cancer were published in the Lancet Oncology. The article, titled, "Efficacy and Safety of enzalutamide Versus bicalutamide for Patients with Metastatic Prostate Cancer (:TERRAIN)," appears in the January 13th online issue and will be published in a future print issue of the journal.

• The TERRAIN study achieved its primary endpoint demonstrating a statistically significant increase in progression-free survival for enzalutamide compared to bicalutamide.
• Median PFS, defined as time from randomization to centrally confirmed radiographic progression, skeletal-related event, initiation of new anti-neoplastic therapy or death, whichever occurred first, was 15.7 months in the enzalutamide group compared to 5.8 months in the bicalutamide group.
• The observed adverse event profile of enzalutamide in TERRAIN appeared consistent with that from Phase 3 enzalutamide trials

3:08 am Performance Sports reports in-line earnings; beats on revs; sees FY16 EPS in-line with consensus; comments on market speculation (PSG) :

Reports Adj Net income of $0.13 vs $0.13 Capital IQ consensus; revs declined 11% YoY to $153.0 mln vs $143.8 mln consensus

Outlook:

• Co sees FY16 Adjusted Net Income to range between $0.66 and $0.69 per share vs $0.69 consensus
• Co sees Q3 Adjusted EPS to range between $0.09-.10 vs $0.13 consensus.

Statement regarding recent market speculation:

• Performance Sports Group believes it is prudent to caution investors that it has not received any proposal or communication from any person concerning a potential bid for the Company or similar transaction, and is not otherwise aware of any developments supporting recent speculation in the marketplace. In addition, the board of directors unanimously supports CEO Kevin Davis, the entire management team and the overall strategic direction of the Company, including its OWN THE MOMENT retail initiative for Bauer Hockey.