6:56 am Asian Markets Close: Nikkei -1.7%, Hang Seng -0.2%, Shanghai -0.3% (:SUMRX) :

Markets in the Asia-Pacific region ended Tuesday on a mixed note. Japan's Nikkei (-1.7%) spent the day in a steady retreat, erasing the entirety of its rebound off Monday's session low. Meanwhile, indices in Hong Kong (-0.2%) and China (-0.3%) posted slimmer losses. Elsewhere, Thailand's SET spiked 2.6%, registering its largest advance since late August. Regional newsflow was relatively light, but it is worth noting that the New Zealand Treasury has cut its GDP forecast for fiscal year 2015/2016 to +2.2% from +2.9%. Similarly, Australia has lowered its fiscal-year 2015/2016 growth forecast to 2.5% from 2.75%. Separately, the latest meeting minutes from the Reserve Bank of Australia showed that the central bank expects a gradual strengthening in economic growth.

• Economic data was limited:
  • Australia's Q3 House Price Index +2.0% quarter-over-quarter, as expected (previous 4.7%)
  • New Zealand's Budget Balance -NZD5.40 billion (previous -NZD4.17 billion)
  • Singapore's October Retail Sales +1.0% month-over-month (expected 1.7%; previous -4.0%); +2.7% year-over-year (expected 2.6%; last 4.3%). Separately, Q3 Unemployment Rate held at 2.0%, as expected
  • South Korea's November trade balance KRW10.30 billion (expected KRW10.40 billion; previous KRW10.40 billion)

---Equity Markets---

• Japan's Nikkei lost 1.7%, ending at its lowest level since late October. Every sector ended the day in negative territory, paced by materials (-2.5%), industrials (-2.1%), financials (-1.7%), and consumer discretionary (-1.6%). As for individual issues, TDK, Fukuoka Financial, Pioneer, Nissan Motor, and Japan Steel Works lost between 3.2% and 4.0%. On the flip side, nine names posted gains with Unitika spiking 1.8% and Konami rising 0.8%.
• Hong Kong's Hang Seng shed 0.2% to register its ninth consecutive decline. The index settled in the top third of its range from Monday with consumer and gaming names struggling for the second consecutive day. The likes of Belle International, Sands China, Galaxy Entertainment, Li & Fung, and China Resources Beer Holdings fell between 1.2% and 3.9%. On the upside, energy names rebounded with CNOOC and PetroChina climbing 1.0% and 0.8%, respectively.
• China's Shanghai Composite slipped 0.3% with securities brokers seeing increased interest. CITIC Securities lost 3.8% while Pacific Securities, Founder Securities, and Industrial Securities surrendered between 2.2% and 3.4%.
• India's Sensex climbed 0.7%, returning to its levels from early December. Roughly half of the index ended in the green with Hindustan Unilever spiking 2.3% while Reliance Industries, Tata Motors, Maruti Suzuki, and Bajaj Auto followed with gains between 1.1% and 2.1%. On the downside, Wipro lost 1.5%.

---FX---

• USDJPY +0.1% to 121.18
• USDCNY UNCH at 6.4610
• USDINR -0.2% to 66.94

6:53 am Wesco reaffirms FY15 guidance, issues downside FY16 guidance, ahead of today's investor conference call (WCC) :

• Co reaffirms guidance for FY15 (Dec), sees EPS of $4.15-4.30 vs. $4.22 Capital IQ Consensus Estimate, and a 4% to 5% sales decline (consensus is -5%).
• Co issues downside guidance for FY16 (Dec), sees EPS of $3.75-4.20 vs. $4.22 Capital IQ Consensus Estimate; expects sales in the range of flat to down 5%, vs. consensus expectations for flat sales.
• "We expect reduced demand in commodity-driven end markets and foreign exchange headwinds to continue throughout next year."
• CoO will discuss its 2016 outlook during its investor conference call today starting at 11 a.m. ET.

6:50 am Inland Real Estate agrees to be acquired by DRA Advisors funds, for $10.60 per share in cash (IRC) :

Co will be acquired by real estate funds managed by DRA Advisors in a transaction valued at $2.3 billion. Under the terms of the Merger Agreement, funds managed by DRA will acquire all issued and outstanding common stock of IRC for $10.60 per share in cash.

• IRC expects to pay regular monthly cash distributions of $0.0475 per share on the outstanding shares of its common stock until the Merger closes.
• IRC's Board has unanimously approved the Merger Agreement and the Merger. Closure is expected in 1H16

6:46 am AMC Entertainment appoints Adam Aron as CEO and President, effective January 4, 2016 (AMC) : Aron replaces Craig Ramsey, who has served as Interim CEO since August 2015, following the resignation of Gerry Lopez. Ramsey will remain AMC's Chief Financial Officer, and will report directly to Aron. Aron is currently Chief Executive Officer and a member of the Board of Directors of Starwood Hotels and Resorts (HOT)

6:45 am Starwood Hotels names Thomas B. Mangas CEO and Alan M. Schnaid CFO (HOT) : Mangas is currently EVP and CFO. The appointment follows the resignation of Adam Aron, who is leaving Starwood at the end of the month to become CEO and President of AMC Entertainment Holdings (AMC). Schnaid is currently SVP, Corporate Controller and Principal Accounting Officer.

6:45 am Arch Coal reports electing to exercise the 30-day grace period with holders of its Senior Notes due 2019 and 2021; continues discussions with creditors regarding its balance sheet (ACI) :

Co announced that it has elected to exercise the 30-day grace period under its indenture agreements with holders of its 9.875% Senior Notes due 2019, the 7.00% Senior Notes due 2019 and the 7.25% Senior Notes due 2021. This extends the time period the company has to make the approximately $90 million interest payment due December 15, 2015 without triggering an event of default under the indentures.

• Arch intends to use the 30-day grace period to continue constructive discussions with various creditors regarding its ongoing effort to develop and implement a comprehensive plan to restructure its balance sheet. The company has sufficient liquidity to continue normal mining operations and to meet its obligations in the ordinary course, and it intends to continue providing customers the same high quality services they expect from Arch.
• The company had approximately $694.5 million in cash and short term investments as of September 30, 2015.

6:35 am Magellan Health offers FY16 guidance, reaffirms FY15 outlook (MGLN) :

The co announced that in 2016, it expects to generate net revenue in the range of $4.28-4.52 billion vs. the $4.75 bln Capital IQ Consensus Estimate, segment profit in the range of $260-280 million, and net income in the range of $51-70 million, which translates into diluted earnings per share (EPS) in the range of $2.06 to $2.83. Adjusted net income for 2016 is expected to be in the range of $75.5-94.5 million, which equates to adjusted EPS in the range of $3.06-3.83 vs. the $3.19 Capital IQ Consensus estimate. The company also expects cash flow from operations in the range of $193-224 million.

• With respect to 2015, the company confirmed its guidance, which was most recently updated in October. The previous $200 million share repurchase authorization has been completed, and the company began the new two-year, $200 million program authorized by the board of directors in October. Through Friday, December 11, 2015, approximately 345,000 shares were purchased at a total cost of $18.4 million.

6:31 am Medley Capital prices its offering of $70 mln in 6.50% notes due 2021 (MCC) :  

6:31 am SAGE Therapeutics announces updated guidance for the expected readout of top-line results for the Status trial; top-line results for the Phase 3 clinical trial are now expected in 2H16 (SAGE) : Co stated: "We are pleased to revise our timeline forward for the Phase 3 STATUS Trial top-line results based on current enrollment trends and our team's continued execution in opening sites. We are excited about the interest in our trial to date. In the first half of 2016, we expect data readouts from our placebo-controlled Phase 2 trial of SAGE-547 in severe postpartum depression and from the SAGE-217 Phase 1 clinical program. In the second half of the year, in addition to the SAGE-547 Phase 3 data, we expect to launch multiple Phase 2 trials evaluating SAGE-217 in essential tremor, orphan epilepsies and potentially postpartum depression, assuming successful replication of earlier stage work. We also expect to initiate the SAGE-689 Phase 1 development program in the second half of 2016."

6:30 am W&T Offshore reports a significant discovery at the Ewing Banks 954 A-8 exploratory well (WTI) :

Co reported a significant discovery at the Ewing Banks 954 A-8 exploratory well located in the deepwater Gulf of Mexico. The well, which recently reached total depth, represents the second discovery in a two-well drilling program from the EW 910 platform.

• Co stated: "The EW 954 A-8 well penetrated a total of 150 feet of measured depth hydrocarbon pay contained in two sands. Completion operations are currently underway with a planned two-zone completion. Following facility tie-in, first production is expected during the first quarter of 2016. Although no well flow tests have been conducted, based on formation evaluation data, we currently anticipate producing the well from the two zones at a restrained gross rate of approximately 2,300 Boe per day."

6:30 am Wave Systems secures a financing agreement and engages an investment bank to evaluate strategic alternatives (WAVX) : Co has completed a financing agreement with Marble Bridge Funding Group, Inc. in the form of a secured accounts receivable and purchase orders financing facility of up to $3 mln. Co has also engaged GrowthPoint Technology Partners to advise it in evaluating its strategic alternatives, including potential M&A opportunities. Additionally, Wave issued a total of 5.5 mln warrants to MBFG and its co-lender of Class A common stock at an exercise price of $0.15/share.

6:08 am Vimicro shareholders approve the previously announced 'going-private' transaction for $13.50/share, deal expected to close as soon as practicable (VIMC) :  

6:01 am Greenbrier new orders since September 1 total $170 mln, or ~1,800 railcar units; reaffirms FY16 guidance (GBX) :

The co announced that it received new orders since September 1, 2015, the beginning of the fiscal year, through the date of this release for approximately 1,800 railcar units valued at nearly $170 million. These orders cover a range of diverse railcar types, including automobile carrying railcars, boxcars, large cube covered hopper cars, and non-energy tank cars for the North American and European markets.

• Additionally, the company reaffirmed guidance for fiscal 2016 including deliveries of 20,000 to 22,500 units, revenue to exceed $2.8 billion vs $2.78 bln Capital IQ Consensus Estimate, and diluted EPS in the range of $5.65 to $6.15 vs $6.00 Capital IQ Consensus Estimate
• Of the 1,800 units ordered, 500 units were received during the first quarter ended November 30, 2015 and 1,300 units were received subsequent to quarter end. In addition, 200 units in this announcement represent a change in the car-type mix of a previously announced large order for which the overall value of the entire order remains unchanged.

6:01 am Shire provides pipeline update; highlights over 25 clinical development programs planned for 2016 (SHPG) :

Co provides early pipeline  and announces it will provide further updates on the business and the progress of Shire's pipeline at the JP Morgan Healthcare Conference

• Co states it enters 2016 with most robust clinical pipeline in its 30-year history, focused on rare diseases and specialty conditions
• Over 25 clinical development programs planned for 2016 including over 10 in Phase 3

6:01 am Egalet submits a new NDA for Arymo ER extended-release tablets, for pain management (EGLT) :

Co announces the co has submitted a NDA for ARYMO ER (morphine sulfate) extended-release tablets for the management of pain severe enough to require daily, around-the-clock opioid treatment and for which alternative treatments are inadequate.

• The submission is based on the pivotal pharmacokinetic studies that demonstrated bioequivalence of ARYMO ER 15 mg, 30 mg and 60 mg to equivalent doses of MS Contin (morphine sulfate controlled-release).
• In addition, the submission includes a comprehensive battery of abuse-deterrent studies (Category 1, 2 and 3) which were conducted to support abuse-deterrent label claims for intravenous injection, snorting and oral abuse.

6:00 am McEwen Mining appoints Andrew Elinesky as SVP & CFO (MUX) : Elinesky currently serves as VP, Argentina with responsibility for administrative and financial oversight of the San Jos Mine, as well as exploration and development of co's other Argentine assets.

6:00 am Clearwater Paper announces a $100 million stock repurchase program; will fund the repurchase through available cash resources (CLW) :  

5:53 am S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +26.00. :

5:53 am European Markets : FTSE...5968.44...+94.40...+1.60%.  DAX...10327.66...+188.30...+1.90%.

5:53 am Asian Markets : Nikkei...18565.90...-317.50...-1.70%.  Hang Seng...21274.37...-35.50...-0.20%.

5:53 am CUI Global receives its first order for its Mercury Trace Element Detector Units in NA, vallued at ~$1 mln (CUI) :

Co announced it has successfully received orders for delivery of its mercury detection units to a large liquid natural gas project in the North Eastern United States.

• The order, valued at ~$1,000,000, uses Orbital's proprietary VE Technology sampling system to provide a fast and uniquely accurate method of detecting trace elements (like mercury) in the LNG liquification process.

5:08 am Pretium Resources completes 2015 Brucejack drill program (PVG) :

Co reports that the final set of drill results from the 2015 regional grass-roots exploration program conducted on the property surrounding the Brucejack Project.

• Results include long intervals of low-grade gold mineralization at depth to the south and southeast of the Valley of the Kings deposit, as well as polymetallic mineralization in new zones defined 13 kilometers to the southeast of the Project
• The 2015 regional exploration program was successful in extending known gold zones and establishing several new zones, some that could potentially host VMS, replacement or epithermal-style mineralization.

5:01 am Canadian Solar raises final tranche of $80.0 mln under its previously announced 2-yr senior secured term loan agreement (CSIQ) :

Co announced that it has raised a final tranche of $80.0 million under its previously announced two-year senior secured term loan arranged by Credit Suisse AG, Singapore Branch (CS), bringing the total facility amount to $180.0 million.

• In connection with the term loan, Canadian Solar issued the lenders warrants to purchase up to 940,171 shares of common stock at an exercise price of $28.08 per share. The warrants will expire two years from the date of the closing, on December 10, 2017. This term loan is being used for general corporate purposes.

4:57 am On The Wires (:WIRES) :

• Iberdrola (IBDRY) and CaixaBank (CAIXY), via its AgroBank specialised agricultural line of business, have entered into an agreement about boosting the comprehensive solar photovoltaic generation solution offered by the electric utility to its customers, Smart Solar Iberdrola, which enables them to generate and consume their own energy by installing this type of technology. 
• Statoil (STO) announced it has awarded maintenance and modification agreements worth NOK24 bln for the company's installations on the Norwegian continental shelf and for the onshore plants at Sture, Kollsnes, Krst and Melkya.

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

• MiX Telematics (MIXT) announced the launch of MiX Journey Management - a comprehensive electronic journey risk management solution that integrates with the company's fleet management platform.
• Cornerstone OnDemand (CSOD) announced that leading global manufacturer Hitachi (HTHIY) has implemented Cornerstone's cloud-based talent management software solution to deliver a best-in-class learning and development experience to more than 350,000 Hitachi employees across nearly 1,000 group companies.
• Toshiba (TOSBF) announced the launch of "TB9044FNG", a general-purpose system power IC with multiple outputs achieving functional safety for automotive applications. Sample shipments start today, with the mass production scheduled to start in October, 2017.
• PointGrab announced an investment totaling $5 million from ABB (ABB) Technology Ventures, EcoMachines Ventures, and Flex Lab IX. Through this investment, PointGrab fuels its expansion into the rapidly growing $30 billion home and building-automation market.
• IBM (IBM) announced the opening of its global headquarters for Watson Internet of Things, launching a series of new offerings, capabilities and ecosystem partners designed to extend the power of cognitive computing to the billions of connected devices, sensors and systems that comprise the IoT.
• SAP (SAP) announced that Wipro (WIT) is extending its SAP footprint by deploying SAP's next-generation business suite, SAP Business Suite 4 SAP HANA, and other solutions from SAP.
• Technip (TKPPY) has been awarded a lump sum contract by Deep Gulf Energy II, LLC for the development of the Odd Job field. This ultra deepwater field is located in Mississippi Canyon, offshore New Orleans, in the Gulf of Mexico, in water depths ranging from 1,330 to 1,825 meters.

4:33 am Sanofi-Aventis and Boehringer Ingelheim enter asset swap negotiations; expected to be business EPS neutral in 2017 and accretive in subsequent years (SNY) :

Sanofi and Boehringer Ingelheim announced that the companies have entered into exclusive negotiations to swap businesses.

• The proposed transaction would consist of an exchange of Sanofi animal health business with an enterprise value of 11.4 bn and Boehringer Ingelheim consumer healthcare business with an enterprise value of 6.7 bn. Boehringer Ingelheim CHC business in China would be excluded from the transaction.
• The transaction would also include a gross cash payment from Boehringer Ingelheim to Sanofi of 4.7 bn.
  • Sales of Boehringer Ingelheim CHC business (excluding China) are estimated at about 1.6 bn for 2015 and are highly complementary with those of Sanofi CHC, both in terms of products and geographies.
  • Boehringer Ingelheim CHC would improve the position of Sanofi in Germany and Japan where Sanofi CHC presence is limited, and expand Sanofi presence in its Priority Categories.
• Taking into account the anticipated CHC results, share buybacks and potential synergies, the overall transaction is expected to be business EPS neutral in 2017 and accretive in subsequent years.

4:29 am Fiat Chrysler reports European unit sales for Nov rose 18.3% YoY (FCAU) :

Co reports it posted European sales of 68,500 units for the month of November, representing an 18.3% year-over-year increase and outperforming the industry average (+13.7%) for the eleventh consecutive month.

• For the eleven months year-to-date, sales were up 13.4% (+8.6% for the industry) to more than 807,000 units.

4:25 am General Electric divests its Japanese commercial lending and leasing business to Sumitomo Mitsui Finance (SMFG) for ~$4.8 bln (GE) :

GE has signed an agreement today to sell its commercial lending and leasing business in Japan, including Capital Finance, Fleet Service and Vendor Finance, to Sumitomo Mitsui Finance and Leasing, a member of Sumitomo Mitsui Financial Group (SMFG).

• The transaction includes employees of the business and represents aggregate GE ending net investment of ~$4.6 billion. The sale price is ~$4.8 billion.

4:22 am Turquiose Hill Resources announces Oyu Tolgoi has signed a $4.4 bln project finance facility (TRQ) :

Turquoise Hill Resources, whose primary operation is its 66% interest in the Oyu Tolgoi copper-gold-silver mine in southern Mongolia, announced that Oyu Tolgoi has signed a $4.4 billion project finance facility, one of the largest in the mining industry.

• The facility is being provided by a syndicate of international financial institutions and export credit agencies representing the governments of Canada, the United States and Australia, along with 15 commercial banks.
• As part of the project finance agreements, Rio Tinto (RIO) has agreed to provide a completion support undertaking in favour of the project finance lenders. In consideration for providing completion support, and as contemplated by previous agreements, Oyu Tolgoi and Turquoise Hill have agreed to pay Rio Tinto an annual completion support fee equal to 2.5% of the amounts drawn under the facility, of which 1.9% is payable by Oyu Tolgoi and 0.6% is payable by Turquoise Hill.
• The parties have agreed to a debt capacity of $6.0 billion for Oyu Tolgoi, providing the option for an additional $1.6 billion of supplemental debt in the future
  

4:18 am Pacira Pharma receives favorable resolution for EXPAREL; formal FDA rescission of 2014 warning letter (PCRX) :

Co announced that it has achieved an amicable resolution with the United States in its lawsuit filed on September 8, 2015, Pacira Pharmaceuticals vs FDA.

• The resolution confirms that EXPAREL is, and has been since 2011, broadly indicated for administration into the surgical site to provide postsurgical analgesia.
• The FDA approved a labeling supplement which amends the EXPAREL Package Insert (:PI) to clarify and reinforce that:
  • The use, efficacy and safety of EXPAREL is not limited to any specific surgery type or site
  • The proper dosage and administration of EXPAREL is based on various patient and procedure-specific factors, with the two surgical models utilized in the pivotal trials provided as examples for the purpose of providing general guidance
• The September 2014 Warning Letter is formally withdrawn via a "Rescission Letter"
• The United States acknowledges that the rescission of the Warning Letter and approval of the Labeling Supplement reflect the scope of the indication in the NDA that FDA approved on October 28, 2011.
• Pacira and FDA agree that, in future interactions, they will deal with each other in an open, forthright and fair manner
  

4:12 am Boeing and China Postal agree on purchase order of 10 Next-Generation 737 Boeing Converted Freighters (BA) : There were no specific financial details and is pending a program launch

4:10 am EZchip: Raging Capital Management issues statement; concerned over commitment to a successful go shop process (EZCH) :

Raging Capital Management, the largest shareholder of EZchip Semiconductor (EZCH) owning ~7.9% of the ordinary shares outstanding, commented on the Go Shop process that EZchip initiated after the Company postponed the shareholder vote on the Company's proposed sale to Mellanox Technologies (MLNX)

• "Despite EZchip's last minute maneuvers, the postponed merger with Mellanox and the establishment of an additional Go Shop provision was a victory for EZchip shareholders. And while it confirmed to Raging Capital our strong belief that the original process to sell EZchip was both flawed and incomplete, it ultimately provided the Company with an opportunity to engage other interested parties to make a fulsome bid..."
• "...it has come to our attention that Mr. Fruchter has recently been posting comments on a private subscription-based message board which paint a negative picture of the business. In our opinion, Mr. Fruchter's imprudent comments are intentionally sabotaging the Go Shop process..."
• "...Raging Capital continues to believe that EZchip should not have entered into the agreement to sell to Mellanox at $25.50 per share because we believe the Company is worth much more..."
  

4:06 am M/A-COM Tech acquires Aeroflex's (:ARX) diode business for $38 mln in cash (MTSI) :

M/A-COM Technology Solutions Holdings announced that it has acquired 100% of Aeroflex's diode business for $38 million in cash.

• The business had ~$37 million in revenue for the fiscal year ended December 31, 2014.

4:04 am The Medicines Co reports publication of MDCO-216 data; demonstrates pronounced effect on ABCA1-mediated cholesterol efflux (MDCO) :

Co announced that the European Heart Journal -- Cardiovascular Pharmacotherapy has published results of its Phase 1 study for MDCO-216, a compound under development for the reduction of atherosclerotic plaque burden and related life-threatening cardiovascular events in patients with coronary artery disease

• The publication highlights: "The results reported by Kallend et al. are preliminary but promising and should encourage further confirmation in larger randomized trials assessing the effects of MDCO-216 on atherosclerosis and cardiovascular outcomes. Its intravenous administration and the duration of the effects suggest that it might be more suitable for patients with acute or unstable cardiovascular disease rather than giving repeated infusions over time in subjects who are otherwise stable."
• Co also announced that it has recruited and dosed the first patient in a proof-of-concept intravascular ultrasound study, MILANO-PILOT, to measure the effect of MDCO-216 on atherosclerotic plaque burden and continue to evaluate the agent's impact on cholesterol efflux.
• The study will involve up to 120 patients with ACS and will assess the safety and efficacy of weekly 20mg/kg MDCO-216 infusions over a five-week period. The first interim analysis is projected for the first half of 2016.

4:00 am RigNet reduces personnel by 21 positions in Q4 cost saving effort (RNET) :

Co announced a reduction of 21 personnel to reduce costs in line with lower activity levels in the upstream energy market.

• In connection with this action, RigNet expects to achieve annualized savings from personnel reductions of ~$2.5 million after taking a restructuring charge of ~$0.7 million in the fourth quarter of 2015 for employee severance expenses and related matters.
• Expected to be substantially completed by January 31, 2016, the plan involves a reduction across the organization of approximately 4% of the employee base.

3:58 am Bluelinx's Board approves a 1-for-10 reverse stock split (BXC) : Co announced that the Company's Board of Directors has approved a 1-for-10 reverse stock split of the Company's common stock, and plans to seek stockholder approval of the reverse stock split at its 2016 annual stockholders' meeting in an effort to meet the minimum per share market price requirements for continued listing on the New York Stock Exchange.