Platinum Group metals Ltd

Published : May 26th, 2015

3:32 am Platinum Group Metals receives $20 mln of joint venture funding from Japanese partner; will consolidate the Waterberg JV and Waterberg Extension projects ...

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3:32 am Platinum Group Metals receives $20 mln of joint venture funding from Japanese partner; will consolidate the Waterberg JV and Waterberg Extension projects into one project area

2:56 pm Major averages slide to minor new session lows -- Dow -237, S&P -26, Nasdaq Comp -71 (:TECHX) : The extension leaves the S&P back near its 50 day ema/sma at 2099/2097 -- session low 2099.

2:48 pm Market Vectors Coal ETF continues to underperform, notches new low of 13.02 (KOL) : The new low leaves the ETF just above its 52-wk close/intraday lows from March at 13.00/12.95 -- ANR, ACI, CNX, JOY, BTU, WLT, ARLP.

2:39 pm BONDX (BONDX) : Euro Falls as Greece Fears Mount

  • The euro currency now stands more than 600 pips below its level 7 days ago, with concerns over Greece's membership in the eurozone taking front stage. Furthermore, Spain's local election wins for anti-austerity parties have increased the odds of another, much more significant debt negotiation process in the eurozone after that country's general election later this year
    • Greece's ability to make the 305 million euro, June 5th, IMF payment has been questioned by members of the Greek government. Greek yields moved higher to start off the week, although at 5 and 10-year maturities, they were still within their recent ranges
    • EUR/USD: -0.96% to 1.0875
  • U.S. Dollar Index: +1.29% to 97.26
  • USD/JPY: +1.22% to 123.04
    • The pair made a new 7-year high
    • The Bank of Japan will release the minutes from its April 30th meeting at 19:50 ET
  • The commodity currencies fell sharply in sympathy with the general dollar trend higher
    • AUD/USD: -1.15% to $0.7738
    • NZD/USD: -1.06% to $0.7236
    • USD/CAD: +0.89% to 1.2423

2:36 pm Marsh McLennan subsidiary Mercer announces acquisition of executive remuneration firm Kepler Associates; financial terms not disclosed (MMC) :  

1:51 pm Tianyin Pharma receives non-compliance notice from NYSE due to the delay in filing of its Quarterly Report on Form 10-Q (TPI) : Under NYSE MKT rules, until the Company files the Form 10-Q, its common stock will remain listed on the NYSE MKT under the symbol "TPI," but will be assigned an ".LF" indicator to signify late filing status. Five business days following the receipt of the noncompliance letter, the Company will be added to the list of NYSE MKT noncompliant issuers on the website and the indicator will be disseminated with the Company's ticker symbol. The Company states it intends to submit a compliance plan on or before the deadline set by the Exchange and is working diligently with the auditor to compile and disseminate the information required to be included in the Form 10-Q, as well as the required review of the Company's financial information.

1:25 pm Kilroy Realty announces a compromise with three community groups, that will allow a scaled-down version of its One Paseo mixed-used development project to move forward (KRC) : Under the terms of the agreement, KRC will reduce the scope of the office and retail components of the project

1:13 pm S&P -23 extends to 50% level (:TECHX) : The steady march lower today has resulted in a test of the 50% retracement of the May advance at 2101 (session low 2101). Note that its 50 day ema/sma come into play at 2099/2097.

1:09 pm Notable movers of interest (:SCANX) : The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume). 

Large Cap Gainers

  • TWC (182.79 +6.78%): To be acquired by Charter Comm (CHTR) for $195.71/share, or ~$78.7 bln.
  • ABBV (66.84 +2.08%): Announced it has closed the acquisition of Pharmacyclics (PCYC) for ~$21 bln; continues to expect the acquisition to be accretive beginning in 2017.
  • RYAAY (66.03 +1.28%): Reported FY15 EPS above consensus estimates, revs in-line.
Large Cap Losers
  • TTM (38.95 -5.39%): Reported Q1 results; revenues exceeded consensus estimates but EPS meaningfully weak compared to expectations.
  • ABX (11.71 -4.72%): Announced it has reached an agreement to sell 100% of the Cowal mine in New South Wales, Australia to Evolution Mining for $550 mln in cash; weakness in gold futures (-$17/ozt) weighing on the name as well.
  • CVE (16.68 -3.86%): Announced it has shut down production at its Foster Creek oil sands and Athabasca natural gas operations due to a forest fire; also announced its COO would transition from his role in September.
Mid Cap Gainers
  • SYNT (46.69 +5.11%): Reports out that Genpact (G) is considering an acquisition of Syntel.
  • BLUE (187.83 +5.3%): PT raised to $213 from $186 at Piper Jaffray.
  • INXN (30.34 +2.09%): Upgraded to Buy from Hold at Stifel.
Mid Cap Losers
  • FSLR (51.45 -6.57%): Downgraded to Underperform from Sector Perform at RBC Capital Mkts.
  • PTEN (20.15 -5.84%): Downgraded to Underperform from Outperform at Credit Agricole.
  • NBR (14.69 -6.49%): Downgraded to Underperform from Outperform at Credit Agricole.

1:07 pm Minor new lows for Dow -221 and S&P -23 -- Nasdaq Comp -62 hovering just slightly above its morning low (:TECHX) : Relative sector weakness in recent trade has been noted in Energy XLE, Oil Service OIH.

1:04 pm Auction Up (BONDX) : Auction Results:

  • $26 billion 2-year note auction:
    • Results:
      • High yield: 0.648%
      • Bid-to-cover: 3.40
      • Indirect bid: 42.3%
      • Direct bid: 17.2%
      • Stop-through: 0.1 bp
    • Prior 12-auction, average results:
      • High yield: 0.543%
      • Bid-to-cover: 3.42
      • Indirect bid: 36.5%
      • Direct bid: 16.1%

1:02 pm Midday Market Summary: Off to a Rough Start (:WRAPX) : The new week, which is the last week of May, has gotten off to a rough start as each of the major indices has declined at least 1.0%.  The triggers for the selling pressure have included the following:

  • Economic data that has fanned a sense the Federal Reserve may be inclined to raise policy rates before the end of the year
  • A strong dollar that has knocked down commodity prices and related stocks, as well as multinational companies that derive a large percentage of their sales overseas
  • Officials in Greece making waves about possibly not being able to meet a debt payment to the IMF next week
  • Continued weakness in the transports, which have failed to respond today to the large drop in oil prices
  • An absence of sector leadership (all ten sectors are down); and
  • Underlying valuation concerns
The April Durable Orders report, which was better than expected, helped ignite some of the early selling pressure that built on itself as technical support levels gave way.

The recognition that today's biggest laggards are among the market's most influential sectors has weighed on sentiment and has held buy-the-dip efforts in check so far.  To that end, the energy (-1.6%) and information technology sectors (-1.4%) sit atop the list of losers and the financial sector (-1.0%) is trailing behind.

In corporate news, the big headline of the day involves the report that Charter Communications (CHTR 180.05, +4.72) is going to acquire Time Warner Cable (TWC 182.74, +11.56) in a cash-and-stock deal valued at approximately $78.7 billion, including debt.  That news has been processed with great interest, yet it hasn't triggered any residual takeover speculation that has helped lift the market in other sessions when big deals were announced.

Notably, the CBOE Volatility Index (VIX 14.23, +2.10) has been one of the biggest movers of the day to the upside after it hit new lows for the year last week.  The ability to pick up some downside protection at relatively cheap prices has been appealing today for participants who are cognizant that things could come to a head next week on the Greece situation.

In any event, there is some defensive posturing in the capital markets today, evidenced by the jump in the VIX Index, the 1.2% gain in the U.S. Dollar Index, the relative strength of the health care (-0.7%), telecom services (-0.5%), and consumer staples (-0.6%) sectors, and buying interest in longer-dated Treasury securities.  The 10-yr note yield has dropped seven basis points to 2.14% while the 2-yr note yield has risen one basis point to 0.62%.

With the New York lunch hour drawing to a close, the major indices are at, or near, their lows for the day. 

A look at today's economic data:
  • The Conference Board's Consumer Confidence Index increased to 95.4 in May from a downwardly revised 94.3 (from 95.2) in April. The Briefing.com Consensus expected the index to decrease to 94.0.
  • New home sales increased 6.8% in April to 517,000 from an upwardly revised 484,000 (from 481,000) in March. The Briefing.com Consensus expected new home sales to increase to 510,000. 
    • Sales topped 500,000 for the third time in the first four months of 2015. Trends are significantly stronger than they were at this time in 2014, when an average of only 421,000 homes were sold each month. 
    • Sales growth was the strongest in the Midwest (+36.8%), which offset declines in both the Northeast (-5.6%) and West (-2.3%). 
    • Supply problems continue to plague the sector. During normal periods of buying and selling, supply usually runs at about 6 months' at the current sales pace. Lackluster construction growth during the recovery has pushed the supply rate down to 4.8 months. 
    • The median new home sales price increased 8.3% y/y to $297,300. 
  • Durable goods orders declined 0.5% in April after increasing an upwardly revised 5.1% (from 4.4%) in March. The Briefing.com Consensus expected durable goods orders to decrease 0.6%.  A steep decline in defense (-12.8%) and nondefense (-4.0%) aircraft orders made up the bulk of the April decline. 
    • Excluding transportation, durable goods orders increased 0.5% in April after increasing an upwardly revised 0.6% (from 0.4%) in March. The consensus expected these orders to increase 0.3%. 
    • Orders of nondefense capital goods excluding aircraft increased 1.0% in April after increasing 1.5% in March. Shipments -- which factor into second quarter GDP calculations -- increased 0.8% in April after increasing 1.0% in March. That is the first time shipments of business capital have increased for two consecutive months since July and August 2014.

12:51 pm Hemispherx Biopharma announces the publication of the EMA's public opinion and record designation approving the Orphan Medicinal Product Designation for Ampligen to treat Ebola Virus Disease (HEB) : The EMA opinion states that the experimental drug, "... is made up of two synthetic molecules of RNA (a type of genetic material), which are attached together. It is thought that the medicine works in two ways; first, by stimulating cells involved in the body's innate immune system (via receptors known as TLR 3), and secondly, by stimulating the production of interferons, a group of signalling proteins involved in protecting the body against viruses."

Briefing.com note: The co announced on May 11 that its subsidiary had received formal notification from the EC approving its Orphan Medicinal Product Application for Ampligen, an experimental therapeutic, to treat Ebola Virus Disease

12:48 pm U.S. Oil Fund ETF slides slightly under last week's low and its 50 ema at 19.58/19.59 -- session low 19.53 (USO) :  

12:46 pm Warren Resources announces the closing of a $250 mln strategic refinancing with funds sponsored by Franklin Square Capital Partners and sub-advised by GSO Capital Partners (WRES) : The first lien term loan provides Warren with $202.5 million of new money, including $172.5 million borrowed at closing for working capital and to repay Warren's existing revolving credit facility, a $30 million delayed draw first lien commitment, and $47.2 million of additional first lien term loans through the exchange of $69.6 million of unsecured notes at an exchange price of 65% of par. The new first lien loan has a term of five years, and a coupon rate of LIBOR plus 8.5%, with a LIBOR floor of 1%.

  • The transaction also allows Warren to exchange additional unsecured debt at a discount into second lien debt, subject to incurrence tests. As of May 26, 2015, Warren has $14.7 million of cash on hand.

12:36 pm Dolby Labs selected by Microsoft (MSFT) to provide its Dolby Audio for the Windows 10 OS; will be supported by the new Microsoft Edge browser (DLB) :  

12:02 pm New Treasury Supply (BONDX) : Treasury Auction Preview

  • $26 billion 2-year note auction (results at 13:00 ET):
    • Prior auction results:
      • High yield: 0.540%
      • Bid-to-cover: 3.30
      • Indirect bid: 38.1%
      • Direct bid: 14.6%
    • Prior 12-auction, average results:
      • High yield: 0.543%
      • Bid-to-cover: 3.42
      • Indirect bid: 36.5%
      • Direct bid: 16.1%
  • Over the past 2 years, there have been remarkably few tails (A high yield that comes in above the when-issued yield at 12:59 ET) in 2-year note auctions. There has been notable weakness in 2-year notes today and a tailing auction could be a big problem

12:00 pm Currency Market Update (FOREX) : Dollar Rips Higher

  • One could have been forgiven for expecting a pause in the dollar rally after its sharp rally last week, but the U.S. Dollar Index added 1.3% today to 97.26. While most of the negative news today is eurozone-related, the dollar is rallying against all of the majors and $/Yen touched a fresh, 7-year high
  • EUR/USD: -0.97% to 1.0875
    • Greece's ability to make the 305 million euro payment due to the IMF on June 5th is in doubt, according to two members of the Greek government
    • Greek Finance Minister Yanis Varoufakis has pledged that this payment will be made
    • There is discussion of lumping all of Greece's 1.6 billion in IMF payments due in June into 1 payment at the end of the month
  • USD/JPY: +1.25% to 123.07
  • GBP/USD: -0.50% to 1.5397
  • USD/CHF: +0.54% to 0.9503

11:53 am European Markets Closing Prices (:SUMRX) : European markets are now closed; stock markets across Europe performed as follows:

  • UK's FTSE:-1.2%
  • Germany's DAX:-1.6%
  • France's CAC:-0.7%
  • Spain's IBEX:-0.8%
  • Portugal's PSI:-2.0%
  • Italy's MIB Index:+0.2%
  • Irish Ovrl Index:+0.1%
  • Greece ASE General Index: +1.2%

11:43 am Stocks/ETFs that traded to new 52 week highs/lows this session - New lows (138) outpacing new highs (62) (:SCANX) : Stocks that traded to 52 week highs: AEC, ALN, ALR, ATAI, BPMC, BSQR, CAF, CAG, CBPO, CBS.A, CRUS, CTRP, CVC, DE, DRRX, DSKX, EHIC, ERI, ERN, FFKT, FOMX, FSI, FTNT, GGAC, GKNT, GTN, GTN.A, HALO, HCKT, HMST, INNL, IRMD, JFC, KWEB, LTM, MGPI, MOMO, MSCI, NORD, OLED, OPY, OSBC, OUTR, OZRK, PANW, PFSI, PLAY, PMC, PZZA, Q, QQQC, RELY, SAGE, SBCP, SIEN, TCX, TMUS, TRR, TWC, VRX, VSTO, ZSPH

Stocks that traded to 52 week lows: AAME, ACI, ACST, ACXM, AI, ANR, AP, APOL, ARLP, AXE, BBDO, BIOL, BLH, BLIN, BLT, BOOM, BTU, CBD, CDI, CDNA, CECO, CEL, CENX, CGEN, CIM, CKP, CLI, CLUB, CNAT, CNS, CPST, CRD.B, CSTM, CTIC, CTL, DAVE, DEJ, DEST, DGICA, DGSE, DSCI, DTF, DX, DXM, EGP, ELRC, ENZ, EOX, FCFS, FHCO, FOSL, FPT, FTEK, FTR, FXEN, GALT, GGB, GRC, GTY, HEAR, HGG, HK, HMY, HWCC, I, IGT, IKAN, IMRS, IO, ISH, JOE, KEM, KORS, LMIA, LTRX, MCF, MFV, MHG, MLHR, MNI, MTRX, MUH, MXWL, NATH, NCZ, NDLS, NGD, NNVC, NOR, NQP, NRP, NSC, NSPH, NTX, NUM, NYRT, OAKS, OESX, OMEX, ORN, QUIK, RBCN, RELL, RFIL, RFP, RGSE, RNWK, ROKA, RST, RXII, RYN, SGI, SGNL, SHLO, SHOS, SKBI, SPEX, SPW, SYNL, SYX, TC, TDC, TESS, TGD, TGH, TRIV, TROX, TRX, USEG, VIV, VPCO, VSAR, WHZ, WILN, WIN, WPG, WTW, WYNN

ETFs that traded to 52 week highs: EWH, HAO

ETFs that traded to 52 week lows: FUD, FXY, JJA, JO, RJA

11:41 am Time acquires sports and entertainment network company, Fansided; financial terms not disclosed (TIME) :  

11:29 am Indices stabilize after drifting to fractional new lows -- Dow -186, S&P -20, Nasdaq Comp -63 (:TECHX) : The S&P reached back to the 2105/2103 support zone (The Technical Take, session low 2103) and stabilized but little interest has developed thus far.

11:16 am Steel Dynamics announces plans to idle its Minnesota ironmaking operations in Chisholm and Hoyt Lakes, MN, effective immediately (STLD) : Management and the company's board of directors have elected to idle the operations for an initial twenty-four month period given the continued significant decline in pig iron pricing, which has resulted in the cost of iron nugget production being meaningfully higher than product selling values.

11:05 am Steady slide extended -- Dow -202, S&P -22, Nasdaq Comp -64 (:TECHX) :  

10:37 am Dow -172 and S&P -19 slide to minor new lows -- Nasdaq Comp -56 hovering just above its low (:TECHX) :  

10:33 am Intl Speedway announces an extension of its strategic partnership with AEG, to include AEG Live and examination of opportunities for music and live event co-development (ISCA) :  

10:30 am The Medicines Co presents results of a Phase 1 study for MDCO-216 that showed that the drug had a significant remodeling effect on HDL particles (MDCO) : This mechanism of HDL remodeling and increased cholesterol efflux may drive the removal of deposited cholesterol from vessel walls to reduce plaque burden in patients with atherosclerotic disease. The findings were presented at the 17th International Symposium on Atherosclerosis, May 23-26, in Amsterdam, The Netherlands.

  • A single infusion of MDCO-216 was shown to produce a rapid increase in ABCA1 mediated efflux, a potential marker of reverse cholesterol transport, and a marked increase in pre-beta 1 HDL. This was followed by and correlated with a decrease in smaller HDL particles and an increase in larger HDL particles which suggests significant and rapid HDL remodeling. This data provides a hypothesis for the mechanism by which MDCO-216 as a single infusion may increase the physiological process of reverse cholesterol transport and potentially reduce atherosclerotic plaque burden.
  • In other presentations at the conference of the Phase 1 data for MDCO-216,, investigators compared the pharmacokinetics and pharmacodynamics of MDCO-216 in healthy volunteers (HV's) and CAD patients. MDCO-216 was found to profoundly stimulate the first step of reverse cholesterol transport at clinically achievable and well tolerated doses with similar PK profiles in both HV's and coronary artery disease (CAD) patients, but with higher potency in terms of ABCA1 efflux in CAD patients. 

10:16 am Another round of minor new lows for major averages -- Dow -147, S&P -16, Nasdaq Comp -51 (:TECHX) : The breakdown below last week's range has been extended back to the 38% retrace of the May rally from intraday low to high at 2109.

10:02 am Wi-LAN and GammaTech Computer Corporation announce signing a multi-year patent license renewal agreement, covering GammaTech products that use wireless technologies (WILN) :  

10:01 am Gladstone Investments confirms it partnered with BlueArc Capital, Capitala Finance Corporation (CPTA), and members of executive management in the buyout of Brunswick Bowling Products (GAIN) :  

9:53 am Additional declines for market averages -- Dow -125, S&P -13, Nasdaq Comp -38 (:TECHX) : Sectors that have underperformed the S&P in recent trade include: Housing XHB, Semi SMH, Reg Bank KRE, Internet FDN, Technology XLK, Materials XLB, Software IGV, Defense PPA.

9:46 am Stock indices drop to new session lows -- Dow -123, S&P -11, Nasdaq Comp -27 (:TECHX) :  

9:45 am SFX Entertainment enters into a definitive agreement, whereby CEO Robert Sillerman will acquire all outstanding co shares for $5.25/share in cash (shares halted) (SFXE) : Co announced it has signed a definitive merger agreement whereby an affiliate of Robert Sillerman, the Company's Chairman and Chief Executive Officer, will acquire all the outstanding common stock of SFX that he does not already own. Sillerman owns approximately 37.4 percent of the outstanding common stock.

  • Under the terms of the agreement, SFX stockholders will receive $5.25 in cash for each share of SFX common stock they hold, in a transaction valued at ~$774 million. Stockholders will also be able to elect to retain stock in the Company in lieu of cash, subject to certain conditions and limitations.
  • The agreement provides for a "go-shop" period, during which the Special Committee -- with the assistance of Moelis & Company LLC -- will actively solicit, receive, evaluate and potentially enter into negotiations with parties that offer alternative proposals. The go-shop period is 45 days.

9:44 am Opening Market Summary: Weak Start as Expected (:SUMRX) : The major indices have all tracked lower at the open as expected.  Not much strength to speak of in terms of major leadership groups, although the consumer discretionary sector (+0.02%) is holding up better than most.

Losses in the influential technology (-0.6%), industrials (-0.6%), financial (-0.5%), and energy (-0.9%) sectors are weighing early.

The negative disposition appears to be rooted in part on some angst that the better-than-expected Durable Orders report for April could be a supportive factor for a rate hike from the Fed before the end of the year.  To that end, the U.S. Dollar Index is making a big move today, up 1.2%, while the front of the Treasury curve, which is more sensitive to policy action is showing some weakness.  The 2-yr note is up two basis points to 0.63%.

9:37 am Relative sector weakness (:TECHX) : Sector pressure is broad based with early downside leadership noted in: Crude OIl USO, Gold Miners GDX, Silver SLV, Gold GLD, Casino, Oil Service OIH, Energy XLE, Steel SLX, Materials XLB, Biotech IBB, Mining XME, Coal KOL, Technology XLK.

9:36 am Rush Enterprises: Ancora Advisors says it may consider submitting a new proposal on its own proxy materials and/or seek board representation (RUSHA) :  

9:35 am Weaker tone off the open slightly extended -- Dow -88, S&P -8,9, Nasdaq Comp -19 (:TECHX) :  

9:32 am uniQure announces the closing of its strategic collaboration with Bristol-Myers Squibb (BMY); $50 mln payment to uniQure triggered (QURE) :  

9:30 am FirstMerit Corp announces appointment of Mark DuHamel as Deputy Chief Financial Officer (FMER) : DuHamel has served as the company's treasurer since joining FirstMerit in 1996

9:29 am L-3 Communications announces that its electro-optics business, L-3 KEO, was awarded a $48.7 mln, competitively bid contract from the Naval Sea Systems Command (LLL) :  

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

  • Protran Technology, a Harsco Rail (HSC) company, announced a significant railway safety technology order from the Southeastern Pennsylvania Transportation Authority
  • Verifi, Inc announced a new relationship with Heartland Payment Systems (HPY) whereby Heartland customers will have immediate access to Verifi's suite of payments solutions
  • LifeLock, Inc. (LOCK) announced that Neil Daswani has joined the company as chief information security officer. Daswani joins LifeLock from Twitter, where he led initiatives to mitigate information security, malware, and ads-related risks to the company
  • The Department of Interior has awarded Exelis (XLS) Visual Information Solutions a Blanket Purchase Agreement to acquire ENVI software and maintenance
  • Rosetta Genomics (ROSG) announces the selection of the first project grant under its strategic alliance with Moffitt Cancer Center. The funded project is titled, "miRNAs as Determinants and Predictors of Ibrutinib Resistance in Mantle Cell Lymphoma."

9:29 am AMC Entertainment to commence a tender offer to purchase any and all of its outstanding $600 mln in aggregate principal amount of its 9.75% Senior Subordinated Notes due 2020 (AMC) :  

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

  • ITC Lake Erie Connector, a subsidiary of ITC Holdings (ITC) announced it has filed a major permit application with Canada's National Energy Board for the ITC Lake Erie Connector transmission line. Co also reiterated that it will commence an open solicitation for transmission capacity on the ITC Lake Erie connector beginning in late June
  • RLHC (RLH) announced the company has signed a franchise license agreement with the owner of a hotel in La Junta, Colorado
  • Xcerra Corporation (XCRA) announced that Nordic Semiconductor has selected the Diamondx from its semiconductor tester group, for high volume production test of their Internet of Things products
  • New Relic (NEWR) announced Dedalus, a Brazilian cloud services broker, has migrated more than 100 companies to the cloud with the New Relic Software Analytics Platform.
  • American DG Energy (ADGE) announced that it has reached an agreement with a hotel in Oahu, Hawaii to install and maintain two Ilios 600,000 Btu per hour heat pump systems. The heat pumps, manufactured by Ilios Dynamics, is a subsidiary of Tecogen (TGEN).
  • Cadiz Inc. (CDZI) announced that it has received a new letter from US Representative Mimi Walters (R-Irvine) in support of the Cadiz Valley Water Conservation, Recovery & Storage Project
  • Gulf Bay Group announced that a new joint venture formed with KKR (KKR) has purchased one of only two remaining developable land parcels in Pelican Bay for a cash payment of $80 million
  • ClearSign Combustion Corporation (CLIR) announced that Donald W. Kendrick, Ph.D., has joined the company's research and development team as Senior Vice President of Technology

9:23 am Cardtronics announces that it has signed an agreement, to sell the retail portion of its U.K. cash-in-transit operation for 18 million (CATM) : The deal to divest the retail cash-in-transit business is expected to close on July 1. Purchase consideration is approximately 18 million. Co expects its revenues in the second half of 2015 to be reduced by approximately $13 million due to the divestiture. Impact on profits is expected to be immaterial to 2015 results

9:21 am Delcath announces appointment of Jennifer Simpson as President And CEO (DCTH) : Simpson has served as Interim President and Chief Executive Officer of Delcath since September 2014 and as Interim Co-President and Co-Chief Executive Officer from September 2013 to September 2014

9:18 am Asterias Biotherapeutics announces that all outstanding common share purchase warrants originally issued in June 2014 were exercised resulting in total proceeds of $11.7 mln (AST) :

9:16 am Nordstrom and TD Bank Group announce strategic credit card relationship; TD will acquire Nordstrom's existing U.S. Visa and private label consumer credit card portfolio (JWN) :

  • The cos announced  an agreement under which TD will acquire Nordstrom's existing U.S. Visa and private label consumer credit card portfolio, which currently totals ~$2.2 billion in receivables. In addition, the two companies have entered into a separate long-term agreement under which TD will become the exclusive U.S. issuer of Nordstrom-branded Visa and private label consumer credit cards to Nordstrom customers. This transaction enables Nordstrom to retain all aspects of customer-facing activities, aligning with Nordstrom's strategy of enhancing the customer experience while allowing for improvement in capital efficiency.
  • The terms of the Nordstrom Rewards loyalty program will remain unchanged as a result of this transaction. Nordstrom will be entitled to receive a substantial portion of net revenue generated by the credit card accounts. Nordstrom is currently assessing plans for the use of proceeds in a manner that aligns with its capital allocation approach of returning shareholder value. Nordstrom expects to provide a further update on the financial impact of the transaction in the second half of 2015.

9:15 am S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -13.50. (:WRAPX) : Buyers have been a reluctant bunch this morning, which has left the S&P futures on the defensive.  The opening move, therefore, is expected to have a downward orientation.  Whether it gains any momentum could hinge on the movement of interest rates, which will be taking a cue from the New Home Sales and Consumer Confidence reports at the top of the hour and their potential implications for Fed policy.

9:06 am Freeseas has entered into an agreement with a group of Norwegian based investors for the financing of the acquisition of assets valued up to $15 mln (FREE) :  

9:04 am AAR Corp provides update to its restructuring activities following completion of its modified dutch action (AIR) : "In the second phase we are using the proceeds from the sale to pay down our debt (reducing our interest expense by $25 million per year) and to return capital to our shareholders by buying shares through this tender offer. Following through on our announced strategy, we will be divesting our Precision Machining business and selling other assets that are no longer a part of our strategy going forward. These include certain aircraft and inventory no longer required by our airlift business, aircraft in our lease portfolio, as well as inventory in our supply chain and MRO businesses that is excess to our needs or where we are exiting certain product lines. Excluding the sale of Precision Machining, we expect to generate $55-$70 million in cash from these actions and incur $55-$70 million in charges in the Fourth Quarter. We anticipate some of the asset sales to continue in the First Quarter of our Fiscal Year 2016. We have also taken action to reduce our corporate costs by approximately $8 million per year."

9:04 am S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -14.00. (:WRAPX) : The S&P futures have drifted lower following the better-than-expected Durable Orders report for April and continue to point to a lower start for the cash market.

A short time ago, it was reported that he FHFA Housing Price Index for March rose 0.3%, which followed an unrevised increase of 0.7% in February. The Case-Shiller 20-city Home Price Index for March rose 5.0% against a 4.6% increase expected by the Briefing.com consensus.

9:03 am Patriot National announces it has acquired Brandywine Insurance Advisors, a specialty insurance brokerage focusing on the construction industry, for $4.2 mln (PN) : Projected 2015 revenue from the transaction is $2.8 million

9:03 am Ruckus Wireless confirms that Chief Technology Officer William Kish will be leaving his position to pursue other interests; search commenced for his replacement (RKUS) :  

9:03 am Trimble Navigation announces PeopleNet, a TRMB co acquired assets of Cadec Global; terms not disclosed (TRMB) :

  • Co announced that PeopleNet, a Trimble Company, has acquired the assets of privately held Cadec Global.
  • Financial terms were not disclosed.

9:02 am Thoratec receives conditional FDA approval for the Shield II U.S. Clinical trial For HeartMate PHP (THOR) : Co announces that the FDA has granted conditional approval for a US IDE clinical trial to investigate use of the HeartMate PHP acute catheter-based heart pump in patients undergoing a high-risk percutaneous coronary intervention. The primary endpoint will measure non-inferiority based on a composite of adverse events at 90 days of follow-up. Final FDA approval is expected in the coming months pending resolution of certain routine technical questions. HeartMate PHP is an acute cardiac assist device designed to disrupt the traditional relationship between size and flow in catheter-based support devices.

8:58 am Qihoo 360 Tech. to increase its ownership stake in the Coolpad E-commerce JV (QIHU) : The co announced it has entered into an agreement with Coolpad Group Limited to increase its ownership stake in the COOLPAD E-COMMERCE INC., the joint venture established by with Coolpad in April 2015, to 49.5% by purchasing 4.5% shares in the JV from Cooldpad in the total consideration of $45 million.

8:55 am Ocata Therapeutics announces approval for three new US patents, which expand the scope of its existing patents, regarding its retinal pigment epithelium transplant technology (OCAT) :  

8:48 am On the Wires (:WIRES) :

  • SunOpta (STKL) announced that its wholly-owned subsidiary Tradin Organic Agriculture B.V. has increased its ownership position in Selet Hulling PLC, a supplier of organic sesame. Tradin now owns 76 percent of the joint venture of Selet Hulling, located in Addis Ababa, Ethiopia, and as a result, has obtained full management control of the operation.
  • Manhattan Associates (MANH) announced that Super Retail Group, has selected Manhattan Associates' Distributed Order Management solution for us to manage its omni-channel retail operations
  • ChemoCentryx (CCXI) announced that data from its Phase II clinical trial in diabetic nephropathy with CCX140, has been selected for an oral presentation in the Late Breaking Clinical Trial session at the 52nd Annual European Renal Association-European Dialysis and Transplant Association (ERA-EDTA) Congress
  • CACI International(CACI) announced it was awarded a $159 million contract to develop and implement the Integrated Personnel and Pay System-Army.
  • Speed Commerce (SPDC) has partnered with the Veterans Canteen Service, the resale entity for the Department of Veterans Affairs, to build and operate a direct-to-consumer ecommerce solution, including order management, fulfillment and customized customer care.
  • Mellanox Technologies (MLNX) announced the promotion of Dr. Mehdi Asghari to vice president of silicon photonics, Eyal Babish to vice president of hardware, Ronnen Lovinger to vice president of operations and corporate quality, Henning Lysdal to vice president of active interconnect engineering, and Alon Webman to vice president of silicon engineering

8:47 am Gapping down (:SCANX) : Gapping down
In reaction to disappointing earnings/guidance
: CYRN -7.9%, MOBI -6.1%, TTM -4.8%, TOUR -3.6%, WUBA -2.7%, MAGS -0.6%, PLAY -0.4%

Select EU financial related names showing weakness: SAN -2.8%, DB -2%, NBG -1.5%, CS -1.5%, BCS -1.3%

Select metals/mining stocks trading lower with underlying commodity down ~1%: GFI -4.6%, HMY -4.5%, AU -3%, HL -2.2%, GOLD -2.1%, SLV -2%, GG -1.8%, AEM -1.8%, GDX -1.8%, KGC -1.7%, EGO -1.4%, SLW -1.4%, AG -1.1%

Select oil/gas related names showing early weakness with underlying commodity down ~1%: SDRL -3.2%, PBR -2.7%, RIG -2%, RDS.A -1.7%, STO -1.7%, TOT -1.4%

Other news: IMRS -17.7% (IMRIS and two subsidiaries confirm filing for Chapter 11 bankruptcy protection), ACI -9.4% (receives continued listing standard notice from NYSE; taking steps to regain compliance with minimum share price standard), INO -3.7% (files for $250 mln mixed securities shelf offering), POZN -3.1% (confirms that on May 21, 2015, The Coalition for Affordable Drugs VII LLC filed a Petition for Inter Partes Review of POZEN Inc.'s U.S. Patent No. 6,926,907), SHAK -2.7% (modest pullback following strong gains last week), PBR -2.7% (still checking), AZN -1.7% (confirmed the termination of its co-development and commercialisation agreement with Amgen (AMGN) for brodalumab), AMGN -1.1% (commenced termination of its participation in the co-development and commercialization of brodalumab with AstraZeneca (AZN))

Analyst comments: ANR -5.2% (initiated with a Underperform at Credit Suisse), FSLR -3.8% (downgraded to Underperform from Sector Perform at RBC Capital Mkts), NBR -2% (downgraded to Underperform from Outperform at Credit Agricole), HW -1.3% (downgraded to Neutral from Outperform at Wedbush), DE -0.7% (downgrade to Neutral at Robert W. Baird ), HBAN -0.7% (downgraded to Underperform from Neutral at Macquarie)

8:47 am AAR Corp announces the results of its $135 mln, modified dutch auction, reporting ~4.24 mln shares of stock were tendered below the price of $31.90/share (AIR) :  

8:44 am Gapping up (:SCANX) : Gapping up
In reaction to strong earnings/guidance
: RYAAY +4.3%, AZO +1.3%, SKYS +0.4%

M&A news: GKNT +118.6% (to be acquired by Hot Topic for $17.50 per share),LPSN +11.4% (Nice Systems (NICE) takeover speculation),TWC +7.5% (Time Warner Cable confirms it has signed a deal to be acquired by Charter Comm (CHTR) for $195.71/share), CHTR +3.7% (Time Warner Cable confirms it has signed a deal to be acquired by Charter Comm (CHTR) for $195.71/share),EMC +0.9% (to acquire Virtustream, for $1.2 bln in cash)

Other news: IPCI +21% (confirms FDA grants fast track designation for Intellipharmaceutics Rexista Oxycodone XR Incorporating PODRAS Technology),PBMD +10.2% (was up 8%, now lower after releasing press release that is essentially the same press release that was released on 5/19),AEZS +9.3% (announces receipt of advice from the EMA, for the study design of its Phase 3 Study of Macrilen),CERU +9.2% (confirms it has been granted orphan drug designation for CRLX101 for the treatment of ovarian cancer by the FDA),MDR +9.2% (positive Barron's mention/Saudi Aramco contract),CVC +6.1% (following CHTR/TWC deal),ISR +6% (cont volatility),FXCM +4.9% (news Friday afternoon that U.S. & U.K subsidiaries agreed to assume the vast majority of margin forex accounts of CitiFX Pro from Citibank N.A),FOLD +4.9% (confirms that the EMA CHMP has granted Accelerated Assessment for the co's Migalastat HCl monotherapy for Fabry patients),ONTY +3.3% (cont strength),AEGR +3.1% (announces it has achieved the primary endpoint in its Phase III Study of Lomitapide, to treat Homozygous Familial Hypercholesterolemia),PBY +1.8% (Glenhill Advisors discloses 7.0% active stake in 13D filing; to engage in dialogue with co),FEYE +1.6% (favorable commentary on Friday's Mad Money),BLDP +1.4% (receives order for breakthrough technology solutions project with Nisshinbo),JASO +1% (JA Solar and Essel Infraprojects sign MOU to establish a solar cell and module manufacturing facility with 500MW production capacity)

Analyst comments: CTRP +4.3% (target raised to $122 from $80 at Summit Research),BPMC +3.5% (initiated with an Outperform at Cowen),PRTY +1.9% (initiated with a Overweight at Morgan Stanley, initiated with a Overweight at JP Morgan, among others),MRVL +1.9% (upgraded to Overweight from Equal-Weight at Morgan Stanley),LB +1.9% (added to Conviction Buy List at Goldman),BLUE +1.5% (target raised to $213 from $186 at Piper Jaffray),BSM +1.2% (initiated with an Overweight at Barclays),CEO +1.1% (upgraded to Neutral from Underweight at JP Morgan),PANW +1% (target raised to $175 at RBC Capital Mkts),EVA +0.9% (initiated with a Buy at Goldman, among others)

8:39 am Brunswick has completed the sale of its Bowling Products business to BlueArc Capital Management; terms not disclosed (BC) :  

8:35 am S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: -3.30. (:WRAPX) : The S&P 500 futures continue to point to a modestly lower start for the major indices following the better-than-expected April Durable Orders report.  

April durable goods orders declined 0.5%, which was better than the 0.6% decline expected among economists polled by Briefing.com. This comes after the prior month's revised reading reflected an increase of 5.1% (from 4.4%). Excluding transportation, durable orders increased 0.5% (Briefing.com consensus 0.3%) following the prior month's revised increase of 0.6% (from 0.4%).

8:34 am Patrick Industries, Inc. has completed the acquisition of the business and certain assets of Structural Composites of Indiana (PATK) : SCI is a fiberglass manufacturer of custom molded large front and rear caps and roofs, primarily to the recreational vehicle market, and specialty fiberglass components for the transportation, marine and other industrial markets. The Company projects SCI's 2015 annual revenues to be approximately $18 million and expects the acquisition to be immediately accretive to 2015 net income per share.

  • The net purchase price for SCI of approximately $20 million was funded under the Company's existing credit facility, and includes the acquisition of accounts receivable, inventory and fixed assets.

8:34 am Manulife Financial subsidiary John Hancock Financial announces acquisition of financial advisor software developer Guide Financial; financial details not disclosed (MFC) :  

8:33 am AbbVie closes Pharmacyclics (PCYC) acquisition; continues to expect deal to be accretive beginning in 2017 (ABBV) :  

8:33 am CAE beats by CAD 0.01, beats on revs (CAE) : Reports Q4 (Mar) earnings from cont ops of CAD $0.24 per share, CAD $0.01 better than the Capital IQ Consensus Estimate of CAD $0.23; revenues rose 9.7% year/year to CAD $631.6 mln vs the CAD $624.44 mln consensus.

  • Outlook Commentary: "We expect growth for the year across all business segments, with performance continuing to follow CAE's usual seasonal pattern, involving a stronger second half of the fiscal year than the first. With the majority of investments now complete to develop our global training centre footprint, capital expenditures are expected to be lower again in fiscal 2016 at ~$100 mln. In view of that and our positive long term market outlook, we anticipate higher returns on capital employed(10) going forward as we fill capacity and incrementally invest in customer-driven growth opportunities. In Civil, we expect annual operating margins to continue to improve from the 16.3% level reached last year on higher training utilization(11), and we expect to have FFS unit sales in the range of the fiscal 2015 number. In Defence, we expect continued modest growth with operating margins remaining in the 12-13% range."

8:32 am NuVasive appoints Gregory T. Lucier as CEO, effective immediately (NUVA) : Lucier, who has been serving as Interim Chief Executive Officer since April 1, 2015, will continue as Chairman of the NuVasive Board of Directors.

8:31 am First Bancorp announces progress on balance sheet de-risking; To sell a portfolio comprised of mostly non-performing and classified commercial loans and real estate (FBP) :

  • Co has entered into a definitive agreement to sell a portfolio comprised of mostly non-performing and classified commercial loans and real estate owned totaling $199.8 mln of unpaid principal balance, or $150.1 mln of book value, for $87.6 mln in cash or 43.8% of the unpaid principal balance of the assets. This transaction is expected to close in early June 2015. 
  • This transaction will result in a pretax loss, net of reserves, of approximately $47.2 mln. At the completion of the transaction, FirstBank will reduce its classified assets and nonperforming assets by approximately $149.1 mln and $94.7 mln, respectively. The resulting March 31, 2015 pro form non-performing asset to total asset ratio will decline from 5.74% to 5.02%.

8:31 am Jamba announces the completion of a refranchising deal for nine stores in California; announces plans to complete additional sales by the close of Q3 (JMBA) : The refranchising transaction was reached with existing Jamba franchise partner, Blended Star Norcal. Inc. Co expects to close six to seven additional refranchising transactions by the end of the third fiscal quarter of 2015, involving ~90-100 stores for expected additional proceeds between $22 million and $25 million. Also, Jamba expects to close the refranchise for 100 stores to Vitaligent by the end of the second quarter of fiscal 2015.

8:31 am China Lodging names Jenny Zhang as CEO (HTHT) : Co appoints Jenny Zhang, previously President of the Company, as CEO, effective May 26. Jenny Zhang has been with the company for eight years and has held top management positions. She has been President since January 2015.

8:30 am Market View: Jun. stock-index futures remain pressured below fair values following the 8:30 am ET economic data points (:TECHX) :

  • ESm5 now @ 2120.50 -4.00

  • NQm5 now @ 4522.25 -6.50

  • YMm5 now @ 18205 -19

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

  • Microchip Technology Inc. (MCHP) announced that the Volvo Car Group has migrated from MOST25 to the MOST150 standard in its all-new Volvo XC90 model, using Microchip's OS81110 Intelligent Network Interface Controllers
  • Allscripts (MDRX) announced that East Kent Hospitals University NHS Foundation Trust and Maidstone and Tunbridge Wells NHS Trust have each signed an agreement to deploy Allscripts PAS
  • The U.S. Army Contracting Command has awarded ManTech International (MANT) a task order to provide tactical communications software support to the Army's Software Engineering Center. The cost-plus-fixed-fee task order has a 12-month base period of performance and one 12-month option period, with a potential total value to ManTech of $16.2 million.
  • Axcelis Technologies (ACLS) announced that it has received an order for a 200mm Purion H single wafer, high current implanter from TowerJazz Semiconductor. The system is scheduled to ship in the third quarter.
  • Varian Medical Systems (VAR) and Flatiron Health announced a strategic alliance to develop a cloud-based, electronic health record, data analytics and decision support software for cancer care providers. Together, the companies will build upon their existing respective software platforms to deliver a cloud-based integrated medical oncology, radiation oncology and data analytics product suite.
  • Synchrony Financial (SYF) announced a new, multi-year agreement to offer a private label credit card program for consumers to finance the LeafGuard gutter, a one-piece leaf and debris shedding gutter system.
  • Alnylam Pharmaceuticals (ALNY) announced today that it has initiated a Phase 1 clinical trial with ALN-AS1, a subcutaneously administered investigational RNAi therapeutic targeting aminolevulinic acid synthase 1 for the treatment of acute hepatic porphyrias, including acute intermittent porphyria. The Phase 1 trial of ALN-AS1 will be conducted initially in AIP patients who are asymptomatic "high excreters." The company expects to present initial clinical data from this trial in early 2016.
  • Sophiris Bio Inc. (SPHS) announced that the first patients have been dosed in a Phase 2a proof of concept trial of PRX302 as a treatment for localized low to intermediate risk prostate cancer.
  • Nuance Communications (NUAN) announced that Roku has integrated its Dragon TV voice recognition into the voice search function on the Roku 3 streaming player and the Roku mobile app
  • Qualys (QLYS) announced a technology partnership agreement with NopSec to provide enhanced prioritization and remediation, to more efficiently protect networks from fast evolving threats and ensure compliance
  • Crossroads Systems (CRDS) announced that ARJ Distribution AB now offers its customers the Crossroads StrongBox.
  • Rediff.com (REDF) reported that 30% of the sales volume on its ecommerce site is driven by its product recommendation system.
  • Saab and DigitalGlobe (DGI) announced the creation of a joint venture -- Vricon, Inc. -- to produce photo-realistic 3D products and digital elevation models globally for enterprise and government geospatial markets.
  • QLogic (QLGC) announced an expanded distribution agreement with Arrow OEM Computing Solutions under which Arrow will offer QLogic's complete portfolio of 10Gb Ethernet, Fibre Channel, and converged networking solutions throughout Europe, the Middle East and Africa.
  • Prima BioMed (PBMD) announced that it has reached agreement with the US-based Database Integrations Inc. for the two companies to commercialise iCAN, the software platform that powers Prima's CVac cellular therapy, for use in other cellular therapies worldwide.

8:27 am European Yields (BONDX) : Greek Sovereigns Decline, Bunds Rally

  • Greek government debt has sold off since Friday's close as investors have become more skeptical about Greece's ability to make the 305 million euro payment due to the IMF on June 5th
    • Greek Finance Minister Yanis Varoufakis has pledged that the government will make the payment because a deal will be in place by then, although other Greek officials have said that public wages and pensions will take priority over the IMF
  • Spanish regional elections produced victories for anti-austerity forces and those parties now have a chance to take control of the local governments in both Barcelona and Madrid
    • More importantly to financial markets, the election results indicate the decreasing popularity of austerity going into the national election to be held later this year
    • In June of 2012, the Eurogroup lent Spain 100 billion euro to recapitalize its banking system. Spanish cajas provided the financing for Spain's housing boom leading up to 2008, and the collapse in real estate prices left them with severely impaired loan portfolios
  • Yield Check:
    • France, 10-yr OAT: -4 bps to 0.86%
    • Germany, 10-yr Bund: -4 bps to 0.56%
    • Greece, 10-yr note: +49 bps to 11.75%
    • Italy, 10-yr BTP: +5 bps to 1.90%
    • Portugal, 10-yr note: -1 bp to 2.49%
    • Spain, 10-yr Bono: unch at 1.83%
    • U.K., 10-yr Gilt: -4 bps to 1.90%

8:27 am IMRIS and two subsidiaries confirm filing for Chapter 11 bankruptcy protection (Shares Halted) (IMRS) : As part of the filing, IMRIS announced that subject to a marketing process and Court approval, it intends to sell its business operations to an affiliate of Deerfield Management Company.

  • In addition, the Company has secured a commitment for debtor-in-possession financing from Deerfield, which, in addition to IMRIS's ongoing cash flow, will ensure it is able to continue meeting its financial obligations throughout the Chapter 11 case. During this time, IMRIS intends to conduct a marketing process for its operating businesses.

8:16 am Oramed Pharmaceuticals announces that it has submitted the study protocol for the it Phase IIb trial of ORMD-0801, to the US FDA (ORMP) :  

8:09 am On the Wires (:WIRES) :

  • EdR (EDR) announced two changes, effective June 1, 2015, within the finance department: J. Drew Koester will be appointed as senior vice president of capital markets and investor relations, and Lindsey Mackie will be promoted to Koester's previous position of senior vice president and chief accounting officer.
  • Bellatrix Exploration (BXE) announced that it has successfully completed construction and has begun commissioning of Phase 1 of the Bellatrix O'Chiese Nees-Ohpawganu'ck deep cut gas plant in the Alder Flats area of Alberta. Phase 1 of the Plant was constructed with design capacity of 110 mmcf/d, and was completed ahead of schedule and within approximately 3% of cost estimates.
  • Solar Power (SOPW) announced that it has entered into a strategic partnership agreement with K.K. Uniroot, to jointly develop a pipeline of more than 500 megawatts (MW) of solar PV power plant projects in Japan. Under the terms of the agreement, SPI will assume primary responsibility for certain functions including project funding, construction and equipment procurement, with Uniroot bearing primary responsibility for other matters including land purchase and lease, securing necessary permits, and obtaining power purchase agreements with local utilities
  • NeoStem (NBS) announced the appointment of Dr. Merrick Ross, Professor of Surgery and Chief of the Melanoma Section, Department of Surgical Oncology, The University of Texas MD Anderson Cancer Center (MD Anderson), as the lead principal investigator for its Intus study.

8:05 am S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -2.50. (:WRAPX) : The S&P futures are down three points, but have worked their way off overnight lows when they were down about eight points. Notwithstanding the rebound, the cash market is still expected to start today's session on a slightly lower note.

April Durable Orders (Briefing.com consensus -0.6%) will be reported at 8:30 ET while the Case-Shiller 20-city Index for March (consensus 4.6%) and March FHFA Housing Price Index will both be released at 9:00 ET. The day's data will be topped off with the 10:00 ET release of April New Home Sales (consensus 510K) and the Consumer Confidence report for May (consensus 94.0).

In U.S. corporate news of note:

  • Time Warner Cable (TWC 184.88, +13.70): Up 8.0% after confirming it has signed a deal to be acquired by Charter Communications (CHTR 183.50, +7.97) for $195.71/share, or ~$78.7 bln
  • AutoZone (AZO 689.38, +0.20): Little changed in pre-market action after reporting better-than-expected Q3 (May) earnings
  • Ctrip.com (CTRP 89.00,. +4.37): Up 5.2% after Priceline announced an additional $250 mln investment in Ctrip.com International
Reviewing overnight developments:

Markets in the Asia-Pacific region had a mixed showing on Tuesday, yet there was nothing mixed about the performance of the Shanghai Composite. It surged another 2.0% on the heels of a 3.4% gain on Monday, with plans out of Beijing for a major infrastructure initiative helping to fuel the early-week rally.  The Shanghai Composite has increased 14.7% over the last six sessions.

Economic data
  • Japan
    • Corporate Services Price Index +0.7% year-over-year (expected +0.6%; prior +3.1%)
  • South Korea
    • May Consumer Confidence 105 (expected 103; prior 104)
  • New Zealand
    • April Trade Balance NZD 123 mln month-over-month (expected NZD 100 mln; prior NZD 754 mln)
      • Exports NZD 4.17 bln (expected NZD 4.20 bln; prior NZD 4.92 bln)
      • Imports NZD 4.04 bln (expected 4.10 bln; prior 4.16 bln)
  • Singapore
    • Q1 GDP +3.2% quarter-over-quarter (expected 1.8%; prior 1.1%); +2.6% year-over-year (expected +2.2%; prior +2.1%)
    • April Industrial Production -5.8% month-over-month (expected +0.5%; prior +1.2%); -8.7% year-over-year (expected -3.0%; prior -5.5%)

Major European indices trade mostly lower while France's CAC-40 (+0.3%) outperforms. EU bourses are once again plagued by Greece's waffling over whether it will (or can) pay the IMF debt this month. With little progress made in negotiations with creditors, Greek 10yr yields are trading higher by 3bps. The uncertainty has put some pressure on the major indexes this morning (the FTSE and DAX were closed on Monday).

Economic data
  • Swiss Q1 Non-Farm Payrolls: 4.225 mln vs 4.231 mln in Q4
  • Netherlands May Producer Confidence Index: 4.1 v 3.1 expected 
  • Sweden Apr PPI: -0.3% vs +0.3% in March
  • Poland Apr Unemployment Rate: 11.2% vs 11.3% expected

8:04 am Mast Therapeutics announces that it has initiated an open-label, multicenter Phase 3 extension study of Vepoloxamer in sickle cell disease (MSTX) :

  • Co reported that it has initiated an open-label, multicenter Phase 3 extension study of vepoloxamer in sickle cell disease, referred to as 'EPIC-E.' 
  • The study will enroll patients who have completed the Company's Phase 3 EPIC study and are hospitalized for a subsequent vaso-occlusive crisis.

8:04 am Perry Ellis: Legion Partners, CalSTRS withdraw nomination of Directors in light of recent Board actions at Perry Ellis International (PERY) : In response to recent positive steps the Board of Directors of Perry Ellis International, Inc. has taken to address shareholder concerns, Legion Partners Holdings, LLC and the California State Teachers' Retirement System ("CalSTRS") announced the withdrawal of their slate of director nominees for election to the Board and their proposal to appoint an independent chairman at the Company's upcoming 2015 annual meeting of shareholders. CalSTRS' 14a-8 proposal to declassify the Board will continue to be presented for a vote at the Annual Meeting. Legion Partners and CalSTRS beneficially own, in the aggregate, approximately 6.3% of Perry Ellis' outstanding common stock. "We are pleased with Perry Ellis' decision to nominate Bruce J. Klatsky and Michael W. Rayden to the Board to replace two long-serving incumbent directors," said Chris Kiper of Legion Partners.

8:03 am State Bank Financial announces early termination of all FDIC loss share agreements (STBZ) : Co has entered into an agreement with the Federal Deposit Insurance Corporation to terminate all existing loss share agreements with the FDIC. From July 2009 through October 2011, State Bank acquired substantially all of the assets and assumed substantially all of the liabilities of 12 failed banks in FDIC-assisted acquisitions.

  • All rights and obligations of State Bank and the FDIC under these FDIC loss share agreements, including the clawback provisions and the settlement of historic loss share and expense reimbursement claims, have been eliminated under the early termination agreement. 
  • In Q2, State Bank expects a one-time after-tax charge of ~$9.5 million, or $15.1 million pre-tax, resulting primarily from the write-off of the remaining indemnification asset and settlement charges paid to the FDIC.

8:03 am Erin Energy announces an agreement of terms on a commercial agreement, with an embedded prepayment element with Glencore Energy (ERN) : The offtake contract would allow Glencore to undertake the lifting of Oyo crude from the FPSO Armada Perdana for a minimum term of two years. The initial tranche would be available in two equal drawdowns totalling up to $50 million, and would depend on Erin Energy's ability to meet certain production targets. The second tranche would be an inventory revolving facility of up to $100 million.

8:02 am Intellipharmaceutics Intl confirms FDA grants fast track designation for Intellipharmaceutics Rexista Oxycodone XR Incorporating PODRAS Technology (IPCI) :

8:02 am Magnum Hunter announces a definitive agreement to sell non-core undeveloped and unproven leasehold acreage in Tyler County, West Virginia for ~$40.8 mln (MHR) : The sale is scheduled to close on May 28, 2015 and the properties to be sold consist of ownership interests in approximately 5,210 net leasehold acres.

8:02 am Infinity Pharmaceutical announces new preclinical data for duvelisib (INFI) : In vitro studies demonstrated synergy with standard-of-care therapies and emerging agents in development for hematologic malignancies, including duvelisib in combination with venetoclax, in combination with ibrutinib and in combination with dexamethasone. Additionally, in preclinical studies with each of these three combinations, significant inhibition of lymphoma tumor growth was observed compared to each of these agents alone. These data will be presented at the 2015 Annual Meeting of the American Society of Clinical Oncology in Chicago, Ill. on Sunday, May 31, 2015.

  • As part of Infinity and AbbVie's (ABBV) ongoing joint efforts to identify compounds synergistic with duvelisib, researchers conducted an in vitro high-throughput combination screen using a panel of cell lines and various drug combinations. In vitro synergy was observed with standard-of-care therapies and emerging agents in development for hematologic malignancies, including duvelisib in combination with venetoclax, in combination with ibrutinib and in combination with dexamethasone.
  • Additionally, in preclinical human xenograft studies with each of these three combinations, significant inhibition of lymphoma tumor growth was observed compared to each of these agents alone. These data support the use of duvelisib as part of combination therapy and provide additional rationale for the first clinical study of duvelisib in combination with venetoclax. 

8:01 am EMC to acquire Virtustream, for $1.2 bln in cash (EMC) :

  • Co announced it has entered into a definitive agreement to acquire privately-held Virtustream. 
  • EMC Federation service provider partners will receive access to Virtustream's xStream cloud management software platform and be enabled to adopt and deliver their own branded services based upon it.
  • The all-cash transaction is expected to close in the third quarter of 2015.
  • Deal is valued at approximately $1.2 billion, and has been approved by the boards of directors of both EMC and Virtustream and the requisite Virtustream stockholders. 
  • The transaction is expected to have no material impact to EMC financial results in 2015 and is expected to be additive to revenues and accretive to EPS in 2016.

7:44 am Asian markets Close: Japan's Nikkei +0.1%; Hong Kong's Hang Seng +0.9%; China's Shanghai Composite +2.0% (:SUMRX) : Markets in the Asia-pacific region had a mixed showing on Tuesday, yet there was nothing mixed about the performance of the Shanghai Composite. It surged another 2.0% on the heels of a 3.4% gain on Monday, with plans out of Beijing for a major infrastructure initiative helped to fuel the early-week rally.

Economic data

  • Japan
    • Corporate Services Price Index +0.7% year-over-year (expected +0.6%; prior +3.1%)
  • South Korea
    • May Consumer Confidence 105 (expected 103; prior 104)
  • New Zealand
    • April Trade Balance NZD 123 mln month-over-month (expected NZD 100 mln; prior NZD 754 mln)
      • Exports NZD 4.17 bln (expected NZD 4.20 bln; prior NZD 4.92 bln)
      • Imports NZD 4.04 bln (expected 4.10 bln; prior 4.16 bln)
  • Singapore
    • Q1 GDP +3.2% quarter-over-quarter (expected 1.8%; prior 1.1%); +2.6% year-over-year (expected +2.2%; prior +2.1%)
    • April Industrial Production -5.8% month-over-month (expected +0.5%; prior +1.2%); -8.7% year-over-year (expected -3.0%; prior -5.5%)
Equity Markets
  • Japan's Nikkei increased 0.1% after a 0.7% increase on Monday. Tuesday's gains were led by the energy (+1.3%) and basic materials (+0.8%) sectors. Individual standouts included JFE Holdings (+4.5%), Fujitsu Ltd (+3.9%), and Nippon Steel & Sumitomo Metal (+3.5%). Shionogi & Co (-1.6%) was the worst-performing issue. Out of the 225 index members, 99 ended higher, 112 finished lower, and 14 were unchanged.
  • Hong Kong's Hang Seng increased 0.9%, bolstered by the outperformance of the Shanghai Composite and a Reuters report that mutual funds domiciled in Hong Kong and China will be permitted for sale in each market, effective July 1. Tuesday's gains were paced by the financial sector (+1.6%). Hong Kong Exchanges & Clearing (+5.4%) led all gainers while Li & Fung Ltd (-6.6%) paced the decliners. Out of the 50 index members, 33 ended higher, 15 finished lower, and 2 were unchanged.
  • China's Shanghai Composite surged 2.0% following a 3.4% gain on Monday. The rally effort has been aided by reports of Beijing announcing a major infrastructure improvement initiative and a 50% reduction on average in import duties for consumer products that include clothing, shoes, and cosmetics. Separately, the IMF said on Tuesday that it no longer thinks the renminbi is undervalued. In the last six sessions, the Shanghai Composite has increased 14.7%.
  • India's Sensex declined 0.4% after falling 1.1% on Monday. Losses on Tuesday were led by the energy (-0.7%) and consumer non-cyclical (-0.7%) sectors. Oil & Natural gas Co (-2.1%), Tata Motors (-1.5%), and NTPC Ltd (-1.3%) led declining issues. Coal India (+1.4%) was the only stock to gain more than 1.0%.
  • Australia's S&P/ASX 200 increased 0.9% after jumping 1.0% on Monday. The market was riding the strength of China's continued outperformance and infrastructure improvement plan. The utilities (+2.5%), gold (+1.2%), and consumer discretionary (+1.2%) sectors were the best-performing areas on Tuesday.
  • Regional advancers: Taiwan +0.3%, Indonesia +0.6%, Vietnam +0.8%
  • Regional decliners: South Korea -0.1%, Singapore -0.03%, Malaysia -0.2%, Thailand -0.7%, Philippines -0.4%
FX:
  • USD/CNY +0.03 at 6.2039
  • USD/INR +0.8% at 63.986
  • USD/JPY +0.8% at 122.60

7:42 am Overnight Treasury Summary (BONDX) : Government Yields Decline

  • Heightened tensions in Greece have led investors to pare back risk since Friday's close and Treasuries are rallying in a curve-flattening trade. European bourses and U.S. equity index futures remain in the red (although well above their session lows) and EUR/USD is down 0.52% to $1.0925
  • Yield Check:
    • 2-yr: unch at 0.61%
    • 5-yr: -1 bp to 1.55%
    • 10-yr: -2 bps to 2.19%
    • 30-yr: -2 bps to 2.96%
  • International News:
    • The market is increasingly doubting Greece's ability/willingness to make the 305 million euro IMF payment on June 5th. Government officials are saying that public wages and pensions are the priority. The Greek 10-year note yield is up 51 basis points to 11.77% 
      • Dimitris Stratoulis, Greece's Deputy Minister of Social Insurance, has stated that a missed payment to the IMF would not be a credit event, which is further concerning financial markets
    • Victories for anti-austerity parties in Spain's local elections have created the possibility that Madrid and Barcelona will be governed by leftist coalitions
      • With Spain's general election set to occur before December 20th of this year, the political balance in that country is being watched closely. Some observers have suggested that the hard line taken by Greece's creditors in the current debt negotiations is in part an attempt to undermine the anti-austerity political trend in Spain
  • Data out Today: 
    • April Durable Goods Orders and Durable Goods Orders ex-transportation (08:30 ET)
    • March Case-Shiller 20-City Index (09:00 ET)
    • March FHFA Housing Price Index (09:00 ET)
    • April New Home Sales (10:00 ET)
    • May Consumer Confidence (10:00 ET)
  • Fed Speakers:
    • Fed Vice Chair Fischer (FOMC voter) speaks on "The Federal Reserve and the Global Economy"(12:30 ET)
    • Richmond Fed President Lacker (FOMC voter) gives speech, "From Country Banks to SIFIs: The 100-Year Quest for Financial Stability" (20:10 ET)
  • Treasury Auctions:
    • $26 billion 2-year note auction (13:00 ET)

7:31 am Ballard Power receives order for breakthrough technology solutions project with Nisshinbo (BLDP) : Co has received a purchase order from Nisshinbo Holdings for the next phase of Technology Solutions project work related to the development of a breakthrough catalyst technology intended to reduce manufacturing cost of certain proton exchange membrane (:PEM) fuel cells. The project has now been underway for ~ 2-years.

7:31 am Aeterna Zentaris' announces receipt of advice from the EMA, for the study design of its Phase 3 Study of Macrilen (AEZS) : As a result of the advice, the Company believes that the confirmatory Phase 3 study that was discussed with the U.S. Food & Drug Administration last March, meets the EMA's study-design expectations. Co stated: ""We are committed to moving forward swiftly with the development of Macrilen in AGHD. We believe that completion of the confirmatory Phase 3 study and the QT study will take 15 to18 months and will require a combined expenditure of between $5 million and $6 million."

7:30 am Vanguard Natural Resources has postponed the 2015 Annual Meeting of Unitholders originally scheduled for June 4, 2015 (VNR) : The Board of Directors decided to postpone the Annual Meeting so that Unitholders could also vote on a proposal to approve the issuance of Vanguard common units to unitholders of Eagle Rock Energy Partners, L.P. (EROC) pursuant to an Agreement and Plan of Merger, dated May 21, 2015, pursuant to which a subsidiary of the Company will merge with and into Eagle Rock, with Eagle Rock surviving the merger as a wholly-owned indirect subsidiary of the Company.

7:30 am Primoris Services announces the award of a new parking structure contract valued at $30 million (PRIM) : The contract was secured by ARB Structures, part of the West Construction Services segment, and is the third parking structure project for the Southern California customer. The project is scheduled to begin in the second quarter of 2015 and is anticipated to be completed in the third quarter of 2016

7:20 am On the Wires (:WIRES) :

  • AVEO Oncology (AVEO) announced the relocation of its corporate headquarters to One Broadway in Cambridge, Massachusetts, effective today
  • KBR (KBR) announced that it has been awarded a contract by OJSC Togliattiazot to provide licensing, basic engineering design, front-end engineering and design services to revamp ToAZ's existing seven ammonia plants in Togliatti, Samara region, Russia
  • Bottomline Technologies (EPAY) announced that Cedars-Sinai Health System has selected to use its Healthcare Privacy and Data Security solution
  • Cancer Genetics (CGIX) announced that it was selected by Japanese regenerative medicine company, ReproCELL, to provide next-generation sequencing based services and molecular information to enhance ReproCELL's translational medicine initiatives. Under the terms of the agreement, CGI will perform NGS using its recently launched Focus: Hotspotpanel
  • PowerSecure International (POWR) announced it has been awarded ~$25 million in new distributed generation business including: ~$13 million in new company-owned distributed generation projects. These new awards include multiple store locations for a Fortune 500 retailer and a major U.S. manufacturing facility for a global industrial customer.~$7 million in new data center business under the large strategic agreement the company announced earlier this year. ~$2 million of new data center projects for other existing customers. ~$3 million of new projects for major retailers and municipalities.
  • JinkoSolar (JKS) announced that its production facility in Penang, Malaysia has officially begun operations. Full production capacity of 500 MW of cells and 450 MW of modules per year is expected to be reached within two months.
  • McDermott International (MDR) announced that it has been awarded a large brownfield contract by Saudi Aramco for the engineering, procurement, construction and installation of twelve jackets for offshore oil and gas fields in Saudi Arabian waters. Work is scheduled for completion by the end of the first quarter of 2016 and will be included in McDermott's second quarter 2015 backlog.
  • Opus Bank (OPB) announced it has hired Douglas Rosenthal and Mark Deneen, each joining as Managing Director, Senior Client Manager -Commercial Banking Division
  • Cellceutix Corporation (CTIX) announced that enrollment has commenced in the Company's Phase 2 clinical trial of Brilacidin-OM for the prevention and treatment of oral mucositis in patients undergoing chemoradiation for treatment of head and neck cancer.

7:10 am Aegerion Pharma announces it has achieved the primary endpoint in its Phase III Study of Lomitapide, to treat Homozygous Familial Hypercholesterolemia (AEGR) : announced the primary endpoint was achieved in the Company's open-label, multicenter study to evaluate the efficacy and safety of lomitapide in nine Japanese patients with homozygous familial hypercholesterolemia (HoFH). The primary endpoint measured mean percent change in low-density lipoprotein cholesterol at the maximum tolerated dose compared to baseline after 26 weeks of treatment, in combination with other lipid-lowering therapy.

  • Co reported the most common adverse reactions were gastrointestinal, reported by 27 of 29 patients. Adverse reactions reported by =8 (28%) or more patients in the HoFH clinical trial included diarrhea, nausea, vomiting, dyspepsia and abdominal pain
  • Co stated: ""These data will serve as the basis of our Japanese new drug application for lomitapide in adult HoFH patients which we expect to file late in the fourth quarter of 2015 or early in the first quarter of 2016, with a decision anticipated approximately nine months post-filing."

7:07 am Dave & Busters follow up: Guides Q1 above estimates (PLAY) : Co sees Q1 adj. EBITDA $61.3-61.8 mln (operating income $35.1-35.6 mln); revs +14% to $221.7-222.7 mln vs $216.26 mln Capital IQ Consensus, with comps +9.8-9.9%, above estimates.

Co on May 18 filed for 8.5 mln share common stock offering by selling shareholders.

7:05 am TrueCar reports 40% jump in total platform traffic spurred by automakers' holiday push and partner promotions (TRUE) : TRUE reports that its nearly 11,000 certified franchise and independent dealers across the U.S. were expected to see record levels of activity during the Memorial Day weekend, based on consumers visiting and prospecting across all TrueCar sites.

  •  Unique visitors to TrueCar and the partner sites it powers are on pace to surpass 6.2 million in May, the most ever for the month. The increase comes amid promotional holiday deals from automakers, a new marketing campaign with USAA and the availability of exclusive TrueCash incentives for TrueCar consumers, indicating a record month for TrueCar's dealers as the summer selling season kicks in. 
  • Total unique visitors to TrueCar sites in May should rise 40 percent from a year ago to the highest ever for the month.

7:03 am AutoZone beats by $0.05, reports revs in-line; Q3 comps +2.3% (AZO) : Reports Q3 (May) earnings of $9.57 per share, $0.05 better than the Capital IQ Consensus Estimate of $9.52; revenues rose 6.5% year/year to $2.49 bln vs the $2.5 bln consensus. 

  • Domestic same store sales, or sales for stores open at least one year, increased 2.3% for the quarter. For the quarter, gross profit, as a percentage of sales, was 52.3% (versus 52.0% for the same period last year). The Company's inventory increased 10.7% over the same period last year.

7:01 am Geeknet to be acquired by Hot Topic for $17.50 per share, or ~$122 mln (shares halted) (GKNT) : The transaction will be completed by means of a tender offer to be commenced shortly. The transaction has a total equity value of approximately $122 million, including $37 million of cash and cash equivalents as of March 31, 2015. Pursuant to the agreement, the tender offer will commence no later than June 19, 2015. Shareholders representing approximately 21% of Geeknet outstanding shares have committed to participate in the tender offer.

7:00 am Amicus Therapeutics confirms that the EMA CHMP has granted Accelerated Assessment for the co's Migalastat HCl monotherapy for Fabry patients (FOLD) :  

6:59 am On The Wires (:WIRES) :

  • United Microelectronics Corporation (UMC) has unveiled its UMC Auto technology platform to target IC companies designing chips for automotive applications.
  • FruitDay, a fresh produce e-retailer in China has completed a $70 million Series C funding, the largest financing round in China's fresh produce e-commerce industry to date. JD.com (JD) was the lead investor in the round followed by an investor group including Susquehanna International Group and ClearVue, both of which participated in previous financing rounds.
  • Consumers Energy, a subsidiary of CMS Energy (CMS), says it is committing nearly $200 million this year to upgrade its natural gas system throughout Michigan, and has increased its workforce to help perform this work.
  • ARMOUR Residential REIT (ARR) disclosed it has given notice of termination of the Equity Distribution Agreement by and between the Company and Citadel Securities LLC dated as of July 27, 2012
  • Sapiens International (SPNS) announced the successful go-live of several modules from the Sapiens IDIT Software Suite at Anadolu Insurance Company, a private insurer operating in Turkey.

6:53 am Cyberonics: Sorin S.p.A announces that shareholders have approved the merger with Cyberonics (CYBX) :  

6:46 am Cerulean Pharma confirms it has been granted orphan drug designation for CRLX101 for the treatment of ovarian cancer by the FDA (CERU) : A Phase 2 trial of CRLX101 plus Avastin is enrolling patients, and a Phase 1b trial of CRLX101 plus weekly paclitaxel in collaboration with the GOG Foundation is expected to start enrolling patients in the 2nd quarter of 2015.

6:46 am Life Time Fitness, The Healthy Way of Life Company and LTF Merger Sub announce an offering of $600 mln in senior notes due 2023 (LTM) : The net proceeds from the offering of the Notes will be used to fund a portion of the acquisition of Life Time by affiliates of Leonard Green & Partners, TPG Capital, L.P. and LNK Partners. Life Time will assume all of the obligations of the Issuer under the Notes

6:37 am Ring Energy entered into a purchase and sale agreement with Finley Production to acquire oil and gas assets (REI) : The assets to be acquired by Ring under the Purchase Agreement consist of oil and gas assets and properties, which are located in the Ford West Field and Ford Geraldine Unit in Reeves and Culberson Counties, in the State of Texas. Under the terms of the Purchase Agreement, Ring agreed to acquire the oil and gas assets from Sellers for a purchase price of $75 mln 

  • The property consists of approximately 14,000 net acres. Ring will be the operator and have an approximate 98% working interest and average net revenue interest in excess of 78%. The acreage is located in the Delaware Basin. 
  • The current net daily production to the Company from the properties is approximately 1,300 Boe/d, which is approximately 80% oil. The Company's initial proved developed producing reserve estimates, as determined by outside independent engineering firm Cawley, Gillespie and Associates, are an estimated 4.7 million BOEs net to Ring, with a PV-10 value of approximately $128.5 million.

6:36 am Merck confirms a positive opinion from the CHMP for Simponi, to treat adult patients with severe, active non-radiographic axial spondyloarthritis (MRK) :  

6:28 am CYREN misses by $0.01, misses on revs (CYRN) : Reports Q1 (Mar) loss of $0.03 per share, $0.01 worse than the Capital IQ Consensus Estimate of ($0.02); revenues fell 13.6% year/year to $7 mln vs the $7.9 mln consensus. 

  • Cash as of March 31, 2015 was $8.5 million, compared to $11.1 million as of December 31, 2014. As of March 31, the company had drawn $4.4 million under its credit facility, compared to $4.8 million as of December 31, 2014. During the quarter, the company renewed its credit facility for another year at a reduced limit of $6.0 million.

6:12 am Liberty Broadband confirms it will invest $4.3 bln at $176.95 in Charter Comm (CHTR); reaffirms its commitment to purchase an additional $700 mln at a price of $173 per share in connection with Charter's proposed acquisition of Bright House Networks (LBRDA) :

  • In support of the TWC merger, Liberty Broadband will purchase $4.3 billion of stock in New Charter using the proceeds from $4.4 billion of subscriptions for newly issued shares of Liberty Broadband's Series C common stock (the "Series C Shares"), at a price per share of $56.23 (equal to Liberty Broadband's net asset value on a sum-of-the parts basis). The purchasers of the Series C Shares are Liberty Interactive Corporation through Liberty Ventures Group and third party investors, including Coatue Management LLC, JANA Partners and Soroban Capital Partners , which will all invest on the same terms. Soroban, which also holds a position in TWC, has agreed to vote its TWC shares in favor of the Charter-TWC merger. The Series C Share subscriptions are subject to customary closing conditions and funding will only occur upon the completion of the TWC merger. 
  • Each of Charter and Liberty Broadband intends to seek stockholder approval for the issuance of the Charter Shares and the Series C Shares, respectively, in accordance with the rules and requirements of the Nasdaq Stock Market. If, for any reason, Liberty Broadband does not receive the requisite stockholder approval for the issuance of the Series C Shares, the purchasers will instead acquire a limited number of Series C Shares, together with shares of a newly issued series of non-convertible preferred stock of Liberty Broadband.

6:09 am Barrick Gold announces a strategic partnership with Zijin Mining Group (ABX) : As a first step, Zijin will acquire 50 percent of Barrick Limited , the company which owns 95 percent of and manages the Porgera Joint Venture gold mine in Papua New Guinea. Zijin will pay $298 million in cash for a 50 percent interest in BNL. The transaction is expected to be completed in the third quarter of 2015. In addition, Barrick and Zijin have signed a long-term strategic cooperation agreement which outlines the intent of both companies to collaborate on future projects and joint investments

6:03 am Dentsply announces commencement of lab restructuring (XRAY) : announced that it has reached agreement with the applicable works councils in Germany to proceed with restructuring portions of its laboratory business, consistent with its earlier announcement of September 17, 2014. The majority of this restructuring effort will be implemented during the remainder of fiscal 2015 and 2016.

  • The Company expects to incur total costs in the range of $33 to $38 million related to this initiative, the majority of which are expected to be recorded in the fiscal second quarter of 2015. It is anticipated that approximately 85% of these costs will be cash outlays, including costs related to severance and employee related obligations.

6:02 am Cenovus Energy announces executive retirements; EVP & COO John Brannan to transition from his role in September, 2015 (CVE) : John Brannan, Executive Vice-President & Chief Operating Officer, will transition from his role in September. Also retiring are: Kerry Dyte, Executive Vice-President, General Counsel & Corporate Secretary, Sheila McIntosh, Executive Vice-President, Environment & Corporate Affairs, Hayward Walls, Executive Vice-President, Strategy & Organization Development

6:01 am Time Warner Cable confirms it has signed a deal to be acquired by Charter Comm (CHTR) for $195.71/share, or ~$78.7 bln; Charter amends Bright House acquisition (TWC) : Charter Communications (CHTR) and Time Warner Cable announced that they have entered into a definitive agreement for Charter to merge with Time Warner Cable. The deal values Time Warner Cable at $78.7 billion. Charter will provide $100.00 in cash and shares of a new public parent company equivalent to 0.5409 shares of CHTR for each Time Warner Cable share outstanding. The deal values each Time Warner Cable share at approximately $195.71 based on Charter's market closing price on May 20, or approximately $200 based on Charter's 60-trading day volume weighted average price.

  • In addition, Charter will provide an election option for each Time Warner Cable stockholder, other than Liberty Broadband Corporation or Liberty Interactive Corporation, who will receive all stock, to receive $115.00 of cash and New Charter shares equivalent to 0.4562 shares of CHTR for each Time Warner Cable share they own.
  • In addition, Charter and Advance/Newhouse Partnership (a parent of Bright House Networks, LLC) announced that the two companies have amended the agreement which the two parties signed and announced on March 31, 2015, whereby Charter will acquire Bright House Networks for $10.4 billion
  • Charter also announced that Liberty Broadband Corporation has agreed to purchase, upon closing of the Time Warner Cable transaction, $4.3 billion of newly issued shares of New Charter at a price equivalent to $176.95 per Charter share, which represents Charter's closing price as of May 20, 2015. 
  • New Charter will be led by Tom Rutledge, who will serve as President and CEO.

6:01 am Priceline announces an additional $250 mln investment in Ctrip.com International (CTRP) (PCLN) : The investment will be made via a convertible bond and Ctrip (CTRP) has granted permission to The Priceline Group to increase its ownership in Ctrip through the acquisition of Ctrip's American depositary shares in the open market so that The Priceline Group may hold up to 15% of Ctrip's outstanding shares.

  • Immediately following issuance of the new $250 million bond and assuming conversion of the two bonds, The Priceline Group will own securities representing approximately 10.5% of Ctrip's outstanding shares.

5:52 am S&P futures vs fair value: -6.60. Nasdaq futures vs fair value: -21.10. :

5:52 am European Markets : FTSE...6997.11...-34.60...-0.50%.  DAX...11736.98...-78.00...-0.70%.

5:52 am Asian Markets : Nikkei...20437.48...+23.70...+0.10%.  Hang Seng...28249.86...+257.00...+0.90%.

5:33 am Sunshine Heart receives FDA approval to resume COUNTER HF pivotal study enrollment (SSH) : Co announces that the FDA has approved the resumption of patient enrollment in its COUNTER HF US pivotal study for the C-Pulse Heart Assist System. As such, the Company has already begun the process to provide all pivotal study centers with the information required for their Investigational Review Board to approve the continuation of study enrollment.

  • Earlier in February 2015 the FDA unconditionally approved an interim analysis for the COUNTER HF study, as a means to potentially reduce the approval timeline for the C-Pulse therapy. 
  • FDA approval to resume study enrollment will now allow the Company to progress expeditiously towards that goal.

5:30 am On The Wires (:WIRES) :

  • Al Rajhi Bank, one of the largest Islamic banks in the world, has selected Diebold's (DBD) technology to migrate transactions from the traditional teller line to the self-service channel and transform the in-branch banking experience for its customers. 
  • Daimler (DDAIF) announced a transformation plan for the Mercedes-Benz Berlin plant to become high-tech location for components to reduce CO2

4:54 am On The Wires (:WIRES) :

  • Pan American Silver (PAAS) reports that two employees sustained fatal injuries in a single vehicle accident involving a water truck at the Company's Manantial Espejo mine in Santa Cruz, Argentina, on Saturday, May 23, 2015. 
  • SanDisk (SNDK) introduced the new SanDisk Z400s SSD, a cost effective solid-state drive designed to replace hard-disk drives in computing platforms and embedded applications. 
  • Chemtura (CHMT) and Tosoh Corporation announced that the companies have signed a letter of intent establishing the framework for a long-term relationship for brominated flame retardant products and technologies in Japan. Under the letter of intent, Tosoh would have the exclusive right to promote and sell Chemtura's Emerald Innovation 1000 flame retardant products to Japanese customers. 
  • Qualcomm Technologies, a subsidiary of Qualcomm (QCOM), announced that NTT DOCOMO (DCM), is the first operator to adopt and implement the Qualcomm Snapdragon Sense ID biometrics platform. 
  • Equinix (EQIX) announced its plans to further expand its footprint in Hong Kong. It will invest over $40 million to build the third phase of its second International Business Exchange data center. 
  • Unit 2 at PPL Corporation's (PPL) Susquehanna nuclear plant in Luzerne County, Pa., resumed generating safe, reliable electricity for the power grid Monday (5/25) after completing its scheduled refueling and maintenance outage.

4:39 am Roche Hldg's Cobas Cdiff Test cleard by FDA (RHHBY) : Co announced today that the FDA has provided 510(k) clearance for the cobas Cdiff Test to detect Clostridium difficile in stool specimens. The cobas Cdiff Test targets the toxin B gene found in toxigenic C. difficile strains directly in specimens from symptomatic patients. The test provides accurate information which assists clinicians in making timely treatment decisions and aids in the prevention of further infection in healthcare settings.

3:40 am Darling Ingredients launches offering of 515 mln of its unsecured senior notes (DAR) :  

3:32 am Platinum Group Metals receives $20 mln of joint venture funding from Japanese partner; will consolidate the Waterberg JV and Waterberg Extension projects into one project area (PLG) : Platinum Group Metals announces that the Japan Oil, Gas and Metals National Corp has committed to fund the next $20 million of joint venture funding at Waterberg.

  • In conjunction with JOGMEC's firm funding commitment, Platinum Group Metals, JOGMEC and empowerment partner Mnombo Wethu Consultants have agreed to consolidate the Waterberg Joint Venture and the Waterberg Extension projects into one unitized project area. 
  • As a result of the consolidation announced today, and with the funding provided by JOGMEC, approximately 15 drill rigs and crews will immediately be returned to active status at the Waterberg site. 
  • Platinum Group Metals will increase its direct and indirect effective interest in the old Waterberg Joint Venture area from 49.98% currently to 58.62%. 
  • Platinum Group will decrease its effective interest the old Waterberg Extension from 87% to 58.62%. JOGMEC will decrease its interest in the old Waterberg Joint Venture from 37% to 28.35% and increase its interest in the old Waterberg Extension from zero to 28.35%. 

3:23 am Intellipharmaceutics Intl acquires land for manufacturing, R&D and office facilities for purchase price of CAD4,700,000 (IPCI) :  

2:07 am Mylan Labs issues clarification Irish Takeover Panel relating to its intention to acquire shares of Perrigo (PRGO) (MYL) : Mylan (MYL) announced that it was asked by the Irish Takeover Panel to issue the following clarification and retraction in accordance with the Irish Takeover Rules, relating to its firm intention to make an offer to acquire the issued and to be issued shares of Perrigo (PRGO). The clarification and retraction relates to certain forward-looking statements made by Mylan specifically during The Pendency Of The Offer Period concerning its long-stated target since 2012 of at least $6.00 in adjusted diluted earnings per share by 2018, including recently in Mylan's first quarter earnings press release of May 5, 2015.

  • Subsequent to the May 5 earnings release, Perrigo submitted a complaint to the Irish Takeover Panel alleging that the reference to Mylan's long-term target should be treated as a forward-looking profit forecast statement for purposes of the Rules, and therefore must comply with the terms of the Rules.
  • Although Mylan's longstanding adjusted diluted EPS goal has been a well stated long-term target, and not a forecast of Mylan, at least during the offer period as it pertains to the Perrigo transaction, Mylan will no longer refer to that 2018 target or any other forward looking statements beyond 2015 that could constitute profit forecasts under the Rules.

2:04 am Gazit-Globe acquires Sektor for EUR1.47 bln (GZT) : Gazit-Globe announced that its subsidiary, Citycon (42.8%), entered into an agreement to purchase all of the shares of Norway's second largest commercial real estate company, Sektor Gruppen, for consideration amounting to ~EUR 1.47 billion.

  • The consideration will be paid in cash (~EUR 541 million) and by the assumption of debt. Citycon will become the largest publicly-listed shopping center company in the Nordic region and the third largest in continental Europe.

1:53 am Seventy Seven Energy divests Hodges Trucking Company (SSE) : Co announced today the execution of a definitive agreement to sell Hodges Trucking Company, to a wholly-owned subsidiary of Aveda Transportation and Energy Services.

  • Hodges currently operates and owns approximately 900 pieces of rig moving and heavy haul equipment, including approximately 200 haul trucks, 400 trailers, 70 bed/pole trucks, 35 cranes, 40 forklifts/loaders and 160 service vehicles.

1:48 am Penn West Energy finalizes amending agreements with lenders (PWE) : Co announced that it has finalized and entered into definitive amending agreements with the lenders under its syndicated bank facility and the holders of its senior notes to, among other things, amend its financial covenants as initially disclosed by the Company in its press release issued on March 12, 2015 

  • Pursuant to the terms of the amending agreements with its lenders and noteholders, in the event that Penn West completes any asset dispositions prior to March 30, 2017, it has committed to use the net proceeds from such asset dispositions to repay at par $650 million of the outstanding principal amounts owing to noteholders

1:46 am CGI Group intends to acquire up to 5,940,000 of its Class A subordinate voting shares on or before February 10, 2016 (GIB) : These purchases will be made under CGI's normal course issuer bid, the renewal of which was announced on January 28, 2015.

1:44 am JA Solar and Essel Infraprojects sign MOU to establish a solar cell and module manufacturing facility with 500MW production capacity (JASO) :  

12:01 am Pluristem Therapeutics issues letter to shareholders; provides review and milestones for next 12 months (PSTI) : Co issues letter the shareholders which provides a comprehensive review of co's stratetic plan and clinical progress. Co also highlights the opportunities for additional partnerships and business collaborations with pharmaceutical companies. "...The new opportunities in Europe and Japan have translated into substantial interest from potential partners who would like to work together with us in both geographic regions. We are hopeful that we will achieve additional partnership for our CLI program over the next twelve months, and are also discussing partnerships for our muscle injury program and our emerging clinical program for PLX-R18, our second product. The first planned study of PLX-R18 in humans would be a Phase I trial to be submitted later this year..."

Additionally, co lists several milestones it expects to achieve including:

  • Submission of a Phase II study protocol to several national authorities for PLX-PAD cells in critical limb ischemia, after having received advice during discussions with the EMA 
  • Submission of a Phase I/II study protocol to the PMDA for PLX-PAD cells in critical limb ischemia 
  • Submission of a Phase I study protocol to the FDA for PLX-R18 cells in incomplete engraftment following hematopoietic cell transplantation 
  • Advancing a partnership with a pharmaceutical company to partner our CLI and/or Muscle injury programs. 
  • Completion of the recruitment for our multinational Phase II study in IC 
  • Preliminary data from the Phase I trial in pulmonary arterial hypertension being conducted by our partner United Therapeutics (UTHR)

12:01 am Samsung Elect signed MOU to invest CNY200 bln to build Polarizer Plant in China's Wuxi City (SSNLF) : Samsung SDI has signed a new contract to build up a polarizer film plant in China, a move aimed at increasing its share in the crucial Chinese market.

  • Under the MOU, Samsung SDI plans to invest around 200 billion won to build a polarizer production in the Wuxi Industrial District with the annual capacity of 30~40 million square meter. The mass production will start in November 2016. 
  • The plant is expected to meet the demand for around 20~30 million 48-inch LCD TV sets per year

12:01 am On The Wires (:WIRES) :

  • Associated Bank (ASB) entered into a conciliation agreement with the U.S. Department of Housing and Urban Development. This agreement resolves HUD's investigation into the company's lending practices between 2008 and 2011. 
  • Qualcomm (QCOM), and Daimler (DDAIF) announced a strategic collaboration focused on pioneering innovation in the connected car. In the first phase of the collaboration, the companies will focus on transforming future vehicles with mobile technologies that enhance in-car experiences and vehicle performance such as 3G/4G connectivity, wireless charging technology for in-vehicle use and implementation of the Qualcomm Halo Wireless Electric Vehicle Charging technology.
  • Coca-Cola (KO) has extended their long-term partnership with Speedway Motorsports (TRK) through 2020, ensuring that race fans across the country can continue to cheer on their favorite Coca-Cola Racing Family drivers at premier motorsports facilities with ice cold, delicious Coca-Cola refreshment. 
  • QAD (QADA) announced it has chosen IBM's (IBM) Cloud Centre in Sydney, Australia to expand hosting options for QAD Cloud ERP customers. 
  • Quintiles (Q) launched a new solution set tailored to meet the needs of emerging companies in the world's most diverse and dynamic healthcare market.
  • Sonoco-Alcore (SON) announced it will raise prices by 50 per metric ton on all recycled paperboard grades sold in the Company's Italian region. The price change is effective with shipments on or after June 15. 
  • JD.com (JD) announced at CES Asia that JD Smart, its recently launched smart device platform and business unit, has added two new smart products to its open ecosystem initiative, which integrates products from a wide range of manufactures on a seamless smart platform.

12:01 am Koninklijke Ahold repurchased 231,000 Ahold common shares in the period from May 18-22 (AHONY) : The shares were repurchased at an average price of 18.6430 per share for a total consideration of 4.31 million. These repurchases were made as part of the 500 million share buyback program announced on February 26, 2015.

12:01 am Barrick Gold divests its Cowal Mine for $550 mln (ABX) : Co announced it has reached an agreement to sell 100% of the Cowal mine in New South Wales, Australia to Evolution Mining for $550 million in cash on closing.

  • Proceeds from the sale of Cowal will be used to pay down debt. The divestment of Cowal will also contribute to reduced general and administrative costs as Barrick completes the closure of its office in Perth, Australia. 
  • The transaction is expected to be completed in the third quarter of 2015 and is subject to customary closing conditions.

12:01 am American Midstream Partners begins open season for Bakken Crude Oil Gathering System in North Dakota (AMID) : American Midstream Partners announced that American Midstream Bakken, a wholly-owned subsidiary of the Partnership, is conducting a binding open season for a proposed approximately 50-mile Bakken crude oil gathering and transportation system in the core of McKenzie County, North Dakota to transport up to 40,000 barrels per day of crude oil for delivery to major intrastate and interstate pipeline systems beginning in June 2015. As proposed, the Bakken System will have initial transportation capacity up to approximately 15,000 Bbl/d with the ability to expand up to ~40,000 Bbl/d.

12:01 am Fortress Investment and Mount Kellett Capital form a strategic alliance for Fortress to co-manage Mount Kellett Funds (FIG) : Fortress Investment Group and Mount Kellett Capital Management, a private, multi-strategy investment firm, announced they have reached an agreement for an affiliate of Fortress to become co-manager with Mount Kellett of the Mount Kellett investment funds and related accounts. Mount Kellett affiliates will continue to serve as general partner of the Funds. Additionally, affiliates of Fortress will become special limited partners of the Funds. Financial terms of the transaction were not disclosed.

  • The strategic alliance between Mount Kellett and Fortress brings together teams with significant special situations experience and sector specific knowledge, particularly in credit and global real estate. Mount Kellett will benefit from the scale and resources contained within the institutional framework of Fortress, a global alternative asset manager with $69.9 billion in assets under management. 
  • The senior leadership of both companies have a decades-long history of working together. 

12:01 am Restaurant Brands Int'l refinances its First Lien Term Loan Facility maturing December 12, 2021 (QSR) : This resulting in an interest rate reduction to LIBOR + 2.75% with a 1.00% LIBOR floor

12:01 am Identiv receives Non-Compliance letter from Nasdaq for late filing of Form 10-Q (INVE) :  

Read the rest of the article at finance.yahoo.com

Platinum Group metals Ltd

DEVELOPMENT STAGE
CODE : PTM.TO
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Platinum Group Metals is a platinum development stage company based in Canada.

Platinum Group Metals holds various exploration projects in Philippines.

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

Platinum Group Metals is listed in Canada and in United States of America. Its market capitalisation is CA$ 252.8 millions as of today (US$ 187.7 millions, € 167.7 millions).

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

Platinum Group Metals has 133 070 008 shares outstanding.

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In the News and Medias of Platinum Group metals Ltd
11/6/2018Group ten metals – On the search for platinum group metals i...
9/30/2013Media Coverage - A different animal! Long term South African...
7/10/2013Mining Weekly - New-Breed Platinum Operator Hits Jackpot In ...
8/15/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage – Mining Weekly
3/9/2011- Media Coverage - Mining Weekly
Financings of Platinum Group metals Ltd
5/5/2016Platinum Group Metals Announces US$33 Million Bought Deal Fi...
11/3/2015Platinum Group Metals to Drawdown US $40 million Sprott Faci...
12/9/2014Platinum Group Metals Announces US$110 Million Bought Deal F...
12/9/2013Announces C$175 Million Bought Deal Financing
12/12/2012Announces Public Offering of Common Shares
9/26/2008Announces Non-Brokered Private Placement
Nominations of Platinum Group metals Ltd
7/16/2013Adds to Board of Directors
Financials of Platinum Group metals Ltd
7/14/2016Platinum Group Metals Third Quarter Results and Update
4/12/2016Platinum Group Metals Second Quarter Results and Update
4/10/2015and Second Quarter Results
1/14/2013Reports Q1 2013 Financial Results
7/13/2012Reports Q3 2012 Financial Results
4/16/2012Reports Q2 2012 Financial Results
1/25/2012Reports Q1 2012 Financial Results
7/13/2011Reports Q3 2011 Financial Results
Project news of Platinum Group metals Ltd
8/31/20151:57 am Platinum Group Metals files WBJV Project 1 technical...
4/20/20151:09 pm Platinum Group Metals announces a new intercept WE 0...
11/14/2013Extension of the Super F Zone of the Waterberg Platinum Depo...
11/11/2013WBJV Project 1 Project Finance Update and Waterberg Update
10/21/2013Reports on Initial Drilling on the Waterberg Extension Permi...
10/18/2013Announces that 26% WBJV Project 1 Shareholder Africa Wide Ha...
10/2/2013Announces the Start of New Exploration on the Waterberg Exte...
9/3/2013Announces Updated Waterberg Resource of 17.5 million ounces
6/10/2013Announces an 800 meter step out on the T2 Platinum Layer int...
4/24/2013WBJV Project 1 Platinum Mine Signs Life of Mine Concentrate ...
4/23/2013Continues to Significantly Expand Waterberg Platinum Discove...
2/14/2013WBJV Project 1 (Maseve) Section 54 Notice
2/14/2013WBJV Project 1 (Maseve) Surface Worker Fatality
2/5/2013Prophecy Platinum Announces Drill Results Demonstrating Broa...
2/1/201310 Million Ounce Platinum, Palladium and Gold Inferred Updat...
1/16/2013INVITATION: Platinum Group Metals Cocktail Reception, Core S...
11/5/2012Strike Length Doubles at Waterberg Platinum Discovery
10/12/2012WBJV Project 1 Banking Advances
9/11/2012Anglo American Exercises First Right of Refusal for Platinum...
9/5/2012Initial 6.6 Million Ounce Platinum, Palladium and Gold Infer...
7/20/2012Sable Project Update Western Bushveld South Africa
10/8/2009Feasibility Study Project 1 Platinum Mine
10/9/2009(Western Bushveld Jv)Exploration Projects Update New Large Funded Joint Venture w...
3/5/2009(War Springs)PTM Signs US$10M Option Funding Agreement for War Springs Pr...
9/2/2008(Western Bushveld Jv)Increase its Interest in Project 1 Platinum Mine from 37% to...
7/1/2008Project 1 Bankable Feasibility Study to be Published July 7,...
4/25/2008(Western Bushveld Jv)First Project 3 Resource adds 1.9 million ounces to Western ...
4/23/2008(Western Bushveld Jv)Project 2 Resources Increase Western Bushveld Joint Venture
3/17/2008(War Springs)War Springs Resource Increased to 1.7 Million Ounces
1/22/2008(Western Bushveld Jv)Western Bushveld Joint Venture Update
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7/31/2017Platinum Group Metals Ltd. Operational and Strategic Process...
9/19/2016Corporate Update
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11/25/2015Platinum Group Metals 2015 Annual Results and Update
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11/3/2015Summary of Terms
11/2/2015Platinum Group Metals to Drawdown US $40 million Sprott Faci...
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7/15/2015Platinum Group Metals Update and Third Quarter Results
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4/9/2013Reports Q2 2013 Financial and Operating Results
3/18/2013Waterberg Technical Report Filed
3/15/2013Added to S&P/TSX Global Mining Index
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9/11/2012(PLG:NYSE MKT, PTM:TSX) – Media Coverage – Kitco News from D...
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2/27/2012Reminder: Join PLATINUM GROUP METALS for cocktails at PDAC!
2/6/2012.: Waterberg Discovery of Thick High Grade Reefs Expanded
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8/29/2011North Limb Platinum Exploration Update
8/2/2011.: Mandate for $260 Million WBJV Project Loan Completed
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4/13/2011Global Exploration Update Platinum Group Metals Ltd.
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2/21/2011– Media Coverage – The Globe and Mail
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2/9/2011Media Coverage
12/22/2009Platinum For A New World
10/8/2009Hosts Webcast for WBJV Update
6/26/2009Company Update
6/17/2009Announces Closing for C$35 Million
5/29/2009Announces Pricing of Offering
5/28/2009Announces C$35 Million Offering
12/9/2008Definitive Agreements For 74% Deal Executed
9/15/2008Creates New Funded Platinum Joint Venture
9/6/2008Platinum Group in Loan Talks for $506 Million Mine
6/25/2008We Are Building on Platinum
4/1/2008Platinum Group Metals Ltd - Project 2 Update Western Bushvel...
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TORONTO (PTM.TO)AMEX (PLG)
1.90+6.74%1.45+5.07%
TORONTO
CA$ 1.90
07/19 16:59 0.120
6.74%
Prev close Open
1.78 1.70
Low High
1.70 1.90
Year l/h YTD var.
1.49 -  2.89 -7.32%
52 week l/h 52 week var.
0.125 -  2.89 1,361.54%
Volume 1 month var.
16,825 27.52%
24hGold TrendPower© : -11
Produces
Develops Platinum
Explores for Cobalt - Copper - Gold - Iron - Nickel - Palladium - Platinum - Uranium
 
 
 
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2019-3.33%1.641.40
2018400.00%1.690.08
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20162.14%4.041.00
2015-72.55%6.001.30
 
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